Forethought Variable Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number        811-22865       

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

10 West Market Street, Suite 2300

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

The Corporation Trust Company
1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

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

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

Item 1. Reports to Stockholders.

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

Semi-Annual Report

June 30, 2022

Global Atlantic Portfolios

Global Atlantic BlackRock Allocation Portfolio

Global Atlantic BlackRock Disciplined Core Portfolio

Global Atlantic BlackRock Disciplined Growth Portfolio

Global Atlantic BlackRock Disciplined International Core Portfolio

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Global Atlantic BlackRock Disciplined Value Portfolio

Global Atlantic BlackRock High Yield Portfolio

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Class I and Class II shares*

Each a separate series of the Forethought Variable Insurance Trust

Distributed by Global Atlantic Distributors, LLC
Member FINRA

*  As of June 30, 2022, each Portfolio offered Class I and Class II, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares).

Dear Shareholders/Contract Owners:

Similar to the first half of 2020, which saw one of the most volatile periods in financial markets history, the six months ending June 30, 2022 (the "Period") were volatile as well, albeit for different reasons. The 2020 period marked the start of the COVID-19 pandemic (the "Pandemic"), whereas the Period was driven primarily by concerns over inflation, interest rates, the Russian invasion of Ukraine, and to a lesser extent, the lingering Pandemic. From an inflation perspective, global prices are increasing at the fastest rate seen in decades, particularly in food and energy. The two main drivers of this are, one, the Russia/Ukraine conflict, where Russia is one of the largest energy suppliers, while Ukraine is one of the world's largest producers and exporters of wheat, and two, supply chain disruptions. The latter has been exacerbated by sporadic resurgences of COVID-19, particularly in China where entire cities have been shut down for weeks.

Given the significant and swift rise in inflation, central banks are changing their years long accommodative and stimulative policies, forced to raise interest rates quickly in an attempt to lower inflation. In the U.S., the Federal Reserve (the "Fed") raised the interest rates by 25 basis points in March, another 50 basis points in May, a further 75 basis points in June, and indicated that several more increases were likely over the remainder of 2022. With these central bank moves, government bond yields have risen substantially as illustrated by the U.S. 10-year Treasury, which has doubled during the Period from 1.51% at the end of 2021 to 3.02% as of June 30, 2022, a level not seen since 2011. In conjunction with the rise in interest rates, economic growth expectations have come down, with U.S. GDP now estimated to be 1.5%-2.0% for the year versus prior estimates of 2.5%-3.0%.

These aforementioned factors have led to increased volatility in the financial markets. While spikes in volatility, as measured by the CBOE Volatility Index ("VIX"), have occurred persistently over the past 2 years, more recent increases have lasted longer. Furthermore, the normalized range to which the VIX subsequently declines following these spikes has also risen to 20-25, up from 15-20 in recent years.

As shown in the chart, the 6-month periods ending June 30, 2022 and June 30, 2021 stand in stark contrast to one another. Whereas markets were very strong during the 2021 period, concerns over inflation, interest rates, the Ukraine/Russia conflict and as a result, the possibility of a recession, weighed heavily in the first half of 2022 with many global equity indices in or near a bear market, which is defined as down 20%. Not only have equity markets struggled, but the rapid rise in interest rates has led to negative returns across much of fixed income, as evidenced by the Bbg US Agg, which was down 10.35% during the Period.

We expect inflation, interest rates, the Ukraine/Russia conflict and economic growth to be the primary concerns for the remainder of 2022 and likely into 2023. In addition, while the Pandemic has eased somewhat with the greater adoption of vaccines globally, COVID-19 has not been eliminated and may continue to pose a risk as new variants emerge.

Given the hardships endured in recent years, we hope this shareholder letter finds you healthy and wish you all the best for the remainder of 2022 and beyond.

Thank you for investing in the Global Atlantic Portfolios.

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

1

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

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

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

Index Definitions:

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

CBOE Volatility Index ("VIX"). An index that reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes.

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

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

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

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

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

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

2

Russell Midcap^® Growth Index. An unmanaged index that consists of the bottom 800 securities of the Russell 1000^® Index with greater-than-average growth orientation as ranked by total market capitalization. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values.

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

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

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

4865430.2

3

Table of Contents

		Page
•	Global Atlantic Portfolio Performance		5
•	Global Atlantic Portfolio of Investments
	Global Atlantic BlackRock Allocation Portfolio		7
	Global Atlantic BlackRock Disciplined Core Portfolio		8
	Global Atlantic BlackRock Disciplined Growth Portfolio		13
	Global Atlantic BlackRock Disciplined International Core Portfolio		17
	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		29
	Global Atlantic BlackRock Disciplined Value Portfolio		35
	Global Atlantic BlackRock High Yield Portfolio		41
	Global Atlantic Goldman Sachs Core Fixed Income Portfolio		50
•	Financial Statements:
	Statements of Assets and Liabilities		60
	Statements of Operations		62
	Statements of Changes in Net Assets		64
	Financial Highlights		68
•	Notes to Financial Statements		83
•	Expense Examples		106
•	Privacy Notice		108
•	Proxy Voting Policy	Back Cover
•	Portfolio Holdings	Back Cover

4

Performance Summary

The Portfolio's performance figures for the periods ended June 30, 2022 as compared to its benchmarks:

					Annualized									Operating Expense**
	Inception Date*	Six Months Ended 6/30/22			One Year Ended 6/30/22			Three Years Ended 6/30/22			Since Inception 6/30/22			Gross Ratios			Net Ratios
Global Atlantic BlackRock Allocation Portfolio
Class I	11/01/17		(14.12	)%		(10.84	)%		5.39	%		5.45	%		0.49	%		0.49	%
Class II	11/01/17		(14.17	)%		(11.00	)%		5.13	%		5.20	%		0.74	%		0.74	%
S&P Target Risk® Growth Index (Total Return)1			(15.78	)%		(12.83	)%		3.73	%		4.06	%
Global Atlantic BlackRock Disciplined Core Portfolio
Class I	11/01/17		(20.29	)%		(11.11	)%		10.28	%		10.14	%		0.49	%		0.49	%
Class II	11/01/17		(20.39	)%		(11.29	)%		10.00	%		9.85	%		0.74	%		0.74	%
S&P 500® Index (Total Return)2			(19.96	)%		(10.62	)%		10.60	%		10.55	%
Global Atlantic BlackRock Disciplined Growth Portfolio
Class I	08/20/21		(28.35	)%		N/A			N/A			(21.82	)%		0.51	%		0.48	%
Class II	11/01/17		(28.43	)%		(19.41	)%		10.59	%		11.18	%		0.76	%		0.73	%
Russell 1000® Growth Index (Total Return)3			(28.07	)%		(18.77	)%		12.58	%		13.09	%
Global Atlantic BlackRock Disciplined International Core Portfolio
Class I	11/01/17		(17.84	)%		(18.83	)%		1.39	%		0.69	%		0.87	%		0.79	%
Class II	11/01/17		(17.95	)%		(19.05	)%		1.11	%		0.43	%		1.12	%		1.04	%
MSCI ACWI ex-USA Index4			(18.42	)%		(19.42	)%		1.35	%		0.87	%
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Class I	11/01/17		(31.11	)%		(29.71	)%		4.35	%		7.99	%		0.65	%		0.65	%
Class II	11/01/17		(31.21	)%		(29.91	)%		4.06	%		7.72	%		0.90	%		0.90	%
Russell Midcap® Growth Index (Total Return)5			(31.00	)%		(29.57	)%		4.25	%		7.79	%
Global Atlantic BlackRock Disciplined Value Portfolio
Class I	11/01/17		(13.66	)%		(6.93	)%		7.00	%		6.99	%		0.55	%		0.55	%
Class II	11/01/17		(13.86	)%		(7.23	)%		6.72	%		6.74	%		0.80	%		0.80	%
Russell 1000® Value Index (Total Return)6			(12.86	)%		(6.82	)%		6.87	%		6.77	%
Global Atlantic BlackRock High Yield Portfolio
Class I	11/01/17		(13.42	)%		(12.12	)%		(0.30	)%		0.85	%		0.61	%		0.61	%
Class II	11/01/17		(13.52	)%		(12.36	)%		(0.54	)%		0.61	%		0.86	%		0.86	%
ICE BofA BB-B U.S. High Yield Constrained Index7			(13.64	)%		(12.20	)%		0.04	%		1.69	%
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Class I	11/01/17		(11.22	)%		(11.30	)%		(0.80	)%		0.75	%		0.46	%		0.46	%
Bloomberg U.S. Aggregate Bond Index8			(10.35	)%		(10.29	)%		(0.93	)%		0.75	%

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

*  Commencement of operations is November 6, 2017, except for Class I shares of the Global Atlantic BlackRock Disciplined Growth Portfolio, which commenced operations on August 20, 2021.

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

¹  The S&P Target Risk^® Growth Index provides increased exposure to equities, while also providing limited fixed income exposure to diversify risk. It is not possible to invest directly in an index.

²  The S&P 500^® Index is a market capitalization weighted price index composed of 500 widely held U.S. common stocks. It is frequently used as a measure of U.S. stock market performance. It is not possible to invest directly in an index.

5

Performance Summary (Continued)

³  The Russell 1000^® Growth Index is an unmanaged index of common stock prices that measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

⁴  The MSCI ACWI ex-USA Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States. It is not possible to invest directly in an index.

⁵  The Russell Midcap^® Growth Index is an unmanaged index that consists of the bottom 800 securities of the Russell 1000^® Index with greater-than-average growth orientation as ranked by total market capitalization. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values. It is not possible to invest directly in an index.

⁶  The Russell 1000^® Value Index measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000^® Index, which measures the performance of the large-capitalization sector of the U.S. equity market. It is not possible to invest directly in an index.

⁷  The ICE BofA BB-B US High Yield Constrained Index contains all securities in the ICE BofA U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. It is not possible to invest directly in an index.

⁸  The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. It is not possible to invest directly in an index.

6

Global Atlantic BlackRock Allocation Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 99.0%
DEBT FUNDS - 38.6%
iShares 10-20 Year Treasury Bond ETF		9,901	$	1,189,605
iShares 1-5 Year Investment Grade Corporate Bond ETF		32,287		1,632,108
iShares Core Total USD Bond Market ETF		237,804		11,133,983
iShares Fallen Angels USD Bond ETF		64,848		1,596,558
iShares TIPS Bond ETF		29,679		3,380,735
iShares U.S. Treasury Bond ETF		215,136		5,141,751
TOTAL DEBT FUNDS				24,074,740
EQUITY FUNDS - 60.4%
iShares Core High Dividend ETF		15,137		1,520,209
iShares Core S&P 500 ETF		35,542		13,475,749
iShares ESG Aware MSCI USA ETF		103,532		8,686,335
iShares MSCI EAFE Growth ETF		27,424		2,207,358
iShares MSCI EAFE Value ETF		105,323		4,571,018
iShares MSCI Emerging Markets Min Vol Factor ETF		46,191		2,560,367
iShares MSCI USA Min Vol Factor ETF		14,185		995,929
iShares S&P Small-Cap 600 Value ETF		13,593		1,210,185

	Shares/ Principal		Fair Value
EQUITY FUNDS - 60.4% (Continued)
iShares U.S. Energy ETF		45,928	$	1,750,775
iShares U.S. Infrastructure ETF		17,778		605,163
TOTAL EQUITY FUNDS				37,583,088
TOTAL EXCHANGE TRADED FUNDS (Cost - $61,069,878)				61,657,828
SHORT-TERM INVESTMENTS - 1.0%
MONEY MARKET FUNDS - 1.0%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a) (Cost - $614,287)		614,287		614,287
TOTAL INVESTMENTS - 100.0% (Cost - $61,684,165)			$	62,272,115
OTHER ASSETS LESS LIABILITIES - NET (0.0)%†				(29,944)
TOTAL NET ASSETS - 100.0%			$	62,242,171

†  Represents less than 0.05%.

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

TIPS - Treasury Inflation Protected Security

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds		99.0	%
Short-Term Investments		1.0	%
Other Assets less Liabilities - Net		0.0	%
		100.0	%

See accompanying notes to financial statements.
7

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 2.9%
Boeing Co. (The)*		7,745	$	1,058,897
Curtiss-Wright Corp.		4,673		617,116
General Dynamics Corp.		30,544		6,757,860
HEICO Corp.		5,773		756,956
HEICO Corp., Class A		7,506		790,982
Lockheed Martin Corp.		10,305		4,430,738
Northrop Grumman Corp.		2,542		1,216,525
				15,629,074
AIR FREIGHT & LOGISTICS - 0.8%
Expeditors International of Washington, Inc.		2,887		281,367
FedEx Corp.		3,381		766,506
United Parcel Service, Inc., Class B		17,131		3,127,093
				4,174,966
AIRLINES - 0.1%
Delta Air Lines, Inc.*		15,298		443,183
AUTOMOBILES - 2.0%
General Motors Co.*		49,518		1,572,692
Tesla, Inc.*		13,722		9,240,669
				10,813,361
BANKS - 4.4%
Bank of America Corp.		214,601		6,680,529
Bank of Nova Scotia (The)		6,506		385,220
Citigroup, Inc.		47,515		2,185,215
Huntington Bancshares, Inc.		10,851		130,537
JPMorgan Chase & Co.		69,403		7,815,472
Pinnacle Financial Partners, Inc.		2,164		156,479
PNC Financial Services Group, Inc. (The)		7,662		1,208,834
Regions Financial Corp.		60,533		1,134,994
US Bancorp		27,188		1,251,192
Wells Fargo & Co.		61,259		2,399,515
				23,347,987
BEVERAGES - 2.2%
Brown-Forman Corp., Class B		49,207		3,452,363
Coca-Cola Co. (The)		42,681		2,685,062
PepsiCo, Inc.		32,225		5,370,618
				11,508,043
BIOTECHNOLOGY - 1.6%
AbbVie, Inc.		21,760		3,332,761
Amgen, Inc.		12,824		3,120,079
Biogen, Inc.*		4,514		920,585
Exelixis, Inc.*		4,122		85,820
Gilead Sciences, Inc.		6,222		384,582
Regeneron Pharmaceuticals, Inc.*		939		555,071
Vertex Pharmaceuticals, Inc.*		1,259		354,774
				8,753,672

	Shares/ Principal		Fair Value
BUILDING PRODUCTS - 0.5%
Builders FirstSource, Inc.*		3,789	$	203,469
Masco Corp.		38,396		1,942,838
Owens Corning		9,819		729,650
				2,875,957
CAPITAL MARKETS - 1.4%
Bank of New York Mellon Corp. (The)		50,526		2,107,440
Charles Schwab Corp. (The)		30,822		1,947,334
CME Group, Inc.		3,819		781,749
Goldman Sachs Group, Inc. (The)		4,057		1,205,010
Intercontinental Exchange, Inc.		9,252		870,058
State Street Corp.		5,803		357,755
Stifel Financial Corp.		3,741		209,571
				7,478,917
CHEMICALS - 1.9%
Corteva, Inc.		6,619		358,353
Ecolab, Inc.		20,395		3,135,935
FMC Corp.		6,169		660,145
Huntsman Corp.		4,438		125,817
Linde PLC		16,470		4,735,619
LyondellBasell Industries NV, Class A		3,528		308,559
Mosaic Co. (The)		7,047		332,830
PPG Industries, Inc.		3,312		378,694
				10,035,952
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Tetra Tech, Inc.		2,890		394,629
Waste Connections, Inc.		934		115,779
				510,408
COMMUNICATIONS EQUIPMENT - 0.3%
Ciena Corp.*		8,551		390,781
Juniper Networks, Inc.		47,417		1,351,384
				1,742,165
CONSUMER FINANCE - 1.1%
Ally Financial, Inc.		7,172		240,334
American Express Co.		24,118		3,343,237
Capital One Financial Corp.		12,918		1,345,926
Discover Financial Services		6,557		620,161
Synchrony Financial		14,695		405,876
				5,955,534
DIVERSIFIED FINANCIAL SERVICES - 2.0%
Berkshire Hathaway, Inc., Class B*		28,153		7,686,332
Voya Financial, Inc.		48,994		2,916,613
				10,602,945
DIVERSIFIED TELECOMMUNICATION - 0.5%
AT&T, Inc.		33,316		698,303
BCE, Inc.		33,004		1,623,137
Iridium Communications, Inc.*		1,677		62,988
TELUS Corp.		10,145		226,031
				2,610,459

See accompanying notes to financial statements.
8

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 0.9%
Entergy Corp.		6,100	$	687,104
NextEra Energy, Inc.		34,277		2,655,096
NRG Energy, Inc.		40,605		1,549,893
				4,892,093
ELECTRICAL EQUIPMENT - 0.5%
AMETEK, Inc.		9,056		995,164
Eaton Corp. PLC		15,353		1,934,324
				2,929,488
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
Avnet, Inc.		9,141		391,966
Flex Ltd.*		17,884		258,782
TE Connectivity Ltd.		10,303		1,165,784
				1,816,532
ENERGY EQUIPMENT & SERVICES - 0.5%
Halliburton Co.		42,205		1,323,549
Schlumberger NV		38,355		1,371,575
				2,695,124
ENTERTAINMENT - 0.6%
Activision Blizzard, Inc.		3,923		305,445
Electronic Arts, Inc.		5,909		718,830
Walt Disney Co. (The)*		21,743		2,052,539
Warner Bros Discovery, Inc.*	��	20,985		281,619
				3,358,433
EQUITY REAL ESTATE INVESTMENT - 2.5%
American Tower Corp.		4,939		1,262,359
Crown Castle International Corp.		15,116		2,545,232
Equinix, Inc.		2,254		1,480,923
Equity Residential		11,330		818,253
Essex Property Trust, Inc.		1,152		301,259
Extra Space Storage, Inc.		3,567		606,818
Lamar Advertising Co., Class A		675		59,380
Mid-America Apartment Communities, Inc.		11,927		2,083,289
Prologis, Inc.		25,104		2,953,486
SBA Communications Corp.		3,759		1,203,068
Simon Property Group, Inc.		2,997		284,475
				13,598,542
FOOD & STAPLES RETAILING - 1.0%
Costco Wholesale Corp.		11,273		5,402,923
Kroger Co. (The)		2,860		135,364
				5,538,287
FOOD PRODUCTS - 1.3%
Archer-Daniels-Midland Co.		5,417		420,359
Bunge Ltd.		5,236		474,853
Hershey Co. (The)		6,491		1,396,603
J M Smucker Co. (The)		974		124,682

	Shares/ Principal		Fair Value
FOOD PRODUCTS - 1.3% (Continued)
McCormick & Co., Inc.		8,814	$	733,765
Mondelez International, Inc., Class A		38,554		2,393,818
Tyson Foods, Inc., Class A		13,526		1,164,048
				6,708,128
GAS UTILITIES - 0.0%†
Atmos Energy Corp.		576		64,570
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
Abbott Laboratories		32,199		3,498,421
Align Technology, Inc.*		3,108		735,570
Boston Scientific Corp.*		87,870		3,274,915
Edwards Lifesciences Corp.*		7,781		739,895
Enovis Corp.*		1,966		108,130
Hologic, Inc.*		989		68,538
IDEXX Laboratories, Inc.*		2,193		769,151
Medtronic PLC		27,904		2,504,384
				11,699,004
HEALTH CARE PROVIDERS & SERVICES - 4.3%
AmerisourceBergen Corp.		12,411		1,755,908
Cigna Corp.		22,147		5,836,178
CVS Health Corp.		16,968		1,572,255
Elevance Health, Inc.		8,940		4,314,265
McKesson Corp.		4,334		1,413,794
Molina Healthcare, Inc.*		2,429		679,173
UnitedHealth Group, Inc.		14,927		7,666,955
				23,238,528
HOTELS, RESTAURANTS & LEISURE - 1.1%
Chipotle Mexican Grill, Inc.*		161		210,469
Choice Hotels International, Inc.		7,200		803,736
Expedia Group, Inc.*		1,213		115,029
McDonald's Corp.		6,578		1,623,977
Texas Roadhouse, Inc.		1,648		120,633
Travel + Leisure Co.		65,490		2,542,322
Yum! Brands, Inc.		5,211		591,500
				6,007,666
HOUSEHOLD DURABLES - 0.4%
Lennar Corp., Class A		1,897		133,871
Whirlpool Corp.		12,433		1,925,499
				2,059,370
HOUSEHOLD PRODUCTS - 2.2%
Colgate-Palmolive Co.		40,941		3,281,012
Procter & Gamble Co. (The)		59,611		8,571,465
				11,852,477
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
Vistra Corp.		13,867		316,861
INDUSTRIAL CONGLOMERATES - 0.0%†
General Electric Co.		3,524		224,373

See accompanying notes to financial statements.
9

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
INSURANCE - 2.4%
Allstate Corp. (The)		9,031	$	1,144,499
Aon PLC, Class A		227		61,218
Hartford Financial Services Group, Inc. (The)		4,763		311,643
Marsh & McLennan Cos., Inc.		16,116		2,502,009
MetLife, Inc.		79,908		5,017,423
Travelers Cos., Inc. (The)		21,086		3,566,275
				12,603,067
INTERACTIVE MEDIA & SERVICES - 5.3%
Alphabet, Inc., Class A*		5,582		12,164,630
Alphabet, Inc., Class C*		4,565		9,985,709
Meta Platforms, Inc., Class A*		38,661		6,234,086
				28,384,425
INTERNET & DIRECT MARKETING RETAIL - 2.7%
Amazon.com, Inc.*		135,347		14,375,205
eBay, Inc.		5,618		234,102
MercadoLibre, Inc.*		71		45,218
				14,654,525
IT SERVICES - 3.7%
Accenture PLC, Class A		3,356		931,793
Automatic Data Processing, Inc.		7,566		1,589,163
Cognizant Technology Solutions Corp., Class A		23,354		1,576,161
Fidelity National Information Services, Inc.		13,780		1,263,213
Gartner, Inc.*		1,432		346,300
Global Payments, Inc.		9,228		1,020,986
GoDaddy, Inc., Class A*		2,066		143,711
Mastercard, Inc., Class A		11,297		3,563,978
Paychex, Inc.		2,418		275,338
PayPal Holdings, Inc.*		24,083		1,681,957
Visa, Inc., Class A		36,924		7,269,966
				19,662,566
LIFE SCIENCES TOOLS & SERVICES - 2.4%
Agilent Technologies, Inc.		23,665		2,810,692
Bruker Corp.		1,951		122,445
Charles River Laboratories International, Inc.*		563		120,465
Danaher Corp.		13,674		3,466,632
Mettler-Toledo International, Inc.*		754		866,173
Syneos Health, Inc.*		19,924		1,428,152
Thermo Fisher Scientific, Inc.		7,067		3,839,360
				12,653,919
MACHINERY - 1.9%
Caterpillar, Inc.		7,644		1,366,441
Cummins, Inc.		9,398		1,818,795
Deere & Co.		4,058		1,215,249
Illinois Tool Works, Inc.		18,415		3,356,134
Otis Worldwide Corp.		6,484		458,224
PACCAR, Inc.		12,320		1,014,429
Snap-on, Inc.		1,056		208,064

	Shares/ Principal		Fair Value
MACHINERY - 1.9% (Continued)
Stanley Black & Decker, Inc.		5,787	$	606,825
Timken Co. (The)		988		52,413
				10,096,574
MEDIA - 1.3%
Altice USA, Inc., Class A*		22,012		203,611
Charter Communications, Inc., Class A*		1,568		734,655
Comcast Corp., Class A		79,325		3,112,713
Fox Corp., Class A		88,375		2,842,140
Fox Corp., Class B		2,791		82,893
Paramount Global, Class B		2,026		50,001
				7,026,013
METALS & MINING - 0.2%
Freeport-McMoRan, Inc.		28,409		831,247
MULTILINE RETAIL - 0.8%
Dollar General Corp.		6,128		1,504,057
Target Corp.		18,614		2,628,855
				4,132,912
MULTI-UTILITIES - 1.8%
Ameren Corp.		5,246		474,029
Black Hills Corp.		16,305		1,186,515
CMS Energy Corp.		45,961		3,102,367
Dominion Energy, Inc.		5,558		443,584
DTE Energy Co.		35,069		4,444,996
				9,651,491
OIL, GAS & CONSUMABLE FUELS - 3.7%
APA Corp.		10,255		357,899
Chevron Corp.		27,860		4,033,571
Devon Energy Corp.		12,264		675,869
Diamondback Energy, Inc.		2,938		355,939
EOG Resources, Inc.		26,958		2,977,242
Exxon Mobil Corp.		92,182		7,894,466
Marathon Oil Corp.		54,280		1,220,214
Murphy Oil Corp.		1,878		56,697
Occidental Petroleum Corp.		11,765		692,723
Ovintiv, Inc.		3,661		161,780
Phillips 66		6,835		560,402
Targa Resources Corp.		1,096		65,398
Valero Energy Corp.		6,812		723,979
				19,776,179
PHARMACEUTICALS - 5.4%
Bristol-Myers Squibb Co.		22,065		1,699,005
Eli Lilly and Co.		13,310		4,315,501
GSK PLC, ADR		1,521		66,209
Johnson & Johnson		52,905		9,391,167
Merck & Co., Inc.		51,764		4,719,324
Perrigo Co. PLC		11,832		480,024
Pfizer, Inc.		94,176		4,937,648

See accompanying notes to financial statements.
10

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
PHARMACEUTICALS - 5.4% (Continued)
Viatris, Inc.		22,394	$	234,465
Zoetis, Inc.		17,906		3,077,862
				28,921,205
PROFESSIONAL SERVICES - 0.3%
Booz Allen Hamilton Holding Corp.		8,224		743,121
KBR, Inc.		1,295		62,665
ManpowerGroup, Inc.		670		51,195
Robert Half International, Inc.		6,217		465,591
				1,322,572
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
CBRE Group, Inc., Class A*		10,247		754,282
ROAD & RAIL - 1.0%
CSX Corp.		61,575		1,789,370
Landstar System, Inc.		3,471		504,753
Lyft, Inc., Class A*		7,679		101,977
Norfolk Southern Corp.		3,032		689,143
Old Dominion Freight Line, Inc.		1,906		488,470
Schneider National, Inc., Class B		27,535		616,233
Union Pacific Corp.		4,836		1,031,422
				5,221,368
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.9%
Advanced Micro Devices, Inc.*		17,821		1,362,744
Analog Devices, Inc.		16,294		2,380,390
Applied Materials, Inc.		16,361		1,488,524
ASML Holding NV		662		315,033
Broadcom, Inc.		4,845		2,353,749
Cirrus Logic, Inc.*		1,473		106,851
CMC Materials, Inc.		1		175
Intel Corp.		181,904		6,805,029
KLA Corp.		3,693		1,178,362
Lam Research Corp.		3,240		1,380,726
MaxLinear, Inc.*		3,413		115,974
Micron Technology, Inc.		8,320		459,930
Monolithic Power Systems, Inc.		1,330		510,773
NVIDIA Corp.		41,645		6,312,966
NXP Semiconductors NV		342		50,626
QUALCOMM, Inc.		24,730		3,159,010
Semtech Corp.*		1,017		55,905
Silicon Laboratories, Inc.*		9,711		1,361,676
Teradyne, Inc.		4,261		381,573
Texas Instruments, Inc.		11,561		1,776,348
Tower Semiconductor Ltd.*		1,708		78,875
				31,635,239
SOFTWARE - 9.2%
Adobe, Inc.*		8,090		2,961,425
ANSYS, Inc.*		493		117,970

	Shares/ Principal		Fair Value
SOFTWARE - 9.2% (Continued)
Autodesk, Inc.*		863	$	148,402
Cadence Design Systems, Inc.*		8,244		1,236,847
Ceridian HCM Holding, Inc.*		4,536		213,555
Citrix Systems, Inc.		2,061		200,267
Fair Isaac Corp.*		207		82,986
Intuit, Inc.		3,712		1,430,753
Microsoft Corp.		132,611		34,058,483
Palo Alto Networks, Inc.*		326		161,025
Paycom Software, Inc.*		1,237		346,509
RingCentral, Inc., Class A*		20,919		1,093,227
Roper Technologies, Inc.		1,569		619,206
salesforce, Inc.*		14,010		2,312,210
ServiceNow, Inc.*		7,200		3,423,744
Workday, Inc., Class A*		7,316		1,021,167
				49,427,776
SPECIALTY RETAIL - 2.0%
Advance Auto Parts, Inc.		1,962		339,602
AutoNation, Inc.*		2,909		325,110
Best Buy Co., Inc.		5,431		354,047
Dick's Sporting Goods, Inc.		2,043		153,981
Foot Locker, Inc.		3,725		94,056
Home Depot, Inc. (The)		18,572		5,093,742
Lowe's Cos., Inc.		16,519		2,885,374
Penske Automotive Group, Inc.		2,830		296,273
TJX Cos., Inc. (The)		15,646		873,829
Tractor Supply Co.		1,774		343,890
				10,759,904
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.4%
Apple, Inc.		251,011		34,318,224
Dell Technologies, Inc., Class C		19,264		890,190
Hewlett Packard Enterprise Co.		122,186		1,620,186
HP, Inc.		59,644		1,955,130
NetApp, Inc.		9,844		642,223
				39,425,953
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
NIKE, Inc., Class B		11,779		1,203,814
Ralph Lauren Corp.		6,472		580,215
				1,784,029
TOBACCO - 0.7%
Altria Group, Inc.		51,715		2,160,136
Philip Morris International, Inc.		18,421		1,818,889
				3,979,025
TRADING COMPANIES & DISTRIBUTORS - 0.3%
SiteOne Landscape Supply, Inc.*		6,142		730,100
United Rentals, Inc.*		2,853		693,022
WW Grainger, Inc.		175		79,525
				1,502,647

See accompanying notes to financial statements.
11

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
WIRELESS TELECOMMUNICATION SERVICES - 0.0%†
United States Cellular Corp.*		4,168	$	120,705
TOTAL COMMON STOCKS (Cost - $469,141,349)				527,809,722
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market   Fund - Government Portfolio,   Institutional Class, 1.21% (a)  (Cost - $7,388,050)		7,388,050		7,388,050
TOTAL INVESTMENTS - 99.9% (Cost - $476,529,399)			$	535,197,772
OTHER ASSETS LESS LIABILITIES - NET 0.1%				685,736
TOTAL NET ASSETS - 100.0%			$	535,883,508

*  Non-income producing security.

†  Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Short-Term Investments		1.4	%
Other Assets Less Liabilities - Net		0.1	%
		100.0	%

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Future	Goldman Sachs & Co.		46	9/16/2022	$	8,526,375	$	(177,534	)

See accompanying notes to financial statements.
12

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
COMMON STOCKS - 97.7%
AEROSPACE & DEFENSE - 1.6%
Boeing Co. (The)*		279	$	38,145
General Dynamics Corp.		2,977		658,661
HEICO Corp.		625		81,950
HEICO Corp., Class A		798		84,093
Lockheed Martin Corp.		1,075		462,207
				1,325,056
AIR FREIGHT & LOGISTICS - 1.2%
Expeditors International of Washington, Inc.		615		59,938
FedEx Corp.		200		45,342
United Parcel Service, Inc., Class B		4,903		894,994
				1,000,274
AUTOMOBILES - 3.4%
Tesla, Inc.*		4,210		2,835,098
BANKS - 0.6%
Bank of America Corp.		10,623		330,694
JPMorgan Chase & Co.		1,266		142,564
				473,258
BEVERAGES - 2.2%
Brown-Forman Corp., Class B		6,147		431,273
Coca-Cola Co. (The)		5,898		371,043
PepsiCo, Inc.		6,439		1,073,124
				1,875,440
BIOTECHNOLOGY - 2.2%
AbbVie, Inc.		6,958		1,065,687
Amgen, Inc.		2,286		556,184
Biogen, Inc.*		235		47,926
Exelixis, Inc.*		1,892		39,391
Incyte Corp.*		145		11,016
Moderna, Inc.*		176		25,141
Novavax, Inc.*		649		33,378
Vertex Pharmaceuticals, Inc.*		216		60,867
				1,839,590
BUILDING PRODUCTS - 0.3%
Builders FirstSource, Inc.*		745		40,007
Masco Corp.		2,860		144,716
Owens Corning		1,242		92,293
				277,016
CAPITAL MARKETS - 0.8%
Bank of New York Mellon Corp. (The)		912		38,039
Blackstone, Inc.		2,720		248,146
Charles Schwab Corp. (The)		2,052		129,645
MarketAxess Holdings, Inc.		44		11,264
Moody's Corp.		806		219,208
State Street Corp.		175		10,789
Stifel Financial Corp.		197		11,036
				668,127

	Shares/ Principal		Fair Value
CHEMICALS - 1.1%
Ecolab, Inc.		3,660	$	562,762
Linde PLC		935		268,841
PPG Industries, Inc.		413		47,222
Sherwin-Williams Co. (The)		86		19,256
				898,081
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Copart, Inc.*		1,310		142,345
Tetra Tech, Inc.		1,308		178,607
				320,952
COMMUNICATIONS EQUIPMENT - 0.1%
Ciena Corp.*		1,961		89,618
Juniper Networks, Inc.		521		14,848
				104,466
CONSUMER FINANCE - 0.9%
Ally Financial, Inc.		766		25,669
American Express Co.		3,840		532,301
Capital One Financial Corp.		670		69,807
Discover Financial Services		1,365		129,102
Synchrony Financial		754		20,825
				777,704
DIVERSIFIED FINANCIAL SERVICES - 0.4%
Voya Financial, Inc.		5,497		327,236
ELECTRIC UTILITIES - 0.1%
NRG Energy, Inc.		1,493		56,988
ELECTRICAL EQUIPMENT - 0.1%
Eaton Corp. PLC		489		61,609
Generac Holdings, Inc.*		48		10,108
				71,717
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%
Avnet, Inc.		2,326		99,739
CDW Corp.		101		15,914
Coherent, Inc.*		796		211,911
Flex Ltd.*		4,190		60,629
Jabil, Inc.		178		9,115
TE Connectivity Ltd.		2,213		250,401
Zebra Technologies Corp., Class A*		270		79,367
				727,076
ENERGY EQUIPMENT & SERVICES - 0.3%
Halliburton Co.		4,749		148,929
Schlumberger NV		2,681		95,872
				244,801
ENTERTAINMENT - 0.5%
Electronic Arts, Inc.		640		77,856
Live Nation Entertainment, Inc.*		583		48,144
ROBLOX Corp., Class A*		2,288		75,184

See accompanying notes to financial statements.
13

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
ENTERTAINMENT - 0.5% (Continued)
Spotify Technology SA*		1,390	$	130,424
Take-Two Interactive Software, Inc.*		169		20,707
Walt Disney Co. (The)*		358		33,795
				386,110
EQUITY REAL ESTATE INVESTMENT - 1.3%
American Tower Corp.		1,422		363,449
Crown Castle International Corp.		2,448		412,194
Equinix, Inc.		287		188,565
Prologis, Inc.		799		94,003
SBA Communications Corp.		127		40,646
				1,098,857
FOOD & STAPLES RETAILING - 1.7%
Costco Wholesale Corp.		2,933		1,405,728
FOOD PRODUCTS - 0.1%
Hershey Co. (The)		274		58,954
Mondelez International, Inc., Class A		392		24,339
				83,293
HEALTH CARE EQUIPMENT & SUPPLIES - 2.1%
Abbott Laboratories		4,175		453,614
Align Technology, Inc.*		758		179,396
Boston Scientific Corp.*		8,658		322,683
Dexcom, Inc.*		1,060		79,002
Edwards Lifesciences Corp.*		2,635		250,562
IDEXX Laboratories, Inc.*		701		245,862
Intuitive Surgical, Inc.*		808		162,174
Masimo Corp.*		286		37,371
				1,730,664
HEALTH CARE PROVIDERS & SERVICES - 3.3%
AmerisourceBergen Corp.		752		106,393
Cigna Corp.		1,070		281,966
Elevance Health, Inc.		339		163,595
HCA Healthcare, Inc.		124		20,839
McKesson Corp.		466		152,014
Molina Healthcare, Inc.*		54		15,099
UnitedHealth Group, Inc.		3,916		2,011,375
				2,751,281
HEALTH CARE TECHNOLOGY - 0.1%
Veeva Systems, Inc., Class A*		268		53,075
HOTELS, RESTAURANTS & LEISURE - 2.0%
Booking Holdings, Inc.*		187		327,061
Chipotle Mexican Grill, Inc.*		140		183,016
Choice Hotels International, Inc.		1,303		145,454
Expedia Group, Inc.*		1,002		95,020
Marriott International, Inc., Class A		1,381		187,830
McDonald's Corp.		438		108,133
Royal Caribbean Cruises Ltd.*		558		19,480

	Shares/ Principal		Fair Value
HOTELS, RESTAURANTS & LEISURE - 2.0% (Continued)
Starbucks Corp.		499	$	38,119
Texas Roadhouse, Inc.		969		70,931
Travel + Leisure Co.		10,376		402,796
Yum! Brands, Inc.		989		112,261
				1,690,101
HOUSEHOLD DURABLES - 0.0%†
Whirlpool Corp.		271		41,970
HOUSEHOLD PRODUCTS - 1.3%
Colgate-Palmolive Co.		6,901		553,046
Procter & Gamble Co. (The)		4,026		578,899
				1,131,945
INSURANCE - 0.2%
Aon PLC, Class A		150		40,452
MetLife, Inc.		2,178		136,757
Travelers Cos., Inc. (The)		76		12,854
				190,063
INTERACTIVE MEDIA & SERVICES - 5.7%
Alphabet, Inc., Class A*		733		1,597,398
Alphabet, Inc., Class C*		1,107		2,421,507
Match Group, Inc.*		708		49,341
Meta Platforms, Inc., Class A*		4,269		688,376
				4,756,622
INTERNET & DIRECT MARKETING RETAIL - 5.0%
Amazon.com, Inc.*		36,222		3,847,138
Coupang, Inc.*		2,548		32,487
eBay, Inc.		5,409		225,393
MercadoLibre, Inc.*		179		114,000
				4,219,018
IT SERVICES - 6.3%
Accenture PLC, Class A		2,444		678,577
Automatic Data Processing, Inc.		1,981		416,089
Cognizant Technology Solutions Corp., Class A		2,613		176,351
EPAM Systems, Inc.*		246		72,516
Gartner, Inc.*		729		176,294
GoDaddy, Inc., Class A*		656		45,631
Mastercard, Inc., Class A		4,158		1,311,766
Paychex, Inc.		1,441		164,087
PayPal Holdings, Inc.*		3,853		269,094
Visa, Inc., Class A		10,201		2,008,475
				5,318,880
LIFE SCIENCES TOOLS & SERVICES - 2.2%
Agilent Technologies, Inc.		4,558		541,354
Bruker Corp.		2,290		143,720
Charles River Laboratories International, Inc.*		473		101,208
Danaher Corp.		1,067		270,506
Illumina, Inc.*		170		31,341

See accompanying notes to financial statements.
14

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
LIFE SCIENCES TOOLS & SERVICES - 2.2% (Continued)
Mettler-Toledo International, Inc.*		267	$	306,722
Syneos Health, Inc.*		2,588		185,508
Thermo Fisher Scientific, Inc.		353		191,778
Waters Corp.*		28		9,267
West Pharmaceutical Services, Inc.		203		61,381
				1,842,785
MACHINERY - 1.5%
Caterpillar, Inc.		1,955		349,476
Deere & Co.		1,354		405,482
Illinois Tool Works, Inc.		2,538		462,551
PACCAR, Inc.		417		34,336
Stanley Black & Decker, Inc.		397		41,629
				1,293,474
MEDIA - 0.8%
Altice USA, Inc., Class A*		4,199		38,841
Charter Communications, Inc., Class A*		676		316,726
Comcast Corp., Class A		875		34,335
Fox Corp., Class A		8,517		273,907
				663,809
METALS & MINING - 0.0%†
Freeport-McMoRan, Inc.		1,527		44,680
MULTILINE RETAIL - 0.6%
Dollar General Corp.		832		204,206
Target Corp.		1,903		268,761
				472,967
OIL, GAS & CONSUMABLE FUELS - 1.0%
Devon Energy Corp.		3,045		167,810
EOG Resources, Inc.		4,536		500,956
Exxon Mobil Corp.		178		15,244
Marathon Oil Corp.		1,873		42,105
Occidental Petroleum Corp.		1,208		71,127
Ovintiv, Inc.		730		32,259
				829,501
PERSONAL PRODUCTS - 0.4%
Estee Lauder Cos., Inc. (The), Class A		1,217		309,933
PHARMACEUTICALS - 3.2%
Bristol-Myers Squibb Co.		675		51,975
Eli Lilly and Co.		3,751		1,216,187
Johnson & Johnson		583		103,488
Merck & Co., Inc.		6,832		622,873
Zoetis, Inc.		3,993		686,357
				2,680,880
PROFESSIONAL SERVICES - 0.1%
Booz Allen Hamilton Holding Corp.		565		51,054
Robert Half International, Inc.		253		18,947
				70,001

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
CBRE Group, Inc., Class A*		665	$	48,951
Zillow Group, Inc., Class A*		200		6,362
				55,313
ROAD & RAIL - 0.9%
CSX Corp.		2,031		59,021
JB Hunt Transport Services, Inc.		272		42,832
Lyft, Inc., Class A*		2,574		34,182
Old Dominion Freight Line, Inc.		965		247,310
Uber Technologies, Inc.*		5,139		105,144
Union Pacific Corp.		1,193		254,443
XPO Logistics, Inc.*		867		41,755
				784,687
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.2%
Advanced Micro Devices, Inc.*		5,448		416,571
Analog Devices, Inc.		1,209		176,623
Applied Materials, Inc.		5,885		535,417
Broadcom, Inc.		1,780		864,742
Enphase Energy, Inc.*		291		56,815
Intel Corp.		11,031		412,670
KLA Corp.		1,651		526,801
Lam Research Corp.		659		280,833
Lattice Semiconductor Corp.*		934		45,299
MaxLinear, Inc.*		923		31,363
Micron Technology, Inc.		843		46,601
Monolithic Power Systems, Inc.		419		160,913
NVIDIA Corp.		12,424		1,883,354
NXP Semiconductors NV		378		55,955
QUALCOMM, Inc.		6,959		888,943
Semtech Corp.*		773		42,492
Silicon Laboratories, Inc.*		1,016		142,463
Teradyne, Inc.		1,267		113,460
Texas Instruments, Inc.		1,115		171,320
				6,852,635
SOFTWARE - 17.2%
Adobe, Inc.*		2,821		1,032,655
ANSYS, Inc.*		446		106,723
Atlassian Corp. PLC, Class A*		471		88,265
Autodesk, Inc.*		1,694		291,300
Box, Inc., Class A*		456		11,464
Cadence Design Systems, Inc.*		3,086		462,993
Ceridian HCM Holding, Inc.*		2,231		105,035
Crowdstrike Holdings, Inc., Class A*		960		161,818
Datadog, Inc., Class A*		519		49,430
DocuSign, Inc.*		785		45,043
Dynatrace, Inc.*		322		12,700
Fair Isaac Corp.*		105		42,095
Fortinet, Inc.*		4,425		250,367
HubSpot, Inc.*		516		155,135

See accompanying notes to financial statements.
15

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
SOFTWARE - 17.2% (Continued)
Intuit, Inc.		1,667	$	642,528
Manhattan Associates, Inc.*		1,020		116,892
Microsoft Corp.		31,768		8,158,975
Oracle Corp.		2,496		174,396
Palo Alto Networks, Inc.*		771		380,828
Paycom Software, Inc.*		739		207,009
PTC, Inc.*		164		17,440
RingCentral, Inc., Class A*		1,562		81,630
Roper Technologies, Inc.		56		22,100
salesforce, Inc.*		1,096		180,884
ServiceNow, Inc.*		1,919		912,523
Splunk, Inc.*		881		77,933
Synopsys, Inc.*		320		97,184
Trade Desk, Inc. (The), Class A*		662		27,731
VMware, Inc., Class A		532		60,637
Workday, Inc., Class A*		2,289		319,499
Zendesk, Inc.*		562		41,627
Zscaler, Inc.*		456		68,177
				14,403,016
SPECIALTY RETAIL - 3.1%
AutoNation, Inc.*		191		21,346
Best Buy Co., Inc.		393		25,620
Dick's Sporting Goods, Inc.		407		30,676
Home Depot, Inc. (The)		5,141		1,410,022
Lowe's Cos., Inc.		3,577		624,795
TJX Cos., Inc. (The)		5,304		296,228
Tractor Supply Co.		370		71,724
Ulta Beauty, Inc.*		147		56,665
Williams-Sonoma, Inc.		387		42,938
				2,580,014
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8%
Apple, Inc.		59,383		8,118,844
Dell Technologies, Inc., Class C		4,576		211,457
Hewlett Packard Enterprise Co.		7,508		99,556
HP, Inc.		11,003		360,678

	Shares/ Principal		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8% (Continued)
NetApp, Inc.		2,506	$	163,491
Pure Storage, Inc., Class A*		2,777		71,397
				9,025,423
TEXTILES, APPAREL & LUXURY GOODS - 0.8%
Lululemon Athletica, Inc.*		350		95,414
NIKE, Inc., Class B		4,886		499,349
Ralph Lauren Corp.		638		57,197
Under Armour, Inc., Class A*		828		6,897
				658,857
TOBACCO - 0.3%
Altria Group, Inc.		5,525		230,779
TRADING COMPANIES & DISTRIBUTORS - 0.3%
SiteOne Landscape Supply, Inc.*		1,505		178,899
United Rentals, Inc.*		290		70,444
WW Grainger, Inc.		33		14,996
				264,339
TOTAL COMMON STOCKS (Cost - $69,950,650)				81,743,580
SHORT-TERM INVESTMENTS - 1.9%
MONEY MARKET FUNDS - 1.9%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a) (Cost - $1,569,544)		1,569,544		1,569,544
TOTAL INVESTMENTS - 99.6% (Cost - $71,520,194)			$	83,313,124
OTHER ASSETS LESS LIABILITIES - NET 0.4%				319,431
TOTAL NET ASSETS - 100.0%			$	83,632,555

*  Non-income producing security.

†  Represents less than 0.05%.

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

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		97.7	%
Short-Term Investments		1.9	%
Other Assets Less Liabilities - Net		0.4	%
		100.0	%

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Future	Goldman Sachs & Co.		7	9/16/2022	$	1,614,130	$	(36,382	)

See accompanying notes to financial statements.
16

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
COMMON STOCKS - 87.2%
AEROSPACE & DEFENSE - 0.7%
Airbus SE		350	$	33,828
BAE Systems PLC		5,478		55,231
Embraer SA*		9,191		20,159
Kongsberg Gruppen ASA		441		15,757
Leonardo SpA		3,628		36,708
MTU Aero Engines AG		74		13,438
Rheinmetall AG		285		65,639
Rolls-Royce Holdings PLC*		54,158		54,558
Saab AB, Class B		4,666		192,425
Safran SA		1,990		195,999
Thales SA		1,674		204,847
				888,589
AIR FREIGHT & LOGISTICS - 0.3%
Deutsche Post AG		2,789		104,209
DSV A/S		782		108,967
JD Logistics, Inc.*,(a)		4,000		8,727
Mainfreight Ltd.		267		11,604
PostNL NV		10,987		33,253
SG Holdings Co. Ltd.		1,000		16,849
ZTO Express Cayman, Inc., ADR		4,120		113,094
				396,703
AIRLINES - 0.1%
Air China Ltd., Class H*		20,000		17,383
CAPITAL A BHD*		89,900		12,442
China Eastern Airlines Corp. Ltd., Class A*		18,600		15,254
International Consolidated Airlines Group SA*		36,066		47,138
Jin Air Co. Ltd.*		1,154		12,265
Korean Air Lines Co. Ltd.*		1,051		20,398
				124,880
AUTO COMPONENTS - 0.3%
Hyundai Mobis Co. Ltd.		743		113,876
Koito Manufacturing Co. Ltd.		1,000		31,688
Mando Corp.		497		18,201
NGK Spark Plug Co. Ltd.		3,800		68,893
NOK Corp.		1,500		12,189
Pirelli & C SpA (a)		26,219		106,244
Valeo		1,969		37,928
				389,019
AUTOMOBILES - 2.5%
BAIC Motor Corp. Ltd., Class H*,(a)		40,500		13,471
Bayerische Motoren Werke AG		5,464		419,628
BYD Co. Ltd., Class A		6,626		330,088
BYD Co. Ltd., Class H		7,500		300,117
Ferrari NV		628		115,026
Geely Automobile Holdings Ltd.		41,000		93,213

	Shares/ Principal		Fair Value
AUTOMOBILES - 2.5% (Continued)
Great Wall Motor Co. Ltd., Class A		3,300	$	18,259
Great Wall Motor Co. Ltd., Class H		29,000		59,649
Honda Motor Co. Ltd.		12,500		302,989
Hyundai Motor Co.		228		31,696
Kia Corp.		907		53,998
Li Auto, Inc., ADR*		2,860		109,567
Mercedes-Benz Group AG		8,431		486,720
NIO, Inc., ADR*		5,867		127,431
Nissan Motor Co. Ltd.		20,600		80,092
Renault SA*		2,222		55,264
Stellantis NV		9,234		113,836
Subaru Corp.		5,900		104,728
Suzuki Motor Corp.		1,600		50,218
Toyota Motor Corp.		29,000		448,272
Volkswagen AG		76		13,817
XPeng, Inc., ADR*		1,776		56,370
XPeng, Inc., Class A*		1,200		19,330
				3,403,779
BANKS - 9.7%
ABN AMRO Bank NV, CVA (a)		1,727		19,346
Absa Group Ltd.		8,658		81,705
Agricultural Bank of China Ltd., Class H*		47,000		17,729
Aozora Bank Ltd.		1,100		21,351
Australia & New Zealand Banking Group Ltd.		14,450		218,902
Banco Bilbao Vizcaya Argentaria SA		57,043		258,252
Banco Bradesco SA		14,933		40,977
Banco de Sabadell SA		3,124		2,484
Banco do Brasil SA		4,536		28,919
Banco Santander Brasil SA		9,764		53,698
Banco Santander SA		148,811		418,184
Bangkok Bank PCL, NVDR		5,100		19,185
Bank Central Asia TBK PT		656,000		319,248
Bank Hapoalim BM		33,144		275,967
Bank Mandiri Persero TBK PT		115,300		61,336
Bank Negara Indonesia Persero Tbk PT		43,900		23,132
Bank of China Ltd., Class H*		229,000		91,344
Bank of Ningbo Co. Ltd., Class A		6,550		35,038
Bank of Nova Scotia (The)		13,954		824,075
Bank Rakyat Indonesia Persero TBK PT		438,800		122,237
Bankinter SA		9,199		57,241
Banque Cantonale Vaudoise		804		62,902
Barclays PLC		12,426		23,107
BAWAG Group AG*,(a)		3,279		137,670
BNP Paribas SA		7,320		347,164
BOC Hong Kong Holdings Ltd.		57,500		227,158
BPER Banca		47,344		77,585
Capitec Bank Holdings Ltd.		595		71,990
China CITIC Bank Corp. Ltd., Class H		179,000		80,068
China Construction Bank Corp., Class H		581,000		390,199

See accompanying notes to financial statements.
17

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
BANKS - 9.7% (Continued)
China Merchants Bank Co. Ltd., Class A		13,400	$	84,472
China Merchants Bank Co. Ltd., Class H		36,500		244,203
CIMB Group Holdings BHD		53,200		59,869
Commerzbank AG*		19,657		137,400
Commonwealth Bank of Australia		10,316		641,137
Credit Agricole SA		17,278		157,711
DBS Group Holdings Ltd.		6,500		138,622
DNB Bank ASA		21,241		379,574
Erste Group Bank AG		4,273		108,106
FinecoBank Banca Fineco SpA		1,273		15,198
Grupo Financiero Banorte SAB de CV, Class O		33,407		186,112
Hana Financial Group, Inc.		697		21,124
Hong Leong Bank BHD		4,200		19,497
HSBC Holdings PLC		87,136		566,784
Industrial & Commercial Bank of China Ltd., Class H*		355,000		210,821
ING Groep NV		25,948		255,838
Intesa Sanpaolo SpA		139,779		260,115
Israel Discount Bank Ltd., Class A		35,633		184,771
Japan Post Bank Co. Ltd.		14,600		113,378
Jyske Bank A/S*		339		16,513
KB Financial Group, Inc.		616		22,844
KBC Group NV		3,472		194,340
Lloyds Banking Group PLC		547,300		281,221
Malayan Banking BHD		155,300		302,672
Mediobanca Banca di Credito Finanziario SpA		25,889		223,508
Mizrahi Tefahot Bank Ltd.		2,427		80,042
Mizuho Financial Group, Inc.		20,200		229,426
National Australia Bank Ltd.		9,848		185,485
Nedbank Group Ltd.		2,444		30,920
Nordea Bank Abp		46,861		411,567
OTP Bank Nyrt		4,889		108,487
Oversea-Chinese Banking Corp. Ltd.		20,500		167,777
Ping An Bank Co. Ltd., Class A*		19,300		43,188
Postal Savings Bank of China Co. Ltd., Class H (a)		40,000		31,758
Public Bank BHD		211,900		210,097
Raiffeisen Bank International AG		885		9,567
RHB Bank BHD		99,400		129,226
Royal Bank of Canada		4,226		408,333
Shinhan Financial Group Co. Ltd.		2,179		62,178
Societe Generale SA		10,269		224,269
Standard Bank Group Ltd.		19,329		183,078
Standard Chartered PLC		12,625		94,846
Sumitomo Mitsui Financial Group, Inc.		23,000		682,610
TMBThanachart Bank PCL, NVDR		488,400		16,991
Toronto-Dominion Bank (The)		2,915		190,748
UniCredit SpA		15,779		149,538
United Overseas Bank Ltd.		7,500		141,464
Westpac Banking Corp.		11,262		151,014
				13,176,632

	Shares/ Principal		Fair Value
BEVERAGES - 2.3%
Ambev SA		65,559	$	167,738
Anheuser-Busch InBev SA		8,008		429,984
Arca Continental SAB de CV		20,605		135,452
Budweiser Brewing Co. APAC Ltd. (a)		5,700		17,070
Carlsberg A/S, Class B		606		77,013
China Resources Beer Holdings Co. Ltd.		4,000		29,820
Coca-Cola Femsa SAB de CV		6,091		33,652
Davide Campari-Milano NV		4,817		50,536
Diageo PLC		20,560		881,534
Fomento Economico Mexicano SAB de CV		18,619		125,257
Heineken NV		1,553		141,252
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		1,000		27,359
JiuGui Liquor Co. Ltd., Class A		600		16,654
Kweichow Moutai Co. Ltd., Class A		400		122,194
Luzhou Laojiao Co., Ltd., Class A		900		33,145
Pernod Ricard SA		1,771		324,567
Remy Cointreau SA		546		95,155
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		990		48,034
Suntory Beverage & Food Ltd.		4,200		158,596
Treasury Wine Estates Ltd.		13,874		108,284
Wuliangye Yibin Co. Ltd., Class A		2,400		72,395
				3,095,691
BIOTECHNOLOGY - 0.8%
3SBio, Inc. (a)		7,500		5,964
Argenx SE*		95		35,506
BeiGene Ltd., ADR*		449		72,671
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,740		40,366
Celltrion, Inc.		729		100,221
CSL Ltd.		2,604		481,790
Galapagos NV*		971		53,842
Genmab A/S*		595		192,134
Grifols SA*		770		14,518
Idorsia Ltd.*		858		12,233
Imeik Technology Development Co. Ltd., Class A		400		35,852
Innovent Biologics, Inc.*,(a)		7,000		31,133
SK Bioscience Co. Ltd.*		79		6,115
Swedish Orphan Biovitrum AB*		891		19,233
Zai Lab Ltd., ADR*		403		13,976
				1,115,554
BUILDING PRODUCTS - 0.3%
Assa Abloy AB, Class B		1,223		25,934
Belimo Holding AG		32		11,231
Cie de Saint-Gobain		962		41,180
Daikin Industries Ltd.		1,000		160,097
Kingspan Group PLC		1,598		95,894
Sanwa Holdings Corp.		1,300		12,440
				346,776

See accompanying notes to financial statements.
18

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.0%
Amundi SA (a)		1,875	$	102,323
B3 SA - Brasil Bolsa Balcao		88,416		186,150
Banca Generali SpA		2,918		82,245
Brookfield Asset Management, Inc., Class A		1,279		56,774
China International Capital Corp. Ltd., Class H (a)		20,000		42,615
CITIC Securities Co., Ltd., Class A		43,710		141,428
Deutsche Bank AG		36,166		314,501
Deutsche Boerse AG		1,432		238,935
DWS Group GmbH & Co. KGaA (a)		2,084		54,381
East Money Information Co. Ltd., Class A		19,437		73,749
Futu Holdings Ltd., ADR*		303		15,820
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,800		40,216
Hong Kong Exchanges & Clearing Ltd.		3,400		167,250
IG Group Holdings PLC		5,468		45,853
IGM Financial, Inc.		862		23,054
Insignia Financial Ltd.		19,449		35,976
Julius Baer Group Ltd.		875		40,252
Macquarie Group Ltd.		2,608		295,031
Partners Group Holding AG		154		138,372
Perpetual Ltd.		1,866		37,058
Reinet Investments SCA		690		12,037
SBI Holdings, Inc.		2,000		39,086
TMX Group Ltd.		1,244		126,334
UBS Group AG		20,784		334,116
				2,643,556
CHEMICALS - 2.7%
Air Liquide SA		3,015		403,838
Air Water, Inc.		1,100		13,797
Arkema SA		139		12,340
Asahi Kasei Corp.		17,400		132,689
BASF SE		1,231		53,441
Croda International PLC		1,561		122,693
DIC Corp.		1,900		33,635
Dongyue Group Ltd.		6,000		7,509
Evonik Industries AG		8,440		179,648
Givaudan SA		75		262,992
Hyosung Advanced Materials Corp.		30		8,792
Incitec Pivot Ltd.		6,328		14,403
Israel Corp. Ltd. (The)*		27		11,834
Johnson Matthey PLC		1,862		43,541
K+S AG		630		15,274
Kaneka Corp.		300		7,376
Kansai Paint Co. Ltd.		300		3,820
Kuraray Co. Ltd.		2,200		17,732
LG Chem Ltd.		453		180,028
Nippon Shokubai Co. Ltd.		1,100		42,509
Nitto Denko Corp.		800		51,702
Novozymes A/S, Class B		1,980		118,577
Nutrien Ltd.		3,019		239,914
OCI NV		1,207		39,723

	Shares/ Principal		Fair Value
CHEMICALS - 2.7% (Continued)
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,600	$	20,172
Shenzhen Capchem Technology Co. Ltd., Class A		1,980		15,546
Shin-Etsu Chemical Co. Ltd.		3,000		337,860
Sika AG		1,111		255,309
Solvay SA		2,179		176,138
Sumitomo Chemical Co. Ltd.		151,500		592,150
Symrise AG		649		70,462
Teijin Ltd.		2,400		24,962
Toray Industries, Inc.		3,700		20,731
Tosoh Corp.		1,600		19,845
Umicore SA		936		32,605
Wanhua Chemical Group Co. Ltd., Class A		2,700		39,119
Yunnan Energy New Material Co. Ltd., Class A		500		18,706
				3,641,412
COMMERCIAL SERVICES & SUPPLIES - 0.2%
HomeServe PLC		10,227		145,564
Rentokil Initial PLC		9,497		54,739
				200,303
COMMUNICATIONS EQUIPMENT - 0.4%
Nokia Oyj		56,849		263,852
Telefonaktiebolaget LM Ericsson, Class B		39,560		294,440
ZTE Corp., Class A		8,200		31,272
				589,564
CONSTRUCTION & ENGINEERING - 0.1%
Ackermans & van Haaren NV		77		11,471
COMSYS Holdings Corp.		600		11,421
HOCHTIEF AG		999		48,513
Kandenko Co. Ltd.		3,900		24,286
Metallurgical Corp. of China Ltd., Class H		72,000		17,250
Vinci SA		683		60,665
WSP Global, Inc.		148		16,698
				190,304
CONSTRUCTION MATERIALS - 0.2%
Cemex SAB de CV*		113,453		44,142
CRH PLC		1,866		63,997
James Hardie Industries PLC		9,229		201,623
Taiheiyo Cement Corp.		600		8,943
				318,705
CONSUMER FINANCE - 0.0%†
Muangthai Capital PCL, NVDR		8,800		10,641
CONTAINERS & PACKAGING - 0.0%†
Orora Ltd.		7,034		17,655
Smurfit Kappa Group PLC		767		25,723
				43,378

See accompanying notes to financial statements.
19

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
DIVERSIFIED CONSUMER SERVICES - 0.0%†
Benesse Holdings, Inc.		2,500	$	40,429
Cogna Educacao*		29,080		11,845
				52,274
DIVERSIFIED FINANCIAL SERVICES - 0.7%
Banca Mediolanum SpA		12,195		80,040
Challenger Ltd.		8,543		40,182
EXOR NV		516		32,087
FirstRand Ltd.		37,438		142,531
Groupe Bruxelles Lambert SA		2,406		200,423
Industrivarden AB, Class A		1,396		31,360
Industrivarden AB, Class C		4,661		103,478
Investor AB, Class A		2,067		37,044
Investor AB, Class B		6,062		99,489
L E Lundbergforetagen AB, Class B		1,692		68,671
M&G PLC		7,398		17,484
Mitsubishi HC Capital, Inc.		7,300		33,637
				886,426
DIVERSIFIED TELECOMMUNICATION - 2.1%
BCE, Inc.		11,010		540,023
Bezeq The Israeli Telecommunication Corp. Ltd.		10,979		16,991
BT Group PLC		74,731		169,080
China Tower Corp. Ltd., Class H (a)		112,000		14,416
Deutsche Telekom AG		14,876		294,650
KT Corp.		7,588		213,018
Nippon Telegraph & Telephone Corp.		12,900		369,941
Orange SA		12,637		148,231
PCCW Ltd.		129,000		68,224
Singapore Telecommunications Ltd.		387,300		704,081
Spark New Zealand Ltd.		11,045		32,963
Telecom Italia SpA/Milano*		117,804		30,057
Telekom Malaysia BHD		38,800		46,217
Telenor ASA		2,862		37,949
Telstra Corp. Ltd.		46,653		123,512
				2,809,353
ELECTRIC UTILITIES - 1.4%
Acciona SA		741		135,956
Chugoku Electric Power Co., Inc. (The)		3,900		25,061
CPFL Energia SA		16,341		96,556
EDP - Energias de Portugal SA		36,533		170,037
Electricite de France SA		18,139		148,028
Emera, Inc.		4,332		202,504
Enel SpA		84,440		460,810
Energisa SA		4,781		36,872
Equatorial Energia SA		4,300		18,813
Hydro One Ltd. (a)		1,648		44,217
Iberdrola SA		15,626		161,663
Kyushu Electric Power Co., Inc.		2,700		17,330
Light SA		4,100		4,571
Orsted AS (a)		97		10,117

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 1.4% (Continued)
Shikoku Electric Power Co., Inc.		6,600	$	38,428
SSE PLC		10,397		204,046
Tenaga Nasional BHD		101,000		182,866
				1,957,875
ELECTRICAL EQUIPMENT - 0.9%
ABB Ltd.		4,327		115,073
Contemporary Amperex Technology Co. Ltd., Class A		2,624		209,315
Legrand SA		4,397		323,893
Mitsubishi Electric Corp.		1,200		12,817
Nidec Corp.		500		30,842
Nordex SE*		1,538		13,082
Schneider Electric SE		3,716		438,604
Vestas Wind Systems A/S		2,397		50,512
WEG SA		15,148		76,617
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,200		11,599
				1,282,354
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.1%
AAC Technologies Holdings, Inc.		3,500		8,055
Alps Alpine Co. Ltd.		3,800		38,516
Anritsu Corp.		1,200		12,967
BOE Technology Group Co. Ltd., Class A		41,300		24,307
Canon Marketing Japan, Inc.		700		14,520
GoerTek, Inc., Class A		2,900		14,556
Halma PLC		1,846		45,039
Hana Microelectronics PCL, NVDR		8,400		9,682
Hexagon AB, Class B		4,403		45,652
KCE Electronics PCL, NVDR		13,900		23,688
Keyence Corp.		800		273,115
LG Innotek Co. Ltd.		177		46,690
Murata Manufacturing Co. Ltd.		4,500		244,982
Omron Corp.		5,200		263,761
Samsung Electro-Mechanics Co. Ltd.		893		89,754
Samsung SDI Co. Ltd.		378		154,880
Shimadzu Corp.		1,300		41,051
Spectris PLC		636		20,939
Sunny Optical Technology Group Co. Ltd.		3,600		58,678
TDK Corp.		1,200		37,010
				1,467,842
ENERGY EQUIPMENT & SERVICES - 0.0%†
Dialog Group BHD		15,700		7,587
Worley Ltd.		5,399		52,868
				60,455
ENTERTAINMENT - 0.6%
Bilibili, Inc., Class Z*		660		16,906
Krafton, Inc.*		54		9,108
NCSoft Corp.		161		43,338
NetEase, Inc.		18,960		348,178

See accompanying notes to financial statements.
20

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
ENTERTAINMENT - 0.6% (Continued)
Netmarble Corp. (a)		287	$	15,230
Nexon Co. Ltd.		2,100		42,941
Nintendo Co. Ltd.		400		172,772
Sea Ltd., ADR*		2,158		144,284
Tencent Music Entertainment Group, ADR*		3,441		17,274
				810,031
EQUITY REAL ESTATE INVESTMENT - 0.6%
British Land Co. PLC (The)		2,752		14,943
Champion REIT		23,000		10,229
Charter Hall Group		1,883		14,023
First Capital Real Estate Investment Trust		1,897		22,030
Goodman Group		11,783		144,550
GPT Group (The)		14,419		41,842
Klepierre SA*		3,875		74,379
Link REIT		13,300		108,475
Mapletree Commercial Trust		20,100		26,430
Mirvac Group		64,791		87,993
Scentre Group		117,600		209,447
Stockland		7,275		18,060
Warehouses De Pauw CVA		3,155		98,952
				871,353
FOOD & STAPLES RETAILING - 1.0%
Alimentation Couche-Tard, Inc.		2,442		95,052
Berli Jucker PCL, NVDR		86,400		79,423
Carrefour SA		4,533		80,018
Clicks Group Ltd.		2,219		37,020
Etablissements Franz Colruyt NV		827		22,436
George Weston Ltd.		481		56,070
J Sainsbury PLC		9,947		24,643
Jeronimo Martins SGPS SA		3,309		71,748
Kesko Oyj, Class B		1,718		40,430
Koninklijke Ahold Delhaize NV		8,716		226,528
Lawson, Inc.		500		16,635
Loblaw Cos. Ltd.		1,220		109,795
Sendas Distribuidora SA		11,898		32,513
Siam Makro PCL, NVDR		13,900		13,760
Sundrug Co. Ltd.		2,700		60,219
Tesco PLC		101,630		315,350
Tsuruha Holdings, Inc.		200		10,850
Wal-Mart de Mexico SAB de CV		21,019		72,092
				1,364,582
FOOD PRODUCTS - 2.2%
Associated British Foods PLC		1,957		37,504
AVI Ltd.		2,983		11,967
Calbee, Inc.		12,800		257,781
Dali Foods Group Co. Ltd. (a)		66,000		35,073
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,430		19,302
Fuji Oil Holdings, Inc.		4,200		66,221

	Shares/ Principal		Fair Value
FOOD PRODUCTS - 2.2% (Continued)
Grupo Bimbo SAB de CV, Series A		23,733	$	77,295
Itoham Yonekyu Holdings, Inc.		2,300		11,698
JDE Peet's NV		656		18,627
Kerry Group PLC, Class A		559		53,380
Kuala Lumpur Kepong BHD		6,300		31,361
Marfrig Global Foods SA		6,648		15,420
Minerva SA/Brazil		8,446		21,384
Morinaga & Co. Ltd./Japan		1,600		51,231
Nestle SA		19,004		2,212,154
Nissin Foods Holdings Co. Ltd.		600		41,382
QL Resources BHD		10,350		12,211
Strauss Group Ltd.		750		18,362
Uni-President China Holdings Ltd.		21,000		18,011
Yamazaki Baking Co. Ltd.		2,000		24,394
				3,034,758
GAS UTILITIES - 0.6%
APA Group		2,496		19,344
Beijing Enterprises Holdings Ltd.		10,000		35,555
China Resources Gas Group Ltd.		4,000		18,631
ENN Energy Holdings Ltd.		6,200		101,846
Italgas SpA		20,418		118,577
Korea Gas Corp.		1,943		59,185
Kunlun Energy Co. Ltd.		22,000		18,027
Perusahaan Gas Negara TBK PT		194,400		20,748
Rubis SCA		8,136		189,509
Snam SpA		21,181		110,696
Tokyo Gas Co. Ltd.		7,500		154,963
Towngas Smart Energy Co. Ltd*		14,000		7,458
				854,539
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0%
Coloplast A/S, Class B		147		16,706
Demant A/S*		353		13,215
Elekta AB, Class B		17,222		118,753
Fisher & Paykel Healthcare Corp. Ltd.		8,648		107,430
Hartalega Holdings BHD		31,600		21,939
Hoya Corp.		3,900		332,572
Koninklijke Philips NV		1,730		37,176
Nihon Kohden Corp.		600		12,251
Olympus Corp.		8,000		160,554
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,500		116,965
Straumann Holding AG		778		93,171
Supermax Corp. BHD		17,112		3,397
Terumo Corp.		8,500		255,773
				1,289,902
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Aier Eye Hospital Group Co., Ltd., Class A*		2,300		15,382
Amplifon SpA		935		28,592
Celltrion Healthcare Co. Ltd.		399		21,081

See accompanying notes to financial statements.
21

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 0.2% (Continued)
Fleury SA		4,972	$	15,450
Fresenius Medical Care AG & Co. KGaA		515		25,644
IHH Healthcare BHD		81,600		119,414
				225,563
HEALTH CARE TECHNOLOGY - 0.0%†
M3, Inc.		1,300		37,300
HOTELS, RESTAURANTS & LEISURE - 0.7%
Aristocrat Leisure Ltd.		14,105		333,462
Compass Group PLC		3,776		77,041
Evolution AB (a)		498		45,201
Flight Centre Travel Group Ltd.*		1,574		18,790
Flutter Entertainment PLC*		619		62,435
Greggs PLC		2,961		65,015
Jiumaojiu International Holdings Ltd. (a)		10,000		26,571
Sodexo SA		1,480		103,759
Trip.com Group Ltd., ADR*		1,195		32,803
Whitbread PLC		4,865		146,408
				911,485
HOUSEHOLD DURABLES - 0.8%
Barratt Developments PLC		1,752		9,732
Bellway PLC		1,378		35,914
Casio Computer Co. Ltd.		11,400		105,646
LG Electronics, Inc.		378		25,707
Nikon Corp.		5,400		62,365
Persimmon PLC		981		22,195
Rinnai Corp.		500		34,338
Sekisui House Ltd.		16,700		292,132
Sony Group Corp.		5,700		465,507
Taylor Wimpey PLC		26,811		37,982
				1,091,518
HOUSEHOLD PRODUCTS - 0.3%
Essity AB, Class B		2,704		70,480
Lion Corp.		4,300		47,350
Pigeon Corp.		2,200		30,137
Unicharm Corp.		7,800		260,660
				408,627
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%
B Grimm Power PCL		10,800		10,691
China Longyuan Power Group Corp. Ltd., Class H		28,000		54,095
Energy Absolute PCL, NVDR		61,000		140,617
RWE AG		7,987		292,918
				498,321
INDUSTRIAL CONGLOMERATES - 1.6%
Aker ASA, Class A		213		16,299
Alfa SAB de CV, Class A		18,300		12,970
CK Hutchison Holdings Ltd.		42,500		287,325

	Shares/ Principal		Fair Value
INDUSTRIAL CONGLOMERATES - 1.6% (Continued)
GS Holdings Corp.		764	$	24,625
Hitachi Ltd.		1,800		85,300
Jardine Cycle & Carriage Ltd.		27,700		563,076
Jardine Matheson Holdings Ltd.		3,300		173,448
NWS Holdings Ltd.		9,000		8,545
Samsung C&T Corp.		646		61,197
Siemens AG		5,997		608,712
SM Investments Corp.		920		13,084
Smiths Group PLC		10,696		181,792
Toshiba Corp.		2,400		97,427
				2,133,800
INSURANCE - 4.3%
AIA Group Ltd.		115,200		1,248,607
Allianz SE		2,987		568,717
ASR Nederland NV		6,274		252,987
Assicurazioni Generali SpA		787		12,527
Aviva PLC		5,500		26,805
AXA SA		14,804		335,228
Baloise Holding AG		144		23,450
China Life Insurance Co. Ltd., Class H		64,000		111,411
Direct Line Insurance Group PLC		4,188		12,802
Great-West Lifeco, Inc.		15,356		374,153
Hannover Rueck SE		690		99,908
Japan Post Holdings Co. Ltd.		11,800		84,173
Legal & General Group PLC		15,393		44,772
Manulife Financial Corp.		25,148		435,136
Medibank Pvt Ltd.		94,094		210,287
MS&AD Insurance Group Holdings, Inc.		8,000		244,849
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		358		83,912
Old Mutual Ltd.		29,187		19,651
Phoenix Group Holdings PLC		3,233		23,181
PICC Property & Casualty Co. Ltd., Class H		8,000		8,319
Ping An Insurance Group Co. of China Ltd., Class H		62,000		421,527
Porto Seguro SA		3,608		12,267
Prudential PLC		8,141		100,450
QBE Insurance Group Ltd.		30,234		252,603
Samsung Fire & Marine Insurance Co. Ltd.		77		11,920
Samsung Life Insurance Co. Ltd.		645		31,098
Sanlam Ltd.		25,363		81,852
Swiss Re AG		1,231		95,127
T&D Holdings, Inc.		900		10,759
Tokio Marine Holdings, Inc.		5,900		343,217
Tryg A/S		3,963		88,777
Unipol Gruppo SpA		24,721		112,062
Zurich Insurance Group AG		198		85,872
				5,868,406
INTERACTIVE MEDIA & SERVICES - 2.5%
Autohome, Inc., ADR		1,989		78,227
Baidu, Inc., Class A*		16,338		309,189

See accompanying notes to financial statements.
22

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
INTERACTIVE MEDIA & SERVICES - 2.5% (Continued)
JOYY, Inc., ADR		348	$	10,391
Kakao Corp.		2,067		111,278
Kuaishou Technology*,(a)		8,100		90,219
NAVER Corp.		1,204		222,551
REA Group Ltd.		2,703		207,861
Rightmove PLC		12,621		87,122
Scout24 SE (a)		7,923		405,789
Tencent Holdings Ltd.		41,100		1,856,242
				3,378,869
INTERNET & DIRECT MARKETING RETAIL - 2.1%
Alibaba Group Holding Ltd.*		97,200		1,386,103
Americanas SA		2,136		5,501
JD.com, Inc., Class A		11,100		357,601
Meituan, Class B*,(a)		23,900		591,489
Naspers Ltd., Class N		2,245		324,464
Pinduoduo, Inc., ADR*		803		49,626
Prosus NV*		2,008		131,162
Vipshop Holdings Ltd., ADR*		4,960		49,054
				2,895,000
IT SERVICES - 1.2%
Adyen NV*,(a)		2		2,902
Capgemini SE		2,098		358,504
CGI, Inc.*		3,562		283,149
Cielo SA		53,228		38,271
Fujitsu Ltd.		900		112,388
GDS Holdings Ltd., Class A*		3,100		13,057
NEC Corp.		7,300		283,177
NET One Systems Co. Ltd.		5,100		112,620
Nomura Research Institute Ltd.		3,300		87,689
Obic Co. Ltd.		900		127,128
Reply SpA		100		12,096
Samsung SDS Co. Ltd.		746		74,692
Shopify, Inc., Class A*		2,530		78,884
				1,584,557
LEISURE PRODUCTS - 0.0%†
BRP, Inc.		298		18,301
Sega Sammy Holdings, Inc.		1,400		22,445
				40,746
LIFE SCIENCES TOOLS & SERVICES - 0.9%
Eurofins Scientific SE		1,534		120,407
Lonza Group AG		530		281,788
Pharmaron Beijing Co. Ltd., Class A		4,200		59,741
Pharmaron Beijing Co. Ltd., Class H (a)		5,700		57,058
QIAGEN NV*		1,093		51,078
Samsung Biologics Co. Ltd.*,(a)		93		56,585
Sartorius Stedim Biotech		316		98,877
WuXi AppTec Co. Ltd., Class A		3,720		57,787

	Shares/ Principal		Fair Value
LIFE SCIENCES TOOLS & SERVICES - 0.9% (Continued)
WuXi AppTec Co. Ltd., Class H (a)		11,400	$	151,817
Wuxi Biologics Cayman, Inc.*,(a)		29,000		265,352
				1,200,490
MACHINERY - 1.3%
Amada Co. Ltd.		22,400		164,387
ANDRITZ AG		1,787		71,814
Atlas Copco AB, Class A		18,260		170,298
Atlas Copco AB, Class B		14,228		118,768
Daifuku Co. Ltd.		1,300		74,256
Daimler Truck Holding AG*		1,089		28,360
DMG Mori Co. Ltd.		3,100		38,335
Ebara Corp.		500		18,696
FANUC Corp.		100		15,634
Fluidra SA		799		16,155
GEA Group AG		606		20,837
IMI PLC		3,274		46,640
Indutrade AB		1,477		26,888
Komatsu Ltd.		1,800		39,854
Kone Oyj, Class B		4,595		217,902
Shenzhen Inovance Technology Co. Ltd., Class A		5,300		52,151
SMC Corp.		100		44,511
Spirax-Sarco Engineering PLC		382		45,826
Sumitomo Heavy Industries Ltd.		1,100		24,250
Techtronic Industries Co. Ltd.		22,000		229,478
Valmet OYJ		547		13,387
VAT Group AG (a)		169		40,178
Volvo AB, Class B		7,096		109,673
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		4,160		39,262
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		41,299		38,003
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		15,200		8,116
				1,713,659
MARINE - 0.3%
AP Moller - Maersk A/S, Class B		92		214,113
COSCO SHIPPING Holdings Co. Ltd., Class H		58,550		81,778
HMM Co. Ltd.		1,822		34,520
Kuehne + Nagel International AG		251		59,253
Nippon Yusen KK		300		20,471
Precious Shipping PCL, NVDR		37,300		19,412
SITC International Holdings Co. Ltd.		4,000		11,317
				440,864
MEDIA - 0.4%
Future PLC		720		15,066
ITV PLC		105,596		83,690
MultiChoice Group		1,493		10,554

See accompanying notes to financial statements.
23

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
MEDIA - 0.4% (Continued)
Nippon Television Holdings, Inc.		3,900	$	34,650
Publicis Groupe SA*		2,526		123,220
RTL Group SA		3,000		124,952
WPP PLC		13,713		137,327
				529,459
METALS & MINING - 4.0%
Agnico Eagle Mines Ltd.		1,342		61,297
Alumina Ltd.		20,387		20,538
Aluminum Corp. of China Ltd., Class A*		120,900		85,786
Aluminum Corp. of China Ltd., Class H		146,000		55,260
Angang Steel Co. Ltd., Class H		22,000		8,215
Anglo American Platinum Ltd.		982		85,417
Anglo American PLC		12,447		443,965
Anglo American PLC		6,705		237,582
AngloGold Ashanti Ltd.		5,485		82,038
ArcelorMittal SA		4,601		103,466
B2Gold Corp.		5,484		18,536
Barrick Gold Corp.		2,713		47,868
BHP Group Ltd.		38,815		1,101,009
BHP Group Ltd.		2,965		82,711
BlueScope Steel Ltd.		515		5,631
CMOC Group Ltd., Class H		51,000		28,467
Dongkuk Steel Mill Co. Ltd.		1,506		14,905
Franco-Nevada Corp.		4,011		526,487
Ganfeng Lithium Co. Ltd., Class A		5,000		111,065
Ganfeng Lithium Co. Ltd., Class H		5,600		61,624
Glencore PLC*		41,644		225,107
Gold Fields Ltd.		8,302		77,534
Grupo Mexico SAB de CV, Series B		25,451		105,723
Impala Platinum Holdings Ltd.		6,903		76,326
Korea Zinc Co. Ltd.		96		36,044
Maanshan Iron & Steel Co. Ltd., Class H		40,000		12,132
Mitsui Mining & Smelting Co. Ltd.		900		21,000
MMG Ltd.*		40,000		14,885
POSCO Holdings, Inc.		655		116,280
Press Metal Aluminium Holdings BHD		102,200		110,374
Rio Tinto Ltd.		1,316		92,938
Rio Tinto PLC		716		42,751
Shandong Nanshan Aluminum Co. Ltd., Class A		29,400		16,206
Sibanye Stillwater Ltd.		10,987		27,276
Sims Ltd.		5,303		49,995
South32 Ltd.		63,765		172,761
Teck Resources Ltd., Class B		6,700		204,436
Vale SA		13,637		199,804
Wheaton Precious Metals Corp.		11,349		408,052
Zhaojin Mining Industry Co. Ltd., Class H*		15,000		13,113
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,450		34,995
Zijin Mining Group Co. Ltd., Class A		64,400		89,756
Zijin Mining Group Co. Ltd., Class H		88,000		107,772
				5,437,127

	Shares/ Principal		Fair Value
MULTILINE RETAIL - 0.1%
Lifestyle International Holdings Ltd.*		22,500	$	9,118
Next PLC		395		28,111
Wesfarmers Ltd.		2,251		64,872
Woolworths Holdings Ltd./South Africa		22,801		75,505
				177,606
MULTI-UTILITIES - 1.1%
AGL Energy Ltd.		15,060		85,437
Atco Ltd./Canada, Class I		19,526		667,543
Canadian Utilities Ltd., Class A		4,089		121,692
Centrica PLC*		25,587		24,859
E.ON SE		8,769		73,414
Engie SA		44,626		511,610
				1,484,555
OIL, GAS & CONSUMABLE FUELS - 6.0%
Aker BP ASA*		3,043		99,376
Ampol Ltd.		4,656		109,594
ARC Resources Ltd.		2,895		36,425
BP PLC		194,857		918,889
Canadian Natural Resources Ltd.		11,277		604,698
Cenovus Energy, Inc.		15,017		285,101
China Petroleum & Chemical Corp., Class H		144,000		64,779
China Suntien Green Energy Corp. Ltd., Class H		31,000		15,802
Crescent Point Energy Corp.		16,304		115,649
Ecopetrol SA		174,971		94,947
Enbridge, Inc.		15,933		671,435
Enerplus Corp.		1,824		24,052
Eni SpA		12,943		153,282
Equinor ASA		14,134		490,053
Galp Energia SGPS SA		2,862		33,466
Imperial Oil Ltd.		4,958		233,227
Inpex Corp.		4,700		50,856
Koninklijke Vopak NV		1,698		42,746
Neste Oyj		1,361		60,102
Parex Resources, Inc.		1,344		22,714
Parkland Corp./Canada		662		17,941
Pembina Pipeline Corp.		7,639		269,448
PetroChina Co. Ltd., Class A		155,100		122,796
PetroChina Co. Ltd., Class H		362,000		172,536
Petroleo Brasileiro SA		9,864		57,644
Petronas Dagangan BHD		14,500		69,482
PTT Exploration & Production PCL, NVDR		18,400		83,010
PTT PCL, NVDR		146,900		141,270
Repsol SA		15,561		228,569
Shell PLC		46,662		1,209,309
SK Innovation Co. Ltd.*		616		91,091
S-Oil Corp.		753		60,314
Star Petroleum Refining PCL, NVDR		47,400		16,222
Suncor Energy, Inc.		12,963		453,823
TC Energy Corp.		1,794		92,735

See accompanying notes to financial statements.
24

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 6.0% (Continued)
TotalEnergies SE		9,762	$	514,060
Tourmaline Oil Corp.		157		8,146
Ultrapar Participacoes SA		30,797		72,672
Var Energi ASA		4,360		17,059
Woodside Energy Group Ltd.		11,993		262,584
				8,087,904
PERSONAL PRODUCTS - 1.3%
Kao Corp.		5,300		213,475
LG H&H Co. Ltd.		67		35,089
L'Oreal SA		2,310		795,256
Unilever PLC		7,661		346,198
Unilever PLC		7,531		341,071
				1,731,089
PHARMACEUTICALS - 6.8%
Aspen Pharmacare Holdings Ltd.		3,918		33,253
Astellas Pharma, Inc.		12,300		191,487
AstraZeneca PLC		7,944		1,041,940
Asymchem Laboratories Tianjin Co. Ltd., Class A		276		11,915
Bayer AG		9,670		573,411
CanSino Biologics, Inc.*		600		17,843
CanSino Biologics, Inc., Class H*,(a)		400		4,096
Changchun High & New Technology Industry Group, Inc., Class A		600		20,921
Chugai Pharmaceutical Co. Ltd.		5,300		135,372
CSPC Pharmaceutical Group Ltd.		153,040		151,929
Daiichi Sankyo Co. Ltd.		13,700		346,597
Eisai Co. Ltd.		3,900		164,348
GSK PLC		16,304		349,596
H Lundbeck A/S		2,780		13,471
Hansoh Pharmaceutical Group Co. Ltd. (a)		4,000		8,074
Hisamitsu Pharmaceutical Co., Inc.		500		12,863
Merck KGaA		639		107,555
Novartis AG		14,228		1,201,581
Novo Nordisk A/S, Class B		14,048		1,554,624
Otsuka Holdings Co. Ltd.		1,800		63,836
Roche Holding AG		5,626		1,878,564
Sanofi		4,034		406,299
Santen Pharmaceutical Co. Ltd.		4,300		33,677
Sawai Group Holdings Co. Ltd.		400		12,116
Shionogi & Co. Ltd.		1,300		65,596
Sino Biopharmaceutical Ltd.		84,000		53,203
Takeda Pharmaceutical Co. Ltd.		15,400		432,794
Teva Pharmaceutical Industries Ltd., ADR*		6,768		50,895
Teva Pharmaceutical Industries Ltd.*		16,283		124,140
UCB SA		1,007		84,895
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A*		300		15,987
				9,162,878

	Shares/ Principal		Fair Value
PROFESSIONAL SERVICES - 1.7%
DKSH Holding AG		356	$	29,303
Experian PLC		9,417		275,162
Intertek Group PLC		776		39,638
Nihon M&A Center Holdings, Inc.		3,200		33,989
Randstad NV		2,377		114,809
Recruit Holdings Co. Ltd.		10,300		302,885
RELX PLC		20,949		566,328
Stantec, Inc.		622		27,191
Teleperformance		483		148,102
Thomson Reuters Corp.		712		74,067
Wolters Kluwer NV		6,521		631,017
				2,242,491
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
China Overseas Land & Investment Ltd.		25,000		79,012
China Resources Land Ltd.		12,000		55,971
City Developments Ltd.		10,700		62,661
CK Asset Holdings Ltd.		17,000		120,238
Country Garden Holdings Co. Ltd.		32,000		19,819
Country Garden Services Holdings Co. Ltd.		11,000		48,994
Daito Trust Construction Co. Ltd.		1,200		103,434
Daiwa House Industry Co. Ltd.		900		20,947
FirstService Corp.		1,473		178,297
Hysan Development Co. Ltd.		9,000		27,125
KE Holdings, Inc., ADR*		4,032		72,374
Kerry Properties Ltd.		56,000		155,576
KWG Group Holdings Ltd.*		15,500		4,938
LEG Immobilien SE		560		46,321
Logan Group Co. Ltd.		26,000		6,862
Longfor Group Holdings Ltd. (a)		2,500		11,804
Mitsui Fudosan Co. Ltd.		1,600		34,360
Multiplan Empreendimentos Imobiliarios SA		4,224		17,730
New World Development Co. Ltd.		5,000		17,937
Poly Property Services Co. Ltd., Class H*		3,000		19,116
PSP Swiss Property AG		311		34,500
Relo Group, Inc.		1,500		24,147
Sagax AB, Class B		426		7,845
Seazen Group Ltd.*		20,000		9,889
Sino Land Co. Ltd.		14,000		20,660
SM Prime Holdings, Inc.		21,800		14,491
Sun Hung Kai Properties Ltd.		9,500		112,228
Sunac China Holdings Ltd.		35,000		18,016
Swire Pacific Ltd., Class A		3,500		20,852
Swire Properties Ltd.		102,200		253,711
Wharf Holdings Ltd. (The)		5,000		18,224
Wharf Real Estate Investment Co. Ltd.		7,000		33,363
				1,671,442
ROAD & RAIL - 1.6%
ALD SA (a)		967		11,242
Aurizon Holdings Ltd.		79,116		206,736

See accompanying notes to financial statements.
25

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
ROAD & RAIL - 1.6% (Continued)
Canadian National Railway Co.		9,264	$	1,039,834
Canadian Pacific Railway Ltd.		7,963		555,024
Central Japan Railway Co.		200		23,047
CJ Logistics Corp.*		69		6,058
East Japan Railway Co.		400		20,428
Localiza Rent a Car SA		8,415		84,287
TFI International, Inc.		1,896		151,877
				2,098,533
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
Advantest Corp.		2,800		149,630
ams-OSRAM AG*		1,925		17,289
ASML Holding NV		3,564		1,698,490
ASMPT Ltd.		4,500		38,222
Daqo New Energy Corp., ADR*		586		41,829
Disco Corp.		400		94,807
Inari Amertron BHD		82,400		49,356
Infineon Technologies AG		5,746		138,705
JCET Group Co., Ltd., Class A		5,656		22,812
NAURA Technology Group Co. Ltd., Class A		1,200		49,676
SG Micro Corp., Class A		750		20,393
SK Hynix, Inc.		4,081		286,022
SK Square Co. Ltd.*		644		19,375
StarPower Semiconductor Ltd., Class A		400		23,058
Tokyo Electron Ltd.		1,100		358,691
Tower Semiconductor Ltd.*		1,206		56,027
Xinyi Solar Holdings Ltd.		12,000		18,535
				3,082,917
SOFTWARE - 0.9%
Dassault Systemes SE		2,935		107,747
Kingdee International Software Group Co. Ltd.*		25,000		58,621
Nemetschek SE		1,233		74,455
Nice Ltd.*		282		53,990
Oracle Corp. Japan		200		11,571
Rakus Co. Ltd.		1,600		18,832
Sangfor Technologies, Inc., Class A		500		7,751
SAP SE		7,081		643,528
TeamViewer AG*,(a)		1,635		16,235
Temenos AG		775		66,073
TOTVS SA		4,800		21,396
Trend Micro, Inc./Japan		2,800		136,440
WiseTech Global Ltd.		2,065		53,747
				1,270,386
SPECIALTY RETAIL - 0.6%
Fast Retailing Co. Ltd.		100		52,321
Foschini Group Ltd. (The)		1,691		12,593
Hikari Tsushin, Inc.		700		71,672
Industria de Diseno Textil SA		15,170		342,406
JB Hi-Fi Ltd.		4,126		109,120

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 0.6% (Continued)
Pepkor Holdings Ltd. (a)		15,484	$	18,071
Shimamura Co. Ltd.		200		17,533
Via S/A*		17,481		6,452
WH Smith PLC*		1,880		32,101
Yamada Holdings Co. Ltd.		55,900		200,797
				863,066
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%
Canon, Inc.		5,000		113,540
FUJIFILM Holdings Corp.		5,200		278,574
Konica Minolta, Inc.		5,500		18,339
Lenovo Group Ltd.		120,000		112,095
Ricoh Co. Ltd.		5,200		40,611
Samsung Electronics Co. Ltd.		33,658		1,477,592
Xiaomi Corp., Class B*,(a)		88,400		153,662
				2,194,413
TEXTILES, APPAREL & LUXURY GOODS - 1.9%
ANTA Sports Products Ltd.		9,800		120,393
Burberry Group PLC		3,706		73,857
Cie Financiere Richemont SA, Class A		2,490		264,385
Hermes International		437		487,471
Kering SA		470		240,816
Li Ning Co. Ltd.		17,500		162,133
LVMH Moet Hennessy Louis Vuitton SE		1,638		996,131
Moncler SpA		650		27,814
PRADA SpA		2,200		12,322
Shenzhou International Group Holdings Ltd.		1,300		15,747
Swatch Group AG (The)		837		198,026
Xtep International Holdings Ltd.		22,000		39,812
				2,638,907
TOBACCO - 1.4%
British American Tobacco PLC		27,878		1,191,577
Gudang Garam TBK PT		6,500		13,602
Imperial Brands PLC		8,606		191,891
Japan Tobacco, Inc.		28,900		499,057
				1,896,127
TRADING COMPANIES & DISTRIBUTORS - 1.8%
Ashtead Group PLC		8,677		362,394
Ferguson PLC		1,561		174,182
Finning International, Inc.		809		16,990
IMCD NV		1,560		213,567
ITOCHU Corp.		15,800		426,474
Marubeni Corp.		11,400		102,709
Mitsubishi Corp.		11,900		353,615
Mitsui & Co. Ltd.		15,600		343,853
MonotaRO Co. Ltd.		1,500		22,259
Rexel SA*		3,115		47,790
Sojitz Corp.		2,920		41,289
Sumitomo Corp.		24,100		329,423
				2,434,545

See accompanying notes to financial statements.
26

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
TRANSPORTATION INFRASTRUCTURE - 0.1%
Flughafen Zurich AG*		120	$	18,087
Fraport AG Frankfurt Airport Services Worldwide*		288		12,495
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		1,800		11,461
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,161		30,112
Kamigumi Co. Ltd.		1,100		21,246
Qube Holdings Ltd.		8,075		15,159
				108,560
WATER UTILITIES - 0.0%†
Cia de Saneamento de Minas Gerais-COPASA		6,708		14,790
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
1&1 AG		503		9,466
Advanced Info Service PCL, NVDR		2,500		13,753
Freenet AG		4,551		112,618
KDDI Corp.		10,500		331,489
MTN Group Ltd.		10,247		82,589
SK Telecom Co. Ltd.		2,043		81,821
SoftBank Corp.		18,400		204,038
SoftBank Group Corp.		7,400		285,150
Tele2 AB, Class B		12,530		142,450
Vodacom Group Ltd.		2,599		20,803
				1,284,177
TOTAL COMMON STOCKS (Cost - $127,022,654)				118,157,407
EXCHANGE TRADED FUNDS - 9.1%
EQUITY FUNDS - 9.1%
iShares MSCI India ETF		127,021		5,000,817
iShares MSCI Saudi Arabia ETF		37,605		1,556,471
iShares MSCI Taiwan ETF		115,558		5,826,434
TOTAL EXCHANGE TRADED FUNDS (Cost - $10,524,818)				12,383,722
PREFERRED STOCKS - 0.9%
AIRLINES - 0.1%
Azul SA*		15,995		37,805
Gol Linhas Aereas Inteligentes SA*		9,948		17,197
				55,002
AUTOMOBILES - 0.2%
Porsche Automobil Holding SE		992		65,461
Volkswagen AG		1,541		205,278
				270,739

	Shares/ Principal		Fair Value
BANKS - 0.3%
Banco Bradesco SA		72,731	$	239,078
Bancolombia SA		1,950		15,090
Itau Unibanco Holding SA		41,705		181,033
				435,201
CHEMICALS - 0.0%†
FUCHS PETROLUB SE		276		7,675
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Sartorius AG		775		270,129
HOUSEHOLD PRODUCTS - 0.0%†
Henkel AG & Co. KGaA		576		35,396
METALS & MINING - 0.0%†
Gerdau SA		3,563		15,255
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1%
Samsung Electronics Co. Ltd.		3,956		158,435
TOTAL PREFERRED STOCKS (Cost - $1,665,317)				1,247,832
WARRANTS - 0.0%†
TMBThanachart Bank PCL, expires 5/10/25* (Cost - $0)		4,884		73
SHORT-TERM INVESTMENTS - 1.8%
MONEY MARKET FUNDS - 1.8%
Fidelity Investments Money Market   Fund - Government Portfolio,   Institutional Class, 1.21% (b)   (Cost - $2,412,532)		2,412,532		2,412,532
TOTAL INVESTMENTS - 99.0% (Cost - $141,625,321)			$	134,201,566
OTHER ASSETS LESS LIABILITIES - NET 1.0%				1,309,518
TOTAL NET ASSETS - 100.0%			$	135,511,084

*  Non-income producing security.

†  Represents less than 0.05%.

(a)  144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2022, these securities amounted to $2,707,724 or 2.0% of net assets.

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

ADR - American Depositary Receipt

CVA - Certificate Van Aandelen (Bearer)

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.
27

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

Holdings by Asset Class	% of Net Assets
Common Stocks		87.2	%
Exchange Traded Funds		9.1	%
Short-Term Investments		1.8	%
Preferred Stocks		0.9	%
Warrants		0.0	%†
Other Assets Less Liabilities - Net		1.0	%
		100.0	%

†  Represents less than 0.05%.

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
MSCI EAFE Future	Goldman Sachs & Co.		20	9/16/2022	$	1,856,600	$	(2,341	)
MSCI Emerging Market Index Future	Goldman Sachs & Co.		16	9/16/2022		802,160		7,695
S&P/TSX 60 Index Future	Goldman Sachs & Co.		1	9/15/2022		177,139		(11,491	)
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(6,137	)

See accompanying notes to financial statements.
28

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 1.3%
Axon Enterprise, Inc.*		6,358	$	592,375
Curtiss-Wright Corp.		1,696		223,974
General Dynamics Corp.		2,519		557,328
HEICO Corp.		6,117		802,061
HEICO Corp., Class A		7,385		778,231
Lockheed Martin Corp.		331		142,317
TransDigm Group, Inc.*		128		68,694
				3,164,980
AIR FREIGHT & LOGISTICS - 0.6%
C.H. Robinson Worldwide, Inc.		559		56,666
Expeditors International of Washington, Inc.		12,075		1,176,829
GXO Logistics, Inc.*		4,299		186,018
				1,419,513
AIRLINES - 0.6%
Delta Air Lines, Inc.*		44,743		1,296,205
AUTO COMPONENTS - 0.2%
Aptiv PLC*		4,861		432,969
AUTOMOBILES - 0.1%
Lucid Group, Inc.*		11,251		193,067
BANKS - 0.6%
Bank of America Corp.		17,200		535,436
Huntington Bancshares, Inc.		2,092		25,167
JPMorgan Chase & Co.		2,182		245,715
Mid Penn Bancorp., Inc.		1		27
Pinnacle Financial Partners, Inc.		4,020		290,686
SVB Financial Group*		387		152,861
Synovus Financial Corp.		842		30,354
US Bancorp		550		25,311
Wells Fargo & Co.		578		22,640
Wintrust Financial Corp.		422		33,824
				1,362,021
BEVERAGES - 0.8%
Boston Beer Co., Inc. (The), Class A*		223		67,562
Brown-Forman Corp., Class A		581		39,299
Brown-Forman Corp., Class B		25,788		1,809,286
				1,916,147
BIOTECHNOLOGY - 3.3%
Alnylam Pharmaceuticals, Inc.*		9,028		1,316,734
Blueprint Medicines Corp.*		1,098		55,460
Exelixis, Inc.*		29,102		605,904
Horizon Therapeutics PLC*		11,697		932,953
Incyte Corp.*		14,012		1,064,492
Ionis Pharmaceuticals, Inc.*		8,354		309,265
Natera, Inc.*		7,508		266,083
Neurocrine Biosciences, Inc.*		4,219		411,268

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 3.3% (Continued)
Novavax, Inc.*		7,944	$	408,560
Sarepta Therapeutics, Inc.*		6,385		478,620
Seagen, Inc.*		9,078		1,606,261
Ultragenyx Pharmaceutical, Inc.*		3,523		210,182
Verve Therapeutics, Inc.*		568		8,679
				7,674,461
BUILDING PRODUCTS - 2.1%
A O Smith Corp.		506		27,668
Allegion PLC		6,313		618,043
Builders FirstSource, Inc.*		4,551		244,389
Carrier Global Corp.		4,774		170,241
Fortune Brands Home & Security, Inc.		10,385		621,854
Lennox International, Inc.		489		101,022
Masco Corp.		15,214		769,828
Owens Corning		6,627		492,452
Trane Technologies PLC		9,141		1,187,142
Trex Co., Inc.*		11,086		603,300
				4,835,939
CAPITAL MARKETS - 2.9%
Ameriprise Financial, Inc.		5,069		1,204,800
Bank of New York Mellon Corp. (The)		7,685		320,542
Charles Schwab Corp. (The)		2,839		179,368
FactSet Research Systems, Inc.		2,297		883,357
LPL Financial Holdings, Inc.		4,956		914,283
MarketAxess Holdings, Inc.		3,610		924,196
Morningstar, Inc.		1,181		285,601
MSCI, Inc.		4,129		1,701,767
Northern Trust Corp.		465		44,863
Raymond James Financial, Inc.		1,611		144,040
State Street Corp.		559		34,462
Stifel Financial Corp.		2,936		164,475
				6,801,754
CHEMICALS - 2.6%
Albemarle Corp.		2,067		431,962
Amyris, Inc.*		11,279		20,866
CF Industries Holdings, Inc.		15,231		1,305,754
Corteva, Inc.		2,718		147,152
Ecolab, Inc.		5,270		810,315
FMC Corp.		5,656		605,249
Huntsman Corp.		1,261		35,749
Linde PLC		1,547		444,809
LyondellBasell Industries NV, Class A		3,171		277,336
Mosaic Co. (The)		6,748		318,708
PPG Industries, Inc.		12,614		1,442,285
Scotts Miracle-Gro Co. (The)		590		46,604
Valvoline, Inc.		4,180		120,509
Westlake Corp.		1,700		166,634
				6,173,932

See accompanying notes to financial statements.
29

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES & SUPPLIES - 2.0%
Cintas Corp.		5,537	$	2,068,236
Copart, Inc.*		14,827		1,611,102
IAA, Inc.*		2,736		89,659
Rollins, Inc.		4,887		170,654
Tetra Tech, Inc.		5,515		753,073
Waste Connections, Inc.		268		33,221
				4,725,945
COMMUNICATIONS EQUIPMENT - 0.6%
Arista Networks, Inc.*		12,487		1,170,531
Ciena Corp.*		4,018		183,623
CommScope Holding Co., Inc.*		10,308		63,085
Juniper Networks, Inc.		1,409		40,156
				1,457,395
CONSTRUCTION & ENGINEERING - 0.1%
AECOM		4,499		293,425
Fluor Corp.*		1,053		25,630
				319,055
CONSTRUCTION MATERIALS - 0.0%†
Vulcan Materials Co.		777		110,412
CONSUMER FINANCE - 0.7%
Ally Financial, Inc.		1,342		44,970
American Express Co.		3,584		496,814
Capital One Financial Corp.		856		89,187
Discover Financial Services		6,321		597,840
Synchrony Financial		15,324		423,249
				1,652,060
CONTAINERS & PACKAGING - 0.3%
Avery Dennison Corp.		869		140,665
Ball Corp.		902		62,031
Crown Holdings, Inc.		272		25,070
Sealed Air Corp.		9,294		536,450
				764,216
DISTRIBUTORS - 0.5%
Pool Corp.		3,495		1,227,549
DIVERSIFIED CONSUMER SERVICES - 0.2%
Bright Horizons Family Solutions, Inc.*		1,653		139,712
H&R Block, Inc.		7,789		275,107
				414,819
DIVERSIFIED FINANCIAL SERVICES - 0.6%
Apollo Global Management, Inc.		7,725		374,508
Voya Financial, Inc.		18,599		1,107,199
				1,481,707
DIVERSIFIED TELECOMMUNICATION - 0.0%†
Iridium Communications, Inc.*		1,654		62,124

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 0.3%
NRG Energy, Inc.		17,384	$	663,547
ELECTRICAL EQUIPMENT - 1.0%
AMETEK, Inc.		2,608		286,593
Eaton Corp. PLC		1,026		129,266
Generac Holdings, Inc.*		5,213		1,097,753
Plug Power, Inc.*		6,303		104,441
Rockwell Automation, Inc.		3,060		609,889
Vertiv Holdings Co.		6,219		51,120
				2,279,062
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%
Amphenol Corp., Class A		18,480		1,189,742
Avnet, Inc.		733		31,431
CDW Corp.		10,613		1,672,184
Cognex Corp.		8,796		374,006
Corning, Inc.		13,495		425,227
Flex Ltd.*		1,895		27,421
Jabil, Inc.		9,981		511,127
Keysight Technologies, Inc.*		7,289		1,004,789
TE Connectivity Ltd.		1,692		191,450
Zebra Technologies Corp., Class A*		4,983		1,464,753
				6,892,130
ENERGY EQUIPMENT & SERVICES - 0.7%
Basic Energy Services, Inc.*		394		0
Halliburton Co.		50,715		1,590,422
Parker Drilling Co.*		2		12
Schlumberger NV		3,921		140,215
Valaris PLC*		2,253		0
				1,730,649
ENTERTAINMENT - 2.2%
Electronic Arts, Inc.		5,823		708,368
Live Nation Entertainment, Inc.*		5,282		436,188
ROBLOX Corp., Class A*		31,000		1,018,660
Roku, Inc.*		5,306		435,835
Skillz, Inc.*		22,976		28,490
Spotify Technology SA*		13,499		1,266,611
Take-Two Interactive Software, Inc.*		6,062		742,773
Warner Bros Discovery, Inc.*		46,539		624,553
				5,261,478
EQUITY REAL ESTATE INVESTMENT - 1.7%
Crown Castle International Corp.		763		128,474
Extra Space Storage, Inc.		1,506		256,201
Iron Mountain, Inc.		7,259		353,440
Lamar Advertising Co., Class A		5,924		521,134
SBA Communications Corp.		2,540		812,927
Simon Property Group, Inc.		19,778		1,877,328
				3,949,504

See accompanying notes to financial statements.
30

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
FOOD PRODUCTS - 1.1%
Bunge Ltd.		214	$	19,408
Hershey Co. (The)		8,915		1,918,151
Kellogg Co.		6,389		455,791
Lamb Weston Holdings, Inc.		576		41,161
McCormick & Co., Inc.		478		39,794
Tyson Foods, Inc., Class A		255		21,945
				2,496,250
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
ABIOMED, Inc.*		3,210		794,507
Align Technology, Inc.*		2,291		542,211
Bausch + Lomb Corp.*		27,194		414,437
Boston Scientific Corp.*		4,698		175,094
Dexcom, Inc.*		28,043		2,090,045
IDEXX Laboratories, Inc.*		7,860		2,756,738
Insulet Corp.*		4,251		926,463
Masimo Corp.*		3,992		521,635
Novocure Ltd.*		5,896		409,772
Penumbra, Inc.*		3,711		462,094
ResMed, Inc.		8,415		1,764,036
Tandem Diabetes Care, Inc.*		2,058		121,813
				10,978,845
HEALTH CARE PROVIDERS & SERVICES - 1.7%
agilon health, Inc.*		4,286		93,563
AmerisourceBergen Corp.		10,164		1,438,003
Cigna Corp.		2,090		550,757
DaVita, Inc.*		887		70,924
Guardant Health, Inc.*		5,234		211,140
McKesson Corp.		2,740		893,815
Molina Healthcare, Inc.*		2,964		828,764
				4,086,966
HEALTH CARE TECHNOLOGY - 0.9%
Teladoc Health, Inc.*		1,914		63,564
Veeva Systems, Inc., Class A*		10,611		2,101,402
				2,164,966
HOTELS, RESTAURANTS & LEISURE - 5.0%
Boyd Gaming Corp.		3,461		172,185
Caesars Entertainment, Inc.*		11,368		435,394
Chipotle Mexican Grill, Inc.*		2,089		2,730,866
Choice Hotels International, Inc.		12,036		1,343,579
Churchill Downs, Inc.		137		26,240
Darden Restaurants, Inc.		9,038		1,022,379
Domino's Pizza, Inc.		2,035		793,060
DraftKings, Inc., Class A*		32,599		380,430
Expedia Group, Inc.*		12,562		1,191,254
Hilton Worldwide Holdings, Inc.		7,352		819,307
Travel + Leisure Co.		42,399		1,645,929
Wendy's Co. (The)		15,671		295,868

	Shares/ Principal		Fair Value
HOTELS, RESTAURANTS & LEISURE - 5.0% (Continued)
Wyndham Hotels & Resorts, Inc.		7,903	$	519,385
Yum! Brands, Inc.		3,415		387,637
				11,763,513
HOUSEHOLD DURABLES - 0.7%
Lennar Corp., Class A		2,832		199,854
NVR, Inc.*		73		292,302
PulteGroup, Inc.		5,281		209,286
Toll Brothers, Inc.		12,625		563,075
TopBuild Corp.*		1,859		310,751
Whirlpool Corp.		1,112		172,215
				1,747,483
HOUSEHOLD PRODUCTS - 0.9%
Church & Dwight Co., Inc.		7,543		698,934
Clorox Co. (The)		7,951		1,120,932
Colgate-Palmolive Co.		3,554		284,818
				2,104,684
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
Sunnova Energy International, Inc.*		2,566		47,292
Vistra Corp.		16,479		376,545
				423,837
INSURANCE - 0.1%
Alleghany Corp.*		120		99,972
Allstate Corp. (The)		562		71,222
Hanover Insurance Group, Inc. (The)		208		30,420
Travelers Cos., Inc. (The)		309		52,261
				253,875
INTERACTIVE MEDIA & SERVICES - 1.3%
Match Group, Inc.*		19,769		1,377,702
Pinterest, Inc., Class A*		6,649		120,746
Snap, Inc., Class A*		1,849		24,277
Twitter, Inc.*		34,943		1,306,519
ZoomInfo Technologies, Inc.*		3,551		118,035
				2,947,279
INTERNET & DIRECT MARKETING RETAIL - 0.8%
Coupang, Inc.*		2,838		36,184
DoorDash, Inc., Class A*		11,746		753,741
Etsy, Inc.*		11,429		836,717
MercadoLibre, Inc.*		92		58,592
Wayfair, Inc., Class A*		2,476		107,855
				1,793,089
IT SERVICES - 4.9%
Broadridge Financial Solutions, Inc.		7,234		1,031,207
Cloudflare, Inc., Class A*		15,936		697,200
Cognizant Technology Solutions Corp., Class A		2,536		171,155

See accompanying notes to financial statements.
31

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
IT SERVICES - 4.9% (Continued)
EPAM Systems, Inc.*		4,226	$	1,245,740
Euronet Worldwide, Inc.*		3,879		390,189
FleetCor Technologies, Inc.*		2,758		579,483
Gartner, Inc.*		7,734		1,870,313
Genpact Ltd.		2,400		101,664
Global Payments, Inc.		772		85,414
Globant SA*		1,907		331,818
GoDaddy, Inc., Class A*		3,630		252,503
MongoDB, Inc.*		3,905		1,013,348
Okta, Inc.*		1,832		165,613
Paychex, Inc.		21,758		2,477,583
StoneCo Ltd., Class A*		16,974		130,700
Switch, Inc., Class A		2,056		68,876
Visa, Inc., Class A		1,054		207,522
Western Union Co. (The)		22,124		364,382
WEX, Inc.*		2,246		349,388
Wix.com Ltd.*		628		41,165
				11,575,263
LEISURE PRODUCTS - 0.3%
Brunswick Corp.		1,175		76,822
Mattel, Inc.*		28,736		641,675
Polaris, Inc.		269		26,706
				745,203
LIFE SCIENCES TOOLS & SERVICES - 7.1%
Adaptive Biotechnologies Corp.*		19,839		160,498
Agilent Technologies, Inc.		28,617		3,398,841
Avantor, Inc.*		39,985		1,243,534
Bio-Techne Corp.		1,110		384,770
Bruker Corp.		22,578		1,416,995
Charles River Laboratories International, Inc.*		4,591		982,336
IQVIA Holdings, Inc.*		6,876		1,492,023
Maravai LifeSciences Holdings, Inc., Class A*		6,101		173,329
Mettler-Toledo International, Inc.*		2,187		2,512,360
Repligen Corp.*		3,039		493,534
Syneos Health, Inc.*		9,788		701,604
Waters Corp.*		4,618		1,528,466
West Pharmaceutical Services, Inc.		6,943		2,099,355
				16,587,645
MACHINERY - 1.5%
AGCO Corp.		2,254		222,470
Allison Transmission Holdings, Inc.		6,903		265,420
Briggs & Stratton Corp.*		1,081		0
Donaldson Co., Inc.		21,742		1,046,660
Graco, Inc.		7,555		448,843
Illinois Tool Works, Inc.		1,485		270,641
Otis Worldwide Corp.		829		58,585
PACCAR, Inc.		2,383		196,216
Snap-on, Inc.		128		25,220

	Shares/ Principal		Fair Value
MACHINERY - 1.5% (Continued)
Stanley Black & Decker, Inc.		1,630	$	170,922
Timken Co. (The)		2,201		116,763
Xylem, Inc.		9,183		717,927
				3,539,667
MEDIA - 0.5%
Altice USA, Inc., Class A*		15,249		141,053
Fox Corp., Class A		21,162		680,570
Nexstar Media Group, Inc., Class A		1,631		265,657
				1,087,280
MULTILINE RETAIL - 0.5%
Dollar General Corp.		393		96,458
Dollar Tree, Inc.*		3,693		575,554
Nordstrom, Inc.		14,555		307,547
Target Corp.		1,336		188,683
				1,168,242
OIL, GAS & CONSUMABLE FUELS - 3.5%
Antero Resources Corp.*		734		22,497
Cheniere Energy, Inc.		11,185		1,487,941
Continental Resources, Inc.		2,349		153,507
Devon Energy Corp.		27,099		1,493,426
Diamondback Energy, Inc.		9,388		1,137,356
EOG Resources, Inc.		6,207		685,501
Excelerate Energy, Inc., Class A*		1,475		29,382
Hess Corp.		9,805		1,038,742
Marathon Oil Corp.		6,047		135,937
Murphy Oil Corp.		3,057		92,291
Ovintiv, Inc.		18,576		820,873
PDC Energy, Inc.		728		44,852
Range Resources Corp.*		4,475		110,756
Targa Resources Corp.		10,582		631,428
Texas Pacific Land Corp.		238		354,149
				8,238,638
PERSONAL PRODUCTS - 0.1%
Herbalife Nutrition Ltd.*		4,851		99,203
Olaplex Holdings, Inc.*		4,627		65,194
				164,397
PHARMACEUTICALS - 0.3%
Eli Lilly and Co.		77		24,966
Perrigo Co. PLC		1,522		61,747
Zoetis, Inc.		3,949		678,794
				765,507
PROFESSIONAL SERVICES - 1.8%
ASGN, Inc.*		2,375		214,344
Booz Allen Hamilton Holding Corp.		15,268		1,379,616
CoStar Group, Inc.*		10,019		605,248
Equifax, Inc.		1,970		360,076
KBR, Inc.		5,738		277,662

See accompanying notes to financial statements.
32

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
PROFESSIONAL SERVICES - 1.8% (Continued)
ManpowerGroup, Inc.		3,563	$	272,249
Robert Half International, Inc.		11,356		850,451
TransUnion		1,932		154,541
Verisk Analytics, Inc.		217		37,560
				4,151,747
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
CBRE Group, Inc., Class A*		5,870		432,090
Zillow Group, Inc., Class A*		4,895		155,710
Zillow Group, Inc., Class C*		6,909		219,361
				807,161
ROAD & RAIL - 2.1%
JB Hunt Transport Services, Inc.		6,780		1,067,647
Landstar System, Inc.		4,813		699,906
Lyft, Inc., Class A*		28,472		378,108
Old Dominion Freight Line, Inc.		8,131		2,083,813
TuSimple Holdings, Inc., Class A*		3,539		25,587
XPO Logistics, Inc.*		11,643		560,727
				4,815,788
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8%
Allegro MicroSystems, Inc.*		1,264		26,152
Applied Materials, Inc.		1,383		125,825
Enphase Energy, Inc.*		9,887		1,930,338
Entegris, Inc.		8,982		827,512
Intel Corp.		24,855		929,826
KLA Corp.		418		133,375
Lattice Semiconductor Corp.*		8,968		434,948
MaxLinear, Inc.*		8,541		290,223
Microchip Technology, Inc.		23,372		1,357,446
MKS Instruments, Inc.		2,339		240,052
Monolithic Power Systems, Inc.		4,436		1,703,601
ON Semiconductor Corp.*		16,608		835,548
Qorvo, Inc.*		679		64,043
QUALCOMM, Inc.		330		42,154
Semtech Corp.*		3,910		214,933
Silicon Laboratories, Inc.*		3,657		512,784
Skyworks Solutions, Inc.		1,081		100,144
Teradyne, Inc.		14,952		1,338,952
Universal Display Corp.		2,326		235,252
				11,343,108
SOFTWARE - 14.9%
ANSYS, Inc.*		3,739		894,705
AppLovin Corp., Class A*		3,407		117,337
Aspen Technology, Inc.*		1,305		239,614
Avalara, Inc.*		4,774		337,044
Box, Inc., Class A*		1,572		39,520
C3.ai, Inc., Class A*		5,722		104,484
Cadence Design Systems, Inc.*		25,486		3,823,665

	Shares/ Principal		Fair Value
SOFTWARE - 14.9% (Continued)
Ceridian HCM Holding, Inc.*		6,670	$	314,024
Citrix Systems, Inc.		4,074		395,871
Confluent, Inc., Class A*		2,411		56,032
Coupa Software, Inc.*		7,146		408,037
Crowdstrike Holdings, Inc., Class A*		16,259		2,740,617
Datadog, Inc., Class A*		18,406		1,752,987
DocuSign, Inc.*		17,025		976,895
Dropbox, Inc., Class A*		3,381		70,967
Dynatrace, Inc.*		16,461		649,222
Elastic NV*		8,914		603,210
Fair Isaac Corp.*		2,459		985,813
Five9, Inc.*		2,849		259,658
Fortinet, Inc.*		52,787		2,986,689
HubSpot, Inc.*		4,657		1,400,127
Manhattan Associates, Inc.*		8,542		978,913
Microsoft Corp.		161		41,350
New Relic, Inc.*		3,206		160,460
NortonLifeLock, Inc.		9,234		202,779
Nutanix, Inc., Class A*		24,754		362,151
Palantir Technologies, Inc., Class A*		117,922		1,069,553
Palo Alto Networks, Inc.*		786		388,237
Paycom Software, Inc.*		5,172		1,448,781
Paylocity Holding Corp.*		5,096		888,844
PTC, Inc.*		7,546		802,442
RingCentral, Inc., Class A*		17,459		912,407
SentinelOne, Inc., Class A*		4,071		94,976
ServiceNow, Inc.*		983		467,436
Smartsheet, Inc., Class A*		9,694		304,682
Splunk, Inc.*		12,741		1,127,069
Synopsys, Inc.*		9,253		2,810,136
Teradata Corp.*		5,827		215,657
Trade Desk, Inc. (The), Class A*		32,025		1,341,527
Unity Software, Inc.*		2,932		107,956
Zendesk, Inc.*		8,824		653,594
Zoom Video Communications, Inc., Class A*		3,185		343,884
Zscaler, Inc.*		7,898		1,180,830
			��	35,060,182
SPECIALTY RETAIL - 4.6%
Advance Auto Parts, Inc.		553		95,719
AutoNation, Inc.*		1,062		118,689
AutoZone, Inc.*		1,274		2,737,979
Best Buy Co., Inc.		7,165		467,086
Burlington Stores, Inc.*		4,303		586,198
Carvana Co.*		5,719		129,135
Dick's Sporting Goods, Inc.		694		52,307
Five Below, Inc.*		4,161		471,982
Floor & Decor Holdings, Inc., Class A*		8,354		525,968
Lithia Motors, Inc.		98		26,932
Lowe's Cos., Inc.		215		37,554
Murphy USA, Inc.		251		58,450

See accompanying notes to financial statements.
33

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 4.6% (Continued)
O'Reilly Automotive, Inc.*		1,293	$	816,866
Penske Automotive Group, Inc.		215		22,508
RH*		950		201,647
Tractor Supply Co.		10,400		2,016,040
Ulta Beauty, Inc.*		4,357		1,679,536
Victoria's Secret & Co.*		3,874		108,356
Williams-Sonoma, Inc.		5,353		593,915
				10,746,867
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.7%
Dell Technologies, Inc., Class C		5,488		253,601
Hewlett Packard Enterprise Co.		19,076		252,948
HP, Inc.		46,158		1,513,059
NetApp, Inc.		19,005		1,239,886
Pure Storage, Inc., Class A*		27,758		713,658
				3,973,152
TEXTILES, APPAREL & LUXURY GOODS - 1.1%
Deckers Outdoor Corp.*		142		36,260
Lululemon Athletica, Inc.*		8,526		2,324,273
Ralph Lauren Corp.		1,556		139,495
Tapestry, Inc.		3,759		114,725
Under Armour, Inc., Class A*		2,908		24,223
				2,638,976
TOBACCO - 0.0%†
Altria Group, Inc.		477		19,924
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Fastenal Co.		14,314		714,555
SiteOne Landscape Supply, Inc.*		7,489		890,217
United Rentals, Inc.*		3,882		942,977
Watsco, Inc.		182		43,465

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 2.2% (Continued)
WESCO International, Inc.*		2,717	$	290,991
WW Grainger, Inc.		5,169		2,348,949
				5,231,154
TOTAL COMMON STOCKS (Cost - $258,674,113)				231,683,328
RIGHTS - 0.0%†
Achillion Pharmaceuticals, Inc., CVR*		1,183		544
Prevail Therapeutics, CVR*		107		54
TOTAL RIGHTS (Cost - $0)				598
WARRANTS - 0.0%†
Oasis Petroleum, Inc., expires 12/31/25*		24		1,176
Parker Drilling Co., expires 9/16/24*		20		1
Valaris Ltd., expires 12/31/28*		61		311
TOTAL WARRANTS (Cost - $744)				1,488
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market   Fund - Government Portfolio,   Institutional Class, 1.21% (a)   (Cost - $3,343,914)		3,343,914		3,343,914
TOTAL INVESTMENTS - 99.9% (Cost - $262,018,771)			$	235,029,328
OTHER ASSETS LESS LIABILITIES - NET 0.1%				133,017
TOTAL NET ASSETS - 100.0%			$	235,162,345

*  Non-income producing security.

†  Represents less than 0.05%.

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

CVR - Contingent Value Rights

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Short-Term Investments		1.4	%
Rights		0.0	%†
Warrants		0.0	%†
Other Assets Less Liabilities - Net		0.1	%
		100.0	%

†  Represents less than 0.05%.

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Future	Goldman Sachs & Co.		19	9/16/2022	$	3,600,025	$	(57,957	)

See accompanying notes to financial statements.
34

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 3.4%
Boeing Co. (The)*		6,667	$	911,512
Curtiss-Wright Corp.		5,715		754,723
General Dynamics Corp.		12,268		2,714,295
HEICO Corp.		3,515		460,887
HEICO Corp., Class A		6,623		697,932
Lockheed Martin Corp.		1,774		762,749
Northrop Grumman Corp.		2,012		962,883
Raytheon Technologies Corp.		3,559		342,055
				7,607,036
AIR FREIGHT & LOGISTICS - 0.4%
Expeditors International of Washington, Inc.		2,283		222,501
FedEx Corp.		1,096		248,474
United Parcel Service, Inc., Class B		2,275		415,279
				886,254
AIRLINES - 0.2%
Alaska Air Group, Inc.*		930		37,246
Delta Air Lines, Inc.*		632		18,309
JetBlue Airways Corp.*		21,854		182,918
United Airlines Holdings, Inc.*		2,506		88,763
				327,236
AUTO COMPONENTS - 0.1%
BorgWarner, Inc.		4,894		163,313
Goodyear Tire & Rubber Co. (The)*		14,055		150,529
				313,842
AUTOMOBILES - 0.5%
Ford Motor Co.		21,690		241,410
General Motors Co.*		29,878		948,925
				1,190,335
BANKS - 8.1%
Bank of America Corp.		131,025		4,078,808
Citigroup, Inc.		39,582		1,820,376
Huntington Bancshares, Inc.		38,933		468,364
JPMorgan Chase & Co.		45,453		5,118,462
KeyCorp		1,151		19,832
Pinnacle Financial Partners, Inc.		6,485		468,930
PNC Financial Services Group, Inc. (The)		7,382		1,164,658
Regions Financial Corp.		45,788		858,525
Truist Financial Corp.		25,950		1,230,809
US Bancorp		19,429		894,123
Wells Fargo & Co.		50,409		1,974,521
				18,097,408
BEVERAGES - 1.6%
Brown-Forman Corp., Class B		21,602		1,515,596
Constellation Brands, Inc., Class A		1,257		292,957
Keurig Dr Pepper, Inc.		20,792		735,829

	Shares/ Principal		Fair Value
BEVERAGES - 1.6% (Continued)
Molson Coors Beverage Co., Class B		3,098	$	168,872
PepsiCo, Inc.		4,591		765,136
				3,478,390
BIOTECHNOLOGY - 1.2%
Amgen, Inc.		2,881		700,947
Biogen, Inc.*		2,622		534,731
BioMarin Pharmaceutical, Inc.*		1,272		105,410
Exelixis, Inc.*		1,321		27,503
Gilead Sciences, Inc.		11,286		697,588
Moderna, Inc.*		740		105,709
Novavax, Inc.*		948		48,756
Regeneron Pharmaceuticals, Inc.*		644		380,688
Vertex Pharmaceuticals, Inc.*		294		82,846
				2,684,178
BUILDING PRODUCTS - 0.8%
Builders FirstSource, Inc.*		3,382		181,613
Lennox International, Inc.		986		203,698
Masco Corp.		15,687		793,762
Owens Corning		9,021		670,351
				1,849,424
CAPITAL MARKETS - 3.1%
Bank of New York Mellon Corp. (The)		33,680		1,404,793
Charles Schwab Corp. (The)		17,425		1,100,912
CME Group, Inc.		4,699		961,885
Coinbase Global, Inc., Class A*		2,788		131,092
Goldman Sachs Group, Inc. (The)		3,462		1,028,283
Intercontinental Exchange, Inc.		8,009		753,166
Jefferies Financial Group, Inc.		4,262		117,716
Moody's Corp.		677		184,124
Morgan Stanley		5,731		435,900
Northern Trust Corp.		2,167		209,072
State Street Corp.		5,619		346,411
Stifel Financial Corp.		6,538		366,259
				7,039,613
CHEMICALS - 2.8%
Air Products and Chemicals, Inc.		448		107,735
CF Industries Holdings, Inc.		461		39,522
Corteva, Inc.		13,361		723,365
DuPont de Nemours, Inc.		6,313		350,877
Ecolab, Inc.		8,024		1,233,770
FMC Corp.		4,934		527,987
Huntsman Corp.		7,200		204,120
Linde PLC		5,925		1,703,615
Livent Corp.*		7,020		159,284
LyondellBasell Industries NV, Class A		6,432		562,543
Mosaic Co. (The)		6,275		296,368
PPG Industries, Inc.		2,392		273,501
				6,182,687

See accompanying notes to financial statements.
35

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Tetra Tech, Inc.		1,905	$	260,128
Waste Connections, Inc.		1,641		203,418
				463,546
COMMUNICATIONS EQUIPMENT - 0.9%
Ciena Corp.*		6,376		291,383
Cisco Systems, Inc.		14,972		638,406
Juniper Networks, Inc.		38,877		1,107,995
				2,037,784
CONSTRUCTION & ENGINEERING - 0.2%
AECOM		4,244		276,794
MasTec, Inc.*		990		70,943
				347,737
CONSTRUCTION MATERIALS - 0.0%†
Vulcan Materials Co.		675		95,918
CONSUMER FINANCE - 1.3%
Ally Financial, Inc.		10,791		361,606
American Express Co.		7,791		1,079,988
Capital One Financial Corp.		8,936		931,042
Discover Financial Services		2,539		240,139
Synchrony Financial		8,025		221,651
				2,834,426
CONTAINERS & PACKAGING - 0.1%
Crown Holdings, Inc.		557		51,339
Sealed Air Corp.		1,646		95,007
Westrock Co.		3,060		121,910
				268,256
DIVERSIFIED CONSUMER SERVICES - 0.1%
Service Corp. International		3,106		214,687
DIVERSIFIED FINANCIAL SERVICES - 3.2%
Berkshire Hathaway, Inc., Class B*		21,496		5,868,838
Voya Financial, Inc.		22,723		1,352,700
				7,221,538
DIVERSIFIED TELECOMMUNICATION - 1.7%
AT&T, Inc.		79,800		1,672,608
Iridium Communications, Inc.*		2,083		78,238
Liberty Global PLC, Class A*		11,337		238,644
Lumen Technologies, Inc.		10,076		109,929
Verizon Communications, Inc.		33,407		1,695,405
				3,794,824
ELECTRIC UTILITIES - 2.3%
Entergy Corp.		11,432		1,287,700
Eversource Energy		800		67,576
IDACORP, Inc.		3,999		423,574
NextEra Energy, Inc.		24,954		1,932,937
NRG Energy, Inc.		12,129		462,964

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 2.3% (Continued)
OGE Energy Corp.		22,963	$	885,453
Portland General Electric Co.		2,505		121,067
Southern Co. (The)		426		30,378
Xcel Energy, Inc.		542		38,352
				5,250,001
ELECTRICAL EQUIPMENT - 1.1%
AMETEK, Inc.		10,047		1,104,065
Eaton Corp. PLC		11,055		1,392,819
				2,496,884
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
Avnet, Inc.		9,323		399,770
TE Connectivity Ltd.		2,689		304,261
				704,031
ENERGY EQUIPMENT & SERVICES - 0.7%
Halliburton Co.		24,101		755,807
Schlumberger NV		23,206		829,847
				1,585,654
ENTERTAINMENT - 1.3%
Activision Blizzard, Inc.		5,629		438,274
Electronic Arts, Inc.		2,702		328,698
Live Nation Entertainment, Inc.*		1,274		105,207
Netflix, Inc.*		422		73,795
ROBLOX Corp., Class A*		5,232		171,923
Take-Two Interactive Software, Inc.*		269		32,961
Walt Disney Co. (The)*		15,613		1,473,867
Warner Bros Discovery, Inc.*		21,387		287,014
				2,911,739
EQUITY REAL ESTATE INVESTMENT - 3.6%
American Campus Communities, Inc.		557		35,910
American Homes 4 Rent, Class A		10,555		374,069
Brixmor Property Group, Inc.		21,885		442,296
Camden Property Trust		1,739		233,861
Crown Castle International Corp.		4,199		707,028
CubeSmart		1,601		68,395
Digital Realty Trust, Inc.		548		71,147
Equinix, Inc.		308		202,362
Equity LifeStyle Properties, Inc.		871		61,379
Equity Residential		8,457		610,764
Essex Property Trust, Inc.		1,246		325,841
Extra Space Storage, Inc.		3,851		655,132
First Industrial Realty Trust, Inc.		3,258		154,690
Kimco Realty Corp.		4		79
Lamar Advertising Co., Class A		1,489		130,987
Mid-America Apartment Communities, Inc.		7,158		1,250,288
Outfront Media, Inc.		1,286		21,798
Park Hotels & Resorts, Inc.		5,090		69,071
Prologis, Inc.		14,821		1,743,691

See accompanying notes to financial statements.
36

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
EQUITY REAL ESTATE INVESTMENT - 3.6% (Continued)
Public Storage		246	$	76,917
SBA Communications Corp.		1,327		424,706
Sun Communities, Inc.		1,810		288,442
Weyerhaeuser Co.		911		30,172
				7,979,025
FOOD & STAPLES RETAILING - 0.9%
Costco Wholesale Corp.		1,720		824,361
Kroger Co. (The)		5,275		249,666
Walmart, Inc.		7,750		942,245
				2,016,272
FOOD PRODUCTS - 1.8%
Archer-Daniels-Midland Co.		4,421		343,070
Bunge Ltd.		5,189		470,590
Conagra Brands, Inc.		7,251		248,274
Hershey Co. (The)		1,734		373,087
J M Smucker Co. (The)		967		123,786
Kellogg Co.		1,510		107,723
McCormick & Co., Inc.		10,218		850,649
Mondelez International, Inc., Class A		15,370		954,323
Tyson Foods, Inc., Class A		7,361		633,488
				4,104,990
GAS UTILITIES - 0.3%
Atmos Energy Corp.		5,130		575,073
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Abbott Laboratories		9,875		1,072,919
Align Technology, Inc.*		115		27,217
Bausch + Lomb Corp.*		25,014		381,213
Becton Dickinson and Co.		726		178,981
Boston Scientific Corp.*		47,957		1,787,357
DENTSPLY SIRONA, Inc.		747		26,690
Enovis Corp.*		3,609		198,495
Hologic, Inc.*		1,918		132,917
IDEXX Laboratories, Inc.*		867		304,083
Medtronic PLC		17,928		1,609,038
Stryker Corp.		622		123,735
Teleflex, Inc.		160		39,336
				5,881,981
HEALTH CARE PROVIDERS & SERVICES - 4.1%
AmerisourceBergen Corp.		6,059		857,227
AMN Healthcare Services, Inc.*		274		30,061
Cigna Corp.		8,043		2,119,491
CVS Health Corp.		18,483		1,712,635
Elevance Health, Inc.		5,320		2,567,326
McKesson Corp.		1,842		600,879
Molina Healthcare, Inc.*		317		88,636
UnitedHealth Group, Inc.		2,315		1,189,053
				9,165,308

	Shares/ Principal		Fair Value
HEALTH CARE TECHNOLOGY - 0.0%†
Teladoc Health, Inc.*		2,207	$	73,294
HOTELS, RESTAURANTS & LEISURE - 1.7%
Caesars Entertainment, Inc.*		2,266		86,788
Carnival Corp.*		7,854		67,937
Choice Hotels International, Inc.		1,624		181,287
Domino's Pizza, Inc.		184		71,707
DraftKings, Inc., Class A*		11,634		135,769
Expedia Group, Inc.*		421		39,923
McDonald's Corp.		5,238		1,293,158
Royal Caribbean Cruises Ltd.*		4,308		150,392
Texas Roadhouse, Inc.		575		42,090
Travel + Leisure Co.		29,659		1,151,362
Wendy's Co. (The)		16,276		307,291
Yum! Brands, Inc.		3,189		361,983
				3,889,687
HOUSEHOLD DURABLES - 0.6%
Garmin Ltd.		1,036		101,787
Lennar Corp., Class A		6,815		480,934
Whirlpool Corp.		4,787		741,363
				1,324,084
HOUSEHOLD PRODUCTS - 2.5%
Colgate-Palmolive Co.		13,567		1,087,260
Procter & Gamble Co. (The)		31,185		4,484,091
				5,571,351
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
Brookfield Renewable Corp., Class A		4,450		158,464
Vistra Corp.		10,288		235,081
				393,545
INDUSTRIAL CONGLOMERATES - 0.7%
General Electric Co.		7,497		477,334
Honeywell International, Inc.		6,656		1,156,879
				1,634,213
INSURANCE - 4.0%
Allstate Corp. (The)		6,013		762,027
Brighthouse Financial, Inc.*		1,090		44,712
Chubb Ltd.		387		76,076
Hanover Insurance Group, Inc. (The)		2,902		424,417
Hartford Financial Services Group, Inc. (The)		8,197		536,330
Marsh & McLennan Cos., Inc.		8,700		1,350,675
MetLife, Inc.		40,269		2,528,491
Old Republic International Corp.		13,196		295,063
Reinsurance Group of America, Inc.		4,215		494,377
Travelers Cos., Inc. (The)		13,519		2,286,468
Willis Towers Watson PLC		358		70,666
				8,869,302

See accompanying notes to financial statements.
37

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
INTERACTIVE MEDIA & SERVICES - 2.6%
Alphabet, Inc., Class A*		746	$	1,625,728
Alphabet, Inc., Class C*		445		973,415
Meta Platforms, Inc., Class A*		19,915		3,211,294
				5,810,437
INTERNET & DIRECT MARKETING RETAIL - 0.1%
Farfetch Ltd., Class A*		5,017		35,922
MercadoLibre, Inc.*		329		209,530
Qurate Retail, Inc., Series A		5,100		14,637
				260,089
IT SERVICES - 1.9%
Automatic Data Processing, Inc.		1,046		219,702
Block, Inc.*		9,577		588,603
Cognizant Technology Solutions Corp., Class A		11,364		766,956
Fidelity National Information Services, Inc.		9,280		850,698
Global Payments, Inc.		6,013		665,278
GoDaddy, Inc., Class A*		1,380		95,993
PayPal Holdings, Inc.*		3,024		211,196
StoneCo Ltd., Class A*		9,424		72,565
Visa, Inc., Class A		2,982		587,126
Western Union Co. (The)		13,124		216,152
				4,274,269
LIFE SCIENCES TOOLS & SERVICES - 2.7%
Agilent Technologies, Inc.		7,666		910,491
Bruker Corp.		638		40,041
Danaher Corp.		7,825		1,983,794
Mettler-Toledo International, Inc.*		197		226,308
Syneos Health, Inc.*		9,733		697,661
Thermo Fisher Scientific, Inc.		3,990		2,167,687
				6,025,982
MACHINERY - 2.2%
Cummins, Inc.		4,849		938,427
Donaldson Co., Inc.		3,278		157,803
Illinois Tool Works, Inc.		8,663		1,578,832
Otis Worldwide Corp.		8,193		578,999
PACCAR, Inc.		9,596		790,135
Snap-on, Inc.		1,864		367,264
Stanley Black & Decker, Inc.		3,967		415,979
Timken Co. (The)		1,873		99,363
				4,926,802
MEDIA - 1.9%
Altice USA, Inc., Class A*		10,746		99,400
Comcast Corp., Class A		62,875		2,467,215
Fox Corp., Class A		38,455		1,236,713
Fox Corp., Class B		1,880		55,836
Interpublic Group of Cos., Inc. (The)		2,859		78,708
Liberty Media Corp.-Liberty SiriusXM, Class A*		1,002		36,112

	Shares/ Principal		Fair Value
MEDIA - 1.9% (Continued)
Nexstar Media Group, Inc., Class A		779	$	126,884
Paramount Global, Class B		4,698		115,947
				4,216,815
METALS & MINING - 0.5%
Alcoa Corp.		1,123		51,186
Freeport-McMoRan, Inc.		19,545		571,887
Newmont Corp.		1,924		114,805
Reliance Steel & Aluminum Co.		2,221		377,259
Steel Dynamics, Inc.		1,093		72,302
				1,187,439
MULTILINE RETAIL - 0.7%
Dollar General Corp.		2,227		546,595
Dollar Tree, Inc.*		981		152,889
Kohl's Corp.		570		20,343
Target Corp.		5,668		800,492
				1,520,319
MULTI-UTILITIES - 2.7%
Ameren Corp.		6,496		586,979
Black Hills Corp.		9,432		686,367
CMS Energy Corp.		29,971		2,023,042
Dominion Energy, Inc.		5,426		433,049
DTE Energy Co.		17,407		2,206,337
Sempra Energy		159		23,893
				5,959,667
OIL, GAS & CONSUMABLE FUELS - 6.4%
APA Corp.		569		19,858
Chevron Corp.		22,508		3,258,708
ConocoPhillips		7,887		708,331
Devon Energy Corp.		9,540		525,749
Diamondback Energy, Inc.		801		97,041
EOG Resources, Inc.		13,326		1,471,723
EQT Corp.		683		23,495
Equitrans Midstream Corp.		5,308		33,759
Excelerate Energy, Inc., Class A*		1,303		25,956
Exxon Mobil Corp.		61,926		5,303,343
Hess Corp.		384		40,681
Marathon Oil Corp.		29,992		674,220
Murphy Oil Corp.		2,753		83,113
Occidental Petroleum Corp.		1,867		109,929
Phillips 66		8,027		658,134
Targa Resources Corp.		4,853		289,579
Valero Energy Corp.		5,021		533,632
Williams Cos., Inc. (The)		16,312		509,098
				14,366,349
PAPER & FOREST PRODUCTS - 0.0%†
Louisiana-Pacific Corp.		1,425		74,684

See accompanying notes to financial statements.
38

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
PHARMACEUTICALS - 7.3%
Bristol-Myers Squibb Co.		23,138	$	1,781,626
Eli Lilly and Co.		1,733		561,891
Johnson & Johnson		34,195		6,069,954
Merck & Co., Inc.		27,510		2,508,087
Perrigo Co. PLC		12,357		501,323
Pfizer, Inc.		71,582		3,753,044
Viatris, Inc.		36,483		381,977
Zoetis, Inc.		5,338		917,549
				16,475,451
PROFESSIONAL SERVICES - 0.3%
ASGN, Inc.*		288		25,992
Booz Allen Hamilton Holding Corp.		2,171		196,172
Jacobs Engineering Group, Inc.		1,464		186,118
KBR, Inc.		457		22,114
ManpowerGroup, Inc.		1,192		91,081
Robert Half International, Inc.		2,163		161,987
				683,464
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
CBRE Group, Inc., Class A*		7,308		537,942
Jones Lang LaSalle, Inc.*		558		97,572
Opendoor Technologies, Inc.*		30,950		145,774
Zillow Group, Inc., Class A*		685		21,790
Zillow Group, Inc., Class C*		8,425		267,494
				1,070,572
ROAD & RAIL - 1.0%
CSX Corp.		24,747		719,148
Landstar System, Inc.		1,665		242,124
Lyft, Inc., Class A*		2,277		30,239
Norfolk Southern Corp.		2,566		583,226
Ryder System, Inc.		1,628		115,686
Schneider National, Inc., Class B		18,811		420,990
Union Pacific Corp.		828		176,596
				2,288,009
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
Analog Devices, Inc.		5,282		771,647
Applied Materials, Inc.		2,949		268,300
Cirrus Logic, Inc.*		694		50,343
Intel Corp.		86,251		3,226,650
KLA Corp.		468		149,329
Lam Research Corp.		193		82,247
Marvell Technology, Inc.		4,592		199,890
MaxLinear, Inc.*		4,649		157,973
Micron Technology, Inc.		10,571		584,365
Monolithic Power Systems, Inc.		114		43,781
NVIDIA Corp.		2,419		366,696
NXP Semiconductors NV		966		142,997
Qorvo, Inc.*		663		62,534

	Shares/ Principal		Fair Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% (Continued)
QUALCOMM, Inc.		1,497	$	191,227
Semtech Corp.*		636		34,961
Silicon Laboratories, Inc.*		5,107		716,103
Skyworks Solutions, Inc.		623		57,715
Texas Instruments, Inc.		1,153		177,158
				7,283,916
SOFTWARE - 1.9%
Bill.com Holdings, Inc.*		202		22,208
Cadence Design Systems, Inc.*		301		45,159
Citrix Systems, Inc.		823		79,971
Fair Isaac Corp.*		134		53,721
Microsoft Corp.		2,435		625,381
Paycom Software, Inc.*		203		56,864
RingCentral, Inc., Class A*		7,442		388,919
Roper Technologies, Inc.		1,822		719,052
salesforce, Inc.*		9,037		1,491,466
ServiceNow, Inc.*		1,035		492,163
VMware, Inc., Class A		723		82,408
Workday, Inc., Class A*		1,741		243,009
				4,300,321
SPECIALTY RETAIL - 1.1%
Advance Auto Parts, Inc.		1,945		336,660
AutoNation, Inc.*		1,480		165,405
AutoZone, Inc.*		34		73,070
Best Buy Co., Inc.		4,432		288,922
Carvana Co.*		6,484		146,409
Dick's Sporting Goods, Inc.		4,197		316,328
Foot Locker, Inc.		3,285		82,946
GameStop Corp., Class A*		206		25,194
Home Depot, Inc. (The)		1,489		408,388
Lowe's Cos., Inc.		2,156		376,588
Penske Automotive Group, Inc.		1,049		109,820
Tractor Supply Co.		234		45,361
				2,375,091
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.0%
Dell Technologies, Inc., Class C		8,110		374,763
Hewlett Packard Enterprise Co.		75,780		1,004,843
HP, Inc.		20,258		664,057
NetApp, Inc.		3,980		259,655
				2,303,318
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Carter's, Inc.		2,411		169,927
PVH Corp.		4,133		235,168
Ralph Lauren Corp.		1,153		103,366
Under Armour, Inc., Class C*		2,541		19,261
				527,722

See accompanying notes to financial statements.
39

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
THRIFTS & MORTGAGE FINANCE - 0.2%
Radian Group, Inc.		21,418	$	420,864
TOBACCO - 1.0%
Altria Group, Inc.		18,825		786,320
Philip Morris International, Inc.		14,338		1,415,734
				2,202,054
TRADING COMPANIES & DISTRIBUTORS - 0.3%
SiteOne Landscape Supply, Inc.*		3,563		423,534
United Rentals, Inc.*		791		192,142
				615,676
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
United States Cellular Corp.*		13,638		394,957
TOTAL COMMON STOCKS (Cost - $219,292,977)				220,925,820

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market   Fund - Government Portfolio,   Institutional Class, 1.21% (a)   (Cost - $3,203,173)		3,203,173	$	3,203,173
TOTAL INVESTMENTS - 99.9% (Cost - $222,496,150)			$	224,128,993
OTHER ASSETS LESS LIABILITIES - NET 0.1%				312,505
TOTAL NET ASSETS - 100.0%			$	224,441,498

*  Non-income producing security.

†  Represents less than 0.05%.

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

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Short-Term Investments		1.4	%
Other Assets Less Liabilities - Net		0.1	%
		100.0	%

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Future	Goldman Sachs & Co.		19	9/16/2022	$	3,600,025	$	(90,392	)

See accompanying notes to financial statements.
40

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 97.9%
ADVERTISING - 0.2%
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27 (a)	$	45,000	$	39,319
Stagwell Global LLC, 5.63%, 8/15/29 (a)		85,000		68,300
				107,619
AEROSPACE & DEFENSE - 1.5%
Howmet Aerospace, Inc., 5.90%, 2/1/27		150,000		147,750
TransDigm, Inc.
6.25%, 3/15/26 (a)		300,000		289,410
6.38%, 6/15/26		50,000		46,750
7.50%, 3/15/27		250,000		235,853
Triumph Group, Inc., 8.88%, 6/1/24 (a)		82,000		82,604
				802,367
AGRICULTURE - 0.9%
Darling Ingredients, Inc., 6.00%, 6/15/30 (a)		25,000		24,931
Vector Group Ltd., 5.75%, 2/1/29 (a)		520,000		433,004
				457,935
AIRLINES - 2.4%
American Airlines, Inc., 11.75%, 7/15/25 (a)		165,000		171,443
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)		220,000		202,133
5.75%, 4/20/29 (a)		440,000		376,624
Delta Air Lines, Inc., 7.38%, 1/15/26		150,000		149,588
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25 (a)		60,000		61,576
United Airlines Holdings, Inc., 4.88%, 1/15/25		25,000		23,224
United Airlines, Inc.
4.38%, 4/15/26 (a)		77,000		68,722
4.63%, 4/15/29 (a)		195,000		164,166
				1,217,476
AUTO MANUFACTURERS - 2.3%
Allison Transmission, Inc., 3.75%, 1/30/31 (a)		90,000		72,130
Ford Motor Co.
4.35%, 12/8/26		200,000		185,330
9.63%, 4/22/30		140,000		156,100
4.75%, 1/15/43		100,000		71,197
5.29%, 12/8/46		98,000		75,157
Ford Motor Credit Co. LLC, 5.11%, 5/3/29		115,000		103,094
Jaguar Land Rover Automotive PLC
5.88%, 1/15/28 (a)		275,000		206,456
5.50%, 7/15/29 (a)		340,000		246,500
Wabash National Corp., 4.50%, 10/15/28 (a)		115,000		87,975
				1,203,939
AUTO PARTS & EQUIPMENT - 1.1%
IHO Verwaltungs GmbH, 4.75% Cash, or 5.50% PIK , 9/15/26 (a),(b)		200,000		171,917
Tenneco, Inc., 5.00%, 7/15/26		42,000		39,270
Titan International, Inc., 7.00%, 4/30/28		380,000		356,972
				568,159

	Shares/ Principal		Fair Value
BANKS - 1.3%
Deutsche Bank AG
4.30%, (USD 5 Year Swap + 2.25%), 5/24/28 (c)	$	245,000	$	219,713
5.88%, (SOFR + 5.44%), 7/8/31 (c)		200,000		182,026
4.88%, (USD ICE Swap Rate 5Y + 2.55%), 12/1/32 (c)		200,000		172,161
Freedom Mortgage Corp.
8.25%, 4/15/25 (a)		75,000		63,126
7.63%, 5/1/26 (a)		45,000		35,098
6.63%, 1/15/27 (a)		35,000		25,940
				698,064
BUILDING MATERIALS - 1.6%
Boise Cascade Co., 4.88%, 7/1/30 (a)		135,000		118,084
Eco Material Technologies, Inc., 7.88%, 1/31/27 (a)		95,000		84,436
Griffon Corp., 5.75%, 3/1/28		25,000		22,687
James Hardie International Finance DAC, 5.00%, 1/15/28 (a)		275,000		244,750
Louisiana-Pacific Corp., 3.63%, 3/15/29 (a)		325,000		256,065
SRM Escrow Issuer LLC, 6.00%, 11/1/28 (a)		85,000		71,413
Standard Industries, Inc.
5.00%, 2/15/27 (a)		29,000		25,905
4.38%, 7/15/30 (a)		12,000		9,465
				832,805
CHEMICALS - 2.9%
Ashland LLC, 3.38%, 9/1/31 (a)		216,000		175,798
Chemours Co. (The)
5.38%, 5/15/27		125,000		109,962
4.63%, 11/15/29 (a)		100,000		78,648
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28 (a)		455,000		402,524
Methanex Corp.
5.13%, 10/15/27		47,000		41,478
5.25%, 12/15/29		165,000		139,474
5.65%, 12/1/44		75,000		52,706
Minerals Technologies, Inc., 5.00%, 7/1/28 (a)		25,000		21,757
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30 (a)		105,000		88,725
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25 (a)		30,000		27,783
Rayonier AM Products, Inc., 7.63%, 1/15/26 (a)		142,000		123,895
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/26 (a)		43,000		38,270
Tronox, Inc., 4.63%, 3/15/29 (a)		70,000		56,335
Valvoline, Inc.
4.25%, 2/15/30 (a)		75,000		62,625
3.63%, 6/15/31 (a)		95,000		75,848
				1,495,828

See accompanying notes to financial statements.
41

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
COAL - 0.9%
Natural Resource Partners LP / NRP Finance Corp., 9.13%, 6/30/25 (a)	$	25,000	$	25,428
SunCoke Energy, Inc., 4.88%, 6/30/29 (a)		282,000		222,798
Warrior Met Coal, Inc., 7.88%, 12/1/28 (a)		205,000		196,179
				444,405
COMMERCIAL SERVICES - 6.0%
ADT Security Corp. (The), 4.88%, 7/15/32 (a)		100,000		79,750
Adtalem Global Education, Inc., 5.50%, 3/1/28 (a)		171,000		152,617
Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/26 (a)		35,000		29,954
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.63%, 7/15/26 (a)		30,000		27,460
Alta Equipment Group, Inc., 5.63%, 4/15/26 (a)		83,000		70,965
AMN Healthcare, Inc., 4.00%, 4/15/29 (a)		44,000		37,180
ASGN, Inc., 4.63%, 5/15/28 (a)		142,000		122,120
CoreCivic, Inc., 8.25%, 4/15/26		175,000		170,713
CPI CG, Inc., 8.63%, 3/15/26 (a)		226,000		213,570
Deluxe Corp., 8.00%, 6/1/29 (a)		373,000		303,995
Gartner, Inc.
4.50%, 7/1/28 (a)		175,000		160,686
3.63%, 6/15/29 (a)		50,000		43,318
3.75%, 10/1/30 (a)		80,000		69,048
Graham Holdings Co., 5.75%, 6/1/26 (a)		125,000		123,750
HealthEquity, Inc., 4.50%, 10/1/29 (a)		180,000		157,500
Korn Ferry, 4.63%, 12/15/27 (a)		200,000		179,500
MPH Acquisition Holdings LLC
5.50%, 9/1/28 (a)		310,000		275,899
5.75%, 11/1/28 (a)		150,000		124,305
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75%, 4/15/26 (a)		225,000		209,812
6.25%, 1/15/28 (a)		245,000		204,635
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (a)		50,000		48,959
RR Donnelley & Sons Co., 6.13%, 11/1/26 (a)		35,000		32,550
Service Corp. International
5.13%, 6/1/29		70,000		66,115
3.38%, 8/15/30		25,000		20,469
4.00%, 5/15/31		175,000		149,406
Williams Scotsman International, Inc., 4.63%, 8/15/28 (a)		45,000		38,363
				3,112,639
COMPUTERS - 0.5%
Booz Allen Hamilton, Inc.
3.88%, 9/1/28 (a)		30,000		26,550
4.00%, 7/1/29 (a)		59,000		52,311
KBR, Inc., 4.75%, 9/30/28 (a)		75,000		66,188

	Shares/ Principal		Fair Value
COMPUTERS - 0.5% (Continued)
Science Applications International Corp., 4.88%, 4/1/28 (a)	$	107,000	$	99,777
				244,826
COSMETICS & PERSONAL CARE - 0.4%
Coty, Inc., 5.00%, 4/15/26 (a)		135,000		123,694
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 1/15/29 (a)		74,000		63,917
				187,611
DISTRIBUTION & WHOLESALE - 0.2%
G-III Apparel Group Ltd., 7.88%, 8/15/25 (a)		100,000		96,642
DIVERSIFIED FINANCIAL SERVICES - 4.0%
Burford Capital Global Finance LLC, 6.88%, 4/15/30 (a)		150,000		131,823
Credit Acceptance Corp., 6.63%, 3/15/26		45,000		42,134
Enova International, Inc., 8.50%, 9/15/25 (a)		395,000		343,535
Jefferson Capital Holdings LLC, 6.00%, 8/15/26 (a)		24,000		21,000
LPL Holdings, Inc.
4.63%, 11/15/27 (a)		139,000		129,797
4.00%, 3/15/29 (a)		30,000		25,667
4.38%, 5/15/31 (a)		247,000		211,033
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/27 (a)		65,000		56,440
5.50%, 8/15/28 (a)		140,000		112,306
5.75%, 11/15/31 (a)		440,000		336,600
NFP Corp., 4.88%, 8/15/28 (a)		20,000		17,129
OneMain Finance Corp.
7.13%, 3/15/26		100,000		92,781
6.63%, 1/15/28		95,000		85,062
PRA Group, Inc., 7.38%, 9/1/25 (a)		40,000		38,900
Provident Funding Associates LP / PFG Finance Corp., 6.38%, 6/15/25 (a)		150,000		135,000
Radian Group, Inc., 6.63%, 3/15/25		50,000		48,813
World Acceptance Corp., 7.00%, 11/1/26 (a)		334,000		238,810
				2,066,830
ELECTRIC - 3.1%
Calpine Corp.
5.25%, 6/1/26 (a)		59,000		56,050
4.50%, 2/15/28 (a)		100,000		90,714
5.13%, 3/15/28 (a)		70,000		62,120
4.63%, 2/1/29 (a)		25,000		20,807
3.75%, 3/1/31 (a)		25,000		20,210
Clearway Energy Operating LLC, 3.75%, 1/15/32 (a)		80,000		63,208
Drax Finco PLC, 6.63%, 11/1/25 (a)		200,000		195,059
FirstEnergy Corp.
5.35%, 7/15/47		26,000		21,954
3.40%, 3/1/50		75,000		50,843

See accompanying notes to financial statements.
42

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
ELECTRIC - 3.1% (Continued)
NextEra Energy Operating Partners LP, 4.25%, 7/15/24 (a)	$	50,000	$	47,830
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 8/15/28 (a)		40,000		35,040
PG&E Corp., 5.25%, 7/1/30		595,000		489,387
Vistra Operations Co. LLC
5.50%, 9/1/26 (a)		75,000		70,825
5.63%, 2/15/27 (a)		115,000		107,821
5.00%, 7/31/27 (a)		40,000		36,250
4.38%, 5/1/29 (a)		275,000		230,073
				1,598,191
ELECTRICAL COMPONENTS & EQUIPMENT - 0.3%
WESCO Distribution, Inc.
7.13%, 6/15/25 (a)		90,000		89,478
7.25%, 6/15/28 (a)		45,000		44,505
				133,983
ELECTRONICS - 0.7%
Atkore, Inc., 4.25%, 6/1/31 (a)		374,000		310,420
II-VI, Inc., 5.00%, 12/15/29 (a)		80,000		69,800
				380,220
ENERGY-ALTERNATE SOURCES - 0.2%
TerraForm Power Operating LLC, 5.00%, 1/31/28 (a)		100,000		90,574
ENGINEERING & CONSTRUCTION - 0.6%
AECOM, 5.13%, 3/15/27		190,000		179,550
IEA Energy Services LLC, 6.63%, 8/15/29 (a)		161,000		131,618
				311,168
ENTERTAINMENT - 1.1%
Affinity Gaming, 6.88%, 12/15/27 (a)		15,000		12,601
Boyne USA, Inc., 4.75%, 5/15/29 (a)		82,000		71,007
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25 (a)		80,000		77,600
International Game Technology PLC, 6.50%, 2/15/25 (a)		100,000		99,500
Jacobs Entertainment, Inc., 6.75%, 2/15/29 (a)		45,000		38,053
Live Nation Entertainment, Inc., 4.88%, 11/1/24 (a)		200,000		191,000
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29 (a)		40,000		32,600
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25 (a)		30,000		29,198
				551,559
ENVIRONMENTAL CONTROL - 1.5%
Covanta Holding Corp.
4.88%, 12/1/29 (a)		270,000		219,880
5.00%, 9/1/30		418,000		341,213

	Shares/ Principal		Fair Value
ENVIRONMENTAL CONTROL - 1.5% (Continued)
GFL Environmental, Inc.
3.75%, 8/1/25 (a)	$	30,000	$	27,825
5.13%, 12/15/26 (a)		35,000		33,250
4.00%, 8/1/28 (a)		50,000		41,250
4.75%, 6/15/29 (a)		100,000		82,750
Tervita Corp., 11.00%, 12/1/25 (a)		50,000		54,375
				800,543
FOOD - 2.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 1/15/27 (a)		70,000		62,532
5.88%, 2/15/28 (a)		145,000		135,521
3.50%, 3/15/29 (a)		65,000		52,606
4.88%, 2/15/30 (a)		357,000		306,249
Ingles Markets, Inc., 4.00%, 6/15/31 (a)		70,000		60,550
Lamb Weston Holdings, Inc.
4.88%, 5/15/28 (a)		50,000		47,055
4.13%, 1/31/30 (a)		166,000		143,683
4.38%, 1/31/32 (a)		346,000		301,020
Post Holdings, Inc., 5.75%, 3/1/27 (a)		106,000		102,688
				1,211,904
FOREST PRODUCTS & PAPER - 0.9%
Domtar Corp., 6.75%, 10/1/28 (a)		344,000		323,894
Resolute Forest Products, Inc., 4.88%, 3/1/26 (a)		160,000		144,805
				468,699
GAS - 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.63%, 5/20/24		150,000		144,767
HEALTHCARE-PRODUCTS - 0.6%
Hologic, Inc.
4.63%, 2/1/28 (a)		25,000		23,394
3.25%, 2/15/29 (a)		75,000		64,102
Medline Borrower LP
3.88%, 4/1/29 (a)		105,000		89,533
5.25%, 10/1/29 (a)		25,000		20,680
Varex Imaging Corp., 7.88%, 10/15/27 (a)		114,000		108,443
				306,152
HEALTHCARE-SERVICES - 2.8%
Acadia Healthcare Co., Inc.
5.50%, 7/1/28 (a)		200,000		186,869
5.00%, 4/15/29 (a)		200,000		181,192
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27 (a)		40,000		37,511
Centene Corp., 4.25%, 12/15/27		30,000		27,919
Encompass Health Corp., 4.63%, 4/1/31		210,000		170,059
Legacy LifePoint Health LLC, 4.38%, 2/15/27 (a)		35,000		29,989

See accompanying notes to financial statements.
43

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 2.8% (Continued)
ModivCare, Inc., 5.88%, 11/15/25 (a)	$	50,000	$	46,000
Molina Healthcare, Inc.
4.38%, 6/15/28 (a)		90,000		80,488
3.88%, 5/15/32 (a)		38,000		31,830
Prime Healthcare Services, Inc., 7.25%, 11/1/25 (a)		45,000		38,407
Tenet Healthcare Corp.
6.75%, 6/15/23		90,000		92,660
4.63%, 7/15/24		40,000		38,389
5.13%, 11/1/27 (a)		255,000		229,500
6.13%, 10/1/28 (a)		210,000		181,650
US Acute Care Solutions LLC, 6.38%, 3/1/26 (a)		100,000		89,552
				1,462,015
HOME BUILDERS - 0.4%
Century Communities, Inc., 6.75%, 6/1/27		25,000		23,844
Installed Building Products, Inc., 5.75%, 2/1/28 (a)		45,000		39,980
KB Home, 7.25%, 7/15/30		50,000		47,368
Picasso Finance Sub, Inc., 6.13%, 6/15/25 (a)		42,000		40,950
Winnebago Industries, Inc., 6.25%, 7/15/28 (a)		45,000		41,208
				193,350
HOUSEWARES - 0.3%
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (a)		25,000		22,108
Newell Brands, Inc.
4.45%, 4/1/26		100,000		95,016
5.63%, 4/1/36		25,000		21,654
5.75%, 4/1/46		25,000		20,375
				159,153
INSURANCE - 0.0%†
MGIC Investment Corp., 5.25%, 8/15/28		8,000		7,164
INTERNET - 0.1%
NortonLifeLock, Inc., 5.00%, 4/15/25 (a)		55,000		53,625
INVESTMENT COMPANIES - 2.1%
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)		75,000		61,875
5.00%, 1/15/32 (a)		95,000		73,344
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24		250,000		233,255
6.38%, 12/15/25		200,000		189,062
6.25%, 5/15/26		190,000		176,700
5.25%, 5/15/27		200,000		177,168
4.38%, 2/1/29		210,000		168,828
				1,080,232

	Shares/ Principal		Fair Value
IRON & STEEL - 2.3%
Big River Steel LLC / BRS Finance Corp., 6.63%, 1/31/29 (a)	$	113,000	$	104,865
Carpenter Technology Corp., 7.63%, 3/15/30		250,000		229,574
Commercial Metals Co., 4.38%, 3/15/32		115,000		94,193
Mineral Resources Ltd.
8.13%, 5/1/27 (a)		135,000		131,310
8.00%, 11/1/27 (a)		75,000		73,433
8.50%, 5/1/30 (a)		170,000		167,450
United States Steel Corp., 6.88%, 3/1/29		435,000		376,275
				1,177,100
LEISURE TIME - 1.0%
Carnival Corp.
7.63%, 3/1/26 (a)		50,000		38,625
9.88%, 8/1/27 (a)		60,000		58,125
6.00%, 5/1/29 (a)		90,000		62,888
Royal Caribbean Cruises Ltd.
10.88%, 6/1/23 (a)		35,000		35,007
9.13%, 6/15/23 (a)		10,000		9,876
11.50%, 6/1/25 (a)		148,000		152,070
5.50%, 8/31/26 (a)		110,000		81,291
5.50%, 4/1/28 (a)		100,000		69,500
				507,382
LODGING - 1.4%
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/25 (a)		20,000		19,600
4.88%, 1/15/30		175,000		158,156
3.63%, 2/15/32 (a)		180,000		143,100
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 4/1/27		200,000		188,250
Marriott Ownership Resorts, Inc., 6.13%, 9/15/25 (a)		36,000		35,626
Travel + Leisure Co., 6.00%, 4/1/27		75,000		67,834
Wyndham Hotels & Resorts, Inc., 4.38%, 8/15/28 (a)		41,000		35,861
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25 (a)		100,000		91,500
				739,927
MACHINERY-CONSTRUCTION & MINING - 0.3%
BWX Technologies, Inc., 4.13%, 6/30/28 (a)		115,000		102,350
Manitowoc Co., Inc. (The), 9.00%, 4/1/26 (a)		56,000		52,137
				154,487
MEDIA - 6.4%
Altice Financing SA, 5.75%, 8/15/29 (a)		75,000		60,187
Block Communications, Inc., 4.88%, 3/1/28 (a)		25,000		21,125
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		46,000		42,339
5.38%, 6/1/29 (a)		162,000		144,787
4.75%, 3/1/30 (a)		115,000		98,449
4.25%, 1/15/34 (a)		220,000		169,950

See accompanying notes to financial statements.
44

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
MEDIA - 6.4% (Continued)
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27 (a)	$	635,000	$	545,843
DISH DBS Corp.
7.75%, 7/1/26		125,000		97,813
7.38%, 7/1/28		140,000		94,602
5.75%, 12/1/28 (a)		80,000		59,233
GCI LLC, 4.75%, 10/15/28 (a)		220,000		190,619
Gray Television, Inc., 5.88%, 7/15/26 (a)		121,000		113,113
Nexstar Media, Inc.
5.63%, 7/15/27 (a)		305,000		278,313
4.75%, 11/1/28 (a)		113,000		96,897
Radiate Holdco LLC / Radiate Finance, Inc., 4.50%, 9/15/26 (a)		50,000		43,114
Sirius XM Radio, Inc.
3.13%, 9/1/26 (a)		25,000		22,061
4.00%, 7/15/28 (a)		95,000		82,175
5.50%, 7/1/29 (a)		352,000		320,760
4.13%, 7/1/30 (a)		46,000		38,421
3.88%, 9/1/31 (a)		112,000		89,880
Spanish Broadcasting System, Inc., 9.75%, 3/1/26 (a)		9,000		7,144
TEGNA, Inc.
4.75%, 3/15/26 (a)		50,000		47,987
5.00%, 9/15/29		125,000		117,461
Virgin Media Finance PLC, 5.00%, 7/15/30 (a)		300,000		237,750
Virgin Media Secured Finance PLC, 5.50%, 5/15/29 (a)		200,000		177,540
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28 (a)		25,000		20,687
VZ Secured Financing BV, 5.00%, 1/15/32 (a)		75,000		62,250
				3,280,500
METAL FABRICATE & HARDWARE - 0.4%
Advanced Drainage Systems, Inc.
5.00%, 9/30/27 (a)		145,000		133,693
6.38%, 6/15/30 (a)		60,000		58,668
				192,361
MINING - 2.3%
Alcoa Nederland Holding BV
6.13%, 5/15/28 (a)		80,000		77,800
4.13%, 3/31/29 (a)		110,000		98,450
Arconic Corp., 6.13%, 2/15/28 (a)		76,000		70,080
Eldorado Gold Corp., 6.25%, 9/1/29 (a)		138,000		112,605
FMG Resources August 2006 Pty Ltd.
4.50%, 9/15/27 (a)		85,000		75,863
5.88%, 4/15/30 (a)		155,000		140,583
6.13%, 4/15/32 (a)		60,000		54,000
IAMGOLD Corp., 5.75%, 10/15/28 (a)		85,000		56,711
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28 (a)		84,000		86,738
Novelis Corp., 4.75%, 1/30/30 (a)		65,000		54,027
Taseko Mines Ltd., 7.00%, 2/15/26 (a)		398,000		338,744
				1,165,601

	Shares/ Principal		Fair Value
MISCELLANEOUS MANUFACTURING - 0.9%
LSB Industries, Inc., 6.25%, 10/15/28 (a)	$	515,000	$	454,488
OIL & GAS - 10.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26 (a)		20,000		19,450
Antero Resources Corp.
8.38%, 7/15/26 (a)		17,000		17,977
7.63%, 2/1/29 (a)		92,000		93,589
Apache Corp.
4.25%, 1/15/30		15,000		13,294
6.00%, 1/15/37		50,000		46,005
5.10%, 9/1/40		147,000		124,124
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
8.25%, 12/31/28 (a)		20,000		19,056
5.88%, 6/30/29 (a)		50,000		44,000
Athabasca Oil Corp., 9.75%, 11/1/26 (a)		44,000		45,980
Baytex Energy Corp., 8.75%, 4/1/27 (a)		175,000		175,437
Berry Petroleum Co. LLC, 7.00%, 2/15/26 (a)		180,000		158,400
California Resources Corp., 7.13%, 2/1/26 (a)		85,000		83,116
Callon Petroleum Co.
6.13%, 10/1/24		100,000		101,540
9.00%, 4/1/25 (a)		100,000		106,000
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.25%, 7/15/24 (a)		40,000		41,195
Centennial Resource Production LLC, 5.38%, 1/15/26 (a)		91,000		81,903
Chesapeake Energy Corp., 5.50%, 2/1/26 (a)		10,000		9,500
CNX Resources Corp., 7.25%, 3/14/27 (a)		75,000		73,477
Colgate Energy Partners III LLC, 5.88%, 7/1/29 (a)		45,000		39,431
Crescent Energy Finance LLC, 7.25%, 5/1/26 (a)		85,000		77,350
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29 (a)		20,000		17,937
Earthstone Energy Holdings LLC, 8.00%, 4/15/27 (a)		135,000		127,744
Endeavor Energy Resources LP / EER Finance, Inc., 6.63%, 7/15/25 (a)		75,000		75,368
Energean PLC, 6.50%, 4/30/27 (a)		50,000		43,951
Hilcorp Energy I L.P. / Hilcorp Finance Co.
6.00%, 4/15/30 (a)		15,000		13,050
6.25%, 4/15/32 (a)		45,000		38,882
Ithaca Energy North Sea PLC, 9.00%, 7/15/26 (a)		200,000		184,500
Laredo Petroleum, Inc.
9.50%, 1/15/25		100,000		99,149
10.13%, 1/15/28		50,000		49,500
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26 (a)		50,000		47,074
Matador Resources Co., 5.88%, 9/15/26		200,000		192,256
MEG Energy Corp., 5.88%, 2/1/29 (a)		185,000		168,973

See accompanying notes to financial statements.
45

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
OIL & GAS - 10.3% (Continued)
Murphy Oil Corp.
5.75%, 8/15/25	$	65,000	$	64,039
5.88%, 12/1/27		73,000		68,127
Northern Oil and Gas, Inc., 8.13%, 3/1/28 (a)		335,000		315,737
Oasis Petroleum, Inc., 6.38%, 6/1/26 (a)		355,000		328,375
Occidental Petroleum Corp.
5.50%, 12/1/25		45,000		44,325
6.38%, 9/1/28		70,000		70,875
6.63%, 9/1/30		35,000		36,050
6.13%, 1/1/31		25,000		25,336
6.45%, 9/15/36		145,000		148,625
Patterson-UTI Energy, Inc., 5.15%, 11/15/29		105,000		90,214
PBF Holding Co. LLC / PBF Finance Corp.
9.25%, 5/15/25 (a)		170,000		177,863
7.25%, 6/15/25		30,000		28,042
6.00%, 2/15/28		134,000		112,141
PDC Energy, Inc., 5.75%, 5/15/26		205,000		191,230
Penn Virginia Holdings LLC, 9.25%, 8/15/26 (a)		125,000		119,967
Petrofac Ltd., 9.75%, 11/15/26 (a)		90,000		69,030
Precision Drilling Corp., 7.13%, 1/15/26 (a)		50,000		47,000
Rockcliff Energy II LLC, 5.50%, 10/15/29 (a)		55,000		50,050
SM Energy Co., 6.50%, 7/15/28		100,000		91,977
Southwestern Energy Co., 5.95%, 1/23/25		26,000		25,685
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		220,000		209,690
4.50%, 5/15/29		75,000		61,821
Talos Production, Inc., 12.00%, 1/15/26		250,000		258,625
Vermilion Energy, Inc., 6.88%, 5/1/30 (a)		205,000		183,475
Viper Energy Partners LP, 5.38%, 11/1/27 (a)		75,000		71,693
				5,319,200
OIL & GAS SERVICES - 0.8%
Bristow Group, Inc., 6.88%, 3/1/28 (a)		15,000		13,179
CGG SA, 8.75%, 4/1/27 (a)		150,000		127,500
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 4/1/26		135,000		122,789
6.88%, 9/1/27		60,000		53,250
Weatherford International Ltd., 6.50%, 9/15/28 (a)		90,000		80,775
				397,493
PACKAGING & CONTAINERS - 1.6%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
4.13%, 8/15/26 (a)		100,000		84,736
5.25%, 8/15/27 (a)		200,000		140,076
Berry Global, Inc., 5.63%, 7/15/27 (a)		150,000		143,038
Crown Americas LLC, 5.25%, 4/1/30 (a)		218,000		204,375
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co.-Issuer LLC, 6.00%, 9/15/28 (a)		25,000		20,695

	Shares/ Principal		Fair Value
PACKAGING & CONTAINERS - 1.6% (Continued)
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24 (a)	$	100,000	$	95,500
Sealed Air Corp.
5.00%, 4/15/29 (a)		60,000		56,100
6.88%, 7/15/33 (a)		70,000		70,525
TriMas Corp., 4.13%, 4/15/29 (a)		10,000		8,537
				823,582
PHARMACEUTICALS - 2.3%
180 Medical, Inc., 3.88%, 10/15/29 (a)		250,000		216,250
Bausch Health Americas, Inc., 8.50%, 1/31/27 (a)		110,000		77,138
Bausch Health Cos., Inc.
5.50%, 11/1/25 (a)		60,000		52,697
6.13%, 2/1/27 (a)		60,000		51,000
BellRing Brands, Inc., 7.00%, 3/15/30 (a)		210,000		197,925
Embecta Corp., 5.00%, 2/15/30 (a)		70,000		58,760
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27 (a)		250,000		240,360
Option Care Health, Inc., 4.38%, 10/31/29 (a)		282,000		241,815
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25 (a)		40,000		28,002
PRA Health Sciences, Inc., 2.88%, 7/15/26 (a)		50,000		44,500
				1,208,447
PIPELINES - 5.3%
Buckeye Partners LP
4.13%, 3/1/25 (a)		25,000		23,008
5.85%, 11/15/43		50,000		35,500
Cheniere Energy Partners LP, 3.25%, 1/31/32 (a)		50,000		39,375
Cheniere Energy, Inc., 4.63%, 10/15/28		40,000		36,023
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (a)		125,000		106,050
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.75%, 4/1/25		100,000		93,500
5.63%, 5/1/27 (a)		150,000		133,500
6.00%, 2/1/29 (a)		105,000		91,621
8.00%, 4/1/29 (a)		135,000		125,382
DCP Midstream Operating LP
5.38%, 7/15/25		105,000		102,112
5.60%, 4/1/44		70,000		56,568
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28 (a)		224,000		201,600
DT Midstream, Inc.
4.13%, 6/15/29 (a)		35,000		29,575
4.38%, 6/15/31 (a)		35,000		29,225
EnLink Midstream LLC
5.63%, 1/15/28 (a)		65,000		59,656
5.38%, 6/1/29		100,000		87,508
EnLink Midstream Partners LP, 5.05%, 4/1/45		40,000		27,050

See accompanying notes to financial statements.
46

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
PIPELINES - 5.3% (Continued)
EQM Midstream Partners LP, 7.50%, 6/1/27 (a)	$	60,000	$	57,999
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		50,000		45,000
6.88%, 1/15/29		135,000		114,241
Harvest Midstream I LP, 7.50%, 9/1/28 (a)		25,000		23,481
Howard Midstream Energy Partners LLC, 6.75%, 1/15/27 (a)		85,000		73,291
Kinetik Holdings LP, 5.88%, 6/15/30 (a)		95,000		90,498
New Fortress Energy, Inc.
6.75%, 9/15/25 (a)		90,000		85,050
6.50%, 9/30/26 (a)		450,000		407,342
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 1/15/28 (a)		200,000		170,300
6.00%, 12/31/30 (a)		55,000		45,650
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 (a)		60,000		51,438
Western Midstream Operating LP
4.55%, 2/1/30		165,000		142,725
5.30%, 3/1/48		120,000		96,738
5.75%, 2/1/50		65,000		52,251
				2,733,257
REAL ESTATE - 0.0%†
Howard Hughes Corp. (The), 4.38%, 2/1/31 (a)		40,000		29,640
REITS - 3.4%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27 (a)		75,000		62,194
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26 (a)		80,000		72,730
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32 (a)		45,000		36,276
Iron Mountain, Inc.
4.88%, 9/15/27 (a)		50,000		45,178
5.25%, 7/15/30 (a)		370,000		321,676
4.50%, 2/15/31 (a)		130,000		106,229
5.63%, 7/15/32 (a)		395,000		333,937
Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp.
5.25%, 10/1/25 (a)		50,000		45,250
4.75%, 6/15/29 (a)		55,000		42,316
New Residential Investment Corp., 6.25%, 10/15/25 (a)		25,000		21,682
RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 2/15/29 (a)		30,000		25,437
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 2/15/25 (a)		150,000		144,750
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28 (a)		150,000		122,709

	Shares/ Principal		Fair Value
REITS - 3.4% (Continued)
VICI Properties LP / VICI Note Co., Inc.
4.63%, 6/15/25 (a)	$	40,000	$	38,050
4.25%, 12/1/26 (a)		120,000		109,597
4.63%, 12/1/29 (a)		60,000		53,637
XHR LP
6.38%, 8/15/25 (a)		55,000		53,039
4.88%, 6/1/29 (a)		135,000		115,811
				1,750,498
RETAIL - 6.8%
1011778 BC ULC / New Red Finance, Inc.
5.75%, 4/15/25 (a)		40,000		40,233
3.88%, 1/15/28 (a)		50,000		43,500
4.38%, 1/15/28 (a)		95,000		83,058
4.00%, 10/15/30 (a)		569,000		462,065
Abercrombie & Fitch Management Co., 8.75%, 7/15/25 (a)		125,000		121,732
Academy Ltd., 6.00%, 11/15/27 (a)		84,000		76,755
Arko Corp., 5.13%, 11/15/29 (a)		125,000		94,691
Bath & Body Works, Inc.
9.38%, 7/1/25 (a)		9,000		9,130
6.69%, 1/15/27		50,000		46,741
5.25%, 2/1/28		25,000		21,093
7.50%, 6/15/29		100,000		91,006
6.63%, 10/1/30 (a)		55,000		47,043
6.88%, 11/1/35		325,000		261,319
Beacon Roofing Supply, Inc., 4.13%, 5/15/29 (a)		242,000		196,800
BlueLinx Holdings, Inc., 6.00%, 11/15/29 (a)		473,000		368,940
FirstCash, Inc.
4.63%, 9/1/28 (a)		204,000		176,174
5.63%, 1/1/30 (a)		150,000		129,524
Group 1 Automotive, Inc., 4.00%, 8/15/28 (a)		65,000		54,308
IRB Holding Corp., 7.00%, 6/15/25 (a)		60,000		58,500
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 6/1/27 (a)		50,000		48,085
Macy's Retail Holdings LLC
5.88%, 4/1/29 (a)		60,000		51,075
5.88%, 3/15/30 (a)		20,000		16,781
6.13%, 3/15/32 (a)		128,000		106,644
5.13%, 1/15/42		15,000		9,975
4.30%, 2/15/43		30,000		18,900
Murphy Oil USA, Inc.
4.75%, 9/15/29		150,000		135,197
3.75%, 2/15/31 (a)		148,000		125,763
Nordstrom, Inc.
4.25%, 8/1/31		55,000		41,681
5.00%, 1/15/44		100,000		71,250
Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/1/25		100,000		93,868

See accompanying notes to financial statements.
47

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
RETAIL - 6.8% (Continued)
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29 (a)	$	20,000	$	17,000
Victoria's Secret & Co., 4.63%, 7/15/29 (a)		130,000		97,956
Yum! Brands, Inc.
4.75%, 1/15/30 (a)		125,000		113,438
3.63%, 3/15/31		100,000		84,000
5.38%, 4/1/32		26,000		23,880
6.88%, 11/15/37		25,000		25,375
5.35%, 11/1/43		50,000		41,438
				3,504,918
SEMICONDUCTORS - 0.7%
Entegris Escrow Corp., 4.75%, 4/15/29 (a)		250,000		233,100
Entegris, Inc.
4.38%, 4/15/28 (a)		50,000		44,125
3.63%, 5/1/29 (a)		115,000		96,166
				373,391
SOFTWARE - 1.5%
Boxer Parent Co., Inc., 7.13%, 10/2/25 (a)		15,000		14,251
Fair Isaac Corp., 4.00%, 6/15/28 (a)		55,000		48,675
MSCI, Inc.
4.00%, 11/15/29 (a)		110,000		97,496
3.63%, 9/1/30 (a)		105,000		87,531
3.88%, 2/15/31 (a)		95,000		81,225
3.25%, 8/15/33 (a)		45,000		35,869
PTC, Inc.
3.63%, 2/15/25 (a)		75,000		70,898
4.00%, 2/15/28 (a)		45,000		40,622
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25 (a)		150,000		111,563
Ziff Davis, Inc., 4.63%, 10/15/30 (a)		225,000		191,800
				779,930
TELECOMMUNICATIONS - 5.9%
Consolidated Communications, Inc.
5.00%, 10/1/28 (a)		100,000		79,937
6.50%, 10/1/28 (a)		214,000		180,081
Embarq Corp., 8.00%, 6/1/36		25,000		18,777
Frontier Communications Corp.
5.88%, 10/15/27 (a)		15,000		13,499
5.00%, 5/1/28 (a)		40,000		34,100
Frontier Communications Holdings LLC, 8.75%, 5/15/30 (a)		45,000		45,733
Hughes Satellite Systems Corp.
5.25%, 8/1/26		235,000		217,591
6.63%, 8/1/26		100,000		88,750
Level 3 Financing, Inc.
4.25%, 7/1/28 (a)		300,000		242,436
3.63%, 1/15/29 (a)		100,000		77,102
3.75%, 7/15/29 (a)		100,000		77,320

	Shares/ Principal		Fair Value
TELECOMMUNICATIONS - 5.9% (Continued)
Lumen Technologies, Inc.
6.88%, 1/15/28	$	79,000	$	69,224
5.38%, 6/15/29 (a)		456,000		361,049
7.60%, 9/15/39		50,000		39,214
7.65%, 3/15/42		60,000		46,050
Nokia Oyj, 4.38%, 6/12/27		100,000		94,525
Sable International Finance Ltd., 5.75%, 9/7/27 (a)		25,000		22,915
Sprint Capital Corp.
6.88%, 11/15/28		100,000		105,152
8.75%, 3/15/32		275,000		330,957
Sprint Corp.
7.63%, 2/15/25		125,000		130,340
7.63%, 3/1/26		125,000		131,703
T-Mobile USA, Inc., 4.75%, 2/1/28		150,000		145,382
Viasat, Inc.
5.63%, 4/15/27 (a)		250,000		216,420
6.50%, 7/15/28 (a)		200,000		137,764
Vmed O2 UK Financing I PLC, 4.75%, 7/15/31 (a)		65,000		52,510
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28 (a)		80,000		64,400
				3,022,931
TRANSPORTATION - 0.6%
Danaos Corp., 8.50%, 3/1/28 (a)		293,000		290,076
XPO Logistics, Inc., 6.25%, 5/1/25 (a)		17,000		16,873
				306,949
TRUCKING & LEASING - 0.2%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/1/27 (a)		100,000		97,821
WATER - 0.0%†
Solaris Midstream Holdings LLC, 7.63%, 4/1/26 (a)		20,000		18,913
TOTAL CORPORATE BONDS AND NOTES (Cost - $56,854,667)				50,529,260
SHORT-TERM INVESTMENTS - 1.1%
MONEY MARKET FUNDS - 1.1%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (d) (Cost - $563,570)		563,570		563,570
TOTAL INVESTMENTS - 99.0% (Cost - $57,418,237)			$	51,092,830
OTHER ASSETS LESS LIABILITIES - NET 1.0%				502,471
TOTAL NET ASSETS - 100.0%			$	51,595,301

†  Represents less than 0.05%.

(a)  144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2022, these securities amounted to $37,580,629 or 72.8% of net assets.

See accompanying notes to financial statements.
48

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

(b)  PIK - Pay-in-kind security.

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

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

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		97.9	%
Short-Term Investments		1.1	%
Other Assets less Liabilities - Net		1.0	%
		100.0	%

FUTURES CONTRACTS
SHORT FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 10 Year Note Future	Goldman Sachs & Co.		3	9/21/2022	$	355,594	$	(3,414	)
U.S. 5 Year Note Future	Goldman Sachs & Co.		1	9/30/2022		112,250		(2,375	)
								(5,789	)
LONG FUTURES CONTRACTS
U.S. 2 Year Note Future	Goldman Sachs & Co.		2	9/30/2022		420,031		(875	)
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(6,664	)

See accompanying notes to financial statements.
49

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited)

June 30, 2022

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 46.2%
AEROSPACE & DEFENSE - 1.3%
Boeing Co. (The)
2.60%, 10/30/25	$	150,000	$	138,475
3.45%, 11/1/28		100,000		89,036
Northrop Grumman Corp.
3.25%, 1/15/28		300,000		285,301
4.75%, 6/1/43		50,000		48,148
Raytheon Technologies Corp.
3.95%, 8/16/25		275,000		275,830
4.05%, 5/4/47		50,000		44,551
				881,341
AGRICULTURE - 0.2%
Archer-Daniels-Midland Co., 2.90%, 3/1/32		50,000		45,229
BAT Capital Corp.
2.26%, 3/25/28		75,000		62,939
4.76%, 9/6/49		25,000		18,957
				127,125
AUTO MANUFACTURERS - 0.6%
General Motors Co., 4.00%, 4/1/25		50,000		49,374
General Motors Financial Co., Inc.
4.30%, 7/13/25		125,000		123,093
1.50%, 6/10/26		125,000		109,196
5.65%, 1/17/29		25,000		24,987
2.35%, 1/8/31		125,000		97,164
				403,814
BANKS - 13.4%
Banco Santander SA
2.75%, 5/28/25		200,000		189,552
4.25%, 4/11/27		200,000		193,189
Bank of America Corp.
3.86%, (3 Month US Libor + 0.94%), 7/23/24 (a)		50,000		49,832
4.20%, 8/26/24		165,000		165,315
4.18%, 11/25/27		25,000		24,335
3.42%, (3 Month US Libor + 1.04%), 12/20/28 (a)		108,000		100,739
4.27%, (3 Month US Libor + 1.31%), 7/23/29 (a)		125,000		120,575
2.88%, (3 Month US Libor + 1.19%), 10/22/30 (a)		100,000		87,523
2.50%, (3 Month US Libor + 0.99%), 2/13/31 (a)		25,000		21,215
2.59%, (SOFR + 2.15%), 4/29/31 (a)		375,000		318,930
1.90%, (SOFR + 1.53%), 7/23/31 (a)		100,000		80,127
2.97%, (SOFR + 1.33%), 2/4/33 (a)		50,000		42,717
4.57%, (SOFR + 1.83%), 4/27/33 (a)		250,000		243,806
2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36 (a)		75,000		58,331
6.11%, 1/29/37		100,000		107,939

	Shares/ Principal		Fair Value
BANKS - 13.4% (Continued)
Barclays PLC, 2.85%, (SOFR + 2.71%), 5/7/26 (a)	$	200,000	$	189,028
BNP Paribas SA
3.38%, 1/9/25 (b)		252,000		246,311
1.32%, (SOFR + 1.00%), 1/13/27 (a),(b)		225,000		198,999
BPCE SA
4.00%, 9/12/23 (b)		250,000		249,585
3.12%, (SOFR + 1.73%), 10/19/32 (a),(b)		250,000		202,001
Citigroup, Inc.
4.04%, (3 Month US Libor + 1.02%), 6/1/24 (a)		105,000		104,704
4.60%, 3/9/26		75,000		75,183
3.40%, 5/1/26		200,000		193,416
4.45%, 9/29/27		125,000		122,587
3.67%, (3 Month US Libor + 1.39%), 7/24/28 (a)		50,000		47,274
4.13%, 7/25/28		100,000		96,117
2.98%, (SOFR + 1.42%), 11/5/30 (a)		100,000		87,521
3.06%, (SOFR + 1.35%), 1/25/33 (a)		125,000		106,406
Comerica Bank, 2.50%, 7/23/24		300,000		291,659
Credit Suisse Group AG, 4.55%, 4/17/26		255,000		249,510
Deutsche Bank AG
2.22%, (SOFR + 2.16%), 9/18/24 (a)		150,000		144,691
2.13%, (SOFR + 1.87%), 11/24/26 (a)		225,000		199,984
Fifth Third Bancorp, 2.38%, 1/28/25		85,000		81,468
HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26 (a)		225,000		206,462
Huntington Bancshares, Inc., 4.00%, 5/15/25		150,000		149,377
ING Groep NV
4.63%, 1/6/26 (b)		225,000		224,729
4.02%, (SOFR + 1.83%), 3/28/28 (a)		200,000		190,748
JPMorgan Chase & Co.
3.56%, (3 Month US Libor + 0.73%), 4/23/24 (a)		40,000		39,891
3.80%, (3 Month US Libor + 0.89%), 7/23/24 (a)		50,000		49,837
4.02%, (3 Month US Libor + 1.00%), 12/5/24 (a)		125,000		124,647
2.30%, (SOFR + 1.16%), 10/15/25 (a)		150,000		142,970
3.30%, 4/1/26		225,000		218,726
3.96%, (3 Month US Libor + 1.25%), 1/29/27 (a)		175,000		170,924
3.51%, (3 Month US Libor + 0.95%), 1/23/29 (a)		125,000		117,108
2.96%, (SOFR + 2.52%), 5/13/31 (a)		25,000		21,636
2.96%, (SOFR + 1.26%), 1/25/33 (a)		150,000		129,121
4.59%, (SOFR + 1.80%), 4/26/33 (a)		25,000		24,642
Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27 (a),(b)		75,000		65,990
Mitsubishi UFJ Financial Group, Inc., 3.75%, 7/18/39		225,000		195,946

See accompanying notes to financial statements.
50

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
BANKS - 13.4% (Continued)
Morgan Stanley
3.74%, (3 Month US Libor + 0.85%), 4/24/24 (a)	$	50,000	$	49,885
3.70%, 10/23/24		275,000		274,677
2.72%, (SOFR + 1.15%), 7/22/25 (a)		75,000		72,307
3.63%, 1/20/27		400,000		388,788
3.95%, 4/23/27		30,000		29,117
4.43%, (3 Month US Libor + 1.63%), 1/23/30 (a)		50,000		48,655
2.70%, (SOFR + 1.14%), 1/22/31 (a)		75,000		65,111
1.79%, (SOFR + 1.03%), 2/13/32 (a)		125,000		98,656
2.48%, (SOFR + 1.36%), 9/16/36 (a)		125,000		96,382
NatWest Group PLC, 4.52%, (3 Month US Libor + 1.55%), 6/25/24 (a)		300,000		299,355
Toronto-Dominion Bank (The), 4.46%, 6/8/32		125,000		123,978
Wells Fargo & Co.
3.75%, 1/24/24		55,000		55,133
3.55%, 9/29/25		125,000		122,895
3.00%, 10/23/26		325,000		307,276
4.30%, 7/22/27		100,000		99,040
4.15%, 1/24/29		25,000		24,216
Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34 (a)		75,000		68,695
				8,987,489
BEVERAGES - 1.4%
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 2/1/36		200,000		192,270
4.90%, 2/1/46		300,000		283,557
Constellation Brands, Inc.
4.40%, 11/15/25		200,000		201,131
3.60%, 2/15/28		100,000		95,029
3.15%, 8/1/29		125,000		112,778
Keurig Dr Pepper, Inc.
3.80%, 5/1/50		25,000		19,978
4.50%, 4/15/52		75,000		66,536
				971,279
BIOTECHNOLOGY - 0.5%
Amgen, Inc., 3.13%, 5/1/25		175,000		171,772
CSL Finance PLC, 4.25%, 4/27/32 (b)		50,000		49,022
Royalty Pharma PLC, 1.20%, 9/2/25		100,000		89,238
				310,032
BUILDING MATERIALS - 0.5%
Carrier Global Corp.
2.49%, 2/15/27		225,000		204,983
2.72%, 2/15/30		75,000		64,977
Masco Corp., 1.50%, 2/15/28		50,000		42,023
				311,983

	Shares/ Principal		Fair Value
CHEMICALS - 0.4%
DuPont de Nemours, Inc., 4.21%, 11/15/23	$	175,000	$	176,151
International Flavors & Fragrances, Inc., 1.83%, 10/15/27 (b)		100,000		86,290
				262,441
COMMERCIAL SERVICES - 0.7%
Emory University, 2.14%, 9/1/30		160,000		140,532
Global Payments, Inc., 2.65%, 2/15/25		75,000		71,653
PayPal Holdings, Inc., 1.65%, 6/1/25		225,000		212,448
S&P Global, Inc., 2.95%, 1/22/27		50,000		48,032
				472,665
COMPUTERS - 1.6%
Amdocs Ltd., 2.54%, 6/15/30		75,000		63,306
Apple, Inc., 3.25%, 2/23/26		175,000		173,929
Dell International LLC / EMC Corp.
5.45%, 6/15/23		54,000		54,552
5.85%, 7/15/25		25,000		25,806
6.02%, 6/15/26		200,000		207,817
Hewlett Packard Enterprise Co.
4.45%, 10/2/23		225,000		227,387
4.90%, 10/15/25		50,000		50,802
6.35%, 10/15/45		60,000		60,652
HP, Inc., 4.00%, 4/15/29		220,000		206,514
				1,070,765
COSMETICS/PERSONAL CARE - 0.4%
GSK Consumer Healthcare Capital US LLC, 3.38%, 3/24/27 (b)		250,000		239,435
DIVERSIFIED FINANCIAL SERVICES - 2.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.88%, 1/16/24		175,000		174,199
2.45%, 10/29/26		225,000		196,180
Air Lease Corp.
2.30%, 2/1/25		175,000		163,917
3.38%, 7/1/25		100,000		94,255
2.88%, 1/15/26		75,000		68,920
3.75%, 6/1/26		175,000		164,698
Ally Financial, Inc., 2.20%, 11/2/28		100,000		81,616
American Express Co.
2.50%, 7/30/24		35,000		34,083
3.63%, 12/5/24		175,000		174,156
Aviation Capital Group LLC, 1.95%, 1/30/26 (b)		75,000		65,308
Avolon Holdings Funding Ltd.
3.95%, 7/1/24 (b)		75,000		71,867
2.88%, 2/15/25 (b)		150,000		138,086
4.25%, 4/15/26 (b)		25,000		23,184
Capital One Financial Corp.
3.50%, 6/15/23		75,000		74,696
3.30%, 10/30/24		65,000		63,475

See accompanying notes to financial statements.
51

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 2.6% (Continued)
Intercontinental Exchange, Inc., 3.00%, 6/15/50	$	50,000	$	36,683
Nasdaq, Inc., 3.25%, 4/28/50		25,000		18,310
Visa, Inc., 3.15%, 12/14/25		100,000		98,874
				1,742,507
ELECTRIC - 3.2%
Alliant Energy Finance LLC, 3.75%, 6/15/23 (b)		50,000		50,043
Ameren Corp., 3.50%, 1/15/31		25,000		22,958
American Electric Power Co., Inc., 2.30%, 3/1/30		50,000		42,172
Avangrid, Inc., 3.20%, 4/15/25		50,000		48,662
Berkshire Hathaway Energy Co., 6.13%, 4/1/36		74,000		82,050
Dominion Energy, Inc.
3.07%, 8/15/24 (c)		175,000		171,004
3.38%, 4/1/30		50,000		45,838
Duke Energy Carolinas LLC, 3.95%, 3/15/48		25,000		22,143
Duke Energy Corp., 3.15%, 8/15/27		200,000		189,202
Duquesne Light Holdings, Inc., 2.53%, 10/1/30 (b)		100,000		82,398
Enel Finance International NV, 1.88%, 7/12/28 (b)		200,000		167,994
Entergy Corp., 2.95%, 9/1/26		175,000		166,070
Exelon Corp., 4.05%, 4/15/30		50,000		48,090
FirstEnergy Corp.
2.65%, 3/1/30		150,000		123,750
2.25%, 9/1/30		50,000		39,625
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28		80,000		69,688
NRG Energy, Inc., 3.75%, 6/15/24 (b)		150,000		147,271
Pacific Gas and Electric Co.
2.10%, 8/1/27		25,000		20,990
2.50%, 2/1/31		50,000		38,346
3.30%, 8/1/40		25,000		17,316
3.50%, 8/1/50		50,000		33,609
Sempra Energy, 3.40%, 2/1/28		125,000		118,229
Southern California Edison Co., 4.20%, 3/1/29		100,000		96,419
Southern Co. (The), 3.25%, 7/1/26		350,000		335,418
				2,179,285
ENGINEERING & CONSTRUCTION - 0.3%
Mexico City Airport Trust, 3.88%, 4/30/28 (b)		200,000		171,750
ENTERTAINMENT - 0.3%
Magallanes, Inc.
4.05%, 3/15/29 (b)		200,000		183,544
4.28%, 3/15/32 (b)		50,000		44,848
				228,392
ENVIRONMENTAL CONTROL - 0.2%
Republic Services, Inc., 2.50%, 8/15/24		150,000		145,372

	Shares/ Principal		Fair Value
FOOD - 0.3%
Mars, Inc., 2.70%, 4/1/25 (b)	$	50,000	$	48,885
Sysco Corp.
4.45%, 3/15/48		25,000		22,077
6.60%, 4/1/50		25,000		28,992
Tyson Foods, Inc., 3.90%, 9/28/23		125,000		125,485
				225,439
GAS - 0.7%
East Ohio Gas Co. (The), 1.30%, 6/15/25 (b)		50,000		46,014
NiSource, Inc.
3.49%, 5/15/27		400,000		383,369
3.60%, 5/1/30		25,000		22,958
				452,341
HEALTHCARE-PRODUCTS - 0.4%
Baxter International, Inc., 2.27%, 12/1/28		75,000		65,661
DH Europe Finance II SARL, 2.20%, 11/15/24		125,000		120,030
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31		75,000		63,225
Thermo Fisher Scientific, Inc., 1.75%, 10/15/28		25,000		21,898
				270,814
HEALTHCARE-SERVICES - 0.9%
Adventist Health System, 2.95%, 3/1/29		25,000		22,955
Banner Health, 2.34%, 1/1/30		145,000		128,278
Baylor Scott & White Holdings, 1.78%, 11/15/30		50,000		41,304
CommonSpirit Health, 3.91%, 10/1/50		110,000		88,864
Rush Obligated Group, 3.92%, 11/15/29		60,000		57,850
Stanford Health Care, 3.31%, 8/15/30		35,000		32,465
Sutter Health
2.29%, 8/15/30		25,000		21,517
4.09%, 8/15/48		225,000		199,874
				593,107
HOME BUILDERS - 0.1%
Lennar Corp., 4.75%, 11/29/27		45,000		43,757
INSURANCE - 0.6%
AIA Group Ltd., 3.20%, 3/11/25 (b)		200,000		197,229
New York Life Insurance Co., 3.75%, 5/15/50 (b)		50,000		41,112
Principal Financial Group, Inc.
3.10%, 11/15/26		75,000		71,283
2.13%, 6/15/30		100,000		82,847
Willis North America, Inc., 2.95%, 9/15/29		50,000		42,961
				435,432
INTERNET - 0.1%
Amazon.com, Inc., 3.10%, 5/12/51		50,000		39,661
Expedia Group, Inc., 2.95%, 3/15/31		50,000		39,895
				79,556

See accompanying notes to financial statements.
52

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
IRON & STEEL - 0.0%†
Steel Dynamics, Inc., 2.40%, 6/15/25	$	30,000	$	28,404
LODGING - 0.1%
Marriott International, Inc., 2.85%, 4/15/31		100,000		83,147
MEDIA - 1.0%
Comcast Corp.
3.70%, 4/15/24		150,000		150,469
3.95%, 10/15/25		125,000		125,615
3.30%, 4/1/27		125,000		121,128
3.75%, 4/1/40		25,000		22,014
Fox Corp., 4.03%, 1/25/24		75,000		75,113
Walt Disney Co. (The), 3.70%, 9/15/24		200,000		200,657
				694,996
MINING - 0.7%
Glencore Funding LLC
4.63%, 4/29/24 (b)		250,000		250,267
1.63%, 4/27/26 (b)		75,000		66,422
Newcrest Finance Pty Ltd., 3.25%, 5/13/30 (b)		25,000		22,139
Newmont Corp., 2.25%, 10/1/30		150,000		124,829
				463,657
MISCELLANEOUS MANUFACTURING - 0.1%
General Electric Co., 6.75%, 3/15/32		50,000		56,045
OIL & GAS - 0.7%
BP Capital Markets America, Inc., 3.41%, 2/11/26		50,000		49,043
Marathon Petroleum Corp.
3.63%, 9/15/24		50,000		49,513
3.80%, 4/1/28		25,000		23,712
Phillips 66
3.70%, 4/6/23		75,000		75,003
3.85%, 4/9/25		25,000		24,867
1.30%, 2/15/26		25,000		22,511
3.90%, 3/15/28		150,000		145,946
Valero Energy Corp., 2.85%, 4/15/25		75,000		72,545
				463,140
PHARMACEUTICALS - 0.8%
AbbVie, Inc.
4.05%, 11/21/39		125,000		111,970
4.88%, 11/14/48		25,000		24,231
Bristol-Myers Squibb Co., 2.95%, 3/15/32		50,000		45,935
Cigna Corp.
4.90%, 12/15/48		75,000		72,423
3.40%, 3/15/50		200,000		153,683
CVS Health Corp.
2.63%, 8/15/24		30,000		29,355
4.78%, 3/25/38		75,000		71,217
5.13%, 7/20/45		25,000		24,201
				533,015

	Shares/ Principal		Fair Value
PIPELINES - 2.7%
Energy Transfer LP
4.20%, 9/15/23	$	175,000	$	175,344
2.90%, 5/15/25		100,000		95,134
5.25%, 4/15/29		100,000		99,242
5.30%, 4/15/47		25,000		21,763
5.40%, 10/1/47		50,000		44,129
Enterprise Products Operating LLC, 3.70%, 2/15/26		300,000		295,219
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40		196,522		160,299
MPLX LP
4.80%, 2/15/29		50,000		49,266
2.65%, 8/15/30		125,000		104,602
4.50%, 4/15/38		75,000		66,396
Sabine Pass Liquefaction LLC
5.63%, 4/15/23		100,000		100,956
5.63%, 3/1/25		275,000		280,683
5.00%, 3/15/27		100,000		100,275
Targa Resources Corp., 4.20%, 2/1/33		40,000		36,340
Williams Cos., Inc. (The), 4.00%, 9/15/25		175,000		172,402
				1,802,050
REITS - 3.0%
American Homes 4 Rent LP
4.90%, 2/15/29		50,000		48,820
2.38%, 7/15/31		30,000		23,988
American Tower Corp.
3.38%, 5/15/24		200,000		197,234
2.40%, 3/15/25		125,000		118,230
Camden Property Trust, 2.80%, 5/15/30		75,000		66,364
Crown Castle International Corp.
3.15%, 7/15/23		100,000		98,927
3.65%, 9/1/27		75,000		70,894
CubeSmart LP, 2.50%, 2/15/32		100,000		81,444
Essex Portfolio LP, 3.00%, 1/15/30		75,000		66,438
Federal Realty Investment Trust, 3.25%, 7/15/27		150,000		141,227
Host Hotels & Resorts LP, 2.90%, 12/15/31		75,000		59,714
Invitation Homes Operating Partnership LP
2.30%, 11/15/28		50,000		42,133
2.00%, 8/15/31		185,000		142,716
Kilroy Realty LP, 4.75%, 12/15/28		100,000		98,059
National Retail Properties, Inc., 3.90%, 6/15/24		45,000		44,896
Realty Income Corp.
4.63%, 11/1/25		200,000		203,041
4.88%, 6/1/26		75,000		76,568
3.40%, 1/15/28		25,000		23,653
2.85%, 12/15/32		75,000		64,665
Regency Centers LP, 2.95%, 9/15/29		125,000		110,058
Spirit Realty LP, 3.40%, 1/15/30		100,000		86,784
UDR, Inc., 2.10%, 8/1/32		25,000		19,502

See accompanying notes to financial statements.
53

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
REITS - 3.0% (Continued)
WP Carey, Inc.
4.60%, 4/1/24	$	25,000	$	25,141
4.00%, 2/1/25		30,000		29,823
3.85%, 7/15/29		75,000		69,969
2.40%, 2/1/31		25,000		20,470
				2,030,758
RETAIL - 1.2%
7-Eleven, Inc., 1.30%, 2/10/28 (b)		100,000		83,300
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (b)		50,000		46,696
AutoNation, Inc., 1.95%, 8/1/28		25,000		20,838
Dollar Tree, Inc.
4.00%, 5/15/25		75,000		74,592
4.20%, 5/15/28		125,000		121,626
Lowe's Cos., Inc.
1.70%, 9/15/28		75,000		63,973
3.75%, 4/1/32		175,000		162,816
4.25%, 4/1/52		50,000		43,488
McDonald's Corp., 4.45%, 9/1/48		25,000		23,275
Starbucks Corp., 3.80%, 8/15/25		150,000		149,482
Target Corp., 2.95%, 1/15/52		50,000		38,134
				828,220
SAVINGS & LOANS - 0.3%
Nationwide Building Society, 3.96%, (3 Month US Libor + 1.86%), 7/18/30 (a),(b)		200,000		185,883
SEMICONDUCTORS - 1.0%
Broadcom, Inc.
4.15%, 4/15/32 (b)		90,000		81,563
3.42%, 4/15/33 (b)		150,000		124,390
3.47%, 4/15/34 (b)		165,000		134,739
3.50%, 2/15/41 (b)		25,000		18,965
Intel Corp., 3.05%, 8/12/51		75,000		56,219
Micron Technology, Inc., 2.70%, 4/15/32		50,000		39,984
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 5/1/30		50,000		44,210
2.50%, 5/11/31		125,000		103,034
2.65%, 2/15/32		75,000		61,372
				664,476
SOFTWARE - 0.8%
Fiserv, Inc.
2.75%, 7/1/24		150,000		146,440
4.20%, 10/1/28		100,000		96,515
Oracle Corp.
2.88%, 3/25/31		125,000		103,259
3.60%, 4/1/40		25,000		18,711
VMware, Inc.
1.80%, 8/15/28		25,000		20,800
2.20%, 8/15/31		75,000		59,223

	Shares/ Principal		Fair Value
SOFTWARE - 0.8% (Continued)
Workday, Inc.
3.50%, 4/1/27	$	50,000	$	47,835
3.70%, 4/1/29		50,000		46,855
3.80%, 4/1/32		25,000		22,912
				562,550
TELECOMMUNICATIONS - 2.8%
AT&T, Inc.
2.30%, 6/1/27		120,000		109,589
2.55%, 12/1/33		175,000		142,425
4.90%, 8/15/37		50,000		49,986
4.85%, 3/1/39		85,000		81,774
3.50%, 6/1/41		100,000		80,346
5.15%, 11/15/46		25,000		24,715
3.65%, 6/1/51		50,000		39,369
3.50%, 9/15/53		25,000		19,089
T-Mobile USA, Inc.
3.50%, 4/15/25		125,000		122,362
1.50%, 2/15/26		50,000		45,230
3.75%, 4/15/27		200,000		192,629
2.05%, 2/15/28		200,000		173,964
3.88%, 4/15/30		200,000		187,161
3.00%, 2/15/41		50,000		37,315
Verizon Communications, Inc.
4.33%, 9/21/28		313,000		311,559
4.02%, 12/3/29		25,000		24,267
3.15%, 3/22/30		100,000		91,134
2.55%, 3/21/31		150,000		128,594
				1,861,508
TRANSPORTATION - 0.3%
Burlington Northern Santa Fe LLC, 3.25%, 6/15/27		75,000		73,479
Canadian Pacific Railway Co., 2.45%, 12/2/31		50,000		42,909
FedEx Corp., 3.40%, 2/15/28		25,000		23,836
Union Pacific Corp., 2.80%, 2/14/32		100,000		89,271
				229,495
TOTAL CORPORATE BONDS AND NOTES (Cost - $33,561,449)				31,093,465
AGENCY MORTGAGE BACKED SECURITIES - 33.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 4.9%
Federal Home Loan Mortgage Corporation
4.50%, 6/1/52		600,000		603,664
4.50%, 6/1/52		372,224		376,212
Freddie Mac Pool
4.00%, 1/1/49		313,390		312,786
4.00%, 3/1/50		491,506		487,701
3.00%, 12/1/50		713,927		675,642
2.50%, 9/1/51		937,862		846,210
				3,302,215

See accompanying notes to financial statements.
54

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 15.7%
Fannie Mae Pool
4.50%, 6/1/31	$	315,012	$	319,139
4.00%, 8/1/45		858,229		868,449
4.00%, 1/1/46		487,301		488,302
4.50%, 7/1/48		387,088		393,360
5.00%, 11/1/48		291,171		301,255
Federal National Mortgage Association
2.00%, 7/1/52 (d)		5,000,000		4,339,844
2.50%, 7/1/52 (d)		1,000,000		900,312
3.50%, 7/1/52 (d)		1,000,000		961,875
4.00%, 7/1/52 (d)		1,000,000		986,563
5.00%, 7/1/52 (d)		1,000,000		1,021,094
				10,580,193
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 12.7%
Ginnie Mae
2.50%, 7/20/52 (d)		1,000,000		915,937
4.50%, 7/20/52 (d)		1,000,000		1,014,688
4.50%, 8/20/52 (d)		1,000,000		1,010,195
Ginnie Mae II Pool
3.50%, 4/20/47		216,676		212,781
3.50%, 12/20/47		269,389		264,550
4.50%, 2/20/48		143,644		147,636
4.50%, 5/20/48		143,526		147,405
4.50%, 8/20/48		183,674		188,644
5.00%, 8/20/48		39,500		40,659
4.50%, 9/20/48		640,054		657,367
5.00%, 10/20/48		223,479		231,148
5.00%, 11/20/48		140,100		144,907
5.00%, 12/20/48		73,050		75,557
5.00%, 1/20/49		213,018		220,328
4.00%, 2/20/49		187,458		190,113
4.50%, 3/20/49		6,279		6,449
5.00%, 3/20/49		99,720		102,645
4.00%, 5/20/49		166,281		165,781
4.50%, 10/20/49		146,843		150,809
Government National Mortgage Association
3.00%, 9/20/49		780,282		739,564
3.00%, 11/20/51		951,772		899,367
5.00%, 7/20/52 (d)		1,000,000		1,025,000
				8,551,530
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $23,024,337)				22,433,938
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 9.0%
3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/15/54		150,000		125,694
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd., 2.87%, (SOFR + 1.45%), 1/15/37 (a),(b)		200,000		194,990

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 9.0% (Continued)
ASSURANT CLO LTD., 2.10%, (3 Month US Libor + 1.04%), 4/20/31 (a),(b)	$	1,500,000	$	1,468,823
Benchmark 2018-B1 Mortgage Trust, 2.75%, 1/15/51 (b)		100,000		72,021
BX Trust 2021-ARIA, 3.65%, (1 Month US Libor + 1.65%), 10/15/36 (a),(b)		150,000		139,887
Cathedral Lake VI Ltd., 3.13%, (3 Month US Libor + 1.95%), 4/25/34 (a),(b)		350,000		329,512
Cathedral Lake VIII Ltd., 3.68%, (3 Month US Libor + 2.62%), 1/20/35 (a),(b)		150,000		138,678
CBAM 2018-5 Ltd., 3.76%, (3 Month US Libor + 1.02%), 4/17/31 (a),(b)		350,000		342,487
Citigroup Commercial Mortgage Trust 2015-GC29, 3.11%, 4/10/48 (b)		100,000		90,355
COMM 2017-COR2 Mortgage Trust, 3.00%, 9/10/50 (b)		100,000		78,205
Connecticut Avenue Securities Trust 2021-R03, 2.58%, (SOFR + 1.65%), 12/25/41 (a),(b)		34,000		31,746
DOLP Trust 2021-NYC, 2.96%, 5/10/41 (b)		200,000		176,564
Freddie Mac STACR REMIC Trust 2021-DNA5, 2.58%, (SOFR + 1.65%), 1/25/34 (a),(b)		28,344		27,334
Freddie Mac STACR REMIC Trust 2022-DNA1, 1.93%, (SOFR + 1.00%), 1/25/42 (a),(b)		75,000		72,930
Freddie Mac STACR REMIC Trust 2022-DNA3, 2.93%, (SOFR + 2.00%), 4/25/42 (a),(b)		29,536		29,461
JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (b),(e)		107,176		96,041
London Wall Mortgage Capital PLC, 1.57%, (3 Month GBP Libor + 0.97%), 11/15/49 (a)		34,686		42,113
Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53		250,000		211,705
Morgan Stanley Capital I Trust 2020-L4, 2.70%, 2/15/53		500,000		446,345
PHEAA Student Loan Trust 2012-1, 2.17%, (1 Month US Libor + 0.55%), 5/25/57 (a),(b)		185,379		178,245
TICP CLO X Ltd., 2.06%, (3 Month US Libor + 1.00%), 4/20/31 (a),(b)		1,550,000		1,517,495
Wells Fargo Commercial Mortgage Trust 2017-C42, 2.80%, 12/15/50 (b),(e)		100,000		76,653
Wells Fargo Commercial Mortgage Trust 2022-C62, 4.00%, 4/15/55 (e)		150,000		145,020
Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 (b),(e)		7,120		7,164
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $6,433,782)				6,039,468

See accompanying notes to financial statements.
55

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

	Shares/ Principal		Fair Value
U.S. TREASURY SECURITIES AND AGENCY BONDS - 6.8%
Federal Farm Credit Banks Funding Corp.
2.90%, 4/12/32	$	600,000	$	573,223
3.30%, 5/19/32		170,000		168,952
2.85%, 3/28/34		370,000		346,224
1.70%, 4/23/35		540,000		433,288
U.S. Treasury Bond
4.25%, 5/15/39		440,000		504,745
3.13%, 11/15/41		420,000		405,333
2.75%, 8/15/42		560,000		505,181
U.S. Treasury Note
3.25%, 6/30/27		830,000		839,402
3.25%, 6/30/29		810,000		821,138
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $4,950,417)				4,597,486
SOVEREIGN DEBTS - 1.9%
Mexico Government International Bond
3.25%, 4/16/30		290,000		253,184
3.77%, 5/24/61		200,000		127,302
Perusahaan Penerbit SBSN Indonesia III, 4.55%, 3/29/26		520,000		523,899
Peruvian Government International Bond, 3.23%, 7/28/21		20,000		12,245
Romanian Government International Bond
3.00%, 2/27/27 (b)		90,000		79,264
2.12%, 7/16/31	EUR	30,000		22,166
2.00%, 1/28/32 (b)	EUR	70,000		49,829
Saudi Government International Bond, 3.63%, 3/4/28		210,000		207,077
TOTAL SOVEREIGN DEBTS (Cost - $1,467,353)				1,274,966
MUNICIPAL BONDS - 1.4%
Bay Area Toll Authority, 1.63%, 4/1/28		10,000		8,890
California Statewide Communities Development Authority, 1.88%, 2/1/31		30,000		24,226
City of Tucson
1.46%, 7/1/28		5,000		4,344
1.93%, 7/1/31		30,000		24,967
Metropolitan Transportation Authority
5.99%, 11/15/30 (f)		25,000		27,413
5.18%, 11/15/49		160,000		165,088
Municipal Improvement Corp. of Los Angeles
1.65%, 11/1/28		35,000		30,460
2.07%, 11/1/30		95,000		80,583
New Jersey Turnpike Authority
1.48%, 1/1/28		5,000		4,420
7.10%, 1/1/41		25,000		32,266
San Francisco Municipal Transportation Agency, 1.30%, 3/1/28		25,000		21,695
State of California, 7.60%, 11/1/40		175,000		241,658
State of Illinois, 5.10%, 6/1/33 (f)		265,000		266,614
TOTAL MUNICIPAL BONDS (Cost - $975,931)				932,624

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 18.8%
COMMERCIAL PAPER - 6.2%
Banque et Caisse d'Epargne, 0.00%, 7/1/22 (h)	$	400,000	$	399,983
First Abu Dhabi Bank PJSC, 0.69%, (SOFR + 0.40%), 7/1/22 (a),(b)		725,000		725,000
Liberty Street Funding LLC, 0.00%, 10/12/22 (h)		942,000		935,477
National Bank of Canada, 0.00%, 8/10/22 (h)		550,000		548,873
Royal Bank of Canada, 2.01%, (1 Month US Fed Effective Rate + 0.43%), 12/23/22 (a),(b)		314,000		314,000
Skandinaviska Enskilda Banken AB, 0.00%, 8/2/22 (h)		1,000,000		998,501
Svenska Handelsbanken AB, 0.00%, 7/1/22 (h)		250,000		249,989
TOTAL COMMERCIAL PAPER (Cost - $4,172,602)				4,171,823
MONEY MARKET FUNDS - 8.3%
Fidelity Investments Money Market Fund -   Government Portfolio,   Institutional Class, 1.21% (g)   (Cost - $5,554,651)		5,554,651		5,554,651
U.S. TREASURY SECURITIES - 4.3%
U.S. Treasury Bill, 1.64%, 9/15/22 (Cost - $2,919,257) (h)		2,925,000		2,915,198
TOTAL SHORT-TERM INVESTMENTS (Cost - $12,646,510)				12,641,672
TOTAL INVESTMENTS - 117.4% (Cost - $83,059,779)			$	79,013,619
OTHER ASSETS LESS LIABILITIES - NET (17.4)%				(11,726,292)
TOTAL NET ASSETS - 100.0%			$	67,287,327

†  Represents less than 0.05%.

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

(b)  144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2022, these securities amounted to $10,292,943 or 15.3% of net assets.

(c)  Step coupon.

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

(e)  Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end.

(f)  Sinking bond security.

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

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

See accompanying notes to financial statements.
56

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		46.2	%
Agency Mortgage Backed Securities		33.3	%
Short-Term Investments		18.8	%
Asset Backed and Commercial Backed Securities		9.0	%
U.S. Treasury Securities and Agency Bonds		6.8	%
Sovereign Debts		1.9	%
Municipal Bonds		1.4	%
Other Assets less Liabilities - Net		(17.4	)%
		100.0	%

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

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 10 Year Note Future	Morgan Stanley		48	9/21/2022	$	5,689,500	$	(46,183	)
U.S. 2 Year Note Future	Morgan Stanley		25	9/30/2022		5,250,391		(20,587	)
U.S. Long Bond Future	Morgan Stanley		3	9/21/2022		415,875		5,375
U.S. Ultra Bond Future	Morgan Stanley		32	9/21/2022		4,939,000		(42,851	)
								(104,246	)
SHORT FUTURES CONTRACTS
Euro-Bobl Future	Morgan Stanley		2	9/8/2022		259,669		(481	)
Long Gilt Future	Morgan Stanley		2	9/28/2022		276,846		11,222
U.S. 10 Year Ultra Future	Morgan Stanley		20	9/21/2022		2,547,500		35,274
U.S. 5 Year Note Future	Morgan Stanley		50	9/30/2022		5,612,500		19,437
								65,452
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(38,794	)

INTEREST RATE SWAPTIONS PURCHASED
Counterparty	Description*	Floating Rate Index	Exercise Rate	Expiration Date	Notional Amount			Fair Value		Premiums Paid		Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank	Call - IRS SWAPTION	Pay GBP SONIO	Receives 0.30%	09/02/23		1,360,000	GBP	$	1	$	2,642	$	(2,641	)
JP Morgan Chase Bank	Call - IRS SWAPTION	Pay GBP SONIO	Receives 0.28%	09/02/23		1,040,000	GBP		1		1,984		(1,983	)
TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED								$	2	$	4,626	$	(4,624	)

*  The Fund may receive or pay a variable rate.

INTEREST RATE SWAPTIONS WRITTEN
Counterparty	Description*	Floating Rate Index	Exercise Rate	Expiration Date	Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank	Call - IRS SWAPTION	Pay GBP SONIO	Receives 0.40%	09/08/32		140,000	GBP	$	(4	)	$	(2,636	)	$	2,632
JP Morgan Chase Bank	Call - IRS SWAPTION	Pay GBP SONIO	Receives 0.36%	09/08/32		110,000	GBP		(3	)		(2,033	)		2,030
TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN								$	(7	)	$	(4,669	)	$	4,662

*  The Fund may receive or pay a variable rate.

See accompanying notes to financial statements.
57

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

INTEREST RATE SWAPS
Counterparty	Payment Frequency	Fund Receives	Fund Pays	Expiration Date	Notional Amount†			Fair Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Morgan Stanley	Quarterly	1.25%	3 Month New Zealand Dollar Bank Bill Rate	12/15/22		540,000	NZD	$	(3,417	)	$	(235	)	$	(3,182	)
Morgan Stanley	Quarterly	3 Month US Libor	1 Month US Libor	07/25/24		3,160,000	USD		1,145			593			552
Morgan Stanley	Quarterly	2.25%	3 Month Stockholm Interbank Offered Rate	09/23/24		8,520,000	SEK		(8,745	)		(6,034	)		(2,711	)
Morgan Stanley	Quarterly	3 Month Euribor	1.75%	09/23/24		790,000	EUR		(3,018	)		2,455			(5,473	)
Morgan Stanley	Semi-Annually	3.50%	6 Month Australian Bill	09/21/27		810,000	AUD		(13,424	)		(11,488	)		(1,936	)
Morgan Stanley	Annually	SOFR- COMPOUND	Interest Rate Swaps			960,000	USD		1,697			8,124			(6,427	)
Morgan Stanley	Quarterly	3.75%	3 Month New Zealand Dollar Bank Bill Rate	09/21/27		320,000	NZD		(3,061	)		(3,283	)		222
Morgan Stanley	Quarterly	2.50%	3 Month Stockholm Interbank Offered Rate	09/21/27		1,720,000	SEK		(2,324	)		(1,375	)		(949	)
Morgan Stanley	Annually	Sterling Overnight Interbank Average Rate	1.75%	09/21/27		120,000	GBP		5,100			5,011			89
Morgan Stanley	Semi-Annually	2.00%	6 Month Euribor	09/21/32		240,000	EUR		(6,335	)		(557	)		(5,778	)
Morgan Stanley	Semi-Annually	1.00%	6 Month Euribor	09/21/32		240,000	EUR		(28,093	)		(28,559	)		466
Morgan Stanley	Annually	Tokyo Overnight Weighted Average Rate	0.50%	05/26/32		68,000,000	JPY		6,263			362			5,901
Morgan Stanley	Quarterly	3.25%	3 Month Canadian Dollar Offered Rate	09/21/32		330,000	CAD		(9,686	)		(10,296	)		610
Morgan Stanley	Annually	2.00%	Sterling Overnight Interbank Average Rate	06/07/32		220,000	GBP		(7,857	)		2,004			(9,861	)
Morgan Stanley	Annually	Sterling Overnight Interbank Average Rate	1.50%	09/21/32		170,000	GBP		15,244			16,610			(1,366	)
Morgan Stanley	Annually	Tokyo Overnight Weighted Average Rate	0.00%	09/23/32		18,970,000	JPY		6,984			6,624			360
Morgan Stanley	Annually	1.25%	Swiss Average Rate Overnight	09/21/32		300,000	CHF		(14,707	)		(13,421	)		(1,286	)
Morgan Stanley	Semi-Annually	3.75%	6 Month Australian Bill	09/21/32		40,000	AUD		(881	)		(1,561	)		680
Morgan Stanley	Quarterly	3 Month Stockholm Interbank Offered Rate	2.50%	09/21/32		4,810,000	SEK		14,151			11,870			2,281
Morgan Stanley	Semi-Annually	3.00%	6 Month Norway Ibor	09/21/32		1,130,000	NOK		(2,844	)		921			(3,765	)
Morgan Stanley	Quarterly	3 Month New Zealand Dollar Bank Bill Rate	3.75%	09/21/32		70,000	NZD		1,403			1,405			(2	)
Morgan Stanley	Semi-Annually	6 Month Euribor	0.75%	09/21/27		40,000	EUR		2,324			2,205			119
Morgan Stanley	Annually	SOFR- COMPOUND	2.75%	09/21/32		230,000	USD		810			3,260			(2,450	)
TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPS								$	(49,271	)	$	(15,365	)	$	(33,906	)

†  Unless otherwise indicated, notional amount is shown in USD.

See accompanying notes to financial statements.
58

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2022

CREDIT DEFAULT SWAPS
Counterparty	Reference Obligation/ Index	Payment Frequency	Buy/Sell Protection	Fixed Rate Received			Fixed Rate Paid		Credit Rating*	Expiration Date	Notional Amount		Fair Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Morgan Stanley	CD The Boeing Company	Quarterly	Buy		1.00	%		-	BBB-	06/20/24	$	100,000	$	(1,578	)	$	945	$	(2,523	)
Morgan Stanley	CD Prudential Financial, Inc.	Quarterly	Buy		1.00	%		-	A-	06/20/24		175,000		2,008			1,242		766
Morgan Stanley	CD CD.NA.IG.34	Quarterly	Buy		1.00	%		-	BBB	06/20/25		625,000		872			5,300		(4,428	)
Morgan Stanley	CD General Electric Company	Quarterly	Buy		1.00	%		-	BBB+	06/20/26		325,000		(6,364	)		3,507		(9,871	)
Morgan Stanley	CD CDX.IG.37	Quarterly	Buy		1.00	%		-	NR	12/20/26		1,325,000		3,280			20,886		(17,606	)
Morgan Stanley	CD Republic of Indonesia	Quarterly	Buy		1.00	%		-	BBB	06/20/27		550,000		(10,456	)		1,531		(11,987	)
Morgan Stanley	CD CDX.NA.IG.38	Quarterly	Buy		1.00	%		-	NR	06/21/27		1,850,000		(341	)		13,853		(14,194	)
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS													$	(12,579	)	$	47,264	$	(59,843	)

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

FORWARD FOREIGN CURRENCY CONTRACTS
Settlement Date	Counterparty	Currency Units to Receive			In Exchange For			Unrealized Appreciation (Depreciation)
09/22/22	Morgan Stanley		100,429	GBP		123,340	USD	$	(1,177	)
09/22/22	Morgan Stanley		67,716	USD		55,138	GBP		646
TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	(531	)

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - Pound Sterling

JPY - Japanese Yen

NOK - Norwegian Krone

NZD - New Zealand Dollar

SEK - Swedish Krona

USD - United States Dollar

See accompanying notes to financial statements.
59

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:	Global Atlantic BlackRock Allocation Portfolio		Global Atlantic BlackRock Disciplined Core Portfolio		Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investments in securities, at cost	$	61,684,165	$	476,529,399	$	71,520,194		$	141,625,321
Investments in securities, at fair value	$	62,272,115	$	535,197,772	$	83,313,124		$	134,201,566
Cash		-		1,188		145			11,010
Foreign cash (cost $-, $-, $- and $451,607, respectively)		-		-		-			450,212
Deposit with broker		-		642,553		130,778			162,807
Receivable for securities sold		-		4,629,010		1,080,596			1,310,363
Receivable for portfolio shares sold		-		-		87,647			-
Interest and dividends receivable		384		565,878		37,411			807,207
Prepaid expenses		1,323		12,072		2,195			75,338
Total Assets		62,273,822		541,048,473		84,651,896			137,018,503
Liabilities:
Unrealized depreciation on futures contracts		-		177,534		36,382			6,137
Payable for securities purchased		-		4,379,037		937,025			1,329,348
Payable for portfolio shares redeemed		7,980		350,996		1,944			59,030
Accrued distribution (12b-1) fees		2,782		6,586		4,075			9,128
Accrued investment advisory fees		11,582		177,932		24,855			57,385
Administrative service fees payable		1,881		13,055		2,462			4,644
Accrued expenses and other liabilities		7,426		59,825		12,598			41,747
Total Liabilities		31,651		5,164,965		1,019,341			1,507,419
Net Assets	$	62,242,171	$	535,883,508	$	83,632,555		$	135,511,084
Composition of Net Assets:
Paid-in capital	$	50,855,443	$	365,555,011	$	97,355,236		$	147,099,728
Total distributable earnings (losses)		11,386,728		170,328,497		(13,722,681	)		(11,588,644	)
Net Assets	$	62,242,171	$	535,883,508	$	83,632,555		$	135,511,084
Class I Shares:
Net Assets	$	49,027,971	$	504,824,387	$	64,546,182		$	92,702,477
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		4,333,957		37,046,815		4,457,578			9,768,399
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.31	$	13.63	$	14.48		$	9.49
Class II Shares:
Net Assets	$	13,214,200	$	31,059,121	$	19,086,373		$	42,808,653
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		1,172,776		2,286,049		1,320,875			4,524,454
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.27	$	13.59	$	14.45		$	9.46

See accompanying notes to financial statements.
60

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2022 (Unaudited)

Assets:	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio			Global Atlantic BlackRock Disciplined Value Portfolio		Global Atlantic BlackRock High Yield Portfolio			Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Investments in securities, at cost	$	262,018,771		$	222,496,150	$	57,418,237		$	83,059,779
Investments in securities, at fair value	$	235,029,328		$	224,128,993	$	51,092,830		$	79,013,619
Swaptions purchased, at fair value (premiums paid $-, $-, $- and $4,626, respectively)		-			-		-			2
Premiums paid on open swap contracts, net		-			-		-			31,899
Cash		1,102			1,367		1,021			-
Foreign cash (cost $-, $-, $- and $42,777, respectively)		-			-		-			42,672
Deposit with broker		259,979			282,245		12,039			1,142,912
Unrealized appreciation on forward foreign currency contracts		-			-		-			646
Receivable for securities sold		2,056,066			2,059,368		179,106			4,985,823
Receivable for portfolio shares sold		-			-		-			18,332
Interest and dividends receivable		73,795			246,260		939,028			412,491
Prepaid expenses		6,552			4,682		1,101			1,354
Total Assets		237,426,822			226,722,915		52,225,125			85,649,750
Liabilities:
Swaptions written, at fair value (premiums received $-, $-, $- and $4,669, respectively)		-			-		-			7
Unrealized depreciation on futures contracts		57,957			90,392		6,664			38,794
Unrealized depreciation on forward foreign currency contracts		-			-		-			1,177
Unrealized depreciation on swap contracts		-			-		-			93,749
Due to custodian		-			-		-			1,000,261
Payable for securities purchased		1,966,321			2,008,648		571,571			17,204,435
Payable for portfolio shares redeemed		71,104			63,348		21,893			-
Accrued distribution (12b-1) fees		20,772			1,377		131			-
Accrued investment advisory fees		105,140			83,401		21,698			17,558
Administrative service fees payable		8,450			5,483		1,258			1,573
Accrued expenses and other liabilities		34,733			28,768		6,609			4,869
Total Liabilities		2,264,477			2,281,417		629,824			18,362,423
Net Assets	$	235,162,345		$	224,441,498	$	51,595,301		$	67,287,327
Composition of Net Assets:
Paid-in capital	$	244,563,121		$	170,711,056	$	59,039,728		$	72,943,637
Total distributable earnings (losses)		(9,400,776	)		53,730,442		(7,444,427	)		(5,656,310	)
Net Assets	$	235,162,345		$	224,441,498	$	51,595,301		$	67,287,327
Class I Shares:
Net Assets	$	137,837,305		$	217,972,832	$	50,967,557		$	67,287,327
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		11,319,295			18,063,245		5,853,308			7,529,519
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.18		$	12.07	$	8.71		$	8.94
Class II Shares:
Net Assets	$	97,325,040		$	6,468,666	$	627,744		$	-
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		8,027,186			536,219		72,182			-
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.12		$	12.06	$	8.70		$	-

See accompanying notes to financial statements.
61

Global Atlantic Portfolios

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	Global Atlantic BlackRock Allocation Portfolio			Global Atlantic BlackRock Disciplined Core Portfolio			Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investment Income:
Dividend income*	$	686,900		$	4,843,412		$	396,944		$	2,899,278
Interest income		715			10,306			2,153			3,099
Total Investment Income		687,615			4,853,718			399,097			2,902,377
Expenses:
Investment advisory fee		76,838			1,209,150			186,912			463,200
Distribution fees (12b-1) - Class II Shares		18,031			45,636			28,329			60,201
Administrative service fees		11,206			99,462			16,202			24,768
Legal fees		8,591			76,188			12,696			18,755
Trustees fees		3,429			30,570			5,160			7,504
Custody fees		1,382			13,690			5,819			65,625
Miscellaneous expenses		13,031			116,159			19,437			53,051
Total Expenses		132,508			1,590,855			274,555			693,104
Expenses waived		-			-			(3,746	)		(77,124	)
Net Expenses		132,508			1,590,855			270,809			615,980
Net Investment Income		555,107			3,262,863			128,288			2,286,397
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		2,122,402			8,011,886			(3,183,747	)		(2,161,099	)
Futures contracts		-			(1,972,936	)		(646,712	)		(511,130	)
Foreign currency translations		-			(32	)		-			3,725
		2,122,402			6,038,918			(3,830,459	)		(2,668,504	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(13,295,560	)		(150,025,303	)		(30,803,807	)		(29,712,951	)
Futures contracts		-			(305,142	)		(48,806	)		(60,896	)
Foreign currency translations		-			(530	)		-			(50,245	)
		(13,295,560	)		(150,330,975	)		(30,852,613	)		(29,824,092	)
Net Realized and Change in Unrealized (Loss)		(11,173,158	)		(144,292,057	)		(34,683,072	)		(32,492,596	)
Net Decrease in Net Assets Resulting from Operations	$	(10,618,051	)	$	(141,029,194	)	$	(34,554,784	)	$	(30,206,199	)
* Foreign taxes withheld	$	-		$	13,002		$	311		$	365,608

See accompanying notes to financial statements.
62

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2022 (Unaudited)

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio			Global Atlantic BlackRock Disciplined Value Portfolio			Global Atlantic BlackRock High Yield Portfolio			Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Investment Income:
Dividend income*	$	1,153,337		$	2,769,387		$	-		$	-
Interest income		4,771			4,254			1,619,623			929,135
Total Investment Income		1,158,108			2,773,641			1,619,623			929,135
Expenses:
Investment advisory fee		764,765			572,140			146,313			123,503
Distribution fees (12b-1) - Class II Shares		146,658			9,225			892			-
Administrative service fees		45,534			40,795			9,389			11,655
Legal fees		35,810			30,926			7,289			9,096
Trustees fees		14,593			12,302			2,892			3,620
Custody fees		13,139			11,468			2,849			6,207
Miscellaneous expenses		55,441			47,104			11,031			13,759
Total Expenses		1,075,940			723,960			180,655			167,840
Expenses waived		(6,455	)		(2,739	)		(1,260	)		(4,381	)
Net Expenses		1,069,485			721,221			179,395			163,459
Net Investment Income		88,623			2,052,420			1,440,228			765,676
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(29,624,669	)		3,959,398			(1,195,124	)		(2,523,389	)
Short sales		-			-			-			(67	)
Futures contracts		(893,759	)		(776,857	)		(118,249	)		(1,037,788	)
Swap contracts		-			-			-			(541	)
Forward foreign currency contracts		-			-			-			27
Foreign currency translations		-			-			-			(2,257	)
		(30,518,428	)		3,182,541			(1,313,373	)		(3,564,015	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(79,511,329	)		(41,715,909	)		(8,480,832	)		(5,907,974	)
Futures contracts		(119,463	)		(136,745	)		(17,991	)		(91,791	)
Swap contracts		-			-			-			(125,590	)
Swaptions		-			-			-			1,666
Forward foreign currency contracts		-			-			-			(3,419	)
Foreign currency translations		-			-			-			(1,738	)
		(79,630,792	)		(41,852,654	)		(8,498,823	)		(6,128,846	)
Net Realized and Change in Unrealized (Loss)		(110,149,220	)		(38,670,113	)		(9,812,196	)		(9,692,861	)
Net Decrease in Net Assets Resulting from Operations	$	(110,060,597	)	$	(36,617,693	)	$	(8,371,968	)	$	(8,927,185	)
* Foreign taxes withheld	$	967		$	1,308		$	-		$	-

See accompanying notes to financial statements.
63

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock Allocation Portfolio						Global Atlantic BlackRock Disciplined Core Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	555,107		$	1,158,810		$	3,262,863		$	5,178,458
Net realized gain		2,122,402			7,447,427			6,038,918			111,729,756
Net change in unrealized appreciation (depreciation)		(13,295,560	)		(189,980	)		(150,330,975	)		49,303,876
Net increase (decrease) in net assets resulting from operations		(10,618,051	)		8,416,257			(141,029,194	)		166,212,090
From Distributions to Shareholders:
Total distributions paid		-			(3,880,297	)		-			(34,691,795	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		256,737			1,841,622			374,987			23,825,395	*
Class II		1,161,665			1,120,778			926,106			5,169,859	*
Reinvestment of distributions
Class I		-			3,136,835			-			32,715,715
Class II		-			743,463			-			1,976,080
Cost of shares redeemed
Class I		(4,642,739	)		(11,584,403	)		(37,716,274	)		(80,674,613	)
Class II		(1,567,650	)		(3,138,099	)		(4,203,255	)		(8,827,419	)
Net decrease in net assets from share transactions of beneficial interest		(4,791,987	)		(7,879,804	)		(40,618,436	)		(25,814,983	)
Total increase (decrease) in net assets		(15,410,038	)		(3,343,844	)		(181,647,630	)		105,705,312
Net Assets:
Beginning of period		77,652,209			80,996,053			717,531,138			611,825,826
End of period	$	62,242,171		$	77,652,209		$	535,883,508		$	717,531,138
Share Activity:
Class I
Shares sold		21,437			140,020			24,609			1,430,902	**
Shares reinvested		-			240,740			-			1,998,517
Shares redeemed		(381,578	)		(889,588	)		(2,450,119	)		(5,101,518	)
Net decrease in shares of beneficial interest outstanding		(360,141	)		(508,828	)		(2,425,510	)		(1,672,099	)
Share Activity:
Class II
Shares sold		92,310			85,829			62,771			312,152	**
Shares reinvested		-			57,190			-			120,861
Shares redeemed		(124,445	)		(243,437	)		(276,878	)		(564,297	)
Net decrease in shares of beneficial interest outstanding		(32,135	)		(100,418	)		(214,107	)		(131,284	)

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

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

See accompanying notes to financial statements.
64

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Growth Portfolio						Global Atlantic BlackRock Disciplined International Core Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	128,288		$	127,484		$	2,286,397		$	2,901,706
Net realized gain (loss)		(3,830,459	)		15,076,207			(2,668,504	)		17,866,588
Net change in unrealized depreciation		(30,852,613	)		(1,221,192	)		(29,824,092	)		(7,578,519	)
Net increase (decrease) in net assets resulting from operations		(34,554,784	)		13,982,499			(30,206,199	)		13,189,775
From Distributions to Shareholders:
Total distributions paid		-			(1,872,995	)		-			(2,551,441	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		560,214			97,856,259	*		147,490			16,738,187	***
Class II		1,002,447			7,299,576	*		446,162			13,978,820	***
Reinvestment of distributions
Class I		-			1,467,358			-			1,833,625
Class II		-			405,637			-			717,816
Cost of shares redeemed
Class I		(6,993,254	)		(8,649,029	)		(6,969,249	)		(12,100,080	)
Class II		(1,731,490	)		(5,314,796	)		(2,392,029	)		(5,878,741	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(7,162,083	)		93,065,005			(8,767,626	)		15,289,627
Total increase (decrease) in net assets		(41,716,867	)		105,174,509			(38,973,825	)		25,927,961
Net Assets:
Beginning of period		125,349,422			20,174,913			174,484,909			148,556,948
End of period	$	83,632,555		$	125,349,422		$	135,511,084		$	174,484,909
Share Activity:
Class I
Shares sold		32,147			5,204,444	**		14,317			1,458,438	****
Shares reinvested		-			75,481			-			158,072
Shares redeemed		(413,051	)		(441,444	)		(657,616	)		(1,053,285	)
Net increase (decrease) in shares of beneficial interest outstanding		(380,904	)		4,838,481			(643,299	)		563,225
Share Activity:
Class II
Shares sold		57,107			389,649	**		45,210			1,221,987	****
Shares reinvested		-			20,877			-			61,987
Shares redeemed		(102,230	)		(297,713	)		(223,854	)		(511,655	)
Net increase (decrease) in shares of beneficial interest outstanding		(45,123	)		112,813			(178,644	)		772,319

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

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

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

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

See accompanying notes to financial statements.
65

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio						Global Atlantic BlackRock Disciplined Value Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	88,623		$	(539,671	)	$	2,052,420		$	3,457,492
Net realized gain (loss)		(30,518,428	)		66,324,123			3,182,541			52,191,066
Net change in unrealized appreciation (depreciation)		(79,630,792	)		(33,219,750	)		(41,852,654	)		7,828,433
Net increase (decrease) in net assets resulting from operations		(110,060,597	)		32,564,702			(36,617,693	)		63,476,991
From Distributions to Shareholders:
Total distributions paid		-			(23,682,050	)		-			(3,594,121	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		486,690			55,813,006	*		403,545			614,623
Class II		1,253,911			90,838,795	*		252,344			188,856
Reinvestment of distributions
Class I		-			13,977,471			-			3,509,478
Class II		-			9,704,578			-			84,643
Cost of shares redeemed
Class I		(10,192,631	)		(29,299,309	)		(18,683,621	)		(35,365,378	)
Class II		(6,946,903	)		(11,805,579	)		(692,463	)		(1,094,831	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(15,398,933	)		129,228,962			(18,720,195	)		(32,062,609	)
Total increase (decrease) in net assets		(125,459,530	)		138,111,614			(55,337,888	)		27,820,261
Net Assets:
Beginning of period		360,621,875			222,510,261			279,779,386			251,959,125
End of period	$	235,162,345		$	360,621,875		$	224,441,498		$	279,779,386
Share Activity:
Class I
Shares sold		33,064			3,012,584	**		29,972			46,837
Shares reinvested		-			765,469			-			259,194
Shares redeemed		(710,082	)		(1,640,482	)		(1,404,870	)		(2,741,658	)
Net increase (decrease) in shares of beneficial interest outstanding		(677,018	)		2,137,571			(1,374,898	)		(2,435,627	)
Share Activity:
Class II
Shares sold		86,833			4,915,247	**		18,509			15,149
Shares reinvested		-			532,633			-			6,242
Shares redeemed		(487,684	)		(656,427	)		(52,333	)		(85,508	)
Net increase (decrease) in shares of beneficial interest outstanding		(400,851	)		4,791,453			(33,824	)		(64,117	)

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

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

See accompanying notes to financial statements.
66

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock High Yield Portfolio						Global Atlantic Goldman Sachs Core Fixed Income Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,440,228		$	2,965,054		$	765,676		$	1,544,534
Net realized gain (loss)		(1,313,373	)		1,439,189			(3,564,015	)		(281,299	)
Net change in unrealized depreciation		(8,498,823	)		(1,849,061	)		(6,128,846	)		(2,986,141	)
Net increase (decrease) in net assets resulting from operations		(8,371,968	)		2,555,182			(8,927,185	)		(1,722,906	)
From Distributions to Shareholders:
Total distributions paid		-			(3,219,040	)		-			(5,827,630	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		2,692,571			6,056,458			1,501,039			3,742,962
Class II		22,677			38,887			-			-
Reinvestment of distributions
Class I		-			3,182,155			-			5,827,630
Class II		-			36,885			-			-
Cost of shares redeemed
Class I		(7,673,110	)		(10,554,711	)		(5,647,749	)		(13,200,885	)
Class II		(86,122	)		(75,165	)		-			-
Net decrease in net assets from share transactions of beneficial interest		(5,043,984	)		(1,315,491	)		(4,146,710	)		(3,630,293	)
Total decrease in net assets		(13,415,952	)		(1,979,349	)		(13,073,895	)		(11,180,829	)
Net Assets:
Beginning of period		65,011,253			66,990,602			80,361,222			91,542,051
End of period	$	51,595,301		$	65,011,253		$	67,287,327		$	80,361,222
Share Activity:
Class I
Shares sold		283,842			591,243			159,822			353,421
Shares reinvested		-			318,854			-			579,287
Shares redeemed		(816,318	)		(1,035,993	)		(606,903	)		(1,226,960	)
Net decrease in shares of beneficial interest outstanding		(532,476	)		(125,896	)		(447,081	)		(294,252	)
Share Activity:
Class II
Shares sold		2,486			3,773			-			-
Shares reinvested		-			3,696			-			-
Shares redeemed		(9,109	)		(7,361	)		-			-
Net increase (decrease) in shares of beneficial interest outstanding		(6,623	)		108			-			-

See accompanying notes to financial statements.
67

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.17		$	12.45		$	11.42		$	9.62		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.10			0.20			0.19			0.23			0.21			0.06
Net realized and unrealized gain (loss) (d)		(1.96	)		1.20			1.40			1.79			(0.73	)		0.13
Total income (loss) from investment operations		(1.86	)		1.40			1.59			2.02			(0.52	)		0.19
Less distributions from:
Net investment income		-			(0.23	)		(0.27	)		(0.22	)		(0.05	)		-
Net realized gains		-			(0.45	)		(0.29	)		-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.68	)		(0.56	)		(0.22	)		(0.05	)		-
Net asset value, end of period	$	11.31		$	13.17		$	12.45		$	11.42		$	9.62		$	10.19
Total return (f)		(14.12	)%		11.33	%		14.46	%		21.09	%		(5.14	)% (g)		1.90	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	49,028		$	61,826		$	64,791		$	66,410		$	63,462		$	75,191
Ratio of net expenses to average net assets (h)		0.33	% (i)		0.31	%		0.31	%		0.31	%		0.31	%		0.31	% (i)
Ratio of gross expenses to average net assets (h,j)		0.33	% (i)		0.32	%		0.33	%		0.34	%		0.32	%		0.32	% (i)
Ratio of net investment income to average net assets (c,h)		1.64	% (i)		1.51	%		1.69	%		2.15	%		2.06	%		4.15	% (i)
Portfolio turnover rate		33	% (k)		73	%		85	%		61	%		54	%		2	% (k)

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

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

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

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

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

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

(g)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(i)  Annualized.

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

(k)  Not annualized.

See accompanying notes to financial statements.
68

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.13		$	12.41		$	11.39		$	9.61		$	10.18		$	10.00
Income from investment operations:
Net investment income (b,c)		0.09			0.17			0.17			0.21			0.20			0.14
Net realized and unrealized gain (loss) (d)		(1.95	)		1.19			1.38			1.78			(0.74	)		0.04
Total income (loss) from investment operations		(1.86	)		1.36			1.55			1.99			(0.54	)		0.18
Less distributions from:
Net investment income		-			(0.19	)		(0.24	)		(0.21	)		(0.03	)		-
Net realized gains		-			(0.45	)		(0.29	)		-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.64	)		(0.53	)		(0.21	)		(0.03	)		-
Net asset value, end of period	$	11.27		$	13.13		$	12.41		$	11.39		$	9.61		$	10.18
Total return (f)		(14.17	)%		11.04	%		14.13	%		20.82	%		(5.33	)% (g)		1.80	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	13,214		$	15,826		$	16,205		$	15,568		$	13,806		$	9,034
Ratio of net expenses to average net assets (h)		0.58	% (i)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	% (i)
Ratio of gross expenses to average net assets (h,j)		0.58	% (i)		0.57	%		0.58	%		0.59	%		0.57	%		0.56	% (i)
Ratio of net investment income to average net assets (c,h)		1.41	% (i)		1.28	%		1.45	%		1.91	%		1.99	%		9.11	% (i)
Portfolio turnover rate		33	% (k)		73	%		85	%		61	%		54	%		2	% (k)

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

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

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

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

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

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

(g)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(i)  Annualized.

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

(k)  Not annualized.

See accompanying notes to financial statements.
69

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	17.10		$	13.98		$	12.39		$	9.74		$	10.38		$	10.00
Income from investment operations:
Net investment income (b)		0.08			0.13			0.15			0.17			0.16			0.03
Net realized and unrealized gain (loss) (c)		(3.55	)		3.84			2.19			2.66			(0.64	)		0.35
Total income (loss) from investment operations		(3.47	)		3.97			2.34			2.83			(0.48	)		0.38
Less distributions from:
Net investment income		-			(0.15	)		(0.20	)		(0.18	)		(0.12	)		-
Net realized gains		-			(0.70	)		(0.55	)		-			(0.04	)		-
Total distributions from net investment income and net realized gains		-			(0.85	)		(0.75	)		(0.18	)		(0.16	)		-
Net asset value, end of period	$	13.63		$	17.10		$	13.98		$	12.39		$	9.74		$	10.38
Total return (d)		(20.29	)%		28.67	%		19.69	%		29.21	%		(4.75	)% (e)		3.80	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	504,824		$	674,859		$	575,095		$	547,724		$	486,491		$	315,936
Ratio of net expenses to average net assets		0.50	% (f)		0.49	%		0.48	%		0.48	%		0.48	%		0.48	% (f)
Ratio of gross expenses to average net assets (g)		0.50	% (f)		0.49	%		0.50	%		0.50	%		0.49	%		0.48	% (f)
Ratio of net investment income to average net assets		1.07	% (f)		0.79	%		1.23	%		1.53	%		1.51	%		1.67	% (f)
Portfolio turnover rate		57	% (h)		109	% (i)		122	%		130	%		156	%		18	% (h)

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

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

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

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

(e)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f)  Annualized.

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

(h)  Not annualized.

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

See accompanying notes to financial statements.
70

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	17.07		$	13.96		$	12.37		$	9.72		$	10.37		$	10.00
Income from investment operations:
Net investment income (b)		0.06			0.09			0.12			0.14			0.13			0.02
Net realized and unrealized gain (loss) (c)		(3.54	)		3.83			2.18			2.66			(0.65	)		0.35
Total income (loss) from investment operations		(3.48	)		3.92			2.30			2.80			(0.52	)		0.37
Less distributions from:
Net investment income		-			(0.11	)		(0.16	)		(0.15	)		(0.09	)		-
Net realized gains		-			(0.70	)		(0.55	)		-			(0.04	)		-
Total distributions from net investment income and net realized gains		-			(0.81	)		(0.71	)		(0.15	)		(0.13	)		-
Net asset value, end of period	$	13.59		$	17.07		$	13.96		$	12.37		$	9.72		$	10.37
Total return (d)		(20.39	)%		28.35	%		19.42	%		28.94	%		(5.06	)% (e)		3.70	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	31,059		$	42,672		$	36,731		$	35,116		$	32,442		$	36,674
Ratio of net expenses to average net assets		0.75	% (f)		0.74	%		0.73	%		0.73	%		0.73	%		0.72	% (f)
Ratio of gross expenses to average net assets (g)		0.75	% (f)		0.74	%		0.75	%		0.75	%		0.74	%		0.72	% (f)
Ratio of net investment income to average net assets		0.81	% (f)		0.54	%		0.98	%		1.28	%		1.24	%		1.00	% (f)
Portfolio turnover rate		57	% (h)		109	% (i)		122	%		130	%		156	%		18	% (h)

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

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

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

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

(e)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f)  Annualized.

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

(h)  Not annualized.

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

See accompanying notes to financial statements.
71

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Period Ended December 31, 2021 (a)
Net asset value, beginning of period	$	20.21		$	18.80
Income from investment operations:
Net investment income (b)		0.03			0.03
Net realized and unrealized gain (loss) (c)		(5.76	)		1.67
Total income (loss) from investment operations		(5.73	)		1.70
Less distributions from:
Net realized gains		-			(0.29	)
Total distributions from net investment income and net realized gains		-			(0.29	)
Net asset value, end of period	$	14.48		$	20.21
Total return (d)		(28.35	)%		9.12	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	64,546		$	97,770
Ratio of net expenses to average net assets		0.48	% (e)		0.48	% (e)
Ratio of gross expenses to average net assets (f)		0.49	% (e)		0.48	% (e)
Ratio of net investment income to average net assets		0.31	% (e)		0.36	% (e)
Portfolio turnover rate		60	% (g)		130	% (g,h)

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

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

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

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

(e)  Annualized.

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

(g)  Not annualized.

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

See accompanying notes to financial statements.
72

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	20.19		$	16.10		$	12.66		$	9.85		$	10.32		$	10.00
Income from investment operations:
Net investment income (loss) (b)		0.01			(0.00	) (c)		0.03			0.07			0.08			0.02
Net realized and unrealized gain (loss) (d)		(5.75	)		4.38			4.26			3.18			(0.38	)		0.30
Total income (loss) from investment operations		(5.74	)		4.38			4.29			3.25			(0.30	)		0.32
Less distributions from:
Net investment income		-			-			(0.06	)		(0.06	)		(0.08	)		-
Net realized gains		-			(0.29	)		(0.79	)		(0.38	)		(0.09	)		-
Total distributions from net investment income and net realized gains		-			(0.29	)		(0.85	)		(0.44	)		(0.17	)		-
Net asset value, end of period	$	14.45		$	20.19		$	16.10		$	12.66		$	9.85		$	10.32
Total return (e)		(28.43	)%		27.29	%		34.68	%		33.38	%		(2.98	)%		3.20	% (f)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	19,086		$	27,579		$	20,175		$	18,077		$	15,807		$	20,534
Ratio of net expenses to average net assets		0.73	% (g)		0.77	%		0.79	%		0.79	%		0.79	%		0.79	% (g)
Ratio of gross expenses to average net assets (h)		0.74	% (g)		0.80	%		0.87	%		0.85	%		0.81	%		0.80	% (g)
Ratio of net investment income to average net assets		0.06	% (g)		(0.00	)% (c)		0.21	%		0.58	%		0.75	%		1.14	% (g)
Portfolio turnover rate		60	% (i)		130	% (j)		133	%		144	%		156	%		23	% (i)

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

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

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

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

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

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

(g)  Annualized.

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

(i)  Not annualized.

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

See accompanying notes to financial statements.
73

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	11.55		$	10.78		$	9.98		$	8.50		$	10.20		$	10.00
Income from investment operations:
Net investment income (b,c)		0.16			0.22			0.14			0.25			0.23			0.03
Net realized and unrealized gain (loss) (d)		(2.22	)		0.73			0.85			1.48			(1.74	)		0.17
Total income (loss) from investment operations		(2.06	)		0.95			0.99			1.73			(1.51	)		0.20
Less distributions from:
Net investment income		-			(0.18	)		(0.19	)		(0.25	)		(0.19	)		-
Net realized gains		-			-			-			-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.18	)		(0.19	)		(0.25	)		(0.19	)		-
Net asset value, end of period	$	9.49		$	11.55		$	10.78		$	9.98		$	8.50		$	10.20
Total return (f)		(17.84	)%		8.77	%		10.32	%		20.50	%		(14.80	)% (g)		2.00	% (h)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	92,702		$	120,258		$	106,216		$	105,876		$	98,694		$	67,071
Ratio of net expenses to average net assets (i)		0.72	% (j)		0.72	%		0.69	%		0.69	%		0.69	%		0.69	% (j)
Ratio of gross expenses to average net assets (i,k)		0.82	% (j)		0.82	%		0.84	%		0.72	%		0.70	%		0.69	% (j)
Ratio of net investment income to average net assets (c,i)		3.04	% (j)		1.87	%		1.55	%		2.61	%		2.30	%		1.99	% (j)
Portfolio turnover rate		27	% (l)		117	% (m)		161	%		86	%		67	%		4	% (l)

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

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

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

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

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

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

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

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

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

(j)  Annualized.

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

(l)  Not annualized.

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

See accompanying notes to financial statements.
74

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	11.53		$	10.77		$	9.97		$	8.49		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.15			0.19			0.12			0.22			0.22			0.05
Net realized and unrealized gain (loss) (d)		(2.22	)		0.72			0.85			1.48			(1.74	)		0.14
Total income (loss) from investment operations		(2.07	)		0.91			0.97			1.70			(1.52	)		0.19
Less distributions from:
Net investment income		-			(0.15	)		(0.17	)		(0.22	)		(0.18	)		-
Net realized gains		-			-			-			-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.15	)		(0.17	)		(0.22	)		(0.18	)		-
Net asset value, end of period	$	9.46		$	11.53		$	10.77		$	9.97		$	8.49		$	10.19
Total return (f)		(17.95	)%		8.47	%		10.05	%		20.22	%		(14.95	)% (g)		1.90	% (h)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	42,809		$	54,227		$	42,341		$	42,714		$	41,052		$	5,097
Ratio of net expenses to average net assets (i)		0.97	% (j)		0.97	%		0.94	%		0.94	%		0.94	%		0.93	% (j)
Ratio of gross expenses to average net assets (i)		1.07	% (j)		1.07	%		1.09	%		0.97	%		0.95	%		0.93	% (j)
Ratio of net investment income to average net assets (c,i)		2.80	% (j)		1.63	%		1.30	%		2.36	%		2.23	%		3.34	% (j)
Portfolio turnover rate		27	% (k)		117	% (l)		161	%		86	%		67	%		4	% (k)

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

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

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

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

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

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

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

(h)  For the period ended December 31, 2017, the Portfolio received a reimbursement from an affiliate. This reimbursement had no impact on the Portfolio's total return.

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

(j)  Annualized.

(k)  Not annualized.

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

See accompanying notes to financial statements.
75

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	17.68		$	16.49		$	13.06		$	9.91		$	10.35		$	10.00
Income from investment operations:
Net investment income (loss) (b)		0.01			(0.02	)		0.01			0.05			0.11			0.01
Net realized and unrealized gain (loss) (c)		(5.51	)		2.41			4.58			3.18			(0.43	)		0.34
Total income (loss) from investment operations		(5.50	)		2.39			4.59			3.23			(0.32	)		0.35
Less distributions from:
Net investment income		-			(0.00	) (d)		(0.04	)		(0.03	)		(0.09	)		-
Net realized gains		-			(1.20	)		(1.12	)		(0.05	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(1.20	)		(1.16	)		(0.08	)		(0.12	)		-
Net asset value, end of period	$	12.18		$	17.68		$	16.49		$	13.06		$	9.91		$	10.35
Total return (e)		(31.11	)%		14.29	%		36.52	%		32.68	%		(3.07	)% (f)		3.50	% (f)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	137,837		$	212,083		$	162,580		$	141,289		$	126,149		$	93,457
Ratio of net expenses to average net assets		0.65	% (g)		0.64	%		0.63	%		0.63	%		0.63	%		0.63	% (g)
Ratio of gross expenses to average net assets (h)		0.65	% (g)		0.65	%		0.67	%		0.66	%		0.65	%		0.64	% (g)
Ratio of net investment income (loss) to average net assets		0.17	% (g)		(0.11	)%		0.09	%		0.44	%		0.99	%		0.79	% (g)
Portfolio turnover rate		61	% (i)		179	% (j)		139	%		148	%		168	%		26	% (i)

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

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

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

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

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

(f)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(g)  Annualized.

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

(i)  Not annualized.

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

See accompanying notes to financial statements.
76

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	17.62		$	16.48		$	13.06		$	9.90		$	10.35		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.01	)		(0.06	)		(0.02	)		0.02			0.08			0.01
Net realized and unrealized gain (loss) (c)		(5.49	)		2.40			4.56			3.19			(0.43	)		0.34
Total income (loss) from investment operations		(5.50	)		2.34			4.54			3.21			(0.35	)		0.35
Less distributions from:
Net investment income		-			-			(0.00	) (d)		(0.00	) (d)		(0.07	)		-
Net realized gains		-			(1.20	)		(1.12	)		(0.05	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(1.20	)		(1.12	)		(0.05	)		(0.10	)		-
Net asset value, end of period	$	12.12		$	17.62		$	16.48		$	13.06		$	9.90		$	10.35
Total return (e)		(31.21	)%		13.96	%		36.13	%		32.48	%		(3.35	)% (f)		3.50	% (f)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	97,325		$	148,539		$	59,930		$	50,446		$	43,290		$	17,801
Ratio of net expenses to average net assets		0.90	% (g)		0.89	%		0.88	%		0.88	%		0.88	%		0.88	% (g)
Ratio of gross expenses to average net assets (h)		0.90	% (g)		0.90	%		0.92	%		0.91	%		0.90	%		0.89	% (g)
Ratio of net investment income (loss) to average net assets		(0.08	)% (g)		(0.35	)%		(0.12	)%		0.19	%		0.77	%		0.41	% (g)
Portfolio turnover rate		61	% (i)		179	% (j)		139	%		148	%		168	%		26	% (i)

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

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

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

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

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

(f)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(g)  Annualized.

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

(i)  Not annualized.

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

See accompanying notes to financial statements.
77

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.98		$	11.19		$	11.51		$	9.39		$	10.44		$	10.00
Income from investment operations:
Net investment income (b)		0.11			0.16			0.19			0.23			0.20			0.03
Net realized and unrealized gain (loss) (c)		(2.02	)		2.81			0.17			2.13			(1.02	)		0.41
Total income (loss) from investment operations		(1.91	)		2.97			0.36			2.36			(0.82	)		0.44
Less distributions from:
Net investment income		-			(0.18	)		(0.24	)		(0.24	)		(0.16	)		-
Net realized gains		-			-			(0.44	)		-			(0.07	)		-
Total distributions from net investment income and net realized gains		-			(0.18	)		(0.68	)		(0.24	)		(0.23	)		-
Net asset value, end of period	$	12.07		$	13.98		$	11.19		$	11.51		$	9.39		$	10.44
Total return (d)		(13.66	)%		26.58	%		4.14	%		25.28	%		(7.97	)% (e)		4.40	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	217,973		$	271,801		$	244,853		$	266,399		$	248,141		$	309,640
Ratio of net expenses to average net assets		0.56	% (f)		0.55	%		0.54	%		0.54	%		0.54	%		0.54	% (f)
Ratio of gross expenses to average net assets (g)		0.56	% (f)		0.55	%		0.57	%		0.56	%		0.55	%		0.54	% (f)
Ratio of net investment income to average net assets		1.62	% (f)		1.27	%		1.87	%		2.11	%		1.93	%		1.99	% (f)
Portfolio turnover rate		64	% (h)		120	%		125	%		132	%		140	%		17	% (h)

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

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

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

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

(e)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f)  Annualized.

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

(h)  Not annualized.

See accompanying notes to financial statements.
78

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	14.00		$	11.21		$	11.52		$	9.40		$	10.45		$	10.00
Income from investment operations:
Net investment income (b)		0.09			0.13			0.17			0.20			0.18			0.02
Net realized and unrealized gain (loss) (c)		(2.03	)		2.81			0.18			2.13			(1.02	)		0.43
Total income (loss) from investment operations		(1.94	)		2.94			0.35			2.33			(0.84	)		0.45
Less distributions from:
Net investment income		-			(0.15	)		(0.22	)		(0.21	)		(0.14	)		-
Net realized gains		-			-			(0.44	)		-			(0.07	)		-
Total distributions from net investment income and net realized gains		-			(0.15	)		(0.66	)		(0.21	)		(0.21	)		-
Net asset value, end of period	$	12.06		$	14.00		$	11.21		$	11.52		$	9.40		$	10.45
Total return (d)		(13.86	)%		26.23	%		3.94	%		24.92	%		(8.16	)% (e)		4.50	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	6,469		$	7,978		$	7,106		$	7,370		$	7,160		$	9,545
Ratio of net expenses to average net assets		0.81	% (f)		0.80	%		0.79	%		0.79	%		0.79	%		0.78	% (f)
Ratio of gross expenses to average net assets (g)		0.81	% (f)		0.80	%		0.82	%		0.81	%		0.80	%		0.78	% (f)
Ratio of net investment income to average net assets		1.37	% (f)		1.02	%		1.62	%		1.86	%		1.68	%		1.34	% (f)
Portfolio turnover rate		64	% (h)		120	%		125	%		132	%		140	%		17	% (h)

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

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

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

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

(e)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f)  Annualized.

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

(h)  Not annualized.

See accompanying notes to financial statements.
79

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.06		$	10.17		$	10.21		$	9.43		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.23			0.46			0.49			0.52			0.52			0.07
Net realized and unrealized gain (loss) (c)		(1.58	)		(0.06	)		0.07			0.89			(0.95	)		(0.15	)
Total income (loss) from investment operations		(1.35	)		0.40			0.56			1.41			(0.43	)		(0.08	)
Less distributions from:
Net investment income		-			(0.51	)		(0.60	)		(0.63	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.51	)		(0.60	)		(0.63	)		(0.06	)		-
Net asset value, end of period	$	8.71		$	10.06		$	10.17		$	10.21		$	9.43		$	9.92
Total return (d)		(13.42	)%		4.00	%		5.79	%		15.06	%		(4.32	)%		(0.80	)% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	50,968		$	64,219		$	66,191		$	70,727		$	69,255		$	83,070
Ratio of net expenses to average net assets		0.61	% (f)		0.60	%		0.59	%		0.59	%		0.59	%		0.59	% (f)
Ratio of gross expenses to average net assets (g)		0.61	% (f)		0.61	%		0.62	%		0.62	%		0.60	%		0.59	% (f)
Ratio of net investment income to average net assets		4.92	% (f)		4.51	%		4.93	%		5.11	%		5.24	%		4.54	% (f)
Portfolio turnover rate		46	% (h)		62	%		52	%		45	%		36	%		3	% (h)

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

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

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

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

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

(f)  Annualized.

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

(h)  Not annualized.

See accompanying notes to financial statements.
80

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.06		$	10.16		$	10.19		$	9.41		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.22			0.44			0.46			0.50			0.49			0.07
Net realized and unrealized gain (loss) (c)		(1.58	)		(0.06	)		0.08			0.87			(0.94	)		(0.15	)
Total income (loss) from investment operations		(1.36	)		0.38			0.54			1.37			(0.45	)		(0.08	)
Less distributions from:
Net investment income		-			(0.48	)		(0.57	)		(0.59	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.48	)		(0.57	)		(0.59	)		(0.06	)		-
Net asset value, end of period	$	8.70		$	10.06		$	10.16		$	10.19		$	9.41		$	9.92
Total return (d)		(13.52	)%		3.74	%		5.57	%		14.70	%		(4.56	)%		(0.80	)% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	628		$	793		$	799		$	900		$	1,071		$	1,405
Ratio of net expenses to average net assets		0.86	% (f)		0.85	%		0.84	%		0.84	%		0.84	%		0.83	% (f)
Ratio of gross expenses to average net assets (g)		0.86	% (f)		0.86	%		0.87	%		0.87	%		0.85	%		0.83	% (f)
Ratio of net investment income to average net assets		4.67	% (f)		4.26	%		4.68	%		4.86	%		4.99	%		4.31	% (f)
Portfolio turnover rate		46	% (h)		62	%		52	%		45	%		36	%		3	% (h)

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

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

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

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

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

(f)  Annualized.

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

(h)  Not annualized.

See accompanying notes to financial statements.
81

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

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

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			��	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.07		$	11.07		$	10.60			$	9.92		$	9.98		$	10.00
Income from investment operations:
Net investment income (b,c)		0.10			0.20			0.24				0.27			0.25			0.03
Net realized and unrealized gain (loss) (d)		(1.23	)		(0.42	)		0.76				0.67			(0.31	)		(0.05	)
Total income (loss) from investment operations		(1.13	)		(0.22	)		1.00				0.94			(0.06	)		(0.02	)
Less distributions from:
Net investment income		-			(0.28	)		(0.27	)			(0.26	)		0.00	(e)		-
Net realized gains		-			(0.50	)		(0.26	)			-			-			-
Total distributions from net investment income and net realized gains		-			(0.78	)		(0.53	)			(0.26	)		0.00	(e)		-
Net asset value, end of period	$	8.94		$	10.07		$	11.07			$	10.60		$	9.92		$	9.98
Total return (f)		(11.22	)%		(1.98	)%		9.49	%			9.49	%		(0.55	)% (g)		(0.20	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	67,287		$	80,361		$	91,542			$	90,506		$	92,760		$	35,260
Ratio of net expenses to average net assets (h)		0.45	% (i)		0.43	%		0.43	%			0.43	%		0.43	%		0.43	% (i)
Ratio of gross expenses to average net assets (h,j)		0.46	% (i)		0.45	%		0.47	%			0.46	%		0.44	%		0.44	% (i)
Ratio of net investment income to average net assets (c,h)		2.11	% (i)		1.83	%		2.18	%			2.61	%		2.51	%		1.64	% (i)
Portfolio turnover rate		45	% (l)		85	% (l)		151	% (l)			150	% (l)		248	% (l)		69	% (k)

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

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

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

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

(e)  Less than $0.005 per share.

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

(g)  For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(i)  Annualized.

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

(k)  Not annualized.

(l)  The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2022 and years ended December 2021, December 31, 2020, December 31, 2019 and December 31, 2018. If these were included in the calculation, the portfolio turnover would be 262%, 474%, 701%, 689% and 486%, respectively. See Note 2 in the accompanying notes to financial statements.

See accompanying notes to financial statements.
82

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited)

June 30, 2022

1.  ORGANIZATION

As of June 30, 2022, the Global Atlantic Portfolios were comprised of sixteen different actively managed portfolios, eight of which are discussed in this report (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

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

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

As of June 30, 2022, the Portfolios offered Class I and Class II shares at net asset value, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

2.  SIGNIFICANT ACCOUNTING POLICIES

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

83

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

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

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

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

These investments will be valued at their fair market value as determined using the valuation procedures approved by the Board. The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Global Atlantic Investment Advisors, LLC (the "Adviser") and/or Sub-Adviser. The Fair Value Committee at its discretion may also include a representative from The Bank of New York Mellon (the "Administrator") and 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 of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Adviser and/or Sub-Adviser. The Fair Value Committee at its discretion may also include a representative from the Administrator and 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 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

84

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

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 certain factors, such as, but not limited to: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security's embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2022 for each Portfolio's investments measured at fair value:

Global Atlantic BlackRock Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	61,657,828	$	-	$	-	$	61,657,828
Short-Term Investments		614,287		-		-		614,287
Total	$	62,272,115	$	-	$	-	$	62,272,115

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June 30, 2022

Global Atlantic BlackRock Disciplined Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	527,809,722	$	-	$	-	$	527,809,722
Short-Term Investments		7,388,050		-		-		7,388,050
Total	$	535,197,772	$	-	$	-	$	535,197,772
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	177,534	$	-	$		$	177,534
Total	$	177,534	$	-	$	-	$	177,534

Global Atlantic BlackRock Disciplined Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	81,743,580	$	-	$	-	$	81,743,580
Short-Term Investments		1,569,544		-		-		1,569,544
Total	$	83,313,124	$	-	$	-	$	83,313,124
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	36,382	$	-	$		$	36,382
Total	$	36,382	$	-	$	-	$	36,382

Global Atlantic BlackRock Disciplined International Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	118,022,461	$	134,946	$	-	$	118,157,407
Exchange Traded Funds		12,383,722		-		-		12,383,722
Preferred Stocks		1,247,832		-		-		1,247,832
Warrants		73		-		-		73
Short-Term Investments		2,412,532		-		-		2,412,532
Futures Contracts*		7,695		-		-		7,695
Total	$	134,074,315	$	134,946	$	-	$	134,209,261
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	13,832	$	-	$	-	$	13,832
Total	$	13,832	$	-	$	-	$	13,832

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	231,683,328	$	-	$	-	$	231,683,328
Rights		-		598		-		598
Warrants		1,488		-		-		1,488
Short-Term Investments		3,343,914		-		-		3,343,914
Total	$	235,028,730	$	598	$	-	$	235,029,328
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	57,957	$	-	$	-	$	57,957
Total	$	57,957	$	-	$	-	$	57,957

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June 30, 2022

Global Atlantic BlackRock Disciplined Value Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	220,925,820	$	-	$	-	$	220,925,820
Short-Term Investments		3,203,173		-		-		3,203,173
Total	$	224,128,993	$	-	$	-	$	224,128,993
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	90,392		-		-		90,392
Total	$	90,392	$	-	$	-	$	90,392

Global Atlantic BlackRock High Yield Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	-	$	50,529,260	$	-	$	50,529,260
Short-Term Investments		563,570		-		-		563,570
Total	$	563,570	$	50,529,260	$	-	$	51,092,830
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	6,664	$	-	$		$	6,664
Total	$	6,664	$	-	$	-	$	6,664

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	-	$	31,093,465	$	-	$	31,093,465
Agency Mortgage Backed Securities				22,433,938				22,433,938
Short-Term Investments		5,554,651		7,087,021		-		12,641,672
Asset Backed and Commercial Backed Securities		-		6,039,468		-		6,039,468
U.S. Treasury Securities and Agency Bonds				4,597,486				4,597,486
Sovereign Debts		-		1,274,966		-		1,274,966
Municipal Bonds		-		932,624		-		932,624
Futures Contracts*		71,308		-				71,308
Swap Contracts*		-		12,046		-		12,046
Swaptions Written				4,662				4,662
Forward Foreign Currency Contracts*		-		646				646
Total	$	5,625,959	$	73,476,322	$	-	$	79,102,281
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	110,102	$	-	$		$	110,102
Swap Contracts*		-		105,795				105,795
Swaptions Purchased				4,624				4,624
Forward Foreign Currency Contracts*		-		1,177				1,177
Total	$	110,102	$	111,596	$	-	$	221,698

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

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

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

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June 30, 2022

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

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

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2019 and 2020 tax returns, or is expected to be taken in each Portfolio's 2021 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

For the six-months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

	Realized Gain/(Loss)		Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	27	$	(3,419	)

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

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June 30, 2022

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

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

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

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

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June 30, 2022

since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	Equity	$	(1,972,936	)	$	(305,142	)
Global Atlantic BlackRock Disciplined Growth Portfolio	Equity		(646,172	)		(48,806	)
Global Atlantic BlackRock Disciplined International Core Portfolio	Equity		(511,130	)		(60,896	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	Equity		(893,759	)		(119,463	)
Global Atlantic BlackRock Disciplined Value Portfolio	Equity		(776,857	)		(136,745	)
Global Atlantic BlackRock High Yield Portfolio	Interest Rate		(118,249	)		(17,991	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate		(1,037,788	)		(91,791	)

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

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June 30, 2022

losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

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

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate	$	(5,330	)	$	(47,834	)
	Credit		4,789			(77,756	)

Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities – The following tables present certain of the Portfolios' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2022.

Global Atlantic BlackRock Disciplined Core Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	177,534	$	-	$	177,534	$	(177,534	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	177,534	$	-	$	177,534	$	(177,534	)	$	-

Global Atlantic BlackRock Disciplined Growth Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	36,382	$	-	$	36,382	$	(36,382	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	36,382	$	-	$	36,382	$	(36,382	)	$	-

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June 30, 2022

Global Atlantic BlackRock Disciplined International Core Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	7,695	$	(7,695	)	$	-	$	-	$	-	$	13,832	$	(7,695	)	$	6,137	$	(6,137	)	$	-
Total	$	7,695	$	(7,695	)	$	-	$	-	$	-	$	13,832	$	(7,695	)	$	6,137	$	(6,137	)	$	-

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	57,957	$	-	$	57,957	$	(57,957	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	57,957	$	-	$	57,957	$	(57,957	)	$	-

Global Atlantic BlackRock Disciplined Value Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	90,392	$	-	$	90,392	$	(90,392	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	90,392	$	-	$	90,392	$	(90,392	)	$	-

Global Atlantic BlackRock High Yield Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	6,664	$	-	$	6,664	$	(6,664	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	6,664	$	-	$	6,664	$	(6,664	)	$	-

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June 30, 2022

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Gross Amounts of Recognized Assets (1)		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received (2)		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities (1)		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged (2)			Net Amount of Recognized Liabilities
JP Morgan Chase Bank	$	4,662	$	(4,662	)	$	-	$	-	$	-	$	4,624	$	(4,624	)	$	-	$	-		$	-
Morgan Stanley		84,000		(84,000	)		-		-		-		106,972		(84,000	)		-		(22,972	)		-
Total	$	88,662	$	(88,662	)	$	-	$	-	$	-	$	111,596	$	(88,624	)	$	-	$	(22,972	)	$	-

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

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

Impact of Derivatives on the Statements of Assets and Liabilities – The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of June 30, 2022.

Global Atlantic BlackRock Disciplined Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(177,534	)	$	-	$	-	$	-	$	(177,534	)
Total	$	(177,534	)	$	-	$	-	$	-	$	(177,534	)

Global Atlantic BlackRock Disciplined Growth Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(36,382	)	$	-	$	-	$	-	$	(36,382	)
Total	$	(36,382	)	$	-	$	-	$	-	$	(36,382	)

Global Atlantic BlackRock Disciplined International Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	7,695		$	-	$	-	$	-	$	7,695
Liabilities
Unrealized depreciation on Futures Contracts		(13,832	)		-		-		-		(13,832	)
Total	$	(6,137	)	$	-	$	-	$	-	$	(6,137	)

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June 30, 2022

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(57,957	)	$	-	$	-	$	-	$	(57,957	)
Total	$	(57,957	)	$	-	$	-	$	-	$	(57,957	)

Global Atlantic BlackRock Disciplined Value Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(90,392	)	$	-	$	-	$	-	$	(90,392	)
Total	$	(90,392	)	$	-	$	-	$	-	$	(90,392	)

Global Atlantic BlackRock High Yield Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(6,664	)	$	-	$	-	$	-	$	(6,664	)
Total	$	(6,664	)	$	-	$	-	$	-	$	(6,664	)

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Equity		Interest Rate Contracts			Credit Contracts			Currency Contracts			Total
Assets
Unrealized appreciation on Futures Contracts	$	-	$	71,308		$	-		$	-		$	71,308
Unrealized appreciation on Swap Contracts		-		11,280			766			-			12,046
Unrealized appreciation on Swaptions		-		4,662			-			-			4,662
Unrealized appreciation on Forward Foreign Currency Contracts		-		-			-			646			646
Liabilities
Unrealized depreciation on Futures Contracts		-		(110,102	)		-			-			(110,102	)
Unrealized depreciation on Swap Contracts		-		(45,186	)		(60,609	)		-			(105,795	)
Unrealized depreciation on Swaptions		-		(4,624	)		-			-			(4,624	)
Unrealized depreciation on Forward Foreign Currency Contracts		-		-			-			(1,177	)		(1,177	)
Total	$	-	$	(72,662	)	$	(59,843	)	$	(531	)	$	(133,036	)

The notional value of the derivative instruments outstanding as of June 30, 2022, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

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June 30, 2022

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. The SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and certain other transactions, which may include short sales in some cases, by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions.

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 may estimate the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.

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

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June 30, 2022

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

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

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

3.  INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

	Purchases		Sales
Global Atlantic BlackRock Allocation Portfolio	$	23,345,519	$	27,776,481
Global Atlantic BlackRock Disciplined Core Portfolio		353,363,262		390,529,797
Global Atlantic BlackRock Disciplined Growth Portfolio		61,367,135		69,878,434
Global Atlantic BlackRock Disciplined International Core Portfolio		41,914,755		48,626,237
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		174,414,085		188,982,658
Global Atlantic BlackRock Disciplined Value Portfolio		162,206,474		179,292,336
Global Atlantic BlackRock High Yield Portfolio		26,243,611		28,832,153
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		181,187,993		182,551,352

4.  AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES

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

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

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

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

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June 30, 2022

The following chart details the annual advisory fee for each Portfolio for the six-month period ended June 30, 2022.

Portfolio	Advisory Fee*
Global Atlantic BlackRock Allocation Portfolio	0.22% on first $1 billion
	0.21% on next $1 billion
	0.20% over $2 billion
Global Atlantic BlackRock Disciplined Core Portfolio	0.39% on first $1 billion
	0.37% on next $1 billion
	0.35% over $2 billion
Global Atlantic BlackRock Disciplined Growth Portfolio	0.37% on first $250 million
	0.35% on next $250 million
	0.34% on next $500 million
	0.32% over $1 billion
Global Atlantic BlackRock Disciplined International Core Portfolio	0.60% on first $500 million
	0.58% on next $500 million
	0.55% over $1 billion
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	0.54% on first $250 million
	0.53% on next $250 million
	0.51% on next $500 million
	0.48% over $1 billion
Global Atlantic BlackRock Disciplined Value Portfolio	0.45% on first $1 billion
	0.43% on next $1 billion
	0.41% over $2 billion
Global Atlantic BlackRock High Yield Portfolio	0.50% on first $1 billion
	0.48% on next $1 billion
	0.46% over $2 billion
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	0.34% on first $250 million
	0.32% on next $250 million
	0.26% over $500 million

*  Calculated daily based on the average daily net assets.

During the six-month period ended June 30, 2022, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed above and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

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

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June 30, 2022

*  The Portfolio is also subject to a Total Expense Limit of 0.48% and 0.73% for Class I and Class II shares, respectively, which includes Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, effective through August 31, 2022.

**  The Portfolio is also subject to a Total Expense Limit of 0.77% and 1.02% for Class I and Class II shares, respectively, which includes Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, effective through August 31, 2022.

For the six-months ended June 30, 2022, the Adviser waived, reimbursed, or recaptured fees as follows:

	Investment Advisory Fee Waiver		Investment Advisory Fee Reimbursed		Investment Advisory Fee Recaptured		Total
Global Atlantic BlackRock Allocation Portfolio	$	-	$	-	$	-	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		-		-		-		-
Global Atlantic BlackRock Disciplined Growth Portfolio		3,746		-		-		3,746
Global Atlantic BlackRock Disciplined International Core Portfolio		61,622		15,502		-		77,124
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		6,455		-		-		6,455
Global Atlantic BlackRock Disciplined Value Portfolio		2,739		-		-		2,739
Global Atlantic BlackRock High Yield Portfolio		1,260		-		-		1,260
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		4,381		-		-		4,381

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

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

	December 31, 2022		December 31, 2023		December 31, 2024		December 31, 2025
Global Atlantic BlackRock Allocation Portfolio	$	19,679	$	14,847	$	3,906	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		93,032		107,215		26,103		-
Global Atlantic BlackRock Disciplined Growth Portfolio		10,039		14,202		6,246		3,746
Global Atlantic BlackRock Disciplined International Core Portfolio		48,584		186,121		151,178		61,622
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		55,910		68,221		21,503		6,455
Global Atlantic BlackRock Disciplined Value Portfolio		49,384		62,633		13,916		2,739
Global Atlantic BlackRock High Yield Portfolio		22,317		16,144		4,298		1,260
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		26,065		31,294		8,039		4,380

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June 30, 2022

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

	December 31, 2021
Global Atlantic BlackRock Allocation Portfolio	$	8,542
Global Atlantic BlackRock Disciplined Core Portfolio		50,540
Global Atlantic BlackRock Disciplined Growth Portfolio		3,754
Global Atlantic BlackRock Disciplined International Core Portfolio		9,810
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		35,854
Global Atlantic BlackRock Disciplined Value Portfolio		25,935
Global Atlantic BlackRock High Yield Portfolio		8,365
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		9,926

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

As a condition of this order, the SEC required that Commonwealth or an affiliate thereof (other than the Trust) pay all expenses and transaction costs of the substitutions, including legal and accounting expenses, any applicable brokerage expenses and other fees and expenses so that no fees or charges were assessed to the affected contract owners to effect the substitutions. There were no substitution-related expenses for the six months ended June 30, 2022.

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio's Class II shares and, for the six months ended June 30, 2022, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

For the six-months ended June 30, 2022, the Portfolios expensed the following distribution fees:

	Fees Paid
Global Atlantic BlackRock Allocation Portfolio	$	18,031
Global Atlantic BlackRock Disciplined Core Portfolio		45,636
Global Atlantic BlackRock Disciplined Growth Portfolio		28,329
Global Atlantic BlackRock Disciplined International Core Portfolio		60,201
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		146,658
Global Atlantic BlackRock Disciplined Value Portfolio		9,225
Global Atlantic BlackRock High Yield Portfolio		892
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-

For the six-months ended June 30, 2022, the Trustees received fees in the amounts as follows:

	Fees Received
Global Atlantic BlackRock Allocation Portfolio	$	3,429
Global Atlantic BlackRock Disciplined Core Portfolio		30,570
Global Atlantic BlackRock Disciplined Growth Portfolio		5,160
Global Atlantic BlackRock Disciplined International Core Portfolio		7,504
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		14,593
Global Atlantic BlackRock Disciplined Value Portfolio		12,302
Global Atlantic BlackRock High Yield Portfolio		2,892
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		3,620

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June 30, 2022

5.  CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2022, Commonwealth Annuity and Life Insurance Company owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

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

6.  AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

As of December 31, 2021, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic BlackRock Allocation Portfolio	$	64,278,789	$	14,074,837	$	(344,206	)	$	13,730,631
Global Atlantic BlackRock Disciplined Core Portfolio		510,235,082		212,615,234		(12,611,534	)		200,003,700
Global Atlantic BlackRock Disciplined Growth Portfolio		83,030,687		43,733,962		(38,054,024	)		5,679,938
Global Atlantic BlackRock Disciplined International Core Portfolio		152,928,454		31,332,109		(16,710,017	)		14,622,092
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		309,402,498		67,124,719		(31,944,109	)		35,180,610
Global Atlantic BlackRock Disciplined Value Portfolio		237,814,575		46,724,412		(4,649,832	)		42,074,580
Global Atlantic BlackRock High Yield Portfolio		62,097,796		2,498,091		(346,060	)		2,152,031
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		83,519,409		2,255,769		(411,984	)		1,843,785

7.  DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended December 31, 2021 and 2020 were as follows:

For fiscal year ended 12/31/2021	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	1,737,400	$	2,142,897	$	-	$	3,880,297
Global Atlantic BlackRock Disciplined Core Portfolio		12,830,306		21,861,489		-		34,691,795
Global Atlantic BlackRock Disciplined Growth Portfolio		699,793		1,173,202		-		1,872,995
Global Atlantic BlackRock Disciplined International Core Portfolio		2,551,441		-		-		2,551,441
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		6,491,316		17,190,734		-		23,682,050
Global Atlantic BlackRock Disciplined Value Portfolio		3,594,121		-		-		3,594,121
Global Atlantic BlackRock High Yield Portfolio		3,219,040		-		-		3,219,040
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		4,071,545		1,756,085		-		5,827,630
For fiscal year ended 12/31/2020	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	3,579,351	$	1,661	$	-	$	3,581,012
Global Atlantic BlackRock Disciplined Core Portfolio		17,282,042		14,099,837		-		31,381,879
Global Atlantic BlackRock Disciplined Growth Portfolio		522,947		503,661		-		1,026,608
Global Atlantic BlackRock Disciplined International Core Portfolio		2,589,599		-		-		2,589,599

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June 30, 2022

For fiscal year ended 12/31/2020	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	5,422,684	$	9,307,944	$	-	$	14,730,628
Global Atlantic BlackRock Disciplined Value Portfolio		8,424,996		6,179,653		-		14,604,649
Global Atlantic BlackRock High Yield Portfolio		3,704,548		-		-		3,704,548
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,815,623		1,397,296		-		4,212,919

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Allocation Portfolio	$	2,656,485	$	5,617,663	$	-	$	-		$	13,730,631	$	22,004,779
Global Atlantic BlackRock Disciplined Core Portfolio		54,317,359		57,036,632		-		-			200,003,700		311,357,691
Global Atlantic BlackRock Disciplined Growth Portfolio		4,216,620		10,935,545		-		-			5,679,938		20,832,103
Global Atlantic BlackRock Disciplined International Core Portfolio		5,942,274		1,204,651		-		(3,151,462	)		14,622,092		18,617,555
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		26,053,375		39,425,836		-		-			35,180,610		100,659,821
Global Atlantic BlackRock Disciplined Value Portfolio		29,201,402		19,072,153		-		-			42,074,580		90,348,135
Global Atlantic BlackRock High Yield Portfolio		2,964,050		-		-		(4,188,540	)		2,152,031		927,541
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		1,342,237		84,853		-		-			1,843,785		3,270,875

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, return of capital distributions from C-Corporations, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $8,042 and $43 for Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio, respectively.

At December 31, 2021, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring Short-Term		Non-Expiring Long-Term		Total
Global Atlantic BlackRock Allocation Portfolio	$	-	$	-	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		-		-		-
Global Atlantic BlackRock Disciplined Growth Portfolio		-		-		-
Global Atlantic BlackRock Disciplined International Core Portfolio		-		3,151,462		3,151,462
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		-		-		-
Global Atlantic BlackRock Disciplined Value Portfolio		-		-		-
Global Atlantic BlackRock High Yield Portfolio		2,443,866		1,744,674		4,188,540
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-		-		-

During the year ended December 31, 2021, the following Portfolios utilized capital loss carryforwards:

	Utilized
Global Atlantic BlackRock Disciplined International Core Portfolio	$	11,207,030
Global Atlantic BlackRock Disciplined Value Portfolio		3,459,411
Global Atlantic BlackRock High Yield Portfolio		1,452,500

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Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

8.  NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

9.  OTHER RISKS

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

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

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

Derivatives Risk – The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio's use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of many standardized over-the-counter ("OTC") derivative instruments deemed to be "swaps." The Commodity Futures Trading Commission ("CFTC") has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that are being implemented on a phase-in basis. In addition, the SEC recently adopted Rule 18f-4 under the 1940 Act which will regulate the use of derivatives for certain investment companies (the "Derivatives Rule"). The Derivatives Rule will require, among other things, that certain entities adopt a derivatives risk management program, comply with limitations on leveraged-related risk based on a relative "value-at-risk" test and update reporting and disclosure procedures. Although the full impact of the Derivatives Rule on the Portfolios remains uncertain, these requirements may limit the ability of a Portfolio to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies, as well as increase a Portfolio's expenses. Compliance with Rule 18f-4 will be required by August 2022. The regulation of the derivatives markets has increased over the past several years, and there can be no assurance that any new governmental regulation will not adversely affect a Portfolio's ability to achieve its investment result.

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Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

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

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

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

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

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

In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets. The spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as "COVID-19") has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and

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Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

operations. The transmission of COVID-19 and efforts to contain its spread could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

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

10.  OTHER RECENT DEVELOPMENTS

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

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

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

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Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2022

COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. The COVID-19 crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

11.  BOARD REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments and periodic reporting to the Trust's Board of Trustees (the "Board"). Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Board previously approved the LRMP for the Trust and the appointment of the FVIT Liquidity Risk Management Program Committee (the "Committee") as the Program Administrator of the LRMP for the Trust. The Committee is comprised of the Trust's Chief Compliance Officer and other officers of the Trust and the Adviser. At the Board's regular meeting on May 5, 2022, the Trust's Chief Compliance Officer provided a report to the Board (the "Report") on the operation and effectiveness of the LRMP for the period April 1, 2021 through March 31, 2022 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Portfolios' investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of portfolio investments, the Adviser utilizes a third party provider for liquidity monitoring services.

The Report stated that during this period, each Portfolio operated as a Primarily Highly Liquid Fund. Because each Portfolio consisted primarily of highly liquid investments that exceeded the 50% SEC threshold for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Portfolios, and each Portfolio was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred. The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Portfolios' liquidity risks for the Reporting Period.

12.  SUBSEQUENT EVENTS

The Portfolios evaluated subsequent events from June 30, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements.

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Global Atlantic Portfolios

Expense Examples

June 30, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

							Actual				Hypothetical (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 1-1-22		Ending Account Value 6-30-22		Expenses Paid During Period*		Ending Account Value 6-30-22		Expenses Paid During Period*
Global Atlantic BlackRock Allocation Portfolio	I		0.33	%	$	1,000	$	858.80	$	1.52	$	1,023.16	$	1.66
Global Atlantic BlackRock Allocation Portfolio	II		0.58	%	$	1,000	$	858.30	$	2.67	$	1,021.92	$	2.91
Global Atlantic BlackRock Disciplined Core Portfolio	I		0.50	%	$	1,000	$	797.10	$	2.23	$	1,022.32	$	2.51
Global Atlantic BlackRock Disciplined Core Portfolio	II		0.75	%	$	1,000	$	796.10	$	3.34	$	1,021.08	$	3.76
Global Atlantic BlackRock Disciplined Growth Portfolio	I		0.48	%	$	1,000	$	716.50	$	2.04	$	1,022.41	$	2.41
Global Atlantic BlackRock Disciplined Growth Portfolio	II		0.73	%	$	1,000	$	715.70	$	3.11	$	1,021.17	$	3.66

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

106

Global Atlantic Portfolios

Expense Examples (Continued)

June 30, 2022 (Unaudited)

							Actual				Hypothetical (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 1-1-22		Ending Account Value 6-30-22		Expenses Paid During Period*		Ending Account Value 6-30-22		Expenses Paid During Period*
Global Atlantic BlackRock Disciplined International Core Portfolio	I		0.72	%	$	1,000	$	821.60	$	3.25	$	1,021.22	$	3.61
Global Atlantic BlackRock Disciplined International Core Portfolio	II		0.97	%	$	1,000	$	820.50	$	4.38	$	1,019.98	$	4.86
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	I		0.65	%	$	1,000	$	688.90	$	2.72	$	1,021.57	$	3.26
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	II		0.90	%	$	1,000	$	687.90	$	3.77	$	1,020.33	$	4.51
Global Atlantic BlackRock Disciplined Value Portfolio	I		0.56	%	$	1,000	$	863.40	$	2.59	$	1,022.02	$	2.81
Global Atlantic BlackRock Disciplined Value Portfolio	II		0.81	%	$	1,000	$	861.40	$	3.74	$	1,020.78	$	4.06
Global Atlantic BlackRock High Yield Portfolio	I		0.61	%	$	1,000	$	865.80	$	2.82	$	1,021.77	$	3.06
Global Atlantic BlackRock High Yield Portfolio	II		0.86	%	$	1,000	$	864.80	$	3.98	$	1,020.53	$	4.31
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	I		0.45	%	$	1,000	$	887.80	$	2.11	$	1,022.56	$	2.26

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

107

PRIVACY NOTICE

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

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

108

WHAT WE DO:

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

DEFINITIONS

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

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PROXY VOTING POLICY

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

PORTFOLIO HOLDINGS

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

INVESTMENT ADVISER

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

ADMINISTRATOR

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

INVESTMENT SUB-ADVISERS

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

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

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees since the date of the registrant’s prior report on Form N-CSR or, as applicable, in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)).

Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(a)(2)(1)	Not applicable.
(a)(2)(2)	Not applicable.

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

SIGNATURES

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

(Registrant) Forethought Variable Insurance Trust

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

Date 08/30/2022

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

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

Date 08/30/2022

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

Date 08/30/2022

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