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, 2024
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, 100 F Street, NE, Washington, DC 20549-1090. 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). |
Global Atlantic BlackRock Allocation Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Allocation Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $18 | 0.34% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $56,929,689 |
Total number of portfolio holdings | 16 |
Period portfolio turnover rate | 46% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Exchange Traded Funds - Equity Funds | 64.4% |
Exchange Traded Funds - Debt Funds | 34.6% |
Short-Term Investments | 0.9% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Allocation Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Allocation Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $30 | 0.59% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $56,929,689 |
Total number of portfolio holdings | 16 |
Period portfolio turnover rate | 46% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Exchange Traded Funds - Equity Funds | 64.4% |
Exchange Traded Funds - Debt Funds | 34.6% |
Short-Term Investments | 0.9% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Core Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Core Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $28 | 0.51% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $634,760,091 |
Total number of portfolio holdings | 205 |
Period portfolio turnover rate | 53% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 31.1% |
Common Stocks - Consumer, Non-cyclical | 17.8% |
Common Stocks - Communications | 15.5% |
Common Stocks - Financial | 12.1% |
Common Stocks - Industrial | 9.0% |
Common Stocks - Other | 13.0% |
Short-Term Investments | 1.4% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Core Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Core Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $41 | 0.76% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $634,760,091 |
Total number of portfolio holdings | 205 |
Period portfolio turnover rate | 53% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 31.1% |
Common Stocks - Consumer, Non-cyclical | 17.8% |
Common Stocks - Communications | 15.5% |
Common Stocks - Financial | 12.1% |
Common Stocks - Industrial | 9.0% |
Common Stocks - Other | 13.0% |
Short-Term Investments | 1.4% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Growth Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $27 | 0.50% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $100,529,265 |
Total number of portfolio holdings | 122 |
Period portfolio turnover rate | 94% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 47.3% |
Common Stocks - Communications | 20.2% |
Common Stocks - Consumer, Non-cyclical | 12.6% |
Common Stocks - Consumer, Cyclical | 7.7% |
Common Stocks - Financial | 5.3% |
Common Stocks - Other | 5.0% |
Short-Term Investments | 2.1% |
Other Assets Less Liabilities - Net | (0.2)% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Growth Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $41 | 0.75% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $100,529,265 |
Total number of portfolio holdings | 122 |
Period portfolio turnover rate | 94% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 47.3% |
Common Stocks - Communications | 20.2% |
Common Stocks - Consumer, Non-cyclical | 12.6% |
Common Stocks - Consumer, Cyclical | 7.7% |
Common Stocks - Financial | 5.3% |
Common Stocks - Other | 5.0% |
Short-Term Investments | 2.1% |
Other Assets Less Liabilities - Net | (0.2)% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined International Core Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined International Core Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $41 | 0.79% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $136,324,119 |
Total number of portfolio holdings | 642 |
Period portfolio turnover rate | 23% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Country | % of Net Assets |
Japan | 14.9% |
United States | 14.1% |
United Kingdom | 7.9% |
Canada | 7.4% |
France | 5.8% |
Germany | 5.8% |
Switzerland | 5.8% |
China | 5.1% |
Other Country | 31.9% |
Other Assets Less Liabilities - Net | 1.3% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined International Core Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined International Core Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $53 | 1.04% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $136,324,119 |
Total number of portfolio holdings | 642 |
Period portfolio turnover rate | 23% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Country | % of Net Assets |
Japan | 14.9% |
United States | 14.1% |
United Kingdom | 7.9% |
Canada | 7.4% |
France | 5.8% |
Germany | 5.8% |
Switzerland | 5.8% |
China | 5.1% |
Other Country | 31.9% |
Other Assets Less Liabilities - Net | 1.3% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $35 | 0.67% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $258,237,746 |
Total number of portfolio holdings | 279 |
Period portfolio turnover rate | 73% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 25.7% |
Common Stocks - Consumer, Non-cyclical | 23.6% |
Common Stocks - Consumer, Cyclical | 16.5% |
Common Stocks - Industrial | 12.0% |
Common Stocks - Financial | 8.7% |
Common Stocks - Other | 12.0% |
Short-Term Investments | 1.4% |
Rights | 0.0%Footnote Reference† |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Footnote | Description |
Footnote† | Represents less than 0.05%. |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $48 | 0.92% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $258,237,746 |
Total number of portfolio holdings | 279 |
Period portfolio turnover rate | 73% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Technology | 25.7% |
Common Stocks - Consumer, Non-cyclical | 23.6% |
Common Stocks - Consumer, Cyclical | 16.5% |
Common Stocks - Industrial | 12.0% |
Common Stocks - Financial | 8.7% |
Common Stocks - Other | 12.0% |
Short-Term Investments | 1.4% |
Rights | 0.0%Footnote Reference† |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Footnote | Description |
Footnote† | Represents less than 0.05%. |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Value Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Value Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $30 | 0.58% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $228,467,759 |
Total number of portfolio holdings | 275 |
Period portfolio turnover rate | 57% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Consumer, Non-cyclical | 23.9% |
Common Stocks - Financial | 23.7% |
Common Stocks - Industrial | 13.9% |
Common Stocks - Consumer, Cyclical | 8.7% |
Common Stocks - Technology | 8.5% |
Common Stocks - Other | 19.9% |
Short-Term Investments | 1.3% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock Disciplined Value Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Value Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $43 | 0.83% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $228,467,759 |
Total number of portfolio holdings | 275 |
Period portfolio turnover rate | 57% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Common Stocks - Consumer, Non-cyclical | 23.9% |
Common Stocks - Financial | 23.7% |
Common Stocks - Industrial | 13.9% |
Common Stocks - Consumer, Cyclical | 8.7% |
Common Stocks - Technology | 8.5% |
Common Stocks - Other | 19.9% |
Short-Term Investments | 1.3% |
Other Assets Less Liabilities - Net | 0.1% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock High Yield Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock High Yield Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $32 | 0.63% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $48,152,614 |
Total number of portfolio holdings | 301 |
Period portfolio turnover rate | 41% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Corporate Bonds and Notes - Energy | 22.2% |
Corporate Bonds and Notes - Financial | 19.9% |
Corporate Bonds and Notes - Consumer, Cyclical | 13.9% |
Corporate Bonds and Notes - Communications | 13.6% |
Corporate Bonds and Notes - Consumer, Non-cyclical | 10.8% |
Corporate Bonds and Notes - Other | 18.0% |
Short-Term Investments | 0.4% |
Other Assets Less Liabilities - Net | 1.2% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic BlackRock High Yield Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic BlackRock High Yield Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class II | $45 | 0.89% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $48,152,614 |
Total number of portfolio holdings | 301 |
Period portfolio turnover rate | 41% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Corporate Bonds and Notes - Energy | 22.2% |
Corporate Bonds and Notes - Financial | 19.9% |
Corporate Bonds and Notes - Consumer, Cyclical | 13.9% |
Corporate Bonds and Notes - Communications | 13.6% |
Corporate Bonds and Notes - Consumer, Non-cyclical | 10.8% |
Corporate Bonds and Notes - Other | 18.0% |
Short-Term Investments | 0.4% |
Other Assets Less Liabilities - Net | 1.2% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Semi-Annual Shareholder Report | June 30, 2024
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This semi-annual shareholder report contains important information about Global Atlantic Goldman Sachs Core Fixed Income Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
---|---|---|
Class I | $24 | 0.49% |
Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.
Fund net assets | $58,013,091 |
Total number of portfolio holdings | 417 |
Period portfolio turnover rate | 39% |
ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.
Asset Class | % of Net Assets |
Corporate Bonds and Notes | 41.4% |
Agency Mortgage Backed Securities | 28.6% |
Asset Backed and Commercial Backed Securities | 23.6% |
U.S. Treasury Securities and Agency Bonds | 1.9% |
Other Investments | 1.1% |
Sovereign Debts | 1.0% |
Other Assets Less Liabilities - Net | 2.4% |
Total | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) | Not applicable. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
Semi-Annual Financial Statements
June 30, 2024
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, 2024, each Portfolio offered Class I and Class II, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares).
Table of Contents
Financial Statements
Page | |||||||||||
• | |||||||||||
2 | |||||||||||
3 | |||||||||||
7 | |||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 10 | ||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 20 | ||||||||||
25 | |||||||||||
30 | |||||||||||
37 | |||||||||||
• | |||||||||||
48 | |||||||||||
50 | |||||||||||
52 | |||||||||||
56 | |||||||||||
• | 71 | ||||||||||
86 | |||||||||||
• | Back Cover | ||||||||||
• | Back Cover |
1
Shares/ Principal | Fair Value | ||||||||||
EXCHANGE TRADED FUNDS - 99.0% | |||||||||||
DEBT FUNDS - 34.6% | |||||||||||
iShares 20+ Year Treasury Bond ETF | 17,938 | $ | 1,646,350 | ||||||||
iShares Core Total USD Bond Market ETF | 308,781 | 13,963,077 | |||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 7,213 | 638,206 | |||||||||
iShares MBS ETF | 37,466 | 3,439,753 | |||||||||
TOTAL DEBT FUNDS | 19,687,386 | ||||||||||
EQUITY FUNDS - 64.4% | |||||||||||
iShares Core MSCI Emerging Markets ETF | 19,919 | 1,066,264 | |||||||||
iShares Core S&P 500 ETF | 20,054 | 10,974,150 | |||||||||
iShares MSCI EAFE Growth ETF | 36,952 | 3,780,190 | |||||||||
iShares MSCI EAFE Value ETF | 32,298 | 1,713,086 | |||||||||
iShares MSCI Emerging Markets ex China ETF | 23,489 | 1,390,549 | |||||||||
iShares MSCI USA Momentum Factor ETF | 7,982 | 1,555,452 | |||||||||
iShares MSCI USA Quality Factor ETF | 36,536 | 6,238,887 | |||||||||
iShares S&P 500 Growth ETF | 53,470 | 4,948,114 | |||||||||
iShares S&P 500 Value ETF | 13,853 | 2,521,385 | |||||||||
iShares U.S. Infrastructure ETF | 13,507 | 568,915 |
Shares/ Principal | Fair Value | ||||||||||
EQUITY FUNDS - 64.4% (Continued) | |||||||||||
iShares U.S. Technology ETF | 12,555 | $ | 1,889,528 | ||||||||
TOTAL EQUITY FUNDS | 36,646,520 | ||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $48,534,668) | 56,333,906 | ||||||||||
SHORT-TERM INVESTMENTS - 0.9% | |||||||||||
MONEY MARKET FUNDS - 0.9% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (a) (Cost - $534,282) | 534,282 | 534,282 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $534,282) | 534,282 | ||||||||||
TOTAL INVESTMENTS - 99.9% (Cost - $49,068,950) | $ | 56,868,188 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.1% | 61,501 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 56,929,689 |
(a) The rate shown is the annualized seven-day yield at period end.
See accompanying notes to financial statements.
2
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 98.5% | |||||||||||
AEROSPACE & DEFENSE - 1.6% | |||||||||||
General Electric Co. | 1,180 | $ | 187,585 | ||||||||
HEICO Corp., Class A | 2,690 | 477,529 | |||||||||
Lockheed Martin Corp. | 16,287 | 7,607,658 | |||||||||
Northrop Grumman Corp. | 3,192 | 1,391,552 | |||||||||
Textron, Inc. | 9,619 | 825,887 | |||||||||
10,490,211 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.5% | |||||||||||
Expeditors International of Washington, Inc. | 24,869 | 3,103,403 | |||||||||
AUTOMOBILE COMPONENTS - 0.1% | |||||||||||
Lear Corp. | 7,719 | 881,587 | |||||||||
AUTOMOBILES - 1.0% | |||||||||||
Ford Motor Co. | 80,055 | 1,003,890 | |||||||||
General Motors Co. | 31,811 | 1,477,939 | |||||||||
Li Auto, Inc., ADR* | 4,704 | 84,107 | |||||||||
Tesla, Inc.* | 19,082 | 3,775,946 | |||||||||
6,341,882 | |||||||||||
BANKS - 1.9% | |||||||||||
Citigroup, Inc. | 11,776 | 747,305 | |||||||||
Citizens Financial Group, Inc. | 45,609 | 1,643,292 | |||||||||
Grupo Financiero Galicia SA, ADR* | 1,888 | 57,697 | |||||||||
JPMorgan Chase & Co. | 37,641 | 7,613,269 | |||||||||
KeyCorp | 142,174 | 2,020,293 | |||||||||
Valley National Bancorp | 9,879 | 68,955 | |||||||||
12,150,811 | |||||||||||
BEVERAGES - 0.8% | |||||||||||
Coca-Cola Co. (The) | 10,309 | 656,168 | |||||||||
Monster Beverage Corp.* | 37,652 | 1,880,717 | |||||||||
PepsiCo, Inc. | 14,945 | 2,464,879 | |||||||||
5,001,764 | |||||||||||
BIOTECHNOLOGY - 3.0% | |||||||||||
AbbVie, Inc. | 6,400 | 1,097,728 | |||||||||
Amgen, Inc. | 6,155 | 1,923,130 | |||||||||
Biogen, Inc.* | 3,601 | 834,784 | |||||||||
Exelixis, Inc.* | 13,125 | 294,919 | |||||||||
Gilead Sciences, Inc. | 114,709 | 7,870,184 | |||||||||
Incyte Corp.* | 52,159 | 3,161,879 | |||||||||
Neurocrine Biosciences, Inc.* | 11,417 | 1,571,778 | |||||||||
Regeneron Pharmaceuticals, Inc.* | 736 | 773,558 | |||||||||
Sarepta Therapeutics, Inc.* | 580 | 91,640 | |||||||||
United Therapeutics Corp.* | 4,008 | 1,276,748 | |||||||||
18,896,348 | |||||||||||
BROADLINE RETAIL - 4.9% | |||||||||||
Amazon.com, Inc.* | 159,989 | 30,917,874 | |||||||||
MINISO Group Holding Ltd., ADR | 3,552 | 67,737 | |||||||||
30,985,611 |
Shares/ Principal | Fair Value | ||||||||||
BUILDING PRODUCTS - 0.3% | |||||||||||
Advanced Drainage Systems, Inc. | 3,682 | $ | 590,556 | ||||||||
Builders FirstSource, Inc.* | 7,664 | 1,060,774 | |||||||||
UFP Industries, Inc. | 2,689 | 301,168 | |||||||||
1,952,498 | |||||||||||
CAPITAL MARKETS - 1.9% | |||||||||||
CME Group, Inc. | 268 | 52,689 | |||||||||
Franklin Resources, Inc. | 24,095 | 538,523 | |||||||||
Invesco Ltd. | 204,524 | 3,059,679 | |||||||||
Morgan Stanley | 7,604 | 739,033 | |||||||||
MSCI, Inc. | 1,478 | 712,026 | |||||||||
Nasdaq, Inc. | 51,406 | 3,097,726 | |||||||||
S&P Global, Inc. | 8,438 | 3,763,348 | |||||||||
State Street Corp. | 4,033 | 298,442 | |||||||||
12,261,466 | |||||||||||
CHEMICALS - 0.4% | |||||||||||
Cabot Corp. | 1,590 | 146,105 | |||||||||
Corteva, Inc. | 8,436 | 455,038 | |||||||||
Dow, Inc. | 2,144 | 113,739 | |||||||||
Huntsman Corp. | 14,538 | 331,030 | |||||||||
PPG Industries, Inc. | 3,879 | 488,327 | |||||||||
Sherwin-Williams Co. (The) | 2,808 | 837,992 | |||||||||
2,372,231 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.8% | |||||||||||
Cintas Corp. | 6,508 | 4,557,292 | |||||||||
Waste Connections, Inc. | 5,945 | 1,042,515 | |||||||||
Waste Management, Inc. | 26,397 | 5,631,536 | |||||||||
11,231,343 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.5% | |||||||||||
Arista Networks, Inc.* | 1,908 | 668,716 | |||||||||
Juniper Networks, Inc. | 4,395 | 160,242 | |||||||||
Motorola Solutions, Inc. | 6,328 | 2,442,924 | |||||||||
3,271,882 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.6% | |||||||||||
AECOM | 14,877 | 1,311,259 | |||||||||
EMCOR Group, Inc. | 3,462 | 1,263,907 | |||||||||
MasTec, Inc.* | 6,548 | 700,570 | |||||||||
Quanta Services, Inc. | 1,217 | 309,228 | |||||||||
3,584,964 | |||||||||||
CONSUMER FINANCE - 0.3% | |||||||||||
American Express Co. | 2,159 | 499,916 | |||||||||
OneMain Holdings, Inc. | 28,249 | 1,369,794 | |||||||||
1,869,710 | |||||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8% | |||||||||||
Costco Wholesale Corp. | 8,592 | 7,303,114 | |||||||||
Kroger Co. (The) | 46,755 | 2,334,477 |
See accompanying notes to financial statements.
3
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8% (Continued) | |||||||||||
Target Corp. | 1,183 | $ | 175,132 | ||||||||
Walmart, Inc. | 20,344 | 1,377,492 | |||||||||
11,190,215 | |||||||||||
CONTAINERS & PACKAGING - 0.1% | |||||||||||
Packaging Corp. of America | 1,879 | 343,030 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3% | |||||||||||
AT&T, Inc. | 101,693 | 1,943,353 | |||||||||
ELECTRIC UTILITIES - 0.8% | |||||||||||
Exelon Corp. | 86,093 | 2,979,679 | |||||||||
OGE Energy Corp. | 53,951 | 1,926,051 | |||||||||
Portland General Electric Co. | 8,255 | 356,946 | |||||||||
5,262,676 | |||||||||||
ELECTRICAL EQUIPMENT - 1.0% | |||||||||||
AMETEK, Inc. | 3,608 | 601,490 | |||||||||
Eaton Corp. PLC | 18,090 | 5,672,119 | |||||||||
6,273,609 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.4% | |||||||||||
Avnet, Inc. | 1,103 | 56,794 | |||||||||
Flex Ltd.* | 40,211 | 1,185,822 | |||||||||
TE Connectivity Ltd. | 49,598 | 7,461,027 | |||||||||
8,703,643 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.6% | |||||||||||
Baker Hughes Co. | 27,348 | 961,829 | |||||||||
Halliburton Co. | 7,942 | 268,281 | |||||||||
Schlumberger NV | 58,389 | 2,754,793 | |||||||||
3,984,903 | |||||||||||
ENTERTAINMENT - 0.7% | |||||||||||
Netflix, Inc.* | 5,117 | 3,453,361 | |||||||||
Sea Ltd., ADR* | 3,364 | 240,257 | |||||||||
Spotify Technology SA* | 1,954 | 613,146 | |||||||||
4,306,764 | |||||||||||
FINANCIAL SERVICES - 5.0% | |||||||||||
Berkshire Hathaway, Inc., Class B* | 23,359 | 9,502,441 | |||||||||
Euronet Worldwide, Inc.* | 2,164 | 223,974 | |||||||||
Mastercard, Inc., Class A | 26,345 | 11,622,360 | |||||||||
Visa, Inc., Class A | 40,120 | 10,530,297 | |||||||||
31,879,072 | |||||||||||
FOOD PRODUCTS - 0.3% | |||||||||||
Mondelez International, Inc., Class A | 26,656 | 1,744,368 | |||||||||
Tyson Foods, Inc., Class A | 3,219 | 183,934 | |||||||||
1,928,302 |
Shares/ Principal | Fair Value | ||||||||||
GROUND TRANSPORTATION - 0.6% | |||||||||||
CSX Corp. | 14,446 | $ | 483,219 | ||||||||
Old Dominion Freight Line, Inc. | 5,933 | 1,047,768 | |||||||||
Uber Technologies, Inc.* | 29,071 | 2,112,880 | |||||||||
3,643,867 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 2.0% | |||||||||||
Becton Dickinson & Co. | 6,960 | 1,626,622 | |||||||||
Dexcom, Inc.* | 7,038 | 797,968 | |||||||||
Medtronic PLC | 69,590 | 5,477,429 | |||||||||
Stryker Corp. | 13,415 | 4,564,454 | |||||||||
12,466,473 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.8% | |||||||||||
Cardinal Health, Inc. | 20,495 | 2,015,068 | |||||||||
Centene Corp.* | 34,604 | 2,294,245 | |||||||||
Cigna Corp. (The) | 4,171 | 1,378,807 | |||||||||
CVS Health Corp. | 6,309 | 372,610 | |||||||||
Elevance Health, Inc. | 2,247 | 1,217,559 | |||||||||
HCA Healthcare, Inc. | 2,561 | 822,798 | |||||||||
Labcorp Holdings, Inc. | 4,309 | 876,925 | |||||||||
McKesson Corp. | 312 | 182,221 | |||||||||
Quest Diagnostics, Inc. | 3,627 | 496,464 | |||||||||
UnitedHealth Group, Inc. | 15,442 | 7,863,993 | |||||||||
17,520,690 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.1% | |||||||||||
Airbnb, Inc., Class A* | 374 | 56,710 | |||||||||
Booking Holdings, Inc. | 484 | 1,917,366 | |||||||||
Boyd Gaming Corp. | 2 | 110 | |||||||||
Carnival Corp.* | 27,439 | 513,658 | |||||||||
Chipotle Mexican Grill, Inc.* | 18,957 | 1,187,656 | |||||||||
Darden Restaurants, Inc. | 7,526 | 1,138,834 | |||||||||
MGM Resorts International* | 34,484 | 1,532,469 | |||||||||
Texas Roadhouse, Inc. | 3,124 | 536,422 | |||||||||
6,883,225 | |||||||||||
HOUSEHOLD DURABLES - 0.8% | |||||||||||
DR Horton, Inc. | 26,481 | 3,731,967 | |||||||||
PulteGroup, Inc. | 1,384 | 152,378 | |||||||||
Toll Brothers, Inc. | 11,093 | 1,277,692 | |||||||||
5,162,037 | |||||||||||
HOUSEHOLD PRODUCTS - 2.0% | |||||||||||
Clorox Co. (The) | 457 | 62,367 | |||||||||
Colgate-Palmolive Co. | 24,979 | 2,423,962 | |||||||||
Kimberly-Clark Corp. | 46,064 | 6,366,045 | |||||||||
Procter & Gamble Co. (The) | 24,215 | 3,993,538 | |||||||||
12,845,912 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2% | |||||||||||
AES Corp. (The) | 68,329 | 1,200,541 |
See accompanying notes to financial statements.
4
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
INDUSTRIAL REITS - 0.1% | |||||||||||
Prologis, Inc. | 7,388 | $ | 829,746 | ||||||||
INSURANCE - 2.6% | |||||||||||
Allstate Corp. (The) | 3,344 | 533,903 | |||||||||
Arch Capital Group Ltd.* | 5,046 | 509,091 | |||||||||
Globe Life, Inc. | 11,792 | 970,246 | |||||||||
Marsh & McLennan Cos., Inc. | 38,850 | 8,186,472 | |||||||||
Progressive Corp. (The) | 27,523 | 5,716,802 | |||||||||
Travelers Cos., Inc. (The) | 3,519 | 715,554 | |||||||||
16,632,068 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 7.1% | |||||||||||
Alphabet, Inc., Class A | 95,701 | 17,431,937 | |||||||||
Alphabet, Inc., Class C | 66,727 | 12,239,067 | |||||||||
Baidu, Inc., ADR* | 1,086 | 93,917 | |||||||||
Meta Platforms, Inc., Class A | 29,196 | 14,721,207 | |||||||||
Snap, Inc., Class A* | 28,700 | 476,707 | |||||||||
44,962,835 | |||||||||||
IT SERVICES - 0.1% | |||||||||||
Accenture PLC, Class A | 1,236 | 375,015 | |||||||||
Kyndryl Holdings, Inc.* | 5,230 | 137,601 | |||||||||
512,616 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.7% | |||||||||||
Thermo Fisher Scientific, Inc. | 8,228 | 4,550,084 | |||||||||
MACHINERY - 2.5% | |||||||||||
Caterpillar, Inc. | 9,005 | 2,999,565 | |||||||||
CNH Industrial NV | 138,999 | 1,408,060 | |||||||||
Cummins, Inc. | 6,995 | 1,937,125 | |||||||||
Flowserve Corp. | 11,125 | 535,112 | |||||||||
Graco, Inc. | 1,106 | 87,684 | |||||||||
Oshkosh Corp. | 18,107 | 1,959,177 | |||||||||
Otis Worldwide Corp. | 16,452 | 1,583,670 | |||||||||
Parker-Hannifin Corp. | 10,507 | 5,314,546 | |||||||||
15,824,939 | |||||||||||
MEDIA - 1.4% | |||||||||||
Comcast Corp., Class A | 201,216 | 7,879,619 | |||||||||
Fox Corp., Class A | 35,997 | 1,237,217 | |||||||||
Fox Corp., Class B | 1,810 | 57,956 | |||||||||
9,174,792 | |||||||||||
METALS & MINING - 0.5% | |||||||||||
Freeport-McMoRan, Inc. | 18,982 | 922,525 | |||||||||
Nucor Corp. | 15,473 | 2,445,972 | |||||||||
3,368,497 | |||||||||||
MULTI-UTILITIES - 0.7% | |||||||||||
Ameren Corp. | 10,532 | 748,930 | |||||||||
CMS Energy Corp. | 56,232 | 3,347,491 | |||||||||
DTE Energy Co. | 4,980 | 552,830 | |||||||||
4,649,251 |
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 2.0% | |||||||||||
Chevron Corp. | 4,958 | $ | 775,530 | ||||||||
ConocoPhillips | 8,313 | 950,841 | |||||||||
Devon Energy Corp. | 47,878 | 2,269,417 | |||||||||
EOG Resources, Inc. | 9,810 | 1,234,785 | |||||||||
Exxon Mobil Corp. | 49,782 | 5,730,900 | |||||||||
Marathon Petroleum Corp. | 10,131 | 1,757,526 | |||||||||
12,718,999 | |||||||||||
PAPER & FOREST PRODUCTS - 0.0%† | |||||||||||
Louisiana-Pacific Corp. | 3,627 | 298,611 | |||||||||
PASSENGER AIRLINES - 0.1% | |||||||||||
American Airlines Group, Inc.* | 38,815 | 439,774 | |||||||||
United Airlines Holdings, Inc.* | 3,359 | 163,449 | |||||||||
603,223 | |||||||||||
PHARMACEUTICALS - 4.3% | |||||||||||
Bristol-Myers Squibb Co. | 84,282 | 3,500,231 | |||||||||
Eli Lilly & Co. | 13,110 | 11,869,532 | |||||||||
Johnson & Johnson | 9,829 | 1,436,607 | |||||||||
Merck & Co., Inc. | 48,784 | 6,039,459 | |||||||||
Pfizer, Inc. | 111,107 | 3,108,774 | |||||||||
Zoetis, Inc. | 8,733 | 1,513,953 | |||||||||
27,468,556 | |||||||||||
PROFESSIONAL SERVICES - 0.0%† | |||||||||||
Robert Half, Inc. | 997 | 63,788 | |||||||||
RESIDENTIAL REITS - 0.2% | |||||||||||
Equity LifeStyle Properties, Inc. | 14,897 | 970,242 | |||||||||
RETAIL REITS - 0.3% | |||||||||||
Simon Property Group, Inc. | 11,463 | 1,740,083 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.4% | |||||||||||
Advanced Micro Devices, Inc.* | 19,958 | 3,237,387 | |||||||||
Applied Materials, Inc. | 5,342 | 1,260,658 | |||||||||
Broadcom, Inc. | 5,922 | 9,507,949 | |||||||||
Intel Corp. | 72,375 | 2,241,454 | |||||||||
Lam Research Corp. | 8,360 | 8,902,146 | |||||||||
Micron Technology, Inc. | 24,624 | 3,238,795 | |||||||||
Monolithic Power Systems, Inc. | 3,574 | 2,936,684 | |||||||||
NVIDIA Corp. | 337,540 | 41,699,692 | |||||||||
QUALCOMM, Inc. | 28,583 | 5,693,162 | |||||||||
78,717,927 | |||||||||||
SOFTWARE - 11.2% | |||||||||||
Adobe, Inc.* | 6,249 | 3,471,569 | |||||||||
Atlassian Corp., Class A* | 6,408 | 1,133,447 | |||||||||
Crowdstrike Holdings, Inc., Class A* | 2,699 | 1,034,230 | |||||||||
Dropbox, Inc., Class A* | 33,462 | 751,891 | |||||||||
Fortinet, Inc.* | 34,106 | 2,055,569 |
See accompanying notes to financial statements.
5
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 11.2% (Continued) | |||||||||||
HubSpot, Inc.* | 193 | $ | 113,829 | ||||||||
Manhattan Associates, Inc.* | 8,715 | 2,149,816 | |||||||||
Microsoft Corp. | 114,100 | 50,996,995 | |||||||||
Salesforce, Inc. | 16,166 | 4,156,279 | |||||||||
ServiceNow, Inc.* | 6,586 | 5,181,009 | |||||||||
71,044,634 | |||||||||||
SPECIALIZED REITS - 0.5% | |||||||||||
Equinix, Inc. | 2,929 | 2,216,081 | |||||||||
Lamar Advertising Co., Class A | 2,930 | 350,223 | |||||||||
SBA Communications Corp. | 3,060 | 600,678 | |||||||||
Weyerhaeuser Co. | 3,774 | 107,144 | |||||||||
3,274,126 | |||||||||||
SPECIALTY RETAIL - 2.4% | |||||||||||
Dick's Sporting Goods, Inc. | 1,912 | 410,793 | |||||||||
Home Depot, Inc. (The) | 30,751 | 10,585,724 | |||||||||
O'Reilly Automotive, Inc.* | 778 | 821,615 | |||||||||
Penske Automotive Group, Inc. | 3,141 | 468,072 | |||||||||
Ross Stores, Inc. | 13,428 | 1,951,357 | |||||||||
TJX Cos., Inc. (The) | 9,005 | 991,450 | |||||||||
15,229,011 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.3% | |||||||||||
Apple, Inc. | 218,712 | 46,065,121 | |||||||||
NetApp, Inc. | 1,642 | 211,490 | |||||||||
46,276,611 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.4% | |||||||||||
NIKE, Inc., Class B | 37,383 | 2,817,557 |
Shares/ Principal | Fair Value | ||||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.6% | |||||||||||
Watsco, Inc. | 1,144 | $ | 529,947 | ||||||||
WESCO International, Inc. | 8,722 | 1,382,611 | |||||||||
WW Grainger, Inc. | 1,849 | 1,668,242 | |||||||||
3,580,800 | |||||||||||
TOTAL COMMON STOCKS (Cost - $408,487,527) | 625,243,019 | ||||||||||
SHORT-TERM INVESTMENTS - 1.4% | |||||||||||
MONEY MARKET FUNDS - 1.4% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (a) (Cost - $8,991,641) | 8,991,641 | 8,991,641 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $8,991,641) | 8,991,641 | ||||||||||
TOTAL INVESTMENTS - 99.9% (Cost - $417,479,168) | $ | 634,234,660 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.1% | 525,431 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 634,760,091 |
* 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
REIT - Real Estate Investment Trust
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. | 36 | 9/20/2024 | $ | 9,938,700 | $ | 22,554 |
See accompanying notes to financial statements.
6
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 98.1% | |||||||||||
AEROSPACE & DEFENSE - 0.5% | |||||||||||
Axon Enterprise, Inc.* | 33 | $ | 9,710 | ||||||||
General Electric Co. | 334 | 53,096 | |||||||||
Lockheed Martin Corp. | 946 | 441,876 | |||||||||
504,682 | |||||||||||
AUTOMOBILE COMPONENTS - 0.0%† | |||||||||||
Lear Corp. | 316 | 36,090 | |||||||||
AUTOMOBILES - 1.3% | |||||||||||
Tesla, Inc.* | 6,417 | 1,269,796 | |||||||||
BEVERAGES - 0.3% | |||||||||||
Monster Beverage Corp.* | 6,488 | 324,076 | |||||||||
BIOTECHNOLOGY - 2.3% | |||||||||||
Alnylam Pharmaceuticals, Inc.* | 570 | 138,510 | |||||||||
Amgen, Inc. | 124 | 38,744 | |||||||||
Exelixis, Inc.* | 5,115 | 114,934 | |||||||||
Gilead Sciences, Inc. | 13,714 | 940,918 | |||||||||
Incyte Corp.* | 8,287 | 502,358 | |||||||||
Neurocrine Biosciences, Inc.* | 3,282 | 451,833 | |||||||||
Vertex Pharmaceuticals, Inc.* | 309 | 144,834 | |||||||||
2,332,131 | |||||||||||
BROADLINE RETAIL - 5.5% | |||||||||||
Amazon.com, Inc.* | 25,021 | 4,835,308 | |||||||||
Coupang, Inc.* | 2,520 | 52,794 | |||||||||
MercadoLibre, Inc.* | 414 | 680,368 | |||||||||
5,568,470 | |||||||||||
BUILDING PRODUCTS - 0.2% | |||||||||||
Advanced Drainage Systems, Inc. | 1,063 | 170,495 | |||||||||
UFP Industries, Inc. | 134 | 15,008 | |||||||||
185,503 | |||||||||||
CAPITAL MARKETS - 1.1% | |||||||||||
MSCI, Inc. | 170 | 81,898 | |||||||||
Nasdaq, Inc. | 1,682 | 101,357 | |||||||||
S&P Global, Inc. | 2,046 | 912,516 | |||||||||
1,095,771 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 2.0% | |||||||||||
Cintas Corp. | 1,237 | 866,221 | |||||||||
Waste Connections, Inc. | 1,369 | 240,068 | |||||||||
Waste Management, Inc. | 4,359 | 929,949 | |||||||||
2,036,238 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.5% | |||||||||||
Arista Networks, Inc.* | 410 | 143,697 | |||||||||
Motorola Solutions, Inc. | 933 | 360,184 | |||||||||
503,881 |
Shares/ Principal | Fair Value | ||||||||||
CONSTRUCTION & ENGINEERING - 0.3% | |||||||||||
EMCOR Group, Inc. | 576 | $ | 210,286 | ||||||||
MasTec, Inc.* | 901 | 96,398 | |||||||||
306,684 | |||||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8% | |||||||||||
Costco Wholesale Corp. | 2,014 | 1,711,880 | |||||||||
Kroger Co. (The) | 2,148 | 107,249 | |||||||||
1,819,129 | |||||||||||
DISTRIBUTORS - 0.1% | |||||||||||
Pool Corp. | 448 | 137,684 | |||||||||
ELECTRICAL EQUIPMENT - 0.4% | |||||||||||
Eaton Corp. PLC | 1,382 | 433,326 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3% | |||||||||||
Avnet, Inc. | 1,280 | 65,907 | |||||||||
Flex Ltd.* | 12,842 | 378,711 | |||||||||
TE Connectivity Ltd. | 5,654 | 850,531 | |||||||||
1,295,149 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.1% | |||||||||||
Schlumberger NV | 1,743 | 82,235 | |||||||||
ENTERTAINMENT - 1.6% | |||||||||||
Electronic Arts, Inc. | 814 | 113,415 | |||||||||
Netflix, Inc.* | 1,636 | 1,104,104 | |||||||||
Spotify Technology SA* | 1,169 | 366,820 | |||||||||
1,584,339 | |||||||||||
FINANCIAL SERVICES - 4.4% | |||||||||||
Mastercard, Inc., Class A | 5,979 | 2,637,695 | |||||||||
Visa, Inc., Class A | 6,812 | 1,787,946 | |||||||||
4,425,641 | |||||||||||
GROUND TRANSPORTATION - 0.7% | |||||||||||
Uber Technologies, Inc.* | 10,205 | 741,699 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.8% | |||||||||||
Dexcom, Inc.* | 3,122 | 353,973 | |||||||||
Stryker Corp. | 1,365 | 464,441 | |||||||||
818,414 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 1.9% | |||||||||||
Cardinal Health, Inc. | 3,959 | 389,249 | |||||||||
UnitedHealth Group, Inc. | 2,872 | 1,462,595 | |||||||||
1,851,844 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.6% | |||||||||||
Airbnb, Inc., Class A* | 951 | 144,200 | |||||||||
Booking Holdings, Inc. | 208 | 823,992 | |||||||||
Chipotle Mexican Grill, Inc.* | 1,800 | 112,770 | |||||||||
Darden Restaurants, Inc. | 208 | 31,475 |
See accompanying notes to financial statements.
7
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.6% (Continued) | |||||||||||
Domino's Pizza, Inc. | 65 | $ | 33,561 | ||||||||
DoorDash, Inc., Class A* | 86 | 9,355 | |||||||||
MGM Resorts International* | 6,278 | 278,994 | |||||||||
Texas Roadhouse, Inc. | 153 | 26,272 | |||||||||
Wingstop, Inc. | 248 | 104,820 | |||||||||
1,565,439 | |||||||||||
HOUSEHOLD DURABLES - 0.7% | |||||||||||
DR Horton, Inc. | 2,861 | 403,200 | |||||||||
Toll Brothers, Inc. | 2,582 | 297,395 | |||||||||
700,595 | |||||||||||
HOUSEHOLD PRODUCTS - 1.0% | |||||||||||
Kimberly-Clark Corp. | 4,774 | 659,767 | |||||||||
Procter & Gamble Co. (The) | 2,127 | 350,785 | |||||||||
1,010,552 | |||||||||||
INSURANCE - 0.8% | |||||||||||
Arch Capital Group Ltd.* | 1,141 | 115,116 | |||||||||
Marsh & McLennan Cos., Inc. | 978 | 206,084 | |||||||||
Progressive Corp. (The) | 2,396 | 497,673 | |||||||||
818,873 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 10.2% | |||||||||||
Alphabet, Inc., Class A | 8,508 | 1,549,732 | |||||||||
Alphabet, Inc., Class C | 18,051 | 3,310,914 | |||||||||
Meta Platforms, Inc., Class A | 9,528 | 4,804,208 | |||||||||
Pinterest, Inc., Class A* | 7,492 | 330,173 | |||||||||
Snap, Inc., Class A* | 13,527 | 224,684 | |||||||||
10,219,711 | |||||||||||
IT SERVICES - 0.9% | |||||||||||
Accenture PLC, Class A | 1,408 | 427,201 | |||||||||
Akamai Technologies, Inc.* | 210 | 18,917 | |||||||||
EPAM Systems, Inc.* | 168 | 31,602 | |||||||||
GoDaddy, Inc., Class A* | 1,628 | 227,448 | |||||||||
Kyndryl Holdings, Inc.* | 1,044 | 27,468 | |||||||||
Snowflake, Inc., Class A* | 1,208 | 163,189 | |||||||||
895,825 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.4% | |||||||||||
Thermo Fisher Scientific, Inc. | 619 | 342,307 | |||||||||
MACHINERY - 1.0% | |||||||||||
Caterpillar, Inc. | 503 | 167,549 | |||||||||
Parker-Hannifin Corp. | 1,722 | 871,005 | |||||||||
1,038,554 | |||||||||||
MEDIA - 0.6% | |||||||||||
Comcast Corp., Class A | 16,322 | 639,170 | |||||||||
METALS & MINING - 0.1% | |||||||||||
Nucor Corp. | 256 | 40,468 |
Shares/ Principal | Fair Value | ||||||||||
PHARMACEUTICALS - 4.0% | |||||||||||
Eli Lilly and Co. | 3,461 | $ | 3,133,520 | ||||||||
Merck & Co., Inc. | 5,908 | 731,410 | |||||||||
Zoetis, Inc. | 591 | 102,456 | |||||||||
3,967,386 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.3% | |||||||||||
Advanced Micro Devices, Inc.* | 11,984 | 1,943,925 | |||||||||
Applied Materials, Inc. | 1,968 | 464,428 | |||||||||
Broadcom, Inc. | 2,542 | 4,081,257 | |||||||||
Lam Research Corp. | 1,691 | 1,800,661 | |||||||||
Monolithic Power Systems, Inc. | 429 | 352,501 | |||||||||
NVIDIA Corp. | 79,159 | 9,779,303 | |||||||||
QUALCOMM, Inc. | 4,996 | 995,103 | |||||||||
19,417,178 | |||||||||||
SOFTWARE - 17.6% | |||||||||||
Adobe, Inc.* | 1,616 | 897,753 | |||||||||
Atlassian Corp., Class A* | 2,932 | 518,612 | |||||||||
Crowdstrike Holdings, Inc., Class A* | 1,319 | 505,428 | |||||||||
Datadog, Inc., Class A* | 2,358 | 305,809 | |||||||||
Dropbox, Inc., Class A* | 6,535 | 146,841 | |||||||||
Dynatrace, Inc.* | 2,251 | 100,710 | |||||||||
Fortinet, Inc.* | 15,061 | 907,727 | |||||||||
HubSpot, Inc.* | 351 | 207,016 | |||||||||
Intuit, Inc. | 1,254 | 824,141 | |||||||||
Manhattan Associates, Inc.* | 2,044 | 504,214 | |||||||||
Microsoft Corp. | 18,996 | 8,490,262 | |||||||||
Oracle Corp. | 5,061 | 714,613 | |||||||||
Palantir Technologies, Inc., Class A* | 3,853 | 97,597 | |||||||||
Salesforce, Inc. | 4,178 | 1,074,164 | |||||||||
ServiceNow, Inc.* | 2,394 | 1,883,288 | |||||||||
Synopsys, Inc.* | 541 | 321,927 | |||||||||
Workday, Inc., Class A* | 554 | 123,852 | |||||||||
Zscaler, Inc.* | 478 | 91,867 | |||||||||
17,715,821 | |||||||||||
SPECIALTY RETAIL - 2.6% | |||||||||||
AutoNation, Inc.* | 606 | 96,584 | |||||||||
Home Depot, Inc. (The) | 5,986 | 2,060,621 | |||||||||
O'Reilly Automotive, Inc.* | 176 | 185,867 | |||||||||
Penske Automotive Group, Inc. | 431 | 64,228 | |||||||||
Ross Stores, Inc. | 1,686 | 245,009 | |||||||||
2,652,309 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 9.5% | |||||||||||
Apple, Inc. | 29,592 | 6,232,667 | |||||||||
Dell Technologies, Inc., Class C | 2,554 | 352,222 | |||||||||
Hewlett Packard Enterprise Co. | 12,064 | 255,395 | |||||||||
HP, Inc. | 9,593 | 335,947 | |||||||||
NetApp, Inc. | 11,103 | 1,430,066 |
See accompanying notes to financial statements.
8
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 9.5% (Continued) | |||||||||||
Pure Storage, Inc., Class A* | 5,360 | $ | 344,166 | ||||||||
Super Micro Computer, Inc.* | 761 | 623,525 | |||||||||
9,573,988 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.5% | |||||||||||
NIKE, Inc., Class B | 5,942 | 447,849 | |||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.2% | |||||||||||
Watsco, Inc. | 167 | 77,361 | |||||||||
WW Grainger, Inc. | 157 | 141,652 | |||||||||
219,013 | |||||||||||
TOTAL COMMON STOCKS (Cost - $64,183,414) | 98,617,820 |
Shares/ Principal | Fair Value | ||||||||||
SHORT-TERM INVESTMENTS - 2.1% | |||||||||||
MONEY MARKET FUNDS - 2.1% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (a) (Cost - $2,075,480) | 2,075,480 | $ | 2,075,480 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,075,480) | 2,075,480 | ||||||||||
TOTAL INVESTMENTS - 100.2% (Cost - $66,258,894) | $ | 100,693,300 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET (0.2)% | (164,035 | ) | |||||||||
TOTAL NET ASSETS - 100.0% | $ | 100,529,265 |
* Non-income producing security.
† Represents less than 0.05%.
(a) The rate shown is the annualized seven-day yield at period end.
PLC - Public Limited Company
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
NASDAQ 100 E-Mini Future | Goldman Sachs & Co. | 5 | 9/20/2024 | $ | 1,992,725 | $ | (23,806 | ) |
See accompanying notes to financial statements.
9
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 85.2% | |||||||||||
AEROSPACE & DEFENSE - 1.0% | |||||||||||
Airbus SE | 2,031 | $ | 279,187 | ||||||||
BAE Systems PLC | 25,261 | 421,508 | |||||||||
CAE, Inc.* | 3,667 | 68,095 | |||||||||
Dassault Aviation SA | 523 | 95,065 | |||||||||
Elbit Systems Ltd. | 89 | 15,559 | |||||||||
Embraer SA* | 9,191 | 59,437 | |||||||||
Leonardo SpA | 2,282 | 53,024 | |||||||||
Rheinmetall AG | 37 | 18,864 | |||||||||
Rolls-Royce Holdings PLC* | 54,158 | 312,730 | |||||||||
Thales SA | 194 | 31,084 | |||||||||
1,354,553 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.4% | |||||||||||
CJ Logistics Corp. | 69 | 4,767 | |||||||||
Deutsche Post AG | 1,871 | 75,778 | |||||||||
DSV A/S | 1,860 | 285,220 | |||||||||
NIPPON EXPRESS HOLDINGS, Inc. | 2,400 | 110,631 | |||||||||
ZTO Express Cayman, Inc., ADR | 2,397 | 49,738 | |||||||||
526,134 | |||||||||||
AUTOMOBILE COMPONENTS - 0.4% | |||||||||||
Continental AG | 379 | 21,488 | |||||||||
Denso Corp. | 7,400 | 114,915 | |||||||||
HL Mando Co. Ltd. | 497 | 15,850 | |||||||||
Hyundai Mobis Co. Ltd. | 743 | 135,753 | |||||||||
Magna International, Inc. | 3,170 | 132,837 | |||||||||
Valeo SE | 5,411 | 57,633 | |||||||||
478,476 | |||||||||||
AUTOMOBILES - 2.1% | |||||||||||
Bayerische Motoren Werke AG | 35 | 3,315 | |||||||||
BYD Co. Ltd., Class H | 9,500 | 282,296 | |||||||||
Ferrari NV | 763 | 311,316 | |||||||||
Geely Automobile Holdings Ltd. | 73,000 | 82,187 | |||||||||
Great Wall Motor Co. Ltd., Class H | 55,000 | 84,817 | |||||||||
Honda Motor Co. Ltd. | 14,600 | 156,111 | |||||||||
Hyundai Motor Co. | 285 | 61,079 | |||||||||
Kia Corp. | 1,428 | 134,138 | |||||||||
Li Auto, Inc., Class A* | 5,300 | 47,723 | |||||||||
Mercedes-Benz Group AG | 3,447 | 238,542 | |||||||||
Nissan Motor Co. Ltd. | 32,800 | 111,311 | |||||||||
SAIC Motor Corp. Ltd., Class A | 74,600 | 142,300 | |||||||||
Stellantis NV | 11,220 | 222,102 | |||||||||
Subaru Corp. | 4,500 | 95,394 | |||||||||
Suzuki Motor Corp. | 8,800 | 101,261 | |||||||||
Toyota Motor Corp. | 37,400 | 764,926 | |||||||||
ZEEKR Intelligent Technology Holding Ltd., ADR* | 3 | 62 | |||||||||
2,838,880 |
Shares/ Principal | Fair Value | ||||||||||
BANKS - 10.0% | |||||||||||
ABN AMRO Bank NV, CVA (a) | 2,674 | $ | 43,991 | ||||||||
Absa Group Ltd. | 8,658 | 75,129 | |||||||||
Agricultural Bank of China Ltd., Class A | 94,000 | 56,405 | |||||||||
Banca Monte dei Paschi di Siena SpA | 16,200 | 76,134 | |||||||||
Banco Bilbao Vizcaya Argentaria SA | 38,663 | 387,519 | |||||||||
Banco Bradesco SA | 14,933 | 30,111 | |||||||||
Banco Comercial Portugues SA, Class R | 48,496 | 17,495 | |||||||||
Banco de Sabadell SA | 62,179 | 119,986 | |||||||||
Banco do Brasil SA | 2,712 | 13,002 | |||||||||
Banco Santander Brasil SA | 9,764 | 48,464 | |||||||||
Banco Santander SA | 179,877 | 834,848 | |||||||||
Bank Central Asia TBK PT | 656,000 | 397,606 | |||||||||
Bank Hapoalim BM | 16,614 | 146,903 | |||||||||
Bank Leumi Le-Israel BM | 4,473 | 36,452 | |||||||||
Bank Mandiri Persero TBK PT | 449,100 | 168,670 | |||||||||
Bank Negara Indonesia Persero TBK PT | 87,800 | 24,986 | |||||||||
Bank of China Ltd., Class H | 229,000 | 112,925 | |||||||||
Bank of Montreal | 1,563 | 131,165 | |||||||||
Bank of Nova Scotia (The) | 12,257 | 560,561 | |||||||||
Bank Rakyat Indonesia Persero TBK PT | 530,600 | 149,054 | |||||||||
Bankinter SA | 7,501 | 61,307 | |||||||||
Barclays PLC | 100,893 | 266,429 | |||||||||
BAWAG Group AG*,(a) | 2,013 | 127,504 | |||||||||
BNP Paribas SA | 5,357 | 341,783 | |||||||||
BOC Hong Kong Holdings Ltd. | 48,000 | 147,860 | |||||||||
CaixaBank SA | 43,993 | 233,060 | |||||||||
Canadian Imperial Bank of Commerce | 7,685 | 365,337 | |||||||||
Capitec Bank Holdings Ltd. | 595 | 85,666 | |||||||||
China CITIC Bank Corp. Ltd., Class H* | 83,000 | 53,261 | |||||||||
China Construction Bank Corp., Class H | 607,000 | 448,599 | |||||||||
China Merchants Bank Co. Ltd., Class H | 41,500 | 188,433 | |||||||||
CIMB Group Holdings BHD | 53,200 | 76,685 | |||||||||
Commerzbank AG | 1,393 | 21,177 | |||||||||
Credit Agricole SA | 11,479 | 156,735 | |||||||||
DBS Group Holdings Ltd. | 1,430 | 37,764 | |||||||||
Erste Group Bank AG | 4,832 | 229,105 | |||||||||
Grupo Financiero Banorte SAB de CV, Class O | 16,871 | 131,366 | |||||||||
Hana Financial Group, Inc. | 697 | 30,736 | |||||||||
Hong Leong Bank BHD | 4,200 | 17,094 | |||||||||
HSBC Holdings PLC | 83,895 | 725,287 | |||||||||
Industrial & Commercial Bank of China Ltd., Class H | 355,000 | 210,979 | |||||||||
ING Groep NV | 7,316 | 125,157 | |||||||||
Intesa Sanpaolo SpA | 77,279 | 287,481 | |||||||||
Japan Post Bank Co. Ltd. | 7,600 | 71,790 | |||||||||
KakaoBank Corp. | 1,396 | 20,588 | |||||||||
KB Financial Group, Inc. | 1,199 | 68,377 | |||||||||
KBC Group NV | 819 | 57,845 | |||||||||
Lloyds Banking Group PLC | 350,100 | 242,258 | |||||||||
Malayan Banking BHD | 108,000 | 228,019 |
See accompanying notes to financial statements.
10
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
BANKS - 10.0% (Continued) | |||||||||||
Mediobanca Banca di Credito Finanziario SpA | 19,078 | $ | 279,917 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 81,600 | 877,076 | |||||||||
Mizrahi Tefahot Bank Ltd. | 1,969 | 66,693 | |||||||||
Mizuho Financial Group, Inc. | 30,200 | 630,434 | |||||||||
Nedbank Group Ltd. | 2,444 | 34,319 | |||||||||
Nordea Bank Abp | 11,924 | 142,045 | |||||||||
OTP Bank Nyrt | 3,736 | 185,793 | |||||||||
Postal Savings Bank of China Co. Ltd., Class H (a) | 40,000 | 23,465 | |||||||||
Public Bank BHD | 211,900 | 180,570 | |||||||||
Resona Holdings, Inc. | 11,200 | 74,117 | |||||||||
RHB Bank BHD | 73,700 | 86,081 | |||||||||
Royal Bank of Canada | 3,069 | 326,671 | |||||||||
Shinhan Financial Group Co. Ltd. | 2,179 | 76,221 | |||||||||
Societe Generale SA | 5,147 | 120,917 | |||||||||
Standard Bank Group Ltd. | 17,496 | 201,990 | |||||||||
Standard Chartered PLC | 12,625 | 114,268 | |||||||||
Sumitomo Mitsui Financial Group, Inc. | 11,900 | 793,407 | |||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,000 | 114,074 | |||||||||
TMBThanachart Bank PCL, NVDR | 488,400 | 22,758 | |||||||||
Toronto-Dominion Bank (The) | 5,941 | 326,498 | |||||||||
UniCredit SpA | 9,311 | 345,326 | |||||||||
United Overseas Bank Ltd. | 6,700 | 154,887 | |||||||||
13,666,615 | |||||||||||
BEVERAGES - 0.8% | |||||||||||
Ambev SA | 70,618 | 145,191 | |||||||||
Arca Continental SAB de CV | 5,506 | 54,170 | |||||||||
Asahi Group Holdings Ltd. | 500 | 17,640 | |||||||||
China Resources Beer Holdings Co. Ltd. | 4,000 | 13,449 | |||||||||
Coca-Cola Femsa SAB de CV | 6,091 | 52,417 | |||||||||
Fomento Economico Mexicano SAB de CV | 12,714 | 136,551 | |||||||||
Kweichow Moutai Co. Ltd., Class A | 1,100 | 222,147 | |||||||||
Pernod Ricard SA | 1,043 | 141,630 | |||||||||
Primo Water Corp. | 5,082 | 111,047 | |||||||||
Suntory Beverage & Food Ltd. | 1,100 | 39,026 | |||||||||
Wuliangye Yibin Co. Ltd., Class A* | 7,100 | 125,114 | |||||||||
1,058,382 | |||||||||||
BIOTECHNOLOGY - 0.8% | |||||||||||
Akeso, Inc.*,(a) | 3,000 | 14,506 | |||||||||
Argenx SE* | 122 | 53,426 | |||||||||
BeiGene Ltd.* | 1,600 | 17,665 | |||||||||
Celltrion, Inc. | 758 | 95,982 | |||||||||
CSL Ltd. | 2,811 | 554,206 | |||||||||
Genmab A/S* | 552 | 138,432 | |||||||||
Grifols SA* | 5,600 | 47,174 | |||||||||
Innovent Biologics, Inc.*,(a) | 7,000 | 32,994 | |||||||||
Swedish Orphan Biovitrum AB* | 3,400 | 91,050 | |||||||||
Zai Lab Ltd.* | 4,030 | 6,917 | |||||||||
1,052,352 |
Shares/ Principal | Fair Value | ||||||||||
BROADLINE RETAIL - 1.9% | |||||||||||
Alibaba Group Holding Ltd. | 90,600 | $ | 818,108 | ||||||||
Dollarama, Inc. | 3,972 | 362,584 | |||||||||
J Front Retailing Co. Ltd. | 1,600 | 16,685 | |||||||||
JD.com, Inc., Class A | 15,950 | 211,035 | |||||||||
Naspers Ltd., Class N | 604 | 117,996 | |||||||||
Pan Pacific International Holdings Corp. | 6,900 | 161,455 | |||||||||
PDD Holdings, Inc., ADR* | 803 | 106,759 | |||||||||
Prosus NV* | 7,804 | 278,185 | |||||||||
Rakuten Group, Inc.* | 3,400 | 17,541 | |||||||||
Vipshop Holdings Ltd., ADR | 3,955 | 51,494 | |||||||||
Wesfarmers Ltd. | 9,628 | 419,111 | |||||||||
Woolworths Holdings Ltd. | 22,801 | 77,144 | |||||||||
2,638,097 | |||||||||||
BUILDING PRODUCTS - 0.6% | |||||||||||
Assa Abloy AB, Class B | 18,613 | 526,567 | |||||||||
Cie de Saint-Gobain SA | 1,088 | 84,680 | |||||||||
Daikin Industries Ltd. | 400 | 55,626 | |||||||||
Geberit AG | 31 | 18,312 | |||||||||
Kingspan Group PLC | 1,598 | 136,156 | |||||||||
821,341 | |||||||||||
CAPITAL MARKETS - 2.4% | |||||||||||
Amundi SA (a) | 1,875 | 121,074 | |||||||||
B3 SA - Brasil Bolsa Balcao | 55,849 | 102,861 | |||||||||
Brookfield Asset Management Ltd., Class A | 1,023 | 38,936 | |||||||||
Brookfield Corp. | 14,174 | 589,396 | |||||||||
China International Capital Corp. Ltd., Class H (a) | 20,000 | 22,261 | |||||||||
China Merchants Securities Co. Ltd., Class A | 14,100 | 26,993 | |||||||||
Deutsche Bank AG | 17,122 | 273,569 | |||||||||
Deutsche Boerse AG | 1,058 | 216,691 | |||||||||
Euronext NV (a) | 2,066 | 191,531 | |||||||||
Guotai Junan Securities Co. Ltd., Class A | 10,100 | 18,835 | |||||||||
Huatai Securities Co. Ltd., Class A | 60,200 | 102,653 | |||||||||
IG Group Holdings PLC | 5,344 | 55,326 | |||||||||
IGM Financial, Inc. | 862 | 23,793 | |||||||||
London Stock Exchange Group PLC | 3,000 | 356,476 | |||||||||
Macquarie Group Ltd. | 4,560 | 623,362 | |||||||||
Nomura Holdings, Inc. | 20,200 | 115,780 | |||||||||
Reinet Investments SCA | 690 | 17,363 | |||||||||
SBI Holdings, Inc. | 1,000 | 25,283 | |||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 96,100 | 57,004 | |||||||||
UBS Group AG | 11,792 | 347,094 | |||||||||
3,326,281 | |||||||||||
CHEMICALS - 1.4% | |||||||||||
Air Liquide SA | 3,209 | 554,682 | |||||||||
Arkema SA | 351 | 30,527 | |||||||||
Asahi Kasei Corp. | 7,500 | 48,047 | |||||||||
Evonik Industries AG | 4,216 | 86,077 |
See accompanying notes to financial statements.
11
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
CHEMICALS - 1.4% (Continued) | |||||||||||
Givaudan SA | 69 | $ | 327,109 | ||||||||
Hengli Petrochemical Co. Ltd., Class A | 13,000 | 24,959 | |||||||||
Hyosung Advanced Materials Corp. | 30 | 8,238 | |||||||||
Johnson Matthey PLC | 1,862 | 36,883 | |||||||||
Kansai Paint Co. Ltd. | 300 | 4,830 | |||||||||
LG Chem Ltd. | 525 | 131,774 | |||||||||
Mitsubishi Chemical Group Corp. | 21,300 | 118,258 | |||||||||
Nippon Paint Holdings Co. Ltd. | 2,200 | 14,333 | |||||||||
Nitto Denko Corp. | 1,000 | 79,013 | |||||||||
Nutrien Ltd. | 1,670 | 85,004 | |||||||||
Shin-Etsu Chemical Co. Ltd. | 5,400 | 209,407 | |||||||||
Sika AG | 447 | 127,942 | |||||||||
Sumitomo Chemical Co. Ltd. | 8,700 | 18,643 | |||||||||
1,905,726 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.2% | |||||||||||
Brambles Ltd. | 28,201 | 273,659 | |||||||||
Element Fleet Management Corp. | 980 | 17,826 | |||||||||
291,485 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.0%† | |||||||||||
ZTE Corp., Class A* | 5,600 | 21,557 | |||||||||
CONSTRUCTION & ENGINEERING - 1.2% | |||||||||||
ACS Actividades de Construccion y Servicios SA | 3,189 | 137,669 | |||||||||
China Railway Group Ltd., Class A | 44,100 | 39,572 | |||||||||
Eiffage SA | 2,695 | 247,706 | |||||||||
Ferrovial SE | 844 | 32,799 | |||||||||
JGC Holdings Corp. | 1,600 | 12,538 | |||||||||
Kajima Corp. | 5,700 | 98,561 | |||||||||
Metallurgical Corp. of China Ltd., Class A | 34,100 | 14,549 | |||||||||
Obayashi Corp. | 4,700 | 55,865 | |||||||||
Stantec, Inc. | 4,290 | 359,070 | |||||||||
Vinci SA | 4,268 | 450,013 | |||||||||
Worley Ltd. | 11,540 | 115,451 | |||||||||
WSP Global, Inc. | 825 | 128,439 | |||||||||
1,692,232 | |||||||||||
CONSTRUCTION MATERIALS - 0.9% | |||||||||||
Cemex SAB de CV, Series CPO | 95,106 | 60,854 | |||||||||
Heidelberg Materials AG | 1,688 | 175,158 | |||||||||
Holcim AG* | 9,373 | 830,490 | |||||||||
James Hardie Industries PLC* | 3,509 | 110,847 | |||||||||
1,177,349 | |||||||||||
CONSUMER FINANCE - 0.0%† | |||||||||||
JMT Network Services PCL, NVDR | 11,800 | 4,277 | |||||||||
Marui Group Co. Ltd. | 2,600 | 36,674 | |||||||||
Muangthai Capital PCL, NVDR | 8,800 | 10,431 | |||||||||
51,382 |
Shares/ Principal | Fair Value | ||||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.4% | |||||||||||
Alimentation Couche-Tard, Inc. | 5,972 | $ | 335,054 | ||||||||
Carrefour SA | 21,665 | 306,497 | |||||||||
Clicks Group Ltd. | 2,219 | 41,848 | |||||||||
Coles Group Ltd. | 7,525 | 85,586 | |||||||||
Empire Co. Ltd., Class A | 5,873 | 150,092 | |||||||||
George Weston Ltd. | 1,001 | 143,959 | |||||||||
Loblaw Cos., Ltd. | 1,191 | 138,131 | |||||||||
Marks & Spencer Group PLC | 10,447 | 37,835 | |||||||||
Raia Drogasil SA | 5,338 | 24,735 | |||||||||
Tesco PLC | 149,307 | 577,541 | |||||||||
Wal-Mart de Mexico SAB de CV | 16,686 | 57,024 | |||||||||
Woolworths Group Ltd. | 164 | 3,701 | |||||||||
1,902,003 | |||||||||||
CONTAINERS & PACKAGING - 0.0%† | |||||||||||
Smurfit Kappa Group PLC | 767 | 34,196 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.0%† | |||||||||||
Cogna Educacao SA* | 29,080 | 9,371 | |||||||||
New Oriental Education & Technology Group, Inc.* | 3,200 | 24,469 | |||||||||
33,840 | |||||||||||
DIVERSIFIED REITS - 0.0%† | |||||||||||
British Land Co. PLC (The) | 13,211 | 68,737 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.3% | |||||||||||
BT Group PLC | 93,421 | 165,744 | |||||||||
China Tower Corp. Ltd., Class H (a) | 112,000 | 14,489 | |||||||||
Deutsche Telekom AG | 32,724 | 823,489 | |||||||||
KT Corp. | 2,015 | 54,748 | |||||||||
Nippon Telegraph & Telephone Corp. | 190,300 | 179,582 | |||||||||
Singapore Telecommunications Ltd. | 260,500 | 528,593 | |||||||||
Telefonica Brasil SA | 1,454 | 11,939 | |||||||||
Telekom Malaysia BHD | 38,800 | 55,599 | |||||||||
1,834,183 | |||||||||||
ELECTRIC UTILITIES - 0.9% | |||||||||||
Acciona SA | 1,290 | 152,496 | |||||||||
CPFL Energia SA | 16,341 | 96,467 | |||||||||
Enel SpA | 85,181 | 592,855 | |||||||||
Energisa S/A | 584 | 1,527 | |||||||||
Energisa SA | 4,781 | 39,362 | |||||||||
Equatorial Energia SA | 3,858 | 21,289 | |||||||||
Iberdrola SA | 10,874 | 141,191 | |||||||||
Kansai Electric Power Co., Inc. (The) | 1,900 | 31,915 | |||||||||
Korea Electric Power Corp.* | 1,255 | 17,842 | |||||||||
Tenaga Nasional BHD | 45,700 | 133,491 | |||||||||
1,228,435 | |||||||||||
ELECTRICAL EQUIPMENT - 2.1% | |||||||||||
ABB Ltd. | 23,574 | 1,309,608 | |||||||||
Legrand SA | 296 | 29,389 | |||||||||
Mitsubishi Electric Corp. | 4,400 | 70,229 |
See accompanying notes to financial statements.
12
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
ELECTRICAL EQUIPMENT - 2.1% (Continued) | |||||||||||
Nidec Corp. | 2,600 | $ | 116,132 | ||||||||
Schneider Electric SE | 3,017 | 725,267 | |||||||||
Siemens Energy AG* | 11,297 | 294,335 | |||||||||
Signify NV (a) | 3,987 | 99,563 | |||||||||
Vestas Wind Systems A/S* | 2,167 | 50,218 | |||||||||
WEG SA | 18,104 | 137,350 | |||||||||
2,832,091 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.7% | |||||||||||
Avary Holding Shenzhen Co. Ltd., Class A | 4,900 | 26,813 | |||||||||
BOE Technology Group Co. Ltd., Class A | 1,038,100 | 584,338 | |||||||||
Celestica, Inc.* | 3,804 | 217,784 | |||||||||
Delta Electronics Thailand PCL, NVDR | 23,000 | 52,177 | |||||||||
Halma PLC | 1,002 | 34,275 | |||||||||
Hexagon AB, Class B | 34,160 | 385,946 | |||||||||
Keyence Corp. | 600 | 263,148 | |||||||||
LG Innotek Co. Ltd. | 177 | 34,976 | |||||||||
Lingyi iTech Guangdong Co., Class A | 20,400 | 19,990 | |||||||||
Murata Manufacturing Co. Ltd. | 10,600 | 218,906 | |||||||||
Omron Corp. | 900 | 30,934 | |||||||||
Samsung Electro-Mechanics Co. Ltd. | 893 | 102,502 | |||||||||
Samsung SDI Co. Ltd. | 658 | 169,221 | |||||||||
Shimadzu Corp. | 3,000 | 75,065 | |||||||||
Spectris PLC | 636 | 22,350 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 5,400 | 33,372 | |||||||||
TDK Corp. | 700 | 42,929 | |||||||||
2,314,726 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.0%† | |||||||||||
Saipem SpA* | 7,484 | 19,186 | |||||||||
Tenaris SA | 2,600 | 39,987 | |||||||||
59,173 | |||||||||||
ENTERTAINMENT - 0.6% | |||||||||||
Bilibili, Inc., Class Z* | 660 | 10,728 | |||||||||
Krafton, Inc.* | 54 | 11,043 | |||||||||
NCSoft Corp. | 161 | 21,042 | |||||||||
NetEase, Inc. | 13,760 | 262,778 | |||||||||
Netmarble Corp.*,(a) | 287 | 11,196 | |||||||||
Nexon Co. Ltd. | 1,300 | 24,043 | |||||||||
Nintendo Co. Ltd. | 4,400 | 234,032 | |||||||||
Sea Ltd., ADR* | 2,343 | 167,337 | |||||||||
Ubisoft Entertainment SA* | 2,677 | 58,644 | |||||||||
800,843 | |||||||||||
FINANCIAL SERVICES - 1.0% | |||||||||||
Adyen NV*,(a) | 73 | 87,094 | |||||||||
FirstRand Ltd. | 37,438 | 157,666 | |||||||||
Groupe Bruxelles Lambert NV | 1,875 | 133,935 | |||||||||
Industrivarden AB, Class A | 2,448 | 83,355 | |||||||||
Industrivarden AB, Class C | 3,912 | 132,097 |
Shares/ Principal | Fair Value | ||||||||||
FINANCIAL SERVICES - 1.0% (Continued) | |||||||||||
Investor AB, Class B | 20,458 | $ | 560,604 | ||||||||
Mitsubishi HC Capital, Inc. | 8,700 | 57,438 | |||||||||
ORIX Corp. | 5,900 | 130,280 | |||||||||
Sofina SA | 152 | 34,732 | |||||||||
Worldline SA*,(a) | 1,476 | 16,009 | |||||||||
1,393,210 | |||||||||||
FOOD PRODUCTS - 1.6% | |||||||||||
Chocoladefabriken Lindt & Spruengli AG | 19 | 221,801 | |||||||||
Danone SA | 9,484 | 580,188 | |||||||||
Grupo Bimbo SAB de CV, Series A | 20,598 | 72,781 | |||||||||
Kerry Group PLC, Class A | 559 | 45,322 | |||||||||
Kuala Lumpur Kepong BHD | 6,300 | 27,564 | |||||||||
Nestle SA | 11,393 | 1,162,882 | |||||||||
QL Resources BHD | 10,350 | 14,305 | |||||||||
2,124,843 | |||||||||||
GAS UTILITIES - 0.1% | |||||||||||
Beijing Enterprises Holdings Ltd. | 10,000 | 33,558 | |||||||||
ENN Energy Holdings Ltd. | 6,200 | 51,102 | |||||||||
Korea Gas Corp.* | 1,943 | 73,683 | |||||||||
Kunlun Energy Co. Ltd. | 22,000 | 22,824 | |||||||||
181,167 | |||||||||||
GROUND TRANSPORTATION - 0.7% | |||||||||||
Canadian National Railway Co. | 2,151 | 254,124 | |||||||||
Central Japan Railway Co. | 20,000 | 431,804 | |||||||||
TFI International, Inc. | 2,231 | 323,869 | |||||||||
1,009,797 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.9% | |||||||||||
Alcon, Inc. | 298 | 26,603 | |||||||||
Cochlear Ltd. | 1,244 | 275,952 | |||||||||
Demant A/S* | 353 | 15,290 | |||||||||
EssilorLuxottica SA | 605 | 130,460 | |||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,264 | 59,827 | |||||||||
Hartalega Holdings BHD* | 31,600 | 21,971 | |||||||||
Hoya Corp. | 1,200 | 139,538 | |||||||||
Koninklijke Philips NV* | 7,449 | 188,330 | |||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1,500 | 60,055 | |||||||||
Sonova Holding AG | 918 | 283,593 | |||||||||
Terumo Corp. | 1,000 | 16,493 | |||||||||
1,218,112 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 0.2% | |||||||||||
Amplifon SpA | 935 | 33,309 | |||||||||
Fresenius SE & Co. KGaA* | 4,619 | 138,018 | |||||||||
IHH Healthcare BHD | 81,600 | 108,973 | |||||||||
Sonic Healthcare Ltd. | 2,121 | 37,254 | |||||||||
317,554 |
See accompanying notes to financial statements.
13
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.7% | |||||||||||
Accor SA | 662 | $ | 27,174 | ||||||||
Amadeus IT Group SA | 110 | 7,326 | |||||||||
Aristocrat Leisure Ltd. | 18,406 | 611,672 | |||||||||
Compass Group PLC | 9,065 | 247,516 | |||||||||
Evolution AB (a) | 482 | 50,247 | |||||||||
Jiumaojiu International Holdings Ltd. (a) | 10,000 | 5,187 | |||||||||
Just Eat Takeaway.com NV*,(a) | 5,856 | 70,513 | |||||||||
Meituan, Class B*,(a) | 36,510 | 519,541 | |||||||||
Oriental Land Co. Ltd. | 5,600 | 156,031 | |||||||||
Restaurant Brands International, Inc. | 4,094 | 288,422 | |||||||||
Sands China Ltd.* | 17,600 | 36,700 | |||||||||
Skylark Holdings Co. Ltd.* | 8,700 | 115,713 | |||||||||
Trip.com Group Ltd.* | 2,645 | 126,907 | |||||||||
2,262,949 | |||||||||||
HOUSEHOLD DURABLES - 0.7% | |||||||||||
Electrolux AB, Class B* | 6,137 | 50,915 | |||||||||
Gree Electric Appliances Inc of Zhuhai, Class A | 30,000 | 161,931 | |||||||||
LG Electronics, Inc. | 378 | 30,455 | |||||||||
Nikon Corp. | 5,400 | 54,584 | |||||||||
Panasonic Holdings Corp. | 31,200 | 255,442 | |||||||||
Sekisui House Ltd. | 9,700 | 214,852 | |||||||||
Sony Group Corp. | 2,400 | 203,506 | |||||||||
Taylor Wimpey PLC | 26,811 | 48,177 | |||||||||
1,019,862 | |||||||||||
HOUSEHOLD PRODUCTS - 0.2% | |||||||||||
Essity AB, Class B | 1,481 | 37,954 | |||||||||
Henkel AG & Co. KGaA | 256 | 20,152 | |||||||||
Reckitt Benckiser Group PLC | 1,595 | 86,336 | |||||||||
Unicharm Corp. | 2,500 | 80,303 | |||||||||
224,745 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%† | |||||||||||
B Grimm Power PCL | 10,800 | 6,357 | |||||||||
China Longyuan Power Group Corp. Ltd., Class H | 28,000 | 25,176 | |||||||||
Energy Absolute PCL, NVDR | 50,800 | 15,504 | |||||||||
47,037 | |||||||||||
INDUSTRIAL CONGLOMERATES - 2.3% | |||||||||||
Alfa SAB de CV, Class A | 18,300 | 10,668 | |||||||||
CK Hutchison Holdings Ltd. | 50,000 | 239,516 | |||||||||
GS Holdings Corp. | 764 | 26,031 | |||||||||
Hikari Tsushin, Inc. | 300 | 55,884 | |||||||||
Hitachi Ltd. | 48,000 | 1,074,524 | |||||||||
Jardine Matheson Holdings Ltd. | 4,200 | 148,596 | |||||||||
Samsung C&T Corp. | 646 | 66,642 | |||||||||
Siemens AG | 6,963 | 1,296,402 | |||||||||
SM Investments Corp. | 920 | 13,037 | |||||||||
Smiths Group PLC | 12,369 | 266,588 | |||||||||
3,197,888 |
Shares/ Principal | Fair Value | ||||||||||
INDUSTRIAL REITS - 0.0%† | |||||||||||
Warehouses De Pauw CVA | 1,015 | $ | 27,522 | ||||||||
INSURANCE - 4.4% | |||||||||||
AIA Group Ltd. | 106,000 | 719,574 | |||||||||
Allianz SE | 2,756 | 766,496 | |||||||||
Assicurazioni Generali SpA | 3,176 | 79,276 | |||||||||
Aviva PLC | 2,568 | 15,471 | |||||||||
AXA SA | 1,390 | 45,541 | |||||||||
BB Seguridade Participacoes SA | 10,028 | 59,542 | |||||||||
China Life Insurance Co. Ltd., Class H | 64,000 | 90,499 | |||||||||
Dai-ichi Life Holdings, Inc. | 5,400 | 144,282 | |||||||||
Fairfax Financial Holdings Ltd. | 110 | 125,112 | |||||||||
Great-West Lifeco, Inc. | 564 | 16,450 | |||||||||
Japan Post Holdings Co. Ltd. | 48,900 | 484,866 | |||||||||
Legal & General Group PLC | 15,393 | 44,170 | |||||||||
Manulife Financial Corp. | 20,937 | 557,412 | |||||||||
MS&AD Insurance Group Holdings, Inc. | 21,900 | 486,712 | |||||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 590 | 295,299 | |||||||||
NN Group NV | 5,897 | 274,609 | |||||||||
Old Mutual Ltd. | 29,187 | 19,804 | |||||||||
Phoenix Group Holdings PLC | 3,233 | 21,313 | |||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 66,500 | 301,522 | |||||||||
Porto Seguro SA | 3,608 | 20,117 | |||||||||
Poste Italiane SpA (a) | 3,873 | 49,375 | |||||||||
Power Corp. of Canada | 636 | 17,671 | |||||||||
QBE Insurance Group Ltd. | 9,336 | 108,428 | |||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 77 | 21,760 | |||||||||
Samsung Life Insurance Co. Ltd. | 645 | 41,469 | |||||||||
Sanlam Ltd. | 25,363 | 112,397 | |||||||||
Sompo Holdings, Inc. | 6,000 | 128,124 | |||||||||
Sun Life Financial, Inc. | 462 | 22,648 | |||||||||
T&D Holdings, Inc. | 2,900 | 50,632 | |||||||||
Tokio Marine Holdings, Inc. | 21,000 | 783,943 | |||||||||
Tryg A/S | 726 | 15,880 | |||||||||
Zurich Insurance Group AG | 72 | 38,388 | |||||||||
5,958,782 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 2.1% | |||||||||||
Auto Trader Group PLC (a) | 2,686 | 27,204 | |||||||||
Autohome, Inc., ADR | 681 | 18,694 | |||||||||
Baidu, Inc., Class A* | 16,338 | 178,397 | |||||||||
Kakaku.com, Inc. | 2,200 | 28,837 | |||||||||
Kakao Corp. | 898 | 26,519 | |||||||||
Kuaishou Technology*,(a) | 12,400 | 73,297 | |||||||||
NAVER Corp. | 1,204 | 145,984 | |||||||||
REA Group Ltd. | 1,323 | 173,762 | |||||||||
Rightmove PLC | 9,331 | 63,341 | |||||||||
Scout24 SE (a) | 1,657 | 126,443 | |||||||||
Tencent Holdings Ltd. | 41,900 | 1,998,560 | |||||||||
2,861,038 |
See accompanying notes to financial statements.
14
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
IT SERVICES - 1.0% | |||||||||||
Capgemini SE | 328 | $ | 65,280 | ||||||||
CGI, Inc.* | 6,470 | 645,652 | |||||||||
Nomura Research Institute Ltd. | 3,300 | 92,747 | |||||||||
Obic Co. Ltd. | 300 | 38,680 | |||||||||
Otsuka Corp. | 800 | 15,372 | |||||||||
Samsung SDS Co. Ltd. | 746 | 80,480 | |||||||||
Shopify, Inc., Class A* | 6,815 | 450,283 | |||||||||
1,388,494 | |||||||||||
LEISURE PRODUCTS - 0.0%† | |||||||||||
Sankyo Co. Ltd. | 1,600 | 17,367 | |||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.2% | |||||||||||
Lonza Group AG | 165 | 90,047 | |||||||||
Pharmaron Beijing Co. Ltd., Class H (a) | 8,550 | 9,254 | |||||||||
Samsung Biologics Co. Ltd.*,(a) | 154 | 81,335 | |||||||||
WuXi AppTec Co. Ltd., Class H (a) | 11,400 | 42,636 | |||||||||
223,272 | |||||||||||
MACHINERY - 1.7% | |||||||||||
Amada Co. Ltd. | 18,300 | 202,158 | |||||||||
Atlas Copco AB, Class A | 14,921 | 280,662 | |||||||||
Atlas Copco AB, Class B | 4,865 | 78,624 | |||||||||
DMG Mori Co. Ltd. | 8,800 | 228,507 | |||||||||
GEA Group AG | 2,687 | 112,024 | |||||||||
IMI PLC | 3,274 | 73,006 | |||||||||
Komatsu Ltd. | 7,900 | 229,398 | |||||||||
Kone Oyj, Class B | 680 | 33,590 | |||||||||
Kubota Corp. | 8,900 | 124,487 | |||||||||
SKF AB, Class B | 5,416 | 108,829 | |||||||||
Toyota Industries Corp. | 1,400 | 118,059 | |||||||||
Trelleborg AB, Class B | 5,722 | 222,824 | |||||||||
Volvo AB, Class B | 4,711 | 120,597 | |||||||||
Wartsila OYJ Abp | 3,640 | 70,221 | |||||||||
Weichai Power Co. Ltd., Class A | 100,100 | 223,729 | |||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 12,200 | 22,145 | |||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 15,200 | 9,832 | |||||||||
2,258,692 | |||||||||||
MARINE TRANSPORTATION - 0.1% | |||||||||||
AP Moller - Maersk A/S, Class B | 20 | 34,794 | |||||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 24,700 | 52,656 | |||||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 19,550 | 34,205 | |||||||||
Precious Shipping PCL, NVDR | 37,300 | 9,961 | |||||||||
131,616 | |||||||||||
MEDIA - 0.7% | |||||||||||
Informa PLC | 34,963 | 378,236 | |||||||||
MultiChoice Group* | 1,493 | 8,716 |
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 0.7% (Continued) | |||||||||||
Publicis Groupe SA | 3,554 | $ | 378,538 | ||||||||
WPP PLC | 13,713 | 125,572 | |||||||||
891,062 | |||||||||||
METALS & MINING - 3.6% | |||||||||||
Aluminum Corp. of China Ltd., Class H | 146,000 | 99,672 | |||||||||
Anglo American Platinum Ltd. | 982 | 32,360 | |||||||||
Anglo American PLC | 5,628 | 177,686 | |||||||||
Anglogold Ashanti PLC | 5,485 | 138,107 | |||||||||
ArcelorMittal SA | 23,211 | 531,608 | |||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 16,900 | 15,467 | |||||||||
Barrick Gold Corp. | 21,489 | 358,372 | |||||||||
BHP Group Ltd. | 40,923 | 1,166,463 | |||||||||
BHP Group Ltd. | 2,965 | 84,819 | |||||||||
CMOC Group Ltd., Class H | 51,000 | 46,640 | |||||||||
Endeavour Mining PLC | 707 | 14,932 | |||||||||
First Quantum Minerals Ltd. | 1,630 | 21,406 | |||||||||
Fortescue Ltd. | 6,644 | 95,000 | |||||||||
Franco-Nevada Corp. | 1,048 | 124,227 | |||||||||
Glencore PLC | 31,214 | 177,993 | |||||||||
Gold Fields Ltd. | 2,372 | 35,518 | |||||||||
Grupo Mexico SAB de CV, Series B | 25,451 | 137,391 | |||||||||
Hudbay Minerals, Inc. | 2,999 | 27,133 | |||||||||
Kinross Gold Corp. | 2,852 | 23,740 | |||||||||
MMG Ltd.* | 40,000 | 15,268 | |||||||||
POSCO Holdings, Inc. | 65 | 17,141 | |||||||||
Press Metal Aluminium Holdings BHD | 102,200 | 124,785 | |||||||||
Rio Tinto Ltd. | 3,751 | 298,108 | |||||||||
Rio Tinto PLC | 4,255 | 279,749 | |||||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 29,400 | 15,416 | |||||||||
South32 Ltd. | 24,504 | 59,896 | |||||||||
Teck Resources Ltd., Class B | 351 | 16,817 | |||||||||
Vale SA | 35,032 | 393,116 | |||||||||
Wheaton Precious Metals Corp. | 4,545 | 238,253 | |||||||||
Zhaojin Mining Industry Co. Ltd., Class H | 15,000 | 25,168 | |||||||||
Zijin Mining Group Co. Ltd., Class H | 80,000 | 168,865 | |||||||||
4,961,116 | |||||||||||
MULTI-UTILITIES - 0.6% | |||||||||||
A2A SpA | 59,795 | 119,167 | |||||||||
AGL Energy Ltd. | 13,921 | 100,688 | |||||||||
Engie SA | 33,841 | 483,648 | |||||||||
National Grid PLC | 3,990 | 44,516 | |||||||||
Veolia Environnement SA | 2,880 | 86,179 | |||||||||
834,198 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 4.2% | |||||||||||
Aker BP ASA | 4,584 | 117,188 | |||||||||
Ampol Ltd. | 3,842 | 82,981 | |||||||||
BP PLC | 168,904 | 1,014,607 | |||||||||
Canadian Natural Resources Ltd. | 19,446 | 692,515 |
See accompanying notes to financial statements.
15
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 4.2% (Continued) | |||||||||||
Cenovus Energy, Inc. | 6,910 | $ | 135,791 | ||||||||
China Petroleum & Chemical Corp., Class H | 144,000 | 93,327 | |||||||||
Eni SpA | 1,324 | 20,368 | |||||||||
Equinor ASA | 11,359 | 324,261 | |||||||||
MEG Energy Corp.* | 3,406 | 72,857 | |||||||||
OMV AG | 1,501 | 65,410 | |||||||||
Pembina Pipeline Corp., Class Common Subs. Receipt | 7,816 | 289,941 | |||||||||
PetroChina Co. Ltd., Class A | 14,900 | 21,163 | |||||||||
PetroChina Co. Ltd., Class H | 248,000 | 250,941 | |||||||||
Petroleo Brasileiro SA | 2,330 | 16,914 | |||||||||
Petronas Dagangan BHD | 10,400 | 38,447 | |||||||||
PTT Exploration & Production PCL, NVDR | 18,900 | 78,283 | |||||||||
PTT PCL, NVDR | 117,700 | 104,237 | |||||||||
Repsol SA | 21,912 | 346,039 | |||||||||
Shell PLC | 44,503 | 1,594,302 | |||||||||
S-Oil Corp. | 753 | 36,378 | |||||||||
Star Petroleum Refining PCL, NVDR* | 47,400 | 10,527 | |||||||||
Suncor Energy, Inc. | 735 | 28,012 | |||||||||
TotalEnergies SE | 319 | 21,310 | |||||||||
Ultrapar Participacoes SA | 27,650 | 107,724 | |||||||||
Whitecap Resources, Inc. | 6,700 | 49,013 | |||||||||
Woodside Energy Group Ltd. | 5,241 | 98,741 | |||||||||
5,711,277 | |||||||||||
PAPER & FOREST PRODUCTS - 0.1% | |||||||||||
UPM-Kymmene Oyj | 3,347 | 117,013 | |||||||||
West Fraser Timber Co. Ltd. | 1,051 | 80,702 | |||||||||
197,715 | |||||||||||
PASSENGER AIRLINES - 0.3% | |||||||||||
Air China Ltd., Class H* | 20,000 | 9,299 | |||||||||
Deutsche Lufthansa AG | 2,651 | 16,223 | |||||||||
Korean Air Lines Co. Ltd. | 1,051 | 17,752 | |||||||||
Qantas Airways Ltd.* | 16,734 | 65,378 | |||||||||
Singapore Airlines Ltd. | 49,300 | 251,002 | |||||||||
359,654 | |||||||||||
PERSONAL CARE PRODUCTS - 0.9% | |||||||||||
Beiersdorf AG | 644 | 94,248 | |||||||||
Kao Corp. | 4,800 | 194,674 | |||||||||
LG H&H Co. Ltd. | 67 | 16,817 | |||||||||
L'Oreal SA | 47 | 20,655 | |||||||||
Unilever PLC | 8,507 | 467,539 | |||||||||
Unilever PLC | 6,813 | 374,205 | |||||||||
1,168,138 | |||||||||||
PHARMACEUTICALS - 7.0% | |||||||||||
Aspen Pharmacare Holdings Ltd. | 3,918 | 50,061 | |||||||||
Astellas Pharma, Inc. | 30,200 | 298,508 | |||||||||
AstraZeneca PLC | 8,854 | 1,382,926 | |||||||||
Bayer AG | 7,396 | 209,105 |
Shares/ Principal | Fair Value | ||||||||||
PHARMACEUTICALS - 7.0% (Continued) | |||||||||||
CSPC Pharmaceutical Group Ltd. | 153,040 | $ | 121,924 | ||||||||
Daiichi Sankyo Co. Ltd. | 10,600 | 364,008 | |||||||||
GSK PLC | 34,674 | 670,401 | |||||||||
Kyowa Kirin Co. Ltd. | 3,100 | 52,948 | |||||||||
Novartis AG | 17,819 | 1,907,026 | |||||||||
Novo Nordisk A/S, Class B | 19,835 | 2,866,557 | |||||||||
Ono Pharmaceutical Co. Ltd. | 1,800 | 24,578 | |||||||||
Otsuka Holdings Co. Ltd. | 3,700 | 155,719 | |||||||||
Recordati Industria Chimica e Farmaceutica SpA | 376 | 19,625 | |||||||||
Roche Holding AG (Common share) | 269 | 81,963 | |||||||||
Roche Holding AG (Common share, participation certificates) | 1,429 | 396,768 | |||||||||
Sanofi SA | 5,058 | 487,557 | |||||||||
Santen Pharmaceutical Co. Ltd. | 9,300 | 95,047 | |||||||||
Sino Biopharmaceutical Ltd. | 84,000 | 28,727 | |||||||||
Takeda Pharmaceutical Co. Ltd. | 6,100 | 158,207 | |||||||||
Teva Pharmaceutical Industries Ltd., ADR* | 13,313 | 216,336 | |||||||||
9,587,991 | |||||||||||
PROFESSIONAL SERVICES - 2.4% | |||||||||||
Bureau Veritas SA | 1,586 | 43,957 | |||||||||
Experian PLC | 9,417 | 438,782 | |||||||||
Intertek Group PLC | 6,792 | 411,602 | |||||||||
Randstad NV | 299 | 13,565 | |||||||||
Recruit Holdings Co. Ltd. | 14,200 | 759,787 | |||||||||
RELX PLC | 12,770 | 587,428 | |||||||||
Teleperformance SE | 184 | 19,393 | |||||||||
Thomson Reuters Corp. | 874 | 147,296 | |||||||||
Wolters Kluwer NV | 4,856 | 805,644 | |||||||||
3,227,454 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9% | |||||||||||
Central Pattana PCL, NVDR | 9,900 | 14,905 | |||||||||
China Overseas Land & Investment Ltd. | 25,000 | 43,356 | |||||||||
China Resources Land Ltd. | 18,000 | 61,211 | |||||||||
CK Asset Holdings Ltd. | 27,500 | 103,027 | |||||||||
Colliers International Group, Inc. | 169 | 18,868 | |||||||||
Daito Trust Construction Co. Ltd. | 1,000 | 103,102 | |||||||||
Daiwa House Industry Co. Ltd. | 1,200 | 30,414 | |||||||||
FirstService Corp. | 1,852 | 281,789 | |||||||||
Hulic Co. Ltd. | 8,900 | 78,814 | |||||||||
Mitsubishi Estate Co. Ltd. | 3,800 | 59,530 | |||||||||
Mitsui Fudosan Co. Ltd. | 15,600 | 142,413 | |||||||||
Nomura Real Estate Holdings, Inc. | 700 | 17,542 | |||||||||
Sino Land Co. Ltd. | 14,000 | 14,435 | |||||||||
SM Prime Holdings, Inc. | 21,800 | 10,527 | |||||||||
Sun Hung Kai Properties Ltd. | 3,500 | 30,282 | |||||||||
Swire Properties Ltd. | 65,000 | 103,569 | |||||||||
Wharf Real Estate Investment Co. Ltd. | 23,000 | 60,981 | |||||||||
1,174,765 |
See accompanying notes to financial statements.
16
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
RETAIL REITS - 0.0%† | |||||||||||
CapitaLand Integrated Commercial Trust | 21,300 | $ | 31,119 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | |||||||||||
Advantest Corp. | 3,400 | 135,801 | |||||||||
ASML Holding NV | 2,452 | 2,533,851 | |||||||||
BE Semiconductor Industries NV | 111 | 18,576 | |||||||||
Disco Corp. | 900 | 341,514 | |||||||||
Inari Amertron BHD | 82,400 | 64,627 | |||||||||
Renesas Electronics Corp. | 6,800 | 127,199 | |||||||||
SCREEN Holdings Co. Ltd. | 1,400 | 126,197 | |||||||||
SK Hynix, Inc. | 3,335 | 572,995 | |||||||||
Tokyo Electron Ltd. | 5,500 | 1,193,274 | |||||||||
5,114,034 | |||||||||||
SOFTWARE - 2.1% | |||||||||||
Constellation Software, Inc. | 143 | 411,948 | |||||||||
Dassault Systemes SE | 9,344 | 353,509 | |||||||||
Kingdee International Software Group Co. Ltd.* | 25,000 | 23,439 | |||||||||
Nemetschek SE | 1,339 | 131,812 | |||||||||
Nice Ltd.* | 628 | 102,705 | |||||||||
Open Text Corp. | 1,767 | 53,048 | |||||||||
Oracle Corp. Japan | 200 | 13,801 | |||||||||
SAP SE | 7,488 | 1,520,948 | |||||||||
Temenos AG | 235 | 16,214 | |||||||||
TOTVS SA | 4,800 | 26,314 | |||||||||
Trend Micro, Inc. | 1,100 | 44,661 | |||||||||
Xero Ltd.* | 2,199 | 200,317 | |||||||||
2,898,716 | |||||||||||
SPECIALTY RETAIL - 0.8% | |||||||||||
Avolta AG* | 2,629 | 102,106 | |||||||||
Fast Retailing Co. Ltd. | 500 | 126,073 | |||||||||
Foschini Group Ltd. (The) | 1,691 | 11,808 | |||||||||
H & M Hennes & Mauritz AB, Class B | 206 | 3,261 | |||||||||
Industria de Diseno Textil SA | 14,490 | 719,955 | |||||||||
Lojas Renner SA | 4,495 | 10,140 | |||||||||
Zalando SE*,(a) | 2,302 | 54,006 | |||||||||
1,027,349 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.8% | |||||||||||
Canon, Inc. | 5,100 | 138,042 | |||||||||
Lenovo Group Ltd. | 76,000 | 107,273 | |||||||||
Logitech International SA | 3,093 | 299,180 | |||||||||
Ricoh Co. Ltd. | 5,200 | 44,465 | |||||||||
Samsung Electronics Co. Ltd. | 27,570 | 1,632,368 | |||||||||
Xiaomi Corp., Class B*,(a) | 88,400 | 186,596 | |||||||||
2,407,924 |
Shares/ Principal | Fair Value | ||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 2.1% | |||||||||||
adidas AG | 1,198 | $ | 286,322 | ||||||||
ANTA Sports Products Ltd. | 14,200 | 136,409 | |||||||||
Gildan Activewear, Inc. | 7,781 | 295,068 | |||||||||
Hermes International SCA | 403 | 924,299 | |||||||||
HUGO BOSS AG | 736 | 32,948 | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,191 | 910,878 | |||||||||
Moncler SpA | 650 | 39,750 | |||||||||
Pandora A/S | 1,087 | 164,186 | |||||||||
Xtep International Holdings Ltd. | 22,000 | 13,554 | |||||||||
2,803,414 | |||||||||||
TOBACCO - 1.0% | |||||||||||
British American Tobacco PLC | 18,787 | 577,092 | |||||||||
Imperial Brands PLC | 4,942 | 126,443 | |||||||||
Japan Tobacco, Inc. | 23,200 | 627,089 | |||||||||
1,330,624 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.1% | |||||||||||
Ashtead Group PLC | 295 | 19,697 | |||||||||
Brenntag SE | 829 | 55,939 | |||||||||
Bunzl PLC | 2,083 | 79,257 | |||||||||
ITOCHU Corp. | 7,500 | 366,188 | |||||||||
Marubeni Corp. | 5,800 | 107,285 | |||||||||
Mitsubishi Corp. | 14,600 | 285,719 | |||||||||
Mitsui & Co. Ltd. | 7,400 | 167,956 | |||||||||
Rexel SA | 1,450 | 37,546 | |||||||||
Sumitomo Corp. | 7,300 | 182,296 | |||||||||
Toyota Tsusho Corp. | 7,200 | 140,186 | |||||||||
1,442,069 | |||||||||||
TRANSPORTATION INFRASTRUCTURE - 0.2% | |||||||||||
Flughafen Zurich AG | 582 | 128,693 | |||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 1,800 | 15,283 | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,161 | 33,979 | |||||||||
Transurban Group | 14,537 | 120,386 | |||||||||
298,341 | |||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.6% | |||||||||||
KDDI Corp. | 1,300 | 34,379 | |||||||||
MTN Group Ltd. | 10,247 | 47,666 | |||||||||
SK Telecom Co. Ltd. | 749 | 28,023 | |||||||||
SoftBank Corp. | 15,600 | 190,515 | |||||||||
SoftBank Group Corp. | 5,300 | 342,329 | |||||||||
Vodacom Group Ltd. | 2,599 | 13,879 | |||||||||
Vodafone Group PLC | 232,156 | 204,723 | |||||||||
861,514 | |||||||||||
TOTAL COMMON STOCKS (Cost - $98,662,454) | 116,201,490 |
See accompanying notes to financial statements.
17
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
EXCHANGE TRADED FUNDS - 6.3% | |||||||||||
EQUITY FUNDS - 6.3% | |||||||||||
iShares MSCI Saudi Arabia ETF | 40,900 | $ | 1,661,358 | ||||||||
iShares MSCI Taiwan ETF | 126,356 | 6,847,232 | |||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $6,216,070) | 8,508,590 | ||||||||||
PREFERRED STOCKS - 0.8% | |||||||||||
AUTOMOBILES - 0.1% | |||||||||||
Porsche Automobil Holding SE | 2,004 | 90,658 | |||||||||
Volkswagen AG | 724 | 81,785 | |||||||||
172,443 | |||||||||||
BANKS - 0.3% | |||||||||||
Banco Bradesco SA | 57,243 | 127,792 | |||||||||
Bancolombia SA | 1,950 | 16,036 | |||||||||
Itau Unibanco Holding SA | 36,555 | 212,836 | |||||||||
356,664 | |||||||||||
CHEMICALS - 0.0%† | |||||||||||
Braskem SA, Class A* | 10,152 | 32,789 | |||||||||
ELECTRIC UTILITIES - 0.0%† | |||||||||||
Energisa S/A | 2,352 | 3,311 | |||||||||
HOUSEHOLD PRODUCTS - 0.1% | |||||||||||
Henkel AG & Co. KGaA | 721 | 64,307 | |||||||||
METALS & MINING - 0.0%† | |||||||||||
Gerdau SA | 5,185 | 17,213 | |||||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A | 17,187 | 24,569 | |||||||||
41,782 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 0.1% | |||||||||||
Petroleo Brasileiro SA | 20,550 | 140,775 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2% | |||||||||||
Samsung Electronics Co. Ltd. | 4,374 | 202,097 | |||||||||
TOTAL PREFERRED STOCKS (Cost - $1,147,919) | 1,014,168 |
Shares/ Principal | Fair Value | ||||||||||
RIGHTS - 0.0%† | |||||||||||
Amplifon SPA, expires 7/16/24* | 935 | $ | 0 | ||||||||
MMG Ltd., expires 7/5/24* | 16,000 | 707 | |||||||||
TOTAL RIGHTS (Cost - $0) | 707 | ||||||||||
WARRANTS - 0.0%† | |||||||||||
Constellation Software, Inc., expires 3/31/40* (Cost - $0) | 104 | 0 | |||||||||
SHORT-TERM INVESTMENTS - 6.4% | |||||||||||
MONEY MARKET FUNDS - 6.4% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (b) (Cost - $8,764,870) | 8,764,870 | 8,764,870 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $8,764,870) | 8,764,870 | ||||||||||
TOTAL INVESTMENTS - 98.7% (Cost - $114,791,313) | $ | 134,489,825 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 1.3% | 1,834,294 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 136,324,119 |
* 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, 2024, these securities amounted to $2,101,311 or 1.5% 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.
18
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
MSCI EAFE Future | Goldman Sachs & Co. | 19 | 9/20/2024 | $ | 2,226,040 | $ | 14,440 | ||||||||||||||||
MSCI Emerging Market Index Future | Goldman Sachs & Co. | 18 | 9/20/2024 | 979,380 | 2,280 | ||||||||||||||||||
MSCI India Index Future | Goldman Sachs & Co. | 47 | 9/20/2024 | 6,276,850 | 54,412 | ||||||||||||||||||
S&P/TSX 60 Index Future | Goldman Sachs & Co. | 1 | 9/19/2024 | 191,545 | 1,875 | ||||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 73,007 |
See accompanying notes to financial statements.
19
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 98.5% | |||||||||||
AEROSPACE & DEFENSE - 1.8% | |||||||||||
Axon Enterprise, Inc.* | 7,439 | $ | 2,188,851 | ||||||||
BWX Technologies, Inc. | 744 | 70,680 | |||||||||
HEICO Corp., Class A | 10,209 | 1,812,302 | |||||||||
Hexcel Corp. | 4,408 | 275,280 | |||||||||
Loar Holdings, Inc.* | 211 | 11,269 | |||||||||
Textron, Inc. | 4,427 | 380,102 | |||||||||
4,738,484 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.4% | |||||||||||
Expeditors International of Washington, Inc. | 8,223 | 1,026,148 | |||||||||
AUTOMOBILE COMPONENTS - 0.1% | |||||||||||
Lear Corp. | 3,050 | 348,340 | |||||||||
BANKS - 1.3% | |||||||||||
KeyCorp | 5,089 | 72,315 | |||||||||
Mid Penn Bancorp., Inc. | 1 | 22 | |||||||||
NU Holdings Ltd./Cayman Islands, Class A* | 250,739 | 3,232,026 | |||||||||
Valley National Bancorp | 5,318 | 37,119 | |||||||||
3,341,482 | |||||||||||
BEVERAGES - 0.3% | |||||||||||
Celsius Holdings, Inc.* | 11,395 | 650,541 | |||||||||
BIOTECHNOLOGY - 4.7% | |||||||||||
ACADIA Pharmaceuticals, Inc.* | 2,901 | 47,141 | |||||||||
Alnylam Pharmaceuticals, Inc.* | 9,966 | 2,421,738 | |||||||||
Apellis Pharmaceuticals, Inc.* | 6,110 | 234,380 | |||||||||
Exact Sciences Corp.* | 3,302 | 139,509 | |||||||||
Exelixis, Inc.* | 46,117 | 1,036,249 | |||||||||
Gilead Sciences, Inc. | 10,095 | 692,618 | |||||||||
GRAIL, Inc.* | 57 | 876 | |||||||||
Halozyme Therapeutics, Inc.* | 896 | 46,915 | |||||||||
Incyte Corp.* | 21,831 | 1,323,395 | |||||||||
Ionis Pharmaceuticals, Inc.* | 14,818 | 706,226 | |||||||||
Natera, Inc.* | 9,620 | 1,041,750 | |||||||||
Neurocrine Biosciences, Inc.* | 16,830 | 2,316,986 | |||||||||
Sarepta Therapeutics, Inc.* | 8,074 | 1,275,692 | |||||||||
Ultragenyx Pharmaceutical, Inc.* | 10,612 | 436,153 | |||||||||
Viking Therapeutics, Inc.* | 8,662 | 459,173 | |||||||||
12,178,801 | |||||||||||
BROADLINE RETAIL - 1.7% | |||||||||||
Amazon.com, Inc.* | 11,352 | 2,193,774 | |||||||||
Coupang, Inc.* | 98,351 | 2,060,453 | |||||||||
Etsy, Inc.* | 4,514 | 266,236 | |||||||||
4,520,463 | |||||||||||
BUILDING PRODUCTS - 1.7% | |||||||||||
Advanced Drainage Systems, Inc. | 11,010 | 1,765,894 | |||||||||
AZEK Co., Inc. (The)* | 8,283 | 348,963 | |||||||||
Builders FirstSource, Inc.* | 4,619 | 639,316 | |||||||||
Trane Technologies PLC | 1,168 | 384,190 |
Shares/ Principal | Fair Value | ||||||||||
BUILDING PRODUCTS - 1.7% (Continued) | |||||||||||
Trex Co., Inc.* | 4,410 | $ | 326,869 | ||||||||
UFP Industries, Inc. | 7,947 | 890,064 | |||||||||
4,355,296 | |||||||||||
CAPITAL MARKETS - 6.0% | |||||||||||
Ameriprise Financial, Inc. | 3,753 | 1,603,244 | |||||||||
Ares Management Corp., Class A | 15,592 | 2,078,102 | |||||||||
Blue Owl Capital, Inc. | 48,183 | 855,248 | |||||||||
Coinbase Global, Inc., Class A* | 16,579 | 3,684,351 | |||||||||
FactSet Research Systems, Inc. | 1,584 | 646,700 | |||||||||
Invesco Ltd. | 54,004 | 807,900 | |||||||||
Lazard, Inc. | 2,637 | 100,681 | |||||||||
LPL Financial Holdings, Inc. | 9,839 | 2,748,033 | |||||||||
Morningstar, Inc. | 3,640 | 1,076,894 | |||||||||
MSCI, Inc. | 4,030 | 1,941,452 | |||||||||
15,542,605 | |||||||||||
CHEMICALS - 0.0%† | |||||||||||
Ginkgo Bioworks Holdings, Inc.* | 18,390 | 6,148 | |||||||||
Huntsman Corp. | 2,212 | 50,367 | |||||||||
56,515 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.6% | |||||||||||
Cintas Corp. | 3,481 | 2,437,605 | |||||||||
Rollins, Inc. | 10,653 | 519,760 | |||||||||
Veralto Corp. | 3,335 | 318,393 | |||||||||
Waste Management, Inc. | 4,563 | 973,470 | |||||||||
4,249,228 | |||||||||||
CONSTRUCTION & ENGINEERING - 2.0% | |||||||||||
AECOM | 2,851 | 251,287 | |||||||||
Comfort Systems USA, Inc. | 4,013 | 1,220,434 | |||||||||
EMCOR Group, Inc. | 4,829 | 1,762,971 | |||||||||
MasTec, Inc.* | 3,949 | 422,503 | |||||||||
Quanta Services, Inc. | 5,673 | 1,441,453 | |||||||||
5,098,648 | |||||||||||
CONSUMER FINANCE - 0.0%† | |||||||||||
OneMain Holdings, Inc. | 1,636 | 79,330 | |||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2% | |||||||||||
Kroger Co. (The) | 928 | 46,335 | |||||||||
Performance Food Group Co.* | 2,113 | 139,691 | |||||||||
Sysco Corp. | 2,908 | 207,602 | |||||||||
393,628 | |||||||||||
DISTRIBUTORS - 0.6% | |||||||||||
Pool Corp. | 4,743 | 1,457,666 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.7% | |||||||||||
Bright Horizons Family Solutions, Inc.* | 944 | 103,916 | |||||||||
Duolingo, Inc.* | 3,799 | 792,737 | |||||||||
Grand Canyon Education, Inc.* | 1,762 | 246,521 | |||||||||
H&R Block, Inc. | 12,598 | 683,190 | |||||||||
1,826,364 |
See accompanying notes to financial statements.
20
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% | |||||||||||
Iridium Communications, Inc. | 9,514 | $ | 253,263 | ||||||||
ELECTRIC UTILITIES - 0.2% | |||||||||||
NRG Energy, Inc. | 7,280 | 566,821 | |||||||||
ELECTRICAL EQUIPMENT - 1.6% | |||||||||||
Acuity Brands, Inc. | 455 | 109,855 | |||||||||
Eaton Corp. PLC | 3,551 | 1,113,416 | |||||||||
Rockwell Automation, Inc. | 259 | 71,297 | |||||||||
Vertiv Holdings Co. | 33,136 | 2,868,584 | |||||||||
4,163,152 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.4% | |||||||||||
Avnet, Inc. | 1,598 | 82,281 | |||||||||
CDW Corp. | 771 | 172,581 | |||||||||
Flex Ltd.* | 23,355 | 688,739 | |||||||||
Insight Enterprises, Inc.* | 179 | 35,506 | |||||||||
Jabil, Inc. | 2,524 | 274,586 | |||||||||
TE Connectivity Ltd. | 15,401 | 2,316,772 | |||||||||
3,570,465 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.1% | |||||||||||
Halliburton Co. | 3,529 | 119,210 | |||||||||
Parker Drilling Co.* | 2 | 26 | |||||||||
Schlumberger NV | 1,419 | 66,948 | |||||||||
186,184 | |||||||||||
ENTERTAINMENT - 1.8% | |||||||||||
Liberty Media Corp.-Liberty Live, Class C* | 10,648 | 407,499 | |||||||||
Live Nation Entertainment, Inc.* | 14,093 | 1,321,078 | |||||||||
Playtika Holding Corp. | 5,753 | 45,276 | |||||||||
ROBLOX Corp., Class A* | 55,325 | 2,058,643 | |||||||||
Roku, Inc.* | 2,285 | 136,940 | |||||||||
Spotify Technology SA* | 2,330 | 731,131 | |||||||||
4,700,567 | |||||||||||
FINANCIAL SERVICES - 2.2% | |||||||||||
Block, Inc.* | 25,520 | 1,645,785 | |||||||||
Corpay, Inc.* | 2,210 | 588,766 | |||||||||
Euronet Worldwide, Inc.* | 9,014 | 932,949 | |||||||||
Jack Henry & Associates, Inc. | 472 | 78,361 | |||||||||
Mastercard, Inc., Class A | 4,633 | 2,043,894 | |||||||||
StoneCo Ltd., Class A* | 2,651 | 31,786 | |||||||||
Toast, Inc., Class A* | 17,370 | 447,625 | |||||||||
5,769,166 | |||||||||||
GROUND TRANSPORTATION - 2.0% | |||||||||||
JB Hunt Transport Services, Inc. | 519 | 83,040 | |||||||||
Lyft, Inc., Class A* | 42,984 | 606,074 | |||||||||
Old Dominion Freight Line, Inc. | 18,003 | 3,179,330 | |||||||||
XPO, Inc.* | 13,290 | 1,410,734 | |||||||||
5,279,178 |
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 4.8% | |||||||||||
Align Technology, Inc.* | 5,877 | $ | 1,418,884 | ||||||||
Dexcom, Inc.* | 41,314 | 4,684,181 | |||||||||
IDEXX Laboratories, Inc.* | 6,019 | 2,932,457 | |||||||||
Inspire Medical Systems, Inc.* | 1,524 | 203,957 | |||||||||
Insulet Corp.* | 3,775 | 761,795 | |||||||||
Masimo Corp.* | 2,991 | 376,687 | |||||||||
Medtronic PLC | 1,303 | 102,559 | |||||||||
Novocure Ltd.* | 5,510 | 94,386 | |||||||||
Penumbra, Inc.* | 2,220 | 399,534 | |||||||||
ResMed, Inc. | 5,972 | 1,143,160 | |||||||||
Stryker Corp. | 948 | 322,557 | |||||||||
12,440,157 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 3.0% | |||||||||||
Cardinal Health, Inc. | 21,853 | 2,148,587 | |||||||||
Cencora, Inc. | 13,985 | 3,150,821 | |||||||||
Centene Corp.* | 9,691 | 642,513 | |||||||||
Chemed Corp. | 1,883 | 1,021,678 | |||||||||
Encompass Health Corp. | 1,787 | 153,307 | |||||||||
Molina Healthcare, Inc.* | 1,713 | 509,275 | |||||||||
7,626,181 | |||||||||||
HEALTH CARE TECHNOLOGY - 1.1% | |||||||||||
Teladoc Health, Inc.* | 21,729 | 212,510 | |||||||||
Veeva Systems, Inc., Class A* | 13,948 | 2,552,623 | |||||||||
2,765,133 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 6.4% | |||||||||||
Booking Holdings, Inc. | 34 | 134,691 | |||||||||
Boyd Gaming Corp. | 762 | 41,986 | |||||||||
Carnival Corp.* | 1,711 | 32,030 | |||||||||
Cava Group, Inc.* | 1,174 | 108,888 | |||||||||
Churchill Downs, Inc. | 748 | 104,421 | |||||||||
Darden Restaurants, Inc. | 11,695 | 1,769,687 | |||||||||
Domino's Pizza, Inc. | 3,157 | 1,630,054 | |||||||||
DraftKings, Inc., Class A* | 52,865 | 2,017,857 | |||||||||
Expedia Group, Inc.* | 14,429 | 1,817,910 | |||||||||
International Game Technology PLC | 4,592 | 93,952 | |||||||||
Las Vegas Sands Corp. | 13,541 | 599,189 | |||||||||
Light & Wonder, Inc.* | 793 | 83,170 | |||||||||
MGM Resorts International* | 19,188 | 852,715 | |||||||||
Norwegian Cruise Line Holdings Ltd.* | 46,626 | 876,102 | |||||||||
Royal Caribbean Cruises Ltd.* | 5,644 | 899,823 | |||||||||
Texas Roadhouse, Inc. | 11,804 | 2,026,865 | |||||||||
Travel + Leisure Co. | 18,621 | 837,573 | |||||||||
Vail Resorts, Inc. | 2,061 | 371,248 | |||||||||
Wendy's Co. (The) | 5,790 | 98,198 | |||||||||
Wingstop, Inc. | 3,507 | 1,482,269 | |||||||||
Wynn Resorts Ltd. | 2,290 | 204,955 | |||||||||
Yum! Brands, Inc. | 4,334 | 574,082 | |||||||||
16,657,665 |
See accompanying notes to financial statements.
21
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
HOUSEHOLD DURABLES - 1.0% | |||||||||||
DR Horton, Inc. | 5,107 | $ | 719,730 | ||||||||
Leggett & Platt, Inc. | 14,909 | 170,857 | |||||||||
PulteGroup, Inc. | 623 | 68,592 | |||||||||
Toll Brothers, Inc. | 9,133 | 1,051,939 | |||||||||
TopBuild Corp.* | 1,687 | 649,950 | |||||||||
2,661,068 | |||||||||||
HOUSEHOLD PRODUCTS - 1.0% | |||||||||||
Clorox Co. (The) | 11,007 | 1,502,125 | |||||||||
Kimberly-Clark Corp. | 7,713 | 1,065,937 | |||||||||
2,568,062 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.1% | |||||||||||
AES Corp. (The) | 14,170 | 248,967 | |||||||||
Vistra Corp. | 28,946 | 2,488,777 | |||||||||
2,737,744 | |||||||||||
INSURANCE - 1.3% | |||||||||||
Allstate Corp. (The) | 3,120 | 498,139 | |||||||||
Arch Capital Group Ltd.* | 7,348 | 741,340 | |||||||||
Brown & Brown, Inc. | 5,274 | 471,548 | |||||||||
Globe Life, Inc. | 3,847 | 316,531 | |||||||||
Kinsale Capital Group, Inc. | 1,016 | 391,445 | |||||||||
Marsh & McLennan Cos., Inc. | 1,614 | 340,102 | |||||||||
Progressive Corp. (The) | 2,882 | 598,620 | |||||||||
3,357,725 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 1.1% | |||||||||||
Alphabet, Inc., Class A | 989 | 180,146 | |||||||||
Pinterest, Inc., Class A* | 53,312 | 2,349,460 | |||||||||
Snap, Inc., Class A* | 15,683 | 260,495 | |||||||||
2,790,101 | |||||||||||
IT SERVICES - 3.9% | |||||||||||
Cloudflare, Inc., Class A* | 28,393 | 2,351,792 | |||||||||
EPAM Systems, Inc.* | 2,946 | 554,172 | |||||||||
Gartner, Inc.* | 4,484 | 2,013,585 | |||||||||
Globant SA* | 3,117 | 555,637 | |||||||||
GoDaddy, Inc., Class A* | 13,670 | 1,909,836 | |||||||||
Kyndryl Holdings, Inc.* | 9,403 | 247,393 | |||||||||
MongoDB, Inc.* | 6,472 | 1,617,741 | |||||||||
Okta, Inc.* | 4,802 | 449,515 | |||||||||
Snowflake, Inc., Class A* | 343 | 46,336 | |||||||||
VeriSign, Inc.* | 1,444 | 256,743 | |||||||||
10,002,750 | |||||||||||
LEISURE PRODUCTS - 0.1% | |||||||||||
Hasbro, Inc. | 2,765 | 161,752 | |||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.1% | |||||||||||
10X Genomics, Inc., Class A* | 5,441 | 105,827 | |||||||||
Bruker Corp. | 2,194 | 139,999 |
Shares/ Principal | Fair Value | ||||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.1% (Continued) | |||||||||||
IQVIA Holdings, Inc.* | 8,489 | $ | 1,794,914 | ||||||||
Medpace Holdings, Inc.* | 2,280 | 939,018 | |||||||||
Waters Corp.* | 1,281 | 371,644 | |||||||||
West Pharmaceutical Services, Inc. | 6,327 | 2,084,051 | |||||||||
5,435,453 | |||||||||||
MACHINERY - 0.9% | |||||||||||
Flowserve Corp. | 4,095 | 196,969 | |||||||||
Graco, Inc. | 5,206 | 412,732 | |||||||||
Lincoln Electric Holdings, Inc. | 1,812 | 341,816 | |||||||||
Oshkosh Corp. | 2,081 | 225,164 | |||||||||
Parker-Hannifin Corp. | 1,801 | 910,964 | |||||||||
Xylem, Inc. | 2,656 | 360,233 | |||||||||
2,447,878 | |||||||||||
MEDIA - 1.7% | |||||||||||
Comcast Corp., Class A | 22,048 | 863,400 | |||||||||
Ibotta, Inc., Class A* | 384 | 28,861 | |||||||||
Trade Desk, Inc. (The), Class A* | 34,652 | 3,384,461 | |||||||||
4,276,722 | |||||||||||
METALS & MINING - 0.0%† | |||||||||||
Nucor Corp. | 819 | 129,468 | |||||||||
OIL, GAS & CONSUMABLE FUELS - 2.7% | |||||||||||
Cheniere Energy, Inc. | 11,385 | 1,990,440 | |||||||||
Devon Energy Corp. | 5,693 | 269,848 | |||||||||
Hess Corp. | 12,164 | 1,794,433 | |||||||||
Ovintiv, Inc. | 21,459 | 1,005,783 | |||||||||
Targa Resources Corp. | 13,871 | 1,786,307 | |||||||||
Texas Pacific Land Corp. | 191 | 140,246 | |||||||||
6,987,057 | |||||||||||
PAPER & FOREST PRODUCTS - 0.2% | |||||||||||
Louisiana-Pacific Corp. | 6,106 | 502,707 | |||||||||
PASSENGER AIRLINES - 0.3% | |||||||||||
American Airlines Group, Inc.* | 72,957 | 826,603 | |||||||||
PERSONAL CARE PRODUCTS - 0.2% | |||||||||||
elf Beauty, Inc.* | 2,061 | 434,294 | |||||||||
PHARMACEUTICALS - 0.2% | |||||||||||
Alto Neuroscience, Inc.* | 38 | 406 | |||||||||
Eli Lilly & Co. | 121 | 109,551 | |||||||||
Intra-Cellular Therapies, Inc.* | 3,010 | 206,155 | |||||||||
Pfizer, Inc. | 5,614 | 157,080 | |||||||||
473,192 | |||||||||||
PROFESSIONAL SERVICES - 2.7% | |||||||||||
Booz Allen Hamilton Holding Corp. | 11,230 | 1,728,297 | |||||||||
Broadridge Financial Solutions, Inc. | 846 | 166,662 | |||||||||
Equifax, Inc. | 5,883 | 1,426,392 | |||||||||
ExlService Holdings, Inc.* | 5,579 | 174,957 |
See accompanying notes to financial statements.
22
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
PROFESSIONAL SERVICES - 2.7% (Continued) | |||||||||||
Robert Half, Inc. | 7,524 | $ | 481,386 | ||||||||
TransUnion | 1,562 | 115,838 | |||||||||
Verisk Analytics, Inc. | 10,758 | 2,899,819 | |||||||||
6,993,351 | |||||||||||
RETAIL REITS - 0.4% | |||||||||||
Simon Property Group, Inc. | 6,704 | 1,017,667 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3% | |||||||||||
Enphase Energy, Inc.* | 9,189 | 916,235 | |||||||||
Lam Research Corp. | 2,607 | 2,776,064 | |||||||||
Lattice Semiconductor Corp.* | 8,115 | 470,589 | |||||||||
Micron Technology, Inc. | 1,600 | 210,448 | |||||||||
Monolithic Power Systems, Inc. | 6,159 | 5,060,727 | |||||||||
Onto Innovation, Inc.* | 3,002 | 659,119 | |||||||||
QUALCOMM, Inc. | 869 | 173,087 | |||||||||
Teradyne, Inc. | 5,889 | 873,280 | |||||||||
11,139,549 | |||||||||||
SOFTWARE - 13.7% | |||||||||||
ANSYS, Inc.* | 1,194 | 383,871 | |||||||||
Appfolio, Inc., Class A* | 887 | 216,934 | |||||||||
AppLovin Corp., Class A* | 22,907 | 1,906,321 | |||||||||
Atlassian Corp., Class A* | 3,528 | 624,033 | |||||||||
Confluent, Inc., Class A* | 13,152 | 388,379 | |||||||||
Crowdstrike Holdings, Inc., Class A* | 1,688 | 646,825 | |||||||||
Datadog, Inc., Class A* | 31,990 | 4,148,783 | |||||||||
DocuSign, Inc.* | 14,128 | 755,848 | |||||||||
DoubleVerify Holdings, Inc.* | 9,284 | 180,759 | |||||||||
Dropbox, Inc., Class A* | 65,847 | 1,479,582 | |||||||||
Dynatrace, Inc.* | 33,608 | 1,503,622 | |||||||||
Elastic NV* | 6,880 | 783,701 | |||||||||
Fair Isaac Corp.* | 982 | 1,461,864 | |||||||||
Fortinet, Inc.* | 11,512 | 693,828 | |||||||||
Gitlab, Inc., Class A* | 11,396 | 566,609 | |||||||||
HashiCorp, Inc., Class A* | 7,254 | 244,387 | |||||||||
HubSpot, Inc.* | 5,905 | 3,482,710 | |||||||||
Manhattan Associates, Inc.* | 12,041 | 2,970,274 | |||||||||
Microsoft Corp. | 2,460 | 1,099,497 | |||||||||
Nutanix, Inc., Class A* | 11,698 | 665,031 | |||||||||
Palantir Technologies, Inc., Class A* | 202,657 | 5,133,302 | |||||||||
Pegasystems, Inc. | 6,006 | 363,543 | |||||||||
RingCentral, Inc., Class A* | 10,649 | 300,302 | |||||||||
Rubrik, Inc., Class A* | 2,919 | 89,497 | |||||||||
SentinelOne, Inc., Class A* | 7,475 | 157,349 | |||||||||
ServiceNow, Inc.* | 1,520 | 1,195,738 | |||||||||
Smartsheet, Inc., Class A* | 17,877 | 788,018 | |||||||||
Teradata Corp.* | 17,089 | 590,596 | |||||||||
Tyler Technologies, Inc.* | 718 | 360,996 | |||||||||
Varonis Systems, Inc.* | 3,417 | 163,913 | |||||||||
Zscaler, Inc.* | 10,086 | 1,938,428 | |||||||||
35,284,540 |
Shares/ Principal | Fair Value | ||||||||||
SPECIALIZED REITS - 0.4% | |||||||||||
Lamar Advertising Co., Class A | 8,119 | $ | 970,464 | ||||||||
SPECIALTY RETAIL - 4.5% | |||||||||||
AutoNation, Inc.* | 1,162 | 185,199 | |||||||||
Burlington Stores, Inc.* | 3,356 | 805,440 | |||||||||
Carvana Co.* | 2,209 | 284,342 | |||||||||
Dick's Sporting Goods, Inc. | 1,336 | 287,040 | |||||||||
Five Below, Inc.* | 6,577 | 716,696 | |||||||||
Floor & Decor Holdings, Inc., Class A* | 2,402 | 238,783 | |||||||||
Murphy USA, Inc. | 814 | 382,140 | |||||||||
Penske Automotive Group, Inc. | 4,283 | 638,253 | |||||||||
Ross Stores, Inc. | 26,248 | 3,814,359 | |||||||||
Tractor Supply Co. | 7,650 | 2,065,500 | |||||||||
Ulta Beauty, Inc.* | 4,290 | 1,655,382 | |||||||||
Wayfair, Inc., Class A* | 1,427 | 75,246 | |||||||||
Williams-Sonoma, Inc. | 1,378 | 389,106 | |||||||||
11,537,486 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.9% | |||||||||||
Apple, Inc. | 1,657 | 348,997 | |||||||||
HP, Inc. | 19,247 | 674,030 | |||||||||
NetApp, Inc. | 9,689 | 1,247,943 | |||||||||
Pure Storage, Inc., Class A* | 22,361 | 1,435,800 | |||||||||
Super Micro Computer, Inc.* | 4,549 | 3,727,223 | |||||||||
7,433,993 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.3% | |||||||||||
Crocs, Inc.* | 378 | 55,165 | |||||||||
Deckers Outdoor Corp.* | 2,434 | 2,355,990 | |||||||||
NIKE, Inc., Class B | 3,060 | 230,632 | |||||||||
Ralph Lauren Corp. | 749 | 131,120 | |||||||||
Skechers USA, Inc., Class A* | 8,588 | 593,603 | |||||||||
3,366,510 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 2.7% | |||||||||||
Applied Industrial Technologies, Inc. | 205 | 39,770 | |||||||||
Fastenal Co. | 2,263 | 142,207 | |||||||||
Herc Holdings, Inc. | 621 | 82,773 | |||||||||
Watsco, Inc. | 2,171 | 1,005,694 | |||||||||
WESCO International, Inc. | 5,762 | 913,392 | |||||||||
WW Grainger, Inc. | 5,250 | 4,736,760 | |||||||||
6,920,596 | |||||||||||
TOTAL COMMON STOCKS (Cost - $220,625,782) | 254,298,203 | ||||||||||
RIGHTS - 0.0%† | |||||||||||
ABIOMED, Inc., CVR* | 1,883 | 1,921 | |||||||||
Prevail Therapeutics, Inc., CVR* | 107 | 53 | |||||||||
TOTAL RIGHTS (Cost - $0) | 1,974 |
See accompanying notes to financial statements.
23
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
SHORT-TERM INVESTMENTS - 1.4% | |||||||||||
MONEY MARKET FUNDS - 1.4% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (a) (Cost - $3,673,739) | 3,673,739 | $ | 3,673,739 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,673,739) | 3,673,739 | ||||||||||
TOTAL INVESTMENTS - 99.9% (Cost - $224,299,521) | $ | 257,973,916 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.1% | 263,830 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 258,237,746 |
* 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
REIT - Real Estate Investment Trust
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. | 15 | 9/20/2024 | $ | 4,141,125 | $ | 9,724 |
See accompanying notes to financial statements.
24
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 98.6% | |||||||||||
AEROSPACE & DEFENSE - 2.9% | |||||||||||
Curtiss-Wright Corp. | 660 | $ | 178,847 | ||||||||
General Dynamics Corp. | 380 | 110,253 | |||||||||
General Electric Co. | 3,857 | 613,147 | |||||||||
HEICO Corp., Class A | 5,902 | 1,047,723 | |||||||||
Hexcel Corp. | 4,525 | 282,586 | |||||||||
Loar Holdings, Inc.* | 159 | 8,492 | |||||||||
Lockheed Martin Corp. | 4,387 | 2,049,168 | |||||||||
Northrop Grumman Corp. | 2,678 | 1,167,474 | |||||||||
RTX Corp. | 3,170 | 318,237 | |||||||||
Textron, Inc. | 10,735 | 921,707 | |||||||||
6,697,634 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.8% | |||||||||||
Expeditors International of Washington, Inc. | 13,384 | 1,670,190 | |||||||||
United Parcel Service, Inc., Class B | 1,771 | 242,361 | |||||||||
1,912,551 | |||||||||||
AUTOMOBILE COMPONENTS - 0.0%† | |||||||||||
Lear Corp. | 853 | 97,421 | |||||||||
AUTOMOBILES - 0.9% | |||||||||||
Ford Motor Co. | 64,391 | 807,463 | |||||||||
General Motors Co. | 24,461 | 1,136,458 | |||||||||
1,943,921 | |||||||||||
BANKS - 5.8% | |||||||||||
Bank of America Corp. | 21,565 | 857,640 | |||||||||
Citigroup, Inc. | 26,677 | 1,692,922 | |||||||||
Citizens Financial Group, Inc. | 44,616 | 1,607,515 | |||||||||
First Horizon Corp. | 2,103 | 33,164 | |||||||||
Huntington Bancshares, Inc. | 17,998 | 237,214 | |||||||||
JPMorgan Chase & Co. | 28,130 | 5,689,574 | |||||||||
KeyCorp | 119,996 | 1,705,143 | |||||||||
Popular, Inc. | 392 | 34,665 | |||||||||
Truist Financial Corp. | 12,132 | 471,328 | |||||||||
Valley National Bancorp | 85,130 | 594,207 | |||||||||
Wells Fargo & Co. | 4,415 | 262,207 | |||||||||
13,185,579 | |||||||||||
BEVERAGES - 1.4% | |||||||||||
Coca-Cola Co. (The) | 16,066 | 1,022,601 | |||||||||
Molson Coors Beverage Co., Class B | 1,928 | 98,000 | |||||||||
Monster Beverage Corp.* | 12,491 | 623,925 | |||||||||
PepsiCo, Inc. | 8,389 | 1,383,598 | |||||||||
3,128,124 | |||||||||||
BIOTECHNOLOGY - 3.9% | |||||||||||
Amgen, Inc. | 1,165 | 364,004 | |||||||||
Biogen, Inc.* | 5,123 | 1,187,614 | |||||||||
BioMarin Pharmaceutical, Inc.* | 1,490 | 122,672 | |||||||||
Exelixis, Inc.* | 13,771 | 309,434 | |||||||||
Gilead Sciences, Inc. | 42,060 | 2,885,737 | |||||||||
Incyte Corp.* | 18,375 | 1,113,892 |
Shares/ Principal | Fair Value | ||||||||||
BIOTECHNOLOGY - 3.9% (Continued) | |||||||||||
Ionis Pharmaceuticals, Inc.* | 8,819 | $ | 420,314 | ||||||||
Moderna, Inc.* | 402 | 47,737 | |||||||||
Neurocrine Biosciences, Inc.* | 4,268 | 587,576 | |||||||||
Regeneron Pharmaceuticals, Inc.* | 944 | 992,172 | |||||||||
United Therapeutics Corp.* | 2,767 | 881,428 | |||||||||
8,912,580 | |||||||||||
BROADLINE RETAIL - 0.9% | |||||||||||
Amazon.com, Inc.* | 10,234 | 1,977,721 | |||||||||
BUILDING PRODUCTS - 0.6% | |||||||||||
Advanced Drainage Systems, Inc. | 1,842 | 295,438 | |||||||||
Builders FirstSource, Inc.* | 3,774 | 522,359 | |||||||||
Trane Technologies PLC | 249 | 81,904 | |||||||||
UFP Industries, Inc. | 4,033 | 451,696 | |||||||||
1,351,397 | |||||||||||
CAPITAL MARKETS - 4.7% | |||||||||||
Cboe Global Markets, Inc. | 2,445 | 415,797 | |||||||||
CME Group, Inc. | 2,731 | 536,915 | |||||||||
Coinbase Global, Inc., Class A* | 652 | 144,894 | |||||||||
Franklin Resources, Inc. | 29,522 | 659,817 | |||||||||
Invesco Ltd. | 106,345 | 1,590,921 | |||||||||
Jefferies Financial Group, Inc. | 2,963 | 147,439 | |||||||||
Morgan Stanley | 11,728 | 1,139,844 | |||||||||
MSCI, Inc. | 944 | 454,772 | |||||||||
Nasdaq, Inc. | 31,870 | 1,920,486 | |||||||||
S&P Global, Inc. | 4,570 | 2,038,220 | |||||||||
State Street Corp. | 15,084 | 1,116,216 | |||||||||
T Rowe Price Group, Inc. | 4,917 | 566,979 | |||||||||
10,732,300 | |||||||||||
CHEMICALS - 1.6% | |||||||||||
Cabot Corp. | 413 | 37,951 | |||||||||
Corteva, Inc. | 12,878 | 694,639 | |||||||||
Ecolab, Inc. | 2,388 | 568,344 | |||||||||
Huntsman Corp. | 19,903 | 453,191 | |||||||||
LyondellBasell Industries NV, Class A | 12,684 | 1,213,351 | |||||||||
Mosaic Co. (The) | 4,583 | 132,449 | |||||||||
PPG Industries, Inc. | 4,750 | 597,978 | |||||||||
3,697,903 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.8% | |||||||||||
Cintas Corp. | 2,298 | 1,609,198 | |||||||||
Waste Connections, Inc. | 5,133 | 900,123 | |||||||||
Waste Management, Inc. | 8,001 | 1,706,933 | |||||||||
4,216,254 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.5% | |||||||||||
Juniper Networks, Inc. | 4,529 | 165,127 | |||||||||
Motorola Solutions, Inc. | 2,313 | 892,934 | |||||||||
Viasat, Inc.* | 2,828 | 35,916 | |||||||||
1,093,977 |
See accompanying notes to financial statements.
25
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
CONSTRUCTION & ENGINEERING - 0.9% | |||||||||||
AECOM | 9,342 | $ | 823,404 | ||||||||
EMCOR Group, Inc. | 1,404 | 512,572 | |||||||||
MasTec, Inc.* | 2,447 | 261,805 | |||||||||
Quanta Services, Inc. | 1,748 | 444,149 | |||||||||
2,041,930 | |||||||||||
CONSUMER FINANCE - 0.9% | |||||||||||
American Express Co. | 2,872 | 665,011 | |||||||||
Discover Financial Services | 2,431 | 317,999 | |||||||||
OneMain Holdings, Inc. | 20,371 | 987,790 | |||||||||
Synchrony Financial | 710 | 33,505 | |||||||||
2,004,305 | |||||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% | |||||||||||
Costco Wholesale Corp. | 1,347 | 1,144,937 | |||||||||
Kroger Co. (The) | 15,870 | 792,389 | |||||||||
Walmart, Inc. | 34,955 | 2,366,803 | |||||||||
4,304,129 | |||||||||||
CONTAINERS & PACKAGING - 0.3% | |||||||||||
Packaging Corp. of America | 2,323 | 424,087 | |||||||||
Westrock Co. | 6,070 | 305,078 | |||||||||
729,165 | |||||||||||
DISTRIBUTORS - 0.0%† | |||||||||||
Pool Corp. | 80 | 24,586 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2% | |||||||||||
AT&T, Inc. | 119,208 | 2,278,065 | |||||||||
Liberty Global Ltd., Class A* | 16,445 | 286,636 | |||||||||
Verizon Communications, Inc. | 2,652 | 109,369 | |||||||||
2,674,070 | |||||||||||
ELECTRIC UTILITIES - 2.5% | |||||||||||
Edison International | 6,137 | 440,698 | |||||||||
Exelon Corp. | 48,570 | 1,681,008 | |||||||||
IDACORP, Inc. | 1,538 | 143,265 | |||||||||
NRG Energy, Inc. | 863 | 67,193 | |||||||||
OGE Energy Corp. | 52,639 | 1,879,212 | |||||||||
Portland General Electric Co. | 10,436 | 451,253 | |||||||||
PPL Corp. | 22,039 | 609,378 | |||||||||
Xcel Energy, Inc. | 9,533 | 509,157 | |||||||||
5,781,164 | |||||||||||
ELECTRICAL EQUIPMENT - 1.7% | |||||||||||
AMETEK, Inc. | 6,277 | 1,046,439 | |||||||||
Eaton Corp. PLC | 8,793 | 2,757,045 | |||||||||
3,803,484 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3% | |||||||||||
Avnet, Inc. | 9,134 | 470,310 | |||||||||
Flex Ltd.* | 16,945 | 499,708 | |||||||||
TE Connectivity Ltd. | 13,652 | 2,053,670 | |||||||||
3,023,688 |
Shares/ Principal | Fair Value | ||||||||||
ENERGY EQUIPMENT & SERVICES - 0.8% | |||||||||||
Baker Hughes Co. | 2,699 | $ | 94,924 | ||||||||
Halliburton Co. | 7,672 | 259,160 | |||||||||
Schlumberger NV | 29,550 | 1,394,169 | |||||||||
1,748,253 | |||||||||||
ENTERTAINMENT - 0.6% | |||||||||||
Electronic Arts, Inc. | 3,509 | 488,909 | |||||||||
Spotify Technology SA* | 1,029 | 322,890 | |||||||||
Walt Disney Co. (The) | 4,657 | 462,393 | |||||||||
1,274,192 | |||||||||||
FINANCIAL SERVICES - 5.5% | |||||||||||
Berkshire Hathaway, Inc., Class B* | 20,587 | 8,374,792 | |||||||||
Euronet Worldwide, Inc.* | 3,467 | 358,834 | |||||||||
Mastercard, Inc., Class A | 4,535 | 2,000,661 | |||||||||
Visa, Inc., Class A | 7,394 | 1,940,703 | |||||||||
12,674,990 | |||||||||||
FOOD PRODUCTS - 1.0% | |||||||||||
Archer-Daniels-Midland Co. | 3,009 | 181,894 | |||||||||
Conagra Brands, Inc. | 11,746 | 333,821 | |||||||||
Hershey Co. (The) | 1,027 | 188,794 | |||||||||
Kellanova | 2,841 | 163,869 | |||||||||
Mondelez International, Inc., Class A | 16,384 | 1,072,169 | |||||||||
Seaboard Corp. | 10 | 31,607 | |||||||||
Tyson Foods, Inc., Class A | 6,665 | 380,838 | |||||||||
2,352,992 | |||||||||||
GAS UTILITIES - 0.1% | |||||||||||
New Jersey Resources Corp. | 4,566 | 195,151 | |||||||||
GROUND TRANSPORTATION - 0.6% | |||||||||||
CSX Corp. | 17,288 | 578,284 | |||||||||
JB Hunt Transport Services, Inc. | 314 | 50,240 | |||||||||
Old Dominion Freight Line, Inc. | 3,511 | 620,043 | |||||||||
XPO, Inc.* | 1,409 | 149,565 | |||||||||
1,398,132 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2% | |||||||||||
Abbott Laboratories | 10,078 | 1,047,205 | |||||||||
Becton Dickinson & Co. | 1,995 | 466,251 | |||||||||
Boston Scientific Corp.* | 3,150 | 242,581 | |||||||||
Dexcom, Inc.* | 1,849 | 209,640 | |||||||||
Medtronic PLC | 38,448 | 3,026,242 | |||||||||
Stryker Corp. | 7,123 | 2,423,601 | |||||||||
7,415,520 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 4.5% | |||||||||||
Cardinal Health, Inc. | 5,975 | 587,462 | |||||||||
Centene Corp.* | 20,433 | 1,354,708 | |||||||||
Cigna Corp. (The) | 2,610 | 862,788 | |||||||||
CVS Health Corp. | 17,765 | 1,049,201 | |||||||||
Elevance Health, Inc. | 3,021 | 1,636,959 | |||||||||
HCA Healthcare, Inc. | 1,982 | 636,777 | |||||||||
Labcorp Holdings, Inc. | 3,484 | 709,029 |
See accompanying notes to financial statements.
26
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE PROVIDERS & SERVICES - 4.5% (Continued) | |||||||||||
Quest Diagnostics, Inc. | 2,368 | $ | 324,132 | ||||||||
Tenet Healthcare Corp.* | 173 | 23,014 | |||||||||
UnitedHealth Group, Inc. | 6,225 | 3,170,143 | |||||||||
10,354,213 | |||||||||||
HEALTH CARE REITS - 0.2% | |||||||||||
Ventas, Inc. | 8,138 | 417,154 | |||||||||
HEALTH CARE TECHNOLOGY - 0.1% | |||||||||||
Teladoc Health, Inc.* | 12,746 | 124,656 | |||||||||
HOTELS, RESTAURANTS & LEISURE - 1.0% | |||||||||||
Boyd Gaming Corp. | 2,972 | 163,757 | |||||||||
Carnival Corp.* | 28,101 | 526,051 | |||||||||
Darden Restaurants, Inc. | 2,116 | 320,193 | |||||||||
Domino's Pizza, Inc. | 210 | 108,429 | |||||||||
McDonald's Corp. | 1,287 | 327,979 | |||||||||
MGM Resorts International* | 19,791 | 879,512 | |||||||||
Texas Roadhouse, Inc. | 402 | 69,028 | |||||||||
2,394,949 | |||||||||||
HOUSEHOLD DURABLES - 1.6% | |||||||||||
DR Horton, Inc. | 12,925 | 1,821,520 | |||||||||
Leggett & Platt, Inc. | 32,143 | 368,359 | |||||||||
PulteGroup, Inc. | 1,656 | 182,326 | |||||||||
Toll Brothers, Inc. | 9,771 | 1,125,424 | |||||||||
Whirlpool Corp. | 442 | 45,172 | |||||||||
3,542,801 | |||||||||||
HOUSEHOLD PRODUCTS - 2.5% | |||||||||||
Colgate-Palmolive Co. | 13,870 | 1,345,945 | |||||||||
Kimberly-Clark Corp. | 14,592 | 2,016,614 | |||||||||
Procter & Gamble Co. (The) | 14,803 | 2,441,311 | |||||||||
5,803,870 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2% | |||||||||||
AES Corp. (The) | 27,487 | 482,947 | |||||||||
INDUSTRIAL CONGLOMERATES - 0.3% | |||||||||||
Honeywell International, Inc. | 3,504 | 748,244 | |||||||||
INDUSTRIAL REITS - 0.7% | |||||||||||
Americold Realty Trust, Inc. | 4,143 | 105,812 | |||||||||
First Industrial Realty Trust, Inc. | 1,842 | 87,513 | |||||||||
Prologis, Inc. | 12,750 | 1,431,953 | |||||||||
1,625,278 | |||||||||||
INSURANCE - 4.6% | |||||||||||
Allstate Corp. (The) | 5,453 | 870,626 | |||||||||
Aon PLC, Class A | 1,128 | 331,158 | |||||||||
Arch Capital Group Ltd.* | 839 | 84,647 | |||||||||
Brighthouse Financial, Inc.* | 2,811 | 121,829 | |||||||||
First American Financial Corp. | 780 | 42,081 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 4.6% (Continued) | |||||||||||
Globe Life, Inc. | 6,217 | $ | 511,535 | ||||||||
Marsh & McLennan Cos., Inc. | 10,563 | 2,225,835 | |||||||||
MetLife, Inc. | 16,549 | 1,161,574 | |||||||||
Progressive Corp. (The) | 10,314 | 2,142,321 | |||||||||
Reinsurance Group of America, Inc. | 6,134 | 1,259,126 | |||||||||
Travelers Cos., Inc. (The) | 4,523 | 919,707 | |||||||||
Unum Group | 16,266 | 831,355 | |||||||||
10,501,794 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 0.5% | |||||||||||
Alphabet, Inc., Class A | 6,240 | 1,136,616 | |||||||||
Snap, Inc., Class A* | 4,662 | 77,436 | |||||||||
1,214,052 | |||||||||||
IT SERVICES - 0.4% | |||||||||||
Accenture PLC, Class A | 559 | 169,606 | |||||||||
Amdocs Ltd. | 5,360 | 423,011 | |||||||||
Kyndryl Holdings, Inc.* | 13,396 | 352,449 | |||||||||
945,066 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 1.0% | |||||||||||
Thermo Fisher Scientific, Inc. | 3,897 | 2,155,041 | |||||||||
West Pharmaceutical Services, Inc. | 243 | 80,042 | |||||||||
2,235,083 | |||||||||||
MACHINERY - 4.0% | |||||||||||
Caterpillar, Inc. | 3,123 | 1,040,271 | |||||||||
CNH Industrial NV | 64,306 | 651,420 | |||||||||
Cummins, Inc. | 3,783 | 1,047,626 | |||||||||
Flowserve Corp. | 19,070 | 917,267 | |||||||||
Graco, Inc. | 2,951 | 233,955 | |||||||||
Oshkosh Corp. | 12,858 | 1,391,236 | |||||||||
Otis Worldwide Corp. | 7,884 | 758,914 | |||||||||
PACCAR, Inc. | 621 | 63,926 | |||||||||
Parker-Hannifin Corp. | 4,114 | 2,080,902 | |||||||||
Xylem, Inc. | 6,857 | 930,015 | |||||||||
9,115,532 | |||||||||||
MEDIA - 2.2% | |||||||||||
Comcast Corp., Class A | 90,733 | 3,553,104 | |||||||||
Fox Corp., Class A | 38,886 | 1,336,512 | |||||||||
Fox Corp., Class B | 1,843 | 59,013 | |||||||||
Ibotta, Inc., Class A* | 283 | 21,270 | |||||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 640 | 14,176 | |||||||||
4,984,075 | |||||||||||
METALS & MINING - 1.0% | |||||||||||
Cleveland-Cliffs, Inc.* | 3,777 | 58,128 | |||||||||
Freeport-McMoRan, Inc. | 18,259 | 887,387 | |||||||||
Newmont Corp. | 1,215 | 50,872 | |||||||||
Nucor Corp. | 7,409 | 1,171,215 | |||||||||
United States Steel Corp. | 2,166 | 81,875 | |||||||||
2,249,477 |
See accompanying notes to financial statements.
27
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
MULTI-UTILITIES - 1.8% | |||||||||||
Ameren Corp. | 11,957 | $ | 850,262 | ||||||||
Black Hills Corp. | 1,132 | 61,558 | |||||||||
CMS Energy Corp. | 31,024 | 1,846,859 | |||||||||
DTE Energy Co. | 9,308 | 1,033,281 | |||||||||
NiSource, Inc. | 2,845 | 81,965 | |||||||||
WEC Energy Group, Inc. | 2,968 | 232,869 | |||||||||
4,106,794 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 6.5% | |||||||||||
Chevron Corp. | 13,759 | 2,152,183 | |||||||||
ConocoPhillips | 19,036 | 2,177,337 | |||||||||
Devon Energy Corp. | 25,176 | 1,193,342 | |||||||||
EOG Resources, Inc. | 12,240 | 1,540,649 | |||||||||
Exxon Mobil Corp. | 43,711 | 5,032,010 | |||||||||
Marathon Petroleum Corp. | 11,587 | 2,010,113 | |||||||||
Ovintiv, Inc. | 1,062 | 49,776 | |||||||||
Valero Energy Corp. | 4,747 | 744,140 | |||||||||
14,899,550 | |||||||||||
PAPER & FOREST PRODUCTS - 0.1% | |||||||||||
Louisiana-Pacific Corp. | 3,826 | 314,995 | |||||||||
PASSENGER AIRLINES - 0.3% | |||||||||||
Alaska Air Group, Inc.* | 7,042 | 284,497 | |||||||||
United Airlines Holdings, Inc.* | 8,852 | 430,738 | |||||||||
715,235 | |||||||||||
PHARMACEUTICALS - 3.6% | |||||||||||
Alto Neuroscience, Inc.* | 28 | 299 | |||||||||
Bristol-Myers Squibb Co. | 44,963 | 1,867,313 | |||||||||
Eli Lilly & Co. | 249 | 225,440 | |||||||||
Johnson & Johnson | 18,887 | 2,760,524 | |||||||||
Merck & Co., Inc. | 8,081 | 1,000,428 | |||||||||
Pfizer, Inc. | 78,209 | 2,188,288 | |||||||||
Zoetis, Inc. | 479 | 83,039 | |||||||||
8,125,331 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% | |||||||||||
CBRE Group, Inc., Class A* | 2,649 | 236,052 | |||||||||
Zillow Group, Inc., Class A* | 685 | 30,853 | |||||||||
266,905 | |||||||||||
RESIDENTIAL REITS - 0.6% | |||||||||||
Camden Property Trust | 4,266 | 465,463 | |||||||||
Equity LifeStyle Properties, Inc. | 9,575 | 623,620 | |||||||||
Equity Residential | 2,422 | 167,942 | |||||||||
1,257,025 | |||||||||||
RETAIL REITS - 1.0% | |||||||||||
Brixmor Property Group, Inc. | 6,024 | 139,094 | |||||||||
Kimco Realty Corp. | 61,521 | 1,197,199 | |||||||||
Kite Realty Group Trust | 2,141 | 47,915 | |||||||||
Simon Property Group, Inc. | 6,686 | 1,014,935 | |||||||||
2,399,143 |
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1% | |||||||||||
Advanced Micro Devices, Inc.* | 5,551 | $ | 900,428 | ||||||||
Broadcom, Inc. | 33 | 52,983 | |||||||||
Cirrus Logic, Inc.* | 1,141 | 145,660 | |||||||||
Intel Corp. | 46,177 | 1,430,102 | |||||||||
Lam Research Corp. | 1,918 | 2,042,382 | |||||||||
Marvell Technology, Inc. | 3,168 | 221,443 | |||||||||
Micron Technology, Inc. | 16,730 | 2,200,497 | |||||||||
Monolithic Power Systems, Inc. | 830 | 681,994 | |||||||||
QUALCOMM, Inc. | 7,978 | 1,589,058 | |||||||||
9,264,547 | |||||||||||
SOFTWARE - 2.4% | |||||||||||
Atlassian Corp., Class A* | 1,884 | 333,242 | |||||||||
Dropbox, Inc., Class A* | 4,480 | 100,666 | |||||||||
Fortinet, Inc.* | 7,344 | 442,623 | |||||||||
Manhattan Associates, Inc.* | 3,972 | 979,813 | |||||||||
Microsoft Corp. | 4,471 | 1,998,313 | |||||||||
Nutanix, Inc., Class A* | 1,506 | 85,616 | |||||||||
Rubrik, Inc., Class A* | 2,207 | 67,667 | |||||||||
Salesforce, Inc. | 2,815 | 723,736 | |||||||||
ServiceNow, Inc.* | 1,024 | 805,550 | |||||||||
5,537,226 | |||||||||||
SPECIALIZED REITS - 0.8% | |||||||||||
Equinix, Inc. | 1,368 | 1,035,029 | |||||||||
Gaming and Leisure Properties, Inc. | 1,226 | 55,427 | |||||||||
Lamar Advertising Co., Class A | 1,694 | 202,484 | |||||||||
SBA Communications Corp. | 2,099 | 412,034 | |||||||||
Weyerhaeuser Co. | 7,288 | 206,906 | |||||||||
1,911,880 | |||||||||||
SPECIALTY RETAIL - 1.5% | |||||||||||
Best Buy Co., Inc. | 983 | 82,857 | |||||||||
Dick's Sporting Goods, Inc. | 1,080 | 232,038 | |||||||||
Home Depot, Inc. (The) | 5,045 | 1,736,691 | |||||||||
Lowe's Cos., Inc. | 3,890 | 857,589 | |||||||||
O'Reilly Automotive, Inc.* | 63 | 66,532 | |||||||||
Penske Automotive Group, Inc. | 2,210 | 329,334 | |||||||||
Ross Stores, Inc. | 180 | 26,158 | |||||||||
3,331,199 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2% | |||||||||||
Apple, Inc. | 8,055 | 1,696,544 | |||||||||
Hewlett Packard Enterprise Co. | 24,955 | 528,297 | |||||||||
HP, Inc. | 10,880 | 381,018 | |||||||||
NetApp, Inc. | 1,228 | 158,166 | |||||||||
2,764,025 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.4% | |||||||||||
NIKE, Inc., Class B | 11,933 | 899,390 | |||||||||
Ralph Lauren Corp. | 396 | 69,324 |
See accompanying notes to financial statements.
28
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.4% (Continued) | |||||||||||
Under Armour, Inc., Class C* | 1,882 | $ | 12,289 | ||||||||
981,003 | |||||||||||
TOBACCO - 0.1% | |||||||||||
Philip Morris International, Inc. | 1,354 | 137,201 | |||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.0% | |||||||||||
Watsco, Inc. | 1,085 | 502,616 | |||||||||
WESCO International, Inc. | 5,233 | 829,535 | |||||||||
WW Grainger, Inc. | 933 | 841,790 | |||||||||
2,173,941 | |||||||||||
TOTAL COMMON STOCKS (Cost - $197,173,962) | 225,318,304 |
Shares/ Principal | Fair Value | ||||||||||
SHORT-TERM INVESTMENTS - 1.3% | |||||||||||
MONEY MARKET FUNDS - 1.3% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (a) (Cost - $2,968,353) | 2,968,353 | $ | 2,968,353 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,968,353) | 2,968,353 | ||||||||||
TOTAL INVESTMENTS - 99.9% (Cost - $200,142,315) | $ | 228,286,657 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.1% | 181,102 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 228,467,759 |
* 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
REIT - Real Estate Investment Trust
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. | 13 | 9/20/2024 | $ | 3,588,975 | $ | 4,582 |
See accompanying notes to financial statements.
29
Shares/ Principal | Fair Value | ||||||||||
CORPORATE BONDS AND NOTES - 98.4% | |||||||||||
ADVERTISING - 1.0% | |||||||||||
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28 (a) | $ | 387,000 | $ | 350,194 | |||||||
Neptune Bidco US, Inc., 9.29%, 4/15/29 (a) | 122,000 | 116,829 | |||||||||
467,023 | |||||||||||
AEROSPACE & DEFENSE - 0.6% | |||||||||||
TransDigm, Inc., 6.75%, 8/15/28 (a) | 309,000 | 312,772 | |||||||||
AGRICULTURE - 1.0% | |||||||||||
Vector Group Ltd., 5.75%, 2/1/29 (a) | 520,000 | 487,269 | |||||||||
AUTO MANUFACTURERS - 1.3% | |||||||||||
Aston Martin Capital Holdings Ltd., 10.00%, 3/31/29 (a) | 280,000 | 275,939 | |||||||||
Jaguar Land Rover Automotive PLC, 5.88%, 1/15/28 (a) | 275,000 | 269,668 | |||||||||
Wabash National Corp., 4.50%, 10/15/28 (a) | 102,000 | 91,784 | |||||||||
637,391 | |||||||||||
AUTO PARTS & EQUIPMENT - 0.7% | |||||||||||
Phinia, Inc., 6.75%, 4/15/29 (a) | 26,000 | 26,386 | |||||||||
Titan International, Inc., 7.00%, 4/30/28 | 328,000 | 315,387 | |||||||||
341,773 | |||||||||||
BANKS - 1.8% | |||||||||||
Freedom Mortgage Corp. | |||||||||||
7.63%, 5/1/26 (a) | 83,000 | 82,408 | |||||||||
12.00%, 10/1/28 (a) | 40,000 | 42,965 | |||||||||
12.25%, 10/1/30 (a) | 40,000 | 43,034 | |||||||||
Intesa Sanpaolo SpA | |||||||||||
8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33 (a),(b) | 200,000 | 220,951 | |||||||||
4.95%, (US 1 Year CMT T-Note + 2.75%), 6/1/42 (a),(b) | 35,000 | 26,227 | |||||||||
Popular, Inc., 7.25%, 3/13/28 | 201,000 | 205,070 | |||||||||
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 5/6/31 (b) | 52,000 | 47,131 | |||||||||
UniCredit SpA, 5.46%, (US 5 Year CMT T-Note + 4.75%), 6/30/35 (a),(b) | 200,000 | 187,466 | |||||||||
855,252 | |||||||||||
BUILDING MATERIALS - 0.6% | |||||||||||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (a) | 35,000 | 36,885 | |||||||||
Eco Material Technologies, Inc., 7.88%, 1/31/27 (a) | 95,000 | 95,221 | |||||||||
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31 (a) | 100,000 | 106,117 | |||||||||
Standard Industries, Inc., 4.75%, 1/15/28 (a) | 56,000 | 53,298 | |||||||||
291,521 | |||||||||||
CHEMICALS - 2.8% | |||||||||||
Chemours Co. (The), 5.75%, 11/15/28 (a) | 229,000 | 211,438 | |||||||||
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28 (a) | 329,000 | 316,223 |
Shares/ Principal | Fair Value | ||||||||||
CHEMICALS - 2.8% (Continued) | |||||||||||
NOVA Chemicals Corp. | |||||||||||
8.50%, 11/15/28 (a) | $ | 60,000 | $ | 63,619 | |||||||
9.00%, 2/15/30 (a) | 75,000 | 79,123 | |||||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30 (a) | 98,000 | 89,753 | |||||||||
Rain Carbon, Inc., 12.25%, 9/1/29 (a) | 342,000 | 368,045 | |||||||||
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25 (a) | 2,000 | 1,958 | |||||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (a) | 218,000 | 197,447 | |||||||||
1,327,606 | |||||||||||
COAL - 0.6% | |||||||||||
SunCoke Energy, Inc., 4.88%, 6/30/29 (a) | 200,000 | 181,219 | |||||||||
Warrior Met Coal, Inc., 7.88%, 12/1/28 (a) | 104,000 | 105,908 | |||||||||
287,127 | |||||||||||
COMMERCIAL SERVICES - 5.0% | |||||||||||
Adtalem Global Education, Inc., 5.50%, 3/1/28 (a) | 82,000 | 78,718 | |||||||||
APX Group, Inc. | |||||||||||
6.75%, 2/15/27 (a) | 276,000 | 275,268 | |||||||||
5.75%, 7/15/29 (a) | 304,000 | 291,698 | |||||||||
CoreCivic, Inc., 8.25%, 4/15/29 | 256,000 | 264,617 | |||||||||
CPI CG, Inc. | |||||||||||
8.63%, 3/15/26 (a) | 226,000 | 230,804 | |||||||||
10.00%, 7/15/29 (a) | 135,000 | 139,675 | |||||||||
Garda World Security Corp., 7.75%, 2/15/28 (a) | 25,000 | 25,464 | |||||||||
Geo Group, Inc. (The) | |||||||||||
8.63%, 4/15/29 (a) | 308,000 | 315,576 | |||||||||
10.25%, 4/15/31 (a) | 140,000 | 146,468 | |||||||||
PROG Holdings, Inc., 6.00%, 11/15/29 (a) | 312,000 | 296,381 | |||||||||
TriNet Group, Inc., 7.13%, 8/15/31 (a) | 80,000 | 81,246 | |||||||||
Upbound Group, Inc., 6.38%, 2/15/29 (a) | 236,000 | 226,393 | |||||||||
VT Topco, Inc., 8.50%, 8/15/30 (a) | 27,000 | 28,395 | |||||||||
2,400,703 | |||||||||||
COMPUTERS - 0.9% | |||||||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/1/29 (a) | 67,000 | 62,598 | |||||||||
KBR, Inc., 4.75%, 9/30/28 (a) | 134,000 | 124,620 | |||||||||
NCR Atleos Corp., 9.50%, 4/1/29 (a) | 147,000 | 158,861 | |||||||||
Seagate HDD Cayman, 9.63%, 12/1/32 | 59,000 | 67,292 | |||||||||
413,371 | |||||||||||
DISTRIBUTION & WHOLESALE - 0.3% | |||||||||||
Gates Corp. (The), 6.88%, 7/1/29 (a) | 40,000 | 40,703 | |||||||||
G-III Apparel Group Ltd., 7.88%, 8/15/25 (a) | 58,000 | 58,182 | |||||||||
Windsor Holdings III LLC, 8.50%, 6/15/30 (a) | 45,000 | 46,982 | |||||||||
145,867 |
See accompanying notes to financial statements.
30
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED FINANCIAL SERVICES - 11.2% | |||||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 9/30/27 (a) | $ | 75,000 | $ | 77,749 | |||||||
Bread Financial Holdings, Inc., 9.75%, 3/15/29 (a) | 406,000 | 426,574 | |||||||||
Burford Capital Global Finance LLC | |||||||||||
6.88%, 4/15/30 (a) | 105,000 | 103,099 | |||||||||
9.25%, 7/1/31 (a) | 400,000 | 420,975 | |||||||||
Coinbase Global, Inc., 3.38%, 10/1/28 (a) | 601,000 | 515,310 | |||||||||
Credit Acceptance Corp. | |||||||||||
6.63%, 3/15/26 | 28,000 | 27,962 | |||||||||
9.25%, 12/15/28 (a) | 333,000 | 351,954 | |||||||||
Encore Capital Group, Inc., 9.25%, 4/1/29 (a) | 340,000 | 353,626 | |||||||||
Enova International, Inc., 11.25%, 12/15/28 (a) | 167,000 | 178,377 | |||||||||
Freedom Mortgage Holdings LLC | |||||||||||
9.25%, 2/1/29 (a) | 96,000 | 95,993 | |||||||||
9.13%, 5/15/31 (a) | 50,000 | 48,650 | |||||||||
GGAM Finance Ltd. | |||||||||||
7.75%, 5/15/26 (a) | 30,000 | 30,612 | |||||||||
8.00%, 2/15/27 (a) | 55,000 | 56,808 | |||||||||
8.00%, 6/15/28 (a) | 28,000 | 29,491 | |||||||||
goeasy Ltd. | |||||||||||
9.25%, 12/1/28 (a) | 267,000 | 283,382 | |||||||||
7.63%, 7/1/29 (a) | 153,000 | 156,076 | |||||||||
Macquarie Airfinance Holdings Ltd., 8.38%, 5/1/28 (a) | 25,000 | 26,348 | |||||||||
Nationstar Mortgage Holdings, Inc. | |||||||||||
5.00%, 2/1/26 (a) | 30,000 | 29,360 | |||||||||
5.50%, 8/15/28 (a) | 101,000 | 97,057 | |||||||||
5.75%, 11/15/31 (a) | 382,000 | 359,035 | |||||||||
7.13%, 2/1/32 (a) | 37,000 | 37,216 | |||||||||
OneMain Finance Corp. | |||||||||||
7.13%, 3/15/26 | 103,000 | 104,659 | |||||||||
9.00%, 1/15/29 | 70,000 | 73,836 | |||||||||
PennyMac Financial Services, Inc., 7.88%, 12/15/29 (a) | 78,000 | 80,428 | |||||||||
StoneX Group, Inc., 7.88%, 3/1/31 (a) | 302,000 | 311,483 | |||||||||
Synchrony Financial, 7.25%, 2/2/33 | 436,000 | 434,256 | |||||||||
United Wholesale Mortgage LLC | |||||||||||
5.75%, 6/15/27 (a) | 407,000 | 397,337 | |||||||||
5.50%, 4/15/29 (a) | 43,000 | 40,849 | |||||||||
VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 6/15/31 (a) | 239,000 | 240,250 | |||||||||
5,388,752 | |||||||||||
ELECTRIC - 1.2% | |||||||||||
Talen Energy Supply LLC, 8.63%, 6/1/30 (a) | 90,000 | 95,960 | |||||||||
Vistra Operations Co. LLC | |||||||||||
5.50%, 9/1/26 (a) | 12,000 | 11,833 | |||||||||
5.63%, 2/15/27 (a) | 115,000 | 113,060 | |||||||||
7.75%, 10/15/31 (a) | 325,000 | 338,354 | |||||||||
559,207 |
Shares/ Principal | Fair Value | ||||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1% | |||||||||||
Energizer Holdings, Inc., 6.50%, 12/31/27 (a) | $ | 39,000 | $ | 38,957 | |||||||
ELECTRONICS - 0.0%† | |||||||||||
EquipmentShare.com, Inc., 9.00%, 5/15/28 (a) | 25,000 | 25,804 | |||||||||
ENGINEERING & CONSTRUCTION - 0.8% | |||||||||||
Brand Industrial Services, Inc., 10.38%, 8/1/30 (a) | 50,000 | 54,045 | |||||||||
HTA Group Ltd., 7.50%, 6/4/29 (a) | 243,000 | 241,542 | |||||||||
MasTec, Inc., 6.63%, 8/15/29 (a) | 72,000 | 70,920 | |||||||||
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28 (a) | 37,000 | 34,290 | |||||||||
400,797 | |||||||||||
ENTERTAINMENT - 1.9% | |||||||||||
Affinity Interactive, 6.88%, 12/15/27 (a) | 37,000 | 32,627 | |||||||||
Boyne USA, Inc., 4.75%, 5/15/29 (a) | 82,000 | 76,515 | |||||||||
Churchill Downs, Inc., 6.75%, 5/1/31 (a) | 214,000 | 215,217 | |||||||||
Jacobs Entertainment, Inc., 6.75%, 2/15/29 (a) | 45,000 | 41,735 | |||||||||
Lions Gate Capital Holdings 1, Inc., 5.50%, 4/15/29 (a) | 345,000 | 306,332 | |||||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29 (a) | 40,000 | 37,252 | |||||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30 (a) | 200,000 | 211,619 | |||||||||
921,297 | |||||||||||
FOREST PRODUCTS & PAPER - 0.6% | |||||||||||
Domtar Corp., 6.75%, 10/1/28 (a) | 320,000 | 285,382 | |||||||||
GAS - 1.0% | |||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | |||||||||||
5.88%, 8/20/26 | 145,000 | 140,494 | |||||||||
5.75%, 5/20/27 | 110,000 | 103,790 | |||||||||
9.38%, 6/1/28 (a) | 216,000 | 221,722 | |||||||||
466,006 | |||||||||||
HEALTHCARE-PRODUCTS - 0.4% | |||||||||||
Bausch + Lomb Corp., 8.38%, 10/1/28 (a) | 201,000 | 205,774 | |||||||||
HEALTHCARE-SERVICES - 1.8% | |||||||||||
DaVita, Inc., 4.63%, 6/1/30 (a) | 523,000 | 472,573 | |||||||||
Fortrea Holdings, Inc., 7.50%, 7/1/30 (a) | 212,000 | 210,818 | |||||||||
LifePoint Health, Inc. | |||||||||||
9.88%, 8/15/30 (a) | 47,000 | 50,127 | |||||||||
11.00%, 10/15/30 (a) | 40,000 | 44,074 | |||||||||
Star Parent, Inc., 9.00%, 10/1/30 (a) | 25,000 | 26,282 | |||||||||
Tenet Healthcare Corp., 6.13%, 10/1/28 | 48,000 | 47,755 | |||||||||
851,629 | |||||||||||
HOLDING COMPANIES-DIVERS - 0.2% | |||||||||||
Stena International SA, 7.25%, 1/15/31 (a) | 75,000 | 76,666 |
See accompanying notes to financial statements.
31
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
HOME BUILDERS - 1.8% | |||||||||||
Adams Homes, Inc., 9.25%, 10/15/28 (a) | $ | 72,000 | $ | 73,847 | |||||||
Ashton Woods USA LLC / Ashton Woods Finance Co. | |||||||||||
6.63%, 1/15/28 (a) | 37,000 | 36,949 | |||||||||
4.63%, 4/1/30 (a) | 28,000 | 25,029 | |||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 9/15/27 (a) | 90,000 | 88,582 | |||||||||
Installed Building Products, Inc., 5.75%, 2/1/28 (a) | 133,000 | 130,041 | |||||||||
LGI Homes, Inc. | |||||||||||
8.75%, 12/15/28 (a) | 169,000 | 176,047 | |||||||||
4.00%, 7/15/29 (a) | 84,000 | 72,653 | |||||||||
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29 | 43,000 | 39,987 | |||||||||
Thor Industries, Inc., 4.00%, 10/15/29 (a) | 252,000 | 220,987 | |||||||||
864,122 | |||||||||||
INSURANCE - 0.5% | |||||||||||
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 5/15/31 (a) | 241,000 | 243,932 | |||||||||
INTERNET - 3.0% | |||||||||||
Cars.com, Inc., 6.38%, 11/1/28 (a) | 220,000 | 216,137 | |||||||||
Cogent Communications Group, Inc., 7.00%, 6/15/27 (a) | 399,000 | 395,437 | |||||||||
Cogent Communications Group, Inc. / Cogent Communications Finance, Inc., 7.00%, 6/15/27 (a) | 85,000 | 84,240 | |||||||||
Rakuten Group, Inc. | |||||||||||
11.25%, 2/15/27 (a) | 420,000 | 448,780 | |||||||||
9.75%, 4/15/29 (a) | 225,000 | 231,919 | |||||||||
5.13%, (US 5 Year CMT T-Note + 4.58%), 10/22/72 (a),(b) | 50,000 | 44,139 | |||||||||
6.25%, (US 5 Year CMT T-Note + 4.96%), 10/22/72 (a),(b) | 50,000 | 39,269 | |||||||||
1,459,921 | |||||||||||
INVESTMENT COMPANIES - 1.3% | |||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | |||||||||||
6.25%, 5/15/26 | 59,000 | 58,536 | |||||||||
5.25%, 5/15/27 | 84,000 | 78,855 | |||||||||
9.75%, 1/15/29 (a) | 292,000 | 302,513 | |||||||||
9.00%, 6/15/30 (a) | 169,000 | 168,187 | |||||||||
608,091 | |||||||||||
IRON & STEEL - 1.9% | |||||||||||
Algoma Steel, Inc., 9.13%, 4/15/29 (a) | 161,000 | 156,774 | |||||||||
Infrabuild Australia Pty Ltd., 14.50%, 11/15/28 (a) | 70,000 | 72,369 | |||||||||
Mineral Resources Ltd. | |||||||||||
8.13%, 5/1/27 (a) | 135,000 | 136,121 |
Shares/ Principal | Fair Value | ||||||||||
IRON & STEEL - 1.9% (Continued) | |||||||||||
8.00%, 11/1/27 (a) | $ | 120,000 | $ | 122,771 | |||||||
9.25%, 10/1/28 (a) | 200,000 | 209,892 | |||||||||
8.50%, 5/1/30 (a) | 215,000 | 222,564 | |||||||||
920,491 | |||||||||||
LEISURE TIME - 1.3% | |||||||||||
Amer Sports Co., 6.75%, 2/16/31 (a) | 91,000 | 90,761 | |||||||||
Carnival Corp., 7.63%, 3/1/26 (a) | 288,000 | 290,858 | |||||||||
Sabre GLBL, Inc., 11.25%, 12/15/27 (a) | 237,000 | 230,444 | |||||||||
612,063 | |||||||||||
LODGING - 0.3% | |||||||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29 (a) | 40,000 | 37,301 | |||||||||
Travel + Leisure Co., 6.63%, 7/31/26 (a) | 127,000 | 127,951 | |||||||||
165,252 | |||||||||||
MEDIA - 8.1% | |||||||||||
AMC Networks, Inc., 10.25%, 1/15/29 (a) | 253,000 | 249,256 | |||||||||
Belo Corp., 7.75%, 6/1/27 | 4,000 | 4,105 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||||||||||
5.13%, 5/1/27 (a) | 132,000 | 126,741 | |||||||||
5.00%, 2/1/28 (a) | 46,000 | 43,003 | |||||||||
5.38%, 6/1/29 (a) | 167,000 | 151,953 | |||||||||
4.75%, 3/1/30 (a) | 142,000 | 122,988 | |||||||||
4.50%, 8/15/30 (a) | 26,000 | 22,011 | |||||||||
4.25%, 2/1/31 (a) | 94,000 | 76,738 | |||||||||
7.38%, 3/1/31 (a) | 270,000 | 266,339 | |||||||||
4.75%, 2/1/32 (a) | 121,000 | 99,073 | |||||||||
4.50%, 5/1/32 | 146,000 | 117,934 | |||||||||
4.50%, 6/1/33 (a) | 161,000 | 126,752 | |||||||||
Directv Financing LLC, 8.88%, 2/1/30 (a) | 40,000 | 39,153 | |||||||||
DIRECTV Financing LLC / DIRECTV Financing Co.-Obligor, Inc., 5.88%, 8/15/27 (a) | 573,000 | 539,024 | |||||||||
Gannett Holdings LLC, 6.00%, 11/1/26 (a) | 111,000 | 105,969 | |||||||||
GCI LLC, 4.75%, 10/15/28 (a) | 275,000 | 251,140 | |||||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (a) | 55,000 | 51,516 | |||||||||
Nexstar Media, Inc. | |||||||||||
5.63%, 7/15/27 (a) | 288,000 | 273,619 | |||||||||
4.75%, 11/1/28 (a) | 241,000 | 214,291 | |||||||||
Sinclair Television Group, Inc., 4.13%, 12/1/30 (a) | 289,000 | 192,907 | |||||||||
Sunrise HoldCo IV BV, 5.50%, 1/15/28 (a) | 25,000 | 24,184 | |||||||||
TEGNA, Inc. | |||||||||||
4.63%, 3/15/28 | 214,000 | 192,777 | |||||||||
5.00%, 9/15/29 | 22,000 | 19,426 | |||||||||
Townsquare Media, Inc., 6.88%, 2/1/26 (a) | 164,000 | 161,525 | |||||||||
Univision Communications, Inc. | |||||||||||
8.00%, 8/15/28 (a) | 125,000 | 121,904 | |||||||||
7.38%, 6/30/30 (a) | 90,000 | 83,709 |
See accompanying notes to financial statements.
32
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 8.1% (Continued) | |||||||||||
Virgin Media Secured Finance PLC, 5.50%, 5/15/29 (a) | $ | 150,000 | $ | 137,146 | |||||||
VZ Secured Financing BV, 5.00%, 1/15/32 (a) | 125,000 | 106,603 | |||||||||
3,921,786 | |||||||||||
METAL FABRICATE & HARDWARE - 0.8% | |||||||||||
Vallourec SACA, 7.50%, 4/15/32 (a) | 392,000 | 405,658 | |||||||||
MINING - 2.2% | |||||||||||
Eldorado Gold Corp., 6.25%, 9/1/29 (a) | 307,000 | 295,104 | |||||||||
FMG Resources August 2006 Pty Ltd. | |||||||||||
5.88%, 4/15/30 (a) | 243,000 | 237,417 | |||||||||
6.13%, 4/15/32 (a) | 79,000 | 78,090 | |||||||||
New Gold, Inc., 7.50%, 7/15/27 (a) | 211,000 | 212,439 | |||||||||
Taseko Mines Ltd., 8.25%, 5/1/30 (a) | 256,000 | 262,023 | |||||||||
1,085,073 | |||||||||||
MISCELLANEOUS MANUFACTURING - 0.2% | |||||||||||
Calderys Financing LLC, 11.25%, 6/1/28 (a) | 54,000 | 57,118 | |||||||||
LSB Industries, Inc., 6.25%, 10/15/28 (a) | 22,000 | 21,215 | |||||||||
78,333 | |||||||||||
OFFICE & BUSINESS EQUIPMENT - 1.1% | |||||||||||
Pitney Bowes, Inc. | |||||||||||
6.88%, 3/15/27 (a) | 15,000 | 14,170 | |||||||||
7.25%, 3/15/29 (a) | 189,000 | 170,067 | |||||||||
Xerox Holdings Corp. | |||||||||||
5.00%, 8/15/25 (a) | 15,000 | 14,715 | |||||||||
5.50%, 8/15/28 (a) | 49,000 | 42,279 | |||||||||
8.88%, 11/30/29 (a) | 297,000 | 283,252 | |||||||||
524,483 | |||||||||||
OFFICE FURNISHINGS - 0.6% | |||||||||||
Interface, Inc., 5.50%, 12/1/28 (a) | 95,000 | 89,067 | |||||||||
Steelcase, Inc., 5.13%, 1/18/29 | 202,000 | 191,248 | |||||||||
280,315 | |||||||||||
OIL & GAS - 12.5% | |||||||||||
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26 (a) | 22,000 | 22,243 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.88%, 6/30/29 (a) | 50,000 | 48,861 | |||||||||
Athabasca Oil Corp., 9.75%, 11/1/26 (a) | 33,000 | 34,602 | |||||||||
Baytex Energy Corp., 8.50%, 4/30/30 (a) | 42,000 | 43,920 | |||||||||
Berry Petroleum Co. LLC, 7.00%, 2/15/26 (a) | 180,000 | 177,725 | |||||||||
Borr IHC Ltd. / Borr Finance LLC | |||||||||||
10.00%, 11/15/28 (a) | 168,598 | 176,185 | |||||||||
10.38%, 11/15/30 (a) | 274,180 | 286,442 | |||||||||
California Resources Corp., 8.25%, 6/15/29 (a) | 364,000 | 371,512 | |||||||||
Chord Energy Corp., 6.38%, 6/1/26 (a) | 144,000 | 143,980 | |||||||||
Civitas Resources, Inc., 8.38%, 7/1/28 (a) | 295,000 | 309,093 |
Shares/ Principal | Fair Value | ||||||||||
OIL & GAS - 12.5% (Continued) | |||||||||||
CVR Energy, Inc. | |||||||||||
5.75%, 2/15/28 (a) | $ | 118,000 | $ | 109,443 | |||||||
8.50%, 1/15/29 (a) | 327,000 | 328,364 | |||||||||
Energean PLC, 6.50%, 4/30/27 (a) | 200,000 | 196,925 | |||||||||
Greenfire Resources Ltd., 12.00%, 10/1/28 (a) | 171,000 | 182,577 | |||||||||
Ithaca Energy North Sea PLC, 9.00%, 7/15/26 (a) | 300,000 | 303,831 | |||||||||
Noble Finance II LLC, 8.00%, 4/15/30 (a) | 259,000 | 269,544 | |||||||||
Northern Oil & Gas, Inc. | |||||||||||
8.13%, 3/1/28 (a) | 273,000 | 276,202 | |||||||||
8.75%, 6/15/31 (a) | 244,000 | 256,001 | |||||||||
PBF Holding Co. LLC / PBF Finance Corp. | |||||||||||
6.00%, 2/15/28 | 309,000 | 301,288 | |||||||||
7.88%, 9/15/30 (a) | 147,000 | 150,494 | |||||||||
Saturn Oil & Gas, Inc., 9.63%, 6/15/29 (a) | 245,000 | 247,446 | |||||||||
Seadrill Finance Ltd., 8.38%, 8/1/30 (a) | 305,000 | 318,684 | |||||||||
Strathcona Resources Ltd., 6.88%, 8/1/26 (a) | 320,000 | 316,792 | |||||||||
Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/28 (a) | 20,000 | 20,516 | |||||||||
Talos Production, Inc. | |||||||||||
9.00%, 2/1/29 (a) | 225,000 | 236,163 | |||||||||
9.38%, 2/1/31 (a) | 272,000 | 287,186 | |||||||||
Valaris Ltd., 8.38%, 4/30/30 (a) | 480,000 | 496,928 | |||||||||
Vermilion Energy, Inc., 5.63%, 3/15/25 (a) | 15,000 | 14,959 | |||||||||
W&T Offshore, Inc., 11.75%, 2/1/26 (a) | 107,000 | 110,047 | |||||||||
6,037,953 | |||||||||||
OIL & GAS SERVICES - 2.8% | |||||||||||
Bristow Group, Inc., 6.88%, 3/1/28 (a) | 101,000 | 99,200 | |||||||||
Enerflex Ltd., 9.00%, 10/15/27 (a) | 280,000 | 283,990 | |||||||||
Helix Energy Solutions Group, Inc., 9.75%, 3/1/29 (a) | 177,000 | 188,662 | |||||||||
Kodiak Gas Services LLC, 7.25%, 2/15/29 (a) | 67,000 | 68,685 | |||||||||
Oceaneering International, Inc., 6.00%, 2/1/28 | 65,000 | 64,231 | |||||||||
USA Compression Partners LP / USA Compression Finance Corp. | |||||||||||
6.88%, 9/1/27 | 169,000 | 169,388 | |||||||||
7.13%, 3/15/29 (a) | 147,000 | 148,120 | |||||||||
Weatherford International Ltd., 8.63%, 4/30/30 (a) | 310,000 | 321,246 | |||||||||
1,343,522 | |||||||||||
PACKAGING & CONTAINERS - 0.3% | |||||||||||
LABL, Inc., 9.50%, 11/1/28 (a) | 40,000 | 40,319 | |||||||||
Mauser Packaging Solutions Holding Co., 7.88%, 4/15/27 (a) | 97,000 | 98,988 | |||||||||
139,307 | |||||||||||
PASSENGER AIRLINES - 1.7% | |||||||||||
American Airlines, Inc. | |||||||||||
7.25%, 2/15/28 (a) | 385,000 | 385,349 | |||||||||
8.50%, 5/15/29 (a) | 270,000 | 280,523 |
See accompanying notes to financial statements.
33
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
PASSENGER AIRLINES - 1.7% (Continued) | |||||||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26 (a) | $ | 63,286 | $ | 60,297 | |||||||
United Airlines, Inc., 4.38%, 4/15/26 (a) | 38,000 | 36,707 | |||||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 6/1/28 (a) | 74,000 | 64,884 | |||||||||
827,760 | |||||||||||
PHARMACEUTICALS - 1.8% | |||||||||||
Bausch Health Cos., Inc. | |||||||||||
5.50%, 11/1/25 (a) | 60,000 | 55,989 | |||||||||
6.13%, 2/1/27 (a) | 271,000 | 225,607 | |||||||||
11.00%, 9/30/28 (a) | 50,000 | 44,500 | |||||||||
BellRing Brands, Inc., 7.00%, 3/15/30 (a) | 251,000 | 257,244 | |||||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 5/15/34 (a) | 270,000 | 277,422 | |||||||||
860,762 | |||||||||||
PIPELINES - 6.3% | |||||||||||
CNX Midstream Partners LP, 4.75%, 4/15/30 (a) | 186,000 | 167,580 | |||||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (a) | 50,000 | 47,397 | |||||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 3/15/29 (a) | 250,000 | 257,288 | |||||||||
FTAI Infra Escrow Holdings LLC, 10.50%, 6/1/27 (a) | 248,000 | 262,592 | |||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | |||||||||||
8.88%, 4/15/30 | 48,000 | 50,497 | |||||||||
7.88%, 5/15/32 | 230,000 | 232,029 | |||||||||
Global Partners LP / GLP Finance Corp. | |||||||||||
7.00%, 8/1/27 | 22,000 | 22,086 | |||||||||
6.88%, 1/15/29 | 170,000 | 168,411 | |||||||||
8.25%, 1/15/32 (a) | 227,000 | 233,344 | |||||||||
Howard Midstream Energy Partners LLC, 8.88%, 7/15/28 (a) | 24,000 | 25,397 | |||||||||
New Fortress Energy, Inc. | |||||||||||
6.75%, 9/15/25 (a) | 78,000 | 75,717 | |||||||||
6.50%, 9/30/26 (a) | 466,000 | 428,916 | |||||||||
8.75%, 3/15/29 (a) | 64,000 | 58,397 | |||||||||
NGL Energy Operating LLC / NGL Energy Finance Corp. | |||||||||||
8.13%, 2/15/29 (a) | 234,000 | 238,443 | |||||||||
8.38%, 2/15/32 (a) | 236,000 | 240,386 | |||||||||
Prairie Acquiror LP, 9.00%, 8/1/29 (a) | 35,000 | 36,071 | |||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 2/15/29 (a) | 85,000 | 85,421 | |||||||||
Venture Global LNG, Inc. | |||||||||||
8.13%, 6/1/28 (a) | 115,000 | 118,575 | |||||||||
9.50%, 2/1/29 (a) | 123,000 | 134,812 | |||||||||
9.88%, 2/1/32 (a) | 133,000 | 144,599 | |||||||||
3,027,958 |
Shares/ Principal | Fair Value | ||||||||||
REAL ESTATE - 1.0% | |||||||||||
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 1/15/28 (a),(c) | $ | 259,000 | $ | 264,675 | |||||||
Howard Hughes Corp. (The), 5.38%, 8/1/28 (a) | 139,000 | 132,114 | |||||||||
Newmark Group, Inc., 7.50%, 1/12/29 (a) | 87,000 | 89,437 | |||||||||
486,226 | |||||||||||
REITS - 4.1% | |||||||||||
Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29 (a) | 275,000 | 230,580 | |||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26 (a) | 57,000 | 55,829 | |||||||||
Iron Mountain, Inc. | |||||||||||
7.00%, 2/15/29 (a) | 95,000 | 96,678 | |||||||||
5.63%, 7/15/32 (a) | 128,000 | 121,561 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp. | |||||||||||
5.25%, 8/1/26 | 178,000 | 161,755 | |||||||||
5.00%, 10/15/27 | 327,000 | 269,824 | |||||||||
4.63%, 8/1/29 | 85,000 | 61,694 | |||||||||
Rithm Capital Corp. | |||||||||||
6.25%, 10/15/25 (a) | 32,000 | 31,783 | |||||||||
8.00%, 4/1/29 (a) | 266,000 | 258,221 | |||||||||
RLJ Lodging Trust LP, 4.00%, 9/15/29 (a) | 6,000 | 5,300 | |||||||||
Service Properties Trust, 5.25%, 2/15/26 | 194,000 | 187,831 | |||||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | |||||||||||
10.50%, 2/15/28 (a) | 512,000 | 501,383 | |||||||||
10.50%, 2/15/28 (a) | 10,000 | 9,793 | |||||||||
1,992,232 | |||||||||||
RETAIL - 4.9% | |||||||||||
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30 (a) | 213,000 | 187,301 | |||||||||
Academy Ltd., 6.00%, 11/15/27 (a) | 139,000 | 136,996 | |||||||||
Bath & Body Works, Inc. | |||||||||||
6.95%, 3/1/33 | 21,000 | 20,438 | |||||||||
6.88%, 11/1/35 | 14,000 | 14,119 | |||||||||
BlueLinx Holdings, Inc., 6.00%, 11/15/29 (a) | 341,000 | 317,357 | |||||||||
Brinker International, Inc., 8.25%, 7/15/30 (a) | 54,000 | 56,726 | |||||||||
Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 4/26/28 (a) | 154,000 | 164,371 | |||||||||
FirstCash, Inc. | |||||||||||
5.63%, 1/1/30 (a) | 131,000 | 124,079 | |||||||||
6.88%, 3/1/32 (a) | 265,000 | 265,030 | |||||||||
Foot Locker, Inc., 4.00%, 10/1/29 (a) | 124,000 | 103,603 | |||||||||
Gap, Inc. (The) | |||||||||||
3.63%, 10/1/29 (a) | 343,000 | 296,861 | |||||||||
3.88%, 10/1/31 (a) | 95,000 | 79,288 | |||||||||
Kohl's Corp. | |||||||||||
4.63%, 5/1/31 | 185,000 | 154,786 | |||||||||
5.55%, 7/17/45 | 40,000 | 27,326 |
See accompanying notes to financial statements.
34
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
RETAIL - 4.9% (Continued) | |||||||||||
Macy's Retail Holdings LLC, 5.88%, 3/15/30 (a) | $ | 128,000 | $ | 122,811 | |||||||
Patrick Industries, Inc., 4.75%, 5/1/29 (a) | 201,000 | 185,343 | |||||||||
Raising Cane's Restaurants LLC, 9.38%, 5/1/29 (a) | 25,000 | 27,007 | |||||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 64,000 | 60,262 | |||||||||
2,343,704 | |||||||||||
SOFTWARE - 0.9% | |||||||||||
Dye & Durham Ltd., 8.63%, 4/15/29 (a) | 220,000 | 223,214 | |||||||||
MicroStrategy, Inc., 6.13%, 6/15/28 (a) | 242,000 | 234,614 | |||||||||
457,828 | |||||||||||
TELECOMMUNICATIONS - 1.8% | |||||||||||
Consolidated Communications, Inc., 6.50%, 10/1/28 (a) | 412,000 | 351,884 | |||||||||
Frontier Communications Holdings LLC | |||||||||||
8.75%, 5/15/30 (a) | 90,000 | 93,576 | |||||||||
8.63%, 3/15/31 (a) | 22,000 | 22,737 | |||||||||
Iliad Holding SASU, 7.00%, 10/15/28 (a) | 100,000 | 99,158 | |||||||||
Intelsat Jackson Holdings SA, 6.50%, 3/15/30 (a) | 86,000 | 80,155 | |||||||||
Millicom International Cellular SA, 7.38%, 4/2/32 (a) | 219,000 | 218,476 | |||||||||
865,986 | |||||||||||
TRANSPORTATION - 0.5% | |||||||||||
Danaos Corp., 8.50%, 3/1/28 (a) | 173,000 | 177,663 | |||||||||
Rand Parent LLC, 8.50%, 2/15/30 (a) | 42,000 | 42,524 | |||||||||
220,187 |
Shares/ Principal | Fair Value | ||||||||||
TRUCKING & LEASING - 0.9% | |||||||||||
Fortress Transportation and Infrastructure Investors LLC | |||||||||||
5.50%, 5/1/28 (a) | $ | 98,000 | $ | 95,016 | |||||||
7.88%, 12/1/30 (a) | 125,000 | 130,730 | |||||||||
7.00%, 6/15/32 (a) | 185,000 | 187,643 | |||||||||
413,389 | |||||||||||
TOTAL CORPORATE BONDS AND NOTES (Cost - $46,534,977) | 47,374,280 | ||||||||||
SHORT-TERM INVESTMENTS - 0.4% | |||||||||||
MONEY MARKET FUNDS - 0.4% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (d) (Cost - $192,527) | 192,527 | 192,527 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $192,527) | 192,527 | ||||||||||
TOTAL INVESTMENTS - 98.8% (Cost - $46,727,504) | $ | 47,566,807 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 1.2% | 585,807 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 48,152,614 |
† 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, 2024, these securities amounted to $42,873,198 or 89.0% of net assets.
(b) Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end.
(c) Step coupon.
(d) The rate shown is the annualized seven-day yield at period end.
CMT - Treasury Constant Maturity Rate
PLC - Public Limited Company
REIT - Real Estate Investment Trust
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. 10 Year Note Future | J. P. Morgan Securities LLC | 11 | 9/19/2024 | $ | 1,209,828 | $ | 11,314 | ||||||||||||||||
U.S. 10 Year Ultra Future | J. P. Morgan Securities LLC | 2 | 9/19/2024 | 227,063 | 2,403 | ||||||||||||||||||
U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 9 | 9/30/2024 | 959,203 | 6,399 | ||||||||||||||||||
U.S. Long Bond Future | J. P. Morgan Securities LLC | 2 | 9/19/2024 | 236,625 | 2,628 | ||||||||||||||||||
22,744 | |||||||||||||||||||||||
SHORT FUTURES CONTRACTS | |||||||||||||||||||||||
U.S. 2 Year Note Future | J. P. Morgan Securities LLC | 1 | 9/30/2024 | 204,219 | (609 | ) | |||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 22,135 |
See accompanying notes to financial statements.
35
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
AFFILIATED ISSUER TRANSACTIONS |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Fiscal period to date transactions with companies which are or were affiliates are as follows:
Value at 12/31/23 | Purchases Cost | Sales Proceeds | Net Realized Gain/(Loss) | Net Change in Unrealized Appreciation (Depreciation) | Interest Income | Capital Gain Distributions | Number of Shares at 06/30/24 | Value at 06/30/24 | |||||||||||||||||||||||||||||||
Crescent Energy Finance LLC, 9.25%, 2/15/28 | $ | 262,505 | $ | - | $ | (261,918 | ) | $ | 8,289 | $ | (8,876 | ) | $ | 10,382 | $ | - | - | $ | - | ||||||||||||||||||||
Crescent Energy Finance LLC, 7.25%, 5/1/26 | 272,561 | - | (269,379 | ) | 8,667 | (11,849 | ) | 5,512 | - | - | - | ||||||||||||||||||||||||||||
$ | 535,066 | $ | - | $ | (531,297 | ) | $ | 16,956 | $ | (20,725 | ) | $ | 15,894 | $ | - | - | $ | - |
See accompanying notes to financial statements.
36
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
CORPORATE BONDS AND NOTES - 41.4% | |||||||||||
AEROSPACE & DEFENSE - 1.4% | |||||||||||
Boeing Co. (The) | |||||||||||
2.60%, 10/30/25 | $ | 150,000 | $ | 143,422 | |||||||
3.45%, 11/1/28 | 100,000 | 90,395 | |||||||||
6.86%, 5/1/54 (a) | 58,000 | 59,796 | |||||||||
L3Harris Technologies, Inc., 5.60%, 7/31/53 | 25,000 | 24,863 | |||||||||
Northrop Grumman Corp., 4.75%, 6/1/43 | 50,000 | 44,929 | |||||||||
RTX Corp. | |||||||||||
3.95%, 8/16/25 | 275,000 | 270,282 | |||||||||
6.10%, 3/15/34 | 130,000 | 137,191 | |||||||||
4.05%, 5/4/47 | 50,000 | 39,485 | |||||||||
810,363 | |||||||||||
AGRICULTURE - 0.3% | |||||||||||
Bat Capital Corp., 6.00%, 2/20/34 | 86,000 | 87,181 | |||||||||
BAT Capital Corp. | |||||||||||
2.26%, 3/25/28 | 75,000 | 67,232 | |||||||||
4.76%, 9/6/49 | 25,000 | 19,751 | |||||||||
174,164 | |||||||||||
AUTO MANUFACTURERS - 0.8% | |||||||||||
General Motors Co., 4.00%, 4/1/25 | 50,000 | 49,331 | |||||||||
General Motors Financial Co., Inc. | |||||||||||
4.30%, 7/13/25 | 125,000 | 123,335 | |||||||||
1.50%, 6/10/26 | 125,000 | 115,767 | |||||||||
2.35%, 1/8/31 | 125,000 | 102,704 | |||||||||
Hyundai Capital America, 5.40%, 6/24/31 (a) | 100,000 | 99,260 | |||||||||
490,397 | |||||||||||
BANKS - 11.9% | |||||||||||
Banco Santander SA, 2.75%, 5/28/25 | 200,000 | 194,810 | |||||||||
Bank of America Corp. | |||||||||||
5.08%, (SOFR + 1.29%), 1/20/27 (b) | 210,000 | 208,732 | |||||||||
4.18%, 11/25/27 | 25,000 | 24,145 | |||||||||
3.42%, (3 Month Term SOFR + 1.30%), 12/20/28 (b) | 108,000 | 101,566 | |||||||||
5.20%, (SOFR + 1.63%), 4/25/29 (b) | 190,000 | 189,790 | |||||||||
4.27%, (3 Month Term SOFR + 1.57%), 7/23/29 (b) | 125,000 | 120,502 | |||||||||
2.50%, (3 Month Term SOFR + 1.25%), 2/13/31 (b) | 25,000 | 21,621 | |||||||||
2.59%, (SOFR + 2.15%), 4/29/31 (b) | 75,000 | 64,898 | |||||||||
1.90%, (SOFR + 1.53%), 7/23/31 (b) | 100,000 | 82,443 | |||||||||
2.65%, (SOFR + 1.22%), 3/11/32 (b) | 100,000 | 84,760 | |||||||||
2.97%, (SOFR + 1.33%), 2/4/33 (b) | 50,000 | 42,382 | |||||||||
4.57%, (SOFR + 1.83%), 4/27/33 (b) | 50,000 | 47,226 | |||||||||
2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36 (b) | 75,000 | 59,883 | |||||||||
6.11%, 1/29/37 | 100,000 | 104,148 | |||||||||
Bank of New York Mellon Corp. (The) | |||||||||||
4.60%, (SOFR + 1.76%), 7/26/30 (b) | 15,000 | 14,668 |
Shares/ Principal | Fair Value | ||||||||||
BANKS - 11.9% (Continued) | |||||||||||
5.83%, (SOFRINDX + 2.07%), 10/25/33 (b) | $ | 25,000 | $ | 25,929 | |||||||
Barclays PLC, 2.85%, (SOFR + 2.71%), 5/7/26 (b) | 200,000 | 194,994 | |||||||||
BNP Paribas SA | |||||||||||
3.38%, 1/9/25 (a) | 252,000 | 248,712 | |||||||||
1.32%, (SOFR + 1.00%), 1/13/27 (a),(b) | 225,000 | 210,020 | |||||||||
Citigroup, Inc. | |||||||||||
4.60%, 3/9/26 | 75,000 | 73,793 | |||||||||
3.40%, 5/1/26 | 200,000 | 193,134 | |||||||||
4.45%, 9/29/27 | 125,000 | 121,747 | |||||||||
3.67%, (3 Month Term SOFR + 1.65%), 7/24/28 (b) | 50,000 | 47,671 | |||||||||
2.98%, (SOFR + 1.42%), 11/5/30 (b) | 100,000 | 89,129 | |||||||||
3.06%, (SOFR + 1.35%), 1/25/33 (b) | 50,000 | 42,552 | |||||||||
Comerica Bank, 2.50%, 7/23/24 | 300,000 | 299,112 | |||||||||
Fifth Third Bancorp, 2.38%, 1/28/25 | 85,000 | 83,345 | |||||||||
HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26 (b) | 225,000 | 217,756 | |||||||||
Huntington Bancshares, Inc., 4.00%, 5/15/25 | 150,000 | 147,541 | |||||||||
ING Groep NV, 4.63%, 1/6/26 (a) | 225,000 | 222,382 | |||||||||
JPMorgan Chase & Co. | |||||||||||
2.30%, (SOFR + 1.16%), 10/15/25 (b) | 150,000 | 148,493 | |||||||||
3.30%, 4/1/26 | 225,000 | 217,800 | |||||||||
3.96%, (3 Month Term SOFR + 1.51%), 1/29/27 (b) | 175,000 | 170,940 | |||||||||
3.51%, (3 Month Term SOFR + 1.21%), 1/23/29 (b) | 125,000 | 118,261 | |||||||||
2.96%, (3 Month Term SOFR + 2.52%), 5/13/31 (b) | 25,000 | 21,928 | |||||||||
2.96%, (SOFR + 1.26%), 1/25/33 (b) | 150,000 | 128,048 | |||||||||
4.59%, (SOFR + 1.80%), 4/26/33 (b) | 21,000 | 20,064 | |||||||||
5.34%, (SOFR + 1.62%), 1/23/35 (b) | 50,000 | 49,805 | |||||||||
M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34 (b) | 90,000 | 83,450 | |||||||||
Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27 (a),(b) | 75,000 | 70,201 | |||||||||
Morgan Stanley | |||||||||||
2.72%, (SOFR + 1.15%), 7/22/25 (b) | 75,000 | 74,858 | |||||||||
3.63%, 1/20/27 | 200,000 | 192,855 | |||||||||
5.05%, (SOFR + 1.30%), 1/28/27 (b) | 263,000 | 261,512 | |||||||||
3.95%, 4/23/27 | 30,000 | 28,978 | |||||||||
5.16%, (SOFR + 1.59%), 4/20/29 (b) | 155,000 | 154,634 | |||||||||
4.43%, (3 Month Term SOFR + 1.89%), 1/23/30 (b) | 50,000 | 48,397 | |||||||||
2.70%, (SOFR + 1.14%), 1/22/31 (b) | 75,000 | 65,790 | |||||||||
1.79%, (SOFR + 1.03%), 2/13/32 (b) | 125,000 | 100,484 | |||||||||
5.47%, (SOFR + 1.73%), 1/18/35 (b) | 30,000 | 29,980 | |||||||||
2.48%, (SOFR + 1.36%), 9/16/36 (b) | 125,000 | 99,026 | |||||||||
Toronto-Dominion Bank (The), 4.46%, 6/8/32 | 125,000 | 118,007 |
See accompanying notes to financial statements.
37
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
BANKS - 11.9% (Continued) | |||||||||||
Truist Financial Corp., 6.05%, (SOFR + 2.05%), 6/8/27 (b) | $ | 25,000 | $ | 25,176 | |||||||
UBS Group AG, 4.55%, 4/17/26 | 255,000 | 250,563 | |||||||||
US Bancorp | |||||||||||
5.78%, (SOFR + 2.02%), 6/12/29 (b) | 70,000 | 71,095 | |||||||||
5.85%, (SOFR + 2.09%), 10/21/33 (b) | 50,000 | 50,869 | |||||||||
Wells Fargo & Co. | |||||||||||
3.55%, 9/29/25 | 125,000 | 122,010 | |||||||||
3.00%, 10/23/26 | 325,000 | 308,760 | |||||||||
4.30%, 7/22/27 | 100,000 | 97,380 | |||||||||
4.15%, 1/24/29 | 25,000 | 24,052 | |||||||||
4.90%, (SOFR + 2.10%), 7/25/33 (b) | 111,000 | 106,965 | |||||||||
Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34 (b) | 75,000 | 69,363 | |||||||||
6,909,135 | |||||||||||
BEVERAGES - 1.1% | |||||||||||
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 208,000 | 198,793 | |||||||||
Anheuser-Busch InBev Worldwide, Inc. | |||||||||||
8.20%, 1/15/39 | 25,000 | 31,880 | |||||||||
5.45%, 1/23/39 | 35,000 | 35,590 | |||||||||
Coca-Cola Consolidated, Inc., 5.45%, 6/1/34 | 40,000 | 40,426 | |||||||||
Constellation Brands, Inc. | |||||||||||
3.60%, 2/15/28 | 100,000 | 94,864 | |||||||||
3.15%, 8/1/29 | 125,000 | 113,447 | |||||||||
2.25%, 8/1/31 | 50,000 | 41,110 | |||||||||
Keurig Dr Pepper, Inc. | |||||||||||
3.80%, 5/1/50 | 25,000 | 18,703 | |||||||||
4.50%, 4/15/52 | 44,000 | 36,894 | |||||||||
611,707 | |||||||||||
BIOTECHNOLOGY - 0.8% | |||||||||||
Amgen, Inc. | |||||||||||
3.13%, 5/1/25 | 175,000 | 171,575 | |||||||||
5.25%, 3/2/30 | 130,000 | 131,034 | |||||||||
5.25%, 3/2/33 | 108,000 | 107,880 | |||||||||
Royalty Pharma PLC, 5.40%, 9/2/34 | 79,000 | 77,041 | |||||||||
487,530 | |||||||||||
BUILDING MATERIALS - 0.4% | |||||||||||
Carrier Global Corp. | |||||||||||
2.72%, 2/15/30 | 75,000 | 66,305 | |||||||||
5.90%, 3/15/34 | 155,000 | 162,151 | |||||||||
228,456 | |||||||||||
CHEMICALS - 0.2% | |||||||||||
International Flavors & Fragrances, Inc., 1.83%, 10/15/27 (a) | 100,000 | 89,326 |
Shares/ Principal | Fair Value | ||||||||||
COMMERCIAL SERVICES - 0.6% | |||||||||||
Global Payments, Inc., 2.65%, 2/15/25 | $ | 75,000 | $ | 73,541 | |||||||
PayPal Holdings, Inc., 1.65%, 6/1/25 | 225,000 | 217,113 | |||||||||
S&P Global, Inc., 2.95%, 1/22/27 | 50,000 | 47,446 | |||||||||
338,100 | |||||||||||
COMPUTERS - 0.1% | |||||||||||
Dell International LLC / EMC Corp. | |||||||||||
5.85%, 7/15/25 | 18,000 | 18,046 | |||||||||
5.30%, 10/1/29 | 25,000 | 25,156 | |||||||||
43,202 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.5% | |||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | 225,000 | 209,905 | |||||||||
Air Lease Corp. | |||||||||||
2.30%, 2/1/25 | 175,000 | 171,229 | |||||||||
3.38%, 7/1/25 | 100,000 | 97,716 | |||||||||
2.88%, 1/15/26 | 75,000 | 71,955 | |||||||||
3.75%, 6/1/26 | 175,000 | 169,085 | |||||||||
Ally Financial, Inc., 2.20%, 11/2/28 | 100,000 | 86,641 | |||||||||
American Express Co., 3.63%, 12/5/24 | 175,000 | 173,592 | |||||||||
Aviation Capital Group LLC, 1.95%, 1/30/26 (a) | 75,000 | 70,571 | |||||||||
Avolon Holdings Funding Ltd. | |||||||||||
2.88%, 2/15/25 (a) | 150,000 | 146,947 | |||||||||
4.25%, 4/15/26 (a) | 25,000 | 24,284 | |||||||||
6.38%, 5/4/28 (a) | 40,000 | 40,637 | |||||||||
Capital One Financial Corp., 3.30%, 10/30/24 | 65,000 | 64,463 | |||||||||
Charles Schwab Corp. (The), 3.45%, 2/13/26 | 128,000 | 124,256 | |||||||||
Nasdaq, Inc., 3.25%, 4/28/50 | 25,000 | 16,724 | |||||||||
1,468,005 | |||||||||||
ELECTRIC - 2.0% | |||||||||||
Ameren Corp., 3.50%, 1/15/31 | 25,000 | 22,570 | |||||||||
American Electric Power Co., Inc., 2.30%, 3/1/30 | 50,000 | 42,680 | |||||||||
Avangrid, Inc., 3.20%, 4/15/25 | 50,000 | 48,957 | |||||||||
Berkshire Hathaway Energy Co., 6.13%, 4/1/36 | 74,000 | 77,611 | |||||||||
Dominion Energy, Inc. | |||||||||||
3.07%, 8/15/24 (c) | 175,000 | 174,307 | |||||||||
3.38%, 4/1/30 | 50,000 | 45,193 | |||||||||
Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 25,000 | 19,348 | |||||||||
Duquesne Light Holdings, Inc., 2.53%, 10/1/30 (a) | 100,000 | 84,187 | |||||||||
Entergy Corp., 2.95%, 9/1/26 | 175,000 | 166,030 | |||||||||
Exelon Corp., 4.05%, 4/15/30 | 50,000 | 46,950 | |||||||||
FirstEnergy Corp. | |||||||||||
2.65%, 3/1/30 | 150,000 | 130,396 | |||||||||
2.25%, 9/1/30 | 50,000 | 41,835 |
See accompanying notes to financial statements.
38
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
ELECTRIC - 2.0% (Continued) | |||||||||||
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | $ | 80,000 | $ | 70,770 | |||||||
Pacific Gas and Electric Co. | |||||||||||
2.10%, 8/1/27 | 25,000 | 22,574 | |||||||||
2.50%, 2/1/31 | 50,000 | 41,298 | |||||||||
3.30%, 8/1/40 | 25,000 | 17,844 | |||||||||
3.50%, 8/1/50 | 50,000 | 32,821 | |||||||||
Southern California Edison Co., 4.20%, 3/1/29 | 100,000 | 95,729 | |||||||||
1,181,100 | |||||||||||
ELECTRONICS - 0.1% | |||||||||||
Allegion US Holding Co., Inc., 5.60%, 5/29/34 | 45,000 | 45,099 | |||||||||
ENGINEERING & CONSTRUCTION - 0.3% | |||||||||||
Mexico City Airport Trust, 3.88%, 4/30/28 (a) | 200,000 | 188,154 | |||||||||
ENTERTAINMENT - 0.5% | |||||||||||
Warnermedia Holdings, Inc. | |||||||||||
4.05%, 3/15/29 | 200,000 | 184,807 | |||||||||
4.28%, 3/15/32 | 125,000 | 109,258 | |||||||||
294,065 | |||||||||||
ENVIRONMENTAL CONTROL - 0.4% | |||||||||||
Republic Services, Inc., 4.88%, 4/1/29 | 50,000 | 49,612 | |||||||||
Veralto Corp., 5.45%, 9/18/33 (a) | 180,000 | 180,001 | |||||||||
229,613 | |||||||||||
FOOD - 0.8% | |||||||||||
Campbell Soup Co., 5.40%, 3/21/34 | 117,000 | 116,544 | |||||||||
J M Smucker Co. (The) | |||||||||||
5.90%, 11/15/28 | 83,000 | 85,531 | |||||||||
6.20%, 11/15/33 | 130,000 | 136,704 | |||||||||
Mars, Inc., 2.70%, 4/1/25 (a) | 50,000 | 49,027 | |||||||||
Sysco Corp. | |||||||||||
4.45%, 3/15/48 | 25,000 | 20,882 | |||||||||
6.60%, 4/1/50 | 25,000 | 27,959 | |||||||||
436,647 | |||||||||||
GAS - 0.0%† | |||||||||||
NiSource, Inc., 3.60%, 5/1/30 | 25,000 | 22,958 | |||||||||
HEALTHCARE-PRODUCTS - 0.5% | |||||||||||
Solventum Corp. | |||||||||||
5.40%, 3/1/29 (a) | 120,000 | 119,709 | |||||||||
5.60%, 3/23/34 (a) | 60,000 | 59,029 | |||||||||
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | 75,000 | 63,953 | |||||||||
Thermo Fisher Scientific, Inc., 1.75%, 10/15/28 | 25,000 | 22,069 | |||||||||
264,760 |
Shares/ Principal | Fair Value | ||||||||||
HEALTHCARE-SERVICES - 2.1% | |||||||||||
Adventist Health System, 2.95%, 3/1/29 | $ | 25,000 | $ | 22,461 | |||||||
Adventist Health System/West, 5.76%, 12/1/34 | 35,000 | 35,042 | |||||||||
Banner Health, 2.34%, 1/1/30 | 145,000 | 125,849 | |||||||||
Baylor Scott & White Holdings, 1.78%, 11/15/30 | 50,000 | 40,985 | |||||||||
CommonSpirit Health | |||||||||||
3.91%, 10/1/50 | 110,000 | 84,015 | |||||||||
6.46%, 11/1/52 | 105,000 | 116,531 | |||||||||
HCA, Inc., 5.45%, 4/1/31 | 75,000 | 75,029 | |||||||||
Humana, Inc. | |||||||||||
5.95%, 3/15/34 | 20,000 | 20,503 | |||||||||
5.50%, 3/15/53 | 8,000 | 7,467 | |||||||||
Rush Obligated Group, 3.92%, 11/15/29 | 60,000 | 56,945 | |||||||||
Sutter Health | |||||||||||
2.29%, 8/15/30 | 25,000 | 21,449 | |||||||||
4.09%, 8/15/48 | 225,000 | 186,078 | |||||||||
UnitedHealth Group, Inc. | |||||||||||
5.30%, 2/15/30 | 175,000 | 178,113 | |||||||||
5.35%, 2/15/33 | 125,000 | 126,889 | |||||||||
5.88%, 2/15/53 | 50,000 | 52,210 | |||||||||
5.05%, 4/15/53 | 75,000 | 69,850 | |||||||||
1,219,416 | |||||||||||
HOME BUILDERS - 0.1% | |||||||||||
Lennar Corp., 4.75%, 11/29/27 | 45,000 | 44,380 | |||||||||
INSURANCE - 0.7% | |||||||||||
AIA Group Ltd., 3.20%, 3/11/25 (a) | 200,000 | 196,925 | |||||||||
New York Life Insurance Co., 3.75%, 5/15/50 (a) | 50,000 | 37,539 | |||||||||
Principal Financial Group, Inc. | |||||||||||
3.10%, 11/15/26 | 75,000 | 71,352 | |||||||||
2.13%, 6/15/30 | 100,000 | 83,678 | |||||||||
Willis North America, Inc., 2.95%, 9/15/29 | 50,000 | 44,810 | |||||||||
434,304 | |||||||||||
INTERNET - 0.2% | |||||||||||
Amazon.com, Inc., 3.10%, 5/12/51 | 50,000 | 34,570 | |||||||||
Expedia Group, Inc., 2.95%, 3/15/31 | 14,000 | 12,125 | |||||||||
Netflix, Inc., 5.88%, 11/15/28 | 95,000 | 97,937 | |||||||||
144,632 | |||||||||||
IRON & STEEL - 0.1% | |||||||||||
Steel Dynamics, Inc., 2.40%, 6/15/25 | 30,000 | 29,066 | |||||||||
LODGING - 0.6% | |||||||||||
Choice Hotels International, Inc., 5.85%, 8/1/34 | 45,000 | 44,438 | |||||||||
Hyatt Hotels Corp., 5.50%, 6/30/34 | 147,000 | 143,425 |
See accompanying notes to financial statements.
39
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
LODGING - 0.6% (Continued) | |||||||||||
Marriott International, Inc. | |||||||||||
4.90%, 4/15/29 | $ | 50,000 | $ | 49,491 | |||||||
4.88%, 5/15/29 | 39,000 | 38,525 | |||||||||
2.85%, 4/15/31 | 100,000 | 85,786 | |||||||||
361,665 | |||||||||||
MACHINERY-DIVERSIFIED - 0.1% | |||||||||||
Ingersoll Rand, Inc., 5.70%, 8/14/33 | 45,000 | 46,117 | |||||||||
MEDIA - 0.4% | |||||||||||
Comcast Corp. | |||||||||||
3.95%, 10/15/25 | 125,000 | 123,035 | |||||||||
5.30%, 6/1/34 | 98,000 | 98,451 | |||||||||
3.75%, 4/1/40 | 25,000 | 20,414 | |||||||||
241,900 | |||||||||||
MINING - 0.2% | |||||||||||
Newmont Corp., 2.25%, 10/1/30 | 150,000 | 128,141 | |||||||||
OIL & GAS - 0.5% | |||||||||||
BP Capital Markets America, Inc., 3.41%, 2/11/26 | 50,000 | 48,587 | |||||||||
Marathon Petroleum Corp. | |||||||||||
3.63%, 9/15/24 | 50,000 | 49,760 | |||||||||
3.80%, 4/1/28 | 25,000 | 23,834 | |||||||||
Phillips 66 | |||||||||||
3.85%, 4/9/25 | 25,000 | 24,669 | |||||||||
3.90%, 3/15/28 | 150,000 | 143,797 | |||||||||
290,647 | |||||||||||
PHARMACEUTICALS - 1.1% | |||||||||||
AbbVie, Inc. | |||||||||||
4.95%, 3/15/31 | 90,000 | 89,877 | |||||||||
4.05%, 11/21/39 | 107,000 | 93,228 | |||||||||
Bristol-Myers Squibb Co. | |||||||||||
2.95%, 3/15/32 | 50,000 | 43,344 | |||||||||
5.20%, 2/22/34 | 73,000 | 72,989 | |||||||||
6.25%, 11/15/53 | 45,000 | 48,571 | |||||||||
Cigna Group (The) | |||||||||||
5.13%, 5/15/31 | 35,000 | 34,786 | |||||||||
4.80%, 8/15/38 | 75,000 | 69,147 | |||||||||
CVS Health Corp., 4.78%, 3/25/38 | 200,000 | 179,037 | |||||||||
630,979 | |||||||||||
PIPELINES - 2.0% | |||||||||||
Enbridge, Inc., 5.70%, 3/8/33 | 55,000 | 55,533 | |||||||||
Energy Transfer LP | |||||||||||
2.90%, 5/15/25 | 100,000 | 97,551 | |||||||||
5.25%, 4/15/29 | 100,000 | 99,634 | |||||||||
5.30%, 4/15/47 | 25,000 | 22,204 | |||||||||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40 | 183,156 | 146,672 |
Shares/ Principal | Fair Value | ||||||||||
PIPELINES - 2.0% (Continued) | |||||||||||
MPLX LP | |||||||||||
4.80%, 2/15/29 | $ | 50,000 | $ | 49,038 | |||||||
2.65%, 8/15/30 | 125,000 | 107,883 | |||||||||
4.50%, 4/15/38 | 75,000 | 65,642 | |||||||||
Sabine Pass Liquefaction LLC | |||||||||||
5.63%, 3/1/25 | 109,000 | 108,771 | |||||||||
5.00%, 3/15/27 | 100,000 | 99,158 | |||||||||
Targa Resources Corp., 4.20%, 2/1/33 | 40,000 | 36,053 | |||||||||
Williams Cos., Inc. (The) | |||||||||||
4.00%, 9/15/25 | 175,000 | 171,608 | |||||||||
5.65%, 3/15/33 | 75,000 | 75,877 | |||||||||
1,135,624 | |||||||||||
REITS - 2.4% | |||||||||||
Agree LP, 4.80%, 10/1/32 | 110,000 | 103,355 | |||||||||
American Homes 4 Rent LP | |||||||||||
4.90%, 2/15/29 | 50,000 | 48,897 | |||||||||
2.38%, 7/15/31 | 30,000 | 24,416 | |||||||||
5.50%, 7/15/34 | 140,000 | 137,844 | |||||||||
American Tower Corp., 2.40%, 3/15/25 | 125,000 | 122,016 | |||||||||
Camden Property Trust, 2.80%, 5/15/30 | 75,000 | 66,526 | |||||||||
Crown Castle, Inc., 3.65%, 9/1/27 | 75,000 | 71,299 | |||||||||
CubeSmart LP, 2.50%, 2/15/32 | 15,000 | 12,285 | |||||||||
Essex Portfolio LP, 3.00%, 1/15/30 | 75,000 | 66,669 | |||||||||
Host Hotels & Resorts LP, 2.90%, 12/15/31 | 42,000 | 35,140 | |||||||||
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 50,000 | 44,299 | |||||||||
Kilroy Realty LP, 4.75%, 12/15/28 | 79,000 | 74,756 | |||||||||
Prologis LP, 4.63%, 1/15/33 | 75,000 | 71,971 | |||||||||
Realty Income Corp. | |||||||||||
4.88%, 6/1/26 | 75,000 | 74,312 | |||||||||
3.40%, 1/15/30 | 100,000 | 91,126 | |||||||||
Regency Centers LP, 2.95%, 9/15/29 | 125,000 | 112,286 | |||||||||
Retail Opportunity Investments Partnership LP, 6.75%, 10/15/28 | 95,000 | 98,382 | |||||||||
UDR, Inc., 2.10%, 8/1/32 | 25,000 | 19,601 | |||||||||
WP Carey, Inc. | |||||||||||
4.00%, 2/1/25 | 30,000 | 29,642 | |||||||||
3.85%, 7/15/29 | 75,000 | 70,088 | |||||||||
2.40%, 2/1/31 | 25,000 | 20,772 | |||||||||
1,395,682 | |||||||||||
RETAIL - 0.8% | |||||||||||
7-Eleven, Inc., 1.30%, 2/10/28 (a) | 100,000 | 87,178 | |||||||||
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (a) | 50,000 | 47,574 | |||||||||
AutoNation, Inc., 1.95%, 8/1/28 | 25,000 | 21,690 | |||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 75,000 | 73,909 | |||||||||
Home Depot, Inc. (The), 3.25%, 4/15/32 | 25,000 | 22,197 | |||||||||
Lowe's Cos., Inc. | |||||||||||
1.70%, 9/15/28 | 75,000 | 65,563 | |||||||||
4.25%, 4/1/52 | 50,000 | 39,513 |
See accompanying notes to financial statements.
40
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
RETAIL - 0.8% (Continued) | |||||||||||
McDonald's Corp., 4.45%, 9/1/48 | $ | 25,000 | $ | 21,077 | |||||||
Starbucks Corp., 4.00%, 11/15/28 | 75,000 | 72,270 | |||||||||
450,971 | |||||||||||
SEMICONDUCTORS - 1.1% | |||||||||||
Broadcom, Inc. | |||||||||||
4.15%, 4/15/32 (a) | 53,000 | 48,989 | |||||||||
3.42%, 4/15/33 (a) | 150,000 | 129,538 | |||||||||
3.47%, 4/15/34 (a) | 165,000 | 140,985 | |||||||||
Intel Corp. | |||||||||||
5.20%, 2/10/33 | 100,000 | 100,036 | |||||||||
5.15%, 2/21/34 | 28,000 | 27,719 | |||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | |||||||||||
3.40%, 5/1/30 | 50,000 | 45,337 | |||||||||
2.50%, 5/11/31 | 125,000 | 104,902 | |||||||||
2.65%, 2/15/32 | 75,000 | 62,481 | |||||||||
659,987 | |||||||||||
SOFTWARE - 1.8% | |||||||||||
Constellation Software, Inc., 5.46%, 2/16/34 (a) | 41,000 | 41,086 | |||||||||
Fiserv, Inc., 4.20%, 10/1/28 | 100,000 | 96,149 | |||||||||
Intuit, Inc., 1.65%, 7/15/30 | 205,000 | 170,252 | |||||||||
Oracle Corp. | |||||||||||
4.50%, 5/6/28 | 75,000 | 73,692 | |||||||||
2.95%, 4/1/30 | 25,000 | 22,250 | |||||||||
4.65%, 5/6/30 | 100,000 | 98,031 | |||||||||
2.88%, 3/25/31 | 225,000 | 194,591 | |||||||||
4.90%, 2/6/33 | 91,000 | 88,484 | |||||||||
3.60%, 4/1/40 | 25,000 | 19,288 | |||||||||
6.90%, 11/9/52 | 100,000 | 112,517 | |||||||||
VMware LLC | |||||||||||
1.80%, 8/15/28 | 25,000 | 21,906 | |||||||||
2.20%, 8/15/31 | 75,000 | 61,051 | |||||||||
Workday, Inc., 3.80%, 4/1/32 | 25,000 | 22,502 | |||||||||
1,021,799 | |||||||||||
TELECOMMUNICATIONS - 2.1% | |||||||||||
AT&T, Inc. | |||||||||||
2.55%, 12/1/33 | 123,000 | 98,017 | |||||||||
4.90%, 8/15/37 | 50,000 | 46,917 | |||||||||
4.85%, 3/1/39 | 85,000 | 78,075 | |||||||||
3.50%, 6/1/41 | 100,000 | 76,782 | |||||||||
3.65%, 6/1/51 | 25,000 | 17,752 | |||||||||
Rogers Communications, Inc., 3.20%, 3/15/27 | 215,000 | 204,080 | |||||||||
T-Mobile USA, Inc. | |||||||||||
3.50%, 4/15/25 | 82,000 | 80,627 | |||||||||
3.88%, 4/15/30 | 167,000 | 156,215 | |||||||||
5.20%, 1/15/33 | 150,000 | 148,687 | |||||||||
Verizon Communications, Inc. | |||||||||||
4.33%, 9/21/28 | 232,000 | 225,704 |
Shares/ Principal | Fair Value | ||||||||||
TELECOMMUNICATIONS - 2.1% (Continued) | |||||||||||
4.02%, 12/3/29 | $ | 25,000 | $ | 23,654 | |||||||
2.55%, 3/21/31 | 100,000 | 85,054 | |||||||||
1,241,564 | |||||||||||
TRANSPORTATION - 0.3% | |||||||||||
Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | 75,000 | 71,732 | |||||||||
FedEx Corp., 3.40%, 2/15/28 | 25,000 | 23,670 | |||||||||
Union Pacific Corp., 2.80%, 2/14/32 | 100,000 | 86,446 | |||||||||
181,848 | |||||||||||
TRUCKING & LEASING - 0.1% | |||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp., 5.25%, 7/1/29 (a) | 48,000 | 47,625 | |||||||||
TOTAL CORPORATE BONDS AND NOTES (Cost - $25,405,345) | 24,019,128 | ||||||||||
AGENCY MORTGAGE BACKED SECURITIES - 28.6% | |||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.6% | |||||||||||
Freddie Mac Pool | |||||||||||
4.00%, 3/1/50 | 391,517 | 364,695 | |||||||||
3.00%, 12/1/50 | 589,260 | 513,085 | |||||||||
2.50%, 9/1/51 | 803,889 | 668,934 | |||||||||
4.50%, 6/1/52 | 528,085 | 504,764 | |||||||||
2,051,478 | |||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.8% | |||||||||||
Fannie Mae Pool | |||||||||||
4.50%, 6/1/31 | 198,837 | 189,461 | |||||||||
4.50%, 7/1/48 | 301,804 | 289,843 | |||||||||
5.00%, 11/1/48 | 214,048 | 212,331 | |||||||||
2.00%, 11/1/50 | 925,086 | 732,544 | |||||||||
2.50%, 11/1/50 | 942,096 | 785,853 | |||||||||
2.50%, 3/1/51 | 72,130 | 60,054 | |||||||||
2.50%, 9/1/51 | 89,987 | 75,156 | |||||||||
2.50%, 10/1/51 | 356,365 | 297,644 | |||||||||
2.50%, 11/1/51 | 210,713 | 175,983 | |||||||||
2.50%, 11/1/51 | 163,985 | 137,003 | |||||||||
2.50%, 2/1/52 | 206,475 | 169,067 | |||||||||
5.00%, 11/1/52 | 920,035 | 891,031 | |||||||||
5.50%, 11/1/52 | 887,454 | 885,885 | |||||||||
6.00%, 12/1/52 | 859,305 | 872,863 | |||||||||
Freddie Mac Pool, 2.00%, 1/1/52 | 1,774,429 | 1,398,308 | |||||||||
Ginnie Mae II Pool | |||||||||||
3.50%, 6/20/52 | 989,748 | 891,342 | |||||||||
5.50%, 5/20/54 | 1,705,929 | 1,695,662 | |||||||||
9,760,030 | |||||||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.2% | |||||||||||
Ginnie Mae, 2.00%, 8/20/51 | 399,686 | 320,804 | |||||||||
Ginnie Mae II Pool | |||||||||||
4.50%, 2/20/48 | 107,570 | 103,800 | |||||||||
4.50%, 5/20/48 | 108,838 | 104,840 | |||||||||
4.50%, 8/20/48 | 138,073 | 133,263 |
See accompanying notes to financial statements.
41
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.2% (Continued) | |||||||||||
5.00%, 8/20/48 | $ | 28,204 | $ | 27,920 | |||||||
4.50%, 9/20/48 | 484,714 | 467,827 | |||||||||
5.00%, 10/20/48 | 165,317 | 163,892 | |||||||||
5.00%, 11/20/48 | 100,334 | 99,469 | |||||||||
5.00%, 12/20/48 | 53,153 | 52,699 | |||||||||
5.00%, 1/20/49 | 157,039 | 155,364 | |||||||||
4.00%, 2/20/49 | 139,963 | 131,337 | |||||||||
4.50%, 3/20/49 | 4,617 | 4,456 | |||||||||
5.00%, 3/20/49 | 75,793 | 74,167 | |||||||||
4.00%, 5/20/49 | 127,494 | 119,437 | |||||||||
4.50%, 10/20/49 | 110,018 | 106,187 | |||||||||
3.00%, 3/20/50 | 392,009 | 345,686 | |||||||||
3.00%, 11/20/51 | 785,803 | 687,250 | |||||||||
2.00%, 12/20/51 | 992,215 | 805,149 | |||||||||
4.50%, 10/20/52 | 906,467 | 864,330 | |||||||||
4,767,877 | |||||||||||
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $17,419,042) | 16,579,385 | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 23.6% | |||||||||||
1988 CLO 5 Ltd., 6.87%, (3 Month Term SOFR + 1.54%), 7/15/37 (a),(b) | 250,000 | 250,000 | |||||||||
3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/15/54 (d) | 150,000 | 115,259 | |||||||||
Allegro CLO VIII Ltd., 6.69%, (3 Month Term SOFR + 1.36%), 7/15/31 (a),(b) | 190,660 | 190,755 | |||||||||
American Express Credit Account Master Trust, 3.39%, 5/15/27 | 175,000 | 171,852 | |||||||||
Angel Oak Mortgage Trust 2021-6, 1.46%, 9/25/66 (a),(d) | 64,683 | 50,894 | |||||||||
Apidos CLO XV, 6.60%, (3 Month Term SOFR + 1.27%), 4/20/31 (a),(b) | 191,215 | 191,366 | |||||||||
ARZ Trust 2024-BILT, 5.77%, 6/11/29 (a) | 150,000 | 150,738 | |||||||||
ASSURANT CLO LTD., 6.63%, (3 Month Term SOFR + 1.30%), 4/20/31 (a),(b) | 906,871 | 907,374 | |||||||||
Bank 2023-BNK46, 5.75%, 8/15/56 | 150,000 | 154,032 | |||||||||
Bank of America Auto Trust 2023-2, 5.85%, 8/17/26 (a) | 94,100 | 94,151 | |||||||||
BANK5 2024-5YR7, 5.77%, 6/15/57 | 100,000 | 101,386 | |||||||||
Barclays Dryrock Issuance Trust | |||||||||||
6.23%, (SOFR + 0.90%), 8/15/28 (b) | 100,000 | 100,507 | |||||||||
4.72%, 2/15/29 | 300,000 | 297,374 | |||||||||
BBCMS Mortgage Trust 2024-5C25 | |||||||||||
6.15%, 3/15/57 (d) | 150,000 | 150,195 | |||||||||
6.36%, 3/15/57 (d) | 100,000 | 102,427 | |||||||||
BMO 2023-C7 Mortgage Trust, 6.16%, 12/15/56 | 100,000 | 105,933 | |||||||||
BMO 2024-5C4 Mortgage Trust, 6.53%, 5/15/57 (d) | 125,000 | 130,177 | |||||||||
BRAVO Residential Funding Trust 2024-NQM1, 5.94%, 12/1/63 (a),(c) | 229,992 | 228,495 | |||||||||
BX Commercial Mortgage Trust 2024-XL4, 6.77%, (1 Month Term SOFR + 1.44%), 2/15/39 (a),(b) | 196,991 | 196,272 |
Shares/ Principal | Fair Value | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 23.6% (Continued) | |||||||||||
BX Commercial Mortgage Trust 2024-XL5, 6.72%, (1 Month Term SOFR + 1.39%), 3/15/41 (a),(b) | $ | 95,898 | $ | 95,344 | |||||||
BX Trust 2021-ARIA, 7.09%, (1 Month Term SOFR + 1.76%), 10/15/36 (a),(b) | 50,000 | 49,123 | |||||||||
BX Trust 2024-BIO, 6.97%, (1 Month Term SOFR + 1.64%), 2/15/41 (a),(b) | 200,000 | 199,279 | |||||||||
Capital One Multi-Asset Execution Trust | |||||||||||
3.49%, 5/15/27 | 100,000 | 98,270 | |||||||||
4.95%, 10/15/27 | 200,000 | 198,576 | |||||||||
Carlyle US CLO 2024-2 Ltd., 7.38%, (3 Month Term SOFR + 2.05%), 4/25/37 (a),(b) | 250,000 | 250,482 | |||||||||
CarVal CLO IX-C Ltd., 7.42%, (3 Month Term SOFR + 2.10%), 4/20/37 (a),(b) | 250,000 | 252,803 | |||||||||
Cathedral Lake VIII Ltd., 8.21%, (3 Month Term SOFR + 2.88%), 1/20/35 (a),(b) | 150,000 | 150,073 | |||||||||
CBAM 2018-5 Ltd., 6.60%, (3 Month Term SOFR + 1.28%), 4/17/31 (a),(b) | 284,903 | 285,080 | |||||||||
CIFC Falcon 2020 Ltd., 6.59%, (3 Month Term SOFR + 1.26%), 1/20/33 (a),(b) | 300,000 | 300,000 | |||||||||
Cifc Funding 2023-III Ltd., 6.92%, (3 Month Term SOFR + 1.60%), 1/20/37 (a),(b) | 300,000 | 301,884 | |||||||||
Citibank Credit Card Issuance Trust, 5.23%, 12/8/27 | 125,000 | 124,873 | |||||||||
Citizens Auto Receivables Trust 2024-1, 5.43%, 10/15/26 (a) | 225,000 | 224,737 | |||||||||
COLT 2021-2 Mortgage Loan Trust, 0.92%, 8/25/66 (a),(d) | 69,492 | 55,917 | |||||||||
Connecticut Avenue Securities Trust | |||||||||||
6.99%, (SOFR + 1.65%), 12/25/41 (a),(b) | 34,000 | 34,222 | |||||||||
9.24%, (SOFR + 3.90%), 4/25/43 (a),(b) | 10,000 | 10,719 | |||||||||
7.84%, (SOFR + 2.50%), 10/25/43 (a),(b) | 20,000 | 20,620 | |||||||||
7.14%, (SOFR + 1.80%), 1/25/44 (a),(b) | 50,000 | 50,597 | |||||||||
7.14%, (SOFR + 1.80%), 2/25/44 (a),(b) | 100,000 | 100,636 | |||||||||
7.29%, (SOFR + 1.95%), 3/25/44 (a),(b) | 50,000 | 50,251 | |||||||||
Discover Card Execution Note Trust, 4.31%, 3/15/28 | 200,000 | 196,943 | |||||||||
DOLP Trust 2021-NYC, 2.96%, 5/10/41 (a) | 100,000 | 83,312 | |||||||||
Ford Credit Auto Lease Trust 2024-A, 5.24%, 7/15/26 | 325,000 | 324,237 | |||||||||
Ford Credit Auto Owner Trust 2023-C, 5.68%, 9/15/26 | 188,344 | 188,332 | |||||||||
Ford Credit Auto Owner Trust 2024-REV1, 4.87%, 8/15/36 (a),(c) | 150,000 | 148,439 | |||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | |||||||||||
5.07%, 10/25/28 (d) | 50,000 | 50,298 | |||||||||
6.00%, (SOFR + 0.68%), 2/25/33 (b) | 92,042 | 92,047 | |||||||||
4.90%, 10/25/33 | 150,000 | 151,017 | |||||||||
Freddie Mac STACR REMIC Trust 2021-DNA5, 6.99%, (SOFR + 1.65%), 1/25/34 (a),(b) | 15,992 | 16,101 |
See accompanying notes to financial statements.
42
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 23.6% (Continued) | |||||||||||
Freddie Mac STACR REMIC Trust 2022-DNA1, 6.34%, (SOFR + 1.00%), 1/25/42 (a),(b) | $ | 47,202 | $ | 47,247 | |||||||
Freddie Mac STACR REMIC Trust 2022-DNA3, 7.34%, (SOFR + 2.00%), 4/25/42 (a),(b) | 17,483 | 17,690 | |||||||||
Freddie Mac STACR REMIC Trust 2024-DNA2, 6.54%, (SOFR + 1.20%), 5/25/44 (a),(b) | 168,490 | 168,787 | |||||||||
Freddie Mac STACR REMIC Trust 2024-HQA1 | |||||||||||
6.59%, (SOFR + 1.25%), 3/25/44 (a),(b) | 171,292 | 171,718 | |||||||||
6.59%, (SOFR + 1.25%), 3/25/44 (a),(b) | 114,404 | 114,470 | |||||||||
7.34%, (SOFR + 2.00%), 3/25/44 (a),(b) | 50,000 | 50,255 | |||||||||
GM Financial Consumer Automobile Receivables Trust 2023-4, 5.89%, 11/16/26 | 123,405 | 123,505 | |||||||||
GM Financial Consumer Automobile Receivables Trust 2024-1, 5.12%, 2/16/27 | 200,000 | 199,484 | |||||||||
GoldenTree Loan Management US CLO 19 Ltd., 6.82%, (3 Month Term SOFR + 1.50%), 4/20/37 (a),(b) | 250,000 | 251,780 | |||||||||
Halseypoint CLO 7 Ltd., 7.57%, (3 Month Term SOFR + 2.25%), 7/20/36 (a),(b) | 250,000 | 252,611 | |||||||||
Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/28 | 250,000 | 252,028 | |||||||||
Hyundai Auto Lease Securitization Trust 2024-A, 5.15%, 6/15/26 (a) | 224,914 | 224,180 | |||||||||
Hyundai Auto Receivables Trust 2023-A, 5.19%, 12/15/25 | 71,362 | 71,292 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2022-OPO, 3.02%, 1/5/39 (a) | 100,000 | 89,319 | |||||||||
JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (a),(d) | 95,575 | 76,191 | |||||||||
JP Morgan Mortgage Trust 2023-10, 6.00%, 5/25/54 (a),(d) | 21,418 | 21,277 | |||||||||
JP Morgan Mortgage Trust 2024-1, 6.00%, 6/25/54 (a),(d) | 230,087 | 228,649 | |||||||||
Mercedes-Benz Auto Receivables Trust 2023-2, 5.92%, 11/16/26 | 42,425 | 42,480 | |||||||||
Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53 | 250,000 | 208,940 | |||||||||
Nissan Auto Lease Trust 2024-A, 5.11%, 10/15/26 | 325,000 | 323,757 | |||||||||
Nissan Auto Receivables 2023-A Owner Trust, 5.34%, 2/17/26 | 50,814 | 50,780 | |||||||||
Nissan Auto Receivables 2023-B Owner Trust, 5.93%, 3/15/28 | 50,000 | 50,491 | |||||||||
OBX 2024-NQM1 Trust, 5.93%, 11/25/63 (a),(c) | 184,357 | 183,269 | |||||||||
OBX 2024-NQM4 Trust, 6.07%, 1/25/64 (a),(c) | 239,535 | 238,595 | |||||||||
OBX 2024-NQM6 Trust, 6.45%, 2/25/64 (a),(c) | 244,961 | 245,443 |
Shares/ Principal | Fair Value | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 23.6% (Continued) | |||||||||||
OCP CLO 2019-16 Ltd., 6.56%, (3 Month Term SOFR + 1.26%), 4/10/33 (a),(b) | $ | 249,273 | $ | 249,406 | |||||||
Palmer Square Loan Funding 2022-2 Ltd., 6.60%, (3 Month Term SOFR + 1.27%), 10/15/30 (a),(b) | 165,991 | 166,105 | |||||||||
Post CLO 2018-1 Ltd., 6.64%, (3 Month Term SOFR + 1.31%), 4/16/31 (a),(b) | 302,387 | 302,685 | |||||||||
Santander Drive Auto Receivables Trust 2023-6, 6.08%, 5/17/27 | 103,421 | 103,556 | |||||||||
Santander Drive Auto Receivables Trust 2024-1, 5.71%, 2/16/27 | 95,704 | 95,749 | |||||||||
Starwood Mortgage Residential Trust 2020-2, 3.00%, 4/25/60 (a),(d) | 150,000 | 138,872 | |||||||||
TICP CLO X Ltd., 6.59%, (3 Month Term SOFR + 1.26%), 4/20/31 (a),(b) | 830,888 | 831,751 | |||||||||
TYSN 2023-CRNR Mortgage Trust, 6.80%, 12/10/33 (a),(d) | 200,000 | 206,463 | |||||||||
Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 (a),(d) | 5,485 | 4,914 | |||||||||
World Omni Auto Receivables Trust 2023-B, 5.25%, 11/16/26 | 91,302 | 91,196 | |||||||||
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $13,807,465) | 13,688,334 | ||||||||||
U.S. TREASURY SECURITIES AND AGENCY BONDS - 1.9% | |||||||||||
Federal Farm Credit Banks Funding Corp. | |||||||||||
2.90%, 4/12/32 | 290,000 | 259,044 | |||||||||
3.50%, 9/1/32 | 40,000 | 36,872 | |||||||||
2.85%, 3/28/34 | 370,000 | 318,360 | |||||||||
1.70%, 4/23/35 | 540,000 | 405,179 | |||||||||
Federal Home Loan Banks, 4.75%, 12/10/32 | 80,000 | 80,775 | |||||||||
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $1,301,158) | 1,100,230 | ||||||||||
SOVEREIGN DEBTS - 1.0% | |||||||||||
Chile Government International Bond, 4.95%, 1/5/36 | 200,000 | 191,589 | |||||||||
Mexico Government International Bond, 3.25%, 4/16/30 | 290,000 | 255,107 | |||||||||
Peruvian Government International Bond, 3.23%, 7/28/21 | 20,000 | 11,323 | |||||||||
Republic of Poland Government International Bond, 5.50%, 3/18/54 | 30,000 | 29,134 | |||||||||
Romanian Government International Bond | |||||||||||
3.00%, 2/27/27 (a) | 30,000 | 27,892 | |||||||||
2.12%, 7/16/31 | EUR | 30,000 | 25,842 | ||||||||
6.38%, 1/30/34 | 80,000 | 80,457 | |||||||||
TOTAL SOVEREIGN DEBTS (Cost - $685,566) | 621,344 |
See accompanying notes to financial statements.
43
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Shares/ Principal | Fair Value | ||||||||||
MUNICIPAL BONDS - 0.9% | |||||||||||
Metropolitan Transportation Authority | |||||||||||
5.99%, 11/15/30 (e) | $ | 25,000 | $ | 25,543 | |||||||
5.18%, 11/15/49 (e) | 15,000 | 13,530 | |||||||||
New Jersey Turnpike Authority, 7.10%, 1/1/41 (e) | 25,000 | 28,562 | |||||||||
State of California, 7.60%, 11/1/40 | 175,000 | 209,660 | |||||||||
State of Illinois, 5.10%, 6/1/33 (e) | 249,412 | 244,725 | |||||||||
TOTAL MUNICIPAL BONDS (Cost - $571,615) | 522,020 | ||||||||||
SHORT-TERM INVESTMENTS - 0.2% | |||||||||||
MONEY MARKET FUNDS - 0.2% | |||||||||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.21% (f) (Cost - $96,062) | 96,062 | 96,062 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $96,062) | 96,062 | ||||||||||
TOTAL INVESTMENTS - 97.6% (Cost - $59,286,253) | $ | 56,626,503 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 2.4% | 1,386,588 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 58,013,091 |
† 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, 2024, these securities amounted to $11,988,915 or 20.7% of net assets.
(b) Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end.
(c) Step coupon.
(d) 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.
(e) Sinking bond security.
(f) The rate shown is the annualized seven-day yield at period end.
CLO - Collateralized Loan Obligation
CMT - Treasury Constant Maturity Rate
EUR - EURO
PLC - Public Limited Company
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. 10 Year Note Future | Morgan Stanley | 23 | 9/19/2024 | $ | 2,529,641 | $ | 12,594 | ||||||||||||||||
U.S. 2 Year Note Future | Morgan Stanley | 8 | 9/30/2024 | 1,633,750 | (967 | ) | |||||||||||||||||
U.S. 5 Year Note Future | Morgan Stanley | 60 | 9/30/2024 | 6,394,688 | 41,478 | ||||||||||||||||||
U.S. Long Bond Future | Morgan Stanley | 17 | 9/19/2024 | 2,011,312 | 18,127 | ||||||||||||||||||
U.S. Ultra Bond Future | Morgan Stanley | 30 | 9/19/2024 | 3,760,312 | 26,767 | ||||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 97,999 |
INTEREST RATE SWAPTIONS PURCHASED | |||||||||||||||||||||||||||||||||||
Counterparty | Description* | Floating Rate Index | Exercise Rate | Expiration Date | Notional Amount | Fair Value | Premiums Paid | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Bank of America | Call - IRS SWAPTION | 3 Month Euribor | Receives 2.38% | 11/28/25 | 1,070,000 | $ | 2,948 | $ | 2,391 | $ | 557 | ||||||||||||||||||||||||
Bank of America | Call - IRS SWAPTION | 3 Month Euribor | Receives 2.50% | 05/29/25 | 1,050,000 | 1,955 | 1,428 | 527 | |||||||||||||||||||||||||||
TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | $ | 4,903 | $ | 3,819 | $ | 1,084 |
* 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) | |||||||||||||||||||||||||||
Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.33% | 05/29/25 | 120,000 | $ | (1,622 | ) | $ | (1,557 | ) | $ | (65 | ) | |||||||||||||||||||||
Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.40% | 11/28/25 | 120,000 | (2,601 | ) | (2,529 | ) | (72 | ) | ||||||||||||||||||||||||
TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | $ | (4,223 | ) | $ | (4,086 | ) | $ | (137 | ) |
* The Fund may receive or pay a variable rate.
See accompanying notes to financial statements.
44
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
INTEREST RATE SWAPS | |||||||||||||||||||||||||||||||||||
Counterparty | Payment Frequency | Fund Receives | Fund Pays | Expiration Date | Notional Amount | Fair Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.5% | 04/21/25 | 150,000 | USD | $ | 2,542 | $ | (38 | ) | $ | 2,580 | ||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 4.2235% | 04/13/26 | 360,000 | USD | 77 | (56 | ) | 133 | |||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 4.4267% | 04/16/26 | 630,000 | USD | (1,117 | ) | 384 | (1,501 | ) | ||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.98% | 04/24/26 | 1,210,000 | EUR | (235 | ) | (106 | ) | (129 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 4.1724% | 05/20/26 | 380,000 | USD | (18 | ) | (312 | ) | 294 | ||||||||||||||||||||||||
Morgan Stanley | Annually | 4.7301% | SOFR- COMPOUND | 06/30/26 | 1,880,000 | USD | 8,088 | 739 | 7,349 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | 2.25% | 09/18/26 | 600,000 | EUR | 7,822 | 7,577 | 245 | |||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 4.25% | 09/18/26 | 23,240,000 | NOK | (2,510 | ) | 3,420 | (5,930 | ) | |||||||||||||||||||||||||
Morgan Stanley | Quarterly | 3% | 09/18/26 | 20,300,000 | SEK | 8,193 | 6,353 | 1,840 | |||||||||||||||||||||||||||
Morgan Stanley | Quarterly | 4% | 09/18/26 | 4,990,000 | AUD | 16,981 | 1,891 | 15,090 | |||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 3.5% | Canadian Overnight Repo Rate Average | 09/18/26 | 1,210,000 | CAD | (4,815 | ) | (4,425 | ) | (390 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | 4% | 09/18/26 | 1,130,000 | GBP | (9,886 | ) | (9,783 | ) | (103 | ) | ||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.75% | 09/18/26 | 1,450,000 | USD | 17,607 | 17,019 | 588 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 4.25% | 09/28/26 | 230,000 | USD | 558 | 264 | 294 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 3% | 09/28/26 | 230,000 | EUR | 346 | – | 346 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | 4.25% | 09/28/26 | 210,000 | GBP | 531 | (14 | ) | 545 | ||||||||||||||||||||||||||
Morgan Stanley | Quarterly | 4% | 09/28/26 | 370,000 | AUD | 1,242 | 468 | 774 | |||||||||||||||||||||||||||
Morgan Stanley | Annually | 3.8045% | SOFR- COMPOUND | 04/13/28 | 760,000 | USD | 1,193 | 222 | 971 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 2.5% | 6 Month Euribor | 05/15/28 | 1,350,000 | EUR | (4,147 | ) | (1,944 | ) | (2,203 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 4.3012% | 11/30/28 | 3,680,000 | USD | (37,051 | ) | (973 | ) | (36,078 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | 3.75% | 09/18/29 | 370,000 | GBP | (3,235 | ) | (3,176 | ) | (59 | ) | ||||||||||||||||||||||||
Morgan Stanley | Annually | 0.5% | 09/18/29 | 487,200,000 | JPY | 34,891 | 32,274 | 2,617 | |||||||||||||||||||||||||||
Morgan Stanley | Quarterly | 4.5% | 3 Month New Zealand Dollar Bank Bill Rate | 09/18/29 | 590,000 | NZD | 1,727 | 149 | 1,578 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | 4.0246% | SOFR-COMPOUND | 04/16/30 | 1,090,000 | USD | 10,411 | (4,454 | ) | 14,865 | |||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 2.71% | 6 Month Euribor | 04/24/30 | 930,000 | EUR | (369 | ) | 1,479 | (1,848 | ) | ||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 2.68% | 07/28/32 | 650,000 | USD | 26,290 | 23,118 | 3,172 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 3% | 6 Month Euribor | 11/10/33 | 170,000 | EUR | 1,854 | 3,700 | (1,846 | ) | |||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.535% | 01/19/34 | 900,000 | EUR | 10,965 | 903 | 10,062 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | 2.37% | Euro Short-Term Rate | 01/19/34 | 900,000 | EUR | (13,359 | ) | (781 | ) | (12,578 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | 3.7898% | SOFR-COMPOUND | 05/22/34 | 640,000 | USD | 555 | 1,918 | (1,363 | ) | |||||||||||||||||||||||||
Morgan Stanley | Quarterly | 3 Month New Zealand Dollar Bank Bill Rate | 4.75% | 09/18/34 | 10,000 | NZD | (133 | ) | (134 | ) | 1 | ||||||||||||||||||||||||
Morgan Stanley | Quarterly | 2.75% | 09/18/34 | 1,070,000 | SEK | 1,593 | 1,571 | 22 | |||||||||||||||||||||||||||
Morgan Stanley | Annually | 1.25% | 09/18/34 | 100,000 | CHF | 2,955 | 1,132 | 1,823 | |||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 4.5% | 09/18/34 | 80,000 | AUD | (195 | ) | (40 | ) | (155 | ) | ||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 3.25% | Canadian Overnight Repo Rate Average | 09/18/34 | 110,000 | CAD | (1,063 | ) | (1,223 | ) | 160 | ||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.75% | 09/18/34 | 90,000 | USD | 988 | 794 | 194 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 2.5% | 6 Month Euribor | 09/18/34 | 400,000 | EUR | (11,478 | ) | (8,945 | ) | (2,533 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | 3.5% | 09/18/34 | 40,000 | GBP | 1,383 | 1,364 | 19 | |||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 3.75% | 09/18/34 | 920,000 | NOK | 101 | (529 | ) | 630 | ||||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.9924% | 04/16/35 | 600,000 | USD | (8,932 | ) | 4,943 | (13,875 | ) |
See accompanying notes to financial statements.
45
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
Counterparty | Payment Frequency | Fund Receives | Fund Pays | Expiration Date | Notional Amount | Fair Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.74% | 04/24/35 | 500,000 | EUR | $ | 1,398 | $ | (764 | ) | $ | 2,162 | ||||||||||||||||||||||
Morgan Stanley | Annually | 2.91% | SOFR-COMPOUND | 07/28/37 | 1,690,000 | USD | (54,550 | ) | (47,290 | ) | (7,260 | ) | |||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 2.152% | 6 Month Euribor | 08/10/37 | 600,000 | EUR | (18,093 | ) | (19,349 | ) | 1,256 | ||||||||||||||||||||||||
Morgan Stanley | Annually | 3.3912% | SOFR-COMPOUND | 05/10/38 | 260,000 | USD | (4,313 | ) | (1,595 | ) | (2,718 | ) | |||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 3% | 6 Month Euribor | 01/25/39 | 370,000 | EUR | 1,405 | 1,367 | 38 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 1.4515% | 08/11/42 | 1,540,000 | EUR | 65,764 | 54,177 | 11,587 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.5% | 01/25/44 | 890,000 | EUR | (49 | ) | (1,026 | ) | 977 | ||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 2.08% | 07/29/47 | 1,590,000 | USD | 48,115 | 41,220 | 6,895 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 1.051% | 6 Month Euribor | 08/12/47 | 900,000 | EUR | (29,979 | ) | (22,370 | ) | (7,609 | ) | |||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 2% | 6 Month Euribor | 01/25/49 | 530,000 | EUR | 153 | (160 | ) | 313 | |||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 2.5641% | 05/12/53 | 250,000 | USD | 6,024 | 7,550 | (1,526 | ) | |||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2% | 05/19/53 | 290,000 | EUR | 4,776 | 2,993 | 1,783 | ||||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.5% | 11/10/53 | 100,000 | EUR | (3,229 | ) | (4,993 | ) | 1,764 | ||||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.3801% | 04/13/54 | 210,000 | USD | (541 | ) | (307 | ) | (234 | ) | |||||||||||||||||||||||
Morgan Stanley | Annually | SOFR- COMPOUND | 3.3435% | 05/20/54 | 360,000 | USD | (270 | ) | (894 | ) | 624 | ||||||||||||||||||||||||
Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.5% | 09/18/54 | 220,000 | EUR | 1,320 | (79 | ) | 1,399 | |||||||||||||||||||||||||
TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPS | $ | 78,281 | $ | 83,229 | $ | (4,948 | ) |
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 General Electric Company | Quarterly | Buy | 1.00 | % | - | BBB+ | 06/20/26 | $ | 325,000 | $ | 5,605 | $ | 1,739 | $ | 3,866 | |||||||||||||||||||||||||||||||
Morgan Stanley | CDX.NA.IG.40 | Quarterly | Buy | 1.00 | % | - | BBB | 06/20/28 | 476,577 | 10,180 | 6,134 | 4,046 | |||||||||||||||||||||||||||||||||||
Morgan Stanley | CDX.NA.IG.42 | Quarterly | Buy | 1.00 | % | - | 0 | 06/20/29 | 2,550,000 | 52,966 | 52,036 | 930 | |||||||||||||||||||||||||||||||||||
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | $ | 68,751 | $ | 59,909 | $ | 8,842 |
* Credit ratings for the underlying securities in the credit default swaps are assigned based on the higher ratings of either Moody's or S&P. If both are unrated, then Fitch is used.
** The maximum potential amount the Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.
FORWARD FOREIGN CURRENCY CONTRACTS | |||||||||||||||||||
Settlement Date | Counterparty | Currency Units to Receive | In Exchange For | Unrealized Appreciation (Depreciation) | |||||||||||||||
07/30/24 | Morgan Stanley | 40,865 | EUR | 37,786 | USD | $ | 304 | ||||||||||||
07/30/24 | Morgan Stanley | 56,336 | USD | 60,604 | EUR | (132 | ) | ||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $ | 172 |
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
EUR - Euro
GBP - Pound Sterling
JPY - Japanese Yen
See accompanying notes to financial statements.
46
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2024
NOK - Norwegian Krone
NZD - New Zealand Dollar
SEK - Swedish Krona
USD - United States Dollar
During the six-month period ended June 30, 2024, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio purchased securities from underwriting syndicates whose members include affiliated persons of the purchasing Fund. These transactions complied with Rule 10f-3 under the 1940 Act. The transactions were as follows:
Acquisition Date | Description | Coupon Rate | Maturity Date | Shares | Acquisition Price | Acquisition Cost | |||||||||||||||||||||
2/15/2024 | Intel Corp. | 5.15 | % | 5/6/2028 | 43,000 | $ | 99.71 | $ | 42,874 | ||||||||||||||||||
2/20/2024 | Marriott International, Inc. | 4.88 | % | 2/6/2033 | 39,000 | 98.79 | 38,527 | ||||||||||||||||||||
2/21/2024 | Cisco Systems, Inc. | 5.05 | % | 5/6/2030 | 67,000 | 99.90 | 66,932 | ||||||||||||||||||||
2/23/2024 | Solventum Corp. | 5.60 | % | 2/10/2033 | 60,000 | 99.93 | 59,960 | ||||||||||||||||||||
2/23/2024 | Solventum Corp. | 5.40 | % | 3/2/2033 | 65,000 | 99.85 | 64,901 | ||||||||||||||||||||
4/1/2024 | General Motors Financial, Co. | 5.95 | % | 3/2/2030 | 78,000 | 99.98 | 77,983 | ||||||||||||||||||||
4/2/2024 | Amphenol Corp. | 5.25 | % | 3/15/2053 | 66,000 | 99.90 | 65,934 | ||||||||||||||||||||
4/24/2024 | BMO Mortgage Trust | 6.34 | % | 3/22/2033 | 125,000 | 103.00 | 128,750 | ||||||||||||||||||||
4/29/2024 | Boeing, Co. | 6.86 | % | 3/22/2063 | 58,000 | 100.00 | 58,000 | ||||||||||||||||||||
5/20/2024 | Comcast Corp. | 5.30 | % | 4/15/2053 | 98,000 | 99.67 | 97,675 | ||||||||||||||||||||
5/21/2024 | Allegen U.S. Holding, Co. | 5.60 | % | 4/15/2029 | 45,000 | 99.67 | 44,850 | ||||||||||||||||||||
6/3/2024 | Hyatt Hotels Corp. | 5.50 | % | 4/24/2033 | 107,000 | 98.86 | 105,780 | ||||||||||||||||||||
6/25/2024 | Choice Hotels International, Inc. | 5.85 | % | 5/19/2023 | 45,000 | 98.93 | 44,518 |
See accompanying notes to financial statements.
47
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 | $ | 49,068,950 | $ | 417,479,168 | $ | 66,258,894 | $ | 114,791,313 | |||||||||||
Investments in securities, at fair value | $ | 56,868,188 | $ | 634,234,660 | $ | 100,693,300 | $ | 134,489,825 | |||||||||||
Cash | - | - | 2 | 12,998 | |||||||||||||||
Foreign cash (cost $-, $-, $- and $453,879, respectively) | - | - | - | 449,148 | |||||||||||||||
Deposit with broker for futures contracts | - | 393,571 | 111,581 | - | |||||||||||||||
Segregated cash for derivatives | - | - | - | 572,362 | |||||||||||||||
Unrealized appreciation on futures contracts, net | - | 22,554 | - | 73,007 | |||||||||||||||
Receivable for securities sold | - | 3,267,806 | 13,806,687 | - | |||||||||||||||
Receivable for portfolio shares sold | 79,642 | - | - | - | |||||||||||||||
Interest and dividends receivable | 2,067 | 314,399 | 28,006 | 241,096 | |||||||||||||||
Dividend tax reclaim receivable | - | 59,075 | 39 | 639,751 | |||||||||||||||
Prepaid expenses | 1,243 | 12,613 | 1,954 | 56,823 | |||||||||||||||
Total Assets | 56,951,140 | 638,304,678 | 114,641,569 | 136,535,010 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Unrealized depreciation on futures contracts, net | - | - | 23,806 | - | |||||||||||||||
Due to custodian | - | 605 | - | - | |||||||||||||||
Payable for securities purchased | - | 2,892,535 | 13,879,470 | 24,684 | |||||||||||||||
Payable for portfolio shares redeemed | 677 | 336,993 | 155,303 | 82,743 | |||||||||||||||
Accrued distribution (12b-1) fees | 2,474 | 7,265 | 5,361 | 9,187 | |||||||||||||||
Accrued investment advisory fees | 10,233 | 201,513 | 29,962 | 62,314 | |||||||||||||||
Regulatory and compliance fees payable | 229 | 2,244 | 357 | 553 | |||||||||||||||
Administrative service fees payable | 3,257 | 32,219 | 5,424 | 8,389 | |||||||||||||||
Accrued expenses and other liabilities | 4,581 | 71,213 | 12,621 | 23,021 | |||||||||||||||
Total Liabilities | 21,451 | 3,544,587 | 14,112,304 | 210,891 | |||||||||||||||
Net Assets | $ | 56,929,689 | $ | 634,760,091 | $ | 100,529,265 | $ | 136,324,119 | |||||||||||
Composition of Net Assets: | |||||||||||||||||||
Paid-in capital | $ | 43,594,384 | $ | 344,353,236 | $ | 48,699,698 | $ | 123,679,580 | |||||||||||
Total distributable earnings | 13,335,305 | 290,406,855 | 51,829,567 | 12,644,539 | |||||||||||||||
Net Assets | $ | 56,929,689 | $ | 634,760,091 | $ | 100,529,265 | $ | 136,324,119 | |||||||||||
Class I Shares: | |||||||||||||||||||
Net Assets | $ | 44,805,107 | $ | 599,136,323 | $ | 73,688,028 | $ | 91,650,712 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 3,875,149 | 37,737,230 | 3,814,443 | 8,542,284 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 11.56 | $ | 15.88 | $ | 19.32 | $ | 10.73 | |||||||||||
Class II Shares: | |||||||||||||||||||
Net Assets | $ | 12,124,582 | $ | 35,623,768 | $ | 26,841,237 | $ | 44,673,407 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 1,051,835 | 2,249,444 | 1,391,440 | 4,173,056 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 11.53 | $ | 15.84 | $ | 19.29 | $ | 10.71 |
See accompanying notes to financial statements.
48
Global Atlantic Portfolios
Statements of Assets and Liabilities (Continued)
June 30, 2024 (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 | $ | 224,299,521 | $ | 200,142,315 | $ | 46,727,504 | $ | 59,286,253 | |||||||||||
Investments in securities, at fair value | $ | 257,973,916 | $ | 228,286,657 | $ | 47,566,807 | $ | 56,626,503 | |||||||||||
Swaptions purchased, at fair value (premiums paid $-, $-, $- and $3,819, respectively) | - | - | - | 4,903 | |||||||||||||||
Premiums paid on open swap contracts, net | - | - | - | 143,138 | |||||||||||||||
Foreign cash (cost $-, $-, $- and $44,774, respectively) | - | - | - | 44,218 | |||||||||||||||
Deposit with broker for futures contracts | 145,351 | 126,943 | 23,014 | 565,450 | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | - | - | - | 304 | |||||||||||||||
Unrealized appreciation on futures contracts, net | 9,724 | 4,582 | 22,135 | 97,999 | |||||||||||||||
Unrealized appreciation on swap contracts, net | - | - | - | 3,894 | |||||||||||||||
Receivable for securities sold | 50,807,717 | 6,946,270 | - | 1,114,655 | |||||||||||||||
Receivable for portfolio shares sold | - | - | - | 131,701 | |||||||||||||||
Interest and dividends receivable | 71,463 | 208,885 | 904,114 | 450,102 | |||||||||||||||
Dividend tax reclaim receivable | 439 | 152 | 716 | - | |||||||||||||||
Prepaid expenses | 5,434 | 4,912 | 1,086 | 6,287 | |||||||||||||||
Total Assets | 309,014,044 | 235,578,401 | 48,517,872 | 59,189,154 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Swaptions written, at fair value (premiums received $-, $-, $- and $4,086, respectively) | - | - | - | 4,223 | |||||||||||||||
Unrealized depreciation on forward foreign currency contracts | - | - | - | 132 | |||||||||||||||
Due to custodian | 54,615 | 1,225 | 48,726 | 1,539 | |||||||||||||||
Payable for securities purchased | 50,477,341 | 6,630,677 | 175,590 | 1,146,038 | |||||||||||||||
Payable for portfolio shares redeemed | 68,899 | 349,190 | 112,463 | - | |||||||||||||||
Accrued distribution (12b-1) fees | 22,295 | 1,366 | 128 | - | |||||||||||||||
Accrued investment advisory fees | 113,459 | 84,480 | 19,813 | 16,195 | |||||||||||||||
Regulatory and compliance fees payable | 1,025 | 862 | 198 | 244 | |||||||||||||||
Administrative service fees payable | 15,823 | 11,834 | 2,451 | 2,949 | |||||||||||||||
Accrued expenses and other liabilities | 22,841 | 31,008 | 5,889 | 4,743 | |||||||||||||||
Total Liabilities | 50,776,298 | 7,110,642 | 365,258 | 1,176,063 | |||||||||||||||
Net Assets | $ | 258,237,746 | $ | 228,467,759 | $ | 48,152,614 | $ | 58,013,091 | |||||||||||
Composition of Net Assets: | |||||||||||||||||||
Paid-in capital | $ | 228,721,396 | $ | 170,074,250 | $ | 52,042,656 | $ | 65,566,685 | |||||||||||
Total distributable earnings (losses) | 29,516,350 | 58,393,509 | (3,890,042 | ) | (7,553,594 | ) | |||||||||||||
Net Assets | $ | 258,237,746 | $ | 228,467,759 | $ | 48,152,614 | $ | 58,013,091 | |||||||||||
Class I Shares: | |||||||||||||||||||
Net Assets | $ | 148,661,509 | $ | 221,791,312 | $ | 47,525,305 | $ | 58,013,091 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 11,726,764 | 18,598,585 | 5,110,056 | 6,691,405 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 12.68 | $ | 11.93 | $ | 9.30 | $ | 8.67 | |||||||||||
Class II Shares: | |||||||||||||||||||
Net Assets | $ | 109,576,237 | $ | 6,676,447 | $ | 627,309 | $ | - | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 8,688,254 | 559,404 | 67,419 | - | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 12.61 | $ | 11.93 | $ | 9.30 | $ | - |
See accompanying notes to financial statements.
49
Global Atlantic Portfolios
Statements of Operations
For the Six Months Ended June 30, 2024 (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* | $ | 581,408 | $ | 3,942,682 | $ | 363,198 | $ | 2,042,290 | |||||||||||
Interest income | 11,972 | 222,198 | 45,468 | 224,967 | |||||||||||||||
Total Investment Income | 593,380 | 4,164,880 | 408,666 | 2,267,257 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee | 61,773 | 1,182,407 | 174,010 | 406,933 | |||||||||||||||
Distribution fees (12b-1) - Class II Shares | 14,787 | 43,221 | 30,536 | 55,403 | |||||||||||||||
Administrative service fees | 9,211 | 99,462 | 15,428 | 22,250 | |||||||||||||||
Legal fees | 8,682 | 91,559 | 14,201 | 20,921 | |||||||||||||||
Trustees fees | 3,320 | 33,760 | 5,214 | 7,953 | |||||||||||||||
Custody fees | 1,395 | 17,262 | 6,888 | 51,027 | |||||||||||||||
Regulatory and compliance fees | 1,316 | 13,914 | 2,161 | 3,172 | |||||||||||||||
Miscellaneous expenses | 11,131 | 113,981 | 17,747 | 51,550 | |||||||||||||||
Total Expenses | 111,615 | 1,595,566 | 266,185 | 619,209 | |||||||||||||||
Expenses waived | - | - | - | (28,012 | ) | ||||||||||||||
Net Expenses | 111,615 | 1,595,566 | 266,185 | 591,197 | |||||||||||||||
Net Investment Income | 481,765 | 2,569,314 | 142,481 | 1,676,060 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments | 3,162,569 | 42,538,246 | 16,659,489 | 807,023 | |||||||||||||||
Futures contracts | - | 1,225,621 | 256,542 | 1,002,350 | |||||||||||||||
Foreign currency translations | - | (9 | ) | - | (16,339 | ) | |||||||||||||
3,162,569 | 43,763,858 | 16,916,031 | 1,793,034 | ||||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||||||||||||||
Investments | 578,295 | 49,682,420 | 206,896 | 4,964,524 | |||||||||||||||
Futures contracts | - | (186,249 | ) | (50,730 | ) | (146,626 | ) | ||||||||||||
Foreign currency translations | - | (809 | ) | - | (40,616 | ) | |||||||||||||
578,295 | 49,495,362 | 156,166 | 4,777,282 | ||||||||||||||||
Net Realized and Change in Unrealized Gain | 3,740,864 | 93,259,220 | 17,072,197 | 6,570,316 | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 4,222,629 | $ | 95,828,534 | $ | 17,214,678 | $ | 8,246,376 | |||||||||||
* Foreign taxes withheld | $ | - | $ | 607 | $ | 98 | $ | 275,576 |
See accompanying notes to financial statements.
50
Global Atlantic Portfolios
Statements of Operations (Continued)
For the Six Months Ended June 30, 2024 (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* | $ | 913,725 | $ | 2,415,259 | $ | - | $ | - | |||||||||||
Interest income** | 96,843 | 85,178 | 1,885,044 | 1,292,461 | |||||||||||||||
Interest income from affiliates | - | - | 15,894 | - | |||||||||||||||
Total Investment Income | 1,010,568 | 2,500,437 | 1,900,938 | 1,292,461 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee | 695,823 | 514,402 | 120,714 | 98,605 | |||||||||||||||
Distribution fees (12b-1) - Class II Shares | 136,593 | 8,358 | 686 | - | |||||||||||||||
Administrative service fees | 42,301 | 37,501 | 7,920 | 9,515 | |||||||||||||||
Legal fees | 39,732 | 34,976 | 7,471 | 9,018 | |||||||||||||||
Trustees fees | 14,727 | 13,188 | 2,874 | 3,482 | |||||||||||||||
Custody fees | 12,697 | 11,662 | 3,529 | 9,880 | |||||||||||||||
Regulatory and compliance fees | 6,033 | 5,303 | 1,133 | 1,368 | |||||||||||||||
Miscellaneous expenses | 49,140 | 43,858 | 9,633 | 11,647 | |||||||||||||||
Total Expenses | 997,046 | 669,248 | 153,960 | 143,515 | |||||||||||||||
Net Expenses | 997,046 | 669,248 | 153,960 | 143,515 | |||||||||||||||
Net Investment Income | 13,522 | 1,831,189 | 1,746,978 | 1,148,946 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments | 28,329,979 | 16,641,866 | 86,195 | (503,728 | ) | ||||||||||||||
Investments in affiliated securities | - | - | 16,956 | - | |||||||||||||||
Futures contracts | 471,793 | 495,218 | (32,330 | ) | (204,415 | ) | |||||||||||||
Swap contracts | - | - | - | 33,383 | |||||||||||||||
Forward foreign currency contracts | - | - | - | (2,569 | ) | ||||||||||||||
Foreign currency translations | - | - | - | (2,184 | ) | ||||||||||||||
28,801,772 | 17,137,084 | 70,821 | (679,513 | ) | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||||||||||||||
Investments | (8,804,818 | ) | (401,097 | ) | (222,302 | ) | (438,575 | ) | |||||||||||
Investments in affiliated securities | - | - | (20,725 | ) | - | ||||||||||||||
Futures contracts | (20,676 | ) | (88,843 | ) | (6,692 | ) | (302,958 | ) | |||||||||||
Swap contracts | - | - | - | (26,849 | ) | ||||||||||||||
Swaptions | - | - | - | 947 | |||||||||||||||
Forward foreign currency contracts | - | - | - | 2,740 | |||||||||||||||
Foreign currency translations | - | - | - | (2,684 | ) | ||||||||||||||
(8,825,494 | ) | (489,940 | ) | (249,719 | ) | (767,379 | ) | ||||||||||||
Net Realized and Change in Unrealized Gain/(Loss) | 19,976,278 | 16,647,144 | (178,898 | ) | (1,446,892 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 19,989,800 | $ | 18,478,333 | $ | 1,568,080 | $ | (297,946 | ) | ||||||||||
* Foreign taxes withheld | $ | 386 | $ | 379 | $ | - | $ | - | |||||||||||
** Foreign taxes withheld | $ | - | $ | - | $ | 205 | $ | - |
See accompanying notes to financial statements.
51
Global Atlantic BlackRock Allocation Portfolio | Global Atlantic BlackRock Disciplined Core Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | For the Six Months Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | ||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||
From Operations: | |||||||||||||||||||
Net investment income | $ | 481,765 | $ | 1,231,898 | $ | 2,569,314 | $ | 5,746,732 | |||||||||||
Net realized gain | 3,162,569 | 1,267,746 | 43,763,858 | 30,541,590 | |||||||||||||||
Net change in unrealized appreciation | 578,295 | 5,494,641 | 49,495,362 | 93,105,275 | |||||||||||||||
Net increase in net assets resulting from operations | 4,222,629 | 7,994,285 | 95,828,534 | 129,393,597 | |||||||||||||||
From Distributions to Shareholders: | |||||||||||||||||||
Class I | - | (1,978,815 | ) | - | (5,766,284 | ) | |||||||||||||
Class II | - | (483,203 | ) | - | (278,435 | ) | |||||||||||||
Total distributions paid | - | (2,462,018 | ) | - | (6,044,719 | ) | |||||||||||||
From Shares of Beneficial Interest: | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 436,191 | 1,556,830 | 692,721 | 2,361,917 | |||||||||||||||
Class II | 142,975 | 988,244 | 1,048,514 | 4,227,058 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 1,978,816 | - | 5,766,284 | |||||||||||||||
Class II | - | 483,202 | - | 278,435 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (4,107,632 | ) | (7,912,136 | ) | (42,008,764 | ) | (61,673,749 | ) | |||||||||||
Class II | (675,810 | ) | (2,882,470 | ) | (4,597,080 | ) | (7,595,265 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (4,204,276 | ) | (5,787,514 | ) | (44,864,609 | ) | (56,635,320 | ) | |||||||||||
Total increase (decrease) in net assets | 18,353 | (255,247 | ) | 50,963,925 | 66,713,558 | ||||||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 56,911,336 | 57,166,583 | 583,796,166 | 517,082,608 | |||||||||||||||
End of period | $ | 56,929,689 | $ | 56,911,336 | $ | 634,760,091 | $ | 583,796,166 | |||||||||||
Share Activity: | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 39,138 | 152,460 | 48,384 | 199,846 | |||||||||||||||
Shares reinvested | - | 208,077 | - | 492,845 | |||||||||||||||
Shares redeemed | (371,250 | ) | (764,264 | ) | (2,868,364 | ) | (5,035,070 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (332,112 | ) | (403,727 | ) | (2,819,980 | ) | (4,342,379 | ) | |||||||||||
Share Activity: | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 12,610 | 94,030 | 72,150 | 355,825 | |||||||||||||||
Shares reinvested | - | 50,917 | - | 23,818 | |||||||||||||||
Shares redeemed | (61,094 | ) | (280,376 | ) | (314,289 | ) | (624,329 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (48,484 | ) | (135,429 | ) | (242,139 | ) | (244,686 | ) |
See accompanying notes to financial statements.
52
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, 2024 (Unaudited) | For the Year Ended December 31, 2023 | For the Six Months Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | ||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||
From Operations: | |||||||||||||||||||
Net investment income | $ | 142,481 | $ | 346,958 | $ | 1,676,060 | $ | 2,228,745 | |||||||||||
Net realized gain | 16,916,031 | 7,218,618 | 1,793,034 | 3,254,819 | |||||||||||||||
Net change in unrealized appreciation | 156,166 | 21,300,067 | 4,777,282 | 14,039,234 | |||||||||||||||
Net increase in net assets resulting from operations | 17,214,678 | 28,865,643 | 8,246,376 | 19,522,798 | |||||||||||||||
From Distributions to Shareholders: | |||||||||||||||||||
Class I | - | (346,599 | ) | - | (2,265,058 | ) | |||||||||||||
Class II | - | (66,398 | ) | - | (984,538 | ) | |||||||||||||
Total distributions paid | - | (412,997 | ) | - | (3,249,596 | ) | |||||||||||||
From Shares of Beneficial Interest: | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 2,081,292 | 2,653,304 | 433,960 | 1,264,671 | |||||||||||||||
Class II | 1,466,396 | 2,514,177 | 509,039 | 1,943,900 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 346,599 | - | 2,265,058 | |||||||||||||||
Class II | - | 66,398 | - | 984,538 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (9,003,863 | ) | (14,249,667 | ) | (7,078,114 | ) | (13,225,425 | ) | |||||||||||
Class II | (2,217,567 | ) | (4,776,439 | ) | (3,111,001 | ) | (5,495,036 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (7,673,742 | ) | (13,445,628 | ) | (9,246,116 | ) | (12,262,294 | ) | |||||||||||
Total increase (decrease) in net assets | 9,540,936 | 15,007,018 | (999,740 | ) | 4,010,908 | ||||||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 90,988,329 | 75,981,311 | 137,323,859 | 133,312,951 | |||||||||||||||
End of period | $ | 100,529,265 | $ | 90,988,329 | $ | 136,324,119 | $ | 137,323,859 | |||||||||||
Share Activity: | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 116,361 | 187,301 | 41,763 | 131,144 | |||||||||||||||
Shares reinvested | - | 25,448 | - | 255,074 | |||||||||||||||
Shares redeemed | (515,024 | ) | (1,032,041 | ) | (680,975 | ) | (1,372,535 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (398,663 | ) | (819,292 | ) | (639,212 | ) | (986,317 | ) | |||||||||||
Share Activity: | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 81,408 | 192,197 | 49,298 | 201,789 | |||||||||||||||
Shares reinvested | - | 4,871 | - | 110,996 | |||||||||||||||
Shares redeemed | (126,935 | ) | (345,113 | ) | (300,496 | ) | (570,063 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (45,527 | ) | (148,045 | ) | (251,198 | ) | (257,278 | ) |
See accompanying notes to financial statements.
53
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, 2024 (Unaudited) | For the Year Ended December 31, 2023 | For the Six Months Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | ||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||
From Operations: | |||||||||||||||||||
Net investment income | $ | 13,522 | $ | 391,518 | $ | 1,831,189 | $ | 3,764,771 | |||||||||||
Net realized gain | 28,801,772 | 14,321,888 | 17,137,084 | 11,649,439 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (8,825,494 | ) | 38,181,775 | (489,940 | ) | 13,587,831 | |||||||||||||
Net increase in net assets resulting from operations | 19,989,800 | 52,895,181 | 18,478,333 | 29,002,041 | |||||||||||||||
From Distributions to Shareholders: | |||||||||||||||||||
Class I | - | (288,537 | ) | - | (4,837,506 | ) | |||||||||||||
Class II | - | (20,366 | ) | - | (128,428 | ) | |||||||||||||
Total distributions paid | - | (308,903 | ) | - | (4,965,934 | ) | |||||||||||||
From Shares of Beneficial Interest: | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 27,331 | 873,547 | 630,581 | 2,568,017 | |||||||||||||||
Class II | 259,049 | 1,052,403 | 2,130 | 207,600 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 288,537 | - | 4,837,506 | |||||||||||||||
Class II | - | 20,366 | - | 128,428 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (10,318,554 | ) | (21,234,575 | ) | (16,138,076 | ) | (29,296,208 | ) | |||||||||||
Class II | (7,233,687 | ) | (14,064,816 | ) | (454,825 | ) | (877,498 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (17,265,861 | ) | (33,064,538 | ) | (15,960,190 | ) | (22,432,155 | ) | |||||||||||
Total increase in net assets | 2,723,939 | 19,521,740 | 2,518,143 | 1,603,952 | |||||||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 255,513,807 | 235,992,067 | 225,949,616 | 224,345,664 | |||||||||||||||
End of period | $ | 258,237,746 | $ | 255,513,807 | $ | 228,467,759 | $ | 225,949,616 | |||||||||||
Share Activity: | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 2,161 | 84,460 | 53,924 | 255,457 | |||||||||||||||
Shares reinvested | - | 30,150 | - | 510,285 | |||||||||||||||
Shares redeemed | (839,477 | ) | (2,036,661 | ) | (1,391,318 | ) | (2,839,671 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (837,316 | ) | (1,922,051 | ) | (1,337,394 | ) | (2,073,929 | ) | |||||||||||
Share Activity: | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 20,962 | 101,770 | 185 | 19,961 | |||||||||||||||
Shares reinvested | - | 2,135 | - | 13,505 | |||||||||||||||
Shares redeemed | (592,576 | ) | (1,361,773 | ) | (39,007 | ) | (85,419 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (571,614 | ) | (1,257,868 | ) | (38,822 | ) | (51,953 | ) |
See accompanying notes to financial statements.
54
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, 2024 (Unaudited) | For the Year Ended December 31, 2023 | For the Six Months Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | ||||||||||||||||
Increase/(Decrease) in Net Assets: | |||||||||||||||||||
From Operations: | |||||||||||||||||||
Net investment income | $ | 1,746,978 | $ | 3,364,715 | $ | 1,148,946 | $ | 2,217,496 | |||||||||||
Net realized gain (loss) | 70,821 | (2,097,709 | ) | (679,513 | ) | (1,665,929 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | (249,719 | ) | 4,433,838 | (767,379 | ) | 2,796,223 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,568,080 | 5,700,844 | (297,946 | ) | 3,347,790 | ||||||||||||||
From Distributions to Shareholders: | |||||||||||||||||||
Class I | - | (2,969,701 | ) | - | (1,538,205 | ) | |||||||||||||
Class II | - | (32,439 | ) | - | - | ||||||||||||||
Total distributions paid | - | (3,002,140 | ) | - | (1,538,205 | ) | |||||||||||||
From Shares of Beneficial Interest: | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 220,391 | 2,550,446 | 1,888,156 | 4,941,004 | |||||||||||||||
Class II | 95,436 | 11,463 | - | - | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 2,969,701 | - | 1,538,205 | |||||||||||||||
Class II | - | 32,439 | - | - | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (3,281,063 | ) | (8,508,200 | ) | (3,411,769 | ) | (9,505,017 | ) | |||||||||||
Class II | (15,029 | ) | (134,292 | ) | - | - | |||||||||||||
Net decrease in net assets from share transactions of beneficial interest | (2,980,265 | ) | (3,078,443 | ) | (1,523,613 | ) | (3,025,808 | ) | |||||||||||
Total decrease in net assets | (1,412,185 | ) | (379,739 | ) | (1,821,559 | ) | (1,216,223 | ) | |||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 49,564,799 | 49,944,538 | 59,834,650 | 61,050,873 | |||||||||||||||
End of period | $ | 48,152,614 | $ | 49,564,799 | $ | 58,013,091 | $ | 59,834,650 | |||||||||||
Share Activity: | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 24,329 | 289,660 | 220,013 | 575,273 | |||||||||||||||
Shares reinvested | - | 358,659 | - | 192,035 | |||||||||||||||
Shares redeemed | (360,436 | ) | (961,203 | ) | (397,034 | ) | (1,108,340 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (336,107 | ) | (312,884 | ) | (177,021 | ) | (341,032 | ) | |||||||||||
Share Activity: | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 10,324 | 1,272 | - | - | |||||||||||||||
Shares reinvested | - | 3,908 | - | - | |||||||||||||||
Shares redeemed | (1,651 | ) | (15,237 | ) | - | - | |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 8,673 | (10,057 | ) | - | - |
See accompanying notes to financial statements.
55
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.73 | $ | 9.78 | $ | 13.17 | $ | 12.45 | $ | 11.42 | $ | 9.62 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a,b) | 0.10 | 0.23 | 0.22 | 0.20 | 0.19 | 0.23 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | 0.73 | 1.20 | (2.01 | ) | 1.20 | 1.40 | 1.79 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.83 | 1.43 | (1.79 | ) | 1.40 | 1.59 | 2.02 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.24 | ) | (0.23 | ) | (0.23 | ) | (0.27 | ) | (0.22 | ) | ||||||||||||||||
Net realized gains | - | (0.24 | ) | (1.37 | ) | (0.45 | ) | (0.29 | ) | - | |||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.48 | ) | (1.60 | ) | (0.68 | ) | (0.56 | ) | (0.22 | ) | ||||||||||||||||
Net asset value, end of period | $ | 11.56 | $ | 10.73 | $ | 9.78 | $ | 13.17 | $ | 12.45 | $ | 11.42 | |||||||||||||||
Total return (d) | 7.74 | % | 15.26 | % | (13.42 | )% | 11.33 | % | 14.46 | % | 21.09 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 44,805 | $ | 45,130 | $ | 45,106 | $ | 61,826 | $ | 64,791 | $ | 66,410 | |||||||||||||||
Ratio of net expenses to average net assets (e) | 0.34 | % (f) | 0.34 | % | 0.33 | % | 0.31 | % | 0.31 | % | 0.31 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e,g) | 0.34 | % (f) | 0.34 | % | 0.33 | % | 0.32 | % | 0.33 | % | 0.34 | % | |||||||||||||||
Ratio of net investment income to average net assets (b,e) | 1.77 | % (f) | 2.22 | % | 1.91 | % | 1.52 | % | 1.69 | % | 2.15 | % | |||||||||||||||
Portfolio turnover rate | 46 | % (h) | 73 | % | 62 | % | 73 | % | 85 | % | 61 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) 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) Does not include the expenses of the investment companies in which the Portfolio invests.
(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.
56
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.71 | $ | 9.76 | $ | 13.13 | $ | 12.41 | $ | 11.39 | $ | 9.61 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a,b) | 0.08 | 0.20 | 0.19 | 0.17 | 0.17 | 0.21 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | 0.74 | 1.20 | (2.00 | ) | 1.19 | 1.38 | 1.78 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.82 | 1.40 | (1.81 | ) | 1.36 | 1.55 | 1.99 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.21 | ) | (0.19 | ) | (0.19 | ) | (0.24 | ) | (0.21 | ) | ||||||||||||||||
Net realized gains | - | (0.24 | ) | (1.37 | ) | (0.45 | ) | (0.29 | ) | - | |||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.45 | ) | (1.56 | ) | (0.64 | ) | (0.53 | ) | (0.21 | ) | ||||||||||||||||
Net asset value, end of period | $ | 11.53 | $ | 10.71 | $ | 9.76 | $ | 13.13 | $ | 12.41 | $ | 11.39 | |||||||||||||||
Total return (d) | 7.66 | % | 14.93 | % | (13.58 | )% | 11.04 | % | 14.13 | % | 20.82 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 12,125 | $ | 11,782 | $ | 12,060 | $ | 15,826 | $ | 16,205 | $ | 15,568 | |||||||||||||||
Ratio of net expenses to average net assets (e) | 0.59 | % (f) | 0.59 | % | 0.58 | % | 0.56 | % | 0.56 | % | 0.56 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e,g) | 0.59 | % (f) | 0.59 | % | 0.58 | % | 0.57 | % | 0.58 | % | 0.59 | % | |||||||||||||||
Ratio of net investment income to average net assets (b,e) | 1.53 | % (f) | 1.96 | % | 1.68 | % | 1.28 | % | 1.45 | % | 1.91 | % | |||||||||||||||
Portfolio turnover rate | 46 | % (h) | 73 | % | 62 | % | 73 | % | 85 | % | 61 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) 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) Does not include the expenses of the investment companies in which the Portfolio invests.
(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.
57
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.56 | $ | 10.86 | $ | 17.10 | $ | 13.98 | $ | 12.39 | $ | 9.74 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.06 | 0.13 | 0.16 | 0.13 | 0.15 | 0.17 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | 2.26 | 2.71 | (3.35 | ) | 3.84 | 2.19 | 2.66 | ||||||||||||||||||||
Total income (loss) from investment operations | 2.32 | 2.84 | (3.19 | ) | 3.97 | 2.34 | 2.83 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.14 | ) | (0.16 | ) | (0.15 | ) | (0.20 | ) | (0.18 | ) | ||||||||||||||||
Net realized gains | - | - | (2.89 | ) | (0.70 | ) | (0.55 | ) | - | ||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.14 | ) | (3.05 | ) | (0.85 | ) | (0.75 | ) | (0.18 | ) | ||||||||||||||||
Net asset value, end of period | $ | 15.88 | $ | 13.56 | $ | 10.86 | $ | 17.10 | $ | 13.98 | $ | 12.39 | |||||||||||||||
Total return (c) | 17.11 | % | 26.36 | % | (18.89 | )% | 28.67 | % | 19.69 | % | 29.21 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 599,136 | $ | 550,048 | $ | 487,420 | $ | 674,859 | $ | 575,095 | $ | 547,724 | |||||||||||||||
Ratio of net expenses to average net assets | 0.51 | % (d) | 0.51 | % | 0.50 | % | 0.49 | % | 0.48 | % | 0.48 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.51 | % (d) | 0.52 | % | 0.50 | % | 0.49 | % | 0.50 | % | 0.50 | % | |||||||||||||||
Ratio of net investment income to average net assets | 0.86 | % (d) | 1.06 | % | 1.12 | % | 0.79 | % | 1.23 | % | 1.53 | % | |||||||||||||||
Portfolio turnover rate | 53 | % (f) | 111 | % | 106 | % | 109 | % (g) | 122 | % | 130 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
(g) 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.
58
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.55 | $ | 10.84 | $ | 17.07 | $ | 13.96 | $ | 12.37 | $ | 9.72 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.04 | 0.10 | 0.12 | 0.09 | 0.12 | 0.14 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | 2.25 | 2.72 | (3.34 | ) | 3.83 | 2.18 | 2.66 | ||||||||||||||||||||
Total income (loss) from investment operations | 2.29 | 2.82 | (3.22 | ) | 3.92 | 2.30 | 2.80 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.11 | ) | (0.12 | ) | (0.11 | ) | (0.16 | ) | (0.15 | ) | ||||||||||||||||
Net realized gains | - | - | (2.89 | ) | (0.70 | ) | (0.55 | ) | - | ||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.11 | ) | (3.01 | ) | (0.81 | ) | (0.71 | ) | (0.15 | ) | ||||||||||||||||
Net asset value, end of period | $ | 15.84 | $ | 13.55 | $ | 10.84 | $ | 17.07 | $ | 13.96 | $ | 12.37 | |||||||||||||||
Total return (c) | 16.90 | % | 26.17 | % | (19.12 | )% | 28.35 | % | 19.42 | % | 28.94 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 35,624 | $ | 33,749 | $ | 29,662 | $ | 42,672 | $ | 36,731 | $ | 35,116 | |||||||||||||||
Ratio of net expenses to average net assets | 0.76 | % (d) | 0.76 | % | 0.75 | % | 0.74 | % | 0.73 | % | 0.73 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.76 | % (d) | 0.77 | % | 0.75 | % | 0.74 | % | 0.75 | % | 0.75 | % | |||||||||||||||
Ratio of net investment income to average net assets | 0.61 | % (d) | 0.81 | % | 0.87 | % | 0.54 | % | 0.98 | % | 1.28 | % | |||||||||||||||
Portfolio turnover rate | 53 | % (f) | 111 | % | 106 | % | 109 | % (g) | 122 | % | 130 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
(g) 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.
59
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Period Ended December 31, 2021 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 16.10 | $ | 11.48 | $ | 20.21 | $ | 18.80 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.03 | 0.07 | 0.07 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) (c) | 3.19 | 4.63 | (5.96 | ) | 1.67 | ||||||||||||||
Total income (loss) from investment operations | 3.22 | 4.70 | (5.89 | ) | 1.70 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.08 | ) | (0.07 | ) | - | |||||||||||||
Net realized gains | - | - | (2.77 | ) | (0.29 | ) | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.08 | ) | (2.84 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of period | $ | 19.32 | $ | 16.10 | $ | 11.48 | $ | 20.21 | |||||||||||
Total return (d) | 20.00 | % | 41.07 | % | (29.76 | )% | 9.12 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 73,688 | $ | 67,851 | $ | 57,785 | $ | 97,770 | |||||||||||
Ratio of net expenses to average net assets | 0.50 | % (e) | 0.50 | % | 0.48 | % | 0.48 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.50 | % (e) | 0.50 | % | 0.49 | % | 0.48 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.37 | % (e) | 0.48 | % | 0.46 | % | 0.36 | % (e) | |||||||||||
Portfolio turnover rate | 94 | % (g) | 130 | % | 120 | % | 130 | % (g,h) |
(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017. Class I commenced operations on August 20, 2021 as a result of a reorganization.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(e) Annualized.
(f) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(g) Not annualized.
(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.
See accompanying notes to financial statements.
60
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.10 | $ | 11.48 | $ | 20.19 | $ | 16.10 | $ | 12.66 | $ | 9.85 |
Income from investment operations:
Net investment income (loss) (a) | 0.01 | 0.03 | 0.03 | (0.00 | ) (b) | 0.03 | 0.07 | ||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | 3.18 | 4.64 | (5.95 | ) | 4.38 | 4.26 | 3.18 | ||||||||||||||||||||
Total income (loss) from investment operations | 3.19 | 4.67 | (5.92 | ) | 4.38 | 4.29 | 3.25 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.05 | ) | (0.02 | ) | - | (0.06 | ) | (0.06 | ) | |||||||||||||||||
Net realized gains | - | - | (2.77 | ) | (0.29 | ) | (0.79 | ) | (0.38 | ) | |||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.05 | ) | (2.79 | ) | (0.29 | ) | (0.85 | ) | (0.44 | ) | ||||||||||||||||
Net asset value, end of period | $ | 19.29 | $ | 16.10 | $ | 11.48 | $ | 20.19 | $ | 16.10 | $ | 12.66 | |||||||||||||||
Total return (d) | 19.81 | % | 40.71 | % | (29.90 | )% | 27.29 | % | 34.68 | % | 33.38 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 26,841 | $ | 23,137 | $ | 18,196 | $ | 27,579 | $ | 20,175 | $ | 18,077 | |||||||||||||||
Ratio of net expenses to average net assets | 0.75 | % (e) | 0.75 | % | 0.73 | % | 0.77 | % | 0.79 | % | 0.79 | % | |||||||||||||||
Ratio of gross expenses to average net assets (f) | 0.75 | % (e) | 0.75 | % | 0.74 | % | 0.80 | % | 0.87 | % | 0.85 | % | |||||||||||||||
Ratio of net investment income to average net assets | 0.12 | % (e) | 0.22 | % | 0.21 | % | (0.00 | )% (b) | 0.21 | % | 0.58 | % | |||||||||||||||
Portfolio turnover rate | 94 | % (g) | 130 | % | 120 | % | 130 | % (h) | 133 | % | 144 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Less than $0.005 or 0.005% per share.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns 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.
61
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.10 | $ | 8.98 | $ | 11.55 | $ | 10.78 | $ | 9.98 | $ | 8.50 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a,b) | 0.13 | 0.17 | 0.27 | 0.22 | 0.14 | 0.25 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | 0.50 | 1.20 | (2.11 | ) | 0.73 | 0.85 | 1.48 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.63 | 1.37 | (1.84 | ) | 0.95 | 0.99 | 1.73 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.25 | ) | (0.32 | ) | (0.18 | ) | (0.19 | ) | (0.25 | ) | ||||||||||||||||
Net realized gains | - | - | (0.41 | ) | - | - | - | ||||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.25 | ) | (0.73 | ) | (0.18 | ) | (0.19 | ) | (0.25 | ) | ||||||||||||||||
Net asset value, end of period | $ | 10.73 | $ | 10.10 | $ | 8.98 | $ | 11.55 | $ | 10.78 | $ | 9.98 | |||||||||||||||
Total return (d) | 6.55 | % | 15.63 | % | (15.24 | )% | 8.77 | % | 10.32 | % | 20.50 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 91,651 | $ | 92,699 | $ | 91,317 | $ | 120,258 | $ | 106,216 | $ | 105,876 | |||||||||||||||
Ratio of net expenses to average net assets (e) | 0.79 | % (f) | 0.77 | % | 0.73 | % | 0.72 | % | 0.69 | % | 0.69 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.83 | % (f) | 0.81 | % | 0.81 | % | 0.82 | % | 0.84 | % | 0.72 | % | |||||||||||||||
Ratio of net investment income to average net assets (b,e) | 2.55 | % (f) | 1.72 | % | 2.69 | % | 1.87 | % | 1.55 | % | 2.61 | % | |||||||||||||||
Portfolio turnover rate | 23 | % (g) | 50 | % | 59 | % | 117 | % (h) | 161 | % | 86 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) 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) Does not include the expenses of the investment companies in which the Portfolio invests.
(f) Annualized.
(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 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.
62
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.09 | $ | 8.97 | $ | 11.53 | $ | 10.77 | $ | 9.97 | $ | 8.49 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a,b) | 0.12 | 0.14 | 0.24 | 0.19 | 0.12 | 0.22 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | 0.50 | 1.20 | (2.09 | ) | 0.72 | 0.85 | 1.48 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.62 | 1.34 | (1.85 | ) | 0.91 | 0.97 | 1.70 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.22 | ) | (0.30 | ) | (0.15 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||||||
Net realized gains | - | - | (0.41 | ) | - | - | - | ||||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.22 | ) | (0.71 | ) | (0.15 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||||||
Net asset value, end of period | $ | 10.71 | $ | 10.09 | $ | 8.97 | $ | 11.53 | $ | 10.77 | $ | 9.97 | |||||||||||||||
Total return (d) | 6.46 | % | 15.34 | % | (15.45 | )% | 8.47 | % | 10.05 | % | 20.22 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 44,673 | $ | 44,624 | $ | 41,996 | $ | 54,227 | $ | 42,341 | $ | 42,714 | |||||||||||||||
Ratio of net expenses to average net assets (e) | 1.04 | % (f) | 1.02 | % | 0.98 | % | 0.97 | % | 0.94 | % | 0.94 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 1.08 | % (f) | 1.06 | % | 1.06 | % | 1.07 | % | 1.09 | % | 0.97 | % | |||||||||||||||
Ratio of net investment income to average net assets (b,e) | 2.31 | % (f) | 1.48 | % | 2.45 | % | 1.63 | % | 1.30 | % | 2.36 | % | |||||||||||||||
Portfolio turnover rate | 23 | % (g) | 50 | % | 59 | % | 117 | % (h) | 161 | % | 86 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) 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) Does not include the expenses of the investment companies in which the Portfolio invests.
(f) Annualized.
(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 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.
63
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.73 | $ | 9.45 | $ | 17.68 | $ | 16.49 | $ | 13.06 | $ | 9.91 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (loss) (a) | 0.01 | 0.03 | 0.03 | (0.02 | ) | 0.01 | 0.05 | ||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | 0.94 | 2.27 | (4.69 | ) | 2.41 | 4.58 | 3.18 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.95 | 2.30 | (4.66 | ) | 2.39 | 4.59 | 3.23 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.02 | ) | (0.04 | ) | (0.00 | ) (c) | (0.04 | ) | (0.03 | ) | ||||||||||||||||
Net realized gains | - | - | (3.53 | ) | (1.20 | ) | (1.12 | ) | (0.05 | ) | |||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.02 | ) | (3.57 | ) | (1.20 | ) | (1.16 | ) | (0.08 | ) | ||||||||||||||||
Net asset value, end of period | $ | 12.68 | $ | 11.73 | $ | 9.45 | $ | 17.68 | $ | 16.49 | $ | 13.06 | |||||||||||||||
Total return (d) | 8.10 | % | 24.42 | % | (26.44 | )% | 14.29 | % | 36.52 | % | 32.68 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 148,662 | $ | 147,344 | $ | 136,926 | $ | 212,083 | $ | 162,580 | $ | 141,289 | |||||||||||||||
Ratio of net expenses to average net assets | 0.67 | % (e) | 0.67 | % | 0.65 | % | 0.64 | % | 0.63 | % | 0.63 | % | |||||||||||||||
Ratio of gross expenses to average net assets (f) | 0.67 | % (e) | 0.66 | % | 0.66 | % | 0.65 | % | 0.67 | % | 0.66 | % | |||||||||||||||
Ratio of net investment income (loss) to average net assets | 0.12 | % (e) | 0.27 | % | 0.23 | % | (0.11 | )% | 0.09 | % | 0.44 | % | |||||||||||||||
Portfolio turnover rate | 73 | % (g) | 122 | % | 110 | % | 179 | % (h) | 139 | % | 148 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Less than $0.005 or 0.005% per share.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns 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 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.
64
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.68 | $ | 9.42 | $ | 17.62 | $ | 16.48 | $ | 13.06 | $ | 9.90 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (loss) (a) | (0.01 | ) | 0.00 | (b) | (0.00 | ) (b) | (0.06 | ) | (0.02 | ) | 0.02 | ||||||||||||||||
Net realized and unrealized gain (loss) (c) | 0.94 | 2.26 | (4.67 | ) | 2.40 | 4.56 | 3.19 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.93 | 2.26 | (4.67 | ) | 2.34 | 4.54 | 3.21 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.00 | ) (b) | - | - | (0.00 | ) (b) | (0.00 | ) (b) | ||||||||||||||||||
Net realized gains | - | - | (3.53 | ) | (1.20 | ) | (1.12 | ) | (0.05 | ) | |||||||||||||||||
Total distributions from net investment income and net realized gains | - | 0.00 | (b) | (3.53 | ) | (1.20 | ) | (1.12 | ) | (0.05 | ) | ||||||||||||||||
Net asset value, end of period | $ | 12.61 | $ | 11.68 | $ | 9.42 | $ | 17.62 | $ | 16.48 | $ | 13.06 | |||||||||||||||
Total return (d) | 7.96 | % | 24.02 | % | (26.58 | )% | 13.96 | % | 36.13 | % | 32.48 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 109,576 | $ | 108,170 | $ | 99,066 | $ | 148,539 | $ | 59,930 | $ | 50,446 | |||||||||||||||
Ratio of net expenses to average net assets | 0.92 | % (e) | 0.92 | % | 0.90 | % | 0.89 | % | 0.88 | % | 0.88 | % | |||||||||||||||
Ratio of gross expenses to average net assets (f) | 0.92 | % (e) | 0.91 | % | 0.91 | % | 0.90 | % | 0.92 | % | 0.91 | % | |||||||||||||||
Ratio of net investment income (loss) to average net assets | (0.13 | )% (e) | 0.02 | % | (0.02 | )% | (0.35 | )% | (0.12 | )% | 0.19 | % | |||||||||||||||
Portfolio turnover rate | 73 | % (g) | 122 | % | 110 | % | 179 | % (h) | 139 | % | 148 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Less than $0.005 or 0.005% per share.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns 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 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.
65
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.00 | $ | 9.90 | $ | 13.98 | $ | 11.19 | $ | 11.51 | $ | 9.39 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.09 | 0.18 | 0.20 | 0.16 | 0.19 | 0.23 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | 0.84 | 1.16 | (1.42 | ) | 2.81 | 0.17 | 2.13 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.93 | 1.34 | (1.22 | ) | 2.97 | 0.36 | 2.36 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.18 | ) | (0.22 | ) | (0.18 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||||
Net realized gains | - | (0.06 | ) | (2.64 | ) | - | (0.44 | ) | - | ||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.24 | ) | (2.86 | ) | (0.18 | ) | (0.68 | ) | (0.24 | ) | ||||||||||||||||
Net asset value, end of period | $ | 11.93 | $ | 11.00 | $ | 9.90 | $ | 13.98 | $ | 11.19 | $ | 11.51 | |||||||||||||||
Total return (c) | 8.45 | % | 13.95 | % | (8.37 | )% | 26.58 | % | 4.14 | % | 25.28 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 221,791 | $ | 219,354 | $ | 217,898 | $ | 271,801 | $ | 244,853 | $ | 266,399 | |||||||||||||||
Ratio of net expenses to average net assets | 0.58 | % (d) | 0.57 | % | 0.56 | % | 0.55 | % | 0.54 | % | 0.54 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.58 | % (d) | 0.58 | % | 0.57 | % | 0.55 | % | 0.57 | % | 0.56 | % | |||||||||||||||
Ratio of net investment income to average net assets | 1.61 | % (d) | 1.71 | % | 1.65 | % | 1.27 | % | 1.87 | % | 2.11 | % | |||||||||||||||
Portfolio turnover rate | 57 | % (f) | 116 | % | 116 | % | 120 | % | 125 | % | 132 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
See accompanying notes to financial statements.
66
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.03 | $ | 9.92 | $ | 14.00 | $ | 11.21 | $ | 11.52 | $ | 9.40 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.08 | 0.15 | 0.17 | 0.13 | 0.17 | 0.20 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | 0.82 | 1.18 | (1.42 | ) | 2.81 | 0.18 | 2.13 | ||||||||||||||||||||
Total income (loss) from investment operations | 0.90 | 1.33 | (1.25 | ) | 2.94 | 0.35 | 2.33 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.16 | ) | (0.19 | ) | (0.15 | ) | (0.22 | ) | (0.21 | ) | ||||||||||||||||
Net realized gains | - | (0.06 | ) | (2.64 | ) | - | (0.44 | ) | - | ||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.22 | ) | (2.83 | ) | (0.15 | ) | (0.66 | ) | (0.21 | ) | ||||||||||||||||
Net asset value, end of period | $ | 11.93 | $ | 11.03 | $ | 9.92 | $ | 14.00 | $ | 11.21 | $ | 11.52 | |||||||||||||||
Total return (c) | 8.25 | % | 13.71 | % | (8.62 | )% | 26.23 | % | 3.94 | % | 24.92 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 6,676 | $ | 6,596 | $ | 6,448 | $ | 7,978 | $ | 7,106 | $ | 7,370 | |||||||||||||||
Ratio of net expenses to average net assets | 0.83 | % (d) | 0.82 | % | 0.81 | % | 0.80 | % | 0.79 | % | 0.79 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.83 | % (d) | 0.83 | % | 0.82 | % | 0.80 | % | 0.82 | % | 0.81 | % | |||||||||||||||
Ratio of net investment income to average net assets | 1.36 | % (d) | 1.46 | % | 1.40 | % | 1.02 | % | 1.62 | % | 1.86 | % | |||||||||||||||
Portfolio turnover rate | 57 | % (f) | 116 | % | 116 | % | 120 | % | 125 | % | 132 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
See accompanying notes to financial statements.
67
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.00 | $ | 8.57 | $ | 10.06 | $ | 10.17 | $ | 10.21 | $ | 9.43 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.33 | 0.61 | 0.50 | 0.46 | 0.49 | 0.52 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | (0.03 | ) | 0.40 | (1.48 | ) | (0.06 | ) | 0.07 | 0.89 | ||||||||||||||||||
Total income (loss) from investment operations | 0.30 | 1.01 | (0.98 | ) | 0.40 | 0.56 | 1.41 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.58 | ) | (0.51 | ) | (0.51 | ) | (0.60 | ) | (0.63 | ) | ||||||||||||||||
Net asset value, end of period | $ | 9.30 | $ | 9.00 | $ | 8.57 | $ | 10.06 | $ | 10.17 | $ | 10.21 | |||||||||||||||
Total return (c) | 3.33 | % | 12.37 | % | (9.64 | )% | 4.00 | % | 5.79 | % | 15.06 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 47,525 | $ | 49,035 | $ | 49,354 | $ | 64,219 | $ | 66,191 | $ | 70,727 | |||||||||||||||
Ratio of net expenses to average net assets | 0.63 | % (d) | 0.62 | % | 0.61 | % | 0.60 | % | 0.59 | % | 0.59 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.63 | % (d) | 0.63 | % | 0.62 | % | 0.61 | % | 0.62 | % | 0.62 | % | |||||||||||||||
Ratio of net investment income to average net assets | 7.24 | % (d) | 6.88 | % | 5.41 | % | 4.51 | % | 4.93 | % | 5.11 | % | |||||||||||||||
Portfolio turnover rate | 41 | % (f) | 89 | % | 86 | % | 62 | % | 52 | % | 45 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
See accompanying notes to financial statements.
68
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.02 | $ | 8.58 | $ | 10.06 | $ | 10.16 | $ | 10.19 | $ | 9.41 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a) | 0.32 | 0.59 | 0.47 | 0.44 | 0.46 | 0.50 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (b) | (0.04 | ) | 0.40 | (1.47 | ) | (0.06 | ) | 0.08 | 0.87 | ||||||||||||||||||
Total income (loss) from investment operations | 0.28 | 0.99 | (1.00 | ) | 0.38 | 0.54 | 1.37 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.55 | ) | (0.48 | ) | (0.48 | ) | (0.57 | ) | (0.59 | ) | ||||||||||||||||
Net asset value, end of period | $ | 9.30 | $ | 9.02 | $ | 8.58 | $ | 10.06 | $ | 10.16 | $ | 10.19 | |||||||||||||||
Total return (c) | 3.10 | % | 12.11 | % | (9.84 | )% | 3.74 | % | 5.57 | % | 14.70 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 627 | $ | 530 | $ | 590 | $ | 793 | $ | 799 | $ | 900 | |||||||||||||||
Ratio of net expenses to average net assets | 0.89 | % (d) | 0.87 | % | 0.86 | % | 0.85 | % | 0.84 | % | 0.84 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e) | 0.89 | % (d) | 0.88 | % | 0.87 | % | 0.86 | % | 0.87 | % | 0.87 | % | |||||||||||||||
Ratio of net investment income to average net assets | 7.00 | % (d) | 6.63 | % | 5.16 | % | 4.26 | % | 4.68 | % | 4.86 | % | |||||||||||||||
Portfolio turnover rate | 41 | % (f) | 89 | % | 86 | % | 62 | % | 52 | % | 45 | % |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(c) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) Annualized.
(e) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(f) Not annualized.
See accompanying notes to financial statements.
69
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, 2024 (unaudited) | For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.71 | $ | 8.47 | $ | 10.07 | $ | 11.07 | $ | 10.60 | $ | 9.92 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (a,b) | 0.17 | 0.32 | 0.23 | 0.20 | 0.24 | 0.27 | |||||||||||||||||||||
Net realized and unrealized gain (loss) (c) | (0.21 | ) | 0.15 | (1.63 | ) | (0.42 | ) | 0.76 | 0.67 | ||||||||||||||||||
Total income (loss) from investment operations | (0.04 | ) | 0.47 | (1.40 | ) | (0.22 | ) | 1.00 | 0.94 | ||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | - | (0.23 | ) | (0.19 | ) | (0.28 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||||||
Net realized gains | - | - | (0.01 | ) | (0.50 | ) | (0.26 | ) | - | ||||||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.23 | ) | (0.20 | ) | (0.78 | ) | (0.53 | ) | (0.26 | ) | ||||||||||||||||
Net asset value, end of period | $ | 8.67 | $ | 8.71 | $ | 8.47 | $ | 10.07 | $ | 11.07 | $ | 10.60 | |||||||||||||||
Total return (d) | (0.46 | )% | 5.73 | % | (13.84 | )% | (1.98 | )% | 9.49 | % | 9.49 | % | |||||||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (in 000's) | $ | 58,013 | $ | 59,835 | $ | 61,051 | $ | 80,361 | $ | 91,542 | $ | 90,506 | |||||||||||||||
Ratio of net expenses to average net assets (e) | 0.49 | % (f) | 0.47 | % | 0.45 | % | 0.43 | % | 0.43 | % | 0.43 | % | |||||||||||||||
Ratio of gross expenses to average net assets (e,g) | 0.49 | % (f) | 0.48 | % | 0.47 | % | 0.45 | % | 0.47 | % | 0.46 | % | |||||||||||||||
Ratio of net investment income to average net assets (b,e) | 3.96 | % (f) | 3.72 | % | 2.55 | % | 1.83 | % | 2.18 | % | 2.61 | % | |||||||||||||||
Portfolio turnover rate | 39 | % (h,i) | 70 | % (i) | 77 | % (i) | 85 | % (i) | 151 | % (i) | 150 | % (i) |
(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.
(d) 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) Does not include the expenses of the investment companies in which the Portfolio invests.
(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) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2024 and years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019. If these were included in the calculation, the portfolio turnover would be 138%, 369%, 549%, 474%, 701% and 689%, respectively. See Note 3 in the accompanying notes to financial statements.
See accompanying notes to financial statements.
70
1. ORGANIZATION
As of June 30, 2024, 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. The Global Atlantic BlackRock Allocation Portfolio operates as a "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, 2024, each Portfolio 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 variable insurance trusts) 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".
71
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
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. Forward currency contracts are valued at the forward currency contract rates, determined at 11:00 am Eastern Time or the nearest time prior to the close of the New York Stock Exchange. Exchange listed swaps are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Other swaps are valued by a pricing service provider covering the specific type of swap.
Valuation of Investment Companies – The Portfolios may invest in one or more portfolios of open-end investment companies (the "Underlying Fund" or "Underlying Funds"). Each Underlying Fund is valued at its respective net asset value as reported by such investment company (except exchange-traded funds ("ETFs")). ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Each Underlying Fund values securities in its portfolio for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods approved by each Underlying Fund's board(s) of trustees.
Illiquid Investments – Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees ("Board") has approved the designation of the Adviser to administer the Trust's liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). These investments will be valued at their fair value, as outlined below.
Valuation Designee and Valuation Process – Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Global Atlantic Investment Advisors, LLC (the "Adviser"), investment adviser to the Portfolios, as the Portfolios' Valuation Designee (the "Designee") with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. Such investments will be valued at their fair market value as determined using the valuation procedures established by the Designee and approved by the Board. The Adviser carries out its designated activities through the Adviser's Fair Value Committee.
In accordance with the valuation procedures, fair value determinations are required for, among others, the following securities: (i) securities for which market quotations are not readily available on a particular business day (including without limitation securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the opinion of the Adviser or relevant Sub-Adviser, the prices or values available do not represent the fair value of the instrument (factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: the availability of only a bid price or an ask price; the spread between bid and ask prices; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets or regulators, such as the suspension or limitation of trading); (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") subsequent to the determination of the closing price reported on the principal exchange on which the securities are traded, but prior to the relevant Portfolio's calculation of its net asset value ("NAV"); and (v) mutual funds that do not provide timely NAV information. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser or Sub-Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
the circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the Designee shall determine the fair value of restricted or illiquid securities using certain factors, such as, but not limited to: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security's embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.
Each Portfolio utilizes various methods to measure the fair value of all of its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolio has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolio's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2024 for each Portfolio's investments measured at fair value:
Global Atlantic BlackRock Allocation Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Exchange Traded Funds | $ | 56,333,906 | $ | - | $ | - | $ | 56,333,906 | |||||||||||
Short-Term Investments | 534,282 | - | - | 534,282 | |||||||||||||||
Total | $ | 56,868,188 | $ | - | $ | - | $ | 56,868,188 |
Global Atlantic BlackRock Disciplined Core Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 625,243,019 | $ | - | $ | - | $ | 625,243,019 | |||||||||||
Short-Term Investments | 8,991,641 | - | - | 8,991,641 | |||||||||||||||
Futures Contracts* | 22,554 | - | - | 22,554 | |||||||||||||||
Total | $ | 634,257,214 | $ | - | $ | - | $ | 634,257,214 |
73
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
Global Atlantic BlackRock Disciplined Growth Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 98,617,820 | $ | - | $ | - | $ | 98,617,820 | |||||||||||
Short-Term Investments | 2,075,480 | - | - | 2,075,480 | |||||||||||||||
Total | $ | 100,693,300 | $ | - | $ | - | $ | 100,693,300 | |||||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Futures Contracts* | $ | 23,806 | $ | - | $ | - | $ | 23,806 | |||||||||||
Total | $ | 23,806 | $ | - | $ | - | $ | 23,806 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 116,195,133 | $ | 6,357 | $ | - | $ | 116,201,490 | |||||||||||
Exchange Traded Funds | 8,508,590 | - | - | 8,508,590 | |||||||||||||||
Preferred Stocks | 1,014,168 | - | - | 1,014,168 | |||||||||||||||
Rights | 707 | - | - | 707 | |||||||||||||||
Short-Term Investments | 8,764,870 | - | - | 8,764,870 | |||||||||||||||
Futures Contracts* | 73,007 | - | - | 73,007 | |||||||||||||||
Total | $ | 134,556,475 | $ | 6,357 | $ | - | $ | 134,562,832 |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 254,298,177 | $ | 26 | $ | - | $ | 254,298,203 | |||||||||||
Rights | - | 1974 | - | 1,974 | |||||||||||||||
Short-Term Investments | 3,673,739 | - | - | 3,673,739 | |||||||||||||||
Futures Contracts* | 9,724 | - | - | 9,724 | |||||||||||||||
Total | $ | 257,981,640 | $ | 2,000 | $ | - | $ | 257,983,640 |
Global Atlantic BlackRock Disciplined Value Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 225,318,304 | $ | - | $ | - | $ | 225,318,304 | |||||||||||
Short-Term Investments | 2,968,353 | - | - | 2,968,353 | |||||||||||||||
Futures Contracts* | 4,582 | - | - | 4,582 | |||||||||||||||
Total | $ | 228,291,239 | $ | - | $ | - | $ | 228,291,239 |
Global Atlantic BlackRock High Yield Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Corporate Bonds & Notes | $ | - | $ | 47,374,280 | $ | - | $ | 47,374,280 | |||||||||||
Short-Term Investments | 192,527 | - | - | 192,527 | |||||||||||||||
Futures Contracts* | 22,744 | - | - | 22,744 | |||||||||||||||
Total | $ | 215,271 | $ | 47,374,280 | $ | - | $ | 47,589,551 | |||||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Futures Contracts* | $ | 609 | $ | - | $ | - | $ | 609 | |||||||||||
Total | $ | 609 | $ | - | $ | - | $ | 609 |
74
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Corporate Bonds & Notes | $ | - | $ | 24,019,128 | $ | - | $ | 24,019,128 | |||||||||||
Agency Mortgage Backed Securities | - | 16,579,385 | - | 16,579,385 | |||||||||||||||
Asset Backed and Commercial Backed Securities | - | 13,688,334 | - | 13,688,334 | |||||||||||||||
U.S. Treasury Securities | - | 1,100,230 | - | 1,100,230 | |||||||||||||||
Short-Term Investments | 96,062 | - | - | 96,062 | |||||||||||||||
Sovereign Debts | - | 621,344 | - | 621,344 | |||||||||||||||
Municipal Bonds | - | 522,020 | - | 522,020 | |||||||||||||||
Futures Contracts* | 98,966 | - | - | 98,966 | |||||||||||||||
Swap Contracts* | - | 103,832 | - | 103,832 | |||||||||||||||
Swaptions Purchased* | - | 1,084 | - | 1,084 | |||||||||||||||
Forward Foreign Exchange Contracts* | - | 304 | - | 304 | |||||||||||||||
Total | $ | 195,028 | $ | 56,635,661 | $ | - | $ | 56,830,689 | |||||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Futures Contracts* | $ | 967 | $ | - | $ | - | $ | 967 | |||||||||||
Swap Contracts* | - | 99,938 | - | 99,938 | |||||||||||||||
Swaptions Written* | - | 137 | - | 137 | |||||||||||||||
Forward Foreign Exchange Contracts* | - | 132 | - | 132 | |||||||||||||||
Total | $ | 967 | $ | 100,207 | $ | - | $ | 101,174 |
* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
The Portfolios did not hold any Level 3 securities during the six-month period ended June 30, 2024.
Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount calculated using constant yield to maturity or effective yield. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and Distributions to Shareholders – Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on ex- date and are determined in accordance with Federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.
Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios may maintain deposits with a financial institution which could be an amount that is in excess of federally insured limits. The Portfolios have not experienced any losses on their accounts.
Federal Income Tax – It is each Portfolio's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no Federal income tax provision is required.
Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2021 and 2022 tax returns, or is expected to be taken in each Portfolio's 2023 tax return. Each Portfolio identified
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
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, 2024, 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 | $ | (2,569 | ) | $ | 2,740 |
Options Transactions – Certain Portfolios are subject to equity price risk, interest rate risk and foreign currency risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk. A Portfolio may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or securities indices, including ETFs, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A call option for a particular security gives the purchaser of the option, in return for a premium, the right, but not the obligation, to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option for American options or only at expiration for European options, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right, but not the obligation, to sell the security at the stated exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.
Securities index options are put options and call options on various securities indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the securities index and the exercise price of the option expressed in dollars times a specified multiple. A securities index fluctuates with changes in the market value of the securities included in the index.
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, but not the obligation, to buy in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.
Futures Contracts – The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may sell futures contracts to hedge against market risk, foreign currency exchange rate risks, and to reduce return volatility. Futures are standardized, exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Portfolios may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Portfolios' volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Portfolio's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio's basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
For the six-months ended June 30, 2024, 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 | $ | 1,225,621 | $ | (186,249 | ) | |||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | 256,542 | (50,730 | ) | |||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | 1,002,350 | (146,626 | ) | |||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | 471,793 | (20,676 | ) | |||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | Equity | 495,218 | (88,843 | ) | |||||||||||
Global Atlantic BlackRock High Yield Portfolio | Interest Rate | (32,330 | ) | (6,692 | ) | ||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | (223,844 | ) | (315,794 | ) | ||||||||||
Currency | 19,429 | 12,836 |
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.
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
Certain Portfolios may enter into credit default swaps ("CDS"). CDS are two-party contracts that transfer credit exposure between the parties. One party (the "buyer") receives credit protection and the other party (the "seller") takes on credit risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller's commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.
The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Portfolio amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Portfolio's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.
Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.
The Portfolios use cash and certain securities as collateral to swap agreements as indicated on the Portfolio of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Portfolios. If the counterparty defaults, a Portfolio may seek return of this collateral and incur certain costs exercising their rights to the collateral.
For the six-months ended June 30, 2024, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:
Risk Type | Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $ | (53,792 | ) | $ | (29,241 | ) | ||||||||
Credit | 20,409 | 2,392 |
Swaption Transactions – Certain Portfolios may enter into swaption transactions. A swaption, also known as a swap option, refers to an option to enter into an interest rate swap or some other type of swap. In exchange for an options premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date.
For the six-months ended June 30, 2024, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swaptions, as disclosed in the Statements of Operations, is as follows:
Risk Type | Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $ | - | $ | 947 |
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
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, 2024.
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. | $ | 22,554 | $ | - | $ | 22,554 | $ | - | $ | 22,554 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 22,554 | $ | - | $ | 22,554 | $ | - | $ | 22,554 | $ | - | $ | - | $ | - | $ | - | $ | - |
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. | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 23,806 | $ | - | $ | 23,806 | $ | (23,806 | ) | $ | - | ||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 23,806 | $ | - | $ | 23,806 | $ | (23,806 | ) | $ | - |
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. | $ | 73,007 | $ | - | $ | 73,007 | $ | - | $ | 73,007 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 73,007 | $ | - | $ | 73,007 | $ | - | $ | 73,007 | $ | - | $ | - | $ | - | $ | - | $ | - |
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. | $ | 9,724 | $ | - | $ | 9,724 | $ | - | $ | 9,724 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 9,724 | $ | - | $ | 9,724 | $ | - | $ | 9,724 | $ | - | $ | - | $ | - | $ | - | $ | - |
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
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. | $ | 4,582 | $ | - | $ | 4,582 | $ | - | $ | 4,582 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 4,582 | $ | - | $ | 4,582 | $ | - | $ | 4,582 | $ | - | $ | - | $ | - | $ | - | $ | - |
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 | ||||||||||||||||||||||||||||||||||
J.P. Morgan Securities | $ | 22,744 | $ | (609 | ) | $ | 22,135 | $ | - | $ | 22,135 | $ | 609 | $ | (609 | ) | $ | - | $ | - | $ | - | |||||||||||||||||||||
Total | $ | 22,744 | $ | (609 | ) | $ | 22,135 | $ | - | $ | 22,135 | $ | 609 | $ | (609 | ) | $ | - | $ | - | $ | - |
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 | ||||||||||||||||||||||||||||||||||
Bank of America | $ | 1,083 | $ | (137 | ) | $ | 946 | $ | - | $ | 946 | $ | 137 | $ | (137 | ) | $ | - | $ | - | $ | - | |||||||||||||||||||||
Morgan Stanley | 203,102 | (101,037 | ) | 102,065 | - | 102,065 | 101,037 | (101,037 | ) | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 204,185 | $ | (101,174 | ) | $ | 103,011 | $ | - | $ | 103,011 | $ | 101,174 | $ | (101,174 | ) | $ | - | $ | - | $ | - |
(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, 2024:
Global Atlantic BlackRock Disciplined Core Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | 22,554 | $ | - | $ | - | $ | - | $ | 22,554 | |||||||||||||
Total | $ | 22,554 | $ | - | $ | - | $ | - | $ | 22,554 |
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
Global Atlantic BlackRock Disciplined Growth Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Unrealized depreciation on Futures Contracts | $ | (23,806 | ) | $ | - | $ | - | $ | - | $ | (23,806 | ) | |||||||||||
Total | $ | (23,806 | ) | $ | - | $ | - | $ | - | $ | (23,806 | ) |
Global Atlantic BlackRock Disciplined International Core Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | 73,007 | $ | - | $ | - | $ | - | $ | 73,007 | |||||||||||||
Total | $ | 73,007 | $ | - | $ | - | $ | - | $ | 73,007 |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | 9,724 | $ | - | $ | - | $ | - | $ | 9,724 | |||||||||||||
Total | $ | 9,724 | $ | - | $ | - | $ | - | $ | 9,724 |
Global Atlantic BlackRock Disciplined Value Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | 4,582 | $ | - | $ | - | $ | - | $ | 4,582 | |||||||||||||
Total | $ | 4,582 | $ | - | $ | - | $ | - | $ | 4,582 |
Global Atlantic BlackRock High Yield Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | 22,744 | $ | - | $ | - | $ | 22,744 | |||||||||||||
Liabilities | |||||||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | (609 | ) | - | - | (609 | ) | ||||||||||||||||
Total | $ | - | $ | 22,135 | $ | - | $ | - | $ | 22,135 |
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Equity | Interest Rate Contracts | Credit Contracts | Currency Contracts | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | 98,966 | $ | - | $ | - | $ | 98,966 | |||||||||||||
Unrealized appreciation on Swap Contracts | - | 94,990 | 8,842 | - | 103,832 | ||||||||||||||||||
Unrealized appreciation on Swaptions | - | 1,084 | - | - | 1,084 | ||||||||||||||||||
Unrealized appreciation on Forward Foreign Exchange Contracts | - | - | - | 304 | 304 | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | (967 | ) | - | - | (967 | ) | ||||||||||||||||
Unrealized depreciation on Swap Contracts | - | (99,938 | ) | - | - | (99,938 | ) | ||||||||||||||||
Unrealized depreciation on Swaptions | - | (137 | ) | - | - | (137 | ) | ||||||||||||||||
Unrealized depreciation on Forward Foreign Exchange Contracts | - | - | - | (132 | ) | (132 | ) | ||||||||||||||||
Total | $ | - | $ | 93,998 | $ | 8,842 | $ | 172 | $ | 103,012 |
The notional value of the derivative instruments outstanding as of June 30, 2024, 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 the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios. In addition, for the six-months ended June 30, 2024, the relevant values for each derivative type for the Global Atlantic Goldman Sachs Core Fixed Income Portfolio were as follows:
Average Number of Contracts or Notional Amounts* | |||||||||||||||||||||||||||||||
Fund | Long Futures Contracts | Long Futures Notional Value | Short Futures Contracts | Short Futures Notional Value | Forward Contracts Notional Value** | Swap Agreements Foreign USD Notional Value** | Swaptions USD Notional Value** | ||||||||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 135 | $ | 16,320,561 | 11 | $ | 1,276,858 | $ | 547,742 | $ | 40,895,171 | $ | 421,554 |
* Amounts disclosed represent average month-end number of contracts or notional amounts held for the six-months ended June 30, 2024, which is indicative volume for these derivative types.
** Based on absolute values. USD – U.S. Dollar equivalent of foreign currency amounts. See schedule of investments for more details.
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.
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
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. 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 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 the Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.
As of June 30, 2024, the Portfolios did not hold any short sales of securities.
When-Issued, Delayed-Delivery and Forward Commitment Transactions – The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.
Real Estate Investment Trusts – Certain Portfolios may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.
Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio may estimate the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.
Mortgage Dollar Roll Transactions – A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolio to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.
Expenses – Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain
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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, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:
Purchases (Excluding U.S. Government Securities) | Purchases U.S. Governemnt Securities | Sales (Excluding U.S. Government Securities) | Sales U.S. Governemnt Securities | ||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 25,548,897 | $ | - | $ | 29,333,542 | $ | - | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 315,023,526 | - | 357,496,000 | - | |||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 74,301,577 | - | 81,575,043 | - | |||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 29,410,517 | - | 36,997,118 | - | |||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 186,763,320 | - | 203,884,854 | - | |||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 128,546,065 | - | 142,130,517 | - | |||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 19,715,603 | - | 20,395,586 | - | |||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 21,832,037 | 12,884,344 | 22,535,285 | 17,476,202 |
4. AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES
The Adviser serves as the Portfolios' investment adviser. The Adviser has engaged the following sub-advisers for the Portfolios:
Portfolio | Sub-Adviser | ||||||
Global Atlantic BlackRock Allocation Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock High Yield Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Goldman Sachs Asset Management, L.P. |
The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios and BNY Mellon Investment Servicing (US) Inc. (together with The Bank of New York Mellon, "BNYM") serves as the Transfer Agent for the Portfolios.
Pursuant to an investment advisory agreement between the Trust, on behalf of the Portfolios, and the Adviser, the Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Portfolios pay the Adviser an advisory fee, computed on average daily net assets and accrued daily and paid monthly.
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The following chart details the annual advisory fee for each Portfolio for the six-months ended June 30, 2024.
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, 2024, with respect to the Global Atlantic BlackRock Disciplined International Core 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 Agreement"). 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, after giving effect to the recoupment amount, can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. This agreement may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.
Operating Expense Limitations | |||||||||||||||
Portfolio | Class I | Class II | Expiration Date | ||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.79 | % | 1.04 | % | May 1, 2025 |
For the six-months ended June 30, 2024, the Adviser waived, reimbursed, or recaptured fees as follows:
Investment Advisory Fee Waiver | Investment Advisory Fee Reimbursement | Total | |||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | $ | 28,012 | $ | - | $ | 28,012 |
85
If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, 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, 2024 | December 31, 2025 | December 31, 2026 | December 31, 2027 | ||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | $ | 151,178 | $ | 96,476 | $ | 55,889 | $ | 28,012 |
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, 2024.
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, 2024, 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, 2024, the Portfolios expensed the following distribution fees:
Fees Paid | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 14,787 | |||||
Global Atlantic BlackRock Disciplined Core Portfolio | 43,221 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 30,536 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 55,403 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 136,593 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 8,358 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 686 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | - |
For the six-months ended June 30, 2024, the Trustees received fees in the amounts as follows:
Fees Received | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 3,320 | |||||
Global Atlantic BlackRock Disciplined Core Portfolio | 33,760 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 5,214 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 7,954 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 14,727 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 13,188 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 2,874 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 3,482 |
Foreside Fund Officer Services, LLC ("Foreside", d/b/a ACA Group) provides compliance and financial control services for the Portfolios pursuant to a written agreement with the Trust, on behalf of the Portfolios, including providing the Principal
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Financial Officer / Principal Accounting Officer/Treasurer to the Portfolios. The Portfolios pay Foreside an annual basis-point fee based on the Portfolio's daily net assets, subject to a fee minimum, and reimburses for certain expenses incurred on behalf of the Portfolios. Total fees paid to Foreside pursuant to these agreements are reflected as "Regulatory and Compliance" fees on the Statement of Operations.
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, 2024, Commonwealth owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.
Shareholder Concentration Risk – Commonwealth, certain accounts, or the Adviser's affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Portfolio's shares. Redemptions by these entities of their holdings in a Portfolio may impact the Portfolio's liquidity and NAV. These redemptions may also force a Portfolio to sell securities.
6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS
As of December 31, 2023, 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 | $ | 50,508,478 | $ | 8,026,946 | $ | (1,606,730 | ) | $ | 6,420,216 | ||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 420,595,440 | 173,647,253 | (10,712,513 | ) | 162,934,740 | ||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 57,195,039 | 34,559,779 | (1,194,964 | ) | 33,364,815 | ||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 123,258,974 | 25,143,689 | (12,562,317 | ) | 12,581,372 | ||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 216,449,047 | 45,791,253 | (6,999,592 | ) | 38,791,661 | ||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 199,487,460 | 31,841,534 | (5,602,324 | ) | 26,239,210 | ||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 47,691,460 | 1,693,525 | (626,922 | ) | 1,066,603 | ||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 65,087,399 | 647,389 | (2,877,191 | ) | (2,229,802 | ) |
7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL
The tax character of fund distributions paid for the years ended December 31, 2023 and 2022 were as follows:
For fiscal year ended 12/31/2023 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 1,213,810 | $ | 1,248,208 | $ | - | $ | 2,462,018 | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 6,044,719 | - | - | 6,044,719 | |||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 412,997 | - | - | 412,997 | |||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 3,249,596 | - | - | 3,249,596 | |||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 308,903 | - | - | 308,903 | |||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 3,747,514 | 1,218,420 | - | 4,965,934 | |||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 3,002,140 | - | - | 3,002,140 | |||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 1,538,205 | - | - | 1,538,205 |
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For fiscal year ended 12/31/2022 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 2,653,124 | $ | 5,621,034 | $ | - | $ | 8,274,158 | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 59,068,044 | 57,036,811 | - | 116,104,855 | |||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 4,408,349 | 10,935,640 | - | 15,343,989 | |||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 8,905,156 | 1,204,651 | - | 10,109,807 | |||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 26,473,780 | 39,430,750 | - | 65,904,530 | |||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 32,186,803 | 19,072,156 | - | 51,258,959 | |||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 2,964,053 | - | - | 2,964,053 | |||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 1,342,238 | 84,853 | - | 1,427,091 |
As of December 31, 2023, 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 | Net Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficits) | ||||||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 1,231,894 | $ | 1,460,566 | $ | - | $ | - | $ | 6,420,216 | $ | 9,112,676 | |||||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 13,649,617 | 17,993,964 | - | - | 162,934,740 | 194,578,321 | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 66,067 | 1,184,007 | - | - | 33,364,815 | 34,614,889 | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 916,499 | - | - | (9,099,708 | ) | 12,581,372 | 4,398,163 | ||||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 82,615 | - | - | (29,347,726 | ) | 38,791,661 | 9,526,550 | ||||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 8,310,109 | 5,365,857 | - | - | 26,239,210 | 39,915,176 | |||||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 3,364,707 | - | - | (9,889,432 | ) | 1,066,603 | (5,458,122 | ) | |||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2,385,968 | - | - | (7,399,537 | ) | (2,242,079 | ) | (7,255,648 | ) |
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(103), $8,901 and $96,626 Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio respectively.
At December 31, 2023, 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 | 5,256,889 | 3,842,819 | 9,099,708 | ||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 29,347,726 | - | 29,347,726 | ||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 4,737,640 | 5,151,792 | 9,889,432 | ||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 4,345,347 | 3,054,190 | 7,399,537 |
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During the year ended December 31, 2023, the following Portfolios utilized capital loss carryforwards:
Utilized | |||||||
Global Atlantic BlackRock Disciplined Core Portfolio | $ | 1,486,283 | |||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 5,477,416 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 2,710,496 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 14,205,310 |
There were no permanent book and tax differences that resulted in reclassifications for the Portfolios for the fiscal year ended December 31, 2023.
8. NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.
9. OTHER RISKS
The Portfolios' risks include, but are not limited to, the following:
Credit Risk – There is a risk that security issuers will not make interest and/or principal payments on their securities. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality will lead to greater volatility in the price of a security and in shares of a Portfolio. Lower credit quality also will affect liquidity and make it difficult to sell the security. This means that, compared to issuers of higher rated securities, issuers of lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. Default, or the perception (whether by market participants, rating agencies, pricing services or otherwise) that an issuer is likely to default, tends to reduce the value and liquidity of fixed income securities, thereby reducing the value of your investment in Portfolio shares. In addition, default may cause a Portfolio to directly or indirectly incur expenses in seeking recovery of principal or interest.
A Portfolio could lose money on a debt security if an issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. A Portfolio may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Sub-Adviser or the rating agencies than such securities actually do. These risks are heightened in market environments where interest rates are rising.
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
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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.
Exchange-Traded Funds Risk – The Portfolios may invest in ETFs. Investments in underlying ETFs typically present the same risks as investments in conventional Underlying Funds. In addition, 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, military conflict acts of terrorism, the spread of infectious illness or other public health issues, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, increased government spending, social unrest or other events could also have a significant impact on a 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 a 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
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2024
interest rates. For example, adverse developments in the banking or financial services sector could impact companies operating in various sectors or industries and adversely impact Portfolio investments. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets.
Quantitative Investing Risk – Investments selected using quantitative analysis or "models" may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.
10. OTHER RECENT DEVELOPMENTS
As a result of benchmark reforms, publication of most LIBOR settings has ceased. 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 (e.g., the Secured Overnight Financing Rate ("SOFR"), which is a measure of the cost of borrowing cash overnight, collateralized by the U.S. Treasury securities and is intended to replace the U.S. dollar) 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.
11. SUBSEQUENT EVENTS
The Portfolios evaluated subsequent events from June 30, 2024 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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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 https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/ 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. Each Portfolio's Form N-PORT is available: (i) on the SEC's website at http://www.sec.gov; and (ii) on the Portfolios' website at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. Each Portfolio will post to https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/, 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) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
Disclosed as part of the financial statements included in Item 7 (a).
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Disclosed as part of the financial statements included in Item 7 (a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure 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)), or this Item.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Not applicable. |
(a)(3) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith. |
(a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
(a)(5) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) 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 | ||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | August 29, 2024 |
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 | ||
(Principal Executive Officer) |
Date: | August 29, 2024 |
By (Signature and Title)* | /s/ Trent M. Statczar | |
Trent M. Statczar, Treasurer | ||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | August 29, 2024 |
* Print the name and title of each signing officer under his or her signature.