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

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22865

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

10 West Market Street, Suite 2300, Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 317-223-2703

Date of fiscal year end: 12/31

Date of reporting period: 06/30/18

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2018

Global Atlantic Portfolios

Global Atlantic American Funds^{^®} Managed Risk Portfolio

Global Atlantic Balanced Managed Risk Portfolio

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Global Atlantic Growth Managed Risk Portfolio

Global Atlantic Moderate Growth Managed Risk Portfolio

Global Atlantic Motif Technological Innovations Portfolio

Global Atlantic PIMCO Tactical Allocation Portfolio

Global Atlantic Select Advisor Managed Risk Portfolio

Global Atlantic Wellington Research Managed Risk Portfolio

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

Class II shares

Each a separate series of the Forethought Variable Insurance Trust

Distributed by Northern Lights Distributors, LLC

Member FINRA

Dear Shareholders/Contract Owners:	unaudited

The domestic equity market rally slowed considerably in the first six months of 2018 when compared to 2017, while international equities fell during this period after realizing very strong returns in 2017. The first half of 2018 was marked by heightened volatility, especially from February to April, driven by concerns over international trade tensions between the U.S. and its major trading partners, equity valuations, inflation, rising interest rates, the U.S.-North Korea summit, and the U.S.’ exit from the Iran nuclear agreement. A notable spike in volatility occurred in early February, which led to a 9.50% decline in the S&P 500. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. However, the S&P 500 has yet to fully recover to its pre-decline 2018 peak, which it had reached in late January.

Despite the fact that first quarter corporate earnings were generally strong compared to forecasted earnings (in large part due to the tax reform legislation that was passed in 2017), positive revisions to forward-looking estimates for the remainder of 2018 have not occurred. Escalating tensions between the U.S. and its major trading partners and higher interest rates have led to a strengthening of the U.S. dollar and heightened concerns regarding global economic growth. These developments could negatively impact U.S. corporate earnings growth as approximately 40% of the earnings of the S&P 500 are generated outside the United States.

With this geopolitical backdrop, as well as a strengthening U.S. dollar and rising U.S. interest rates, U.S. equity indices led in the first half of 2018, with the Russell 2000 up 7.66% (as compared to 14.65% in 2017), followed by the S&P MidCap 400 and the S&P 500 up 3.49% and 2.65%, respectively (as compared to 16.24% and 21.83%, respectively in 2017)

Internationally, the MSCI EAFE and the MSCI Emerging Markets were down -2.75% and -6.66%, respectively (as compared to up 25.03% and 37.28%, respectively in 2017). Regionally, European equities, as measured by the Euro Stoxx 50, were down -3.72% for the first half of 2018 (as compared to up 24.27% in 2017), while the UK and Japanese equity markets, as measured by the FTSE 100 and Nikkei 225, respectively, fell -0.81% and -0.12%, respectively (as compared to up 22.56% and 23.12% in 2017, respectively).

(BAR GRAPH)

After raising interest rates three times in 2017, the U.S. Federal Reserve (the “Fed”) raised rates twice in the first half of 2018 and indicated in June that it may raise rates one or two more times this year. Similar to 2017, domestic investment grade bonds, as measured by the Bloomberg Barclays US Aggregate Bond Index, trailed domestic equity markets, falling -1.62% year-to-date (as compared to up 3.54% in 2017). The ICE BofAML U.S. High Yield Total Return Index rose just 0.06% during the first half of 2018 (as compared to up 4.92% in 2017). Commodities were positive in the first half of 2018 with the S&P GSCI up 10.36% (as compared to up 5.77% in 2017), led by a 24.79% rise in oil prices that more than offset a 4.04% decline in gold. The U.S. dollar strengthened 2.55% during the first half of 2018 after declining -9.87% in 2017.

For asset allocation funds, these disparate returns meant that asset allocation decisions, and the timing of those decisions, were important drivers of performance during the period. The following pages contain Management’s discussion of recent Portfolio performance. Thank you for investing in the Global Atlantic Portfolios.

Sincerely,



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

Portfolio		Benchmark
Global Atlantic American Funds^{^®} Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Balanced Managed Risk Portfolio		S&P Target Risk^® Conservative Index
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		S&P Target Risk^® Conservative Index
Global Atlantic Growth Managed Risk Portfolio		S&P Target Risk^® Growth Index
Global Atlantic Moderate Growth Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Motif Technological Innovations Portfolio		Russell 3000 Technology Index
Global Atlantic PIMCO Tactical Allocation Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Select Advisor Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Wellington Research Managed Risk Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		S&P Target Risk^® Moderate Index
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		S&P Target Risk^® Aggressive Index

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

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

Index Definitions:

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

S&P Target Risk^® Conservative Index. An index that emphasizes exposure to fixed income in order to produce a consistent income stream and avoid excessive volatility of return.

S&P Target Risk^® Moderate Index. An index that offers significant exposure to fixed income, while also providing increased opportunity for capital growth through equities.

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

Bloomberg Barclays US Aggregate Bond Index (“Bbg Barclays US Agg Bond”). An index weighted according to market capitalization and includes, among other categories, Treasury securities, mortgage backed securities, government agency bonds and corporate bonds. To be included in the index, bonds must be rated investment grade by Moody’s and Standard and Poor’s.

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

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

Euro Stoxx 50 Index (“Euro Stoxx 50”). An index of 50 blue-chip stocks representing supersector leaders from 12 Eurozone countries.

FTSE 100 Index (“FTSE 100”). A share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group. The index is unmanaged and not available for direct investment.

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

MSCI Emerging Markets Total Return Index (“MSCI Emerging Markets”). An index created by MSCI that is designed to measure equity market performance in global emerging markets. The index is unmanaged and not available for direct investment. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 24 emerging economies: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

Nikkei 225 Index (“Nikkei 225”). A price-weighted average of the 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

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

Russell 3000 Technology Index. A capitalization-weighted index measuring the performance of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science.

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

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

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

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

3734-NLD-7/23/2018

Table of Contents

■	Global Atlantic Portfolio Reviews	5 – 38

■	Financial Statements:

	Portfolio of Investments	39 – 92

	Statement of Assets and Liabilities	93 – 96

	Statements of Operations	97 – 100

	Statements of Changes in Net Assets	101 – 107

■	Financial Highlights	108 – 120

■	Notes to Financial Statements	121 – 152

■	Expense Examples	153 – 154

■	Privacy Policy	155 – 156

■	Proxy Voting Policy	Back Cover

■	Portfolio Holdings	Back Cover

Global Atlantic American Funds^{^®} Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The capital appreciation and income component is sub-advised by Wilshire Associates Incorporated (“Wilshire”), while the managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of 0.92% compared to a benchmark return of -0.86%, a difference of 178 basis points. The following discussion of relative performance pertains to this benchmark.

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

The Portfolio was overweight equities versus fixed income during the first half of 2018, which contributed to performance. Within equities, the Portfolio was underweight international equities versus the benchmark, which benefited results as international and emerging markets equities underperformed domestic equities. For the first half of the year, the MSCI EAFE Index returned -2.75% and the MSCI Emerging Markets Index returned -6.66%, while domestic equities, as represented by the S&P 500 Index, returned 2.65%.

The Portfolio’s strongest performing stand-alone allocation was the American Funds Insurance Series^{^®} Growth Fund, which returned 9.95% during the period as domestic growth equities outpaced other asset classes due to strong corporate earnings and investor optimism coupled with a stronger U.S. dollar, political instability, and a possible trade war weighing on foreign equity results. The Portfolio was underweight duration during the first half of 2018, which was beneficial as U.S. interest rates rose substantially, leading to underperformance by longer duration fixed income instruments. Manager selection was a contributor to the Portfolio, adding an estimated 1.56% to performance during the first half of 2018. American Funds Insurance Series^® Growth-Income Fund was the strongest contributor of alpha by posting a return of 6.58% versus 2.65% for the S&P Target Risk^® Moderate Index and contributing an estimated 0.59% to manager alpha.

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February, however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

In markets where volatility exhibits the type of behavior seen in February and March 2018 – recall that these types of V-shaped markets also occurred in 2015 and 2016 - greater levels of hedging may be required to meet the Portfolio’s investment objective. During these periods, the managed risk component meaningfully reduced the net equity exposure of the Portfolio as volatility increased and it gradually increased net equity exposure as markets recovered and volatility began to decline. While the managed risk component responded as designed during these market downturns, the exceptionally quick nature of the equity market recoveries meant that the benefit of protection the strategy provided was outweighed by its cost during the period.

How was the Portfolio positioned at period end?

Relative to the beginning of 2018, the Portfolio is now further underweight foreign equities. Wilshire’s conviction in foreign equities fell during the period as differentials between economic indicators, such as the Purchasing Managers’ Index in Europe and the U.S., diminished somewhat. While Europe is more politically and economically stable today than in recent years, the new U.S. tax plan has caused some of the value to shift back to U.S. valuations versus continental Europe. Wilshire believes that increased geopolitical risks associated with the use of tariffs and rising protectionism could have a disproportionately negative impact on foreign equity markets, and a strengthening U.S. dollar could serve as a headwind to performance. Also during the period, the Portfolio enacted an overweight in domestic value equities, relative to growth equities. Wilshire observes that the prices of growth stocks could imply a high level of excess optimism, and after the extreme outperformance of growth

versus value in 2017 and early 2018, Wilshire is positioning for mean reversion in favor of value equities. Wilshire also believes that the recent U.S. tax reform could be favorable for value equities and could serve as a near-term catalyst for a cyclical rally.

Wilshire reduced the duration of the Portfolio during early 2017, partially due to its concern with the level of duration present within core fixed income indices rather than concerns that interest rates were poised to rise rapidly. From 1989 through 2011, the average modified adjusted duration of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) was 4.55 years, but the Index duration is nearly 6 years today. Therefore, even with an underweight duration stance, Wilshire believes that the Portfolio is likely to have at least as much interest rate risk as has historically existed within the Index.

7344-NLD-08/03/2018

Global Atlantic American Funds^{^®}Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures^* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic American Funds^{^®} Managed Risk Portfolio
Class II	0.92%	7.52%	5.78%	5.78%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.58%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser’s asset allocation decisions. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.27% for Class II shares per the April 27, 2018 prospectus.

^**

Commencement of operations is October 31, 2013.

The S&P Target Risk^{^®}Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Variable Insurance Trusts - Equity Funds		61.8	%
Variable Insurance Trusts - Debt Funds		33.2	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		5.0	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic Balanced Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The capital appreciation and income component is sub-advised by BlackRock Financial Management, Inc. (“BlackRock”), while the managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Conservative Index. The Portfolio posted a return of -1.08% compared to a benchmark return of -0.96%, a difference of -12 basis points. The following discussion of relative performance pertains to this benchmark.

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

The first half of 2018 saw the return of volatility in financial markets after an extraordinarily stable 2017. Equities in most developed markets declined in the first quarter over investor concerns about rising interest rates, increasing inflationary pressures and heightened trade tensions between the U.S. and its trading partners. While U.S. equity markets rebounded somewhat in the second quarter on the back of strong earnings growth, the rest of the world continued to lag. Emerging markets in particular, which had held up well in the first quarter of 2018, sold off significantly in the second quarter. Fixed income provided no safe haven, as market expectations for inflation finally caught up to what the U.S. Federal Reserve had been forecasting for several quarters, pushing bond yields higher across the curve.

The Portfolio’s tilt toward equities over fixed income throughout the first half of the year was favorable for overall performance as the higher bond yields, coupled with widening credit spreads, caused fixed income to underperform. Within equities, a tilt toward non-U.S., in particular Europe and Japan, detracted from overall performance as the U.S. outperformed these regions on the back of strong earnings fundamentals. On the fixed income side, the Portfolio maintained a relatively short duration profile throughout the first half of the year, which contributed favorably to overall performance as rates rose. However, credit spread assets, and in particular emerging market debt, detracted from Portfolio performance as credit underperformed during this period.

How was the Portfolio positioned at period end?

The Portfolio remained overweight equities relative to fixed income at period end as BlackRock believes that despite a higher level of economic uncertainty, the backdrop still remains conducive for risk taking. BlackRock believes that earnings momentum is rising across the world, particularly in the U.S. where tax reform has fueled the corporate earnings outlook. But with uncertainty around the economic outlook rising and financial conditions tightening, BlackRock prefers to reduce some Portfolio risk heading into the third quarter. Within equities, BlackRock maintained a tilt toward the Eurozone and Japanese regions at period end, but will look to scale back Eurozone exposure as home-grown risks increase. BlackRock believes that an anti-establishment, euro-skeptic Italian government and renewed tensions over immigration have raised long-run risks for

the European Union (“EU”)’s future. In BlackRock’s opinion, a non-committal outcome at the most recent summit of EU leaders provides little confidence that a crisis would be handled well.

Within fixed income, the Portfolio positioning was tilted toward shorter duration bonds at period end, and BlackRock continues to favor shorter duration as a buffer against rising rates and inflation. Within credit, BlackRock favors investment grade as a ballast to equity risk, but high valuations may limit the upside.

7344-NLD-08/03/2018

Global Atlantic Balanced Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic Balanced Managed Risk Portfolio
Class II	(1.08)%	4.49%	4.01%	4.46%
S&P Target Risk^{^®} Conservative Index (Total Return)	(0.96)%	3.21%	4.12%	3.77%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser’s asset allocation decisions. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.01% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is October 31, 2013.

The S&P Target Risk^{^®}Conservative Index (Total Return) emphasizes exposure to fixed income in order to produce a consistent income stream and avoid excessive volatility of returns. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		50.4	%
Exchange Traded Debt Funds		44.7	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.9	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The capital appreciation and income component is managed by the Global Atlantic Investment Advisors, LLC (the “Adviser”) while the managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of -1.78% compared to a benchmark return of -0.86%, a difference of -92 basis points. The following discussion of relative performance pertains to this benchmark.

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

The Portfolio seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the BlackRock Global Allocation V.I. Fund. The Portfolio’s other holdings may include cash, a money market fund, and hedge instruments such as futures contracts. The BlackRock Global Allocation V.I. Fund underperformed the S&P Target Risk^® Moderate Index during the period.

How was the Portfolio positioned at period end?

At period end, the Portfolio’s primary investment remained the BlackRock Global Allocation V.I. Fund.

7344-NLD-08/03/2018

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio
Class II	(1.78)%	3.23%	1.42%	2.04%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.58%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.26% for Class II shares per the April 27, 2018 prospectus.

^**

Commencement of operations is October 31, 2013.

The S&P Target Risk^® Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Variable Insurance Trust - Asset Allocation Fund		95.2	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.8	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The equity and fixed income sleeves of the capital appreciation and income component is sub-advised by Franklin Advisers, Inc. (“Franklin Advisers”). Prior to March 1, 2018, the equity sleeve of the capital appreciation and income component was sub-advised by Franklin Advisory Services, LLC. The managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index (the “Index”). The Portfolio posted a return of -1.65% compared to a benchmark return of -0.86%, a difference of -79 basis points. The following discussion of relative performance pertains to this benchmark unless otherwise noted.

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

Franklin Advisers employs a bottom-up stock selection process for the equity sleeve of the Portfolio’s capital appreciation and income component, whereby the portfolio managers invest in securities without regard to benchmark comparisons. As a result, the Portfolio frequently contains sector and security allocations that may be significantly different from those of the Index. With respect to the equity sleeve’s performance versus the S&P 500 Index, the equity portfolio underperformed (net of fees), posting a return of 0.43% compared to an S&P 500 Index return of 2.65%, a difference of -122 basis points.

The Portfolio’s best-performing stocks on a relative basis included Tiffany & Co. (1.11%), Nike, Inc. (1.57%) and Becton, Dickinson and Company (2.62%). Shares of Tiffany, a retailer of high-end jewelry, rose sharply over the period due to a strong first-quarter earnings report released in May. Increased innovation, investment in advertising and digital assets, supply chain improvements and an improving consumer environment all benefited sales during the period, as the new management team’s design and operating initiatives gained momentum. Tiffany has raised its dividend for 16 years.

Shares of Nike, a designer and marketer of athletic footwear, rose on improving results in its key North American market. The company is employing a mix of direct selling, e-commerce, differentiated retail concepts and innovation to drive growth. In our view, a greater use of technology has revolutionized Nike’s ability to connect with customers, manage its inventory and upgrade its manufacturing capabilities. Nike has raised its dividend for 16 years.

Shares of Becton Dickinson, a global medical technology company, rose on a strong quarterly earnings report released in May. Revenue and earnings accelerators included a strong pipeline, synergies from its acquisition of C.R. Bard Inc. and emerging-market exposure. Becton Dickinson has raised its dividend for 46 years.

Holdings that detracted from the Portfolio’s relative performance included General Dynamics Corporation (1.65%), Dover Corporation (1.45%), and Roper Technologies, Inc. (2.69%). General Dynamics, an aerospace and defense company, saw its shares move lower after the company reported sequentially weaker bookings in its aerospace systems business. The first quarter has historically seen weaker bookings for the company, and the portfolio managers believe its backlog remains robust and bodes well for earnings growth over the next several years. In addition, if widely expected increases in U.S. defense spending occur, Franklin Advisers believes that it should benefit General Dynamics. The company has raised its dividend for 21 consecutive years.

Shares of Dover, a diversified industrial company, were weak over the period despite the company reporting solid financial results. Franklin Advisers believes that share performance during the period was likely due to concerns surrounding the negative impact of restrictive trade actions. While global trade concerns have weighed on industrial stocks in general, the portfolio managers believe the recent appointment of Richard Tobin as Dover’s chief executive officer could act as a catalyst in the near future given his reputation for strong operational leadership. Dover has grown its dividend for 62 consecutive years.

Roper Technologies, a diversified industrial company, saw its shares decline during the period despite reporting strong revenue and earnings growth, as well as healthy cash flow generation. The company raised its full-year organic revenue growth and earnings-per-share targets, and it expects to continue achieving strong operating results during 2018. Roper has grown its dividend for 25 consecutive years.

With respect to the fixed income sleeve’s performance versus its reference benchmark, the Bloomberg Barclays US Aggregate Bond Index, the fixed income portfolio underperformed (net of fees), posting a return of -1.86% compared to a benchmark return of -1.62%, a difference of -24 basis points. The first quarter of calendar year 2018 saw the return of volatility to the market as the yield on the 10-year Treasury bond reached the highest levels since early 2014. The initial reaction in risk spreads came in high yield bonds. Although volatility subsided and high yield bond spreads recovered somewhat into the second quarter, weaker demand from foreign investors combined with robust supply started to drive investment-grade credit spreads wider. Growing concern about trade conflicts and the coming end of quantitative easing from global central banks were additional factors that pressured spreads wider in both investment-grade corporate credit and emerging market bonds. Overall, emerging-market bonds and investment-grade corporate credit underperformed Treasury bonds on a duration-adjusted basis during the period. In contrast, high-yield corporate credit and senior secured floating rate loans outperformed. In terms of rates, the two-year Treasury bond yield rose by more than 65 basis points, while the 10-year Treasury bond yield rose by more than 40 basis points.

During the period, the Portfolio’s sector allocation contributed to relative performance on a duration-adjusted basis, while security selection detracted. The Portfolio’s exposure to high-yield corporate credit, senior secured floating rate loans, collateralized loan obligations (“CLOs”), non-agency residential mortgage-backed securities (“RMBS”) and Treasury Inflation-Protected Securities (“TIPS”) all contributed to relative performance. In contrast, security selection in high-yield corporate credit and fixed-rate agency mortgage-backed securities (“MBS”) detracted from relative returns. The net impact from emerging markets was negligible as the drag from allocation was offset by relative gains from the higher quality bias in the Portfolio’s holdings. Relative to the benchmark, duration positioning detracted slightly. Currency also detracted, as gains in the Mexican peso and Canadian dollar were offset by losses in the Swedish krona, Brazilian real and Indian rupee.

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

How was the Portfolio positioned at period end?

At period end, in the equity sleeve of the capital appreciation and income component, the Portfolio’s largest sector concentration was industrials, followed by health care and information technology. The Portfolio’s largest holdings were Microsoft Corporation (information technology) (3.03%), Roper Technologies (industrials), Stryker Corporation (health care) (2.66%), Albemarle Corporation (materials) (2.62%) and Becton Dickinson (health care). The Portfolio did not initiate any new positions during the period. Conversely, the Portfolio exited its positions in Archer Daniels Midland Company and RLI Corp., while reducing positions in John Wiley & Sons, Inc. (0.34%), Accenture (2.55%) and Becton Dickinson.

On the fixed income side, given the length of the credit cycle and impending U.S. Federal Reserve rate hikes, the portfolio managers continue to prefer senior secured floating rate loans and CLOs over high yield and investment grade credit in the corporate credit sectors. As such, the Portfolio added to senior secured floating rate loans and CLOs and reduced its positioning in high yield and investment grade credit throughout the period, resulting in an overweight to senior secured floating rate loans and CLOs and a reduced overweight in high yield and investment grade credit. Within the securitized sectors, the Portfolio has a large overweight to RMBS based on strong U.S. housing fundamentals and remains slightly underweight the commercial mortgage-backed securities and MBS sectors. Other notable changes over the period included continuation of shifts out of investment grade entities into sovereign developed entities and incremental additions to the Portfolio’s sovereign emerging market exposure through China state-owned enterprises and credit default swaps. The Portfolio also reduced its inflation exposure as the 10-year breakeven inflation rate (a market-based measure of expected inflation) rose. At period-end, the Portfolio was underweight sovereign developed bonds and overweight sovereign emerging market bonds and TIPS.

On the currency side, the Portfolio continued to reduce its position sizing and risk, starting the period slightly long U.S. dollar, but moving to a slightly short position early on and ending the period short the U.S. dollar. The Portfolio completely closed out several positions including shorts in the Australian dollar, British pound, South Korean won, Japanese yen and Singapore dollar as well as its long position in the Norwegian krone. At period-end, the Portfolio’s largest currency position remained a long position in the Mexican peso with other long positions being in the Indian rupee, Swedish krona, Indonesian rupiah, Brazilian real and Polish zloty. The Portfolio was short the euro, Canadian dollar and Philippine peso. In U.S. dollar duration, the Portfolio was short versus the Index, retaining a yield curve flattener with a short concentrated in the two-year part of the curve. In non-U.S. dollar duration, the Portfolio remained slightly long Australian dollar and Canadian dollar duration and initiated a short euro duration versus long U.S. dollar duration on the 10-year part of the curve.

7344-NLD-08/03/2018

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Class II	(1.65)%	6.82%	5.30%	4.87%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.23%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Fixed Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.16% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is April 30, 2014.

Holdings by Asset Class	% of Net Assets
Common Stocks		71.4	%
Corporate Bonds		9.5	%
Agency Mortgage Backed Securities		5.7	%
Asset Backed Securities		5.6	%
U.S. Treasury Securities		3.0	%
Term Loans		1.3	%
Money Market Fund		0.5	%
Sovereign Debt		0.2	%
Commerical Mortgage Obligation		0.1	%
Municipal Bond		0.0	% ^
Other Assets Less Liabilities - Net		2.7	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Derivative exposure and securities sold short are included in “Other Assets Less Liabilities - Net”.

Represents less than 0.1%.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

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

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Conservative Index. The Portfolio posted a return of -1.60% compared to a benchmark return of -0.96%, a difference of -64 basis points. The following discussion of relative performance pertains to this benchmark.

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

Using a momentum-based methodology to dynamically allocate across global asset classes, the Portfolio seeks to manage risk and enhance long-term returns in changing market environments. Momentum investing seeks exposure to asset classes that have exhibited positive trends in price performance over selected time periods.

Relative to the S&P Target Risk^{^®} Conservative Index, the Portfolio’s greater allocation to equities contributed to returns in the first half of 2018. While global equity markets experienced mixed results in the first quarter, their performance relative to fixed income markets was strong. Given U.S. Federal Reserve Board monetary policy, interest rates continued to rise in the first half of the year, leading to poor fixed income performance. Additionally, U.S. equities have continued to outperform their international peers, which benefited the Portfolio’s performance due to its relative overweight to U.S. equities within its equity allocation.

While the Portfolio’s equity exposures broadly benefited performance, an allocation to U.S. Treasuries detracted from returns. The Portfolio’s options holdings also detracted from performance over the reporting period. This stemmed primarily from purchased put options which were more expensive due to rising volatility in markets, and markets that did not fall enough for the put options to benefit performance. While the sold call options did generate some premium that helped to offset negative contributions from the put options, the size of the premium was not large enough to offset the cost of the protection afforded by the puts.

How was the Portfolio positioned at period end?

As of June 30, 2018, the Portfolio had approximately 60% of its assets in equities. Regionally, 47.5% of its assets were invested in U.S. equities, given overall strong momentum. This domestic allocation was 25.0% large-cap, 10.0% mid-cap and 12.5% small-cap equities. Within international equity, the Portfolio held a 6.25% allocation each to both Japanese and U.K. equities given moderate equity market momentum within those markets. The Portfolio currently does not have an allocation to European equities given poor trends. From a fixed income perspective, the Portfolio currently holds 40% in U.S. Treasuries, its minimum strategic allocation. This underweight is driven by poor trends in fixed income relative to equity.

7344-NLD-08/03/2018

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio
Class II	(1.60)%	2.98%	2.07%	1.54%
S&P Target Risk^{^®} Conservative Index (Total Return)	(0.96)%	3.21%	4.12%	3.37%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.24% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is April 30, 2015.

The S&P Target Risk^{^®}Conservative Index (Total Return) provides significant exposure to fixed income in order to produce a consistent income stream and avoid excessive volatility of returns. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Money Market Fund		34.2	%
U.S Treasury Note		38.9	%
Exchange Traded Equity Funds		25.0	%
Exchange Traded Debt Funds		9.5	%
Other Assets Less Liabilities - Net		(7.6	)%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

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

Global Atlantic Growth Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Growth Index. The Portfolio posted a return of -1.20% compared to a benchmark return of -0.67%, a difference of -53 basis points. The following discussion of relative performance pertains to this benchmark.

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

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

How was the Portfolio positioned at period end?

the European Union (“EU”)’s future. In BlackRock’s opinion, a non-committal outcome at the most recent summit of EU leaders provides little confidence that a crisis would be handled well.

7344-NLD-08/03/2018

Global Atlantic Growth Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic Growth Managed Risk Portfolio
Class II	(1.20)%	7.31%	4.12%	4.07%
S&P Target Risk^{^®} Growth Index (Total Return)	(0.67)%	6.45%	6.18%	5.84%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser’s asset allocation decisions. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.01% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is April 30, 2014.

The S&P Target Risk^{^®}Growth Index (Total Return) which offers increased exposure to equities, while also using some fixed income exposure to diversify risk. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		79.9	%
Exchange Traded Debt Funds		15.1	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		5.0	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic Moderate Growth Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of -1.01% compared to a benchmark return of -0.86%, a difference of -15 basis points. The following discussion of relative performance pertains to this benchmark.

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

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

How was the Portfolio positioned at period end?

the European Union (“EU”)’s future. In BlackRock’s opinion, a non-committal outcome at the most recent summit of EU leaders provides little confidence that a crisis would be handled well.

7344-NLD-08/03/2018

Global Atlantic Moderate Growth Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception**
Global Atlantic Moderate Growth Managed Risk Portfolio
Class II	(1.01)%	5.97%	4.53%	4.60%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.23%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser’s asset allocation decisions. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.01% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is April 30, 2014.

The S&P Target Risk^{^®} Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		64.5	%
Exchange Traded Debt Funds		30.5	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		5.0	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic Motif Technological Innovations Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by Motif Capital Management, Inc. (“Motif”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the Russell 3000 Technology Index. The Portfolio posted a return of 20.07% compared to a benchmark return of 10.35%, a difference of 972 basis points. The following discussion of relative performance pertains to this benchmark.

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

On theme level absolute contribution, software-as-a-service, e-commerce, digital payments, and online video were the leaders, while connected car, smart grid, and semiconductor equipment lagged. In terms of segment allocation, compared to the benchmark, an overweight to data processing & outsourced services, internet & direct marketing retail and application software benefitted the Portfolio, as did underweights in semiconductors equipment and systems software.

Stock selection also contributed to performance, particularly within internet software & services, where the Portfolio held larger positions as compared to the benchmark in stocks such as Alibaba Group Holding Ltd (BABA) (2.42%), Arista Networks Inc. (ANET) (0.87%), and Alphabet Inc. (GOOG) (2.56%).

Top contributors to Portfolio performance versus the benchmark were overweight positions in Netflix, Inc. (NFLX) (2.22%), Amazon.com, Inc. (AMZN) (2.89%), and Twilio Inc. (TWLO) (0.89%), while top detractors were underweight positions in Microsoft Corp. (MSFT) (0.00%) and NVIDIA Corporation (NVDA) (0.00%) and an overweight in NetEase Inc. (NTES) (0.72%).

Amazon.com, Inc. (AMZN): engaged in innovation in the technology space, the company claimed the top spot in the U.S. for research and development spending. It has invested resources in the research and development of Amazon Web Service, Alexa and technologies such as computer vision to support its projects like Amazon Go cashier-less store of the future. The company has also announced opening of Tech Hub and centers to infuse growth in fields like machine learning, speech science, cloud computing and robotics engineering.

Twilio Inc. (TWLO): engaged in innovation in cloud communication platform, the company launched new capabilities to enable multi-user augmented reality as a part of its Programmable Video Platform. Additionally, it introduced a cellular communication platform that uses application programming interfaces to power a range of internet-connected solutions.

NetEase Inc. (NTES): is an online internet and online game services provider. The company reported a decline in its gross profit for the first quarter of 2018 as compared to the first quarter of 2017, owing to an 18.4% decline in the revenues from online game services. Additionally, there was a 75% increase in the total operating expenses due to increased marketing expenditures related to online games and research and development investments, as well as higher staff-related costs.

How was the Portfolio positioned at period end?

At period end, the Portfolio was positioned towards the themes of software-as-a-service (21%), e-commerce (19%), and digital payments (13%), which displayed attractive value, quality, growth, and momentum characteristics. Top segments for the Portfolio include enterprise applications (10%), e-commerce retailers (9%), social networking (8%), card networks (6%), and industry vertical solutions (6%). Top holdings for the Portfolio include Facebook Inc. (3.12%), Alphabet Inc. (2.81%), Amazon.com, Inc. (2.81%), and Visa Inc. (2.59%).

Motif believes that robust consumer demand and the uptake of emerging product and service categories are key contributors to the positive sentiments of the technology market. More specifically, Motif believes that artificial intelligence (“AI”) stands out as the one most likely to drive changes in the tech ecosystem, and that advancements in technologies such as AI and the blockchain to continue to push the need to modernize the payments infrastructure.

7347-NLD-08/03/2018

Global Atlantic Motif Technological Innovations Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Motif Technological Innovations Portfolio
Class II	20.07%	36.95%	32.14%
Russell 3000 Technology Index (Total Return)	10.35%	29.40%	28.28%

Commencement of operations is July 29, 2016.

The Russell 3000 Technology Index (Total Return) is a capitalization-weighted index measuring the performance of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Common Stocks		99.1	%
Money Market Fund		1.0	%
Other Assets Less Liabilities - Net		(0.1	)%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Global Atlantic PIMCO Tactical Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The Portfolio is sub-advised by Pacific Investment Management Company LLC (“PIMCO”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio underperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of -1.80% compared to a benchmark return of -0.86%, a difference of -94 basis points. The following discussion of relative performance pertains to this benchmark unless otherwise noted.

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

After a year of low volatility and strong risk asset returns, the start to 2018 was highlighted by the return of volatility as rising interest rates and geopolitical concerns contributed to more challenged performance across equities and credit. Amid the market turbulence, the Portfolio tactically adjusted equity exposure throughout the period. The dynamic equity allocation detracted from performance amid sharp bouts of market volatility toward the beginning and middle of the period. A focus on non-U.S. developed market equities detracted as these equities trended lower, while on the other hand, underweight exposure to emerging market equities contributed to performance as these also fell in the first half of the year. Lastly, the Portfolio’s investment in S&P 500 Index put options, used to hedge against equity market shocks, was neutral to slightly positive for performance amid several sharp drops in the S&P 500 Index.

The Portfolio’s fixed income allocations contributed to performance. An overall underweight to U.S. duration added to performance as rates rose across the curve. Within spread sectors, select positions of non-Agency mortgage backed securities and Treasury Inflation-Protected Securities (“TIPS”) were positive. A modest short position in U.K. rates was additive as Gilt yields rose over the period.

How was the Portfolio positioned at period end?

At period end, the Portfolio maintained equal to slightly above benchmark equity exposure as market volatility crept higher toward the end of the period. Within equities, the Portfolio was overweight U.S. large cap equities, equal weight international developed markets equities, and underweight emerging markets equities. Within fixed income, the Portfolio remained underweight duration overall with a preference for U.S. duration against rate exposure in other developed regions. PIMCO believes that the intermediate portion of the curve continues to offer attractive characteristics while longer-term rates may rise as the U.S. Federal Reserve continues to reduce accommodation and term premiums return. PIMCO finds attractive opportunities in specific credits that benefit from U.S. growth and a resurgent housing sector, though the Portfolio overall remains underweight investment grade credit.

7344-NLD-08/03/2018

Global Atlantic PIMCO Tactical Allocation Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception**
Global Atlantic PIMCO Tactical Allocation Portfolio
Class II	(1.80)%	5.45%	4.29%	3.50%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.02%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.21% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is April 30, 2015.

The S&P Target Risk^{^®} Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
U.S. Treasury Securities		42.6	%
Exchange Traded Equity Funds		30.2	%
Agency Mortgage Backed Securities		24.4	%
Short-Term Investments		8.6	%
Corporate Bonds		8.2	%
Asset Backed Securities		3.6	%
Collateralized Mortgage Obligations		2.3	%
Purchased Options on Indices		0.8	%
Commercial Mortgage Backed Securities		0.3	%
Municipal Bond		0.1	%
Purchased Options on Futures		0.0	% ^
Other Assets Less Liabilities - Net		(21.1	)%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

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

Represents less than 0.1%.

Global Atlantic Select Advisor Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of 0.40% compared to a benchmark return of -0.86%, a difference of 126 basis points. The following discussion of relative performance pertains to this benchmark.

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

The Portfolio’s strongest performing stand-alone allocation was the MFS^{^®} VIT Growth Fund, which returned 12.29% as domestic growth equities outpaced other asset classes due to strong corporate earnings and investor optimism coupled with a stronger U.S. dollar, political instability, and a possible trade war weighing on foreign equity results. The Portfolio was underweight duration during the first half of 2018, which was beneficial as U.S. interest rates rose substantially, leading to underperformance by longer duration fixed income instruments. Manager selection was a contributor to the Portfolio, adding an estimated 1.08% to performance during the first half of 2018. The MFS^{^®} VIT Growth Fund was the strongest contributor of alpha by posting a return of 12.29% versus 7.25% for the Russell 1000 Growth TR index and contributing an estimated 0.66% to manager alpha.

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

How was the Portfolio positioned at period end?

Relative to the beginning of 2018, the Portfolio is now further underweight foreign equities. Wilshire’s conviction in foreign equities fell during the period as differentials between economic indicators, such as the Purchasing Managers’ Index in Europe and the U.S., diminished somewhat. While Europe is more politically and economically stable today than in recent years, the new U.S. tax plan has caused some of the value to shift back to the U.S. valuations versus continental Europe. Wilshire believes that increased geopolitical risks associated with the use of tariffs and rising protectionism could have a disproportionately negative impact on foreign equity markets, and a strengthening U.S. dollar could serve as a headwind to performance. Also during the period, the Portfolio enacted an overweight in domestic value equities, relative to growth equities. Wilshire observes that the prices of growth stocks could imply a high level of excess optimism, and after the extreme outperformance of growth

versus value in 2017 and early 2018, Wilshire is positioning for mean reversion in favor of value equities. Wilshire also believes that the recent tax reform could be favorable for value equities and could serve as a near-term catalyst for a cyclical rally.

Wilshire reduced the duration of the Portfolio during early 2017, partially due to its concern with the level of duration present within core fixed income indices rather than concerns that interest rates were poised to rise rapidly. From 1989 through 2011, the average modified adjusted duration of the Bloomberg Barclays US Aggregate Bond Index (the “Index”) was 4.55 years, but the Index duration is nearly 6 years today. Therefore, even with an underweight stance, Wilshire believes that the Portfolio is likely to have at least as much interest rate risk as has historically existed within the Index.

7344-NLD-08/03/2018

Global Atlantic Select Advisor Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception**
Global Atlantic Select Advisor Managed Risk Portfolio
Class II	0.40%	7.54%	5.42%	5.68%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.58%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser’s asset allocation decisions. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.26% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is October 31, 2013.

The S&P Target Risk^{^®} Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Variable Insurance Trusts - Equity Funds		60.0	%
Variable Insurance Trusts - Debt Fund		19.0	%
Exchange Traded Equity Funds		11.4	%
Exchange Traded Debt Funds		4.8	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.8	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic Wellington Research Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide capital appreciation and income while seeking to manage volatility.

Management Review

The capital appreciation and income component is sub-advised by Wellington Management Company LLP (“Wellington”) while the managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of 0.00% compared to a benchmark return of -0.86%, a difference of 86 basis points. The following discussion of relative performance pertains to this benchmark unless otherwise noted.

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

The equity portion of the Portfolio outperformed the S&P 500 Index, gross of fees, for the six months ended June 30, 2018. Relative equity outperformance was driven by strong stock selection within the industrials, utilities, and financials sectors. This was partially offset by weaker security selection within the energy, consumer staples, and materials sectors. Positive relative returns within the industrials sector were driven particularly by stock selection in the machinery sub-sector. Within the energy sector, the Portfolio’s holdings in oil & gas companies detracted the most from relative performance.

Top relative contributors of the equity portion of the Portfolio included a position in Wayfair, Inc. (consumer discretionary) (0.49%), an online home furnishings company; and the Portfolio’s avoidance of Johnson & Johnson (health care) (0.0%), U.S.-based multinational medical devices, pharmaceutical and consumer packaged goods manufacturer. Shares of Wayfair surged after the company reported better-than-expected revenue for the first quarter and management raised second quarter sales guidance, driven by strong customer adds. Wellington’s U.S. Research Equity team believes Wayfair is well positioned to grow its home goods category with a large customer base, diverse product offerings, and a growing distribution network. Not holding Johnson & Johnson also contributed to relative performance. The stock price fell after it was reported that there would be court proceedings for numerous lawsuits claiming its talc products may contain asbestos.

Top relative detractors of the equity portion of the Portfolio included an underweight to Apple Inc. (information technology) (1.37%), a U.S.-based technology company that designs, develops, and sells consumer electronics, computer software, and online services; and a position in Coty, Inc. (consumer staples) (0.30%), an emerging beauty franchise. The Portfolio’s underweight to Apple detracted from relative performance as the company reported better-than-expected second quarter bottom line results that were supported by strong services revenue growth. In addition, Apple announced a new $100 billion share repurchase program and a 16% increase in its quarterly dividend. Shares of Coty fell after the company reported mixed quarterly results. Stronger-than-expected top-line results in the luxury division were offset by weakness in the consumer beauty business. Coty has been wrestling with the integration of the beauty brands business it purchased from Procter & Gamble Co., but the synergies look as though they are beginning to come through.

The fixed income portion of the Portfolio outperformed the Bloomberg Barclays US Aggregate Bond Index, gross of fees, for the six months ended June 30, 2018. Security selection within investment grade corporates and taxable municipal bonds both contributed to outperformance. Investment grade credit positioning contributed positively overall as negative impacts from an overweight to financials and utilities were slightly offset by a positive impact from an overweight to and security selection within industrials. Security selection within taxable municipals and sovereign issuers also contributed to results. Within securitized sectors, an out-of-benchmark position in collateralized loan obligations (“CLOs”) contributed modestly, while security selection within agency mortgage backed securities (“MBS”), particularly within collateralized mortgage obligation (“CMOs”), detracted from performance. An out-of-benchmark allocation to long breakeven inflation positioning via Treasury Inflation-Protected Securities (“TIPS”) contributed to relative performance. During the period, the fixed income portion of the Portfolio was positioned with a short duration bias which contributed to relative results, particularly the Portfolio’s positioning in the short and intermediate region of the yield curve.

From a managed risk perspective, the financial markets generally rose with low volatility in 2017 and through January 2018, and the CBOE Volatility Index (“VIX”) closing below 15 every day in January. In early February however, volatility increased sharply with the VIX rising from 13 to 37, which led to a decline in the S&P 500 Index of 9.50%. This increase in volatility was evidenced by a four-day period during which the daily range between the high and the low on the S&P 500 Index exceeded 4%. This decline was quickly followed by a rapid, partial recovery of 6.50%. Another two-day downturn in late March, when the S&P 500 Index declined 4.50%, was again followed by a rapid recovery. However, the S&P 500 Index has yet to fully recover to its pre-decline 2018 peak, which was reached in late January. While the Managed Risk Strategy helped to significantly reduce both the level of volatility and the magnitude of the drawdown in February and March 2018, the subsequent rapid recoveries resulted in the Managed Risk Strategy detracting from performance during the period.

How was the Portfolio positioned at period end?

The equity portion of the Portfolio, which consists of multiple sub-portfolios, is generally industry-neutral and is designed to add value through actively managed, fundamental, bottom-up stock selection by one or more of Wellington’s global industry analysts. The allocation of assets to each sub-portfolio corresponds to the relative weight of the analysts’ coverage universe within the S&P 500 Index. However, within in an industry, an analyst’s stock selection may result in an overweight or underweight to certain sub-industries in his or her coverage area.

Looking ahead, Wellington’s global industry analysts remain focused on fundamental, bottom-up stock selection with an eye to how the macro-economic outlook will affect the companies in which they invest. Wellington continues to try to identify themes and opportunities that will shape future investment decisions.

Within the health care sector, Wellington continues to seek companies dedicated to ground-breaking innovation or the provision of value, i.e., high-quality health care at a lower cost. It’s the analysts’ view that while some companies will clearly thrive in this environment, others will struggle to meet ever-increasing standards of performance.

Global brands and e-commerce continue to be important investment themes in the equity portion of the Portfolio. Wellington Management initiated a position in Coca-Cola Company (0.57%) and added to the Portfolio’s position in Amazon.com (2.06%) during the period. Wellington’s opinion on Coca-Cola is that the company can generate higher-than-expected earnings and cash flow, while increasing return on invested capital (ROIC) driven by: 1) topline improvement in their major markets, 2) cost cutting to support margin expansion, and 3) progress towards increasing their ROIC post-refranchising bottling operations in the U.S. Wellington increased the position in Amazon, making it one of the larger active weights in the equity portion of the Portfolio. Wellington believes the fundamentals across Amazon’s three key business units: Marketplace, Amazon Prime, and Amazon Web Services, remain robust.

At the end of the period, the fixed income portion of the Portfolio was positioned with a short duration posture. The Portfolio continues to be moderately pro-cyclically positioned in credit markets as the fixed income investment team believes the U.S. economic growth momentum will continue and global growth will be sustained. Within spread (non-government bond) sectors, the Portfolio was overweight taxable municipal bonds, which Wellington believes should offer diversification benefits, and overweight corporate bonds - but was incrementally reducing cyclicality and increasing average quality - favoring U.S. financials. The Portfolio is positioned with an overweight to asset-backed securities, continuing to add to exposure to high quality CLOs, and select commercial mortgage-backed securities. Commercial mortgage-backed securities’ (“CMBS”) fundamentals remain strong and CLO valuations are compelling. Additionally, the Portfolio maintained long inflation breakevens via an allocation to TIPS. The Portfolio is underweight agency MBS pass-throughs given current valuations and the investment team’s expectations of modest interest rate volatility by the U.S. Federal Reserve. The Portfolio owns a small out-of-benchmark allocation to Fannie Mae Delegated Underwriting and Servicing securities (“FNMA DUS”) and CMOs for their superior income and convexity profiles. The Portfolio holds select non-agency MBS issues given attractive valuations and a stable housing market environment.

7344-NLD-08/03/2018

Global Atlantic Wellington Research Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception**
Global Atlantic Wellington Research Managed Risk Portfolio
Class II	0.00%	5.67%	5.59%	6.73%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	4.82%	4.58%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 1.21% for Class II shares per the April 27, 2018 prospectus.

Commencement of operations is October 31, 2013.

The S&P Target Risk^{^®} Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Common Stocks		63.3	%
Corporate Bonds		13.4	%
Agency Mortgage Backed Securities		7.4	%
U.S. Treasury Securities		4.2	%
Asset Backed Securities		3.7	%
Money Market Fund		3.3	%
Commercial Mortgage Backed Securities		1.9	%
Municipal Securities		1.0	%
Sovereign Debt		0.7	%
Collateralized Mortgage Obligations		0.2	%
Preferred Stock		0.0	% ^
Other Assets Less Liabilities - Net		0.9	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

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

^ Represents less than 0.1%

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide current income and long-term capital appreciation.

Management Review

The Portfolio is sub-advised by Wilshire Associates Incorporated (“Wilshire”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the S&P Target Risk^{^®} Moderate Index. The Portfolio posted a return of -0.28% compared to a benchmark return of -0.86%, a difference of 58 basis points. The following discussion of relative performance pertains to this benchmark.

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

The Portfolio still delivered meaningful alpha during the first half of 2018 as an underweight position in international equities relative to the benchmark benefitted performance while domestic equities far outpaced foreign equities. For the first half of the year, the MSCI EAFE Index returned -2.75%, and the MSCI Emerging Markets Index returned -6.66%. Domestic equities, as represented by the S&P 500 Index, returned 2.65%. The Portfolio also benefited from being relatively overweight domestic small cap equities. The Portfolio was underweight duration during the first half of 2018, which was beneficial as U.S. interest rates rose substantially, leading to underperformance by longer duration fixed income instruments.

The Portfolio’s strongest performing stand-alone allocation was the MFS^{^®} VIT Growth Fund, which returned 12.29% as domestic growth equities outpaced other asset classes due to strong corporate earnings and investor optimism coupled with a stronger U.S. dollar, political instability, and a possible trade war weighing on foreign equity results. Manager selection was a contributor to the Portfolio, adding an estimated 0.19% to performance during the first half of 2018. The MFS^{^®} VIT Growth Fund was the strongest contributor of alpha, posting a return of 12.29% versus 7.25% for the Russell 1000 Growth TR Index and contributing an estimated 0.25% to manager alpha.

How was the Portfolio positioned at period end?

Relative to the beginning of 2018, the Portfolio is now further underweight foreign equities. Wilshire’s conviction in foreign equities fell during the period as differentials between economic indicators, such as Purchasing Managers’ Index in Europe and the U.S., diminished somewhat. While Europe is more politically and economically stable today than in recent years, the new U.S. tax plan has caused some of the value to shift back to U.S. valuations versus continental Europe. Wilshire believes that increased geopolitical risks associated with the use of tariffs and rising protectionism could have a disproportionately negative impact on foreign equity markets, and a strengthening U.S. dollar could serve as a headwind to performance. Also during the period, the Portfolio enacted an overweight in domestic value equities, relative to growth equities. Wilshire observes that the prices of growth stocks could imply a high level of excess optimism, and after the extreme outperformance of growth versus value in 2017 and early 2018, Wilshire is positioning for mean reversion in favor of value equities. Wilshire also believes that the recent U.S. tax reform could be favorable for value equities and could serve as a near-term catalyst for a cyclical rally.

Wilshire reduced the duration of the Portfolio during early 2017, partially due to its concern with the level of duration present within core fixed income indices rather than concerns that interest rates were poised to rise rapidly. From 1989 through 2011, the average modified adjusted duration of the Bbg Barclays US Agg Bond Index (the “Index”) was 4.55 years, but the Index duration is nearly 6 years today. Therefore, even with an underweight stance, Wilshire believes that the Portfolio is likely to have at least as much interest rate risk as has historically existed within the Index.

7347-NLD-08/03/2018

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio
Class II	(0.28)%	3.98%	5.31%
S&P Target Risk^{^®} Moderate Index (Total Return)	(0.86)%	4.30%	6.20%

Commencement of operations is April 29, 2016.

The S&P Target Risk^{^®} Moderate Index (Total Return) provides significant exposure to fixed income, while also providing increased opportunity for capital growth through equities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Exchange Traded Debt Funds		34.1	%
Variable Insurance Trusts - Debt Funds		27.8	%
Exchange Traded Equity Funds		19.2	%
Variable Insurance Trusts - Equity Funds		17.5	%
Money Market Fund		1.3	%
Other Assets Less Liabilities - Net		0.1	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2018

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by Wilshire Associates Incorporated (“Wilshire”).

How did the Portfolio perform during the period?

During the first six months of 2018, the Portfolio outperformed its reference benchmark, the S&P Target Risk^{^®} Aggressive Index. The Portfolio posted a return of 14.78% compared to a benchmark return of -0.49%, a difference of 1,527 basis points. Performance was materially positively impacted by a significant shareholder redemption that occurred on March 29, 2018 and represented 94% of the Portfolio’s assets. On the same day as the redemption, the equity market rallied, with the S&P 500 Index up 1.4%. As the Portfolio’s holdings were sold into this rally to cover the significant shareholder redemption, the remaining shareholders realized a daily net asset value (“NAV”) change of 15.3%. The following discussion of relative performance pertains to the S&P Target Risk^{^®} Aggressive Index.

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

The largest driver of performance during the first half of 2018 was the aforementioned redemption. Excluding the effect of the redemption, the Portfolio delivered meaningful alpha during the first half of 2018 as an underweight position in international equities benefited results with international and emerging markets equities underperforming domestic equities. For the first half of the year, the MSCI EAFE Index returned -2.75% and the MSCI Emerging Markets Index returned -6.66%, while domestic equities, as represented by the S&P 500 Index, returned 2.65%. The Portfolio also benefited from being relatively overweight domestic small cap equities. The Portfolio was underweight duration during the first half of 2018, which was beneficial as U.S. interest rates rose substantially, leading to underperformance by longer duration fixed income instruments.

The Portfolio’s strongest performing stand-alone allocation was the MFS^{^®} VIT Growth Fund, which returned 12.29% as domestic growth equities outpaced other asset classes due strong corporate earnings and investor optimism coupled with a stronger U.S. dollar, political instability, and a possible trade war weighing on foreign equity results. Manager selection was a contributor to the Portfolio, adding an estimated 0.82% to performance during the first half of 2018. The MFS^{^®} VIT Growth Fund was the strongest contributor of alpha by posting a return of 12.29% versus 7.25% for the Russell 1000 Growth TR Index and contributing an estimated 0.59% to manager alpha.

How was the Portfolio positioned at period end?

Relative to the beginning of 2018, the Portfolio is now further underweight foreign equities. Wilshire’s conviction in foreign equities fell during the period as differentials between economic indicators, such as Purchasing Managers’ Index in Europe and the U.S., diminished somewhat. While Europe is more politically and economically stable today than in recent years, the new U.S. tax plan has caused some of the value to shift back to U.S. valuations versus continental Europe. Wilshire believes that increased geopolitical risks associated with the use of tariffs and rising protectionism could have a disproportionately negative impact on foreign equity markets, and that a strengthening U.S. dollar could serve as a headwind to performance. Also during the period, the Portfolio enacted an overweight in domestic value equities, relative to growth equities. Wilshire observes that the prices of growth stocks could imply a high level of excess optimism, and after the extreme outperformance of growth versus value in 2017 and early 2018, Wilshire is positioning for mean reversion in favor of value equities. Wilshire also believes that the recent U.S. tax reform could be favorable for value equities and could serve as a near-term catalyst for a cyclical rally.

Wilshire reduced the duration of the Portfolio during early 2017, partially due to its concern with the level of duration present within core fixed income indices rather than concerns that interest rates were poised to rise rapidly. From 1989 through 2011, the average modified adjusted duration of the Bbg Barclays US Aggregate Bond Index (the “Index”) was 4.55 years, but the Index duration is nearly 6 years today. Therefore, even with an underweight duration stance, Wilshire believes that the Portfolio is likely to have at least as much interest rate risk as has historically existed within the Index.

7347-NLD-08/03/2018

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

Portfolio Review (Continued)

June 30, 2018 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2018 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio
Class II	14.78%	23.87%	16.71%
S&P Target Risk^{^®} Aggressive Index (Total Return)	(0.49)%	8.55%	11.32%

Commencement of operations is April 29, 2016.

The S&P Target Risk^{^®} Aggressive Index (Total Return) emphasizes exposure to equities, while also providing limited fixed income exposure to diversify risk. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		40.7	%
Variable Insurance Trusts - Equity Funds		35.0	%
Exchange Traded Debt Funds		14.5	%
Variable Insurance Trusts - Debt Funds		7.0	%
Money Market Fund		2.8	%
Other Assets Less Liabilities - Net		0.0	% ^
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2018.

Represents less than 0.1%

Global Atlantic American Funds^{^®} Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		VARIABLE INSURANCE TRUSTS - 95.0%
		DEBT FUNDS - 33.2%
	1,307,460	American Funds Insurance - Mortgage Fund - Class I	$	13,479,913
	4,042,179	American Funds Insurance Series^® - Bond Fund - Class 1		42,725,833
	1,887,698	American Funds Insurance Series^® - U.S. Government/AAA-Rated Securities Fund - Class I		22,482,485
				78,688,231
		EQUITY FUNDS - 61.8%
	3,103,709	American Funds Insurance Series^® - Blue Chip Income and Growth Fund - Class 1		42,955,328
	1,701,526	American Funds Insurance Series^® - Global Growth and Income Fund - Class 1		24,672,127
	261,691	American Funds Insurance Series^® - Global Small Capitalization Fund- Class 1		6,654,810
	321,032	American Funds Insurance Series^® - Growth Fund - Class 1		24,838,215
	678,084	American Funds Insurance Series^® - Growth-Income Fund - Class 1		33,809,257
	437,093	American Funds Insurance Series^® - International Fund - Class 1		9,034,715
	189,087	American Funds Insurance Series^® - New World Fund - Class 1		4,466,247
				146,430,699
		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $214,303,349)		225,118,930

		SHORT-TERM INVESTMENTS - 0.0%*
		MONEY MARKET FUND - 0.0%*
	11,499,977	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $4,710)		4,710

		TOTAL INVESTMENTS - 95.0% (Cost - $214,308,059)	$	225,123,640
		OTHER ASSETS LESS LIABILITIES - NET - 5.0%		11,877,374
		TOTAL NET ASSETS - 100.0%	$	237,001,014

(a)

Money market rate shown represents the rate at June 30, 2018.

Represents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic Balanced Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 95.1%
		DEBT FUNDS - 44.7%
	8,419	iShares 1-3 Year Credit Bond ETF	$	873,050
	10,479	iShares 1-3 Year Treasury Bond ETF		873,634
	228,932	iShares Core U.S. Aggregate Bond ETF		24,340,050
	13,757	iShares iBoxx $ High Yield Corporate Bond ETF		1,170,445
	32,468	iShares JP Morgan EM Local Currency Bond ETF *		1,439,956
	13,661	iShares JP Morgan USD Emerging Markets Bond ETF		1,458,585
	60,029	iShares US Credit Bond ETF		6,430,907
	181,349	iShares US Treasury Bond ETF		4,465,719
				41,052,346
		EQUITY FUNDS - 50.4%
	70,351	iShares Core MSCI EAFE ETF		4,458,143
	17,376	iShares Core MSCI Emerging Markets ETF		912,414
	93,856	iShares Core S&P 500 ETF		25,627,381
	18,103	iShares Core S&P Mid-Cap ETF		3,526,102
	21,137	iShares Core S&P Small-Cap ETF		1,764,094
	69,345	iShares MSCI Eurozone ETF		2,843,838
	44,847	iShares MSCI Japan ETF		2,597,090
	29,721	iShares Russell 1000 ETF		4,516,998
				46,246,060
		TOTAL EXCHANGE TRADED FUNDS (Cost - $77,956,921)		87,298,406

		SHORT-TERM INVESTMENT - 0.0%**
		MONEY MARKET FUND - 0.0%**
	1,181	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $1,181)		1,181

		TOTAL INVESTMENTS - 95.1% (Cost - $77,958,102)	$	87,299,587
		OTHER ASSETS LESS LIABILITIES - NET - 4.9%		4,465,490
		TOTAL NET ASSETS - 100.0%	$	91,765,077

(a)

Money market rate shown represents the rate at June 30, 2018.

Non-Income Producing

Respresents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		VARIABLE INSURANCE TRUST - 95.2%
		ASSET ALLOCATION FUND - 95.2%
	15,333,603	BlackRock Global Allocation V.I. Fund - Class 1 (Cost - $256,594,208)	$	260,671,244

		SHORT-TERM INVESTMENTS - 0.0%*
		MONEY MARKET FUND - 0.0%*
	7,128	Fidelity Investments Money Market Funds - Government Portfolio Institutional Class to yield 1.77% (a)(Cost - $7,128)		7,128

		TOTAL INVESTMENTS - 95.2% (Cost - $256,601,336)	$	260,678,372
		OTHER ASSETS LESS LIABILITIES - NET - 4.8%		13,096,731
		TOTAL NET ASSETS - 100.0%	$	273,775,103

(a)

Money market rate shown represents the rate at June 30, 2018.

Represents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2018 (Unaudited)

Shares			Value
		COMMON STOCKS - 71.4%
		AEROSPACE/DEFENSE - 3.2%
	25,770	General Dynamics Corp.	$	4,803,786
	35,200	United Technologies Corp.		4,401,056
				9,204,842
		AGRICULTURE - 1.1%
	46,700	Bunge Ltd.		3,255,457

		APPAREL - 1.6%
	57,140	NIKE, Inc.		4,552,915

		BEVERAGES - 1.2%
	30,900	PepsiCo, Inc.		3,364,083

		BUILDING MATERIALS - 0.9%
	80,775	Johnson Controls International PLC		2,701,924

		CHEMICALS - 7.4%
	37,800	Air Products & Chemicals, Inc.		5,886,594
	80,800	Albemarle Corp.		7,621,865
	44,450	Praxair, Inc.		7,029,768
	15,350	Versum Materials, Inc.		570,253
				21,108,480
		COMMERCIAL SERVICES - 2.5%
	20,900	Cintas Corp.		3,867,963
	15,700	Ecolab, Inc.		2,203,181
	20,400	Matthews International Corp.		1,199,520
				7,270,664
		COMPUTERS - 2.6%
	45,300	Accenture PLC - Cl. A		7,410,627

		COSMETICS/PERSONAL CARE - 2.0%
	45,966	Colgate-Palmolive Co.		2,979,056
	36,000	Procter & Gamble Co. (The)		2,810,160
				5,789,216
		DISTRIBUTION/WHOLESALE - 0.8%
	7,700	WW Grainger, Inc.		2,374,680

		DIVERSIFIED FINANCIAL SERVICES - 1.0%
	21,690	Visa, Inc. - Cl. A		2,872,841

		ELECTRONICS - 2.5%
	49,860	Honeywell International, Inc.		7,182,333

		ENGINEERING & CONSTRUCTION - 0.5%
	62,370	nVent Electric PLC *		1,565,487

		FOOD - 1.1%
	26,460	McCormick & Co., Inc. (The)		3,071,741

		HEALTHCARE-PRODUCTS - 10.1%
	64,800	Abbott Laboratories		3,952,152
	31,800	Becton Dickinson and Co.		7,618,008
	30,200	Dentsply Sirona, Inc.		1,321,854
	68,800	Medtronic PLC		5,889,968

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		HEALTHCARE-PRODUCTS - 10.1% (Continued)
	45,900	Stryker Corp.	$	7,750,674
	25,000	West Pharmaceutical Services, Inc.		2,482,250
				29,014,906
		INSURANCE - 1.3%
	43,200	Aflac, Inc.		1,858,464
	14,793	Chubb Ltd.		1,879,007
				3,737,471
		IRON/STEEL - 0.6%
	29,410	Nucor Corp.		1,838,125

		MACHINERY-DIVERSIFIED - 3.6%
	58,570	Pentair PLC		2,464,626
	28,340	Roper Technologies, Inc.		7,819,289
				10,283,915
		MEDIA - 1.0%
	55,300	Comcast Corp.		1,814,393
	15,740	John Wiley & Sons, Inc.		982,176
				2,796,569
		MISCELLANEOUS MANUFACTURING - 2.9%
	22,180	Carlisle Cos, Inc.		2,402,316
	36,429	Donaldson Co., Inc.		1,643,676
	57,500	Dover Corp.		4,209,000
				8,254,992
		OIL & GAS - 2.4%
	9,900	Chevron Corp.		1,251,657
	20,500	EOG Resources, Inc.		2,550,815
	22,300	Exxon Mobil Corp.		1,844,879
	13,500	Occidental Petroleum Corp.		1,129,680
				6,777,031
		OIL & GAS SERVICES - 1.3%
	29,100	Apergy Corp. *		1,214,925
	38,000	Schlumberger Ltd.		2,547,140
				3,762,065
		PHARMACEUTICALS - 3.7%
	22,060	AbbVie, Inc.		2,043,859
	28,790	CVS Health Corp.		1,852,637
	38,100	Johnson & Johnson		4,623,054
	18,100	Perrigo Co. PLC		1,319,671
	22,700	Roche Holding AG - ADR		627,201
				10,466,422
		RETAIL - 7.3%
	51,690	Gap, Inc. (The)		1,674,239
	21,270	McDonald’s Corp.		3,332,796
	54,500	Ross Stores, Inc.		4,618,875
	23,000	Target Corp.		1,750,760
	24,500	Tiffany & Co.		3,224,200
	35,870	Walgreens Boots Alliance, Inc.		2,152,738
	28,900	Wal-Mart Inc.		2,475,285
	23,000	Yum! Brands, Inc.		1,799,060
				21,027,953
		SEMICONDUCTORS - 4.8%
	65,671	Analog Devices, Inc.		6,299,162
	66,800	Texas Instruments, Inc.		7,364,700
				13,663,862

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares					Value
		SOFTWARE - 3.1%
	89,410	Microsoft Corp.			$	8,816,720

		TRANSPORTATION - 0.9%
	25,110	United Parcel Service, Inc.				2,667,435

		TOTAL COMMON STOCKS (Cost - $157,328,974)				204,832,756

Principal Amount			Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES - 5.6%
$	300,000	Alinea CLO 2018-1 Ltd. 3 Month LIBOR +1.65 (a)^	0.000	7/20/2031		300,000
	300,000	AMMC CLO 21 Ltd. 3 Month LIBOR + 2.10 (a)^	4.463	11/2/2030		300,387
	400,000	AMMC CLO XI Ltd. 3 Month LIBOR + 1.90 (a)^	4.259	4/30/2031		399,634
	250,000	Antares CLO 2018-1 Ltd. 3 Month LIBOR + 1.65 (a)^	4.104	4/20/2031		249,984
	150,000	Bellemeade RE 2018-1 Ltd. 1 Month LIBOR + 1.60 (a)^	3.568	4/25/2028		150,424
	200,000	BlueMountain Fuji CLO 2017-2A B 3 Month LIBOR + 2.15 (a)^	4.509	10/20/2030		200,380
	1,000,000	Carlyle Global Market Strategies CLO 2015-2A A1 3 Month LIBOR + 0.78 (a)^	3.146	4/27/2027		995,853
	200,000	Carlyle Global Market Strategies CLO 2017-4 A1 3 Month LIBOR + 2.80 (a)^	5.148	1/15/2030		198,550
	250,000	CD 2016-CD2 A4 ^	3.526	11/10/2049		247,503
	327,184	Colony American Homes 1 Month LIBOR + 1.20 (a)^	3.246	7/17/2032		327,200
	300,000	Dryden Senior Loan Fund 3 Month LIBOR + 2.25 (a)^	4.598	7/15/2030		301,601
	300,000	Dryden Senior Loan Fund 3 Month LIBOR + 2.65 (a)^	4.869	4/18/2031		296,621
	250,000	Eleven Madison Mortgage Trust 2015-11MD A (a)^	3.673	9/10/2035		249,060
	250,000	Ellington CLO Management LLC 2018-3A A1 3 Month LIBOR + 1.65 (a)^	0.000	7/20/2030		250,000
	138,935	Emerson Park CLO Ltd. 3 Month LIBOR + 0.98 (a)^	3.328	7/15/2025		138,939
	60,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.60^	4.560	5/25/2024		63,229
	272,590	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.60^	4.560	5/25/2024		287,687
	261,412	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.90^	4.860	7/25/2024		278,325
	316,048	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 3.00^	4.960	7/25/2024		338,344
	208,995	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.00^	5.960	5/25/2025		222,992
	254,921	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.90^	6.860	11/25/2024		291,249
	234,958	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 5.00^	6.960	7/25/2025		266,019
	195,830	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR +5.00^	6.960	7/25/2025		216,911
	130,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR +5.75^	7.710	7/25/2029		155,107
	300,000	Flagship CLO 2014-8A ARR 3 Month LIBOR + 0.85 (a)^	0.000	1/16/2026		299,678
	250,000	Flagship CLO 2014-8A DR 3 Month LIBOR + 3.05 (a)^	0.000	1/16/2026		249,009
	350,000	Freddie Mac - STACR 1 Month LIBOR + 3.25^	5.210	5/25/2025		391,563
	300,000	Freddie Mac - STACR 1 Month LIBOR + 3.80^	5.760	3/25/2025		321,339
	300,000	Freddie Mac - STACR 1 Month LIBOR + 3.90^	5.860	12/25/2027		332,954
	474,501	Freddie Mac - STACR 1 Month LIBOR + 4.00^	5.960	8/25/2024		516,593
	262,526	Freddie Mac - STACR 1 Month LIBOR + 4.15^	6.110	1/25/2025		281,314
	650,000	Freddie Mac - STACR 1 Month LIBOR + 5.55^	7.510	7/25/2028		794,422
	200,000	Gilbert Park CLO Ltd. 3 Month LIBOR + 2.95 (a)^	5.298	10/15/2030		198,593
	250,000	Halcyon Loan Advisors Funding 2018-1 Ltd. 3 Month LIBOR + 1.80 (a)^	0.000	7/20/2031		249,994
	200,000	Hayfin Kingsland IX Ltd. 3 Month LIBOR + 1.80 (a)^	4.159	4/28/2031		200,700
	327,300	Invitation Homes Trust (a)^	3.347	8/17/2032		327,707
	500,000	LCM XXV Ltd. 3 Month LIBOR + 2.30 (a)^	4.659	7/20/2030		502,450
	918,000	Madison Park Funding XXVII Ltd. 3 Month LIBOR + 1.13 (a)^	3.177	4/20/2030		917,983
	245,792	Mill City Mortgage Loan Trust 2016-1 (a)^	2.500	4/25/2057		241,308
	649,000	Neuberger Berman Loan Advisers CLO 27 Ltd. 3 Month LIBOR + 1.10 (a)^	3.117	1/15/2030		646,170
	200,000	NZCG Funding Ltd. 3 Month LIBOR + 1.55 (a)^	3.869	2/26/2031		199,672
	300,000	Octagon Investment Partners 33 Ltd. 3 Month LIBOR + 1.50 (a)^	3.859	1/20/2031		299,995
	100,000	Octagon Investment Partners 33 Ltd. 3 Month LIBOR + 2.75 (a)^	5.109	1/20/2031		98,907
	500,000	Octagon Investment Partners 35 Ltd. 3 Month LIBOR + 1.10 (a)^	2.848	1/20/2031		498,739
	250,000	Octagon Investment Partners XXIII Ltd. 3 Month LIBOR + 1.85 (a)^	4.111	7/15/2027		249,569
	150,000	Radnor RE 2018-1 Ltd. 1 Month LIBOR + 1.40 (a)^	3.368	3/25/2028		150,342

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 5.6% (Continued)
$	100,000	TCI-Flatiron CLO 2017-1 Ltd. 3 Month LIBOR + 2.75 (a)^	5.071	11/17/2030	$	98,924
	249,671	Towd Point Mortgage Trust 2015-2 (a)^	2.750	11/25/2060		248,333
	263,875	Towd Point Mortgage Trust 2016-4 (a)^	2.250	7/25/2056		260,571
	242,806	Towd Point Mortgage Trust 2017-2 (a)^	2.750	4/25/2057		242,205
	167,242	Towd Point Mortgage Trust 2017-3 (a)^	2.750	7/25/2057		164,458
	250,000	Voya CLO 2014-1A CR2 3 Month LIBOR + 2.80 (a)^	5.155	4/18/2031		248,161
		TOTAL ASSET BACKED SECURITIES (Cost - $15,951,300)				15,957,652

		COMMERCIAL MORTGAGE OBLIGATION - 0.1%
	280,000	FREMF Mortgage Trust (a)^ (Cost - $283,185)	3.992	12/25/2050		272,271

		CORPORATE BONDS - 9.5%
		AEROSPACE/DEFENSE - 0.1%
	100,000	BBA U.S. Holdings, Inc. (a)	5.375	5/1/2026		100,376
	300,000	Lockheed Martin Corp.	4.700	5/15/2046		318,936
						419,312
		AGRICULTURE - 0.1%
	300,000	Reynolds American, Inc.	5.700	8/15/2035		322,091

		AIRLINES - 0.1%
	200,000	United Airlines 2018-1 Class AA Pass Through Trust	3.500	3/1/2030		194,194

		AUTO PARTS & EQUIPMENT - 0.1%
	200,000	Delphi Corp.	4.150	3/15/2024		200,527

		BANKS - 2.2%
	300,000	Banca Monte Dei Paschi di Siena SpA	2.125	11/26/2025		365,441
	700,000	Bank of America Corp.	3.500	4/19/2026		677,088
	300,000	Barclays PLC	4.375	9/11/2024		291,594
	700,000	Capital One Financial Corp.	3.200	2/5/2025		657,147
	600,000	Citigroup, Inc.	3.400	5/1/2026		568,564
	500,000	Goldman Sachs Group, Inc. (The)	3.750	2/25/2026		484,449
	400,000	HSBC Holdings PLC	4.300	3/8/2026		401,020
	200,000	ICICI Bank Ltd. (a)	3.800	12/14/2027		183,440
	250,000	Industrial & Commercial Bank of China Ltd.	2.957	11/8/2022		242,345
	300,000	JPMorgan Chase & Co.	3.250	9/23/2022		297,219
	500,000	JPMorgan Chase & Co.	3.200	6/15/2026		472,794
	500,000	Morgan Stanley	3.875	1/27/2026		492,178
	200,000	Turkiye Vakiflar Bankasi TAO	2.375	5/4/2021		230,307
	400,000	Wells Fargo & Co.	2.500	3/4/2021		391,073
	500,000	Wells Fargo & Co.	3.000	4/22/2026		463,523
						6,218,182
		BEVERAGES - 0.2%
	500,000	Anheuser-Busch InBev Finance, Inc.	3.650	2/1/2026		489,472

		BIOTECHNOLOGY - 0.1%
	200,000	Biogen, Inc.	5.200	9/15/2045		212,244
	100,000	Celgene Corp.	3.450	11/15/2027		91,948
						304,192
		CHEMICALS - 0.2%
	200,000	Chemours Co.	5.375	5/15/2027		193,500
	300,000	LYB International Finance BV	4.000	7/15/2023		300,655
	100,000	OCI NV (a)	6.625	4/15/2023		101,570
						595,725

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		COAL - 0.0% **
$	100,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. (a)	7.500	6/15/2025	$	101,750

		COMMERICAL SERVICES - 0.0% **
	100,000	IHS Markit Ltd. (a)	4.000	3/1/2026		95,375

		COMPUTERS - 0.1%
	100,000	Dell International LLC/EMC Corp. (a)	3.480	6/1/2019		100,252
	200,000	West Corp. (a)	8.500	10/15/2025		182,500
						282,752
		DIVERSIFIED FINANCIAL SERVICES - 0.1%
	200,000	Navient Corp.	6.750	6/25/2025		198,000
	200,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp. (a)	6.750	6/1/2025		192,000
						390,000
		ELECTRIC - 1.0%
	400,000	Calpine Corp.	5.375	1/15/2023		380,500
	200,000	Colbun SA (a)	3.950	10/11/2027		186,600
	400,000	Dominion Energy, Inc.	3.900	10/1/2025		395,125
	400,000	Electricite De France SA 10 Year Swap Rate + 3.709 (a)^	5.250	1/29/2049		390,400
	200,000	Israel Electric Corp. Ltd. (a)	4.250	8/14/2028		192,332
	500,000	Southern Co. (The)	3.250	7/1/2026		469,336
	300,000	State Grid Overseas Investment (a)	3.500	5/4/2027		286,287
	100,000	Talen Energy Supply LLC (a)	9.500	7/15/2022		98,188
	100,000	Talen Energy Supply LLC (a)	10.500	1/15/2026		89,125
	300,000	Three Gorges Finance Ltd. (a)	3.700	6/10/2025		293,133
	200,000	Vistra Energy Corp. (a)	8.125	1/30/2026		217,250
						2,998,276
		ELECTRONICS - 0.1%
	100,000	Legrand France SA	8.500	2/15/2025		125,405
	100,000	Tech Data Corp.	4.950	2/15/2027		98,781
						224,186
		ENTERTAINMENT - 0.0% **
	100,000	Stars Group Holdings BV/Stars Group U.S. Co-Borrower LLC (a)	7.000	7/15/2026		101,000

		FOOD - 0.3%
	100,000	Kraft Heinz Foods Co.	3.000	6/1/2026		90,052
	300,000	Kraft Heinz Foods Co.	3.500	7/15/2022		296,513
	300,000	Kroger Co. (The)	4.000	2/1/2024		300,685
	100,000	Lamb Weston HLD (a)	4.875	11/1/2026		97,250
						784,500
		FOOD SERVICE - 0.0% **
	100,000	Aramark Services, Inc. (a)	5.000	2/1/2028		95,500

		HEALTHCARE-PRODUCTS - 0.2%
	100,000	Avantor, Inc. (a)	6.000	10/1/2024		98,920
	200,000	Edwards Lifesciences Corp.	4.300	6/15/2028		199,677
	300,000	Stryker Corp.	3.500	3/15/2026		291,265
						589,862
		HEALTHCARE-SERVICES - 0.1%
	100,000	Catalent Pharma Solutions, Inc. (a)	4.875	1/15/2026		96,029
	100,000	Centene Corp. (a)	5.375	6/1/2026		101,313
	100,000	CHS/Community Health Systems, Inc.	6.250	3/31/2023		91,625
	35,000	Orlando Health Obligated Group	3.777	10/1/2028		34,657
						323,624
		HOME BUILDERS - 0.0% **
	100,000	PulteGroup, Inc.	5.000	1/15/2027		95,000

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		INSURANCE - 0.3%
$	300,000	Liberty Mutual Group, Inc. (a)	4.950	5/1/2022	$	311,508
	100,000	MetLife, Inc.	3.000	3/1/2025		94,906
	400,000	Teachers Insurance & Annuity Association of America (a)	4.900	9/15/2044		421,071
						827,485
		INTERNET - 0.1%
	100,000	Amazon.com, Inc.	2.800	8/22/2024		96,354
	100,000	Symantec Corp. (a)	5.000	4/15/2025		96,877
	200,000	Tencent Holdings Ltd. (a)	3.595	1/19/2028		189,204
						382,435
		LODGING - 0.2%
	300,000	Marriott International, Inc.	3.750	10/1/2025		294,175
	200,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. LLC (a)	5.250	5/15/2027		187,000
						481,175
		MACHINERY - CONSTRUCTION AND MINING - 0.1%
	200,000	Vertiv Group Corp. (a)	9.250	10/15/2024		196,000

		MACHINERY - DIVERSIFIED - 0.1%
	100,000	CNH Industrial NV	3.850	11/15/2027		93,257
	100,000	Tennant Co.	5.625	5/1/2025		99,250
						192,507
		MEDIA - 0.4%
	200,000	Altice U.S. Finance Corp. (a)	5.500	5/15/2026		193,000
	200,000	CCO Holdings LLC/CCO Holdings Capital Corp. (a)	5.125	5/1/2027		187,125
	300,000	Comcast Corp.	3.150	2/15/2028		277,265
	100,000	Nexstar Broadcasting, Inc. (a)	5.625	8/1/2024		96,750
	300,000	Warner Media LLC	2.950	7/15/2026		269,689
						1,023,829
		MINING - 0.2%
	100,000	First Quantum Minerals Ltd. (a)	7.250	4/1/2023		100,000
	300,000	Glencore Finance Canada (a)	4.950	11/15/2021		311,370
	100,000	Northwest Acquistions ULC/Dominion Finco, Inc. (a)	7.125	11/1/2022		99,750
						511,120
		OIL & GAS - 0.5%
	300,000	Anadarko Petroleum Corp.	6.450	9/15/2036		346,697
	400,000	CNOOC Finance 2015 USA LLC	3.500	5/5/2025		385,458
	100,000	Harvest Operations Corp. (a)	4.200	6/1/2023		101,094
	400,000	Sinopec Group Overseas Development 2015 Ltd. (a)	3.250	4/28/2025		380,341
	100,000	Sunoco LP/Sunoco Finance Corp. (a)	4.875	1/15/2023		96,000
						1,309,590
		OIL & GAS SERVICES - 0.1%
	200,000	Weatherford International Ltd.	8.250	6/15/2023		198,418

		PACKAGING & CONTAINERS - 0.3%
	200,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (a)	6.000	2/15/2025		194,750
	200,000	Broadway Holding Co. (a)	7.250	4/15/2025		195,000
	100,000	Crown Americas LLC/Crown Americas Capital Corp. VI (a)	4.750	2/1/2026		95,000
	100,000	Multi-Color Corp. (a)	4.875	11/1/2025		93,125
	100,000	OI European Group BV (a)	4.000	3/15/2023		93,250
	200,000	Plastipak Holdings, Inc. (a)	6.250	10/15/2025		184,000
	150,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (a)	7.000	7/15/2024		153,188
						1,008,313
		PHARMACEUTICALS - 0.3%
	300,000	Allergan Funding SCS	4.550	3/15/2035		283,846
	100,000	Bayer U.S. Finance II LLC (a)	4.375	12/15/2028		100,190
	100,000	CVS Health Corp.	4.300	3/25/2028		98,641

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		PHARMACEUTICALS - 0.3% (Continued)
$	200,000	Endo DAC/Endo Finance Ltd. (a)	6.000	2/1/2025	$	156,000
	200,000	Valeant Pharmaceuticals International, Inc. (a)	7.500	7/15/2021		203,125
						841,802
		PIPELINES - 0.4%
	200,000	Cheniere Corpus Christi Holdings Ltd.	7.000	6/30/2024		218,000
	100,000	Cheniere Energy Partners LP (a)	5.250	10/1/2025		97,545
	100,000	Energy Transfer Equity LP	4.250	3/15/2023		96,501
	400,000	Enterprise Products Operating LLC	4.450	2/15/2043		376,429
	100,000	Kinder Morgan Energy Partners LP	6.500	9/1/2039		107,899
	400,000	Sabine Pass Liquefacation LLC	5.000	3/15/2027		406,475
						1,302,849
		REAL ESTATE - 0.0% **
	150,000	Prologis LP	3.750	11/1/2025		149,790

		REAL ESTATE INVESTMENT TRUSTS - 0.4%
	100,000	American Homes 4 Rent LP	4.250	2/15/2028		95,767
	300,000	American Tower Corp.	4.400	2/15/2026		297,851
	200,000	Crown Castle International Corp.	3.800	2/15/2028		187,468
	100,000	MPT Operating Partnership LP/MPT Finance Corp.	5.000	10/15/2027		95,500
	400,000	Realty Income Corp.	4.125	10/15/2026		398,134
						1,074,720
		RETAIL - 0.3%
	200,000	Beacon Roofing Supply, Inc. (a)	4.875	11/1/2025		183,880
	300,000	Dollar Tree, Inc.	4.000	5/15/2025		293,191
	300,000	Home Depot, Inc. (The)	2.125	9/15/2026		267,576
	100,000	New Red Finance, Inc. (a)	5.000	10/15/2025		94,620
	200,000	PetSmart, Inc. (a)	7.125	3/15/2023		134,260
						973,527
		SOFTWARE - 0.1%
	100,000	Ascend Learning LLC (a)	6.875	8/1/2025		100,875
	200,000	Fiserv, Inc.	3.850	6/1/2025		199,191
						300,066
		TELECOMMUNICATIONS - 0.4%
	200,000	Juniper Networks, Inc.	4.350	6/15/2025		199,385
	250,000	Sprint Corp.	7.125	6/15/2024		252,398
	200,000	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC (a)	5.152	3/20/2028		196,000
	150,000	Telefonica Emisiones, S.A.U.	4.570	4/27/2023		155,069
	300,000	Verizon Communications, Inc.	2.625	8/15/2026		266,262
						1,069,114
		TRANSPORTATION - 0.2%
	500,000	FedEx Corp.	3.250	4/1/2026		478,761

		TRUCKING & LEASING - 0.1%
	200,000	DAE Funding LLC (a)	5.000	8/1/2024		192,100

		TOTAL CORPORATE BONDS (Cost $28,583,772)				27,339,121

		MUNICIPAL BOND - 0.0% **
	90,000	San Jose Redevelopment Agency Successor Agency (Cost $90,000)	3.226	8/1/2027		88,423

		TERM LOANS - 1.3%
	148,496	AMC Entertainment Holdings, Inc.	3.727	12/15/2023		147,847
	100,000	American Airlines	3.750	6/27/2025		98,104
	150,000	Aramark	2.983	3/28/2024		149,813
	80,596	Aristocrat International Pty Ltd.	3.357	10/19/2024		79,978

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		TERM LOANS - 1.3% (Continued)
$	85,907	Ascena Retail Group, Inc.	5.875	8/21/2022	$	76,500
	149,622	Ashland Global	0.000	5/25/2024		149,061
	222,750	Avis Budget	3.340	2/13/2025		222,819
	149,625	Axalta Coating	0.000	6/1/2024		148,690
	61,774	B&G Foods	0.000	11/2/2022		61,735
	198,000	Cablevision	3.741	7/17/2025		196,515
	17,431	Chemours	0.000	3/30/2025		17,191
	10,000	Commscope	0.000	12/29/2022		10,025
	99,222	Eldorado Resorts, Inc.	3.625	3/16/2024		98,789
	34,737	Endo International	5.625	4/12/2024		34,650
	92,484	Felp TL B 1L USD Corp.	7.083	3/28/2022		91,761
	100,000	Fieldwood Energy LLC	8.375	4/11/2022		100,050
	19,944	First Data	0.000	6/2/2020		19,910
	103,820	General Nutrition Centers, Inc.	10.558	3/4/2021		99,575
	42,926	General Nutrition Centers, Inc.	8.650	12/31/2022		44,245
	99,748	Go Daddy	3.270	2/15/2024		99,160
	34,825	Harbor Freight Tools	3.789	8/16/2023		34,629
	98,232	Hertz Corp. (The)	4.100	6/30/2023		97,454
	150,000	Hilton Worldwide Finance LLC	2.778	10/25/2023		149,937
	113,471	IMS	3.600	1/13/2025		113,081
	247,494	JBS USA Lux SA	4.678	10/30/2022		245,390
	20,442	Jo-Ann Stores	6.551	10/21/2023		20,272
	39,900	Las Vegas Sands	3.627	3/29/2024		39,594
	79,597	Live Nation	0.000	10/27/2023		79,166
	130,446	Mallinckrodt International Finance SA	4.083	9/24/2024		127,674
	99,750	Mediacom	3.000	2/15/2024		99,334
	150,000	Michaels Stores	3.750	1/28/2023		148,719
	99,746	NRG	3.546	6/30/2023		99,035
	48,980	PetSmart, Inc.	4.340	3/10/2022		40,390
	98,230	Post	3.280	5/24/2024		97,568
	99,747	Sinclair Broadcasting	3.040	1/3/2024		99,206
	20,436	Trans Union LLC	0.000	8/9/2022		20,340
	197,718	U.S. Renal Care, Inc.	5.583	11/16/2022		194,669
	49,121	Valeant Pharmaceuticals International, Inc.	0.000	5/28/2025		48,921
	149,625	Yum! Brands	0.000	4/3/2025		148,036
		TOTAL TERM LOANS (Cost - $3,862,455)				3,849,833

		AGENCY MORTGAGE BACKED SECURITIES - 5.7%
		FEDERAL HOME LOAN MORTGAGE CORP. - 3.1%
	1,420,464	Freddie Mac Gold Pool	3.500	8/1/2047		1,413,709
	1,878,430	Freddie Mac Gold Pool	3.500	3/1/2048		1,869,504
	228,177	Freddie Mac Gold Pool	3.500	5/1/2048		227,119
	3,700,000	Freddie Mac Gold Pool +	4.000	1/15/2046		3,765,906
	1,434,445	Freddie Mac Gold Pool	4.000	5/1/2048		1,463,388
						8,739,626
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.3%
	1,714,369	Fannie Mae Pool	3.000	4/1/2033		1,705,322
	1,708,254	Fannie Mae Pool	3.500	9/1/2047		1,701,155
	730,549	Fannie Mae Pool	3.500	4/1/2048		727,512
	297,508	Fannie Mae Pool	3.500	4/1/2048		296,460
	520,000	Fannie Mae Pool +	4.000	4/25/2046		529,506
	900,000	Fannie Mae Pool	4.000	7/1/2048		918,811
	700,000	Fannie Mae Pool +	4.500	10/25/2044		727,672
						6,606,438

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.3%
$	531,907	Ginnie Mae II Pool	3.500	8/20/2047	$	534,436
	98,425	Ginnie Mae II Pool	3.500	1/20/2048		99,294
	298,376	Ginnie Mae II Pool	3.500	4/20/2048		299,794
						933,524

		TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $16,443,286)				16,279,588

		SOVEREIGN DEBT - 0.2%
	200,000	Export-Import Bank of China (a)	3.625	7/31/2024		197,509
	200,000	Export-Import Bank of India (a)	3.875	2/1/2028		187,809
	300,000	Export-Import Bank of Korea	2.250	1/21/2020		295,452
		TOTAL SOVEREIGN DEBT (Cost - $706,935)				680,770

		U.S. TREASURY SECURITIES - 3.0%
	1,105,000	United States Treasury Bond	2.250	8/15/2046		951,681
	600,000	United States Treasury Bond	2.500	2/15/2045		547,055
	825,000	United States Treasury Bond	2.500	2/15/2046		750,073
	840,000	United States Treasury Bond	2.500	5/15/2046		763,284
	150,000	United States Treasury Bond	2.750	8/15/2047		143,139
	35,000	United States Treasury Bond	2.750	11/15/2047		33,398
	1,160,000	United States Treasury Bond	2.875	5/15/2043		1,139,791
	250,000	United States Treasury Bond	3.000	11/15/2044		251,016
	600,000	United States Treasury Bond	4.250	11/15/2040		727,523
	740,000	United States Treasury Bond	4.375	2/15/2038		901,904
	300,000	United States Treasury Bond	4.500	2/15/2036		366,820
	455,000	United States Treasury Inflation Index Note	0.125	7/15/2022		487,472
	550,000	United States Treasury Inflation Index Note	0.125	7/15/2024		564,125
	900,000	United States Treasury Note	2.625	11/15/2020		900,879
		TOTAL U.S. TREASURY SECURITIES (Cost - $8,648,332)				8,528,160

		SHORT-TERM INVESTMENT - 0.5%
		MONEY MARKET FUND - 0.5%
	1,524,898	Fidelity Investments Money Market - Money Market Portfolio, Institutional Class to yield 1.77% (b)				1,524,898
		TOTAL SHORT-TERM INVESTMENTS (Cost - $1,524,898)

		TOTAL INVESTMENTS - 97.3% (Cost - $233,423,137)			$	279,353,472
		OTHER ASSETS LESS LIABILITIES - NET - 2.7%				7,595,598
		TOTAL NET ASSETS - 100.0%			$	286,949,070

All or a portion of these To Be Announced Securities (TBAs) are subject to dollar-roll transactions.

Represents less than 0.1%

Variable rate security.

Benchmark		Rate
1 Month LIBOR		2.09%
3 Month LIBOR		2.34%
10 Year Swap Rate		2.92%

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

LP - Limited Partnership

REIT - Real Estate Investment Trust

(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, 2018, these securities amounted to $20,116,574 or 7.0% of net assets.

(b)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

					Unrealized
					Appreciation/
	Counterparty	Contracts	Expiration Date	Notional Value	(Depreciation)
SHORT FUTURES CONTRACTS
Euro Bund Future	Morgan Stanley	8	Sep-18	1,518,283	$	(20,375	)
U.S. 10 Year Note Future	Morgan Stanley	4	Sep-18	480,750		437
U.S. 10 Year Ultra Bond Future	Morgan Stanley	6	Sep-18	769,406		(750	)
						(20,688	)

LONG FUTURES CONTRACT
Australian 10 Year Bond Future	Morgan Stanley	4	Sep-18	382,316		3,990
Canadian 10 Year Bond Future	Morgan Stanley	6	Sep-18	623,558		6,476
U.S. 5 Year Note Future	Morgan Stanley	14	Sep-18	1,590,641		(3,172	)
U.S. Long Bond Future	Morgan Stanley	6	Sep-18	870,000		4,594
U.S. Ultra Bond Future	Morgan Stanley	1	Sep-18	159,563		875
						12,763
NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS					$	(7,925	)

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

INTEREST RATE SWAPS*

											Premiums			Unrealized
		Floating Rate	Pay/Receive		Expiration	Notional					Paid/			Appreciation/
Counterparty	Floating Rate Index	as of 6/30/18	Floating Rate	Fixed Rate	Date	Amount		Value			(Received)			(Depreciation)
JP Morgan Chase	USA-CPI-U*	251.989%	Receive	1.96%	8/31/2024	$	900,000	$	30,326		$	—		$	30,326
											$	—		$	30,326

CURRENCY SWAPS*

											Premiums			Unrealized
		Floating Rate	Pay/Receive		Expiration	Notional					Paid/			Appreciation/
Counterparty	Floating Rate Index	as of 6/30/18	Floating Rate	Fixed Rate	Date	Amount		Value			(Received)			(Depreciation)
JP Morgan Chase	USD - LIBOR - BBA	2.336%	Receive	2.50%	5/4/2021	$	232,400	$	(1,200	)	$	—		$	(1,200	)
											$	—		$	(1,200	)

CREDIT DEFAULT SWAPS**

											Premiums			Unrealized
		Buy/Sell	Fixed Rate	Fixed Rate	Expiration	Notional					Paid/			Appreciation/
Counterparty	Index	Protection	Received	Paid	Date	Amount		Value			(Received)			(Depreciation)
Citibank NA	AES Corp.	Buy	0.00%	5.00%	6/20/2022	$	200,000	$	(8,057	)	$	(336	)	$	(7,721	)
JPMorgan	Ally Financial, Inc.	Buy	0.00%	5.00%	12/20/2022		200,000		245			(2,500	)		2,745
Citibank NA	Best Buy Co., Inc.	Buy	0.00%	5.00%	6/20/2022		250,000		(9,713	)		(3,125	)		(6,588	)
JPMorgan	Capital One Financial Corp.	Sell	1.00%	0.00%	12/20/2022		100,000		278			250			28
Citibank NA	CDXHY30	Sell	5.00%	0.00%	6/20/2023		350,000		(1,049	)		—			(1,049	)
Citibank NA	DCDX.EM.29	Sell	1.00%	0.00%	6/20/2023		700,000		(14,261	)		—			(14,261	)
JPMorgan	Dish	Sell	5.00%	0.00%	6/20/2023		100,000		(2,859	)		1,250			(4,109	)
JPMorgan	Dish	Buy	0.00%	5.00%	6/20/2021		100,000		(722	)		(1,267	)		545
Citibank NA	General Electric	Sell	1.00%	0.00%	12/20/2022		175,000		271			438			(167	)
Citibank NA/JPMorgan	Goldman Sachs	Sell	1.00%	0.00%	12/20/2022		200,000		299			500			(201	)
Citibank NA	MCDX.NA.29	Sell	1.00%	0.00%	6/20/2023		1,050,000		(3,281	)		—			(3,281	)
Citibank NA	Morgan Stanley	Sell	1.00%	0.00%	12/20/2022		100,000		100			250			(150	)
Citibank NA	Nabors Inds, Inc.	Buy	0.00%	1.00%	6/20/2020		50,000		(1,208	)		—			(1,208	)
Citibank NA	Nabors Inds, Inc.	Sell	1.00%	0.00%	6/20/2022		50,000		2,302			—			2,302
Barclays Bank PLC	Republic of Argentina	Sell	5.00%	0.00%	6/20/2023		35,000		20			160			(140	)
Citibank NA	Republic of Brazil	Sell	1.00%	0.00%	6/20/2023		115,000		(3,327	)		125			(3,452	)
Citibank NA	Republic of Columbia	Sell	1.00%	0.00%	6/20/2023		380,000		(2,157	)		681			(2,838	)
JPMorgan	Republic of Indonesia	Sell	1.00%	0.00%	6/20/2023		180,000		(133	)		665			(798	)
JPMorgan	Republic of Indonesia	Sell	1.00%	0.00%	6/20/2023		175,000		(3,256	)		—			(3,256	)
Citibank NA	Republic of Turkey	Buy	0.00%	1.00%	6/20/2023		98,000		3,897			—			3,897
Citibank NA	Simon Property Group LP	Sell	1.00%	0.00%	6/20/2022		480,000		5,733			1,200			4,533
Citibank NA	United Mexican States	Sell	1.00%	0.00%	6/20/2023		360,000		(1,599	)		658			(2,257	)
											$	(1,051	)	$	(37,426	)

TOTAL RETURN SWAPS**

											Premiums			Unrealized
		Buy/Sell	Floating Rate	Floating Rate	Expiration	Notional					Paid/			Appreciation/
Counterparty	Index	Protection	Received	Paid	Date	Amount		Value			(Received)			(Depreciation)
Citibank NA	iBoxx $ Liquid	Buy	0.00%	1.63%	9/20/2018	$	175,000	$	(432	)	$	(985	)	$	553
											$	(2,036	)	$	(7,747	)

Pays at termination.

Pays quarterly.

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Schedule of Forward Foreign Currency Contracts

Settlement		Currency Units to						Unrealized Appreciation/
Date	Counterparty	Receive/Deliver		In Exchange For		U.S. $ Value		(Depreciation)
To Buy:
9/13/2018	Deutsche Bank	300,000	EUR	$	361,200	$	352,298	$	(8,902	)
9/19/2018	Deutsche Bank	153,000	EUR		184,307		179,755		(4,552	)
9/19/2018	Deutsche Bank	500,000	PLN		147,804		133,726		(14,078	)
9/19/2018	Deutsche Bank	2,142,000	SEK		260,679		240,955		(19,724	)
10/9/2018	Deutsche Bank	342,000	AUD		254,532		252,782		(1,750	)
10/9/2018	Deutsche Bank	630,000	BRL		181,389		162,096		(19,293	)
10/9/2018	Deutsche Bank	1,500,000,000	IDR		107,319		103,254		(4,065	)
10/9/2018	Deutsche Bank	2,000,000,000	IDR		143,256		137,672		(5,584	)
10/9/2018	Deutsche Bank	11,500,000	INR		173,847		165,823		(8,024	)
10/9/2018	Deutsche Bank	13,000,000	INR		196,970		187,452		(9,518	)
10/9/2018	Deutsche Bank	13,700,000	MXN		728,847		685,925		(42,922	)
10/10/2018	Deutsche Bank	165,000,000	KRW		155,002		148,616		(6,386	)
									(144,798	)

To Sell:
9/13/2018	Deutsche Bank	300,000	EUR		367,050		352,298		14,752
9/19/2018	Deutsche Bank	611,000	EUR		763,390		717,845		45,545
10/9/2018	Deutsche Bank	342,000	AUD		265,648		252,782		12,866
10/9/2018	Deutsche Bank	40,000	CAD		31,837		30,461		1,376
10/9/2018	Deutsche Bank	220,000	CAD		175,066		167,532		7,534
10/9/2018	Deutsche Bank	1,020,000,000	IDR		71,006		70,213		793
10/9/2018	Deutsche Bank	7,330,000	INR		106,572		105,694		878
10/9/2018	Deutsche Bank	3,650,000	PHP		69,142		68,064		1,078
10/10/2018	Deutsche Bank	165,000,000	KRW		155,915		148,617		7,298
									92,120

NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	(52,678	)

See accompanying notes to financial statements.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2018 (Unaudited)

Shares					Value
		EXCHANGE TRADED FUNDS - 34.5%
		DEBT FUNDS - 9.5%
	26,257	iShares Short Maturity Bond ETF			$	1,317,314
	9,000	iShares Short Treasury Bond ETF				993,960
	9,050	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF				828,799
						3,140,073
		EQUITY FUNDS - 25.0%
	11,536	iShares Core S&P 500 ETF				3,149,905
	7,263	SPDR S&P 500 ETF Trust				1,970,306
	12,637	Vanguard S&P 500 ETF				3,153,058
						8,273,269

		TOTAL EXCHANGE TRADED FUNDS (Cost $10,032,440)				11,413,342

Principal
Amount			Coupon Rate (%)	Maturity
		U.S. TREASURY NOTE - 38.9%
$	13,480,000	United States Treasury Note (Cost $12,853,194)	2.25	2/15/2027		12,863,395

Shares
		SHORT-TERM INVESTMENT - 34.2%
		MONEY MARKET FUND - 34.2%
	11,317,066	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a) (Cost - $11,317,066)				11,317,066

		TOTAL INVESTMENTS - 107.6% (Cost - $34,202,700)			$	35,593,803
		OTHER ASSETS LESS LIABILITIES - NET - (7.6)%				(2,532,066	)
		TOTAL NET ASSETS - 100.0%			$	33,061,737

ETF - Exchange Traded Fund

(a)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

	Counterparty	Contracts	Expiration Date	Notional Value	Unrealized Depreciation
LONG FUTURES CONTRACTS
E-Mini Russell 2000 Index Future	Credit Suisse	50	Sep-18	4,118,750	$	(72,154	)
FTSE 100 Index Future	Credit Suisse	21	Sep-18	2,107,537		(11,906	)
Nikkei 225 Index Future	Credit Suisse	10	Sep-18	2,012,369		(15,189	)
S&P Mid Cap 400 E-Mini Future	Credit Suisse	17	Sep-18	3,325,370		(86,125	)
TOTAL UNREALIZED DEPRECIATION OF FUTURES CONTRACTS					$	(185,374	)

��

See accompanying notes to financial statements.

Global Atlantic Growth Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 95.0%
		DEBT FUNDS - 15.2%
	21,874	iShares 1-3 Year Credit Bond ETF	$	2,268,334
	27,210	iShares 1-3 Year Treasury Bond ETF		2,268,498
	398,788	iShares Core U.S. Aggregate Bond ETF		42,399,140
	24,870	iShares iBoxx $ High Yield Corporate Bond ETF		2,115,940
	78,195	iShares JP Morgan EM Local Currency Bond ETF		3,467,948
	32,665	iShares JP Morgan USD Emerging Markets Bond ETF		3,487,642
	107,933	iShares US Credit Bond ETF		11,562,862
	192,127	iShares US Treasury Bond ETF		4,731,127
				72,301,491
		EQUITY FUNDS - 79.8%
	921,692	iShares Core MSCI EAFE ETF		58,407,622
	146,829	iShares Core MSCI Emerging Markets ETF		7,709,991
	794,049	iShares Core S&P 500 ETF		216,815,079
	152,893	iShares Core S&P Mid-Cap ETF		29,780,498
	179,414	iShares Core S&P Small-Cap ETF		14,973,892
	180,086	iShares MSCI Eurozone ETF		7,385,327
	117,131	iShares MSCI Japan ETF		6,783,056
	252,873	iShares Russell 1000 ETF		38,431,639
				380,287,104
		TOTAL EXCHANGE TRADED FUNDS (Cost - $373,106,316)		452,588,595

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	1,794	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a) (Cost - $1,794)		1,794

		TOTAL INVESTMENTS - 95.0% (Cost - $373,108,110)	$	452,590,389
		OTHER ASSETS LESS LIABILITIES - NET - 5.0%		23,608,972
		TOTAL NET ASSETS - 100.0%	$	476,199,361

ETF - Exchange Traded Fund

(a)

Money market rate shown represents the rate at June 30, 2018.

Represents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic Moderate Growth Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 95.0%
		DEBT FUNDS - 30.5%
	13,775	iShares 1-3 Year Credit Bond ETF	$	1,428,467
	17,135	iShares 1-3 Year Treasury Bond ETF		1,428,545
	252,882	iShares Core U.S. Aggregate Bond ETF		26,886,414
	15,661	iShares iBoxx $ High Yield Corporate Bond ETF		1,332,438
	48,922	iShares JP Morgan EM Local Currency Bond ETF		2,169,691
	20,570	iShares JP Morgan USD Emerging Markets Bond ETF		2,196,259
	68,504	iShares US Credit Bond ETF		7,338,833
	122,733	iShares US Treasury Bond ETF		3,022,300
				45,802,947
		EQUITY FUNDS - 64.5%
	175,481	iShares Core MSCI EAFE ETF		11,120,231
	36,713	iShares Core MSCI Emerging Markets ETF		1,927,800
	198,129	iShares Core S&P 500 ETF		54,099,123
	38,178	iShares Core S&P Mid-Cap ETF		7,436,311
	44,821	iShares Core S&P Small-Cap ETF		3,740,761
	113,058	iShares MSCI Eurozone ETF		4,636,509
	73,761	iShares MSCI Japan ETF		4,271,499
	63,076	iShares Russell 1000 ETF		9,586,290
				96,818,524
		TOTAL EXCHANGE TRADED FUNDS (Cost - $122,686,769)		142,621,471

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	4,394	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a) (Cost - $4,394)		4,394

		TOTAL INVESTMENTS - 95.0% (Cost - $122,691,163)	$	142,625,865
		OTHER ASSETS LESS LIABILITIES - NET - 5.0%		7,453,477
		TOTAL NET ASSETS - 100.0%	$	150,079,342

ETF - Exchange Traded Fund

(a)

Money market rate shown represents the rate at June 30, 2018.

Represents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic Motif Technological Innovations Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2018 (Unaudited)

Shares			Value
		COMMON STOCKS - 99.1%
		AUTO MANUFACTURERS - 1.2%
	6	Tesla, Inc. *	$	2,058

		BUILDING MATERIALS - 0.6%
	24	Cree, Inc. *		998

		COMMERCIAL SERVICES - 7.5%
	8	FleetCor Technologies, Inc. *		1,685
	17	Paylocity Holding Corp. *		1,001
	31	PayPal Holdings, Inc. *		2,581
	28	Ritchie Bros. Auctioneers, Inc.		955
	33	Square, Inc. *		2,034
	18	Total System Services, Inc.		1,521
	8	Wex, Inc. *		1,524
	23	Worldplay, Inc. *		1,881
				13,182
		COMPUTERS - 3.6%
	16	Check Point Software Technologies Ltd. *		1,563
	24	Fortinet, Inc. *		1,498
	25	Nutanix, Inc. *		1,289
	12	Qualys, Inc. *		1,012
	26	Teradata Corp. *		1,044
				6,406
		DIVERSIFIED FINANCIAL SERVICES - 6.4%
	19	American Express Co.		1,862
	10	Ellie Mae, Inc. *		1,038
	20	Mastercard, Inc.		3,930
	33	Visa, Inc.		4,371
				11,201
		ELECTRONICS - 0.6%
	46	Gentex Corp.		1,059

		ENTERTAINMENT - 0.8%
	37	Stars Group, Inc. (The) *		1,343

		INTERNET - 42.1%
	23	Alibaba Group Holding Ltd. * (ADR)		4,267
	4	Alphabet, Inc. *		4,517
	3	Amazon.com, Inc. *		5,099
	11	Baidu, Inc. * (ADR)		2,673

See accompanying notes to financial statements.

Global Atlantic Motif Technological Innovations Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		INTERNET - 42.1% (Continued)
	1	Booking Holdings, Inc. *	$	2,027
	40	Ctrip.com International Ltd. * (ADR)		1,905
	54	eBay, Inc. *		1,958
	33	Etsy, Inc. *		1,392
	15	Expedia Group, Inc.		1,803
	9	F5 Networks, Inc. *		1,552
	30	Facebook, Inc. *		5,830
	53	FireEye, Inc. *		816
	191	Groupon, Inc. *		821
	13	GrubHub, Inc. *		1,364
	61	JD.com, Inc. * (ADR)		2,376
	30	Match Group, Inc. *		1,162
	4	MercadoLibre, Inc.		1,196
	10	Netflix, Inc. *		3,914
	26	Okta, Inc. *		1,310
	8	Palo Alto Networks, Inc. *		1,644
	10	Proofpoint, Inc. *		1,153
	15	RingCentral, Inc. *		1,055
	13	Shopify, Inc. *		1,897
	11	Shutterfly, Inc. *		990
	123	Snap, Inc. *		1,610
	5	Stamps.com, Inc. *		1,265
	58	Symantec Corp.		1,198
	27	TripAdvisor, Inc. *		1,504
	28	Twilio, Inc. *		1,568
	63	Twitter, Inc. *		2,751
	79	Vipshop Holdings Ltd. * (ADR)		857
	17	Wayfair, Inc. *		2,019
	17	Weibo Corp. * (ADR)		1,509
	12	Wix.com Ltd. *		1,204
	35	Yandex NV *		1,256
	20	Yelp, Inc. *		784
	13	YY, Inc. * (ADR)		1,306
	23	Zendesk, Inc. *		1,253
	25	Zillow Group, Inc. *		1,477
				74,282

See accompanying notes to financial statements.

Global Atlantic Motif Technological Innovations Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 3.4%
	9	CoreSite Realty Corp.	$	997
	21	CyrusOne, Inc.		1,226
	15	Digital Realty Trust, Inc.		1,674
	5	Equinix, Inc.		2,149
				6,046
		RETAIL - 0.9%
	28	Copart, Inc. *		1,584

		SEMICONDUCTORS - 1.3%
	42	QUALCOMM, Inc.		2,357

		SOFTWARE - 28.1%
	12	2U, Inc. *		1,003
	36	ACI Worldwide, Inc. *		888
	35	Activision Blizzard, Inc.		2,671
	10	Adobe Systems, Inc. *		2,438
	20	Akamai Technologies, Inc. *		1,465
	26	Alteryx, Inc. *		992
	8	Athenahealth, Inc. *		1,273
	44	Box, Inc. *		1,100
	15	Citrix Systems, Inc. *		1,573
	13	CommVault Systems, Inc. *		856
	27	Cotiviti Holdings, Inc. *		1,192
	18	Coupa Software, Inc. *		1,120
	16	Electronic Arts, Inc. *		2,256
	98	First Data Corp. *		2,051
	9	HubSpot, Inc. *		1,129
	16	InterXion Holding NV *		999
	15	Medidata Solutions, Inc. *		1,208
	33	Momo, Inc. * (ADR)		1,436
	5	NetEase, Inc. (ADR)		1,263
	13	New Relic, Inc. *		1,308
	11	Paycom Software, Inc. *		1,087
	19	RealPage, Inc. *		1,047
	23	Salesforce.com, Inc. *		3,137
	12	ServiceNow, Inc. *		2,070
	15	Splunk, Inc. *		1,487
	15	Tableau Software, Inc. *		1,466
	15	Take-Two Interactive Software, Inc. *		1,775
	5	Ultimate Software Group, Inc. *		1,287

See accompanying notes to financial statements.

Global Atlantic Motif Technological Innovations Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		SOFTWARE - 28.1% (Continued)
	19	Veeva Systems, Inc. *	$	1,460
	21	Verint Systems, Inc. *		931
	19	VMware, Inc. *		2,792
	15	Workday, Inc. *		1,817
	266	Zynga, Inc. *		1,083
				49,660
		TELECOMMNUNICATIONS - 2.6%
	6	Arista Networks, Inc. *		1,545
	10	LogMeIn, Inc.		1,033
	12	Nice Ltd. (ADR) *		1,245
	66	Switch, Inc.		803
				4,626

		TOTAL COMMON STOCKS (Cost - $111,541)		174,802

		SHORT-TERM INVESTMENT - 1.0%
		MONEY MARKET FUND - 1.0%
	1,790	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $1,790)		1,790

		TOTAL INVESTMENTS - 100.1% (Cost - $113,331)	$	176,592
		OTHER ASSETS LESS LIABILITIES - NET - (0.1)%		(153	)
		TOTAL NET ASSETS - 100.0%	$	176,439

ADR - American Depositary Receipt

Non-income producing security

(a)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2018 (Unaudited)

Shares					Value
		EXCHANGE TRADED FUNDS - 30.2%
		EQUITY FUNDS - 30.2%
	61,787	iShares MSCI EAFE ETF			$	4,137,875
	15,191	SPDR S&P 500 ETF Trust				4,121,015
		TOTAL EXCHANGE TRADED FUNDS (Cost - $7,170,772)				8,258,890

Principal
Amount			Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES - 3.6%
$	186,438	Aames Mortgage Investment Trust 2006-1 (1 Month US LIBOR 0.48)(b)	2.57	4/25/2036		156,549
	13,745	ACE Securities Corp. Home Equity Loan Trust Series 2002-HE2 (1 Month US LIBOR 1.275)(b)	3.37	8/25/2032		13,844
	22,990	ACE Securities Corp. Home Equity Loan Trust Series 2006-OP1 (I Month US LIBOR 0.15)(b)	2.24	4/25/2036		22,778
	203,684	Avery Point III CLO Ltd. (3 Month US LIBOR 1.12) (a,b)	3.48	1/18/2025		203,704
	30,309	Citigroup Mortgage Loan Trust 2007-AMC1 (1 Month US LIBOR 0.16) (a,b)	2.25	12/25/2036		20,753
	17,115	Countrywide Asset-Backed Certificates (1 Month US LIBOR 0.13) (b)	2.22	12/25/2036		16,179
	26,322	Countrywide Asset-Backed Certificates (1 Month US LIBOR 0.14) (b)	2.23	6/25/2047		22,163
	78,943	Countrywide Asset-Backed Certificates (1 Month US LIBOR 0.15) (b)	2.24	5/25/2037		75,820
	152,965	Countrywide Asset-Backed Certificates (1 Month US LIBOR 0.37) (b)	2.46	4/25/2036		150,898
	12,301	CWABS Asset-Backed Certificates Trust 2006-17 (1 Month US LIBOR 0.15) (b)	2.24	3/25/2047		11,927
	34,525	FBR Securitization Trust (1 Month US LIBOR 0.68) (b)	2.77	10/25/2035		34,308
	50,000	Ford Credit Floorplan Master Owner Trust A (1 Month US LIBOR .60) (b)	2.67	8/15/2020		50,025
	23,117	GSAMP Trust 2006-HE4 (1 Month US LIBOR 0.14) (b)	2.23	6/25/2036		22,652
	8,458	Long Beach Mortgage Loan Trust 2004-2 (1 Month US LIBOR 1.62) (b)	3.71	6/25/2034		8,408
	26,607	Long Beach Mortgage Loan Trust 2005-3 (1 Month US LIBOR 0.52) (b)	2.61	8/25/2045		26,327
	30,339	Long Beach Mortgage Loan Trust 2006-7 (1 Month US LIBOR 0.155) (b)	2.25	8/25/2036		19,092
	18,722	RASC Series 2004-KS10 Trust (1 Month US LIBOR 1.725) (b)	3.82	11/25/2034		19,183
	55,023	SLC Student Loan Trust 2006-2 (3 Month LIBOR 0.10) (b)	2.44	9/15/2026		54,897
	26,497	SLM Student Loan Trust 2005-3 (3 Month LIBOR 0.09) (b)	2.45	10/25/2024		26,473
	17,463	Soundview Home Loan Trust 2007-WMC1 (1 Month US LIBOR 0.11) (b)	2.20	2/25/2037		7,820
	7,710	Structured Asset Investment Loan Trust 2004-7 (1 Month US LIBOR 1.05) (b)	3.14	8/25/2034		7,652
	21,470	Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC2 (1 Month US LIBOR 0.15) (b)	2.24	9/25/2036		20,311
		TOTAL ASSET BACKED SECURUTIES (Cost - $977,619)				991,763

		CORPORATE BONDS - 8.2%
		AEROSPACE/DEFENSE - 0.2%
	50,000	Rockwell Collins, Inc.	3.50	3/15/2027		47,520

		AGRICULTURE - 0.0%*
	10,000	Reynolds American, Inc.	5.85	8/15/2045		10,917

		AIRLINES - 0.2%
	43,196	Spirit Airlines Pass Through Trust 2015-1A	4.10	4/1/2028		43,010

		AUTO MANUFACTURERS - 0.7%
	40,000	Ford Motor Credit Co. LLC	3.20	1/15/2021		39,549
	20,000	General Motors Financial Co., Inc.	3.20	7/13/2020		19,906
	50,000	General Motors Financial Co., Inc.	3.20	7/6/2021		49,349
	100,000	Nissan Motor Acceptance Corp. (3 Month US LIBOR 0.89) (a,b)	3.23	1/13/2022		101,287
						210,091
		BANKS - 2.9%
	100,000	Bank of America Corp. (3 Month US LIBOR 1.09) (b)	3.09	10/1/2025		95,223
	11,000	Bank of America Corp. (3 Month US LIBOR 1.04) (b)	3.42	12/20/2028		10,358
	14,000	Bank of America Corp.	4.00	4/1/2024		14,123
	50,000	Citigroup, Inc.	2.65	10/26/2020		49,322
	50,000	Deutsche Bank AG (3 Month US LIBOR 1.91) (b)	4.26	5/10/2019		50,237
	200,000	Development Bank of Japan, Inc. (a)	1.63	9/1/2021		190,368
	10,000	Goldman Sachs Group, Inc. (The)	3.75	5/22/2025		9,750

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		BANKS - 2.9% (Continued)
$	15,000	Goldman Sachs Group, Inc. (The)	6.00	6/15/2020	$	15,775
	50,000	HSBC USA, Inc. (3 Month US LIBOR 0.77) (b)	3.13	8/7/2018		50,041
	35,000	JPMorgan Chase & Co.	3.13	1/23/2025		33,471
	25,000	JPMorgan Chase & Co.	3.88	2/1/2024		25,165
	50,000	JPMorgan Chase & Co.	3.90	7/15/2025		49,812
	200,000	UBS Group Funding Switzerland AG (a)	2.65	2/1/2022		192,679
						786,324
		COMPUTERS - 0.2%
	50,000	Dell International LLC / EMC Corp. (a)	5.45	6/15/2023		52,332

		ELECTRIC - 0.1%
	30,000	Duke Energy Corp.	3.05	8/15/2022		29,518

		ENVIRONMENTAL CONTROL - 0.1%
	25,000	Republic Services, Inc.	3.55	6/1/2022		25,160

		MEDIA - 0.3%
	100,000	Charter Communications Operating LLC / Charter Communications Operating Capital	3.75	2/15/2028		90,566

		PHARMACEUTICALS - 0.9%
	50,000	AbbVie, Inc.	2.85	5/14/2023		48,155
	100,000	Shire Acquisitions Investments Ireland DAC	1.90	9/23/2019		98,429
	100,000	Shire Acquisitions Investments Ireland DAC	2.40	9/23/2021		95,736
						242,320
		PIPELINES - 0.5%
	23,000	Energy Transfer LP / Regency Energy Finance Corp.	4.50	11/1/2023		23,136
	100,000	Sabine Pass Liquefaction LLC	5.75	5/15/2024		106,665
						129,801
		REAL ESTATE INVESTMENT TRUSTS - 0.6%
	100,000	American Tower Corp.	2.25	1/15/2022		95,604
	25,000	Digital Realty Trust LP	3.95	7/1/2022		25,256
	30,000	Duke Realty LP	3.88	2/15/2021		30,318
	10,000	Host Hotels & Resorts LP	4.00	6/15/2025		9,719
						160,897
		REGIONAL - 0.7%
	200,000	Japan Finance Organization for Municipalities (a)	2.13	10/25/2023		187,731

		SOVEREIGN - 0.7%
	200,000	Saudi Government International Bond (a)	4.00	4/17/2025		199,012

		TELECOMMUNICATIONS - 0.1%
	30,000	AT&T, Inc. (a)	4.10	2/15/2028		28,667

		TOTAL CORPORATE BONDS (Cost - $2,294,704)				2,243,866

		MUNICIPAL BOND - 0.1%
	30,000	City of Chicago IL (Cost - $30,348)	7.75	1/1/2042		32,501

		AGENCY MORTGAGE BACKED SECURITIES - 24.4%
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 24.4%
	300,000	Fannie Mae TBA +^	3.00	1/25/2047		290,625
	4,900,000	Fannie Mae TBA +^	3.50	6/25/2046		4,877,031
	500,000	Fannie Mae TBA +^	3.50	6/25/2046		497,110
	800,000	Fannie Mae TBA +^	4.00	4/25/2046		814,625
	200,000	Fannie Mae TBA +^	4.50	10/25/2044		207,906
		TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $6,630,645)				6,687,297

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal
Amount			Coupon Rate (%)		Maturity	Value
		COLLATERALIZED MORTGAGE OBLIGATIONS - 2.3%
		AGENCY COLLATERAL - 1.1%
$	17,217	Government National Mortgage Association (1 Month US LIBOR 0.50) (b)	2.42		3/20/2065	$	17,206
	81,620	Government National Mortgage Association (1 Month US LIBOR 0.60) (b)	2.52	��	5/20/2065		82,888
	83,426	Government National Mortgage Association (1 Month US LIBOR 0.62) (b)	2.54		8/20/2065		84,845
	28,599	Government National Mortgage Association (1 Month US LIBOR 0.70) (b)	2.62		10/20/2065		28,674
	83,280	Government National Mortgage Association (1 Month US LIBOR 1.00) (b)	2.92		12/20/2065		86,180
							299,793
		WHOLE LOAN COLLATERAL - 1.2%
	26,691	Alternative Loan Trust 2005-J12 (1 Month US LIBOR 0.27) (b)	2.36		8/25/2035		20,348
	18,427	Alternative Loan Trust 2006-OA9 (1 Month US LIBOR 0.21) (b)	2.29		7/20/2046		12,577
	31,160	American Home Mortgage Assets Trust 2006-2 (1 Month US LIBOR 0.19) (b)	2.28		9/25/2046		27,889
	14,421	Bear Stearns ALT-A Trust 2005-8 (b)	3.69		10/25/2035		14,986
	18,230	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3 (1 Month US LIBOR 0.25) (a,b)	2.34		8/25/2035		17,182
	17,195	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4 (I Month US LIBOR 0.46) (a,b)	2.32		10/25/2035		16,643
	16,590	Credit Suisse First Boston Mortgage Securities Corp.	4.50		7/25/2020		16,425
	34,740	Great Hall Mortgages No. 1 PLC ( 3 Month US LIBOR 0.13) (a,b)	2.46		6/18/2039		34,004
	26,355	GreenPoint Mortgage Funding Trust 2006-AR2 (b)	3.56		3/25/2036		25,377
	15,670	GSR Mortgage Loan Trust 2005-AR6 (b)	3.68		9/25/2035		15,840
	13,568	Impac CMB Trust Series 2005-8 (1 Month US LIBOR 0.70) (b)	2.79		2/25/2036		12,856
	19,157	IndyMac INDX Mortgage Loan Trust 2006-AR4 (I Month US LIBOR 0.21) (b)	2.30		5/25/2046		18,298
	2,913	JP Morgan Mortgage Trust 2006-S2	5.88		6/25/2021		2,848
	3,515	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 (1 Month US LIBOR 0.25) (b)	2.34		11/25/2035		3,491
	14,039	MortgageIT Trust 2005-4 (1 Month US LIBOR 0.28) (b)	2.37		10/25/2035		13,743
	13,174	Reperforming Loan REMIC Trust 2006-R1 (1 Month US LIBOR 0.34) (a,b)	2.43		1/25/2036		12,550
	8,372	Structured Adjustable Rate Mortgage Loan Trust (b)	3.71		9/25/2034		8,459
	8,675	Structured Adjustable Rate Mortgage Loan Trust (b)	3.76		2/25/2034		8,753
	14,241	Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS (1 Month US LIBOR 0.30) (b)	2.39		10/25/2035		14,207
	19,630	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 Trust (b)	3.14		4/25/2037		18,471
							314,947

		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $594,098)					614,740

		COMMERCIAL MORTGAGE BACKED SECURITIES - 0.3%
	70,138	Freddie Mac Multifamily Structured Pass Through Certificates (1 Month US LIBOR 0.70) (b) (Cost - $70,138)	2.70		9/25/2022		70,264

		U.S. TREASURY SECURITIES - 42.6%
	100,000	United States Treasury Bond	2.75		8/15/2047		95,426
	50,000	United States Treasury Bond	2.75		11/15/2047		47,711
	100,000	United States Treasury Bond	2.88		11/15/2046		97,910
	500,000	United States Treasury Bond	3.00		5/15/2045		501,934
	200,000	United States Treasury Bond	3.00		2/15/2048		200,672
	230,000	United States Treasury Bond	4.25		5/15/2039		277,446
	350,000	United States Treasury Bond	4.38		11/15/2039		429,871
	100,000	United States Treasury Bond	4.50		8/15/2039		124,691
	100,000	United States Treasury Inflation Indexed Bond	2.38		1/15/2027		141,313
	150,000	United States Treasury Inflation Indexed Note	0.63		1/15/2026		157,306
	700,000	United States Treasury Note	1.13		8/31/2021		667,816
	400,000	United States Treasury Note	1.25		4/30/2019		396,484
	100,000	United States Treasury Note	1.50		8/15/2026		90,312
	100,000	United States Treasury Note	1.63		5/15/2026		91,473
	1,500,000	United States Treasury Note	1.88		3/31/2022		1,456,934
	500,000	United States Treasury Note	1.88		4/30/2022		485,176
	100,000	United States Treasury Note	1.88		7/31/2022		96,809
	100,000	United States Treasury Note	1.88		9/30/2022		96,676

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		U.S. TREASURY SECURITIES - 42.6% (Continued)
$	100,000	United States Treasury Note	2.00	12/31/2021	$	97,781
	500,000	United States Treasury Note	2.00	11/15/2026		468,574
	200,000	United States Treasury Note	2.13	12/31/2022		194,977
	650,000	United States Treasury Note	2.25	2/15/2027		620,268
	2,700,000	United States Treasury Note	2.25	8/15/2027		2,569,746
	200,000	United States Treasury Note	2.25	11/15/2027		190,117
	500,000	United States Treasury Note	2.38	5/15/2027		481,504
	900,000	United States Treasury Note	2.50	8/15/2023		889,418
	600,000	United States Treasury Note	2.75	2/15/2028		594,867
	100,000	United States Treasury Note	2.88	5/15/2028		100,199
		TOTAL U.S. TREASURY SECURITIES (Cost - $11,913,617)				11,663,411

Contracts			Counterparty	Notional Value
		PURCHASED OPTIONS ON INDICES - 0.8%
	14	S&P 500 Index, June 2019, Put @ $1,925	Morgan Stanley	2,695,000		32,550
	14	S&P 500 Index, June 2019, Put @ $2,200	Morgan Stanley	3,080,000		65,450
	14	S&P 500 Index, June 2019, Put @ $2,475	Morgan Stanley	3,465,000		125,650
		TOTAL PURCHASED OPTIONS ON INDICES (Cost - $191,543)				223,650

		PURCHASED OPTION ON FUTURES - 0.0%*
	6	US 10YR Future, August 2018, Call @ $121.00 (Cost - $1,416)	Morgan Stanley	726,000		1,125

Principal
Amount			Coupon Rate (%)	Maturity	Value
		SHORT-TERM INVESTMENTS - 8.6%
		FEDERAL HOME LOAN BANK - 0.4%
$	100,000	Federal Home Loan Bank Discount Notes (d)	1.87	8/17/2018		99,755

Shares
		MONEY MARKET FUND - 1.7%
	463,692	Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 1.77% (c)				463,692

Principal
Amount			Coupon Rate (%)	Maturity
		U.S. TREASURY BILLS - 6.5%
$	400,000	United States Treasury Bill (d)	1.79	8/23/2018		398,946
	1,000,000	United States Treasury Bill (d)	1.88	9/27/2018		995,444
	400,000	United States Treasury Bill (d)	1.91	10/4/2018		398,000
						1,792,390

		TOTAL SHORT-TERM INVESTMENTS (Cost - $2,355,693)				2,355,837

		TOTAL INVESTMENTS - 121.1% (Cost - $32,230,593)			$	33,143,344
		OTHER ASSETS LESS LIABILITIES - NET - (21.1)%				(5,779,819	)
		TOTAL NET ASSETS - 100.0%			$	27,363,525

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

ETF - Exchange Traded Fund

TBA - To Be Announced Security

Delayed delivery

Represents less than 0.1%.

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

(a)

144(a) - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2018, these securities amounted to $1,256,913 or 4.6% of net assets.

(b)

Variable Rate Security - interest rate subject to periodic change.

Benchmark		Rate
1 Month LIBOR		2.09%
3 Month LIBOR		2.34%

(c)

Money market rate shown represents the rate at June 30, 2018.

(d)

Zero coupon.

Principal

Amount

Coupon Rate (%)

Maturity

Value

SECURITIES SOLD SHORT - (0.6)%

U.S. TREASURY SECURITY - (3.1)%

25,000

United States Treasury Bond (Proceeds - $23,908)

2.75

11/15/2047

23,855

Contracts

Options Written on Futures

Counterparty

Notional Value

US 10YR Future, August 2018, Call @ $120.00 (Premiums Received - $3,366)

Morgan Stanley

720,000

3,282

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

SHORT FUTURES CONTRACTS

	Number of					Unrealized Appreciation/
Description	Contracts	Expiration Date	Counterparty	Notional Amount		(Depreciation)
90 Day Euro Future	16	Jun-19	Morgan Stanley	$	3,885,800	$	29,413
90 Day Euro Future	10	Sep-19	Morgan Stanley		2,427,000		13,600
90 Day Euro Future	39	Dec-19	Morgan Stanley		9,460,913		51,337
90 Day Euro Future	21	Mar-20	Morgan Stanley		5,093,550		18,350
Euro-Oat Future	2	Sep-18	Morgan Stanley		360,867		(6,742	)
							105,958
LONG FUTURES CONTRACTS
90 Day Euro Future	11	Sep-18	Morgan Stanley		2,682,488		390
90 Day Euro Future	11	Dec-18	Morgan Stanley		2,677,400		(8,050	)
90 Day Euro Future	21	Mar-19	Morgan Stanley		5,105,100		(17,562	)
S&P 500 E-Mini Future	36	Sep-18	Credit Suisse		4,898,880		(115,610	)
US 5 Year Note	14	Sep-18	Morgan Stanley		1,590,641		2,953
US 10 Year Future	1	Sep-18	Morgan Stanley		120,188		250
							(137,629	)
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS						$	(31,671	)

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

INTEREST RATE SWAPTIONS PURCHASED

					Expiration	Notional								Unrealized
Counterparty	Description		Exercise Rate		Date	Amount								Depreciation
Barclays Bank PLC	Call - IRO USD 2 Year		1.85		11/30/2018	$	1,800,000							$	(5,460	)

INTEREST RATE SWAPS

											Premiums			Unrealized
			Pay/Receive		Expiration	Notional					Paid/			Appreciation/
Counterparty	Floating Rate Index		Floating Rate	Fixed Rate	Date	Amount		Value			(Received)			(Depreciation)
Goldman Sachs & Co.	6 Month JPY - LIBOR**		Receive	0.75%	3/20/2038	$	20,000,000	$	(8,361	)	$	—		$	(8,361	)
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	1.25%	6/21/2021		300,000		4,610			—			4,610
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	1.50%	6/21/2027		200,000		7,120			(1,792	)		8,912
Goldman Sachs & Co.	6 Month GBP - LIBOR**		Receive	1.50%	9/19/2028		400,000		(4,243	)		—			(4,243	)
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	2.00%	12/16/2020		100,000		3,721			—			3,721
Goldman Sachs & Co.	6 Month GBP - LIBOR**		Receive	2.05%	2/1/2037		200,000		(5,384	)		—			(5,384	)
Goldman Sachs & Co.	6 Month EUR - EURIBOR**		Receive	2.05%	2/3/2037		200,000		1,831			—			1,831
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	2.25%	6/20/2028		3,300,000		(5,564	)		—			(5,564	)
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	2.25%	12/21/2046		200,000		42,936			—			42,936
Goldman Sachs & Co.	3 Month USD - LIBOR**		Receive	2.50%	12/20/2027		100,000		550			(638	)		1,188
Goldman Sachs & Co.	3 Month USD - LIBOR*		Receive	2.50%	6/15/2046		100,000		12,784			—			12,784
											$	(2,430	)	$	52,430

CREDIT DEFAULT SWAPS*

											Premiums			Unrealized
		Buy/Sell	Fixed Rate	Fixed Rate	Expiration	Notional					Paid/			Appreciation/
Counterparty	Index	Protection	Received	Paid	Date	Amount		Value			(Received)			(Depreciation)
Goldman Sachs & Co.	North American Investment Grade CDX Index^{^}	Sell	1.00%	—	6/20/2022	$	1,500,000	$	(4,942	)	$	—		$	(4,942	)
Goldman Sachs & Co.	North American Investment Grade CDX Index^{^}	Sell	1.00%	—	6/20/2023		4,100,000		(13,300	)		(2,016	)		(11,284	)
Goldman Sachs & Co.	North American High Yield CDX Index^@	Sell	5.00%	—	6/20/2023		200,000		(902	)		—			(902	)
											$	(2,016	)	$	(17,128	)
											$	(4,446	)	$	29,842

Pays quarterly.

Pays semiannually.

The underlying holdings of this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=cfbb780d206d4b2a8a92a4d358b1f949.

The underlying holdings of this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=13334c4695c74a4abbd7ff8bf75a1bc7.

Benchmark	Rate
3 Month USD LIBOR	2.34%
3 Month GBP LIBOR	0.68%
6 Month GBP LIBOR	0.79%
6 Month EUR EURIBOR	-0.27%
6 Month JPY LIBOR	0.02%

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Schedule of Forward Foreign Currency Contracts

Settlement		Currency Units to						Unrealized Appreciation/
Date	Counterparty	Receive/Deliver		In Exchange For		U.S. $ Value		(Depreciation)
To Buy:
8/15/2018	Barclays Bank PLC	192,000	CAD	$	150,780	$	146,073	$	(4,707	)
8/15/2018	Barclays Bank PLC	15,600,000	JPY		143,347		141,292		(2,055	)
9/13/2018	Barclays Bank PLC	13,721,990	RUB		218,428		217,120		(1,308	)
									(8,070	)

To Sell:
7/3/2018	Barclays Bank PLC	10,000	EUR	$	11,691	$	11,678	$	13
8/15/2018	Barclays Bank PLC	190,000	CAD		148,967		144,551		4,416
8/24/2018	Barclays Bank PLC	4,264,960	RUB		68,000		67,609		391
8/24/2018	Barclays Bank PLC	5,149,735	RUB		83,000		81,634		1,366
8/24/2018	Barclays Bank PLC	4,382,475	RUB		69,252		69,472		(220	)
									5,966
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	(2,104	)

See accompanying notes to financial statements.

Global Atlantic Select Advisor Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 16.2%
		DEBT FUNDS - 4.8%
	54,394	iShares 1-3 Year Credit Bond ETF	$	5,640,658

		EQUITY FUNDS - 11.4%
	42,956	iShares Core MSCI Emerging Markets ETF		2,255,620
	66,250	iShares MSCI EAFE Value ETF		3,401,606
	23,558	iShares Russell 1000 Growth ETF		3,387,640
	27,327	iShares Russell 2000 ETF		4,475,343
				13,520,209
		TOTAL EXCHANGE TRADED FUNDS (Cost - $17,237,375)		19,160,867

		VARIABLE INSURANCE TRUSTS - 79.0%
		DEBT FUND - 19.0%
	1,743,097	MFS Total Return Bond Series - Initial Class		22,573,110

		EQUITY FUNDS - 60.0%
	265,988	American Century VP Mid Cap Value - Investor Class		5,585,747
	912,785	American Century VP Value Fund - Class I		10,104,527
	120,236	Invesco VI International Growth Fund - Class I		4,520,865
	288,847	MFS Growth Series - Initial Class		15,860,562
	82,186	MFS VIT II Blended Research Core Equity Portfolio - Initial Class		4,494,742
	443,226	MFS VIT II International Value Portfolio - Initial Class *		12,450,214
	317,981	MFS VIT Mid Cap Growth Series - Initial Class		3,376,956
	575,409	Putnam VT Equity Income - Class IA *		14,684,441
				71,078,054
		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $81,038,966)		93,651,164

		SHORT-TERM INVESTMENT - 0.0%**
		MONEY MARKET FUND - 0.0%**
	15,307	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $15,307)		15,307

		TOTAL INVESTMENTS - 95.2% (Cost - $98,291,648)	$	112,827,338
		OTHER ASSETS LESS LIABILITIES - NET - 4.8%		5,732,706
		TOTAL NET ASSETS - 100.0%	$	118,560,044

ETF - Exchange Traded Fund

Non-Income Producing

Represents less than 0.1%

(a)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2018 (Unaudited)

Shares			Value
		COMMON STOCKS - 63.3%
		ADVERTISING - 0.1%
	26,789	Interpublic Group of Cos., Inc.	$	627,934

		AEROSPACE/DEFENSE - 2.9%
	15,415	Boeing Co. (The)		5,171,887
	9,234	Harris Corp.		1,334,682
	12,825	Lockheed Martin Corp.		3,788,890
	10,195	Northrop Grumman Corp.		3,137,002
				13,432,461
		AGRICULTURE - 1.6%
	48,969	Altria Group, Inc.		2,780,950
	16,551	Archer-Daniels-Midland Co.		758,532
	61,847	British American Tobacco PLC - ADR		3,120,181
	8,200	Philip Morris International, Inc.		662,068
				7,321,731
		AIRLINES - 0.2%
	21,435	JetBlue Airways Corp. *		406,836
	14,967	Spirit Airlines, Inc. *		544,050
				950,886
		APPAREL - 0.7%
	26,685	NIKE, Inc.		2,126,261
	10,302	Skechers U.S.A., Inc. *		309,163
	20,082	Under Armour, Inc. - Cl. A *		451,443
	14,381	Under Armour, Inc. *		303,151
				3,190,018
		BANKS - 3.4%
	322,862	Bank of America Corp.		9,101,480
	12,130	Capital One Financial Corp.		1,114,747
	79,069	KeyCorp		1,545,008
	20,163	Northern Trust Corp.		2,074,571
	28,797	Zions Bancorporation		1,517,314
				15,353,120
		BEVERAGES - 1.3%
	62,024	Coca-Cola Co.		2,720,373
	8,459	Constellation Brands, Inc.		1,851,421
	22,265	Monster Beverage Corp. *		1,275,785
				5,847,579
		BIOTECHNOLOGY - 0.8%
	13,602	Aduro Biotech, Inc. *		95,214
	12,513	Alder Biopharmaceuticals, Inc. *		197,705
	2,585	Alnylam Pharmaceuticals, Inc. *		254,597
	4,100	APTINYX, INC. *		99,097
	4,581	Arcus Biosciences, Inc. *		56,071
	3,464	Audentes Therapeutics, Inc. *		132,359
	284	Biogen, Inc. *		82,428
	9,767	Biohaven Pharmaceutical Holding Co. Ltd. *		385,992
	1,380	BlueBird Bio, Inc. *		216,591
	3,296	Celgene Corp. *		261,768
	3,300	Clearside Biomedical, Inc. *		35,277
	2,174	Five Prime Therapeutics, Inc. *		34,371
	9,756	FORTY SEVEN, INC. *		156,096
	14,950	GlycoMimetics, Inc. *		241,144
	2,656	Incyte Corp. *		177,952
	11,133	Karyopharm Therapeutics, Inc. *		189,150
	2,308	Loxo Oncology, Inc. *		400,392

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		BIOTECHNOLOGY - 0.8% (Continued)
	2,668	NEON THERAPEUTICS, INC. *	$	33,617
	10,854	Otonomy, Inc. *		41,788
	420	Regeneron Pharmaceuticals, Inc. *		144,896
	15,838	Rigel Pharmaceuticals, Inc. *		44,822
	6,176	Seattle Genetics, Inc. *		410,025
	11,684	Syndax Pharmaceuticals, Inc. *		82,022
				3,773,374
		BUILDING MATERIALS - 0.1%
	1,247	Martin Marietta Materials, Inc.		278,493
	2,038	Vulcan Materials Co.		263,024
				541,517
		CHEMICALS - 1.4%
	8,746	Cabot Corp.		540,240
	9,138	Celanese Corp.		1,014,866
	24,610	DowDuPont, Inc.		1,622,291
	6,820	FMC Corp.		608,412
	12,731	PPG Industries, Inc.		1,320,587
	6,077	Praxair, Inc.		961,078
	4,168	Westlake Chemical Corp.		448,602
				6,516,076
		COMMERCIAL SERVICES - 1.7%
	5,587	Equifax, Inc.		698,990
	5,757	FleetCor Technologies, Inc. *		1,212,712
	17,075	Global Payments, Inc.		1,903,692
	18,535	PayPal Holdings, Inc. *		1,543,409
	2,857	Total System Services, Inc.		241,474
	9,623	TransUnion		689,392
	11,024	TriNet Group, Inc. *		616,683
	3,724	WEX, Inc. *		709,348
				7,615,700
		COMPUTERS - 1.7%
	3,020	Accenture PLC - Cl. A		494,042
	35,098	Apple, Inc.		6,496,991
	19,808	Genpact Ltd.		573,045
				7,564,078
		COSMETICS/PERSONAL CARE - 0.7%
	101,873	Coty, Inc.		1,436,409
	27,081	Unilever NV - ADR		1,508,953
				2,945,362
		DIVERSIFIED FINANCIAL SERVICES - 2.6%
	2,644	Alliance Data Systems Corp.		616,581
	14,908	American Express Co.		1,460,984
	23,481	Cohen & Steers, Inc.		979,393
	26,484	OneMain Holdings, Inc. *		881,652
	23,881	Raymond James Financial, Inc.		2,133,767
	41,467	TD Ameritrade Holding Corp.		2,271,148
	26,984	Visa, Inc. - Cl. A		3,574,031
				11,917,556
		ELECTRIC - 2.4%
	16,092	Avangrid, Inc.		851,750
	43,864	Edison International		2,775,275
	33,593	Exelon Corp.		1,431,062
	13,601	NextEra Energy, Inc.		2,271,775
	49,223	NRG Energy, Inc.		1,511,146

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		ELECTRIC - 2.4% (Continued)
	18,390	Sempra Energy	$	2,135,263
				10,976,271
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
	7,780	AMETEK, Inc.		561,405

		ELECTRONICS - 0.6%
	144,397	Flex Ltd. *		2,037,442
	10,163	Fortive Corp.		783,669
				2,821,111
		ENGINEERING & CONSTRUCTION - 0.0% **
	1,339	Jacobs Engineering Group, Inc.		85,013

		ENTERTAINMENT - 0.0% **
	4,668	Cinemark Holdings, Inc.		163,753

		FOOD - 1.5%
	15,260	Fresh Del Monte Produce, Inc.		679,833
	10,688	Hormel Foods Corp.		397,700
	52,550	Hostess Brands, Inc. *		714,680
	6,040	McCormick & Co, Inc.		701,184
	22,538	Post Holdings, Inc. *		1,938,719
	18,386	Sysco Corp.		1,255,580
	32,168	US Foods Holding Corp. *		1,216,594
				6,904,290
		FOREST PRODUCTS & PAPER - 0.2%
	20,347	International Paper Co.		1,059,672

		HEALTHCARE-PRODUCTS - 3.1%
	34,340	Abbott Laboratories		2,094,397
	16,405	Baxter International, Inc.		1,211,345
	90,312	Boston Scientific Corp. *		2,953,202
	16,592	Danaher Corp.		1,637,299
	42,067	Medtronic PLC		3,601,356
	12,009	Thermo Fisher Scientific, Inc.		2,487,544
				13,985,143
		HEALTHCARE-SERVICES - 1.6%
	4,740	Evolus, Inc. *		132,673
	10,519	HCA Healthcare, Inc.		1,079,249
	25,619	UnitedHealth Group, Inc.		6,285,365
				7,497,287
		HOME BUILDERS - 0.4%
	9,888	Installed Building Products, Inc. *		559,166
	25,177	Lennar Corp.		1,321,793
				1,880,959
		INSURANCE - 2.7%
	4,420	Allstate Corp.		403,413
	41,974	American International Group, Inc.		2,225,461
	38,910	Assured Guaranty Ltd.		1,390,254
	24,816	Athene Holding Ltd. *		1,087,933
	29,300	AXA Equitable Holdings, Inc. *		603,873
	16,320	Hartford Financial Services Group, Inc.		834,442
	21,567	Marsh & McLennan Cos., Inc.		1,767,847
	29,065	MetLife, Inc.		1,267,234

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		INSURANCE - 2.7% (Continued)
	43,325	MGIC Investment Corp. *	$	464,444
	9,265	Prudential Financial, Inc.		866,370
	14,600	TRUPANION, INC. *		563,560
	18,806	Voya Financial, Inc.		883,882
				12,358,713
		INTERNET - 7.8%
	8,986	Alphabet, Inc. - Cl. A *		10,146,901
	5,745	Amazon.com, Inc. *		9,765,351
	49,694	Blucora, Inc. *		1,838,678
	31,138	eBay, Inc. *		1,129,064
	38,178	Facebook, Inc. - Cl. A *		7,418,749
	14,915	GoDaddy, Inc. *		1,052,999
	4,204	Netflix, Inc. *		1,645,572
	1,844	Spotify Technology SA *		310,235
	19,416	Wayfair, Inc. *		2,305,844
				35,613,393
		IRON/STEEL - 0.1%
	998	ArcelorMittal - ADR		28,722
	6,252	Steel Dynamics, Inc.		287,279
				316,001
		LODGING - 0.3%
	14,292	Hilton Worldwide Holdings, Inc.		1,131,355
	11,062	MGM Resorts International		321,130
				1,452,485
		MACHINERY-CONTRUCTION & MINING - 0.2%
	6,558	Caterpillar, Inc.		889,724

		MACHINERY-DIVERSIFIED - 0.3%
	2,309	AGCO Corp.		140,202
	5,558	Deere & Co.		777,008
	13,112	Pentair PLC		551,753
	963	Wabtec Corp.		94,933
				1,563,896
		MEDIA - 1.7%
	7,091	Charter Communications, Inc. *		2,079,152
	112,446	Comcast Corp.		3,689,353
	11,919	Liberty Media Corp-Liberty Formula One *		442,552
	6,743	New York Times Co. (The)		174,644
	11,117	Twenty-First Century Fox, Inc.		552,404
	11,351	Viacom, Inc.		342,346
	3,743	Walt Disney Co.		392,304
				7,672,755
		MINING - 0.1%
	6,061	Alcoa Corp. *		284,140
	2,055	Southern Copper Corp.		96,318
				380,458
		MISCELLANEOUS MANUFACTURING - 1.0%
	7,117	3M Co.		1,400,056
	11,577	Eaton Corp. PLC		865,265
	102,958	General Electric Co.		1,401,258
	5,653	Illinois Tool Works, Inc.		783,167
				4,449,746
		OIL & GAS - 2.8%
	6,578	Andeavor		862,902
	23,093	BP PLC - ADR		1,054,426

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		OIL & GAS - 2.8% (Continued)
	35,652	Chevron Corp.	$	4,507,482
	5,256	Concho Resources, Inc. *		727,168
	8,712	EOG Resources, Inc.		1,084,034
	31,901	Exxon Mobil Corp.		2,639,170
	11,917	Marathon Petroleum Corp.		836,097
	20,583	Newfield Exploration Co. *		622,636
	14,239	Noble Energy, Inc.		502,352
	2,603	WPX Energy, Inc. *		46,932
				12,883,199
		OIL & GAS SERVICES - 0.5%
	31,572	Baker Hughes a GE Co.		1,042,823
	30,287	Halliburton Co.		1,364,732
				2,407,555
		PACKAGING & CONTAINERS - 0.3%
	17,800	Ardagh Group SA		295,836
	32,913	Ball Corp.		1,170,057
				1,465,893
		PHARMACEUTICALS - 3.5%
	5,333	Aerie Pharmaceuticals, Inc. *		360,244
	18,496	Allergan PLC		3,083,653
	25,889	AMNEAL PHARMACEUTICALS, INC. *		424,838
	60,923	AstraZeneca PLC - ADR		2,139,007
	52,219	Bristol-Myers Squibb Co.		2,889,799
	3,100	Calithera Biosciences, Inc. *		15,500
	19,886	Cardinal Health, Inc.		971,033
	14,497	Coherus Biosciences, Inc. *		202,958
	22,162	Dermira, Inc. *		203,890
	3,458	G1 Therapeutics, Inc. *		150,285
	3,700	Global Blood Therapeutics, Inc. *		167,240
	3,089	Heron Therapeutics, Inc. *		120,008
	13,613	Ironwood Pharmaceuticals, Inc. - Cl. A *		260,281
	3,072	Jounce Therapeutics, Inc. *		23,532
	7,118	Kala Pharmaceuticals, Inc. *		97,730
	9,232	McKesson Corp.		1,231,549
	10,419	Momenta Pharmaceuticals, Inc. *		213,069
	41,161	Mylan NV *		1,487,559
	6,372	MyoKardia, Inc. *		316,370
	3,298	Nektar Therapeutics *		161,041
	10,783	Ra Pharmaceuticals, Inc. *		107,291
	7,565	Revance Therapeutics, Inc. *		207,659
	2,580	TESARO, Inc. *		114,733
	46,120	Teva Pharmaceutical Industries Ltd. - ADR		1,121,638
	15,851	Trevena, Inc. *		22,825
	6,700	Tricida, Inc. *		200,330
				16,294,062
		PIPELINES - 0.4%
	10,725	ONEOK, Inc.		748,927
	25,355	TransCanada Corp.		1,095,336
				1,844,263

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 2.0%
	12,085	Alexandria Real Estate Equities, Inc.	$	1,524,764
	19,718	American Tower Corp.		2,842,744
	1,805	Equinix, Inc.		775,951
	24,010	Host Hotels & Resorts, Inc.		505,891
	41,394	Invitation Homes, Inc.		954,546
	8,108	Outfront Media, Inc.		157,701
	5,728	Public Storage		1,299,454
	5,958	Simon Property Group, Inc.		1,013,992
				9,075,043
		RETAIL - 2.0%
	1,022	Chipotle Mexican Grill, Inc. *		440,860
	7,393	Costco Wholesale Corp.		1,544,989
	12,119	Freshpet, Inc. *		332,667
	13,732	McDonald’s Corp.		2,151,667
	39,501	National Vision Holdings, Inc. *		1,444,552
	13,559	Tapestry, Inc.		633,341
	28,016	TJX Cos., Inc.		2,666,563
				9,214,639
		SAVINGS & LOANS - 0.2%
	46,500	Sterling Bancorp		1,092,750

		SEMICONDUCTORS - 2.8%
	130,952	Advanced Micro Devices, Inc. *		1,962,970
	6,633	Broadcom, Inc.		1,609,431
	31,700	Intel Corp.		1,575,807
	1,321	IPG Photonics Corp. *		291,452
	5,160	KLA-Tencor Corp.		529,055
	25,017	Marvell Technology Group Ltd.		536,364
	9,442	Microchip Technology, Inc.		858,750
	28,335	Micron Technology, Inc. *		1,485,887
	5,838	NVIDIA Corp.		1,383,022
	33,735	Teradyne, Inc.		1,284,291
	11,822	Texas Instruments, Inc.		1,303,376
				12,820,405
		SOFTWARE - 3.8%
	4,854	Adobe Systems, Inc. *		1,183,454
	6,077	Atlassian Corp. PLC *		379,934
	3,440	Autodesk, Inc. *		450,950
	9,777	Guidewire Software, Inc. *		868,002
	5,005	HubSpot, Inc. *		627,627
	65,308	Microsoft Corp.		6,440,022
	3,728	PTC, Inc. *		349,724
	18,389	Salesforce.com, Inc. *		2,508,260
	4,860	ServiceNow, Inc. *		838,204
	2,364	Splunk, Inc. *		234,296
	47,369	SS&C Technologies Holdings, Inc.		2,458,451
	8,418	Workday, Inc. *		1,019,588
				17,358,512
		TELECOMMUNICATIONS - 1.0%
	93,572	Verizon Communications, Inc.		4,707,607

		TRANSPORTATION - 0.6%
	1,704	FedEx Corp.		386,910
	500	Hub Group, Inc. *		24,900
	1,540	Knight-Swift Transportation Holdings, Inc.		58,843

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares					Value
		TRANSPORTATION - 0.6% (Continued)
	9,241	Norfolk Southern Corp.			$	1,394,190
	6,887	Union Pacific Corp.				975,750
						2,840,593
		TRUCKING & LEASING - 0.1%
	7,532	Greenbrier Cos, Inc.				397,313


	7,532	TOTAL COMMON STOCKS (Cost - $233,774,393)				290,631,301

		PREFERRED STOCK - 0.0% **
	3,000	Verizon Communications, Inc.				77,640
		TOTAL PREFERRED STOCK (Cost - $75,000)				77,640

Principal Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 3.7%
$	494,058	Ajax Mortgage Loan Trust 2017-B (a) ^	3.163	9/25/2056		492,992
	375,000	ALM VI Ltd. (a)	3.748	7/15/2026		374,540
	21,023	AmeriCredit Automobile Receivables Trust 2014-1	2.150	3/9/2020		21,016
	18,444	AmeriCredit Automobile Receivables Trust 2017-1	1.510	5/18/2020		18,405
	52,352	AmeriCredit Automobile Receivables Trust 2017-2	1.650	9/18/2020		52,184
	86,012	ARI Fleet Lease Trust 2017-A	1.910	4/15/2026		85,427
	250,000	Apidos CLO	0.000	7/18/2027		250,000
	250,000	Apidos CLO XXI 3 Month LIBOR + 1.43 (a) ^	3.785	7/18/2027		250,009
	350,000	Apidos CLO XXII 3 Month LIBOR + 2.05 (a) ^	4.409	10/20/2027		350,546
	125,000	ARI Fleet Lease Trust 2018-A (a)	2.550	10/15/2026		124,322
	345,000	Atlas Senior Loan Fund Ltd. 3 Month LIBOR + 1.30 (a) ^	3.648	1/16/2030		345,782
	320,000	Avery Point IV CLO Ltd. 3 Month LIBOR + 1.60 (a) ^	3.960	4/25/2026		320,005
	300,000	Ballyrock CLO 2016-1 Ltd 3 Month LIBOR + 1.59 (a) ^	3.938	10/15/2028		301,516
	258,489	Bayview Koitere Fund Trust 2017-RT4 (a) ^	3.500	7/28/2057		257,273
	157,859	Bayview Opportunity Master Fund IVa Trust 2017-SPL1 (a) ^	4.000	10/28/2064		159,486
	119,502	Bayview Opportunity Master Fund IVb Trust 2017-SPL3 (a) ^	4.000	11/28/2053		120,397
	123,649	Bayview Opportunity Master Fund IVb Trust 2017-SPL4 (a) ^	3.500	1/28/2055		123,594
	166,282	Bayview Opportunity Master Fund IVa Trust 2017-SPL5 (a) ^	3.500	6/28/2057		166,446
	325,000	BlueMountain CLO 2015-3 Ltd. 3 Month LIBOR + 1.00 (a) ^	3.339	4/20/2031		323,556
	125,000	Canadian Pacer Auto Receivables Trust 2017-1 (a)	2.050	3/19/2021		123,921
	385,000	CARDS II Trust 1 Month LIBOR + 0.70 (a) ^	2.773	7/15/2021		385,053
	495,000	Carlyle Global Market Strategies CLO 2014-5 Ltd 3 Month LIBOR + 1.14 (a) ^	3.488	10/16/2025		495,003
	240,880	Cent CLO 20 Ltd. 3 Month LIBOR + 1.10 (a) ^	3.460	1/25/2026		240,911
	250,000	Cent CLO 21 Ltd. 3 Month LIBOR + 1.21 (a) ^	3.576	7/27/2026		250,009
	219,336	Chesapeake Funding II LLC (a) ^	1.910	8/15/2029		216,793
	219,223	Chesapeake Funding II LLC 1 Month LIBOR + 0.45 (a) ^	2.523	5/15/2029		219,723
	228,704	Chesapeake Funding II LLC 1 Month LIBOR + 1.00 (a)	3.073	6/15/2028		229,374
	4,307	Chrysler Capital Auto Receivables Trust 2015-A (a)	1.550	2/18/2020		4,306
	350,000	CIFC Funding 2014-II Ltd 3 Month LIBOR + 1.05 (a)	3.164	4/24/2030		349,315
	100,672	CNH Equipment Trust 2015-C	1.660	11/16/2020		100,332
	148,242	Enterprise Fleet Financing LLC (a)	1.970	1/20/2023		147,110
	210,000	Enterprise Fleet Financing LLC (a)	2.130	5/22/2023		207,964
	85,014	Finance of America Structured Securities Trust 2017-HB1 (a) ^	2.321	11/25/2027		84,695
	148,091	First Investors Auto Owner Trust (a)	2.000	3/15/2022		147,090
	30,466	First Investors Auto Owner Trust 2014-3 (a)	2.390	11/16/2020		30,448
	29,335	First Investors Auto Owner Trust 2017-1 (a)	1.690	4/15/2021		29,242
	44,773	First Investors Auto Owner Trust 2017-2 (a)	1.860	10/15/2021		47,221
	280,000	Ford Credit Floorplan Master Owner Trust A	1.750	7/15/2021		276,846
	145,000	Ford Credit Floorplan Master Owner Trust A	1.770	8/15/2020		144,855

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 3.7% (Continued)
$	100,000	Ford Credit Floorplan Master Owner Trust A (a)	2.090	3/15/2022	$	98,541
	100,000	Ford Credit Floorplan Master Owner Trust A	2.310	2/15/2021		99,757
	275,000	Galaxy XIX CLO Ltd. 3 Month LIBOR + 1.22 (a) ^	3.579	7/24/2030		275,490
	175,000	GreatAmerica Leasing Receivables Funding LLC Series 2017-1 (a)	2.360	1/20/2023		172,522
	100,000	GreatAmerica Leasing Receivables Funding LLC Series 2018-1 (a)	2.600	6/15/2021		99,223
	100,000	GreatAmerica Leasing Receivables Funding LLC Series 2018-1 (a)	2.830	6/17/2024		98,985
	167,000	Hyundai Auto Receivables Trust 2014-B	2.100	11/15/2019		166,902
	250,000	KKR Clo 16 Ltd 3 Month LIBOR + 1.49 (a) ^	3.849	1/20/2029		250,478
	300,000	Madison Park Funding XI Ltd. 3 Month LIBOR + 1.16 (a) ^	3.522	7/23/2029		300,000
	300,000	Madison Park Funding XXX Ltd. 3 Month LIBOR + .75 (a) ^	3.089	4/15/2029		296,780
	250,000	Madison Park Funding XV Ltd. 3 Month LIBOR + 1.50 (a) ^	3.866	1/27/2026		249,991
	565,000	Madison Park Funding XVIII Ltd. 3 Month LIBOR + 1.19% (a) ^	3.552	10/21/2030		566,381
	535,000	Magnetite VII Ltd. 3 Month LIBOR + 0.80% (a) ^	3.148	1/15/2028		532,263
	255,000	Mercedes-Benz Master Owner Trust 2017-A 1 Month LIBOR + 0.30 (a) ^	2.373	5/16/2021		255,224
	61,448	Mill City Mortgage Loan Trust 2016-1 (a) ^	2.500	4/25/2057		60,327
	189,553	Mill City Mortgage Loan Trust 2017-3 (a) ^	2.750	1/25/2061		186,241
	140,000	MMAF Equipment Finance LLC 2016-A (a)	2.210	12/15/2032		134,552
	76,551	MMAF Equipment Finance LLC 2017-A (a)	1.730	5/18/2020		76,326
	160,000	MMAF Equipment Finance LLC 2017-B (a)	2.210	10/17/2022		156,897
	46,799	Nationstar HECM Loan Trust 2017-1 (a)	1.968	5/25/2027		46,640
	59,653	Nationstar HECM Loan Trust 2017-2 (a) ^	2.038	9/25/2027		59,420
	104,514	Nationstar HECM Loan Trust 2018-1 (a) ^	2.760	2/25/2028		104,495
	11,033	NYCTL 2016-A Trust (a)	1.470	11/10/2029		10,937
	141,691	Octagon Investment Partners XVI Ltd. 3 Month LIBOR + 1.12 (a) ^	3.473	7/17/2025		141,695
	195,000	OneMain Direct Auto Receivables Trust 2017-2 (a)	2.310	12/14/2021		193,557
	100,000	OneMain Financial Issuance Trust 2016-1 (a)	3.660	2/20/2029		100,635
	115,518	OneMain Financial Issuance Trusts 2016-2 (a)	4.100	3/20/2028		116,211
	100,000	OneMain Financial Issuance Trust 2017-1 (a)	2.370	9/14/2032		98,149
	183,600	Securitized Term Auto Receivables Trust 2016-1 (a)	1.524	3/25/2020		182,746
	105,000	Securitized Term Auto Receivables Trust 2017-2 (a)	2.040	4/26/2021		103,499
	325,000	Shackleton 2015-VIII CLO Ltd. 3 Month LIBOR + 0.92 (a) ^	3.279	10/20/2027		325,002
	103,783	Springleaf Funding Trust 2015-A (a)	3.160	11/15/2024		103,667
	190,000	Springleaf Funding Trust 2016-A (a)	2.900	11/15/2029		189,021
	219,218	Sofi Consumer Loan Program 2018-2 Trust (a)	2.930	4/26/2027		219,158
	500,000	Sound Point Clo III-R Ltd 3 Month LIBOR + 0.95 (a) ^	3.298	4/15/2029		499,104
	325,000	Sound Point Clo XII Ltd 3 Month LIBOR + 1.66 (a) ^	4.019	10/20/2028		325,148
	305,000	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes 2016-T1 (a)	2.530	11/16/2048		304,758
	129,045	Towd Point Mortgage Trust 2016-3 (a) ^	2.250	4/25/2056		128,128
	219,293	Towd Point Mortgage Trust 2017-1 (a) ^	2.750	10/25/2056		218,279
	74,709	Towd Point Mortgage Trust 2017-2 (a) ^	2.750	4/25/2057		74,525
	214,895	Towd Point Mortgage Trust 2017-4 (a) ^	2.750	6/25/2057		210,045
	93,915	Towd Point Mortgage Trust 2018-1 (a) ^	3.000	1/25/2058		93,425
	9,125	United Auto Credit Securitization Trust 2017-1 (a)	1.890	5/10/2019		9,112
	290,000	United Auto Credit Securitization Trust 2017-1 (a)	2.400	11/12/2019		289,287
	159,467	Vantage Data Centers Issuer LLC (a)	4.072	2/16/2043		159,865
	105,000	Volvo Financial Equipment LLC Series 2017-1 (a)	1.920	3/15/2021		103,902
	300,000	Webster Park CLO Ltd + 3 Months LIBOR +2.25% (a) ^	4.609	1/20/2027		300,116
	57,872	Westlake Automobile Receivables Trust 2017-1 (a)	1.780	4/15/2020		57,802
	183,421	Wheels SPV 2 LLC (a)	1.880	4/20/2026		181,770
		TOTAL ASSET BACKED SECURITIES (Cost - $16,969,817)				16,894,685

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 13.4%
		AEROSPACE/DEFENSE - 0.2%
$	100,000	BAE Systems Holdings, Inc. (a)	3.850	12/15/2025	$	98,847
	485,000	General Dynamics Corp.	2.875	5/11/2020		484,473
	100,000	Lockheed Martin Corp.	4.070	12/15/2042		96,211
	50,000	Lockheed Martin Corp.	4.850	9/15/2041		53,057
	125,000	Lockheed Martin Corp.	6.150	9/1/2036		153,256
						885,844
		AGRICULTURE - 0.3%
	670,000	BAT Capital Corp. (a)	3.557	8/15/2027		623,369
	230,000	BAT International Finance PLC (a)	2.750	6/15/2020		227,491
	20,000	BAT International Finance PLC (a)	3.500	6/15/2022		19,810
	475,000	Imperial Brands Finance PLC (a)	3.750	7/21/2022		471,462
						1,342,132
		AIRLINES - 0.0% **
	35,000	United Airlines 2018-1 Class B Pass Through Trust	4.600	3/1/2026		35,174

		AUTO MANUFACTURERS - 0.4%
	315,000	Daimler Finance North America LLC (a)	2.200	5/5/2020		308,943
	280,000	Daimler Finance North America LLC (a)	2.300	2/12/2021		271,980
	105,000	Ford Motor Co.	4.346	12/8/2026		103,048
	475,000	Ford Motor Credit Co. LLC	6.500	8/1/2018		452,358
	600,000	General Motors Financial Co., Inc.	3.700	5/9/2023		588,633
	120,000	General Motors Financial Co., Inc.	3.950	4/13/2024		117,433
	100,000	Nissan Motor Acceptance Corp. (a)	2.650	9/26/2018		100,016
						1,942,411
		BANKS - 3.9%
	200,000	Banco Santander SA	3.125	2/23/2023		189,782
	200,000	Banco Santander SA	3.848	4/12/2023		195,598
	135,000	Bank of America Corp.	2.250	4/21/2020		133,148
	640,000	Bank of America Corp.	2.625	10/19/2020		632,128
	345,000	Bank of America Corp. ^	3.593	7/21/2028		329,384
	160,000	Bank of America Corp.	4.200	8/26/2024		160,835
	380,000	Bank of New York Mellon Corp. (The) 3 Month LIBOR + 1.05 ^	3.409	10/30/2023		386,313
	300,000	Banque Federative du Credit Mutuel SA (a)	2.750	10/15/2020		296,219
	100,000	Barclays Bank PLC	5.140	10/14/2020		102,404
	405,000	Barclays PLC	3.200	8/10/2021		396,797
	150,000	BB&T Corp.	2.450	1/15/2020		148,535
	350,000	BB&T Corp.	3.200	9/3/2021		348,894
	200,000	BNP Paribas SA (a)	3.375	1/9/2025		188,937
	280,000	BNP Paribas SA (a)	2.950	5/23/2022		270,291
	435,000	BNP Paribas SA (a)	3.500	11/16/2027		403,556
	305,000	BPCE SA (a)	3.500	10/23/2027		278,393
	600,000	BPCE SA (a)	5.150	7/21/2024		608,348
	275,000	BPCE SA (a)	5.700	10/22/2023		287,189
	105,000	Capital One Financial Corp.	4.200	10/29/2025		101,972
	370,000	Citigroup, Inc. 3 Month LIBOR + 1.15 ^	3.520	10/27/2028		347,630
	70,000	Citigroup, Inc.	3.300	4/27/2025		67,112
	300,000	Citigroup, Inc.	3.500	5/15/2023		293,372
	50,000	Citigroup, Inc.	4.050	7/30/2022		50,270
	55,000	Citigroup, Inc.	5.500	9/13/2025		58,393
	200,000	Credit Agricole SA (a)	4.375	3/17/2025		192,944
	250,000	Credit Agricole SA/London (a)	3.750	4/24/2023		244,937
	250,000	Credit Agricole SA/London (a)	3.250	10/4/2024		235,423
	285,000	Credit Suisse AG (a)	3.574	1/9/2023		279,167
	260,000	Credit Suisse AG 3 Month LIBOR + 1.24 (a) ^	3.566	6/12/2024		259,767

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		BANKS - 3.9% (Continued)
$	50,000	Credit Suisse AG/New York NY	5.400	1/14/2020	$	51,441
	250,000	Credit Suisse Group Funding Guernsey Ltd.	3.125	12/10/2020		248,190
	395,000	Credit Suisse Group Funding Guernsey Ltd.	3.800	9/15/2022		393,266
	230,000	Deutsche Bank AG/New York NY	2.700	7/13/2020		223,686
	230,000	Deutsche Bank AG/New York NY	3.150	1/22/2021		222,588
	345,000	Deutsche Bank AG/New York NY	4.250	10/14/2021		340,125
	525,000	Discover Bank	3.100	6/4/2020		522,302
	300,000	Fifth Third Bank/Cincinnati OH	2.150	8/20/2018		299,960
	130,000	Goldman Sachs Group, Inc. (The)	2.625	4/25/2021		127,131
	460,000	Goldman Sachs Group, Inc. (The) 3 Month LIBOR + 1.20 ^	3.272	9/29/2025		436,781
	200,000	Goldman Sachs Group, Inc. (The)	3.500	1/23/2025		193,136
	85,000	Goldman Sachs Group, Inc. (The)	4.750	10/21/2045		84,121
	50,000	Goldman Sachs Group, Inc. (The)	6.750	10/1/2037		59,342
	305,000	HSBC Holdings PLC	3.400	3/8/2021		304,890
	200,000	HSBC Holdings PLC	3.600	5/25/2023		198,039
	60,000	HSBC Holdings PLC	4.000	3/30/2022		60,876
	200,000	HSBC Holdings PLC 3 Month LIBOR + 1.55 ^	4.041	3/13/2028		194,159
	200,000	HSBC Holdings PLC 3 Month LIBOR + 1.53 ^	4.583	6/19/2029		202,007
	250,000	Huntington Bancshares, Inc.	3.150	3/14/2021		248,600
	250,000	Huntington National Bank	2.400	4/1/2020		246,544
	200,000	ING Groep NV	3.950	3/29/2027		195,195
	400,000	JPMorgan Chase & Co.	2.950	10/1/2026		371,558
	450,000	Macquarie Group Ltd. 3 Month LIBOR + 1.33 (a) ^	4.150	3/27/2024		447,871
	70,000	Morgan Stanley	3.125	7/27/2026		65,116
	300,000	Morgan Stanley	3.625	1/20/2027		288,068
	110,000	Morgan Stanley	3.875	4/29/2024		110,195
	455,000	Morgan Stanley	4.350	9/8/2026		448,790
	900,000	NBK SPC Ltd. (a)	2.750	5/30/2022		857,430
	400,000	PNC Bank NA	2.600	7/21/2020		395,169
	50,000	PNC Financial Services Group, Inc. (The)	3.900	4/29/2024		50,087
	120,000	Santander Holdings USA, Inc.	2.650	4/17/2020		118,943
	75,000	Santander Holdings USA, Inc.	3.400	1/18/2023		72,414
	465,000	Santander Holdings USA, Inc.	3.700	3/28/2022		458,157
	300,000	Santander UK PLC	2.000	8/24/2018		299,759
	200,000	Skandinaviska Enskilda Banken AB (a)	2.450	5/27/2020		197,040
	350,000	State Street Corp.	3.550	8/18/2025		349,827
	250,000	Synchrony Bank	3.650	5/24/2021		250,145
	250,000	UBS Group Funding Switzerland AG (a)	2.950	9/24/2020		247,365
	225,000	UBS Group Funding Switzerland AG (a)	3.000	4/15/2021		221,561
	150,000	Wells Fargo & Co.	3.000	2/19/2025		141,487
	35,000	Wells Fargo & Co.	4.100	6/3/2026		34,297
	195,000	Wells Fargo & Co.	4.750	12/7/2046		188,697
						17,954,093
		BEVERAGES - 0.1%
	260,000	Anheuser-Busch InBev Finance, Inc.	3.650	2/1/2026		254,525
	305,000	Anheuser-Busch InBev Worldwide, Inc.	3.500	1/12/2024		303,117
	55,000	Anheuser-Busch InBev Worldwide, Inc.	3.750	7/15/2042		48,369
	60,000	Anheuser-Busch InBev Worldwide, Inc.	4.375	4/15/2038		58,248
						664,259
		BIOTECHNOLOGY - 0.2%
	740,000	Amgen, Inc.	2.650	5/11/2022		716,635
	130,000	Biogen, Inc.	2.900	9/15/2020		129,434
	70,000	Celgene Corp.	3.550	8/15/2022		69,467
	90,000	Gilead Sciences, Inc.	2.550	9/1/2020		88,919
						1,004,455

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		CHEMICALS - 0.2%
$	575,000	CNAC HK Synbridge Co. Ltd.	5.000	5/5/2020	$	576,840
	300,000	Nutrien Ltd.	3.150	10/1/2022		291,811
						868,651
		COMMERCIAL SERVICES - 0.2%
	500,000	ERAC USA Finance, LLC (a)	3.300	10/15/2022		492,458
	355,000	Total System Services, Inc.	3.800	4/1/2021		357,427
						849,885
		COMPUTERS - 0.1%
	15,000	Apple, Inc.	2.450	8/4/2026		13,768
	120,000	Apple, Inc.	3.000	2/9/2024		117,532
	105,000	Apple, Inc.	3.250	2/23/2026		102,490
						233,790
		DIVERSIFIED FINANCIAL SERVICES - 0.2%
	120,000	GTP Acquisition Partners I LLC (a)	2.350	6/15/2020		117,743
	285,000	LeasePlan Corp NV (a)	2.875	1/22/2019		284,524
	350,000	Private Export Funding Corp.	3.250	6/15/2025		353,066
	155,000	Synchrony Financial	2.600	1/15/2019		154,702
	15,000	Synchrony Financial	2.700	2/3/2020		14,842
	205,000	Synchrony Financial	3.750	8/15/2021		204,787
						1,129,664
		ELECTRIC - 1.5%
	200,000	Appalachian Power Co.	3.400	6/1/2025		196,897
	150,000	Berkshire Hathaway Energy Co.	4.500	2/1/2045		153,461
	510,000	Cleveland Electric Illuminating Co. (The) (a)	3.500	4/1/2028		483,656
	195,000	Dominion Energy, Inc.	2.579	7/1/2020		192,140
	160,000	Dominion Energy, Inc. #	2.962	7/1/2019		159,644
	230,000	Dominion Energy, Inc. #	4.104	4/1/2021		233,209
	175,000	Duke Energy Carolinas LLC	6.100	6/1/2037		219,863
	70,000	Duke Energy Corp.	2.650	9/1/2026		63,047
	225,000	Duke Energy Corp.	3.750	4/15/2024		224,520
	55,000	Emera US Finance LP	2.700	6/15/2021		53,532
	95,000	Entergy Corp.	2.950	9/1/2026		86,678
	140,000	Entergy Louisiana LLC	3.120	9/1/2027		132,881
	175,000	Eversource Energy	2.900	10/1/2024		166,106
	265,000	Fortis, Inc.	3.055	10/4/2026		241,443
	200,000	Infraestructura Energetica Nova SAB de CV (a)	4.875	1/14/2048		171,500
	310,000	NextEra Energy Capital Holdings, Inc.	3.550	5/1/2027		297,980
	200,000	Oglethorpe Power Corp.	5.250	9/1/2050		218,831
	51,000	Oncor Electric Delivery Co. LLC	2.950	4/1/2025		48,930
	160,000	Oncor Electric Delivery Co. LLC	4.100	6/1/2022		163,979
	75,000	Pacific Gas & Electric Co.	3.400	8/15/2024		70,103
	10,000	Pacific Gas & Electric Co.	4.300	3/15/2045		8,992
	10,000	Pacific Gas & Electric Co.	4.750	2/15/2044		9,479
	60,000	Pacific Gas & Electric Co.	5.125	11/15/2043		59,058
	295,000	Pacific Gas & Electric Co.	5.400	1/15/2040		300,015
	270,000	Pacific Gas & Electric Co.	5.800	3/1/2037		282,239
	55,000	Pacific Gas & Electric Co.	6.050	3/1/2034		59,393
	65,000	Pacific Gas & Electric Co.	6.250	3/1/2039		71,247
	15,000	Pacific Gas & Electric Co.	6.350	2/15/2038		16,155
	50,000	PPL Capital Funding, Inc.	3.500	12/1/2022		49,752
	326,000	SCANA Corp.	4.125	2/1/2022		320,719
	695,000	SCANA Corp.	4.750	5/15/2021		702,018

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ELECTRIC - 1.5%
$	300,000	SCANA Corp.	6.250	4/1/2020	$	308,948
	50,000	South Carolina Electric & Gas Co.	4.600	6/15/2043		48,974
	150,000	South Carolina Electric & Gas Co.	5.100	6/1/2065		151,172
	225,000	Southern Co. (The)	2.750	6/15/2020		223,065
	290,000	Southern Co. (The)	2.950	7/1/2023		279,737
	270,000	State Grid Overseas Investment 2016 Ltd. (a)	2.750	5/4/2022		261,914
	270,000	State Grid Overseas Investment 2016 Ltd. (a)	3.500	5/4/2027		257,658
						6,988,935
		ENGINEERING & CONSTRUCTION - 0.2%
	250,000	Mexico City Airport Trust (a)	5.500	7/31/2047		222,750
	155,000	SBA Tower Trust (a)	2.877	7/9/2021		150,562
	50,000	SBA Tower Trust (a)	2.898	10/8/2019		49,705
	255,000	SBA Tower Trust (a)	3.156	10/8/2020		253,712
	155,000	SBA Tower Trust (a)	3.448	3/15/2023		153,972
						830,701
		FOOD - 0.2%
	55,000	Kraft Heinz Foods Co.	3.000	6/1/2026		49,529
	165,000	Kraft Heinz Foods Co.	3.500	7/15/2022		163,082
	375,000	Kraft Heinz Foods Co.	4.375	6/1/2046		324,414
	375,000	Kroger Co.	2.950	11/1/2021		369,645
	240,000	Sigma Alimentos SA de CV (a)	4.125	5/2/2026		225,000
						1,131,670
		GAS - 0.1%
	60,000	Boston Gas Co. (a)	3.150	8/1/2027		56,602
	149,000	CenterPoint Energy Resources Corp.	4.500	1/15/2021		152,270
	125,000	Dominion Energy Gas Holdings LLC	3.600	12/15/2024		124,405
	275,000	KeySpan Gas East Corp. (a)	2.742	8/15/2026		254,496
						587,773
		HEALTHCARE-PRODUCTS - 0.1%
	325,000	Boston Scientific Corp.	3.375	5/15/2022		320,620

		HEALTHCARE-SERVICES - 0.7%
	210,000	Aetna, Inc.	2.800	6/15/2023		200,094
	75,000	Anthem, Inc.	3.500	8/15/2024		73,091
	45,000	Anthem, Inc.	4.101	3/1/2028		44,021
	90,000	Anthem, Inc.	4.375	12/1/2047		83,054
	150,000	Anthem, Inc.	4.650	8/15/2044		145,517
	15,000	Ascension Health	4.847	11/15/2053		17,020
	191,000	Catholic Health Initiatives	2.950	11/1/2022		184,425
	105,000	Catholic Health Initiatives	4.200	8/1/2023		105,852
	95,000	Catholic Health Initiatives	4.350	11/1/2042		89,897
	92,000	Dignity Health	3.812	11/1/2024		90,684
	270,000	Dignity Health	4.500	11/1/2042		260,494
	295,000	Kaiser Foundation Hospitals	3.500	4/1/2022		297,629
	5,000	Memorial Sloan-Kettering Cancer Center	4.200	7/1/2055		5,133
	50,000	Memorial Sloan-Kettering Cancer Center	5.000	7/1/2042		58,155
	395,000	Mercy Health	3.555	8/1/2027		385,246
	80,000	Orlando Health Obligated Group	3.777	10/1/2028		79,215
	20,000	Orlando Health Obligated Group	4.089	10/1/2048		19,856
	95,000	Providence St. Joseph Health Obligated Group	3.930	10/1/2048		91,040
	360,000	SSM Health Care Corp	3.823	6/1/2027		358,629
	300,000	United Health Group, Inc.	2.875	3/15/2023		292,349
	45,000	United Health Group, Inc.	3.350	7/15/2022		45,064
	75,000	United Health Group, Inc.	3.750	7/15/2025		75,012
	195,000	United Health Group, Inc.	3.850	6/15/2028		195,303
						3,196,780

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		INSURANCE - 0.3%
$	50,000	American International Group, Inc.	4.875	6/1/2022	$	52,366
	190,000	Berkshire Hathaway, Inc.	2.750	3/15/2023		185,936
	50,000	Chubb INA Holdings, Inc.	2.300	11/3/2020		49,110
	75,000	Chubb INA Holdings, Inc.	3.350	5/15/2024		73,906
	250,000	Hartford Financial Services Group, Inc. (The)	5.500	3/30/2020		259,688
	275,000	Jackson National Life Global Funding (a)	3.250	1/30/2024		269,595
	195,000	Metropolitan Life Global Funding I (a)	2.650	4/8/2022		189,764
	250,000	Metropolitan Life Global Funding I (a)	3.000	9/19/2027		234,576
	150,000	Principal Financial Group, Inc.	3.400	5/15/2025		146,297
						1,461,238
		INTERNET - 0.3%
	400,000	Alibaba Group Holding Ltd.	2.500	11/28/2019		397,331
	270,000	Alibaba Group Holding Ltd.	3.400	12/6/2027		251,569
	190,000	Amazon.com, Inc.	2.800	8/22/2024		183,072
	100,000	Amazon.com, Inc.	4.250	8/22/2057		98,603
	165,000	Amazon.com, Inc.	4.800	12/5/2034		180,781
	215,000	Tencent Holdings Ltd. (a)	3.595	1/19/2028		203,394
						1,314,750
		LODGING - 0.1%
	225,000	Marriott International, Inc.	2.875	3/1/2021		221,876

		MEDIA - 0.5%
	50,000	21st Century Fox America, Inc.	3.700	9/15/2024		49,806
	175,000	Charter Communications Operating LLC	4.464	7/23/2022		177,150
	45,000	Charter Communications Operating LLC	5.375	5/1/2047		40,864
	15,000	Charter Communications Operating LLC	6.484	10/23/2045		15,811
	138,000	Comcast Corp.	3.999	11/1/2049		121,295
	15,000	Cox Communications, Inc. (a)	4.600	8/15/2047		13,708
	275,000	Cox Communications, Inc. (a)	4.800	2/1/2035		253,234
	15,000	Cox Communications, Inc. (a)	6.450	12/1/2036		16,429
	100,000	NBCUniversal Media, LLC	2.875	1/15/2023		95,896
	250,000	Sky PLC (a)	3.750	9/16/2024		248,556
	475,000	Viacom, Inc.	4.250	9/1/2023		472,288
	375,000	Warner Media, LLC	3.600	7/15/2025		356,557
	275,000	Warner Media, LLC	4.875	3/15/2020		282,341
						2,143,935
		MINING - 0.1%
	275,000	Glencore Finance Canada Ltd. (a)	4.250	10/25/2022		278,105

		MISCELLANEOUS MANUFACTURING - 0.1%
	250,000	Siemens Financieringsmaatschappij NV (a)	2.900	5/27/2022		245,823

		OIL & GAS - 0.7%
	240,000	Anadarko Petroleum Corp.	4.850	3/15/2021		246,986
	200,000	BG Energy Capital PLC (a)	4.000	10/15/2021		203,251
	105,000	BP Capital Markets PLC	3.245	5/6/2022		104,669
	20,000	ConocoPhillips Co.	4.950	3/15/2026		21,556
	130,000	Marathon Oil Corp.	2.700	6/1/2020		128,033
	170,000	Noble Energy, Inc.	4.150	12/15/2021		172,725
	95,000	Petroleos Mexicanos	5.375	3/13/2022		97,423
	775,000	Petroleos Mexicanos	5.500	1/21/2021		797,855
	140,000	Petroleos Mexicanos (a)	6.350	2/12/2048		126,350
	175,000	Petroleos Mexicanos	6.750	9/21/2047		165,008
	225,000	Pioneer Natural Resources Co.	7.500	1/15/2020		239,275
	180,000	Shell International Finance BV	4.125	5/11/2035		182,584

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		OIL & GAS - 0.7% (Continued)
$	230,000	Sinopec Group Overseas Development 2015 Ltd. (a)	2.500	4/28/2020	$	226,630
	435,000	Sinopec Group Overseas Development 2017 Ltd. (a)	3.000	4/12/2022		424,068
						3,136,413
		OIL & GAS SERVICES - 0.0% **
	110,000	Schlumberger Holdings Corp. (a)	3.000	12/21/2020		109,340

		PHARMACEUTICALS - 0.9%
	85,000	Allergan Funding SCS	3.000	3/12/2020		84,597
	20,000	Allergan Funding SCS	3.450	3/15/2022		19,680
	675,000	Allergan Funding SCS	3.800	3/15/2025		655,456
	50,000	Allergan Funding SCS	3.850	6/15/2024		49,100
	180,000	Allergan Funding SCS	4.550	3/15/2035		170,308
	10,000	Allergan Funding SCS	4.750	3/15/2045		9,626
	100,000	Allergan Sales LLC (a)	5.000	12/15/2021		103,465
	265,000	Bayer US Finance II LLC (a)	4.250	12/15/2025		266,418
	275,000	Bayer US Finance LLC (a)	2.375	10/8/2019		272,657
	155,000	Cardinal Health, Inc.	3.079	6/15/2024		146,031
	170,000	Cardinal Health, Inc.	3.200	3/15/2023		164,732
	35,000	Cardinal Health, Inc.	4.500	11/15/2044		31,596
	250,000	CVS Health Corp.	4.000	12/5/2023		251,040
	530,000	CVS Health Corp.	4.100	3/25/2025		527,192
	55,000	CVS Health Corp.	4.875	7/20/2035		55,261
	195,000	CVS Health Corp.	5.125	7/20/2045		197,590
	95,000	EMD Finance LLC (a)	2.950	3/19/2022		92,865
	195,000	Mylan, Inc. (a)	4.550	4/15/2028		190,565
	100,000	Mylan, Inc. (a)	5.200	4/15/2048		96,155
	60,000	Mylan NV	3.950	6/15/2026		57,300
	123,000	Teva Pharmaceutical Finance Co BV	3.650	11/10/2021		117,797
	700,000	Teva Pharmaceutical Finance Netherlands III BV	2.800	7/21/2023		604,625
						4,164,056
		PIPELINES - 0.4%
	45,000	Andeavor Logistics LP / Tesoro Logistics Finance Corp.	3.500	12/1/2022		43,968
	175,000	Columbia Pipeline Group, Inc.	4.500	6/1/2025		174,598
	90,000	Energy Transfer Partners LP	7.600	2/1/2024		101,381
	30,000	Energy Transfer Partners LP / Regency Energy Finance Corp.	4.500	11/1/2023		30,177
	95,000	Enterprise Products Operating LLC	3.950	2/15/2027		94,029
	130,000	Enterprise Products Operating LLC	5.100	2/15/2045		133,835
	515,000	EQT Midstream Partners LP	4.750	7/15/2023		514,170
	355,000	MPLX LP	4.000	3/15/2028		337,632
	100,000	Phillips 66 Partners LP	3.605	2/15/2025		95,357
	195,000	Sunoco Logistics Partners Operations LP	3.900	7/15/2026		182,531
	55,000	Sunoco Logistics Partners Operations LP	4.400	4/1/2021		55,880
	200,000	Western Gas Partners LP	4.000	7/1/2022		197,657
						1,961,215
		REAL ESTATE INVESTMENT TRUSTS - 0.4%
	300,000	American Tower Corp.	3.450	9/15/2021		298,757
	75,000	American Tower Corp.	4.400	2/15/2026		74,463
	86,000	American Tower Corp.	5.000	2/15/2024		89,185
	50,000	AvalonBay Communities, Inc.	2.950	9/15/2022		48,928
	385,000	Brandywine Operating Partnership LP	3.950	11/15/2027		365,789
	130,000	Crown Castle International Corp.	3.650	9/1/2027		120,920
	105,000	Crown Castle International Corp.	3.800	2/15/2028		98,421
	150,000	DDR Corp.	4.625	7/15/2022		153,824
	75,000	HCP, Inc.	3.875	8/15/2024		73,348
	200,000	HCP, Inc.	4.000	6/1/2025		195,720

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		REAL ESTATE INVESTMENT TRUSTS - 0.4% (Continued)
$	260,000	Scentre Group Trust 1/Scentre Group Trust 2 (a)	2.375	11/5/2019	$	256,712
	275,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (a)	3.250	10/5/2020		274,453
						2,050,520
		RETAIL - 0.0%**
	100,000	Home Depot, Inc.	2.000	6/15/2019		99,411

		SEMICONDUCTORS - 0.1%
	295,000	Broadcom Corp / Broadcom Cayman Finance Ltd.	3.625	1/15/2024		285,562
	170,000	Microchip Technology, Inc. (a)	3.922	6/1/2021		170,282
						455,844
		SOFTWARE - 0.3%
	235,000	Microsoft Corp.	2.400	8/8/2026		217,386
	335,000	Microsoft Corp.	2.875	2/6/2024		327,965
	120,000	Microsoft Corp.	3.700	8/8/2046		116,698
	225,000	Oracle Corp.	2.800	7/8/2021		223,527
	230,000	Oracle Corp.	3.250	11/15/2027		219,921
						1,105,497
		TELECOMMUNICATIONS - 0.3%
	30,000	AT&T, Inc.	3.950	1/15/2025		29,341
	200,000	AT&T, Inc. (a)	4.100	2/15/2028		191,115
	20,000	AT&T, Inc.	4.500	5/15/2035		18,499
	160,000	AT&T, Inc.	4.750	5/15/2046		142,924
	150,000	Crown Castle Towers LLC (a)	3.222	5/15/2022		148,107
	410,000	Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC (a)	4.738	3/20/2025		406,843
	609,000	Verizon Communications, Inc.	4.522	9/15/2048		555,232
	4,000	Verizon Communications, Inc.	4.812	3/15/2039		3,868
						1,495,929
		TRANSPORTATION - 0.1%
	160,000	FedEx Corp.	4.550	4/1/2046		155,257
	225,000	FedEx Corp.	8.000	1/15/2019		231,205
						386,462
		TRUCKING & LEASING - 0.2%
	150,000	Penske Truck Leasing Co LP / PTL Finance Corp. (a)	3.200	7/15/2020		149,630
	200,000	Penske Truck Leasing Co LP / PTL Finance Corp. (a)	3.375	2/1/2022		197,130
	345,000	Penske Truck Leasing Co LP / PTL Finance Corp. (a)	3.950	3/10/2025		340,977
	50,000	Penske Truck Leasing Co LP / PTL Finance Corp. (a)	4.875	7/11/2022		51,988
						739,725
		WATER - 0.0% **
	120,000	American Water Capital Corp.	2.950	9/1/2027		113,043

		TOTAL CORPORATE BONDS (Cost $63,017,903)				61,450,019

		COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2%
		WHOLE LOAN COLLATERAL - 0.2%
	92,528	Angel Oak Mortgage Trust LLC 2015-1 (a) ^	2.708	11/25/2047		91,632
	177,077	COLT 2018-1 Mortgage Loan Trust (a) ^	2.930	2/25/2048		176,261
	44,844	Deephaven Residential Mortgage Trust 2017-1 (a) ^	2.725	12/26/2046		44,520
	107,102	Deephaven Residential Mortgage Trust 2017-2 (a) ^	2.453	6/25/2047		105,416
	104,352	Deephaven Residential Mortgage Trust 2017-3 (a) ^	2.577	10/25/2047		102,952
	165,509	Deephaven Residential Mortgage Trust 2018-1 (a) ^	2.976	12/25/2057		164,299
	161,338	MetLife Securitization Trust 2017-1 (a) ^	3.000	4/25/2055		158,890
	207,823	New Residential Mortgage Loan Trust 2017-3 (a) ^	4.000	4/25/2057		210,044
		TOTAL WHOLE LOAN COLLATERAL SECURITIES (Cost - $1,070,756)				1,054,014

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		COMMERCIAL MORTGAGE BACKED SECURITIES - 1.9%
$	155,000	Banc of America Commercial Mortgage Trust 2015-UBS7	3.705	9/15/2048	$	155,471
	195,000	CD 2017-CD4 Mortgage Trust ^	3.514	5/10/2050		192,364
	525,000	Citigroup Commercial Mortgage Trust 2015-GC35	3.818	11/10/2048		530,639
	130,000	COMM 2013-CCRE8 Mortgage Trust	3.334	6/10/2046		130,251
	225,000	CSAIL 2015-C1 Commercial Mortgage Trust	3.505	4/15/2050		223,461
	420,000	CSAIL 2015-C2 Commercial Mortgage Trust	3.504	6/15/2057		415,254
	405,000	CSAIL 2015-C3 Commercial Mortgage Trust	3.718	8/15/2048		405,571
	405,000	CSMC 17-LSTK A	2.761	4/5/2033		399,156
	465,000	Fannie Mae Multifamily Remic Trust 2015-M12 ^	2.886	5/25/2025		447,879
	688,917	Fannie Mae REMICS	3.000	1/25/2045		685,421
	524,784	Fannie Mae REMICS	3.000	12/25/2045		517,833
	339,936	Fannie Mae REMICS	3.500	6/25/2044		341,779
	214,333	Fannie Mae-Aces 1 Month LIBOR + 0.40%	2.348	10/25/2024		214,451
	102,146	Fannie Mae-Aces	2.440	4/25/2024		102,182
	739,288	Freddie Mac REMICS	1.750	9/15/2042		686,282
	609,821	Freddie Mac REMICS	3.000	7/15/2047		601,038
	899,280	Freddie Mac REMICS	3.000	6/15/2045		882,298
	105,000	FREMF 2010-K7 Mortgage Trust (a) ^	5.686	4/25/2020		108,524
	75,000	FREMF 2013-K712 Mortgage Trust (a) ^	3.477	5/25/2045		74,825
	45,000	FREMF 2013-K713 Mortgage Trust (a) ^	3.262	4/25/2046		44,837
	300,000	GS Mortgage Securities Trust 2015-GS1	3.734	11/10/2048		300,861
	100,000	JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1	3.914	1/15/2049		101,583
	8	LB-UBS Commercial Mortgage Trust 2008-C1 ^	6.319	4/15/2041		8
	490,000	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.306	4/15/2048		481,028
	100,000	SFAVE Commercial Mortgage Securities Trust 2015-5AVE (a) ^	4.144	1/5/2043		95,850
	125,000	Wells Fargo Commercial Mortgage Trust 2015-LC22	3.839	9/15/2058		126,655
	250,000	Wells Fargo Commercial Mortgage Trust 2015-NXS1	3.148	5/15/2048		243,463
	400,000	Wells Fargo Commercial Mortgage Trust 2017-C38	3.453	7/15/2050		390,264
		TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost - $9,182,652)				8,899,228

		AGENCY MORTGAGE BACKED SECURITIES - 7.4%
		FEDERAL HOME LOAN MORTGAGE CORP. - 3.6%
	19,731	Freddie Mac Gold Pool	2.500	10/1/2028		19,356
	90,523	Freddie Mac Gold Pool	2.500	12/1/2031		88,051
	10,445	Freddie Mac Gold Pool	3.000	9/1/2028		10,435
	200,000	Freddie Mac Gold Pool +	3.000	10/15/2031		198,594
	41,644	Freddie Mac Gold Pool	3.000	2/1/2043		40,410
	1,889,758	Freddie Mac Gold Pool	3.000	9/1/2046		1,832,151
	1,395,233	Freddie Mac Gold Pool	3.000	11/1/2046		1,353,806
	573,897	Freddie Mac Gold Pool	3.000	12/1/2046		556,502
	2,965,220	Freddie Mac Gold Pool	3.000	12/1/2046		2,875,308
	910,660	Freddie Mac Gold Pool	3.000	12/1/2046		883,035
	366,838	Freddie Mac Gold Pool	3.000	12/1/2046		355,938
	181,492	Freddie Mac Gold Pool	3.000	1/1/2047		175,986
	753,372	Freddie Mac Gold Pool	3.000	2/1/2047		730,515
	210,186	Freddie Mac Gold Pool	3.000	3/1/2047		203,807
	486,093	Freddie Mac Gold Pool	3.000	12/1/2047		470,829
	105,653	Freddie Mac Gold Pool	3.500	11/1/2034		106,161
	31,699	Freddie Mac Gold Pool	3.500	10/1/2043		31,795
	1,610,000	Freddie Mac Gold Pool +	3.500	6/15/2047		1,601,447
	2,456,816	Freddie Mac Gold Pool	3.500	8/1/2047		2,445,133
	1,614,999	Freddie Mac Gold Pool	3.500	10/1/2047		1,607,316
	175,000	Freddie Mac Gold Pool +	4.500	7/15/2044		182,137
	22,628	Freddie Mac Gold Pool	4.000	8/1/2044		23,072
	525,000	Freddie Mac Gold Pool +	4.000	12/15/2045		535,090

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		FEDERAL HOME LOAN MORTGAGE CORP. - 3.6% (Continued)
$	50,000	Freddie Mac Gold Pool +	5.000	6/15/2040	$	52,797
	50,000	Freddie Mac Gold Pool +	5.500	4/15/2039		53,523
						16,433,194
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.2%
	150,150	Fannie Mae Pool	2.470	5/1/2025		144,838
	26,551	Fannie Mae Pool	2.500	4/1/2028		26,053
	59,787	Fannie Mae Pool	2.500	2/1/2030		58,360
	116,821	Fannie Mae Pool	2.500	6/1/2030		114,073
	250,798	Fannie Mae Pool	2.500	10/1/2031		244,002
	165,219	Fannie Mae Pool	2.500	12/1/2031		160,747
	600,000	Fannie Mae Pool +	2.500	1/25/2032		583,406
	310,000	Fannie Mae Pool	2.680	5/1/2025		302,482
	400,000	Fannie Mae Pool	2.810	7/1/2025		392,677
	108,928	Fannie Mae Pool	2.990	10/1/2025		108,007
	16,411	Fannie Mae Pool	3.000	10/1/2028		16,405
	1,475,000	Fannie Mae Pool +	3.000	10/25/2031		1,466,473
	83,204	Fannie Mae Pool	3.000	7/1/2043		81,324
	1,915,973	Fannie Mae Pool	3.000	1/1/2046		1,857,305
	1,719,217	Fannie Mae Pool	3.000	10/1/2046		1,669,829
	52,678	Fannie Mae Pool	3.090	10/1/2025		52,587
	200,000	Fannie Mae Pool +	3.500	11/25/2027		202,375
	3,085,000	Fannie Mae Pool +	3.500	6/25/2046		3,070,539
	1,090,000	Fannie Mae Pool	3.500	12/1/2047		1,085,470
	100,000	Fannie Mae Pool +	4.000	10/25/2025		102,578
	37,255	Fannie Mae Pool	4.000	11/1/2043		38,065
	672,644	Fannie Mae Pool	4.000	1/1/2046		686,106
	730,777	Fannie Mae Pool	4.000	2/1/2046		745,746
	675,000	Fannie Mae Pool +	4.500	9/25/2044		702,844
	375,000	Fannie Mae Pool +	5.000	2/25/2040		397,324
	300,000	Fannie Mae Pool +	5.500	2/25/2039		321,516
	75,000	Fannie Mae Pool +	6.000	9/25/2038		81,797
						14,712,928
		GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.6%
	50,000	Ginnie Mae I Pool +	5.000	6/15/2040		52,226
	43,118	Ginnie Mae II Pool	3.000	12/20/2042		42,542
	47,261	Ginnie Mae II Pool	3.500	7/20/2043		47,711
	17,792	Ginnie Mae II Pool	4.000	12/20/2044		18,359
	2,125,000	Ginnie Mae II Pool +	4.000	4/20/2046		2,177,461
	350,000	Ginnie Mae II Pool +	4.500	10/20/2044		363,727
	100,000	Ginnie Mae II Pool +	5.000	2/20/2041		104,937
						2,806,963

		TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $34,577,567)				33,953,085

		MUNICIPAL SECURITIES - 1.0%
	115,000	Bay Area Toll Authority	7.043	4/1/2050		168,178
	90,000	Chicago O’Hare International Airport	6.395	1/1/2040		119,144
	110,000	Chicago Transit Authority	6.300	12/1/2021		116,016
	80,000	Chicago Transit Authority	6.300	12/1/2021		84,375
	265,000	Chicago Transit Authority	6.899	12/1/2040		344,823
	55,000	Chicago Transit Authority	6.899	12/1/2040		71,567
	315,000	County of Sacramento CA	5.730	8/15/2023		336,937
	190,000	Kansas Development Finance Authority	4.927	4/15/2045		208,212
	135,000	Kansas Development Finance Authority	5.371	5/1/2026		144,590
	120,000	Long Island Power Authority	3.883	9/1/2024		120,740

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		MUNICIPAL SECURITIES - 1.0% (Continued)
$	100,000	Metropolitan Transportation Authority	6.814	11/15/2040	$	134,211
	195,000	Municipal Electric Authority of Georgia	6.637	4/1/2057		246,556
	85,000	New Jersey Economic Development Authority	3.882	6/15/2019		85,667
	525,000	New York State Urban Development Corp	2.100	3/15/2022		515,886
	35,000	Port Authority of New York & New Jersey	4.810	10/15/2065		39,390
	100,000	Port Authority of New York & New Jersey	5.647	11/1/2040		123,872
	120,000	Regents of the University of California Medical Center Pooled Revenue	6.548	5/15/2048		161,372
	20,000	Regents of the University of California Medical Center Pooled Revenue	6.583	5/15/2049		26,811
	120,000	San Jose Redevelopment Agency Successor Agency	3.375	8/1/2034		114,820
	265,000	State of California	7.350	11/1/2039		377,220
	15,000	State of California	7.550	4/1/2039		22,120
	25,000	State of California	7.600	11/1/2040		37,599
	410,000	State of Connecticut	2.990	1/15/2023		400,939
	675,000	State of Illinois	5.100	6/1/2033		638,793
	35,000	University of California	3.931	5/15/2045		35,014
		TOTAL MUNICIPAL SECURITIES (Cost - $4,594,810)				4,674,852

		SOVEREIGN DEBT - 0.7%
	320,000	Export-Import Bank of Korea	1.750	5/26/2019		316,379
	204,000	Japan Bank for International Cooperation	2.125	6/1/2020		200,827
	272,000	Japan Bank for International Cooperation	2.250	2/24/2020		269,342
	655,000	Qatar Government International Bond (a)	2.375	6/2/2021		632,141
	200,000	Qatar Government International Bond (a)	3.875	4/23/2023		199,854
	200,000	Qatar Government International Bond (a)	5.103	4/23/2048		199,392
	825,000	Qatar Government International Bond (a)	5.250	1/20/2020		849,318
	330,000	Saudi Government International Bond (a)	2.875	3/4/2023		317,428
	200,000	Saudi Government International Bond (a)	4.000	4/17/2025		199,012
		TOTAL SOVEREIGN DEBT (Cost - $3,213,178)				3,183,693

		U.S. TREASURY SECURITIES - 4.2%
	4,315,000	United States Treasury Inflation Index Note	0.375	1/15/2027		4,348,417
	1,689,176	United States Treasury Inflation Index Note	0.500	1/15/2028		1,678,573
	230,000	United States Treasury Bond	2.500	2/15/2046		209,111
	805,000	United States Treasury Bond	2.500	5/15/2046		731,481
	910,000	United States Treasury Bond	2.750	8/15/2047		868,375
	690,000	United States Treasury Bond	3.000	11/15/2044		692,803
	765,000	United States Treasury Bond	3.000	5/15/2047		767,241
	440,000	United States Treasury Bond	3.000	2/15/2048		441,478
	485,000	United States Treasury Note	1.250	3/31/2021		467,608
	200,000	United States Treasury Note	1.625	8/31/2022		191,539
	235,000	United States Treasury Note	1.750	12/31/2020		230,236
	1,000,000	United States Treasury Note	1.750	6/30/2022		964,141
	1,050,000	United States Treasury Note	1.875	9/30/2022		1,015,096
	75,000	United States Treasury Note	2.000	11/30/2020		73,975
	195,000	United States Treasury Note	2.250	11/15/2027		185,364
	3,815,000	United States Treasury Note	2.500	2/15/2045		3,478,356
	822,000	United States Treasury Note	2.750	11/15/2047		784,368
	545,000	United States Treasury Note	2.875	8/15/2045		534,121
	1,580,000	United States Treasury Note	3.375	5/15/2044		1,693,254
	5,000	United States Treasury Note	3.625	8/15/2043		5,573
	5,000	United States Treasury Note	3.750	11/15/2043		5,684
		TOTAL U.S. TREASURY SECURITIES (Cost - $19,668,389)				19,366,794

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

Shares			Value
		SHORT-TERM INVESTMENTS - 3.3%
		MONEY MARKET FUND - 3.3%
	33,468,781	Fidelity Investments Money Market - Money Market Portfolio, Institutional Class to yield 1.77% (b)
		TOTAL SHORT-TERM INVESTMENTS (Cost - $15,283,881)	$	15,283,881

		TOTAL INVESTMENTS - 99.1% (Cost - $401,428,346)	$	455,469,192
		OTHER ASSETS LESS LIABILITIES - NET - 0.9%		4,188,062
		TOTAL NET ASSETS - 100.0%	$	459,657,254

All or a portion of these To Be Announced Securities (TBAs) are subject to dollar-roll transactions.

Non-income producing security.

Represents less than 0.1%

Variable rate security.

Benchmark		Rate
1 Month LIBOR		2.09%
3 Month LIBOR		2.34%

Step coupon.

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

LIBOR - London Interbank Offered Rate

LP - Limited Partnership

REIT - Real Estate Investment Trust

(a)

(b)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2018 (Unaudited)

SHORT FUTURES CONTRACTS

Unrealized

Number of

Appreciation/

Description

Contracts

Expiration Date

Counterparty

Notional Amount

(Depreciation)

US 10 Year Ultra Future

9/19/2018

Credit Suisse

8,848,172

(14,492

)

TOTAL NET UNREALIZED DEPRECIATION ON SHORT FUTURES CONTRACTS

(14,492

)

LONG FUTURES CONTRACTS

Unrealized

Number of

Appreciation/

Description

Contracts

Expiration Date

Counterparty

Notional Amount

(Depreciation)

US 10 Year Future

9/19/2018

Credit Suisse

1,802,813

10,781

US 5 Year Note

9/28/2018

Credit Suisse

10,111,930

22,086

TOTAL NET UNREALIZED APPRECIATION ON LONG FUTURES CONTRACTS

32,867

See accompanying notes to financial statements.

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 53.3%
		DEBT FUNDS - 34.1%
	38	iShares 1-3 Year Credit Bond ETF	$	3,941
	53	iShares Core U.S. Aggregate Bond ETF		5,635
				9,576

		EQUITY FUNDS - 19.2%
	10	iShares Core MSCI Emerging Markets ETF		525
	6	iShares Core S&P 500 ETF		1,638
	15	iShares MSCI EAFE Value ETF		770
	5	iShares Russell 2000 ETF		819
	15	iShares S&P 500 Value ETF		1,652
				5,404

		TOTAL EXCHANGE TRADED FUNDS (Cost - $14,372)		14,980

		VARIABLE INSURANCE TRUSTS - 45.3%
		DEBT FUNDS - 27.8%
	118	American Funds Insurance Series^® - U.S. Government/AAA-Rated Securities Fund - Class I		1,404
	115	BlackRock High Yield VI Fund - Class I		828
	431	MFS Total Return Bond Series - Initial Shares		5,588
				7,820

		EQUITY FUNDS - 17.5%
	76	American Funds Insurance Series^® - Blue Chip Income and Growth Fund - Class I		1,053
	32	MFS Growth Series - Initial Shares		1,762
	62	MFS VIT III Mid Cap Value Portfolio - Initial Shares		561
	6	Oppenheimer Discovery Mid Cap Growth Fund - Non-Service Shares		493
	428	Oppenheimer International Growth Fund - Non-Service Shares		1,050
				4,919

		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $12,334)		12,739

		SHORT-TERM INVESTMENT - 1.3%
		MONEY MARKET FUND - 1.3%

	365	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $365)		365

		TOTAL INVESTMENTS - 99.9% (Cost - $27,071)	$	28,084
		OTHER ASSETS LESS LIABILITIES -NET - 0.1%		20
		TOTAL NET ASSETS - 100.0%	$	28,104

ETF - Exchange Traded Fund

(a)

Money market rate shown represents the rate at June 30, 2018.

See accompanying notes to financial statements.

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		EXCHANGE TRADED FUNDS - 55.2%
		DEBT FUNDS - 14.5%
	9	iShares 1-3 Year Credit Bond ETF	$	933
	18	iShares Core U.S. Aggregate Bond ETF		1,914
				2,847
		EQUITY FUNDS - 40.7%
	9	iShares Core MSCI EAFE ETF		570
	14	iShares Core MSCI Emerging Markets ETF		735
	10	iShares Core S&P 500 ETF		2,731
	24	iShares MSCI EAFE Value ETF		1,232
	6	iShares Russell 2000 ETF		983
	16	iShares S&P 500 Value ETF		1,762
				8,013

		TOTAL EXCHANGE TRADED FUNDS (Cost - $9,473)		10,860

		VARIABLE INSURANCE TRUSTS - 42.0%
		DEBT FUNDS - 7.0%
	50	American Funds Insurance Series^® - U.S. Government/AAA-Rated Securities Fund - Class I		592
	61	MFS Total Return Bond Series - Initial Shares		784
				1,376

		EQUITY FUNDS - 35.0%
	120	American Funds Insurance Series^® - Blue Chip Income and Growth Fund - Class 1		1,662
	41	MFS Growth Series - Initial Shares		2,259
	109	MFS VIT III Mid Cap Value Portfolio - Initial Shares		984
	9	Oppenheimer Discovery Mid Cap Growth Fund - Non-Service Shares		693
	526	Oppenheimer International Growth Fund - Non-Service Shares		1,289
				6,887

		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $7,238)		8,263

		SHORT-TERM INVESTMENT - 2.8%
		MONEY MARKET FUND - 2.8%
	548	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.77% (a)(Cost - $548)		548

		TOTAL INVESTMENTS - 100.0% (Cost - $17,259)	$	19,671
		OTHER ASSETS LESS LIABILITIES - NET - 0.0% *		(6	)
		TOTAL NET ASSETS - 100.0%	$	19,665

ETF - Exchange Traded Fund

(a)

Money market rate shown represents the rate at June 30, 2018.

Represents less than 0.1%

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	Global Atlantic American		Global Atlantic Balanced			Global Atlantic BlackRock			Global Atlantic Franklin
	Funds^{^®}Managed Risk		Managed Risk			Global Allocation			Dividend and Income
Assets:	Portfolio		Portfolio			Managed Risk Portfolio			Managed Risk Portfolio
Investments in securities, at cost	$	214,308,059	$	77,958,102		$	256,601,336		$	233,423,137
Investments in securities, at fair value, net	$	225,123,640	$	87,299,587		$	260,678,372		$	279,353,472
Cash		11,495,267		4,400,845			13,256,520			11,273,728
Foreign cash (cost - $0, $-, $0 and $3,771, respectively)		—		—			—			3,807
Deposits with broker +		40,788		46,212			45,110			278,625
Receivable for securities sold		—		—			—			6,854,467
Receivable for portfolio shares sold		535,538		—			—			—
Interest and dividends receivable		3,050		139,608			1,314			748,591
Total Assets		237,198,283		91,886,252			273,981,316			298,512,690
Liabilities:
Premiums received on open swap contracts		—		—			—			2,036
Unrealized depreciation on swap contract		—		—			—			7,747
Unrealized depreciation on futures contracts, net		—		—			—			7,925
Unrealized depreciation on forward foreign currency contracts, net		—		—			—			52,678
Payable for Portfolio shares redeemed		—		41,566			55,379			170,103
Payable for securities purchased		—		—			—			11,036,296
Accrued distribution (12b-1) fees		49,056		19,022			56,894			59,795
Accrued investment advisory fees		100,801		45,615			50,722			174,635
Administrative service fees payable		28,602		11,907			34,137			43,528
Accrued expenses and other liabilities		18,810		3,065			9,081			8,877
Total Liabilities		197,269		121,175			206,213			11,563,620
Net Assets	$	237,001,014	$	91,765,077		$	273,775,103		$	286,949,070

Net Assets:
Paid in capital	$	209,617,076	$	80,998,663		$	282,788,213		$	248,798,507
Undistributed net investment income		13,399,876		1,640,859			3,958,314			4,510,511
Accumulated net realized gain/(loss) on investments, futures contracts, currency forwards and swap contracts		3,168,481		(215,930	)		(17,048,460	)		(12,221,777	)
Net unrealized appreciation on investments, futures contracts, currency forwards and swap contracts		10,815,581		9,341,485			4,077,036			45,861,829
Net Assets	$	237,001,014	$	91,765,077		$	273,775,103		$	286,949,070
Class II Shares:
Net assets	$	237,001,014	$	91,765,077		$	273,775,103		$	286,949,070
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		19,597,038		7,672,179			27,563,479			24,050,181

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.09	$	11.96		$	9.93		$	11.93

Collateral for futures, currency forwards, and swap contracts.

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2018 (Unaudited)

	Global Atlantic Goldman		Global Atlantic Growth			Global Atlantic Moderate			Global Atlantic Motif
	Sachs Dynamic Trends		Managed Risk			Growth Managed			Technological Innovations
Assets:	Allocation Portfolio		Portfolio			Risk Portfolio			Portfolio
Investments in securities, at cost	$	34,202,700	$	373,108,110		$	122,691,163		$	113,331
Investments in securities, at fair value, net	$	35,593,803	$	452,590,389		$	142,625,865		$	176,592
Cash		—		22,758,729			7,254,566			—
Foreign cash (cost - $95,036)		91,940		—			—			—
Deposits with broker +		859,872		44,760			43,946			—
Receivable for portfolio shares sold		—		20,998			—			—
Receivable for securities sold		2,135,935		—			—			—
Interest and dividends receivable		136,384		1,196,959			298,012			24
Receivable due from adviser		—		—			—			4,780
Total Assets		38,817,934		476,611,835			150,222,389			181,396
Liabilities:
Due to broker		10		—			—			—
Unrealized depreciation on futures contracts		185,374		—			—			—
Payable for Portfolio shares redeemed		19,752		—			13,361			1
Payable for securities purchased		5,516,980		—			—			—
Accrued investment advisory fees		22,189		238,444			74,875			—
Accrued distribution (12b-1) fees		6,822		99,341			31,204			37
Administrative service fees payable		3,986		58,942			18,690			4,908
Accrued expenses and other liabilities		1,084		15,747			4,917			11
Total Liabilities		5,756,197		412,474			143,047			4,957
Net Assets	$	33,061,737	$	476,199,361		$	150,079,342		$	176,439

Net Assets:
Paid in capital	$	30,613,014	$	427,635,255		$	131,802,775		$	106,591
Undistributed net investment income/(loss)		256,420		7,491,024			2,476,743			(679	)
Accumulated net realized gain/(loss) on investments, futures contracts, options and foreign currency translations		990,134		(38,409,197	)		(4,134,878	)		7,266
Net unrealized appreciation on investments, futures contracts, options and foreign currency translations		1,202,169		79,482,279			19,934,702			63,261
Net Assets	$	33,061,737	$	476,199,361		$	150,079,342		$	176,439

Class II Shares:
Net assets	$	33,061,737	$	476,199,361		$	150,079,342		$	176,439
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		3,159,649		41,405,435			12,742,948			10,456
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.46	$	11.50		$	11.78		$	16.87

Collateral for futures contracts and options contracts.

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2018 (Unaudited)

	Global Atlantic PIMCO		Global Atlantic Select		Global Atlantic Wellington		Global Atlantic Wilshire
	Tactical Allocation		Advisor Managed		Research Managed		Dynamic Conservative
Assets:	Portfolio		Risk Portfolio		Risk Portfolio		Allocation Portfolio
Investments in securities, at cost	$	32,230,593	$	98,291,648	$	401,428,346	$	27,071
Investments in securities, at value	$	33,143,344	$	112,827,338	$	455,469,192	$	28,084
Cash		139,581		5,821,067		18,197,324		—
Foreign cash (Cost: $32,518 and $-, respectively)		32,048		—		—		—
Deposits with broker +		826,208		—		70,214		—
Premiums paid on open swap contracts		—		—		—		—
Unrealized appreciation on futures contracts, net		—		—		18,375		—
Unrealized appreciation on swaps, net		29,842		—		—		—
Interest and dividends receivable		120,360		601		1,219,211		22
Receivable for securities sold		1,514,447		—		5,734,851		—
Receivable due from advisor		—		—		—		4,893
Total Assets		35,805,830		118,649,006		480,709,167		32,999
Liabilities:
Investments in securities sold short, at cost	$	23,908	$	—	$	—	$	—
Investments in securities sold short, at value	$	23,855	$	—	$	—	$	—
Futures Options Written
(Proceeds $3,366, $0, $0 and $0, respectively)		3,282		—		—		—
Unrealized depreciation on futures contracts		31,671		—		—		—
Unrealized depreciation on forward foreign currency contracts, net		2,104		—		—		—
Premiums received on open swap contracts		4,446		—		—		—
Payable for securities purchased		8,331,483		—		19,848,339		—
Payable for portfolio shares redeemed		18,418		17,986		711,412		1
Accrued investment advisory fees		17,976		21,008		326,098		—
Accrued distribution (12b-1) fees		5,667		24,655		95,594		6
Administrative service fees payable		3,030		21,449		55,359		4,886
Accrued expenses and other liabilities		373		3,864		15,111		2
Total Liabilities		8,442,305		88,962		21,051,913		4,895
Net Assets	$	27,363,525	$	118,560,044	$	459,657,254	$	28,104

Net Assets:
Paid in capital	$	24,959,671	$	100,813,431		384,440,050		25,906
Undistributed net investment income		329,415		2,125,896		5,072,436		714
Accumulated net realized gain on investments, foreign currency, futures contracts, options, and swap contracts		1,165,957		1,085,027		16,085,474		472
Net unrealized appreciation on investments, foreign currency, futures contracts, options, and swap contracts		908,482		14,535,690		54,059,294		1,012
Net Assets	$	27,363,525	$	118,560,044	$	459,657,254	$	28,104

Class II Shares:
Net assets	$	27,363,525	$	118,560,044	$	459,657,254	$	28,104
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		2,505,050		9,415,493		34,311,865		2,588
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.92	$	12.59	$	13.40	$	10.86

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

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2018 (Unaudited)

	Global Atlantic Wilshire
	Dynamic Growth
Assets:	Allocation Portfolio
Investments in securities, at cost	$	17,259
Investments in securities, at value	$	19,671
Interest and dividends receivable		24
Receivable due from advisor		4,903
Total Assets		24,598
Liabilities:
Accrued distribution (12b-1) fees		18
Administrative service fees payable		4,906
Accrued expenses and other liabilities		9
Total Liabilities		4,933
Net Assets	$	19,665

Net Assets:
Paid in capital	$	(15,083	)
Undistributed net investment income		4,131
Accumulated net realized gain on investments, and futures contracts		28,205
Net unrealized appreciation on investments and futures contracts		2,412
Net Assets	$	19,665

Class II Shares:
Net assets	$	19,665
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		1,415

Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	13.90

Collateral for futures contracts.

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	Global Atlantic American			Global Atlantic			Global Atlantic BlackRock			Global Atlantic Franklin
	Funds^® Managed			Balanced Managed			Global Allocation			Dividend and Income
	Risk Portfolio			Risk Portfolio			Managed Risk Portfolio			Managed Risk Portfolio
Investment Income:
Dividend income	$	11,358,774		$	942,056		$	—		$	2,003,960	*
Interest income		80,696			30,908			93,596			1,403,786
Total Investment Income		11,439,470			972,964			93,596			3,407,746
Expenses:
Investment advisory fees		1,072,609			258,073			1,260,552			1,245,812
Distribution fees (12b-1) - Class II Shares		297,947			117,306			350,153			366,415
Administrative service fees		81,331			32,030			95,618			100,081
Legal fees		27,833			10,956			32,713			34,224
Trustees fees		9,855			3,879			11,581			12,116
Miscellaneous Expense		3,176			882			2,502			3,273
Total Expenses		1,492,751			423,126			1,753,119			1,761,921
Expenses recaptured		—			3,766			—			—
Expenses waived		(467,907	)		—			(954,958	)		(76,200	)
Net Expenses		1,024,844			426,892			798,161			1,685,721
Net Investment Income/(Loss)		10,414,626			546,072			(704,565	)		1,722,025

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		1,660,462			916,024			(307,303	)		(69,828	)
Investments sold short		—			—			—			7,419
Futures contracts		(1,028,575	)		(589,673	)		(290,807	)		(3,736,760	)
Swap contracts		—			—			—			34,814
Broker Commissions		—			—			—			(12,343	)
Translations of foreign currency transactions		—			—			—			9,710
		631,887			326,351			(598,110	)		(3,766,988	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(8,821,453	)		(1,897,439	)		(3,638,156	)		(2,823,516	)
Securities sold short		—			—			—			(2,576	)
Futures contracts		—			—			—			26,319
Swap contracts		—			—			—			(29,341	)
Forward foreign exchange contracts					—			—			(14,486	)
Translations of foreign currency transactions		—			—			—			279
		(8,821,453	)		(1,897,439	)		(3,638,156	)		(2,843,321	)

Net Realized and Unrealized Loss on Investments, Futures Contracts, Options Written, and Foreign Currency Translations		(8,189,566	)		(1,571,088	)		(4,236,266	)		(6,610,309	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	2,225,060		$	(1,025,016	)	$	(4,940,831	)	$	(4,888,284	)

Foreign Taxes Withheld $12,012

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2018 (Unaudited)

	Global Atlantic Goldman Sachs			Global Atlantic Growth			Global Atlantic Moderate			Global Atlantic Motif
	Dynamic Trends			Managed Risk			Growth Managed			Technological
	Allocation Portfolio			Portfolio			Risk Portfolio			Innovations Portfolio
Investment Income:
Dividend income	$	91,144		$	4,659,409		$	1,498,636		$	246	*
Interest income		211,762			154,051			48,650			21
Total Investment Income		302,906			4,813,460			1,547,286			267
Expenses:
Investment advisory fees		140,735			1,324,525			414,607			532
Distribution fees (12b-1) - Class II Shares		41,392			602,114			188,457			204
Administrative service fees		11,306			164,392			51,451			14,947
Legal fees		3,863			56,242			17,602			19
Trustees fees		1,368			19,913			6,232			7
Miscellaneous Expense		309			4,258			1,332			5
Total Expenses		198,973			2,171,444			679,681			15,714
Expenses recaptured		—			19,918			6,227			—
Expenses waived		(6,965	)		—			—			(14,715	)
Net Expenses		192,008			2,191,362			685,908			999
Net Investment Income		110,898			2,622,098			861,378			(732	)

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		(458,034	)		6,158,943			1,034,797			3,885
Futures contracts		380,965			(9,244,948	)		(1,671,043	)		—
Broker commissions		(1,818	)								—
Options written		(180,973	)		—			—			—
Foreign currency translations		(10,108	)		—			—			—
		(269,968	)		(3,086,005	)		(636,246	)		3,885
Net change in unrealized appreciation/(depreciation) on:
Investments		(64,263	)		(5,262,744	)		(1,840,067	)		25,957
Futures contracts		(250,020	)		—			—			—
Options written		(38,023	)		—			—			—
Foreign currency translations		(2,080	)		—			—			—
		(354,386	)		(5,262,744	)		(1,840,067	)		25,957
Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, and Foreign Currency Translations		(624,354	)		(8,348,749	)		(2,476,313	)		29,842
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(513,456	)	$	(5,726,651	)	$	(1,614,935	)	$	29,110

Foreign Taxes Withheld $1

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2018 (Unaudited)

	Global Atlantic PIMCO			Global Atlantic Select			Global Atlantic Wellington			Global Atlantic Wilshire
	Tactical Allocation			Advisor Managed			Research Managed			Dynamic Conservative
	Portfolio			Risk Portfolio			Risk Portfolio			Allocation Portfolio
Investment Income:
Dividend income	$	114,365		$	1,357,585		$	2,290,432	*	$	384
Interest income		211,950			38,343			2,431,552			2
Total Investment Income		326,315			1,395,928			4,721,984			386
Expenses:
Investment advisory fees		110,118			531,227			1,979,019			51
Distribution fees (12b-1) - Class II Shares		32,388			147,563			582,064			35
Administrative service fees		8,831			40,282			158,970			14,900
Legal fees		3,022			13,778			54,371			4
Trustee fees		1,071			4,879			19,249			2
Miscellaneous Expense		218			1,036			4,133			1
Total Expenses		155,648			738,765			2,797,806			14,993
Expenses waived/reimbursed		(7,901	)		(366,928	)		(4,505	)		(14,888	)
Net Expenses		147,747			371,837			2,793,301			105
Net Investment Income/(Loss)		178,568			1,024,091			1,928,683			281

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, Swap Contracts, and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		297,284			1,100,276			14,874,765			266
Futures contracts		(148,270	)		(1,011,073	)		(6,141,460	)
Options written		2,265			—			—			—
Swap Contracts		259,850			—			—			—
Broker Commissions		(1,253	)		—			—			—
Foreign currency translations		(17,934	)		—			216
		391,942			89,203			8,733,521			266
Net change in unrealized appreciation/(depreciation) on:
Investments		(803,295	)		(651,256	)		(10,884,955	)		(623	)
Futures contracts		(138,043	)		—			(20,342	)		—
Short sales		53			—			—			—
Options Written		84			—			—			—
Swap contracts		(89,382	)		—			—			—
Forward foreign currency contracts		4,355			—			—			—
Foreign currency translations		(856	)		—			(81	)		—
		(1,027,084	)		(651,256	)		(10,905,378	)		(623	)
Net Realized and Unrealized Loss on Investments, Futures Contracts, Options Written Swap Contracts and Foreign Currency Translations		(635,142	)		(562,053	)		(2,171,857	)		(357	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(456,574	)	$	462,038		$	(243,174	)	$	(76	)

Foreign Taxes Withheld $13,429

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2018 (Unaudited)

	Global Atlantic Wilshire
	Dynamic Growth
	Allocation Portfolio
Investment Income:
Dividend income	$	886
Interest income		8
Total Investment Income		894
Expenses:
Investment advisory fees		267
Distribution fees (12b-1) - Class II Shares		186
Administrative service fees		14,944
Legal fees		18
Trustee fees		6
Miscellaneous Expense		9
Total Expenses		15,430
Expenses waived/reimbursed		(14,878	)
Net Expenses		552
Net Investment Income		342

Net Realized and Unrealized Gain/(Loss) on Investments
Net Realized Gain on:
Investments		24,160
		24,160
Net change in unrealized depreciation on:
Investments		(26,162	)
		(26,162	)
Net Realized and Unrealized Loss on Investments		(2,002	)
Net Decrease in Net Assets Resulting from Operations	$	(1,660	)

See accompanying notes to financial statements.

100

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic American Funds^{^®} Managed						Global Atlantic Balanced Managed
	Risk Portfolio						Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	10,414,626		$	2,987,094		$	546,072		$	1,095,293
Net realized gain/(loss) on investments		631,887			(133,448	)		326,351			640,361
Distributions of realized gains by underlying investment companies		—			6,419,143			—			—
Net change in unrealized appreciation/ (depreciation) on investments		(8,821,453	)		21,180,479			(1,897,439	)		9,037,618
Net increase/(decrease) in net assets resulting from operations		2,225,060			30,453,268			(1,025,016	)		10,773,272
From Distributions to Shareholders:
Net Investment Income		—			(2,858,743	)		—			(1,180,586	)
Net Realized Gains		—			(337,380	)		—			—

Total distributions to shareholders		—			(3,196,123	)		—			(1,180,586	)

From Shares of Beneficial Interest:
Proceeds from shares sold		2,752,729			12,079,845			3,387,244			4,482,294
Reinvestment of distributions		—			3,196,123			—			1,180,586
Cost of shares redeemed		(8,391,486	)		(19,643,203	)		(6,489,901	)		(20,408,387	)
Net decrease in net assets from share transactions of beneficial interest		(5,638,757	)		(4,367,235	)		(3,102,657	)		(14,745,507	)
Total increase/(decrease) in net assets		(3,413,697	)		22,889,910			(4,127,673	)		(5,152,821	)

Net Assets:
Beginning of period		240,414,711			217,524,801			95,892,750			101,045,571
End of period	$	237,001,014		$	240,414,711		$	91,765,077		$	95,892,750
Undistributed net investment income at end of period	$	13,399,876		$	2,985,250		$	1,640,859		$	1,094,787

Share Activity:
Shares Sold		225,942			1,074,700			281,679			393,282
Shares Reinvested		—			276,960			—			100,991
Shares Redeemed		(694,403	)		(1,732,461	)		(540,471	)		(1,787,676	)
Net decrease in shares of beneficial interest outstanding		(468,461	)		(380,801	)		(258,792	)		(1,293,403	)

See accompanying notes to financial statements.

101

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Global Allocation						Global Atlantic Franklin Dividend and
	Managed Risk Portfolio						Income Managed Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss)	$	(704,565	)	$	4,663,868		$	1,722,025		$	2,928,559
Net realized loss on investments, futures contracts,forward foreign exchange contracts, and swap contracts		(598,110	)		(2,443,200	)		(3,766,988	)		(336,445	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts forward foreign exchange contracts, and swap contracts		(3,638,156	)		30,883,846			(2,843,321	)		36,812,575
Net increase/(decrease) in net assets resulting from operations		(4,940,831	)		33,104,514			(4,888,284	)		39,404,689
From Distributions to Shareholders:
Net Investment Income		—			(1,778,094	)		—			(2,854,796	)

From Shares of Beneficial Interest:
Proceeds from shares sold		3,529,224			7,154,980			2,796,224			44,937,683
Reinvestment of distributions		—			1,778,094			—			2,854,796
Cost of shares redeemed		(10,682,656	)		(28,674,405	)		(13,566,140	)		(18,136,037	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(7,153,432	)		(19,741,331	)		(10,769,916	)		29,656,442
Total increase/(decrease) in net assets		(12,094,263	)		11,585,089			(15,658,200	)		66,206,335

Net Assets:
Beginning of period		285,869,366			274,284,277			302,607,270			236,400,935
End of period	$	273,775,103		$	285,869,366		$	286,949,070		$	302,607,270
Undistributed net investment income at end of period	$	3,958,314		$	4,662,879		$	4,510,511		$	2,788,486

Share Activity:
Shares Sold		347,521			754,109			231,427			4,094,829
Shares Reinvested		—			180,334			—			248,459
Shares Redeemed		(1,052,475	)		(3,004,354	)		(1,136,655	)		(1,600,156	)
Net increase/(decrease) in shares of beneficial interest outstanding		(704,954	)		(2,069,911	)		(905,228	)		2,743,132

See accompanying notes to financial statements.

102

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Goldman Sachs Dynamic						Global Atlantic Growth
	Trends Allocation Portfolio						Managed Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	110,898		$	121,591		$	2,622,098		$	4,871,832
Net realized gain/(loss) on investments, futures contracts options written, and foreign currency translations		(269,968	)		1,316,540			(3,086,005	)		4,464,496
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, options written and foreign currency translations		(354,386	)		1,106,308			(5,262,744	)		66,581,905
Net increase/(decrease) in net assets resulting from operations		(513,456	)		2,544,439			(5,726,651	)		75,918,233

From Distributions to Shareholders:
Net Investment Income		—			(106,993	)		—			(6,229,367	)

From Shares of Beneficial Interest:
Proceeds from shares sold		805,941			3,849,594			7,919,061			10,084,969
Reinvestment of distributions		—			106,993			—			6,229,367
Cost of shares redeemed		(1,856,752	)		(2,560,412	)		(15,440,376	)		(64,322,600	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(1,050,811	)		1,396,175			(7,521,315	)		(48,008,264	)
Total increase/(decrease) in net assets		(1,564,267	)		3,833,621			(13,247,966	)		21,680,602

Net Assets:
Beginning of period		34,626,004			30,792,383			489,447,327			467,766,725
End of period	$	33,061,737		$	34,626,004		$	476,199,361		$	489,447,327
Undistributed net investment income at end of period	$	256,420		$	145,522		$	7,491,024		$	4,868,926

Share Activity:
Shares Sold		76,904			378,748			681,213			945,617
Shares Reinvested		—			10,398			—			564,254
Shares Redeemed		(175,796	)		(249,560	)		(1,333,524	)		(6,068,287	)
Net increase/(decrease) in shares of beneficial interest outstanding		(98,892	)		139,586			(652,311	)		(4,558,416	)

See accompanying notes to financial statements.

103

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Moderate Growth						Global Atlantic Motif
	Managed Risk Portfolio						Technological Innovations Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss)	$	861,378		$	1,615,877		$	(732	)	$	(833	)
Net realized gain/(loss) on investments		(636,246	)		1,102,897			3,885			4,472
Net change in unrealized appreciation/(depreciation) on investments		(1,840,067	)		17,336,051			25,957			39,145
Net increase/(decrease) in net assets resulting from operations		(1,614,935	)		20,054,825			29,110			42,784

From Distributions to Shareholders:
From Net Investment Income		—			(1,754,088	)		—			—
From Net Realized Gains		—			—			—			(1,597	)

Total distributions to shareholders		—			(1,754,088	)		—			(1,597	)

From Shares of Beneficial Interest:
Proceeds from shares sold		4,171,343			7,790,506			18,272			7,585
Reinvestment of distributions		—			1,754,088			—			1,597
Cost of shares redeemed		(5,654,636	)		(17,056,992	)		(13,082	)		(7,660	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(1,483,293	)		(7,512,398	)		5,190			1,522
Total increase/(decrease) in net assets		(3,098,228	)		10,788,339			34,300			42,709

Net Assets:
Beginning of period		153,177,570			142,389,231			142,139			99,430
End of period	$	150,079,342		$	153,177,570		$	176,439		$	142,139
Accumulated net investment income/(loss) at end of period	$	2,476,743		$	1,615,365		$	(679	)	$	53

Share Activity:
Shares Sold		351,399			693,045			1,224			567
Shares Reinvested		—			153,867			—			123
Shares Redeemed		(476,718	)		(1,517,963	)		(885	)		(573	)
Net increase/(decrease) in shares of beneficial interest outstanding		(125,319	)		(671,051	)		339			117

See accompanying notes to financial statements.

104

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic PIMCO Tactical						Global Atlantic Select Advisor
	Allocation Portfolio						Managed Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	178,568		$	194,107		$	1,024,091		$	1,102,350
Net realized gain on investments, futures contracts, options written, swap contracts and foreign currency translations		391,942			1,463,193			89,203			520,970
Distributions of realized gains by underlying investment companies		—			—			—			1,719,113
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, options written, swap contracts and foreign currency translations		(1,027,084	)		1,522,228			(651,256	)		12,840,228
Net increase/(decrease) in net assets resulting from operations		(456,574	)		3,179,528			462,038			16,182,661

From Distributions to Shareholders:
From Net Investment Income		—			(79,664	)		—			(1,405,776	)

From Shares of Beneficial Interest:
Proceeds from shares sold		3,421,568			4,170,081			3,164,230			3,968,611
Reinvestment of distributions		—			79,664			—			1,405,776
Cost of shares redeemed		(1,097,420	)		(2,210,044	)		(5,061,003	)		(10,599,666	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		2,324,148			2,039,701			(1,896,773	)		(5,225,279	)
Total increase/(decrease) in net assets		1,867,574			5,139,565			(1,434,735	)		9,551,606

Net Assets:
Beginning of period		25,495,951			20,356,386			119,994,779			110,443,173
End of period	$	27,363,525		$	25,495,951		$	118,560,044		$	119,994,779
Accumulated net investment income at end of period	$	329,415		$	150,847		$	2,125,896		$	1,101,805

Share Activity:
Shares Sold		311,094			410,215			251,165			345,977
Shares Reinvested		—			7,480			—			117,246
Shares Redeemed		(99,414	)		(216,913	)		(400,502	)		(903,182	)
Net increase/(decrease) in shares of beneficial interest outstanding		211,680			200,782			(149,337	)		(439,959	)

See accompanying notes to financial statements.

105

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Wellington						Global Atlantic Wilshire Dynamic
	Research Managed Risk Portfolio						Conservative Allocation Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31,			June 30, 2018			December 31,
	(Unaudited)			2017			(Unaudited)			2017

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,928,683		$	3,101,284		$	281		$	454
Net realized gain on investments, futures contracts, and foreign currency translations		8,733,521			18,046,889			266			38
Distributions of realized gains by underlying investment companies		—			—			—			173
Net change in unrealized appreciation (depreciation) on investments, futures contracts, and foreign currency translations		(10,905,378	)		37,840,855			(623	)		1,759

Net increase/(decrease) in net assets resulting from operations		(243,174	)		58,989,028			(76	)		2,424
From Distributions to Shareholders:
From Net Investment Income		—			(2,527,768	)		—			(493	)
From Net Realized Gains		—			—			—			(312	)
Total distributions to shareholders		—			(2,527,768	)		—			(805	)

From Shares of Beneficial Interest:
Proceeds from shares sold		1,667,533			30,312,910			142			520
Reinvestment of distributions		—			2,527,768			—			805
Cost of shares redeemed		(20,579,230	)		(26,097,036	)		(66	)		(441	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(18,911,697	)		6,743,642			76			884
Total increase/(decrease) in net assets		(19,154,871	)		63,204,902			0			2,503

Net Assets:
Beginning of period		478,812,125			415,607,223			28,104			25,601
End of period	$	459,657,254		$	478,812,125		$	28,104		$	28,104
Undistributed net investment income at end of period	$	5,072,436		$	3,143,753		$	714		$	433

Share Activity:
Shares Sold		123,793			2,443,117			13			49
Shares Reinvested		—			196,255			—			76
Shares Redeemed		(1,534,274	)		(2,075,166	)		(6	)		(41	)
Net increase/(decrease) in shares of beneficial interest outstanding		(1,410,481	)		564,206			7			84

See accompanying notes to financial statements.

106

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Wilshire Dynamic Growth
	Allocation Portfolio
	Six Months Ended			Year Ended
	June 30, 2018			December 31,
	(Unaudited)			2017

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	342		$	3,777
Net realized gain on investments		24,160			906
Distributions of realized gains by underlying investment companies		—			3,157
Net change in unrealized appreciation/(depreciation) on investments		(26,162	)		30,019
Net increase/(decrease) in net assets resulting from operations		(1,660	)		37,859

From Distributions to Shareholders:
From Net Investment Income		—			(1,100	)
From Net Realized Gains		—			(510	)
Total distributions to shareholders		—			(1,610	)

From Shares of Beneficial Interest:
Proceeds from shares sold		5,000			33,928
Reinvestment of distributions		—			1,610
Cost of shares redeemed		(262,582	)		(2,722	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(257,582	)		32,816
Total increase/(decrease) in net assets		(259,242	)		69,065

Net Assets:
Beginning of period		278,907			209,842
End of period	$	19,665		$	278,907
Undistributed net investment income at end of period	$	4,131		$	3,789

Share Activity:
Shares Sold		400			3,101
Shares Reinvested		—			140
Shares Redeemed		(22,026	)		(240	)
Net increase/(decrease) in shares of beneficial interest outstanding		(21,626	)		3,001

See accompanying notes to financial statements.

107

Global Atlantic Portfolios

Financial Highlights

Global Atlantic American Funds^® Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013(a)

Net asset value, beginning of period	$	11.98		$	10.64		$	10.57		$	10.86		$	10.28		$	10.00
Income from investment operations:
Net investment income (b,c)		0.52			0.15			0.15			0.18			0.32			0.29
Net realized and unrealized gain/(loss) on investments		(0.41	)		1.35			0.45			(0.38	)		0.27			(0.01	) (d)
Total income/(loss) from investment operations		0.11			1.50			0.60			(0.20	)		0.59			0.28
Less distributions from:
Net investment income		—			(0.14	)		(0.14	)		(0.09	)		(0.01	)		—
Net realized gain		—			(0.02	)		(0.39	)		—			(0.00	) (h)		—
Total distributions from net investment income and net realized gains		—			(0.16	)		(0.53	)		(0.09	)		(0.01	)		—
Net asset value, end of period	$	12.09		$	11.98		$	10.64		$	10.57		$	10.86		$	10.28
Total return (e)		0.92	%		14.16	%		5.72	%		(1.84	)%		5.73	%		2.80	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	237,001		$	240,415		$	217,525		$	191,162		$	116,489		$	6,474
Ratio of net expenses to average net assets (f)		0.86	% (i)		0.86	%		0.86	%		0.86	%		0.86	%		0.86	% (i)
Ratio of gross expenses to average net assets (f,g)		1.25	% (i)		1.27	%		1.27	%		1.27	%		1.35	%		5.00	% (i)
Ratio of net investment income to average net assets (c,f)		8.74	% (i)		1.29	%		1.37	%		1.69	%		2.96	%		17.33	% (i)
Portfolio turnover rate		20	% (j)		43	%		35	%		23	%		35	%		0	% (j,k)

(a)

Global Atlantic American Funds^® Managed Risk Portfolio commenced operations on October 31, 2013.

(b)

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

(c)

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

(d)

Realized and unrealized losses per share in this caption 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 the share transactions for the period.

(e)

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

(f)

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

(g)

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

(h)

Amount represents less than $0.005.

(i)

Annualized.

(j)

Not annualized.

(k)

Amount represents less than 0.5%.

See accompanying notes to financial statements.

108

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Balanced Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013(a)

Net asset value, beginning of period	$	12.09		$	10.95		$	10.66		$	10.82		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.07			0.13			0.13			0.13			0.18			0.09
Net realized and unrealized gain/(loss) on investments		(0.20	)		1.16			0.25			(0.25	)		0.45			0.10
Total income/(loss) from investment operations		(0.13	)		1.29			0.38			(0.12	)		0.63			0.19
Less distributions from:
Net investment income		—			(0.15	)		(0.09	)		(0.04	)		(0.00	) (g)		—
Net realized gain		—			—			—			—			(0.00	) (g)		—
Total distributions from net investment income and net realized gains	$	—		$	(0.15	)		(0.09	)		(0.04	)		(0.00	) (g)		—
Net asset value, end of period	$	11.96		$	12.09		$	10.95		$	10.66		$	10.82		$	10.19
Total return (d)		(1.08	)%		11.80	%		3.55	%		(1.10	)%		6.20	%		1.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	91,765		$	95,893		$	101,046		$	83,310		$	47,400		$	1,262
Ratio of net expenses to average net assets (e)		0.91	% (h)		0.91	%		0.91	%		0.91	%		0.91	%		0.91	% (h)
Ratio of gross expenses to average net assets (e,f)		0.90	% (h,j)		0.91	%		0.92	%		0.92	%		0.97	%		30.74	% (h)
Ratio of net investment income to average net assets (c,e)		1.16	% (h)		1.14	%		1.23	%		1.16	%		1.70	%		5.12	% (h)
Portfolio turnover rate		24	% (i)		49	%		51	%		32	%		34	%		1	% (i)

(a)

Global Atlantic Balanced Managed Risk Portfolio commenced operations on October 31, 2013.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Amount represents less than $0.005.

(h)

Annualized.

(i)

Not annualized.

(j)

Represents the ratio of expenses to average net assets inclusive of the Advisor’s recapture of waived/reimbursed fees from prior periods.

See accompanying notes to financial statements.

109

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013(a)

Net asset value, beginning of period	$	10.11		$	9.04		$	9.35		$	10.27		$	10.22		$	10.00
Income from investment operations:
Net investment income/(loss) (b,c)		(0.03	)		0.16			0.06			0.16			0.54			0.60
Net realized and unrealized gain/(loss) on investments		(0.15	)		0.97			(0.06	)		(0.52	)		(0.47	)		(0.38	)
Total income (loss) from investment operations		(0.18	)		1.13			0.00	(g)		(0.36	)		0.07			0.22
Less distributions from:
Net investment income		—			(0.06	)		(0.12	)		(0.16	)		(0.01	)		—
Net realized gain		—			—			(0.19	)		(0.40	)		(0.01	)		—
Total distributions from net investment income and net realized gains		—			(0.06	)		(0.31	)		(0.56	)		(0.02	)		—
Net asset value, end of period	$	9.93		$	10.11		$	9.04		$	9.35		$	10.27		$	10.22
Total return (d)		(1.78	)%		12.54	%		0.02	%		(3.44	)%		0.69	%		2.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	273,775		$	285,869		$	274,284		$	272,598		$	176,415		$	8,428
Ratio of net expenses to average net assets (e)		0.57	% (h)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	% (h)
Ratio of gross expenses to average net assets (e,f)		1.25	% (h)		1.26	%		1.27	%		1.26	%		1.35	%		4.43	% (h)
Ratio of net investment income to average net assets (c,e)		(0.50	)% (h)		1.66	%		0.64	%		1.61	%		5.20	%		35.20	% (h)
Portfolio turnover rate		2	% (i)		1	%		7	%		1	%		0	% (i)		0	% (i,j)

(a)

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio commenced operations on October 31, 2013.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Amount represents less than $0.005.

(h)

Annualized.

(i)

Not annualized.

(j)

Amount represents less than 0.5%.

See accompanying notes to financial statements.

110

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	12.13		$	10.64		$	9.78		$	10.57		$	10.00
Income from investment operations:
Net investment income (b,c)		0.07			0.12			0.13			0.12			0.15
Net realized and unrealized gain (loss) on investments		(0.27	)		1.48			0.81			(0.87	)		0.42
Total income (loss) from investment operations		(0.20	)		1.60			0.94			(0.75	)		0.57
Less distributions from:
Net investment income		—			(0.11	)		(0.08	)		(0.04	)		—
Net asset value, end of period	$	11.93		$	12.13		$	10.64		$	9.78		$	10.57
Total return (d)		(1.65	)%		15.14	%		9.60	%		(7.09	)%		5.70	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	286,949		$	302,607		$	236,401		$	162,144		$	87,956
Ratio of net expenses to average net assets (e)		1.15	% (g)		1.13	%		1.08	%		1.08	%		1.08	% (g)
Ratio of gross expenses to average net assets (e,f)		1.20	% (g)		1.24	%		1.22	%		1.21	%		1.24	% (g)
Ratio of net investment income to average net assets (c,e)		1.18	% (g)		1.04	%		1.22	%		1.13	%		2.22	% (g)
Portfolio turnover rate		10	% (h,i)		43	% (h)		3	%		3	%		2	% (i)

(a)

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio commenced operations on April 30, 2014.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Annualized.

(h)

The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2018 and the year ended December 31, 2017. If these were included in the calculation, the turnover percentage would be 24% and 55%, respectively. See Note 3 in the accompanying notes to financial statements.

(i)

Not annualized.

See accompanying notes to financial statements.

111

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015 (a)

Net asset value, beginning of period	$	10.63		$	9.87		$	9.48		$	10.00
Income from investment operations:
Net investment income (b,c)		0.03			0.04			0.04			0.01
Net realized and unrealized gain/(loss) on investments		(0.20	)		0.75			0.35			(0.53	)
Total income/(loss) from investment operations		(0.17	)		0.79			0.39			(0.52	)
Less distributions from:
Net investment income		—			(0.03	)		(0.00	) (d)		(0.00	) (d)
Net asset value, end of period	$	10.46		$	10.63		$	9.87		$	9.48
Total return (e)		(1.60	)%		8.04	%		4.12	%		(5.17	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	33,062		$	34,626		$	30,792		$	16,249
Ratio of expenses to average net assets (f)		1.16	% (h)		1.16	%		1.16	%		1.16	% (h)
Ratio of gross expenses to average net assets (f,g)		1.20	% (h)		1.21	%		1.21	%		1.22	% (h)
Ratio of net investment income to average net assets (c,f)		0.67	% (h)		0.37	%		0.43	%		0.10	% (h)
Portfolio turnover rate		65	% (i)		241	%		101	%		14	% (i)

(a)

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio commenced operations on April 30, 2015.

(b)

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

(c)

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

(d)

Amount represents less than $0.005.

(e)

(f)

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

(g)

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

(h)

Annualized.

(i)

Not annualized.

See accompanying notes to financial statements.

112

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Growth Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	11.64		$	10.03		$	9.91		$	10.49		$	10.00
Income from investment operations:
Net investment income (b,c)		0.06			0.11			0.13			0.13			0.13
Net realized and unrealized gain (loss) on investments		(0.20	)		1.65			0.09			(0.68	)		0.36
Total income (loss) from investment operations		(0.14	)		1.76			0.22			(0.55	)		0.49
Less distributions from:
Net investment income		—			(0.15	)		(0.10	)		(0.03	)		—
Net asset value, end of period	$	11.50		$	11.64		$	10.03		$	9.91		$	10.49
Total return (d)		(1.20	)%		17.61	%		2.23	%		(5.23	)%		4.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	476,199		$	489,447		$	467,767		$	461,355		$	260,758
Ratio of net expenses to average net assets (e)		0.91	% (g)		0.91	%		0.91	%		0.91	%		0.90	% (g)
Ratio of gross expenses to average net assets (e)		0.90	% (g,i)		0.91	% (f)		0.92	% (f)		0.92	% (f)		0.90	% (g)
Ratio of net investment income to average net assets (c,e)		1.09	% (g)		1.04	%		1.32	%		1.22	%		1.83	% (g)
Portfolio turnover rate		18	% (h)		51	%		59	%		23	%		9	% (h)

(a)

Global Atlantic Growth Managed Risk Portfolio commenced operations on April 30, 2014.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

Represents the ratio of expenses to average net assets inclusive of the Advisor’s recapture of waived/reimbursed fees from prior periods.

See accompanying notes to financial statements.

113

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Moderate Growth Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	11.90		$	10.52		$	10.20		$	10.50		$	10.00
Income from investment operations:
Net investment income (b,c)		0.07			0.12			0.13			0.13			0.13
Net realized and unrealized gain (loss) on investments		(0.19	)		1.40			0.28			(0.40	)		0.37
Total income (loss) from investment operations		(0.12	)		1.52			0.41			(0.27	)		0.50
Less distributions from:
Net investment income		—			(0.14	)		(0.09	)		(0.03	)		—
Net asset value, end of period	$	11.78		$	11.90		$	10.52		$	10.20		$	10.50
Total return (d)		(1.01	)%		14.47	%		4.05	%		(2.57	)%		5.00	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	150,079		$	153,178		$	142,389		$	127,725		$	64,987
Ratio of net expenses to average net assets (e)		0.91	% (g)		0.91	%		0.91	%		0.91	%		0.91	% (g)
Ratio of gross expenses to average net assets (e)		0.90	% (f,i)		0.91	% (f)		0.92	% (f)		0.92	% (f)		0.91	% (g)
Ratio of net investment income to average net assets (c,e)		1.14	% (g)		1.09	%		1.26	%		1.21	%		1.82	% (g)
Portfolio turnover rate		20	% (h)		52	%		59	%		21	%		11	% (h)

(a)

Global Atlantic Moderate Growth Managed Risk Portfolio commenced operations on April 30, 2014.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

Represents the ratio of expenses to average net assets inclusive of the Advisor’s recapture of waived/reimbursed fees from prior periods.

See accompanying notes to financial statements.

114

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Motif Technological Innovations Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016 (a)

Net asset value, beginning of period	$	14.05		$	9.94		$	10.00
Income from investment operations:
Net investment loss (b,c)		(0.07	)		(0.08	)		(0.03	)
Net realized and unrealized gain/(loss) on investments		2.89			4.35			(0.03	)
Total income/(loss) from investment operations		2.82			4.27			(0.06	)
Less distributions from:
Net realized gain		—			(0.16	)		—
Net asset value, end of period	$	16.87		$	14.05		$	9.94
Total return (d)		20.07	%		43.09	%		(0.60	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	176		$	142		$	99
Ratio of net expenses to average net assets (e)		1.22	% (g)		1.01	%		1.01	% (g)
Ratio of gross expenses to average net assets (e,f)		19.20	% (g)		1.01	%		1.01	% (g)
Ratio of net investment income to average net assets (c,e)		(0.89	)% (g)		(0.66	)%		(0.59	)% (g)
Portfolio turnover rate		11	% (h)		26	%		15	% (h)

(a)

Global Atlantic Motif Technological Innovations Portfolio commenced operations on July 29, 2016.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

See accompanying notes to financial statements.

115

Global Atlantic Portfolios

Financial Highlights

Global Atlantic PIMCO Tactical Allocation Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015 (a)

Net asset value, beginning of period	$	11.12		$	9.73		$	9.45		$	10.00
Income from investment operations:
Net investment income (b,c)		0.08			0.09			0.11			0.04
Net realized and unrealized gain/(loss) on investments		(0.28	)		1.34			0.26			(0.51	)
Total income/(loss) from investment operations		(0.20	)		1.43			0.37			(0.47	)
Less distributions from:
Net investment income		—			(0.04	)		(0.09	)		(0.08	)
Net asset value, end of period	$	10.92		$	11.12		$	9.73		$	9.45
Total return (d)		(1.80	)%		14.66	%		3.91	%		(4.72	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	27,364		$	25,496		$	20,356		$	13,215
Ratio of net expenses to average net assets (e)		1.14	% (g)		1.14	%		1.14	%		1.14	% (g)
Ratio of gross expenses to average net assets (e,f)		1.20	% (g)		1.21	%		1.21	%		1.22	% (g)
Ratio of net investment income to average net assets (c,e)		1.38	% (g)		0.83	%		1.15	%		0.61	% (g)
Portfolio turnover rate (i)		65	% (h)		403	%		66	%		128	% (h)

(a)

Global Atlantic PIMCO Tactical Allocation Portfolio commenced operations on April 30, 2015.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

The portfolio turnover rates excludes mortgage dollar roll transactions for the six months ended June 30, 2018, year ended December 31, 2017, year ended December 31, 2016, and period ended December 31, 2015. If these were included in the calculation, the turnover percentage would be 172%, 455%, 304% and 220%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

116

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Select Advisor Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013(a)

Net asset value, beginning of period	$	12.55		$	11.04		$	10.62		$	10.97		$	10.24		$	10.00
Income from investment operations:
Net investment income (b,c)		0.11			0.11			0.14			0.15			0.17			0.04
Net realized and unrealized gain/(loss) on investments		(0.07	)		1.55			0.40			(0.46	)		0.56			0.20
Total income/(loss) from investment operations		0.04			1.66			0.54			(0.31	)		0.73			0.24
Less distributions from:
Net investment income		—			(0.15	)		(0.12	)		(0.04	)		(0.00	) (g)		—
Net asset value, end of period	$	12.59		$	12.55		$	11.04		$	10.62		$	10.97		$	10.24
Total return (d)		0.40	%		15.06	%		5.10	%		(2.81	)%		7.14	%		2.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	118,560		$	119,955		$	110,443		$	105,716		$	51,597		$	2,415
Ratio of net expenses to average net assets (e)		0.63	% (h)		0.63	%		0.63	%		0.63	%		0.63	%		0.63	% (h)
Ratio of gross expenses to average net assets (e,f)		1.25	% (h)		1.26	%		1.27	%		1.26	%		1.37	%		14.77	% (h)
Ratio of net investment income to average net assets (c,e)		1.74	% (h)		0.95	%		1.26	%		1.42	%		1.59	%		2.06	% (h)
Portfolio turnover rate		16	% (i)		36	%		45	%		21	%		18	%		0	% (i,j)

(a)

Global Atlantic Select Advisor Managed Risk Portfolio commenced operations on October 31, 2013.

(b)

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

(c)

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

(d)

(e)

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

(f)

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

(g)

Amount represents less than $0.005.

(h)

Annualized.

(i)

Not annualized.

(j)

Amount represents less than 0.5%.

See accompanying notes to financial statements.

117

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Wellington Research Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2018			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014			December 31, 2013(a)

Net asset value, beginning of period	$	13.40		$	11.82		$	11.32		$	11.25		$	10.31		$	10.00
Income from investment operations:
Net investment income (b,c)		0.06			0.09			0.08			0.06			0.04			0.01
Net realized and unrealized gain on investments		(0.06	)		1.56			0.42			0.03	(d)		0.92			0.30
Total income from investment operations		—			1.65			0.50			0.09			0.96			0.31
Less distributions from:
Net investment income		—			(0.07	)		—			(0.01	)		(0.01	)		—
Net realized gain		—			—			—			(0.01	)		(0.01	)		—
Total distributions from net investment income and net realized gains		—			(0.07	)		—			(0.02	)		(0.02	)		—
Net asset value, end of period	$	13.40		$	13.40		$	11.82		$	11.32		$	11.25		$	10.31
Total return (e)		0.00	% (j)		13.99	%		4.68	%		0.75	%		9.29	%		3.10	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	459,657		$	478,812		$	415,607		$	335,250		$	88,909		$	22,424
Ratio of net expenses to average net assets (f)		1.20	% (h)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	% (h)
Ratio of gross expenses to average net assets (f,g)		1.20	% (h)		1.21	%		1.21	%		1.21	%		1.38	%		1.62	% (h)
Ratio of net investment income to average net assets (c,f)		0.83	% (h)		0.68	%		0.65	%		0.49	%		0.35	%		0.66	% (h)
Portfolio turnover rate (i)		51	% (j)		67	%		71	%		91	%		120	%		14	% (j)

(a)

Global Atlantic Wellington Research Managed Risk Portfolio commenced operations on October 31, 2013.

(b)

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

(c)

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

(d)

(e)

(f)

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

(g)

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

(h)

Annualized.

(i)

The portfolio turnover rates excludes mortgage dollar roll transactions for the periods or years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013. If these were included in the calculation the turnover percentage would be 106%, 120%, 175%, 188% and 19%, respectively. See Note 3 in the accompanying notes to financial statements.

(j)

Not annualized.

See accompanying notes to financial statements.

118

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

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

	Class II Shares
	Six Months Ended						Period Ended
	June 30, 2018			Year Ended			December 31,
	(Unaudited)			December 31, 2017			2016(a)

Net asset value, beginning of period	$	10.89		$	10.25		$	10.00
Income from investment operations:
Net investment income (b,c)		0.11			0.18			0.17
Net realized and unrealized gain on investments		(0.14	)		0.78			0.08
Total income from investment operations		(0.03	)		0.96			0.25
Less distributions from:
Net investment income		—			(0.20	)		—
Net realized gain		—			(0.12	)		—
Total distributions from net investment income and net realized gains		—			(0.32	)		—
Net asset value, end of period	$	10.86		$	10.89		$	10.25
Total return (d)		(0.28	)%		9.45	%		2.50	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	28		$	28		$	26
Ratio of net expenses to average net assets (e)		0.75	% (f)		0.72	%		0.73	% (f)
Ratio of gross expenses to average net assets		107.22	% (f,h)		0.72	%		0.73	% (f)
Ratio of net investment income to average net assets (c,e)		2.01	% (f)		1.68	%		2.53	% (f)
Portfolio turnover rate		9	% (g)		39	%		21	% (g)

(a)

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio commenced operations on April 29, 2016.

(b)

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

(c)

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

(d)

(e)

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

(f)

Annualized.

(g)

Not annualized.

(h)

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

See accompanying notes to financial statements.

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Financial Highlights

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

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

	Class II Shares
	Six Months Ended						Period Ended
	June 30, 2018			Year Ended			December 31,
	(Unaudited)			December 31, 2017			2016(a)

Net asset value, beginning of period	$	12.10		$	10.47		$	10.00
Income from investment operations:
Net investment income (b,c)		0.03			0.17			0.28
Net realized and unrealized gain on investments		1.77			1.53			0.19
Total income from investment operations		1.80			1.70			0.47
Less distributions from:
Net investment income		—			(0.05	)		—
Net realized gain		—			(0.02	)		—
Total distributions from net investment income and net realized gains		—			(0.07	)		—
Net asset value, end of period	$	13.90		$	12.10		$	10.47
Total return (d)		14.78	%		16.37	%		4.70	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	20		$	279		$	210
Ratio of net expenses to average net assets (e)		0.75	% (f)		0.72	%		0.72	% (f)
Ratio of gross expenses to average net assets (e)(g)		20.98	% (f,h)		0.72	%		0.72	% (f)
Ratio of net investment income to average net assets (c,e)		0.47	% (f)		1.50	%		4.05	% (f)
Portfolio turnover rate		15	% (g)		33	%		17	% (g)

(a)

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio commenced operations on April 29, 2016.

(b)

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

(c)

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

(d)

(e)

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

(f)

Annualized.

(g)

Not annualized.

(h)

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

See accompanying notes to financial statements.

120

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NOTES TO FINANCIAL STATEMENTS

June 30, 2018 (Unaudited)

ORGANIZATION

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

Portfolio Name	Commencement Date	Investment Objective
Global Atlantic American Funds^{^®} Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Balanced Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	April 30, 2015	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Growth Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Moderate Growth Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Motif Technological Innovations Portfolio	July 29, 2016	Long-term capital appreciation.
Global Atlantic PIMCO Tactical Allocation Portfolio	April 30, 2015	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Select Advisor Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Wellington Research Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	April 29, 2016	Current income and long-term capital appreciation.
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	April 29, 2016	Long-term capital appreciation.

At a meeting held on May 17, 2018, upon the recommendation of Global Atlantic Investment Advisors, LLC (the “Adviser”), the Board of Trustees of the Trust (“Board”) approved a proposal to liquidate each of Global Atlantic Motif Technological Innovations Portfolio, Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio and Global Atlantic Wilshire Dynamic Growth Allocation Portfolio (each, a “Proposed Liquidating Portfolio”). Contingent on contract holder approval, each Proposed Liquidating Portfolio will be liquidated on or about December 21, 2018. Each Proposed Liquidating Portfolio shall cease its business and may depart from its stated investment objective and policies on or about December 14, 2018 as it prepares to liquidate and distribute its assets to shareholders. It is anticipated that each Portfolio’s portfolio will be positioned into cash, cash equivalents or other liquid assets on or prior to the December 21, 2018. In connection with the liquidations, all outstanding shares of a Proposed Liquidating Portfolio on the applicable Liquidation Date will be automatically redeemed by the Portfolio. Each shareholder of record on the Liquidation Date will receive proceeds of the automatic redemptions equal to the shareholder’s proportionate interest in a Proposed Liquidating Portfolio’s net assets plus accrued and unpaid earnings of the Proposed Liquidating Portfolio at the time of liquidation.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio, Global Atlantic Motif Technological Innovations Portfolio, Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio and Global Atlantic Wilshire Dynamic Growth Allocation Portfolio are non-diversified series of the Trust; all other Portfolios are diversified. Certain of the Portfolios operate as “fund of funds.” A “fund of funds” typically invests in multiple underlying funds and the level of its interest in any particular underlying fund may fluctuate. The Portfolios are intended to be funding vehicles for variable annuity contracts offered by the separate accounts of Forethought Life Insurance Company. 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.

121

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

The Portfolios currently offer Class II shares at net asset value.

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

SIGNIFICANT ACCOUNTING POLICIES

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

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value. Investments in open-end investment companies are valued at net asset value, as discussed in more detail below.

Valuation of Investment Companies – The Portfolios may invest in one or more portfolios of open-end investment companies (the “underlying fund” or “underlying funds”). Each underlying fund is valued at its respective net asset values as reported by such investment company. Each underlying fund values securities in its portfolio for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by each underlying fund’s board(s) of trustees.

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

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

122

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

Fair Value Committee and Valuation Process – The Fair Value Committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Adviser and/or Sub-Adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are not readily available on a particular business day (including without limitation securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the opinion of the Adviser or relevant Sub-Adviser, the prices or values available do not represent the fair value of the instrument (factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: the availability of only a bid price or an ask price; the spread between bid and ask prices; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets or regulators, such as the suspension or limitation of trading); (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) subsequent to the determination of the closing price reported on the principal exchange on which the securities are traded, but prior to the relevant Portfolio’s calculation of its net asset value (“NAV”); and (v) mutual funds that do not provide timely NAV information. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser or Sub-Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of restricted or illiquid securities using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security’s embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.

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

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

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

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

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

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

123

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

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, 2018 for each Portfolio’s investments measured at fair value:

Global Atlantic American Funds^® Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Variable Insurance Trusts	$	225,118,930	$	—	$	—	$	225,118,930
Short-Term Investment		4,710		—		—		4,710
Total	$	225,123,640	$	—	$	—	$	225,123,640

Global Atlantic Balanced Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	87,298,406	$	—	$	—	$	87,298,406
Short-Term Investment		1,181		—		—		1,181
Total	$	87,299,587	$	—	$	—	$	87,299,587

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Variable Insurance Trust	$	260,671,244	$	—	$	—	$	260,671,244
Short-Term Investment		7,128		—		—		7,128
Total	$	260,678,372	$	—	$	—	$	260,678,372

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	204,832,756	$	—	$	—	$	204,832,756
Asset Backed Securities		—		15,957,652		—		15,957,652
Commercial Mortgage Obligation		—		272,271		—		272,271
Corporate Bonds		—		27,339,121		—		27,339,121
Municipal Bond		—		88,423		—		88,423
Term Loans		—		3,849,833		—		3,849,833
Agency Mortgage Backed Securities		—		16,279,588		—		16,279,588
Sovereign Debt		—		680,770		—		680,770
U.S. Treasury Securities		—		8,528,160		—		8,528,160
Short-Term Investment		1,524,898		—		—		1,524,898
Total	$	206,357,654	$	72,995,818	$	—	$	279,353,472

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts *	$	7,925	$	—	$	—	$	7,925
Swap Contracts		—		7,747		—		7,747
Forward Foreign Currency Contracts		—		52,678		—		52,678
Total	$	7,925	$	60,425	$	—	$	68,350

124

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	11,413,342	$	—	$	—	$	11,413,342
U.S. Treasury Note		—		12,863,395		—		12,863,395
Short-Term Investment		11,317,066		—		—		11,317,066
Total	$	22,730,408	$	12,863,395	$	—	$	35,593,803

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	185,374	$	—	$	—	$	185,374
Total	$	185,374	$	—	$	—	$	185,374

Global Atlantic Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	452,588,595	$	—	$	—	$	452,588,595
Short-Term Investment		1,794		—		—		1,794
Total	$	452,590,389	$	—	$	—	$	452,590,389

Global Atlantic Moderate Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	142,621,471	$	—	$	—	$	142,621,471
Short-Term Investment		4,394		—		—		4,394
Total	$	142,625,865	$	—	$	—	$	142,625,865

Global Atlantic Motif Technological Innovations Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	174,802	$	—	$	—	$	174,802
Short-Term Investment		1,790		—		—		1,790
Total	$	176,592	$	—	$	—	$	176,592

125

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

Global Atlantic PIMCO Tactical Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	8,258,890	$	—	$	—	$	8,258,890
Asset Backed Securities		—		991,763		—		991,763
Corporate Bonds		—		2,243,866		—		2,243,866
Municipal Bond		—		32,501		—		32,501
Agency Mortgage Backed Securities		—		6,687,297		—		6,687,297
Collateralized Mortgage Obligations		—		614,740		—		614,740
Commercial Mortgage Backed Securities		—		70,264		—		70,264
U.S. Treasury Securities		—		11,663,411		—		11,663,411
Purchased Options on Indices		223,650		—		—		223,650
Purchased Option on Futures		1,125		—		—		1,125
Short-Term Investments		463,692		1,892,145		—		2,355,837
Swap Contracts		—		29,842		—		29,842
Total	$	8,947,357	$	24,225,829	$	—	$	33,173,186

Liabilities	Level 1		Level 2		Level 3		Total
Securities Sold Short	$	—	$	23,855	$	—	$	23,855
Written Options		3,282		—		—		3,282
Futures Contracts*		31,671		—		—		31,671
Forward Foreign Currency Contracts		—		2,104		—		2,104
Total	$	34,953	$	25,959	$	—	$	60,912

Global Atlantic Select Advisor Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	19,160,867	$	—	$	—	$	19,160,867
Variable Insurance Trusts		93,651,164		—		—		93,651,164
Short-Term Investment		15,307		—		—		15,307
Total	$	112,827,338	$	—	$	—	$	112,827,338

Global Atlantic Wellington Research Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	290,631,301	$	—	$	—	$	290,631,301
Preferred Stock		77,640		—		—		77,640
Asset Backed Securities		—		16,894,685		—		16,894,685
Corporate Bonds		—		61,450,019		—		61,450,019
Collateralized Mortgage Obligations		—		1,054,014		—		1,054,014
Commercial Mortgage Backed Securities		—		8,899,228		—		8,899,228
Agency Mortgage Backed Securities		—		33,953,085		—		33,953,085
Municipal Securities		—		4,674,852		—		4,674,852
Sovereign Debt		—		3,183,693		—		3,183,693
U.S. Treasury Securities		—		19,366,794		—		19,366,794
Short-Term Investments		15,283,881		—		—		15,283,881
Futures Contracts*		18,375		—		—		18,375
Total	$	306,011,197	$	149,476,370	$	—	$	455,487,567

126

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	14,980	$	—	$	—	$	14,980
Variable Insurance Trusts		12,739		—		—		12,739
Short-Term Investment		365		—		—		365
Total	$	28,084	$	—	$	—	$	28,084

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	10,860	$	—	$	—	$	10,860
Variable Insurance Trusts		8,263		—		—		8,263
Short-Term Investment		548		—		—		548
Total	$	19,671	$	—	$	—	$	19,671

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

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

There were no transfers between levels for any Portfolio, except the Global Atlantic Select Advisor Managed Risk Portfolio, Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio and Global Atlantic Wilshire Dynamic Growth Allocation Portfolio. Transfers that were made into Level 2 represent securities being fair valued using observable inputs, per the Valuation Policy. It is the Portfolios’ policy to record transfers between Level 1 and Level 2 securities at the end of the reporting period.

The following amounts were transfers in/(out) of Level 2 Assets:

Global Atlantic Select Advisor Managed Risk Portfolio
	Variable Insurance Trusts			Total
Transfers into Level 2 from Level 1	$	—		$	—
Transfers from Level 2 into Level 1		(58,755,584	)		(58,755,584	)
Net Transfer In/Out of Level 2	$	(58,755,584	)	$	(58,755,584	)

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio
	Variable Insurance Trusts			Total
Transfers into Level 2 from Level 1	$	—		$	—
Transfers from Level 2 into Level 1		(7,911	)		(7,911	)
Net Transfer In/Out of Level 2	$	(7,911	)	$	(7,911	)

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio
	Variable Insurance Trusts			Total
Transfers into Level 2 from Level 1	$	—		$	—
Transfers from Level 2 into Level 1		(4,027	)		(4,027	)
Net Transfer In/Out of Level 2	$	(4,027	)	$	(4,027	)

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

127

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

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

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios maintain deposits with a financial institution which are generally an amount that is in excess of federally insured limits.

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio’s 2014, 2015, and 2016 tax returns or is expected to be taken in each Portfolio’s 2017 tax returns. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the 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.

Options Transactions – The Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio and Global Atlantic PIMCO Tactical Allocation Portfolio 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 to

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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 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 stocks included in the index.

The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, 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.

For the six months ended June 30, 2018, the change in unrealized appreciation/(depreciation) on options contracts written by the Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio was $(38,023) and $84, respectively. For the six months ended June 30, 2018, the Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio had realized gains/(losses) of $(180,973) and $2,265, respectively, from option contracts written

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

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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, 2018, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts, as disclosed in the Statements of Operations, is as follows:

					Change in Unrealized
					Appreciation/
	Risk Type	Realized Gain/(Loss)			(Depreciation)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	Interest Rate	$	(3,736,760	)	$	26,319
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	Equity	$	380,965		$	(250,020	)
Global Atlantic PIMCO Tactical Allocation Portfolio	Equity & Interest Rate	$	(148,270	)	$	(138,043	)
Global Atlantic Wellington Research Managed Risk Portfolio	Interest Rate	$	(6,141,460	)	$	(20,342	)

Swap Agreements – The Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio are subject to equity price risk and/or interest rate risk in the normal course of pursuing their investment objectives. The Portfolios may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. In a standard over-the-counter (“OTC”) swap, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” (i.e., the return or increase in value of a particular dollar amount invested in a “basket” of securities, representing a particular index or industry sectors) of predetermined investments or instruments.

Certain Portfolios may enter into credit default swaps (“CDS”). CDS are two-party contracts that transfer credit exposure between the parties. One party (the “buyer”) receives credit protection and the other party (the “seller”) takes on credit risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller’s commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.

The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statement 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 Statement 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 Statement 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 Statement of Operations. A Portfolio segregates cash or liquid securities having a value at least equal to the amount of its current obligation under any swap transaction. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Each Portfolio’s maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract’s remaining life, to be the extent that amount is positive.

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid.

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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, 2018, the change in unrealized depreciation on swap contracts for the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio was $(29,341) and $(89,382), respectively. For the six months ended June 30, 2018, the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio had realized gains of $34,814 and $259,850, respectively, from swap contracts.

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 the Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

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

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

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

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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, 2018.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
	Gross			Gross Amounts			Net Amounts of Assets
	Amounts of			Offset in the			Presented in the				Cash
	Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Forward Foreign Currency Contracts
Citibank NA		4,755,980	(1)		(4,755,980)	��(1)		—		—		—	(2)		—
Total	$	4,755,980		$	(4,755,980	)	$	—	$	—	$	—		$	—

									Gross Amounts Not Offset
									in the Statement of Assets &
Liabilities									Liabilities
	Gross			Gross Amounts			Net Amounts of
	Amounts of			Offset in the			Liabilities Presented in				Cash
	Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	7,925	(1)	$	—	(1)	$	7,925	$	—	$	7,925	(2)	$	—
Swap Contracts		7,747	(1)		—	(1)		7,747		—		7,747	(2)		—
Forward Foreign Currency Contracts
Citibank NA		4,808,658	(1)		(4,755,980)	(1)		52,678		—		52,678	(2)		—
Total	$	4,824,330		$	(4,755,980	)	$	68,350	$	—	$	68,350		$	—

(1)

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

(2)

The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $162,705 for swap contracts or $100,248 for futures contracts.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Liabilities
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
	Gross			Gross Amounts			Net Amounts of
	Amounts of			Offset in the			Liabilities Presented in				Cash
	Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	185,374	(1)	$	—	(1)	$	185,374	$	—	$	185,374	(2)	$	—
Total	$	185,374		$	—		$	185,374	$	—	$	185,374		$	—

(1)

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

(2)

The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $674,498 for futures contracts.

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Global Atlantic PIMCO Tactical Allocation Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
	Gross			Gross Amounts			Net Amounts of Assets
	Amounts of			Offset in the			Presented in the				Cash
	Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Swap Contracts	$	29,842	(1)	$	—	(1)	$	29,842	$	—	$	29,842		$	—
Total	$	29,842		$	—		$	29,842	$	—	$	29,842		$	—

									Gross Amounts Not Offset
									in the Statement of Assets &
Liabilities									Liabilities
	Gross			Gross Amounts			Net Amounts of
	Amounts of			Offset in the			Liabilities Presented in				Cash
	Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Forward Foreign
Currency Contracts	$	887,499	(1)	$	885,395	(1)	$	2,104	$	—	$	2,104	(2)	$	—
Futures Contracts		31,671	(1)		—	(1)		31,671		—		31,671	(2)		—
Options Written		3,282	(1)		—	(1)		3,282		—		3,282	(2)		—
Total	$	922,452		$	885,395		$	37,057	$	—	$	37,057		$	—

(1)

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

(2)

The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $495,072 for futures contracts and $269,623 for swap contracts.

Global Atlantic Wellington Research Managed Risk Portfolio

									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	18,375	(1)	$	—	(1)	$	18,375	$	—	$	18,375	(2)	$	—
Total	$	18,375		$	—		$	18,375	$	—	$	18,375		$	—

(1)

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

(2)

The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $51,839.

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

The following is a summary of the location of derivative investments on the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio’s Statements of Assets and Liabilities as of June 30, 2018:

Location on the Statements of Assets and Liabilities
Derivatives Investment Type		Asset Derivatives
Equity/Interest Rate/Currency Contracts		Investments in securities, at fair value
		Unrealized appreciation/(depreciation) on futures contract, net
		Unrealized appreciation/(depreciation) on swap contracts, net
		Unrealized appreciation/(depreciation) forward foreign currency contracts, net

The following table sets forth the fair value of the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio’s and Global Atlantic PIMCO Tactical Allocation Portfolio’s derivative contracts by primary risk exposure as of June 30, 2018:

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Derivatives Investment Fair Value
										Total as of
	Equity			Interest Rate			Currency			June 30, 2018
Futures Contracts	$	—		$	(7,925	)	$	—		$	(7,925	)
Swap Contracts		—			(7,747	)		—			(7,747	)
Forward Foreign Currency Contracts		—			—			(52,678	)		(52,678	)
Total	$	—		$	(15,672	)	$	(52,678	)	$	(68,350	)

Global Atlantic PIMCO Tactical Allocation Portfolio

Derivatives Investment Fair Value
										Total as of
	Equity			Interest Rate			Currency			June 30, 2018
Options Purchased on Indices	$	223,650		$	—		$	—		$	223,650
Options Purchased on Futures		—			1,125			—			1,125
Futures Contracts		(115,610	)		83,939			—			(31,671	)
Swap Contracts		—			29,842			—			29,842
Forward Foreign Currency Contracts		—			—			(2,104	)		(2,104	)
Total	$	108,040		$	114,906		$	(2,104	)	$	220,842

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The following is a summary of the location of derivative investments on the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio’s and Global Atlantic PIMCO Tactical Allocation Portfolio’s Statement of Operations for the six months ended June 30, 2018:

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

The following is a summary of the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio’s realized and unrealized gain/(loss) on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended June 30, 2018:

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
									Total as of
	Equity		Interest Rate			Currency			June 30, 2018
Futures Contracts	$	—	$	26,319		$	—		$	26,319
Swap Contracts		—		(29,341	)		—			(29,341	)
Forward Foreign Currency Contracts		—		—			(14,486	)		(14,486	)
Total	$	—	$	(3,022	)	$	(14,486	)	$	(17,508	)

Realized gain/(loss) on derivatives recognized in the Statement of Operations

									Total for the six months
	Equity		Interest Rate			Currency			ended June 30, 2018
Futures Contracts	$	—	$	(3,736,760	)	$	—		$	(3,736,760	)
Swap Contracts		—		(34,814	)		—			(34,814	)
Forward Foreign Currency Contracts		—		—			9,710			9,710
Total	$	—	$	(3,771,574	)	$	(29,341	)	$	(3,761,864	)

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The following is a summary of the Global Atlantic PIMCO Tactical Allocation Portfolio’s realized and unrealized gain/(loss) on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended June 30, 2018:

Global Atlantic PIMCO Tactical Allocation Portfolio

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
										Total as of
	Equity			Interest Rate			Currency			June 30, 2018
Options Written	$	—		$	84		$	—		$	84
Options Purchased on Indices		40,885			—			—			40,885
Options Purchased on Futures		—			(324	)		(2,756	)		(3,080	)
Futures Contracts		(208,309	)		70,266			—			(138,043	)
Swap Contracts		—			(89,382	)		—			(89,382	)
Forward Foreign Currency Contracts		—			—			4,355			4,355
Total	$	(167,424	)	$	(19,356	)	$	1,599		$	(185,181	)

Realized gain/(loss) on derivatives recognized in the Statement of Operations
										Total for the six months
	Equity			Interest Rate			Currency			ended June 30, 2018
Options Written	$	—		$	2,265		$	—		$	2,265
Options Purchased		(18,428	)		5,166			—			(13,262	)
Futures Contracts		(80,251	)		(68,019	)		—			(148,270	)
Swap Contracts		—			259,850			—			259,850
Forward Foreign Currency Contracts		—			—			(17,934	)		(17,934	)
Total	$	(98,679	)	$	199,262		$	(17,934	)	$	82,649

The notional value of the derivative instruments outstanding as of June 30, 2018, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

Short Sales – A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Portfolio; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which the 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.

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broker (not including the proceeds of the short sale). A Portfolio does not intend to enter into short sales (other than short sales “against the box”) if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 10% of the value of the Portfolio’s net assets. This percentage may be varied by action of the Board of Trustees. A short sale is “against the box” to the extent a Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

When-Issued and Delayed-Delivery Transactions – The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Real Estate Investment Trusts – Certain Portfolios may invest in real estate investment trusts (“REITs”). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs’ operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT’s manager, changes to the tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.

Distributions from a Portfolio’s investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio estimates the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.

Mortgage Dollar Roll Transactions – A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolios to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.

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

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

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Derivatives Risk – The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio’s use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and related regulatory developments require the clearing and exchange-trading of many standardized over-the-counter (“OTC”) derivative instruments deemed to be “swaps.” The Commodity Futures Trading Commission (“CFTC”) has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that are being implemented on a phase-in basis. The regulation of the derivatives markets has increased over the past several years, and there can be no assurance that any new governmental regulation will not adversely affect a Portfolio’s ability to achieve its investment result.

Market Risk – The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, limited dealer capacity, lack of liquidity in the markets or adverse investor sentiment. Each Portfolio has exposure to instruments that may be more volatile and carry more risk than some other forms of investment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down.

A Portfolio may experience a substantial or complete loss on any individual security. Since the global financial crisis that began in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in slower growth and an unusually high degree of volatility in the financial markets, both domestic and foreign. In response to the financial crisis, the U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including by keeping interest rates at historically low levels. The Federal Reserve has since reduced its market support activities and has recently started raising interest rates. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental support could negatively affect the markets generally and increase market volatility. These and other changes in market conditions could reduce the value and liquidity of the securities in which a Portfolio invests. This environment could make identifying investment risks and opportunities especially difficult.

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

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

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,

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June 30, 2018 (Unaudited)

taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.

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

INVESTMENT TRANSACTIONS

For the six months ended June 30, 2018, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

Portfolio	Purchases		Sales
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	48,562,647	$	45,040,924
Global Atlantic Balanced Managed Risk Portfolio		21,317,048		24,311,440
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		6,620,357		8,933,732
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		68,811,641		71,474,480
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		16,700,106		13,807,763
Global Atlantic Growth Managed Risk Portfolio		83,262,512		97,669,209
Global Atlantic Moderate Growth Managed Risk Portfolio		29,492,042		31,865,359
Global Atlantic Motif Technological Innovations Portfolio		20,636		17,064
Global Atlantic PIMCO Tactical Allocation Portfolio		52,417,851		48,964,477
Global Atlantic Select Advisor Managed Risk Portfolio		17,900,853		19,655,111
Global Atlantic Wellington Research Managed Risk Portfolio		229,603,343		252,129,034
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		2,477		2,415
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		22,478		278,119

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

Portfolio	Purchases		Sales
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	40,531,871	$	38,556,401
Global Atlantic PIMCO Tactical Allocation Portfolio		35,951,566		34,113,881
Global Atlantic Wellington Research Managed Risk Portfolio		91,902,866		94,608,271

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June 30, 2018 (Unaudited)

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

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

Portfolio		Sub-Adviser
Global Atlantic American Funds^{^®} Managed Risk Portfolio		Wilshire Associates Incorporated
		Milliman Financial Risk Management, LLC

Global Atlantic Balanced Managed Risk Portfolio		BlackRock Financial Management, Inc.
		Milliman Financial Risk Management, LLC

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		Milliman Financial Risk Management, LLC

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		Franklin Advisers, Inc.*
		Milliman Financial Risk Management, LLC

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		Goldman Sachs Asset Management, L.P.

Global Atlantic Growth Managed Risk Portfolio		BlackRock Financial Management, Inc.
		Milliman Financial Risk Management, LLC

Global Atlantic Moderate Growth Managed Risk Portfolio		BlackRock Financial Management, Inc.
		Milliman Financial Risk Management, LLC

Global Atlantic Motif Technological Innovations Portfolio		Motif Capital Management, Inc.

Global Atlantic PIMCO Tactical Allocation Portfolio		Pacific Investment Management Company LLC

Global Atlantic Select Advisor Managed Risk Portfolio		Wilshire Associates Incorporated
		Milliman Financial Risk Management, LLC

Global Atlantic Wellington Research Managed Risk Portfolio		Milliman Financial Risk Management, LLC
		Wellington Management Company LLP

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		Wilshire Associates Incorporated

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		Wilshire Associates Incorporated

The sub-adviser to the equity sleeve of the Capital Appreciation and Income Component of the Portfolio changed effective March 1, 2018 due to an organizational restructuring whereby all of the investment personnel responsible for the management of the equity sleeve transitioned from Franklin Advisory Services, LLC to Franklin Advisers.

The Portfolios have employed Gemini Fund Services, LLC (“GFS”) to provide administration, fund accounting and transfer agent services. GFS provides a Principal Financial Officer to the Trust.

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

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June 30, 2018 (Unaudited)

The following chart details the annual advisory fee for each Portfolio.

Portfolio	Advisory Fee*
Global Atlantic American Funds^{^®} Managed Risk Portfolio ¹	0.900% on first $500 million
	0.875% on next $500 million
	0.850% over $1 billion

Global Atlantic Balanced Managed Risk Portfolio ²	0.550% on first $500 million
	0.525% on next $500 million
	0.500% over $1 billion

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	0.900%

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	0.850% on first $500 million
	0.825% on next $500 million
	0.800% over $1 billion

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	0.850% on first $500 million
	0.825% on next $500 million
	0.800% over $1 billion

Global Atlantic Growth Managed Risk Portfolio	0.550% on first $500 million
	0.525% on next $500 million
	0.500% over $1 billion

Global Atlantic Moderate Growth Managed Risk Portfolio	0.550% on first $500 million
	0.525% on next $500 million
	0.500% over $1 billion


Portfolio	Advisory Fee*
Global Atlantic Motif Technological Innovations Portfolio	0.650% on first $100 million
	0.600% on next $150 million
	0.550% on next $250 million
	0.500% over $500 million

Global Atlantic PIMCO Tactical Allocation Portfolio	0.850% on first $500 million
	0.825% on next $500 million
	0.800% over $1 billion

Global Atlantic Select Advisor Managed Risk Portfolio	0.900% on first $500 million
	0.875% on next $500 million
	0.850% over $1 billion

Global Atlantic Wellington Research Managed Risk Portfolio ³	0.850% on first $500 million
	0.825% on next $500 million
	0.800% over $1 billion

Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	0.360% on first $500 million
	0.350% on next $500 million
	0.340% on next $2 billion
	0.330% on next $2 billion
	0.310% over $5 billion

Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	0.360% on first $500 million
	0.350% on next $500 million
	0.340% on next $2 billion
	0.330% on next $2 billion
	0.310% over $5 billion

Calculated daily based on the average daily net assets.

1 – Prior to February 11, 2014, the Portfolio’s advisory fee was 0.90%.

2 – Prior to February 11, 2014, the Portfolio’s advisory fee was 0.55%.

3 – Prior to February 11, 2014, the Portfolio’s advisory fee was 0.85%.

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June 30, 2018 (Unaudited)

With respect to each Portfolio, the Adviser has contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio’s shares listed below (“Waiver 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 can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio’s Board of Trustees, on 60 days’ written notice to the Adviser.

Portfolio	Expense Limitation	Expiration Date
Global Atlantic American Funds^{^®} Managed Risk Portfolio	0.86%	April 30, 2019
Global Atlantic Balanced Managed Risk Portfolio	0.91%	April 30, 2019
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	0.57%	April 30, 2019
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio*	1.15%	April 30, 2019
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	1.16%	April 30, 2019
Global Atlantic Growth Managed Risk Portfolio	0.91%	April 30, 2019
Global Atlantic Moderate Growth Managed Risk Portfolio	0.91%	April 30, 2019
Global Atlantic Motif Technological Innovations Portfolio	1.22%	April 30, 2019
Global Atlantic PIMCO Tactical Allocation Portfolio	1.14%	April 30, 2019
Global Atlantic Select Advisor Managed Risk Portfolio	0.63%	April 30, 2019
Global Atlantic Wellington Research Managed Risk Portfolio	1.20%	April 30, 2019
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	0.75%	April 30, 2019
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	0.75%	April 30, 2019

In addition, the Adviser has agreed to waive 0.40% of its fees for Global Atlantic American Funds^{^®} Managed Risk Portfolio, Global Atlantic BlackRock Global Allocation Managed Risk Portfolio, and Global Atlantic Select Advisor Managed Risk Portfolio for as long as each Portfolio relies primarily on investments in underlying funds to achieve its principal investment strategy. This waiver is not subject to recoupment.

The Adviser or its affiliates may receive compensation from managers of underlying funds in which certain Portfolios invest. This compensation may create a conflict of interest for the Adviser in the selection of underlying funds for investment by the Portfolio. However, the Adviser will voluntarily reduce the amount of its compensation under its Advisory Agreement with the Portfolio by the amount of compensation received from managers of underlying funds. The minimum amount of this waiver, until at least April 30, 2019, for each Portfolio, is based on estimated amounts expected to be received during the current fiscal year. If a reasonable estimate cannot be made, the minimum may be set at 0.00%. The

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June 30, 2018 (Unaudited)

actual amount of each waiver may be higher to the extent the payments exceed the Adviser’s estimates, but it will not be lower. These waivers are not subject to recoupment by the Adviser. The waivers may be terminated only by the Portfolio’s Board of Trustees, on 60 days’ written notice to the Adviser.

Portfolio	Minimum Amount of Waiver
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	0.20%
Global Atlantic Select Advisor Managed Risk Portfolio	0.14%
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	0.00%
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	0.00%

For the six months ended June 30, 2018, the Adviser waived fees as follows:

Portfolio	Waiver
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	467,907
Global Atlantic Balanced Managed Risk Portfolio	$	—
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	$	954,958
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	76,200
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	6,965
Global Atlantic Growth Managed Risk Portfolio	$	—
Global Atlantic Moderate Growth Managed Risk Portfolio	$	—
Global Atlantic Motif Technological Innovations Portfolio	$	14,715
Global Atlantic PIMCO Tactical Allocation Portfolio	$	7,901
Global Atlantic Select Advisor Managed Risk Portfolio	$	366,928
Global Atlantic Wellington Research Managed Risk Portfolio	$	4,505
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	$	14,888
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	$	14,878

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. During the six months ended June 30, 2018, the Adviser recaptured $3,766, $19,918 and $6,227 from the Global Atlantic Balanced Managed Risk Portfolio, Global Atlantic Growth Managed Risk Portfolio and Global Atlantic Moderate Growth Managed Risk Portfolio, respectively, for prior period expense waivers/reimbursements, and no other expense waivers/reimbursements were recaptured from the other Portfolios.

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June 30, 2018 (Unaudited)

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

Portfolio	December 31, 2018		December 31, 2019		December 31, 2020
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	10,091	$	13,328	$	15,466
Global Atlantic Balanced Managed Risk Portfolio	$	6,116	$	5,053	$	3,946
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	$	687,468	$	819,822	$	827,503
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	181,292	$	260,257	$	299,243
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	4,593	$	13,249	$	17,704
Global Atlantic Growth Managed Risk Portfolio	$	39,670	$	25,672	$	17,431
Global Atlantic Moderate Growth Managed Risk Portfolio	$	9,244	$	7,442	$	5,297
Global Atlantic Motif Technological Innovations Portfolio		N/A		N/A		N/A
Global Atlantic PIMCO Tactical Allocation Portfolio	$	6,514	$	11,766	$	17,007
Global Atlantic Select Advisor Managed Risk Portfolio	$	208,612	$	262,953	$	271,829
Global Atlantic Wellington Research Managed Risk Portfolio	$	29,627	$	55,984	$	60,904
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		N/A		N/A		N/A
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		N/A		N/A		N/A

As of December 31, 2017, the following amounts expired unrecouped:

Portfolio	December 31, 2017
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	43,219
Global Atlantic Balanced Managed Risk Portfolio	$	10,495
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	$	302,097
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	43,581
Global Atlantic Growth Managed Risk Portfolio	$	—
Global Atlantic Moderate Growth Managed Risk Portfolio	$	—
Global Atlantic Select Advisor Managed Risk Portfolio	$	80,814
Global Atlantic Wellington Research Managed Risk Portfolio	$	67,806

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 is paid to Northern Lights Distributors, LLC (the “Distributor”), 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. The Distributor is an affiliate of GFS.

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June 30, 2018 (Unaudited)

For the six months ended June 30, 2018, the Portfolios accrued the following distribution fees:

Portfolio
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	297,947
Global Atlantic Balanced Managed Risk Portfolio	$	117,306
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	$	350,153
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	366,415
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	41,392
Global Atlantic Growth Managed Risk Portfolio	$	602,114
Global Atlantic Moderate Growth Managed Risk Portfolio	$	188,457
Global Atlantic Motif Technological Innovations Portfolio	$	204
Global Atlantic PIMCO Tactical Allocation Portfolio	$	32,388
Global Atlantic Select Advisor Managed Risk Portfolio	$	147,563
Global Atlantic Wellington Research Managed Risk Portfolio	$	582,064
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	$	35
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	$	186

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

For the six months ended June 30, 2018, the Trustees received fees in the amounts as follows:

Portfolio	Fees Received
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	9,689
Global Atlantic Balanced Managed Risk Portfolio	$	3,833
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	$	11,429
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	11,906
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	1,339
Global Atlantic Growth Managed Risk Portfolio	$	19,513
Global Atlantic Moderate Growth Managed Risk Portfolio	$	6,097
Global Atlantic Motif Technological Innovations Portfolio	$	6
Global Atlantic PIMCO Tactical Allocation Portfolio	$	1,034
Global Atlantic Select Advisor Managed Risk Portfolio	$	4,761
Global Atlantic Wellington Research Managed Risk Portfolio	$	18,896
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	$	2
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	$	6

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

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

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, 2018, ownership percentages of the holders of the voting securities of each Portfolio that may be deemed to control the Portfolio was as follows:

		Percentage of
		Ownership as
Portfolio	Account Owner	of June 30, 2018
Global Atlantic American Funds^{^®}Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Balanced Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Growth Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Moderate Growth Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

Portfolio	Account Owner	Percentage of Ownership as of June 30, 2018
Global Atlantic Motif Technological Innovations Portfolio	Forethought Life Insurance Company	83%
Global Atlantic PIMCO Tactical Allocation Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Select Advisor Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Wellington Research Managed Risk Portfolio	Forethought Life Insurance Company Separate Account A	100%
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	Forethought Life Insurance Company	56%
	Forethought Life Insurance Company Separate Account A	44%
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	Forethought Life Insurance Company	28%
	Forethought Life Insurance Company Separate Account A	72%

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

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
Portfolio	Tax Cost		Appreciation		Depreciation			(Depreciation)
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	218,247,615	$	8,979,910	$	(2,103,885	)	$	6,876,025
Global Atlantic Balanced Managed Risk Portfolio		78,283,330		10,163,100		(1,146,843	)		9,016,257
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		258,574,769		2,103,603		—			2,103,603
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		233,427,263		52,944,958		(7,018,749	)		45,926,209
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		34,202,700		1,469,537		(1,597	)		1,467,940
Global Atlantic Growth Managed Risk Portfolio		374,212,292		80,492,439		(2,114,342	)		78,378,097
Global Atlantic Moderate Growth Managed Risk Portfolio		123,486,276		20,503,981		(1,364,392	)		19,139,589
Global Atlantic Motif Technological Innovations Portfolio		113,331		64,122		(906	)		63,216
Global Atlantic PIMCO Tactical Allocation Portfolio		32,335,354		1,253,915		(445,925	)		807,990
Global Atlantic Select Advisor Managed Risk Portfolio		98,750,014		14,827,355		(750,031	)		14,077,324
Global Atlantic Wellington Research Managed Risk Portfolio		402,520,764		64,407,595		(11,459,167	)		52,948,428
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		27,080		1,472		(468	)		1,004
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		17,533		2,177		(39	)		2,138

147

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the periods ended December 31, 2017 and December 31, 2016 was as follows:

For fiscal year ended 12/31/2017
	Ordinary		Long-Term		Return of
	Income		Capital Gains		Capital		Total
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	2,858,743	$	337,380	$	—	$	3,196,123
Global Atlantic Balanced Managed Risk Portfolio		1,180,586		—		—		1,180,586
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		1,778,094		—		—		1,778,094
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		2,854,796		—		—		2,854,796
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		106,993		—		—		106,993
Global Atlantic Growth Managed Risk Portfolio		6,229,367		—		—		6,229,367
Global Atlantic Moderate Growth Managed Risk Portfolio		1,754,087		—		—		1,754,087
Global Atlantic Motif Technological Innovations Portfolio		1,597		—		—		1,597
Global Atlantic PIMCO Tactical Allocation Portfolio		79,664		—		—		79,664
Global Atlantic Select Advisor Managed Risk Portfolio		1,405,776		—		—		1,405,776
Global Atlantic Wellington Research Managed Risk Portfolio		2,527,768		—		—		2,527,768
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		565		240		—		805
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		1,160		450		—		1,610

For fiscal year ended 12/31/2016
	Ordinary		Long-Term		Return of
	Income		Capital Gains		Capital		Total
Global Atlantic American Funds^{^®}Managed Risk Portfolio	$	2,760,660	$	7,734,168	$	—	$	10,494,828
Global Atlantic Balanced Managed Risk Portfolio		819,848		—		—		819,848
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		3,760,014		5,627,623		—		9,387,637
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		1,544,662		—		—		1,544,662
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		887		—		—		887
Global Atlantic Growth Managed Risk Portfolio		4,733,236		—		—		4,733,236
Global Atlantic Moderate Growth Managed Risk Portfolio		1,265,693		—		—		1,265,693
Global Atlantic PIMCO Tactical Allocation Portfolio		185,709		—		—		185,709
Global Atlantic Select Advisor Managed Risk Portfolio		1,256,932		—		—		1,256,932
Global Atlantic Wellington Research Managed Risk Portfolio		1,019,567		—		—		1,019,567

148

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October			Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		Loss and			Carry			Book/Tax		Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	3,462,567	$	5,998,833	$	—		$	—		$	—	$	15,697,478	$	25,158,878
Global Atlantic Balanced Managed Risk Portfolio		1,094,787		—		—			(217,054	)		—		10,913,697		11,791,430
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		4,662,879		—		(62,516	)		(14,414,400	)		—		5,741,758		(4,072,279	)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		2,764,207		—		—			(8,431,017	)		—		48,704,630		43,037,820
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		472,067		935,911		—			—			—		1,554,201		2,962,179
Global Atlantic Growth Managed Risk Portfolio		4,868,926		—		—			(34,219,009	)		—		83,640,840		54,290,757
Global Atlantic Moderate Growth Managed Risk Portfolio		1,615,365		—		—			(2,703,519	)		—		20,979,656		19,891,502
Global Atlantic Motif Technological Innovations Portfolio		2,094		1,385		—			—			—		37,259		40,738
Global Atlantic PIMCO Tactical Allocation Portfolio		446,397		737,275		—			—			—		1,676,756		2,860,428
Global Atlantic Select Advisor Managed Risk Portfolio		1,101,805		1,454,190		—			—			—		14,728,580		17,284,575
Global Atlantic Wellington Research Managed Risk Portfolio		4,397,401		7,229,440		—			—			—		63,833,537		75,460,378
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		443		205		—			—			—		1,626		2,274
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		4,920		3,188		—			—			—		28,300		36,408

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, adjustments for real estate investment trusts, return of capital distributions from C-Corporations and the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(1,479), $(6,076), $(39,654), and $154 for Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio, Global Atlantic Franklin Dividend and Income Managed Risk, and Global Atlantic Wellington Research Managed Risk Portfolio, respectively.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Portfolios incurred and elected to defer such capital losses as follows:

	Post October
	Losses
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	—
Global Atlantic Balanced Managed Risk Portfolio		—
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		62,516
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		—
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		—
Global Atlantic Growth Managed Risk Portfolio		—
Global Atlantic Moderate Growth Managed Risk Portfolio		—
Global Atlantic Motif Technological Innovations Portfolio		—
Global Atlantic PIMCO Tactical Allocation Portfolio		—
Global Atlantic Select Advisor Managed Risk Portfolio		—
Global Atlantic Wellington Research Managed Risk Portfolio		—
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		—
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		—

149

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

At December 31, 2017, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

			Non-Expiring		Non-Expiring
	Expiring		Short-Term		Long-Term		Total
Global Atlantic American Funds^{^®} Managed Risk Portfolio	$	—	$	—	$	—	$	—
Global Atlantic Balanced Managed Risk Portfolio		—		—		217,054		217,054
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		—		3,681,318		10,733,082		14,414,400
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		—		3,020,800		5,410,217		8,431,017
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		—		—		—		—
Global Atlantic Growth Managed Risk Portfolio		—		9,088,678		25,130,331		34,219,009
Global Atlantic Moderate Growth Managed Risk Portfolio		—		—		2,703,519		2,703,519
Global Atlantic Motif Technological Innovations Portfolio		—		—		—		—
Global Atlantic PIMCO Tactical Allocation Portfolio		—		—		—		—
Global Atlantic Select Advisor Managed Risk Portfolio		—		—		—		—
Global Atlantic Wellington Research Managed Risk Portfolio		—		—		—		—
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		—		—		—		—
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		—		—		—		—

Permanent book and tax differences, primarily attributable to the book/ tax basis treatment of net operating losses and short-term capital gains, non-deductible expenses, pay downs and foreign currency losses, the reclassification of Portfolio distributions, and adjustments related to real estate investment trusts, C-Corporation return of capital distributions, passive foreign investment companies and swaps, resulted in reclassification for the following Portfolios for the period ended December 31, 2017 as follows:

	Paid			Undistributed			Accumulated
	In			Ordinary			Net Realized
	Capital			Income (Loss)			Gains (Loss)
Global Atlantic American Funds^® Managed Risk Portfolio	$	—		$	—		$	—
Global Atlantic Balanced Managed Risk Portfolio		—			—			—
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio		—			—			—
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		—			(139,387	)		139,387
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		—			24,240			(24,240	)
Global Atlantic Growth Managed Risk Portfolio		—			—			—
Global Atlantic Moderate Growth Managed Risk Portfolio		—			—			—
Global Atlantic Motif Technological Innovations Portfolio		(59	)		951			(892	)
Global Atlantic PIMCO Tactical Allocation Portfolio		(2,359	)		52,185			(49,826	)
Global Atlantic Select Advisor Managed Risk Portfolio		—			—			—
Global Atlantic Wellington Research Managed Risk Portfolio		—			(20,271	)		20,271
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio		(29	)		29			—
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio		(61	)		61			—

150

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

The Global Atlantic Balanced Managed Risk Portfolio currently invests a portion of its assets in iShares Core U.S. Aggregate Bond ETF. The iShares Core U.S. Aggregate Bond ETF is registered under the 1940 Act as an open-end management investment company. The Portfolio may redeem its investment from the iShares Core U.S. Aggregate Bond ETF at any time if the Adviser determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Global Atlantic Balanced Managed Risk Portfolio will be directly affected by the performance of the iShares Core U.S. Aggregate Bond ETF. The financial statements of the iShares Core U.S. Aggregate Bond ETF, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2018, the Portfolio invested 26.5% of its net assets in the iShares Core U.S. Aggregate Bond ETF.

The Global Atlantic BlackRock Global Allocation Managed Risk Portfolio currently invests a portion of its assets in BlackRock Global Allocation V.I. Fund. The BlackRock Global Allocation V.I. Fund is registered under the 1940 Act as an open-end management investment company. The Portfolio may redeem its investment from the BlackRock Global Allocation V.I. Fund at any time if the Adviser determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Global Atlantic BlackRock Global Allocation Managed Risk Portfolio will be directly affected by the performance of the BlackRock Global Allocation V.I. Fund. The financial statements of the BlackRock Global Allocation V.I. Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2018, the Portfolio invested 95.2% of its net assets in the BlackRock Global Allocation V.I. Fund.

The Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio currently invests a portion of its assets in Fidelity Investments Money Market Funds – Government Portfolio. The Fidelity Investments Money Market Funds – Government Portfolio is registered under the 1940 Act as an open-end management investment company. The Portfolio may redeem its investment from the Fidelity Investments Money Market Funds – Government Portfolio at any time if the Adviser determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio will be directly affected by the performance of the Fidelity Investments Money Market Funds – Government Portfolio. The financial statements of the Fidelity Investments Money Market Funds – Government Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2018, the Portfolio invested 34.2% of its net assets in the Fidelity Investments Money Market Funds – Government Portfolio.

The Global Atlantic Balanced Managed Risk Portfolio, Global Atlantic Growth Managed Risk Portfolio and Global Atlantic Moderate Growth Managed Risk Portfolio currently invest a portion of their assets in iShares Core S&P 500 ETF. The iShares Core S&P 500 ETF is registered under the 1940 Act as an open-end management investment company. The Portfolio may redeem its investment from the iShares Core S&P 500 ETF at any time if the Adviser determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Global Atlantic Balanced Managed Risk Portfolio, Global Atlantic Growth Managed Risk Portfolio and Global Atlantic Moderate Growth Managed Risk Portfolio will be directly affected by the performance of the iShares Core S&P 500 ETF. The financial statements of the iShares Core S&P 500 ETF, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2018, the Portfolios invested the following of percentages of their respective net assets in the iShares Core S&P 500 ETF:

Global Atlantic Balanced Managed Risk Portfolio	27.9%
Global Atlantic Growth Managed Risk Portfolio	45.5%
Global Atlantic Moderate Growth Managed Risk Portfolio	36.0%

151

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2018 (Unaudited)

SUBSEQUENT EVENTS

Subsequent events after the date of the statements of assets and liabilities have been evaluated through the date the financial statements were issued. Management has concluded that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

152

Global Atlantic Portfolios

EXPENSE EXAMPLES

June 30, 2018 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

					*Hypothetical*
					(5% return before
			*Actual*		expenses)
			Ending	Expenses	Ending	Expenses
	Portfolio’s	Beginning	Account	Paid	Account	Paid
	Annualized	Account Value	Value	During	Value	During
Class II Shares	Expense Ratio	1-1-18	06-30-18	Period*	06-30-18	Period*
Global Atlantic American Funds^{^®}Managed Risk Portfolio	0.86%	$1,000.00	$1,009.20	$4.28	$1,020.53	$4.31
Global Atlantic Balanced Managed Risk Portfolio	0.91%	$1,000.00	$989.20	$4.49	$1,020.28	$4.56
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	0.57%	$1,000.00	$982.20	$2.80	$1,021.97	$2.86
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	1.15%	$1,000.00	$983.50	$5.66	$1,019.09	$5.76
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	1.16%	$1,000.00	$984.00	$5.71	$1,019.04	$5.81

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

153

Global Atlantic Portfolios

EXPENSE EXAMPLES (Continued)

June 30, 2018 (Unaudited)

					*Hypothetical*
					(5% return before
			*Actual*		expenses)
	Portfolio’s		Ending	Expenses	Ending	Expenses
	Annualized	Beginning	Account	Paid	Account	Paid
	Expense	Account Value	Value	During	Value	During
Class II Shares	Ratio	1-1-18	6-30-18	Period*	06-30-18	Period*
Global Atlantic Growth Managed Risk Portfolio	0.91%	$1,000.00	$988.00	$4.49	$1,020.28	$4.56
Global Atlantic Moderate Growth Managed Risk Portfolio	0.91%	$1,000.00	$989.90	$4.49	$1,020.28	$4.56
Global Atlantic Motif Technological Innovations Portfolio	1.22%	$1,000.00	$1,200.70	$6.66	$1,018.74	$6.11
Global Atlantic PIMCO Tactical Allocation Portfolio	1.14%	$1,000.00	$982.00	$5.60	$1,019.14	$5.71
Global Atlantic Select Advisor Managed Risk Portfolio	0.63%	$1,000.00	$1,004.00	$3.13	$1,021.67	$3.16
Global Atlantic Wellington Research Managed Risk Portfolio	1.20%	$1,000.00	$1,000.00	$5.95	$1,018.84	$6.01
Global Atlantic Wilshire Dynamic Conservative Allocation Portfolio	0.75%	$1,000.00	$997.20	$3.71	$1,021.08	$3.76
Global Atlantic Wilshire Dynamic Growth Allocation Portfolio	0.75%	$1,000.00	$1,147.80	$3.99	$1,021.08	$3.76

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

154

PRIVACY NOTICE

FACTS

WHAT DOES FORETHOUGHT VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Forethought Variable Insurance Trust chooses to share; and whether you can limit this sharing.

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

QUESTIONS?

Call 1-402-493-4603

155

What we do:

How does Forethought Variable Insurance Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Forethought Variable Insurance Trust collect my personal information?

We collect your personal information, for example, when you

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

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

156

This Page Intentionally Left Blank

157

PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 (disclosed on Form N-PX) as well as information regarding the policies and procedures that the Portfolios use to determine how to vote proxies (disclosed in the Portfolios’ Statement of Additional Information) is available without charge, upon request, by calling 1-877-881-7735 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Form N-Qs are available: (i) on the SEC’s website at http://www.sec.gov; (ii) on the Portfolios’ website at www.geminifund.com/GlobalAtlanticDocuments; and (iii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

INVESTMENT ADVISER	ADMINISTRATOR
Global Atlantic Investment Advisors, LLC	Gemini Fund Services, LLC
10 West Market Street, Suite 2300	80 Arkay Drive, Suite 110
Indianapolis, IN 46204	Hauppauge, NY 11788



INVESTMENT SUB-ADVISERS
BlackRock Financial Management, Inc.	Motif Capital Management, Inc.
55 East 52^nd Street	400 South El Camino Real (Suite 575)
New York, NY 10055	San Mateo, CA 94402

Franklin Advisers, Inc.	Pacific Investment Management Company LLC
One Franklin Parkway	650 Newport Center Drive
San Mateo, CA 94403	Newport Beach, CA 92660

Goldman Sachs Asset Management, L.P.	Wellington Management Company LLP
200 West Street	280 Congress Street
New York, NY 10282	Boston, MA 02210

Milliman Financial Risk Management, LLC	Wilshire Associates Incorporated
71 S. Wacker Drive, 31st Floor	1299 Ocean Avenue, Suite 700
Chicago, IL 60606	Santa Monica, CA 90401

Item 2. Code of Ethics. Not Applicable.

Item 3. Audit Committee Financial Expert. Not Applicable.

Item 4. Principal Accountant Fees and Services. Not Applicable.

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

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

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

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

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second quarter of the fiscal period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

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

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

(b)

Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 12(b) of Form N-CSR) are filed herewith.

SIGNATURES

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

(Registrant) Forethought Variable Insurance Trust

By /s/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date 8/27/18

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 /s/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date 8/27/18

By /s/ Laura Szalyga

Laura Szalyga, Treasurer

Date 8/27/18

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