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:6/30/19

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2019

Global Atlantic Portfolios

Global Atlantic American Funds^® Managed Risk Portfolio

Global Atlantic Balanced Managed Risk Portfolio

Global Atlantic BlackRock Selects 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 PIMCO Tactical Allocation Portfolio

Global Atlantic Select Advisor Managed Risk Portfolio

Global Atlantic Wellington Research Managed Risk Portfolio

Class II shares

Each a separate series of the Forethought Variable Insurance Trust

Distributed by Global Atlantic Distributors, LLC

Member FINRA

Dear Shareholders/Contract Owners:

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

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

(BAR GRAPH)

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

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

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

Sincerely,



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

Portfolio		Benchmark¹
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 Selects Managed Risk Portfolio²		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 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

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^® 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 (“ICE BofAML U.S. High Yield”).An index that tracks the performance of US dollar denominated, below investment grade corporate debt, currently in a coupon paying period, which is publically issued in the US domestic market.

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

MSCI 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,

Effective July 1, 2019, the Adviser changed the benchmark index applicable to each Portfolio to benchmarks that the Adviser believes better reflect each Portfolio’s investment strategy.

Global Atlantic BlackRock Global Allocation Managed Risk Portfolio prior to May 1, 2019

Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

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.

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

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

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

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

2644694.3

Table of Contents

■	Global Atlantic Portfolio Reviews	5 – 31

■	Financial Statements:

	Portfolios of Investments	32 – 78


	Statements of Assets and Liabilities	79 – 81


	Statements of Operations	82 – 84


	Statements of Changes in Net Assets	85 – 89

■	Financial Highlights	90 – 99

■	Notes to Financial Statements	100 – 127

■	Expense Examples	128 – 129

■	Supplemental Information	130 – 131

■	Privacy Policy	132 – 133

■	Proxy Voting Policy	Back Cover

■	Portfolio Holdings	Back Cover

Global Atlantic American Funds^® Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio underperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 9.70% compared to a benchmark return of 9.93%, a difference of -23 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

Manager selection detracted an estimated -0.83% from performance during the first six months of 2019. The largest detractor to manager selection was American Funds Insurance Series^® Blue Chip Income & Growth Fund, which cost the Portfolio -0.97%, while American Funds Insurance Series^® Global Growth & Income Fund was the strongest contributor of alpha contributing an estimated 0.32% to overall performance. The Portfolio was underweight duration during a portion of the first half of 2019, which weighed on results as U.S. interest rates fell sharply, leading to outperformance by longer duration fixed income instruments.

With respect to the managed risk component, the rapid recovery in the equity markets in January, shortly following the rapid selloff in December 2018, resulted in the Portfolio being underweight equity during these periods. As a result, while the managed risk component was a meaningful contributor to performance in the fourth quarter of 2018, it was a meaningful detractor to performance in January 2019.

How was the Portfolio positioned at period end?

At period end, the Portfolio was overweight emerging market equities as Wilshire believes that emerging market equities remain modestly cheap relative to developed market equities and both the improved sentiment and fundamentally cheap currencies provide a potential tailwind for emerging markets equity returns. With respect to fixed income, increased exposure to both credit risk and foreign bonds has moved the Portfolio back towards a neutral stance in these areas. Wilshire believes that the greater likelihood of a rate cut by the Fed has increased investor optimism that GDP growth will continue and lower rates will support risk assets.

2658753.2

Global Atlantic American Funds^® Managed Risk Portfolio

Portfolio Review

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic American Funds^® Managed Risk Portfolio
Class II	9.70%	3.53%	7.00%	4.65%	5.38%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.96%

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 May 1, 2019 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		62.1	%
Variable Insurance Trusts - Debt Funds		33.2	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.7	%
		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, 2019.

Represents less than 0.05%

Global Atlantic Balanced Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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. (“BFM”), 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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Conservative Index. The Portfolio posted a return of 9.24% compared to a benchmark return of 8.96%, a difference of 28 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

The Portfolio remained overweight to equities relative to fixed income throughout the period which contributed positively to performance. Entering the year, BFM saw growth moderating, but little near-term risk of a U.S. recession. With corporate earnings growth slowing yet solid, equity valuations back in line with post-crisis averages, and few signs of overheating in the U.S. economy, the Portfolio remained positioned to take advantage of late-cycle equity gains.

Within equities, the Portfolio maintained an overweight to the U.S. relative to international markets, which also proved beneficial to performance. Europe posed a concern entering the year as political risks (i.e. Brexit, Italian deficits), along with anemic growth and dependency on trade, led BFM to underweight risk assets in non-U.S. developed markets over this period. With respect to emerging markets (EM), BFM was cautiously positive entering the year as valuations cheapened and country-specific risks began to subside. Midway through the first 6 months of 2019, a portion of the EM exposure was reallocated to fixed income as BFM believed the risk/reward tradeoff became less compelling, which contributed to performance as EM underperformed bonds over this timeframe.

Within fixed income, the Portfolio maintained an overweight to credit relative to treasuries, which had a positive impact on performance. While the year began with signs that credit was in the latter part of the cycle, fundamentals continue to look solid, with ample interest coverage. The Portfolio maintained a relatively higher quality stance in credit, reflecting what BFM viewed as limited upside and asymmetric downside as the economy enters into a late cycle phase. This defensive posture within credit assets somewhat detracted from performance as high yield outperformed investment grade over this period.

BFM’s view entering 2019 was that rising rates had made shorter-term U.S. bonds an attractive source of income, with short-term Treasuries offering almost as much yield as the 10-year Treasury at the beginning of the year. BFM also saw longer-term debt as a portfolio buffer against any late-cycle growth and a potential source of capital gains should the yield curve invert. Accordingly, the Portfolio’s duration positioning was overweight to the short and long ends and underweight the intermediate part of the curve. This positioning somewhat detracted from performance as intermediate rates outperformed.

How was the Portfolio positioned at period end?

At period end, the Portfolio remained slightly overweight equities versus fixed income. BFM has a somewhat more pessimistic growth outlook as trade and geopolitical frictions principally drive the global economy and markets, and accordingly is taking a modestly more defensive investing stance. But a significant shift by central banks toward monetary easing is expected to cushion the slowdown. BFM believes that this policy pivot should extend the long expansion, and has already triggered easier financial conditions.

Within equities, the Portfolio was overweight to U.S. as well as EM, and underweight to non-U.S. developed markets. BFM remains positive on U.S. equities against a backdrop of reasonable valuations. With rising macro uncertainty arguing for a conservative approach, BFM believes that U.S. equities appear more attractive due to the issuers’ relatively better growth prospects, free cash flow and solid balance sheets compared to other developed markets. Valuations are richer than other major markets but, in BFM’s view, still appear reasonable, with the price-to-cash flow yield of the S&P 500 roughly in line with its average since 1990. Within the U.S., BFM believes that equities with lower volatility and higher momentum appear attractive, having historically performed well in periods of decelerating economic growth such as the current economic regime. Similarly, BFM believes that momentum signals also argue for the Portfolio’s slight tilt toward EM equities, despite BFM’s belief that markets are pricing in too much Chinese stimulus. In BFM’s view there do appear to be selected EM opportunities in Latin American markets such as Brazil.

Within fixed income, the Portfolio was underweight Treasuries and overweight US credit at period end. BFM believes that credit market valuations appear reasonable, with yields having fallen to the bottom of recent ranges, driven by the decline in government bond yields and tightening yield spreads. Yet spreads still leave some cushion against the risk of rising rates. Muted issuance is also a positive. With the current upswing stretching out further, default risks connected to a downturn are also further away.

While BFM sees government bonds as key stabilizers against a backdrop of rising macro uncertainty, duration positioning is now neutral in the Portfolio as market expectations of U.S. policy easing appear to have gone too far. BFM believes that the United States Federal Reserve is likely to cut rates as insurance against escalating trade conflicts, but fail to deliver on the four quarter-point rate cuts through 2020 that markets are currently pricing in. As a result, BFM believes that investors today do not appear to be sufficiently compensated for duration risk in U.S. Treasuries.

2658753.2

Global Atlantic Balanced Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Balanced Managed Risk Portfolio
Class II	9.24%	4.17%	5.18%	3.73%	4.41%
S&P Target Risk^® Conservative Index (Total Return)	8.96%	7.01%	5.30%	3.91%	4.34%

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 1.02% for Class II shares per the May 1, 2019 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		50.6	%
Exchange Traded Debt Funds		44.9	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.5	%
		100.0	%

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

Represents less than 0.05%

Global Atlantic BlackRock Selects Managed Risk Portfolio

(formerly Global Atlantic BlackRock Global Allocation Managed Risk Portfolio)

Portfolio Review (Unaudited)

June 30, 2019

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 Investment Management, LLC (“BIM”), while the managed risk component is sub-advised by Milliman Financial Risk Management LLC (“Milliman”). Prior to May 1, 2019, the capital appreciation and income component was managed by the Global Atlantic Investment Advisors, LLC (the “Adviser”).

How did the Portfolio perform during the period?

During the first six months of 2019, the Portfolio underperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 8.96% compared to a benchmark return of 9.93%, a difference of -97 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

From January 1, 2019 to April 30, 2019, the capital appreciation and income component consisted of investment in the Blackrock Global Allocation V.I. Fund, which outperformed the S&P Target Risk^® Moderate Index during the period. From May 1, 2019 to June 30, 2019, the capital appreciation and income component was sub-advised by BIM and consisted of several BlackRock iShares ETFs and the BlackRock Global Allocation V.I. Fund. The Portfolio performed in-line with the S&P Target Risk^®Moderate Index benchmark during this period. The following commentary refers to the period during which BIM was sub-advisor.

Within equities, the Portfolio was positioned in favor of defensive industries over cyclical ones across most global sectors. Over the period, stock selection within U.S. and Canadian equities positively contributed. This was partially offset by stock selection in the U.K. and Japan, which weighed on portfolio returns. A broad underweight to fixed income detracted from the Portfolio’s performance. Within fixed income, security selection in investment grade credit as well as an underweight to mortgage back securities contributed to performance.

How was the Portfolio positioned at period end?

At period end, the Portfolio was modestly overweight equities and underweight fixed income. Within equities, the Portfolio was overweight emerging markets, notably in Asia, and underweight the U.S. and Europe. Among non-U.S. markets, the Portfolio has a meaningful regional preference for Asian stocks. Despite near-term risks associated with uncertainty of U.S./Chinese trade negotiations, BIM believes that Asian stocks, notably within emerging markets, remain attractive given generally improved earnings trajectories, more supportive central bank polices, and attractive valuations. Within Europe, BIM is increasingly constructive on valuations and the potential for additional monetary stimulus, despite slow economic growth.

From a sector perspective, the Portfolio was overweight communication services, real estate, and utilities, and underweight financials and healthcare. The Portfolio favors defensive industries, such as U.S. cable companies and energy infrastructure firms, as they tend to be more stable and can add resilience in periods of higher volatility. In addition, BIM is constructive on certain U.S. technology companies given their secular growth characteristics and ability to generate consistent earnings, and is de-emphasizing some cyclical industries, such as banks and materials.

Within fixed income, the Portfolio had a neutral position to U.S. Treasuries. As the pace of global growth has slowed, BIM believes duration continues to serve as an effective partial hedge against episodic equity market volatility. The majority of the Portfolio’s duration continues to be sourced from the U.S. through U.S. Treasuries. The Portfolio was overweight investment grade credit, as BIM believes that high quality U.S. corporate bonds have the potential to enhance the risk- adjusted returns. In addition, the Portfolio had modest exposure to high yield credit. The Portfolio was underweight mortgage backed-securities due the general narrowness of spreads relative to U.S. Treasuries, coupled with the possibility of rising pre- payments risk as interest rates fall.

2658753.2

Global Atlantic BlackRock Selects Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic BlackRock Selects Managed Risk Portfolio
Class II	8.96%	2.30%	5.21%	1.35%	2.08%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.96%

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 1.22% for Class II shares per the May 1, 2019 prospectus.

^**

Commencement of operations is October 31, 2013.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		48.1	%
Exchange Traded Debt Funds		25.0	%
Variable Insurance Trust - Asset Allocation Fund		22.1	%
Money Market Fund		0.6	%
Other Assets Less Liabilities - Net		4.2	%
		100.0	%

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

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio Review (Unaudited)

June 30, 2019

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 Franklin Advisers, Inc. (“Franklin Advisers”), 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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 13.44% compared to a benchmark return of 9.93% a difference of 351 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?

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

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 its reference benchmark. With respect to the equity sleeve’s performance versus the S&P 500 Index, the equity sleeve of the Portfolio’s capital appreciation and income component outperformed its reference benchmark, the S&P 500 Index (net of fees), posting a return of 20.30% compared to an S&P 500 Index return of 18.54%, a difference of 176 basis points.

Relative to the Portfolio’s benchmark, an overweight to, and stock selection in, the industrials sector aided Portfolio performance, as did stock selection in the healthcare and information technology sectors.

Roper Technologies (“Roper”) (4.33%), a diversified industrial company, enjoyed solid stock price performance during the period. The company continued to post strong revenue and earnings growth, as well as robust cash flow generation. Roper expects to continue achieving strong operating results in 2019, with moderate organic revenue growth and continued strong profitability. The company has increased its dividend for 26 consecutive years.

Industrial gases company Air Products and Chemicals (2.48%) supported relative returns following a solid quarterly earnings report and upbeat guidance. The Portfolio Management (PM) Team believes the overall fundamentals for the industrial gases industry look robust. The industry has consolidated, competitive pressures remain stable, pricing power has improved and project backlogs look to be increasing. Moreover, the PM Team believes Air Products has a significant long-term opportunity in gasification projects. The company has increased its dividend for 36 consecutive years.

Stryker Corporation (“Stryker”) (2.80%), a developer of surgical and medical products, was a contributor. The company’s growth trajectory looked robust to us based on a steady cadence of new product launches, international expansion and ongoing growth from MAKO, Stryker’s robotic-arm assisted technology. The company has increased its dividend for 26 consecutive years.

The PM Team’s stock selection in the consumer discretionary, energy, and consumer staples sectors detracted from the Portfolio’s relative performance.

Shares of Albemarle (1.94%), a specialty chemicals producer, declined despite ongoing strong fundamental performance. Investor concerns about the possibility of lithium oversupply and pricing implications continued to weigh on the industry despite the company’s outlook for balanced supply and demand. The PM Team believes that Albemarle’s long-term contracts and low-cost position could provide insulation from spot price fluctuations. The company has increased its dividend for 25 consecutive years.

Oil and gas producer Occidental Petroleum (0.85%) announced a $38 billion acquisition of oil and gas exploration and production firm Anadarko Petroleum (0.00%). The PM Team believes that the deal could give Occidental Petroleum a greater presence in the U.S. shale producing Permian Basin and allow it to cut costs, but investor concerns about the financing needed to complete the deal weighed on Occidental’s share price. The company has increased its dividend for 16 consecutive years.

Shares of Medtronic (2.03%), a developer of medical products, was a relative detractor during the period, despite reporting strong financial results in recent quarters. The PM Team believes that Medtronic is positioned well going forward, based on good organic growth prospects driven by a strong pipeline, as well as improving margins and cash flow generation. The company has increased its dividend for 41 years.

During the first six months of 2019, the fixed income sleeve of the Portfolio’s capital appreciation and income component outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (net of fees), posting a return of 7.46% compared to a Bloomberg Barclays U.S. Aggregate Bond Index return of 6.11%, a difference of 135 basis points. In terms of drivers of return, sector allocation contributed to outperformance on a duration-adjusted basis, driven primarily by the Portfolio’s exposure to the credit sectors, including high-yield bonds, bank loans and collateralized loan obligations (CLOs). Allocation to sovereign emerging-market bonds also enhanced relative results. Foreign currency exposure also contributed, as gains primarily in the Mexican peso and Indonesian rupiah were partially offset by losses in the Swedish krona and the Canadian dollar. In contrast, security selection was slightly negative for returns, particularly within the fixed-rate agency mortgage-backed securities (MBS) sector. Relative to the benchmark, the Portfolio’s underweight duration positioning was the primary detractor from returns, although this effect was partially offset by the positive performance of non-U.S. yield curve exposures.

How was the Portfolio positioned at period end?

At period-end, the Portfolio’s largest sector concentration was industrials, followed by healthcare and information technology. The Portfolio initiated positions in Pfizer (0.42%) and Norfolk Southern (0.38%) and added to several existing positions, including The Boeing Company (2.26%) and the aforementioned Roper Technologies. Conversely, the PM Team exited positions in Roche Holding, Versum Materials, and Yum! Brands, while reducing holdings in Dover (1.13%), Abbott Laboratories (1.03%), and Chubb (0.34%).

The Portfolio remained underweight fixed income relative to the benchmark. At period-end, the Portfolio remained overweight in the corporate credit sectors, particularly CLOs, bank loans and high yield bonds. The PM Team believes that fundamentals in the corporate credit market remain strong. With the rally in risk assets year-to-date, credit spreads are close to their tightest levels over the past year. As part of risk reduction, the PM Team reduced its exposure to investment-grade corporate credit, ending the period underweight to the sector relative to the benchmark. Within the securitized sectors, the Portfolio remained overweight the residential mortgage-backed securities sector (RMBS) based on strong U.S. housing fundamentals and remained underweight commercial mortgage-backed securities (CMBS) and MBS sectors. Over the period, the Portfolio Management Team added to its Treasury Inflation-Protected Securities (TIPS) and municipal bond exposure and remained overweight to both sectors. In addition, as part of risk reduction, the PM Team increased its exposure to U.S. Treasuries, but remained significantly underweight relative to the Bloomberg Barclays U.S. Aggregate Bond Index.

In U.S. dollar duration, the Portfolio was short versus the benchmark. The PM Team retained a curve flattener, with its short concentrated in the two-to-five-year part of the yield curve (i.e. short sell the 2-5 year U.S. Treasury bonds, buy long the 30- year U.S. Treasury bond). In non-USD duration, the Portfolio remained slightly long Australian dollar and Canadian dollar duration, while initiating a slightly long duration in Uruguayan peso. In terms of currency exposure, on the long side the Portfolio’s largest currency position remained the Norwegian krone, with other long positions in the Indian rupee, Mexican peso, Dominican Republican peso, Columbian peso, South African rand, Uruguayan peso and Turkish lira. In addition, the Portfolio remained short the Australian dollar, Chinese renminbi, Canadian dollar as well as the Sweden krona, South Korean won and the euro.

2658753.2

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Class II	13.44%	8.63%	8.23%	5.19%	5.58%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.72%

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 May 1, 2019 prospectus.

Commencement of operations is April 30, 2014.

Holdings by Asset Class	% of Net Assets
Common Stocks		71.3	%
Asset Backed Securities		7.3	%
Corporate Bonds		7.0	%
Agency Mortgage Backed Securities		5.3	%
U.S. Treasury Securities		3.2	%
Term Loans		1.4	%
Sovereign Debt		0.9	%
Money Market Fund		0.6	%
Exchange-Traded Fund - Debt Fund		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, 2019.

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

Represents less than 0.05%.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio
Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Conservative Index. The Portfolio posted a return of 9.30% compared to a benchmark return of 8.96%, a difference of 34 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

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. The Portfolio’s trend-based strategy contributed to performance, particularly an overweight equity position during a period when they outperformed U.S. Treasuries. Within equities, the largest contributors were the Portfolio’s allocations to U.S. large-cap equities, followed by European equities, UK equities, U.S. mid-cap equities, Japanese equities and U.S. small-cap equities. Allocations to U.S. Treasuries also contributed to absolute returns. The Portfolio’s de-risking strategy – where a portion of individual equity sleeves are de-risked to cash during periods of heightened volatility in those markets – detracted from returns.

How was the Portfolio positioned at period end?

At period end, the Portfolio had approximately 40% of its assets in equities globally. Regionally, 25.6% of its assets were invested in U.S. large-cap equities, given broadly strong momentum. Within international equities, the Portfolio held a 10.6% allocation to European and a 3.8% allocation to UK equities, given moderate equity market momentum within those markets. The Portfolio currently does not have an allocation to Japanese, U.S. mid-cap or U.S. small-cap equities given GSAM’s belief of poor trends.

At period end, the Portfolio held 60% in U.S. Treasuries, its maximum strategic allocation. This allocation is driven by relatively stronger trends in fixed income relative to equities.

In general, the Portfolio seeks to maintain between 40% - 60% of its assets in developed equity investments and 40%-60% of its assets in U.S. fixed income investments. The Portfolio may make allocations at the higher-end of asset allocation ranges to those asset classes with strong momentum, and at the lower-end to those asset classes with weak momentum.

2658753.2

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio
Class II	9.30%	4.70%	4.06%	2.29%
S&P Target Risk^® Conservative Index (Total Return)	8.96%	7.01%	5.30%	4.24%

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 May 1, 2019 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
U.S Treasury Note		51.8	%
Exchange Traded Equity Funds		25.6	%
Exchange Traded Debt Funds		16.8	%
Money Market Fund		6.1	%
Other Assets Less Liabilities - Net		(0.3	)%
		100.0	%

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

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

Global Atlantic Growth Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio underperformed its reference benchmark, the S&P Target Risk^® Growth Index. The Portfolio posted a return of 10.22% compared to a benchmark return of 11.91%, a difference of -169 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

How was the Portfolio positioned at period end?

2658753.2

Global Atlantic Growth Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Growth Managed Risk Portfolio
Class II	10.22%	3.38%	7.41%	3.36%	3.94%
S&P Target Risk^® Growth Index (Total Return)	11.91%	6.25%	8.05%	5.47%	5.92%

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 0.96% for Class II shares per the May 1, 2019 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		80.1	%
Exchange Traded Debt Funds		15.3	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.6	%
		100.0	%

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

Represents less than 0.05%

Global Atlantic Moderate Growth Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio was in-line with its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 9.91% compared to a benchmark return of 9.93%, a difference of -2 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

How was the Portfolio positioned at period end?

Within equities, the Portfolio was overweight to U.S. as well as EM, and underweight to non-U.S. developed markets. BFM remains positive on U.S. equities against a backdrop of reasonable valuations. With rising macro uncertainty arguing for a conservative approach, BFM believes that U.S. equities appear more attractive due to the issuers’ relatively better growth prospects, free cash flow and solid balance sheets compared to other developed markets. Valuations are richer than other major markets but in BFM’s view, still appear reasonable, with the price-to-cash flow yield of the S&P 500 roughly in line with its average since 1990. Within the U.S., BFM believes that equities with lower volatility and higher momentum appear attractive, having historically performed well in periods of decelerating economic growth such as the current economic regime. Similarly, BFM believes that momentum signals also argue for the Portfolio’s slight tilt toward EM equities, despite BFM’s belief that markets are pricing in too much Chinese stimulus. In BFM’s view there do appear to be selected EM opportunities in Latin American markets such as Brazil.

2658753.2

Global Atlantic Moderate Growth Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Moderate Growth Managed Risk Portfolio
Class II	9.91%	3.81%	6.35%	4.04%	4.45%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.72%

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 1.00% for Class II shares per the May 1, 2019 prospectus.

Commencement of operations is April 30, 2014.

Holdings by Asset Class	% of Net Assets
Exchange Traded Equity Funds		64.7	%
Exchange Traded Debt Funds		30.5	%
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, 2019.

^ Represents less than 0.05%

Global Atlantic PIMCO Tactical Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 11.60% compared to a benchmark return of 9.93%, a difference of 167 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?

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

Over the period, amid the market rally, the Portfolio adjusted its equity exposure higher and ultimately spent a large portion of the period near its maximum exposure, a position that contributed to performance. An allocation to non-U.S. developed market equities was additive as these equities rallied alongside the broader market, while void exposure to emerging market equities detracted.

The Portfolio’s fixed income allocations contributed to absolute performance; however, an underweight to duration overall, sourced primarily from tactical short exposure to duration in the UK and Japan, detracted from performance as rates in these countries rallied across the yield curve.

How was the Portfolio positioned at period end?

At period end, the Portfolio maintained close to maximum equity exposure as market volatility remained low amid the market rally. Within equities, the Portfolio was overweight U.S. large cap, equal weight international developed, and underweight emerging markets. 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 yield curve continues to offer attractive characteristics while longer-term rates may rise as term premiums return. PIMCO finds attractive opportunities in specific credits that benefit from U.S. growth and a resurgent housing sector.

2658753.2

Global Atlantic PIMCO Tactical Allocation Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Performance
	Months	Year	Years	Since Inception^**
Global Atlantic PIMCO Tactical Allocation Portfolio
Class II	11.60%	6.20%	6.61%	4.14%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.67%

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 May 1, 2019 prospectus.

Commencement of operations is April 30, 2015.

Holdings by Asset Class	% of Net Assets
U.S. Treasury Securities		49.7	%
Exchange Traded Equity Funds		30.1	%
Agency Mortgage Backed Securities		27.2	%
Corporate Bonds		13.6	%
U.S. Treasury Bills		8.0	%
Collateralized Mortgage Obligations		3.5	%
Asset Backed Securities		3.1	%
Money Market Fund		1.8	%
Certificate of Deposit		0.4	%
Commercial Mortgage Backed Securities		0.1	%
Purchased Options on Futures		0.0	% ^
Other Assets Less Liabilities - Net		(37.5	)%
		100.0	%

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

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

Represents less than 0.05%.

Global Atlantic Select Advisor Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 12.07% compared to a benchmark return of 9.93%, a difference of 214 basis points. The following discussion of relative performance pertains to this benchmark.

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

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

The Portfolio was overweight equities versus fixed income during the first six months of 2019, which contributed to performance. Within equities, the Portfolio was relatively underweight international equities versus the benchmark, which benefited results as international and emerging markets equities underperformed domestic equities. Domestic growth equities outpaced other asset classes due to falling interest rates, increased likelihood of a rate cut by the U.S. Federal Reserve (the “Fed”) and investor optimism regarding a potential U.S. – China trade resolution. The Portfolio was underweight duration during a portion of the first half of 2019, which weighed on results as U.S. interest rates fell sharply, leading to outperformance by longer duration fixed income instruments. Manager selection contributed to performance during the first six months of 2019, adding an estimated 1.29% to performance during the period. The MFS^® VIT Growth Fund was the strongest contributor of alpha, adding 0.57% of relative performance on a stand-alone return of 25.80%.

How was the Portfolio positioned at period end?

At period end, the Portfolio remained underweight developed international equities as Wilshire believes that economic indicators continue to favor the U.S. Furthermore, Wilshire believes that while Europe is more politically and economically stable today than in recent years, the new U.S. tax plan and the potential for increased geopolitical risks associated with the use of tariffs and rising protectionism could have a disproportionately negative impact on foreign equity markets. The Portfolio is overweight emerging market equities as Wilshire believes that they remain modestly cheap relative to developed market equities and both the improved sentiment and fundamentally cheap currencies provide a potential tailwind for emerging markets equity returns. Domestically, the Portfolio is overweight small cap equities as valuations coupled with less sensitivity to global trade conflicts have made small cap equities relatively more attractive. From a style perspective within U.S. equities, the Portfolio is positioned in favor of value equities as Wilshire believes recent tax reform could be favorable for value equities and that growth stock valuations imply a high level of excess optimism.

With respect to fixed income, increased exposure to both interest rate and credit risk has moved the Portfolio back towards a neutral stance in these areas. Wilshire believes that the greater likelihood of a rate cut by the Fed cut has increased investor optimism that GDP growth will continue and lower rates will support risk assets.

2658753.2

Global Atlantic Select Advisor Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Select Advisor Managed Risk Portfolio
Class II	12.07%	4.92%	7.54%	4.83%	5.54%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.96%

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 1.22% for Class II shares per the May 1, 2019 prospectus.

Commencement of operations is October 31, 2013.

Holdings by Asset Class	% of Net Assets
Variable Insurance Trusts - Equity Funds		60.1	%
Variable Insurance Trusts - Debt Fund		18.0	%
Exchange Traded Equity Funds		11.5	%
Exchange Traded Debt Funds		5.7	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		4.7	%
		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, 2019.

Represents less than 0.05%

Global Atlantic Wellington Research Managed Risk Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 Management”) 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 2019, the Portfolio outperformed its reference benchmark, the S&P Target Risk^® Moderate Index. The Portfolio posted a return of 12.12% compared to a benchmark return of 9.93%, a difference of 219 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?

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

The equity portion of the Portfolio outperformed the S&P 500 Index, net of fees, during the period, returning 20.53%, versus the benchmark return of 18.54%. Relative equity outperformance was driven by strong stock selection within the information technology, particularly in the semiconductors & semiconductor equipment industry, and financials sectors. This was partially offset by weaker security selection within the consumer staples, specifically holdings in tobacco companies which detracted the most from relative performance.

Top relative contributors to the equity portion of the Portfolio during the period included eliminating the Portfolio’s positions in Berkshire Hathaway (financials), a financial services holding company, and Wayfair (consumer discretionary), an online home furnishings company. Not holding Berkshire Hathaway aided relative performance as the stock price fell after shares of a top holding, Kraft Heinz, fell on the news of a dividend cut and a pending Securities and Exchange Commission investigation. Shares of Wayfair surged after the company reported strong fourth quarter results driven by customer growth and higher gross margins. Though the team continues to believe in the long-term investment case for the disruptive online home furnishings company, they eliminated during the period on strength given current valuations.

Top relative detractors of the equity portion of the Portfolio during the period included Teva Pharmaceuticals (0.15%) (health care), an Israeli-based pharmaceutical company that develops, manufactures, and distributes generic and specialty medicines; and an underweight to Apple (1.52%) (information technology), a U.S.-based technology company that designs, develops, and sells consumer electronics, computer software, and online services. Shares of Teva Pharmaceuticals were down during the period in response to the expansion of a 2016 lawsuit alleging industry price-fixing. The stock also experienced weakness after announcing an unexpected cash settlement over its role in the production and manufacturing of opioids. Our underweight to Apple also detracted from relative performance as the company reported better-than-expected first and second quarter results as well as improving third quarter guidance. Drivers included Apple’s growing services segment and better-than-expected iPhone sales that were driven by price cuts and incentive programs.

The fixed income portion of the Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, net of fees, during the period, returning 6.42% versus the benchmark return of 6.11%. In the fixed income portion, sector allocation and security selection both contributed to performance. Investment grade credit positioning contributed to relative results, with financials, taxable municipals, and utilities being the main drivers of outperformance. Within securitized sectors, agency mortgage backed securities (MBS), commercial mortgage-backed securities (CMBS), and asset backed securities (ABS) had a positive impact on performance for the period. Long breakeven inflation positioning via treasury inflation protected securities (TIPS) contributed to positive performance. During the period, the fixed income portion of the Portfolio was positioned with a short duration bias at the steep end of the curve, which had a negative impact on relative results as Sovereign yields declined over the period.

How was the Portfolio positioned at period end?

The equity portion of the Portfolio is managed in an industry-neutral structure, designed to add value through fundamental, bottom up stock selection. The equity portion consists of multiple sub-portfolios, with each sub-portfolio actively managed by one or more of Wellington Management’s Global Industry Analysts. The allocation of assets to each sub-portfolio roughly corresponds to the relative weight of the analysts’ coverage universe within the index. Looking ahead, the Global Industry Analysts remain focused on fundamental, bottom-up stock selection with an eye on how the macro-economic outlook will affect the companies in which they invest. Wellington Management continues to identify themes and opportunities that will shape future investment decisions.

The importance of innovation across sectors focuses the analysts on identifying companies that can lead technological advancement within their industries. Across semiconductors, hardware, software, and applications, the analysts believe there will be winners that can shape markets for years to come. In the software industry, there are a number of holdings in cloud-based CRM tools that have become essential to enterprise performance. Semiconductors can benefit from the upcoming 5G cycle, although they are also subject to ongoing tariff risks. As such, the technology Global Industry Analysts look to invest in companies with advanced memory technology and less exposure to the Chinese supply chain. They are also finding opportunities in financial technology companies specializing in electronic payments, modernizing asset management technology, and providing financial data and security to consumers.

Within Consumer Staples, the team has re-positioned away from riskier areas of the sector to more stable, long-term compounding companies. They look to invest in companies that can take advantage of scale to capitalize on emerging trends and divest from failing businesses, while also returning profits to shareholders. The equity portion of the Portfolio holds companies the team believes to be market leaders across the food, beverages, and household product industries, with strong balance sheets and durable business models.

Within spread sectors, the fixed income portion of the Portfolio was overweight taxable municipals, which the fixed income team believes offers diversification benefits, and overweight corporate bonds. The fixed income portion is also positioned with an overweight to asset-backed securities, particularly high quality collateralized loan obligations (CLO), and commercial mortgage-backed securities. The Portfolio maintained long inflation breakevens via an allocation to Treasury inflation- protected securities (TIPS). The fixed income portion is modestly overweight in agency mortgage-backed securities, and owns Collateralized Mortgage Obligations (CMOs) for their favorable prepayment profile. The Portfolio holds select prime, non- agency mortgage backed securities (MBS) issues on attractive valuations.

2658753.2

Global Atlantic Wellington Research Managed Risk Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

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

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Years	Years	Since Inception^**
Global Atlantic Wellington Research Managed Risk Portfolio
Class II	12.12%	6.43%	7.73%	5.89%	6.67%
S&P Target Risk^® Moderate Index (Total Return)	9.93%	6.76%	6.22%	4.38%	4.96%

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 1.22% for Class II shares per the May 1, 2019 prospectus.

Commencement of operations is October 31, 2013.

Holdings by Asset Class	% of Net Assets
Common Stock		62.4	%
Corporate Bonds		12.4	%
Agency Mortgage Backed Securities		6.9	%
U.S. Treasury Securities		6.4	%
Commercial Mortgage Backed Securities		3.0	%
Asset Backed Securities		2.6	%
Money Market Fund		1.3	%
Municipal Securities		0.9	%
Collateralized Mortgage Obligations		0.3	%
Sovereign Debt		0.3	%
Exchange Traded Equity Fund		0.0	% ^
Other Assets Less Liabilities - Net		3.5	%
		100.0	%

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

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

Represents less than 0.05%

Global Atlantic American Funds^® Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		VARIABLE INSURANCE TRUSTS - 95.3%
		DEBT FUNDS - 33.2%
	4,847,569	American Funds Insurance Series® - Bond Fund - Class 1	$	53,904,971
	534,879	American Funds Insurance Series® - Global Bond Fund - Class I		6,461,341
	424,588	American Funds Insurance Series^® - High-Income Bond Fund - Class I		4,301,074
	864,904	American Funds Insurance Series^® - U.S. Government/AAA-Rated Securities Fund - Class I		10,768,059
				75,435,445
		EQUITY FUNDS - 62.1%
	3,278,715	American Funds Insurance Series^® - Blue Chip Income and Growth Fund - Class 1		41,344,602
	1,617,601	American Funds Insurance Series^® - Global Growth and Income Fund - Class 1		23,827,259
	267,955	American Funds Insurance Series^® - Global Small Capitalization Fund- Class 1		6,572,947
	328,354	American Funds Insurance Series^® - Growth Fund - Class 1		23,927,133
	688,299	American Funds Insurance Series^® - Growth-Income Fund - Class 1		32,549,639
	438,927	American Funds Insurance Series^® - International Fund - Class 1		8,668,814
	180,703	American Funds Insurance Series^® - New World Fund - Class 1		4,340,490
				141,230,884
		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $206,613,550)		216,666,329

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	9,411	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $9,411)		9,411

		TOTAL INVESTMENTS - 95.3% (Cost - $206,622,961)	$	216,675,740
		OTHER ASSETS LESS LIABILITIES - NET - 4.7%		10,749,896
		TOTAL NET ASSETS - 100.0%	$	227,425,636

Represents less than 0.05%

(a)

Money market rate shown represents the rate June 30, 2019.

See accompanying notes to financial statements.

Global Atlantic Balanced Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 95.5%
		DEBT FUNDS - 44.9%
	52,251	iShares 1-3 Year Treasury Bond ETF	$	4,429,840
	6,132	iShares 20+ Year Treasury Bond ETF		814,391
	119,013	iShares Broad USD Investment Grade Corporate Bond ETF		6,792,072
	189,346	iShares Core U.S. Aggregate Bond ETF		21,083,677
	23,996	iShares Floating Rate Bond ETF		1,222,116
	5,649	iShares JP Morgan USD Emerging Markets Bond ETF		639,975
	52,781	iShares Short-Term Corporate Bond ETF		2,820,617
	29,036	iShares US Treasury Bond ETF		749,564
				38,552,252
		EQUITY FUNDS - 50.6%
	93,956	iShares Core MSCI EAFE ETF		5,768,898
	2,086	iShares Core MSCI Emerging Markets ETF		107,304
	79,507	iShares Core S&P 500 ETF		23,434,688
	26,453	iShares Core S&P Mid-Cap ETF		5,138,760
	53,488	iShares Core S&P Small-Cap ETF		4,187,040
	7,512	iShares MSCI Japan ETF		410,005
	27,192	iShares Russell 1000 ETF		4,426,586
				43,473,281
		TOTAL EXCHANGE TRADED FUNDS (Cost - $70,353,014)		82,025,533

		SHORT-TERM INVESTMENT - 0.0%*
		MONEY MARKET FUND - 0.0%*
	6,057	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $6,057)		6,057

		TOTAL INVESTMENTS - 95.5% (Cost - $70,359,071)	$	82,031,590
		OTHER ASSETS LESS LIABILITIES - NET - 4.5%		3,850,448
		TOTAL NET ASSETS - 100.0%	$	85,882,038

EAFE - Europe, Australasia, and the Far East

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

Represents less than 0.05%

(a)

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

See accompanying notes to financial statements.

Global Atlantic BlackRock Selects Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 73.1%
		DEBT FUNDS - 25.0%
	225,011	iShares 3-7 Year Treasury Bond ETF	$	28,297,383
	228,952	iShares iBoxx $ Investment Grade Corporate Bond ETF		28,474,760
	54,149	iShares iBoxx High Yield Corporate Bond ETF		4,720,710
				61,492,853
		EQUITY FUNDS - 48.1%
	463,427	iShares Core MSCI EAFE ETF		28,454,418
	229,476	iShares Core MSCI Emerging Markets ETF		11,804,245
	170,209	iShares Core S&P U.S. Growth ETF		10,668,700
	189,355	iShares Core S&P U.S. Value ETF		10,726,961
	179,739	iShares Edge MSCI Min Vol Global ETF		16,557,557
	115,232	iShares Edge MSCI Min Vol USA ETF		7,113,271
	99,960	iShares Edge MSCI USA Momentum Factor ETF		11,855,256
	233,463	iShares Edge MSCI USA Quality Factor ETF		21,354,861
				118,535,269
		TOTAL EXCHANGE TRADED FUNDS (Cost - $175,757,906)		180,028,122

		VARIABLE INSURANCE TRUST - 22.1%
		ASSET ALLOCATION FUND - 22.1%
	3,242,728	BlackRock Global Allocation V.I. Fund - Class 1 (Cost - $48,844,898)		54,542,692

		SHORT-TERM INVESTMENT - 0.6%
		MONEY MARKET FUND - 0.6%
	1,522,009	Fidelity Investments Money Market Funds - Government Portfolio Institutional Class to yield 2.25% (a) (Cost - $1,522,009)		1,522,009

		TOTAL INVESTMENTS - 95.8% (Cost - $226,124,813)	$	236,092,823
		OTHER ASSETS LESS LIABILITIES - NET - 4.2%		10,425,332
		TOTAL NET ASSETS - 100.0%	$	246,518,155

EAFE - Europe, Australasia, and the Far East

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

(a)

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

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		EXCHANGE TRADED FUND - 0.2%
	25,000	Invesco Senior Loan ETF	$	566,500
		TOTAL EXCHANGE TRADED FUND (Cost - $571,343)

		COMMON STOCKS - 71.3%
		AEROSPACE/DEFENSE - 4.3%
	6,200	Boeing Co.		2,256,862
	21,770	General Dynamics Corp.		3,958,221
	14,200	Raytheon Co.		2,469,096
	29,500	United Technologies Corp.		3,840,900
				12,525,079
		AGRICULTURE - 0.8%
	42,600	Bunge Ltd.		2,373,246

		APPAREL - 1.3%
	43,840	NIKE, Inc.		3,680,368

		BEVERAGES - 1.2%
	26,100	PepsiCo, Inc.		3,422,493

		BUILDING MATERIALS - 1.1%
	75,875	Johnson Controls International PLC		3,134,396

		CHEMICALS - 8.1%
	31,800	Air Products & Chemicals, Inc.		7,198,566
	80,000	Albemarle Corp.		5,632,800
	13,600	Ecolab, Inc.		2,685,184
	38,650	Linde PLC		7,760,920
				23,277,470
		COMMERCIAL SERVICES - 1.5%
	14,600	Cintas Corp.		3,464,434
	20,400	Matthews International Corp.		710,940
				4,175,374
		COMPUTERS - 2.6%
	39,800	Accenture PLC - Cl. A		7,353,846

		COSMETICS/PERSONAL CARE - 2.1%
	38,166	Colgate-Palmolive Co.		2,735,357
	29,900	Procter & Gamble Co. (The)		3,278,535
				6,013,892
		DISTRIBUTION/WHOLESALE - 0.5%
	5,000	WW Grainger, Inc.		1,341,150

		DIVERSIFIED FINANCIAL SERVICES - 1.4%
	23,490	Visa, Inc. - Cl. A		4,076,690

		ELECTRONICS - 3.3%
	45,160	Honeywell International, Inc.		7,884,484
	53,070	nVent Electric PLC		1,315,605
	6,676	Resideo Technologies, Inc. *		146,338
				9,346,427
		ENVIRONMENTAL CONTROL - 0.6%
	47,670	Pentair PLC		1,773,324

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		FOOD - 1.1%
	21,060	McCormick & Co., Inc. (The)	$	3,264,511

		HEALTHCARE-PRODUCTS - 10.3%
	47,100	Abbott Laboratories		3,961,110
	27,700	Becton Dickinson and Co.		6,980,677
	25,400	Dentsply Sirona, Inc.		1,482,344
	60,300	Medtronic PLC		5,872,617
	39,500	Stryker Corp.		8,120,410
	24,800	West Pharmaceutical Services, Inc.		3,103,720
				29,520,878
		INSURANCE - 0.9%
	29,700	Aflac, Inc.		1,627,857
	6,593	Chubb Ltd.		971,083
				2,598,940
		IRON/STEEL - 0.4%
	20,110	Nucor Corp.		1,108,061

		MACHINERY-DIVERSIFIED - 5.5%
	32,700	Dover Corp.		3,276,540
	34,240	Roper Technologies, Inc.		12,540,742
				15,817,282
		MEDIA - 0.2%
	12,140	John Wiley & Sons, Inc.		556,740

		MISCELLANEOUS MANUFACTURING - 1.5%
	21,880	Carlisle Cos, Inc.		3,072,171
	26,329	Donaldson Co., Inc.		1,339,093
				4,411,264
		OIL & GAS - 2.9%
	9,900	Chevron Corp.		1,231,956
	32,200	EOG Resources, Inc.		2,999,752
	22,200	Exxon Mobil Corp.		1,701,186
	49,200	Occidental Petroleum Corp.		2,473,776
				8,406,670
		OIL & GAS SERVICES - 0.9%
	28,200	Apergy Corp. *		945,828
	37,600	Schlumberger Ltd.		1,494,224
				2,440,052
		PHARMACEUTICALS - 3.1%
	17,660	AbbVie, Inc.		1,284,235
	24,190	CVS Health Corp.		1,318,113
	30,200	Johnson & Johnson		4,206,256
	16,900	Perrigo Co. PLC		804,778
	28,200	Pfizer, Inc.		1,221,624
				8,835,006
		RETAIL - 6.1%
	40,524	Gap, Inc. (The)		728,216
	18,470	McDonald’s Corp.		3,835,480
	40,600	Ross Stores, Inc.		4,024,272
	17,700	Target Corp.		1,532,997
	37,600	Tiffany & Co.		3,520,864
	17,670	Walgreens Boots Alliance, Inc.		966,019

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares					Value
		RETAIL - 6.1% (Continued)
	26,300	Wal-Mart Inc.			$	2,905,887
						17,513,735
		SEMICONDUCTORS - 4.7%
	61,171	Analog Devices, Inc.				6,904,371
	55,800	Texas Instruments, Inc.				6,403,608
						13,307,979
		SOFTWARE - 4.2%
	89,410	Microsoft Corp.				11,977,364

		TRANSPORTATION - 0.7%
	100	Norfolk Southern Corp.				19,933
	19,410	United Parcel Service, Inc.				2,004,471
						2,024,404

		TOTAL COMMON STOCKS (Cost - $139,998,680)				204,276,641

Principal Amount			Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES - 7.3%
$	300,000	Alinea CLO 2018-1 Ltd. 3 Month LIBOR +1.65 (a)^	4.241	7/20/2031		296,098
	400,000	AMMC CLO XI Ltd. 3 Month LIBOR + 1.90 (a)^	4.483	4/30/2031		383,427
	300,000	AMMC CLO 21 Ltd. 3 Month LIBOR + 2.10 (a)^	4.676	11/2/2030		291,780
	250,000	Antares CLO 2018-1 Ltd. 3 Month LIBOR + 1.65 (a)^	4.241	4/20/2031		249,994
	250,000	ARES LII CLO Ltd. 3 Month LIBOR + 1.65 (a)^	4.259	4/22/2031		249,992
	300,000	Atrium XIV LLC 3 Month LIBOR + 1.45 (a)^	4.051	8/23/2030		296,416
	250,000	BCC Middle Market CLO 2018-1 LLC 3 Month LIBOR + 2.15 (a)^	4.741	10/20/2030		245,399
	150,000	Bellemeade Re 2018-1 Ltd. 1 Month LIBOR + 1.60 (a)^	4.030	4/25/2028		150,542
	250,000	Betony CLO 2 Ltd. 3 Month LIBOR + 1.08 (a)^	3.663	4/30/2031		247,627
	250,000	BlueMountain CLO 2014-2 Ltd. 3 Month LIBOR + 1.40 (a)^	3.992	10/20/2030		248,367
	200,000	BlueMountain Fuji CLO II Ltd. 3 Month LIBOR + 2.15 (a)^	4.741	10/20/2030		197,603
	151,772	BRAVO Residential Funding Trust 2019-1 (a)	3.500	3/25/2058		154,682
	1,000,000	Carlyle Global Market Strategies CLO 2015-2 3 Month LIBOR + 0.78 (a)^	3.362	4/27/2027		997,932
	250,000	Carlyle Global Market Strategies CLO 2015-1 LLC 3 Month LIBOR + 2.20 (a)^	4.797	10/15/2031		247,870
	200,000	Carlyle Global Market Strategies CLO 2017-4 A1 3 Month LIBOR + 2.80 (a)^	5.397	1/15/2030		191,996
	192,529	CIM Trust 2018-INV1 (a)^	4.000	8/25/2048		199,438
	236,683	CIM Trust 2019-INV1 (a)^	4.000	2/25/2049		243,108
	160,000	DBCG 2017-BBG Mortgage Trust 1 Month LIBOR + 0.70 (a)^	3.094	6/15/2034		159,512
	300,000	Dryden 50 Senior Loan Fund 3 Month LIBOR + 2.25 (a)^	4.847	7/15/2030		299,035
	300,000	Dryden 64 CLO Ltd. 3 Month LIBOR + 2.65 (a)^	5.251	4/18/2031		288,172
	250,000	Eleven Madison Trust 2015-11MD Mortgage Trust (a)^	3.673	9/10/2035		264,775
	250,000	Ellington CLO III Ltd. 3 Month LIBOR + 1.65 (a)^	4.241	7/20/2030		248,592
	279,811	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.60^	5.004	5/25/2024		291,739
	313,800	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.60^	5.004	5/25/2024		326,214
	271,465	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 2.90^	5.330	7/25/2024		293,851
	421,607	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 3.00^	5.430	7/25/2024		445,014
	250,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 3.55^	5.980	7/25/2029		264,616
	138,487	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.00^	6.430	5/25/2025		147,559
	164,215	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.00^	6.430	5/25/2025		171,867
	195,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.25^	6.680	1/25/2029		209,369
	250,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.40^	6.830	1/25/2024		274,715
	316,778	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 4.90^	7.330	11/25/2024		349,896
	199,153	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 5.00^	7.430	7/25/2025		217,548
	156,068	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 5.00^	7.430	7/25/2025		165,668
	186,679	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 5.25^	7.680	10/25/2023		207,891

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 7.3% (Continued)
$	130,000	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 5.75^	8.180	7/25/2029	$	154,408
	241,825	Fannie Mae Connecticut Avenue Securities 1 Month LIBOR + 6.00^	8.404	9/25/2028		267,263
	278,755	Flagship CLO VIII Ltd. 3 Month LIBOR + 0.85 (a)^	3.451	1/16/2026		278,212
	250,000	Flagship CLO VIII Ltd. 3 Month LIBOR + 3.05 (a)^	5.651	1/16/2026		250,002
	350,000	Freddie Mac - STACR 1 Month LIBOR + 3.25^	5.654	5/25/2025		374,773
	270,279	Freddie Mac - STACR 1 Month LIBOR + 3.80^	6.204	3/25/2025		278,842
	300,000	Freddie Mac - STACR 1 Month LIBOR + 3.90^	6.304	12/25/2027		315,418
	405,627	Freddie Mac - STACR 1 Month LIBOR + 4.00^	6.404	8/25/2024		429,395
	205,091	Freddie Mac - STACR 1 Month LIBOR + 4.15^	6.554	1/25/2025		214,408
	500,000	Freddie Mac - STACR 1 Month LIBOR + 4.65^	7.054	10/25/2028		542,992
	250,000	Freddie Mac - STACR 1 Month LIBOR + 4.70^	7.104	4/25/2028		277,873
	250,000	Freddie Mac - STACR 1 Month LIBOR + 5.15^	7.554	11/25/2028		278,875
	650,000	Freddie Mac - STACR 1 Month LIBOR + 5.55^	7.954	7/25/2028		735,506
	200,000	Gilbert Park CLO Ltd. 3 Month LIBOR + 2.95 (a)^	5.547	10/15/2030		195,405
	250,000	Halcyon Loan Advisors Funding 2018-1 Ltd. 3 Month LIBOR + 1.80 (a)^	4.391	7/20/2031		246,395
	200,000	Hayfin Kingsland IX Ltd. 3 Month LIBOR + 1.80 (a)^	4.382	4/28/2031		199,659
	152,482	Invitation Homes Trust 1 Month LIBOR + 0.85 (a)^	3.244	12/17/2036		151,465
	500,000	LCM XXV Ltd. 3 Month LIBOR + 2.30 (a)^	4.892	7/20/2030		499,044
	250,000	Madison Park Euro Funding XIV DAC 3 Month LIBOR + 1.12 (a)^	—	7/15/2032		284,700
	918,000	Madison Park Funding XXVII Ltd. 3 Month LIBOR + 1.13 (a)^	3.722	4/20/2030		899,741
	180,886	Mill City Mortgage Loan Trust 2016-1 (a)^	2.500	4/25/2057		179,824
	210,000	Mill City Mortgage Loan Trust 2018-4 (a)^	3.500	4/25/2066		215,540
	300,000	Neuberger Berman CLO XXII Ltd. 3 Month LIBOR + 1.40 (a)^	3.988	10/17/2030		297,133
	649,000	Neuberger Berman Loan Advisers CLO 27 Ltd. 3 Month LIBOR + 1.10 (a)^	3.697	1/15/2030		626,726
	200,000	NZCG Funding Ltd. 3 Month LIBOR + 1.55 (a)^	4.071	2/26/2031		196,489
	300,000	Octagon Investment Partners 33 Ltd. 3 Month LIBOR + 1.50 (a)^	4.092	1/20/2031		294,410
	100,000	Octagon Investment Partners 33 Ltd. 3 Month LIBOR + 2.75 (a)^	5.342	1/20/2031		96,216
	500,000	Octagon Investment Partners 35 Ltd. 3 Month LIBOR + 1.10 (a)^	3.692	1/20/2031		482,821
	250,000	Octagon Investment Partners XXIII Ltd. 3 Month LIBOR + 1.85 (a)^	4.447	7/15/2027		246,648
	250,000	Race Point X CLO Ltd. 3 Month LIBOR + 1.65 (a)^	4.230	7/25/2031		247,536
	135,094	Radnor RE 2018-1 Ltd. 1 Month LIBOR + 1.40 (a)^	3.830	3/25/2028		135,310
	200,000	Strata CLO I Ltd. 3 Month LIBOR + 2.20 (a)^	5.016	1/15/2031		199,216
	100,000	TCI-Flatiron CLO 2017-1 Ltd. 3 Month LIBOR + 2.75 (a)^	5.275	11/17/2030		95,694
	176,800	Towd Point Mortgage Trust (a)^	2.750	11/25/2060		175,495
	201,104	Towd Point Mortgage Trust 2016-4 (a)^	2.250	7/25/2056		197,045
	146,908	Towd Point Mortgage Trust 2017-1 (a)^	2.750	10/25/2056		147,607
	194,832	Towd Point Mortgage Trust 2017-2 (a)^	2.750	4/25/2057		194,981
	132,842	Towd Point Mortgage Trust 2017-3 (a)^	2.750	6/25/2057		133,398
	106,721	Towd Point Mortgage Trust 2017-4 (a)^	2.750	6/25/2057		106,072
	250,000	Voya CLO 2014-1 Ltd. 3 Month LIBOR + 2.80 (a)^	5.401	4/18/2031		240,568
		TOTAL ASSET BACKED SECURITIES(Cost - $21,182,882)				20,901,409

		CORPORATE BONDS - 7.0%
		AEROSPACE/DEFENSE - 0.2%
	300,000	Lockheed Martin Corp.	4.700	5/15/2046		367,050
	100,000	United Technologies Corp.	7.500	9/15/2029		137,800
						504,850
		AGRICULTURE - 0.1%
	300,000	Reynolds American, Inc.	5.700	8/15/2035		329,169

		APPAREL - 0.0% **
	100,000	Hanesbrands, Inc. (a)	4.875	5/15/2026		103,739

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		AUTO PARTS & EQUIPMENT - 0.1%
$	200,000	Aptiv Corp.	4.150	3/15/2024	$	210,521

		BANKS - 1.1%
	300,000	Banca Monte Dei Paschi di Siena SpA	2.125	11/26/2025		354,547
	500,000	Bank of America Corp.	3.500	4/19/2026		523,591
	200,000	Banque Centrale de Tunisie International Bond	5.625	2/17/2024		225,929
	300,000	Barclays PLC	4.375	9/11/2024		307,518
	500,000	Goldman Sachs Group, Inc. (The)	3.750	2/25/2026		521,908
	200,000	HSBC Holdings PLC	4.300	3/8/2026		214,817
	250,000	Industrial & Commercial Bank of China Ltd.	2.957	11/8/2022		252,087
	100,000	Intesa Sanpaolo SpA (a)	6.500	2/24/2021		105,246
	500,000	Morgan Stanley	3.875	1/27/2026		531,506
	200,000	Turkiye Vakiflar Bankasi TAO	2.375	5/4/2021		225,619
						3,262,768
		BIOTECHNOLOGY - 0.1%
	200,000	Biogen, Inc.	5.200	9/15/2045		224,634

		CHEMICALS - 0.1%
	200,000	SABIC Capital II BV (a)	4.500	10/10/2028		214,133

		COAL - 0.0% **
	100,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. (a)	7.500	6/15/2025		97,625

		COMMERICAL SERVICES - 0.1%
	100,000	Harsco Corp. (a)	5.750	7/31/2027		104,136
	100,000	United Rentals North America, Inc.	5.875	9/15/2026		106,500
						210,636
		COMPUTERS - 0.0% **
	100,000	Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (a)	6.750	6/1/2025		103,000

		DIVERSIFIED FINANCIAL SERVICES - 0.2%
	300,000	Capital One Financial Corp.	3.200	2/5/2025		305,742
	200,000	Navient Corp.	6.750	6/25/2025		207,000
	100,000	Springleaf Finance Corp.	6.625	1/5/2028		105,000
						617,742
		ELECTRIC - 0.9%
	100,000	Calpine Corp.	5.750	1/15/2025		99,250
	200,000	Dominion Energy, Inc.	3.900	10/1/2025		213,250
	100,000	Duke Energy Carolinas LLC	6.100	6/1/2037		131,279
	100,000	Duke Energy Indiana LLC	3.750	7/15/2020		101,433
	200,000	EDP Finance BV (a)	3.625	7/15/2024		205,561
	400,000	Electricite De France SA 10 Year Swap Rate + 3.71 (a)^	5.250	1/29/2049		408,000
	200,000	Israel Electric Corp. Ltd. (a)	4.250	8/14/2028		207,952
	200,000	PacifiCorp.	6.100	8/1/2036		262,567
	300,000	Southern Co. (The)	3.250	7/1/2026		304,676
	300,000	State Grid Overseas Investment 2016 Ltd. (a)	3.500	5/4/2027		310,642
	100,000	Talen Energy Supply LLC (a)	7.250	5/15/2027		102,500
	300,000	Three Gorges Finance I Cayman Islands Ltd. (a)	3.700	6/10/2025		313,536
						2,660,646
		ENGINEERING & CONSTRUCTION - 0.1%
	200,000	Mexico City Airport Trust (a)	5.500	7/31/2047		199,250

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ENTERTAINMENT - 0.0% **
$	100,000	Stars Group Holdings BV/Stars Group U.S. Co-Borrower LLC (a)	7.000	7/15/2026	$	105,750

		FOOD - 0.2%
	300,000	Kraft Heinz Foods Co.	3.000	6/1/2026		291,926
	300,000	Kroger Co. (The)	4.000	2/1/2024		317,163
						609,089
		FOOD SERVICE - 0.1%
	200,000	Aramark Services, Inc. (a)	5.000	2/1/2028		205,750

		HEALTHCARE-PRODUCTS - 0.1%
	100,000	Avantor, Inc. (a)	6.000	10/1/2024		106,400
	200,000	Edwards Lifesciences Corp.	4.300	6/15/2028		216,216
						322,616
		HEALTHCARE-SERVICES - 0.1%
	100,000	Centene Corp. (a)	5.375	6/1/2026		105,125
	100,000	CHS/Community Health Systems, Inc.	6.250	3/31/2023		96,250
	100,000	MEDNAX, Inc. (a)	6.250	1/15/2027		98,375
	35,000	Orlando Health Obligated Group	3.777	10/1/2028		37,284
						337,034
		INSURANCE - 0.3%
	300,000	Liberty Mutual Group, Inc. (a)	4.950	2/1/2029		329,747
	400,000	Teachers Insurance & Annuity Association of America (a)	4.900	9/15/2044		468,072
						797,819
		INTERNET - 0.3%
	100,000	Amazon.com, Inc.	2.800	8/22/2024		103,289
	200,000	Baidu, Inc.	4.375	5/14/2024		211,946
	200,000	Symantec Corp. (a)	5.000	4/15/2025		205,031
	200,000	Tencent Holdings Ltd. (a)	3.595	1/19/2028		204,201
						724,467
		LODGING - 0.1%
	200,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. LLC (a)	5.250	5/15/2027		200,750

		MACHINERY - CONSTRUCTION AND MINING - 0.0% **
	100,000	Vertiv Group Corp. (a)	9.250	10/15/2024		95,750

		MACHINERY - DIVERSIFIED - 0.1%
	100,000	CNH Industrial NV	3.850	11/15/2027		99,859
	100,000	Tennant Co.	5.625	5/1/2025		103,250
						203,109
		MEDIA - 0.3%
	100,000	CCO Holdings LLC/CCO Holdings Capital Corp. (a)	5.125	5/1/2027		103,536
	200,000	Comcast Corp.	3.150	2/15/2028		205,276
	200,000	CSC Holdings LLC (a)	5.500	5/15/2026		209,740
	100,000	Nexstar Broadcasting, Inc. (a)	5.625	8/1/2024		103,596
	100,000	Nexstar Escrow, Inc. (a)	5.625	7/15/2027		102,375
						724,523
		MINING - 0.2%
	100,000	First Quantum Minerals Ltd. (a)	7.250	4/1/2023		97,375
	100,000	Freeport-McMoRan, Inc.	3.875	3/15/2023		100,000
	200,000	Glencore Finance Canada Ltd. (a)	4.950	11/15/2021		209,676
	100,000	Northwest Acquistions ULC/Dominion Finco, Inc. (a)	7.125	11/1/2022		69,000
						476,051

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		OIL & GAS - 0.3%
$	150,000	Aker BP ASA (a)	4.750	6/15/2024	$	154,605
	100,000	Anadarko Petroleum Corp.	6.450	9/15/2036		122,944
	100,000	BP Capital Markets PLC	3.535	11/4/2024		105,486
	100,000	Chevron Corp.	2.895	3/3/2024		103,298
	100,000	Harvest Operations Corp. (a)	4.200	6/1/2023		105,917
	100,000	Shell International Financial Corp.	3.400	8/12/2023		104,397
	100,000	Sunoco LP/Sunoco Finance Corp.	4.875	1/15/2023		102,125
	100,000	Total Capital International SA	3.750	4/10/2024		106,624
						905,396
		OIL & GAS SERVICES - 0.0% **
	200,000	Weatherford International Ltd.	8.250	6/15/2023		104,500

		PACKAGING & CONTAINERS - 0.2%
	200,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (a)	6.000	2/15/2025		207,250
	100,000	Broadway Holding Co. (a)	7.250	4/15/2025		96,500
	100,000	OI European Group BV (a)	4.000	3/15/2023		100,500
	100,000	Plastipak Holdings, Inc. (a)	6.250	10/15/2025		90,500
	100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (a)	7.000	7/15/2024		103,402
						598,152
		PHARMACEUTICALS - 0.3%
	100,000	Allergan Funding SCS	4.550	3/15/2035		100,968
	200,000	Bayer U.S. Finance LLC (a)	3.000	10/8/2021		201,483
	100,000	Bayer U.S. Finance II LLC (a)	4.375	12/15/2028		105,448
	100,000	Cigna Corp. (a)	4.125	11/15/2025		106,494
	100,000	CVS Health Corp.	4.300	3/25/2028		105,448
	200,000	Endo DAC/Endo Finance Ltd. (a)	6.000	2/1/2025		134,000
						753,841
		PIPELINES - 0.2%
	100,000	Cheniere Energy Partners LP	5.250	10/1/2025		103,375
	100,000	Enterprise Products Operating LLC	4.450	2/15/2043		104,429
	400,000	Sabine Pass Liquefacation LLC	5.000	3/15/2027		438,582
						646,386
		REAL ESTATE INVESTMENT TRUSTS - 0.3%
	300,000	American Tower Corp.	4.400	2/15/2026		324,181
	100,000	Equinix, Inc.	5.375	4/1/2023		102,000
	300,000	National Retail Properties, Inc.	4.300	10/15/2028		324,332
						750,513
		RETAIL - 0.2%			��
	100,000	Beacon Roofing Supply, Inc. (a)	4.875	11/1/2025		99,000
	300,000	Dollar Tree, Inc.	4.000	5/15/2025		312,719
	100,000	Party City Holdings, Inc. (a)	6.625	8/1/2026		97,000
	30,000	PetSmart, Inc. (a)	7.125	3/15/2023		28,125
						536,844
		SEMICONDUCTORS - 0.0% **
	100,000	Qorvo, Inc.	5.500	7/15/2026		105,830

		SOFTWARE - 0.1%
	100,000	Ascend Learning LLC (a)	6.875	8/1/2025		101,750
	200,000	Fiserv, Inc.	3.850	6/1/2025		211,687
						313,437
		TELECOMMUNICATIONS - 0.4%
	100,000	CommScope Technologies LLC (a)	5.000	3/15/2027		87,000

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		TELECOMMUNICATIONS - 0.4% (Continued)
$	200,000	Juniper Networks, Inc.	4.350	6/15/2025	$	211,902
	150,000	Sprint Corp.	7.125	6/15/2024		159,045
	150,000	Telefonica Emisiones, S.A.	4.570	4/27/2023		162,208
	300,000	Verizon Communications, Inc.	2.625	8/15/2026		298,053
	200,000	West Corp. (a)	8.500	10/15/2025		175,000
						1,093,208
		TRANSPORTATION - 0.1%
	200,000	FedEx Corp.	3.250	4/1/2026		207,610
	200,000	Russian Railways Via RZD Capital PLC	5.700	4/5/2022		210,768
						418,378
		TRUCKING & LEASING - 0.1%
	200,000	DAE Funding LLC (a)	5.000	8/1/2024		208,250

		TOTAL CORPORATE BONDS (Cost $19,644,715)				19,976,156

		MUNICIPAL BOND - 0.0% **
	90,000	San Jose Redevelopment Agency Successor Agency (Cost $90,000)	3.226	8/1/2027		94,390

		TERM LOANS - 1.4%
	60,000	Adient PLC ^	—	5/6/2024		58,388
	77,569	Allegiant Travel ^	7.065	1/29/2024		77,521
	14,988	American Airlines, Inc. ^	4.412	10/10/2021		14,927
	98,977	American Airlines, Inc. ^	4.180	6/27/2025		96,202
	120,483	Aramark Corp. ^	4.188	3/28/2024		120,031
	71,448	Aristocrat Technologies ^	4.341	10/19/2024		70,779
	148,111	Ashland Global LLC ^	4.187	5/17/2024		147,609
	220,511	Avis Budget Car Rental ^	4.440	2/13/2025		219,823
	148,125	Axalta Coating Systems ^	4.351	6/1/2024		146,228
	196,000	Cablevision ^	4.644	7/17/2025		192,631
	53,463	Caliber Collision ^	5.919	1/24/2026		53,463
	2,353	Carbonite ^	—	3/22/2026		2,355
	99,747	Charter Communications ^	4.440	4/13/2025		99,597
	17,256	Chemours, Inc. ^	4.190	4/3/2025		16,734
	76,184	Commscope, Inc. ^	5.689	2/7/2026		75,880
	99,222	Eldorado Resorts, Inc. ^	4.750	4/17/2024		98,757
	34,386	Endo Luxenbourg Finance ^	6.750	4/29/2024		32,208
	90,105	Felp TL B 1L USD Corp. ^	8.272	3/28/2022		73,136
	100,000	Fieldwood Energy ^	7.688	4/11/2022		92,406
	42,926	General Nutrition Centers, Inc. ^	9.440	12/31/2022		43,302
	39,900	Global Tel*Link ^	6.733	11/20/2025		38,087
	74,507	Go Daddy ^	4.439	2/15/2024		74,489
	34,359	Harbor Freight Tools	4.939	8/19/2023		33,408
	42,918	HCA, Inc. ^	4.188	3/18/2023		42,912
	96,212	Hertz Corp. ^	5.190	6/30/2023		95,761
	236,839	Hilton Worldwide Finance LLC ^	4.180	10/25/2023		236,794
	106,151	Horizon Therapeutics ^	—	3/29/2024		105,908
	112,328	IMS ^	4.601	1/13/2025		112,047
	138,416	JBS USA	5.025	4/25/2026		138,070
	19,836	Jo-Ann Stores, Inc. ^	7.592	10/23/2023		17,787
	39,500	Las Vegas Sands LLC ^	4.188	3/27/2025		39,172
	7,690	Legal Zoom ^	6.930	11/21/2024		7,695
	78,791	Live Nation Entertainment ^	4.250	10/31/2023		78,545

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		TERM LOANS - 1.4% (Continued)
$	122,936	Mallinckrodt International ^	5.351	9/24/2024	$	110,283
	244,671	Mediacom Illinois LLC ^	4.110	2/15/2024		242,591
	148,322	MKS Instruments ^	4.983	1/28/2023		143,410
	28,498	Michaels Stores, Inc. ^	4.688	2/1/2026		28,507
	59,060	Post Holdings, Inc. ^	4.404	5/24/2024		58,731
	98,734	Sinclair Television Group ^	4.690	1/3/2024		97,377
	70,937	Thor Industries ^	6.250	11/1/2025		69,829
	70,000	Tibco Software ^	—	6/12/2026		70,087
	19,920	Trans Union LLC ^	4.188	8/9/2022		19,852
	93,907	United Rentals NA	4.188	10/31/2025		93,819
	18,750	Valeant Pharmaceuticals International, Inc. ^	5.162	6/1/2025		18,628
	44,562	Valeant Pharmaceuticals International, Inc. ^	5.412	6/1/2025		44,535
	148,125	Yum! Brands ^	4.132	4/3/2025		147,546
		TOTAL TERM LOANS (Cost - $3,972,563)				3,897,847

		AGENCY MORTGAGE BACKED SECURITIES - 5.3%
		FEDERAL HOME LOAN MORTGAGE CORP. - 0.9%
	494,021	Freddie Mac Gold Pool	3.500	8/1/2047		510,057
	1,667,878	Freddie Mac Gold Pool	3.500	3/1/2048		1,711,137
	176,345	Freddie Mac Gold Pool	4.000	4/1/2048		183,502
	296,353	Freddie Mac Gold Pool	3.500	5/1/2049		303,609
						2,708,305
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.8%
	1,208,634	Fannie Mae Pool	3.000	9/1/2048		1,221,860
	1,502,283	Fannie Mae Pool	3.000	11/1/2048		1,518,733
	1,150,000	Fannie Mae Pool	3.500	6/25/2046		1,175,695
	1,574,947	Fannie Mae Pool	3.500	9/1/2047		1,623,770
	206,960	Fannie Mae Pool	3.500	3/1/2048		213,000
	278,668	Fannie Mae Pool	3.500	4/1/2048		286,275
	159,336	Fannie Mae Pool	3.500	6/1/2049		163,103
	2,221,000	Fannie Mae Pool	4.000	5/25/2046		2,295,265
	600,619	Fannie Mae Pool	4.000	10/1/2047		624,870
	1,600,000	Fannie Mae Pool	4.500	9/25/2044		1,671,750
						10,794,321
		GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.6%
	1,616,209	Ginnie Mae II Pool	4.500	5/20/2049		1,694,700

		TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $15,034,509)				15,197,326

		COMMERCIAL MORTGAGE OBLIGATION - 0.1%
	280,000	FREMF Mortgage Trust (a)^ (Cost - $283,135)	3.992	12/25/2050		291,615

		SOVEREIGN DEBT - 0.9%
	200,000	Angolan Government International Bond (a)	8.250	5/9/2028		214,024
	200,000	Colombia Government International Bond	5.000	6/15/2045		220,700
	400,000,000	Colombia Government International Bond	9.850	6/28/2027		157,005
	8,000,000	Dominican Republic International Bond (a)	8.900	2/15/2023		158,585
	200,000	Export-Import Bank of China (The) (a)	3.625	7/31/2024		209,417
	200,000	Export-Import Bank of India (a)	3.875	2/1/2028		205,266
	300,000	Export-Import Bank of Korea	2.250	1/21/2020		299,928
	200,000	Gabon Government International Bond (a)	6.375	12/12/2024		197,928
	250,000	Iraq International Bond (a)	5.800	1/15/2028		245,804
	200,000	Kazakhstan Government International Bond (a)	4.875	10/14/2044		230,200

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		SOVEREIGN DEBT - 0.9% (Continued)
$	2,500,000	Republic of South Africa Government Bond	7.000	2/28/2031	$	151,760
	200,000	Ukraine Government International Bond (a)	7.375	9/25/2032		196,440
	1,900,000	Uruguay Government International Bond	3.700	6/26/2037		132,227
		TOTAL SOVEREIGN DEBT (Cost - $2,407,080)				2,619,284

		U.S. TREASURY SECURITIES - 3.2%
	805,000	United States Treasury Bond	2.250	8/15/2046		760,536
	600,000	United States Treasury Bond	2.500	2/15/2045		597,727
	825,000	United States Treasury Bond	2.500	2/15/2046		820,682
	840,000	United States Treasury Bond	2.500	5/15/2046		835,144
	150,000	United States Treasury Bond	2.750	8/15/2047		156,551
	230,000	United States Treasury Bond	2.750	11/15/2047		240,071
	385,000	United States Treasury Bond	2.875	5/15/2043		411,769
	450,000	United States Treasury Bond	3.000	11/15/2044		491,625
	150,000	United States Treasury Bond	3.000	8/15/2048		164,508
	310,000	United States Treasury Bond	3.125	11/15/2041		346,958
	100,000	United States Treasury Bond	3.125	5/15/2048		112,211
	200,000	United States Treasury Bond	3.500	2/15/2039		237,570
	455,000	United States Treasury Inflation Index Note	0.125	7/15/2022		504,094
	550,000	United States Treasury Inflation Index Note	0.125	7/15/2024		590,899
	625,000	United States Treasury Inflation Index Note	0.375	7/15/2025		680,858
	110,000	United States Treasury Note	2.000	8/15/2025		111,053
	650,000	United States Treasury Note	2.000	11/15/2026		654,951
	650,000	United States Treasury Note	2.375	8/15/2024		669,043
	500,000	United States Treasury Note	2.375	5/15/2027		516,934
	200,000	United States Treasury Note	2.625	12/31/2025		209,461
		TOTAL U.S. TREASURY SECURITIES (Cost - $8,620,371)				9,112,645

		SHORT-TERM INVESTMENT - 0.6%
		MONEY MARKET FUND - 0.6%
	1,733,507	Fidelity Investments Money Market - Money Market Portfolio, Institutional Class to yield 2.25% (b)				1,733,507
		TOTAL SHORT-TERM INVESTMENTS (Cost - $1,733,507)

		TOTAL INVESTMENTS - 97.3% (Cost - $213,538,785)			$	278,667,320
		OTHER ASSETS LESS LIABILITIES - NET - 2.7%				7,401,617
		TOTAL NET ASSETS - 100.0%			$	286,068,937

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

Represents less than 0.05%

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

STACR - Structured Agency Credit Risk Debt

(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, 2019, these securities amounted to $23,312,781 or 8.2% of net assets.

(b)

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

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Futures Contracts
					Unrealized
					Appreciation/
	Counterparty	Contracts	Expiration Date	Notional Value	(Depreciation)
SHORT FUTURES CONTRACTS
Euro Bund Future	Morgan Stanley	1	Sep-19	196,716	$	(1,724	)
						(1,724	)

LONG FUTURES CONTRACT
Australian 3 Year Bond Future	Morgan Stanley	30	Sep-19	2,240,988		2,554
Australian 10 Year Bond Future	Morgan Stanley	9	Sep-19	907,259		4,087
Canadian 10 Year Bond Future	Morgan Stanley	6	Sep-19	656,269		5,940
U.S. 2 Year Note Future	Morgan Stanley	27	Sep-19	5,809,852		34,174
U.S. 5 Year Note Future	Morgan Stanley	14	Sep-19	1,654,188		1,078
U.S. 10 Year Note (CBT) Future	Morgan Stanley	7	Sep-19	895,781		17,172
U.S. 10 Year Ultra Bond Future	Morgan Stanley	4	Sep-19	552,500		4,930
U.S. Long Bond Future	Morgan Stanley	14	Sep-19	2,178,313		67,485
U.S. Ultra Bond Future	Morgan Stanley	2	Sep-19	355,125		8,125
						145,545
NET UNREALIZED APPRECIATION OF FUTURES CONTRACTS					$	143,821

See accompanying notes to financial statements.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

INTEREST RATE SWAPS*

											Premiums			Unrealized
		Floating Rate	Pay/Receive		Expiration	Notional					Paid/			Appreciation/
Counterparty	Floating Rate Index	as of 6/30/19	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	$	(1,166	)	$	—		$	(1,166	)
											$	—		$	(1,166	)

CURRENCY SWAPS*

											Premiums			Unrealized
		Floating Rate	Pay/Receive		Expiration	Notional					Paid/			Appreciation/
Counterparty	Floating Rate Index	as of 6/30/19	Floating Rate	Fixed Rate	Date	Amount		Value			(Received)			(Depreciation)
Citibank NA	USD - LIBOR - BBA	2.870%	Receive	2.50%	5/4/2021	$	232,400	$	11,965		$	—		$	11,965
											$	—		$	11,965

CREDIT DEFAULT SWAPS**

											Premiums			Unrealized
		Buy/Sell			Expiration	Notional					Paid/			Appreciation/
Counterparty	Index	Protection	Fixed Rate Received	Fixed Rate Paid	Date	Amount		Value			(Received)			(Depreciation)
JPMorgan	Ally Financial, Inc.	Buy	0.00%	5.00%	6/20/2024		350,000	$	(6,880	)	$	—		$	(6,880	)
BNP Paribas	CDX.NA.HY.32	Buy	0.00%	5.00%	6/20/2024		250,000		66			—			66
JPMorgan	Dish	Sell	5.00%	0.00%	6/20/2023		100,000		6,381			—			6,381
JPMorgan	Dish	Buy	0.00%	5.00%	6/20/2021		100,000		(1,851	)		—			(1,851	)
JPMorgan	Goldman Sachs	Sell	1.00%	0.00%	6/20/2024		350,000		4,116			—			4,116
Citibank NA	MCDX.NA.31	Sell	1.00%	0.00%	12/20/2023		1,050,000		10,306			—			10,306
JPMorgan	Morgan Stanley	Sell	1.00%	0.00%	6/20/2024		350,000		2,874			—			2,874
Citibank NA	Nabors Inds, Inc.	Buy	0.00%	1.00%	12/20/2021		170,000		5,160			—			5,160
Citibank NA	Nabors Inds, Inc.	Sell	1.00%	0.00%	12/20/2023		170,000		(3,050	)		—			(3,050	)
Barclays Bank PLC	Republic of Argentina	Sell	5.00%	0.00%	6/20/2023		105,000		(15,558	)		—			(15,558	)
Citibank NA	Republic of Argentina	Sell	5.00%	0.00%	12/20/2023		75,000		(8,296	)		—			(8,296	)
Citibank NA	Russian Foreign Bond	Sell	1.00%	0.00%	6/20/2024		140,000		954			(113	)		1,067
Citibank NA	Republic of Indonesia	Sell	1.00%	0.00%	6/20/2024		255,000		783			81			702
JPMorgan	Republic of Italy	Buy	0.00%	1.00%	6/20/2023		170,000		3,220			—			3,220
JPMorgan	Republic of Italy	Sell	1.00%	0.00%	6/20/2023		170,000		5,357			—			5,357
Citibank NA	Spain Government International	Sell	1.00%	0.00%	6/20/2024		200,000		752			—			752
JPMorgan	Republic of Argentina	Sell	5.00%	0.00%	6/20/2023		90,000		3,537			(475	)		4,012
											$	(507	)	$	8,378

TOTAL RETURN SWAPS**

											Premiums			Unrealized
		Buy/Sell	Floating Rate		Expiration	Notional					Paid/			Appreciation/
Counterparty	Index	Protection	Received	Floating Rate Paid	Date	Amount		Value			(Received)			(Depreciation)
Citibank NA	iBoxx $ Liquid	Buy	0.00%	USD - LIBOR - BBA	9/20/2019	$	400,000	$	7,236		$	—		$	7,236
Citibank NA	iBoxx $ Liquid	Buy	0.00%	USD - LIBOR - BBA	9/20/2019		269,998		4,808			—			4,808
											$	—		$	12,044

Net unrealized appreciation on swap contracts											$	(507	)	$	31,221

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, 2019 (Unaudited)

Schedule of Forward Foreign Currency Contracts

		Currency Units to				Unrealized Appreciation/
Settlement Date	Counterparty	Receive		In Exchange For		(Depreciation)
9/18/2019	Deutsche Bank	2,370,000	NOK	271,708	USD	$	6,882
9/18/2019	Deutsche Bank	500,000	PLN	131,543	USD		2,775
9/18/2019	Deutsche Bank	1,242,000	SEK	133,525	USD		1,100
9/18/2019	Deutsche Bank	29,924	USD	40,000	CAD		(730	)
9/18/2019	Deutsche Bank	164,619	USD	220,000	CAD		(3,981	)
9/18/2019	Deutsche Bank	522,908	USD	458,000	EUR		(1,942	)
9/18/2019	Deutsche Bank	132,721	USD	500,000	PLN		(1,597	)
9/18/2019	Deutsche Bank	135,619	USD	1,242,000	SEK		995
9/18/2019	Deutsche Bank	98,512	USD	131,000	CAD		(1,882	)
9/18/2019	Deutsche Bank	110,419	USD	98,000	EUR		(1,885	)
9/18/2019	Deutsche Bank	111,731	USD	98,731	EUR		(1,411	)
9/18/2019	Deutsche Bank	271,211	USD	2,570,000	SEK		(7,359	)
9/27/2019	Deutsche Bank	890,000	CNY	132,612	USD		(3,025	)
9/27/2019	Deutsche Bank	210,322	USD	238,000,000	KRW		3,628
9/27/2019	Deutsche Bank	263,456	USD	1,770,000	CNY		5,737
9/27/2019	Deutsche Bank	215,511	USD	1,490,000	CNY		(1,439	)
10/11/2019	Deutsche Bank	209,258	USD	293,000	AUD		3,039
10/11/2019	Deutsche Bank	163,314	USD	237,000	AUD		(3,490	)
10/18/2019	Deutsche Bank	655,000	TRY	100,761	USD		6,280
12/16/2019	Deutsche Bank	480,000,000	IDR	32,771	USD		560
12/16/2019	Deutsche Bank	2,000,000,000	IDR	136,846	USD		2,036
12/16/2019	Deutsche Bank	1,330,000	MXN	67,373	USD		(52	)
12/16/2019	Deutsche Bank	1,950,000	MXN	98,918	USD		(215	)
NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS						$	4,024

See accompanying notes to financial statements.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares					Value
		EXCHANGE TRADED FUNDS - 42.4%
		DEBT FUNDS - 16.8%
	26,900	iShares 7-10 Year Treasury Bond ETF			$	2,959,538
	25,057	iShares Short Maturity Bond ETF				1,261,119
	13,750	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF				1,259,637
						5,480,294
		EQUITY FUNDS - 25.6%
	10,436	iShares Core S&P 500 ETF				3,076,011
	7,363	SPDR S&P 500 ETF Trust				2,157,359
	11,537	Vanguard S&P 500 ETF				3,105,184
						8,338,554

		TOTAL EXCHANGE TRADED FUNDS (Cost $11,753,521)				13,818,848

Principal
Amount			Coupon Rate (%)	Maturity
		U.S. TREASURY NOTE - 51.8%
$	16,450,000	United States Treasury Note (Cost $16,642,411)	2.25	8/15/2027		16,849,041

Shares
		SHORT-TERM INVESTMENT - 6.1%
		MONEY MARKET FUND - 6.1%
	1,983,094	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $1,983,094)				1,983,094

		TOTAL INVESTMENTS - 100.3% (Cost - $30,379,026)			$	32,650,983
		OTHER ASSETS LESS LIABILITIES - NET - (0.3)%				(97,563	)
		TOTAL NET ASSETS - 100.0%			$	32,553,420

ETF - Exchange Traded Fund

(a)

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

See accompanying notes to financial statements.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Futures Contracts

		Number of				Unrealized Appreciation/
	Counterparty	Contracts	Expiration Date	Notional Amount		(Depreciation)
LONG FUTURES CONTRACTS
Euro STOXX 50 Index	Morgan Stanley	88	Sep-19		3,473,432	$	22,087
FTSE 100 Index Future	Credit Suisse	13	Sep-19		1,219,209		(1,602	)
							20,485

TOTAL NET UNREALIZED APPRECIATION OF FUTURES CONTRACTS						$	20,485

See accompanying notes to financial statements.

Global Atlantic Growth Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 95.4%
		DEBT FUNDS - 15.3%
	89,507	iShares 1-3 Year Treasury Bond ETF	$	7,588,403
	10,446	iShares 20+ Year Treasury Bond ETF		1,387,333
	204,025	iShares Broad USD Investment Grade Corporate Bond ETF		11,643,707
	324,401	iShares Core U.S. Aggregate Bond ETF		36,122,051
	40,876	iShares Floating Rate Bond ETF		2,081,815
	9,798	iShares JP Morgan USD Emerging Markets Bond ETF		1,110,015
	90,184	iShares Short-Term Corporate Bond ETF		4,819,433
	50,600	iShares US Treasury Bond ETF		1,306,239
				66,058,996
		EQUITY FUNDS - 80.1%
	841,020	iShares Core MSCI EAFE ETF		51,638,628
	64,322	iShares Core MSCI Emerging Markets ETF		3,308,724
	649,847	iShares Core S&P 500 ETF		191,542,403
	185,246	iShares Core S&P Mid-Cap ETF		35,985,888
	331,070	iShares Core S&P Small-Cap ETF		25,916,160
	44,410	iShares MSCI Japan ETF		2,423,898
	216,610	iShares Russell 1000 ETF		35,261,942
				346,077,643
		TOTAL EXCHANGE TRADED FUNDS (Cost - $323,291,710)		412,136,639

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	20,750	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $20,750)		20,750

		TOTAL INVESTMENTS - 95.4% (Cost - $323,312,460)	$	412,157,389
		OTHER ASSETS LESS LIABILITIES - NET - 4.6%		19,805,900
		TOTAL NET ASSETS - 100.0%	$	431,963,289

EAFE - Europe, Australasia, and the Far East

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

Represents less than 0.05%

(a)

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

See accompanying notes to financial statements.

Global Atlantic Moderate Growth Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 95.2%
		DEBT FUNDS - 30.5%
	59,014	iShares 1-3 Year Treasury Bond ETF	$	5,003,207
	6,887	iShares 20+ Year Treasury Bond ETF		914,662
	134,282	iShares Broad USD Investment Grade Corporate Bond ETF		7,663,474
	213,282	iShares Core U.S. Aggregate Bond ETF		23,748,951
	26,951	iShares Floating Rate Bond ETF		1,372,614
	6,340	iShares JP Morgan USD Emerging Markets Bond ETF		718,259
	59,461	iShares Short-Term Corporate Bond ETF		3,177,596
	32,841	iShares US Treasury Bond ETF		847,790
				43,446,553
		EQUITY FUNDS - 64.7%
	215,225	iShares Core MSCI EAFE ETF		13,214,815
	11,928	iShares Core MSCI Emerging Markets ETF		613,576
	171,348	iShares Core S&P 500 ETF		50,504,823
	52,061	iShares Core S&P Mid-Cap ETF		10,113,370
	98,299	iShares Core S&P Small-Cap ETF		7,694,846
	12,407	iShares MSCI Japan ETF		677,174
	57,743	iShares Russell 1000 ETF		9,399,983
				92,218,587
		TOTAL EXCHANGE TRADED FUNDS (Cost - $112,028,778)		135,665,140

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	3,513	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $3,513)		3,513

		TOTAL INVESTMENTS - 95.2% (Cost - $112,032,291)	$	135,668,653
		OTHER ASSETS LESS LIABILITIES - NET - 4.8%		6,895,544
		TOTAL NET ASSETS - 100.0%	$	142,564,197

EAFE - Europe, Australasia, and the Far East

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

Represents less than 0.05%

(a)

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

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares					Value
		EXCHANGE TRADED FUNDS - 30.1%
		EQUITY FUNDS - 30.1%
	60,356	iShares MSCI EAFE ETF			$	3,967,200
	13,544	SPDR S&P 500 ETF Trust				3,968,392
		TOTAL EXCHANGE TRADED FUNDS(Cost - $6,252,295)				7,935,592

Principal
Amount			Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES - 3.1%
$	183,759	Aames Mortgage Investment Trust 2006-1 (1 Month US LIBOR + 0.48) (b)	2.91	4/25/2036		164,480
	11,726	ACE Securities Corp. Home Equity Loan Trust Series 2002-HE2 (1 Month US LIBOR + 1.275) (b)	3.68	8/25/2032		11,518
	14,475	ACE Securities Corp. Home Equity Loan Trust Series 2006-OP1 (1 Month US LIBOR + 0.15) (b)	2.55	4/25/2036		14,305
	83,779	Avery Point III CLO Ltd. (3 Month US LIBOR + 1.12) (a,b)	3.72	1/18/2025		83,814
	100,000	Citigroup Commercial Mortgage Trust 2019-SMRT (a)	4.15	1/10/2024		107,057
	28,386	Citigroup Mortgage Loan Trust 2007-AMC1 (1 Month US LIBOR + 0.16) (a,b)	2.56	12/25/2036		18,370
	15,844	Countrywide Asset-Backed Certificates (1 Month US LIBOR + 0.13) (b)	2.53	12/25/2036		14,251
	23,017	Countrywide Asset-Backed Certificates (1 Month US LIBOR + 0.14) (b)	2.54	6/25/2047		18,700
	58,921	Countrywide Asset-Backed Certificates (1 Month US LIBOR + 0.15) (b)	2.55	5/25/2037		56,984
	133,265	Countrywide Asset-Backed Certificates (1 Month US LIBOR + 0.37) (b)	2.77	4/25/2036		128,056
	10,559	CWABS Asset-Backed Certificates Trust 2006-17 (1 Month US LIBOR + 0.15) (b)	2.55	3/25/2047		9,984
	27,686	FBR Securitization Trust (1 Month US LIBOR + 0.68) (b)	3.11	10/25/2035		27,000
	19,439	GSAMP Trust 2006-HE4 (1 Month US LIBOR + 0.14) (b)	2.57	6/25/2036		18,386
	7,744	Long Beach Mortgage Loan Trust 2004-2 (1 Month US LIBOR + 1.62) (b)	4.02	6/25/2034		7,605
	25,181	Long Beach Mortgage Loan Trust 2005-3 (1 Month US LIBOR + 0.52) (b)	2.95	8/25/2045		23,830
	28,779	Long Beach Mortgage Loan Trust 2006-7 (1 Month US LIBOR + 0.155) (b)	2.56	8/25/2036		17,366
	18,722	RASC Series 2004-KS10 Trust (1 Month US LIBOR + 1.725) (b)	4.13	11/25/2034		18,384
	33,325	SLC Student Loan Trust 2006-2 (3 Month LIBOR + 0.10) (b)	2.51	9/15/2026		33,290
	12,266	SLM Student Loan Trust 2005-3 (3 Month LIBOR + 0.09) (b)	2.67	10/25/2024		12,257
	16,926	Soundview Home Loan Trust 2007-WMC1 (1 Month US LIBOR + 0.11) (b)	2.51	2/25/2037		6,408
	6,359	Structured Asset Investment Loan Trust 2004-7 (1 Month US LIBOR + 1.05) (b)	3.45	8/25/2034		6,245
	18,209	Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC2 (1 Month US LIBOR + 0.15) (b)	2.58	9/25/2036		16,649
		TOTAL ASSET BACKED SECURITIES(Cost - $802,174)				814,939

		CORPORATE BONDS - 13.6%
		AEROSPACE/DEFENSE - 0.2%
	50,000	Rockwell Collins, Inc.	3.50	3/15/2027		52,030
					��
		AGRICULTURE - 0.0% *
	10,000	Reynolds American, Inc.	5.85	8/15/2045		10,770

		AIRLINES - 0.5%
	39,904	Spirit Airlines Pass Through Trust 2015-1A	4.10	4/1/2028		41,720
	92,085	United Airlines 2016-1 Class AA Pass Through Trust	3.10	1/7/2030		92,513
						134,233
		AUTO MANUFACTURERS - 0.4%
	100,000	Nissan Motor Acceptance Corp. (3 Month US LIBOR + 0.89) (a,b)	3.49	1/13/2022		100,105

		BANKS - 6.5%
	100,000	Banco La Hipotecaria SA (a)	4.75	11/15/2022		101,072
	100,000	Bank of America Corp. (3 Month US LIBOR + 1.09) (b)	3.09	10/1/2025		102,467
	11,000	Bank of America Corp. (3 Month US LIBOR + 1.04) (b)	3.42	12/20/2028		11,319
	14,000	Bank of America Corp.	4.00	4/1/2024		14,919
	200,000	Barclays PLC (3 Month US LIBOR + 1.40) (b)	4.61	2/15/2023		206,936
	50,000	Citigroup, Inc.	2.65	10/26/2020		50,176
	200,000	Development Bank of Japan, Inc. (a)	1.63	9/1/2021		198,064
	100,000	Goldman Sachs Group, Inc. (The) (3 Month US LIBOR + 1.11) (b)	3.70	4/26/2022		100,833
	10,000	Goldman Sachs Group, Inc. (The)	3.75	5/22/2025		10,460
	15,000	Goldman Sachs Group, Inc. (The)	6.00	6/15/2020		15,499

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		BANKS - 6.5% (Continued)
$	35,000	JPMorgan Chase & Co.	3.13	1/23/2025	$	35,991
	50,000	JPMorgan Chase & Co.	3.90	7/15/2025		53,392
	100,000	Mitsubishi UFJ Financial Group, Inc.	3.41	3/7/2024		103,785
	100,000	Morgan Stanley (3 Month US LIBOR + 1.22) (b)	3.78	5/8/2024		101,400
	200,000	Santander UK PLC (3 Month US LIBOR + 0.66) (b)	3.18	11/15/2021		200,580
	100,000	Sumitomo Mitsui Financial Group, Inc. (3 Month US LIBOR + 0.80) (b)	3.40	10/16/2023		100,090
	200,000	UBS Group Funding Switzerland AG (a)	2.65	2/1/2022		200,993
	100,000	Wells Fargo & Co. (3 Month US LIBOR + 1.23) (b)	3.81	10/31/2023		101,891
						1,709,867
		COMPUTERS - 0.4%
	100,000	Dell International LLC / EMC Corp. (a)	5.30	10/1/2029		105,380

		DIVERSIFIED FINANCIAL SERVICES - 0.4%
	100,000	ORIX Corp.	4.05	1/16/2024		106,103

		ELECTRIC - 0.3%
	80,000	Public Service Co. of New Hampshire	3.60	7/1/2049		81,660

		MEDIA - 0.4%
	100,000	Charter Communications Operating LLC / Charter Communications Operating Capital	3.75	2/15/2028		100,709

		PHARMACEUTICALS - 1.1%
	100,000	Bayer US Finance II LLC (a)	2.75	7/15/2021		100,070
	100,000	Shire Acquisitions Investments Ireland DAC	1.90	9/23/2019		99,845
	100,000	Shire Acquisitions Investments Ireland DAC	2.40	9/23/2021		99,877
						299,792
		PIPELINES - 0.9%
	23,000	Energy Transfer Partners LP / Regency Energy Finance Corp.	4.50	11/1/2023		24,297
	100,000	ONEOK, Inc.	4.35	3/15/2029		106,876
	100,000	Sabine Pass Liquefaction LLC	5.75	5/15/2024		111,209
						242,382
		REAL ESTATE INVESTMENT TRUSTS - 1.2%
	100,000	American Tower Corp.	2.25	1/15/2022		99,462
	10,000	Host Hotels & Resorts LP	4.00	6/15/2025		10,358
	100,000	Hudson Pacific Properties LP	4.65	4/1/2029		107,390
	100,000	Ventas Realty LP	4.88	4/15/2049		110,281
						327,491
		REGIONAL - 0.8%
	200,000	Japan Finance Organization for Municipalities (a)	2.13	10/25/2023		199,359

		SEMICONDUCTORS - 0.4%
	100,000	Broadcom, Inc. (a)	3.13	4/15/2021		100,647

		TELECOMMUNICATIONS - 0.1%
	30,000	AT&T, Inc.	4.10	2/15/2028		31,742

		TOTAL CORPORATE BONDS (Cost - $3,510,580)				3,602,270

		CERTIFICATE OF DEPOSIT - 0.4%
	100,000	Lloyds Bank Corporate Markets PLC (3 Month US LIBOR + 0.50) (Cost - $100,000) (b)	3.09	10/26/2020		100,284

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		AGENCY MORTGAGE BACKED SECURITIES - 27.2%
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 27.2%
$	300,000	Fannie Mae Pool TBA +^	3.00	1/25/2047	$	302,250
	5,700,000	Fannie Mae Pool TBA +^	3.50	6/25/2046		5,826,023
	800,000	Fannie Mae Pool TBA +^	4.00	4/25/2046		826,781
	200,000	Fannie Mae Pool TBA +^	4.50	9/25/2044		208,969
		TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $7,141,187)				7,164,023

		COLLATERALIZED MORTGAGE OBLIGATIONS - 3.5%
		AGENCY COLLATERAL - 0.9%
	1,206	Government National Mortgage Association (1 Month US LIBOR + 0.50) (b)	2.97	3/20/2065		1,206
	75,842	Government National Mortgage Association (1 Month US LIBOR + 0.60) (b)	3.07	5/20/2065		75,517
	79,003	Government National Mortgage Association (1 Month US LIBOR + 0.62) (b)	3.09	8/20/2065		78,710
	5,653	Government National Mortgage Association (1 Month US LIBOR + 0.70) (b)	3.17	10/20/2065		5,666
	76,653	Government National Mortgage Association (1 Month US LIBOR + 1.00) (b)	3.47	12/20/2065		77,525
						238,624
		WHOLE LOAN COLLATERAL - 2.6%
	56,163	Alternative Loan Trust 2005-14 (1 Month US LIBOR + 0.21) (b)	2.61	5/25/2035		53,579
	24,579	Alternative Loan Trust 2005-J12 (1 Month US LIBOR + 0.54) (b)	2.94	8/25/2035		16,307
	15,852	Alternative Loan Trust 2006-OA9 (1 Month US LIBOR + 0.21) (b)	2.59	7/20/2046		10,859
	27,189	American Home Mortgage Assets Trust 2006-2 (1 Month US LIBOR + 0.19) (b)	2.62	9/25/2046		24,763
	11,388	Bear Stearns ALT-A Trust 2005-8 (b)	4.60	10/25/2035		10,564
	13,847	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3 (1 Month US LIBOR + 0.25) (a,b)	2.65	8/25/2035		13,278
	14,325	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4 (1 Month US LIBOR + 0.23) (a,b)	2.63	10/25/2035		13,315
	7,720	Credit Suisse First Boston Mortgage Securities Corp.	4.50	7/25/2020		7,651
	29,380	Great Hall Mortgages No. 1 PLC (3 Month US LIBOR + 0.13) (a,b)	2.53	6/18/2039		28,484
	25,098	GreenPoint Mortgage Funding Trust 2006-AR2 (12 MTA + 2.00) (b)	4.50	3/25/2036		25,765
	10,327	GSR Mortgage Loan Trust 2005-AR6 (b)	4.51	9/25/2035		10,253
	10,539	Impac CMB Trust Series 2005-8 (1 Month US LIBOR + 0.70) (b)	3.13	2/25/2036		9,949
	16,890	IndyMac INDX Mortgage Loan Trust 2006-AR4 (1 Month US LIBOR + 0.21) (b)	2.61	5/25/2046		15,643
	1,892	JP Morgan Mortgage Trust 2006-S2	5.88	6/25/2021		1,879
	2,272	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 (1 Month US LIBOR + 0.25) (b)	2.68	11/25/2035		2,261
	10,347	MortgageIT Trust 2005-4 (1 Month US LIBOR + 0.28) (b)	2.71	10/25/2035		9,957
	11,012	Reperforming Loan REMIC Trust 2006-R1 (1 Month US LIBOR + 0.34) (a,b)	2.74	1/25/2036		10,156
	6,317	Structured Adjustable Rate Mortgage Loan Trust (b)	4.50	9/25/2034		6,209
	7,043	Structured Adjustable Rate Mortgage Loan Trust (b)	4.57	2/25/2034		6,872
	10,434	Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS (1 Month US LIBOR + 0.30) (b)	2.70	10/25/2035		10,305
	300,000	Towd Point Mortgage Funding 2019 - Granite4 PLC (3 Month GBP LIBOR + 1.025) (a,b)	1.85	10/20/2051		382,473
	16,006	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 Trust (b)	3.57	4/25/2037		13,899
						684,421

		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $928,568)				923,045

		COMMERCIAL MORTGAGE BACKED SECURITY - 0.1%
	31,616	Freddie Mac Multifamily Structured Pass Through Certificates (1 Month US LIBOR + 0.70) (b) (Cost - $31,616)	3.18	9/25/2022		31,647

		U.S. TREASURY SECURITIES - 49.7%
	100,000	United States Treasury Bond	2.75	8/15/2047		104,367
	50,000	United States Treasury Bond	2.75	11/15/2047		52,189
	100,000	United States Treasury Bond	2.88	11/15/2046		107,020
	80,000	United States Treasury Bond	3.00	11/15/2044		87,400
	500,000	United States Treasury Bond	3.00	5/15/2045		546,777
	80,000	United States Treasury Bond	3.13	11/15/2041		89,538
	80,000	United States Treasury Bond	3.13	2/15/2042		89,462
	480,000	United States Treasury Bond	3.13	8/15/2044		535,519
	170,000	United States Treasury Bond	3.13	5/15/2048		190,759

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		U.S. TREASURY SECURITIES - 49.7% (Continued)
$	100,000	United States Treasury Bond	3.38	5/15/2044	$	116,203
	230,000	United States Treasury Bond	4.25	5/15/2039		300,887
	340,000	United States Treasury Bond	4.25	11/15/2040		446,104
	100,000	United States Treasury Bond	4.38	5/15/2041		133,531
	100,000	United States Treasury Bond	4.50	8/15/2039		135,078
	520,000	United States Treasury Bond	6.25	5/15/2030		733,647
	100,000	United States Treasury Inflation Indexed Bond	1.00	2/15/2048		109,013
	100,000	United States Treasury Inflation Indexed Bond	2.38	1/15/2027		146,363
	400,000	United States Treasury Inflation Indexed Note	0.50	1/15/2028		421,144
	150,000	United States Treasury Inflation Indexed Note	0.63	1/15/2026		165,197
	100,000	United States Treasury Inflation Indexed Note	0.75	7/15/2028		106,066
	100,000	United States Treasury Inflation Indexed Note	0.88	1/15/2029		106,526
	700,000	United States Treasury Note	1.13	8/31/2021		690,703
	100,000	United States Treasury Note	1.63	5/15/2026		98,422
	1,500,000	United States Treasury Note	1.88	3/31/2022		1,506,621
	500,000	United States Treasury Note	1.88	4/30/2022		502,012
	100,000	United States Treasury Note	1.88	7/31/2022		100,449
	100,000	United States Treasury Note	1.88	9/30/2022		100,492
	100,000	United States Treasury Note	2.00	12/31/2021		100,672
	205,000	United States Treasury Note	2.00	11/30/2022		206,850
	400,000	United States Treasury Note	2.00	6/30/2024		404,328
	500,000	United States Treasury Note	2.00	11/15/2026		503,809
	500,000	United States Treasury Note	2.13	3/31/2024		508,359
	110,000	United States Treasury Note	2.13	5/15/2025		111,856
	150,000	United States Treasury Note	2.25	2/15/2027		153,715
	2,700,000	United States Treasury Note	2.25	8/15/2027		2,765,496
	400,000	United States Treasury Note	2.50	8/15/2023		412,078
	200,000	United States Treasury Note	2.63	12/31/2023		207,531
		TOTAL U.S. TREASURY SECURITIES (Cost - $12,693,676)				13,096,183

Contracts			Counterparty	Notional Value
		PURCHASED OPTION ON FUTURES - 0.0%*
	1	US 5YR Future, September 2019, Put @ $108.00	Goldman Sachs	108,000		—
	4	US 5YR Future, September 2019, Put @ $108.50	Goldman Sachs	434,000		—
	1	US 10YR Future, September 2019, Call @ $141.50	Goldman Sachs	141,500		—
	1	US 10YR Future, September 2019, Call @ $144.50	Goldman Sachs	144,500		—
	4	US 10YR Future, September 2019, Call @ $145.50	Goldman Sachs	582,000		—
	1	US 10YR Future, September 2019, Put @ $114.00	Goldman Sachs	114,000		—
	7	US Bond Future, September 2019, Call @ $193.00	Goldman Sachs	1,351,000		—
	1	US Bond Future, September 2019, Call @ $195.00	Goldman Sachs	195,000		—
	5	US Ultra Bond Future, September 2019, Call @ $158.00	Goldman Sachs	790,000		—
		TOTAL PURCHASED OPTIONS ON FUTURES (Cost - $175)				—

Shares
		SHORT-TERM INVESTMENTS - 9.8%
		MONEY MARKET FUND - 1.8%
	521,121	Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (c)				521,121

Principal
Amount			Yield (%)	Maturity
		U.S. TREASURY BILLS - 8.0%
	1,000,000	United States Treasury Bill (d)	1.17	7/2/2019		999,936
	200,000	United States Treasury Bill (d)	2.04	8/8/2019		199,565
	200,000	United States Treasury Bill (d)	2.07	8/20/2019		199,423

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Yield (%)	Maturity	Value
		U.S. TREASURY BILLS - 8.0% (Continued)
$	500,000	United States Treasury Bill (d)	2.09	8/22/2019	$	498,484
	200,000	United States Treasury Bill (d)	2.10	8/29/2019		199,312
						2,096,720

		TOTAL SHORT-TERM INVESTMENTS (Cost - $2,617,551)				2,617,841

		TOTAL INVESTMENTS - 137.5% (Cost - $34,077,822)			$	36,285,824
		OTHER ASSETS LESS LIABILITIES - NET - (37.5)%				(9,920,448	)
		TOTAL NET ASSETS - 100.0%			$	26,365,376

		SECURITIES SOLD SHORT - (1.0)%
		AGENCY MORTGAGE BACKED SECURITIES - (0.8)%
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - (0.8)%
$	200,000	Fannie Mae Pool TBA +^ (Proceeds - $201,571)	3.00	1/25/2047	$	201,657

		U.S. TREASURY SECURITIES - (0.2)%
	25,000	United States Treasury Bond	2.75	11/15/2047		26,095
	30,000	United States Treasury Bond	3.13	5/15/2048		33,663
		TOTAL U.S. TREASURY SECURITIES (Proceeds - $53,920)				59,758

		TOTAL SECURITIES SOLD SHORT (Proceeds - $255,491)				261,415

Contracts			Counterparty	Notional Value
		OPTIONS WRITTEN ON FUTURES - (0.0)% *
	1	US 10YR Future, August 2019, Call @ $129.00	Goldman Sachs & Co.	129,000	$	265
	1	US 10YR Future, August 2019, Put @ $126.50	Goldman Sachs & Co.	126,500		141
		TOTAL OPTIONS WRITTEN ON FUTURES (Premiums Received - $484)				406

ETF - Exchange Traded Fund

TBA - To Be Announced Security

Delayed delivery

Represents less than 0.05%.

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

All or a portion of this security is collateral for reverse repurchase agreements.

(a)

144(a) - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2019, these securities amounted to $1,762,637 or 6.7% of net assets.

(b)

Variable Rate Security - interest rate subject to periodic change.

Benchmark	Rate
1 Month US LIBOR	2.40%
3 Month US LIBOR	2.32%
3 Month GBP LIBOR	0.77%
12 Month Treasury Average	2.48%

(c)

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

(d)

Zero coupon.

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

	Number of				Unrealized Appreciation/
Description	Contracts	Expiration Date	Counterparty	Notional Amount	(Depreciation)
SHORT FUTURES CONTRACTS
Euro-Oat Future	1	Sep-19	Goldman Sachs	187,754	$	(3,780	)
US Long Bond Future	8	Sep-19	Goldman Sachs	1,244,750		(42,063	)
						(45,843	)
LONG FUTURES CONTRACTS
90 Day Euro Future	12	Sep-19	Goldman Sachs	2,939,850		2,100
S&P 500 E-Mini Future	80	Sep-19	Goldman Sachs	11,776,800		125,642
US 5 Year Note Future	5	Sep-19	Goldman Sachs	590,781		(1,193	)
						126,549
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS					$	80,706

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

INTEREST RATE SWAPS

										Premiums		Unrealized
		Pay/Receive		Expiration	Notional					Paid/		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Fixed Rate	Date	Amount		Value			(Received)		(Depreciation)
Goldman Sachs & Co.	3 Month USD - LIBOR*	Receive	1.25%	6/21/2021	$	300,000	$	(5,717	)	$	—	$	(5,717	)
Goldman Sachs & Co.	3 Month USD - LIBOR*	Receive	2.00%	12/16/2020		100,000		1,864			—		1,864
Goldman Sachs & Co.	3 Month USD - LIBOR*	Receive	2.50%	6/15/2046		100,000		(1,151	)		—		(1,151	)
Goldman Sachs & Co.	3 Month USD - LIBOR*	Pay	3.00%	6/19/2024		400,000		(9,532	)		—		(9,532	)
Goldman Sachs & Co.	3 Month USD - LIBOR*	Pay	3.00%	6/19/2029		4,100,000		(177,542	)		—		(177,542	)
Goldman Sachs & Co.	3 Month USD - LIBOR*	Pay	3.00%	6/19/2029		200,000		(24,886	)		—		(24,886	)
Goldman Sachs & Co.	6 Month EUR EURIBOR**	Pay	0.50%	12/18/2029		100,000		1,121			—		1,121
Goldman Sachs & Co.	6 Month JPY - LIBOR**	Receive	0.75%	3/20/2038		20,000,000		(19,455	)		—		(19,455	)
										$	—	$	(235,298	)

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 High Yield CDX Index Series 32^@	Sell	5.00%	—	6/20/2024	$	200,000	$	3,707			$	3,707
Goldman Sachs & Co.	North American Investment Grade CDX Index Series 32^	Sell	1.00%	—	6/20/2024		2,600,000		13,070				13,070
										$	—	$	16,777

Net unrealized depreciation on swaps										$	—	$	(218,521	)

Pays quarterly.

Pays semiannually.

The underlying holdings of this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=cb743d09ad83418894555b824f35eaf7.

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

Benchmark	Rate
3 Month USD LIBOR	2.60%
3 Month GBP LIBOR	0.84%
6 Month GBP LIBOR	0.95%
6 Month EUR EURIBOR	-0.23%
6 Month JPY LIBOR	0.00%

See accompanying notes to financial statements.

Global Atlantic PIMCO Tactical Allocation Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Schedule of Forward Foreign Currency Contracts

Settlement		Currency Units to				Unrealized Appreciation/
Date	Counterparty	Receive		In Exchange For		(Depreciation)
7/2/2019	Barclays Bank PLC	66,000	EUR	73,981	USD	$	1,180
7/2/2019	Barclays Bank PLC	302,000	GBP	382,803	USD		1,552
7/2/2019	Barclays Bank PLC	344,786	USD	274,000	GBP		(3,934	)
7/2/2019	Barclays Bank PLC	35,506	USD	28,000	GBP		(130	)
8/2/2019	Barclays Bank PLC	383,390	USD	302,000	GBP		(1,582	)
8/15/2019	Barclays Bank PLC	10,106	USD	1,100,000	JPY		(139	)
9/18/2019	Barclays Bank PLC	237,608,000	IDR	16,420	USD		248
9/18/2019	Barclays Bank PLC	1,135,712	INR	16,170	USD		119
9/25/2019	Barclays Bank PLC	46,916,160	COP	14,060	USD		491
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS						$	(2,195	)

See accompanying notes to financial statements.

Global Atlantic Select Advisor Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 17.2%
		DEBT FUNDS - 5.7%
	62,267	iShares Core Total USD Bond Market ETF	$	3,217,959
	60,216	iShares Short-Term Corporate Bond ETF		3,217,943
				6,435,902
		EQUITY FUNDS - 11.5%
	42,232	iShares Core MSCI Emerging Markets ETF		2,172,414
	67,582	iShares MSCI EAFE Value ETF		3,248,667
	13,718	iShares Russell 1000 Growth ETF		2,158,390
	35,456	iShares Russell 2000 ETF		5,513,408
				13,092,879
		TOTAL EXCHANGE TRADED FUNDS (Cost - $17,581,007)		19,528,781

		VARIABLE INSURANCE TRUSTS - 78.1%
		DEBT FUND - 18.0%
	1,502,917	MFS Total Return Bond Series - Initial Class		20,394,581

		EQUITY FUNDS - 60.1%
	287,059	American Century VP Mid Cap Value - Investor Class		5,425,410
	913,507	American Century VP Value Fund - Class I		9,783,665
	109,513	Invesco VI International Growth Fund - Class I		4,329,037
	255,945	MFS Growth Series - Initial Class		15,136,585
	82,213	MFS VIT II Blended Research Core Equity Portfolio - Initial Class		4,310,410
	402,807	MFS VIT II International Value Portfolio - Initial Class		11,798,210
	304,504	MFS VIT Mid Cap Growth Series - Initial Class		3,264,281
	580,100	Putnam VT Equity Income - Class IA		14,079,017
				68,126,615
		TOTAL VARIABLE INSURANCE TRUSTS (Cost - $74,702,792)		88,521,196

		SHORT-TERM INVESTMENT - 0.0% *
		MONEY MARKET FUND - 0.0% *
	7,009	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $7,009)		7,009

		TOTAL INVESTMENTS - 95.3% (Cost - $92,290,808)	$	108,056,986
		OTHER ASSETS LESS LIABILITIES - NET - 4.7%		5,369,915
		TOTAL NET ASSETS - 100.0%	$	113,426,901

EAFE - Europe, Australasia, and the Far East

ETF - Exchange Traded Fund

MSCI - Morgan Stanley Capital International

Represents less than 0.05%

(a)

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

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCK - 62.4%
		AEROSPACE/DEFENSE - 2.2%
	9,750	Boeing Co. (The)	$	3,549,098
	8,057	L3Harris Technologies, Inc.		1,523,820
	8,512	Lockheed Martin Corp.		3,094,452
	10,469	Raytheon Co.		1,820,350
				9,987,720
		AGRICULTURE - 0.5%
	31,111	Philip Morris International, Inc.		2,443,147

		AIRLINES - 0.1%
	33,900	JetBlue Airways Corp. *		626,811

		APPAREL - 1.1%
	21,476	NIKE, Inc.		1,802,910
	68,668	Under Armour, Inc. - Cl. A *		1,740,734
	56,571	Under Armour, Inc. - Cl. C *		1,255,876
				4,799,520
		BANKS - 1.9%
	259,839	Bank of America Corp.		7,535,331
	4,694	SVB Financial Group *		1,054,225
				8,589,556
		BEVERAGES - 1.4%
	105,107	Coca-Cola Co. (The)		5,352,048
	16,154	Monster Beverage Corp. *		1,031,110
				6,383,158
		BIOTECHNOLOGY - 0.6%
	5,500	Alder Biopharmaceuticals, Inc. *		64,735
	1,380	Alnylam Pharmaceuticals, Inc. *		100,133
	4,581	Arcus Biosciences, Inc. *		36,419
	3,036	Assembly Biosciences, Inc. *		40,956
	3,737	Atreca, Inc. *		70,405
	2,772	Audentes Therapeutics, Inc. *		104,948
	2,185	Biohaven Pharmaceutical Holding Co. Ltd. *		95,681
	2,408	Bluebird Bio, Inc. *		306,298
	3,100	Calithera Biosciences, Inc. *		12,090
	4,400	CytomX Therapeutics, Inc. *		49,368
	9,756	Forty Seven, Inc. *		103,414
	7,464	GlycoMimetics, Inc. *		88,971
	2,317	Incyte Corp. *		196,852
	11,133	Karyopharm Therapeutics, Inc. *		66,687
	7,973	Medicines Co. (The) *		290,775
	2,668	Neon Therapeutics, Inc. *		12,646
	4,524	Radius Health, Inc. *		110,205
	15,838	Rigel Pharmaceuticals, Inc. *		41,337
	5,873	Seattle Genetics, Inc. *		406,470
	2,100	Stoke Therapeutics, Inc. *		61,257
	7,774	Syndax Pharmaceuticals, Inc. *		72,376
	2,429	Vertex Pharmaceuticals, Inc. *		445,430
	3,600	WaVe Life Sciences Ltd. *		93,924
				2,871,377
		BUILDING MATERIALS - 0.1%
	308	Martin Marietta Materials, Inc.		70,874
	1,802	Vulcan Materials Co.		247,433
				318,307

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 1.3%
	22,803	Cabot Corp.	$	1,087,931
	6,714	Celanese Corp.		723,769
	11,307	FMC Corp.		937,916
	8,186	Linde PLC		1,643,749
	12,027	PPG Industries, Inc.		1,403,671
				5,797,036
		COMMERCIAL SERVICES - 2.7%
	3,184	Equifax, Inc.		430,604
	6,170	FleetCor Technologies, Inc. *		1,732,845
	15,704	Global Payments, Inc.		2,514,682
	43,919	IHS Markit Ltd. *		2,798,519
	15,566	PayPal Holdings, Inc. *		1,781,684
	4,407	Total System Services, Inc.		565,286
	6,037	TransUnion		443,780
	9,762	TriNet Group, Inc. *		661,864
	4,275	WEX, Inc. *		889,628
				11,818,892
		COMPUTERS - 2.0%
	34,296	Apple, Inc.		6,787,864
	20,311	Genpact Ltd.		773,646
	29,813	Western Digital Corp.		1,417,608
				8,979,118
		COSMETICS/PERSONAL CARE - 1.1%
	43,345	Procter & Gamble Co. (The)		4,752,779

		DISTRIBUTION/WHOLESALE - 0.1%
	10,185	Triton International Ltd. (Bermuda)		333,661

		DIVERSIFIED FINANCIAL SERVICES - 3.0%
	13,594	American Express Co.		1,678,043
	40,658	Ares Management Corp.		1,064,020
	40,771	Blucora, Inc. *		1,238,215
	16,070	Hamilton Lane, Inc.		916,954
	23,360	OneMain Holdings, Inc.		789,802
	9,583	Raymond James Financial, Inc.		810,243
	60,648	TD Ameritrade Holding Corp.		3,027,548
	22,006	Visa, Inc.		3,819,141
				13,343,966
		ELECTRIC - 2.3%
	20,262	Avangrid, Inc.		1,023,231
	28,721	Edison International		1,936,083
	33,307	Exelon Corp.		1,596,738
	4,851	NextEra Energy, Inc.		993,776
	45,610	NRG Energy, Inc.		1,601,823
	8,581	PG&E Corp. *		196,677
	22,461	Sempra Energy		3,087,040
				10,435,368
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%
	10,669	AMETEK, Inc.		969,172

		ELECTRONICS - 0.3%
	11,227	Fortive Corp.		915,225
	15,632	nVent Electric PLC		387,517
				1,302,742

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ENERGY-ALTERNATE SOURCES - 0.1%
	7,017	First Solar, Inc. *	$	460,877

		ENGINEERING & CONSTRUCTION - 0.2%
	8,683	Dycom Industries, Inc. *		511,168
	5,702	Granite Construction, Inc.		274,722
				785,890
		ENVIRONMENTAL CONTROL - 0.4%
	13,844	Waste Management, Inc.		1,597,182

		FOOD - 0.4%
	35,756	Mondelez International, Inc.		1,927,248

		FOREST PRODUCTS & PAPER - 0.2%
	17,587	International Paper Co.		761,869

		GAS - 0.2%
	6,733	National Grid PLC (ADR)		358,061
	13,948	UGI Corp.		744,963
				1,103,024
		HEALTHCARE-PRODUCTS - 3.6%
	54,683	Abbott Laboratories		4,598,840
	3,300	Adaptive Biotechnologies Corp. *		159,390
	15,056	Baxter International, Inc.		1,233,086
	79,801	Boston Scientific Corp. *		3,429,847
	15,047	Danaher Corp.		2,150,517
	22,748	NuVasive, Inc. *		1,331,668
	10,613	Thermo Fisher Scientific, Inc.		3,116,826
				16,020,174
		HEALTHCARE-SERVICES - 1.6%
	11,361	Anthem, Inc.		3,206,188
	10,179	HCA Healthcare, Inc.		1,375,895
	10,610	UnitedHealth Group, Inc.		2,588,946
				7,171,029
		INSURANCE - 3.4%
	36,424	American International Group, Inc.		1,940,671
	15,942	Assurant, Inc.		1,695,910
	38,360	Assured Guaranty Ltd.		1,614,189
	27,878	Athene Holding Ltd. *		1,200,427
	27,484	AXA Equitable Holdings, Inc.		574,416
	32,474	Hartford Financial Services Group, Inc. (The)		1,809,451
	18,765	Marsh & McLennan Cos, Inc.		1,871,809
	10,221	MetLife, Inc.		507,677
	39,125	MGIC Investment Corp. *		514,103
	12,480	Progressive Corp. (The)		997,526
	8,316	Prudential Financial, Inc.		839,916
	16,033	Trupanion, Inc. *		579,272
	17,228	Voya Financial, Inc.		952,708
				15,098,075
		INTERNET - 7.1%
	7,001	Alphabet, Inc. *		7,580,683
	6,011	Amazon.com, Inc. *		11,382,610
	18,516	Expedia Group, Inc.		2,463,183
	33,959	Facebook, Inc. *		6,554,087
	20,459	GoDaddy, Inc. *		1,435,199

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INTERNET - 7.1% (Continued)
	4,546	Netflix, Inc. *	$	1,669,837
	1,630	Spotify Technology SA *		238,339
				31,323,938
		IRON/STEEL - 0.1%
	3,211	Carpenter Technology Corp.		154,064
	4,969	Steel Dynamics, Inc.		150,064
				304,128
		LODGING - 0.4%
	14,982	Hyatt Hotels Corp.		1,140,580
	20,555	MGM Resorts International		587,256
				1,727,836
		MACHINERY-CONTRUCTION & MINING - 0.2%
	6,014	Caterpillar, Inc.		819,648

		MACHINERY-DIVERSIFIED - 0.6%
	2,309	AGCO Corp.		179,109
	5,127	Deere & Co.		849,595
	25,153	Gardner Denver Holdings, Inc. *		870,294
	10,695	Wabtec Corp.		767,473
				2,666,471
		MEDIA - 2.0%
	5,169	Charter Communications, Inc. *		2,042,685
	107,593	Comcast Corp.		4,549,032
	40,440	Houghton Mifflin Harcourt Co. *		232,934
	18,681	Liberty Media Corp.-Liberty Formula One *		698,856
	6,529	New York Times Co. (The)		212,976
	7,752	Walt Disney Co. (The)		1,082,489
				8,818,972
		METAL FABRICATE/HARDWARE - 0.0% **
	3,734	Rexnord Corp. *		112,841

		MINING - 0.1%
	3,701	Alcoa Corp. *		86,640
	6,251	Freeport-McMoRan, Inc.		72,574
	16,607	Livent Corp. *		114,920
	2,055	Southern Copper Corp.		79,837
				353,971
		MISCELLANEOUS MANUFACTURING - 0.8%
	2,063	3M Co.		357,600
	31,855	General Electric Co.		334,478
	8,028	Illinois Tool Works, Inc.		1,210,703
	12,234	Ingersoll-Rand PLC		1,549,681
				3,452,462
		OIL & GAS - 2.5%
	17,354	Chevron Corp.		2,159,532
	5,103	Concho Resources, Inc.		526,528
	6,422	Diamondback Energy, Inc.		699,805
	103,846	Encana Corp.		532,730
	65,702	Exxon Mobil Corp.		5,034,744
	26,027	Marathon Petroleum Corp.		1,454,389
	27,837	Noble Energy, Inc.		623,549
				11,031,277
		OIL & GAS SERVICES - 0.4%
	40,408	Schlumberger Ltd.		1,605,814

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		PACKAGING & CONTAINERS - 0.4%
	25,809	Ball Corp.	$	1,806,372

		PHARMACEUTICALS - 3.0%
	4,678	Aerie Pharmaceuticals, Inc. *		138,235
	11,897	Allergan PLC		1,991,915
	66,905	AstraZeneca PLC (ADR)		2,761,838
	41,130	Bristol-Myers Squibb Co.		1,865,246
	6,426	Coherus Biosciences, Inc. *		142,015
	22,817	Dermira, Inc. *		218,131
	6,780	Elanco Animal Health, Inc. *		229,164
	6,933	G1 Therapeutics, Inc. *		212,566
	3,700	Global Blood Therapeutics, Inc. *		194,620
	3,397	Heron Therapeutics, Inc. *		63,150
	3,072	Jounce Therapeutics, Inc. *		15,206
	7,118	Kala Pharmaceuticals, Inc. *		45,413
	6,300	Momenta Pharmaceuticals, Inc. *		78,435
	13,395	Mylan NV *		255,041
	4,088	MyoKardia, Inc. *		204,972
	8,561	Myovant Sciences Ltd. *		77,477
	12,137	Nektar Therapeutics *		431,834
	4,992	Odonate Therapeutics, Inc. *		183,156
	66,848	Pfizer, Inc.		2,895,855
	3,000	PhaseBio Pharmaceuticals, Inc. *		39,360
	8,426	Ra Pharmaceuticals, Inc. *		253,370
	10,454	Revance Therapeutics, Inc. *		135,588
	73,771	Teva Pharmaceutical Industries Ltd. (ADR) *		680,906
	4,338	Tricida, Inc. *		171,177
				13,284,670
		PIPELINES - 0.5%
	41,270	TC Energy Corp.		2,043,690

		REAL ESTATE INVESTMENT TRUSTS - 2.1%
	8,836	Alexandria Real Estate Equities, Inc.		1,246,671
	15,773	American Tower Corp.		3,224,790
	9,946	Camden Property Trust		1,038,263
	4,700	Equinix, Inc.		2,370,163
	23,125	HCP, Inc.		739,538
	15,248	STORE Capital Corp.		506,081
				9,125,506
		RETAIL - 2.8%
	20,797	Burlington Stores, Inc. *		3,538,610
	21,248	Lowe’s Cos, Inc.		2,144,136
	23,066	McDonald’s Corp.		4,789,886
	36,193	TJX Cos, Inc. (The)		1,913,886
				12,386,518
		SEMICONDUCTORS - 2.3%
	60,127	Advanced Micro Devices, Inc. *		1,826,057
	37,681	Intel Corp.		1,803,789
	5,079	KLA-Tencor Corp.		600,338
	85,270	Marvell Technology Group Ltd.		2,035,395
	30,978	Micron Technology, Inc. *		1,195,441
	9,163	Teradyne, Inc.		438,999
	13,424	Texas Instruments, Inc.		1,540,538
	5,661	Xilinx, Inc.		667,545
				10,108,102

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares					Value
		SOFTWARE - 4.6%
	3,102	Adobe, Inc. *			$	914,004
	436	Atlassian Corp. PLC *				57,046
	2,336	Autodesk, Inc. *				380,534
	4,000	Ceridian HCM Holding, Inc. *				200,800
	4,522	Guidewire Software, Inc. *				458,440
	84,137	Microsoft Corp.				11,270,993
	11,675	salesforce.com, Inc. *				1,771,448
	24,500	Sciplay Corp. *				335,895
	2,184	ServiceNow, Inc. *				599,661
	2,455	Splunk, Inc. *				308,716
	46,102	SS&C Technologies Holdings, Inc.				2,655,936
	40,761	SVMK, Inc. *				672,964
	5,049	Workday, Inc. *				1,037,973
						20,664,410
		TELECOMMUNICATIONS - 1.1%
	82,681	Verizon Communications, Inc.				4,723,566

		TRANSPORTATION - 0.4%
	2,590	Kirby Corp. *				204,610
	8,514	Norfolk Southern Corp.				1,697,096
						1,901,706
		TRUCKING & LEASING - 0.0% **
	7,532	Greenbrier Cos, Inc. (The)				228,973

		TOTAL COMMON STOCK (Cost - $207,777,494)				277,168,569

		EXCHANGE TRADED FUND - 0.0% **
		EQUITY FUND - 0.0% **
	394	SPDR S&P 500 ETF Trust (Cost - $111,182)				115,442

Principal Amount			Coupon Rate (%)	Maturity
		ASSET BACKED SECURITIES - 2.6%
$	264,846	AASET 2018-2 US Ltd. (a)	4.454	11/16/2038		270,622
	429,958	Ajax Mortgage Loan Trust 2017-B (a) ^	3.163	9/25/2056		429,028
	350,000	Apidos CLO XXII 3 Month LIBOR + 2.05% (a) ^	4.642	10/20/2027		350,021
	33,990	ARI Fleet Lease Trust 2017-A (a)	1.910	4/15/2026		33,899
	91,776	ARI Fleet Lease Trust 2018-A (a)	2.550	10/15/2026		91,824
	140,000	ARI Fleet Lease Trust 2018-B (a)	3.220	8/16/2027		141,449
	345,000	Atlas Senior Loan Fund Ltd. 3 Month LIBOR + 1.30% (a) ^	3.901	1/16/2030		344,727
	320,000	Avery Point IV CLO Ltd. 3 Month LIBOR + 1.60% (a) ^	4.180	4/25/2026		319,992
	201,044	Bayview Koitere Fund Trust 2017-RT4 (a) ^	3.500	7/28/2057		202,721
	129,434	Bayview Opportunity Master Fund IVa Trust 2017-SPL1 (a) ^	4.000	10/28/2064		132,032
	131,223	Bayview Opportunity Master Fund IVa Trust 2017-SPL5 (a) ^	3.500	6/28/2057		132,163
	96,339	Bayview Opportunity Master Fund IVb Trust 2017-SPL3 (a) ^	4.000	11/28/2053		98,863
	97,523	Bayview Opportunity Master Fund IVb Trust 2017-SPL4 (a) ^	3.500	1/25/2055		98,439
	275,000	BlueMountain CLO 2012-2 Ltd. 3 Month LIBOR + 1.45% (a) ^	3.970	11/20/2028		273,687
	87,913	Canadian Pacer Auto Receivables Trust 2017-1 (a)	2.050	3/19/2021		87,798
	71,334	Canadian Pacer Auto Receivables Trust 2018-2 (a)	3.000	6/21/2021		71,524
	25,000	Canadian Pacer Auto Receivables Trust 2018-2 (a)	3.270	12/19/2022		25,484
	246,274	Castlelake Aircraft Structured Trust 2019-1 (a)	3.967	4/15/2039		246,690
	132,605	Chesapeake Funding II LLC (a)	1.910	8/15/2029		132,013
	128,063	Chesapeake Funding II LLC 1 Month LIBOR + 0.45% (a) ^	2.844	7/15/2029		128,012
	235,139	Chesapeake Funding II LLC (a)	3.230	8/15/2030		238,249
	74,045	Chesapeake Funding II LLC 1 Month LIBOR + 1.00% (a) ^	3.394	6/15/2028		74,135
	70,000	DB Master Finance LLC (a)	3.787	5/20/2049		71,492

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 2.6% (Continued)
$	65,000	DB Master Finance LLC (a)	4.021	5/20/2049	$	66,905
	190,000	Enterprise Fleet Financing 2019-1 LLC (a)	2.980	10/22/2024		192,193
	72,290	Enterprise Fleet Financing LLC (a)	1.970	1/20/2023		72,198
	126,514	Enterprise Fleet Financing LLC (a)	2.130	5/20/2023		126,317
	145,761	Finance of America Structured Securities Trust 2018-HB1 (a) ^	3.375	9/25/2028		146,082
	33,752	First Investors Auto Owner Trust (a)	2.000	3/15/2022		33,715
	135,000	First Investors Auto Owner Trust 2016-1 (a)	3.410	4/18/2022		135,479
	4,946	First Investors Auto Owner Trust 2017-2 (a)	1.860	10/15/2021		5,199
	280,000	Ford Credit Floorplan Master Owner Trust A	1.750	7/15/2021		279,912
	100,000	Ford Credit Floorplan Master Owner Trust A (a)	2.090	3/15/2022		99,770
	175,000	GreatAmerica Leasing Receivables Funding LLC Series 2017-1	2.360	1/20/2023		174,906
	100,000	GreatAmerica Leasing Receivables Funding LLC Series 2018-1 (a)	2.600	6/15/2021		100,269
	100,000	GreatAmerica Leasing Receivables Funding LLC Series 2018-1 (a)	2.830	6/17/2024		101,016
	370,000	Hertz Fleet Lease Funding LP (a)	2.700	1/10/2033		369,945
	250,000	KKR Clo 16 Ltd. 3 Month LIBOR + 1.25% (a) ^	3.694	1/20/2029		249,523
	300,000	Madison Park Funding XI Ltd. 3 Month LIBOR + 1.16% (a) ^	3.751	7/23/2029		299,956
	250,000	Madison Park Funding XV Ltd. 3 Month LIBOR + 1.50% ^	4.082	1/27/2026		249,826
	565,000	Madison Park Funding XVIII Ltd. 3 Month LIBOR + 1.19% (a) ^	3.782	10/21/2030		564,613
	535,000	Magnetite VII Ltd. 3 Month LIBOR + 0.80% (a) ^	3.397	1/15/2028		531,667
	360,000	Magnetite XVIII Ltd. 3 Month LIBOR + 1.50% (a) ^	4.018	11/15/2028		357,111
	45,221	Mill City Mortgage Loan Trust 2016-1 (a) ^	2.500	4/25/2057		44,956
	150,235	Mill City Mortgage Loan Trust 2017-3 (a) ^	2.750	2/25/2058		149,530
	140,000	MMAF Equipment Finance LLC 2016-A (a)	2.210	12/15/2032		139,855
	160,000	MMAF Equipment Finance LLC 2017-B (a)	2.210	10/17/2022		159,925
	34,885	Nationstar HECM Loan Trust 2018-1 ^	2.760	2/25/2028		34,823
	86,179	OneMain Direct Auto Receivables Trust 2017-2 (a)	2.310	12/14/2021		86,013
	380,000	OneMain Direct Auto Receivables Trust 2018-1 (a)	3.430	12/16/2024		385,065
	53,723	OneMain Financial Issuance Trust 2016-1 (a)	3.660	2/20/2029		53,950
	100,000	OneMain Financial Issuance Trust 2017-1 (a)	2.370	9/14/2023		99,944
	84,500	Securitized Term Auto Receivables Trust 2017-2 (a)	2.040	4/26/2021		84,378
	325,000	Shackleton 2015-VIII CLO Ltd. 3 Month LIBOR + 0.92% (a) ^	3.512	10/20/2027		324,476
	70,578	Sofi Consumer Loan Program 2018-2 Trust (a)	2.930	4/26/2027		70,663
	290,691	SoFi Consumer Loan Program 2018-4 Trust (a)	3.540	11/26/2027		294,029
	500,000	SOUND POINT CLO III-R Ltd. 3 Month LIBOR + 0.95% (a) ^	3.547	4/15/2029		496,200
	100,943	Springleaf Funding Trust 2016-A	2.900	11/15/2029		101,043
	140,000	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes 2018-T1 (a)	3.620	10/17/2050		141,982
	96,910	Towd Point Mortgage Trust 2016-3 (a) ^	2.250	8/25/2055		96,192
	176,289	Towd Point Mortgage Trust 2017-1 ^	2.750	10/25/2056		177,128
	59,948	Towd Point Mortgage Trust 2017-2 (a) ^	2.750	4/25/2057		59,994
	180,755	Towd Point Mortgage Trust 2017-4 (a) ^	2.750	6/25/2057		179,657
	77,164	Towd Point Mortgage Trust 2018-1 (a) ^	3.000	1/28/2058		77,798
	157,867	Vantage Data Centers Issuer LLC (a)	4.072	2/16/2043		159,693
	64,285	Volvo Financial Equipment LLC Series 2017-1	1.920	3/15/2021		64,174
	74,598	Wheels SPV 2 LLC (a)	1.880	4/20/2026		74,397
		TOTAL ASSET BACKED SECURITIES (Cost - $11,708,296)				11,707,331

		CORPORATE BONDS - 12.4%
		AEROSPACE/DEFENSE - 0.1%
	100,000	BAE Systems Holdings, Inc. (a)	3.850	12/15/2025		104,532
	100,000	Lockheed Martin Corp.	4.070	12/15/2042		110,634
	50,000	Lockheed Martin Corp.	4.850	9/15/2041		58,682
	125,000	Lockheed Martin Corp.	6.150	9/1/2036		168,807
	150,000	United Technologies Corp.	3.950	8/16/2025		161,760
						604,415

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		AGRICULTURE - 0.4%
$	120,000	Altria Group, Inc.	4.800	2/14/2029	$	129,095
	895,000	BAT Capital Corp.	3.557	8/15/2027		890,292
	230,000	BAT International Finance PLC (a)	2.750	6/15/2020		230,539
	20,000	BAT International Finance PLC (a)	3.500	6/15/2022		20,445
	475,000	Imperial Brands Finance PLC (a)	3.750	7/21/2022		489,019
						1,759,390
		AIRLINES - 0.0% **
	33,828	United Airlines 2018-1 Class B Pass Through Trust	4.600	3/1/2026		35,099

		AUTO MANUFACTURERS - 0.4%
	315,000	Daimler Finance North America LLC (a)	2.200	5/5/2020		314,340
	280,000	Daimler Finance North America LLC (a)	2.300	2/12/2021		278,914
	475,000	Ford Motor Credit Co. LLC	3.096	5/4/2023		468,050
	600,000	General Motors Financial Co., Inc.	3.700	5/9/2023		608,724
	120,000	General Motors Financial Co., Inc.	3.950	4/13/2024		122,599
						1,792,627
		BANKS - 3.7%
	200,000	Banco Santander SA	3.125	2/23/2023		202,875
	640,000	Bank of America Corp.	2.625	10/19/2020		642,518
	345,000	Bank of America Corp. 3 Month LIBOR + 1.37% ^	3.593	7/21/2028		359,714
	225,000	Bank of America Corp. 3 Month LIBOR + 1.21% ^	3.974	2/7/2030		241,178
	160,000	Bank of America Corp.	4.200	8/26/2024		170,080
	380,000	Bank of New York Mellon Corp. (The) 3 Month LIBOR + 1.05% ^	3.633	10/30/2023		386,785
	300,000	Banque Federative du Credit Mutuel SA (a)	2.750	10/15/2020		301,592
	100,000	Barclays Bank PLC	5.140	10/14/2020		102,839
	405,000	Barclays PLC	3.200	8/10/2021		407,698
	355,000	Barclays PLC 3 Month LIBOR + 1.61% ^	3.932	5/7/2025		361,297
	350,000	BB&T Corp.	3.200	9/3/2021		356,262
	200,000	BNP Paribas SA (a)	3.375	1/9/2025		203,489
	305,000	BPCE SA (a)	3.500	10/23/2027		310,544
	600,000	BPCE SA (a)	5.150	7/21/2024		649,068
	275,000	BPCE SA (a)	5.700	10/22/2023		300,580
	70,000	Citigroup, Inc.	3.300	4/27/2025		72,422
	300,000	Citigroup, Inc.	3.500	5/15/2023		309,554
	50,000	Citigroup, Inc.	4.050	7/30/2022		52,172
	55,000	Citigroup, Inc.	5.500	9/13/2025		62,298
	200,000	Credit AgriCo.le SA (a)	4.375	3/17/2025		209,276
	250,000	Credit Agricole SA (London) (a)	3.250	10/4/2024		254,985
	250,000	Credit Agricole SA (London) (a)	3.750	4/24/2023		259,484
	50,000	Credit Suisse AG (New York NY)	5.400	1/14/2020		50,730
	285,000	Credit Suisse Group AG (a)	3.574	1/9/2023		290,973
	260,000	Credit Suisse Group AG 3 Month LIBOR + 1.24% (a) ^	3.676	6/12/2024		260,712
	250,000	Credit Suisse Group Funding Guernsey Ltd.	3.125	12/10/2020		251,934
	395,000	Credit Suisse Group Funding Guernsey Ltd.	3.800	9/15/2022		409,497
	200,000	Danske Bank A/S (a)	3.875	9/12/2023		203,840
	200,000	Danske Bank A/S (a)	5.000	1/12/2022		209,209
	200,000	Danske Bank A/S (a)	5.375	1/12/2024		216,174
	135,000	Deutsche Bank AG (New York NY)	2.700	7/13/2020		134,427
	230,000	Deutsche Bank AG (New York NY)	3.150	1/22/2021		228,265
	100,000	Deutsche Bank AG (New York NY)	4.250	10/14/2021		101,378
	525,000	Discover Bank	3.100	6/4/2020		527,536
	130,000	Goldman Sachs Group, Inc. (The)	2.625	4/25/2021		130,442
	460,000	Goldman Sachs Group, Inc. (The) 3 Month LIBOR + 1.20% ^	3.272	9/29/2025		470,762
	200,000	Goldman Sachs Group, Inc. (The)	3.500	1/23/2025		206,912
	50,000	Goldman Sachs Group, Inc. (The)	6.750	10/1/2037		65,397

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		BANKS - 3.7% (Continued)
$	200,000	HSBC Holdings PLC	3.600	5/25/2023	$	208,074
	200,000	HSBC Holdings PLC 3 Month LIBOR + 1.55% ^	4.041	3/13/2028		210,092
	200,000	HSBC Holdings PLC 3 Month LIBOR + 1.53% ^	4.583	6/19/2029		218,732
	250,000	Huntington Bancshares, Inc. (OH)	3.150	3/14/2021		253,098
	250,000	Huntington National Bank (The)	2.400	4/1/2020		249,820
	200,000	ING Groep NV	3.950	3/29/2027		210,299
	400,000	JPMorgan Chase & Co.	2.950	10/1/2026		407,182
	305,000	JPMorgan Chase & Co. 3 Month LIBOR + 1.33% ^	4.452	12/5/2029		340,086
	450,000	Macquarie Group Ltd. 3 Month LIBOR + 1.33% (a) ^	4.150	3/27/2024		469,130
	225,000	Morgan Stanley	3.625	1/20/2027		236,146
	110,000	Morgan Stanley	3.875	4/29/2024		116,584
	455,000	Morgan Stanley	4.350	9/8/2026		487,909
	900,000	NBK SPC Ltd. (a)	2.750	5/30/2022		897,395
	50,000	PNC Financial Services Group, Inc. (The)	3.900	4/29/2024		52,646
	120,000	Santander Holdings USA, Inc.	2.650	4/17/2020		119,967
	75,000	Santander Holdings USA, Inc.	3.400	1/18/2023		76,105
	465,000	Santander Holdings USA, Inc.	3.700	3/28/2022		476,280
	200,000	Skandinaviska Enskilda Banken AB (a)	2.450	5/27/2020		200,236
	250,000	Synchrony Bank	3.650	5/24/2021		254,147
	250,000	UBS Group Funding Switzerland AG (a)	2.950	9/24/2020		251,662
	225,000	UBS Group Funding Switzerland AG (a)	3.000	4/15/2021		227,058
	150,000	Wells Fargo & Co.	3.000	2/19/2025		152,528
	195,000	Wells Fargo & Co.	4.750	12/7/2046		222,276
						16,312,350
		BEVERAGES - 0.3%
	260,000	Anheuser-Busch Co.s LLC / Anheuser-Busch InBev Worldwide, Inc.	3.650	2/1/2026		273,378
	305,000	Anheuser-Busch InBev Worldwide, Inc.	3.500	1/12/2024		318,568
	55,000	Anheuser-Busch InBev Worldwide, Inc.	3.750	7/15/2042		52,419
	60,000	Anheuser-Busch InBev Worldwide, Inc.	4.375	4/15/2038		63,337
	520,000	Anheuser-Busch InBev Worldwide, Inc.	4.750	1/23/2029		590,307
						1,298,009
		BIOTECHNOLOGY - 0.2%
	740,000	Amgen, Inc.	2.650	5/11/2022		745,630
	130,000	Biogen, Inc.	2.900	9/15/2020		130,653
	70,000	Celgene Corp.	3.550	8/15/2022		72,486
						948,769
		CHEMICALS - 0.1%
	575,000	CNAC HK Synbridge Co. Ltd.	5.000	5/5/2020		580,698

		COMMERCIAL SERVICES - 0.1%
	500,000	ERAC USA Finance LLC (a)	3.300	10/15/2022		513,462

		COMPUTERS - 0.1%
	120,000	Apple, Inc.	3.000	2/9/2024		123,946
	105,000	Apple, Inc.	3.250	2/23/2026		109,706
						233,652
		DIVERSIFIED FINANCIAL SERVICES - 0.1%
	105,000	Capital One Financial Corp.	4.200	10/29/2025		110,272
	120,000	GTP Acquisition Partners I LLC (a)	2.350	6/15/2020		119,606
	205,000	Synchrony Financial	3.750	8/15/2021		208,905
						438,783
		ELECTRIC - 1.2%
	200,000	Appalachian Power Co.	3.400	6/1/2025		207,395
	510,000	Cleveland Electric Illuminating Co. (The) (a)	3.500	4/1/2028		517,790
	190,000	Dominion Energy South Carolina, Inc.	4.250	8/15/2028		211,499

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ELECTRIC - 1.2% (Continued)
$	50,000	Dominion Energy South Carolina, Inc.	4.600	6/15/2043	$	56,619
	150,000	Dominion Energy South Carolina, Inc.	5.100	6/1/2065		187,152
	80,000	Dominion Energy South Carolina, Inc.	6.625	2/1/2032		105,163
	65,000	Dominion Energy, Inc. #	2.000	8/15/2021		65,146
	195,000	Dominion Energy, Inc.	2.579	7/1/2020		194,720
	230,000	Dominion Energy, Inc. #	4.104	4/1/2021		235,469
	175,000	Duke Energy Carolinas LLC	6.100	6/1/2037		229,737
	70,000	Duke Energy Corp.	2.650	9/1/2026		69,207
	225,000	Duke Energy Corp.	3.750	4/15/2024		237,363
	55,000	Emera US Finance LP	2.700	6/15/2021		55,188
	140,000	Entergy Louisiana LLC	3.120	9/1/2027		143,083
	175,000	Eversource Energy	2.900	10/1/2024		177,885
	265,000	Fortis, Inc./Canada	3.055	10/4/2026		263,050
	48,000	Georgia Power Co.	4.300	3/15/2042		50,875
	65,000	Georgia Power Co.	4.750	9/1/2040		70,844
	200,000	Infraestructura Energetica Nova SAB de CV (a)	4.875	1/14/2048		177,000
	50,000	NextEra Energy Capital Holdings, Inc.	3.250	4/1/2026		51,399
	75,000	NextEra Energy Capital Holdings, Inc.	3.500	4/1/2029		78,009
	250,000	Niagara Mohawk Power Corp. (a)	4.278	12/15/2028		275,101
	200,000	Oglethorpe Power Corp.	5.250	9/1/2050		233,940
	51,000	Oncor Electric Delivery Co. LLC	2.950	4/1/2025		52,383
	160,000	Oncor Electric Delivery Co. LLC	4.100	6/1/2022		167,815
	50,000	PPL Capital Funding, Inc.	3.500	12/1/2022		51,419
	144,000	SCANA Corp.	4.125	2/1/2022		147,098
	306,000	SCANA Corp.	4.750	5/15/2021		313,614
	132,000	SCANA Corp.	6.250	4/1/2020		134,769
	45,000	Southern California Edison Co.	3.700	8/1/2025		46,530
	225,000	Southern Co. (The)	2.750	6/15/2020		225,698
	290,000	Southern Co. (The)	2.950	7/1/2023		294,343
						5,327,303
		FOOD - 0.3%
	100,000	Conagra Brands, Inc.	4.600	11/1/2025		108,861
	75,000	Conagra Brands, Inc.	5.300	11/1/2038		81,355
	55,000	Kraft Heinz Foods Co.	3.000	6/1/2026		53,520
	165,000	Kraft Heinz Foods Co.	4.000	6/15/2023		172,876
	375,000	Kraft Heinz Foods Co.	4.375	6/1/2046		356,295
	375,000	Kroger Co. (The)	2.950	11/1/2021		379,278
	240,000	Sigma Alimentos SA de CV (a)	4.125	5/2/2026		241,742
						1,393,927
		GAS - 0.1%
	60,000	Boston Gas Co. (a)	3.150	8/1/2027		60,961
	149,000	CenterPoint Energy Resources Corp.	4.500	1/15/2021		153,235
	125,000	Dominion Energy Gas Holdings LLC	3.600	12/15/2024		129,596
	275,000	KeySpan Gas East Corp. (a)	2.742	8/15/2026		271,322
						615,114
		HEALTHCARE-PRODUCTS - 0.1%
	325,000	Boston Scientific Corp.	3.375	5/15/2022		334,224
	30,000	Boston Scientific Corp.	4.000	3/1/2029		32,453
						366,677
		HEALTHCARE-SERVICES - 0.5%
	210,000	Aetna, Inc.	2.800	6/15/2023		211,262
	75,000	Anthem, Inc.	3.500	8/15/2024		77,888
	45,000	Anthem, Inc.	4.101	3/1/2028		48,140
	65,000	Anthem, Inc.	4.375	12/1/2047		69,406
	150,000	Anthem, Inc.	4.650	8/15/2044		164,431

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		HEALTHCARE-SERVICES - 0.5% (Continued)
$	191,000	CommonSpirit Health	2.950	11/1/2022	$	192,865
	105,000	CommonSpirit Health	4.200	8/1/2023		110,774
	95,000	CommonSpirit Health	4.350	11/1/2042		95,512
	92,000	Dignity Health	3.812	11/1/2024		96,896
	270,000	Dignity Health	4.500	11/1/2042		280,922
	270,000	Mercy Health (OH)	3.555	8/1/2027		281,185
	300,000	UnitedHealth Group, Inc.	2.875	3/15/2023		305,771
	45,000	UnitedHealth Group, Inc.	3.350	7/15/2022		46,523
	75,000	UnitedHealth Group, Inc.	3.750	7/15/2025		80,104
						2,061,679
		INSURANCE - 0.3%
	160,000	American International Group, Inc.	4.250	3/15/2029		171,870
	50,000	American International Group, Inc.	4.875	6/1/2022		53,603
	275,000	Jackson National Life Global Funding (a)	3.250	1/30/2024		283,248
	155,000	Marsh & McLennan Cos, Inc.	4.375	3/15/2029		171,011
	195,000	Metropolitan Life Global Funding I (a)	2.650	4/8/2022		197,539
	250,000	Metropolitan Life Global Funding I (a)	3.000	9/19/2027		254,188
	150,000	Principal Financial Group, Inc.	3.400	5/15/2025		155,051
						1,286,510
		INTERNET - 0.2%
	400,000	Alibaba Group Holding Ltd.	2.500	11/28/2019		400,182
	270,000	Alibaba Group Holding Ltd.	3.400	12/6/2027		274,304
	75,000	Amazon.Com, Inc.	4.250	8/22/2057		86,466
	100,000	Amazon.Com, Inc.	4.800	12/5/2034		123,013
	215,000	Tencent Holdings Ltd. (a)	3.595	1/19/2028		219,516
						1,103,481
		MEDIA - 0.5%
	175,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.464	7/23/2022		183,885
	45,000	Charter Communications Operating LLC / Charter Communications Operating Capital	5.375	5/1/2047		47,484
	15,000	Charter Communications Operating LLC / Charter Communications Operating Capital	6.484	10/23/2045		17,675
	255,000	Comcast Corp.	3.950	10/15/2025		275,114
	138,000	Comcast Corp.	3.999	11/1/2049		145,524
	130,000	Comcast Corp.	4.600	10/15/2038		148,856
	15,000	Cox Communications, Inc. (a)	4.600	8/15/2047		15,198
	275,000	Cox Communications, Inc. (a)	4.800	2/1/2035		278,631
	15,000	Cox Communications, Inc. (a)	6.450	12/1/2036		17,553
	80,000	Fox Corp. (a)	4.030	1/25/2024		85,092
	100,000	NBCUniversal Media LLC	2.875	1/15/2023		102,147
	250,000	Sky Ltd. (a)	3.750	9/16/2024		265,649
	475,000	ViaCom, Inc.	4.250	9/1/2023		502,506
	50,000	Walt Disney Co. (The) (a)	3.700	9/15/2024		53,212
						2,138,526
		MINING - 0.1%
	275,000	Glencore Finance Canada Ltd. (a)	4.250	10/25/2022		287,552

		OIL & GAS - 0.4%
	42,000	Anadarko Finance Co.	7.500	5/1/2031		55,700
	192,000	Anadarko Petroleum Corp.	4.850	3/15/2021		198,754
	200,000	BG Energy Capital PLC (a)	4.000	10/15/2021		206,730
	280,000	Hess Corp.	7.300	8/15/2031		343,728
	130,000	Marathon Oil Corp.	2.700	6/1/2020		130,119
	95,000	Petroleos Mexicanos	5.375	3/13/2022		95,717
	230,000	Petroleos Mexicanos	6.375	2/4/2021		235,980

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		OIL & GAS - 0.4% (Continued)
$	225,000	Pioneer Natural Resources Co.	7.500	1/15/2020	$	230,737
	200,000	Saudi Arabian Oil Co. (a)	3.500	4/16/2029		202,573
						1,700,038
		PHARMACEUTICALS - 1.0%
	20,000	Allergan Funding SCS	3.450	3/15/2022		20,420
	550,000	Allergan Funding SCS	3.800	3/15/2025		570,775
	50,000	Allergan Funding SCS	3.850	6/15/2024		51,903
	100,000	Allergan Sales LLC (a)	5.000	12/15/2021		104,573
	265,000	Bayer US Finance II LLC (a)	4.250	12/15/2025		280,391
	275,000	Bayer US Finance LLC (a)	2.375	10/8/2019		274,639
	470,000	Bayer US Finance LLC (a)	3.375	10/8/2024		472,220
	155,000	Cardinal Health, Inc.	3.079	6/15/2024		156,045
	170,000	Cardinal Health, Inc.	3.200	3/15/2023		172,164
	35,000	Cardinal Health, Inc.	4.500	11/15/2044		32,617
	210,000	Cigna Corp. (a)	4.375	10/15/2028		226,562
	530,000	CVS Health Corp.	4.100	3/25/2025		558,986
	55,000	CVS Health Corp.	4.875	7/20/2035		57,578
	195,000	CVS Health Corp.	5.125	7/20/2045		207,951
	95,000	EMD Finance LLC (a)	2.950	3/19/2022		95,833
	485,000	Mylan NV	3.950	6/15/2026		468,989
	195,000	Mylan, Inc.	4.550	4/15/2028		191,234
	100,000	Mylan, Inc.	5.200	4/15/2048		92,341
	123,000	Teva Pharmaceutical Finance Co. BV	3.650	11/10/2021		118,387
	330,000	Teva Pharmaceutical Finance Netherlands III BV	2.800	7/21/2023		285,450
						4,439,058
		PIPELINES - 0.4%
	175,000	Columbia Pipeline Group, Inc.	4.500	6/1/2025		188,336
	90,000	Energy Transfer Operating LP	7.600	2/1/2024		104,532
	30,000	Energy Transfer Partners LP / Regency Energy Finance Corp.	4.500	11/1/2023		31,691
	515,000	EQM Midstream Partners LP	4.750	7/15/2023		535,527
	110,000	MPLX LP	4.000	3/15/2028		113,921
	290,000	MPLX LP	4.125	3/1/2027		303,560
	100,000	Phillips 66 Partners LP	3.605	2/15/2025		103,042
	195,000	SunoCo Logistics Partners Operations LP	3.900	7/15/2026		199,124
	55,000	SunoCo Logistics Partners Operations LP	4.400	4/1/2021		56,610
	200,000	Western Midstream Operating LP	4.000	7/1/2022		202,601
						1,838,944
		REAL ESTATE INVESTMENT TRUSTS - 0.7%
	300,000	American Tower Corp.	3.450	9/15/2021		306,448
	31,000	American Tower Corp.	5.000	2/15/2024		34,129
	50,000	AvalonBay Communities, Inc.	2.950	9/15/2022		51,002
	385,000	Brandywine Operating Partnership LP	3.950	11/15/2027		396,964
	130,000	Crown Castle International Corp.	3.650	9/1/2027		133,873
	105,000	Crown Castle International Corp.	3.800	2/15/2028		109,047
	75,000	HCP, Inc.	3.875	8/15/2024		78,630
	200,000	HCP, Inc.	4.000	6/1/2025		211,483
	155,000	SBA Tower Trust (a)	2.877	7/9/2021		155,281
	50,000	SBA Tower Trust (a)	2.898	10/15/2019		50,023
	255,000	SBA Tower Trust (a)	3.156	10/8/2020		255,335
	155,000	SBA Tower Trust (a)	3.448	3/15/2023		159,371
	260,000	Scentre Group Trust 1 / Scentre Group Trust 2 (a)	2.375	11/5/2019		259,806
	48,000	SITE Centers Corp.	4.625	7/15/2022		50,005
	425,000	WEA Finance LLC (a)	4.125	9/20/2028		452,336
	275,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (a)	3.250	10/5/2020		277,628
						2,981,361

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		RETAIL - 0.0% **
$	50,000	Lowe’s Cos, Inc.	4.550	4/5/2049	$	53,679

		SAVINGS & LOANS - 0.0% **
	200,000	Nationwide Building Society 3 Month LIBOR + 1.18% (a) ^	3.622	4/26/2023		203,687

		SEMICONDUCTORS - 0.1%
	295,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.625	1/15/2024		297,794
	170,000	Microchip Technology, Inc.	3.922	6/1/2021		173,051
						470,845
		SOFTWARE - 0.3%
	170,000	Fiserv, Inc.	3.200	7/1/2026		173,516
	235,000	Microsoft Corp.	2.400	8/8/2026		236,188
	335,000	Microsoft Corp.	2.875	2/6/2024		347,108
	120,000	Microsoft Corp.	3.700	8/8/2046		129,700
	230,000	Oracle Corp.	3.250	11/15/2027		240,841
						1,127,353
		TELECOMMUNICATIONS - 0.5%
	375,000	AT&T, Inc.	3.600	7/15/2025		388,962
	30,000	AT&T, Inc.	3.950	1/15/2025		31,685
	200,000	AT&T, Inc.	4.125	2/17/2026		212,748
	20,000	AT&T, Inc.	4.500	5/15/2035		20,936
	289,000	AT&T, Inc.	4.850	3/1/2039		310,164
	45,000	AT&T, Inc.	4.900	8/15/2037		48,503
	150,000	Crown Castle Towers LLC (a)	3.222	5/15/2022		152,222
	410,000	Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (a)	4.738	3/20/2025		425,375
	509,000	Verizon Communications, Inc.	4.522	9/15/2048		570,295
	53,000	Verizon Communications, Inc.	4.672	3/15/2055		60,101
						2,220,991
		TRUCKING & LEASING - 0.2%
	150,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. (a)	3.200	7/15/2020		150,679
	200,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. (a)	3.375	2/1/2022		203,888
	345,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. (a)	3.950	3/10/2025		362,083
	50,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. (a)	4.875	7/11/2022		53,152
						769,802
		WATER - 0.0% **
	120,000	American Water Capital Corp.	2.950	9/1/2027		120,812

		TOTAL CORPORATE BONDS (Cost $53,205,952)				55,024,593

		COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%
		WHOLE LOAN COLLATERAL - 0.3%
	169,970	Angel Oak Mortgage Trust I LLC 2019-2 (a) ^	3.628	3/25/2049		172,166
	47,913	Angel Oak Mortgage Trust LLC (a) ^	2.708	11/25/2047		47,781
	93,835	COLT 2019-2 Mortgage Loan Trust (a) ^	3.337	5/25/2049		94,779
	95,967	COLT 2018-3 Mortgage Loan Trust (a) ^	3.692	10/26/2048		97,293
	79,872	COLT 2018-1 Mortgage Loan Trust (a) ^	2.930	2/25/2048		79,718
	54,400	Deephaven Residential Mortgage Trust 2017-3 ^	2.577	10/25/2047		54,102
	90,541	Deephaven Residential Mortgage Trust 2018-1 (a) ^	2.976	1/25/2058		90,320
	95,789	Deephave Residential Mortgage Trust 2019-2 (a) ^	3.558	4/25/2059		97,101
	20,588	Deephaven Residential Mortgage Trust 2017-1 (a) ^	2.725	12/26/2046		20,498
	61,005	Deephaven Residential Mortgage Trust 2017-2 (a) ^	2.453	6/25/2047		60,473
	137,697	METLIFE SECURITIZATION TRUST (a) ^	3.000	4/25/2055		138,362
	168,345	New Residential Mortgage Loan Trust 2017-3 (a) ^	4.000	4/25/2057		174,440
	182,094	Verus Securitization Trust 2019-2 (a) ^	3.211	5/25/2049		183,527
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $1,306,231)				1,310,560

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		COMMERCIAL MORTGAGE BACKED SECURITIES - 3.0%
$	185,000	BAMLL Commercial Mortgage Securities Trust 2018-PARK ^	4.227	8/10/2038	$	204,436
	155,000	Banc of America Commercial Mortgage Trust 2015-UBS7	3.705	9/15/2048		165,084
	195,000	CD 2017-CD4 Mortgage Trust ^	3.514	5/10/2050		206,499
	525,000	Citigroup Commercial Mortgage Trust 2015-GC35	3.818	11/10/2048		562,359
	82,669	COMM 2013-CCRE8 Mortgage Trust	3.334	6/10/2046		85,314
	405,000	CSMC 17-LSTK A (a)	2.761	4/5/2033		406,187
	465,000	Fannie Mae Multifamily Remic Trust 2015-M12 ^	2.889	5/25/2025		478,108
	580,191	Fannie Mae REMICS	3.000	1/25/2045		593,772
	1,604,591	Fannie Mae REMICS	3.000	10/25/2045		1,640,618
	464,197	Fannie Mae REMICS	3.000	12/25/2045		475,962
	1,051,738	Fannie Mae REMICS	3.000	12/25/2054		1,066,956
	295,874	Fannie Mae REMICS	3.500	6/25/2044		307,693
	1,050,245	Fannie Mae REMICS	3.500	1/25/2047		1,093,722
	366,339	Fannie Mae REMICS	3.500	12/25/2047		386,842
	628,231	Fannie Mae REMICS	3.500	2/25/2048		660,565
	886,127	Fannie Mae REMICS	3.500	11/25/2057		914,933
	109,697	Fannie Mae REMICS	3.500	12/25/2058		114,830
	582,309	Fannie Mae REMICS	3.500	6/25/2059		608,194
	140,407	Fannie Mae-Aces 1 Month LIBOR + 0.40% ^	2.842	10/25/2024		140,211
	38,514	FANNIEMAE-ACES ^	2.932	4/25/2024		38,523
	608,970	Freddie Mac REMICS	1.750	9/15/2042		588,831
	787,329	Freddie Mac REMICS	3.000	6/15/2045		801,951
	512,552	Freddie Mac REMICS	3.000	7/15/2047		526,320
	105,000	FREMF 2010-K7 Mortgage Trust (a) ^	5.687	4/25/2020		106,891
	75,000	FREMF 2013-K712 Mortgage Trust (a) ^	3.350	5/25/2045		75,079
	45,000	FREMF 2013-K713 Mortgage Trust (a) ^	3.263	4/25/2046		45,125
	230,000	FREMF 2018-K733 Mortgage Trust (a) ^	4.218	9/25/2025		241,316
	100,000	SFAVE Commercial Mortgage Securities Trust 2015-5AVE (a) ^	4.144	1/5/2043		103,700
	250,000	Wells Fargo Commercial Mortgage Trust 2015-NXS1	3.148	5/15/2048		258,447
	400,000	Wells Fargo Commercial Mortgage Trust 2017-C38	3.453	7/15/2050		420,708
		TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost - $13,015,821)				13,319,176

		AGENCY MORTGAGE BACKED SECURITIES - 6.9%
		FEDERAL HOME LOAN MORTGAGE CORP. - 3.7%
	15,875	Freddie Mac Gold Pool	2.500	10/1/2028		16,052
	83,508	Freddie Mac Gold Pool	2.500	12/1/2031		84,216
	8,382	Freddie Mac Gold Pool	3.000	9/1/2028		8,600
	36,765	Freddie Mac Gold Pool	3.000	2/1/2043		37,389
	1,704,975	Freddie Mac Gold Pool	3.000	8/1/2046		1,728,476
	2,693,738	Freddie Mac Gold Pool	3.000	11/1/2046		2,716,070
	1,244,580	Freddie Mac Gold Pool	3.000	11/1/2046		1,264,189
	165,603	Freddie Mac Gold Pool	3.000	12/1/2046		166,968
	332,048	Freddie Mac Gold Pool	3.000	12/1/2046		337,285
	690,028	Freddie Mac Gold Pool	3.000	2/1/2047		695,751
	90,914	Freddie Mac Gold Pool	3.500	11/1/2034		93,884
	28,166	Freddie Mac Gold Pool	3.500	10/1/2043		29,261
	2,260,361	Freddie Mac Gold Pool	3.500	7/1/2047		2,333,763
	1,491,380	Freddie Mac Gold Pool	3.500	10/1/2047		1,539,816
	3,736,368	Freddie Mac Gold Pool	3.500	9/1/2048		3,825,140
	574,265	Freddie Mac Gold Pool	3.500	10/1/2048		587,627
	19,243	Freddie Mac Gold Pool	4.000	8/1/2044		20,035
	298,856	Freddie Mac Gold Pool	4.000	8/1/2048		310,830
	304,374	Freddie Mac Gold Pool	4.000	9/1/2048		314,728

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount				Coupon Rate (%)	Maturity	Value
			FEDERAL HOME LOAN MORTGAGE CORP. - 3.7% (Continued)
$	64,408		Freddie Mac Gold Pool	4.000	10/1/2048	$	66,567
	121,258		Freddie Mac Gold Pool	4.000	11/1/2048		125,490
							16,302,137
			FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.6%
	146,722		Fannie Mae Pool	2.470	5/1/2025		149,487
	21,834		Fannie Mae Pool	2.500	4/1/2028		22,069
	49,104		Fannie Mae Pool	2.500	2/1/2030		49,630
	106,590		Fannie Mae Pool	2.500	6/1/2030		107,736
	220,869		Fannie Mae Pool	2.500	10/1/2031		222,347
	154,082		Fannie Mae Pool	2.500	12/1/2031		155,115
	310,000		Fannie Mae Pool	2.680	5/1/2025		319,049
	400,000		Fannie Mae Pool	2.810	7/1/2025		414,419
	107,261		Fannie Mae Pool	2.990	10/1/2025		112,446
	13,585		Fannie Mae Pool	3.000	10/1/2028		13,877
	1,150,000		Fannie Mae Pool +	3.000	10/25/2031		1,172,461
	73,877		Fannie Mae Pool	3.000	7/1/2043		75,186
	1,666,022		Fannie Mae Pool	3.000	1/1/2046		1,683,408
	1,584,042	��	Fannie Mae Pool	3.000	10/1/2046		1,599,299
	51,729		Fannie Mae Pool	3.090	10/1/2025		54,512
	998,127		Fannie Mae Pool	3.500	12/1/2047		1,029,049
	1,789,544		Fannie Mae Pool	3.500	3/1/2048		1,841,775
	427,791		Fannie Mae Pool	3.500	9/1/2048		438,744
	33,644		Fannie Mae Pool	4.000	11/1/2043		35,169
	593,067		Fannie Mae Pool	4.000	1/1/2046		613,724
	619,438		Fannie Mae Pool	4.000	2/1/2046		641,001
	850,000		Fannie Mae Pool +	4.500	9/25/2044		888,117
							11,638,620
			GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.6%
	37,403		Ginnie Mae II Pool	3.000	12/20/2042		38,369
	40,408		Ginnie Mae II Pool	3.500	7/20/2043		41,787
	14,827		Ginnie Mae II Pool	4.000	12/20/2044		15,475
	90,642		Ginnie Mae II Pool	4.000	8/20/2048		93,975
	206,264		Ginnie Mae II Pool	4.000	9/20/2048		213,916
	94,879		Ginnie Mae II Pool	4.000	10/20/2048		98,654
	1,646,555		Ginnie Mae II Pool	4.000	11/20/2048		1,712,440
	350,000		Ginnie Mae II Pool +	4.500	10/20/2044		364,766
							2,579,382

			TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $30,021,379)				30,520,139

			MUNICIPAL SECURITIES - 0.9%
	115,000		Bay Area Toll Authority	7.043	4/1/2050		185,618
	50,000		Chicago O’Hare International Airport	6.395	1/1/2040		70,736
	85,000		Chicago Transit Authority	6.300	12/1/2021		89,359
	60,000		Chicago Transit Authority	6.300	12/1/2021		63,077
	115,000		Chicago Transit Authority	6.899	12/1/2040		155,342
	55,000		Chicago Transit Authority	6.899	12/1/2040		74,515
	315,000		County of Sacramento CA	5.730	8/15/2023		351,231
	195,000		Illinois Municipal Electric Agency	6.832	2/1/2035		251,336
	120,000		Kansas Development Finance Authority	5.371	5/1/2026		132,322
	120,000		Long Island Power Authority	3.883	9/1/2024		126,709
	80,000		Metropolitan Transportation Authority	6.668	11/15/2039		111,738
	381,000		Municipal Electric Authority of Georgia	6.637	4/1/2057		457,745
	70,000		Municipal Electric Authority of Georgia	6.655	4/1/2057		91,472
	400,000		New York State Urban Development Corp	2.100	3/15/2022		400,164

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		MUNICIPAL SECURITIES - 0.9% (Continued)
$	120,000	Regents of the University of California Medical Center Pooled Revenue	6.548	5/15/2048	$	172,229
	285,000	Sales Tax Securitization Corp	4.787	1/1/2048		324,381
	170,000	State of California	7.350	11/1/2039		257,038
	25,000	State of California	7.600	11/1/2040		40,567
	450,000	State of Illinois	5.100	6/1/2033		473,886
		TOTAL MUNICIPAL SECURITIES (Cost - $3,554,937)				3,829,465

		SOVEREIGN DEBT - 0.3%
	204,000	Japan Bank for International Cooperation	2.125	6/1/2020		203,837
	272,000	Japan Bank for International Cooperation	2.250	2/24/2020		272,059
	200,000	Qatar Government International Bond (a)	3.875	4/23/2023		209,760
	346,000	Qatar Government International Bond (a)	4.000	3/14/2029		372,815
	330,000	Saudi Government International Bond (a)	2.875	3/4/2023		333,713
		TOTAL SOVEREIGN DEBT (Cost - $1,348,014)				1,392,184

		U.S. TREASURY SECURITIES - 6.4%
	805,000	United States Treasury Bond	2.500	5/15/2046		800,346
	910,000	United States Treasury Bond	2.750	8/15/2047		949,741
	155,000	United States Treasury Bond	2.875	5/15/2049		166,286
	610,000	United States Treasury Bond	3.000	11/15/2044		666,425
	595,000	United States Treasury Bond	3.000	5/15/2047		651,641
	280,000	United States Treasury Bond	3.000	2/15/2049		307,519
	285,000	United States Treasury Bond	3.125	5/15/2048		319,801
	955,000	United States Treasury Inflation Indexed Bonds	0.375	1/15/2027		1,017,203
	1,665,000	United States Treasury Inflation Indexed Bonds	0.500	1/15/2028		1,753,011
	410,000	United States Treasury Note	2.250	4/30/2024		419,305
	900,000	United States Treasury Note	2.375	4/30/2026		929,391
	3,170,000	United States Treasury Note	2.375	5/15/2029		3,275,873
	1,400,000	United States Treasury Note	2.500	2/28/2021		1,415,586
	1,350,000	United States Treasury Note	2.500	1/31/2024		1,394,297
	3,815,000	United States Treasury Note	2.500	2/15/2045		3,800,545
	350,000	United States Treasury Note	2.625	12/31/2023		363,180
	865,000	United States Treasury Note	2.625	2/15/2029		912,170
	1,097,000	United States Treasury Note	2.750	11/15/2047		1,145,037
	540,000	United States Treasury Note	2.875	9/30/2023		564,912
	1,100,000	United States Treasury Note	2.875	10/31/2023		1,151,605
	2,560,000	United States Treasury Note	2.875	8/15/2028		2,751,000
	545,000	United States Treasury Note	2.875	8/15/2045		582,490
	1,135,000	United States Treasury Note	3.000	8/15/2048		1,244,776
	1,580,000	United States Treasury Note	3.375	5/15/2044		1,836,009
	5,000	United States Treasury Note	3.625	8/15/2043		6,035
	5,000	United States Treasury Note	3.750	11/15/2043		6,155
		TOTAL U.S. TREASURY SECURITIES (Cost - $27,018,777)				28,430,339

Shares
		SHORT-TERM INVESTMENT - 1.3%
		MONEY MARKET FUND - 1.3%
	5,716,637	Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (b)				5,716,637
		TOTAL SHORT-TERM INVESTMENT (Cost - $5,716,637)				5,716,637

		TOTAL INVESTMENTS - 96.5% (Cost - $354,784,720)				428,534,435
		OTHER ASSETS LESS LIABILITIES - NET - 3.5%				15,733,474
		TOTAL NET ASSETS - 100.0%			$	444,267,909

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

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	2.398%
3 Month LIBOR	2.319%

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, 2019.

See accompanying notes to financial statements.

Global Atlantic Wellington Research Managed Risk Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

SHORT FUTURES CONTRACT

Unrealized

Number of

Appreciation/

Description

Contracts

Expiration Date

Counterparty

Notional Amount

(Depreciation)

US 10 Year Ultra Future

Sep-19

Credit Suisse

966,875

(25,704

)

TOTAL NET UNREALIZED DEPRECIATION ON SHORT FUTURES CONTRACTS

(25,704

)

LONG FUTURES CONTRACT

						Unrealized
	Number of					Appreciation/
Description	Contracts	Expiration Date	Counterparty	Notional Amount		(Depreciation)
US 5 Year Note Future	16	Sep-19	Credit Suisse	$	1,890,500	$	23,430
TOTAL NET UNREALIZED APPRECIATION ON LONG FUTURES CONTRACTS						$	23,430

TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS						$	(2,274	)

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	Global Atlantic American		Global Atlantic Balanced		Global Atlantic BlackRock			Global Atlantic Franklin
	Funds^®Managed Risk		Managed Risk		Selects Managed Risk			Dividend and Income
Assets:	Portfolio		Portfolio		Portfolio			Managed Risk Portfolio
Investments in securities, at cost	$	206,622,961	$	70,359,071	$	226,124,813		$	213,538,785
Investments in securities, at value	$	216,675,740	$	82,031,590	$	236,092,823		$	278,667,320
Deposits with broker +		11,006,793		4,180,843		9,843,901			17,761
Cash		—		—		—			11,176,426
Foreign cash (cost - $0, $0, $0 and $18,337, respectively)		—		—		—			18,402
Unrealized appreciation on futures contracts		—		—		—			143,821
Unrealized appreciation on swap contracts, net		—		—		—			31,221
Unrealized appreciation on forward foreign currency contracts		—		—		—			4,024
Receivable for securities sold		—		—		874,844			1,612,489
Interest and dividends receivable		14,773		5,657		16,583			744,969
Total Assets		227,697,306		86,218,090		246,828,151			292,416,433
Liabilities:
Premiums received on open swap contracts		—		—		—			507
Payable for Portfolio shares redeemed		63,873		268,407		79,753			152,794
Payable for securities purchased		—		—		42,483			5,933,836
Accrued distribution (12b-1) fees		46,160		17,467		50,462			58,043
Accrued investment advisory fees		130,867		38,900		111,017			169,382
Administrative service fees payable		16,532		7,831		15,903			20,430
Accrued expenses and other liabilities		14,238		3,447		10,378			12,504
Total Liabilities		271,670		336,052		309,996			6,347,496
Net Assets	$	227,425,636	$	85,882,038	$	246,518,155		$	286,068,937

Net Assets:
Paid in capital	$	201,919,758	$	72,840,527	$	254,974,820		$	227,443,044
Accumulated Earnings/(Deficit)		25,505,878		13,041,511		(8,456,665	)		58,625,893
Net Assets	$	227,425,636	$	85,882,038	$	246,518,155		$	286,068,937
Class II Shares:
Net assets	$	227,425,636	$	85,882,038	$	246,518,155		$	286,068,937
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		18,968,497		6,984,627		24,726,173			22,296,492

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.99	$	12.30	$	9.97		$	12.83

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, 2019 (Unaudited)

	Global Atlantic Goldman		Global Atlantic Growth		Global Atlantic Moderate		Global Atlantic PIMCO
	Sachs Dynamic Trends		Managed Risk		Growth Managed		Tactical Allocation
Assets:	Allocation Portfolio		Portfolio		Risk Portfolio		Portfolio
Investments in securities, at cost	$	30,379,026	$	323,312,460	$	112,032,291	$	34,077,822
Investments in securities, at value	$	32,650,983	$	412,157,389	$	135,668,653	$	36,285,824
Foreign cash (cost - $143,760, $-, $-, and $21,505 respective		139,980		—		—		21,199
Deposits with broker +		335,806		20,343,803		6,805,207		1,053,099
Unrealized appreciation on futures contracts, net		20,485		—		—		80,706
Receivable for portfolio shares sold		—		—		190,100		—
Receivable for securities sold		—		—		—		8,739,676
Interest and dividends receivable		166,780		26,719		9,163		127,732
Total Assets		33,314,034		432,527,911		142,673,123		46,308,236
Liabilities:
Investments in securities sold short, proceeds	$	—	$	—	$	—	$	255,491
Investments in securities sold short, at value	$	—	$	—	$	—	$	261,415
Reverse repurchase agreements		—		—		—		3,767,875
Options written, at fair value (Premiums received $-, $-, $-, $484, respectively)		—		—		—		406
Unrealized depreciation on swap contract, net		—		—		—		218,521
Unrealized depreciation on forward foreign currency contracts, net		—		—		—		2,195
Payable for Portfolio shares redeemed		5,953		248,064		—		46,104
Payable for securities purchased		721,050		—		—		15,620,448
Accrued investment advisory fees		20,613		184,367		63,574		16,049
Accrued distribution (12b-1) fees		6,593		87,843		28,897		5,353
Administrative service fees payable		5,237		25,760		10,446		3,501
Accrued expenses and other liabilities		1,168		18,588		6,009		993
Total Liabilities		760,614		564,622		108,926		19,942,860
Net Assets	$	32,553,420	$	431,963,289	$	142,564,197	$	26,365,376
Net Assets:
Paid in capital	$	30,055,161	$	373,909,390	$	120,694,053	$	23,564,686
Accumulated Earnings		2,498,259		58,053,899		21,870,144		2,800,690
Net Assets	$	32,553,420	$	431,963,289	$	142,564,197	$	26,365,376

Class II Shares:
Net assets	$	32,553,420	$	431,963,289	$	142,564,197	$	26,365,376
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		3,110,887		36,721,099		11,796,168		2,383,009

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.46	$	11.76	$	12.09	$	11.06

Collateral for futures contracts.

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2019 (Unaudited)

	Global Atlantic Select		Global Atlantic Wellington
	Advisor Managed		Research Managed
Assets:	Risk Portfolio		Risk Portfolio
Investments in securities, at cost	$	92,290,808	$	354,784,720
Investments in securities, at value	$	108,056,986	$	428,534,435
Deposits with broker +		5,502,769		17,748,787
Interest and dividends receivable		7,090		1,192,579
Receivable for securities sold		—		2,629,153
Total Assets		113,566,845		450,104,954
Liabilities:
Unrealized depreciation on futures contracts, net		—		2,274
Payable for securities purchased		—		5,312,114
Payable for portfolio shares redeemed		84,093		79,629
Accrued investment advisory fees		18,961		306,025
Accrued distribution (12b-1) fees		23,088		90,007
Administrative service fees payable		9,069		28,378
Accrued expenses and other liabilities		4,733		18,618
Total Liabilities		139,944		5,837,045
Net Assets	$	113,426,901	$	444,267,909

Net Assets:
Paid in capital	$	92,929,630		352,983,253
Accumulated Earnings		20,497,271		91,284,656
Net Assets	$	113,426,901	$	444,267,909

Class II Shares:
Net assets	$	113,426,901	$	444,267,909
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		8,782,914		31,999,060

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.91	$	13.88

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

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations

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

	Global Atlantic American			Global Atlantic			Global Atlantic BlackRock			Global Atlantic Franklin
	Funds® Managed			Balanced Managed			Selects Managed Risk			Dividend and Income
	Risk Portfolio			Risk Portfolio			Portfolio			Managed Risk Portfolio
Investment Income:
Dividend income	$	11,853,391		$	943,818		$	1,301,928		$	1,927,532
Interest income		96,400			36,935			125,416			1,501,259
Total Investment Income		11,949,791			980,753			1,427,344			3,428,791
Expenses:
Investment advisory fees		1,000,244			229,740			958,902			1,170,966
Distribution fees (12b-1) - Class II Shares		277,846			104,013			306,230			344,376
Administrative service fees		78,762			31,689			86,442			98,690
Legal fees		27,215			10,186			29,988			33,746
Trustees fees		9,650			3,612			10,634			11,964
Custody fees		—			—			—			73
Miscellaneous Expense		—			536			1,589			3,835
Total Expenses		1,393,717			379,776			1,393,785			1,663,650
Expenses recaptured		—			265			—			—
Expenses waived		(444,553	)		—			(557,576	)		(71,886	)
Net Expenses		949,164			380,041			836,209			1,591,764
Net Investment Income		11,000,627			600,712			591,135			1,837,027

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		(561,845	)		8,007			(8,163,866	)		4,213,647
Futures contracts		(1,896,718	)		(656,352	)		(2,028,796	)		(3,274,158	)
Swap contracts		—			—			—			108,889
Broker Commissions		—			—			—			(2,240	)
Forward foreign exchange contracts		—			—			—			58,262
Translations of foreign currency transactions		—			—			—			(155,041	)
		(2,458,563	)		(648,345	)		(10,192,662	)		949,359
Net change in unrealized appreciation/(depreciation) on:
Investments		13,049,611			7,770,938			31,274,752			34,278,671
Futures contracts		(941,660	)		(370,729	)		(593,206	)		(2,478,250	)
Swap contracts		—			—			—			215,562
Forward foreign currency contracts		—			—			—			(38,404	)
Translations of foreign currency transactions		—			—			—			(1,861	)
		12,107,951			7,400,209			30,681,546			31,975,718

Net Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Translations		9,649,388			6,751,864			20,488,884			32,925,077
Net Increase in Net Assets Resulting from Operations	$	20,650,015		$	7,352,576		$	21,080,019		$	34,762,104

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations (Continued)

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

	Global Atlantic Goldman Sachs			Global Atlantic Growth			Global Atlantic Moderate			Global Atlantic PIMCO
	Dynamic Trends			Managed Risk			Growth Managed			Tactical Allocation
	Allocation Portfolio			Portfolio			Risk Portfolio			Portfolio
Investment Income:
Dividend income	$	142,653		$	4,654,125		$	1,552,029		$	104,329
Interest income		226,983			202,000			63,716			255,812
Total Investment Income		369,636			4,856,125			1,615,745			360,141
Expenses:
Investment advisory fees		132,996			1,188,463			383,729			108,454
Distribution fees (12b-1) - Class II Shares		39,117			540,210			174,423			31,898
Administrative service fees		15,293			149,809			50,758			13,702
Custody fees		—			—			—			67
Legal fees		3,832			52,911			17,085			3,126
Trustees fees		1,358			18,763			6,058			1,108
Interest Expense		—			1,417			—			—
Miscellaneous Expense		200			2,838			900			161
Total Expenses		192,796			1,954,411			632,953			158,516
Expenses recaptured		—			—			—			—
Expenses waived		(10,707	)		(11,311	)		—			(12,498	)
Net Expenses		182,089			1,943,100			632,953			146,018
Net Investment Income		187,547			2,913,025			982,792			214,123

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		1,069,092			746,438			(278,417	)		331,792
Futures contracts		288,184			(7,706,726	)		(1,600,456	)		602,512
Swap contracts		—			—			—			27,151
Broker commissions		(869	)		—			—			(1,540	)
Options written		—			—			—			1,000
Forward foreign currency contracts		—			—			—			38,512
Foreign currency translations		(8,365	)		—			—			(14,938	)
		1,348,042			(6,960,288	)		(1,878,873	)		984,489
Net change in unrealized appreciation/(depreciation) on:
Investments		1,130,529			53,158,281			15,340,997			1,615,771
Futures contracts		128,043			(6,694,944	)		(1,247,489	)		128,673
Short sales		—			—			—			(5,607	)
Swap contracts		—			—			—			(94,947	)
Options written		—			—			—			78
Forward foreign currency contracts		—			—			—			(4,975	)
Foreign currency translations		11,772			—			—			(162	)
		1,270,344			46,463,337			14,093,508			1,638,831
Net Realized and Unrealized Gain on Investments, Futures Contracts, Options Written, and Foreign Currency Translations		2,618,386			39,503,049			12,214,635			2,623,320
Net Increase in Net Assets Resulting from Operations	$	2,805,933		$	42,416,074		$	13,197,427		$	2,837,443

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Operations (Continued)

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

	Global Atlantic Select			Global Atlantic Wellington
	Advisor Managed			Research Managed
	Risk Portfolio			Risk Portfolio
Investment Income:
Dividend income	$	3,216,967		$	2,154,711	*
Interest income		50,244			2,545,532
Total Investment Income		3,267,211			4,700,243
Expenses:
Investment advisory fees		501,947			1,832,326
Distribution fees (12b-1) - Class II Shares		139,430			538,919
Administrative service fees		41,283			151,369
Legal fees		13,658			52,801
Trustee fees		4,843			18,721
Miscellaneous Expense		713			2,735
Total Expenses		701,874			2,596,871
Expenses Recaptured		—			—
Expenses waived/reimbursed		(348,536	)		(4,867	)
Net Expenses		353,338			2,592,004
Net Investment Income		2,913,873			2,108,239

Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Options Written, Swap Contracts, and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		402,038			1,805,315
Futures contracts		(1,313,095	)		(4,177,378	)
Foreign currency translations		—			597
		(911,057	)		(2,371,466	)
Net change in unrealized appreciation/(depreciation) on:
Investments		11,694,528			53,828,263
Futures contracts		(1,028,337	)		(3,835,638	)
Foreign currency translations		—			235
		10,666,191			49,992,860
Net Realized and Unrealized Gain on Investments, Futures Contracts, Options Written Swap Contracts and Foreign Currency Translations		9,755,134			47,621,394
Net Increase in Net Assets Resulting from Operations	$	12,669,007		$	49,729,633

Foreign Taxes Withheld $4,475

See accompanying notes to financial statements.

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, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	11,000,627		$	3,918,100		$	600,712		$	1,303,948
Net realized gain/(loss) on investments		(2,458,563	)		6,935,049			(648,345	)		655,458
Net change in unrealized appreciation/(depreciation) on investments		12,107,951			(21,692,206	)		7,400,209			(6,966,614	)
Net increase/(decrease) in net assets resulting from operations		20,650,015			(10,839,057	)		7,352,576			(5,007,208	)

From Distributions to Shareholders:
Total Distributions Paid		—			(9,463,958	)		—			(1,095,287	)

From Shares of Beneficial Interest:
Proceeds from shares sold		1,773,862			6,381,998			2,584,729			3,826,912
Reinvestment of distributions		—			9,463,958			—			1,095,287
Cost of shares redeemed		(11,900,334	)		(19,055,559	)		(5,802,981	)		(12,964,740	)
Net decrease in net assets from share transactions of beneficial interest		(10,126,472	)		(3,209,603	)		(3,218,252	)		(8,042,541	)
Total increase/(decrease) in net assets		10,523,543			(23,512,618	)		4,134,324			(14,145,036	)

Net Assets:
Beginning of period		216,902,093			240,414,711			81,747,714			95,892,750
End of period	$	227,425,636		$	216,902,093		$	85,882,038		$	81,747,714

Share Activity:
Shares Sold		152,561			526,903			215,282			318,366
Shares Reinvested		—			848,785			—			95,243
Shares Redeemed		(1,030,362	)		(1,594,889	)		(491,647	)		(1,083,588	)
Net decrease in shares of beneficial interest outstanding		(877,801	)		(219,201	)		(276,365	)		(669,979	)

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Selects						Global Atlantic Franklin Dividend and
	Managed Risk Portfolio						Income Managed Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	591,135		$	1,190,132		$	1,837,027		$	3,596,649
Net realized gain/(loss) on investments, futures contracts, forward foreign exchange contracts, and swap contracts		(10,192,662	)		6,438,516			949,359			(4,630,621	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, forward foreign exchange contracts, and swap contracts		30,681,546			(28,428,728	)		31,975,718			(15,375,409	)
Net increase/(decrease) in net assets resulting from operations		21,080,019			(20,800,080	)		34,762,104			(16,409,381	)

From Distributions to Shareholders:
Total Distributions Paid		—			(4,664,325	)		—			(2,765,677	)

From Shares of Beneficial Interest:
Proceeds from shares sold		706,319			4,655,484			2,746,486			7,274,247
Reinvestment of distributions		—			4,664,325			—			2,765,677
Cost of shares redeemed		(17,069,516	)		(27,923,437	)		(15,723,151	)		(29,188,638	)
Net decrease in net assets from share transactions of beneficial interest		(16,363,197	)		(18,603,628	)		(12,976,665	)		(19,148,714	)
Total increase/(decrease) in net assets		4,716,822			(44,068,033	)		21,785,439			(38,323,772	)

Net Assets:
Beginning of period		241,801,333			285,869,366			264,283,498			302,607,270
End of period	$	246,518,155		$	241,801,333		$	286,068,937		$	264,283,498

Share Activity:
Shares Sold		74,134			460,536			224,121			599,363
Shares Reinvested		—			499,927			—			236,181
Shares Redeemed		(1,766,875	)		(2,809,982	)		(1,288,497	)		(2,430,085	)
Net decrease in shares of beneficial interest outstanding		(1,692,741	)		(1,849,519	)		(1,064,376	)		(1,594,541	)

See accompanying notes to financial statements.

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, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	187,547		$	308,922		$	2,913,025		$	5,899,230
Net realized gain/(loss) on investments, futures contracts options written, and foreign currency translations		1,348,042			(1,638,965	)		(6,960,288	)		2,680,594
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, options written and foreign currency translations		1,270,344			(531,432	)		46,463,337			(42,363,431	)
Net increase/(decrease) in net assets resulting from operations		2,805,933			(1,861,475	)		42,416,074			(33,783,607	)

From Distributions to Shareholders:
Total Distributions Paid		—			(1,408,378	)		—			(4,869,325	)

From Shares of Beneficial Interest:
Proceeds from shares sold		511,196			1,881,962			594,043			10,622,373
Reinvestment of distributions		—			1,408,378			—			4,869,325
Cost of shares redeemed		(1,504,027	)		(3,906,173	)		(34,681,871	)		(42,651,050	)
Net decrease in net assets from share transactions of beneficial interest		(992,831	)		(615,833	)		(34,087,828	)		(27,159,352	)
Total increase/(decrease) in net assets		1,813,102			(3,885,686	)		8,328,246			(65,812,284	)

Net Assets:
Beginning of period		30,740,318			34,626,004			423,635,043			489,447,327
End of period	$	32,553,420		$	30,740,318		$	431,963,289		$	423,635,043

Share Activity:
Shares Sold		50,442			181,300			52,838			915,294
Shares Reinvested		—			146,859			—			442,264
Shares Redeemed		(150,483	)		(375,772	)		(3,021,291	)		(3,725,752	)
Net decrease in shares of beneficial interest outstanding		(100,041	)		(47,613	)		(2,968,453	)		(2,368,194	)

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Moderate Growth						Global Atlantic PIMCO Tactical
	Managed Risk Portfolio						Allocation Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018

Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	982,792		$	2,016,474		$	214,123		$	338,850
Net realized gain/(loss) on investments		(1,878,873	)		612,635			984,489			(539,247	)
Net change in unrealized appreciation/(depreciation) on investments		14,093,508			(12,231,915	)		1,638,831			(1,512,558	)
Net increase/(decrease) in net assets resulting from operations		13,197,427			(9,602,806	)		2,837,443			(1,712,955	)

From Distributions to Shareholders:
Total Distributions Paid		—			(1,615,979	)		—			(1,184,226	)

From Shares of Beneficial Interest:
Proceeds from shares sold		932,342			5,064,466			935,962			3,840,031
Reinvestment of distributions		—			1,615,979			—			1,184,226
Cost of shares redeemed		(7,510,426	)		(12,694,376	)		(1,746,917	)		(3,284,139	)
Net decrease in net assets from share transactions of beneficial interest		(6,578,084	)		(6,013,931	)		(810,955	)		1,740,118
Total increase/(decrease) in net assets		6,619,343			(17,232,716	)		2,026,488			(1,157,063	)

Net Assets:
Beginning of period		135,944,854			153,177,570			24,338,888			25,495,951
End of period	$	142,564,197		$	135,944,854		$	26,365,376		$	24,338,888

Share Activity:
Shares Sold		79,276			425,832			89,405			349,837
Shares Reinvested		—			143,007			—			116,788
Shares Redeemed		(643,642	)		(1,076,572	)		(163,653	)		(302,738	)
Net increase/(decrease) in shares of beneficial interest outstanding		(564,366	)		(507,733	)		(74,248	)		163,887

See accompanying notes to financial statements.

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Select Advisor						Global Atlantic Wellington
	Managed Risk Portfolio						Research Managed Risk Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	2,913,873		$	1,267,963		$	2,108,239		$	4,107,161
Net realized gain/(loss) on investments, futures contracts, options written, swap contracts and foreign currency translations		(911,057	)		1,920,178			(2,371,466	)		14,828,027
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, options written, swap contracts and foreign currency translations		10,666,191			(10,086,959	)		49,992,860			(41,210,016	)

Net increase/(decrease) in net assets resulting from operations		12,669,007			(6,898,818	)		49,729,633			(22,274,828	)

From Distributions to Shareholders:
Total Distributions Paid		—			(2,557,493	)		—			(11,630,527	)

From Shares of Beneficial Interest:
Proceeds from shares sold		305,711			5,072,636			2,561,331			3,233,092
Reinvestment of distributions		—			2,557,493			—			11,630,527
Cost of shares redeemed		(7,421,500	)		(10,294,914	)		(22,753,587	)		(45,039,857	)
Net decrease in net assets from share transactions of beneficial interest		(7,115,789	)		(2,664,785	)		(20,192,256	)		(30,176,238	)
Total increase/(decrease) in net assets		5,553,218			(12,121,096	)		29,537,377			(64,081,593	)

Net Assets:
Beginning of period		107,873,683			119,994,779			414,730,532			478,812,125
End of period	$	113,426,901		$	107,873,683		$	444,267,909		$	414,730,532

Share Activity:
Shares Sold		25,318			400,416			193,752			237,591
Shares Reinvested		—			215,822			—			915,069
Shares Redeemed		(598,827	)		(824,645	)		(1,707,051	)		(3,362,647	)
Net decrease in shares of beneficial interest outstanding		(573,509	)		(208,407	)		(1,513,299	)		(2,209,987	)

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014

Net asset value, beginning of period	$	10.93		$	11.98		$	10.64		$	10.57		$	10.86		$	10.28
Income from investment operations:
Net investment income (a,b)		0.57			0.20			0.15			0.15			0.18			0.32
Net realized and unrealized gain/(loss) on investments		0.49			(0.76	)		1.35			0.45			(0.38	)		0.27
Total income/(loss) from investment operations		1.06			(0.56	)		1.50			0.60			(0.20	)		0.59
Less distributions from:
Net investment income		—			(0.15	)		(0.14	)		(0.14	)		(0.09	)		(0.01	)
Net realized gain		—			(0.34	)		(0.02	)		(0.39	)		—			(0.00	) (f)
Total distributions from net investment income and net realized gains		—			(0.49	)		(0.16	)		(0.53	)		(0.09	)		(0.01	)
Net asset value, end of period	$	11.99		$	10.93		$	11.98		$	10.64		$	10.57		$	10.86
Total return (c)		9.70	% (h)		(4.75	)%		14.16	%		5.72	%		(1.84	)%		5.73	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	227,426		$	216,902		$	240,415		$	217,525		$	191,162		$	116,489
Ratio of net expenses to average net assets (d)		0.85	% (g)		0.86	%		0.86	%		0.86	%		0.86	%		0.86	%
Ratio of gross expenses to average net assets (d,e)		1.25	% (g)		1.24	%		1.27	%		1.27	%		1.27	%		1.35	%
Ratio of net investment income to average net assets (b,d)		9.90	% (g)		1.66	%		1.29	%		1.37	%		1.69	%		2.96	%
Portfolio turnover rate		24	% (h)		34	%		43	%		35	%		23	%		35	%

(a)

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

(b)

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

(c)

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 would have been lower absent fee waivers by the Adviser.

(d)

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

(e)

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

(f)

Amount represents less than $0.005.

(g)

Annualized.

(h)

Not annualized.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014

Net asset value, beginning of period	$	11.26		$	12.09		$	10.95		$	10.66		$	10.82		$	10.19
Income from investment operations:
Net investment income (a,b)		0.08			0.17			0.13			0.13			0.13			0.18
Net realized and unrealized gain/(loss) on investments		0.96			(0.85	)		1.16			0.25			(0.25	)		0.45
Total income/(loss) from investment operations		1.04			(0.68	)		1.29			0.38			(0.12	)		0.63
Less distributions from:
Net investment income		—			(0.15	)		(0.15	)		(0.09	)		(0.04	)		(0.00	) (f)
Net realized gain		—			—			—			—			—			(0.00	) (f)
Total distributions from net investment income and net realized gains		—			(0.15	)		(0.15	)		(0.09	)		(0.04	)		(0.00	) (f)
Net asset value, end of period	$	12.30		$	11.26		$	12.09		$	10.95		$	10.66		$	10.82
Total return (c)		9.24	% (i)		(5.66	)%		11.80	%		3.55	%		(1.10	)%		6.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	85,882		$	81,748		$	95,893		$	101,046		$	83,310		$	47,400
Ratio of net expenses to average net assets (d)		0.91	% (g,h)		0.91	% (g)		0.91	%		0.91	%		0.91	%		0.91	%
Ratio of gross expenses to average net assets (d)		0.91	% (h)		0.91	%		0.91	% (e)		0.92	% (e)		0.92	% (e)		0.97	% (e)
Ratio of net investment income to average net assets (b,d)		1.44	% (h)		1.42	%		1.14	%		1.23	%		1.16	%		1.70	%
Portfolio turnover rate		32	% (i)		75	%		49	%		51	%		32	%		34	%

(a)

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

(b)

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

(c)

(d)

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

(e)

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

(f)

Amount represents less than $0.005.

(g)

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

(h)

Annualized.

(i)

Not annualized.

See accompanying notes to financial statements.

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Selects Managed Risk Portfolio

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

	Class II Shares
	Six Months Ended
	June 30, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014

Net asset value, beginning of period	$	9.15		$	10.11		$	9.04		$	9.35		$	10.27		$	10.22
Income from investment operations:
Net investment income (a,b)		0.02			0.04			0.16			0.06			0.16			0.54
Net realized and unrealized gain/(loss) on investments		0.80			(0.82	)		0.97			(0.06	)		(0.52	)		(0.47	)
Total income (loss) from investment operations		0.82			(0.78	)		1.13			0.00	(f)		(0.36	)		0.07
Less distributions from:
Net investment income		—			(0.18	)		(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		—			(0.18	)		(0.06	)		(0.31	)		(0.56	)		(0.02	)
Net asset value, end of period	$	9.97		$	9.15		$	10.11		$	9.04		$	9.35		$	10.27
Total return (c)		8.96	% (i)		(7.78	)%		12.54	%		0.02	%		(3.44	)%		0.69	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	246,518		$	241,801		$	285,869		$	274,284		$	272,598		$	176,415
Ratio of net expenses to average net assets (d)		0.68	% (h)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of gross expenses to average net assets (d,e)		1.14	% (h)		1.24	%		1.26	%		1.27	%		1.26	%		1.35	%
Ratio of net investment income to average net assets (b,d)		0.48	% (h)		3.87	%		1.66	%		0.64	%		1.61	%		5.20	%
Portfolio turnover rate		88	% (i)		7	%		1	%		7	%		1	%		0	% (g)

(a)

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

(b)

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

(c)

(d)

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

(e)

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

(f)

Amount represents less than $0.005.

(g)

Amount represents less than 0.5%.

(h)

Annualized.

(i)

Not annualized.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	11.31		$	12.13		$	10.64		$	9.78		$	10.57		$	10.00
Income from investment operations:
Net investment income (b,c)		0.08			0.15			0.12			0.13			0.12			0.15
Net realized and unrealized gain (loss) on investments		1.44			(0.85	)		1.48			0.81			(0.87	)		0.42
Total income (loss) from investment operations		1.52			(0.70	)		1.60			0.94			(0.75	)		0.57
Less distributions from:
Net investment income		—			(0.12	)		(0.11	)		(0.08	)		(0.04	)		—
Net asset value, end of period	$	12.83		$	11.31		$	12.13		$	10.64		$	9.78		$	10.57
Total return (d)		13.44	%		(5.82	)%		15.14	%		9.60	%		(7.09	)%		5.70	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	286,069		$	264,283		$	302,607		$	236,401		$	162,144		$	87,956
Ratio of net expenses to average net assets (e)		1.15	% (g)		1.15	%		1.13	%		1.08	%		1.08	%		1.08	% (g)
Ratio of gross expenses to average net assets (e,f)		1.21	% (g)		1.19	%		1.24	%		1.22	%		1.21	%		1.24	% (g)
Ratio of net investment income to average net assets (c,e)		1.33	% (g)		1.24	%		1.04	%		1.22	%		1.13	%		2.22	% (g)
Portfolio turnover rate		11	% (h,i)		24	% (h)		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)

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

(e)

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

(f)

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

(g)

Annualized.

(h)

The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2019 and the years ended December 31, 2018 and December 31, 2017. If these were included in the calculation, the turnover percentage would be 27%, 48% and 55%, respectively. See Note 3 in the accompanying notes to financial statements.

(i)

Not annualized.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015 (a)

Net asset value, beginning of period	$	9.57		$	10.63		$	9.87		$	9.48		$	10.00
Income from investment operations:
Net investment income (b,c)		0.06			0.10			0.04			0.04			0.01
Net realized and unrealized gain/(loss) on investments		0.83			(0.71	)		0.75			0.35			(0.53	)
Total income/(loss) from investment operations		0.89			(0.61	)		0.79			0.39			(0.52	)
Less distributions from:
Net investment income		—			(0.05	)		(0.03	)		(0.00	) (d)		(0.00	) (d)
Net realized gain		—			(0.40	)		—			—			—
Total distributions from net investment income and net realized gains		—			(0.45	)		(0.03	)		(0.00	) (d)		(0.00	) (d)
Net asset value, end of period	$	10.46		$	9.57		$	10.63		$	9.87		$	9.48
Total return (e)		9.30	%		(5.74	)%		8.04	%		4.12	%		(5.17	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	32,553		$	30,740		$	34,626		$	30,792		$	16,249
Ratio of expenses to average net assets (f)		1.16	% (h)		1.16	%		1.16	%		1.16	%		1.16	% (h)
Ratio of gross expenses to average net assets (f,g)		1.23	% (h)		1.20	%		1.21	%		1.21	%		1.22	% (h)
Ratio of net investment income to average net assets (c,f)		1.20	% (h)		0.94	%		0.37	%		0.43	%		0.10	% (h)
Portfolio turnover rate		75	% (i)		142	%		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)

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)

Annualized.

(i)

Not annualized.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	10.67		$	11.64		$	10.03		$	9.91		$	10.49		$	10.00
Income from investment operations:
Net investment income (b,c)		0.08			0.14			0.11			0.13			0.13			0.13
Net realized and unrealized gain (loss) on investments		1.01			(0.99	)		1.65			0.09			(0.68	)		0.36
Total income (loss) from investment operations		1.09			(0.85	)		1.76			0.22			(0.55	)		0.49
Less distributions from:
Net investment income		—			(0.12	)		(0.15	)		(0.10	)		(0.03	)		—
Net asset value, end of period	$	11.76		$	10.67		$	11.64		$	10.03		$	9.91		$	10.49
Total return (d)		10.22	%		(7.33	)%		17.61	%		2.23	%		(5.23	)%		4.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	431,963		$	423,635		$	489,447		$	467,767		$	461,355		$	260,758
Ratio of net expenses to average net assets (e)		0.90	% (g)		0.91	% (i)		0.91	%		0.91	%		0.91	%		0.90	% (g)
Ratio of gross expenses to average net assets (e)		0.90	% (g)		0.89	%		0.91	% (f)		0.92	% (f)		0.92	% (f)		0.90	% (g)
Ratio of net investment income to average net assets (c,e)		1.35	% (g)		1.24	%		1.04	%		1.32	%		1.22	%		1.83	% (g)
Portfolio turnover rate		14	% (h)		53	%		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)

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

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

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

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014 (a)

Net asset value, beginning of period	$	11.00		$	11.90		$	10.52		$	10.20		$	10.50		$	10.00
Income from investment operations:
Net investment income (b,c)		0.08			0.16			0.12			0.13			0.13			0.13
Net realized and unrealized gain (loss) on investments		1.01			(0.93	)		1.40			0.28			(0.40	)		0.37
Total income (loss) from investment operations		1.09			(0.77	)		1.52			0.41			(0.27	)		0.50
Less distributions from:
Net investment income		—			(0.13	)		(0.14	)		(0.09	)		(0.03	)		—
Net asset value, end of period	$	12.09		$	11.00		$	11.90		$	10.52		$	10.20		$	10.50
Total return (d)		9.91	%		(6.50	)%		14.47	%		4.05	%		(2.57	)%		5.00	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	142,564		$	135,945		$	153,178		$	142,389		$	127,725		$	64,987
Ratio of net expenses to average net assets (e)		0.91	% (g)		0.91	% (i)		0.91	%		0.91	%		0.91	%		0.91	% (g)
Ratio of gross expenses to average net assets (e)		0.91	% (g)		0.89	%		0.91	% (f)		0.92	% (f)		0.92	% (f)		0.91	% (g)
Ratio of net investment income to average net assets (c,e)		1.41	% (g)		1.35	%		1.09	%		1.26	%		1.21	%		1.82	% (g)
Portfolio turnover rate		27	% (h)		65	%		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)

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

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

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

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015 (a)

Net asset value, beginning of period	$	9.90		$	11.12		$	9.73		$	9.45		$	10.00
Income from investment operations:
Net investment income (b,c)		0.09			0.14			0.09			0.11			0.04
Net realized and unrealized loss on investments		1.07			(0.87	)		1.34			0.26			(0.51	)
Total income/(loss) from investment operations		1.16			(0.73	)		1.43			0.37			(0.47	)
Less distributions from:
Net investment income		—			(0.11	)		(0.04	)		(0.09	)		(0.08	)
Net realized gain		—			(0.38	)		—			—			—
Total distributions from net investment income and net realized gains		—			(0.49	)		(0.04	)		(0.09	)		(0.08	)
Net asset value, end of period	$	11.06		$	9.90		$	11.12		$	9.73		$	9.45
Total return (d)		11.60	%		(6.65	)%		14.66	%		3.91	%		(4.72	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	26,365		$	24,339		$	25,496		$	20,356		$	13,215
Ratio of net expenses to average net assets (e)		1.14	% (g)		1.14	%		1.14	%		1.14	%		1.14	% (g)
Ratio of gross expenses to average net assets (e,f)		1.24	% (g)		1.20	%		1.21	%		1.21	%		1.22	% (g)
Ratio of net investment income to average net assets (c,e)		1.68	% (g)		1.29	%		0.83	%		1.15	%		0.61	% (g)
Portfolio turnover rate (i)		573	% (h)		207	%		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)

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

(e)

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

(f)

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

(g)

Annualized.

(h)

Not annualized.

(i)

The portfolio turnover rates excludes mortgage dollar roll transactions for the six months ended June 30, 2019, the years ended December 31, 2018, December 31, 2017 and December 31, 2016, and the period ended December 31, 2015. If these were included in the calculation, the turnover percentage would be 563%, 376%, 455%, 304%, and 220%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014

Net asset value, beginning of period	$	11.53		$	12.55		$	11.04		$	10.62		$	10.97		$	10.24
Income from investment operations:
Net investment income (a,b)		0.32			0.13			0.11			0.14			0.15			0.17
Net realized and unrealized gain/(loss) on investments		1.06			(0.87	)		1.55			0.40			(0.46	)		0.56
Total income/(loss) from investment operations		1.38			(0.74	)		1.66			0.54			(0.31	)		0.73
Less distributions from:
Net investment income		—			(0.12	)		(0.15	)		(0.12	)		(0.04	)		(0.00	) (f)
Net realized gain		—			(0.16	)		—			—			—			—
Total distributions from net investment income and net realized gains		—			(0.28	)		(0.15	)		(0.12	)		(0.04	)		(0.00	) (f)
Net asset value, end of period	$	12.91		$	11.53		$	12.55		$	11.04		$	10.62		$	10.97
Total return (c)		12.07	% (i)		(5.99	)%		15.06	%		5.10	%		(2.81	)%		7.14	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	113,427		$	107,874		$	119,955		$	110,443		$	105,716		$	51,597
Ratio of net expenses to average net assets (d)		0.63	% (h)		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Ratio of gross expenses to average net assets (d,e)		1.26	% (h)		1.24	%		1.26	%		1.27	%		1.26	%		1.37	%
Ratio of net investment income to average net assets (b,d)		5.22	% (h)		1.07	%		0.95	%		1.26	%		1.42	%		1.59	%
Portfolio turnover rate		13	% (i)		32	%		36	%		45	%		21	%		18	%

(a)

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

(b)

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

(c)

(d)

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

(e)

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

(f)

Amount represents less than $0.005.

(h)

Annualized.

(i)

Not annualized.

See accompanying notes to financial statements.

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, 2019			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2018			December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2014

Net asset value, beginning of period	$	12.38		$	13.40		$	11.82		$	11.32		$	11.25		$	10.31
Income from investment operations:
Net investment income (a,b)		0.06			0.12			0.09			0.08			0.06			0.04
Net realized and unrealized gain/(loss) on investments		1.44			(0.79	)		1.56			0.42			0.03	(c)		0.92
Total income/(loss) from investment operations		1.50			(0.67	)		1.65			0.50			0.09			0.96
Less distributions from:
Net investment income		—			(0.09	)		(0.07	)		—			(0.01	)		(0.01	)
Net realized gain		—			(0.26	)		—			—			(0.01	)		(0.01	)
Total distributions from net investment income and net realized gains		—			(0.35	)		(0.07	)		—			(0.02	)		(0.02	)
Net asset value, end of period	$	13.88		$	12.38		$	13.40		$	11.82		$	11.32		$	11.25
Total return (d)		12.12	% (j)		(5.07	)%		13.99	%		4.68	%		0.75	%		9.29	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	444,268		$	414,731		$	478,812		$	415,607		$	335,250		$	88,909
Ratio of net expenses to average net assets (e)		1.20	% (h)		1.20	% (h)		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of gross expenses to average net assets (e)		1.20	% (f,i)		1.19	%		1.21	% (f)		1.21	% (f)		1.21	% (f)		1.38	% (f)
Ratio of net investment income to average net assets (b,e)		0.98	% (i)		0.89	%		0.68	%		0.65	%		0.49	%		0.35	%
Portfolio turnover rate (g)		26	% (j)		66	%		67	%		71	%		91	%		120	%

(a)

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

(b)

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

(c)

Realized and unrealized 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.

(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)

The portfolio turnover rates excludes mortgage dollar roll transactions for the period and years ended June 30, 2019, December 31, 2018, December 31, 2017, December 31, 2016, December 31, 2015 and December 31, 2014. If these were included in the calculation the turnover percentage would be 34%, 92%, 106%, 120%, 175% and 188%, respectively. See Note 3 in the accompanying notes to financial statements.

(h)

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

(i)

Annualized.

(j)

Not annualized.

See accompanying notes to financial statements.

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS

June 30, 2019 (Unaudited)

ORGANIZATION

The Global Atlantic Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are comprised of twenty-three different actively managed portfolios, ten 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 Selects Managed Risk Portfolio (formerly Global	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Atlantic BlackRock Global Allocation Managed Risk Portfolio)
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 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.

Each of the Portfolios in this report is diversified. Certain of the Portfolios operate as “fund of funds.” A “fund of funds” typically invests in multiple underlying funds and the level of its interest in any particular underlying fund may fluctuate. The Portfolios are intended to be funding vehicles for variable annuity 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.

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.

100

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

101

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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.

102

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (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, 2019 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	$	216,666,329	$	—	$	—	$	216,666,329
Short-Term Investment		9,411		—		—		9,411
Total	$	216,675,740	$	—	$	—	$	216,675,740

Global Atlantic Balanced Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	82,025,533	$	—	$	—	$	82,025,533
Short-Term Investment		6,057		—		—		6,057
Total	$	82,031,590	$	—	$	—	$	82,031,590

Global Atlantic BlackRock Selects Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	180,028,122	$	—	$	—	$	180,028,122
Variable Insurance Trust		54,542,692		—		—		54,542,692
Short-Term Investment		1,522,009		—		—		1,522,009
Total	$	236,092,823	$	—	$	—	$	236,092,823

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	566,500	$	—	$	—	$	566,500
Common Stocks		204,276,641		—		—		204,276,641
Asset Backed Securities		—		20,901,409		—		20,901,409
Commercial Mortgage Obligation		—		291,615		—		291,615
Corporate Bonds		—		19,976,156		—		19,976,156
Municipal Bond		—		94,390		—		94,390
Term Loans		—		3,897,847		—		3,897,847
Agency Mortgage Backed Securities		—		15,197,326		—		15,197,326
Sovereign Debt		—		2,619,284		—		2,619,284
U.S. Treasury Securities		—		9,112,645		—		9,112,645
Short-Term Investment		1,733,507		—		—		1,733,507
Forward Foreign Currency Contracts*		—		4,024		—		4,024
Futures Contracts *		143,821		—		—		143,821
Swap Contracts*		—		31,221		—		31,221
Total	$	206,720,469	$	72,125,917	$	—	$	278,846,386

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	13,818,848	$	—	$	—	$	13,818,848
U.S. Treasury Note		—		16,849,041		—		16,849,041
Short-Term Investment		1,983,094		—		—		1,983,094
Futures Contracts*		20,485		—		—		20,485
Total	$	15,822,427	$	16,849,041	$	—	$	32,671,468

103

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Global Atlantic Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	412,136,639	$	—	$	—	$	412,136,639
Short-Term Investment		20,750		—		—		20,750
Total	$	412,157,389	$	—	$	—	$	412,157,389

Global Atlantic Moderate Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	135,665,140	$	—	$	—	$	135,665,140
Short-Term Investment		3,513		—		—		3,513
Total	$	135,668,653	$	—	$	—	$	135,668,653

Global Atlantic PIMCO Tactical Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	7,935,592	$	—	$	—	$	7,935,592
Asset Backed Securities		—		814,939		—		814,939
Corporate Bonds		—		3,602,270		—		3,602,270
Certificate of Deposit		—		100,284		—		100,284
Agency Mortgage Backed Securities		—		7,164,023		—		7,164,023
Collateralized Mortgage Obligations		—		923,045		—		923,045
Commercial Mortgage Backed Securities		—		31,647		—		31,647
U.S. Treasury Securities		—		13,096,183		—		13,096,183
Purchased Option on Futures		—		—		—		—
Short-Term Investments		521,121		2,096,720		—		2,617,841
Futures Contracts *		80,706		—		—		80,706
Total	$	8,537,419	$	27,829,111	$	—	$	36,366,530

Liabilities	Level 1		Level 2		Level 3		Total
Securities Sold Short	$	—	$	261,415	$	—	$	261,415
Written Options		—		406		—		406
Swap Contracts		—		218,521		—		218,521
Forward Foreign Currency Contracts		—		2,195		—		2,195
Total	$	—	$	482,537	$	—	$	482,537

Global Atlantic Select Advisor Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	19,528,781	$	—	$	—	$	19,528,781
Variable Insurance Trusts		88,521,196		—		—		88,521,196
Short-Term Investment		7,009		—		—		7,009
Total	$	108,056,986	$	—	$	—	$	108,056,986

104

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Global Atlantic Wellington Research Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	277,168,569	$	—	$	—	$	277,168,569
Exchange Traded Fund		115,442		—		—		115,442
Asset Backed Securities		—		11,707,331		—		11,707,331
Corporate Bonds		—		55,024,593		—		55,024,593
Collateralized Mortgage Obligations		—		1,310,560		—		1,310,560
Commercial Mortgage Backed Securities		—		13,319,176		—		13,319,176
Agency Mortgage Backed Securities		—		30,520,139		—		30,520,139
Municipal Securities		—		3,829,465		—		3,829,465
Sovereign Debt		—		1,392,184		—		1,392,184
U.S. Treasury Securities		—		28,430,339		—		28,430,339
Short-Term Investment		5,716,637		—		—		5,716,637
Total	$	283,000,648	$	145,533,787	$	—	$	428,534,435

Liabilities		Level 1				Level 2				Level 3				Total
Futures Contracts*		$	2,274			$	—			$	—			$	2,274

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

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

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

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

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

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio’s 2016, 2017, and 2018 tax returns or is expected to be taken in each Portfolio’s 2019 tax returns. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

105

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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

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

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

For the six months ended June 30, 2019, the change in unrealized appreciation/(depreciation) on forward foreign currency contracts by the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio was $(38,404) and $(4,975), respectively. For the six months ended June 30, 2019, the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio had realized gains/(losses) of $58,262 and $38,512, respectively, from forward foreign currency contracts.

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

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

106

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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, 2019, the change in unrealized appreciation on options contracts written by the Global Atlantic PIMCO Tactical Allocation Portfolio was $78. For the six months ended June 30, 2019, the Global Atlantic PIMCO Tactical Allocation Portfolio had realized gains of $1,000 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 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.

107

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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

					Change in Unrealized
	Risk Type	Realized Gain/(Loss)			Appreciation/(Depreciation)
Global Atlantic American Funds^® Managed Risk Portfolio	Equity	$	(1,896,718	)	$	(941,660	)
Global Atlantic Balanced Managed Risk Portfolio	Equity	$	(656,352	)	$	(370,729	)
Global Atlantic BlackRock Selects Managed Risk Portfolio	Equity	$	(2,028,796	)	$	(593,206	)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	Interest Rate	$	315,209		$	7,653
	Currency	$	—		$	(8,125	)
	Equity	$	(3,589,367	)	$	(2,477,778	)
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	Equity	$	288,184		$	128,043
Global Atlantic Growth Managed Risk Portfolio	Equity	$	(7,706,726	)	$	(6,694,944	)
Global Atlantic Moderate Growth Managed Risk Portfolio	Equity	$	(1,600,456	)	$	(1,247,489	)
Global Atlantic PIMCO Tactical Allocation Portfolio	Equity	$	807,139		$	125,642
	Interest Rate	$	(204,627	)	$	3,031
Global Atlantic Select Advisor Managed Risk Portfolio	Equity	$	(1,313,095	)	$	(1,028,337	)
Global Atlantic Wellington Research Managed Risk Portfolio	Equity	$	(4,116,440	)	$	(3,898,770	)
	Interest Rate	$	(60,938	)	$	63,132

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

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

The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Portfolio amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. A Portfolio segregates cash or liquid securities having a value at least equal to the amount of its current obligation under any swap transaction. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Portfolio’s maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract’s remaining life, to be the extent that amount is positive.

108

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

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

For the six months ended June 30, 2019, 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 $215,562 and $(94,947), respectively. For the six months ended June 30, 2019, the Global Atlantic Franklin Dividend and Income Managed Risk Portfolio and the Global Atlantic PIMCO Tactical Allocation Portfolio had realized gains of $108,889 and $27,151, respectively, from swap contracts.

Repurchase and Reverse Repurchase Agreements Risk – Repurchase and reverse repurchase agreements involve the purchase or sale of securities held by the Portfolio with an agreement to resell or repurchase the securities at an agreed-upon price, date and interest payment. Repurchase transactions are subject to credit risk and counterparty risk. They also carry the risk that the market value of the securities may increase above the resell value or decline below the repurchase price. The Portfolio could also lose money if it is unable to recover the securities and the value of the collateral held by the Portfolio is less than the value of securities. Reverse repurchase agreements are a type of borrowing that may increase the possibility of fluctuation in the Portfolio’s net asset value.

Borrowing Rate	Settlement Date	Maturity Date	Principal Amount		Amount Borrowed		Payable for Reverse Repurchase Agreements
2.70%	6/17/19	7/1/19	$	2,764,125	$	2,764,125	$	2,767,028
2.50%	6/17/19	7/1/19		1,003,750		1,003,750		1,004,726
					$	3,767,875	$	3,771,754

109

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities

The following tables present certain of the Portfolios’ asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2019.

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Assets
									Gross Amounts Not Offset in the
									Statement of Assets & Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the
	of Recognized			Statement of			Statement of Assets &		Financial		Cash Collateral
Description	Assets			Assets & Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	145,545	(1)	$	(1,724	)(1)	$	143,821	$	—	$	—	(2)	$	—
Forward Foreign Currency Contracts		33,032	(1)		(29,008	)(1)		4,024		—		—	(2)		—
Swap Contracts		68,022	(1)		(36,801	)(1)		31,221		—		—	(2)		—
Total	$	246,599		$	(67,533	)	$	179,066	$	—	$	—		$	—

(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 $18,158 for futures contracts.

Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio

Assets
									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	Assets			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	22,087	(1)	$	1,602	(1)	$	20,485	$	—	$	—	(2)	$	—
Total	$	22,087		$	1,602		$	20,485	$	—	$	—		$	—

(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 $335,806 for futures contracts.

110

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Global Atlantic PIMCO Tactical Allocation Portfolio

Assets
									Gross Amounts Not Offset in the
									Statement of Assets & Liabilities
	Gross Amounts			Gross Amounts Offset			Net Amounts of Assets
	of Recognized			in the Statement of			Presented in the Statement		Financial		Cash Collateral
Description	Assets			Assets & Liabilities			of Assets & Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	127,742	(1)	$	47,036	(1)	$	80,706	$	—	$	—		$	—
Total	$	127,742		$	47,036		$	80,706	$	—	$	—		$	—

									Gross Amounts Not Offset in the
Liabilities									Statement of Assets & Liabilities
	Gross Amounts of			Gross Amounts Offset			Net Amounts of Liabilities
	Recognized			in the Statement of			Presented in the Statement of		Financial		Cash Collateral
Description	Liabilities			Assets & Liabilities			Assets & Liabilities		Instruments		Pledged			Net Amount
Forward Foreign Currency Contracts	$	5,785	(1)	$	3,590	(1)	$	2,195	$	—	$	2,195	(2)	$	—
Swap Contracts		238,283	(1)		19,762	(1)		218,521		—		218,521	(2)		—

Reverse Repurchase
Agreements		3,767,875	(1)		—	(1)		3,767,875		—		3,767,875	(2)		—
Total	$	4,011,943		$	23,352		$	3,988,591	$	—	$	3,988,591		$	—

(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 $541,138 for futures contracts and $293,440 for swap contracts.

Global Atlantic Wellington Research Managed Risk Portfolio

									Gross Amounts Not Offset in
									the Statement of Assets &
									Liabilities
							Net Amounts of Liabilities
	Gross Amounts			Gross Amounts Offset			Presented in the				Cash
	of Recognized			in the Statement of			Statement of Assets &		Financial		Collateral
Description	Liabilities			Assets & Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	2,274	(1)	$	—	(1)	$	2,274	$	—	$	2,274	(2)	$	—
Total	$	2,274		$	—		$	2,274	$	—	$	2,274		$	—

(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 $17,746,513 for futures contracts.

111

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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 Statements of Assets and Liabilities as of June 30, 2019 for Global Atlantic Franklin Dividend and Income Managed Risk Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio:

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 Reverse Repurchase Agreements, at value

The following table sets forth the fair value of the derivative contracts by primary risk exposure as of June 30, 2019 for Global Atlantic Franklin Dividend and Income Managed Risk Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio:

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Derivatives Investment Fair Value
					Total as of
	Interest Rate		Currency		June 30, 2019
Futures Contracts	$	143,821	$	—	$	143,821
Swap Contracts		31,221		—		31,221
Forward Foreign Currency Contracts		—		4,024		4,024
Total	$	175,042	$	4,024	$	179,066

Global Atlantic PIMCO Tactical Allocation Portfolio

Derivatives Investment Fair Value
											Total as of
	Equity		Interest Rate			Currency			Credit		June 30, 2019
Options Purchased on Futures	$	—	$	—		$	—		$	—	$	—
Futures Contracts		125,642		(44,936	)		—			—		80,706
Swap Contracts		—		(235,299	)		—			16,778		(218,521	)
Options Written		—		(406	)		—			—		(406	)
Forward Foreign Currency Contracts		—		—			(2,195	)		—		(2,195	)
Total	$	125,642	$	(280,641	)	$	(2,195	)	$	16,778	$	(140,416	)

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June 30, 2019 (Unaudited)

The following is a summary of the location of derivative investments on the Statements of Operations for the six months ended June 30, 2019 for Global Atlantic Franklin Dividend and Income Managed Risk Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio:

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 realized and unrealized gain/(loss) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended June 30, 2019 for Global Atlantic Franklin Dividend and Income Managed Risk Portfolio, Global Atlantic PIMCO Tactical Allocation Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio:

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
									Total for the six months
	Equity			Interest Rate		Currency			ended June 30, 2019
Futures Contracts	$	(2,477,778	)	$	7,653	$	(8,125	)	$	(2,478,250	)
Swap Contracts		—			215,562		—			215,562
Forward Foreign Currency Contracts		—			—		(38,404	)		(38,404	)
Total	$	(2,477,778	)	$	223,215	$	(46,529	)	$	(2,301,092	)

Realized gain/(loss) on derivatives recognized in the Statement of Operations
									Total for the six months
	Equity			Interest Rate		Currency			ended June 30, 2019
Futures Contracts	$	(3,589,367	)	$	315,209	$	—		$	(3,274,158	)
Swap Contracts		—			108,889		—			108,889
Forward Foreign Currency Contracts		—			—		58,262			58,262
Total	$	(3,589,367	)	$	424,098	$	58,262		$	(3,107,007	)

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Global Atlantic PIMCO Tactical Allocation Portfolio

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations
												Total for the six months
	Equity		Interest Rate			Currency			Credit			ended June 30, 2019
Options Written	$	—	$	(406	)	$	—		$	—		$	(406	)
Options Purchased on Futures		—		432			—			—			432
Futures Contracts		125,642		3,031			—			—			128,673
Swap Contracts		—		(111,725	)		—			16,778			(94,947	)
Forward Foreign Currency Contracts		—		—			(4,975	)		—			(4,975	)
Total	$	125,642	$	(108,668	)	$	(4,975	)	$	16,778		$	28,777

Realized gain/(loss) on derivatives recognized in the Statement of Operations
												Total for the six months
	Equity		Interest Rate			Currency			Credit			ended June 30, 2019
Options Written	$	—	$	1,000		$	—		$	—		$	1,000
Options Purchased on Futures		—		(916	)		—			—			(916	)
Futures Contracts		807,139		(204,627	)		—			—			602,512
Swap Contracts		—		31,748			—			(4,597	)		27,151
Forward Foreign Currency Contracts		—		—			38,512			—			38,512
Total	$	807,139	$	(172,795	)	$	38,512		$	(4,597	)	$	668,259

Global Atlantic Wellington Research Managed Risk Portfolio

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the
Statement of Operations
									Total for the six months
	Equity			Interest Rate			Currency		ended June 30, 2019
Futures Contracts	$	(3,898,770	)	$	63,132		$	—	$	(3,835,638	)
Total	$	(3,898,770	)	$	63,132		$	—	$	(3,835,638	)

Realized gain/(loss) on derivatives recognized in the Statement of Operations
									Total for the six months
	Equity			Interest Rate			Currency		ended June 30, 2019
Futures Contracts	$	(4,116,440	)	$	(60,938	)	$	—	$	(4,177,378	)
Total	$	(4,116,440	)	$	(60,938	)	$	—	$	(4,177,378	)

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

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

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

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

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

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

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

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

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

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

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June 30, 2019 (Unaudited)

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.

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. Additionally, the U.S. and foreign governmental market support activities implemented since the financial crisis are being reduced, and the Federal Reserve has started to raise interest rates. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental support could negatively affect the markets generally and increase market volatility. These and other changes in market conditions could reduce the value and liquidity of the securities in which a Portfolio invests. This environment could make identifying investment risks and opportunities especially difficult.

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

In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer’s failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed

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June 30, 2019 (Unaudited)

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, 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, 2019, 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	$	50,632,167	$	54,010,153
Global Atlantic Balanced Managed Risk Portfolio		25,438,072		29,429,932
Global Atlantic BlackRock Selects Managed Risk Portfolio		206,372,985		225,327,322
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		73,588,319		92,387,377
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		22,982,699		23,980,944
Global Atlantic Growth Managed Risk Portfolio		57,806,436		100,930,356
Global Atlantic Moderate Growth Managed Risk Portfolio		36,446,047		45,962,293
Global Atlantic PIMCO Tactical Allocation Portfolio		175,268,215		172,212,286
Global Atlantic Select Advisor Managed Risk Portfolio		14,301,157		21,608,329
Global Atlantic Wellington Research Managed Risk Portfolio		140,157,817		169,115,584

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	$	44,999,925	$	39,925,943
Global Atlantic PIMCO Tactical Allocation Portfolio		32,691,484		30,573,451
Global Atlantic Wellington Research Managed Risk Portfolio		33,643,930		35,255,123

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

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June 30, 2019 (Unaudited)

Portfolio		Sub-Adviser
Global Atlantic BlackRock Selects Managed Risk Portfolio		BlackRock Investment Management, LLC*
		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, LP
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 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

BlackRock Invesment Management, LLC became the sub-adviser of the Capital Appreciation and Income Component of the Portfolio effective May 1, 2019.

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

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

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

Portfolio	Advisory Fee*
Global Atlantic American Funds^® Managed Risk Portfolio¹	0.900% on first $500 million
	0.875% on next $500 million
	0.850% over $1 billion
Global Atlantic Balanced Managed Risk Portfolio²	0.550% on first $500 million
	0.525% on next $500 million
	0.500% over $1 billion
Global Atlantic BlackRock Selects Managed Risk Portfolio³	0.550% on first $500 million
	0.525% on next $500 million
	0.500% over $1 billion

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June 30, 2019 (Unaudited)

Portfolio	Advisory Fee*
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
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 Portfolio⁴	0.850% on first $500 million
	0.825% on next $500 million
	0.800% over $1 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 May 1, 2019, the Portfolio’s advisory fee was 0.90% on all asset levels.

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

Effective May 1, 2019, with respect to each Portfolio, the Adviser has contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio’s shares listed below (“Waiver Agreements”). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio’s Board of Trustees, on 60 days’ written notice to the Adviser.

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June 30, 2019 (Unaudited)

Portfolio	Expense Limitation	Expiration Date
Global Atlantic American Funds^® Managed Risk Portfolio	0.87%	April 30, 2020
Global Atlantic Balanced Managed Risk Portfolio	0.92%	April 30, 2020
Global Atlantic BlackRock Selects Managed Risk Portfolio	0.94%	April 30, 2020
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	1.16%	April 30, 2020
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	1.17%	April 30, 2020
Global Atlantic Growth Managed Risk Portfolio	0.88%	April 30, 2020
Global Atlantic Moderate Growth Managed Risk Portfolio	0.92%	April 30, 2020
Global Atlantic PIMCO Tactical Allocation Portfolio	1.15%	April 30, 2020
Global Atlantic Select Advisor Managed Risk Portfolio	0.64%	April 30, 2020
Global Atlantic Wellington Research Managed Risk Portfolio	1.21%	April 30, 2020

Prior to May 1, 2019, with respect to each Portfolio, the Adviser had contractually agreed to the Waiver Agreements listed below.

Portfolio	Expense Limitation
Global Atlantic American Funds^® Managed Risk Portfolio	0.86%
Global Atlantic Balanced Managed Risk Portfolio	0.91%
Global Atlantic BlackRock Selects Managed Risk Portfolio	0.57%
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	1.15%
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	1.16%
Global Atlantic Growth Managed Risk Portfolio	0.91%
Global Atlantic Moderate Growth Managed Risk Portfolio	0.91%
Global Atlantic PIMCO Tactical Allocation Portfolio	1.14%
Global Atlantic Select Advisor Managed Risk Portfolio	0.63%
Global Atlantic Wellington Research Managed Risk Portfolio	1.20%

In addition, the Adviser has agreed to waive 0.40% of its fees for Global Atlantic American Funds^® 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, 2020 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 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.

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June 30, 2019 (Unaudited)

Portfolio	Minimum Amount of Waiver
Global Atlantic Select Advisor Managed Risk Portfolio	0.14%

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

Portfolio	Waiver
Global Atlantic American Funds^® Managed Risk Portfolio	$	444,553
Global Atlantic BlackRock Selects Managed Risk Portfolio	$	557,576
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	71,886
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	10,707
Global Atlantic Growth Managed Risk Portfolio	$	11,311
Global Atlantic PIMCO Tactical Allocation Portfolio	$	12,498
Global Atlantic Select Advisor Managed Risk Portfolio	$	348,536
Global Atlantic Wellington Research Managed Risk Portfolio	$	4,867

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, 2019, the Adviser recaptured $265 from the Global Atlantic Balanced Managed Risk Portfolio for prior period expense waivers/reimbursements, and no other expense waivers/reimbursements were recaptured from the other Portfolios.

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

Portfolio	December 31, 2019		December 31, 2020		December 31, 2021
Global Atlantic American Funds^® Managed Risk Portfolio	$	13,328	$	15,466		N/A
Global Atlantic Balanced Managed Risk Portfolio		N/A	$	2,156		N/A
Global Atlantic BlackRock Selects Managed Risk Portfolio	$	819,822	$	827,503	$	747,820
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	260,257	$	299,243	$	105,768
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	13,249	$	17,704	$	13,140
Global Atlantic Growth Managed Risk Portfolio		N/A	$	7,237		N/A
Global Atlantic Moderate Growth Managed Risk Portfolio		N/A		N/A		N/A
Global Atlantic PIMCO Tactical Allocation Portfolio	$	11,766	$	17,007	$	15,100
Global Atlantic Select Advisor Managed Risk Portfolio	$	262,953	$	271,829	$	246,499
Global Atlantic Wellington Research Managed Risk Portfolio	$	55,984	$	60,904		N/A

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June 30, 2019 (Unaudited)

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

Portfolio	December 31, 2018
Global Atlantic American Funds^® Managed Risk Portfolio	$	10,091
Global Atlantic Balanced Managed Risk Portfolio		N/A
Global Atlantic BlackRock Selects Managed Risk Portfolio	$	687,468
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	181,292
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	4,593
Global Atlantic Growth Managed Risk Portfolio		N/A
Global Atlantic Moderate Growth Managed Risk Portfolio		N/A
Global Atlantic PIMCO Tactical Allocation Portfolio	$	6,514
Global Atlantic Select Advisor Managed Risk Portfolio	$	208,612
Global Atlantic Wellington Research Managed Risk Portfolio	$	4,499

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio’s Class II shares and, for the six months ended June 30, 2019, was paid to Global Atlantic Distributors, LLC (“GAD”) to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios’ shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

For the six months ended June 30, 2019, the Portfolios expensed the following distribution fees:

Portfolio
Global Atlantic American Funds^® Managed Risk Portfolio	$	277,846
Global Atlantic Balanced Managed Risk Portfolio	$	104,013
Global Atlantic BlackRock Selects Managed Risk Portfolio	$	306,230
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	344,376
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	39,117
Global Atlantic Growth Managed Risk Portfolio	$	540,210
Global Atlantic Moderate Growth Managed Risk Portfolio	$	174,423
Global Atlantic PIMCO Tactical Allocation Portfolio	$	31,898
Global Atlantic Select Advisor Managed Risk Portfolio	$	139,430
Global Atlantic Wellington Research Managed Risk Portfolio	$	538,919

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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Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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

Portfolio	Fees Received
Global Atlantic American Funds^® Managed Risk Portfolio	$	9,179
Global Atlantic Balanced Managed Risk Portfolio	$	3,425
Global Atlantic BlackRock Selects Managed Risk Portfolio	$	10,183
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	$	11,315
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	$	1,304
Global Atlantic Growth Managed Risk Portfolio	$	18,007
Global Atlantic Moderate Growth Managed Risk Portfolio	$	5,761
Global Atlantic PIMCO Tactical Allocation Portfolio	$	1,053
Global Atlantic Select Advisor Managed Risk Portfolio	$	4,582
Global Atlantic Wellington Research Managed Risk Portfolio	$	17,740

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

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

BANK LINE OF CREDIT

The Trust has a line of credit secured by portfolio securities through MUFG Union Bank, N.A. in the amount of $100,000,000. From time to time a Portfolio may borrow cash under this arrangement to fund redemptions subject to the limitations of the 1940 Act. Borrowings under this arrangement bear interest at 5.5% per annum at the time of borrowing. During the six months ended June 30, 2019, the Global Atlantic Growth Managed Risk Portfolio utilized the line of credit and paid $1,417 in interest on borrowings. The largest outstanding balance during the borrowing period was $3,640,000. As of June 30, 2019, the Portfolio had $0.00 of outstanding borrowings.

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2019, Forethought Life Insurance Company Separate Account A owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

Shareholder Concentration Risk —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.

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Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Global Atlantic American Funds Managed Risk Portfolio	$	212,294,020	$	5,954,988	$	(1,573,268	)	$	4,381,720
Global Atlantic Balanced Managed Risk Portfolio		71,314,942		10,716,648		—			10,716,648
Global Atlantic BlackRock Selects Managed Risk Portfolio		229,133,100		6,959,723		—			6,959,723
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		216,028,092		75,892,296		(13,074,002	)		62,818,294
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		30,407,412		2,286,143		(22,087	)		2,264,056
Global Atlantic Growth Managed Risk Portfolio		333,210,997		78,946,392		—			78,946,392
Global Atlantic Moderate Growth Managed Risk Portfolio		114,606,783		21,061,870		—			21,061,870
Global Atlantic PIMCO Tactical Allocation Portfolio		32,986,721		4,156,344		(1,259,073	)		2,897,271
Global Atlantic Select Advisor Managed Risk Portfolio		94,309,417		13,937,586		(190,017	)		13,747,569
Global Atlantic Wellington Research Managed Risk Portfolio		359,725,156		74,169,680		(5,360,401	)		68,809,279

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the periods ended December 31, 2018 and December 31, 2017 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
12/31/2018	Income		Capital Gains		Capital		Total
Global Atlantic American^® Funds Managed Risk Portfolio	$	3,464,778	$	5,999,180	$	—	$	9,463,958
Global Atlantic Balanced Managed Risk Portfolio		1,095,287		—		—		1,095,287
Global Atlantic BlackRock Selects Managed Risk Portfolio		4,664,325		—		—		4,664,325
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		2,765,677		—		—		2,765,677
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		472,467		935,911		—		1,408,378
Global Atlantic Growth Managed Risk Portfolio		4,869,325		—		—		4,869,325
Global Atlantic Moderate Growth Managed Risk Portfolio		1,615,979		—		—		1,615,979
Global Atlantic PIMCO Tactical Allocation Portfolio		446,951		737,275		—		1,184,226
Global Atlantic Select Advisor Managed Risk Portfolio		1,102,576		1,454,917		—		2,557,493
Global Atlantic Wellington Research Managed Risk Portfolio		4,399,662		7,230,865		—		11,630,527

For fiscal year ended	Ordinary		Long-Term		Return of
12/31/2017	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 Selects 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 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

124

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)			Earnings/(Deficits)
Global Atlantic American^® Funds Managed Risk Portfolio	$	3,967,628	$	8,614,466	$	—	$	—		$	—	$	(7,726,231	)	$	4,855,863
Global Atlantic Balanced Managed Risk Portfolio		1,303,448		1,069,048		—		—			—		3,316,439			5,688,935
Global Atlantic BlackRock Selects Managed Risk Portfolio		1,188,686		—		—		(7,003,547	)		—		(23,721,823	)		(29,536,684	)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		3,467,376		—		—		(10,444,021	)		—		30,840,434			23,863,789
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		297,978		—		—		(1,602,389	)		—		996,737			(307,674	)
Global Atlantic Growth Managed Risk Portfolio		5,898,831		—		—		(22,744,061	)		—		32,483,055			15,637,825
Global Atlantic Moderate Growth Managed Risk Portfolio		2,015,860		—		—		(311,505	)		—		6,968,362			8,672,717
Global Atlantic PIMCO Tactical Allocation Portfolio		265,676		—		—		(721,654	)		—		419,225			(36,753	)
Global Atlantic Select Advisor Managed Risk Portfolio		1,657,632		3,089,254		—		—			—		3,081,378			7,828,264
Global Atlantic Wellington Research Managed Risk Portfolio		4,980,565		17,760,238		—		—			—		18,814,220			41,555,023

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, and the mark-to-market on passive foreign investment companies and open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $ (8,747), $(145), $(281) and $(160) for Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio, Global Atlatnic PIMCO Tactical Allocation Portfolio, Global Atlatnic Franklin Dividend and Income Managed Risk Portfolio, and Global Atlatnic Wellington Research Managed Portfolio, respectively.

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

	Non-Expiring		Non-Expiring
	Short-Term		Long-Term		Total		CLCF Utilized
Global Atlantic American^® Funds Managed Risk Portfolio	$	—	$	—	$	—	$	—
Global Atlantic Balanced Managed Risk Portfolio		—		—		—		217,054
Global Atlantic BlackRock Selects Managed Risk Portfolio		4,060,505		2,943,042		7,003,547		7,410,853
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		5,048,237		5,395,784		10,444,021		—
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio		1,430,450		171,939		1,602,389		—
Global Atlantic Growth Managed Risk Portfolio		7,865,992		14,878,069		22,744,061		11,474,948
Global Atlantic Moderate Growth Managed Risk Portfolio		311,505		—		311,505		2,392,014
Global Atlantic PIMCO Tactical Allocation Portfolio		514,332		207,322		721,654		—
Global Atlantic Select Advisor Managed Risk Portfolio		—		—		—		—
Global Atlantic Wellington Research Managed Risk Portfolio		—		—		—		—

125

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Permanent book and tax differences, primarily attributable to the reclassification of Portfolio distributions, resulted in reclassifications for the Portfolios for the fiscal year ended December 31, 2018 as follows:

	Paid
	In		Accumulated
	Capital		Earnings (Losses)
Global Atlantic American^® Funds Managed Risk Portfolio	$	—	$	—
Global Atlantic Balanced Managed Risk Portfolio		—		—
Global Atlantic BlackRock Selects 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 PIMCO Tactical Allocation Portfolio		—		—
Global Atlantic Select Advisor Managed Risk Portfolio		—		—
Global Atlantic Wellington Research Managed Risk Portfolio		—		—

UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

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, 2019, 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	27.29%
Global Atlantic Growth Managed Risk Portfolio	44.35%
Global Atlantic Moderate Growth Managed Risk Portfolio	35.43%

10.

NEW ACCOUNTING PRONOUNCEMENTS

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

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

126

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

11.

SUBSEQUENT EVENTS

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

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Global Atlantic Portfolios

EXPENSE EXAMPLES

June 30, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

					*Hypothetical*
					(5% return before
			*Actual*		expenses)
			Ending	Expenses	Ending	Expenses
	Portfolio’s	Beginning	Account	Paid	Account	Paid
	Annualized	Account Value	Value	During	Value	During
Class II Shares	Expense Ratio	1-1-19	6-30-19	Period*	6-30-19	Period*
Global Atlantic American Funds^®Managed Risk Portfolio	0.85%	$1,000.00	$1,097.00	$4.42	$1,020.58	$4.26
Global Atlantic Balanced Managed Risk Portfolio	0.91%	$1,000.00	$1,092.40	$4.72	$1,020.28	$4.56
Global Atlantic BlackRock Global Allocation Managed Risk Portfolio	0.68%	$1,000.00	$1,089.60	$3.52	$1,021.42	$3.41
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	1.15%	$1,000.00	$1,134.40	$6.09	$1,019.09	$5.76
Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio	1.16%	$1,000.00	$1,093.00	$6.02	$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).

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Global Atlantic Portfolios

EXPENSE EXAMPLES (Continued)

June 30, 2019 (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	1-1-19	6-30-19	Period*	6-30-19	Period*
Global Atlantic Growth Managed Risk Portfolio	0.91%	$1,000.00	$1,102.20	$4.69	$1,020.33	$4.51
Global Atlantic Moderate Growth Managed Risk Portfolio	0.91%	$1,000.00	$1,099.10	$4.74	$1,020.28	$4.56
Global Atlantic PIMCO Tactical Allocation Portfolio	1.14%	$1,000.00	$1,116.00	$5.98	$1,019.14	$5.71
Global Atlantic Select Advisor Managed Risk Portfolio	0.63%	$1,000.00	$1,120.70	$3.31	$1,021.67	$3.16
Global Atlantic Wellington Research Managed Risk Portfolio	1.20%	$1,000.00	$1.121.20	$6.31	$1,018.84	$6.01

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).

129

Global Atlantic Portfolios

SUPPLEMENTAL INFORMATION

June 30, 2019 (Unaudited)

Approval of Sub-Advisory Agreement for Global Atlantic BlackRock Selects Managed Risk Portfolio (formerly Global Atlantic BlackRock Global Allocation Managed Risk Portfolio) (the “Portfolio”).

At an in-person meeting held on February 12, 2019, the Board, including a majority of the Independent Trustees, considered the approval of the Sub- Advisory Agreement between the Adviser and BlackRock Investment Management, LLC (“BIM”), on behalf of Global Atlantic BlackRock Selects Managed Risk Portfolio (the “Portfolio”). The Trustees requested, received and reviewed written responses from BIM to questions posed to BIM by counsel, on behalf of the Trustees. The Trustees also reviewed comparative information relating to the sub-advisory fee and received a presentation concerning the sub -advisory services to be provided under the Sub-Advisory Agreement from personnel of BIM at the February 12, 2019 meeting.

Prior to the meeting, the Trustees received a memorandum from independent counsel to the Independent Trustees describing the legal standards for their consideration of the approval of the Sub-Advisory Agreement. Prior to voting on the approval of the Sub-Advisory Agreement, the Independent Trustees met in executive session with Independent Counsel to the Independent Trustees present. The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Sub-Advisory Agreement.

Nature, Extent, and Quality of Services. The Trustees requested and considered information regarding the nature, extent, and quality of services provided by BIM, as well as its expertise, resources, and capabilities. The Trustees considered, among other things, the terms of the Sub-Advisory Agreement and the range of services to be provided by BIM, including BIM’s investment philosophy and process. The Trustees considered that the Adviser, and not BIM, would vote proxies and execute portfolio trades for the capital appreciation and income component of the Portfolio and would be responsible for rebalancing the Portfolio at BIM’s discretion. The Trustees also considered the financial industry experience as well as portfolio management, compliance, and operations experience of BIM’s personnel. The Trustees noted the Adviser’s recommendation that BIM should be retained. The Trustees concluded that BIM’s experience and reputation demonstrate that BIM is capable of providing high quality service to the Portfolio and that the resources allocated to the Portfolio would be sufficient. The Trustees also considered information and representations regarding the financial condition of BIM related to its ongoing ability to provide services specified under the proposed Sub-Advisory Agreement. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services expected to be provided under the Sub-Advisory Agreement.

Performance. The Trustees noted that the strategy that would be employed by BIM was launched in 2017 and therefore the Adviser and BIM had limited data on which to draw to provide performance information. The Trustees reviewed the back-tested data provided by the Adviser which showed that BIM’s proposed strategy would have outperformed the Portfolio’s current strategy with respect to annualized returns on a 3, 5 and 10 year basis. The Trustees considered that, based on the back -tested data presented by the Adviser, the Proposed Strategy would also have outperformed the Port folio’s current strategy during 2018, and that the data showed a superior Sharpe Ratio performance for the proposed strategy. The Trustees also considered BIM’s reputation and financial industry experience. Based on this information and their review of the nature, extent and quality of services expected to be provided by BIM, the Trustees concluded that BIM is capable of providing services to the Portfolio in a satisfactory manner in light of the Portfolio’s investment objectives.

Fees and Expenses. The Trustees reviewed the Portfolio’s fees and expenses, including the proposed advisory and sub- advisory fee arrangements for the Portfolio. The Trustees reviewed reports describing both the advisory fees charged by the Adviser and the total net expense ratios of the Portfolio in

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Global Atlantic Portfolios

SUPPLEMENTAL INFORMATION (Continued)

June 30, 2019 (Unaudited)

comparison to those of peer groups selected by the Adviser. The Trustees noted that the Portfolio has a unique structure and that the peer group comparisons were somewhat limited in their ability to account for the Portfolio’s investment strategy and related fees and expenses. The Trustees considered the Portfolio’s investment in underlying funds and ETFs. The Trustees considered that the proposed advisory fee would be lower if the Sub-Advisory Agreement was to be approved. The Trustees noted that the proposed sub-advisory fee to be paid to BIM was the same as that paid to BlackRock Financial Management, Inc. (“BFM”), an affiliate of BIM, for other funds managed by the Adviser and sub-advised by BFM in a similar manner as BIM would manage the Portfolio, and that the sub-advisory fee the Adviser paid to Milliman would not change. The Trustees considered that the Adviser had agreed to limit the Portfolio’s total annual operating expenses to the extent that its expenses exceed a specified amount. The Trustees noted that if the Sub-Advisory Agreement were to be approved, shareholders in the Portfolio would experience a total expense ratio of 5 basis points less to invest in the Portfolio. Based on their review, the Trustees concluded that the advisory fee charged to the Portfolio and the sub-advisory fee paid by the Adviser to BIM were not unreasonable in light of the services that would be provided to the Portfolio.

Profitability. The Trustees were provided with information regarding the Adviser’s anticipated profitability with respect to providing services to the Portfolio. The Trustees considered the Portfolio’s proposed sub-advisory fee relative to other Global Atlantic Portfolios to which BFM serves as sub-adviser and the fact that the total expense ratio for the Portfolio would be lower if BIM was approved as the new sub-adviser. Based on this information, as well as the nature, extent and quality of services expected to be provided by BIM, the Trustees concluded that the Adviser’s profits with respect to the Portfolio were not expected to be excessive.

Economies of Scale. The Trustees considered whether there would be economies of scale with respect to BIM’s provision of services to the Portfolio. The Trustees concluded that the sub-advisory fees to be paid by the Adviser to BIM would reflect the benefits of economies of scale resulting from the growth of assets. The Trustees noted that the breakpoints in the proposed advisory fee schedule would reduce fee rates as Portfolio assets grow over time and would reflect the benefits of economies of scale.

Other Benefits. The Trustees considered other benefits to BIM and its affiliates from their relationships with the Global Atlantic Portfolios.

Conclusion. Having requested and received such information from the Adviser and BIM as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees, including the Independent Trustees voting separately, unanimously concluded that approving the Sub-Advisory Agreement was in the best interests of the Portfolio and its shareholders. They noted that in considering the Sub-Advisory Agreement, the Independent Trustees did not identify any one factor as all important. Moreover, each Trustee may have afforded different weight to the various factors in reaching a conclusion with respect to the Sub-Advisory Agreement.

131

PRIVACY NOTICE

FACTS

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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 areno longerour 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

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What we do:

How does Forethought Variable Insurance Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Forethought Variable Insurance Trust collect my personal information?

We collect your personal information, for example, when you

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

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

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PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 (disclosed on Form N-PX) as well as information regarding the policies and procedures that the Portfolios use to determine how to vote proxies (disclosed in the Portfolios’ Statement of Additional Information) is available without charge, upon request, by calling 1 -877-881-7735 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Portfolios’ Form N-PORT is available: (i) on the SEC’s website at http://www.sec.gov; and (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Portfolio will be post to http://regdocs.blugiant.com/globalatlanticportfolios, a complete list of its portfolio holdings as of the last calendar day of each month approximately 30 days following the end of the month. Each Portfolio’s portfolio holdings will remain available on the website noted above at least until the next monthly update.

INVESTMENT ADVISER	ADMINISTRATOR
Global Atlantic Investment Advisors, LLC	Gemini Fund Services, LLC
10 West Market Street, Suite 2300	80 Arkay Drive, Suite 110
Indianapolis, IN 46204	Hauppauge, NY 11788

INVESTMENT SUB-ADVISERS

BlackRock Financial Management, Inc.	Milliman Financial Risk Management, LLC
55 East 52^nd Street	71 S. Wacker Drive, 31st Floor
New York, NY 10055	Chicago, IL 60606

BlackRock Investment Management, LLC	Pacific Investment Management Company LLC
1 University Square Drive	650 Newport Center Drive
Princeton, NJ 08540-6455	Newport Beach, CA 92660

Franklin Advisers, Inc.	Wellington Management Company LLP
One Franklin Parkway	280 Congress Street
San Mateo, CA 94403	Boston, MA 02210

Goldman Sachs Asset Management, L.P.	Wilshire Associates Incorporated
200 West Street	1299 Ocean Avenue, Suite 700
New York, NY 10282	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 on Form N-CSR or, as applicable, in response to the requirements of Item 407(c)(2)(iv) of Regulation S-X (per item 22(b)(15) of Schedule 14A).

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of securities lending activities for closed-end management investment companies.Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not Applicable

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

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

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

(b)

Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 12(b) of Form N-CSR) are filed herewith.

SIGNATURES

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

(Registrant)Forethought Variable Insurance Trust

By (Signature and Title)

/s/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date8/19/19

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

By (Signature and Title)

/s/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date8/19/19

By (Signature and Title)

/s/ Laura Szalyga

Laura Szalyga, Treasurer

Date8/19/19

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