Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments
March 31, 2023
Shares/ Principal | Fair Value | ||
Common Stocks - 98.5% | |||
Aerospace & Defense - 1.1% | |||
General Dynamics Corp. | 7,588 | $1,731,657 | |
Lockheed Martin Corp. | 6,527 | 3,085,509 | |
Textron, Inc. | 14,365 | 1,014,600 | |
5,831,766 | |||
Automobile Components - 0.2% | |||
BorgWarner, Inc. | 4,230 | 207,735 | |
Lear Corp. | 7,424 | 1,035,574 | |
1,243,309 | |||
Automobiles - 1.8% | |||
General Motors Co. | 90,796 | 3,330,397 | |
NIO, Inc., ADR * | 63,047 | 662,624 | |
Tesla, Inc. * | 26,053 | 5,404,956 | |
XPeng, Inc., Class A, ADR * | 14,882 | 165,339 | |
9,563,316 | |||
Banks - 2.2% | |||
Bank of America Corp. | 113,750 | 3,253,250 | |
Citigroup, Inc. | 44,528 | 2,087,918 | |
JPMorgan Chase & Co. | 20,030 | 2,610,109 | |
US Bancorp | 14,477 | 521,896 | |
Wells Fargo & Co. | 92,034 | 3,440,231 | |
11,913,404 | |||
Beverages - 2.2% | |||
Coca-Cola Co. (The) | 38,798 | 2,406,640 | |
PepsiCo, Inc. | 53,308 | 9,718,048 | |
12,124,688 | |||
Biotechnology - 2.3% | |||
AbbVie, Inc. | 17,362 | 2,766,982 | |
Amgen, Inc. | 15,012 | 3,629,151 | |
Biogen, Inc. * | 2,146 | 596,652 | |
Exelixis, Inc. * | 8,719 | 169,236 | |
Gilead Sciences, Inc. | 24,191 | 2,007,127 | |
Incyte Corp. * | 16,506 | 1,192,889 | |
Neurocrine Biosciences, Inc. * | 5,161 | 522,396 | |
Regeneron Pharmaceuticals, Inc. * | 1,576 | 1,294,952 | |
Ultragenyx Pharmaceutical, Inc. * | 1,516 | 60,792 | |
Vertex Pharmaceuticals, Inc. * | 308 | 97,042 | |
Zai Lab Ltd., ADR * | 1,952 | 64,923 | |
12,402,142 | |||
Broadline Retail - 3.4% | |||
Amazon.com, Inc. * | 151,753 | 15,674,568 | |
eBay, Inc. | 55,964 | 2,483,123 | |
Etsy, Inc. * | 691 | 76,929 | |
JD.com, Inc., ADR | 8,426 | 369,817 | |
Vipshop Holdings Ltd., ADR * | 5,796 | 87,983 | |
18,692,420 | |||
Building Products - 0.6% | |||
Allegion PLC | 20,979 | 2,239,089 | |
Trane Technologies PLC | 6,878 | 1,265,414 | |
3,504,503 |
Shares/ Principal | Fair Value | ||
Capital Markets - 2.3% | |||
Bank of New York Mellon Corp. (The) | 88,658 | $4,028,620 | |
Cboe Global Markets, Inc. | 9,753 | 1,309,243 | |
Charles Schwab Corp. (The) | 14,709 | 770,457 | |
Intercontinental Exchange, Inc. | 14,352 | 1,496,770 | |
LPL Financial Holdings, Inc. | 1,251 | 253,202 | |
Nasdaq, Inc. | 1,591 | 86,980 | |
S&P Global, Inc. | 13,275 | 4,576,822 | |
12,522,094 | |||
Chemicals - 2.1% | |||
Ecolab, Inc. | 39,859 | 6,597,860 | |
FMC Corp. | 34,288 | 4,187,594 | |
Sherwin-Williams Co. (The) | 3,483 | 782,874 | |
11,568,328 | |||
Commercial Services & Supplies - 0.6% | |||
Cintas Corp. | 7,074 | 3,272,998 | |
Communications Equipment - 0.4% | |||
Juniper Networks, Inc. | 59,650 | 2,053,153 | |
Construction & Engineering - 0.7% | |||
AECOM | 47,522 | 4,007,055 | |
Construction Materials - 0.1% | |||
Vulcan Materials Co. | 1,559 | 267,462 | |
Consumer Finance - 1.3% | |||
American Express Co. | 37,318 | 6,155,604 | |
Synchrony Financial | 38,394 | 1,116,498 | |
7,272,102 | |||
Consumer Staples Distribution & Retail - 1.7% | |||
Walmart, Inc. | 61,960 | 9,136,002 | |
Distributors - 0.1% | |||
Genuine Parts Co. | 1,232 | 206,126 | |
LKQ Corp. | 5,430 | 308,207 | |
514,333 | |||
Electric Utilities - 0.6% | |||
Evergy, Inc. | 32,353 | 1,977,415 | |
NRG Energy, Inc. | 12,871 | 441,347 | |
PPL Corp. | 34,903 | 969,954 | |
3,388,716 | |||
Electrical Equipment - 0.4% | |||
AMETEK, Inc. | 4,222 | 613,583 | |
Eaton Corp. PLC | 8,622 | 1,477,294 | |
2,090,877 | |||
Electronic Equipment, Instruments & Components - 0.7% | |||
Flex Ltd. * | 134,171 | 3,087,275 | |
TD SYNNEX Corp. | 4,881 | 472,432 | |
TE Connectivity Ltd. | 1,523 | 199,741 | |
3,759,448 | |||
Entertainment - 0.4% | |||
Activision Blizzard, Inc. | 3,988 | 341,333 |
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Entertainment (continued) | |||
Bilibili, Inc., ADR * | 16,239 | $381,616 | |
iQIYI, Inc., ADR * | 31,082 | 226,277 | |
Netflix, Inc. * | 2,140 | 739,327 | |
Warner Bros Discovery, Inc. * | 21,317 | 321,887 | |
2,010,440 | |||
Financial Services - 3.5% | |||
Berkshire Hathaway, Inc., Class B * | 14,905 | 4,602,217 | |
Mastercard, Inc., Class A | 15,867 | 5,766,227 | |
PayPal Holdings, Inc. * | 35,993 | 2,733,308 | |
Visa, Inc., Class A | 26,726 | 6,025,644 | |
19,127,396 | |||
Food Products - 1.2% | |||
Archer-Daniels-Midland Co. | 80,904 | 6,444,813 | |
Kellogg Co. | 2,987 | 200,009 | |
6,644,822 | |||
Ground Transportation - 0.1% | |||
Norfolk Southern Corp. | 1,539 | 326,268 | |
Schneider National, Inc., Class B | 7,832 | 209,506 | |
535,774 | |||
Health Care Equipment & Supplies - 1.9% | |||
Becton Dickinson and Co. | 12,207 | 3,021,721 | |
Boston Scientific Corp. * | 112,343 | 5,620,520 | |
IDEXX Laboratories, Inc. * | 2,046 | 1,023,164 | |
ResMed, Inc. | 3,100 | 678,869 | |
10,344,274 | |||
Health Care Providers & Services - 4.4% | |||
Cigna Corp. (The) | 19,515 | 4,986,668 | |
CVS Health Corp. | 84,221 | 6,258,463 | |
Elevance Health, Inc. | 11,721 | 5,389,433 | |
UnitedHealth Group, Inc. | 15,812 | 7,472,593 | |
24,107,157 | |||
Health Care Technology - 0.0%† | |||
Teladoc Health, Inc. * | 5,410 | 140,119 | |
Hotel & Resort REITs - 0.0%† | |||
Park Hotels & Resorts, Inc. | 6,580 | 81,329 | |
Hotels, Restaurants & Leisure - 1.9% | |||
Caesars Entertainment, Inc. * | 5,352 | 261,231 | |
Darden Restaurants, Inc. | 23,620 | 3,664,879 | |
McDonald's Corp. | 7,219 | 2,018,505 | |
Melco Resorts & Entertainment Ltd., ADR * | 11,041 | 140,552 | |
Starbucks Corp. | 12,592 | 1,311,205 | |
Travel + Leisure Co. | 55,518 | 2,176,306 | |
Trip.com Group Ltd., ADR * | 4,599 | 173,244 | |
Yum! Brands, Inc. | 4,625 | 610,870 | |
10,356,792 | |||
Household Durables - 0.1% | |||
TopBuild Corp. * | 1,783 | 371,114 |
Shares/ Principal | Fair Value | ||
Household Products - 1.9% | |||
Colgate-Palmolive Co. | 38,935 | $2,925,965 | |
Procter & Gamble Co. (The) | 51,601 | 7,672,553 | |
10,598,518 | |||
Industrial Conglomerates - 0.8% | |||
Honeywell International, Inc. | 22,451 | 4,290,835 | |
Industrial REITs - 0.9% | |||
Prologis, Inc. | 40,808 | 5,091,614 | |
Insurance - 2.4% | |||
Allstate Corp. (The) | 4,713 | 522,247 | |
Marsh & McLennan Cos., Inc. | 36,005 | 5,996,633 | |
MetLife, Inc. | 90,254 | 5,229,317 | |
Travelers Cos., Inc. (The) | 8,624 | 1,478,240 | |
13,226,437 | |||
Interactive Media & Services - 5.8% | |||
Alphabet, Inc., Class A * | 129,409 | 13,423,595 | |
Alphabet, Inc., Class C * | 81,130 | 8,437,520 | |
Baidu, Inc., ADR * | 10,064 | 1,518,859 | |
Meta Platforms, Inc., Class A * | 36,114 | 7,654,001 | |
Pinterest, Inc., Class A * | 6,918 | 188,654 | |
Snap, Inc., Class A * | 29,771 | 333,733 | |
31,556,362 | |||
IT Services - 0.8% | |||
Accenture PLC, Class A | 9,643 | 2,756,066 | |
Akamai Technologies, Inc. * | 2,005 | 156,991 | |
Gartner, Inc. * | 3,575 | 1,164,628 | |
GDS Holdings Ltd., ADR * | 15,010 | 280,087 | |
4,357,772 | |||
Life Sciences Tools & Services - 3.0% | |||
Agilent Technologies, Inc. | 30,120 | 4,166,801 | |
Danaher Corp. | 25,776 | 6,496,583 | |
Thermo Fisher Scientific, Inc. | 10,040 | 5,786,755 | |
16,450,139 | |||
Machinery - 3.8% | |||
Caterpillar, Inc. | 2,797 | 640,066 | |
Cummins, Inc. | 5,152 | 1,230,710 | |
Deere & Co. | 14,569 | 6,015,249 | |
Graco, Inc. | 1,378 | 100,608 | |
Illinois Tool Works, Inc. | 22,443 | 5,463,748 | |
Oshkosh Corp. | 568 | 47,246 | |
Snap-on, Inc. | 10,171 | 2,511,118 | |
Timken Co. (The) | 24,384 | 1,992,660 | |
Xylem, Inc. | 23,942 | 2,506,727 | |
20,508,132 | |||
Media - 1.2% | |||
Comcast Corp., Class A | 75,463 | 2,860,802 | |
Fox Corp., Class A | 97,996 | 3,336,764 | |
Fox Corp., Class B | 2,791 | 87,386 | |
6,284,952 |
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Metals & Mining - 0.2% | |||
ArcelorMittal SA | 2,798 | $84,276 | |
Commercial Metals Co. | 4,248 | 207,727 | |
Reliance Steel & Aluminum Co. | 250 | 64,185 | |
Steel Dynamics, Inc. | 7,541 | 852,586 | |
United States Steel Corp. | 3,103 | 80,988 | |
1,289,762 | |||
Multi-Utilities - 1.2% | |||
CMS Energy Corp. | 9,105 | 558,865 | |
DTE Energy Co. | 52,150 | 5,712,511 | |
NiSource, Inc. | 16,172 | 452,169 | |
6,723,545 | |||
Oil, Gas & Consumable Fuels - 3.6% | |||
BP PLC, ADR | 3,010 | 114,199 | |
Chevron Corp. | 59,369 | 9,686,646 | |
ConocoPhillips | 4,599 | 456,267 | |
EOG Resources, Inc. | 9,531 | 1,092,539 | |
Exxon Mobil Corp. | 62,720 | 6,877,875 | |
Marathon Oil Corp. | 8,545 | 204,738 | |
Valero Energy Corp. | 6,056 | 845,418 | |
Williams Cos., Inc. (The) | 3,398 | 101,464 | |
19,379,146 | |||
Passenger Airlines - 0.2% | |||
Southwest Airlines Co. | 28,919 | 941,024 | |
Pharmaceuticals - 3.3% | |||
Bristol-Myers Squibb Co. | 102,684 | 7,117,028 | |
Eli Lilly and Co. | 9,154 | 3,143,667 | |
Johnson & Johnson | 24,857 | 3,852,835 | |
Merck & Co., Inc. | 8,029 | 854,205 | |
Pfizer, Inc. | 75,066 | 3,062,693 | |
18,030,428 | |||
Professional Services - 0.5% | |||
Automatic Data Processing, Inc. | 11,008 | 2,450,711 | |
Real Estate Management & Development - 0.1% | |||
KE Holdings, Inc., ADR * | 19,445 | 366,344 | |
Residential REITs - 0.7% | |||
Equity Residential | 66,204 | 3,972,240 | |
Retail REITs - 0.5% | |||
Brixmor Property Group, Inc. | 2,836 | 61,031 | |
Kimco Realty Corp. | 2,814 | 54,957 | |
Simon Property Group, Inc. | 25,056 | 2,805,520 | |
2,921,508 | |||
Semiconductors & Semiconductor Equipment - 6.3% | |||
Advanced Micro Devices, Inc. * | 12,283 | 1,203,857 | |
Analog Devices, Inc. | 38,293 | 7,552,146 | |
Applied Materials, Inc. | 25,053 | 3,077,260 | |
Broadcom, Inc. | 106 | 68,003 | |
Enphase Energy, Inc. * | 476 | 100,093 |
Shares/ Principal | Fair Value | ||
Semiconductors & Semiconductor Equipment (continued) | |||
Intel Corp. | 131,718 | $4,303,227 | |
KLA Corp. | 2,000 | 798,340 | |
Lam Research Corp. | 224 | 118,747 | |
MaxLinear, Inc. * | 7,492 | 263,793 | |
Microchip Technology, Inc. | 6,606 | 553,451 | |
NVIDIA Corp. | 49,128 | 13,646,285 | |
NXP Semiconductors NV | 2,643 | 492,853 | |
QUALCOMM, Inc. | 8,142 | 1,038,756 | |
Teradyne, Inc. | 4,322 | 464,658 | |
Texas Instruments, Inc. | 4,900 | 911,449 | |
34,592,918 | |||
Software - 10.8% | |||
Adobe, Inc. * | 16,855 | 6,495,411 | |
Autodesk, Inc. * | 4,053 | 843,673 | |
Cadence Design Systems, Inc. * | 1,958 | 411,356 | |
Fortinet, Inc. * | 8,765 | 582,522 | |
Intuit, Inc. | 8,663 | 3,862,225 | |
Manhattan Associates, Inc. * | 14,217 | 2,201,502 | |
Microsoft Corp. | 119,016 | 34,312,313 | |
RingCentral, Inc., Class A * | 13,249 | 406,347 | |
Salesforce, Inc. * | 23,870 | 4,768,749 | |
ServiceNow, Inc. * | 5,832 | 2,710,247 | |
Splunk, Inc. * | 1,815 | 174,022 | |
Synopsys, Inc. * | 2,611 | 1,008,499 | |
Teradata Corp. * | 8,483 | 341,695 | |
Workday, Inc., Class A * | 2,283 | 471,531 | |
58,590,092 | |||
Specialized REITs - 0.8% | |||
American Tower Corp. | 2,652 | 541,910 | |
Lamar Advertising Co., Class A | 3,200 | 319,648 | |
SBA Communications Corp. | 12,360 | 3,226,825 | |
4,088,383 | |||
Specialty Retail - 3.0% | |||
Best Buy Co., Inc. | 15,806 | 1,237,136 | |
Home Depot, Inc. (The) | 17,196 | 5,074,883 | |
Lowe's Cos., Inc. | 24,756 | 4,950,457 | |
Penske Automotive Group, Inc. | 2,476 | 351,122 | |
TJX Cos., Inc. (The) | 61,526 | 4,821,177 | |
16,434,775 | |||
Technology Hardware, Storage & Peripherals - 7.7% | |||
Apple, Inc. | 217,808 | 35,916,539 | |
Dell Technologies, Inc., Class C | 45,246 | 1,819,342 | |
Hewlett Packard Enterprise Co. | 167,289 | 2,664,914 | |
HP, Inc. | 60,566 | 1,777,612 | |
42,178,407 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Lululemon Athletica, Inc. * | 3,794 | 1,381,737 |
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Textiles, Apparel & Luxury Goods (continued) | |||
NIKE, Inc., Class B | 8,456 | $1,037,044 | |
2,418,781 | |||
Trading Companies & Distributors - 0.2% | |||
Herc Holdings, Inc. | 8,006 | 911,883 | |
Wireless Telecommunication Services - 0.1% | |||
Vodafone Group PLC, ADR | 22,433 | 247,660 | |
Total Common Stocks | |||
(Cost - $430,812,263) | 536,749,701 | ||
Short-Term Investments - 1.4% | |||
Money Market Funds - 1.4% | |||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.72%(a) (Cost - $7,888,481) | 7,888,481 | 7,888,481 | |
Total Investments - 99.9% | |||
(Cost - $438,700,744) | $544,638,182 | ||
Other Assets Less Liabilities - Net 0.1% | 611,380 | ||
Total Net Assets - 100.0% | $545,249,562 |
* | Non-income producing security. |
† | Represents less than 0.05%. |
(a) | The rate shown is the annualized seven-day yield at period end. |
ADR | - | American Depositary Receipt |
PLC | - | Public Limited Company |
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Futures Contracts | |||||||||||
Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/Unrealized Appreciation (Depreciation) | |||||||
Long Futures Contracts | |||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 43 | 6/16/2023 | $8,896,163 | $457,295 |