Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited)
March 31, 2023
Shares/ Principal | Fair Value | ||
Common Stocks - 87.7% | |||
Aerospace & Defense - 1.1% | |||
Airbus SE | 2,500 | $334,844 | |
BAE Systems PLC | 5,478 | 66,554 | |
Elbit Systems Ltd. | 89 | 15,053 | |
Embraer SA * | 9,191 | 37,669 | |
Kongsberg Gruppen ASA | 1,489 | 60,111 | |
Leonardo SpA | 2,317 | 27,237 | |
Rolls-Royce Holdings PLC * | 54,158 | 99,789 | |
Saab AB, Class B | 3,215 | 195,637 | |
Safran SA | 3,065 | 454,674 | |
Thales SA | 1,674 | 247,982 | |
1,539,550 | |||
Air Freight & Logistics - 0.8% | |||
CJ Logistics Corp. | 69 | 4,235 | |
Deutsche Post AG | 15,167 | 710,045 | |
DSV A/S | 1,221 | 236,221 | |
JD Logistics, Inc *,(a) | 4,000 | 7,185 | |
Mainfreight Ltd. | 267 | 11,695 | |
NIPPON EXPRESS HOLDINGS, Inc. | 300 | 17,965 | |
SF Holding Co. Ltd., Class A | 2,600 | 20,953 | |
SG Holdings Co. Ltd. | 2,300 | 33,872 | |
ZTO Express Cayman, Inc., ADR | 4,120 | 118,079 | |
1,160,250 | |||
Automobile Components - 0.3% | |||
Denso Corp. | 500 | 27,962 | |
HL Mando Co. Ltd. | 497 | 17,504 | |
Hyundai Mobis Co. Ltd. | 743 | 123,277 | |
Pirelli & C SpA (a) | 26,219 | 131,660 | |
Valeo | 1,969 | 40,453 | |
340,856 | |||
Automobiles - 2.4% | |||
BAIC Motor Corp. Ltd., Class H (a) | 40,500 | 11,247 | |
BYD Co. Ltd., Class A | 9,626 | 358,630 | |
BYD Co. Ltd., Class H | 10,500 | 307,378 | |
Ferrari NV | 661 | 179,033 | |
Geely Automobile Holdings Ltd. | 73,000 | 93,924 | |
Great Wall Motor Co. Ltd., Class H | 55,000 | 67,892 | |
Honda Motor Co. Ltd. | 19,100 | 503,727 | |
Kia Corp. | 907 | 56,433 | |
Li Auto, Inc., Class A * | 1,700 | 21,223 | |
Mercedes-Benz Group AG | 11,639 | 895,027 | |
NIO, Inc., ADR * | 5,867 | 61,662 | |
NIO, Inc., Class A * | 1,700 | 17,227 | |
Renault SA * | 1,637 | 66,872 | |
Subaru Corp. | 4,500 | 71,495 | |
Suzuki Motor Corp. | 3,400 | 122,726 | |
Toyota Motor Corp. | 33,200 | 468,976 | |
Volkswagen AG | 163 | 27,980 | |
XPeng, Inc., Class A * | 1,200 | 6,688 | |
3,338,140 |
Shares/ Principal | Fair Value | ||
Banks - 9.6% | |||
ABN AMRO Bank NV, CVA (a) | 3,974 | $63,123 | |
Absa Group Ltd. | 8,658 | 88,705 | |
Agricultural Bank of China Ltd., Class H | 47,000 | 17,423 | |
ANZ Group Holdings Ltd. | 13,121 | 201,504 | |
Aozora Bank Ltd. | 200 | 3,605 | |
Banco Bilbao Vizcaya Argentaria SA | 44,448 | 317,317 | |
Banco Bradesco SA | 14,933 | 34,930 | |
Banco do Brasil SA | 4,536 | 35,016 | |
Banco Santander Brasil SA | 9,764 | 51,745 | |
Banco Santander SA | 112,289 | 417,960 | |
Bank Central Asia TBK PT | 656,000 | 382,807 | |
Bank Hapoalim BM | 20,107 | 166,132 | |
Bank Mandiri Persero TBK PT | 115,300 | 79,394 | |
Bank Negara Indonesia Persero Tbk PT | 43,900 | 27,374 | |
Bank of China Ltd., Class H | 229,000 | 87,808 | |
Bank of Nova Scotia (The) | 20,639 | 1,038,088 | |
Bank of Queensland Ltd. | 2,806 | 12,197 | |
Bank Rakyat Indonesia Persero TBK PT | 438,800 | 138,419 | |
Bankinter SA | 7,501 | 42,589 | |
Barclays PLC | 93,203 | 168,021 | |
BAWAG Group AG *,(a) | 427 | 20,718 | |
BNP Paribas SA | 5,896 | 353,659 | |
BOC Hong Kong Holdings Ltd. | 57,500 | 179,093 | |
CaixaBank SA | 7,497 | 29,192 | |
Canadian Imperial Bank of Commerce | 8,666 | 366,977 | |
Capitec Bank Holdings Ltd. | 595 | 56,597 | |
China CITIC Bank Corp. Ltd., Class H | 119,000 | 59,879 | |
China Construction Bank Corp., Class H | 581,000 | 376,727 | |
China Merchants Bank Co. Ltd., Class A | 36,800 | 183,522 | |
China Merchants Bank Co. Ltd., Class H | 41,500 | 211,995 | |
CIMB Group Holdings BHD | 53,200 | 64,021 | |
Commonwealth Bank of Australia | 4,334 | 285,393 | |
DNB Bank ASA | 5,302 | 94,846 | |
Erste Group Bank AG | 1,446 | 47,916 | |
Grupo Financiero Banorte SAB de CV, Class O | 33,407 | 280,711 | |
Hana Financial Group, Inc. | 697 | 21,790 | |
Hong Leong Bank BHD | 4,200 | 19,246 | |
HSBC Holdings PLC | 83,895 | 570,215 | |
Industrial & Commercial Bank of China Ltd., Class H | 355,000 | 189,033 | |
Industrial Bank Co., Ltd., Class A | 15,600 | 38,343 | |
ING Groep NV | 13,113 | 155,716 | |
Intesa Sanpaolo SpA | 93,921 | 241,581 | |
Israel Discount Bank Ltd., Class A | 9,794 | 47,737 | |
Japan Post Bank Co. Ltd. | 12,900 | 104,972 | |
Jyske Bank A/S * | 209 | 14,637 | |
KakaoBank Corp. | 1,396 | 25,897 | |
KB Financial Group, Inc. | 616 | 22,547 | |
KBC Group NV | 128 | 8,803 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Banks (continued) | |||
Lloyds Banking Group PLC | 547,300 | $322,621 | |
Malayan Banking BHD | 108,000 | 209,759 | |
Mediobanca Banca di Credito Finanziario SpA | 22,138 | 222,912 | |
Mitsubishi UFJ Financial Group, Inc. | 76,300 | 486,098 | |
Mizrahi Tefahot Bank Ltd. | 1,969 | 61,356 | |
Mizuho Financial Group, Inc. | 5,600 | 79,020 | |
National Australia Bank Ltd. | 10,013 | 185,896 | |
National Bank of Canada | 1,093 | 78,073 | |
Nedbank Group Ltd. | 2,444 | 29,871 | |
OTP Bank Nyrt | 4,889 | 139,400 | |
Ping An Bank Co., Ltd., Class A | 84,500 | 154,076 | |
Postal Savings Bank of China Co. Ltd., Class H (a) | 40,000 | 23,745 | |
Public Bank BHD | 211,900 | 192,091 | |
Raiffeisen Bank International AG * | 4,593 | 70,659 | |
Resona Holdings, Inc. | 7,900 | 37,960 | |
RHB Bank BHD | 99,400 | 125,700 | |
Royal Bank of Canada | 14,345 | 1,370,001 | |
Shinhan Financial Group Co. Ltd. | 2,179 | 59,168 | |
Societe Generale SA | 9,544 | 215,521 | |
Standard Bank Group Ltd. | 19,329 | 188,262 | |
Standard Chartered PLC | 12,625 | 95,878 | |
Sumitomo Mitsui Financial Group, Inc. | 7,600 | 302,538 | |
Sumitomo Mitsui Trust Holdings, Inc. | 800 | 27,296 | |
TMBThanachart Bank PCL, NVDR | 488,400 | 20,282 | |
Toronto-Dominion Bank (The) | 6,652 | 397,886 | |
UniCredit SpA | 6,222 | 117,690 | |
United Overseas Bank Ltd. | 6,700 | 149,970 | |
Westpac Banking Corp. | 34,117 | 494,928 | |
13,304,577 | |||
Beverages - 2.4% | |||
Ambev SA | 65,559 | 185,806 | |
Anheuser-Busch InBev SA | 9,017 | 600,821 | |
Arca Continental SAB de CV | 13,978 | 126,480 | |
Budweiser Brewing Co. APAC Ltd. (a) | 5,700 | 17,391 | |
Carlsberg A/S, Class B | 1,517 | 235,187 | |
China Resources Beer Holdings Co. Ltd. | 4,000 | 32,102 | |
Coca-Cola Femsa SAB de CV | 6,091 | 48,857 | |
Davide Campari-Milano NV | 4,817 | 58,876 | |
Diageo PLC | 20,560 | 918,730 | |
Fomento Economico Mexicano SAB de CV | 15,714 | 149,299 | |
Heineken Holding NV | 171 | 15,708 | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 1,000 | 24,078 | |
Kweichow Moutai Co. Ltd., Class A | 400 | 105,939 | |
Luzhou Laojiao Co. Ltd., Class A | 500 | 18,539 | |
Pernod Ricard SA | 1,771 | 401,560 | |
Remy Cointreau SA | 309 | 56,400 |
Shares/ Principal | Fair Value | ||
Beverages (continued) | |||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 2,990 | $118,523 | |
Suntory Beverage & Food Ltd. | 3,100 | 114,948 | |
Treasury Wine Estates Ltd. | 8,581 | 75,115 | |
3,304,359 | |||
Biotechnology - 0.8% | |||
3SBio, Inc. (a) | 7,500 | 7,471 | |
Akeso, Inc. *,(a) | 3,000 | 15,440 | |
Argenx SE * | 162 | 59,965 | |
BeiGene Ltd. * | 1,600 | 26,375 | |
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 2,940 | 49,693 | |
Bloomage Biotechnology Corp. Ltd., Class A | 2,119 | 34,968 | |
Celltrion, Inc. | 758 | 87,239 | |
CSL Ltd. | 2,413 | 465,924 | |
Galapagos NV * | 376 | 14,432 | |
Genmab A/S * | 552 | 208,433 | |
Grifols SA * | 770 | 7,619 | |
Innovent Biologics, Inc. *,(a) | 7,000 | 31,344 | |
SK Bioscience Co. Ltd. * | 79 | 4,375 | |
Swedish Orphan Biovitrum AB * | 1,605 | 37,379 | |
Zai Lab Ltd., ADR * | 403 | 13,404 | |
1,064,061 | |||
Broadline Retail - 1.8% | |||
Alibaba Group Holding Ltd. * | 93,300 | 1,193,297 | |
JD.com, Inc., Class A | 14,800 | 324,282 | |
Naspers Ltd., Class N | 1,274 | 236,451 | |
PDD Holdings, Inc., ADR * | 803 | 60,948 | |
Prosus NV * | 6,636 | 518,664 | |
Vipshop Holdings Ltd., ADR * | 4,960 | 75,293 | |
Woolworths Holdings Ltd./South Africa | 22,801 | 82,157 | |
2,491,092 | |||
Building Products - 0.2% | |||
Assa Abloy AB, Class B | 3,409 | 81,629 | |
Belimo Holding AG | 32 | 15,447 | |
Cie de Saint-Gobain | 658 | 37,403 | |
Daikin Industries Ltd. | 100 | 17,774 | |
Kingspan Group PLC | 1,598 | 109,447 | |
Sanwa Holdings Corp. | 1,300 | 13,831 | |
275,531 | |||
Capital Markets - 1.5% | |||
Amundi SA (a) | 1,875 | 118,253 | |
B3 SA - Brasil Bolsa Balcao | 88,416 | 180,137 | |
China International Capital Corp. Ltd., Class H (a) | 20,000 | 40,102 | |
Deutsche Bank AG | 4,889 | 49,696 | |
DWS Group GmbH & Co. KGaA (a) | 2,084 | 64,121 | |
EQT AB | 954 | 19,375 | |
Hong Kong Exchanges & Clearing Ltd. | 3,400 | 150,814 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Capital Markets (continued) | |||
IG Group Holdings PLC | 5,344 | $46,154 | |
IGM Financial, Inc. | 862 | 25,726 | |
Insignia Financial Ltd. | 19,449 | 35,691 | |
London Stock Exchange Group PLC | 564 | 54,868 | |
Macquarie Group Ltd. | 6,102 | 717,890 | |
Nomura Holdings, Inc. | 6,000 | 22,978 | |
Perpetual Ltd. | 1,866 | 27,445 | |
Reinet Investments SCA | 690 | 14,197 | |
UBS Group AG | 20,802 | 439,243 | |
2,006,690 | |||
Chemicals - 2.3% | |||
Air Liquide SA | 2,918 | 488,854 | |
Arkema SA | 351 | 34,626 | |
Asahi Kasei Corp. | 7,500 | 52,200 | |
BASF SE | 402 | 21,121 | |
Croda International PLC | 1,561 | 125,418 | |
Dongyue Group Ltd. | 6,000 | 6,191 | |
Evonik Industries AG | 9,463 | 199,042 | |
Ganfeng Lithium Co. Ltd., Class A | 6,000 | 58,037 | |
Ganfeng Lithium Co. Ltd., Class H (a) | 5,600 | 34,813 | |
Givaudan SA | 48 | 156,208 | |
Hyosung Advanced Materials Corp. | 30 | 9,955 | |
Israel Corp. Ltd. (The) | 27 | 8,833 | |
Johnson Matthey PLC | 1,862 | 45,665 | |
K+S AG | 2,007 | 42,727 | |
Koninklijke DSM NV | 757 | 89,399 | |
LG Chem Ltd. | 393 | 214,937 | |
Mitsubishi Chemical Group Corp. | 8,000 | 47,228 | |
Mitsubishi Gas Chemical Co., Inc. | 11,900 | 175,518 | |
Nippon Shokubai Co. Ltd. | 1,100 | 43,640 | |
Nitto Denko Corp. | 2,300 | 147,757 | |
Novozymes A/S, Class B | 4,989 | 255,324 | |
Nutrien Ltd. | 345 | 25,444 | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 5,600 | 40,673 | |
Sika AG | 164 | 45,867 | |
Solvay SA | 1,830 | 209,457 | |
Sumitomo Chemical Co. Ltd. | 134,300 | 449,046 | |
Symrise AG | 126 | 13,717 | |
Tosoh Corp. | 1,600 | 21,603 | |
Wacker Chemie AG | 648 | 105,180 | |
Weihai Guangwei Composites Co. Ltd., Class A | 1,800 | 13,375 | |
Zangge Mining Co., Ltd. | 9,800 | 34,455 | |
Zhejiang Juhua Co., Ltd. | 6,100 | 15,694 | |
3,232,004 | |||
Commercial Services & Supplies - 0.0%† | |||
Sohgo Security Services Co. Ltd. | 1,300 | 34,822 | |
Communications Equipment - 0.2% | |||
Nokia Oyj | 55,245 | 271,025 |
Shares/ Principal | Fair Value | ||
Communications Equipment (continued) | |||
ZTE Corp., Class A | 8,200 | $38,853 | |
309,878 | |||
Construction & Engineering - 0.4% | |||
Ackermans & van Haaren NV | 77 | 12,716 | |
COMSYS Holdings Corp. | 1,100 | 20,192 | |
EXEO Group, Inc. | 1,000 | 18,010 | |
Ferrovial SA | 844 | 24,840 | |
HOCHTIEF AG | 435 | 36,324 | |
JGC Holdings Corp. | 1,600 | 19,728 | |
Kajima Corp. | 5,700 | 68,439 | |
Kandenko Co. Ltd. | 3,900 | 27,399 | |
Obayashi Corp. | 2,900 | 22,073 | |
Stantec, Inc. | 1,251 | 73,035 | |
Vinci SA | 1,035 | 118,880 | |
Worley Ltd. | 11,540 | 111,374 | |
553,010 | |||
Construction Materials - 0.2% | |||
Buzzi Unicem SpA | 1,632 | 39,646 | |
Cemex SAB de CV * | 113,453 | 62,332 | |
CRH PLC | 1,866 | 94,169 | |
James Hardie Industries PLC | 5,309 | 113,178 | |
309,325 | |||
Consumer Finance - 0.0%† | |||
Acom Co. Ltd. | 7,300 | 17,497 | |
JMT Network Services PCL, NVDR | 11,800 | 16,046 | |
Muangthai Capital PCL, NVDR | 8,800 | 8,879 | |
42,422 | |||
Consumer Staples Distribution & Retail - 1.5% | |||
Aeon Co., Ltd. | 6,200 | 119,537 | |
Alimentation Couche-Tard, Inc. | 3,534 | 177,438 | |
Berli Jucker PCL, NVDR | 86,400 | 96,646 | |
Carrefour SA | 3,275 | 66,288 | |
Clicks Group Ltd. | 2,219 | 32,158 | |
Cosmos Pharmaceutical Corp. | 300 | 26,869 | |
Empire Co. Ltd., Class A | 5,873 | 157,224 | |
JD Health International, Inc. *,(a) | 1,550 | 11,531 | |
Jeronimo Martins SGPS SA | 788 | 18,509 | |
Koninklijke Ahold Delhaize NV | 4,527 | 154,879 | |
Lawson, Inc. | 8,700 | 366,722 | |
Raia Drogasil SA | 5,133 | 24,692 | |
Sendas Distribuidora SA | 11,898 | 36,420 | |
Seven & i Holdings Co. Ltd. | 400 | 17,958 | |
Sundrug Co. Ltd. | 2,700 | 73,743 | |
Tesco PLC | 125,232 | 411,418 | |
Tsuruha Holdings, Inc. | 3,900 | 259,336 | |
Wal-Mart de Mexico SAB de CV | 21,019 | 83,815 | |
2,135,183 | |||
Containers & Packaging - 0.0%† | |||
Orora Ltd. | 7,034 | 16,112 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Containers & Packaging (continued) | |||
Smurfit Kappa Group PLC | 767 | $27,774 | |
43,886 | |||
Diversified Consumer Services - 0.2% | |||
Benesse Holdings, Inc. | 16,500 | 240,514 | |
Cogna Educacao SA * | 29,080 | 10,783 | |
New Oriental Education & Technology Group, Inc. * | 3,200 | 12,474 | |
YDUQS Participacoes SA | 6,220 | 8,636 | |
272,407 | |||
Diversified REITs - 0.1% | |||
Charter Hall Group | 1,883 | 13,873 | |
GPT Group (The) | 14,419 | 40,946 | |
Mirvac Group | 22,830 | 31,804 | |
Stockland | 21,080 | 56,191 | |
142,814 | |||
Diversified Telecommunication - 0.1% | |||
PCCW Ltd. | 129,000 | 64,418 | |
Diversified Telecommunication Services - 1.6% | |||
BCE, Inc. | 3,425 | 153,212 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 22,695 | 30,797 | |
BT Group PLC | 114,713 | 206,798 | |
China Tower Corp. Ltd., Class H (a) | 112,000 | 13,554 | |
Deutsche Telekom AG | 25,990 | 631,093 | |
Koninklijke KPN NV | 4,811 | 17,019 | |
KT Corp. | 2,015 | 45,583 | |
Nippon Telegraph & Telephone Corp. | 15,100 | 449,517 | |
Orange SA | 3,579 | 42,586 | |
Proximus SADP | 5,410 | 52,276 | |
Singapore Telecommunications Ltd. | 84,000 | 155,421 | |
Telecom Italia SpA/Milano (Common share) * | 56,592 | 18,703 | |
Telefonica SA | 3,709 | 16,010 | |
Telekom Malaysia BHD | 38,800 | 43,087 | |
Telenor ASA | 3,662 | 42,903 | |
Telstra Group Ltd. | 78,012 | 220,489 | |
2,139,048 | |||
Electric Utilities - 1.1% | |||
Acciona SA | 1,443 | 289,563 | |
CLP Holdings Ltd. | 3,500 | 25,281 | |
CPFL Energia SA | 16,341 | 102,167 | |
EDP - Energias de Portugal SA | 7,302 | 39,793 | |
Enel SpA | 33,303 | 203,596 | |
Energisa SA | 4,781 | 38,001 | |
Iberdrola SA | 13,020 | 162,462 | |
Light SA | 4,100 | 1,989 | |
Shikoku Electric Power Co., Inc. * | 6,600 | 37,342 | |
SSE PLC | 17,215 | 383,777 |
Shares/ Principal | Fair Value | ||
Electric Utilities (continued) | |||
Tenaga Nasional BHD | 101,000 | $211,270 | |
1,495,241 | |||
Electrical Equipment - 1.8% | |||
ABB Ltd. | 18,642 | 640,139 | |
Accelleron Industries AG * | 536 | 12,691 | |
Contemporary Amperex Technology Co. Ltd., Class A | 5,224 | 308,680 | |
Eve Energy Co. Ltd., Class A | 8,500 | 86,214 | |
Legrand SA | 296 | 27,039 | |
Mitsubishi Electric Corp. | 6,700 | 79,465 | |
Nidec Corp. | 2,000 | 102,863 | |
Schneider Electric SE | 4,777 | 797,595 | |
Siemens Energy AG * | 6,084 | 133,786 | |
Signify NV (a) | 473 | 15,746 | |
Sunwoda Electronic Co. Ltd., Class A | 18,400 | 53,980 | |
Suzhou Maxwell Technologies Co., Ltd. | 600 | 26,630 | |
WEG SA | 21,229 | 169,572 | |
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 6,200 | 5,300 | |
2,459,700 | |||
Electronic Equipment, Instruments & Components - 0.9% | |||
AAC Technologies Holdings, Inc. * | 3,500 | 8,632 | |
Avary Holding Shenzhen Co. Ltd., Class A | 4,900 | 22,119 | |
Canon Marketing Japan, Inc. | 700 | 16,568 | |
Delta Electronics Thailand PCL, NVDR | 2,300 | 76,812 | |
Halma PLC | 1,002 | 27,616 | |
Hana Microelectronics PCL, NVDR | 8,400 | 12,344 | |
Horiba Ltd. | 700 | 41,603 | |
LG Innotek Co. Ltd. | 177 | 36,777 | |
Luxshare Precision Industry Co. Ltd., Class A | 22,400 | 98,801 | |
Murata Manufacturing Co. Ltd. | 500 | 30,205 | |
Omron Corp. | 4,900 | 283,750 | |
Samsung Electro-Mechanics Co. Ltd. | 893 | 104,744 | |
Samsung SDI Co. Ltd. | 378 | 213,412 | |
Shimadzu Corp. | 3,000 | 93,320 | |
Spectris PLC | 636 | 28,774 | |
Sunny Optical Technology Group Co. Ltd. | 5,400 | 65,316 | |
TDK Corp. | 1,700 | 60,354 | |
1,221,147 | |||
Energy Equipment & Services - 0.0%† | |||
Dialog Group BHD | 15,700 | 8,397 | |
Entertainment - 0.4% | |||
Bilibili, Inc., Class Z * | 660 | 15,941 | |
Krafton, Inc. * | 54 | 7,612 | |
NCSoft Corp. | 161 | 45,943 | |
NetEase, Inc. | 17,060 | 299,910 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Entertainment (continued) | |||
Netmarble Corp. *,(a) | 287 | $14,616 | |
Nexon Co. Ltd. | 1,200 | 28,447 | |
Sea Ltd., ADR * | 809 | 70,019 | |
Tencent Music Entertainment Group, ADR * | 3,441 | 28,492 | |
Ubisoft Entertainment SA * | 2,677 | 71,140 | |
582,120 | |||
Financial Services - 1.2% | |||
Adyen NV *,(a) | 42 | 66,585 | |
Banca Mediolanum SpA | 10,730 | 97,434 | |
Challenger Ltd. | 8,543 | 35,703 | |
Cielo SA | 53,228 | 51,021 | |
FirstRand Ltd. | 37,438 | 127,406 | |
Groupe Bruxelles Lambert NV | 2,248 | 191,724 | |
Industrivarden AB, Class A | 3,472 | 93,651 | |
Industrivarden AB, Class C | 11,145 | 300,079 | |
Investor AB, Class A | 2,067 | 42,099 | |
Investor AB, Class B | 21,357 | 424,378 | |
L E Lundbergforetagen AB, Class B | 1,692 | 76,478 | |
Mitsubishi HC Capital, Inc. | 4,100 | 21,072 | |
ORIX Corp. | 3,700 | 60,508 | |
Wendel SE | 227 | 24,009 | |
1,612,147 | |||
Food Products - 2.4% | |||
AVI Ltd. | 2,983 | 11,803 | |
Chocoladefabriken Lindt & Spruengli AG | 21 | 248,262 | |
Dali Foods Group Co. Ltd. (a) | 66,000 | 27,577 | |
Grupo Bimbo SAB de CV, Series A | 23,733 | 119,059 | |
Itoham Yonekyu Holdings, Inc. | 2,300 | 12,097 | |
JDE Peet's NV | 549 | 15,997 | |
Kerry Group PLC, Class A | 559 | 55,777 | |
Kuala Lumpur Kepong BHD | 6,300 | 29,669 | |
Minerva SA/Brazil | 8,446 | 17,524 | |
Nestle SA | 22,093 | 2,695,513 | |
QL Resources BHD | 10,350 | 13,628 | |
Strauss Group Ltd. * | 750 | 16,882 | |
Uni-President China Holdings Ltd. | 21,000 | 21,188 | |
3,284,976 | |||
Gas Utilities - 0.4% | |||
Beijing Enterprises Holdings Ltd. | 10,000 | 35,987 | |
China Resources Gas Group Ltd. | 4,000 | 14,752 | |
ENN Energy Holdings Ltd. | 6,200 | 84,984 | |
Italgas SpA | 16,710 | 102,120 | |
Korea Gas Corp. * | 1,943 | 40,447 | |
Kunlun Energy Co. Ltd. | 22,000 | 17,208 | |
Perusahaan Gas Negara TBK PT | 194,400 | 17,891 | |
Snam SpA | 40,289 | 214,001 | |
527,390 |
Shares/ Principal | Fair Value | ||
Ground Transportation - 0.9% | |||
ALD SA (a) | 967 | $11,346 | |
Canadian National Railway Co. | 4,091 | 482,057 | |
Canadian Pacific Railway Ltd. | 3,159 | 242,921 | |
Central Japan Railway Co. | 2,800 | 332,617 | |
Localiza Rent a Car SA | 8,415 | 88,378 | |
TFI International, Inc. | 495 | 58,986 | |
1,216,305 | |||
Health Care Equipment & Supplies - 0.9% | |||
Coloplast A/S, Class B | 886 | 116,530 | |
Demant A/S * | 353 | 12,366 | |
Elekta AB, Class B | 2,056 | 15,679 | |
Fisher & Paykel Healthcare Corp. Ltd. | 3,264 | 54,423 | |
Getinge AB, Class B | 666 | 16,230 | |
Hartalega Holdings BHD | 31,600 | 13,607 | |
Hoya Corp. | 1,300 | 142,220 | |
Koninklijke Philips NV | 29,091 | 532,117 | |
Olympus Corp. | 3,800 | 66,198 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 2,500 | 113,401 | |
Terumo Corp. | 8,000 | 214,832 | |
1,297,603 | |||
Health Care Providers & Services - 0.2% | |||
Alfresa Holdings Corp. | 2,900 | 36,955 | |
Amplifon SpA | 935 | 32,446 | |
Celltrion Healthcare Co. Ltd. | 414 | 19,144 | |
Fleury SA | 4,972 | 14,307 | |
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | 1,900 | 24,359 | |
IHH Healthcare BHD | 81,600 | 106,334 | |
Medipal Holdings Corp. | 1,300 | 17,621 | |
Sonic Healthcare Ltd. | 2,121 | 49,492 | |
300,658 | |||
Health Care Technology - 0.0%† | |||
M3, Inc. | 1,400 | 34,724 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Accor SA * | 2,237 | 72,839 | |
Amadeus IT Group SA * | 1,772 | 118,707 | |
Aristocrat Leisure Ltd. | 20,138 | 501,732 | |
Compass Group PLC | 3,776 | 94,917 | |
Delivery Hero SE *,(a) | 408 | 13,905 | |
Evolution AB (a) | 467 | 62,519 | |
Flight Centre Travel Group Ltd. * | 11,841 | 146,556 | |
Greggs PLC | 2,961 | 101,560 | |
Jiumaojiu International Holdings Ltd. (a) | 10,000 | 23,796 | |
Just Eat Takeaway.com NV *,(a) | 770 | 14,665 | |
Meituan, Class B *,(a) | 28,710 | 524,830 | |
Oriental Land Co. Ltd./Japan | 6,200 | 210,937 | |
Restaurant Brands International, Inc. | 3,514 | 235,582 | |
Skylark Holdings Co., Ltd. * | 1,600 | 20,798 | |
Trip.com Group Ltd., ADR * | 1,195 | 45,016 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Hotels, Restaurants & Leisure (continued) | |||
Trip.com Group Ltd. * | 600 | $22,456 | |
Wynn Macau Ltd. * | 38,400 | 37,862 | |
2,248,677 | |||
Household Durables - 0.2% | |||
Barratt Developments PLC | 1,752 | 10,106 | |
Bellway PLC | 1,378 | 37,603 | |
Casio Computer Co. Ltd. | 11,400 | 111,182 | |
LG Electronics, Inc. | 378 | 33,478 | |
Nikon Corp. | 5,400 | 54,978 | |
Taylor Wimpey PLC | 26,811 | 39,432 | |
286,779 | |||
Household Products - 0.2% | |||
Lion Corp. | 4,300 | 46,234 | |
Pigeon Corp. | 2,200 | 33,870 | |
Reckitt Benckiser Group PLC | 1,595 | 121,444 | |
Unicharm Corp. | 300 | 12,265 | |
213,813 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
B Grimm Power PCL | 10,800 | 12,791 | |
China Longyuan Power Group Corp. Ltd., Class H | 28,000 | 31,995 | |
Energy Absolute PCL, NVDR | 50,800 | 112,906 | |
RWE AG | 1,018 | 43,842 | |
201,534 | |||
Industrial Conglomerates - 2.5% | |||
Aker ASA, Class A | 213 | 13,667 | |
Alfa SAB de CV, Class A | 18,300 | 11,605 | |
CK Hutchison Holdings Ltd. | 40,000 | 248,155 | |
GS Holdings Corp. | 764 | 23,709 | |
Hitachi Ltd. | 6,400 | 348,733 | |
Jardine Cycle & Carriage Ltd. | 26,100 | 614,048 | |
Jardine Matheson Holdings Ltd. | 4,600 | 223,422 | |
NWS Holdings Ltd. | 9,000 | 8,060 | |
Samsung C&T Corp. | 646 | 53,691 | |
Siemens AG | 9,417 | 1,527,094 | |
SM Investments Corp. | 920 | 15,044 | |
Smiths Group PLC | 10,696 | 227,008 | |
Toshiba Corp. | 2,300 | 76,816 | |
3,391,052 | |||
Insurance - 4.1% | |||
Ageas SA/NV | 1,881 | 81,458 | |
AIA Group Ltd. | 106,000 | 1,116,045 | |
ASR Nederland NV | 7,000 | 279,413 | |
Assicurazioni Generali SpA | 787 | 15,716 | |
Aviva PLC | 5,500 | 27,488 | |
AXA SA | 5,418 | 165,790 | |
BB Seguridade Participacoes SA | 6,880 | 44,100 | |
China Life Insurance Co. Ltd., Class H | 64,000 | 105,173 | |
Dai-ichi Life Holdings, Inc. | 7,200 | 131,731 |
Shares/ Principal | Fair Value | ||
Insurance (continued) | |||
Fairfax Financial Holdings Ltd. | 637 | $423,065 | |
Great-West Lifeco, Inc., Class Common Subscription Receipt | 19,906 | 526,865 | |
Helvetia Holding AG | 145 | 20,221 | |
Japan Post Holdings Co., Ltd. | 5,100 | 41,251 | |
Legal & General Group PLC | 15,393 | 45,469 | |
Manulife Financial Corp., Class Common Subscription Receipt | 25,454 | 466,442 | |
Medibank Pvt Ltd. | 54,688 | 123,068 | |
MS&AD Insurance Group Holdings, Inc. | 5,600 | 172,767 | |
Old Mutual Ltd. | 29,187 | 19,411 | |
Phoenix Group Holdings PLC | 3,233 | 21,842 | |
PICC Property & Casualty Co. Ltd., Class H | 8,000 | 8,163 | |
Ping An Insurance Group Co. of China Ltd., Class H | 62,000 | 403,595 | |
Porto Seguro SA | 3,608 | 16,730 | |
Poste Italiane SpA (a) | 4,316 | 44,134 | |
Power Corp. of Canada | 5,489 | 140,090 | |
QBE Insurance Group Ltd. | 22,310 | 218,006 | |
Sampo Oyj, Class A | 973 | 45,963 | |
Samsung Fire & Marine Insurance Co. Ltd. | 77 | 12,184 | |
Samsung Life Insurance Co. Ltd. | 645 | 31,114 | |
Sanlam Ltd. | 25,363 | 80,581 | |
Sompo Holdings, Inc. | 500 | 19,731 | |
Sun Life Financial, Inc. | 3,239 | 151,114 | |
Swiss Re AG | 845 | 86,799 | |
T&D Holdings, Inc. | 5,500 | 67,815 | |
Talanx AG | 928 | 43,051 | |
Tokio Marine Holdings, Inc. | 10,500 | 200,943 | |
Tryg A/S | 11,454 | 250,411 | |
5,647,739 | |||
Interactive Media & Services - 2.4% | |||
Autohome, Inc., ADR | 1,989 | 66,572 | |
Baidu, Inc., Class A * | 16,338 | 309,487 | |
JOYY, Inc., ADR | 348 | 10,851 | |
Kakaku.com, Inc. | 2,200 | 29,837 | |
Kakao Corp. | 2,067 | 97,011 | |
Kuaishou Technology *,(a) | 12,400 | 95,489 | |
NAVER Corp. | 1,204 | 186,817 | |
REA Group Ltd. | 1,670 | 154,384 | |
Rightmove PLC | 9,331 | 64,955 | |
Scout24 SE (a) | 5,066 | 301,066 | |
Tencent Holdings Ltd. | 41,100 | 2,019,934 | |
3,336,403 | |||
IT Services - 1.3% | |||
Capgemini SE | 2,098 | 389,203 | |
CGI, Inc. * | 5,856 | 563,597 | |
Fujitsu Ltd. | 400 | 53,603 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
IT Services (continued) | |||
GDS Holdings Ltd., Class A * | 3,100 | $7,503 | |
NEC Corp. | 5,900 | 226,088 | |
Nomura Research Institute Ltd. | 6,000 | 138,177 | |
Obic Co. Ltd. | 200 | 31,407 | |
Otsuka Corp. | 500 | 17,601 | |
Reply SpA | 100 | 12,548 | |
Samsung SDS Co. Ltd. | 746 | 66,472 | |
Shopify, Inc., Class A * | 6,418 | 307,301 | |
1,813,500 | |||
Leisure Products - 0.1% | |||
Sega Sammy Holdings, Inc. | 7,800 | 147,279 | |
Life Sciences Tools & Services - 0.3% | |||
Pharmaron Beijing Co. Ltd., Class H (a) | 5,700 | 23,926 | |
QIAGEN NV * | 329 | 14,980 | |
Samsung Biologics Co. Ltd. *,(a) | 93 | 56,292 | |
WuXi AppTec Co. Ltd., Class H (a) | 11,400 | 119,374 | |
Wuxi Biologics Cayman, Inc. *,(a) | 29,000 | 179,543 | |
394,115 | |||
Machinery - 1.8% | |||
Aalberts NV | 409 | 19,290 | |
Amada Co. Ltd. | 31,200 | 290,222 | |
ANDRITZ AG | 2,050 | 138,756 | |
Daifuku Co. Ltd. | 2,400 | 44,054 | |
Daimler Truck Holding AG * | 7,304 | 246,871 | |
DMG Mori Co. Ltd. | 3,100 | 51,896 | |
Ebara Corp. | 900 | 41,453 | |
FANUC Corp. | 1,500 | 53,648 | |
Fluidra SA | 799 | 14,054 | |
Hino Motors Ltd. * | 3,600 | 14,958 | |
IHI Corp. | 1,300 | 32,429 | |
IMI PLC | 3,274 | 62,098 | |
Kone Oyj, Class B | 1,085 | 56,582 | |
Kubota Corp. | 15,300 | 229,805 | |
Mitsubishi Heavy Industries Ltd. | 3,200 | 117,238 | |
Nabtesco Corp. | 1,000 | 24,344 | |
Ningbo Deye Technology Co. Ltd., Class A | 400 | 15,015 | |
NSK Ltd. | 7,100 | 40,331 | |
Shenzhen Inovance Technology Co. Ltd., Class A | 5,300 | 54,220 | |
SKF AB, Class B | 2,709 | 53,294 | |
SMC Corp. | 300 | 157,405 | |
Spirax-Sarco Engineering PLC | 548 | 80,327 | |
Sumitomo Heavy Industries Ltd. | 1,100 | 26,779 | |
Toyota Industries Corp. | 1,600 | 88,361 | |
Trelleborg AB, Class B | 1,322 | 37,596 | |
VAT Group AG (a) | 261 | 93,766 | |
Volvo AB, Class B | 19,761 | 407,529 |
Shares/ Principal | Fair Value | ||
Machinery (continued) | |||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 15,200 | $8,036 | |
2,500,357 | |||
Marine Transportation - 0.1% | |||
AP Moller - Maersk A/S, Class B | 31 | 56,267 | |
COSCO SHIPPING Holdings Co. Ltd., Class H | 58,550 | 65,860 | |
Precious Shipping PCL, NVDR | 37,300 | 14,944 | |
SITC International Holdings Co. Ltd. | 4,000 | 8,591 | |
145,662 | |||
Media - 0.3% | |||
MultiChoice Group | 1,493 | 10,381 | |
Publicis Groupe SA | 2,156 | 168,136 | |
RTL Group SA | 2,645 | 130,579 | |
WPP PLC | 13,713 | 162,535 | |
471,631 | |||
Metals & Mining - 4.2% | |||
Agnico Eagle Mines Ltd. | 4,149 | 211,228 | |
Alamos Gold, Inc., Class A | 8,249 | 100,572 | |
Allkem Ltd. * | 7,188 | 57,192 | |
Aluminum Corp. of China Ltd., Class H | 146,000 | 74,023 | |
Anglo American Platinum Ltd. | 982 | 52,801 | |
Anglo American PLC., ADR | 9,604 | 318,009 | |
Anglo American PLC | 6,705 | 221,453 | |
AngloGold Ashanti Ltd. | 5,485 | 133,365 | |
ArcelorMittal SA | 15,003 | 454,281 | |
B2Gold Corp. | 5,484 | 21,639 | |
BHP Group Ltd. | 2,965 | 93,833 | |
BHP Group Ltd., ADR | 38,036 | 1,203,166 | |
Boliden AB | 1,526 | 60,012 | |
CMOC Group Ltd., Class H | 51,000 | 30,860 | |
CSN Mineracao SA | 25,133 | 24,091 | |
Dongkuk Steel Mill Co. Ltd. | 1,506 | 14,113 | |
Fortescue Metals Group Ltd. | 16,331 | 245,989 | |
Franco-Nevada Corp. | 1,012 | 147,409 | |
Glencore PLC | 31,214 | 179,310 | |
Gold Fields Ltd. | 8,302 | 110,896 | |
Grupo Mexico SAB de CV, Series B | 25,451 | 120,151 | |
Impala Platinum Holdings Ltd. | 6,903 | 63,741 | |
Mineral Resources Ltd. | 905 | 48,847 | |
MMG Ltd. * | 40,000 | 11,720 | |
Nippon Steel Corp. | 2,600 | 60,951 | |
OZ Minerals Ltd. | 8,577 | 161,476 | |
POSCO Holdings, Inc. | 655 | 185,152 | |
Press Metal Aluminium Holdings BHD | 102,200 | 112,796 | |
Rio Tinto PLC | 3,208 | 217,287 | |
Shandong Nanshan Aluminum Co. Ltd., Class A | 29,400 | 14,504 | |
Sibanye Stillwater Ltd. | 10,987 | 22,683 | |
Sims Ltd. | 5,303 | 55,087 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Metals & Mining (continued) | |||
Teck Resources Ltd., Class B | 6,992 | $254,964 | |
thyssenkrupp AG | 6,736 | 48,418 | |
Vale SA | 22,664 | 358,047 | |
Wheaton Precious Metals Corp. | 2,539 | 122,114 | |
Yamana Gold, Inc. | 8,001 | 46,587 | |
Zhaojin Mining Industry Co. Ltd., Class H * | 15,000 | 22,777 | |
Zijin Mining Group Co. Ltd., Class A | 24,100 | 43,452 | |
Zijin Mining Group Co. Ltd., Class H | 88,000 | 147,079 | |
5,872,075 | |||
Multi-Utilities - 1.1% | |||
A2A SpA | 14,391 | 22,983 | |
AGL Energy Ltd. | 15,060 | 81,196 | |
Atco Ltd., Class I | 16,773 | 536,895 | |
Centrica PLC | 25,587 | 33,551 | |
E.ON SE | 16,356 | 204,355 | |
Engie SA | 33,658 | 532,938 | |
National Grid PLC | 12,197 | 165,363 | |
1,577,281 | |||
Office REITs - 0.0%† | |||
Champion REIT | 16,000 | 6,869 | |
Oil, Gas & Consumable Fuels - 4.6% | |||
Aker BP ASA | 1,784 | 43,658 | |
Ampol Ltd. | 3,842 | 78,456 | |
ARC Resources Ltd. | 11,558 | 130,923 | |
BP PLC | 173,200 | 1,093,894 | |
Canadian Natural Resources Ltd. | 10,737 | 593,357 | |
Cenovus Energy, Inc. | 3,800 | 66,209 | |
China Petroleum & Chemical Corp., Class H | 144,000 | 85,117 | |
China Suntien Green Energy Corp. Ltd., Class H | 31,000 | 13,545 | |
Crescent Point Energy Corp. | 19,361 | 136,479 | |
Ecopetrol SA | 174,971 | 92,005 | |
Enbridge, Inc. | 7,995 | 304,417 | |
Enerplus Corp. | 883 | 12,710 | |
Equinor ASA | 10,810 | 308,309 | |
Imperial Oil Ltd. | 9,110 | 462,652 | |
Koninklijke Vopak NV | 1,698 | 59,937 | |
Parex Resources, Inc. | 1,344 | 24,966 | |
Petro Rio SA * | 1,882 | 11,592 | |
PetroChina Co. Ltd., Class H | 322,000 | 190,740 | |
Petronas Dagangan BHD | 14,500 | 70,126 | |
PTT Exploration & Production PCL, NVDR | 14,800 | 65,138 | |
PTT PCL, NVDR | 117,700 | 108,424 | |
Repsol SA | 16,522 | 254,625 | |
Shell PLC | 46,767 | 1,334,891 | |
SK Innovation Co. Ltd. * | 637 | 87,721 | |
S-Oil Corp. | 753 | 46,331 |
Shares/ Principal | Fair Value | ||
Oil, Gas & Consumable Fuels (continued) | |||
Star Petroleum Refining PCL, NVDR | 47,400 | $14,971 | |
Suncor Energy, Inc. | 5,687 | 176,323 | |
TotalEnergies SE | 3,962 | 233,993 | |
Tourmaline Oil Corp. | 2,592 | 107,867 | |
Ultrapar Participacoes SA | 30,797 | 84,855 | |
Var Energi ASA | 4,360 | 10,624 | |
6,304,855 | |||
Paper & Forest Products - 0.0%† | |||
West Fraser Timber Co. Ltd. | 529 | 37,681 | |
Passenger Airlines - 0.2% | |||
Air China Ltd., Class H * | 20,000 | 17,885 | |
China Eastern Airlines Corp. Ltd., Class A * | 18,600 | 13,939 | |
Jin Air Co. Ltd. * | 1,154 | 15,282 | |
Korean Air Lines Co. Ltd. | 1,051 | 18,730 | |
Qantas Airways Ltd. * | 15,445 | 68,479 | |
Singapore Airlines Ltd. | 42,000 | 181,009 | |
315,324 | |||
Personal Care Products - 1.7% | |||
Beiersdorf AG | 869 | 113,248 | |
Fancl Corp. | 800 | 14,625 | |
Kao Corp. | 2,200 | 85,411 | |
LG H&H Co. Ltd. | 67 | 30,879 | |
L'Oreal SA | 2,248 | 1,004,412 | |
Pola Orbis Holdings, Inc. | 6,000 | 77,632 | |
Shiseido Co. Ltd. | 3,700 | 171,836 | |
Unilever PLC | 8,507 | 440,772 | |
Unilever PLC, ADR | 7,661 | 396,895 | |
2,335,710 | |||
Pharmaceuticals - 7.3% | |||
Aspen Pharmacare Holdings Ltd. | 3,918 | 40,451 | |
Astellas Pharma, Inc. | 32,400 | 458,406 | |
AstraZeneca PLC | 8,854 | 1,229,626 | |
Asymchem Laboratories Tianjin Co. Ltd., Class A | 386 | 7,489 | |
Bayer AG | 5,370 | 342,586 | |
CSPC Pharmaceutical Group Ltd. | 153,040 | 150,507 | |
Daiichi Sankyo Co. Ltd. | 6,700 | 242,749 | |
GSK PLC | 43,570 | 769,833 | |
H Lundbeck A/S | 2,780 | 12,885 | |
Hansoh Pharmaceutical Group Co. Ltd.(a) | 4,000 | 6,950 | |
Hisamitsu Pharmaceutical Co., Inc. | 500 | 14,201 | |
Novartis AG | 17,710 | 1,623,764 | |
Novo Nordisk A/S, Class B | 10,048 | 1,591,197 | |
Otsuka Holdings Co., Ltd. | 5,000 | 157,901 | |
Recordati Industria Chimica e Farmaceutica SpA | 376 | 15,915 | |
Roche Holding AG (Common share) | 318 | 95,725 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Pharmaceuticals (continued) | |||
Roche Holding AG (Common share, participation certificates) | 4,271 | $1,219,985 | |
Sanofi | 12,845 | 1,398,894 | |
Santen Pharmaceutical Co. Ltd. | 9,300 | 78,962 | |
Sawai Group Holdings Co. Ltd. | 400 | 10,970 | |
Shionogi & Co., Ltd. | 500 | 22,455 | |
Sino Biopharmaceutical Ltd. | 84,000 | 47,083 | |
Takeda Pharmaceutical Co. Ltd. | 10,500 | 343,189 | |
Teva Pharmaceutical Industries Ltd. * | 4,036 | 35,835 | |
UCB SA | 1,700 | 152,264 | |
10,069,822 | |||
Professional Services - 1.9% | |||
Bureau Veritas SA | 1,586 | 45,611 | |
Experian PLC | 9,417 | 309,721 | |
Intertek Group PLC | 7,494 | 375,549 | |
Nihon M&A Center Holdings, Inc. | 3,200 | 23,659 | |
Randstad NV | 902 | 53,507 | |
Recruit Holdings Co. Ltd. | 18,200 | 499,136 | |
RELX PLC | 20,106 | 650,836 | |
Teleperformance | 483 | 116,338 | |
Thomson Reuters Corp. | 128 | 16,631 | |
Wolters Kluwer NV | 3,840 | 485,409 | |
2,576,397 | |||
Real Estate Management & Development - 1.2% | |||
China Overseas Land & Investment Ltd. | 25,000 | 60,382 | |
China Resources Land Ltd. | 12,000 | 54,726 | |
CK Asset Holdings Ltd. | 17,000 | 103,192 | |
Country Garden Services Holdings Co. Ltd. | 11,000 | 19,029 | |
Daiwa House Industry Co. Ltd. | 3,900 | 91,251 | |
FirstService Corp. | 2,114 | 297,461 | |
Gemdale Corp. | 18,400 | 22,492 | |
Hysan Development Co. Ltd. | 9,000 | 25,567 | |
KE Holdings, Inc., ADR * | 3,238 | 61,004 | |
Kerry Properties Ltd. | 56,000 | 143,033 | |
Longfor Group Holdings Ltd. (a) | 2,500 | 7,054 | |
Mitsubishi Estate Co. Ltd. | 5,600 | 66,334 | |
Mitsui Fudosan Co. Ltd. | 7,700 | 143,713 | |
New World Development Co. Ltd. | 40,000 | 107,262 | |
Poly Property Services Co. Ltd., Class H | 3,000 | 18,382 | |
Relo Group, Inc. | 500 | 7,908 | |
Sino Land Co. Ltd. | 14,000 | 18,940 | |
SM Prime Holdings, Inc. | 21,800 | 13,153 | |
Sun Hung Kai Properties Ltd. | 9,500 | 133,122 | |
Swire Properties Ltd. | 102,200 | 262,988 | |
Wharf Holdings Ltd. (The) | 5,000 | 11,440 | |
Wharf Real Estate Investment Co. Ltd. | 7,000 | 40,217 | |
1,708,650 |
Shares/ Principal | Fair Value | ||
Retail REITs - 0.2% | |||
First Capital Real Estate Investment Trust | 1,897 | $22,049 | |
Klepierre SA | 3,875 | 87,779 | |
Link REIT | 13,300 | 85,561 | |
Mapletree Commercial Trust | 20,100 | 27,212 | |
Scentre Group | 51,230 | 94,356 | |
316,957 | |||
Semiconductors & Semiconductor Equipment - 2.6% | |||
ams-OSRAM AG * | 5,935 | 46,009 | |
ASML Holding NV | 3,527 | 2,395,710 | |
ASMPT Ltd. | 4,500 | 44,542 | |
Daqo New Energy Corp., ADR * | 586 | 27,448 | |
Inari Amertron BHD | 82,400 | 45,938 | |
Infineon Technologies AG | 6,450 | 264,046 | |
LONGi Green Energy Technology Co. Ltd., Class A | 26,500 | 155,834 | |
NAURA Technology Group Co. Ltd., Class A | 1,300 | 50,293 | |
Nordic Semiconductor ASA * | 1,426 | 21,717 | |
SG Micro Corp., Class A | 950 | 21,456 | |
Shenzhen SC New Energy Technology Corp. | 1,000 | 16,655 | |
SK Hynix, Inc. | 2,494 | 169,734 | |
StarPower Semiconductor Ltd., Class A | 400 | 15,981 | |
STMicroelectronics NV | 2,595 | 138,021 | |
Tokyo Electron Ltd. | 800 | 96,416 | |
Xinyi Solar Holdings Ltd. | 12,000 | 14,385 | |
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 6,000 | 48,022 | |
3,572,207 | |||
Software - 2.0% | |||
Constellation Software, Inc. | 91 | 170,852 | |
Dassault Systemes SE | 9,344 | 384,499 | |
Kingdee International Software Group Co. Ltd. * | 25,000 | 40,510 | |
Nemetschek SE | 1,520 | 104,501 | |
Nice Ltd. * | 282 | 63,063 | |
Oracle Corp. Japan | 200 | 14,321 | |
Sangfor Technologies, Inc., Class A | 4,200 | 90,432 | |
SAP SE | 12,855 | 1,620,930 | |
Temenos AG | 1,375 | 95,244 | |
TOTVS SA | 4,800 | 26,621 | |
Trend Micro, Inc./Japan | 2,200 | 106,950 | |
WiseTech Global Ltd. | 1,713 | 74,734 | |
2,792,657 | |||
Specialty Retail - 0.7% | |||
Fast Retailing Co. Ltd. | 1,900 | 412,292 | |
Foschini Group Ltd. (The) | 1,691 | 8,668 | |
Hikari Tsushin, Inc. | 300 | 41,859 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Specialty Retail (continued) | |||
Industria de Diseno Textil SA | 5,976 | $200,622 | |
Pepkor Holdings Ltd. (a) | 15,484 | 15,046 | |
Shimamura Co. Ltd. | 200 | 20,287 | |
Yamada Holdings Co. Ltd. | 73,600 | 252,172 | |
ZOZO, Inc. | 800 | 18,123 | |
969,069 | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
FUJIFILM Holdings Corp. | 300 | 15,098 | |
Lenovo Group Ltd. | 120,000 | 129,937 | |
Ricoh Co. Ltd. | 5,200 | 38,720 | |
Samsung Electronics Co. Ltd. | 25,566 | 1,256,845 | |
Xiaomi Corp., Class B *,(a) | 88,400 | 136,261 | |
1,576,861 | |||
Textiles, Apparel & Luxury Goods - 2.8% | |||
adidas AG | 1,054 | 186,402 | |
ANTA Sports Products Ltd. | 9,800 | 142,319 | |
Cie Financiere Richemont SA, Class A | 1,242 | 198,356 | |
Hermes International | 438 | 887,012 | |
Kering SA | 449 | 292,690 | |
Li Ning Co. Ltd. | 14,000 | 110,396 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,754 | 1,609,117 | |
Moncler SpA | 650 | 44,871 | |
PRADA SpA | 2,200 | 15,596 | |
Shenzhou International Group Holdings Ltd. | 1,300 | 13,646 | |
Swatch Group AG (The) | 816 | 279,935 | |
Xtep International Holdings Ltd. | 22,000 | 27,970 | |
3,808,310 | |||
Tobacco - 0.9% | |||
British American Tobacco PLC | 18,331 | 643,810 | |
Imperial Brands PLC | 4,942 | 113,900 | |
Japan Tobacco, Inc. | 21,800 | 458,309 | |
1,216,019 | |||
Trading Companies & Distributors - 1.4% | |||
Ashtead Group PLC | 3,218 | 197,274 | |
IMCD NV | 514 | 83,989 | |
ITOCHU Corp. | 5,300 | 171,277 | |
Mitsubishi Corp. | 21,900 | 781,779 | |
Mitsui & Co. Ltd. | 15,800 | 488,638 | |
MonotaRO Co. Ltd. | 1,500 | 18,675 | |
Rexel SA * | 1,450 | 34,579 | |
Sumitomo Corp. | 9,100 | 160,065 | |
1,936,276 | |||
Transportation Infrastructure - 0.1% | |||
Flughafen Zurich AG * | 120 | 22,002 | |
Fraport AG Frankfurt Airport Services Worldwide * | 598 | 30,087 | |
Grupo Aeroportuario del Centro Norte SAB de CV | 1,800 | 20,062 |
Shares/ Principal | Fair Value | ||
Transportation Infrastructure (continued) | |||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,161 | $42,072 | |
Kamigumi Co. Ltd. | 1,100 | 22,977 | |
137,200 | |||
Water Utilities - 0.0%† | |||
Cia de Saneamento de Minas Gerais Copasa MG | 6,708 | 20,824 | |
Wireless Telecommunication Services - 1.0% | |||
Freenet AG | 3,892 | 101,272 | |
KDDI Corp. | 20,600 | 633,524 | |
MTN Group Ltd. * | 10,247 | 73,619 | |
SK Telecom Co. Ltd. | 749 | 27,789 | |
SoftBank Corp. | 16,900 | 194,155 | |
SoftBank Group Corp. | 7,100 | 276,446 | |
Vodacom Group Ltd. | 2,599 | 17,877 | |
Vodafone Group PLC | 29,489 | 32,560 | |
1,357,242 | |||
Total Common Stocks | |||
(Cost - $113,174,952) | 121,451,558 | ||
Exchange Traded Funds - 8.7% | |||
Equity Funds - 8.7% | |||
iShares MSCI India ETF* | 122,837 | 4,834,864 | |
iShares MSCI Saudi Arabia ETF | 41,246 | 1,597,458 | |
iShares MSCI Taiwan ETF | 123,282 | 5,588,373 | |
Total Exchange Traded Funds | |||
(Cost - $10,553,751) | 12,020,695 | ||
Preferred Stocks - 0.8% | |||
Automobiles - 0.3% | |||
Porsche Automobil Holding SE | 2,079 | 119,532 | |
Volkswagen AG | 1,684 | 229,869 | |
349,401 | |||
Banks - 0.3% | |||
Banco Bradesco SA | 72,731 | 189,493 | |
Bancolombia SA | 1,950 | 12,212 | |
Itau Unibanco Holding SA | 41,705 | 204,402 | |
406,107 | |||
Chemicals - 0.0%† | |||
FUCHS PETROLUB SE | 276 | 11,257 | |
Metals & Mining - 0.0%† | |||
Gerdau SA | 3,741 | 18,668 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas | 17,187 | 24,711 | |
43,379 | |||
Oil, Gas & Consumable Fuels - 0.0%† | |||
Petroleo Brasileiro SA | 7,890 | 36,414 | |
Passenger Airlines - 0.1% | |||
Azul SA * | 20,517 | 48,720 | |
Gol Linhas Aereas Inteligentes SA * | 9,948 | 13,087 | |
61,807 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
Shares/ Principal | Fair Value | ||
Preferred Stocks (continued) | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Samsung Electronics Co. Ltd. | 3,956 | $163,789 | |
Total Preferred Stocks | |||
(Cost - $1,382,682) | 1,072,154 | ||
Rights - 0.0%† | |||
Localiza Rent a Car SA, expires 5/26/23* (Cost - $0) | 38 | 98 | |
Warrants - 0.0%† | |||
TMBThanachart Bank PCL, expires 5/10/25* (Cost - $0) | 4,884 | 64 | |
Short-Term Investments - 1.7% | |||
Money Market Funds - 1.7% | |||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.72%(b) (Cost - $2,287,817) | 2,287,817 | 2,287,817 | |
Total Investments - 98.9% | |||
(Cost - $127,399,202) | $136,832,386 | ||
Other Assets Less Liabilities - Net 1.1% | 1,557,993 | ||
Total Net Assets - 100.0% | $138,390,379 |
* | Non-income producing security. |
† | Represents less than 0.05%. |
(a) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of March 31, 2023, these securities amounted to $2,466,184 or 1.8% of net assets. |
(b) | The rate shown is the annualized seven-day yield at period end. |
ADR | - | American Depositary Receipt |
CVA | - | Certificate Van Aandelen (Bearer) |
NVDR | - | Non-Voting Depositary Receipt |
PLC | - | Public Limited Company |
REIT | - | Real Estate Investment Trust |
Global Atlantic BlackRock Disciplined International 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 | |||||||||||
MSCI EAFE Future | Goldman Sachs & Co. | 18 | 6/16/2023 | $1,886,850 | $75,034 | ||||||
MSCI Emerging Market Index Future | Goldman Sachs & Co. | 17 | 6/16/2023 | 846,175 | 26,655 | ||||||
S&P/TSX 60 Index Future | Goldman Sachs & Co. | 1 | 6/15/2023 | 178,697 | 2,768 | ||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $104,457 | ||||||||||