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: 877-355-1820

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report

June 30, 2021

Global Atlantic Portfolios

Global Atlantic BlackRock Allocation Portfolio

Global Atlantic BlackRock Disciplined Core Portfolio

Global Atlantic BlackRock Disciplined Growth Portfolio

Global Atlantic BlackRock Disciplined International Core Portfolio

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Global Atlantic BlackRock Disciplined Small Cap Portfolio¹

Global Atlantic BlackRock Disciplined U.S. Core Portfolio²

Global Atlantic BlackRock Disciplined Value Portfolio

Global Atlantic BlackRock High Yield Portfolio

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Global Atlantic Goldman Sachs Global Equity Insights Portfolio³

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio⁴

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio⁵

Class I and Class II shares

Each a separate series of the Forethought Variable Insurance Trust

Distributed by Global Atlantic Distributors, LLC
Member FINRA

1 Effective after the close of business on August 20, 2021, Global Atlantic BlackRock Disciplined Small Cap Portfolio was reorganized into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio.

2 Effective after the close of business on August 20, 2021, Global Atlantic BlackRock Disciplined U.S. Core Portfolio was reorganized into Global Atlantic BlackRock Disciplined Core Portfolio.

3 Effective after the close of business on August 20, 2021, Global Atlantic Goldman Sachs Global Equity Insights Portfolio was reorganized into Global Atlantic BlackRock Disciplined International Core Portfolio.

4 Effective after the close of business on August 20, 2021, Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio was reorganized into Global Atlantic BlackRock Disciplined Growth Portfolio.

5 Effective after the close of business on August 20, 2021, Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio was reorganized into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio.

Dear Shareholders/Contract Owners:

Unlike the first half of 2020, which saw one of the most volatile periods in financial markets history, the six months ending June 30, 2021 (the "Period") were relatively calm. That said, the impact of the COVID-19 pandemic continues to be felt, as new variants develop, vaccine availability increases, and economic data remains inconsistent as the global economy slowly reopens. Following the March 2020 correction, volatility, as measured by the VIX, slowly declined and settled into the 20-25 range, compared to recent years where periods of benign volatility would be measured in the 10-15 range. This somewhat elevated level of volatility persisted through the first quarter of 2021. Furthermore, a pattern developed whereby brief spikes in volatility off this elevated base of 20-25 and generally only lasting a few days, would occur every few months as COVID-19 developments, economic data, and the U.S. election raised market fears. From June 2020 through May 2021, there were 11 such spikes, with the markets in each case moving rather quickly past its concerns.

The record recovery that occurred in 2020 continued into 2021 despite an environment of persistently high volatility highlighted by periodic spikes. Major domestic equity indices were up approximately 15-20% during the Period, led by the S&P Midcap 400 and Russell 2000 indices which were up 17.60% and 17.54%, respectively. The S&P 500 also posted strong performance, up 15.25% during the Period. This compares to meaningfully negative returns during the same period a year ago, particularly as it relates to the S&P Midcap 400 and Russell 2000 indices, as shown in the chart below. International large capitalization equities, as measured by the MSCI EAFE Index, were up 8.83% during the Period, compared to down -11.34% during the same period a year ago.

Fixed income markets, in contrast to equity markets, generally were negative during the Period as U.S. Treasury yields rose sharply. The U.S. 10-year Treasury yield began the year at 0.92%, peaked at 1.76% in March, before ending the Period at 1.47%. The U.S. 30-year Treasury yield started 2021 at 1.64%, climbed to 2.45% in March, before slowly declining to 2.09% at the end of the Period. While spreads on investment grade bonds tightened throughout the Period, this was not enough to offset the meaningful rise in U.S. government bond yields, as illustrated by the -1.60% return on the Bbg Barc US Agg in the chart above.

As the U.S. economy continues to open, economic data is expected to be directionally positive but potentially inconsistent given the emergence of the Delta COVID-19 variant and differing degrees of vaccination rates throughout the country. Furthermore, concerns regarding inflation and rising interest rates, while more muted as of the end of the Period than earlier this year, remain a general concern going forward. Globally the outlook is more uncertain given the relatively lower level of vaccine availability in some countries (for example, Brazil and India) combined with the rapid spread of the Delta COVID-19 variant. As a result, there are concerns that the economic recovery globally could slow until these issues improve.

Given the hardships endured over the past 18 months, we hope this shareholder letter finds you healthy and wish you all the best for the remainder of 2021 and beyond.

Thank you for investing in the Global Atlantic Portfolios.

Sincerely,

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

Portfolio				Benchmark
Global Atlantic BlackRock Allocation Portfolio				S&P Target Risk^® Growth Index
Global Atlantic BlackRock Disciplined Core Portfolio				S&P 500^® Index
Global Atlantic BlackRock Disciplined Growth Portfolio				Russell 1000^® Growth Index
Global Atlantic BlackRock Disciplined International Core Portfolio				MSCI ACWI ex USA Index
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				Russell Midcap^® Growth Index
Global Atlantic BlackRock Disciplined Small Cap Portfolio¹				Russell 2000^® Index
Global Atlantic BlackRock Disciplined U.S. Core Portfolio²				S&P 500^® Index
Global Atlantic BlackRock Disciplined Value Portfolio				Russell 1000^® Value Index
Global Atlantic BlackRock High Yield Portfolio				ICE BofAML BB-B U.S. High Yield Constrained Index
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Bloomberg Barclays U.S. Aggregate Bond Index
Global Atlantic Goldman Sachs Global Equity Insights Portfolio³				MSCI World Standard Index
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio⁴				Russell 1000^® Growth Index
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio⁵				Russell Midcap^® Value 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 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:

Bloomberg Barclays US Aggregate Bond Index ("Bbg Barc US Agg"). 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 & Poor's. Effective August 24, 2021, "Barclays" will be removed from the index's name.

CBOE 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.

ICE BofAML BB-B U.S. High Yield Constrained Index. An index that contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.

MSCI ACWI ex USA Index. A free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States.

2 Effective after the close of business on August 20, 2021, Global Atlantic BlackRock Disciplined U.S. Core Portfolio was reorganized into Global Atlantic BlackRock Disciplined Core Portfolio.

MSCI EAFE 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 World Standard Index. An index that represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. The index offers a broad global equity benchmark, without emerging markets exposure.

Russell 1000^® Growth Index. An unmanaged index of common stock prices that measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000^® Value Index. An index that measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000^® Index, which measures the performance of the large-capitalization sector of the U.S. equity market.

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

Russell Midcap^® Growth Index. An unmanaged index that consists of the bottom 800 securities of the Russell 1000^® Index with greater-than-average growth orientation as ranked by total market capitalization. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values.

Russell Midcap^® Value Index. An unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

S&P MidCap 400 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 Target Risk^® Growth Index. An index that increases exposure to equities, while also providing limited fixed income exposure to diversify risk.

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

Table of Contents

		Page
•	Global Atlantic Portfolio Performance		5
•	Global Atlantic Portfolio of Investments
	Global Atlantic BlackRock Allocation Portfolio		7
	Global Atlantic BlackRock Disciplined Core Portfolio		8
	Global Atlantic BlackRock Disciplined Growth Portfolio		13
	Global Atlantic BlackRock Disciplined International Core Portfolio		17
	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		29
	Global Atlantic BlackRock Disciplined Small Cap Portfolio		34
	Global Atlantic BlackRock Disciplined U.S. Core Portfolio		44
	Global Atlantic BlackRock Disciplined Value Portfolio		48
	Global Atlantic BlackRock High Yield Portfolio		53
	Global Atlantic Goldman Sachs Core Fixed Income Portfolio		65
	Global Atlantic Goldman Sachs Global Equity Insights Portfolio		74
	Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		79
	Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		82
•	Financial Statements:
	Statements of Assets and Liabilities		86
	Statements of Operations		90
	Statements of Changes in Net Assets		94
	Financial Highlights		101
•	Notes to Financial Statements		125
•	Expense Examples		154
•	Privacy Notice		157
•	Proxy Voting Policy		Back Cover
•	Portfolio Holdings		Back Cover

Performance Summary

The Portfolio's performance figures for the periods ended June 30, 2021 as compared to its benchmarks:

					Annualized									Operating Expense**
	Inception Date*	Six Months Ended 6/30/21			One Year Ended 6/30/21			Three Years Ended 6/30/21			Since Inception 6/30/21			Gross Ratios			Net Ratios
Global Atlantic BlackRock Allocation Portfolio
Class I	11/1/2017		7.23	%		23.49	%		12.16	%		10.40	%		0.47	%		0.47	%
Class II	11/1/2017		7.09	%		23.19	%		11.85	%		10.12	%		0.72	%		0.72	%
S&P Target Risk^® Growth Index (Total Return)¹			7.60	%		23.41	%		10.84	%		9.22	%
Global Atlantic BlackRock Disciplined Core Portfolio
Class I	11/1/2017		15.38	%		40.37	%		18.14	%		16.78	%		0.50	%		0.50	%
Class II	11/1/2017		15.19	%		39.93	%		17.84	%		16.45	%		0.75	%		0.75	%
S&P 500^® Index (Total Return)²			15.25	%		40.79	%		18.67	%		17.15	%
Global Atlantic BlackRock Disciplined Growth Portfolio
Class II	11/1/2017		13.04	%		39.98	%		22.50	%		21.40	%		0.88	%		0.82	%
Russell 1000^® Growth Index (Total Return)³			12.99	%		42.50	%		25.14	%		23.78	%
Global Atlantic BlackRock Disciplined International Core Portfolio
Class I	11/1/2017		10.01	%		37.30	%		8.87	%		6.80	%		0.88	%		0.78	%
Class II	11/1/2017		9.94	%		36.91	%		8.57	%		6.53	%		1.13	%		1.03	%
MSCI ACWI ex-USA Index⁴			9.16	%		35.72	%		9.38	%		7.25	%
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Class I	11/1/2017		12.01	%		45.14	%		22.62	%		21.43	%		0.67	%		0.65	%
Class II	11/1/2017		11.83	%		44.81	%		22.30	%		21.14	%		0.92	%		0.90	%
Russell Midcap^® Growth Index (Total Return)⁵			10.44	%		43.77	%		22.39	%		21.08	%
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Class I	11/1/2017		18.56	%		64.67	%		16.12	%		16.13	%		0.71	%		0.66	%
Class II	11/1/2017		18.51	%		64.26	%		15.81	%		15.85	%		0.96	%		0.91	%
Russell 2000^® Index (Total Return)⁶			17.54	%		62.03	%		13.52	%		14.17	%
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Class I	11/1/2017		15.20	%		39.64	%		17.92	%		16.57	%		0.55	%		0.50	%
Class II	11/1/2017		15.08	%		39.43	%		17.61	%		16.29	%		0.80	%		0.75	%
S&P 500^® Index (Total Return)²			15.25	%		40.79	%		18.67	%		17.15	%
Global Atlantic BlackRock Disciplined Value Portfolio
Class I	11/1/2017		17.43	%		43.05	%		12.57	%		11.14	%		0.57	%		0.56	%
Class II	11/1/2017		17.22	%		42.79	%		12.28	%		10.91	%		0.82	%		0.81	%
Russell 1000^® Value Index (Total Return)⁷			17.05	%		43.68	%		12.42	%		10.81	%
Global Atlantic BlackRock High Yield Portfolio
Class I	11/1/2017		2.46	%		12.58	%		6.50	%		4.72	%		0.62	%		0.61	%
Class II	11/1/2017		2.36	%		12.37	%		6.23	%		4.47	%		0.87	%		0.86	%
ICE BofAML BB-B U.S. High Yield Constrained Index⁸			2.88	%		13.44	%		7.39	%		5.85	%
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Class I	11/1/2017		(1.90	)%		0.40	%		5.93	%		4.32	%		0.51	%		0.49	%
Bloomberg Barclays U.S. Aggregate Bond Index⁹			(1.60	)%		(0.33	)%		5.34	%		3.99	%
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Class I	11/1/2017		14.17	%		37.88	%		11.72	%		10.89	%		0.97	%		0.77	%
Class II	11/1/2017		14.11	%		37.49	%		11.45	%		10.61	%		1.22	%		1.02	%
MSCI World Standard Index (Net)¹⁰			13.05	%		39.04	%		14.99	%		13.27	%
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Class I	11/1/2017		14.26	%		39.10	%		20.94	%		19.83	%		0.49	%		0.48	%
Class II	11/1/2017		14.43	%		39.55	%		21.24	%		20.13	%		0.74	%		0.73	%
Russell 1000^® Growth Index (Total Return)³			12.99	%		42.50	%		25.14	%		23.78	%

Performance Summary (Continued)

					Annualized									Operating Expense**
	Inception Date*	Six Months Ended 6/30/21			One Year Ended 6/30/21			Three Years Ended 6/30/21			Since Inception 6/30/21			Gross Ratios			Net Ratios
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Class I	11/1/2017		21.61	%		54.61	%		9.04	%		8.57	%		0.68	%		0.66	%
Class II	11/1/2017		21.46	%		54.26	%		8.75	%		8.27	%		0.93	%		0.91	%
Russell Midcap^® Value Index (Total Return)¹¹			19.45	%		53.06	%		11.86	%		10.92	%

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. Performance figures for periods greater than one year are annualized. 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.

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2021. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio, if applicable. Gross operating expense ratio reflects the ratio of expenses absent waivers and/or reimbursements by the Adviser. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

¹ The S&P Target Risk^® Growth Index (Total Return) provides increased exposure to equities, while also providing limited fixed income exposure to diversify risk. It is not possible to invest directly in an index.

² The S&P 500^® Index (Total Return) 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. Investors cannot invest directly in an index.

³ The Russell 1000^® Growth Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

⁴ The MSCI ACWI ex-USA Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States. It is not possible to invest directly in an index.

⁵ The Russell Midcap^® Growth Index (Total Return) is an unmanaged index that consists of the bottom 800 securities of the Russell 1000^® Index with greater-than-average growth orientation as ranked by total market capitalization. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values. It is not possible to invest directly in an index.

⁶ The Russell 2000^® Index (Total Return) measures the performance of 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. It is not possible to invest directly in an index.

⁷ The Russell 1000^® Value Index (Total Return) measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000^® Index, which measures the performance of the large-capitalization sector of the U.S. equity market. It is not possible to invest directly in an index.

⁸ The ICE BofAML BB-B US High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. It is not possible to invest directly in an index.

⁹ The Bloomberg Barclays U.S. Aggregate Bond Index ("Bbg Barc US Agg") 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 & Poor's.represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. It is not possible to invest directly in an index.

¹⁰ The MSCI World Standard Index (Net) represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. The index offers a broad global equity benchmark, without emerging markets exposure. It is not possible to invest directly in an index.

¹¹ The Russell Midcap^® Value Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

Global Atlantic BlackRock Allocation Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 99.2%
DEBT FUNDS - 35.5%
iShares Core Total USD Bond Market ETF		147,013	$	7,863,725
iShares Fallen Angels USD Bond ETF		49,940		1,496,202
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF		156,753		8,591,632
iShares U.S. Treasury Bond ETF		385,903		10,265,020
TOTAL DEBT FUNDS				28,216,579
EQUITY FUNDS - 63.7%
iShares Core S&P 500 ETF		18,897		8,124,198
iShares Core S&P Small-Cap ETF		27,749		3,135,082
iShares ESG Aware MSCI USA ETF		109,093		10,742,388
iShares Global Financials ETF		33,965		2,636,024
iShares Global Tech ETF		2,822		952,481
iShares MSCI EAFE Growth ETF		37,546		4,027,935
iShares MSCI EAFE Value ETF		131,000		6,780,560
iShares MSCI USA Momentum Factor ETF		9,955		1,726,496
iShares MSCI USA Value Factor ETF		30,043		3,156,318

	Shares/ Principal		Fair Value
EQUITY FUNDS - 63.7% (Continued)
iShares U.S. Energy ETF		163,180	$	4,746,906
iShares, Inc., iShares ESG Aware MSCI EM ETF		102,381		4,622,502
TOTAL EQUITY FUNDS				50,650,890
TOTAL EXCHANGE TRADED FUNDS (Cost - $65,985,036)				78,867,469
SHORT-TERM INVESTMENTS - 0.6%
MONEY MARKET FUNDS - 0.6%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a)(Cost - $503,649)		503,649		503,649
TOTAL INVESTMENTS - 99.8% (Cost - $66,488,685)			$	79,371,118
OTHER ASSETS LESS LIABILITIES - NET 0.2%				189,398
TOTAL NET ASSETS - 100.0%			$	79,560,516

(a) The rate shown is the annualized seven-day yield at period end.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds		99.2	%
Short-Term Investments		0.6	%
Other Assets less Liabilities - Net		0.2	%
		100.0	%

See accompanying notes to financial statements.
7

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 0.8%
Lockheed Martin Corp.		12,723	$	4,813,747
Mercury Systems, Inc.*		1,673		110,887
Northrop Grumman Corp.		438		159,182
				5,083,816
AIR FREIGHT & LOGISTICS - 0.9%
C.H. Robinson Worldwide, Inc.		12,521		1,172,842
Expeditors International of Washington, Inc.		39,683		5,023,868
				6,196,710
AIRLINES - 0.5%
Delta Air Lines, Inc.*		51,930		2,246,492
Southwest Airlines Co.*		21,853		1,160,176
				3,406,668
AUTO COMPONENTS - 0.7%
BorgWarner, Inc.		94,486		4,586,350
AUTOMOBILES - 1.5%
Tesla, Inc.*		14,463		9,830,501
BANKS - 2.6%
Bank of America Corp.		6,127		252,616
Bank of Hawaii Corp.		1,268		106,791
Bank of Nova Scotia (The)		5,570		362,440
Citigroup, Inc.		59,838		4,233,538
First Republic Bank		1,099		205,700
HDFC Bank Ltd., ADR*		3,831		280,123
JPMorgan Chase & Co.		41,597		6,469,997
Signature Bank		1,745		428,659
Truist Financial Corp.		36,235		2,011,043
Wells Fargo & Co.		61,373		2,779,583
				17,130,490
BEVERAGES - 1.5%
Coca-Cola Co. (The)		37,892		2,050,336
Diageo PLC, ADR		4,950		948,866
Molson Coors Beverage Co., Class B*		3,322		178,358
PepsiCo, Inc.		43,812		6,491,624
				9,669,184
BIOTECHNOLOGY - 2.1%
AbbVie, Inc.		23,786		2,679,255
Alexion Pharmaceuticals, Inc.*		652		119,779
Amgen, Inc.		8,153		1,987,294
BioMarin Pharmaceutical, Inc.*		2,742		228,792
Gilead Sciences, Inc.		102,037		7,026,268
Regeneron Pharmaceuticals, Inc.*		118		65,908
Vertex Pharmaceuticals, Inc.*		9,932		2,002,589
				14,109,885

	Shares/ Principal		Fair Value
BUILDING PRODUCTS - 1.6%
Allegion PLC		10,049	$	1,399,826
Carrier Global Corp.		60,079		2,919,839
Owens Corning		6,645		650,546
Trane Technologies PLC		30,609		5,636,341
				10,606,552
CAPITAL MARKETS - 2.3%
Charles Schwab Corp. (The)		32,701		2,380,960
CME Group, Inc.		9,265		1,970,480
Moody's Corp.		2,771		1,004,127
Morgan Stanley		103,812		9,518,522
Stifel Financial Corp.		2,059		133,547
				15,007,636
CHEMICALS - 1.2%
Ecolab, Inc.		10,039		2,067,733
Linde PLC		6,168		1,783,169
PPG Industries, Inc.		22,300		3,785,871
Sherwin-Williams Co. (The)		663		180,634
				7,817,407
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Cintas Corp.		2,108		805,256
Copart, Inc.*		13,364		1,761,776
IAA, Inc.*		26,796		1,461,454
Waste Connections, Inc.		1,788		213,541
				4,242,027
CONSTRUCTION & ENGINEERING - 0.2%
EMCOR Group, Inc.		10,240		1,261,466
Quanta Services, Inc.		1,727		156,414
				1,417,880
CONSTRUCTION MATERIALS - 0.2%
Martin Marietta Materials, Inc.		536		188,570
Vulcan Materials Co.		6,096		1,061,131
				1,249,701
CONSUMER FINANCE - 1.4%
Ally Financial, Inc.		71,054		3,541,331
American Express Co.		34,651		5,725,385
				9,266,716
CONTAINERS & PACKAGING - 0.2%
Amcor PLC		10,748		123,172
Crown Holdings, Inc.		10,316		1,054,398
				1,177,570
DISTRIBUTORS - 0.5%
Genuine Parts Co.		26,420		3,341,337

See accompanying notes to financial statements.
8

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
DIVERSIFIED CONSUMER SERVICES - 0.2%
Bright Horizons Family Solutions, Inc.*		1,773	$	260,826
Terminix Global Holdings, Inc.*		20,790		991,891
				1,252,717
DIVERSIFIED FINANCIAL SERVICES - 1.4%
Berkshire Hathaway, Inc., Class B*		21,119		5,869,392
Voya Financial, Inc.		57,441		3,532,622
				9,402,014
DIVERSIFIED TELECOMMUNICATION - 0.5%
AT&T, Inc.		104,333		3,002,704
ELECTRIC UTILITIES - 1.7%
Eversource Energy		43,127		3,460,510
NextEra Energy, Inc.		24,319		1,782,096
OGE Energy Corp.		64,294		2,163,493
Pinnacle West Capital Corp.		7,169		587,643
Portland General Electric Co.		1,749		80,594
Southern Co. (The)		36,335		2,198,631
Xcel Energy, Inc.		17,743		1,168,909
				11,441,876
ELECTRICAL EQUIPMENT - 0.1%
Emerson Electric Co.		977		94,026
Rockwell Automation, Inc.		2,098		600,070
				694,096
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.2%
Flex Ltd.*		87,259		1,559,318
ENERGY EQUIPMENT & SERVICES - 0.5%
ChampionX Corp.*		10,014		256,859
Schlumberger NV		103,391		3,309,546
				3,566,405
ENTERTAINMENT - 2.1%
iQIYI, Inc., ADR*		17,487		272,447
Live Nation Entertainment, Inc.*		22,438		1,965,344
Netflix, Inc.*		3,059		1,615,794
Roku, Inc., Class A*		1,090		500,583
Sea Ltd., ADR*		906		248,788
Spotify Technology SA*		2,954		814,093
Tencent Music Entertainment Group, ADR*		3,651		56,517
Walt Disney Co. (The)*		42,010		7,384,098
Zynga, Inc., Class A*		62,674		666,225
				13,523,889
EQUITY REAL ESTATE INVESTMENT - 1.3%
Equinix, Inc.		3,880		3,114,088
Equity Residential		1,062		81,774
Prologis, Inc.		46,192		5,521,330
				8,717,192

	Shares/ Principal		Fair Value
FOOD & STAPLES RETAILING - 1.6%
Costco Wholesale Corp.		25,974	$	10,277,133
Walmart, Inc.		650		91,663
				10,368,796
FOOD PRODUCTS - 0.9%
Conagra Brands, Inc.		43,502		1,582,603
Hershey Co. (The)		16,113		2,806,563
Kellogg Co.		21,519		1,384,317
McCormick & Co., Inc.		976		86,200
				5,859,683
GAS UTILITIES - 0.3%
Atmos Energy Corp.		17,001		1,633,966
UGI Corp.		11,901		551,135
				2,185,101
HEALTH CARE EQUIPMENT & SUPPLIES - 2.9%
Alcon, Inc.		2,720		191,107
Align Technology, Inc.*		4,697		2,869,867
Danaher Corp.		17,660		4,739,238
Dexcom, Inc.*		8,509		3,633,343
Envista Holdings Corp.*		9,437		407,773
Hill-Rom Holdings, Inc.		5,243		595,552
IDEXX Laboratories, Inc.*		10,327		6,522,017
Intuitive Surgical, Inc.*		350		321,874
				19,280,771
HEALTH CARE PROVIDERS & SERVICES - 2.3%
AmerisourceBergen Corp.		7,518		860,736
Anthem, Inc.		6,796		2,594,713
Cigna Corp.		6,310		1,495,912
CVS Health Corp.		9,425		786,422
McKesson Corp.		19,727		3,772,591
UnitedHealth Group, Inc.		14,685		5,880,461
				15,390,835
HEALTH CARE TECHNOLOGY - 0.3%
Cerner Corp.		23,722		1,854,112
Teladoc Health, Inc.*		587		97,612
				1,951,724
HOTELS, RESTAURANTS & LEISURE - 2.0%
Aramark		19,876		740,381
Booking Holdings, Inc.*		196		428,866
Chipotle Mexican Grill, Inc.*		499		773,620
Choice Hotels International, Inc.		1		119
International Game Technology PLC*		24,327		582,875
Marriott Vacations Worldwide Corp.*		4,768		759,542
McDonald's Corp.		18,152		4,192,931
Shake Shack, Inc., Class A*		6,105		653,357
Six Flags Entertainment Corp.*		33,889		1,466,716

See accompanying notes to financial statements.
9

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HOTELS, RESTAURANTS & LEISURE - 2.0% (Continued)
Wendy's Co. (The)		9,489	$	222,232
Wyndham Hotels & Resorts, Inc.		17,672		1,277,509
Wynn Resorts Ltd.*		18,878		2,308,779
				13,406,927
HOUSEHOLD DURABLES - 0.2%
iRobot Corp.*		1,421		132,707
Sony Corp., ADR		8,543		830,551
				963,258
HOUSEHOLD PRODUCTS - 1.5%
Colgate-Palmolive Co.		62,760		5,105,526
Procter & Gamble Co. (The)		37,530		5,063,923
				10,169,449
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
Brookfield Renewable Corp., Class A		10,986		460,753
INDUSTRIAL CONGLOMERATES - 1.3%
Honeywell International, Inc.		32,092		7,039,380
Roper Technologies, Inc.		3,449		1,621,720
				8,661,100
INSURANCE - 2.7%
Marsh & McLennan Cos., Inc.		24,952		3,510,247
MetLife, Inc.		123,923		7,416,792
Progressive Corp. (The)		27,299		2,681,035
Travelers Cos., Inc. (The)		24,597		3,682,417
Willis Towers Watson PLC		2,320		533,646
				17,824,137
INTERACTIVE MEDIA & SERVICES - 6.9%
Alphabet, Inc., Class A*		8,000		19,534,320
Alphabet, Inc., Class C*		5,135		12,869,953
Facebook, Inc., Class A*		35,123		12,212,618
Twitter, Inc.*		17,265		1,188,005
				45,804,896
INTERNET & DIRECT MARKETING RETAIL - 3.5%
Amazon.com, Inc.*		6,774		23,303,644
eBay, Inc.		1,507		105,806
				23,409,450
IT SERVICES - 5.6%
Accenture PLC, Class A		23,453		6,913,710
Automatic Data Processing, Inc.		17,245		3,425,202
Fidelity National Information Services, Inc.		20,618		2,920,952
Fiserv, Inc.*		15,267		1,631,889
Mastercard, Inc., Class A		16,678		6,088,971
PayPal Holdings, Inc.*		23,656		6,895,251
Visa, Inc., Class A		37,823		8,843,774
				36,719,749

	Shares/ Principal		Fair Value
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Agilent Technologies, Inc.		9,575	$	1,415,281
Bio-Rad Laboratories, Inc., Class A*		521		335,675
Bruker Corp.		4,528		344,037
PPD, Inc.*		4,322		199,201
Thermo Fisher Scientific, Inc.		5,831		2,941,565
				5,235,759
MACHINERY - 2.0%
Caterpillar, Inc.		13,592		2,958,027
Deere & Co.		14,092		4,970,389
Oshkosh Corp.		3,551		442,597
Otis Worldwide Corp.		50,156		4,101,256
Xylem, Inc.		7,716		925,611
				13,397,880
MEDIA - 1.2%
Comcast Corp., Class A		78,219		4,460,047
Discovery, Inc., Class A*		29,797		914,172
Discovery, Inc., Class C*		6,109		177,039
Fox Corp., Class B		5,979		222,000
Sirius XM Holdings, Inc.		278,883		1,823,895
				7,597,153
METALS & MINING - 0.2%
Reliance Steel & Aluminum Co.		9,896		1,493,306
MULTILINE RETAIL - 1.1%
Target Corp.		30,998		7,493,457
MULTI-UTILITIES - 1.3%
Ameren Corp.		7,655		612,706
CMS Energy Corp.		3,073		181,553
Consolidated Edison, Inc.		69,102		4,955,995
DTE Energy Co.		21,205		2,748,168
				8,498,422
OIL, GAS & CONSUMABLE FUELS - 3.3%
Antero Midstream Corp.		30,536		317,269
BP PLC, ADR		45,226		1,194,871
Chevron Corp.		47,919		5,019,036
Continental Resources, Inc.		3,949		150,180
Devon Energy Corp.		23,056		673,005
EOG Resources, Inc.		22,015		1,836,932
Equinor ASA, ADR		44,355		940,326
Hess Corp.		34,619		3,022,931
Kinder Morgan, Inc.		144,824		2,640,141
Phillips 66		47,854		4,106,830
Pioneer Natural Resources Co.		2,057		334,304
Royal Dutch Shell PLC, Class A, ADR		11,359		458,904
Valero Energy Corp.		12,185		951,405
				21,646,134

See accompanying notes to financial statements.
10

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
PERSONAL PRODUCTS - 0.4%
Estee Lauder Cos, Inc. (The), Class A		5,616	$	1,786,337
Herbalife Nutrition Ltd.*		12,941		682,379
Unilever PLC, ADR		4,031		235,814
				2,704,530
PHARMACEUTICALS - 3.4%
Bristol-Myers Squibb Co.		82,482		5,511,447
Johnson & Johnson		89,275		14,707,164
Pfizer, Inc.		51,181		2,004,248
				22,222,859
PROFESSIONAL SERVICES - 0.2%
Equifax, Inc.		1,544		369,803
IHS Markit Ltd.		6,689		753,583
				1,123,386
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
CBRE Group, Inc., Class A*		28,242		2,421,187
ROAD & RAIL - 0.9%
CSX Corp.		31,704		1,017,064
Landstar System, Inc.		6,974		1,102,032
Norfolk Southern Corp.		3,982		1,056,863
Ryder System, Inc.		25,877		1,923,437
Schneider National, Inc., Class B		27,536		599,459
				5,698,855
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
Advanced Micro Devices, Inc.*		40,837		3,835,819
Applied Materials, Inc.		21,925		3,122,120
CMC Materials, Inc.		1		151
Intel Corp.		153,438		8,614,009
Lam Research Corp.		2,293		1,492,055
NVIDIA Corp.		7,096		5,677,510
QUALCOMM, Inc.		52,459		7,497,965
Silicon Laboratories, Inc.*		2,719		416,687
Texas Instruments, Inc.		4,187		805,160
Xilinx, Inc.		4,422		639,598
				32,101,074
SOFTWARE - 9.6%
Adobe, Inc.*		20,695		12,119,820
Alteryx, Inc., Class A*		1,487		127,912
HubSpot, Inc.*		1,828		1,065,212
Intuit, Inc.		19,620		9,617,135
Microsoft Corp.		107,291		29,065,132
PTC, Inc.*		5,904		833,999
salesforce.com, Inc.*		9,337		2,280,749
ServiceNow, Inc.*		5,952		3,270,922
Splunk, Inc.*		2,832		409,451
UiPath, Inc., Class A*		7,907		537,122

	Shares/ Principal		Fair Value
SOFTWARE - 9.6% (Continued)
VMware, Inc., Class A*		12,567	$	2,010,343
Workday, Inc., Class A*		8,919		2,129,322
				63,467,119
SPECIALTY RETAIL - 1.3%
Home Depot, Inc. (The)		16,481		5,255,626
Lowe's Cos., Inc.		16,868		3,271,886
TJX Cos., Inc. (The)		3,411		229,970
				8,757,482
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.5%
Apple, Inc.		301,849		41,341,239
Dell Technologies, Inc., Class C*		26,709		2,662,086
Hewlett Packard Enterprise Co.		240,475		3,506,125
HP, Inc.		55,641		1,679,802
				49,189,252
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
NIKE, Inc., Class B		22,968		3,548,326
THRIFTS & MORTGAGE FINANCE - 0.2%
New York Community Bancorp, Inc.		114,565		1,262,506
TRADING COMPANIES & DISTRIBUTORS - 0.2%
SiteOne Landscape Supply, Inc.*		5,719		967,998
WW Grainger, Inc.		1,423		623,274
				1,591,272
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
T-Mobile US, Inc.*		3,680		532,975
United States Cellular Corp.*		19,201		697,188
				1,230,163
TOTAL COMMON STOCKS (Cost - $475,896,144)				650,437,392
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $9,189,489)		9,189,489		9,189,489
TOTAL INVESTMENTS - 99.9% (Cost - $485,085,633)			$	659,626,881
OTHER ASSETS LESS LIABILITIES - NET 0.1%				901,893
TOTAL NET ASSETS - 100.0%			$	660,528,774

* Non-income producing security.

(a) The rate shown is the annualized seven-day yield at period end.

ADR - American Depositary Receipt

PLC - Public Limited Company

See accompanying notes to financial statements.
11

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Short-Term Investments		1.4	%
Other Assets less Liabilities - Net		0.1	%
		100.0	%

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

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/17/2021

10,292,640

107,237

See accompanying notes to financial statements.
12

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 0.5%
Axon Enterprise, Inc.*		13	$	2,298
Lockheed Martin Corp.		279		105,560
				107,858
AIR FREIGHT & LOGISTICS - 1.0%
C.H. Robinson Worldwide, Inc.		514		48,147
Expeditors International of Washington, Inc.		1,247		157,870
				206,017
AUTO COMPONENTS - 0.5%
BorgWarner, Inc.		1,877		91,110
AUTOMOBILES - 2.6%
Tesla, Inc.*		782		531,525
BEVERAGES - 1.0%
Boston Beer Co., Inc. (The), Class A*		30		30,624
PepsiCo, Inc.		1,107		164,024
				194,648
BIOTECHNOLOGY - 2.2%
AbbVie, Inc.		722		81,326
Amgen, Inc.		40		9,750
BioMarin Pharmaceutical, Inc.*		1,322		110,308
Gilead Sciences, Inc.		1,401		96,473
Moderna, Inc.*		53		12,454
Vertex Pharmaceuticals, Inc.*		689		138,923
				449,234
BUILDING PRODUCTS - 1.4%
Allegion PLC		334		46,526
Builders FirstSource, Inc.*		623		26,577
Carrier Global Corp.		1,478		71,831
Trane Technologies PLC		705		129,819
				274,753
CAPITAL MARKETS - 0.6%
Charles Schwab Corp. (The)		269		19,586
CME Group, Inc.		19		4,041
Morgan Stanley		920		84,355
Morningstar, Inc.		22		5,656
Stifel Financial Corp.		62		4,021
				117,659
CHEMICALS - 0.1%
Amyris, Inc.*		549		8,987
PPG Industries, Inc.		38		6,451
				15,438
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Copart, Inc.*		1,093		144,090
IAA, Inc.*		1,035		56,449
				200,539

	Shares/ Principal		Fair Value
CONSUMER FINANCE - 0.2%
American Express Co.		293	$	48,412
CONTAINERS & PACKAGING - 0.1%
Crown Holdings, Inc.		225		22,997
DISTRIBUTORS - 0.6%
Genuine Parts Co.		802		101,429
Pool Corp.		28		12,842
				114,271
DIVERSIFIED CONSUMER SERVICES - 0.1%
Terminix Global Holdings, Inc.*		316		15,076
DIVERSIFIED FINANCIAL SERVICES - 0.0%†
Voya Financial, Inc.		156		9,594
DIVERSIFIED TELECOMMUNICATION - 0.0%†
Frontier Communications Parent, Inc.*		217		5,729
ELECTRIC UTILITIES - 0.3%
Eversource Energy		509		40,842
OGE Energy Corp.		515		17,330
				58,172
ELECTRICAL EQUIPMENT - 0.1%
Plug Power, Inc.*		286		9,778
Sunrun, Inc.*		164		9,148
				18,926
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.4%
Flex Ltd.*		2,630		46,998
Zebra Technologies Corp., Class A*		49		25,945
				72,943
ENERGY EQUIPMENT & SERVICES - 0.5%
Schlumberger NV		3,089		98,879
ENTERTAINMENT - 2.4%
Live Nation Entertainment, Inc.*		664		58,160
Netflix, Inc.*		320		169,027
Roku, Inc.*		173		79,450
Spotify Technology SA*		321		88,464
Take-Two Interactive Software, Inc.*		99		17,525
Walt Disney Co. (The)*		188		33,045
Zynga, Inc., Class A*		4,130		43,902
				489,573
EQUITY REAL ESTATE INVESTMENT - 1.0%
Equinix, Inc.		200		160,520
Prologis, Inc.		375		44,824
Simon Property Group, Inc.		19		2,479
				207,823

See accompanying notes to financial statements.
13

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
FOOD & STAPLES RETAILING - 1.8%
Costco Wholesale Corp.		928	$	367,182
FOOD PRODUCTS - 0.6%
Hershey Co. (The)		482		83,955
Kellogg Co.		525		33,773
				117,728
GAS UTILITIES - 0.1%
UGI Corp.		315		14,588
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2%
ABIOMED, Inc.*		40		12,484
Align Technology, Inc.*		187		114,257
Danaher Corp.		238		63,870
Dexcom, Inc.*		386		164,822
Hill-Rom Holdings, Inc.		107		12,154
IDEXX Laboratories, Inc.*		326		205,885
Insulet Corp.*		200		54,902
Intuitive Surgical, Inc.*		21		19,313
West Pharmaceutical Services, Inc.		7	��	2,514
				650,201
HEALTH CARE PROVIDERS & SERVICES - 0.5%
McKesson Corp.		543		103,843
HEALTH CARE TECHNOLOGY - 0.2%
Cerner Corp.		605		47,287
HOTELS, RESTAURANTS & LEISURE - 3.2%
Aramark		884		32,929
Booking Holdings, Inc.*		26		56,890
Chipotle Mexican Grill, Inc.*		106		164,336
International Game Technology PLC*		2,500		59,900
Shake Shack, Inc., Class A*		51		5,458
Six Flags Entertainment Corp.*		2,162		93,571
Starbucks Corp.		151		16,883
Travel + Leisure Co.		767		45,598
Vail Resorts, Inc.*		63		19,941
Wendy's Co. (The)		2,339		54,780
Wyndham Hotels & Resorts, Inc.		548		39,615
Wynn Resorts Ltd.*		526		64,330
				654,231
HOUSEHOLD DURABLES - 0.3%
iRobot Corp.*		75		7,004
Sonos, Inc.*		1,276		44,954
				51,958
HOUSEHOLD PRODUCTS - 0.2%
Colgate-Palmolive Co.		211		17,165
Procter & Gamble Co. (The)		239		32,248
				49,413

	Shares/ Principal		Fair Value
INDUSTRIAL CONGLOMERATES - 0.4%
Roper Technologies, Inc.		173	$	81,345
INSURANCE - 0.5%
Marsh & McLennan Cos., Inc.		398		55,991
MetLife, Inc.		200		11,970
Progressive Corp. (The)		266		26,124
				94,085
INTERACTIVE MEDIA & SERVICES - 9.1%
Alphabet, Inc., Class A*		166		405,337
Alphabet, Inc., Class C*		230		576,454
Facebook, Inc., Class A*		2,242		779,566
Twitter, Inc.*		821		56,493
Vimeo, Inc.*		701		34,349
				1,852,199
INTERNET & DIRECT MARKETING RETAIL - 6.8%
Amazon.com, Inc.*		374		1,286,620
Etsy, Inc.*		426		87,688
Wayfair, Inc., Class A*		28		8,840
				1,383,148
IT SERVICES - 9.5%
Accenture PLC, Class A		902		265,901
Automatic Data Processing, Inc.		815		161,875
Fidelity National Information Services, Inc.		102		14,450
Fiserv, Inc.*		659		70,440
GoDaddy, Inc., Class A*		183		15,914
Mastercard, Inc., Class A		945		345,010
Okta, Inc.*		65		15,904
PayPal Holdings, Inc.*		1,514		441,301
Square, Inc., Class A*		180		43,884
Twilio, Inc., Class A*		45		17,737
Visa, Inc., Class A		2,352		549,945
				1,942,361
LIFE SCIENCES TOOLS & SERVICES - 1.5%
Agilent Technologies, Inc.		231		34,144
Bio-Rad Laboratories, Inc., Class A*		51		32,859
Bruker Corp.		620		47,108
Illumina, Inc.*		60		28,393
Mettler-Toledo International, Inc.*		19		26,321
PPD, Inc.*		753		34,706
Repligen Corp.*		88		17,567
Sotera Health Co.*		253		6,130
Syneos Health, Inc., Class A*		207		18,524
Thermo Fisher Scientific, Inc.		111		55,996
				301,748

See accompanying notes to financial statements.
14

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MACHINERY - 1.5%
Caterpillar, Inc.		664	$	144,507
Deere & Co.		172		60,666
Otis Worldwide Corp.		1,256		102,703
				307,876
MEDIA - 0.2%
Cardlytics, Inc.*		95		12,058
Sirius XM Holdings, Inc.		3,159		20,660
				32,718
MULTILINE RETAIL - 0.5%
Nordstrom, Inc.*		108		3,950
Target Corp.		421		101,772
				105,722
OIL, GAS & CONSUMABLE FUELS - 0.5%
Antero Midstream Corp.		3,923		40,760
Cheniere Energy, Inc.*		68		5,898
Hess Corp.		535		46,716
Phillips 66		95		8,153
				101,527
PERSONAL PRODUCTS - 0.8%
Estee Lauder Cos, Inc. (The), Class A		405		128,822
Herbalife Nutrition Ltd.*		659		34,749
				163,571
PHARMACEUTICALS - 1.2%
Eli Lilly and Co.		98		22,493
Johnson & Johnson		1,327		218,610
Zoetis, Inc.		48		8,945
				250,048
PROFESSIONAL SERVICES - 0.3%
Booz Allen Hamilton Holding Corp., Class A		247		21,039
CoStar Group, Inc.*		80		6,626
IHS Markit Ltd.		209		23,546
Upwork, Inc.*		260		15,155
				66,366
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
CBRE Group, Inc., Class A*		408		34,978
ROAD & RAIL - 0.6%
Landstar System, Inc.		352		55,623
Lyft, Inc., Class A*		154		9,314
Ryder System, Inc.		853		63,403
				128,340
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6%
Advanced Micro Devices, Inc.*		1,967		184,760
Applied Materials, Inc.		784		111,642
Enphase Energy, Inc.*		58		10,651

	Shares/ Principal		Fair Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6% (Continued)
Intel Corp.		2,460	$	138,104
Lam Research Corp.		325		211,478
NVIDIA Corp.		441		352,844
QUALCOMM, Inc.		2,038		291,291
Xilinx, Inc.		237		34,280
				1,335,050
SOFTWARE - 17.3%
Adobe, Inc.*		820		480,225
Alteryx, Inc., Class A*		216		18,580
Autodesk, Inc.*		275		80,272
Cadence Design Systems, Inc.*		235		32,153
Cloudflare, Inc., Class A*		217		22,967
DocuSign, Inc.*		24		6,710
HubSpot, Inc.*		189		110,134
Intuit, Inc.		687		336,747
Microsoft Corp.		5,866		1,589,099
PagerDuty, Inc.*		114		4,854
PTC, Inc.*		895		126,428
salesforce.com, Inc.*		254		62,044
ServiceNow, Inc.*		392		215,424
Slack Technologies, Inc., Class A*		307		13,600
Smartsheet, Inc., Class A*		40		2,893
Splunk, Inc.*		407		58,844
UiPath, Inc., Class A*		302		20,515
VMware, Inc., Class A*		473		75,666
Workday, Inc., Class A*		609		145,393
Zendesk, Inc.*		469		67,695
Zoom Video Communications, Inc., Class A*		89		34,446
Zscaler, Inc.*		85		18,365
				3,523,054
SPECIALTY RETAIL - 2.0%
Home Depot, Inc. (The)		329		104,915
Lithia Motors, Inc.		210		72,164
Lowe's Cos., Inc.		923		179,034
TJX Cos., Inc. (The)		807		54,408
				410,521
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.4%
Apple, Inc.		14,682		2,010,847
Dell Technologies, Inc., Class C*		565		56,313
HP, Inc.		1,661		50,146
				2,117,306
TEXTILES, APPAREL & LUXURY GOODS - 1.3%
Crocs, Inc.*		483		56,279
Lululemon Athletica, Inc.*		50		18,249
NIKE, Inc., Class B		984		152,018
Tapestry, Inc.*		1,013		44,045
				270,591

See accompanying notes to financial statements.
15

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 0.2%
SiteOne Landscape Supply, Inc.*		202	$	34,191
WIRELESS TELECOMMUNICATION SERVICES - 0.0%†
United States Cellular Corp.*		222		8,061
TOTAL COMMON STOCKS (Cost - $12,431,073)				19,952,413
SHORT-TERM INVESTMENTS - 2.1%
MONEY MARKET FUNDS - 2.1%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $429,700)		429,700		429,700
TOTAL INVESTMENTS - 100.2% (Cost - $12,860,773)			$	20,382,113
OTHER ASSETS LESS LIABILITIES - NET (0.2)%				(37,518)
TOTAL NET ASSETS - 100.0%			$	20,344,595

* Non-income producing security.

† Represents less than 0.05%.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.1	%
Short-Term Investments		2.1	%
Other Assets less Liabilities - Net		(0.2	)%
		100.0	%

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

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

NASDAQ 100 E-Mini Future

Goldman Sachs & Co.

9/17/2021

290,980

7,600

See accompanying notes to financial statements.
16

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 88.2%
AEROSPACE & DEFENSE - 0.4%
Airbus SE*		992	$	127,570
Leonardo SpA*		10,740		86,761
Meggitt PLC*		3,528		22,478
Saab AB, Class B		7,328		194,593
Safran SA		1,075		149,055
				580,457
AIR FREIGHT & LOGISTICS - 0.9%
Cargojet, Inc.		280		41,612
Deutsche Post AG		12,216		830,972
DSV PANALPINA A/S		884		206,178
PostNL NV		30,839		167,207
Royal Mail PLC*		8,974		71,581
SG Holdings Co. Ltd.		1,800		47,242
ZTO Express Cayman, Inc., ADR		1,680		50,988
				1,415,780
AIRLINES - 0.4%
Air China Ltd., Class H*		20,000		14,706
Air France-KLM*		7,855		37,913
AirAsia Group Bhd*		89,900		19,273
Cathay Pacific Airways Ltd.*		46,000		38,857
China Eastern Airlines Corp. Ltd., Class A		18,600		14,623
China Eastern Airlines Corp. Ltd., Class H		128,000		54,227
China Southern Airlines Co. Ltd., Class A*		31,100		28,975
JET2 PLC*		3,891		63,616
Jin Air Co. Ltd.*		1,154		21,622
Korean Air Lines Co. Ltd.*		621		17,370
Qantas Airways Ltd.*		38,050		133,118
Spring Airlines Co. Ltd., Class A		11,700		103,031
				547,331
AUTO COMPONENTS - 1.0%
Aisin Corp.		1,000		42,797
Bridgestone Corp.		2,500		113,862
Continental AG		764		112,329
Denso Corp.		2,300		157,057
Hyundai Mobis Co. Ltd.		544		141,054
JTEKT Corp.		600		6,157
Koito Manufacturing Co. Ltd.		1,000		62,258
Linamar Corp.		483		30,327
Magna International, Inc.		435		40,317
NGK Spark Plug Co. Ltd.		2,700		40,041
NOK Corp.		1,500		18,623
Nokian Renkaat Oyj		1,342		54,190
Pirelli & C SpA, (a)		26,185		152,035
Sumitomo Electric Industries Ltd.		800		11,814
Sumitomo Rubber Industries Ltd.		16,300		225,137
Tokai Rika Co. Ltd.		7,300		117,139
Toyoda Gosei Co. Ltd.		700		17,249
Toyota Boshoku Corp.		3,500		72,434
Valeo SA		3,290		98,984
Yokohama Rubber Co. Ltd. (The)		100		2,143
				1,515,947

	Shares/ Principal		Fair Value
AUTOMOBILES - 1.8%
BAIC Motor Corp. Ltd., Class H (a)		40,500	$	15,072
Bayerische Motoren Werke AG		3,770		399,291
BYD Co. Ltd., Class A		2,200		85,461
BYD Co. Ltd., Class H		4,500		134,551
Daimler AG		2,788		248,964
Geely Automobile Holdings Ltd.		20,000		62,968
Great Wall Motor Co. Ltd., Class H		12,000		38,785
Honda Motor Co. Ltd.		600		19,191
Hyundai Motor Co.		228		48,489
Isuzu Motors Ltd.		5,400		71,374
Kia Corp.		599		47,658
Li Auto, Inc., ADR*		2,554		89,237
NIO, Inc., ADR*		7,771		413,417
Nissan Motor Co. Ltd.*		15,300		75,997
Renault SA*		2,222		89,816
Stellantis NV		5,179		101,596
Subaru Corp.		12,300		242,864
Suzuki Motor Corp.		600		25,413
Toyota Motor Corp.		5,600		489,918
Volkswagen AG		37		12,145
XPeng, Inc., ADR*		2,782		123,576
				2,835,783
BANKS - 9.6%
ABN AMRO Bank NV, CVA*,(a)		4,174		50,450
Absa Group Ltd.*		8,658		82,295
Agricultural Bank of China Ltd., Class A		142,900		67,011
Agricultural Bank of China Ltd., Class H		47,000		16,341
Banco Bilbao Vizcaya Argentaria SA*		36,488		226,221
Banco Bradesco SA		13,576		59,251
Banco de Sabadell SA*		87,690		59,712
Banco do Brasil SA		14,852		95,070
Banco Santander Brasil SA		9,764		79,060
Banco Santander SA*		51,936		198,292
Bangkok Bank PCL, NVDR		9,900		34,905
Bank Central Asia TBK PT		121,200		251,803
Bank Hapoalim BM*		34,745		278,941
Bank Mandiri Persero TBK PT		115,300		46,915
Bank Negara Indonesia Persero Tbk PT		43,900		14,018
Bank of China Ltd., Class H		229,000		82,272
Bank Of China Ltd., Class A		220,500		105,106
Bank of Communications Co. Ltd., Class A		125,200		94,945
Bank of Montreal		2,032		208,500
Bank of Nova Scotia (The)		4,061		264,393
Bank Rakyat Indonesia Persero TBK PT		201,600		54,780
Bankinter SA		3,371		16,946
Barclays PLC		10,725		25,353
BAWAG Group AG*,(a)		418		22,247
Bendigo & Adelaide Bank Ltd.		6,931		54,584
BNP Paribas SA		12,765		800,347
BOC Hong Kong Holdings Ltd.		93,000		315,555

See accompanying notes to financial statements.
17

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
BANKS - 9.2% (Continued)
CaixaBank SA		11,340	$	34,884
Canadian Western Bank		1,233		34,651
Capitec Bank Holdings Ltd.		312		36,851
China CITIC Bank Corp. Ltd., Class H		179,000		84,823
China Construction Bank Corp., Class A		31,900		32,831
China Construction Bank Corp., Class H		609,000		479,148
China Everbright Bank Co. Ltd., Class A*		10,200		5,967
China Merchants Bank Co. Ltd., Class A		11,900		99,801
China Merchants Bank Co. Ltd., Class H		18,000		153,557
CIMB Group Holdings BHD		53,200		59,076
Commonwealth Bank of Australia		9,627		721,807
Credit Agricole SA		17,278		242,069
DNB ASA		8,470		184,653
FinecoBank Banca Fineco SpA*		2,301		40,113
Grupo Financiero Banorte SAB de CV, Class O		40,325		259,969
Hana Financial Group, Inc.		697		28,501
Hong Leong Bank BHD		4,200		18,939
HSBC Holdings PLC		123,018		709,173
Industrial & Commercial Bank of China Ltd., Class A*		18,600		14,882
Industrial & Commercial Bank of China Ltd., Class H		387,000		227,241
Industrial Bank Co. Ltd., Class A		36,800		117,039
ING Groep NV		6,573		86,835
Intesa Sanpaolo SpA		25,147		69,470
Israel Discount Bank Ltd., Class A*		26,236		124,960
Japan Post Bank Co. Ltd.		3,100		26,059
Kasikornbank PCL, NVDR		23,900		87,994
KB Financial Group, Inc.		616		30,522
Lloyds Banking Group PLC		547,300		353,008
Malayan Banking BHD		169,600		331,315
Mediobanca Banca di Credito Finanziario SpA*		16,379		191,325
Mitsubishi UFJ Financial Group, Inc.		22,700		122,734
Mizrahi Tefahot Bank Ltd.*		1,756		54,105
National Bank of Canada		1,477		110,653
Nedbank Group Ltd.*		2,059		24,640
Nordea Bank Abp		64,602		719,584
OTP Bank Nyrt*		4,889		263,524
Postal Savings Bank of China Co. Ltd., Class H*,(a)		40,000		26,938
Public Bank BHD		211,900		209,782
Raiffeisen Bank International AG		11,939		270,427
RHB Bank BHD		99,400		129,293
Royal Bank of Canada		14,047		1,424,665
Shinhan Financial Group Co. Ltd.		2,179		78,557
Shinsei Bank Ltd.		700		9,189
Societe Generale SA		4,253		125,385
Standard Bank Group Ltd.		19,329		172,744
Standard Chartered PLC		17,258		109,907
Sumitomo Mitsui Financial Group, Inc.		18,800		648,743

	Shares/ Principal		Fair Value
BANKS - 9.2% (Continued)
TMBThanachart Bank PCL, NVDR		488,400	$	17,067
Toronto-Dominion Bank (The)		17,331		1,215,815
United Overseas Bank Ltd.		4,100		78,755
Westpac Banking Corp.		21,888		424,121
				14,729,404
BEVERAGES - 1.7%
Ambev SA		50,866		172,937
Anheuser-Busch InBev SA		4,205		303,242
Arca Continental SAB de CV		20,605		119,384
Budweiser Brewing Co. APAC Ltd. (a)		5,700		17,983
China Resources Beer Holdings Co. Ltd.		4,000		35,926
Coca-Cola Femsa SAB de CV		6,091		32,274
Davide Campari-Milano NV		1,880		25,182
Diageo PLC		15,077		720,861
Fomento Economico Mexicano SAB de CV		9,389		79,510
Fraser & Neave Holdings BHD		1,700		10,811
Kirin Holdings Co. Ltd.		13,500		263,456
Pernod Ricard SA		1,415		314,131
Remy Cointreau SA		733		151,339
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A*		350		24,267
Suntory Beverage & Food Ltd.		4,700		177,007
Treasury Wine Estates Ltd.		12,525		109,829
				2,558,139
BIOTECHNOLOGY - 0.6%
3SBio, Inc.*,(a)		7,500		9,271
Abcam PLC*		1,520		28,998
BeiGene Ltd., ADR*		230		78,934
Celltrion, Inc.*		522		124,457
CSL Ltd.		2,609		558,604
Genmab A/S*		183		74,886
Grifols SA		770		20,856
Innovent Biologics, Inc.,*,(a)		4,500		52,470
Zai Lab Ltd., ADR*		295		52,212
				1,000,688
BUILDING PRODUCTS - 0.7%
Assa Abloy AB, Class B		17,616		531,025
Cie de Saint-Gobain		736		48,477
Daikin Industries Ltd.		1,600		298,261
Kingspan Group PLC		1,598		150,923
Sanwa Holdings Corp.		1,300		15,976
				1,044,662
CAPITAL MARKETS - 1.6%
3i Group PLC		6,584		106,690
Amundi SA, (a)		2,552		225,014
ASX Ltd.		1,587		92,587
Azimut Holding SpA		675		16,394
B3 SA - Brasil Bolsa Balcao		49,233		164,344
Banca Generali SpA*		730		31,148
Brookfield Asset Management, Inc., Class A		407		20,786

See accompanying notes to financial statements.
18

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 1.6% (Continued)
China International Capital Corp. Ltd.,, Class H (a)		20,000	$	53,825
CI Financial Corp.		4,582		84,180
Deutsche Bank AG*		7,367		95,979
Deutsche Boerse AG		1,036		180,849
DWS Group GmbH & Co. KGaA (a)		1,550		70,254
East Money Information Co. Ltd., Class A		20,448		103,768
EQT AB		719		26,113
Euronext NV (a)		639		69,489
Flow Traders (a)		1,252		53,867
Futu Holdings Ltd., ADR*		279		49,966
Guotai Junan Securities Co. Ltd., Class A		24,900		66,051
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,800		48,872
Hong Kong Exchanges & Clearing Ltd.		3,400		202,620
Huatai Securities Co. Ltd., Class A		22,000		53,796
IG Group Holdings PLC		5,468		65,151
IOOF Holdings Ltd.		32,301		103,547
Macquarie Group Ltd.		377		44,275
Magellan Financial Group Ltd.		1,851		74,846
Nomura Holdings, Inc.		43,700		223,559
Perpetual Ltd.		1,866		56,106
Reinet Investments SCA		690		13,542
TMX Group Ltd.		1,032		109,126
Up Fintech Holding Ltd., ADR*		666		19,301
				2,526,045
CHEMICALS - 3.4%
Air Liquide SA		1,831		320,626
Akzo Nobel NV		1,842		227,617
Asahi Kasei Corp.		13,300		146,253
BASF SE		7,070		557,054
Chr Hansen Holding A/S		2,296		207,244
Covestro AG (a)		1,999		129,104
Croda International PLC		259		26,362
DIC Corp.		1,900		48,018
Evonik Industries AG		7,268		243,749
Givaudan SA		171		796,033
Johnson Matthey PLC		3,893		165,265
Kaneka Corp.		900		36,287
Kansai Paint Co. Ltd.		4,000		102,027
LG Chem Ltd.		341		257,381
Mitsubishi Chemical Holdings Corp.		8,300		69,809
Nippon Paint Holdings Co. Ltd.		8,000		108,694
Nippon Shokubai Co. Ltd.		1,100		52,924
Nitto Denko Corp.		800		59,753
Nufarm Ltd./Australia*		1,348		4,635
Nutrien Ltd.		2,781		168,684
PhosAgro PJSC, GDR		740		14,978
Shin-Etsu Chemical Co. Ltd.		1,300		217,623
Sika AG		2,248		735,674
Sumitomo Chemical Co. Ltd.		84,900		450,546
Symrise AG		322		44,869

	Shares/ Principal		Fair Value
CHEMICALS - 3.4% (Continued)
Umicore SA		365	$	22,292
Wanhua Chemical Group Co. Ltd., Class A		2,700		45,472
				5,258,973
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Brambles Ltd.		29,542		253,724
Country Garden Services Holdings Co. Ltd.		11,000		118,841
HomeServe PLC		7,340		96,886
Intrum AB		1,199		39,270
Loomis AB, Class B		2,074		64,921
Rentokil Initial PLC		9,497		64,942
Ritchie Bros Auctioneers, Inc.		525		31,157
				669,741
COMMUNICATIONS EQUIPMENT - 0.3%
Nokia Oyj*		5,027		27,131
Telefonaktiebolaget LM Ericsson, Class B		30,635		385,295
				412,426
CONSTRUCTION & ENGINEERING - 0.2%
COMSYS Holdings Corp.		600		16,623
Kandenko Co. Ltd.		3,900		30,465
Kyowa Exeo Corp.		600		14,785
Maeda Corp.		5,800		50,324
Metallurgical Corp. of China Ltd., Class H		72,000		16,781
Obayashi Corp.		11,600		92,286
Shimizu Corp.		2,100		16,120
Skanska AB, Class B		1,258		33,391
Taisei Corp.		1,200		39,355
				310,130
CONSTRUCTION MATERIALS - 0.4%
BBMG Corp., Class H		73,000		13,724
Cemex SAB de CV*		113,453		95,615
CRH PLC		1,866		94,269
Holcim Ltd.*		382		22,936
Imerys SA		650		30,371
James Hardie Industries PLC		5,856		199,025
Siam Cement PCL (The), NVDR		8,700		117,267
Taiheiyo Cement Corp.		600		13,174
				586,381
CONSUMER FINANCE - 0.0%†
Muangthai Capital PCL, NVDR		8,800		15,788
CONTAINERS & PACKAGING - 0.0%†
Smurfit Kappa Group PLC		767		41,614
DISTRIBUTORS - 0.2%
Jardine Cycle & Carriage Ltd.		21,500		341,646
DIVERSIFIED CONSUMER SERVICES - 0.2%
Benesse Holdings, Inc.		3,200		79,661
IDP Education Ltd.		771		14,205

See accompanying notes to financial statements.
19

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
DIVERSIFIED CONSUMER SERVICES - 0.2% (Continued)
New Oriental Education & Technology Group, Inc., ADR*		12,774	$	104,619
New Oriental Education & Technology Group, Inc.*		1,100		9,065
TAL Education Group, ADR*		3,702		93,402
				300,952
DIVERSIFIED FINANCIAL SERVICES - 0.6%
Banca Mediolanum SpA		2,344		22,805
Challenger Ltd.		8,543		34,698
EXOR NV		590		47,270
FirstRand Ltd.		37,438		140,510
Groupe Bruxelles Lambert SA		149		16,670
Industrivarden AB, Class C		440		16,114
Investor AB, Class A		1,040		23,756
Investor AB, Class B		10,280		237,102
Kinnevik AB, Class B*		4,516		180,911
L E Lundbergforetagen AB, Class B		1,692		109,250
M&G PLC		7,398		23,394
Mitsubishi HC Capital, Inc.		27,600		147,959
				1,000,439
DIVERSIFIED TELECOMMUNICATION - 1.1%
BCE, Inc.		3,371		166,413
Cellnex Telecom SA*,(a)		699		44,531
China Tower Corp. Ltd., Class H (a)		112,000		15,432
Iliad SA		230		33,658
Koninklijke KPN NV		18,173		56,314
KT Corp.		9,083		256,484
Nippon Telegraph & Telephone Corp.		14,100		367,713
Orange SA		14,522		165,586
PCCW Ltd.		76,000		39,831
Proximus SADP		349		6,742
Singapore Telecommunications Ltd.		15,600		26,576
Spark New Zealand Ltd.		5,628		18,876
Telecom Italia RSP/Milano		124,096		65,754
Telecom Italia SpA/Milano		229,140		113,831
Telekom Malaysia BHD		38,800		56,730
Telia Co. AB		24,423		108,462
Telstra Corp. Ltd.		18,281		51,604
TPG Telecom Ltd.		5,268		24,758
				1,619,295
ELECTRIC UTILITIES - 1.0%
Acciona SA*		458		69,142
CPFL Energia SA		13,060		69,909
EDP - Energias de Portugal SA		6,269		33,232
Emera, Inc.		6,768		307,383
Enel SpA		10,098		93,790
Energisa SA		2,060		19,032
Fortis, Inc.		4,188		185,573
Hokuriku Electric Power Co.		16,800		91,727
Hydro One Ltd. (a)		160		3,871

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 1.0% (Continued)
Iberdrola SA		18,629	$	227,107
Light SA		4,159		12,673
Neoenergia SA		5,561		19,184
Orsted AS (a)		847		118,867
Shikoku Electric Power Co., Inc.		16,300		111,026
Tenaga Nasional BHD		101,000		238,177
				1,600,693
ELECTRICAL EQUIPMENT - 1.3%
Contemporary Amperex Technology Co. Ltd., Class A*		1,900		157,259
Legrand SA		2,374		251,296
Nidec Corp.		3,200		371,204
Schneider Electric SE		5,489		863,668
Signify NV, (a)		2,836		179,394
WEG SA		15,148		101,553
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,200		9,692
				1,934,066
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.0%
AAC Technologies Holdings, Inc.		3,500		26,185
Alps Alpine Co. Ltd.		7,100		75,036
BOE Technology Group Co. Ltd., Class A		88,100		85,081
Canon Marketing Japan, Inc.		700		16,291
GoerTek, Inc., Class A		2,900		19,182
Halma PLC		4,153		154,444
Hexagon AB, Class B		15,466		229,309
Horiba Ltd.		300		19,461
Inari Amertron BHD		82,400		62,919
Keyence Corp.		2,300		1,161,915
LG Innotek Co. Ltd.		177		35,050
Luxshare Precision Industry Co. Ltd., Class A*		6,569		46,766
Murata Manufacturing Co. Ltd.		3,200		244,548
Omron Corp.		2,000		158,753
Samsung Electro-Mechanics Co. Ltd.		462		72,614
Samsung SDI Co. Ltd.		428		265,279
Shimadzu Corp.		1,800		69,655
Sunny Optical Technology Group Co. Ltd.		3,600		113,760
Venture Corp. Ltd.		6,600		94,321
VS Industry BHD		56,400		18,748
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		4,160		38,719
				3,008,036
ENERGY EQUIPMENT & SERVICES - 0.1%
Dialog Group BHD		15,700		10,929
John Wood Group PLC*		10,947		33,225
Tenaris SA		3,770		41,096
Worley Ltd.		2,690		24,153
				109,403

See accompanying notes to financial statements.
20

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ENTERTAINMENT - 0.9%
Bilibili, Inc., ADR*		733	$	89,309
NCSoft Corp.		248		180,580
NetEase, Inc., ADR		3,515		405,104
NetEase, Inc.		5,800		131,372
Netmarble Corp. (a)		287		34,150
Nexon Co. Ltd.		4,500		100,387
Nintendo Co. Ltd.		700		407,550
SM Entertainment Co. Ltd.*		575		30,023
Tencent Music Entertainment Group, ADR*		1,056		16,347
				1,394,822
EQUITY REAL ESTATE INVESTMENT - 0.6%
British Land Co. PLC (The)		2,752		18,815
Canadian Apartment Properties REIT		139		6,524
Champion REIT		23,000		12,943
First Capital Real Estate Investment Trust		1,897		26,962
Goodman Group		11,902		189,163
GPT Group (The)		14,419		53,043
Klepierre SA		3,623		93,363
Link REIT		13,300		128,875
Mirvac Group		7,863		17,237
RioCan Real Estate Investment Trust		2,183		38,925
Scentre Group		129,759		266,921
Stockland		7,275		25,452
Unibail-Rodamco-Westfield*		645		55,830
Warehouses De Pauw CVA		1,016		38,797
				972,850
FOOD & STAPLES RETAILING - 1.1%
Alimentation Couche-Tard, Inc., Class B		9,121		335,510
Casino Guichard Perrachon SA*		6,992		221,806
Clicks Group Ltd.		1,174		20,201
J Sainsbury PLC		9,947		37,349
Jeronimo Martins SGPS SA		1,556		28,380
Kesko Oyj, Class B		1,439		53,158
Koninklijke Ahold Delhaize NV		14,790		439,714
Magnit PJSC, GDR		2,720		39,453
Tesco PLC		89,426		275,427
Welcia Holdings Co. Ltd.		6,100		199,504
Wm Morrison Supermarkets PLC		24,404		83,170
				1,733,672
FOOD PRODUCTS - 1.8%
a2 Milk Co. Ltd. (The)*		3,230		14,535
AVI Ltd.		2,983		14,843
Calbee, Inc.		9,900		228,523
Dali Foods Group Co. Ltd. (a)		66,000		39,349
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,300		25,944
Grupo Bimbo SAB de CV, Series A		23,733		52,328
Itoham Yonekyu Holdings, Inc.		2,300		14,817
JDE Peet's NV*		2,837		102,951
Kerry Group PLC, Class A		559		78,092

	Shares/ Principal		Fair Value
FOOD PRODUCTS - 1.8% (Continued)
Kuala Lumpur Kepong BHD		6,300	$	30,897
Morinaga & Co. Ltd./Japan		2,700		86,359
Nestle SA		14,649		1,825,994
Nichirei Corp.		900		23,670
Nisshin Seifun Group, Inc.		4,800		70,277
QL Resources BHD		10,350		14,086
Strauss Group Ltd.		750		21,003
Tingyi Cayman Islands Holding Corp.		12,000		23,951
Toyo Suisan Kaisha Ltd.		800		30,813
Uni-President China Holdings Ltd.		21,000		23,174
Wilmar International Ltd.		1,700		5,691
Yamazaki Baking Co. Ltd.		6,500		91,711
				2,819,008
GAS UTILITIES - 0.3%
Beijing Enterprises Holdings Ltd.		10,000		35,476
ENN Energy Holdings Ltd.		6,200		117,999
Italgas SpA		12,688		82,937
Korea Gas Corp.*		431		14,122
Rubis SCA		3,343		148,628
Tokyo Gas Co. Ltd.		1,700		32,119
Towngas China Co. Ltd.*		14,000		10,348
				441,629
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Alcon, Inc.		449		31,467
Asahi Intecc Co. Ltd.		1,500		35,895
Cochlear Ltd.		503		95,038
Coloplast A/S, Class B		1,780		292,099
DiaSorin SpA		130		24,651
Elekta AB, Class B		5,546		80,413
Fisher & Paykel Healthcare Corp. Ltd.		6,906		150,172
GN Store Nord A/S		1,623		141,787
Hartalega Holdings BHD		31,600		55,946
Hoya Corp.		1,600		212,343
Koninklijke Philips NV		7,332		363,365
Kossan Rubber Industries		31,500		24,432
Nihon Kohden Corp.		600		17,137
Olympus Corp.		4,100		81,564
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,500		185,736
Smith & Nephew PLC		6,867		148,225
Sonova Holding AG		175		65,884
Straumann Holding AG		106		169,146
Supermax Corp. BHD		16,560		13,163
Sysmex Corp.		700		83,251
Terumo Corp.		600		24,337
				2,296,051
HEALTH CARE PROVIDERS & SERVICES - 0.5%
Amplifon SpA		3,177		156,883
Celltrion Healthcare Co. Ltd.*		173		17,774

See accompanying notes to financial statements.
21

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 0.5% (Continued)
Fleury SA		4,972	$	25,633
Fresenius Medical Care AG & Co. KGaA		5,021		417,046
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		400		9,891
IHH Healthcare BHD		81,600		107,516
				734,743
HEALTH CARE TECHNOLOGY - 0.1%
M3, Inc.		2,800		204,671
HOTELS, RESTAURANTS & LEISURE - 0.7%
Aristocrat Leisure Ltd.		6,564		212,344
Compass Group PLC*		7,731		162,550
Entain PLC*		1,432		34,530
Evolution Gaming Group AB (a)		1,160		183,437
Flutter Entertainment PLC*		1,211		219,296
Greggs PLC*		1,481		53,092
Jiumaojiu International Holdings Ltd., (a)		10,000		40,884
Resorttrust, Inc.		1,300		21,247
Sodexo SA*		1,057		98,650
Tabcorp Holdings Ltd.		9,148		35,576
Whitbread PLC*		1,971		85,007
				1,146,613
HOUSEHOLD DURABLES - 0.5%
Barratt Developments PLC		1,752		16,826
Bellway PLC		1,378		61,678
Casio Computer Co. Ltd.		3,300		55,213
Nikon Corp.		11,200		119,578
Redrow PLC		4,378		37,002
Rinnai Corp.		500		47,617
Sekisui House Ltd.		1,400		28,740
Sony Corp.		3,200		311,812
Taylor Wimpey PLC		34,960		76,766
Vistry Group PLC		1,418		23,046
				778,278
HOUSEHOLD PRODUCTS - 0.2%
Henkel AG & Co. KGaA		744		68,511
Pigeon Corp.		2,700		76,142
Unicharm Corp.		4,900		197,342
				341,995
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
B Grimm Power PCL		10,800		14,153
China Yangtze Power Co. Ltd., Class A		7,300		23,318
Datang International Power Generation Co. Ltd., Class H		124,000		20,757
Electric Power Development Co. Ltd.		3,300		47,126
Gulf Energy Development PCL		13,500		14,427
Huadian Power International Corp. Ltd., Class H		62,000		20,199
				139,980

	Shares/ Principal		Fair Value
INDUSTRIAL CONGLOMERATES - 1.0%
Alfa SAB de CV, Class A		18,300	$	13,713
CK Hutchison Holdings Ltd.		5,500		42,848
Jardine Matheson Holdings Ltd.		300		19,176
NWS Holdings Ltd.		9,000		9,573
Rheinmetall AG		1,109		109,553
Samsung C&T Corp.		646		78,301
Siemens AG		5,721		906,550
SM Investments Corp.		920		18,837
Smiths Group PLC		7,461		163,881
Toshiba Corp.		2,400		103,901
				1,466,333
INSURANCE - 4.4%
Aegon NV		24,109		100,039
Ageas SA/NV		1,241		68,876
AIA Group Ltd.		98,800		1,227,708
Allianz SE		1,572		392,049
Assicurazioni Generali SpA		11,901		238,587
Aviva PLC		7,238		40,586
AXA SA		17,195		436,073
Brookfield Asset Management Reinsurance Partners Ltd., Class A*		2		106
China Life Insurance Co. Ltd., Class H		64,000		126,915
CNP Assurances		10,673		181,630
Dai-ichi Life Holdings, Inc.		3,400		62,308
Direct Line Insurance Group PLC		4,188		16,489
Fairfax Financial Holdings Ltd.		223		97,894
Great-West Lifeco, Inc., Class Common Subscription Receipt		4,564		135,707
Hannover Rueck SE		935		156,454
iA Financial Corp., Inc.		276		15,043
Intact Financial Corp., Class Common Subscription Receipt		859		116,825
Japan Post Holdings Co. Ltd.*		16,400		134,507
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		3,371		7,064
Manulife Financial Corp., Class Common Subscription Receipt		16,707		329,202
Medibank Pvt Ltd.		141,510		335,714
MS&AD Insurance Group Holdings, Inc.		7,000		202,324
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		249		68,197
NN Group NV		2,953		139,308
Old Mutual Ltd.		29,187		27,595
PICC Property & Casualty Co. Ltd., Class H		8,000		7,005
Ping An Insurance Group Co. of China Ltd., Class A		2,900		28,850
Ping An Insurance Group Co. of China Ltd., Class H		41,000		401,508
Porto Seguro SA		1,804		19,223
Prudential PLC		13,608		258,201
QBE Insurance Group Ltd.		2,435		19,725
Sampo Oyj, Class A		2,685		123,417
Samsung Fire & Marine Insurance Co. Ltd.		77		15,077

See accompanying notes to financial statements.
22

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
INSURANCE - 4.4% (Continued)
Samsung Life Insurance Co. Ltd.		645	$	45,705
Sanlam Ltd.		25,363		109,010
SCOR SE*		4,755		151,237
Sun Life Financial, Inc.		3,501		180,719
Swiss Re AG		1,085		97,989
T&D Holdings, Inc.		3,100		40,108
Talanx AG		228		9,323
Tokio Marine Holdings, Inc.		7,900		363,575
Unipol Gruppo SpA		39,710		216,247
				6,744,119
INTERACTIVE MEDIA & SERVICES - 3.2%
Auto Trader Group PLC,*,(a)		2,300		20,125
Baidu, Inc., ADR*		2,121		432,472
Baidu, Inc., Class A*		1,500		38,515
carsales.com Ltd.		990		14,686
Dip Corp.		600		18,569
Kakao Corp.		2,565		371,260
Kuaishou Technology*,(a)		700		17,559
NAVER Corp.		1,379		511,240
REA Group Ltd.		2,703		343,009
Rightmove PLC		22,359		200,586
Scout24 AG*,(a)		1,831		154,429
SEEK Ltd.		3,201		79,640
Tencent Holdings Ltd.		34,400		2,586,916
Z Holdings Corp.		21,300		106,855
				4,895,861
INTERNET & DIRECT MARKETING RETAIL - 4.0%
Alibaba Group Holding Ltd.*		79,400		2,249,335
Delivery Hero SE*,(a)		671		88,645
HelloFresh SE*		2,713		263,758
JD.com, Inc., ADR*		6,803		542,947
JD.com, Inc., Class A*		2,250		88,484
Meituan, Class B*,(a)		22,600		932,421
Naspers Ltd., Class N		3,138		658,904
Ocado Group PLC*		2,524		69,840
Pinduoduo, Inc., ADR*		2,748		349,051
Prosus NV*		2,025		198,047
Trip.com Group Ltd., ADR*		1,621		57,481
Vipshop Holdings Ltd., ADR*		1,062		21,325
Zalando SE*,(a)		5,028		607,898
				6,128,136
IT SERVICES - 1.8%
Adyen NV,*,(a)		144		351,871
Afterpay Ltd.*		321		28,478
Amadeus IT Group SA*		1,965		138,233
Appen Ltd.		2,454		25,056
Atos SE		2,747		167,118
Capgemini SE		124		23,822
CGI, Inc.*		6,132		556,550

	Shares/ Principal		Fair Value
IT SERVICES - 1.8% (Continued)
Cielo SA		53,228	$	38,400
GDS Holdings Ltd., Class A*		3,100		30,697
GMO internet, Inc.		1,000		27,300
NEC Corp.		1,000		51,536
Nomura Research Institute Ltd.		1,400		46,356
NS Solutions Corp.		600		19,353
Obic Co. Ltd.		500		93,297
Otsuka Corp.		300		15,758
Samsung SDS Co. Ltd.		746		122,550
Shopify, Inc., Class A*		658		963,311
				2,699,686
LEISURE PRODUCTS - 0.2%
Bandai Namco Holdings, Inc.		1,800		125,006
BRP, Inc.		255		19,975
Shimano, Inc.		700		166,186
				311,167
LIFE SCIENCES TOOLS & SERVICES - 0.7%
Pharmaron Beijing Co. Ltd., Class H (a)		3,800		101,290
Samsung Biologics Co. Ltd.,*,(a)		113		84,388
Sartorius Stedim Biotech		55		26,018
Tecan Group AG		66		32,730
WuXi AppTec Co. Ltd., Class A		3,720		90,152
WuXi AppTec Co. Ltd., Class H (a)		11,400		266,142
Wuxi Biologics Cayman, Inc.,*,(a)		27,000		494,743
				1,095,463
MACHINERY - 2.7%
Amada Co. Ltd.		11,500		116,357
ANDRITZ AG		1,041		58,492
Atlas Copco AB, Class A		9,143		560,202
Atlas Copco AB, Class B		4,420		232,573
CNH Industrial NV		4,518		74,609
Daifuku Co. Ltd.		700		63,636
DMG Mori Co. Ltd.		1,000		17,966
Epiroc AB, Class A		5,168		117,837
FANUC Corp.		1,800		434,553
Hoshizaki Corp.		200		17,011
Indutrade AB		712		18,233
Interpump Group SpA		446		26,414
Kone Oyj, Class B		9,017		735,696
Kubota Corp.		5,300		107,299
MISUMI Group, Inc.		600		20,326
Mitsubishi Heavy Industries Ltd.		4,400		129,594
Sandvik AB		3,498		89,412
Sany Heavy Industry Co. Ltd., Class A		14,400		64,785
Schindler Holding AG		54		15,797
Shenzhen Inovance Technology Co. Ltd., Class A		10,200		117,226
SKF AB, Class B		3,838		97,788
SMC Corp.		700		414,046

See accompanying notes to financial statements.
23

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MACHINERY - 2.7% (Continued)
Spirax-Sarco Engineering PLC		382	$	71,848
Sumitomo Heavy Industries Ltd.		1,100		30,327
Techtronic Industries Co. Ltd.		16,000		279,377
Trelleborg AB, Class B		2,663		61,872
UWC BHD		35,200		43,242
Volvo AB, Class A		281		6,972
Yangzijiang Shipbuilding Holdings Ltd.		35,500		37,238
Yaskawa Electric Corp.		1,600		78,277
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		41,299		59,058
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		15,200		15,913
				4,213,976
MARINE - 0.9%
AP Moller - Maersk A/S, Class A		57		158,350
AP Moller - Maersk A/S, Class B		169		485,799
COSCO SHIPPING Holdings Co. Ltd., Class H*		18,500		46,596
Kuehne + Nagel International AG		1,210		414,438
itsui Osk Lines Ltd.		1,900		91,414
Nippon Yusen KK		2,600		131,886
SITC International Holdings Co. Ltd.		4,000		16,714
				1,345,197
MEDIA - 0.4%
Eutelsat Communications SA		256		2,992
Fuji Media Holdings, Inc.		4,900		54,479
ITV PLC*		45,281		78,536
Megacable Holdings SAB de CV		3,800		13,514
MultiChoice Group		1,493		12,269
Nine Entertainment Co. Holdings Ltd.		12,710		27,767
Nippon Television Holdings, Inc.		3,900		45,223
RTL Group SA		3,000		178,774
SES SA, Class A		8,676		66,281
TBS Holdings, Inc.		1,500		23,056
Telenet Group Holding NV		1,091		41,066
WPP PLC		4,910		66,079
				610,036
METALS & MINING - 3.4%
Acerinox SA		1,296		15,654
Alumina Ltd.		26,387		32,588
Aluminum Corp. of China Ltd., Class H*		28,000		16,694
Angang Steel Co. Ltd., Class H		22,000		13,938
Anglo American Platinum Ltd.		982		113,436
Anglo American PLC		7,620		302,378
Anglo American PLC		6,705		267,388
AngloGold Ashanti Ltd.		5,485		101,985
Aurubis AG		566		52,462
BHP Group Ltd.		16,117		587,689
BHP Group PLC		9,992		294,013

	Shares/ Principal		Fair Value
METALS & MINING - 3.4% (Continued)
BlueScope Steel Ltd.		9,507	$	156,737
Cia Siderurgica Nacional SA		730		6,366
First Quantum Minerals Ltd.		6,130		141,431
Fortescue Metals Group Ltd.		6,468		113,336
Franco-Nevada Corp.		77		11,186
Ganfeng Lithium Co. Ltd., Class H (a)		2,800		41,824
Glencore PLC*		53,726		229,673
Gold Fields Ltd.		8,302		74,655
Grupo Mexico SAB de CV, Series B		25,451		120,106
Iluka Resources Ltd.		17,549		120,550
Impala Platinum Holdings Ltd.		6,903		113,847
Kobe Steel Ltd.		2,200		14,133
Korea Zinc Co. Ltd.		96		36,784
Mineral Resources Ltd.		855		34,489
Mitsubishi Materials Corp.		2,000		39,913
Mitsui Mining & Smelting Co. Ltd.		900		24,975
MMG Ltd.*		40,000		17,616
Newcrest Mining Ltd.		1,341		25,451
Norsk Hydro ASA		2,972		18,975
Northam Platinum Ltd.*		2,972		45,152
Northern Star Resources Ltd.		3,846		28,239
POSCO		655		202,406
Press Metal Aluminium Holdings BHD		102,200		117,672
Rio Tinto Ltd.		1,078		102,491
Rio Tinto PLC		3,735		306,951
Sibanye Stillwater Ltd.		10,987		45,906
Sims Ltd.		5,303		66,088
South32 Ltd.		23,829		52,417
SSAB AB, Class A*		4,339		21,248
Teck Resources Ltd., Class B		3,877		89,387
Vale SA		19,793		445,888
Wheaton Precious Metals Corp.		11,075		488,684
Zhaojin Mining Industry Co. Ltd., Class H		15,000		14,255
Zijin Mining Group Co. Ltd., Class H		32,000		43,019
				5,210,075
MULTILINE RETAIL - 0.1%
Harvey Norman Holdings Ltd.		4,294		17,666
Lifestyle International Holdings Ltd.*		22,500		17,268
Next PLC*		857		93,007
Woolworths Holdings Ltd./South Africa*		8,448		31,896
				159,837
MULTI-UTILITIES - 0.6%
AGL Energy Ltd.		12,048		74,169
Atco Ltd./Canada, Class I		8,654		307,219
Canadian Utilities Ltd., Class A		2,189		60,811
Engie SA		27,982		383,406
Hera SpA		3,875		16,010
National Grid PLC		2,447		31,127
				872,742

See accompanying notes to financial statements.
24

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 4.1%
Ampol Ltd.		4,656	$	98,608
ARC Resources Ltd.		3,765		32,077
BP PLC		164,046		713,857
Canadian Natural Resources Ltd.		6,748		245,223
Cenovus Energy, Inc.		6,078		58,213
China Petroleum & Chemical Corp., Class A		66,500		44,872
China Petroleum & Chemical Corp., Class H		32,000		16,194
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		26,000		12,120
Crescent Point Energy Corp.		14,257		64,590
Ecopetrol SA		174,971		127,550
Enbridge, Inc.		12,714		509,566
Eni SpA		1,761		21,448
Equinor ASA		19,145		405,317
Gibson Energy, Inc.		4,261		81,724
GS Holdings Corp.		764		31,377
Idemitsu Kosan Co. Ltd.		700		16,921
Imperial Oil Ltd.		1,974		60,226
Inpex Corp.		20,900		156,105
Neste Oyj		3,482		213,237
Novatek PJSC, GDR		514		112,720
Parex Resources, Inc.*		1,344		22,467
Parkland Corp./Canada		3,637		117,660
Pembina Pipeline Corp.		6,304		200,529
PetroChina Co. Ltd., Class A		155,100		126,981
PetroChina Co. Ltd., Class H		362,000		176,202
Petroleo Brasileiro SA		22,563		136,605
Petronas Dagangan BHD		14,500		64,964
PTT Exploration & Production PCL, NVDR		9,000		32,855
PTT PCL, NVDR		122,200		149,652
Repsol SA		16,350		204,636
Royal Dutch Shell PLC, Class A		25,276		505,187
Royal Dutch Shell PLC, Class B		18,766		362,681
SK Innovation Co. Ltd.*		610		160,063
S-Oil Corp.		753		68,537
Star Petroleum Refining PCL, NVDR*		47,400		14,346
Suncor Energy, Inc.		3,393		81,352
TC Energy Corp.		2,479		122,799
TOTAL SE		11,123		503,294
Tourmaline Oil Corp., Class Common Subscription Receipt		1,040		29,756
Ultrapar Participacoes SA		30,797		112,991
Woodside Petroleum Ltd.		884		14,740
YPF SA, ADR*		1,844		8,630
				6,238,872
PAPER & FOREST PRODUCTS - 0.1%
UPM-Kymmene Oyj		3,213		121,548
PERSONAL PRODUCTS - 1.2%
Kobayashi Pharmaceutical Co. Ltd.		400		34,201
Kose Corp.		1,100		173,241

	Shares/ Principal		Fair Value
PERSONAL PRODUCTS - 1.2% (Continued)
LG Household & Health Care Ltd.		100	$	156,462
L'Oreal SA		1,201		535,239
Shiseido Co. Ltd.		3,100		228,220
Unilever PLC		6,697		392,055
Unilever PLC		6,647		388,466
				1,907,884
PHARMACEUTICALS - 4.4%
Astellas Pharma, Inc.		14,400		250,985
AstraZeneca PLC		7,944		952,893
Bausch Health Cos., Inc.*		1,636		48,064
Bayer AG		1,604		97,411
CanSino Biologics, Inc., Class H*,(a)		400		21,252
Chugai Pharmaceutical Co. Ltd.		1,000		39,661
CSPC Pharmaceutical Group Ltd.		153,040		221,504
Daiichi Sankyo Co. Ltd.		3,800		81,981
Eisai Co. Ltd.		300		29,530
GlaxoSmithKline PLC		14,623		286,732
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		37,935
Hansoh Pharmaceutical Group Co. Ltd., (a)		4,000		17,513
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,091		21,996
Nippon Shinyaku Co. Ltd.		300		23,813
Novartis AG		10,533		960,829
Novo Nordisk A/S, Class B		16,485		1,381,253
Ono Pharmaceutical Co. Ltd.		600		13,401
Roche Holding AG		3,435		1,307,490
Sanofi		727		76,180
Sawai Group Holdings Co. Ltd.		400		17,839
Sino Biopharmaceutical Ltd.		63,000		61,817
Takeda Pharmaceutical Co. Ltd.		19,700		660,098
Teva Pharmaceutical Industries Ltd., ADR*		6,768		67,003
Teva Pharmaceutical Industries Ltd.*		9,836		97,953
				6,775,133
PROFESSIONAL SERVICES - 1.7%
Adecco Group AG		4,440		301,940
Experian PLC		8,719		335,570
Intertek Group PLC		241		18,538
Nihon M&A Center, Inc.		3,200		83,063
Randstad NV		5,410		413,814
Recruit Holdings Co. Ltd.		13,000		640,688
RELX PLC		9,448		250,467
Teleperformance		483		196,066
Thomson Reuters Corp.		4,299		427,470
				2,667,616
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.6%
Aroundtown SA		24,323		189,798
China Overseas Land & Investment Ltd.		25,000		56,787
China Resources Land Ltd.		4,000		16,199
China Vanke Co. Ltd., Class A		21,400		78,858
CK Asset Holdings Ltd.		17,000		117,334

See accompanying notes to financial statements.
25

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.6% (Continued)
Colliers International Group, Inc.		716	$	80,267
Daito Trust Construction Co. Ltd.		400		43,788
Daiwa House Industry Co. Ltd.		3,700		111,177
FirstService Corp.		986		169,291
Henderson Land Development Co. Ltd.		12,000		56,864
Hysan Development Co. Ltd.		9,000		35,869
Kaisa Group Holdings Ltd.*		29,000		10,979
KE Holdings, Inc., ADR*		2,691		128,307
Kerry Properties Ltd.		56,000		184,603
KWG Group Holdings Ltd.		15,500		20,758
Lendlease Group		6,416		55,201
Logan Group Co. Ltd.		26,000		38,904
Longfor Group Holdings Ltd. (a)		2,500		14,004
New World Development Co. Ltd.		20,000		103,916
Poly Property Services Co. Ltd., Class H		3,000		20,358
Relo Group, Inc.		1,500		34,327
Samhallsbyggnadsbolaget i Norden AB		13,507		56,636
Seazen Group Ltd.*		20,000		18,955
Shenzhen Investment Ltd.		38,000		11,695
Sino Land Co. Ltd.		14,000		22,066
SM Prime Holdings, Inc.		21,800		16,300
Sun Hung Kai Properties Ltd.		14,500		216,029
Sunac China Holdings Ltd.*		35,000		120,109
Swire Pacific Ltd., Class A		3,500		23,729
Swire Properties Ltd.		102,200		304,658
Times China Holdings Ltd.		13,000		14,865
Tokyu Fudosan Holdings Corp.		4,100		24,676
Wharf Holdings Ltd. (The)		12,000		45,739
Wharf Real Estate Investment Co. Ltd.		12,000		69,767
				2,512,813
ROAD & RAIL - 0.6%
Aurizon Holdings Ltd.		40,269		112,463
Canadian National Railway Co.		1,844		194,764
CJ Logistics Corp*		69		10,845
East Japan Railway Co.		1,000		71,421
Hitachi Transport System Ltd.		800		33,192
Localiza Rent a Car SA		8,415		107,329
MTR Corp. Ltd.		37,500		208,847
National Express Group PLC*		4,833		17,800
Sankyu, Inc.		600		26,029
TFI International, Inc.		1,486		135,808
				918,498
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
Advantest Corp.		1,100		99,207
ASM Pacific Technology Ltd.		2,600		35,221
ASML Holding NV		1,969		1,352,921
Disco Corp.		1,000		305,883
Lasertec Corp.		100		19,452

	Shares/ Principal		Fair Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8% (Continued)
LONGi Green Energy Technology Co. Ltd., Class A		3,108	$	42,733
SCREEN Holdings Co. Ltd.		100		9,893
SK Hynix, Inc.		3,191		361,277
Tokyo Electron Ltd.		1,100		476,511
Tower Semiconductor Ltd.*		1,206		35,612
Will Semiconductor Ltd., Class A		900		44,851
Xinyi Solar Holdings Ltd.		12,000		25,898
				2,809,459
SOFTWARE - 2.1%
Altium Ltd.		915		25,204
Constellation Software, Inc.		275		416,933
Dassault Systemes SE*		1,777		430,952
Descartes Systems Group, Inc. (The)*		797		55,178
Kinaxis, Inc.*		186		24,494
Kingdee International Software Group Co. Ltd.*		25,000		84,826
Micro Focus International PLC		23,123		174,730
Nemetschek SE		1,651		126,325
Netcompany Group A/S (a)		316		35,906
Nice Ltd.*		1,443		352,591
Open Text Corp.		971		49,362
Oracle Corp. Japan		600		45,950
Rakus Co. Ltd.		2,200		60,158
Sage Group PLC (The)		1,690		15,974
Sangfor Technologies, Inc., Class A		900		36,142
SAP SE		7,019		989,204
SimCorp. A/S		498		62,518
TOTVS SA		4,800		35,891
Trend Micro, Inc./Japan		1,100		57,681
WiseTech Global Ltd.		2,136		51,203
Xero Ltd.*		709		72,976
				3,204,198
SPECIALTY RETAIL - 0.7%
China Tourism Group Duty Free Corp. Ltd., Class A		400		18,578
Chow Tai Fook Jewellery Group Ltd.		12,600		28,783
Dunelm Group PLC		9,266		181,639
Fast Retailing Co. Ltd.		500		376,746
Fielmann AG*		1,008		78,836
Hennes & Mauritz AB, Class B*		854		20,271
Hikari Tsushin, Inc.		200		35,156
JB Hi-Fi Ltd.		705		26,771
JD Sports Fashion PLC		11,636		147,725
Kingfisher PLC		26,747		134,681
Pets at Home Group Plc		2,799		17,632
Shimamura Co. Ltd.		200		19,209
Yamada Holdings Co. Ltd.		7,300		33,741
				1,119,768

See accompanying notes to financial statements.
26

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.9%
Canon, Inc.		13,600	$	307,927
Konica Minolta, Inc.		13,400		74,129
Lenovo Group Ltd.		120,000		137,989
Ricoh Co. Ltd.		8,900		99,994
Samsung Electronics Co. Ltd.		26,995		1,934,464
Seiko Epson Corp.		900		15,844
Xiaomi Corp., Class B*,(a)		80,000		278,141
				2,848,488
TEXTILES, APPAREL & LUXURY GOODS - 3.2%
adidas AG		1,090		405,757
ANTA Sports Products Ltd.		8,000		188,312
Asics Corp.		2,100		53,205
Burberry Group PLC*		3,519		100,435
Cie Financiere Richemont SA, Class A		8,232		996,995
Hermes International		477		694,931
Kering SA		863		754,269
Li Ning Co. Ltd.		10,500		128,176
LVMH Moet Hennessy Louis Vuitton SE		2,001		1,569,256
PRADA SpA		2,200		16,700
				4,908,036
TOBACCO - 1.3%
British American Tobacco PLC		24,590		951,156
Gudang Garam TBK PT*		6,500		19,814
Imperial Brands PLC		8,606		185,108
Japan Tobacco, Inc.		34,000		642,842
Swedish Match AB		29,763		253,983
				2,052,903
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Ashtead Group PLC		417		30,900
Barloworld Ltd.		16,976		126,666
Ferguson PLC		244		33,876
Finning International, Inc.		809		21,200
Howden Joinery Group PLC		11,936		134,649
Marubeni Corp.		2,800		24,372
Rexel SA*		3,935		82,317
Sojitz Corp.		21,900		66,101
Sumitomo Corp.		6,100		81,780
				601,861
TRANSPORTATION INFRASTRUCTURE - 0.2%
Atlas Arteria Ltd.		3,459		16,542
EcoRodovias Infraestrutura e Logistica SA*		7,310		17,132
Grupo Aeroportuario del Centro Norte SAB de CV, Class B*		1,800		11,805
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		2,161		23,164
Kamigumi Co. Ltd.		1,100		22,329
Transurban Group		20,373		217,648
				308,620

			Shares/ Principal		Fair Value
WATER UTILITIES - 0.0%†
Cia de Saneamento de Minas Gerais-COPASA				6,708	$	20,641
WIRELESS TELECOMMUNICATION SERVICES - 1.3%
	1	&1 AG		503		15,390
America Movil SAB de CV, Series L				336,678		253,643
Freenet AG				4,551		107,509
KDDI Corp.				11,600		362,141
Mobile TeleSystems PJSC, ADR				3,291		30,475
MTN Group*				2,574		18,609
Rogers Communications, Inc., Class B				3,773		200,792
SK Telecom Co. Ltd.				913		259,433
SoftBank Corp.				15,600		204,294
SoftBank Group Corp.				6,900		483,354
Tele2 AB, Class B				1,676		22,713
Vodacom Group Ltd.				2,599		23,438
Vodafone Group PLC				30,951		51,882
						2,033,673
TOTAL COMMON STOCKS (Cost - $113,613,730)						135,770,770
EXCHANGE TRADED FUNDS - 7.3%
EQUITY FUNDS - 7.3%
iShares MSCI India ETF				105,343		4,661,428
iShares MSCI Taiwan ETF				101,771		6,508,255
iShares MSCI Turkey ETF				8,098		170,625
TOTAL EXCHANGE TRADED FUNDS (Cost - $7,433,570)						11,340,308
PREFERRED STOCKS - 1.1%
AIRLINES - 0.1%
Azul SA*				8,449		73,615
Gol Linhas Aereas Inteligentes SA*				6,438		29,587
						103,202
AUTO COMPONENTS - 0.1%
Schaeffler AG				13,340		123,079
AUTOMOBILES - 0.1%
Bayerische Motoren Werke AG				161		14,472
Volkswagen AG				729		182,587
						197,059
BANKS - 0.4%
Banco Bradesco SA				66,044		338,785
Bancolombia SA				1,950		14,006
Itau Unibanco Holding SA				40,546		240,956
						593,747
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Sartorius AG				229		119,220
HOUSEHOLD PRODUCTS - 0.0%†
Henkel AG & Co. KGaA				310		32,734

See accompanying notes to financial statements.
27

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 0.1%
Petroleo Brasileiro SA		29,480	$	172,902
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%
Samsung Electronics Co. Ltd.		4,829		316,030
TOTAL PREFERRED STOCKS (Cost - $1,429,349)				1,657,973
RIGHTS - 0.0%†
Ultrapar Participacoes, expires 7/25/21 (Cost - $0)		37,988		0
SHORT-TERM INVESTMENTS - 2.3%
MONEY MARKET FUNDS - 2.3%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b) (Cost - $3,510,393)		3,510,393		3,510,393

	Fair Value
TOTAL INVESTMENTS - 98.9% (Cost - $125,987,042)	$	152,279,444
OTHER ASSETS LESS LIABILITIES - NET 1.1%		1,691,559
TOTAL NET ASSETS - 100.0%	$	153,971,003

* Non-income producing security.

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2021, these securities amounted to $5,136,085 or 3.3% 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)

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Holdings by Asset Class	% of Net Assets
Common Stocks		88.2	%
Exchange Traded Funds		7.3	%
Short-Term Investments		2.3	%
Preferred Stocks		1.1	%
Rights		0.0	%^
Other Assets less Liabilities - Net		1.1	%
		100.0	%

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

^ Represents less than 0.05%

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
MSCI EAFE Future	Goldman Sachs & Co.		26	9/17/2021	$	2,995,330	$	(76,330	)
MSCI Emerging Market Index Future	Goldman Sachs & Co.		19	9/17/2021		1,296,560		2,626
S&P/TSX 60 Index Future	Goldman Sachs & Co.		1	9/16/2021		194,250		1,307
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(72,397	)

See accompanying notes to financial statements.
28

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.7%
AEROSPACE & DEFENSE - 0.6%
Axon Enterprise, Inc.*		5,160	$	912,288
HEICO Corp.		1,597		222,654
HEICO Corp., Class A		1,514		188,009
Mercury Systems, Inc.*		508		33,670
Virgin Galactic Holdings, Inc.*		2,333		107,318
				1,463,939
AIR FREIGHT & LOGISTICS - 1.2%
C.H. Robinson Worldwide, Inc.		6,471		606,139
Expeditors International of Washington, Inc.		17,770		2,249,682
				2,855,821
AIRLINES - 0.1%
Delta Air Lines, Inc.*		5,097		220,496
AUTO COMPONENTS - 0.8%
BorgWarner, Inc.		36,140		1,754,236
QuantumScape Corp., Class A*		3,494		102,234
				1,856,470
BANKS - 0.3%
Bank of Hawaii Corp.		685		57,691
Signature Bank		659		161,883
Western Alliance Bancorp		4,571		424,417
				643,991
BEVERAGES - 0.2%
Boston Beer Co., Inc. (The), Class A*		563		574,710
BIOTECHNOLOGY - 2.3%
Allogene Therapeutics, Inc.*		1,034		26,967
Alnylam Pharmaceuticals, Inc.*		3,182		539,413
BioMarin Pharmaceutical, Inc.*		15,501		1,293,403
Exact Sciences Corp.*		3,015		374,795
Gilead Sciences, Inc.		10,824		745,341
Ionis Pharmaceuticals, Inc.*		721		28,761
Natera, Inc.*		2,057		233,531
Novavax, Inc.*		3,727		791,279
Sarepta Therapeutics, Inc.*		4,516		351,074
Seagen, Inc.*		2,912		459,746
Ultragenyx Pharmaceutical, Inc.*		1,342		127,960
Verve Therapeutics, Inc.*		6,178		372,224
				5,344,494
BUILDING PRODUCTS - 2.9%
Allegion PLC		14,617		2,036,148
Builders FirstSource, Inc.*		2,927		124,866
Carrier Global Corp.		37,368		1,816,085
Trane Technologies PLC		11,170		2,056,844
Trex Co., Inc.*		6,194		633,088
				6,667,031

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.3%
Ameriprise Financial, Inc.		2,958	$	736,187
Apollo Global Management, Inc., Class A		5,853		364,056
FactSet Research Systems, Inc.		2,887		968,906
Interactive Brokers Group, Inc., Class A		981		64,481
Invesco Ltd.		5,030		134,452
MarketAxess Holdings, Inc.		1,095		507,631
Morgan Stanley		9,688		888,293
Morningstar, Inc.		3,589		922,768
MSCI, Inc., Class A		98		52,242
Stifel Financial Corp.		1,578		102,349
T Rowe Price Group, Inc.		3,529		698,636
				5,440,001
CHEMICALS - 0.7%
Amyris, Inc.*		8,460		138,490
PPG Industries, Inc.		7,924		1,345,257
W R Grace & Co.		1,239		85,640
				1,569,387
COMMERCIAL SERVICES & SUPPLIES - 1.2%
Cintas Corp.		173		66,086
Copart, Inc.*		6,580		867,442
Driven Brands Holdings, Inc.*		3,488		107,849
IAA, Inc.*		30,956		1,688,340
				2,729,717
CONSUMER FINANCE - 0.1%
Ally Financial, Inc.		5,168		257,573
Upstart Holdings, Inc.*		645		80,561
				338,134
CONTAINERS & PACKAGING - 0.6%
Crown Holdings, Inc.		8,447		863,368
Graphic Packaging Holding Co.		6,497		117,855
Sealed Air Corp.		7,496		444,138
				1,425,361
DISTRIBUTORS - 0.8%
Genuine Parts Co.		2,050		259,263
Pool Corp.		3,262		1,496,149
				1,755,412
DIVERSIFIED CONSUMER SERVICES - 0.6%
2U, Inc.*		1,229		51,212
Bright Horizons Family Solutions, Inc.*		3,556		523,123
Chegg, Inc.*		9,341		776,331
Terminix Global Holdings, Inc.*		1,318		62,882
				1,413,548
DIVERSIFIED FINANCIAL SERVICES - 0.4%
Voya Financial, Inc.		14,480		890,520
ELECTRIC UTILITIES - 0.0%†
OGE Energy Corp.		2,755		92,706

See accompanying notes to financial statements.
29

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 1.4%
Generac Holdings, Inc.*		3,634	$	1,508,655
Plug Power, Inc.*		29,327		1,002,690
Rockwell Automation, Inc.		2,601		743,938
				3,255,283
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.1%
Cognex Corp.		16,187		1,360,517
Flex Ltd.*		44,235		790,480
Vontier Corp.		4,889		159,284
Zebra Technologies Corp., Class A*		4,682		2,479,072
				4,789,353
ENERGY EQUIPMENT & SERVICES - 0.0%†
ChampionX Corp.*		2,524		64,741
ENTERTAINMENT - 3.9%
Live Nation Entertainment, Inc.*		14,910		1,305,967
Playtika Holding Corp.*		11,205		267,127
Roku, Inc., Class A*		7,793		3,578,935
Skillz, Inc., Class A*		5,571		121,002
Spotify Technology SA*		9,929		2,736,333
Zynga, Inc., Class A*		107,164		1,139,154
				9,148,518
EQUITY REAL ESTATE INVESTMENT - 1.0%
Brixmor Property Group, Inc.		2,712		62,078
Simon Property Group, Inc.		16,709		2,180,190
				2,242,268
FOOD & STAPLES RETAILING - 0.5%
Costco Wholesale Corp.		3,123		1,235,677
FOOD PRODUCTS - 1.1%
Beyond Meat, Inc.*		1,999		314,822
Freshpet, Inc.*		1,869		304,572
Hershey Co. (The)		6,721		1,170,664
Kellogg Co.		12,942		832,559
				2,622,617
HEALTH CARE EQUIPMENT & SUPPLIES - 7.1%
ABIOMED, Inc.*		1,078		336,454
Align Technology, Inc.*		1,431		874,341
Dexcom, Inc.*		8,812		3,762,724
Hologic, Inc.*		936		62,450
IDEXX Laboratories, Inc.*		8,705		5,497,643
Insulet Corp.*		6,387		1,753,295
Novocure Ltd.*		4,407		977,561
Penumbra, Inc.*		1,605		439,866
Tandem Diabetes Care, Inc.*		9,125		888,775
West Pharmaceutical Services, Inc.		5,406		1,941,295
				16,534,404

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 0.9%
Cardinal Health, Inc.		4,684	$	267,410
McKesson Corp.		7,258		1,388,020
Molina Healthcare, Inc.*		418		105,779
Privia Health Group, Inc.*		6,058		268,793
				2,030,002
HEALTH CARE TECHNOLOGY - 0.4%
Doximity, Inc., Class A*		3,071		178,732
Teladoc Health, Inc.*		1,390		231,143
Veeva Systems, Inc., Class A*		1,692		526,128
				936,003
HOTELS, RESTAURANTS & LEISURE - 6.2%
Aramark		2,022		75,319
Boyd Gaming Corp.*		3,243		199,412
Caesars Entertainment, Inc.*		7,632		791,820
Chipotle Mexican Grill, Inc.*		2,455		3,806,085
Domino's Pizza, Inc.		943		439,900
DraftKings, Inc., Class A*		11,098		578,983
Expedia Group, Inc.*		5,317		870,446
International Game Technology PLC*		27,608		661,488
Marriott Vacations Worldwide Corp.*		1,015		161,689
Planet Fitness, Inc., Class A*		6,474		487,168
Shake Shack, Inc., Class A*		2,037		218,000
Six Flags Entertainment Corp.*		28,710		1,242,569
Vail Resorts, Inc.*		3,139		993,556
Wendy's Co. (The)		42,427		993,640
Wyndham Hotels & Resorts, Inc.		864		62,459
Wynn Resorts Ltd.*		23,139		2,829,900
				14,412,434
HOUSEHOLD DURABLES - 1.2%
DR Horton, Inc.		10,726		969,309
iRobot Corp.*		1,308		122,154
KB Home		5,797		236,054
Sonos, Inc.*		5,961		210,006
Tempur Sealy International, Inc.		19,462		762,716
Toll Brothers, Inc.		7,136		412,532
				2,712,771
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
Brookfield Renewable Corp., Class A		4,870		204,248
Sunnova Energy International, Inc.*		3,623		136,442
				340,690
INSURANCE - 0.4%
MetLife, Inc.		9,920		593,712
Trupanion, Inc.*		1,898		218,460
				812,172

See accompanying notes to financial statements.
30

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
INTERACTIVE MEDIA & SERVICES - 3.0%
Match Group, Inc.*		10,367	$	1,671,679
Pinterest, Inc., Class A*		26,919		2,125,255
TripAdvisor, Inc.*		8,972		361,572
Twitter, Inc.*		14,132		972,423
Vimeo, Inc.*		13,307		652,043
Zillow Group, Inc., Class A*		1,581		193,720
Zillow Group, Inc., Class C*		7,970		974,093
				6,950,785
INTERNET & DIRECT MARKETING RETAIL - 1.3%
Etsy, Inc.*		9,209		1,895,580
Wayfair, Inc., Class A*		3,235		1,021,322
				2,916,902
IT SERVICES - 5.0%
Gartner, Inc.*		4,774		1,156,263
Genpact Ltd.		5,964		270,945
Globant SA*		1,241		272,002
GoDaddy, Inc., Class A*		22,491		1,955,817
MongoDB, Inc., Class A*		2,953		1,067,569
Okta, Inc.*		9,784		2,393,949
Paychex, Inc.		19,000		2,038,700
Paymentus Holdings, Inc., Class A*		7,330		260,215
PayPal Holdings, Inc.*		703		204,910
StoneCo Ltd., Class A*		14,468		970,224
Twilio, Inc., Class A*		698		275,124
Wix.com Ltd.*		2,810		815,687
				11,681,405
LEISURE PRODUCTS - 0.6%
Peloton Interactive, Inc., Class A*		10,591		1,313,496
LIFE SCIENCES TOOLS & SERVICES - 5.6%
10X Genomics, Inc., Class A*		389		76,174
Adaptive Biotechnologies Corp.*		4,366		178,395
Agilent Technologies, Inc.		18,037		2,666,049
Avantor, Inc.*		25,773		915,199
Bio-Rad Laboratories, Inc., Class A*		130		83,758
Bio-Techne Corp.		98		44,125
Bruker Corp.		25,564		1,942,353
Charles River Laboratories International, Inc.*		497		183,850
Mettler-Toledo International, Inc.*		1,791		2,481,144
PPD, Inc.*		28,966		1,335,043
Repligen Corp.*		5,267		1,051,398
Sotera Health Co.*		6,160		149,257
Syneos Health, Inc., Class A*		8,890		795,566
Waters Corp.*		3,521		1,216,893
				13,119,204
MACHINERY - 0.3%
Graco, Inc.		8,546		646,932
Otis Worldwide Corp.		1,519		124,209
				771,141

	Shares/ Principal		Fair Value
MEDIA - 0.2%
Discovery, Inc., Class A*		926	$	28,409
Sirius XM Holdings, Inc.		58,768		384,343
				412,752
METALS & MINING - 0.2%
Reliance Steel & Aluminum Co.		334		50,401
Steel Dynamics, Inc.		5,304		316,118
				366,519
MULTILINE RETAIL - 0.2%
Nordstrom, Inc.*		15,174		554,913
OIL, GAS & CONSUMABLE FUELS - 1.6%
Antero Midstream Corp.		30,418		316,043
Cheniere Energy, Inc.*		13,126		1,138,549
Cimarex Energy Co.		653		47,310
Hess Corp.		18,058		1,576,825
Pioneer Natural Resources Co.		3,958		643,254
Texas Pacific Land Corp.		59		94,385
				3,816,366
PERSONAL PRODUCTS - 0.4%
Herbalife Nutrition Ltd.*		15,638		824,592
PROFESSIONAL SERVICES - 5.0%
CoStar Group, Inc.*		131,850		10,919,817
Equifax, Inc.		3,339		799,724
				11,719,541
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
CBRE Group, Inc., Class A*		3,882		332,804
ROAD & RAIL - 1.2%
Landstar System, Inc.		9,402		1,485,704
Lyft, Inc., Class A*		12,873		778,559
Ryder System, Inc.		7,813		580,740
				2,845,003
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
Allegro MicroSystems, Inc.*		3,774		104,540
Brooks Automation, Inc.		696		66,315
CMC Materials, Inc.		185		27,887
Enphase Energy, Inc.*		7,156		1,314,056
Entegris, Inc.		2,808		345,300
Intel Corp.		9,523		534,621
KLA Corp.		543		176,046
Lam Research Corp.		275		178,942
Marvell Technology, Inc.		2,741		159,883
Maxim Integrated Products, Inc.		3,754		395,521
MKS Instruments, Inc.		8,228		1,464,173
Monolithic Power Systems, Inc.		4,175		1,559,154
ON Semiconductor Corp.*		26,026		996,275

See accompanying notes to financial statements.
31

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9% (Continued)
QUALCOMM, Inc.		2,289	$	327,167
Silicon Laboratories, Inc.*		1,900		291,175
Synaptics, Inc.*		263		40,918
Teradyne, Inc.		2,710		363,032
Universal Display Corp.		4,076		906,217
Xilinx, Inc.		15,018		2,172,203
				11,423,425
SOFTWARE - 19.7%
Alkami Technology, Inc.*		1,054		37,596
Alteryx, Inc., Class A*		9,937		854,781
Anaplan, Inc.*		1,815		96,739
ANSYS, Inc.*		1,237		429,313
Avalara, Inc.*		4,467		722,761
Bill.com Holdings, Inc.*		2,316		424,245
Cadence Design Systems, Inc.*		22,372		3,060,937
Cloudflare, Inc., Class A*		15,287		1,617,976
Coupa Software, Inc.*		4,214		1,104,532
Crowdstrike Holdings, Inc., Class A*		4,741		1,191,461
Datadog, Inc., Class A*		2,681		279,038
DocuSign, Inc.*		9,061		2,533,184
Dropbox, Inc., Class A*		21,018		637,056
Dynatrace, Inc.*		476		27,808
Elastic NV*		2,732		398,216
Everbridge, Inc.*		1,396		189,968
FireEye, Inc.*		6,798		137,456
Five9, Inc.*		5,222		957,663
Fortinet, Inc.*		4,276		1,018,500
HubSpot, Inc.*		4,686		2,730,626
Intuit, Inc.		5,217		2,557,217
Manhattan Associates, Inc.*		5,507		797,634
Medallia, Inc.*		6,190		208,912
Monday.com Ltd.*		265		59,251
nCino, Inc.*		631		37,809
New Relic, Inc.*		8,689		581,902
NortonLifeLock, Inc.		11,635		316,705
Nutanix, Inc., Class A*		9,437		360,682
PagerDuty, Inc.*		12,589		536,040
Palantir Technologies, Inc., Class A*		73,163		1,928,577
Palo Alto Networks, Inc.*		3,058		1,134,671
Paycom Software, Inc.*		1,956		710,947
Paylocity Holding Corp.*		2,853		544,352
Pegasystems, Inc.		3,683		512,637
Procore Technologies, Inc.*		1,585		150,496
Proofpoint, Inc.*		2,995		520,411
PTC, Inc.*		18,928		2,673,769
RingCentral, Inc., Class A*		3,826		1,111,759
SentinelOne, Inc., Class A*		6,351		269,917
Slack Technologies, Inc., Class A*		26,674		1,181,658
Smartsheet, Inc., Class A*		14,935		1,080,099

	Shares/ Principal		Fair Value
SOFTWARE - 19.7% (Continued)
Splunk, Inc.*		15,927	$	2,302,726
Synopsys, Inc.*		9,897		2,729,494
Teradata Corp.*		6,833		341,445
Trade Desk, Inc. (The), Class A*		6,881		532,314
UiPath, Inc., Class A*		2,751		186,875
Unity Software, Inc.*		6,777		744,318
Workday, Inc., Class A*		343		81,888
Zendesk, Inc.*		16,132		2,328,493
Zscaler, Inc.*		4,798		1,036,656
				46,009,510
SPECIALTY RETAIL - 3.0%
American Eagle Outfitters, Inc.		6,958		261,134
Best Buy Co., Inc.		9,062		1,041,949
Carvana Co., Class A*		1,322		399,006
Five Below, Inc.*		1,440		278,309
GameStop Corp., Class A*		2,062		441,557
L Brands, Inc.		4,265		307,336
Leslie's, Inc.*		13,363		367,349
Lithia Motors, Inc.		1,993		684,874
O'Reilly Automotive, Inc.*		1,624		919,525
Tractor Supply Co.		9,143		1,701,146
Ulta Beauty, Inc.*		1,430		494,451
Williams-Sonoma, Inc.		596		95,151
				6,991,787
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.9%
Dell Technologies, Inc., Class C*		470		46,845
Hewlett Packard Enterprise Co.		45,397		661,888
HP, Inc.		60,336		1,821,544
NetApp, Inc.		16,289		1,332,766
Pure Storage, Inc., Class A*		30,438		594,454
				4,457,497
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Crocs, Inc.*		1,884		219,524
Deckers Outdoor Corp.*		732		281,139
Levi Strauss & Co., Class A		7,546		209,175
Lululemon Athletica, Inc.*		8,311		3,033,266
Tapestry, Inc.*		20,353		884,948
				4,628,052
THRIFTS & MORTGAGE FINANCE - 0.0%†
New York Community Bancorp, Inc.		4,493		49,513
TRADING COMPANIES & DISTRIBUTORS - 1.1%
SiteOne Landscape Supply, Inc.*		5,239		886,753
WW Grainger, Inc.		3,855		1,688,490
				2,575,243
TOTAL COMMON STOCKS (Cost - $171,218,078)				230,179,121

See accompanying notes to financial statements.
32

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 1.3%
MONEY MARKET FUNDS - 1.3%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01%(a) (Cost - $3,132,107)		3,132,107	$	3,132,107
TOTAL INVESTMENTS - 100.0% (Cost - $174,350,185)			$	233,311,228
OTHER ASSETS LESS LIABILITIES - NET 0.0%†				67,963
TOTAL NET ASSETS - 100.0%			$	233,379,191

* Non-income producing security.

† Represents less than 0.05%.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.7	%
Short-Term Investments		1.3	%
Other Assets less Liabilities - Net		0.0	%^
		100.0	%

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

^ Represents less than 0.05%

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/17/2021

3,430,880

36,794

See accompanying notes to financial statements.
33

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 0.6%
Aerojet Rocketdyne Holdings, Inc.		498	$	24,048
Astronics Corp.*		1,121		19,629
Axon Enterprise, Inc.*		93		16,442
Curtiss-Wright Corp.		94		11,164
Maxar Technologies, Inc.		191		7,625
Mercury Systems, Inc.*		134		8,882
Moog, Inc., Class A		324		27,235
PAE, Inc.*		1,189		10,582
				125,607
AIR FREIGHT & LOGISTICS - 0.5%
Echo Global Logistics, Inc.*		1,280		39,347
Forward Air Corp.		186		16,694
Hub Group, Inc., Class A*		810		53,444
				109,485
AIRLINES - 0.4%
Hawaiian Holdings, Inc.*		481		11,722
Spirit Airlines, Inc.*		2,236		68,064
				79,786
AUTO COMPONENTS - 1.5%
Adient PLC*		310		14,012
American Axle & Manufacturing Holdings, Inc.*		1,150		11,902
Cooper-Standard Holdings, Inc.*		348		10,092
Dana, Inc.		2,204		52,367
Fox Factory Holding Corp.*		293		45,608
Goodyear Tire & Rubber Co. (The)*		4,886		83,795
LCI Industries		414		54,408
Modine Manufacturing Co.*		1,146		19,012
Visteon Corp.*		175		21,165
				312,361
AUTOMOBILES - 0.1%
Winnebago Industries, Inc.		224		15,223
BANKS - 7.2%
ACNB Corp.		422		11,778
Bancorp, Inc. (The)*		471		10,838
Bank of Commerce Holdings		1,616		24,272
BankFinancial Corp.		2,342		26,792
Boston Private Financial Holdings, Inc.*		570		8,407
Capital City Bank Group, Inc.		2,304		59,420
Carter Bankshares, Inc.*		2,171		27,159
CIT Group, Inc.		681		35,133
Colony Bankcorp, Inc.		1,004		17,931
CVB Financial Corp.		484		9,966
Enterprise Bancorp, Inc.		329		10,775
First Commonwealth Financial Corp.		3,095		43,547
First Community Bankshares, Inc.		926		27,641
First Community Corp.		290		5,858

	Shares/ Principal		Fair Value
BANKS - 7.2% (Continued)
First Financial Bankshares, Inc.		634	$	31,148
First Financial Northwest, Inc.		2,107		31,921
First Horizon Corp.		1,933		33,402
First Interstate BancSystem, Inc., Class A		1,226		51,284
First Savings Financial Group, Inc.		48		3,512
Flushing Financial Corp.		597		12,794
Fulton Financial Corp.		699		11,030
Glacier Bancorp, Inc.		276		15,202
Hancock Whitney Corp.		546		24,264
HBT Financial, Inc.		1,960		34,124
Heartland Financial USA, Inc.		2,007		94,309
Heritage Commerce Corp.		1,449		16,127
Howard Bancorp, Inc.*		803		12,952
Independent Bank Corp.		95		7,173
Independent Bank Corp.		1,667		36,191
Investar Holding Corp.		688		15,748
Investors Bancorp, Inc.		5,878		83,820
Level One Bancorp, Inc.		595		16,244
Macatawa Bank Corp.		1,089		9,529
Mercantile Bank Corp.		851		25,700
Mid Penn Bancorp, Inc.		373		10,239
Midland States Bancorp, Inc.		1,348		35,412
MidWestOne Financial Group, Inc.		80		2,302
National Bank Holdings Corp., Class A		551		20,795
Northrim BanCorp, Inc.		541		23,128
OceanFirst Financial Corp.		777		16,193
PCB Bancorp		918		14,780
Peapack-Gladstone Financial Corp.		504		15,659
Republic Bancorp, Inc., Class A		510		23,526
Republic First Bancorp, Inc.*		12,001		47,884
Salisbury Bancorp, Inc.		39		1,981
Sandy Spring Bancorp, Inc.		1,167		51,500
Sierra Bancorp		1,093		27,817
SmartFinancial, Inc.		1,126		27,035
South Plains Financial, Inc.		719		16,630
South State Corp.		289		23,629
Southern First Bancshares, Inc.*		69		3,530
Texas Capital Bancshares, Inc.*		727		46,157
TriCo Bancshares		297		12,646
TriState Capital Holdings, Inc.*		1,321		26,935
United Community Banks, Inc.		1,316		42,125
Univest Financial Corp.		1,170		30,853
Washington Trust Bancorp, Inc.		408		20,951
WesBanco, Inc.		285		10,155
Wintrust Financial Corp.		370		27,983
				1,465,836
BIOTECHNOLOGY - 8.1%
ACADIA Pharmaceuticals, Inc.*		468		11,414
Acorda Therapeutics, Inc.*		374		1,784
Agenus, Inc.*		4,852		26,637

See accompanying notes to financial statements.
34

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 8.1% (Continued)
Alector, Inc.*		549	$	11,436
Allakos, Inc.*		105		8,964
Allogene Therapeutics, Inc.*		1,351		35,234
ALX Oncology Holdings, Inc.*		162		8,858
Amicus Therapeutics, Inc.*		875		8,435
Apellis Pharmaceuticals, Inc.*		292		18,454
Aptinyx, Inc., Class A*		2,930		8,292
Arcus Biosciences, Inc.*		498		13,675
Arena Pharmaceuticals, Inc.*		469		31,986
Arrowhead Pharmaceuticals, Inc.*		399		33,045
Assembly Biosciences, Inc.*		510		1,979
Atara Biotherapeutics, Inc.*		843		13,109
Athersys, Inc.*		2,598		3,741
Atossa Therapeutics, Inc.*		1,956		12,362
Atreca, Inc., Class A*		1,180		10,054
Avidity Biosciences, Inc.*		886		21,893
Avrobio, Inc.*		1,375		12,224
BioCryst Pharmaceuticals, Inc.*		2,143		33,881
Biohaven Pharmaceutical Holding Co. Ltd.*		226		21,940
Blueprint Medicines Corp.*		284		24,981
Bridgebio Pharma, Inc.*		941		57,363
C4 Therapeutics, Inc.*		435		16,460
Calithera Biosciences, Inc.*		1,099		2,297
CareDx, Inc.*		154		14,094
ChemoCentryx, Inc.*		312		4,178
Chimerix, Inc.*		628		5,024
Coherus Biosciences, Inc.*		1,167		16,140
Corvus Pharmaceuticals, Inc.*		1,260		3,364
Cue Biopharma, Inc.*		434		5,056
Deciphera Pharmaceuticals, Inc.*		332		12,155
Denali Therapeutics, Inc.*		375		29,415
Dynavax Technologies Corp.*		723		7,122
Editas Medicine, Inc.*		619		35,060
Emergent BioSolutions, Inc.*		405		25,511
Enanta Pharmaceuticals, Inc.*		453		19,937
Epizyme, Inc.*		798		6,631
Esperion Therapeutics, Inc.*		272		5,753
Exact Sciences Corp.*		131		16,285
Fate Therapeutics, Inc.*		581		50,425
FibroGen, Inc.*		1,032		27,482
Flexion Therapeutics, Inc.*		751		6,181
G1 Therapeutics, Inc.*		651		14,283
Gossamer Bio, Inc.*		588		4,775
Halozyme Therapeutics, Inc.*		821		37,282
Heron Therapeutics, Inc.*		1,661		25,779
Horizon Therapeutics PLC*		41		3,839
Inovio Pharmaceuticals, Inc.*		1,607		14,897
Insmed, Inc.*		790		22,483
Intellia Therapeutics, Inc.*		231		37,401
Intercept Pharmaceuticals, Inc.*		296		5,911
Invitae Corp.*		1,037		34,978

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 8.1% (Continued)
Karuna Therapeutics, Inc.*		92	$	10,487
Karyopharm Therapeutics, Inc.*		4,228		43,633
Kindred Biosciences, Inc.*		736		6,749
Kiniska Pharmaceuticals Ltd.*		525		7,313
Kodiak Sciences, Inc.*		135		12,555
Ligand Pharmaceuticals, Inc.*		95		12,463
MacroGenics, Inc.*		663		17,808
MannKind Corp.*		5,025		27,386
Mirati Therapeutics, Inc.*		234		37,798
Myriad Genetics, Inc.*		462		14,128
Natera, Inc.*		342		38,827
Novavax, Inc.*		100		21,231
Nymox Pharmaceutical Corp.*		1,563		2,470
Ocugen, Inc.*		1,353		10,865
OPKO Health, Inc.*		5,201		21,064
Oyster Point Pharma, Inc.*		484		8,320
Precigen, Inc.*		745		4,857
PTC Therapeutics, Inc.*		173		7,313
Puma Biotechnology, Inc.*		165		1,515
Radius Health, Inc.*		339		6,183
REGENXBIO, Inc.*		618		24,009
Relay Therapeutics, Inc.*		487		17,819
REVOLUTION Medicines, Inc.*		270		8,570
Rigel Pharmaceuticals, Inc.*		3,209		13,927
Sage Therapeutics, Inc.*		6		341
Sangamo Therapeutics, Inc.*		1,095		13,107
Sarepta Therapeutics, Inc.*		86		6,686
Seres Therapeutics, Inc.*		998		23,802
Sorrento Therapeutics, Inc.*		3,701		35,863
Spectrum Pharmaceuticals, Inc.*		4,858		18,217
TG Therapeutics, Inc.*		680		26,377
Travere Therapeutics, Inc.*		894		13,043
Turning Point Therapeutics, Inc.*		243		18,959
Twist Bioscience Corp.*		270		35,977
Ultragenyx Pharmaceutical, Inc.*		489		46,626
Veracyte, Inc.*		712		28,466
Verve Therapeutics, Inc.*		568		34,222
Vir Biotechnology, Inc.*		399		18,865
Xencor, Inc.*		390		13,451
ZIOPHARM Oncology, Inc.*		2,433		6,423
				1,659,654
BUILDING PRODUCTS - 1.4%
Advanced Drainage Systems, Inc.		370		43,131
Builders FirstSource, Inc.*		2,728		116,376
Caesarstone Ltd.		242		3,572
Gibraltar Industries, Inc.*		234		17,857
JELD-WEN Holding, Inc.*		1,121		29,437
Resideo Technologies, Inc.*		1,356		40,680
Trex Co., Inc.*		415		42,417
				293,470

See accompanying notes to financial statements.
35

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.7%
Artisan Partners Asset Management, Inc., Class A		709	$	36,031
AssetMark Financial Holdings, Inc.*		1,086		27,215
B Riley Financial, Inc.		361		27,255
Cohen & Steers, Inc.		433		35,545
Cowen, Inc., Class A		290		11,905
Donnelley Financial Solutions, Inc.*		1,002		33,066
Hamilton Lane, Inc., Class A		739		67,338
Houlihan Lokey, Inc., Class A		689		56,353
Moelis & Co., Class A		163		9,273
Silvercrest Asset Management Group, Inc., Class A		802		12,062
Stifel Financial Corp.		2,801		181,673
Virtus Investment Partners, Inc.		167		46,388
Westwood Holdings Group, Inc.		297		6,463
				550,567
CHEMICALS - 1.8%
AdvanSix, Inc.*		490		14,631
Amyris, Inc.*		1,341		21,952
Avient Corp.		2,108		103,629
Balchem Corp.		102		13,389
HB Fuller Co.		1,090		69,335
Innospec, Inc.		427		38,691
Livent Corp.*		1,555		30,105
Stepan Co.		382		45,943
Trinseo SA		613		36,682
				374,357
COMMERCIAL SERVICES & SUPPLIES - 1.7%
ABM Industries, Inc.		758		33,617
ACCO Brands Corp.		3,196		27,581
Brink's Co. (The)		421		32,350
CECO Environmental Corp.*		726		5,198
Cimpress PLC*		250		27,103
Deluxe Corp.		596		28,471
Herman Miller, Inc.		661		31,160
KAR Auction Services, Inc.*		1,053		18,480
Kimball International, Inc., Class B		3,327		43,750
Knoll, Inc.		447		11,618
Matthews International Corp., Class A		16		575
SP Plus Corp.*		234		7,158
Steelcase, Inc., Class A		1,001		15,125
Tetra Tech, Inc.		501		61,142
Viad Corp.*		169		8,425
				351,753
COMMUNICATIONS EQUIPMENT - 0.5%
Calix, Inc.*		759		36,052
Ciena Corp.*		299		17,010
Infinera Corp.*		1,123		11,455
NETGEAR, Inc.*		286		10,959
TESSCO Technologies, Inc.*		851		5,234
Viavi Solutions, Inc.*		1,109		19,585
				100,295

	Shares/ Principal		Fair Value
CONSTRUCTION & ENGINEERING - 2.0%
Ameresco, Inc., Class A*		156	$	9,784
EMCOR Group, Inc.		1,205		148,444
Fluor Corp.*		1,594		28,214
Granite Construction, Inc.		312		12,958
MasTec, Inc.*		660		70,026
Matrix Service Co.*		1,378		14,469
Primoris Services Corp.		1,235		36,346
Tutor Perini Corp.*		711		9,847
WillScot Mobile Mini Holdings Corp.*		2,899		80,795
				410,883
CONSTRUCTION MATERIALS - 0.3%
Summit Materials, Inc., Class A*		1,463		50,985
US Concrete, Inc.*		111		8,192
				59,177
CONSUMER FINANCE - 0.7%
Encore Capital Group, Inc.*		199		9,430
EZCORP, Inc., Class A*		5,259		31,712
Green Dot Corp., Class A*		309		14,477
PRA Group, Inc.*		557		21,428
PROG Holdings, Inc.		1,164		56,023
Regional Management Corp.		191		8,889
				141,959
CONTAINERS & PACKAGING - 0.0%†
Ranpak Holdings Corp.*		273		6,833
DIVERSIFIED CONSUMER SERVICES - 0.3%
2U, Inc.*		421		17,543
Perdoceo Education Corp.*		2,461		30,197
Strategic Education, Inc.		183		13,919
				61,659
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Cannae Holdings, Inc.*		752		25,500
DIVERSIFIED TELECOMMUNICATION - 0.7%
Bandwidth, Inc., Class A*		348		47,996
Cogent Communications Holdings, Inc.		195		14,994
Globalstar, Inc.*		9,046		16,102
Iridium Communications, Inc.*		750		29,992
Ooma, Inc.*		958		18,068
Radius Global Infrastructure, Inc., Class A*		831		12,049
				139,201
ELECTRIC UTILITIES - 0.4%
PNM Resources, Inc.		584		28,481
Portland General Electric Co.		1,122		51,702
				80,183
ELECTRICAL EQUIPMENT - 0.9%
Atkore, Inc.*		45		3,195
Bloom Energy Corp., Class A*		531		14,268

See accompanying notes to financial statements.
36

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 0.9% (Continued)
FuelCell Energy, Inc.*		1,966	$	17,497
Generac Holdings, Inc.*		104		43,176
Plug Power, Inc.*		933		31,899
Sunrun, Inc.*		800		44,624
TPI Composites, Inc.*		391		18,932
				173,591
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.5%
Advanced Energy Industries, Inc.		288		32,460
Benchmark Electronics, Inc.		704		20,036
Daktronics, Inc.*		4,940		32,555
ePlus, Inc.*		329		28,521
FARO Technologies, Inc.*		373		29,008
II-VI, Inc.*		422		30,633
Insight Enterprises, Inc.*		507		50,705
Itron, Inc.*		483		48,290
Knowles Corp.*		1,878		37,072
Methode Electronics, Inc.		276		13,582
Novanta, Inc.*		101		13,611
OSI Systems, Inc.*		778		79,076
PAR Technology Corp.*		253		17,695
PC Connection, Inc.		716		33,129
ScanSource, Inc.*		1,224		34,431
				500,804
ENERGY EQUIPMENT & SERVICES - 0.9%
Archrock, Inc.		1,624		14,470
Basic Energy Services, Inc.*		394		59
ChampionX Corp.*		2,104		53,968
Helmerich & Payne, Inc.		683		22,286
Natural Gas Services Group, Inc.*		1,276		13,117
Newpark Resources, Inc.*		1,346		4,657
Oceaneering International, Inc.*		2,222		34,596
Oil States International, Inc.*		1,382		10,849
Parker Drilling Co.*		2		11
ProPetro Holding Corp.*		1,654		15,151
Transocean Ltd.*		3,078		13,912
US Silica Holdings, Inc.*		510		5,896
Valaris PLC*		2,253		153
				189,125
ENTERTAINMENT - 1.0%
AMC Entertainment Holdings, Inc., Class A*		2,252		127,643
Cinemark Holdings, Inc.*		2,351		51,604
Marcus Corp. (The)*		599		12,705
World Wrestling Entertainment, Inc., Class A		286		16,557
				208,509
EQUITY REAL ESTATE INVESTMENT - 4.6%
Acadia Realty Trust		2,268		49,805
Alexander & Baldwin, Inc.		1,414		25,904

	Shares/ Principal		Fair Value
EQUITY REAL ESTATE INVESTMENT - 4.6% (Continued)
American Finance Trust, Inc.		2,875	$	24,380
Armada Hoffler Properties, Inc.		714		9,489
Ashford Hospitality Trust, Inc.*		6,480		29,549
Braemar Hotels & Resorts, Inc.*		9,110		56,573
Cedar Realty Trust, Inc.		508		8,555
Centerspace		132		10,415
Chatham Lodging Trust*		322		4,144
CIM Commercial Trust Corp.		1,891		16,924
City Office REIT, Inc.		1,868		23,219
CorePoint Lodging, Inc.*		3,256		34,839
Cousins Properties, Inc.		920		33,838
CTO Realty Growth, Inc.		607		32,487
DiamondRock Hospitality Co.*		3,914		37,966
DigitalBridge Group, Inc.*		4,368		34,507
Easterly Government Properties, Inc.		1,087		22,914
Essential Properties Realty Trust, Inc.		428		11,573
First Industrial Realty Trust, Inc.		1,542		80,539
Four Corners Property Trust, Inc.		1,943		53,646
Global Net Lease, Inc.		1,962		36,297
Macerich Co. (The)		1,958		35,734
National Storage Affiliates Trust		327		16,533
Outfront Media, Inc.*		664		15,956
Plymouth Industrial REIT, Inc.		1,288		25,786
QTS Realty Trust, Inc., Class A		447		34,553
Retail Value, Inc.		821		17,857
RPT Realty		1,776		23,052
Ryman Hospitality Properties, Inc.*		468		36,953
SITE Centers Corp.		953		14,352
Terreno Realty Corp.		782		50,455
Uniti Group, Inc.		785		8,313
Whitestone REIT, Class B		3,736		30,822
				947,929
FOOD & STAPLES RETAILING - 0.7%
Andersons, Inc. (The)		431		13,158
BJ's Wholesale Club Holdings, Inc.*		822		39,111
Performance Food Group Co.*		1,441		69,874
PriceSmart, Inc.		180		16,382
Rite Aid Corp.*		503		8,199
SpartanNash Co.		44		850
				147,574
FOOD PRODUCTS - 1.2%
Darling Ingredients, Inc.*		827		55,822
Freshpet, Inc.*		362		58,992
Hostess Brands, Inc.*		2,526		40,896
John B. Sanfilippo & Son, Inc.		242		21,434
Lancaster Colony Corp.		83		16,061
Landec Corp.*		880		9,900
Sanderson Farms, Inc.		67		12,594
Vital Farms, Inc.*		1,110		22,156
				237,855

See accompanying notes to financial statements.
37

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
GAS UTILITIES - 1.1%
Brookfield Infrastructure Corp., Class A		179	$	13,497
New Jersey Resources Corp.		1,462		57,851
Southwest Gas Holdings, Inc.		2,271		150,317
				221,665
HEALTH CARE EQUIPMENT & SUPPLIES - 3.6%
AtriCure, Inc.*		447		35,460
Cardiovascular Systems, Inc.*		410		17,486
CONMED Corp.		176		24,188
CryoPort, Inc.*		200		12,620
Glaukos Corp.*		231		19,596
Globus Medical, Inc., Class A*		377		29,229
Haemonetics Corp.*		444		29,588
Heska Corp.*		198		45,487
ICU Medical, Inc.*		159		32,722
Inogen, Inc.*		306		19,942
Integer Holdings Corp.*		157		14,789
Intersect ENT, Inc.*		628		10,733
LivaNova PLC*		338		28,429
Masimo Corp.*		96		23,275
Merit Medical Systems, Inc.*		129		8,341
Mesa Laboratories, Inc.		130		35,252
Natus Medical, Inc.*		484		12,574
Neogen Corp.*		526		24,217
Nevro Corp.*		454		75,269
Novocure Ltd.*		112		24,844
NuVasive, Inc.*		146		9,896
OraSure Technologies, Inc.*		2,947		29,883
Quidel Corp.*		71		9,097
SeaSpine Holdings Corp.*		414		8,491
Shockwave Medical, Inc.*		209		39,654
Silk Road Medical, Inc.*		170		8,136
STAAR Surgical Co.*		292		44,530
STERIS PLC		110		22,693
Tactile Systems Technology, Inc.*		268		13,936
Tandem Diabetes Care, Inc.*		121		11,785
Varex Imaging Corp.*		477		12,793
				734,935
HEALTH CARE PROVIDERS & SERVICES - 2.2%
1Life Healthcare, Inc.*		982		32,465
AMN Healthcare Services, Inc.*		575		55,763
CorVel Corp.*		93		12,490
Covetrus, Inc.*		709		19,143
Encompass Health Corp.		522		40,732
Enzo Biochem, Inc.*		2,668		8,458
LHC Group, Inc.*		260		52,068
Magellan Health, Inc.*		138		13,000
Molina Healthcare, Inc.*		50		12,653
Owens & Minor, Inc.		402		17,017
Patterson Cos., Inc.		1,409		42,819
Privia Health Group, Inc.*		550		24,403

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 2.2% (Continued)
Select Medical Holdings Corp.		1,543	$	65,207
Tenet Healthcare Corp.*		646		43,275
US Physical Therapy, Inc.		137		15,874
				455,367
HEALTH CARE TECHNOLOGY - 1.9%
Allscripts Healthcare Solutions, Inc.*		1,494		27,654
American Well Corp., Class A*		1,325		16,669
Castlight Health, Inc., Class B*		2,572		6,765
Doximity, Inc., Class A*		274		15,947
Evolent Health, Inc., Class A*		851		17,973
Health Catalyst, Inc.*		229		12,712
Inovalon Holdings, Inc., Class A*		1,442		49,143
Inspire Medical Systems, Inc.*		250		48,315
Omnicell, Inc.*		595		90,113
Phreesia, Inc.*		817		50,082
Schrodinger, Inc.*		92		6,956
Teladoc Health, Inc.*		77		12,804
Vocera Communications, Inc.*		631		25,145
				380,278
HOTELS, RESTAURANTS & LEISURE - 3.0%
Accel Entertainment, Inc.*		988		11,728
Biglari Holdings, Inc., Class B*		90		14,352
Bloomin' Brands, Inc.*		411		11,155
Brinker International, Inc.*		220		13,607
Cheesecake Factory, Inc. (The)*		1,033		55,968
Churchill Downs, Inc.		272		53,927
Cracker Barrel Old Country Store, Inc.		172		25,535
Dave & Buster's Entertainment, Inc.*		227		9,216
Dine Brands Global, Inc.*		436		38,913
Everi Holdings, Inc.*		760		18,954
International Game Technology PLC*		2,847		68,214
Marriott Vacations Worldwide Corp.*		262		41,737
Penn National Gaming, Inc.*		507		38,780
Scientific Games Corp.*		253		19,592
SeaWorld Entertainment, Inc.*		1,148		57,331
Shake Shack, Inc., Class A*		718		76,840
Target Hospitality Corp.*		426		1,581
Wingstop, Inc.		338		53,279
				610,709
HOUSEHOLD DURABLES - 1.8%
Green Brick Partners, Inc.*		1,504		34,201
Helen of Troy Ltd.*		64		14,600
iRobot Corp.*		494		46,135
KB Home		1,161		47,276
LGI Homes, Inc.*		92		14,898
MDC Holdings, Inc.		2,046		103,528
Meritage Homes Corp.*		578		54,378
Sonos, Inc.*		920		32,412
Universal Electronics, Inc.*		471		22,843
				370,271

See accompanying notes to financial statements.
38

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HOUSEHOLD PRODUCTS - 0.2%
Central Garden & Pet Co.*		210	$	11,115
Central Garden & Pet Co., Class A*		468		22,605
Spectrum Brands Holdings, Inc.		101		8,589
				42,309
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.6%
Brookfield Renewable Corp., Class A		772		32,377
Ormat Technologies, Inc.		456		31,706
Sunnova Energy International, Inc.*		942		35,476
Vistra Corp.		760		14,098
				113,657
INSURANCE - 1.0%
Crawford & Co., Class A		2,920		26,484
eHealth, Inc.*		143		8,351
Genworth Financial, Inc., Class A*		1,875		7,313
Heritage Insurance Holdings, Inc.		1,318		11,308
Kemper Corp.		4		296
Kinsale Capital Group, Inc.		211		34,767
RLI Corp.		158		16,525
Selectquote, Inc.*		386		7,434
Trupanion, Inc.*		551		63,420
United Fire Group, Inc.		549		15,224
United Insurance Holdings Corp.		1,358		7,741
				198,863
INTERACTIVE MEDIA & SERVICES - 0.5%
Bumble, Inc., Class A*		229		13,190
fuboTV, Inc.*		1,836		58,954
TrueCar, Inc.*		1,115		6,300
Yelp, Inc., Class A*		575		22,977
				101,421
INTERNET & DIRECT MARKETING RETAIL - 0.9%
1-800-Flowers.com, Inc., Class A*		735		23,424
Lands' End, Inc.*		396		16,256
Overstock.com, Inc.*		415		38,263
RealReal, Inc. (The)*		699		13,812
Shutterstock, Inc.		281		27,586
Stamps.com, Inc.*		167		33,448
Stitch Fix, Inc., Class A*		516		31,115
				183,904
IT SERVICES - 1.3%
BigCommerce Holdings, Inc., Series 1*		236		15,321
Conduent, Inc.*		3,695		27,713
CSG Systems International, Inc.		619		29,204
Information Services Group, Inc.		2,419		14,151
International Money Express, Inc.*		706		10,484
LiveRamp Holdings, Inc.*		557		26,095
Marathon Digital Holdings, Inc.*		751		23,559

	Shares/ Principal		Fair Value
IT SERVICES - 1.3% (Continued)
MAXIMUS, Inc.		518	$	45,568
Paymentus Holdings, Inc., Class A*		677		24,034
Perficient, Inc.*		195		15,682
Verra Mobility Corp.*		1,897		29,157
				260,968
LEISURE PRODUCTS - 0.4%
Latham Group, Inc.*		962		30,746
Malibu Boats, Inc., Class A*		298		21,852
YETI Holdings, Inc.*		414		38,013
				90,611
LIFE SCIENCES TOOLS & SERVICES - 1.8%
Adaptive Biotechnologies Corp.*		150		6,129
Bionano Genomics, Inc.*		2,610		19,131
Codexis, Inc.*		490		11,104
Luminex Corp.		475		17,480
Medpace Holdings, Inc.*		399		70,475
NanoString Technologies, Inc.*		837		54,229
NeoGenomics, Inc.*		1,509		68,162
Pacific Biosciences of California, Inc.*		1,001		35,005
Personalis, Inc.*		544		13,763
PRA Health Sciences, Inc.*		130		21,477
Repligen Corp.*		159		31,740
Syneos Health, Inc., Class A*		263		23,536
				372,231
MACHINERY - 2.8%
Altra Industrial Motion Corp.		1,067		69,376
Barnes Group, Inc.		198		10,148
Briggs & Stratton Corp.*		1,081		0
Chart Industries, Inc.*		294		43,018
Evoqua Water Technologies Corp.*		873		29,490
Franklin Electric Co., Inc.		553		44,583
Gencor Industries, Inc.*		1,100		13,376
Hillenbrand, Inc.		728		32,090
Hurco Cos., Inc.		417		14,595
John Bean Technologies Corp.		345		49,204
Kennametal, Inc.		857		30,783
L B Foster Co., Class A*		453		8,444
Manitowoc Co., Inc. (The)*		1,731		42,410
Nikola Corp.*		1,340		24,200
Proto Labs, Inc.*		282		25,888
Rexnord Corp.		302		15,112
Wabash National Corp.		1,432		22,912
Watts Water Technologies, Inc., Class A		473		69,015
Welbilt, Inc.*		1,245		28,822
				573,466
MEDIA - 1.2%
Cardlytics, Inc.*		328		41,633
Entravision Communications Corp., Class A		4,818		32,184

See accompanying notes to financial statements.
39

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MEDIA - 1.2% (Continued)
EW Scripps Co. (The), Class A		843	$	17,189
iHeartMedia, Inc., Class A*		1,165		31,373
Magnite, Inc.*		758		25,651
Meredith Corp.*		365		15,856
National CineMedia, Inc.		3,413		17,304
Sinclair Broadcast Group, Inc., Class A		661		21,958
TEGNA, Inc.		894		16,771
Townsquare Media, Inc., Class A*		1,742		22,211
				242,130
METALS & MINING - 1.9%
Alcoa Corp.*		357		13,152
Cleveland-Cliffs, Inc.*		1,840		39,671
Commercial Metals Co.		1,086		33,362
Constellium SE, Class A*		1,816		34,413
Hecla Mining Co.		1,471		10,944
Kaiser Aluminum Corp.		119		14,695
Materion Corp.		472		35,565
Novagold Resources, Inc.*		2,637		21,122
Ryerson Holding Corp.*		1,590		23,214
Schnitzer Steel Industries, Inc., Class A		1,242		60,920
SunCoke Energy, Inc.		1,162		8,297
TimkenSteel Corp.*		872		12,339
United States Steel Corp.		2,063		49,512
Worthington Industries, Inc.		473		28,938
				386,144
MORTGAGE REAL ESTATE INVESTMENT - 0.7%
Arbor Realty Trust, Inc.		2,246		40,024
Blackstone Mortgage Trust, Inc., Class A		2,016		64,290
Ellington Financial, Inc.		1,881		36,021
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		170		9,546
				149,881
MULTILINE RETAIL - 0.3%
Big Lots, Inc.		391		25,810
Franchise Group, Inc.		706		24,901
				50,711
MULTI-UTILITIES - 0.5%
NorthWestern Corp.		1,744		105,024
OIL, GAS & CONSUMABLE FUELS - 2.8%
Antero Resources Corp.*		2,805		42,159
Brigham Minerals, Inc., Class A		1,039		22,120
Chesapeake Energy Corp.		698		36,240
Clean Energy Fuels Corp.*		1,178		11,957
CNX Resources Corp.*		1,400		19,124
CVR Energy, Inc.		840		15,087
Delek US Holdings, Inc.		1,970		42,591
Evolution Petroleum Corp.		5,122		25,405

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 2.8% (Continued)
Extraction Oil & Gas, Inc.*		407	$	22,348
Falcon Minerals Corp.		3,546		18,014
Gulfport Energy Corp.*		372		24,068
Magnolia Oil & Gas Corp., Class A*		1,770		27,665
Matador Resources Co.		535		19,265
Nordic American Tankers Ltd.		1,996		6,547
Ovintiv, Inc.		717		22,564
Par Pacific Holdings, Inc.*		1,331		22,388
PBF Energy, Inc., Class A*		2,141		32,757
PDC Energy, Inc.		674		30,863
Scorpio Tankers, Inc.		808		17,816
SM Energy Co.		463		11,404
Southwestern Energy Co.*		3,497		19,828
Talos Energy, Inc.*		1,464		22,897
W&T Offshore, Inc.*		3,821		18,532
World Fuel Services Corp.		1,100		34,903
				566,542
PAPER & FOREST PRODUCTS - 0.4%
Domtar Corp.*		360		19,786
Louisiana-Pacific Corp.		1,088		65,595
				85,381
PERSONAL PRODUCTS - 0.1%
USANA Health Sciences, Inc.*		122		12,496
PHARMACEUTICALS - 1.2%
Amneal Pharmaceuticals, Inc.*		127		650
Amphastar Pharmaceuticals, Inc.*		109		2,197
Arvinas, Inc.*		361		27,797
Axsome Therapeutics, Inc.*		119		8,028
Cassava Sciences, Inc.*		213		18,199
Catalent, Inc.*		526		56,871
Endo International PLC*		798		3,735
Intra-Cellular Therapies, Inc.*		268		10,940
Nektar Therapeutics*		406		6,967
Phibro Animal Health Corp., Class A		735		21,227
Reata Pharmaceuticals, Inc., Class A*		242		34,250
Relmada Therapeutics, Inc.*		587		18,790
Supernus Pharmaceuticals, Inc.*		114		3,510
Theravance Biopharma, Inc.*		636		9,235
Zogenix, Inc.*		1,001		17,297
				239,693
PROFESSIONAL SERVICES - 2.2%
ASGN, Inc.*		723		70,080
Forrester Research, Inc.*		642		29,404
Franklin Covey Co.*		900		29,115
Heidrick & Struggles International, Inc.		834		37,155
Insperity, Inc.		787		71,121
KBR, Inc.		717		27,353
Kelly Services, Inc., Class A*		774		18,553

See accompanying notes to financial statements.
40

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
PROFESSIONAL SERVICES - 2.2% (Continued)
Kforce, Inc.		1,000	$	62,930
Mistras Group, Inc.*		814		8,002
TriNet Group, Inc.*		523		37,907
Upwork, Inc.*		1,095		63,827
				455,447
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%
eXp World Holdings, Inc.*		566		21,944
Kennedy-Wilson Holdings, Inc.		1,852		36,799
Marcus & Millichap, Inc.*		1,490		57,916
Newmark Group, Inc., Class A		1,831		21,991
RE/MAX Holdings, Inc., Class A		809		26,964
Realogy Holdings Corp.*		1,628		29,662
Redfin Corp.*		597		37,856
RMR Group, Inc. (The), Class A		664		25,657
				258,789
ROAD & RAIL - 0.7%
Covenant Logistics Group, Inc.*		1,140		23,575
Marten Transport Ltd.		2,241		36,954
Werner Enterprises, Inc.		1,922		85,568
				146,097
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
Ambarella, Inc.*		322		34,335
Brooks Automation, Inc.		487		46,401
Cirrus Logic, Inc.*		339		28,856
CMC Materials, Inc.		218		32,861
FormFactor, Inc.*		210		7,657
Ichor Holdings Ltd.*		751		40,404
Lattice Semiconductor Corp.*		1,619		90,955
Power Integrations, Inc.		1,182		96,995
Rambus, Inc.*		472		11,191
Semtech Corp.*		228		15,686
Silicon Laboratories, Inc.*		958		146,814
SunPower Corp., Class A*		363		10,607
Synaptics, Inc.*		373		58,031
Ultra Clean Holdings, Inc.*		243		13,054
				633,847
SOFTWARE - 6.9%
8x8, Inc.*		1,612		44,749
A10 Networks, Inc.*		560		6,306
ACI Worldwide, Inc.*		1,514		56,230
Alarm.com Holdings, Inc.*		416		35,235
Alkami Technology, Inc.*		100		3,567
Altair Engineering, Inc., Class A*		652		44,968
Appfolio, Inc., Class A*		81		11,437
Appian Corp., Class A*		470		64,742
Asana, Inc., Class A*		400		24,812
Avaya Holdings Corp.*		386		10,383

	Shares/ Principal			Fair Value
SOFTWARE - 6.9% (Continued)
Benefitfocus, Inc.*		1,128		$	15,905
Blackline, Inc.*		253			28,151
Bottomline Technologies DE, Inc.*		869			32,222
Box, Inc., Class A*		2,343			59,864
Cerence, Inc.*		427			45,565
Cloudera, Inc.*		1,426			22,616
CommVault Systems, Inc.*		751	��		58,706
Cornerstone OnDemand, Inc.*		379			19,549
Digital Turbine, Inc.*		491			37,331
Envestnet, Inc.*		226			17,144
Five9, Inc.*		43			7,886
J2 Global, Inc.*		166			22,833
LivePerson, Inc.*		1,230			77,785
MicroStrategy, Inc., Class A*		49			32,560
Mimecast Ltd.*		874			46,366
Momentive Global, Inc.*		520			10,956
Monday.com Ltd.*		25			5,590
Olo, Inc., Class A*		317			11,853
ON24, Inc.*		248			8,799
PagerDuty, Inc.*		501			21,333
Paylocity Holding Corp.*		96			18,317
Procore Technologies, Inc.*		149			14,148
Progress Software Corp.		788			36,445
PROS Holdings, Inc.*		424			19,322
Q2 Holdings, Inc.*		154			15,797
Qualys, Inc.*		136			13,694
Rapid7, Inc.*		651			61,604
RingCentral, Inc., Class A*		58			16,854
Riot Blockchain, Inc.*		459			17,291
Sailpoint Technologies Holdings, Inc.*		467			23,850
SentinelOne, Inc., Class A*		562			23,885
Sprout Social, Inc., Class A*		498			44,531
SPS Commerce, Inc.*		145			14,478
Sumo Logic, Inc.*		184			3,800
Tenable Holdings, Inc.*		791			32,708
Varonis Systems, Inc.*		1,550			89,311
Verint Systems, Inc.*		258			11,628
Workiva, Inc., Class A*		142			15,809
Yext, Inc.*		2,721			38,883
					1,397,798
SPECIALTY RETAIL - 2.9%
Aaron's Co., Inc. (The)		204			6,526
American Eagle Outfitters, Inc.		2,463			92,436
Asbury Automotive Group, Inc.*		242			41,472
At Home Group, Inc.*		379			13,962
Bed Bath & Beyond, Inc.*		959			31,925
Buckle, Inc. (The)		237			11,791
Camping World Holdings, Inc., Class A		250			10,247
Conn's, Inc.*		666			16,983
Designer Brands, Inc., Class A*		1,261			20,870

See accompanying notes to financial statements.
41

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 2.9% (Continued)
Group 1 Automotive, Inc.		222	$	34,283
Guess?, Inc.		555		14,652
Lithia Motors, Inc.		220		75,601
MarineMax, Inc.*		382		18,619
National Vision Holdings, Inc.*		463		23,673
Rent-A-Center, Inc./TX		681		36,141
Sally Beauty Holdings, Inc.*		316		6,974
Signet Jewelers Ltd.*		506		40,880
Sleep Number Corp.*		168		18,472
Sonic Automotive, Inc., Class A		806		36,060
Urban Outfitters, Inc.*		1,143		47,114
				598,681
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%
3D Systems Corp.*		695		27,779
Pure Storage, Inc., Class A*		1,084		21,171
				48,950
TEXTILES, APPAREL & LUXURY GOODS - 1.7%
Crocs, Inc.*		1,003		116,870
Culp, Inc.		704		11,475
Deckers Outdoor Corp.*		208		79,887
Fossil Group, Inc.*		659		9,410
G-III Apparel Group Ltd.*		564		18,533
Kontoor Brands, Inc.		241		13,595
Oxford Industries, Inc.		222		21,942
Steven Madden Ltd.		1,130		49,449
Vera Bradley, Inc.*		158		1,958
Wolverine World Wide, Inc.		489		16,450
				339,569
THRIFTS & MORTGAGE FINANCE - 2.0%
Capitol Federal Financial, Inc.		883		10,402
Essent Group Ltd.		945		42,478
Federal Agricultural Mortgage Corp., Class C		312		30,857
Flagstar Bancorp, Inc.		154		6,509
Merchants Bancorp		745		29,234
Mr Cooper Group, Inc.*		644		21,291
NMI Holdings, Inc., Class A*		325		7,306
Northwest Bancshares, Inc.		902		12,303
PennyMac Financial Services, Inc.		189		11,665
Premier Financial Corp.		1,420		40,342
Radian Group, Inc.		1,832		40,762
Riverview Bancorp, Inc.		4,554		32,288
Southern Missouri Bancorp, Inc.		382		17,175
Walker & Dunlop, Inc.		369		38,516
Washington Federal, Inc.		1,542		49,005
WSFS Financial Corp.		321		14,955
				405,088

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 2.0%
Applied Industrial Technologies, Inc.		1,033	$	94,065
GATX Corp.		194		17,163
Herc Holdings, Inc.*		167		18,716
McGrath RentCorp		696		56,773
MRC Global, Inc.*		1,108		10,415
NOW, Inc.*		1,347		12,783
Rush Enterprises, Inc., Class A		352		15,221
SiteOne Landscape Supply, Inc.*		635		107,480
Triton International Ltd.		913		47,786
WESCO International, Inc.*		216		22,208
				402,610
WIRELESS TELECOMMUNICATION SERVICES - 0.1%
Spok Holdings, Inc.		988		9,505
TOTAL COMMON STOCKS (Cost - $15,323,732)				20,014,215
PREFERRED STOCKS - 0.1%
TRADING COMPANIES & DISTRIBUTORS - 0.1%
WESCO International, Inc., Series A, 10.625% (Cost - $4,081) (a)		154		4,757
RIGHTS - 0.0%†
Alder BioPharmaceuticals, CVR*		638		561
Achillion Pharmaceuticals, Inc., CVR*		1,183		544
Prevail Therapeutics, CVR*		107		54
TOTAL RIGHTS (Cost - $562)				1,159
WARRANTS - 0.0%†
Oasis Petroleum, Inc., expires 12/31/25*		24		528
Valaris Ltd., expires 12/31/28*		61		174
Parker Drilling Co., expires 9/16/24*		20		2
TOTAL WARRANTS (Cost - $744)				704
SHORT-TERM INVESTMENTS - 0.7%
MONEY MARKET FUNDS - 0.7%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b) (Cost - $148,293)		148,293		148,293
TOTAL INVESTMENTS - 98.9% (Cost - $15,477,412)				20,169,127
OTHER ASSETS LESS LIABILITIES - NET 1.1%				234,015
TOTAL NET ASSETS - 100.0%			$	20,403,142

* Non-income producing security.

† Represents less than 0.05%.

(a) Variable rate security. The rate shown is the rate in effect at period end.

(b) The rate shown is the annualized seven-day yield at period end.

CVR - Contingent Value Rights

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.
42

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

Holdings by Asset Class	% of Net Assets
Common Stocks		98.1	%
Preferred Stocks		0.1	%
Short-Term Investments		0.7	%
Rights		0.0	%^
Warrants		0.0	%^
Other Assets less Liabilities - Net		1.1	%
		100.0	%

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

^ Represents less than 0.05%

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

E-Mini Russell 2000 Future

Goldman Sachs & Co.

9/17/2021

346,170

1,723

See accompanying notes to financial statements.
43

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.4%
AEROSPACE & DEFENSE - 0.8%
Lockheed Martin Corp.		559	$	211,498
AIR FREIGHT & LOGISTICS - 1.1%
C.H. Robinson Worldwide, Inc.		892		83,554
Expeditors International of Washington, Inc.		1,795		227,247
				310,801
AIRLINES - 0.4%
Delta Air Lines, Inc.*		1,997		86,390
Southwest Airlines Co.*		354		18,794
				105,184
AUTO COMPONENTS - 0.7%
BorgWarner, Inc.		4,138		200,859
AUTOMOBILES - 1.3%
Tesla, Inc.*		535		363,640
BANKS - 2.5%
Citigroup, Inc.		2,508		177,441
First Republic Bank		113		21,150
JPMorgan Chase & Co.		1,696		263,796
Signature Bank		39		9,580
Truist Financial Corp.		1,469		81,530
Wells Fargo & Co.		2,572		116,486
				669,983
BEVERAGES - 1.2%
Coca-Cola Co. (The)		1,888		102,159
PepsiCo, Inc.		1,481		219,440
				321,599
BIOTECHNOLOGY - 2.2%
AbbVie, Inc.		950		107,008
Alexion Pharmaceuticals, Inc.*		43		7,900
Amgen, Inc.		190		46,313
BioMarin Pharmaceutical, Inc.*		426		35,545
Gilead Sciences, Inc.		4,418		304,223
Vertex Pharmaceuticals, Inc.*		454		91,540
				592,529
BUILDING PRODUCTS - 1.6%
A O Smith Corp.		110		7,927
Allegion PLC		537		74,804
Carrier Global Corp.		2,379		115,619
Owens Corning		151		14,783
Trane Technologies PLC		1,200		220,968
				434,101
CAPITAL MARKETS - 2.6%
Charles Schwab Corp. (The)		2,082		151,590
CME Group, Inc.		618		131,436
Moody's Corp.		66		23,917

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.6% (Continued)
Morgan Stanley		4,263	$	390,875
Stifel Financial Corp.		298		19,328
				717,146
CHEMICALS - 1.3%
Ecolab, Inc.		362		74,561
Linde PLC		332		95,981
PPG Industries, Inc.		1,130		191,840
				362,382
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Copart, Inc.*		475		62,619
IAA, Inc.*		1,622		88,464
				151,083
CONSTRUCTION & ENGINEERING - 0.1%
EMCOR Group, Inc.		252		31,044
CONSTRUCTION MATERIALS - 0.1%
Martin Marietta Materials, Inc.		36		12,665
Vulcan Materials Co.		53		9,226
				21,891
CONSUMER FINANCE - 1.5%
Ally Financial, Inc.		3,669		182,863
American Express Co.		1,375		227,191
				410,054
CONTAINERS & PACKAGING - 0.2%
Crown Holdings, Inc.		410		41,906
DISTRIBUTORS - 0.6%
Genuine Parts Co.		1,312		165,929
DIVERSIFIED CONSUMER SERVICES - 0.2%
Bright Horizons Family Solutions, Inc.*		44		6,473
Terminix Global Holdings, Inc.*		1,124		53,626
				60,099
DIVERSIFIED FINANCIAL SERVICES - 1.5%
Berkshire Hathaway, Inc., Class B*		908		252,351
Voya Financial, Inc.		2,487		152,951
				405,302
DIVERSIFIED TELECOMMUNICATION - 0.6%
AT&T, Inc.		5,542		159,499
ELECTRIC UTILITIES - 1.6%
Eversource Energy		1,917		153,820
NextEra Energy, Inc.		1,093		80,095
OGE Energy Corp.		2,748		92,470
Pinnacle West Capital Corp.		368		30,165
Portland General Electric Co.		56		2,581
Southern Co. (The)		1,159		70,131
				429,262

See accompanying notes to financial statements.
44

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 0.2%
Rockwell Automation, Inc.		195	$	55,774
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
Flex Ltd.*		5,134		91,745
ENERGY EQUIPMENT & SERVICES - 0.5%
ChampionX Corp.*		1,128		28,933
NOV, Inc.*		206		3,156
Schlumberger NV		3,480		111,395
				143,484
ENTERTAINMENT - 1.5%
Live Nation Entertainment, Inc.*		933		81,721
Netflix, Inc.*		77		40,672
Roku, Inc., Class A*		17		7,807
Spotify Technology SA*		66		18,189
Walt Disney Co. (The)*		1,489		261,722
Zynga, Inc., Class A*		1,098		11,672
				421,783
EQUITY REAL ESTATE INVESTMENT - 1.5%
Equinix, Inc.		156		125,206
Prologis, Inc.		2,293		274,082
				399,288
FOOD & STAPLES RETAILING - 1.6%
Costco Wholesale Corp.		1,082		428,115
FOOD PRODUCTS - 1.1%
Bunge Ltd.		225		17,584
Conagra Brands, Inc.		2,598		94,515
Hershey Co. (The)		688		119,836
Kellogg Co.		1,232		79,254
				311,189
GAS UTILITIES - 0.5%
Atmos Energy Corp.		828		79,579
UGI Corp.		1,064		49,274
				128,853
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2%
Align Technology, Inc.*		198		120,978
Danaher Corp.		797		213,883
Dexcom, Inc.*		413		176,351
Envista Holdings Corp.*		468		20,222
Hill-Rom Holdings, Inc.		454		51,570
IDEXX Laboratories, Inc.*		446		281,672
Intuitive Surgical, Inc.*		8		7,357
				872,033
HEALTH CARE PROVIDERS & SERVICES - 2.1%
Anthem, Inc.		219		83,614
Cigna Corp.		274		64,957

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 2.1% (Continued)
McKesson Corp.		807	$	154,331
UnitedHealth Group, Inc.		659		263,890
				566,792
HEALTH CARE TECHNOLOGY - 0.4%
Cerner Corp.		1,253		97,934
HOTELS, RESTAURANTS & LEISURE - 2.3%
Aramark		1,363		50,772
Chipotle Mexican Grill, Inc.*		38		58,913
International Game Technology PLC*		1,562		37,425
Marriott Vacations Worldwide Corp.*		218		34,727
McDonald's Corp.		821		189,643
Shake Shack, Inc., Class A*		378		40,454
Six Flags Entertainment Corp.*		1,850		80,068
Wyndham Hotels & Resorts, Inc.		383		27,687
Wynn Resorts Ltd.*		968		118,386
				638,075
HOUSEHOLD DURABLES - 0.0%†
iRobot Corp.*		53		4,950
HOUSEHOLD PRODUCTS - 1.6%
Colgate-Palmolive Co.		2,098		170,672
Procter & Gamble Co. (The)		1,999		269,725
				440,397
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
Brookfield Renewable Corp., Class A		634		26,590
INDUSTRIAL CONGLOMERATES - 1.4%
Honeywell International, Inc.		1,433		314,328
Roper Technologies, Inc.		143		67,239
				381,567
INSURANCE - 3.0%
Marsh & McLennan Cos., Inc.		1,463		205,815
MetLife, Inc.		5,466		327,140
Progressive Corp. (The)		1,137		111,665
Travelers Cos., Inc. (The)		1,071		160,339
Willis Towers Watson PLC		97		22,312
				827,271
INTERACTIVE MEDIA & SERVICES - 6.8%
Alphabet, Inc., Class A*		333		813,116
Alphabet, Inc., Class C*		211		528,834
Facebook, Inc., Class A*		1,392		484,012
Twitter, Inc.*		680		46,791
				1,872,753
INTERNET & DIRECT MARKETING RETAIL - 3.5%
Amazon.com, Inc.*		277		952,924

See accompanying notes to financial statements.
45

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
IT SERVICES - 5.8%
Accenture PLC, Class A		966	$	284,767
Automatic Data Processing, Inc.		802		159,293
Fidelity National Information Services, Inc.		931		131,895
Fiserv, Inc.*		597		63,813
Mastercard, Inc., Class A		701		255,928
PayPal Holdings, Inc.*		1,043		304,014
Visa, Inc., Class A		1,614		377,386
				1,577,096
LIFE SCIENCES TOOLS & SERVICES - 0.6%
Agilent Technologies, Inc.		178		26,310
Bruker Corp.		309		23,478
PPD, Inc.*		194		8,941
Thermo Fisher Scientific, Inc.		199		100,390
				159,119
MACHINERY - 2.2%
Caterpillar, Inc.		837		182,156
Deere & Co.		619		218,327
Oshkosh Corp.		3		374
Otis Worldwide Corp.		2,562		209,495
				610,352
MEDIA - 1.1%
Comcast Corp., Class A		3,396		193,640
Discovery, Inc., Class A*		1,185		36,356
Discovery, Inc., Class C*		240		6,955
Sirius XM Holdings, Inc.		10,331		67,565
				304,516
METALS & MINING - 0.3%
Newmont Corp.		162		10,267
Reliance Steel & Aluminum Co.		412		62,171
				72,438
MULTILINE RETAIL - 1.1%
Target Corp.		1,229		297,098
MULTI-UTILITIES - 1.2%
Consolidated Edison, Inc.		2,988		214,299
DTE Energy Co.		960		124,416
				338,715
OIL, GAS & CONSUMABLE FUELS - 2.8%
Antero Midstream Corp.		2,470		25,663
Chevron Corp.		1,895		198,482
Devon Energy Corp.		889		25,950
EOG Resources, Inc.		941		78,517
Hess Corp.		1,512		132,028
Kinder Morgan, Inc.		6,747		122,998
Phillips 66		1,648		141,432
Valero Energy Corp.		426		33,262
				758,332

	Shares/ Principal		Fair Value
PERSONAL PRODUCTS - 0.4%
Estee Lauder Cos, Inc. (The), Class A		362	$	115,145
Herbalife Nutrition Ltd.*		37		1,951
				117,096
PHARMACEUTICALS - 3.4%
Bristol-Myers Squibb Co.		3,700		247,234
Johnson & Johnson		3,712		611,515
Pfizer, Inc.		2,135		83,606
				942,355
PROFESSIONAL SERVICES - 0.2%
Equifax, Inc.		58		13,892
IHS Markit Ltd.		278		31,319
				45,211
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
CBRE Group, Inc., Class A*		1,030		88,302
ROAD & RAIL - 0.7%
CSX Corp.		192		6,160
Landstar System, Inc.		261		41,243
Norfolk Southern Corp.		29		7,697
Ryder System, Inc.		1,252		93,061
Schneider National, Inc., Class B		2,591		56,406
				204,567
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
Advanced Micro Devices, Inc.*		1,667		156,581
Applied Materials, Inc.		456		64,935
Intel Corp.		6,265		351,717
Lam Research Corp.		142		92,399
NVIDIA Corp.		294		235,229
QUALCOMM, Inc.		2,418		345,605
Silicon Laboratories, Inc.*		357		54,710
Texas Instruments, Inc.		97		18,653
Xilinx, Inc.		184		26,614
				1,346,443
SOFTWARE - 9.6%
Adobe, Inc.*		861		504,236
Alteryx, Inc., Class A*		43		3,699
HubSpot, Inc.*		94		54,776
Intuit, Inc.		814		398,998
Microsoft Corp.		4,466		1,209,839
PTC, Inc.*		370		52,266
salesforce.com, Inc.*		339		82,808
ServiceNow, Inc.*		215		118,153
Splunk, Inc.*		141		20,386
UiPath, Inc., Class A*		334		22,689
VMware, Inc., Class A*		569		91,023
Workday, Inc., Class A*		298		71,144
				2,630,017

See accompanying notes to financial statements.
46

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 1.2%
Home Depot, Inc. (The)		572	$	182,405
Lithia Motors, Inc.		11		3,780
Lowe's Cos., Inc.		668		129,572
TJX Cos., Inc. (The)		69		4,652
				320,409
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.3%
Apple, Inc.		12,122		1,660,229
Dell Technologies, Inc., Class C*		1,257		125,285
Hewlett Packard Enterprise Co.		7,916		115,415
HP, Inc.		3,166		95,582
				1,996,511
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
Levi Strauss & Co., Class A		397		11,005
NIKE, Inc., Class B		699		107,989
Under Armour, Inc., Class C*		146		2,711
				121,705
THRIFTS & MORTGAGE FINANCE - 0.3%
New York Community Bancorp, Inc.		6,771		74,616

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 0.1%
SiteOne Landscape Supply, Inc.*		150	$	25,389
WW Grainger, Inc.		4		1,752
				27,141
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
U.S. Cellular Corp.*		1,703		61,836
TOTAL COMMON STOCKS (Cost - $19,895,466)				26,921,183
SHORT-TERM INVESTMENTS - 1.9%
MONEY MARKET FUNDS - 1.9%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $524,762)		524,762		524,762
TOTAL INVESTMENTS - 100.3% (Cost - $20,420,228)			$	27,445,945
OTHER ASSETS LESS LIABILITIES - NET (0.3)%				(88,462)
TOTAL NET ASSETS - 100.0%			$	27,357,483

* Non-income producing security.

† Represents less than 0.05%.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.4	%
Short-Term Investments		1.9	%
Other Assets less Liabilities - Net		(0.3	)%
		100.0	%

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

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/17/2021

428,860

3,333

See accompanying notes to financial statements.
47

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.6%
AEROSPACE & DEFENSE - 1.2%
Curtiss-Wright Corp.		1,024	$	121,610
HEICO Corp.		432		60,229
Lockheed Martin Corp.		7,243		2,740,389
Mercury Systems, Inc.*		1,328		88,020
Northrop Grumman Corp.		988		359,069
				3,369,317
AIR FREIGHT & LOGISTICS - 1.1%
C.H. Robinson Worldwide, Inc.		10,388		973,044
Expeditors International of Washington, Inc.		16,089		2,036,867
				3,009,911
AIRLINES - 0.5%
Delta Air Lines, Inc.*		29,025		1,255,622
Southwest Airlines Co.*		2,805		148,917
				1,404,539
AUTO COMPONENTS - 1.0%
BorgWarner, Inc.		55,653		2,701,397
BANKS - 7.1%
Bank of America Corp.		65,562		2,703,121
Bank of Hawaii Corp.		5,538		466,410
Citigroup, Inc.		51,116		3,616,457
First Republic Bank		926		173,319
JPMorgan Chase & Co.		38,065		5,920,630
Pinnacle Financial Partners, Inc.		6,712		592,603
Regions Financial Corp.		22,064		445,252
Signature Bank		2,501		614,371
Truist Financial Corp.		28,102		1,559,661
Umpqua Holdings Corp.		18,501		341,343
Wells Fargo & Co.		57,980		2,625,914
Wintrust Financial Corp.		5,617		424,814
Zions Bancorp NA		607		32,086
				19,515,981
BEVERAGES - 1.4%
Coca-Cola Co. (The)		34,501		1,866,849
Molson Coors Beverage Co., Class B*		10,862		583,181
PepsiCo, Inc.		10,095		1,495,776
				3,945,806
BIOTECHNOLOGY - 2.4%
Alexion Pharmaceuticals, Inc.*		872		160,195
BioMarin Pharmaceutical, Inc.*		5,573		465,011
Gilead Sciences, Inc.		61,404		4,228,280
Regeneron Pharmaceuticals, Inc.*		461		257,487
Vertex Pharmaceuticals, Inc.*		5,632		1,135,580
Verve Therapeutics, Inc.*		7,644		460,551
				6,707,104

	Shares/ Principal		Fair Value
BUILDING PRODUCTS - 1.9%
A O Smith Corp.		1,335	$	96,200
Allegion PLC		5,834		812,676
Carrier Global Corp.		23,991		1,165,963
Lennox International, Inc.		654		229,423
Owens Corning		5,131		502,325
Trane Technologies PLC		13,784		2,538,186
				5,344,773
CAPITAL MARKETS - 4.2%
Ameriprise Financial, Inc.		1,448		360,378
Bank of New York Mellon Corp. (The)		32,447		1,662,260
Charles Schwab Corp. (The)		25,116		1,828,696
CME Group, Inc.		7,117		1,513,643
Interactive Brokers Group, Inc., Class A		760		49,955
Invesco Ltd.		13,884		371,119
Morgan Stanley		51,991		4,767,055
State Street Corp.		8,060		663,177
Stifel Financial Corp.		4,813		312,171
				11,528,454
CHEMICALS - 1.8%
Corteva, Inc.		3,229		143,206
Ecolab, Inc.		6,707		1,381,441
FMC Corp.		788		85,261
Linde PLC		2,226		643,537
LyondellBasell Industries NV, Class A		1,280		131,674
PPG Industries, Inc.		13,999		2,376,610
Valvoline, Inc.		2,459		79,819
				4,841,548
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Cintas Corp.		842		321,644
IAA, Inc.*		19,396		1,057,858
				1,379,502
COMMUNICATIONS EQUIPMENT - 0.3%
Cisco Systems, Inc.		15,775		836,075
CONSTRUCTION & ENGINEERING - 0.3%
EMCOR Group, Inc.		4,609		567,783
Quanta Services, Inc.		3,139		284,299
Valmont Industries, Inc.		244		57,596
				909,678
CONSTRUCTION MATERIALS - 0.3%
Martin Marietta Materials, Inc.		849		298,687
Vulcan Materials Co.		2,828		492,270
				790,957
CONSUMER FINANCE - 2.0%
Ally Financial, Inc.		48,127		2,398,650
American Express Co.		18,477		3,052,955
Santander Consumer USA Holdings, Inc.		1,129		41,005
				5,492,610

See accompanying notes to financial statements.
48

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
CONTAINERS & PACKAGING - 0.4%
Amcor PLC		31,874	$	365,276
AptarGroup, Inc.		1,575		221,823
Crown Holdings, Inc.		4,555		465,567
				1,052,666
DISTRIBUTORS - 0.8%
Genuine Parts Co.		18,059		2,283,922
DIVERSIFIED CONSUMER SERVICES - 0.4%
Bright Horizons Family Solutions, Inc.*		1,892		278,332
Terminix Global Holdings, Inc.*		17,266		823,761
				1,102,093
DIVERSIFIED FINANCIAL SERVICES - 2.5%
Berkshire Hathaway, Inc., Class B*		16,874		4,689,622
Equitable Holdings, Inc.		4,852		147,743
Voya Financial, Inc.		35,300		2,170,950
				7,008,315
DIVERSIFIED TELECOMMUNICATION - 1.6%
AT&T, Inc.		101,454		2,919,846
Verizon Communications, Inc.		28,015		1,569,681
				4,489,527
ELECTRIC UTILITIES - 2.8%
Alliant Energy Corp.		9,671		539,255
Eversource Energy		22,592		1,812,782
Exelon Corp.		5,692		252,213
NextEra Energy, Inc.		23,246		1,703,467
OGE Energy Corp.		39,436		1,327,021
Pinnacle West Capital Corp.		7,729		633,546
Portland General Electric Co.		4,200		193,536
Southern Co. (The)		2,857		172,877
Xcel Energy, Inc.		17,019		1,121,212
				7,755,909
ELECTRICAL EQUIPMENT - 0.5%
AMETEK, Inc.		2,308		308,118
Emerson Electric Co.		7,849		755,388
Rockwell Automation, Inc.		840		240,257
				1,303,763
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
Flex Ltd.*		52,672		941,249
ENERGY EQUIPMENT & SERVICES - 0.8%
ChampionX Corp.*		13,598		348,788
NOV, Inc.*		3,540		54,233
Schlumberger NV		48,993		1,568,266
TechnipFMC PLC*		30,342		274,595
				2,245,882

	Shares/ Principal		Fair Value
ENTERTAINMENT - 1.6%
Live Nation Entertainment, Inc.*		3,433	$	300,697
Roku, Inc.*		119		54,651
Spotify Technology SA*		1,325		365,157
Walt Disney Co. (The)*		21,190		3,724,566
Zynga, Inc., Class A*		10,102		107,384
				4,552,455
EQUITY REAL ESTATE INVESTMENT - 2.7%
Boston Properties, Inc.		2,187		250,608
Brixmor Property Group, Inc.		26,159		598,780
Camden Property Trust		1,613		213,997
Equinix, Inc.		1,442		1,157,349
Equity Residential		14,341		1,104,257
Healthpeak Properties, Inc.		1,682		55,994
Macerich Co. (The)		4,181		76,303
Prologis, Inc.		33,522		4,006,885
Weingarten Realty Investors		3		96
Welltower, Inc.		625		51,937
				7,516,206
FOOD & STAPLES RETAILING - 1.7%
Costco Wholesale Corp.		8,006		3,167,734
Performance Food Group Co.*		2,603		126,219
Walmart, Inc.		9,429		1,329,678
				4,623,631
FOOD PRODUCTS - 2.0%
Bunge Ltd.		7,885		616,213
Conagra Brands, Inc.		39,736		1,445,596
Hershey Co. (The)		10,345		1,801,892
Kellogg Co.		14,942		961,219
McCormick & Co., Inc.		8,377		739,856
				5,564,776
GAS UTILITIES - 0.7%
Atmos Energy Corp.		12,185		1,171,101
UGI Corp.		14,159		655,703
				1,826,804
HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%
Align Technology, Inc.*		1,252		764,972
Danaher Corp.		12,716		3,412,466
Dexcom, Inc.*		3,125		1,334,375
Envista Holdings Corp.*		11,000		475,310
Hill-Rom Holdings, Inc.		5,741		652,120
Hologic, Inc.*		8,165		544,769
IDEXX Laboratories, Inc.*		3,403		2,149,165
Medtronic PLC		875		108,614
Stryker Corp.		195		50,647
Tandem Diabetes Care, Inc.*		1,511		147,171
				9,639,609

See accompanying notes to financial statements.
49

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 3.7%
AmerisourceBergen Corp.		6,996	$	800,972
Anthem, Inc.		3,696		1,411,133
Centene Corp.*		7,129		519,918
Cigna Corp.		6,006		1,423,843
CVS Health Corp.		19,453		1,623,158
Humana, Inc.		1,488		658,767
McKesson Corp.		9,025		1,725,941
Privia Health Group, Inc.*		7,262		322,215
UnitedHealth Group, Inc.		4,335		1,735,907
				10,221,854
HEALTH CARE TECHNOLOGY - 0.6%
Cerner Corp.		12,522		978,719
Doximity, Inc., Class A*		3,673		213,769
Teladoc Health, Inc.*		3,602		598,977
				1,791,465
HOTELS, RESTAURANTS & LEISURE - 2.6%
Aramark		13,994		521,277
International Game Technology PLC*		16,341		391,530
Marriott Vacations Worldwide Corp.*		1,148		182,876
McDonald's Corp.		9,879		2,281,950
Rush Street Interactive, Inc.*		3,062		37,540
Shake Shack, Inc., Class A*		6,194		662,882
Six Flags Entertainment Corp.*		18,924		819,031
Vail Resorts, Inc.*		627		198,458
Wendy's Co. (The)		12,135		284,202
Wyndham Hotels & Resorts, Inc.		7,518		543,476
Wynn Resorts Ltd.*		10,684		1,306,653
				7,229,875
HOUSEHOLD DURABLES - 0.0%†
iRobot Corp.*		932		87,039
HOUSEHOLD PRODUCTS - 1.7%
Colgate-Palmolive Co.		32,609		2,652,742
Procter & Gamble Co. (The)		14,252		1,923,022
				4,575,764
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
AES Corp. (The)		3,126		81,495
Brookfield Renewable Corp., Class A		5,239		219,724
Sunnova Energy International, Inc.*		3,843		144,727
				445,946
INDUSTRIAL CONGLOMERATES - 1.9%
Honeywell International, Inc.		20,701		4,540,764
Roper Technologies, Inc.		1,784		838,837
				5,379,601

	Shares/ Principal		Fair Value
INSURANCE - 3.7%
American International Group, Inc.		11,774	$	560,442
Athene Holding Ltd., Class A*		1,556		105,030
First American Financial Corp.		3,885		242,230
Hanover Insurance Group, Inc. (The)		2,902		393,627
Marsh & McLennan Cos., Inc.		7,511		1,056,648
MetLife, Inc.		59,178		3,541,803
Progressive Corp. (The)		14,066		1,381,422
Travelers Cos., Inc. (The)		16,186		2,423,206
Willis Towers Watson PLC		1,758		404,375
				10,108,783
INTERACTIVE MEDIA & SERVICES - 2.4%
Alphabet, Inc., Class A*		1,751		4,275,574
Alphabet, Inc., Class C*		532		1,333,362
Twitter, Inc.*		13,979		961,895
				6,570,831
IT SERVICES - 2.9%
Accenture PLC, Class A		6,428		1,894,910
Automatic Data Processing, Inc.		5,725		1,137,100
Fidelity National Information Services, Inc.		18,909		2,678,838
Fiserv, Inc.*		13,986		1,494,964
Paymentus Holdings, Inc., Class A*		9,488		336,824
PayPal Holdings, Inc.*		257		74,910
Twilio, Inc., Class A*		344		135,591
Visa, Inc., Class A		1,542		360,550
				8,113,687
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Agilent Technologies, Inc.		5,147		760,778
Bio-Rad Laboratories, Inc., Class A*		504		324,722
Bruker Corp.		4,376		332,489
PPD, Inc.*		6,450		297,281
Thermo Fisher Scientific, Inc.		786		396,513
				2,111,783
MACHINERY - 3.1%
Caterpillar, Inc.		10,423		2,268,358
Deere & Co.		2,446		862,729
Flowserve Corp.		3,291		132,693
Graco, Inc.		1,272		96,290
Oshkosh Corp.		4,359		543,306
Otis Worldwide Corp.		29,108		2,380,161
Parker-Hannifin Corp.		789		242,310
Snap-on, Inc.		581		129,813
Timken Co. (The)		3,148		253,697
Xylem, Inc.		13,615		1,633,255
				8,542,612
MEDIA - 1.8%
Comcast Corp., Class A		53,292		3,038,710
Discovery, Inc., Class A*		14,852		455,659

See accompanying notes to financial statements.
50

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MEDIA - 1.8% (Continued)
Discovery, Inc., Class C*		4,496	$	130,294
Fox Corp., Class A		4,198		155,872
Liberty Media Corp.-Liberty Siriusxm, Class A*		1,007		46,906
Nexstar Media Group, Inc., Class A		332		49,096
Sirius XM Holdings, Inc.		115,155		753,114
TEGNA, Inc.		5,077		95,245
ViacomCBS, Inc., Class A		583		28,246
ViacomCBS, Inc., Class B		4,494		203,129
				4,956,271
METALS & MINING - 0.7%
Newmont Corp.		12,026		762,208
Reliance Steel & Aluminum Co.		8,329		1,256,846
				2,019,054
MORTGAGE REAL ESTATE INVESTMENT TRUSTS - 0.0%†
Annaly Capital Management, Inc.		11,202		99,474
MULTILINE RETAIL - 1.0%
Target Corp.		11,455		2,769,132
MULTI-UTILITIES - 2.1%
Ameren Corp.		13,339		1,067,654
CMS Energy Corp.		10,983		648,876
Consolidated Edison, Inc.		37,882		2,716,897
DTE Energy Co.		9,359		1,212,926
NiSource, Inc.		2,434		59,633
				5,705,986
OIL, GAS & CONSUMABLE FUELS - 4.8%
Antero Midstream Corp.		19,873		206,480
Chesapeake Energy Corp.		7,402		384,312
Chevron Corp.		36,797		3,854,118
ConocoPhillips		1,042		63,458
Continental Resources, Inc.		9,970		379,159
Devon Energy Corp.		13,442		392,372
EOG Resources, Inc.		14,054		1,172,666
EQT Corp.*		5,972		132,937
Exxon Mobil Corp.		9,845		621,022
Hess Corp.		13,796		1,204,667
Kinder Morgan, Inc.		98,608		1,797,624
Occidental Petroleum Corp.		2,606		81,489
Phillips 66		23,924		2,053,158
Pioneer Natural Resources Co.		1,485		241,342
Valero Energy Corp.		9,236		721,147
Williams Cos., Inc. (The)		2,639		70,065
				13,376,016
PERSONAL PRODUCTS - 0.2%
Herbalife Nutrition Ltd.*		10,508		554,087

	Shares/ Principal		Fair Value
PHARMACEUTICALS - 5.1%
Bristol-Myers Squibb Co.		33,105	$	2,212,076
Johnson & Johnson		53,847		8,870,755
Perrigo Co. PLC		18,077		828,830
Pfizer, Inc.		54,711		2,142,483
				14,054,144
PROFESSIONAL SERVICES - 0.2%
IHS Markit Ltd.		2,470		278,270
Robert Half International, Inc.		2,980		265,131
				543,401
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%
CBRE Group, Inc., Class A*		23,890		2,048,090
ROAD & RAIL - 1.2%
CSX Corp.		26,763		858,557
Landstar System, Inc.		2,506		395,998
Ryder System, Inc.		17,412		1,294,234
Schneider National, Inc., Class B		32,425		705,892
				3,254,681
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
Advanced Micro Devices, Inc.*		3,212		301,703
Intel Corp.		88,456		4,965,920
QUALCOMM, Inc.		13,089		1,870,811
Silicon Laboratories, Inc.*		644		98,693
				7,237,127
SOFTWARE - 2.9%
Adobe, Inc.*		3,497		2,047,983
Alkami Technology, Inc.*		1,345		47,976
Alteryx, Inc., Class A*		1,767		151,997
HubSpot, Inc.*		104		60,603
Intuit, Inc.		5,934		2,908,669
Monday.com Ltd.*		338		75,573
Procore Technologies, Inc.*		2,091		198,540
PTC, Inc.*		354		50,006
salesforce.com, Inc.*		4,214		1,029,354
SentinelOne, Inc., Class A*		7,563		321,428
Splunk, Inc.*		840		121,447
UiPath, Inc., Class A*		3,348		227,430
VMware, Inc., Class A*		2,567		410,643
Workday, Inc., Class A*		1,366		326,119
				7,977,768
SPECIALTY RETAIL - 0.4%
Home Depot, Inc. (The)		3,158		1,007,054
Lithia Motors, Inc.		173		59,450
				1,066,504

See accompanying notes to financial statements.
51

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%
Apple, Inc.		532	$	72,863
Dell Technologies, Inc., Class C*		11,224		1,118,696
Hewlett Packard Enterprise Co.		136,781		1,994,267
HP, Inc.		37,823		1,141,876
				4,327,702
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Levi Strauss & Co., Class A		2,764		76,618
Ralph Lauren Corp.		3,360		395,842
Under Armour, Inc., Class C*		2,670		49,582
				522,042
THRIFTS & MORTGAGE FINANCE - 0.5%
MGIC Investment Corp.		7,297		99,239
New York Community Bancorp, Inc.		105,742		1,165,277
				1,264,516
TRADING COMPANIES & DISTRIBUTORS - 0.3%
SiteOne Landscape Supply, Inc.*		3,194		540,616
WW Grainger, Inc.		851		372,738
				913,354

	Shares/ Principal		Fair Value
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
T-Mobile US, Inc.*		819	$	118,616
United States Cellular Corp.*		24,760		899,035
				1,017,651
TOTAL COMMON STOCKS (Cost - $227,583,719)				272,570,699
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $3,809,719)		3,809,719		3,809,719
TOTAL INVESTMENTS - 100.0% (Cost - $231,393,438)			$	276,380,418
OTHER ASSETS LESS LIABILITIES - NET (0.0)%†				(109,881)
TOTAL NET ASSETS - 100.0%			$	276,270,537

* Non-income producing security.

† Represents less than 0.05%.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		98.6	%
Short-Term Investments		1.4	%
Other Assets less Liabilities - Net		0.0	%
		100.0	%

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

^ Represents less than 0.05%

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/17/2021

3,859,740

40,283

See accompanying notes to financial statements.
52

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 98.0%
ADVERTISING - 0.5%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28 (a)	$	125,000	$	131,562
MDC Partners, Inc., 7.50%, 5/1/24 (a),(b)		175,000		177,188
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27 (a)		45,000		46,593
				355,343
AEROSPACE & DEFENSE - 1.6%
Howmet Aerospace, Inc., 5.90%, 2/1/27		150,000		175,125
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25 (a)		40,000		41,850
Spirit AeroSystems, Inc., 5.50%, 1/15/25 (a)		25,000		26,562
SSL Robotics LLC, 9.75%, 12/31/23 (a)		58,000		64,160
TransDigm, Inc.
6.25%, 3/15/26 (a)		300,000		316,500
6.38%, 6/15/26		50,000		51,798
7.50%, 3/15/27		250,000		265,938
4.63%, 1/15/29 (a)		20,000		20,007
Triumph Group, Inc., 8.88%, 6/1/24 (a)		84,000		93,450
				1,055,390
AGRICULTURE - 0.9%
Turning Point Brands, Inc., 5.63%, 2/15/26 (a)		110,000		113,300
Vector Group Ltd., 5.75%, 2/1/29 (a)		495,000		505,373
				618,673
AIRLINES - 1.6%
American Airlines, Inc., 11.75%, 7/15/25 (a)		125,000		156,875
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)		55,000		58,231
5.75%, 4/20/29 (a)		275,000		296,887
Delta Air Lines, Inc., 7.38%, 1/15/26		150,000		176,066
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26 (a)		80,000		86,000
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27 (a),(c)		74,391		81,904
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25 (a)		60,000		67,860
United Airlines Holdings, Inc., 4.88%, 1/15/25		25,000		25,938
United Airlines, Inc.
4.38%, 4/15/26 (a)		40,000		41,400
4.63%, 4/15/29 (a)		45,000		46,575
				1,037,736
APPAREL - 0.0%†
Wolverine World Wide, Inc., 5.00%, 9/1/26 (a)		30,000		30,750
AUTO MANUFACTURERS - 3.2%
Ford Motor Co.
8.50%, 4/21/23		155,000		172,972

	Shares/ Principal		Fair Value
AUTO MANUFACTURERS - 3.2% (Continued)
9.00%, 4/22/25	$	170,000	$	209,588
4.35%, 12/8/26		200,000		214,250
9.63%, 4/22/30		140,000		200,900
5.29%, 12/8/46		100,000		111,688
Ford Motor Credit Co. LLC
2.98%, 8/3/22		200,000		202,750
3.09%, 1/9/23		200,000		204,000
4.06%, 11/1/24		200,000		212,730
Jaguar Land Rover Automotive PLC
5.63%, 2/1/23 (a)		150,000		150,570
4.50%, 10/1/27 (a)		200,000		196,700
JB Poindexter & Co., Inc., 7.13%, 4/15/26 (a)		80,000		84,600
Navistar International Corp., 9.50%, 5/1/25 (a)		175,000		187,600
				2,148,348
AUTO PARTS & EQUIPMENT - 1.8%
Adient Global Holdings Ltd., 4.88%, 8/15/26 (a)		200,000		205,846
Adient US LLC, 9.00%, 4/15/25 (a)		15,000		16,518
American Axle & Manufacturing, Inc., 6.25%, 4/1/25		100,000		103,296
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26 (a)		41,000		43,665
Cooper-Standard Automotive, Inc., 13.00%, 6/1/24 (a)		190,000		214,700
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/29 (a)		75,000		78,525
5.25%, 7/15/31 (a)		25,000		26,125
5.63%, 4/30/33		50,000		52,735
IHO Verwaltungs GmbH, 4.75% Cash, 9/15/26 (a),(d)		200,000		204,458
Meritor, Inc., 6.25%, 6/1/25 (a)		40,000		42,607
Tenneco, Inc.
5.00%, 7/15/26		15,000		14,921
7.88%, 1/15/29 (a)		45,000		50,822
5.13%, 4/15/29 (a)		114,000		117,145
				1,171,363
BANKS - 0.8%
Deutsche Bank AG, 4.30%, (USD 5 Year Swap + 2.25%), 5/24/28 (e)		100,000		103,666
Freedom Mortgage Corp.
8.25%, 4/15/25 (a)		95,000		99,156
7.63%, 5/1/26 (a)		45,000		46,845
6.63%, 1/15/27 (a)		35,000		35,219
UniCredit SpA, 5.46%, (US 5 Year CMT T-Note + 4.75%), 6/30/35 (a),(e)		200,000		218,278
				503,164
BIOTECHNOLOGY - 0.0%†
Emergent BioSolutions, Inc., 3.88%, 8/15/28 (a)		35,000		34,283

See accompanying notes to financial statements.
53

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
BUILDING MATERIALS - 1.9%
APi Group DE, Inc., 4.13%, 7/15/29 (a)	$	35,000	$	34,825
Boise Cascade Co., 4.88%, 7/1/30 (a)		50,000		53,127
Builders FirstSource, Inc.
6.75%, 6/1/27 (a)		130,000		139,263
5.00%, 3/1/30 (a)		125,000		131,431
Forterra Finance LLC / FRTA Finance Corp., 6.50%, 7/15/25 (a)		100,000		107,750
Griffon Corp., 5.75%, 3/1/28		25,000		26,562
James Hardie International Finance DAC, 5.00%, 1/15/28 (a)		200,000		211,817
Louisiana-Pacific Corp., 3.63%, 3/15/29 (a)		125,000		125,781
Masonite International Corp., 5.38%, 2/1/28 (a)		100,000		105,968
Patrick Industries, Inc., 4.75%, 5/1/29 (a)		54,000		53,663
PGT Innovations, Inc., 6.75%, 8/1/26 (a)		70,000		73,890
SRM Escrow Issuer LLC, 6.00%, 11/1/28 (a)		85,000		90,096
Summit Materials LLC / Summit Materials Finance Corp.
5.13%, 6/1/25 (a)		100,000		100,803
6.50%, 3/15/27 (a)		30,000		31,754
US Concrete, Inc., 5.13%, 3/1/29 (a)		15,000		16,388
				1,303,118
CHEMICALS - 3.5%
CF Industries, Inc., 4.95%, 6/1/43		100,000		118,209
Chemours Co. (The)
7.00%, 5/15/25		50,000		51,563
5.38%, 5/15/27		125,000		135,571
5.75%, 11/15/28 (a)		93,000		99,510
CVR Partners LP / CVR Nitrogen Finance Corp.
9.25%, 6/15/23 (a)		5,000		5,013
6.13%, 6/15/28 (a)		65,000		66,625
Element Solutions, Inc., 3.88%, 9/1/28 (a)		40,000		40,812
HB Fuller Co., 4.25%, 10/15/28		70,000		72,275
INEOS Group Holdings SA, 5.63%, 8/1/24 (a)		200,000		200,700
Ingevity Corp., 3.88%, 11/1/28 (a)		50,000		49,625
Kraton Polymers LLC / Kraton Polymers Capital Corp., 4.25%, 12/15/25 (a)		50,000		51,000
Methanex Corp.
5.13%, 10/15/27		35,000		37,800
5.65%, 12/1/44		15,000		15,518
Minerals Technologies, Inc., 5.00%, 7/1/28 (a)		25,000		25,993
NOVA Chemicals Corp., 4.88%, 6/1/24 (a)		350,000		369,250
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26 (a)		90,000		92,403
Olin Corp., 9.50%, 6/1/25 (a)		85,000		105,825
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25 (a)		100,000		103,250
Rayonier AM Products, Inc., 7.63%, 1/15/26 (a)		330,000		344,769
SCIH Salt Holdings, Inc., 4.88%, 5/1/28 (a)		50,000		49,994

	Shares/ Principal		Fair Value
CHEMICALS - 3.5% (Continued)
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.
5.38%, 9/1/25 (a)	$	62,000	$	63,464
5.13%, 4/1/29 (a)		110,000		112,475
Tronox, Inc.
6.50%, 5/1/25 (a)		25,000		26,457
4.63%, 3/15/29 (a)		70,000		70,786
WR Grace & Co-Conn, 4.88%, 6/15/27 (a)		50,000		53,015
				2,361,902
COAL - 0.1%
Natural Resource Partners LP / NRP Finance Corp., 9.13%, 6/30/25 (a)		25,000		24,500
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25 (a)		25,000		25,964
SunCoke Energy, Inc., 4.88%, 6/30/29 (a)		20,000		19,975
				70,439
COMMERCIAL SERVICES - 3.7%
Adtalem Global Education, Inc., 5.50%, 3/1/28 (a)		40,000		40,748
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.63%, 7/15/26 (a)		30,000		31,807
Alta Equipment Group, Inc., 5.63%, 4/15/26 (a)		30,000		30,785
AMN Healthcare, Inc., 4.63%, 10/1/27 (a)		15,000		15,588
ASGN, Inc., 4.63%, 5/15/28 (a)		120,000		125,696
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 3/1/29 (a)		220,000		229,075
Carriage Services, Inc., 4.25%, 5/15/29 (a)		25,000		24,962
CPI CG, Inc., 8.63%, 3/15/26 (a)		134,000		142,375
Deluxe Corp., 8.00%, 6/1/29 (a)		180,000		195,300
Gartner, Inc.
4.50%, 7/1/28 (a)		175,000		184,821
3.63%, 6/15/29 (a)		50,000		50,750
3.75%, 10/1/30 (a)		80,000		81,849
Graham Holdings Co., 5.75%, 6/1/26 (a)		125,000		130,000
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 5.00%, 2/1/26 (a)		15,000		15,637
Modulaire Global Finance PLC, 8.00%, 2/15/23 (a)		200,000		205,500
MPH Acquisition Holdings LLC, 5.75%, 11/1/28 (a)		116,000		116,570
NESCO Holdings II, Inc., 5.50%, 4/15/29 (a)		40,000		41,750
Nielsen Finance LLC / Nielsen Finance Co., 4.75%, 7/15/31 (a)		95,000		95,237
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75%, 4/15/26 (a)		125,000		138,084
3.38%, 8/31/27 (a)		25,000		24,250
6.25%, 1/15/28 (a)		55,000		58,506
Rent-A-Center, Inc./TX, 6.38%, 2/15/29 (a)		230,000		246,963

See accompanying notes to financial statements.
54

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES - 3.7% (Continued)
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (a)	$	50,000	$	51,469
RR Donnelley & Sons Co., 6.13%, 11/1/26 (a)		35,000		36,882
Service Corp. International
5.13%, 6/1/29		20,000		21,700
3.38%, 8/15/30		25,000		24,495
United Rentals North America, Inc.
5.25%, 1/15/30		70,000		76,677
3.88%, 2/15/31		15,000		15,263
				2,452,739
COMPUTERS - 0.8%
Booz Allen Hamilton, Inc.
3.88%, 9/1/28 (a)		30,000		30,600
4.00%, 7/1/29 (a)		20,000		20,450
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		70,000		70,066
KBR, Inc., 4.75%, 9/30/28 (a)		75,000		75,000
NCR Corp., 6.13%, 9/1/29 (a)		75,000		81,750
Presidio Holdings, Inc., 4.88%, 2/1/27 (a)		35,000		36,007
Unisys Corp., 6.88%, 11/1/27 (a)		198,000		216,382
				530,255
COSMETICS & PERSONAL CARE - 0.3%
Coty, Inc., 5.00%, 4/15/26 (a)		177,000		179,474
DISTRIBUTION & WHOLESALE - 0.3%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28 (a)		15,000		15,370
3.88%, 11/15/29 (a)		25,000		24,844
G-III Apparel Group Ltd., 7.88%, 8/15/25 (a)		100,000		108,255
Performance Food Group, Inc., 5.50%, 10/15/27 (a)		30,000		31,575
				180,044
DIVERSIFIED FINANCIAL SERVICES - 4.2%
AG Issuer LLC, 6.25%, 3/1/28 (a)		35,000		36,879
Ally Financial, Inc., 5.75%, 11/20/25		100,000		114,858
Credit Acceptance Corp., 6.63%, 3/15/26		45,000		47,363
Curo Group Holdings Corp., 8.25%, 9/1/25 (a)		275,000		284,625
Enova International, Inc., 8.50%, 9/15/25 (a)		395,000		406,238
Global Aircraft Leasing Co. Ltd., 6.50% Cash, 7.25% PIK, 9/15/24 (a),(d)		107,381		107,959
goeasy Ltd., 5.38%, 12/1/24 (a)		110,000		113,461
LPL Holdings, Inc.
4.63%, 11/15/27 (a)		104,000		107,770
4.00%, 3/15/29 (a)		30,000		30,150
4.38%, 5/15/31 (a)		125,000		126,406
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/27 (a)		65,000		67,358
5.50%, 8/15/28 (a)		140,000		141,302

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 4.2% (Continued)
Navient Corp.
6.75%, 6/15/26	$	100,000	$	111,625
5.00%, 3/15/27		75,000		77,625
4.88%, 3/15/28		86,000		86,430
5.63%, 8/1/33		25,000		24,170
OneMain Finance Corp.
5.63%, 3/15/23		100,000		107,086
6.13%, 3/15/24		265,000		285,206
7.13%, 3/15/26		100,000		116,471
3.50%, 1/15/27		40,000		40,300
6.63%, 1/15/28		95,000		108,904
5.38%, 11/15/29		55,000		59,826
PHH Mortgage Corp., 7.88%, 3/15/26 (a)		15,000		15,488
Provident Funding Associates LP / PFG Finance Corp., 6.38%, 6/15/25 (a)		150,000		151,875
SLM Corp., 4.20%, 10/29/25		25,000		26,906
United Wholesale Mortgage LLC, 5.50%, 4/15/29 (a)		20,000		19,995
				2,816,276
ELECTRIC - 2.6%
Calpine Corp.
5.25%, 6/1/26 (a)		121,000		124,479
4.50%, 2/15/28 (a)		100,000		102,000
5.13%, 3/15/28 (a)		70,000		71,312
4.63%, 2/1/29 (a)		25,000		24,578
3.75%, 3/1/31 (a)		25,000		23,809
DPL, Inc., 4.35%, 4/15/29		25,000		27,117
Drax Finco PLC, 6.63%, 11/1/25 (a)		200,000		206,500
FirstEnergy Corp.
5.35%, 7/15/47		55,000		65,945
3.40%, 3/1/50		70,000		67,900
Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (a)		60,000		60,900
NextEra Energy Operating Partners LP, 4.25%, 7/15/24 (a)		50,000		52,750
NRG Energy, Inc., 7.25%, 5/15/26		400,000		414,642
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 8/15/28 (a)		40,000		41,408
PG&E Corp., 5.25%, 7/1/30		115,000		116,092
Talen Energy Supply LLC
7.25%, 5/15/27 (a)		225,000		209,939
6.63%, 1/15/28 (a)		70,000		64,050
Vistra Operations Co. LLC, 5.00%, 7/31/27 (a)		40,000		41,000
				1,714,421
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%
WESCO Distribution, Inc.
7.13%, 6/15/25 (a)		90,000		97,263
7.25%, 6/15/28 (a)		45,000		50,123
				147,386

See accompanying notes to financial statements.
55

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRONICS - 0.2%
Atkore, Inc., 4.25%, 6/1/31 (a)	$	60,000	$	60,768
Imola Merger Corp., 4.75%, 5/15/29 (a)		50,000		51,437
				112,205
ENERGY-ALTERNATE SOURCES - 0.2%
Renewable Energy Group, Inc., 5.88%, 6/1/28 (a)		30,000		31,405
TerraForm Power Operating LLC, 5.00%, 1/31/28 (a)		100,000		105,875
				137,280
ENGINEERING & CONSTRUCTION - 1.4%
AECOM, 5.13%, 3/15/27		190,000		211,612
Arcosa, Inc., 4.38%, 4/15/29 (a)		40,000		40,700
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26 (a)		150,000		157,905
Dycom Industries, Inc., 4.50%, 4/15/29 (a)		45,000		45,390
MasTec, Inc., 4.50%, 8/15/28 (a)		90,000		94,755
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26 (a)		90,000		92,475
PowerTeam Services LLC, 9.03%, 12/4/25 (a)		60,000		66,000
TopBuild Corp., 3.63%, 3/15/29 (a)		50,000		49,500
Tutor Perini Corp., 6.88%, 5/1/25 (a)		190,000		195,462
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28 (a)		15,000		15,525
				969,324
ENTERTAINMENT - 1.2%
Affinity Gaming, 6.88%, 12/15/27 (a)		15,000		15,919
Boyne USA, Inc., 4.75%, 5/15/29 (a)		62,000		63,967
Caesars Entertainment, Inc., 6.25%, 7/1/25 (a)		75,000		79,534
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 7/1/25 (a)		40,000		42,150
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25 (a)		80,000		83,500
Churchill Downs, Inc., 4.75%, 1/15/28 (a)		25,000		25,868
Everi Holdings, Inc., 5.00%, 7/15/29 (a)		20,000		20,000
International Game Technology PLC, 6.50%, 2/15/25 (a)		100,000		112,125
Jacobs Entertainment, Inc., 7.88%, 2/1/24 (a)		5,000		5,225
Live Nation Entertainment, Inc., 4.88%, 11/1/24 (a)		200,000		203,200
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29 (a)		40,000		40,050
Penn National Gaming, Inc., 4.13%, 7/1/29 (a)		30,000		29,850
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, 4.88%, 11/1/26 (a)		45,000		45,619
Six Flags Theme Parks, Inc., 7.00%, 7/1/25 (a)		15,000		16,166
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 7/15/26 (a)		45,000		46,674
				829,847

	Shares/ Principal		Fair Value
ENVIRONMENTAL CONTROL - 0.2%
GFL Environmental, Inc.
3.75%, 8/1/25 (a)	$	30,000	$	30,825
5.13%, 12/15/26 (a)		35,000		37,027
Madison IAQ LLC, 4.13%, 6/30/28 (a)		40,000		40,400
Stericycle, Inc., 3.88%, 1/15/29 (a)		35,000		34,931
				143,183
FOOD - 2.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 1/15/27 (a)		50,000		52,285
5.88%, 2/15/28 (a)		30,000		32,330
Ingles Markets, Inc., 4.00%, 6/15/31 (a)		25,000		24,969
Kraft Heinz Foods Co.
4.63%, 1/30/29		100,000		116,389
3.75%, 4/1/30		200,000		219,443
6.88%, 1/26/39		200,000		287,246
5.00%, 6/4/42		250,000		305,118
4.38%, 6/1/46		150,000		169,883
Pilgrim's Pride Corp., 5.88%, 9/30/27 (a)		50,000		53,250
Post Holdings, Inc.
5.75%, 3/1/27 (a)		300,000		313,875
4.63%, 4/15/30 (a)		50,000		50,750
SEG Holding LLC / SEG Finance Corp., 5.63%, 10/15/28 (a)		20,000		20,994
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 3/1/29 (a)		75,000		75,652
				1,722,184
FOREST PRODUCTS & PAPER - 0.3%
Clearwater Paper Corp., 4.75%, 8/15/28 (a)		15,000		14,944
Resolute Forest Products, Inc., 4.88%, 3/1/26 (a)		160,000		165,280
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/26 (a)		50,000		52,937
				233,161
GAS - 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.63%, 5/20/24		150,000		163,875
HEALTHCARE-PRODUCTS - 0.3%
Hologic, Inc., 3.25%, 2/15/29 (a)		75,000		74,344
Teleflex, Inc.
4.63%, 11/15/27		100,000		106,519
4.25%, 6/1/28 (a)		10,000		10,425
Varex Imaging Corp., 7.88%, 10/15/27 (a)		2,000		2,240
				193,528
HEALTHCARE-SERVICES - 6.0%
Acadia Healthcare Co., Inc.
5.50%, 7/1/28 (a)		100,000		106,750
5.00%, 4/15/29 (a)		25,000		26,073

See accompanying notes to financial statements.
56

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 6.0% (Continued)
Catalent Pharma Solutions, Inc.
5.00%, 7/15/27 (a)	$	40,000	$	41,798
3.13%, 2/15/29 (a)		45,000		43,577
Centene Corp.
5.38%, 6/1/26 (a)		120,000		125,252
5.38%, 8/15/26 (a)		170,000		177,650
4.25%, 12/15/27		30,000		31,613
Charles River Laboratories International, Inc., 4.25%, 5/1/28 (a)		25,000		25,844
CHS/Community Health Systems, Inc.
8.00%, 3/15/26 (a)		175,000		188,562
5.63%, 3/15/27 (a)		45,000		47,925
8.00%, 12/15/27 (a)		50,000		55,627
6.00%, 1/15/29 (a)		15,000		16,050
4.75%, 2/15/31 (a)		50,000		50,063
DaVita, Inc., 4.63%, 6/1/30 (a)		90,000		92,381
Encompass Health Corp., 4.50%, 2/1/28		45,000		46,686
HCA, Inc.
5.88%, 2/15/26		450,000		520,594
5.63%, 9/1/28		115,000		136,275
5.88%, 2/1/29		20,000		24,150
3.50%, 9/1/30		100,000		106,537
IQVIA, Inc.
5.00%, 10/15/26 (a)		200,000		206,500
5.00%, 5/15/27 (a)		200,000		209,500
Legacy LifePoint Health LLC, 4.38%, 2/15/27 (a)		35,000		35,306
MEDNAX, Inc., 6.25%, 1/15/27 (a)		25,000		26,469
ModivCare, Inc., 5.88%, 11/15/25 (a)		290,000		310,306
Molina Healthcare, Inc.
5.38%, 11/15/22		175,000		183,094
4.38%, 6/15/28 (a)		90,000		93,825
Prime Healthcare Services, Inc., 7.25%, 11/1/25 (a)		45,000		48,488
RP Escrow Issuer LLC, 5.25%, 12/15/25 (a)		45,000		46,969
Select Medical Corp., 6.25%, 8/15/26 (a)		215,000		228,979
Tenet Healthcare Corp.
6.75%, 6/15/23		90,000		98,212
4.63%, 7/15/24		100,000		101,470
7.50%, 4/1/25 (a)		30,000		32,363
5.13%, 11/1/27 (a)		255,000		267,431
6.13%, 10/1/28 (a)		210,000		224,028
US Acute Care Solutions LLC, 6.38%, 3/1/26 (a)		25,000		25,833
				4,002,180
HOME BUILDERS - 1.9%
Beazer Homes USA, Inc.
5.88%, 10/15/27		75,000		78,562
7.25%, 10/15/29		74,000		82,164
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 4.88%, 2/15/30 (a)		130,000		128,739

	Shares/ Principal		Fair Value
HOME BUILDERS - 1.9% (Continued)
Century Communities, Inc., 6.75%, 6/1/27	$	25,000	$	26,531
Empire Communities Corp., 7.00%, 12/15/25 (a)		35,000		36,750
Forestar Group, Inc., 3.85%, 5/15/26 (a)		60,000		60,543
KB Home, 6.88%, 6/15/27		90,000		107,100
LGI Homes, Inc., 4.00%, 7/15/29 (a)		45,000		45,225
M/I Homes, Inc., 4.95%, 2/1/28		125,000		130,406
Mattamy Group Corp.
5.25%, 12/15/27 (a)		60,000		62,700
4.63%, 3/1/30 (a)		15,000		15,322
Picasso Finance Sub, Inc., 6.13%, 6/15/25 (a)		42,000		44,404
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28 (a)		160,000		164,400
4.75%, 4/1/29 (a)		50,000		51,344
Taylor Morrison Communities, Inc., 5.75%, 1/15/28 (a)		25,000		28,225
Tri Pointe Homes, Inc.
5.25%, 6/1/27		75,000		81,375
5.70%, 6/15/28		15,000		16,538
Williams Scotsman International, Inc., 4.63%, 8/15/28 (a)		45,000		46,472
Winnebago Industries, Inc., 6.25%, 7/15/28 (a)		45,000		48,488
				1,255,288
HOME FURNISHINGS - 0.3%
Tempur Sealy International, Inc., 4.00%, 4/15/29 (a)		175,000		177,179
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26 (a)		10,000		10,441
				187,620
HOUSEHOLD PRODUCTS & WARES - 0.3%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/26 (a)		55,000		55,825
Spectrum Brands, Inc.
5.50%, 7/15/30 (a)		100,000		107,750
3.88%, 3/15/31 (a)		15,000		14,739
				178,314
HOUSEWARES - 0.3%
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (a)		25,000		26,797
Newell Brands, Inc.
4.70%, 4/1/26		100,000		111,512
5.88%, 4/1/36		25,000		30,813
				169,122
INSURANCE - 0.2%
AmWINS Group, Inc., 7.75%, 7/1/26 (a)		25,000		26,516
MGIC Investment Corp., 5.25%, 8/15/28		8,000		8,480
Radian Group, Inc.
6.63%, 3/15/25		50,000		56,425
4.88%, 3/15/27		40,000		43,500
				134,921

See accompanying notes to financial statements.
57

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
INTERNET - 1.5%
Arches Buyer, Inc., 4.25%, 6/1/28 (a)	$	55,000	$	54,381
Cogent Communications Group, Inc., 5.38%, 3/1/22 (a)		21,000		21,362
Match Group Holdings II LLC
5.00%, 12/15/27 (a)		150,000		157,687
4.63%, 6/1/28 (a)		30,000		31,088
5.63%, 2/15/29 (a)		155,000		167,400
4.13%, 8/1/30 (a)		85,000		86,487
Netflix, Inc., 4.88%, 6/15/30 (a)		325,000		386,523
NortonLifeLock, Inc., 5.00%, 4/15/25 (a)		55,000		55,768
TripAdvisor, Inc., 7.00%, 7/15/25 (a)		15,000		16,140
VeriSign, Inc., 4.75%, 7/15/27		30,000		31,838
				1,008,674
INVESTMENT COMPANIES - 1.2%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29 (a)		75,000		78,188
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24		250,000		261,250
6.38%, 12/15/25		200,000		206,750
6.25%, 5/15/26		190,000		201,590
4.38%, 2/1/29 (a)		60,000		59,700
				807,478
IRON & STEEL - 0.7%
Allegheny Technologies, Inc.
7.88%, 8/15/23		150,000		164,437
5.88%, 12/1/27		25,000		26,188
Big River Steel LLC / BRS Finance Corp., 6.63%, 1/31/29 (a)		60,000		66,075
Cleveland-Cliffs, Inc., 4.63%, 3/1/29 (a)		25,000		26,307
Commercial Metals Co., 5.38%, 7/15/27		100,000		105,750
Mineral Resources Ltd., 8.13%, 5/1/27 (a)		75,000		82,406
				471,163
LEISURE TIME - 1.4%
Carnival Corp.
11.50%, 4/1/23 (a)		200,000		226,250
7.63%, 3/1/26 (a)		30,000		32,587
9.88%, 8/1/27 (a)		60,000		70,050
Life Time, Inc., 5.75%, 1/15/26 (a)		10,000		10,364
Royal Caribbean Cruises Ltd.
10.88%, 6/1/23 (a)		35,000		39,856
9.13%, 6/15/23 (a)		10,000		10,975
11.50%, 6/1/25 (a)		250,000		288,125
4.25%, 7/1/26 (a)		30,000		29,963
Vista Outdoor, Inc., 4.50%, 3/15/29 (a)		210,000		213,675
				921,845
LODGING - 1.0%
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/25 (a)		20,000		21,050
4.88%, 1/15/30		45,000		48,037

	Shares/ Principal		Fair Value
LODGING - 1.0% (Continued)
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/29 (a)	$	45,000	$	46,012
4.88%, 7/1/31 (a)		45,000		44,944
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 4/1/27		200,000		208,500
Marriott Ownership Resorts, Inc.
6.13%, 9/15/25 (a)		70,000		74,442
4.75%, 1/15/28		35,000		35,864
Travel + Leisure Co.
6.00%, 4/1/27		75,000		82,624
4.63%, 3/1/30 (a)		14,000		14,430
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25 (a)		100,000		107,686
				683,589
MACHINERY-CONSTRUCTION & MINING - 0.4%
BWX Technologies, Inc., 4.13%, 6/30/28 (a)		115,000		117,012
Terex Corp., 5.00%, 5/15/29 (a)		160,000		166,800
				283,812
MACHINERY-DIVERSIFIED - 0.5%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28 (a)		60,000		61,425
Colfax Corp., 6.38%, 2/15/26 (a)		19,000		20,064
GrafTech Finance, Inc., 4.63%, 12/15/28 (a)		209,000		214,486
Stevens Holding Co., Inc., 6.13%, 10/1/26 (a)		50,000		53,625
				349,600
MEDIA - 7.3%
Altice Financing SA, 7.50%, 5/15/26 (a)		200,000		208,260
Block Communications, Inc., 4.88%, 3/1/28 (a)		25,000		25,500
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		100,000		104,924
5.38%, 6/1/29 (a)		550,000		601,205
4.75%, 3/1/30 (a)		115,000		121,469
4.50%, 8/15/30 (a)		100,000		104,250
CSC Holdings LLC
5.88%, 9/15/22		200,000		209,840
5.38%, 2/1/28 (a)		200,000		211,516
6.50%, 2/1/29 (a)		200,000		221,520
5.75%, 1/15/30 (a)		200,000		207,750
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26 (a)		48,000		50,133
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26 (a)		155,000		100,548
DISH DBS Corp.
5.88%, 11/15/24		235,000		252,331
7.75%, 7/1/26		125,000		141,563
7.38%, 7/1/28		40,000		43,045
Entercom Media Corp., 6.75%, 3/31/29 (a)		40,000		41,505
GCI LLC, 4.75%, 10/15/28 (a)		162,000		165,807

See accompanying notes to financial statements.
58

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MEDIA - 7.3% (Continued)
Gray Television, Inc., 5.88%, 7/15/26 (a)	$	121,000	$	124,932
iHeartCommunications, Inc.
5.25%, 8/15/27 (a)		29,000		30,317
4.75%, 1/15/28 (a)		20,000		20,575
Liberty Interactive LLC
8.50%, 7/15/29		100,000		113,962
8.25%, 2/1/30		125,000		142,876
News Corp., 3.88%, 5/15/29 (a)		50,000		50,500
Nexstar Broadcasting, Inc., 5.63%, 7/15/27 (a)		100,000		106,000
Radiate Holdco LLC / Radiate Finance, Inc., 4.50%, 9/15/26 (a)		50,000		51,750
Sinclair Television Group, Inc., 4.13%, 12/1/30 (a)		35,000		34,387
Sirius XM Radio, Inc.
4.00%, 7/15/28 (a)		95,000		97,951
5.50%, 7/1/29 (a)		50,000		54,485
TEGNA, Inc.
4.75%, 3/15/26 (a)		80,000		85,200
5.00%, 9/15/29		345,000		361,036
Townsquare Media, Inc., 6.88%, 2/1/26 (a)		195,000		208,650
Univision Communications, Inc., 5.13%, 2/15/25 (a)		200,000		204,040
Urban One, Inc., 7.38%, 2/1/28 (a)		10,000		10,800
Virgin Media Secured Finance PLC, 5.50%, 5/15/29 (a)		200,000		214,940
Ziggo BV, 5.50%, 1/15/27 (a)		150,000		155,812
				4,879,379
METAL FABRICATE & HARDWARE - 0.4%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27 (a)		145,000		150,513
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (a)		100,000		102,254
				252,767
MINING - 1.9%
Arconic Corp., 6.13%, 2/15/28 (a)		76,000		81,527
FMG Resources August 2006 Pty Ltd., 4.50%, 9/15/27 (a)		85,000		92,438
Freeport-McMoRan, Inc.
3.55%, 3/1/22		46,000		46,402
4.38%, 8/1/28		155,000		163,719
5.45%, 3/15/43		110,000		134,455
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28 (a)		98,000		108,780
New Gold, Inc., 7.50%, 7/15/27 (a)		30,000		32,550
Novelis Corp.
5.88%, 9/30/26 (a)		100,000		104,025
4.75%, 1/30/30 (a)		65,000		68,250
Taseko Mines Ltd., 7.00%, 2/15/26 (a)		398,000		414,915
				1,247,061

	Shares/ Principal		Fair Value
MISCELLANEOUS MANUFACTURING - 0.1%
Hillenbrand, Inc.
5.75%, 6/15/25	$	25,000	$	26,835
3.75%, 3/1/31		25,000		24,789
				51,624
OFFICE & BUSINESS EQUIPMENT - 0.4%
CDW LLC / CDW Finance Corp.
5.50%, 12/1/24		100,000		111,338
4.13%, 5/1/25		55,000		57,475
4.25%, 4/1/28		9,000		9,450
3.25%, 2/15/29		25,000		25,313
Xerox Holdings Corp., 5.50%, 8/15/28 (a)		60,000		62,339
				265,915
OIL & GAS - 10.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26 (a)		20,000		21,654
Antero Resources Corp.
5.00%, 3/1/25		25,000		25,587
8.38%, 7/15/26 (a)		25,000		28,437
7.63%, 2/1/29 (a)		110,000		122,100
5.38%, 3/1/30 (a)		35,000		35,722
Apache Corp.
4.63%, 11/15/25		45,000		48,600
4.88%, 11/15/27		25,000		27,075
4.25%, 1/15/30		15,000		15,825
5.10%, 9/1/40		147,000		153,982
4.75%, 4/15/43		60,000		61,273
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
8.25%, 12/31/28 (a)		20,000		22,000
5.88%, 6/30/29 (a)		50,000		50,000
Berry Petroleum Co. LLC, 7.00%, 2/15/26 (a)		25,000		25,375
Calumet Specialty Products Partners LP / Calumet Finance Corp.
7.75%, 4/15/23		50,000		49,750
9.25%, 7/15/24 (a)		40,000		44,000
11.00%, 4/15/25 (a)		71,000		77,212
Centennial Resource Production LLC
5.38%, 1/15/26 (a)		191,000		187,180
6.88%, 4/1/27 (a)		75,000		76,696
Chesapeake Energy Corp.
5.50%, 2/1/26 (a)		10,000		10,550
5.88%, 2/1/29 (a)		10,000		10,825
CNX Resources Corp., 7.25%, 3/14/27 (a)		75,000		80,367
Colgate Energy Partners III LLC, 5.88%, 7/1/29 (a)		40,000		41,450
Comstock Resources, Inc.
7.50%, 5/15/25 (a)		26,000		26,975
5.88%, 1/15/30 (a)		60,000		61,200

See accompanying notes to financial statements.
59

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
OIL & GAS - 10.3% (Continued)
Continental Resources, Inc.
4.50%, 4/15/23	$	33,000	$	34,485
4.38%, 1/15/28		60,000		66,200
5.75%, 1/15/31 (a)		25,000		29,945
4.90%, 6/1/44		30,000		33,975
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29 (a)		20,000		21,005
Devon Energy Corp.
8.25%, 8/1/23 (a)		58,000		66,075
5.88%, 6/15/28 (a)		24,000		26,723
Encino Acquisition Partners Holdings LLC, 8.50%, 5/1/28 (a)		35,000		35,700
Endeavor Energy Resources LP / EER Finance, Inc., 6.63%, 7/15/25 (a)		75,000		80,250
EQT Corp.
7.63%, 2/1/25		60,000		69,989
3.90%, 10/1/27		75,000		80,344
5.00%, 1/15/29		10,000		11,150
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/1/28 (a)		80,000		85,000
6.00%, 2/1/31 (a)		80,000		84,728
Independence Energy Finance LLC, 7.25%, 5/1/26 (a)		20,000		21,003
Indigo Natural Resources LLC, 5.38%, 2/1/29 (a)		25,000		26,125
Laredo Petroleum, Inc.
9.50%, 1/15/25		100,000		105,371
10.13%, 1/15/28		50,000		54,925
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26 (a)		50,000		51,563
Matador Resources Co., 5.88%, 9/15/26		115,000		118,450
MEG Energy Corp., 5.88%, 2/1/29 (a)		25,000		26,062
Murphy Oil Corp.
5.75%, 8/15/25		65,000		66,707
5.88%, 12/1/27		73,000		76,190
6.38%, 7/15/28		15,000		15,815
Northern Oil and Gas, Inc., 8.13%, 3/1/28 (a)		55,000		59,263
Oasis Petroleum, Inc., 6.38%, 6/1/26 (a)		230,000		239,828
Occidental Petroleum Corp.
2.70%, 8/15/22		192,000		195,840
2.90%, 8/15/24		425,000		434,563
5.50%, 12/1/25		45,000		49,688
6.38%, 9/1/28		70,000		81,725
3.50%, 8/15/29		250,000		250,000
6.63%, 9/1/30		35,000		42,300
6.13%, 1/1/31		25,000		29,344
6.45%, 9/15/36		145,000		173,362
4.30%, 8/15/39		25,000		23,875
4.40%, 4/15/46		125,000		120,062
4.40%, 8/15/49		150,000		144,000
Ovintiv Exploration, Inc., 5.38%, 1/1/26		375,000		422,761

	Shares/ Principal		Fair Value
OIL & GAS - 10.3% (Continued)
Ovintiv, Inc., 6.50%, 8/15/34	$	85,000	$	112,210
Par Petroleum LLC / Par Petroleum Finance Corp., 7.75%, 12/15/25 (a)		25,000		25,128
Parkland Corp., 5.88%, 7/15/27 (a)		40,000		42,635
PBF Holding Co. LLC / PBF Finance Corp.
7.25%, 6/15/25		30,000		22,950
6.00%, 2/15/28		25,000		17,125
PDC Energy, Inc., 5.75%, 5/15/26		130,000		135,808
Precision Drilling Corp.
7.13%, 1/15/26 (a)		50,000		51,500
6.88%, 1/15/29 (a)		80,000		82,400
Range Resources Corp.
5.00%, 3/15/23		100,000		103,500
9.25%, 2/1/26		125,000		137,812
8.25%, 1/15/29 (a)		25,000		28,188
SM Energy Co.
10.00%, 1/15/25 (a)		204,000		230,181
6.50%, 7/15/28		245,000		251,743
Southwestern Energy Co.
6.45%, 1/23/25		100,000		110,700
7.50%, 4/1/26		125,000		132,341
8.38%, 9/15/28		25,000		28,250
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		220,000		229,515
5.88%, 3/15/28		50,000		53,125
4.50%, 5/15/29 (a)		75,000		76,313
Talos Production, Inc., 12.00%, 1/15/26		65,000		68,900
Viper Energy Partners LP, 5.38%, 11/1/27 (a)		75,000		78,128
				6,876,678
OIL & GAS SERVICES - 0.8%
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28 (a)		50,000		52,195
Bristow Group, Inc., 6.88%, 3/1/28 (a)		45,000		45,900
Oceaneering International, Inc.
4.65%, 11/15/24		37,000		37,250
6.00%, 2/1/28		150,000		151,125
TechnipFMC PLC, 6.50%, 2/1/26 (a)		20,000		21,598
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 4/1/26		135,000		141,413
6.88%, 9/1/27		25,000		26,707
Weatherford International Ltd., 8.75%, 9/1/24 (a)		50,000		52,313
				528,501
PACKAGING & CONTAINERS - 1.1%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 5.25%, 8/15/27 (a)		200,000		204,000
Ball Corp.
5.25%, 7/1/25		100,000		112,875
2.88%, 8/15/30		60,000		58,897

See accompanying notes to financial statements.
60

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
PACKAGING & CONTAINERS - 1.1% (Continued)
Cascades, Inc./Cascades USA, Inc., 5.13%, 1/15/26 (a)	$	25,000	$	26,625
Greif, Inc., 6.50%, 3/1/27 (a)		55,000		58,008
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co.-Issuer LLC, 6.00%, 9/15/28 (a)		25,000		26,000
Intertape Polymer Group, Inc., 4.38%, 6/15/29 (a)		50,000		50,751
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24 (a)		100,000		101,000
Plastipak Holdings, Inc., 6.25%, 10/15/25 (a)		100,000		102,250
Silgan Holdings, Inc., 4.13%, 2/1/28		15,000		15,563
				755,969
PHARMACEUTICALS - 2.0%
AdaptHealth LLC, 6.13%, 8/1/28 (a)		35,000		37,271
Bausch Health Americas, Inc., 8.50%, 1/31/27 (a)		110,000		119,559
Bausch Health Cos., Inc.
5.50%, 11/1/25 (a)		60,000		61,560
7.00%, 1/15/28 (a)		55,000		56,650
5.00%, 1/30/28 (a)		155,000		147,031
7.25%, 5/30/29 (a)		100,000		102,191
5.25%, 2/15/31 (a)		40,000		37,338
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 9/1/25 (a)		75,000		81,562
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27 (a)		250,000		265,313
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31 (a)		200,000		206,040
Owens & Minor, Inc., 4.50%, 3/31/29 (a)		60,000		61,650
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25 (a)		40,000		42,000
Par Pharmaceutical, Inc., 7.50%, 4/1/27 (a)		75,000		76,688
Vizient, Inc., 6.25%, 5/15/27 (a)		20,000		21,075
				1,315,928
PIPELINES - 5.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.75%, 3/1/27 (a)		20,000		20,800
5.75%, 1/15/28 (a)		65,000		68,398
5.38%, 6/15/29 (a)		110,000		114,675
Buckeye Partners LP
4.13%, 3/1/25 (a)		25,000		25,906
5.85%, 11/15/43		50,000		49,625
Cheniere Energy, Inc., 4.63%, 10/15/28 (a)		40,000		42,200
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.75%, 4/1/25		100,000		102,820
5.63%, 5/1/27 (a)		150,000		153,937
6.00%, 2/1/29 (a)		105,000		109,988
DCP Midstream Operating LP
5.38%, 7/15/25		105,000		116,938
5.60%, 4/1/44		70,000		77,000

	Shares/ Principal		Fair Value
PIPELINES - 5.1% (Continued)
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28 (a)	$	15,000	$	15,825
DT Midstream, Inc.
4.13%, 6/15/29 (a)		35,000		35,537
4.38%, 6/15/31 (a)		35,000		35,656
EnLink Midstream LLC
5.63%, 1/15/28 (a)		40,000		42,256
5.38%, 6/1/29		25,000		26,090
EnLink Midstream Partners LP
4.15%, 6/1/25		75,000		78,550
5.45%, 6/1/47		75,000		66,563
EQM Midstream Partners LP
6.50%, 7/1/27 (a)		160,000		178,400
5.50%, 7/15/28		22,000		23,773
6.50%, 7/15/48		28,000		29,960
Genesis Energy LP / Genesis Energy Finance Corp.
6.50%, 10/1/25		120,000		121,050
8.00%, 1/15/27		50,000		52,531
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		50,000		53,000
6.88%, 1/15/29		135,000		144,787
Harvest Midstream I LP, 7.50%, 9/1/28 (a)		25,000		27,150
Hess Midstream Operations LP
5.63%, 2/15/26 (a)		95,000		99,085
5.13%, 6/15/28 (a)		50,000		52,437
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28 (a)		175,000		178,938
ITT Holdings LLC, 6.50%, 8/1/29 (a)		95,000		97,053
New Fortress Energy, Inc.
6.75%, 9/15/25 (a)		65,000		66,706
6.50%, 9/30/26 (a)		75,000		76,635
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 9/15/24 (a)		66,000		66,899
5.50%, 1/15/28 (a)		200,000		203,500
6.00%, 12/31/30 (a)		55,000		57,179
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
5.88%, 4/15/26		70,000		73,522
5.00%, 1/15/28		100,000		105,500
6.88%, 1/15/29		50,000		56,331
5.50%, 3/1/30		25,000		27,491
4.88%, 2/1/31 (a)		25,000		27,063
4.00%, 1/15/32 (a)		50,000		51,433
Western Midstream Operating LP
5.30%, 2/1/30		165,000		184,800
5.30%, 3/1/48		120,000		127,800
6.50%, 2/1/50		15,000		17,288
				3,383,075

See accompanying notes to financial statements.
61

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
REAL ESTATE - 0.5%
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/25 (a)	$	50,000	$	52,810
Greystar Real Estate Partners LLC, 5.75%, 12/1/25 (a)		35,000		35,980
Howard Hughes Corp. (The), 4.38%, 2/1/31 (a)		40,000		39,855
Hunt Cos., Inc., 5.25%, 4/15/29 (a)		150,000		145,500
Kennedy-Wilson, Inc., 5.00%, 3/1/31		35,000		36,006
				310,151
REITS - 4.5%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26 (a)		80,000		84,100
EPR Properties, 3.75%, 8/15/29		15,000		15,039
Iron Mountain, Inc.
5.25%, 7/15/30 (a)		270,000		285,817
4.50%, 2/15/31 (a)		90,000		91,125
5.63%, 7/15/32 (a)		225,000		240,822
iStar, Inc., 4.25%, 8/1/25		100,000		102,875
Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp.
5.25%, 10/1/25 (a)		50,000		50,875
4.25%, 2/1/27 (a)		25,000		24,897
4.75%, 6/15/29 (a)		55,000		55,069
MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.
5.63%, 5/1/24		500,000		541,476
4.63%, 6/15/25 (a)		40,000		42,750
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27		150,000		158,700
New Residential Investment Corp., 6.25%, 10/15/25 (a)		25,000		25,024
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/1/28 (a)		185,000		197,003
RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 2/15/29 (a)		30,000		30,025
RLJ Lodging Trust LP, 3.75%, 7/1/26 (a)		25,000		25,250
SBA Communications Corp., 4.88%, 9/1/24		100,000		101,750
Service Properties Trust
4.65%, 3/15/24		50,000		50,910
7.50%, 9/15/25		215,000		243,504
5.50%, 12/15/27		15,000		16,017
4.38%, 2/15/30		5,000		4,762
Starwood Property Trust, Inc.
4.75%, 3/15/25		145,000		150,800
3.63%, 7/15/26 (a)		25,000		25,187
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 2/15/25 (a)		150,000		160,312
VICI Properties LP / VICI Note Co., Inc.
4.25%, 12/1/26 (a)		25,000		26,006
3.75%, 2/15/27 (a)		50,000		50,856
4.63%, 12/1/29 (a)		48,000		51,000
4.13%, 8/15/30 (a)		70,000		71,877

	Shares/ Principal		Fair Value
REITS - 4.5% (Continued)
XHR LP
6.38%, 8/15/25 (a)	$	55,000	$	58,506
4.88%, 6/1/29 (a)		25,000		25,813
				3,008,147
RETAIL - 4.3%
1011778 BC ULC / New Red Finance, Inc.
5.75%, 4/15/25 (a)		40,000		42,350
3.88%, 1/15/28 (a)		80,000		81,000
4.38%, 1/15/28 (a)		40,000		40,550
4.00%, 10/15/30 (a)		145,000		140,288
Abercrombie & Fitch Management Co., 8.75%, 7/15/25 (a)		125,000		138,581
Academy Ltd., 6.00%, 11/15/27 (a)		75,000		80,156
Ambience Merger Sub, Inc., 4.88%, 7/15/28 (a)		35,000		35,131
Asbury Automotive Group, Inc., 4.75%, 3/1/30		70,000		73,150
Beacon Roofing Supply, Inc., 4.13%, 5/15/29 (a)		60,000		59,847
Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 4/15/29 (a)		30,000		30,825
Group 1 Automotive, Inc., 4.00%, 8/15/28 (a)		110,000		111,788
GYP Holdings III Corp., 4.63%, 5/1/29 (a)		25,000		25,094
IRB Holding Corp., 7.00%, 6/15/25 (a)		60,000		64,780
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/1/27 (a)		50,000		52,313
L Brands, Inc.
9.38%, 7/1/25 (a)		15,000		19,388
6.69%, 1/15/27		50,000		58,826
5.25%, 2/1/28		25,000		27,969
7.50%, 6/15/29		100,000		117,750
6.63%, 10/1/30 (a)		55,000		63,525
6.88%, 11/1/35		225,000		285,187
Lithia Motors, Inc., 4.38%, 1/15/31 (a)		105,000		112,467
Macy's Retail Holdings LLC, 5.88%, 4/1/29 (a)		15,000		16,131
Macy's, Inc., 8.38%, 6/15/25 (a)		50,000		55,060
Magic Mergeco, Inc., 5.25%, 5/1/28 (a)		50,000		51,297
Murphy Oil USA, Inc., 4.75%, 9/15/29		100,000		105,000
QVC, Inc.
4.45%, 2/15/25		100,000		106,799
4.75%, 2/15/27		150,000		158,949
4.38%, 9/1/28		90,000		91,800
5.95%, 3/15/43		20,000		20,250
Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/1/25		100,000		103,250
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 9/30/26 (a)		45,000		46,999
Staples, Inc., 7.50%, 4/15/26 (a)		100,000		103,750
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29 (a)		20,000		20,600
Victoria's Secret & Co., 4.63%, 7/15/29 (a)		100,000		100,000
Yum! Brands, Inc.
7.75%, 4/1/25 (a)		5,000		5,437

See accompanying notes to financial statements.
62

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
RETAIL - 4.3% (Continued)
4.75%, 1/15/30 (a)	$	125,000	$	135,314
3.63%, 3/15/31		100,000		99,500
				2,881,101
SEMICONDUCTORS - 0.7%
Amkor Technology, Inc., 6.63%, 9/15/27 (a)		100,000		107,875
Entegris, Inc.
4.38%, 4/15/28 (a)		50,000		52,187
3.63%, 5/1/29 (a)		15,000		15,188
Microchip Technology, Inc., 4.25%, 9/1/25		35,000		36,749
Qorvo, Inc., 4.38%, 10/15/29		230,000		250,636
				462,635
SOFTWARE - 2.9%
ACI Worldwide, Inc., 5.75%, 8/15/26 (a)		25,000		26,219
Boxer Parent Co., Inc., 7.13%, 10/2/25 (a)		15,000		16,050
BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 1/31/26 (a)		20,000		20,950
Camelot Finance SA, 4.50%, 11/1/26 (a)		215,000		224,944
Clarivate Science Holdings Corp., 3.88%, 6/30/28 (a)		45,000		45,228
Dun & Bradstreet Corp. (The), 6.88%, 8/15/26 (a)		30,000		31,800
Elastic NV, 4.13%, 7/15/29 (a)		105,000		105,000
Fair Isaac Corp.
5.25%, 5/15/26 (a)		60,000		67,500
4.00%, 6/15/28 (a)		120,000		124,039
J2 Global, Inc., 4.63%, 10/15/30 (a)		190,000		196,707
MicroStrategy, Inc., 6.13%, 6/15/28 (a)		40,000		39,950
MSCI, Inc.
5.38%, 5/15/27 (a)		145,000		154,425
4.00%, 11/15/29 (a)		60,000		63,150
3.63%, 9/1/30 (a)		105,000		107,207
3.88%, 2/15/31 (a)		95,000		98,587
Nuance Communications, Inc., 5.63%, 12/15/26		100,000		104,402
PTC, Inc.
3.63%, 2/15/25 (a)		75,000		77,250
4.00%, 2/15/28 (a)		45,000		46,485
SS&C Technologies, Inc., 5.50%, 9/30/27 (a)		200,000		211,940
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25 (a)		150,000		156,188
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 2/1/29 (a)		45,000		44,719
				1,962,740
TELECOMMUNICATIONS - 4.4%
Altice France SA, 5.50%, 1/15/28 (a)		200,000		207,540
Avaya, Inc., 6.13%, 9/15/28 (a)		125,000		133,787
CommScope, Inc.
5.50%, 3/1/24 (a)		95,000		97,731
6.00%, 3/1/26 (a)		65,000		68,621
Consolidated Communications, Inc., 6.50%, 10/1/28 (a)		15,000		16,136

	Shares/ Principal		Fair Value
TELECOMMUNICATIONS - 4.4% (Continued)
Embarq Corp., 8.00%, 6/1/36	$	25,000	$	28,341
Frontier Communications Corp.
5.88%, 10/15/27 (a)		15,000		16,069
5.00%, 5/1/28 (a)		40,000		41,353
Hughes Satellite Systems Corp., 5.25%, 8/1/26		35,000		39,200
Level 3 Financing, Inc., 4.63%, 9/15/27 (a)		190,000		197,205
LogMeIn, Inc., 5.50%, 9/1/27 (a)		55,000		56,928
Lumen Technologies, Inc.
6.88%, 1/15/28		100,000		111,812
5.38%, 6/15/29 (a)		65,000		66,063
7.60%, 9/15/39		50,000		56,875
7.65%, 3/15/42		65,000		72,962
Nokia Oyj, 4.38%, 6/12/27		100,000		110,461
Sable International Finance Ltd., 5.75%, 9/7/27 (a)		200,000		210,440
Sprint Capital Corp.
6.88%, 11/15/28		100,000		128,250
8.75%, 3/15/32		60,000		91,200
Sprint Corp., 7.63%, 3/1/26		50,000		61,000
Telecom Italia Capital SA
6.38%, 11/15/33		140,000		166,950
6.00%, 9/30/34		50,000		57,687
Telesat Canada / Telesat LLC
5.63%, 11/6/26 (a)		20,000		20,050
4.88%, 6/1/27 (a)		75,000		72,375
6.50%, 10/15/27 (a)		305,000		290,513
T-Mobile USA, Inc.
4.75%, 2/1/28		150,000		160,687
2.88%, 2/15/31		45,000		44,663
Viasat, Inc., 5.63%, 4/15/27 (a)		150,000		156,575
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28 (a)		80,000		82,400
Zayo Group Holdings, Inc., 4.00%, 3/1/27 (a)		80,000		79,450
				2,943,324
TRANSPORTATION - 0.1%
XPO Logistics, Inc., 6.25%, 5/1/25 (a)		35,000		37,321
TRUCKING & LEASING - 0.8%
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/1/25 (a)		165,000		171,394
9.75%, 8/1/27 (a)		315,000		364,219
5.50%, 5/1/28 (a)		30,000		31,237
				566,850
WATER - 0.1%
Solaris Midstream Holdings LLC, 7.63%, 4/1/26 (a)		40,000		42,400
TOTAL CORPORATE BONDS AND NOTES (Cost - $62,145,498)				65,440,863

See accompanying notes to financial statements.
63

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 0.1%
OIL, GAS & CONSUMABLE FUELS - 0.1%
SM Energy Co. (Cost - $0)		1,497	$	36,871
SHORT-TERM INVESTMENTS - 1.7%
MONEY MARKET FUNDS - 1.7%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (f) (Cost - $1,157,882)		1,157,882		1,157,882
TOTAL INVESTMENTS - 99.8% (Cost - $63,303,380)			$	66,635,616
OTHER ASSETS LESS LIABILITIES - NET 0.2%				122,344
TOTAL NET ASSETS - 100.0%			$	66,757,960

† Represents less than 0.05%.

(b) Step coupon.

(d) PIK - Pay-in-kind security.

(e) Variable rate security. The rate shown is the rate in effect at period end.

(f) The rate shown is the annualized seven-day yield at period end.

CMT - Treasury Constant Maturity Rate

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		98.0	%
Common Stocks		0.1	%
Short-Term Investments		1.7	%
Other Assets less Liabilities - Net		0.2	%
		100.0	%

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

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 10 Year Note Future	Goldman Sachs & Co.		1	9/21/2021	$	132,500	$	547
U.S. 10 Year Ultra Future	Goldman Sachs & Co.		5	9/21/2021		736,016		12,700
U.S. 2 Year Note Future	Goldman Sachs & Co.		2	9/30/2021		440,640		(734	)
U.S. 5 Year Note Future	Goldman Sachs & Co.		1	9/30/2021		123,430		(438	)
U.S. Long Bond Future	Goldman Sachs & Co.		2	9/21/2021		321,500		7,397
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	19,472

See accompanying notes to financial statements.
64

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 45.0%
AEROSPACE & DEFENSE - 1.2%
BOEING CO. (THE)
2.60%, 10/30/25	$	150,000	$	156,275
3.45%, 11/1/28		100,000		106,596
Northrop Grumman Corp.
3.25%, 1/15/28		300,000		327,936
4.75%, 6/1/43		50,000		64,551
Raytheon Technologies Corp.
3.95%, 8/16/25		275,000		305,950
4.05%, 5/4/47		25,000		29,409
4.63%, 11/16/48		25,000		32,185
				1,022,902
AGRICULTURE - 0.2%
BAT Capital Corp.
2.26%, 3/25/28		150,000		149,004
4.76%, 9/6/49		25,000		27,108
				176,112
AUTO MANUFACTURERS - 0.5%
General Motors Co., 4.00%, 4/1/25	$	50,000		54,661
General Motors Financial Co., Inc.
4.30%, 7/13/25		75,000		82,933
1.50%, 6/10/26		125,000		124,411
5.65%, 1/17/29		25,000		30,440
2.35%, 1/8/31		125,000		123,717
				416,162
BANKS - 11.4%
Banco Santander SA
2.75%, 5/28/25		200,000		210,835
4.25%, 4/11/27		200,000		225,792
Bank of America Corp.
3.86%, (3 Month US Libor + 0.94%), 7/23/24 (a)		50,000		53,307
4.20%, 8/26/24		165,000		180,907
4.18%, 11/25/27		25,000		28,023
3.42%, (3 Month US Libor + 1.04%), 12/20/28 (a)		108,000		117,666
4.27%, (3 Month US Libor + 1.31%), 7/23/29 (a)		125,000		143,719
2.88%, (3 Month US Libor + 1.19%), 10/22/30 (a)		100,000		105,444
2.50%, (3 Month US Libor + 0.99%), 2/13/31 (a)		25,000		25,552
2.59%, (SOFR + 2.15%), 4/29/31 (a)		375,000		387,031
1.90%, (SOFR + 1.53%), 7/23/31 (a)		100,000		97,333
6.11%, 1/29/37		100,000		137,009
Barclays PLC
4.61%, (3 Month US Libor + 1.40%), 2/15/23 (a)		225,000		230,712
2.85%, (SOFR + 2.71%), 5/7/26 (a)		200,000		211,369
BNP Paribas SA
3.38%, 1/9/25 (b)		252,000		270,372

	Shares/ Principal		Fair Value
BANKS - 11.4% (Continued)
1.32%, (SOFR + 1.00%), 1/13/27 (a),(b)	$	225,000	$	222,368
BPCE SA, 4.00%, 9/12/23 (b)		250,000		267,977
Citigroup, Inc.
4.04%, (3 Month US Libor + 1.02%), 6/1/24 (a)		105,000		111,840
4.60%, 3/9/26		75,000		85,415
3.40%, 5/1/26		200,000		218,406
4.45%, 9/29/27		125,000		142,800
3.67%, (3 Month US Libor + 1.39%), 7/24/28 (a)		50,000		55,173
4.13%, 7/25/28		100,000		112,774
2.98%, (SOFR + 1.42%), 11/5/30 (a)		100,000		106,024
Comerica Bank, 2.50%, 7/23/24		300,000		315,633
Credit Suisse Group AG, 4.55%, 4/17/26		255,000		288,937
Deutsche Bank AG
2.22%, (SOFR + 2.16%), 9/18/24 (a)		150,000		154,033
2.13%, (SOFR + 1.87%), 11/24/26 (a)		225,000		228,401
Fifth Third Bancorp, 2.38%, 1/28/25		85,000		89,135
HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26 (a)		225,000		228,097
Huntington Bancshares, Inc., 4.00%, 5/15/25		150,000		166,354
ING Groep NV, 4.63%, 1/6/26 (b)		225,000		256,866
JPMorgan Chase & Co.
3.56%, (3 Month US Libor + 0.73%), 4/23/24 (a)		40,000		42,178
3.80%, (3 Month US Libor + 0.89%), 7/23/24 (a)		50,000		53,270
4.02%, (3 Month US Libor + 1.00%), 12/5/24 (a)		125,000		134,897
2.30%, (SOFR + 1.16%), 10/15/25 (a)		150,000		156,241
3.30%, 4/1/26		225,000		246,202
3.96%, (3 Month US Libor + 1.25%), 1/29/27 (a)		175,000		194,960
3.51%, (3 Month US Libor + 0.95%), 1/23/29 (a)		125,000		137,725
2.96%, (SOFR + 2.52%), 5/13/31 (a)		50,000		52,579
Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27 (a),(b)		75,000		74,401
Mitsubishi UFJ Financial Group, Inc., 3.75%, 7/18/39		225,000		256,444
Morgan Stanley
3.74%, (3 Month US Libor + 0.85%), 4/24/24 (a)		50,000		52,880
3.70%, 10/23/24		275,000		300,050
2.72%, (SOFR + 1.15%), 7/22/25 (a)		75,000		78,889
3.63%, 1/20/27		400,000		443,560
3.95%, 4/23/27		75,000		83,855
4.43%, (3 Month US Libor + 1.63%), 1/23/30 (a)		50,000		58,626
2.70%, (SOFR + 1.14%), 1/22/31 (a)		200,000		209,655
3.62%, (SOFR + 3.12%), 4/1/31 (a)		75,000		83,805
1.79%, (SOFR + 1.03%), 2/13/32 (a)		125,000		120,244

See accompanying notes to financial statements.
65

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
BANKS - 11.4% (Continued)
Natwest Group PLC, 4.52%, (3 Month US Libor + 1.55%), 6/25/24 (a)	$	300,000	$	322,038
Standard Chartered PLC, 4.25%, (3 Month US Libor + 1.15%), 1/20/23 (a),(b)		375,000		382,624
Wells Fargo & Co.
3.75%, 1/24/24		55,000		59,154
3.55%, 9/29/25		125,000		137,440
3.00%, 10/23/26		325,000		350,648
4.30%, 7/22/27		100,000		114,079
4.15%, 1/24/29		25,000		28,761
Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34 (a)		75,000		82,310
				9,732,819
BEVERAGES - 1.5%
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 2/1/36		200,000		245,825
4.90%, 2/1/46		375,000		473,259
Constellation Brands, Inc.
4.40%, 11/15/25		200,000		225,650
3.60%, 2/15/28		100,000		110,870
3.15%, 8/1/29		125,000		134,176
Keurig Dr Pepper, Inc.
5.09%, 5/25/48		25,000		32,987
3.80%, 5/1/50		25,000		28,194
				1,250,961
BIOTECHNOLOGY - 0.3%
Amgen, Inc., 3.13%, 5/1/25		175,000		188,512
Royalty Pharma PLC, 1.20%, 9/2/25 (b)		100,000		99,128
				287,640
BUILDING MATERIALS - 0.4%
Carrier Global Corp.
2.49%, 2/15/27		225,000		235,610
2.72%, 2/15/30		75,000		77,832
Masco Corp., 1.50%, 2/15/28		50,000		48,860
				362,302
CHEMICALS - 0.6%
DuPont de Nemours, Inc., 4.21%, 11/15/23		175,000		189,603
International Flavors & Fragrances, Inc.
1.83%, 10/15/27 (b)		100,000		99,772
2.30%, 11/1/30 (b)		200,000		199,096
				488,471
COMMERCIAL SERVICES - 0.7%
Emory University, 2.14%, 9/1/30		160,000		163,597
Global Payments, Inc.
2.65%, 2/15/25		75,000		79,048
3.20%, 8/15/29		50,000		53,569
PayPal Holdings, Inc., 1.65%, 6/1/25		225,000		231,258
S&P Global, Inc., 2.95%, 1/22/27		50,000		53,986
				581,458

	Shares/ Principal		Fair Value
COMPUTERS - 1.5%
Amdocs Ltd., 2.54%, 6/15/30	$	75,000	$	75,072
Apple, Inc., 3.25%, 2/23/26		175,000		192,137
Dell International LLC / EMC Corp.
5.45%, 6/15/23		200,000		216,950
5.85%, 7/15/25		25,000		29,347
6.02%, 6/15/26		200,000		240,202
Hewlett Packard Enterprise Co.
4.45%, 10/2/23		225,000		243,295
4.65%, 10/1/24		100,000		111,187
4.90%, 10/15/25		50,000		56,941
6.35%, 10/15/45		60,000		80,650
				1,245,781
DIVERSIFIED FINANCIAL SERVICES - 2.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 1/16/24		175,000		190,542
Air Lease Corp.
2.30%, 2/1/25		175,000		180,769
3.38%, 7/1/25		100,000		107,451
2.88%, 1/15/26		75,000		78,848
3.75%, 6/1/26		175,000		191,560
American Express Co.
2.50%, 7/30/24		35,000		36,892
3.63%, 12/5/24		175,000		191,294
Aviation Capital Group LLC, 1.95%, 1/30/26 (b)		75,000		75,051
Avolon Holdings Funding Ltd.
3.95%, 7/1/24 (b)		75,000		80,000
2.88%, 2/15/25 (b)		150,000		154,490
4.25%, 4/15/26 (b)		25,000		27,103
Capital One Financial Corp.
3.50%, 6/15/23		75,000		79,334
3.30%, 10/30/24		65,000		70,013
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25		250,000		272,889
Intercontinental Exchange, Inc., 3.00%, 6/15/50		50,000		49,248
Nasdaq, Inc., 3.25%, 4/28/50		25,000		25,086
Visa, Inc., 3.15%, 12/14/25		100,000		109,440
				1,920,010
ELECTRIC - 2.8%
Alliant Energy Finance LLC, 3.75%, 6/15/23 (b)		50,000		52,960
Ameren Corp., 3.50%, 1/15/31		25,000		27,422
American Electric Power Co., Inc., 2.30%, 3/1/30		50,000		50,593
Avangrid, Inc., 3.20%, 4/15/25		50,000		53,716
Berkshire Hathaway Energy Co.
3.70%, 7/15/30		75,000		85,066
6.13%, 4/1/36		74,000		104,199
Dominion Energy, Inc.
3.07%, 8/15/24 (c)		175,000		185,527
3.38%, 4/1/30		50,000		54,500
Duke Energy Carolinas LLC, 3.95%, 3/15/48		25,000		29,388

See accompanying notes to financial statements.
66

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRIC - 2.8% (Continued)
Duke Energy Corp., 3.15%, 8/15/27	$	200,000	$	215,953
Duquesne Light Holdings, Inc., 2.53%, 10/1/30 (b)		100,000		98,349
Entergy Corp., 2.95%, 9/1/26		175,000		186,727
Exelon Corp., 4.05%, 4/15/30		50,000		57,003
FirstEnergy Corp.
2.65%, 3/1/30		150,000		149,625
2.25%, 9/1/30		50,000		48,000
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28		80,000		80,718
NRG Energy, Inc., 3.75%, 6/15/24 (b)		150,000		159,841
Pacific Gas and Electric Co.
2.10%, 8/1/27		25,000		24,293
2.50%, 2/1/31		50,000		46,914
3.30%, 8/1/40		25,000		22,598
3.50%, 8/1/50		50,000		44,598
Sempra Energy, 3.40%, 2/1/28		125,000		137,459
Southern California Edison Co., 4.20%, 3/1/29		100,000		113,077
Southern Co. (The), 3.25%, 7/1/26		350,000		379,608
				2,408,134
ENGINEERING & CONSTRUCTION - 0.2%
Mexico City Airport Trust, 3.88%, 4/30/28 (b)		200,000		210,834
ENVIRONMENTAL CONTROL - 0.3%
Republic Services, Inc.
2.50%, 8/15/24		150,000		157,433
1.75%, 2/15/32		100,000		95,279
				252,712
FOOD - 0.4%
JM Smucker Co. (The), 2.38%, 3/15/30		50,000		50,987
Mars, Inc., 2.70%, 4/1/25 (b)		50,000		53,108
Sysco Corp., 6.60%, 4/1/50		50,000		77,817
Tyson Foods, Inc., 3.90%, 9/28/23		125,000		134,240
				316,152
GAS - 0.6%
East Ohio Gas Co. (The), 1.30%, 6/15/25 (b)		50,000		50,474
NiSource, Inc.
3.49%, 5/15/27		400,000		440,177
3.60%, 5/1/30		25,000		27,708
				518,359
HEALTHCARE-PRODUCTS - 0.8%
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30		50,000		53,532
DH Europe Finance II SARL, 2.20%, 11/15/24		125,000		130,425
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31		75,000		76,474
Thermo Fisher Scientific, Inc., 3.65%, 12/15/25		200,000		220,701
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30		175,000		191,731
				672,863

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 0.9%
Adventist Health System, 2.95%, 3/1/29	$	25,000	$	26,377
Banner Health, 2.34%, 1/1/30		145,000		147,496
Baylor Scott & White Holdings, 1.78%, 11/15/30		50,000		48,967
CommonSpirit Health, 3.91%, 10/1/50		110,000		120,998
Rush Obligated Group, 3.92%, 11/15/29		60,000		67,988
Stanford Health Care, 3.31%, 8/15/30		35,000		38,642
Sutter Health
2.29%, 8/15/30		25,000		25,239
4.09%, 8/15/48		225,000		269,795
				745,502
INSURANCE - 1.1%
AIA Group Ltd., 3.20%, 3/11/25 (b)		200,000		212,656
American International Group, Inc.
3.90%, 4/1/26		175,000		195,368
3.40%, 6/30/30		50,000		54,887
Marsh & McLennan Cos., Inc., 4.38%, 3/15/29		100,000		117,318
New York Life Insurance Co., 3.75%, 5/15/50 (b)		50,000		55,878
Principal Financial Group, Inc.
3.10%, 11/15/26		75,000		81,313
2.13%, 6/15/30		100,000		99,691
Willis North America, Inc., 2.95%, 9/15/29		50,000		52,551
XLIT Ltd., 4.45%, 3/31/25		50,000		56,116
				925,778
INTERNET - 0.1%
Expedia Group, Inc., 2.95%, 3/15/31		50,000		50,758
IRON & STEEL - 0.0%†
Steel Dynamics, Inc., 2.40%, 6/15/25		30,000		31,382
MACHINERY-DIVERSIFIED - 0.3%
Otis Worldwide Corp., 2.57%, 2/15/30		250,000		259,175
MEDIA - 1.0%
Comcast Corp.
3.70%, 4/15/24		150,000		162,666
3.10%, 4/1/25		50,000		54,077
3.95%, 10/15/25		125,000		140,112
3.30%, 4/1/27		125,000		137,853
3.75%, 4/1/40		25,000		28,218
Fox Corp.
4.03%, 1/25/24		75,000		81,253
4.71%, 1/25/29		50,000		58,753
Walt Disney Co. (The), 3.70%, 9/15/24		200,000		217,584
				880,516
MINING - 0.6%
Glencore Funding LLC
4.63%, 4/29/24 (b)		250,000		274,044
1.63%, 4/27/26 (b)		75,000		75,288
Newcrest Finance Pty Ltd., 3.25%, 5/13/30 (b)		25,000		26,893
Newmont Corp., 2.25%, 10/1/30		150,000		149,759
				525,984

See accompanying notes to financial statements.
67

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
MISCELLANEOUS MANUFACTURING - 0.1%
General Electric Co.
2.70%, 10/9/22	$	25,000	$	25,686
3.45%, 5/1/27		25,000		27,501
				53,187
OIL & GAS - 2.1%
BP Capital Markets America, Inc.
3.22%, 4/14/24		25,000		26,659
3.41%, 2/11/26		50,000		54,732
Gazprom PJSC Via Gaz Capital SA, 4.95%, 3/23/27		400,000		446,400
Lukoil Securities BV, 3.88%, 5/6/30		200,000		211,432
Marathon Petroleum Corp.
4.50%, 5/1/23		125,000		133,294
3.63%, 9/15/24		50,000		53,801
3.80%, 4/1/28		25,000		27,864
Occidental Petroleum Corp., 2.90%, 8/15/24		150,000		153,375
Phillips 66
3.70%, 4/6/23		75,000		79,175
3.85%, 4/9/25		25,000		27,517
1.30%, 2/15/26		25,000		24,993
3.90%, 3/15/28		150,000		168,397
Suncor Energy, Inc.
2.80%, 5/15/23		50,000		51,995
3.10%, 5/15/25		75,000		80,163
Valero Energy Corp.
2.70%, 4/15/23		150,000		155,495
2.85%, 4/15/25		75,000		79,502
				1,774,794
PHARMACEUTICALS - 1.5%
AbbVie, Inc.
4.05%, 11/21/39		125,000		144,929
4.88%, 11/14/48		25,000		32,512
4.25%, 11/21/49		175,000		210,343
Bristol-Myers Squibb Co., 3.90%, 2/20/28		25,000		28,603
Cigna Corp., 3.40%, 3/15/50		200,000		208,961
CVS Health Corp.
2.63%, 8/15/24		30,000		31,661
3.88%, 7/20/25		25,000		27,612
4.78%, 3/25/38		75,000		92,128
5.13%, 7/20/45		25,000		32,550
Takeda Pharmaceutical Co. Ltd., 2.05%, 3/31/30		205,000		203,591
Zoetis, Inc., 2.00%, 5/15/30		225,000		224,206
				1,237,096
PIPELINES - 2.3%
Enbridge, Inc., 2.50%, 8/1/33		125,000		125,186
Energy Transfer LP
4.20%, 9/15/23		175,000		187,158
2.90%, 5/15/25		100,000		105,235
5.25%, 4/15/29		100,000		118,218
5.30%, 4/15/47		25,000		29,265

	Shares/ Principal		Fair Value
PIPELINES - 2.3% (Continued)
5.40%, 10/1/47	$	50,000	$	59,271
Enterprise Products Operating LLC, 3.70%, 2/15/26		300,000		331,997
MPLX LP
4.80%, 2/15/29		50,000		58,717
2.65%, 8/15/30		125,000		126,296
4.50%, 4/15/38		75,000		86,126
Sabine Pass Liquefaction LLC
5.63%, 4/15/23		100,000		107,420
5.63%, 3/1/25		275,000		314,403
5.00%, 3/15/27		100,000		115,526
Williams Cos., Inc. (The), 4.00%, 9/15/25		175,000		193,820
				1,958,638
REITS - 2.7%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/26		75,000		83,631
3.38%, 8/15/31		75,000		82,526
American Homes 4 Rent LP
4.90%, 2/15/29		50,000		58,156
2.38%, 7/15/31		30,000		29,554
American Tower Corp.
3.38%, 5/15/24		200,000		213,911
2.40%, 3/15/25		125,000		130,627
Camden Property Trust
3.15%, 7/1/29		75,000		81,560
2.80%, 5/15/30		75,000		79,558
Crown Castle International Corp.
3.15%, 7/15/23		100,000		104,975
3.65%, 9/1/27		75,000		82,639
CubeSmart LP, 4.38%, 12/15/23		75,000		81,003
Essex Portfolio LP, 3.00%, 1/15/30		75,000		78,975
Federal Realty Investment Trust, 3.25%, 7/15/27		150,000		161,643
Healthcare Realty Trust, Inc., 2.05%, 3/15/31		50,000		48,390
Kilroy Realty LP, 4.75%, 12/15/28		100,000		116,220
National Retail Properties, Inc., 3.90%, 6/15/24		45,000		48,585
Regency Centers LP, 2.95%, 9/15/29		125,000		131,760
Spirit Realty LP, 3.40%, 1/15/30		100,000		106,689
UDR, Inc., 2.10%, 8/1/32		25,000		24,035
VEREIT Operating Partnership LP
4.63%, 11/1/25		200,000		226,524
4.88%, 6/1/26		75,000		86,432
3.40%, 1/15/28		25,000		27,210
2.85%, 12/15/32		75,000		78,448
WP Carey, Inc.
4.60%, 4/1/24		25,000		27,302
4.00%, 2/1/25		30,000		32,727
3.85%, 7/15/29		75,000		83,085
2.40%, 2/1/31		25,000		24,898
				2,331,063

See accompanying notes to financial statements.
68

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June 30, 2021

	Shares/ Principal		Fair Value
RETAIL - 0.8%
7-Eleven, Inc., 1.30%, 2/10/28 (b)	$	100,000	$	96,500
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (b)		50,000		54,980
Costco Wholesale Corp., 1.75%, 4/20/32		75,000		73,959
Dollar Tree, Inc.
4.00%, 5/15/25		75,000		82,816
4.20%, 5/15/28		125,000		142,708
McDonald's Corp., 4.45%, 9/1/48		25,000		31,170
Starbucks Corp., 3.80%, 8/15/25		150,000		166,028
Tractor Supply Co., 1.75%, 11/1/30		50,000		47,692
				695,853
SAVINGS & LOANS - 0.3%
Nationwide Building Society, 3.96%, (3 Month US Libor + 1.86%), 7/18/30 (a),(b)		200,000		224,753
SEMICONDUCTORS - 0.6%
Broadcom, Inc.
3.42%, 4/15/33 (b)		150,000		157,705
3.47%, 4/15/34 (b)		165,000		173,687
3.50%, 2/15/41 (b)		25,000		25,656
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 5/1/30 (b)		50,000		54,628
2.50%, 5/11/31 (b)		125,000		126,612
				538,288
SOFTWARE - 1.0%
Fiserv, Inc.
2.75%, 7/1/24		150,000		158,259
3.20%, 7/1/26		150,000		162,397
4.20%, 10/1/28		100,000		115,049
Oracle Corp.
2.88%, 3/25/31		125,000		130,221
3.60%, 4/1/40		75,000		79,177
3.60%, 4/1/50		75,000		77,184
ServiceNow, Inc., 1.40%, 9/1/30		175,000		164,423
				886,710
TELECOMMUNICATIONS - 3.8%
AT&T, Inc.
2.30%, 6/1/27		275,000		284,730
2.75%, 6/1/31		100,000		104,018
2.55%, 12/1/33 (b)		175,000		173,610
5.25%, 3/1/37		125,000		157,586
4.90%, 8/15/37		50,000		61,632
4.85%, 3/1/39		85,000		103,330
3.50%, 6/1/41		100,000		103,973
5.15%, 11/15/46		25,000		32,025
5.15%, 2/15/50		25,000		32,192
3.65%, 6/1/51		50,000		52,453
3.50%, 9/15/53 (b)		25,000		25,138
T-Mobile USA, Inc.
3.50%, 4/15/25		125,000		135,481

	Shares/ Principal			Fair Value
TELECOMMUNICATIONS - 3.8% (Continued)
1.50%, 2/15/26	$	50,000		$	50,382
3.75%, 4/15/27		200,000			221,000
2.05%, 2/15/28		225,000			228,206
3.88%, 4/15/30		175,000			195,394
3.00%, 2/15/41		50,000			49,384
Verizon Communications, Inc.
2.10%, 3/22/28		225,000			229,819
4.33%, 9/21/28		313,000			363,858
4.02%, 12/3/29		25,000			28,659
3.15%, 3/22/30		100,000			107,920
2.55%, 3/21/31		150,000			153,493
5.25%, 3/16/37		100,000			131,429
4.86%, 8/21/46		175,000			226,570
					3,252,282
TRANSPORTATION - 0.1%
Burlington Northern Santa Fe LLC, 3.25%, 6/15/27		75,000			82,745
FedEx Corp., 3.40%, 2/15/28		25,000			27,760
					110,505
TOTAL CORPORATE BONDS AND NOTES (Cost - $35,684,804)					38,345,936
AGENCY MORTGAGE BACKED SECURITIES - 22.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.8%
Freddie Mac Pool
4.00%, 1/1/49		476,702			521,055
3.00%, 12/1/50		911,059			964,804
					1,485,859
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 5.6%
Fannie Mae Pool
4.50%, 6/1/31		428,781			474,166
4.50%, 7/1/48		712,317			766,677
5.00%, 11/1/48		449,724			505,861
Federal National Mortgage Association
2.00%, 7/1/51 (d)		1,000,000			1,010,938
2.50%, 7/1/51 (d)		1,000,000			1,034,688
3.00%, 7/1/51 (d)		2,000,000			2,085,312
4.50%, 7/1/51 (d)		(1,000,000	)		(1,076,563	)
					4,801,079
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 15.4%
Ginnie Mae
3.00%, 7/20/50 (d)		1,000,000			1,043,281
2.50%, 7/20/51 (d)		6,000,000			6,210,937
Ginnie Mae II Pool
3.50%, 4/20/47		348,270			368,630
3.50%, 12/20/47		455,007			480,947
4.50%, 2/20/48		269,055			291,181
4.50%, 5/20/48		272,395			291,964
4.50%, 8/20/48		341,401			366,101
5.00%, 8/20/48		77,370			83,198

See accompanying notes to financial statements.
69

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 15.4% (Continued)
4.50%, 9/20/48	$	1,206,550	$	1,293,841
5.00%, 10/20/48		446,995		480,119
5.00%, 11/20/48		291,208		312,787
5.00%, 12/20/48		145,840		156,647
5.00%, 1/20/49		451,956		489,829
4.00%, 2/20/49		352,559		375,759
4.50%, 3/20/49		12,239		13,124
5.00%, 3/20/49		199,877		216,686
4.00%, 5/20/49		327,668		346,448
4.50%, 10/20/49		302,127		323,986
				13,145,465
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $19,243,385)				19,432,403
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 8.1%
ASSURANT CLO LTD., 1.23%, (3 Month US Libor + 1.04%), 4/20/31 (a),(b)		1,500,000		1,500,177
Benchmark 2018-B1 Mortgage Trust, 2.75%, 1/15/51 (b)		100,000		89,814
Catamaran CLO 2013-1 Ltd., 1.03%, (3 Month US Libor + 0.85%), 1/27/28 (a),(b)		186,128		186,130
Cathedral Lake VI Ltd., 2.07%, (3 Month US Libor + 1.95%), 4/25/34 (a),(b)		350,000		350,311
CBAM 2018-5 Ltd., 1.21%, (3 Month US Libor + 1.02%), 4/17/31 (a),(b)		350,000		350,021
COMM 2017-COR2 Mortgage Trust, 3.00%, 9/10/50 (b)		100,000		94,956
DOLP Trust 2021-NYC, 2.96%, 5/10/41 (b)		200,000		213,806
Elmwood CLO IV Ltd., 1.42%, (3 Month US Libor + 1.24%), 4/15/33 (a),(b)		600,000		602,243
Harben Finance 2017-1 PLC, 0.88%, (3 Month GBP Libor + 0.80%), 8/20/56 (a)		85,031		117,551
JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (b),(e)		122,646		124,834
London Wall Mortgage Capital PLC, 0.94%, (3 Month GBP Libor + 0.85%), 11/15/49 (a)		92,688		128,321
Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53		250,000		251,088
Morgan Stanley Capital I Trust 2020-L4, 2.70%, 2/15/53		500,000		528,480
OCP CLO 2015-10 Ltd., 1.00%, (3 Month US Libor + 0.82%), 10/26/27 (a),(b)		178,596		178,603
PHEAA Student Loan Trust 2012-1, 0.64%, (1 Month US Libor + 0.55%), 5/25/57 (a),(b)		231,050		230,790
TICP CLO X Ltd., 1.19%, (3 Month US Libor + 1.00%), 4/20/31 (a),(b)		1,550,000		1,547,495
Wellfleet CLO X LTD., 1.34%, (3 Month US Libor + 1.17%), 7/20/32 (a),(b)		375,000		375,099
Wells Fargo Mortgage Backed Securities 2019-3 Trust, 3.50%, 7/25/49 (b),(e)		19,350		19,557
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $6,880,160)				6,889,276

	Shares/ Principal		Fair Value
U.S. TREASURY SECURITIES - 7.6%
U.S. Treasury Note
0.13%, 3/31/23	$	850,000	$	848,639
0.75%, 3/31/26		2,230,000		2,221,028
1.13%, 2/29/28		1,150,000		1,147,394
1.25%, 3/31/28		1,130,000		1,135,297
4.25%, 5/15/39		440,000		602,439
Federal Farm Credit Banks Funding Corp., 1.70%, 4/23/35		540,000		533,819
TOTAL U.S. TREASURY SECURITIES (Cost - $6,492,874)				6,488,616
SOVEREIGN DEBTS - 2.2%
Colombia Government International Bond, 3.00%, 1/30/30		200,000		196,126
Mexico Government International Bond
3.25%, 4/16/30		290,000		299,582
3.77%, 5/24/61		200,000		186,076
Perusahaan Penerbit SBSN Indonesia III, 4.55%, 3/29/26		520,000		590,517
Peruvian Government International Bond, 3.23%, 7/28/21		20,000		17,589
Qatar Government International Bond, 4.50%, 4/23/28 (b)		200,000		236,000
Romanian Government International Bond
2.12%, 7/16/31	EUR	30,000		36,688
2.00%, 1/28/32 (b)	EUR	70,000		83,843
Saudi Government International Bond, 3.63%, 3/4/28		210,000		232,029
TOTAL SOVEREIGN DEBTS (Cost - $1,779,799)				1,878,450
MUNICIPAL BONDS - 1.4%
Bay Area Toll Authority, 1.63%, 4/1/28		10,000		10,064
California Statewide Communities Development Authority, 1.88%, 2/1/31		30,000		29,909
City of Tucson
1.46%, 7/1/28		5,000		4,921
1.93%, 7/1/31		30,000		29,614
Metropolitan Transportation Authority
5.99%, 11/15/30		25,000		32,003
5.18%, 11/15/49		160,000		215,994
Municipal Improvement Corp. of Los Angeles
1.65%, 11/1/28		35,000		34,522
2.07%, 11/1/30		95,000		94,654
New Jersey Turnpike Authority
1.48%, 1/1/28		5,000		4,971
7.10%, 1/1/41		25,000		40,001
San Francisco Municipal Transportation Agency, 1.30%, 3/1/28		25,000		24,593
State of California, 7.60%, 11/1/40		175,000		305,627
State of Illinois, 5.10%, 6/1/33 (f)		265,000		311,598
TOTAL MUNICIPAL BONDS (Cost - $979,323)				1,138,471

See accompanying notes to financial statements.
70

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June 30, 2021

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 23.2%
MONEY MARKET FUNDS - 22.5%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (g) (Cost - $19,181,914)		19,181,914	$	19,181,914
COMMERCIAL PAPER - 0.7%
National Bank of Canada, 0.15%, 7/20/21 (Cost - $599,952) (h)		600,000		599,972
TOTAL SHORT-TERM INVESTMENTS (Cost - $19,781,866)				19,781,886
TOTAL INVESTMENTS - 110.3% (Cost - $90,842,211)			$	93,955,038
OTHER ASSETS LESS LIABILITIES - NET (10.3)%				(8,766,121)
TOTAL NET ASSETS - 100.0%			$	85,188,917

† Represents less than 0.05%.

(a) Variable rate security. The rate shown is the rate in effect at period end.

(b) 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, 2021, these securities amounted to $10,776,521 or 12.7% of net assets.

(d) When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions.

(e) Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end.

(f) Sinking bond security.

(g) The rate shown is the annualized seven-day yield at period end.

(h) Rate shown represents discount rate at the time of purchase.

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

Libor - London Interbank Offer Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		45.0	%
Agency Mortgage Backed Securities		22.8	%
Short-Term Investments		22.5	%
Asset Backed and Commercial Backed Securities		8.1	%
U.S. Treasury Securities		7.6	%
Sovereign Debts		2.2	%
Municipal Bonds		1.4	%
Commercial Paper Short-Term		0.7	%
Other Assets less Liabilities - Net		(10.3	)%
		100.0	%

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

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 10 Year Note Future	Credit Suisse		51	9/21/2021	$	6,757,500	$	22,674
U.S. 2 Year Note Future	Credit Suisse		24	9/30/2021		5,287,687		(3,742	)
U.S. Long Bond Future	Credit Suisse		16	9/21/2021		2,572,000		54,166
U.S. Ultra Bond Future	Credit Suisse		41	9/21/2021		7,900,187		292,347
								365,445
SHORT FUTURES CONTRACTS
Euro-Bund Future	Credit Suisse		1	9/8/2021		204,698		225
EURO-BUXL 30 Year Bond Future	Credit Suisse		1	9/8/2021		159,088		(24	)
U.S. 10 Year Ultra Future	Credit Suisse		19	9/21/2021		2,796,859		(50,415	)
U.S. 5 Year Note Future	Credit Suisse		42	9/30/2021		5,184,047		15,722
								(34,492	)
	TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS						$	330,953

See accompanying notes to financial statements.
71

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

INTEREST RATE SWAPS
Counterparty	Payment Frequency	Fund Receives	Fund Pays	Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit Suisse	Quarterly	0.1%	3 Month Australian Bill		02/22/23		6,160,000	AUD	$	(3,407	)	$	(2,145	)	$	(1,262	)
Credit Suisse	Semi-Annually	0.80%	3 Month Canadian Dollar Offered Rate		02/28/23		7,760,000 CAD			(4,833)			886			(5,719)
Credit Suisse	Semi-Annually	0.75%	3 Month Canadian Dollar Offered Rate		03/01/23		12,130,000 CAD			(13,490)			(2,867)			(10,623)
Credit Suisse	Quarterly	3 Month US Libor	0.28%		03/03/23		9,480,000			4,494			1,952			2,542
Credit Suisse	Semi-Annually	1.10%	3 Month Canadian Dollar Offered Rate		06/15/23		4,060,000 CAD			(168)			108			(276)
Credit Suisse	Quarterly	3 Month US Libor	0.45%		06/15/23		3,250,000			(286	)		(68	)		(218	)
Credit Suisse	Quarterly	0.25%	3 Month US Libor		09/15/23		3,560,000			(9,894	)		(1,375	)		(8,519	)
Credit Suisse	Semi-Annually	0.70%	3 Month Canadian Dollar Offered Rate		11/20/23		1,910,000 CAD			(10,512)			1,637			(12,149)
Credit Suisse	Quarterly	0.50%	3 Month Australian Bill		01/25/24		3,160,000	AUD		(5,225	)		4,037			(9,262	)
Credit Suisse	Quarterly	0.50%	3 Month Australian Bill		02/26/24		1,840,000	AUD		(701	)		4,019			(4,720	)
Credit Suisse	Quarterly	3 Month Australian Bill	0.49%		06/28/24		580,000 AUD			(130)			24			(154)
Credit Suisse	Quarterly	3 Month US Libor	1 Month US Libor		07/25/24		3,160,000			(211)			880			(1,091)
Credit Suisse	Quarterly	3 Month Australian Bill	0.40%		09/16/24		960,000 AUD			3,422			832			2,590
Credit Suisse	Quarterly	0.25%	3 Month US Libor		09/16/24		770,000			(8,830	)		(6,998	)		(1,832	)
Credit Suisse	Semi-Annually	6 Month Australian Bill	1.55%		02/23/26		1,110,000 AUD			(2,317)			(1,686)			(631)
Credit Suisse	Quarterly	0.50%	3 Month Stibor		09/15/26		14,310,000	SEK		6,562			9,648			(3,086	)
Credit Suisse	Yearly	0.00%	Sterling Overnight Interbank Average Rate		09/15/26		2,140,000 GBP			(73,010)			(71,982)			(1,028)
Credit Suisse	Quarterly	3 Month US Libor	0.50%		09/15/26		830,000			20,903			20,163			740
Credit Suisse	Yearly	Euro Short-Term Rate	-0.50%		09/15/26		950,000 EUR			7,755			7,004			751
Credit Suisse	Semi-Annually	0.05%	6 Month Euribor		05/21/30		1,200,000	EUR		(18,823	)		13,659			(32,482	)
Credit Suisse	Semi-Annually	1.24%	6 Month Australian Bill		10/28/30		570,000	AUD		(18,896	)		(14,964	)		(3,932	)
Credit Suisse	Semi-Annually	6 Month Norway Ibor	1.24%		10/29/30		4,780,000 NOK			16,072			15,792			280
Credit Suisse	Semi-Annually	1.71%	6 Month Australian Bill		01/21/31		850,000	AUD		(15,280	)		(14,171	)		(1,109	)
Credit Suisse	Yearly	Sterling Overnight Interbank Average Rate	1.00%		01/27/31		480,000 GBP			(2,140)			2,181			(4,321)
Credit Suisse	Yearly	Sterling Overnight Interbank Average Rate	1.00%		02/10/31		560,000 GBP			(2,410)			2,341			(4,751)
Credit Suisse	Semi-Annually	0.50%	6 Month Euribor		02/12/31		800,000	EUR		4,277			9,857			(5,580	)
Credit Suisse	Semi-Annually	2.50%	6 Month Australian Bill		02/24/31		1,070,000	AUD		9,494			(6,297	)		15,791
Credit Suisse	Quarterly	2.21%	3 Month US Libor		02/25/31		440,000			6,392			(1,278	)		7,670
Credit Suisse	Quarterly	1.27%	3 Month Stibor		05/12/31		3,400,000	SEK		2,164			(568	)		2,732
Credit Suisse	Semi-Annually	6 Month Norway Ibor	2.13%		05/12/31		3,150,000 NOK			(3,916)			598			(4,514)
Credit Suisse	Yearly	Sterling Overnight Interbank Average Rate	0.25%		09/15/31		1,180,000 GBP			75,767			81,555			(5,788)
Credit Suisse	Semi-Annually	1.25%	3 Month Canadian Dollar Offered Rate		09/15/31		650,000 CAD			(30,816)			(31,958)			1,142
Credit Suisse	Semi-Annually	6 Month JPY Libor	0.00%		09/16/31		63,000,000 JPY			5,452			5,403			49
Credit Suisse	Semi-Annually	2.00%	6 Month Australian Bill		09/15/31		290,000	AUD		7,699			8,888			(1,189	)
Credit Suisse	Quarterly	1.00%	3 Month Stibor		09/15/31		2,710,000	SEK		6,199			5,807			392
Credit Suisse	Semi-Annually	6 Month Norway Ibor	2.00%		09/15/31		2,950,000 NOK			(9,478)			(6,851)			(2,627)
Credit Suisse	Semi-Annually	6 Month Euribor	-0.25%		09/15/31		70,000	EUR		3,196			3,280			(84	)

See accompanying notes to financial statements.
72

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June 30, 2021

Counterparty	Payment Frequency	Fund Receives	Fund Pays			Expiration Date	Notional Amount			Fair Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit Suisse	Quarterly	3 Month US Libor		2.43	%	02/25/36		520,000		$	(7,654	)	$	617	$	(8,271	)
Credit Suisse	Semi-Annually	6 Month Euribor		0.26	%	05/21/40		650,000	EUR		45,254			3,131		42,123
Credit Suisse	Semi-Annually	6 Month Australian Bill		2.75%		02/25/41		340,000 AUD			(5,163)			3,196		(8,359)
Credit Suisse	Quarterly	3 Month US Libor		1.25	%	09/15/51		300,000			37,777			50,948		(13,171	)
Credit Suisse	Semi-Annually	1.75%		3 Month Canadian Dollar Offered Rate		09/15/51		410,000 CAD			(37,280)			(47,065)		9,785
Credit Suisse	Semi-Annually	6 Month JPY Libor		0.25	%	09/15/51		21,770,000	JPY		15,012			14,439		573
Credit Suisse	Semi-Annually	6 Month Euribor		0.00	%	09/15/51		20,000	EUR		3,293			3,391		(98	)
TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPS										$	(3,686	)	$	66,000	$	(69,686	)

CREDIT DEFAULT SWAPS
Counterparty	Reference Obligation/ Index	Payment Frequency	Buy/Sell Protection	Fixed Rate Received			Fixed Rate Paid		Credit Rating^*		Expiration Date	Notional Amount		Fair Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit Suisse	CD CDX.IG.28	Quarterly	Buy		1.00	%		–	BBB		06/20/22		2,225,000	$	17,569	$	14,892		$	2,677
Credit Suisse	CDX.NA.IG.34	Quarterly	Buy		1.00	%		–	BBB		06/20/23		1,475,000		22,452		12,429			10,023
Credit Suisse	CD BA	Quarterly	Buy		1.00	%		–	BBB-		06/20/24		100,000		434		1,424			(990	)
Credit Suisse	CD PRU	Quarterly	Buy		1.00	%		–		A	06/20/24		175,000		3,833		1,873			1,960
Credit Suisse	CD INDON	Quarterly	Buy		1.00	%		–	BBB		06/20/24		550,000		10,304		2,113			8,191
Credit Suisse	CD RUSSIA	Quarterly	Buy		1.00	%		–	BBB-		12/20/24		50,000		752		(299	)		1,051
Credit Suisse	CD CD.NA.IG.34	Quarterly	Buy		1.00	%		–	BBB		06/20/25		625,000		12,968		7,083			5,885
Credit Suisse	CD RUSSIA	Quarterly	Buy		1.00	%		–	BBB-		06/20/26		20,000		170		87			83
Credit Suisse	CD General Electric Company	Quarterly	Buy		1.00	%		–	BBB+		06/20/26		325,000		4,624		4,390			234
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS														$	73,106	$	43,992		$	29,114

Using S&P's rating of the issuer or the underlying securities of the index.

FORWARD FOREIGN CURRENCY CONTRACTS
Settlement Date	Counterparty	Currency Units to Receive			In Exchange For			Unrealized Appreciation (Depreciation)
08/05/21	Morgan Stanley		268,684	USD		189,146	GBP	$	7,364
08/20/21	Morgan Stanley		63,356	AUD		49,138	USD		(1,563	)
09/10/21	Morgan Stanley		69,255	EUR		82,962	USD		(712	)
09/15/21	Morgan Stanley		246,690	AUD		185,895	USD		(632	)
09/15/21	Morgan Stanley		281,680	CAD		228,884	USD		(1,417	)
09/15/21	Morgan Stanley		30,034	CAD		24,870	USD		(617	)
09/15/21	Morgan Stanley		412,039	EUR		502,295	USD		(12,883	)
09/15/21	Morgan Stanley		38,525	GBP		54,725	USD		(1,500	)
09/15/21	Morgan Stanley		29,597,498	JPY		270,719	USD		(3,875	)
09/15/21	Morgan Stanley		1,839,403	NOK		180,608	EUR		(702	)
09/15/21	Morgan Stanley		264,977	NZD		185,969	USD		(857	)
09/15/21	Morgan Stanley		2,071,544	SEK		204,568	EUR		(585	)
09/15/21	Morgan Stanley		220,543	USD		284,467	AUD		6,910
09/15/21	Morgan Stanley		271,333	USD		327,673	CAD		6,725
09/15/21	Morgan Stanley		271,800	USD		30,113,754	JPY		302
09/15/21	Morgan Stanley		283,230	USD		2,339,355	NOK		11,293
09/15/21	Morgan Stanley		234,600	USD		325,289	NZD		7,355
09/15/21	Morgan Stanley		278,014	USD		2,296,788	SEK		9,260
TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	23,866

AUD - Australian Dollar

CAD - Canadian Dollar

EUR - Euro

GBP - Pound Sterling

JPY - Japanese Yen

NOK - Norwegian Krone

NZD - New Zealand Dollar

SEK - Swedish Krona

USD - United States Dollar

See accompanying notes to financial statements.
73

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 97.1%
AEROSPACE & DEFENSE - 0.8%
Northrop Grumman Corp.		507	$	184,259
Teledyne Technologies, Inc.*		138		57,799
				242,058
AIR FREIGHT & LOGISTICS - 2.3%
Deutsche Post AG		3,560		242,162
FedEx Corp.		615		183,473
United Parcel Service, Inc., Class B		1,075		223,568
				649,203
AUTO COMPONENTS - 0.6%
Magna International, Inc.		1,200		111,220
Riken Corp.		1,300		29,926
Toyo Tire Corp.		900		19,040
Toyota Boshoku Corp.		900		18,626
				178,812
AUTOMOBILES - 2.0%
Bayerische Motoren Werke AG		228		24,148
Ford Motor Co.*		11,375		169,032
General Motors Co.*		3,069		181,593
Mazda Motor Corp.*		7,400		69,606
Stellantis NV		2,949		57,893
Subaru Corp.		900		17,771
Tesla, Inc.*		76		51,657
				571,700
BANKS - 3.8%
Banco Bilbao Vizcaya Argentaria SA		20,555		127,439
Bankinter SA		8,662		43,544
Barclays PLC		1,701		4,021
BNP Paribas SA		2,570		161,135
Citigroup, Inc.		3,044		215,363
Commonwealth Bank of Australia		922		69,129
DBS Group Holdings Ltd.		363		8,050
JPMorgan Chase & Co.		742		115,411
KeyCorp		4,526		93,462
National Bank of Canada		1,300		97,392
PacWest Bancorp		1,970		81,085
Societe Generale SA		1,561		46,021
Zions Bancorp NA		288		15,224
				1,077,276
BEVERAGES - 0.1%
Treasury Wine Estates Ltd.		1,638		14,363
BIOTECHNOLOGY - 1.5%
AbbVie, Inc.		167		18,811
Biogen, Inc.*		272		94,185
Gilead Sciences, Inc.		2,785		191,775
Moderna, Inc.*		46		10,809
Vertex Pharmaceuticals, Inc.*		568		114,526
				430,106

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.3%
Bank of New York Mellon Corp. (The)		530	$	27,152
CI Financial Corp.		700		12,860
Interactive Brokers Group, Inc., Class A		293		19,259
Intercontinental Exchange, Inc.		645		76,562
Jefferies Financial Group, Inc.		5,351		183,004
Moody's Corp.		378		136,976
Nomura Holdings, Inc.		7,500		38,368
S&P Global, Inc.		296		121,493
UBS Group AG		3,462		53,034
				668,708
CHEMICALS - 1.7%
Axalta Coating Systems Ltd.*		4,439		135,345
Celanese Corp.		1,095		166,002
CF Industries Holdings, Inc.		769		39,565
LANXESS AG		405		27,770
Sika AG		127		41,562
Tessenderlo Group SA*		137		5,784
Tosoh Corp.		1,600		27,620
Westlake Chemical Corp.		395		35,586
				479,234
COMMUNICATIONS EQUIPMENT - 0.3%
Telefonaktiebolaget LM Ericsson, Class B		7,440		93,572
CONSTRUCTION & ENGINEERING - 0.3%
Morgan Sindall Group PLC		1,390		41,380
Sumitomo Densetsu Co. Ltd.		2,300		47,372
				88,752
CONSUMER FINANCE - 1.5%
Ally Financial, Inc.		3,191		159,039
Capital One Financial Corp.		651		100,703
Synchrony Financial		3,409		165,405
				425,147
DISTRIBUTORS - 0.0%^†
SPK Corp.		1,000		11,947
DIVERSIFIED FINANCIAL SERVICES - 2.1%
Berkshire Hathaway, Inc., Class B*		1,193		331,559
Investor AB, Class A		6,692		152,860
ORIX Corp.		6,200		104,711
				589,130
DIVERSIFIED TELECOMMUNICATION - 1.0%
Deutsche Telekom AG		1,534		32,403
Liberty Global PLC, Class C*		5,525		149,396
Nippon Telegraph & Telephone Corp.		3,500		91,276
				273,075
ELECTRIC UTILITIES - 0.1%
Iberdrola SA		2,501		30,490

See accompanying notes to financial statements.
74

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 1.5%
AMETEK, Inc.		709	$	94,651
Legrand SA		185		19,583
Mitsubishi Electric Corp.		4,100		59,566
Schneider Electric SE		1,563		245,931
				419,731
ENERGY EQUIPMENT & SERVICES - 0.4%
Baker Hughes Co.		5,339		122,103
Worley Ltd.		398		3,574
				125,677
ENTERTAINMENT - 1.6%
Activision Blizzard, Inc.		344		32,831
Netflix, Inc.*		109		57,575
Roku, Inc.*		166		76,235
Walt Disney Co. (The)*		1,697		298,282
				464,923
EQUITY REAL ESTATE INVESTMENT - 3.2%
American Homes 4 Rent, Class A		734		28,516
Camden Property Trust		1,104		146,467
Duke Realty Corp.		95		4,498
Equity LifeStyle Properties, Inc.		2,312		171,805
Extra Space Storage, Inc.		32		5,242
First Industrial Realty Trust, Inc.		1,765		92,186
Gecina SA		95		14,556
Goodman Group		4,586		72,887
Invitation Homes, Inc.		4,310		160,720
Prologis, Inc.		1,749		209,058
				905,935
FOOD & STAPLES RETAILING - 2.6%
Alimentation Couche-Tard, Inc., Class B		400		14,714
Costco Wholesale Corp.		663		262,329
Kesko Oyj, Class B		1,078		39,822
Koninklijke Ahold Delhaize NV		3,164		94,067
Walgreens Boots Alliance, Inc.		1,541		81,072
Walmart, Inc.		1,775		250,311
				742,315
FOOD PRODUCTS - 0.3%
Archer-Daniels-Midland Co.		1,094		66,296
Orkla ASA		577		5,881
				72,177
GAS UTILITIES - 0.2%
Superior Plus Corp.		3,600		44,393
HEALTH CARE EQUIPMENT & SUPPLIES - 1.9%
Align Technology, Inc.*		156		95,316
Danaher Corp.		723		194,024
Hologic, Inc.*		1,537		102,549
Intuitive Surgical, Inc.*		32		29,428
West Pharmaceutical Services, Inc.		321		115,271
				536,588

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Anthem, Inc.		271	$	103,468
Cigna Corp.		573		135,841
HCA Healthcare, Inc.		928		191,854
Universal Health Services, Inc., Class B		344		50,372
				481,535
HOTELS, RESTAURANTS & LEISURE - 1.0%
Marriott International, Inc., Class A*		1,100		150,172
Penn National Gaming, Inc.*		46		3,518
Tokyotokeiba Co. Ltd.		700		28,602
Vail Resorts, Inc.*		338		106,984
				289,276
HOUSEHOLD DURABLES - 0.5%
DR Horton, Inc.		678		61,271
JVCKenwood Corp.		4,400		9,396
Panasonic Corp.		1,000		11,582
Tempur Sealy International, Inc.		1,528		59,882
				142,131
HOUSEHOLD PRODUCTS - 0.1%
Henkel AG & Co. KGaA		212		19,522
INDUSTRIAL CONGLOMERATES - 0.1%
Melrose Industries PLC		12,256		26,260
INSURANCE - 2.5%
AIA Group Ltd.		800		9,941
American Financial Group, Inc./OH		166		20,704
Aon PLC, Class A		789		188,382
Arch Capital Group Ltd.*		4,180		162,769
Chubb Ltd.		825		131,126
Globe Life, Inc.		530		50,482
Legal & General Group PLC		5,826		20,732
Primerica, Inc.		273		41,807
W R Berkley Corp.		1,253		93,261
				719,204
INTERACTIVE MEDIA & SERVICES - 5.6%
Alphabet, Inc., Class A*		123		300,340
Alphabet, Inc., Class C*		248		621,567
Facebook, Inc., Class A*		1,798		625,183
Pinterest, Inc., Class A*		700		55,265
				1,602,355
INTERNET & DIRECT MARKETING RETAIL - 3.4%
Amazon.com, Inc.*		260		894,442
eBay, Inc.		826		57,993
Wayfair, Inc., Class A*		98		30,940
				983,375

See accompanying notes to financial statements.
75

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
IT SERVICES - 6.0%
Accenture PLC, Class A		349	$	102,882
Cognizant Technology Solutions Corp., Class A		1,590		110,123
Fidelity National Information Services, Inc.		985		139,545
Fujitsu Ltd.		300		56,221
Gartner, Inc.*		213		51,589
International Business Machines Corp.		1,413		207,132
NEC Corp.		1,200		61,843
NTT Data Corp.		6,100		95,246
PayPal Holdings, Inc.*		1,178		343,363
VeriSign, Inc.*		261		59,427
Visa, Inc., Class A		1,464		342,313
Western Union Co. (The)		6,028		138,463
				1,708,147
LIFE SCIENCES TOOLS & SERVICES - 3.4%
Eurofins Scientific SE		1,058		120,951
Gerresheimer AG		56		6,193
IQVIA Holdings, Inc.*		710		172,047
Lonza Group AG		244		173,111
Mettler-Toledo International, Inc.*		125		173,168
Sartorius Stedim Biotech		88		41,629
Tecan Group AG		95		47,112
Thermo Fisher Scientific, Inc.		491		247,695
				981,906
MACHINERY - 2.4%
CNH Industrial NV*		6,197		102,335
NGK Insulators Ltd.		5,700		95,728
Otis Worldwide Corp.		1,943		158,879
Parker-Hannifin Corp.		569		174,746
Techtronic Industries Co. Ltd.		4,000		69,844
Volvo AB, Class B		4,026		96,929
				698,461
MARINE - 1.6%
AP Moller - Maersk A/S, Class A		31		86,120
AP Moller - Maersk A/S, Class B		24		68,989
Kuehne + Nagel International AG		208		71,242
Nippon Yusen KK		3,500		177,539
Stolt-Nielsen Ltd.		3,272		47,834
				451,724
MEDIA - 0.7%
News Corp., Class A		2,573		66,306
Nexstar Media Group, Inc., Class A		355		52,498
Omnicom Group, Inc.		566		45,274
Publicis Groupe SA		641		41,003
				205,081

	Shares/ Principal		Fair Value
METALS & MINING - 3.0%
Anglo American PLC		2,333	$	92,579
Aurubis AG		54		5,005
BHP Group PLC		5,708		167,957
Boliden AB		1,580		60,782
Fortescue Metals Group Ltd.		5,572		97,635
Franco-Nevada Corp.		500		72,636
Hitachi Metals Ltd.*		1,700		32,533
JFE Holdings, Inc.		2,000		23,444
Norsk Hydro ASA		11,305		72,177
Rio Tinto Ltd.		176		16,733
Rio Tinto PLC, ADR		2,278		191,102
SSAB AB, Class B, Series B*		8,029		35,140
				867,723
MULTILINE RETAIL - 0.3%
Kohl's Corp.		656		36,152
Tokmanni Group Corp.		1,174		32,467
Wesfarmers Ltd.		467		20,721
				89,340
MULTI-UTILITIES - 1.3%
CMS Energy Corp.		2,275		134,407
Dominion Energy, Inc.		1,393		102,483
DTE Energy Co.		346		44,842
MDU Resources Group, Inc.		2,975		93,236
				374,968
OIL, GAS & CONSUMABLE FUELS - 1.5%
BP PLC, ADR		3,029		80,026
Hess Corp.		1,404		122,597
Inpex Corp.		6,200		46,309
Lundin Energy AB		4,281		151,574
Royal Dutch Shell PLC, Class A*		670		13,511
Royal Dutch Shell PLC, Class B, ADR		214		8,310
				422,327
PERSONAL PRODUCTS - 1.3%
Estee Lauder Cos, Inc. (The), Class A		560		178,125
L'Oreal SA		450		200,547
				378,672
PHARMACEUTICALS - 4.3%
Astellas Pharma, Inc.		4,500		78,433
Daiichi Sankyo Co. Ltd.		2,300		49,620
Johnson & Johnson		2,247		370,171
Merck & Co., Inc.		1,008		78,392
Merck KGaA		829		158,969
Santen Pharmaceutical Co. Ltd.		2,400		33,084
Sumitomo Dainippon Pharma Co. Ltd.		7,000		146,824
Takeda Pharmaceutical Co. Ltd.		3,200		107,224
Zoetis, Inc.		1,162		216,550
				1,239,267

See accompanying notes to financial statements.
76

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
PROFESSIONAL SERVICES - 0.1%
ManpowerGroup, Inc.		97	$	11,534
Randstad NV		55		4,207
				15,741
ROAD & RAIL - 1.0%
ALD SA (a)		967		14,495
AMERCO		54		31,828
Canadian National Railway Co.		500		52,810
Ichinen Holdings Co. Ltd.		800		8,765
Old Dominion Freight Line, Inc.		730		185,274
				293,172
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
Applied Materials, Inc.		1,601		227,982
ASM International NV		68		22,338
ASML Holding NV		292		200,636
Intel Corp.		2,124		119,241
KLA Corp.		183		59,330
Lam Research Corp.		190		123,633
Micron Technology, Inc.*		563		47,844
STMicroelectronics NV		1,537		55,785
Tokyo Electron Ltd.		200		86,639
Tokyo Seimitsu Co. Ltd.		400		18,128
				961,556
SOFTWARE - 6.6%
Dassault Systemes SE*		49		11,883
Datadog, Inc., Class A*		246		25,604
DocuSign, Inc.*		614		171,656
Dolby Laboratories, Inc., Class A		69		6,782
HubSpot, Inc.*		145		84,494
Microsoft Corp.		3,964		1,073,848
NortonLifeLock, Inc.		112		3,049
Oracle Corp.		1,219		94,887
Palo Alto Networks, Inc.*		188		69,757
salesforce.com, Inc.*		1,044		255,018
VMware, Inc., Class A*		566		90,543
				1,887,521
SPECIALTY RETAIL - 1.7%
Dick's Sporting Goods, Inc.		760		76,144
JB Hi-Fi Ltd.		407		15,455
Kid ASA (a)		5,060		62,565
L Brands, Inc.		908		65,431
TJX Cos., Inc. (The)		2,802		188,911
Yamada Holdings Co. Ltd.		19,300		89,205
				497,711

	Shares/ Principal		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.2%
Apple, Inc.		9,848	$	1,348,782
Ricoh Co. Ltd.		1,200		13,482
Western Digital Corp.*		1,804		128,391
				1,490,655
TEXTILES, APPAREL & LUXURY GOODS - 2.8%
adidas AG		595		221,491
Cie Financiere Richemont SA, Class A		362		43,843
Gildan Activewear, Inc.		900		33,244
Gunze Ltd.		2,400		100,009
Hermes International		26		37,879
Kering SA		164		143,337
LVMH Moet Hennessy Louis Vuitton SE		114		89,403
Puma SE		426		50,797
Skechers U.S.A., Inc., Class A*		1,402		69,862
				789,865
THRIFTS & MORTGAGE FINANCE - 0.0%†
Paragon Banking Group PLC		1,030		7,250
TOBACCO - 1.0%
British American Tobacco PLC		303		11,720
Philip Morris International, Inc.		2,520		249,757
Swedish Match AB		2,942		25,106
				286,583
TRADING COMPANIES & DISTRIBUTORS - 2.1%
Brenntag SE		1,708		158,841
Daiichi Jitsugyo Co. Ltd.		2,100		81,075
Ferronordic AB		955		25,181
Mitsui & Co. Ltd.		7,700		173,474
Rexel SA		535		11,192
Sumitomo Corp.		10,600		142,110
				591,873
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
SoftBank Group Corp.		1,600		112,082
TOTAL COMMON STOCKS (Cost - $22,009,508)				27,750,595
PREFERRED STOCKS - 1.7%
AUTOMOBILES - 1.1%
Porsche Automobil Holding SE		1,065		114,123
Volkswagen AG		777		194,609
				308,732
HOUSEHOLD PRODUCTS - 0.4%
Henkel AG & Co. KGaA		1,121		118,369
ROAD & RAIL - 0.2%
Sixt SE		542		43,708
TOTAL PREFERRED STOCKS (Cost - $501,112)				470,809

See accompanying notes to financial statements.
77

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 0.2%
MONEY MARKET FUNDS - 0.2%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b) (Cost - $71,073)		71,073	$	71,073
TOTAL INVESTMENTS - 99.0% (Cost - $22,581,693)			$	28,292,477
OTHER ASSETS LESS LIABILITIES - NET 1.0%				296,289
TOTAL NET ASSETS - 100.0%			$	28,588,766

* Non-income producing security.

† Represents less than 0.05%.

(b) The rate shown is the annualized seven-day yield at period end.

ADR - American Depositary Receipt

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		97.1	%
Preferred Stocks		1.7	%
Short-Term Investments		0.2	%
Other Assets less Liabilities - Net		1.0	%
		100.0	%

See accompanying notes to financial statements.
78

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 99.2%
AEROSPACE & DEFENSE - 0.1%
Northrop Grumman Corp.		279	$	101,397
AIR FREIGHT & LOGISTICS - 2.1%
FedEx Corp.		2,292		683,772
United Parcel Service, Inc., Class B		7,283		1,514,646
				2,198,418
AUTOMOBILES - 2.1%
Ford Motor Co.*		32,263		479,428
Tesla, Inc.*		2,502		1,700,610
				2,180,038
BEVERAGES - 0.7%
Boston Beer Co., Inc. (The), Class A*		144		146,995
Monster Beverage Corp.*		6,177		564,269
				711,264
BIOTECHNOLOGY - 2.8%
AbbVie, Inc.		8,398		945,951
Biogen, Inc.*		308		106,651
Gilead Sciences, Inc.		11,048		760,765
Incyte Corp.*		4,881		410,639
Moderna, Inc.*		1,752		411,685
Sage Therapeutics, Inc.*		812		46,130
Vertex Pharmaceuticals, Inc.*		861		173,603
				2,855,424
CAPITAL MARKETS - 2.6%
Jefferies Financial Group, Inc.		23,056		788,515
Moody's Corp.		2,226		806,636
S&P Global, Inc.		2,706		1,110,678
				2,705,829
CHEMICALS - 0.6%
Axalta Coating Systems Ltd.*		12,400		378,076
CF Industries Holdings, Inc.		2,720		139,944
NewMarket Corp.		296		95,306
				613,326
COMMERCIAL SERVICES & SUPPLIES - 0.1%
IAA, Inc.*		1,424		77,665
CONSTRUCTION & ENGINEERING - 0.1%
AECOM*		1,440		91,181
CONSUMER FINANCE - 0.7%
Ally Financial, Inc.		10,014		499,098
Synchrony Financial		5,594		271,421
				770,519

	Shares/ Principal		Fair Value
DIVERSIFIED CONSUMER SERVICES - 0.2%
H&R Block, Inc.		9,879	$	231,959
DIVERSIFIED TELECOMMUNICATION - 0.7%
Liberty Global PLC, Class C*		25,580		691,683
ENTERTAINMENT - 1.0%
Netflix, Inc.*		400		211,284
Roku, Inc.*		1,353		621,365
World Wrestling Entertainment, Inc., Class A		3,486		201,805
				1,034,454
EQUITY REAL ESTATE INVESTMENT - 3.0%
American Homes 4 Rent, Class A		6,773		263,131
Camden Property Trust		2,086		276,750
Equity LifeStyle Properties, Inc.		10,411		773,641
Extra Space Storage, Inc.		262		42,921
First Industrial Realty Trust, Inc.		14,069		734,824
Invitation Homes, Inc.		14,643		546,037
Prologis, Inc.		2,751		328,827
Simon Property Group, Inc.		725		94,598
				3,060,729
HEALTH CARE EQUIPMENT & SUPPLIES - 2.4%
ABIOMED, Inc.*		193		60,237
Align Technology, Inc.*		1,631		996,541
Hologic, Inc.*		9,731		649,253
Intuitive Surgical, Inc.*		347		319,115
West Pharmaceutical Services, Inc.		1,159		416,197
				2,441,343
HEALTH CARE PROVIDERS & SERVICES - 1.8%
Chemed Corp.		1,210		574,145
DaVita, Inc.*		992		119,467
Guardant Health, Inc.*		405		50,297
HCA Healthcare, Inc.		5,037		1,041,349
Universal Health Services, Inc., Class B		305		44,661
				1,829,919
HEALTH CARE TECHNOLOGY - 0.1%
Veeva Systems, Inc., Class A*		438		136,196
HOTELS, RESTAURANTS & LEISURE - 2.2%
Booking Holdings, Inc.*		319		698,001
Darden Restaurants, Inc.		1,655		241,613
Las Vegas Sands Corp.*		8,671		456,875
Marriott International, Inc., Class A*		872		119,045
Penn National Gaming, Inc.*		926		70,830
Vail Resorts, Inc.*		2,223		703,624
				2,289,988

See accompanying notes to financial statements.
79

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
HOUSEHOLD DURABLES - 0.7%
Tempur Sealy International, Inc.		17,458	$	684,179
INSURANCE - 1.1%
Aon PLC, Class A		2,651		632,953
Arch Capital Group Ltd.*		10,446		406,767
W R Berkley Corp.		633		47,114
				1,086,834
INTERACTIVE MEDIA & SERVICES - 10.6%
Alphabet, Inc., Class A*		58		141,624
Alphabet, Inc., Class C*		1,908		4,782,058
Facebook, Inc., Class A*		13,993		4,865,506
Pinterest, Inc., Class A*		9,643		761,315
Vimeo, Inc.*		7,702		377,398
				10,927,901
INTERNET & DIRECT MARKETING RETAIL - 8.8%
Amazon.com, Inc.*		2,337		8,039,654
eBay, Inc.		14,887		1,045,216
				9,084,870
IT SERVICES - 6.8%
Euronet Worldwide, Inc.*		1,767		239,163
Gartner, Inc.*		3,556		861,263
Mastercard, Inc., Class A		1,563		570,636
MongoDB, Inc., Class A*		877		317,053
PayPal Holdings, Inc.*		7,541		2,198,051
Snowflake, Inc., Class A*		430		103,974
VeriSign, Inc.*		1,477		336,298
Visa, Inc., Class A		7,191		1,681,400
Western Union Co. (The)		29,919		687,239
				6,995,077
LIFE SCIENCES TOOLS & SERVICES - 1.8%
IQVIA Holdings, Inc.*		3,652		884,953
Mettler-Toledo International, Inc.*		682		944,802
				1,829,755
MACHINERY - 0.4%
Caterpillar, Inc.		765		166,487
Otis Worldwide Corp.		1,367		111,779
Parker-Hannifin Corp.		469		144,035
				422,301
MEDIA - 1.2%
News Corp., Class A		16,948		436,750
Nexstar Media Group, Inc., Class A		5,099		754,040
				1,190,790

	Shares/ Principal		Fair Value
MULTILINE RETAIL - 0.1%
Nordstrom, Inc.*		3,644	$	133,261
PERSONAL PRODUCTS - 1.1%
Estee Lauder Cos, Inc. (The), Class A		3,613		1,149,223
PHARMACEUTICALS - 1.1%
Zoetis, Inc.		6,329		1,179,472
PROFESSIONAL SERVICES - 0.9%
CoStar Group, Inc.*		6,080		503,545
Robert Half International, Inc.		4,977		442,804
				946,349
ROAD & RAIL - 1.2%
AMERCO		254		149,708
Old Dominion Freight Line, Inc.		3,249		824,596
Uber Technologies, Inc.*		5,569		279,118
				1,253,422
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7%
Applied Materials, Inc.		9,915		1,411,896
Broadcom, Inc.		307		146,390
KLA Corp.		2,995		971,009
Lam Research Corp.		1,571		1,022,250
NVIDIA Corp.		1,604		1,283,360
				4,834,905
SOFTWARE - 19.7%
Adobe, Inc.*		590		345,528
Datadog, Inc., Class A*		6,199		645,192
DocuSign, Inc.*		2,883		806,000
Dolby Laboratories, Inc., Class A		5,027		494,104
Dropbox, Inc., Class A*		22,768		690,098
Dynatrace, Inc.*		2,441		142,603
Elastic NV*		1,927		280,880
Fair Isaac Corp.*		1,526		767,090
Fortinet, Inc.*		3,513		836,761
HubSpot, Inc.*		1,525		888,648
Intuit, Inc.		1,336		654,867
Manhattan Associates, Inc.*		1,849		267,809
Microsoft Corp.		37,012		10,026,551
Palo Alto Networks, Inc.*		2,529		938,385
salesforce.com, Inc.*		3,835		936,775
ServiceNow, Inc.*		1,159		636,928
Teradata Corp.*		1,882		94,044
VMware, Inc., Class A*		973		155,651
Zendesk, Inc.*		1,558		224,882
Zoom Video Communications, Inc., Class A*		1,322		511,654
				20,344,450

See accompanying notes to financial statements.
80

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 4.5%
Burlington Stores, Inc.*		1,607	$	517,438
Dick's Sporting Goods, Inc.		4,249		425,707
GameStop Corp., Class A*		194		41,543
Home Depot, Inc. (The)		1,996		636,504
L Brands, Inc.		370		26,662
Ross Stores, Inc.		7,958		986,792
TJX Cos., Inc. (The)		17,397		1,172,906
Ulta Beauty, Inc.*		2,419		836,418
				4,643,970
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 11.1%
Apple, Inc.		81,787		11,201,548
NetApp, Inc.		3,077		251,760
				11,453,308
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Lululemon Athletica, Inc.*		165		60,220
TOTAL COMMON STOCKS (Cost - $67,428,900)				102,241,619

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 0.8%
MONEY MARKET FUNDS - 0.8%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $865,872)		865,872	$	865,872
TOTAL INVESTMENTS - 100.0% (Cost - $68,294,772)			$	103,107,491
OTHER ASSETS LESS LIABILITIES - NET 0.0%†				16,149
TOTAL NET ASSETS - 100.0%			$	103,123,640

* Non-income producing security.

† Represents less than 0.05%.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		99.2	%
Short-Term Investments		0.8	%
Other Assets less Liabilities - Net		0.0	%^
		100.0	%

^ Represents less than 0.05%

See accompanying notes to financial statements.
81

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio of Investments (Unaudited)

June 30, 2021

	Shares/ Principal		Fair Value
COMMON STOCKS - 99.5%
AEROSPACE & DEFENSE - 2.8%
Howmet Aerospace, Inc.*		11,288	$	389,097
Mercury Systems, Inc.*		7,585		502,734
Northrop Grumman Corp.		2,615		950,370
Teledyne Technologies, Inc.*		3,117		1,305,493
Textron, Inc.		5,859		402,923
				3,550,617
AIR FREIGHT & LOGISTICS - 0.7%
FedEx Corp.		3,183		949,584
AUTO COMPONENTS - 0.6%
Gentex Corp.		24,034		795,285
AUTOMOBILES - 1.5%
Ford Motor Co.*		63,342		941,262
General Motors Co.*		16,099		952,578
				1,893,840
BANKS - 4.9%
Citigroup, Inc.		13,553		958,875
Citizens Financial Group, Inc.		11,465		525,900
KeyCorp		51,198		1,057,239
PacWest Bancorp		12,367		509,026
Regions Financial Corp.		14,251		287,585
Umpqua Holdings Corp.		56,467		1,041,816
Webster Financial Corp.		7,380		393,649
Western Alliance Bancorp		7,237		671,955
Zions Bancorp NA		15,575		823,294
				6,269,339
BIOTECHNOLOGY - 1.2%
Biogen, Inc.*		630		218,150
Gilead Sciences, Inc.		14,399		991,515
Sage Therapeutics, Inc.*		5,736		325,862
				1,535,527
BUILDING PRODUCTS - 0.5%
Lennox International, Inc.		1,813		636,000
CAPITAL MARKETS - 3.6%
Evercore, Inc., Class A		3,048		429,067
Interactive Brokers Group, Inc., Class A		9,976		655,722
Intercontinental Exchange, Inc.		8,185		971,560
Janus Henderson Group PLC		2,577		100,013
Jefferies Financial Group, Inc.		33,949		1,161,056
S&P Global, Inc.		1,920		788,064
SEI Investments Co.		9,424		584,005
				4,689,487
CHEMICALS - 5.3%
Axalta Coating Systems Ltd.*		34,945		1,065,473
Celanese Corp.		7,110		1,077,876

	Shares/ Principal		Fair Value
CHEMICALS - 5.3% (Continued)
CF Industries Holdings, Inc.		22,915	$	1,178,977
Corteva, Inc.		13,901		616,509
International Flavors & Fragrances, Inc.		4,230		631,962
Mosaic Co. (The)		23,918		763,223
NewMarket Corp.		2,430		782,412
Westlake Chemical Corp.		7,965		717,567
				6,833,999
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Clean Harbors, Inc.*		11,509		1,071,948
COMMUNICATIONS EQUIPMENT - 0.4%
Juniper Networks, Inc.		3,637		99,472
Lumentum Holdings, Inc.*		4,561		374,139
				473,611
CONSTRUCTION & ENGINEERING - 1.0%
AECOM*		17,923		1,134,884
MasTec, Inc.*		1,929		204,667
				1,339,551
CONSTRUCTION MATERIALS - 1.5%
Martin Marietta Materials, Inc.		2,823		993,160
Vulcan Materials Co.		5,543		964,870
				1,958,030
CONSUMER FINANCE - 2.2%
Ally Financial, Inc.		24,839		1,237,976
Santander Consumer USA Holdings, Inc.		6,946		252,278
Synchrony Financial		28,313		1,373,747
				2,864,001
CONTAINERS & PACKAGING - 0.1%
Crown Holdings, Inc.		1,228		125,514
DISTRIBUTORS - 0.3%
LKQ Corp.*		7,541		371,168
DIVERSIFIED CONSUMER SERVICES - 0.1%
Service Corp. International/US		2,486		133,225
DIVERSIFIED FINANCIAL SERVICES - 0.6%
Berkshire Hathaway, Inc., Class B*		1,308		363,519
Voya Financial, Inc.		7,503		461,435
				824,954
DIVERSIFIED TELECOMMUNICATION - 0.4%
Liberty Global PLC, Class C*		19,321		522,440
ELECTRIC UTILITIES - 1.9%
Evergy, Inc.		2,067		124,909
OGE Energy Corp.		32,255		1,085,381
Pinnacle West Capital Corp.		491		40,247
PPL Corp.		42,516		1,189,172
				2,439,709

See accompanying notes to financial statements.
82

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 1.0%
AMETEK, Inc.		9,783	$	1,306,031
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%
Avnet, Inc.		11,994		480,719
SYNNEX Corp.		5,451		663,714
				1,144,433
ENERGY EQUIPMENT & SERVICES - 1.6%
Baker Hughes Co.		52,590		1,202,733
Halliburton Co.		22,984		531,390
NOV, Inc.*		17,626		270,031
				2,004,154
ENTERTAINMENT - 0.1%
Roku, Inc.*		188		86,339
EQUITY REAL ESTATE INVESTMENT - 12.7%
American Homes 4 Rent, Class A		29,791		1,157,380
Brixmor Property Group, Inc.		46,394		1,061,959
Camden Property Trust		8,880		1,178,110
Duke Realty Corp.		27,091		1,282,759
Equity LifeStyle Properties, Inc.		14,332		1,065,011
First Industrial Realty Trust, Inc.		21,037		1,098,762
Healthcare Trust of America, Inc., Class A		32,052		855,788
Highwoods Properties, Inc.		23,009		1,039,317
Invitation Homes, Inc.		36,905		1,376,187
Kilroy Realty Corp.		15,961		1,111,524
Kimco Realty Corp.		26,718		557,070
Life Storage, Inc.		10,372		1,113,434
National Retail Properties, Inc.		14,268		668,884
Prologis, Inc.		7,971		952,774
Sun Communities, Inc.		4,202		720,223
UDR, Inc.		9,164		448,853
Ventas, Inc.		3,689		210,642
Weyerhaeuser Co.		11,726		403,609
				16,302,286
FOOD & STAPLES RETAILING - 0.5%
Walgreens Boots Alliance, Inc.		5,261		276,781
Walmart, Inc.		2,569		362,281
				639,062
FOOD PRODUCTS - 1.9%
Archer-Daniels-Midland Co.		16,552		1,003,051
Darling Ingredients, Inc.*		13,022		878,985
Hain Celestial Group, Inc. (The)*		4,539		182,105
Ingredion, Inc.		3,637		329,148
				2,393,289
HEALTH CARE EQUIPMENT & SUPPLIES - 2.8%
Cooper Cos., Inc. (The)		1,262		500,093
Globus Medical, Inc., Class A*		5,284		409,669

	Shares/ Principal		Fair Value
HEALTH CARE EQUIPMENT & SUPPLIES - 2.8% (Continued)
Hill-Rom Holdings, Inc.		3,292	$	373,938
Hologic, Inc.*		17,393		1,160,461
Quidel Corp.*		749		95,962
Teleflex, Inc.		846		339,914
Zimmer Biomet Holdings, Inc.		4,367		702,301
				3,582,338
HEALTH CARE PROVIDERS & SERVICES - 1.8%
Encompass Health Corp.		1,957		152,705
HCA Healthcare, Inc.		4,744		980,774
Molina Healthcare, Inc.*		447		113,118
Universal Health Services, Inc., Class B		7,556		1,106,425
				2,353,022
HOTELS, RESTAURANTS & LEISURE - 1.5%
Airbnb, Inc., Class A*		448		68,607
Darden Restaurants, Inc.		5,581		814,770
Marriott Vacations Worldwide Corp.*		2,853		454,483
Penn National Gaming, Inc.*		7,368		563,578
Travel + Leisure Co.		1,084		64,444
				1,965,882
HOUSEHOLD DURABLES - 1.1%
DR Horton, Inc.		10,767		973,014
PulteGroup, Inc.		3,468		189,249
Tempur Sealy International, Inc.		2,595		101,698
Toll Brothers, Inc.		1,970		113,885
				1,377,846
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%
AES Corp. (The)		20,717		540,092
INSURANCE - 6.0%
American Financial Group, Inc./OH		8,493		1,059,247
Arch Capital Group Ltd.*		31,896		1,242,030
First American Financial Corp.		13,333		831,313
Globe Life, Inc.		11,883		1,131,856
Old Republic International Corp.		42,240		1,052,198
Primerica, Inc.		7,170		1,098,014
Reinsurance Group of America, Inc.		3,092		352,488
W R Berkley Corp.		11,856		882,442
				7,649,588
INTERACTIVE MEDIA & SERVICES - 0.7%
Facebook, Inc., Class A*		534		185,677
Pinterest, Inc., Class A*		3,676		290,220
Snap, Inc., Class A*		611		41,634
Twitter, Inc.*		5,038		346,665
				864,196
INTERNET & DIRECT MARKETING RETAIL - 0.2%
Wayfair, Inc., Class A*		1,017		321,077

See accompanying notes to financial statements.
83

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
IT SERVICES - 5.0%
Alliance Data Systems Corp.		3,262	$	339,868
Amdocs Ltd.		10,312		797,736
Cognizant Technology Solutions Corp., Class A		12,937		896,017
Concentrix Corp.*		1,996		320,957
DXC Technology Co.*		8,656		337,065
Euronet Worldwide, Inc.*		4,607		623,558
International Business Machines Corp.		6,331		928,061
VeriSign, Inc.*		4,970		1,131,619
Western Union Co. (The)		42,986		987,388
				6,362,269
LIFE SCIENCES TOOLS & SERVICES - 1.9%
Bio-Rad Laboratories, Inc., Class A*		359		231,300
IQVIA Holdings, Inc.*		5,769		1,397,944
QIAGEN NV*		16,078		777,854
Syneos Health, Inc., Class A*		684		61,211
				2,468,309
MACHINERY - 4.6%
Colfax Corp.*		7,019		321,540
Ingersoll Rand, Inc.*		1,733		84,588
Lincoln Electric Holdings, Inc.		4,379		576,758
Otis Worldwide Corp.		20,011		1,636,300
Parker-Hannifin Corp.		5,187		1,592,980
Snap-on, Inc.		1,501		335,368
Stanley Black & Decker, Inc.		6,377		1,307,221
				5,854,755
MEDIA - 3.2%
Liberty Broadband Corp., Class C*		709		123,125
News Corp., Class A		47,099		1,213,741
Nexstar Media Group, Inc., Class A		6,726		994,641
Omnicom Group, Inc.		15,681		1,254,323
Sirius XM Holdings, Inc.		75,188		491,730
				4,077,560
MORTGAGE REAL ESTATE INVESTMENT - 1.0%
Annaly Capital Management, Inc.		131,083		1,164,017
Starwood Property Trust, Inc.		2,792		73,067
				1,237,084
MULTILINE RETAIL - 0.7%
Kohl's Corp.		13,218		728,444
Nordstrom, Inc.*		4,009		146,609
				875,053
MULTI-UTILITIES - 3.3%
CMS Energy Corp.		21,616		1,277,073
Dominion Energy, Inc.		7,324		538,827
DTE Energy Co.		10,935		1,417,176
MDU Resources Group, Inc.		32,648		1,023,188
				4,256,264

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 2.7%
APA Corp.		23,475	$	507,764
Cimarex Energy Co.		8,557		619,955
Continental Resources, Inc.		3,983		151,473
Devon Energy Corp.		6,483		189,239
Hess Corp.		13,348		1,165,547
Marathon Oil Corp.		7,590		103,376
Targa Resources Corp.		15,960		709,422
				3,446,776
PHARMACEUTICALS - 2.1%
Elanco Animal Health, Inc.*		29,312		1,016,833
Johnson & Johnson		5,850		963,729
Perrigo Co. PLC		14,813		679,176
				2,659,738
PROFESSIONAL SERVICES - 1.7%
FTI Consulting, Inc.*		2,992		408,737
ManpowerGroup, Inc.		7,733		919,531
Robert Half International, Inc.		10,113		899,754
				2,228,022
ROAD & RAIL - 1.1%
AMERCO		1,703		1,003,748
CSX Corp.		3,684		118,183
Ryder System, Inc.		3,946		293,306
				1,415,237
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0%
First Solar, Inc.*		4,951		448,115
Intel Corp.		8,242		462,706
Micron Technology, Inc.*		3,930		333,971
				1,244,792
SOFTWARE - 2.4%
Datadog, Inc., Class A*		669		69,629
DocuSign, Inc.*		1,316		367,914
Dolby Laboratories, Inc., Class A		10,939		1,075,194
FireEye, Inc.*		7,336		148,334
HubSpot, Inc.*		199		115,961
Manhattan Associates, Inc.*		1,420		205,673
salesforce.com, Inc.*		3,965		968,531
VMware, Inc., Class A*		578		92,463
				3,043,699
SPECIALTY RETAIL - 2.6%
AutoNation, Inc.*		3,632		344,350
Dick's Sporting Goods, Inc.		10,939		1,095,978
Gap, Inc. (The)		20,093		676,130
L Brands, Inc.		4,232		304,958
TJX Cos., Inc. (The)		14,433		973,073
				3,394,489

See accompanying notes to financial statements.
84

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2021

	Shares/ Principal		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.0%
Western Digital Corp.*		18,685	$	1,329,812
TEXTILES, APPAREL & LUXURY GOODS - 1.0%
Capri Holdings Ltd.*		5,356		306,310
Skechers U.S.A., Inc., Class A*		18,658		929,728
				1,236,038
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Air Lease Corp., Class A		10,989		458,681
United Rentals, Inc.*		533		170,032
Watsco, Inc.		540		154,786
				783,499
TOTAL COMMON STOCKS (Cost - $111,236,182)				127,720,860

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 0.6%
MONEY MARKET FUNDS - 0.6%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.01% (a) (Cost - $746,897)		746,897	$	746,897
TOTAL INVESTMENTS - 100.1% (Cost - $111,983,079)			$	128,467,757
OTHER ASSETS LESS LIABILITIES - NET (0.1)%				(70,761)
TOTAL NET ASSETS - 100.0%			$	128,396,996

* Non-income producing security.

(a) The rate shown is the annualized seven-day yield at period end.

PLC - Public Limited Company

Holdings by Asset Class	% of Net Assets
Common Stocks		99.5	%
Short-Term Investments		0.6	%
Other Assets less Liabilities - Net		(0.1	)%
		100.0	%

See accompanying notes to financial statements.
85

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets	Global Atlantic BlackRock Allocation Portfolio		Global Atlantic BlackRock Disciplined Core Portfolio		Global Atlantic BlackRock Disciplined Growth Portfolio		Global Atlantic BlackRock Disciplined International Core Portfolio
Investments in securities, at cost	$	66,488,685	$	485,085,633	$	12,860,773	$	125,987,042
Investments in securities, at fair value	$	79,371,118	$	659,626,881	$	20,382,113	$	152,279,444
Cash		-		20,562		369		1,112
Foreign cash (cost $-, $-, $- and $659,532, respectively)		-		-		-		655,459
Deposit with broker		-		495,248		10,121		325,230
Unrealized appreciation on futures contracts		-		107,237		7,600		-
Receivable for securities sold		236,334		6,380,686		219,890		3,927,761
Receivable for portfolio shares sold		5,263		6,136		-		-
Interest and dividends receivable		1		272,415		3,972		574,132
Prepaid expenses		1,572		11,453		386		2,645
Total Assets		79,614,288		666,920,618		20,624,451		157,765,783
Liabilities
Unrealized depreciation on futures contracts		-		-		-		72,397
Payable for securities purchased		-		6,061,517		263,112		3,389,849
Payable for portfolio shares redeemed		25,112		28,018		1,094		200,486
Accrued distribution (12b-1) fees		3,318		7,631		4,068		9,050
Accrued investment advisory fees		14,449		210,021		6,661		65,633
Administrative service fees payable		4,097		33,562		1,011		7,969
Accrued expenses and other liabilities		6,796		51,095		3,910		49,396
Total Liabilities		53,772		6,391,844		279,856		3,794,780
Net Assets	$	79,560,516	$	660,528,774	$	20,344,595	$	153,971,003
Composition of Net Assets
Paid-in capital	$	56,616,202	$	389,914,832	$	9,020,628	$	131,373,692
Total distributable earnings		22,944,314		270,613,942		11,323,967		22,597,311
Net Assets	$	79,560,516	$	660,528,774	$	20,344,595	$	153,971,003
Class I Shares
Net Assets	$	63,640,723	$	623,190,317	$	-	$	110,841,200
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		4,768,660		38,644,937		-		9,336,864
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	13.35	$	16.13	$	-	$	11.87
Class II Shares
Net Assets	$	15,919,793	$	37,338,457	$	20,344,595	$	43,129,803
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		1,198,047		2,321,467		1,117,876		3,642,075
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	13.29	$	16.08	$	18.20	$	11.84

See accompanying notes to financial statements.
86

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2021 (Unaudited)

Assets	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		Global Atlantic BlackRock Disciplined Small Cap Portfolio		Global Atlantic BlackRock Disciplined U.S. Core Portfolio		Global Atlantic BlackRock Disciplined Value Portfolio
Investments in securities, at cost	$	174,350,185	$	15,477,412	$	20,420,228	$	231,393,438
Investments in securities, at fair value	$	233,311,228	$	20,169,128	$	27,445,945	$	276,380,418
Cash		2,144		278		872		10,355
Deposit with broker		151,896		20,757		22,328		211,826
Unrealized appreciation on futures contracts		36,794		1,723		3,333		40,283
Receivable for securities sold		2,295,670		285,955		267,651		2,620,856
Receivable for portfolio shares sold		-		-		17,343		-
Interest and dividends receivable		63,442		11,207		9,306		159,367
Prepaid expenses		4,039		308		495		4,578
Total Assets		235,865,213		20,489,356		27,767,273		279,427,683
Liabilities
Payable for securities purchased		2,127,149		41,941		389,771		2,839,371
Payable for portfolio shares redeemed		213,957		30,736		4,507		171,360
Accrued distribution (12b-1) fees		12,717		2,077		887		1,617
Accrued investment advisory fees		100,553		8,794		7,980		103,131
Administrative service fees payable		11,356		1,046		1,396		14,405
Accrued expenses and other liabilities		20,290		1,620		5,249		27,262
Total Liabilities		2,486,022		86,214		409,790		3,157,146
Net Assets	$	233,379,191	$	20,403,142	$	27,357,483	$	276,270,537
Composition of Net Assets
Paid-in capital	$	115,746,956	$	12,524,335	$	15,956,061	$	203,045,332
Total distributable earnings		117,632,235		7,878,807		11,401,422		73,225,205
Net Assets	$	233,379,191	$	20,403,142	$	27,357,483	$	276,270,537
Class I Shares
Net Assets	$	169,121,870	$	10,536,263	$	22,924,453	$	268,458,241
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		9,156,521		675,720		1,454,316		20,426,112
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	18.47	$	15.59	$	15.76	$	13.14
Class II Shares
Net Assets	$	64,257,321	$	9,866,879	$	4,433,030	$	7,812,296
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		3,485,638		634,086		282,008		594,523
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	18.43	$	15.56	$	15.72	$	13.14

See accompanying notes to financial statements.
87

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2021 (Unaudited)

Assets	Global Atlantic BlackRock High Yield Portfolio		Global Atlantic Goldman Sachs Core Fixed Income Portfolio		Global Atlantic Goldman Sachs Global Equity Insights Portfolio		Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Investments in securities, at cost	$	63,303,380	$	90,842,211	$	22,581,693	$	68,294,772
Investments in securities, at fair value	$	66,635,616	$	93,955,038	$	28,292,477	$	103,107,491
Premiums paid on open swap contracts, net		-		109,991		-		-
Cash		1,728		53		-		-
Foreign cash (cost $-, $58,263, $211,584 and $-, respectively)		-		57,289		210,123		-
Deposit with broker		9,606		777,995		-		-
Unrealized appreciation on forward foreign currency contracts		-		52,270		-		-
Unrealized appreciation on futures contracts		19,472		330,953		-		-
Receivable for securities sold		234,693		5,186,912		1,325,685		-
Receivable for portfolio shares sold		-		-		-		47,244
Interest and dividends receivable		985,669		409,315		41,024		14,506
Prepaid expenses		1,284		1,851		499		1,903
Total Assets		67,888,068		100,881,667		29,869,808		103,171,144
Liabilities
Unrealized depreciation on forward foreign currency contracts		-		28,405		-		-
Unrealized depreciation on swap contracts		-		40,571		-		-
Deposit due to broker		-		-		52		-
Payable for securities purchased		1,033,392		15,506,461		1,240,188		-
Payable for portfolio shares redeemed		59,322		83,737		5,725		1,728
Accrued distribution (12b-1) fees		166		-		2,706		1,205
Accrued investment advisory fees		27,323		23,432		11,021		30,590
Administrative service fees payable		3,407		4,359		1,467		5,110
Accrued expenses and other liabilities		6,498		5,785		19,883		8,871
Total Liabilities		1,130,108		15,692,750		1,281,042		47,504
Net Assets	$	66,757,960	$	85,188,917	$	28,588,766	$	103,123,640
Composition of Net Assets
Paid-in capital	$	63,507,300	$	76,069,796	$	20,133,478	$	51,001,846
Total distributable earnings		3,250,660		9,119,121		8,455,288		52,121,794
Net Assets	$	66,757,960	$	85,188,917	$	28,588,766	$	103,123,640
Class I Shares
Net Assets	$	65,947,246	$	85,188,917	$	15,469,373	$	96,994,073
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		6,326,443		7,842,311		1,103,166		5,458,712
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.42	$	10.86	$	14.02	$	17.77
Class II Shares
Net Assets	$	810,714	$	-	$	13,119,393	$	6,129,567
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		77,946		-		937,962		346,094
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.40	$	-	$	13.99	$	17.71

See accompanying notes to financial statements.
88

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2021 (Unaudited)

Assets	Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Investments in securities, at cost	$	111,983,079
Investments in securities, at fair value	$	128,467,757
Interest and dividends receivable		130,513
Prepaid expenses		2,016
Total Assets		128,600,286
Liabilities
Payable for portfolio shares redeemed		105,502
Accrued distribution (12b-1) fees		17,094
Accrued investment advisory fees		58,918
Administrative service fees payable		6,731
Accrued expenses and other liabilities		15,045
Total Liabilities		203,290
Net Assets	$	128,396,996
Composition of Net Assets
Paid-in capital	$	100,578,056
Total distributable earnings		27,818,940
Net Assets	$	128,396,996
Class I Shares
Net Assets	$	46,458,526
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		3,622,106
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.83
Class II Shares
Net Assets	$	81,938,470
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		6,406,828
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.79

See accompanying notes to financial statements.
89

Global Atlantic Portfolios

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

	Global Atlantic BlackRock Allocation Portfolio			Global Atlantic BlackRock Disciplined Core Portfolio			Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investment Income
Dividend income*	$	589,205		$	4,464,290		$	70,787		$	2,048,724
Interest income		3			-			23			-
Total Investment Income		589,208			4,464,290			70,810			2,048,724
Expenses
Investment advisory fee		86,829			1,227,593			43,957			455,162
Distribution fees (12b-1) - Class II Shares		19,589			45,557			24,420			53,705
Administrative service fees		12,482			99,545			3,089			23,991
Legal fees		8,561			65,941			2,092			16,053
Trustees fees		3,460			26,648			846			6,482
Custody fees		1,279			10,949			5,290			92,414
Miscellaneous expenses		15,088			115,653			3,692			38,503
Total Expenses		147,288			1,591,886			83,386			686,310
Expenses waived		(3,907	)		(26,103	)		(5,559	)		(96,204	)
Net Expenses		143,381			1,565,783			77,827			590,106
Net Investment Income (Loss)		445,827			2,898,507			(7,017	)		1,458,618
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		6,220,725			62,576,477			1,957,728			10,483,612
Futures contracts		-			2,861,715			41,198			517,422
Foreign currency translations		-			(101	)		-			30,171
		6,220,725			65,438,091			1,998,926			11,031,205
Net change in unrealized appreciation/(depreciation) on:
Investments		(1,191,057	)		22,735,159			435,860			2,227,725
Futures contracts		-			(365,274	)		(9,459	)		(125,791	)
Foreign currency translations		-			25			-			(31,502	)
		(1,191,057	)		22,369,910			426,401			2,070,432
Net Realized and Change in Unrealized Gain		5,029,668			87,808,001			2,425,327			13,101,637
Net Increase in Net Assets Resulting from Operations	$	5,475,495		$	90,706,508		$	2,418,310		$	14,560,255
* Foreign taxes withheld	$	-		$	5,585		$	-		$	258,026

See accompanying notes to financial statements.
90

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2021 (Unaudited)

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio			Global Atlantic BlackRock Disciplined Small Cap Portfolio			Global Atlantic BlackRock Disciplined U.S. Core Portfolio			Global Atlantic BlackRock Disciplined Value Portfolio
Investment Income
Dividend income*	$	549,186		$	88,167		$	191,559		$	2,572,677
Interest income		-			26			31			-
Total Investment Income		549,186			88,193			191,590			2,572,677
Expenses
Investment advisory fee		608,883			54,880			52,056			601,726
Distribution fees (12b-1) - Class II Shares		75,220			12,381			5,401			9,448
Administrative service fees		35,011			3,214			4,221			42,288
Legal fees		23,926			2,144			2,831			27,837
Trustees fees		9,674			865			1,144			11,251
Custody fees		10,712			3,061			6,114			9,904
Miscellaneous expenses		41,666			3,671			4,963			48,564
Total Expenses		805,092			80,216			76,730			751,018
Expenses waived		(25,019	)		(3,126	)		(6,352	)		(13,916	)
Net Expenses		780,073			77,090			70,378			737,102
Net Investment Income (Loss)		(230,887	)		11,103			121,212			1,835,575
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		35,361,738			2,044,656			2,986,040			30,227,493
Futures contracts		963,509			119,253			114,158			1,236,281
		36,325,247			2,163,909			3,100,198			31,463,774
Net change in unrealized appreciation/(depreciation) on:
Investments		(10,466,701	)		1,263,214			599,199			9,629,251
Futures contracts		(146,981	)		(10,959	)		(16,221	)		(168,660	)
		(10,613,682	)		1,252,255			582,978			9,460,591
Net Realized and Change in Unrealized Gain		25,711,565			3,416,164			3,683,176			40,924,365
Net Increase in Net Assets Resulting from Operations	$	25,480,678		$	3,427,267		$	3,804,388		$	42,759,940
* Foreign taxes withheld	$	-		$	143		$	29		$	276

See accompanying notes to financial statements.
91

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2021 (Unaudited)

	Global Atlantic BlackRock High Yield Portfolio			Global Atlantic Goldman Sachs Core Fixed Income Portfolio			Global Atlantic Goldman Sachs Global Equity Insights Portfolio			Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Investment Income
Dividend income*	$	20		$	-		$	261,491		$	307,865
Interest income		1,703,743			959,459			-			26
Total Investment Income		1,703,763			959,459			261,491			307,891
Expenses
Investment advisory fee		164,068			145,768			86,891			181,408
Distribution fees (12b-1) - Class II Shares		989			-			15,882			6,924
Administrative service fees		10,378			13,560			4,361			15,506
Legal fees		7,222			9,510			2,884			10,446
Trustees fees		2,920			3,845			1,165			4,220
Custody fees		2,594			6,403			27,331			4,996
Miscellaneous expenses		12,668			16,859			6,988			18,390
Total Expenses		200,839			195,945			145,502			241,890
Expenses waived		(4,299	)		(8,750	)		(27,931	)		(6,697	)
Net Expenses		196,540			187,195			117,571			235,193
Net Investment Income		1,507,223			772,264			143,920			72,698
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		841,917			121,665			3,227,695			11,301,043
Options written		-			35,968			-			-
Futures contracts		(25,774	)		(1,013,648	)		-			-
Swap contracts		-			1,417			-			-
Swaptions		-			(6,050	)		-			-
Forward foreign currency contracts		-			(108,145	)		120			-
Foreign currency translations		-			2,671			1,258			-
		816,143			(966,122	)		3,229,073			11,301,043
Net change in unrealized appreciation/(depreciation) on:
Investments		(685,561	)		(1,915,641	)		294,509			1,951,393
Short Sales		-			(469	)		-			-
Futures contracts		21,456			401,095			-			-
Swap contracts		-			(64,104	)		-			-
Swaptions		-			(882	)		-			-
Forward foreign currency contracts		-			73,354			-			-
Foreign currency translations		-			(1,785	)		(5,595	)		-
		(664,105	)		(1,508,432	)		288,914			1,951,393
Net Realized and Change in Unrealized Gain/ (Loss)		152,038			(2,474,554	)		3,517,987			13,252,436
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,659,261		$	(1,702,290	)	$	3,661,907		$	13,325,134
* Foreign taxes withheld	$	-		$	-		$	21,715		$	256

See accompanying notes to financial statements.
92

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2021 (Unaudited)

	Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Investment Income
Dividend income*	$	1,892,453
Interest income		38
Total Investment Income		1,892,491
Expenses
Investment advisory fee		341,289
Distribution fees (12b-1) - Class II Shares		98,591
Administrative service fees		19,624
Legal fees		12,783
Trustees fees		5,161
Custody fees		6,177
Miscellaneous expenses		22,192
Total Expenses		505,817
Expenses waived		(6,932	)
Net Expenses		498,885
Net Investment Income		1,393,606
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		23,724,813
		23,724,813
Net change in unrealized appreciation/(depreciation) on:
Investments		(1,258,667	)
		(1,258,667	)
Net Realized and Change in Unrealized Gain		22,466,146
Net Increase in Net Assets Resulting from Operations	$	23,859,752
* Foreign taxes withheld	$	345

See accompanying notes to financial statements.
93

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock Allocation Portfolio						Global Atlantic BlackRock Disciplined Core Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income	$	445,827		$	1,264,798		$	2,898,507		$	6,713,949
Net realized gain		6,220,725			2,321,018			65,438,091			28,008,337
Net change in unrealized appreciation (depreciation)		(1,191,057	)		6,710,514			22,369,910			66,845,901
Net increase in net assets resulting from operations		5,475,495			10,296,330			90,706,508			101,568,187
From Distributions to Shareholders
Total distributions paid		-			(3,581,012	)		-			(31,381,879	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		425,441			2,145,998			43,397			293,287
Class II		866,954			1,535,338			246,282			292,426
Reinvestment of distributions
Class I		-			2,884,959			-			29,546,445
Class II		-			696,053			-			1,835,434
Cost of shares redeemed
Class I		(5,989,971	)		(12,033,397	)		(37,437,319	)		(68,367,445	)
Class II		(2,213,456	)		(2,926,596	)		(4,855,920	)		(4,800,829	)
Net decrease in net assets from share transactions of beneficial interest		(6,911,032	)		(7,697,645	)		(42,003,560	)		(41,200,682	)
Total increase (decrease) in net assets		(1,435,537	)		(982,327	)		48,702,948			28,985,626
Net Assets
Beginning of period		80,996,053			81,978,380			611,825,826			582,840,200
End of period	$	79,560,516		$	80,996,053		$	660,528,774		$	611,825,826
Share Activity
Class I
Shares sold		32,660			186,381			2,734			23,630
Shares reinvested		-			255,080			-			2,409,987
Shares redeemed		(466,926	)		(1,052,132	)		(2,502,221	)		(5,503,376	)
Net decrease in shares of beneficial interest outstanding		(434,266	)		(610,671	)		(2,499,487	)		(3,069,759	)
Share Activity
Class II
Shares sold		66,552			132,908			15,735			22,222
Shares reinvested		-			61,707			-			149,831
Shares redeemed		(173,834	)		(256,098	)		(325,708	)		(378,988	)
Net decrease in shares of beneficial interest outstanding		(107,282	)		(61,483	)		(309,973	)		(206,935	)

See accompanying notes to financial statements.
94

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Growth Portfolio						Global Atlantic BlackRock Disciplined International Core Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income (loss)	$	(7,017	)	$	38,336		$	1,458,618		$	1,942,977
Net realized gain (loss)		1,998,926			1,869,667			11,031,205			(4,558,850	)
Net change in unrealized appreciation		426,401			3,555,040			2,070,432			15,738,052
Net increase in net assets resulting from operations		2,418,310			5,463,043			14,560,255			13,122,179
From Distributions to Shareholders
Total distributions paid		-			(1,026,608	)		-			(2,589,599	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		-			-			282,629			1,103,114
Class II		334,061			795,624			48,327			694,580
Reinvestment of distributions
Class I		-			-			-			1,917,814
Class II		-			1,026,607			-			671,785
Cost of shares redeemed
Class I		-			-			(6,126,104	)		(10,239,925	)
Class II		(2,582,689	)		(4,161,048	)		(3,351,052	)		(4,712,910	)
Net decrease in net assets from share transactions of beneficial interest		(2,248,628	)		(2,338,817	)		(9,146,200	)		(10,565,542	)
Total increase (decrease) in net assets		169,682			2,097,618			5,414,055			(32,962	)
Net Assets
Beginning of period		20,174,913			18,077,295			148,556,948			148,589,910
End of period	$	20,344,595		$	20,174,913		$	153,971,003		$	148,556,948
Share Activity
Class I
Shares sold		-			-			24,337			131,746
Shares reinvested		-			-			-			210,517
Shares redeemed		-			-			(535,946	)		(1,099,777	)
Net decrease in shares of beneficial interest outstanding		-			-			(511,609	)		(757,514	)
Share Activity
Class II
Shares sold		20,112			60,808			4,249			84,611
Shares reinvested		-			71,441			-			73,823
Shares redeemed		(155,421	)		(307,056	)		(292,953	)		(512,023	)
Net decrease in shares of beneficial interest outstanding		(135,309	)		(174,807	)		(288,704	)		(353,589	)

See accompanying notes to financial statements.
95

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio						Global Atlantic BlackRock Disciplined Small Cap Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income (loss)	$	(230,887	)	$	68,192		$	11,103		$	32,537
Net realized gain		36,325,247			23,700,338			2,163,909			985,796
Net change in unrealized appreciation (depreciation)		(10,613,682	)		37,642,627			1,252,255			1,934,295
Net increase in net assets resulting from operations		25,480,678			61,411,157			3,427,267			2,952,628
From Distributions to Shareholders
Total distributions paid		-			(14,730,628	)		-			(900,452	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		230,124			614,595			32,735			238,401
Class II		429,640			125,537			644,379			543,574
Reinvestment of distributions
Class I		-			10,866,505			-			476,555
Class II		-			3,864,123			-			423,897
Cost of shares redeemed
Class I		(12,287,249	)		(24,429,910	)		(1,116,734	)		(1,640,417	)
Class II		(2,984,263	)		(6,945,832	)		(1,426,949	)		(1,755,711	)
Net decrease in net assets from share transactions of beneficial interest		(14,611,748	)		(15,904,982	)		(1,866,569	)		(1,713,701	)
Total increase in net assets		10,868,930			30,775,547			1,560,698			338,475
Net Assets
Beginning of period		222,510,261			191,734,714			18,842,444			18,503,969
End of period	$	233,379,191		$	222,510,261		$	20,403,142		$	18,842,444
Share Activity
Class I
Shares sold		13,344			46,992			2,277			21,907
Shares reinvested		-			763,634			-			46,178
Shares redeemed		(715,565	)		(1,767,666	)		(75,446	)		(159,090	)
Net decrease in shares of beneficial interest outstanding		(702,221	)		(957,040	)		(73,169	)		(91,005	)
Share Activity
Class II
Shares sold		24,863			9,404			43,530			54,826
Shares reinvested		-			271,548			-			41,075
Shares redeemed		(175,809	)		(507,907	)		(94,502	)		(168,614	)
Net decrease in shares of beneficial interest outstanding		(150,946	)		(226,955	)		(50,972	)		(72,713	)

See accompanying notes to financial statements.
96

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined U.S. Core Portfolio						Global Atlantic BlackRock Disciplined Value Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income	$	121,212		$	287,783		$	1,835,575		$	4,342,335
Net realized gain (loss)		3,100,198			1,191,809			31,463,774			(4,910,551	)
Net change in unrealized appreciation		582,978			2,688,029			9,460,591			8,025,829
Net increase in net assets resulting from operations		3,804,388			4,167,621			42,759,940			7,457,613
From Distributions to Shareholders
Total distributions paid		-			(1,384,340	)		-			(14,604,649	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		237,456			523,369			402,888			614,076
Class II		398,825			1,376,117			178,171			254,546
Reinvestment of distributions
Class I		-			1,177,388			-			14,211,082
Class II		-			206,952			-			393,567
Cost of shares redeemed
Class I		(2,658,185	)		(3,673,269	)		(18,360,676	)		(29,391,970	)
Class II		(922,061	)		(1,481,114	)		(668,911	)		(744,114	)
Net decrease in net assets from share transactions of beneficial interest		(2,943,965	)		(1,870,557	)		(18,448,528	)		(14,662,813	)
Total increase (decrease) in net assets		860,423			912,724			24,311,412			(21,809,849	)
Net Assets
Beginning of period		26,497,060			25,584,336			251,959,125			273,768,974
End of period	$	27,357,483		$	26,497,060		$	276,270,537		$	251,959,125
Share Activity
Class I
Shares sold		16,578			42,512			31,125			65,058
Shares reinvested		-			98,034			-			1,491,194
Shares redeemed		(181,706	)		(303,850	)		(1,478,783	)		(2,826,318	)
Net decrease in shares of beneficial interest outstanding		(165,128	)		(163,304	)		(1,447,658	)		(1,270,066	)
Share Activity
Class II
Shares sold		26,954			111,115			14,356			23,718
Shares reinvested		-			17,246			-			41,211
Shares redeemed		(62,486	)		(123,050	)		(53,993	)		(70,617	)
Net increase (decrease) in shares of beneficial interest outstanding		(35,532	)		5,311			(39,637	)		(5,688	)

See accompanying notes to financial statements.
97

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock High Yield Portfolio						Global Atlantic Goldman Sachs Core Fixed Income Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income	$	1,507,223		$	3,218,036		$	772,264		$	1,983,068
Net realized gain (loss)		816,143			(1,622,955	)		(966,122	)		3,680,116
Net change in unrealized appreciation (depreciation)		(664,105	)		1,741,661			(1,508,432	)		2,553,404
Net increase (decrease) in net assets resulting from operations		1,659,261			3,336,742			(1,702,290	)		8,216,588
From Distributions to Shareholders
Total distributions paid		-			(3,704,548	)		-			(4,212,919	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		2,768,676			8,495,258			1,909,654			8,702,714
Class II		19,114			29,833			-			-
Reinvestment of distributions
Class I		-			3,661,770			-			4,212,919
Class II		-			42,778			-			-
Cost of shares redeemed
Class I		(4,652,833	)		(16,330,289	)		(6,560,499	)		(15,883,140	)
Class II		(26,860	)		(168,251	)		-			-
Net decrease in net assets from share transactions of beneficial interest		(1,891,903	)		(4,268,901	)		(4,650,845	)		(2,967,507	)
Total increase (decrease) in net assets		(232,642	)		(4,636,707	)		(6,353,135	)		1,036,162
Net Assets
Beginning of period		66,990,602			71,627,309			91,542,051			90,505,889
End of period	$	66,757,960		$	66,990,602		$	85,188,917		$	91,542,051
Share Activity
Class I
Shares sold		271,012			857,690			177,442			778,521
Shares reinvested		-			377,892			-			386,506
Shares redeemed		(456,249	)		(1,652,722	)		(605,983	)		(1,435,874	)
Net decrease in shares of beneficial interest outstanding		(185,237	)		(417,140	)		(428,541	)		(270,847	)
Share Activity
Class II
Shares sold		1,884			2,999			-			-
Shares reinvested		-			4,414			-			-
Shares redeemed		(2,635	)		(17,075	)		-			-
Net decrease in shares of beneficial interest outstanding		(751	)		(9,662	)		-			-

See accompanying notes to financial statements.
98

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Goldman Sachs Global Equity Insights Portfolio						Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income	$	143,920		$	216,662		$	72,698		$	324,281
Net realized gain (loss)		3,229,073			(10,320	)		11,301,043			6,167,406
Net change in unrealized appreciation		288,914			2,618,633			1,951,393			18,302,924
Net increase in net assets resulting from operations		3,661,907			2,824,975			13,325,134			24,794,611
From Distributions to Shareholders
Total distributions paid		-			(254,109	)		-			(5,055,440	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		383,993			175,166			799,941			2,157,922
Class II		132,330			249,279			551,362			1,703,340
Reinvestment of distributions
Class I		-			153,195			-			4,799,651
Class II		-			100,915			-			255,789
Cost of shares redeemed
Class I		(1,337,720	)		(2,875,948	)		(10,024,660	)		(14,928,514	)
Class II		(971,923	)		(2,227,870	)		(386,687	)		(1,858,684	)
Net decrease in net assets from share transactions of beneficial interest		(1,793,320	)		(4,425,263	)		(9,060,044	)		(7,870,496	)
Total increase (decrease) in net assets		1,868,587			(1,854,397	)		4,265,090			11,868,675
Net Assets
Beginning of period		26,720,179			28,574,576			98,858,550			86,989,875
End of period	$	28,588,766		$	26,720,179		$	103,123,640		$	98,858,550
Share Activity
Class I
Shares sold		29,226			17,218			48,580			166,649
Shares reinvested		-			14,290			-			341,126
Shares redeemed		(101,923	)		(274,443	)		(618,804	)		(1,121,375	)
Net decrease in shares of beneficial interest outstanding		(72,697	)		(242,935	)		(570,224	)		(613,600	)
Share Activity
Class II
Shares sold		10,155			22,390			33,465			126,976
Shares reinvested		-			9,422			-			18,206
Shares redeemed		(73,879	)		(207,694	)		(23,447	)		(139,027	)
Net increase (decrease) in shares of beneficial interest outstanding		(63,724	)		(175,882	)		10,018			6,155

See accompanying notes to financial statements.
99

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
Increase/(Decrease) in Net Assets
From Operations
Net investment income	$	1,393,606		$	1,227,754
Net realized gain (loss)		23,724,813			(10,682,202	)
Net change in unrealized appreciation (depreciation)		(1,258,667	)		7,655,943
Net increase (decrease) in net assets resulting from operations		23,859,752			(1,798,505	)
From Distributions to Shareholders
Total distributions paid		-			(1,707,137	)
From Shares of Beneficial Interest
Proceeds from shares sold
Class I		151,888			569,597
Class II		829,682			1,466,474
Reinvestment of distributions
Class I		-			685,365
Class II		-			1,021,772
Cost of shares redeemed
Class I		(4,341,590	)		(7,470,972	)
Class II		(5,848,018	)		(7,852,114	)
Net decrease in net assets from share transactions of beneficial interest		(9,208,037	)		(11,579,878	)
Total increase (decrease) in net assets		14,651,714			(15,085,520	)
Net Assets
Beginning of period		113,745,282			128,830,802
End of period	$	128,396,996		$	113,745,282
Share Activity
Class I
Shares sold		12,219			63,178
Shares reinvested		-			77,181
Shares redeemed		(361,996	)		(827,200	)
Net decrease in shares of beneficial interest outstanding		(349,777	)		(686,841	)
Share Activity
Class II
Shares sold		68,092			187,187
Shares reinvested		-			115,324
Shares redeemed		(483,305	)		(845,783	)
Net decrease in shares of beneficial interest outstanding		(415,213	)		(543,272	)

See accompanying notes to financial statements.
100

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	12.45		$	11.42		$	9.62		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.08			0.19			0.23			0.21			0.06
Net realized and unrealized gain (loss) (d)		0.82			1.40			1.79			(0.73	)		0.13
Total income (loss) from investment operations		0.90			1.59			2.02			(0.52	)		0.19
Less distributions from:
Net investment income		-			(0.27	)		(0.22	)		(0.05	)		-
Net realized gains		-			(0.29	)		-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.56	)		(0.22	)		(0.05	)		-
Net asset value, end of period	$	13.35		$	12.45		$	11.42		$	9.62		$	10.19
Total return (f)		7.23	%		14.46	%		21.09	%		(5.14	)% (g)		1.90	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	63,641		$	64,791		$	66,410		$	63,462		$	75,191
Ratio of net expenses to average net assets (h)		0.31	% (i)		0.31	%		0.31	%		0.31	%		0.31	% (i)
Ratio of gross expenses to average net assets (h,j)		0.32	% (i)		0.33	%		0.34	%		0.32	%		0.32	% (i)
Ratio of net investment income to average net assets (c,h)		1.18	% (i)		1.69	%		2.15	%		2.06	%		4.15	% (i)
Portfolio turnover rate		48	% (k)		85	%		61	%		54	%		2	% (k)

(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

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

(d) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(e) Less than $0.005 per share.

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

(g) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(i) Annualized.

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

(k) Not annualized.

See accompanying notes to financial statements.
101

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	12.41		$	11.39		$	9.61		$	10.18		$	10.00
Income from investment operations:
Net investment income (b,c)		0.06			0.17			0.21			0.20			0.14
Net realized and unrealized gain (loss) (d)		0.82			1.38			1.78			(0.74	)		0.04
Total income (loss) from investment operations		0.88			1.55			1.99			(0.54	)		0.18
Less distributions from:
Net investment income		-			(0.24	)		(0.21	)		(0.03	)		-
Net realized gains		-			(0.29	)		-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.53	)		(0.21	)		(0.03	)		-
Net asset value, end of period	$	13.29		$	12.41		$	11.39		$	9.61		$	10.18
Total return (f)		7.09	%		14.13	%		20.82	%		(5.33	)% (g)		1.80	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	15,920		$	16,205		$	15,568		$	13,806		$	9,034
Ratio of net expenses to average net assets (h)		0.56	% (i)		0.56	%		0.56	%		0.56	%		0.56	% (i)
Ratio of gross expenses to average net assets (h,j)		0.57	% (i)		0.58	%		0.59	%		0.57	%		0.56	% (i)
Ratio of net investment income to average net assets (c,h)		0.94	% (i)		1.45	%		1.91	%		1.99	%		9.11	% (i)
Portfolio turnover rate		48	% (k)		85	%		61	%		54	%		2	% (k)

(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

(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.

(e) Less than $0.005 per share.

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

(i) Annualized.

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

(k) Not annualized.

See accompanying notes to financial statements.
102

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.98		$	12.39		$	9.74		$	10.38		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.15			0.17			0.16			0.03
Net realized and unrealized gain (loss) (c)		2.08			2.19			2.66			(0.64	)		0.35
Total income (loss) from investment operations		2.15			2.34			2.83			(0.48	)		0.38
Less distributions from:
Net investment income		-			(0.20	)		(0.18	)		(0.12	)		-
Net realized gains		-			(0.55	)		-			(0.04	)		-
Total distributions from net investment income and net realized gains		-			(0.75	)		(0.18	)		(0.16	)		-
Net asset value, end of period	$	16.13		$	13.98		$	12.39		$	9.74		$	10.38
Total return (d)		15.38	%		19.69	%		29.21	%		(4.75	)% (e)		3.80	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	623,190		$	575,095		$	547,724		$	486,491		$	315,936
Ratio of net expenses to average net assets		0.48	% (f)		0.48	%		0.48	%		0.48	%		0.48	% (f)
Ratio of gross expenses to average net assets (g)		0.49	% (f)		0.50	%		0.50	%		0.49	%		0.48	% (f)
Ratio of net investment income to average net assets		0.94	% (f)		1.23	%		1.53	%		1.51	%		1.67	% (f)
Portfolio turnover rate		56	% (h)		122	%		130	%		156	%		18	% (h)

(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

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

(e) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
103

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.96		$	12.37		$	9.72		$	10.37		$	10.00
Income from investment operations:
Net investment income (b)		0.05			0.12			0.14			0.13			0.02
Net realized and unrealized gain (loss) (c)		2.07			2.18			2.66			(0.65	)		0.35
Total income (loss) from investment operations		2.12			2.30			2.80			(0.52	)		0.37
Less distributions from:
Net investment income		-			(0.16	)		(0.15	)		(0.09	)		-
Net realized gains		-			(0.55	)		-			(0.04	)		-
Total distributions from net investment income and net realized gains		-			(0.71	)		(0.15	)		(0.13	)		-
Net asset value, end of period	$	16.08		$	13.96		$	12.37		$	9.72		$	10.37
Total return (d)		15.19	%		19.42	%		28.94	%		(5.06	)% (e)		3.70	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	37,338		$	36,731		$	35,116		$	32,442		$	36,674
Ratio of net expenses to average net assets		0.73	% (f)		0.73	%		0.73	%		0.73	%		0.72	% (f)
Ratio of gross expenses to average net assets (g)		0.74	% (f)		0.75	%		0.75	%		0.74	%		0.72	% (f)
Ratio of net investment income to average net assets		0.69	% (f)		0.98	%		1.28	%		1.24	%		1.00	% (f)
Portfolio turnover rate		56	% (h)		122	%		130	%		156	%		18	% (h)

(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
104

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	16.10		$	12.66		$	9.85		$	10.32		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.01	)		0.03			0.07			0.08			0.02
Net realized and unrealized gain (loss) (c)		2.11			4.26			3.18			(0.38	)		0.30
Total income (loss) from investment operations		2.10			4.29			3.25			(0.30	)		0.32
Less distributions from:
Net investment income		-			(0.06	)		(0.06	)		(0.08	)		-
Net realized gains		-			(0.79	)		(0.38	)		(0.09	)		-
Total distributions from net investment income and net realized gains		-			(0.85	)		(0.44	)		(0.17	)		-
Net asset value, end of period	$	18.20		$	16.10		$	12.66		$	9.85		$	10.32
Total return (d)		13.04	%		34.68	%		33.38	%		(2.98	)%		3.20	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	20,345		$	20,175		$	18,077		$	15,807		$	20,534
Ratio of net expenses to average net assets		0.80	% (f)		0.79	%		0.79	%		0.79	%		0.79	% (f)
Ratio of gross expenses to average net assets (g)		0.85	% (f)		0.87	%		0.85	%		0.81	%		0.80	% (f)
Ratio of net investment income (loss) to average net assets		(0.07	)% (f)		0.21	%		0.58	%		0.75	%		1.14	% (f)
Portfolio turnover rate		63	% (h)		133	%		144	%		156	%		23	% (h)

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(e) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
105

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.78		$	9.98		$	8.50		$	10.20		$	10.00
Income from investment operations:
Net investment income (b,c)		0.11			0.14			0.25			0.23			0.03
Net realized and unrealized gain (loss) (d)		0.98			0.85			1.48			(1.74	)		0.17
Total income (loss) from investment operations		1.09			0.99			1.73			(1.51	)		0.20
Less distributions from:
Net investment income		-			(0.19	)		(0.25	)		(0.19	)		-
Net realized gains		-			-			-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.19	)		(0.25	)		(0.19	)		-
Net asset value, end of period	$	11.87		$	10.78		$	9.98		$	8.50		$	10.20
Total return (f)		10.01	%		10.32	%		20.50	%		(14.80	)% (g)		2.00	% (h)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	110,841		$	106,216		$	105,876		$	98,694		$	67,071
Ratio of net expenses to average net assets (i)		0.71	% (j)		0.69	%		0.69	%		0.69	%		0.69	% (j)
Ratio of gross expenses to average net assets (i,k)		0.83	% (j)		0.84	%		0.72	%		0.70	%		0.69	% (j)
Ratio of net investment income to average net assets (c,i)		1.99	% (j)		1.55	%		2.61	%		2.30	%		1.99	% (j)
Portfolio turnover rate		70	% (l)		161	%		86	%		67	%		4	% (l)

(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

(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.

(e) Less than $0.005 per share.

(g) For the year ended December 31, 2018, 0.10% of the Portfolio's total return consisted of a reimbursement from an affiliate. Excluding this item, the total return would have been (14.90)%.

(h) For the period ended December 31, 2017, 0.13% of the Portfolio's total return consisted of a reimbursement from an affiliate. Excluding this item, the total return would have been 1.87%.

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

(j) Annualized.

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

(l) Not annualized.

See accompanying notes to financial statements.
106

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.77		$	9.97		$	8.49		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.10			0.12			0.22			0.22			0.05
Net realized and unrealized gain (loss) (d)		0.97			0.85			1.48			(1.74	)		0.14
Total income (loss) from investment operations		1.07			0.97			1.70			(1.52	)		0.19
Less distributions from:
Net investment income		-			(0.17	)		(0.22	)		(0.18	)		-
Net realized gains		-			-			-			0.00	(e)		-
Total distributions from net investment income and net realized gains		-			(0.17	)		(0.22	)		(0.18	)		-
Net asset value, end of period	$	11.84		$	10.77		$	9.97		$	8.49		$	10.19
Total return (f)		9.94	%		10.05	%		20.22	%		(14.95	)% (g)		1.90	% (h)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	43,130		$	42,341		$	42,714		$	41,052		$	5,097
Ratio of net expenses to average net assets (i)		0.96	% (j)		0.94	%		0.94	%		0.94	%		0.93	% (j)
Ratio of gross expenses to average net assets (i)		1.08	% (j)		1.09	%		0.97	%		0.95	%		0.93	% (j)
Ratio of net investment income to average net assets (c,i)		1.74	% (j)		1.30	%		2.36	%		2.23	%		3.34	% (j)
Portfolio turnover rate		70	% (k)		161	%		86	%		67	%		4	% (k)

(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

(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.

(e) Less than $0.005 per share.

(g) For the year ended December 31, 2018, 0.10% of the Portfolio's total return consisted of a reimbursement from an affiliate. Excluding this item, the total return would have been (15.05)%.

(h) For the period ended December 31, 2017, the Portfolio received a reimbursement from an affiliate. This reimbursement had no impact on the Portfolio's total return.

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

(j) Annualized.

(k) Not annualized.

See accompanying notes to financial statements.
107

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	16.49		$	13.06		$	9.91		$	10.35		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.01	)		0.01			0.05			0.11			0.01
Net realized and unrealized gain (loss) (c)		1.99			4.58			3.18			(0.43	)		0.34
Total income (loss) from investment operations		1.98			4.59			3.23			(0.32	)		0.35
Less distributions from:
Net investment income		-			(0.04	)		(0.03	)		(0.09	)		-
Net realized gains		-			(1.12	)		(0.05	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(1.16	)		(0.08	)		(0.12	)		-
Net asset value, end of period	$	18.47		$	16.49		$	13.06		$	9.91		$	10.35
Total return (d)		12.01	%		36.52	%		32.68	%		(3.07	)% (e)		3.50	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	169,122		$	162,580		$	141,289		$	126,149		$	93,457
Ratio of net expenses to average net assets		0.64	% (f)		0.63	%		0.63	%		0.63	%		0.63	% (f)
Ratio of gross expenses to average net assets (g)		0.66	% (f)		0.67	%		0.66	%		0.65	%		0.64	% (f)
Ratio of net investment income (loss) to average net assets		(0.14	)% (f)		0.09	%		0.44	%		0.99	%		0.79	% (f)
Portfolio turnover rate		82	% (h)		139	%		148	%		168	%		26	% (h)

(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
108

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	16.48		$	13.06		$	9.90		$	10.35		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.03	)		(0.02	)		0.02			0.08			0.01
Net realized and unrealized gain (loss) (c)		1.98			4.56			3.19			(0.43	)		0.34
Total income (loss) from investment operations		1.95			4.54			3.21			(0.35	)		0.35
Less distributions from:
Net investment income		-			0.00	(d)		0.00	(d)		(0.07	)		-
Net realized gains		-			(1.12	)		(0.05	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(1.12	)		(0.05	)		(0.10	)		-
Net asset value, end of period	$	18.43		$	16.48		$	13.06		$	9.90		$	10.35
Total return (e)		11.83	%		36.13	%		32.48	%		(3.35	)% (f)		3.50	% (f)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	64,257		$	59,930		$	50,446		$	43,290		$	17,801
Ratio of net expenses to average net assets		0.89	% (g)		0.88	%		0.88	%		0.88	%		0.88	% (g)
Ratio of gross expenses to average net assets (h)		0.91	% (g)		0.92	%		0.91	%		0.90	%		0.89	% (g)
Ratio of net investment income (loss) to average net assets		(0.39	)% (g)		(0.12	)%		0.19	%		0.77	%		0.41	% (g)
Portfolio turnover rate		82	% (i)		139	%		148	%		168	%		26	% (i)

(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(d) Less than $0.005 per share.

(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 less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(f) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(g) Annualized.

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

(i) Not annualized.

See accompanying notes to financial statements.
109

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.15		$	11.59		$	9.19		$	10.22		$	10.00
Income from investment operations:
Net investment income (b)		0.02			0.03			0.08			0.07			0.01
Net realized and unrealized gain (loss) (c)		2.42			2.20			2.69			(1.04	)		0.21
Total income (loss) from investment operations		2.44			2.23			2.77			(0.97	)		0.22
Less distributions from:
Net investment income		-			(0.08	)		(0.09	)		(0.03	)		-
Net realized gains		-			(0.59	)		(0.28	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(0.67	)		(0.37	)		(0.06	)		-
Net asset value, end of period	$	15.59		$	13.15		$	11.59		$	9.19		$	10.22
Total return (d)		18.56	%		20.80	%		30.46	%		(9.49	)% (e)		2.20	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	10,536		$	9,844		$	9,732		$	8,813		$	11,457
Ratio of net expenses to average net assets		0.64	% (f)		0.63	%		0.63	%		0.63	%		0.63	% (f)
Ratio of gross expenses to average net assets (g)		0.67	% (f)		0.70	%		0.69	%		0.65	%		0.64	% (f)
Ratio of net investment income to average net assets		0.23	% (f)		0.33	%		0.75	%		0.67	%		0.89	% (f)
Portfolio turnover rate		31	% (h)		43	%		41	%		40	%		15	% (h)

(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
110

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.13		$	11.58		$	9.18		$	10.22		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.00	) (c)		0.01			0.05			0.05			0.01
Net realized and unrealized gain (loss) (d)		2.43			2.18			2.69			(1.05	)		0.21
Total income (loss) from investment operations		2.43			2.19			2.74			(1.00	)		0.22
Less distributions from:
Net investment income		-			(0.05	)		(0.06	)		(0.01	)		-
Net realized gains		-			(0.59	)		(0.28	)		(0.03	)		-
Total distributions from net investment income and net realized gains		-			(0.64	)		(0.34	)		(0.04	)		-
Net asset value, end of period	$	15.56		$	13.13		$	11.58		$	9.18		$	10.22
Total return (e)		18.51	%		20.41	%		30.17	%		(9.75	)% (f)		2.20	% (f)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	9,867		$	8,998		$	8,772		$	7,533		$	4,075
Ratio of net expenses to average net assets		0.89	% (g)		0.88	%		0.88	%		0.88	%		0.87	% (g)
Ratio of gross expenses to average net assets (h)		0.92	% (g)		0.95	%		0.94	%		0.90	%		0.87	% (g)
Ratio of net investment income (loss) to average net assets		(0.02	)% (g)		0.08	%		0.50	%		0.44	%		0.75	% (g)
Portfolio turnover rate		31	% (i)		43	%		41	%		40	%		15	% (i)

(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(g) Annualized.

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

(i) Not annualized.

See accompanying notes to financial statements.
111

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.68		$	12.21		$	9.66		$	10.40		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.15			0.17			0.16			0.03
Net realized and unrealized gain (loss) (c)		2.01			2.07			2.66			(0.67	)		0.37
Total income (loss) from investment operations		2.08			2.22			2.83			(0.51	)		0.40
Less distributions from:
Net investment income		-			(0.20	)		(0.18	)		(0.14	)		-
Net realized gains		-			(0.55	)		(0.10	)		(0.09	)		-
Total distributions from net investment income and net realized gains		-			(0.75	)		(0.28	)		(0.23	)		-
Net asset value, end of period	$	15.76		$	13.68		$	12.21		$	9.66		$	10.40
Total return (d)		15.20	%		19.03	%		29.41	%		(5.03	)% (e)		4.00	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	22,924		$	22,159		$	21,776		$	18,963		$	23,118
Ratio of net expenses to average net assets		0.49	% (f)		0.48	%		0.48	%		0.48	%		0.48	% (f)
Ratio of gross expenses to average net assets (g)		0.53	% (f)		0.55	%		0.52	%		0.50	%		0.49	% (f)
Ratio of net investment income to average net assets		0.95	% (f)		1.23	%		1.52	%		1.48	%		1.88	% (f)
Portfolio turnover rate		60	% (h)		138	%		142	%		172	%		24	% (h)

(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
112

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	13.66		$	12.20		$	9.65		$	10.39		$	10.00
Income from investment operations:
Net investment income (b)		0.05			0.12			0.14			0.14			0.02
Net realized and unrealized gain (loss) (c)		2.01			2.06			2.66			(0.67	)		0.37
Total income (loss) from investment operations		2.06			2.18			2.80			(0.53	)		0.39
Less distributions from:
Net investment income		-			(0.17	)		(0.15	)		(0.12	)		-
Net realized gains		-			(0.55	)		(0.10	)		(0.09	)		-
Total distributions from net investment income and net realized gains		-			(0.72	)		(0.25	)		(0.21	)		-
Net asset value, end of period	$	15.72		$	13.66		$	12.20		$	9.65		$	10.39
Total return (d)		15.08	%		18.67	%		29.13	%		(5.17	)% (e)		3.90	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	4,433		$	4,338		$	3,809		$	2,965		$	218
Ratio of net expenses to average net assets		0.74	% (f)		0.73	%		0.73	%		0.73	%		0.72	% (f)
Ratio of gross expenses to average net assets (g)		0.78	% (f)		0.80	%		0.78	%		0.75	%		0.72	% (f)
Ratio of net investment income to average net assets		0.70	% (f)		0.99	%		1.28	%		1.25	%		0.98	% (f)
Portfolio turnover rate		60	% (h)		138	%		142	%		172	%		24	% (h)

(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
113

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	11.19		$	11.51		$	9.39		$	10.44		$	10.00
Income from investment operations:
Net investment income (b)		0.08			0.19			0.23			0.20			0.03
Net realized and unrealized gain (loss) (c)		1.87			0.17			2.13			(1.02	)		0.41
Total income (loss) from investment operations		1.95			0.36			2.36			(0.82	)		0.44
Less distributions from:
Net investment income		-			(0.24	)		(0.24	)		(0.16	)		-
Net realized gains		-			(0.44	)		-			(0.07	)		-
Total distributions from net investment income and net realized gains		-			(0.68	)		(0.24	)		(0.23	)		-
Net asset value, end of period	$	13.14		$	11.19		$	11.51		$	9.39		$	10.44
Total return (d)		17.43	%		4.14	%		25.28	%		(7.97	)% (e)		4.40	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	268,458		$	244,853		$	266,399		$	248,141		$	309,640
Ratio of net expenses to average net assets		0.54	% (f)		0.54	%		0.54	%		0.54	%		0.54	% (f)
Ratio of gross expenses to average net assets (g)		0.55	% (f)		0.57	%		0.56	%		0.55	%		0.54	% (f)
Ratio of net investment income to average net assets		1.38	% (f)		1.87	%		2.11	%		1.93	%		1.99	% (f)
Portfolio turnover rate		60	% (h)		125	%		132	%		140	%		17	% (h)

(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
114

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	11.21		$	11.52		$	9.40		$	10.45		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.17			0.20			0.18			0.02
Net realized and unrealized gain (loss) (c)		1.86			0.18			2.13			(1.02	)		0.43
Total income (loss) from investment operations		1.93			0.35			2.33			(0.84	)		0.45
Less distributions from:
Net investment income		-			(0.22	)		(0.21	)		(0.14	)		-
Net realized gains		-			(0.44	)		-			(0.07	)		-
Total distributions from net investment income and net realized gains		-			(0.66	)		(0.21	)		(0.21	)		-
Net asset value, end of period	$	13.14		$	11.21		$	11.52		$	9.40		$	10.45
Total return (d)		17.22	%		3.94	%		24.92	%		(8.16	)% (e)		4.50	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	7,812		$	7,106		$	7,370		$	7,160		$	9,545
Ratio of net expenses to average net assets		0.79	% (f)		0.79	%		0.79	%		0.79	%		0.78	% (f)
Ratio of gross expenses to average net assets (g)		0.80	% (f)		0.82	%		0.81	%		0.80	%		0.78	% (f)
Ratio of net investment income to average net assets		1.13	% (f)		1.62	%		1.86	%		1.68	%		1.34	% (f)
Portfolio turnover rate		60	% (h)		125	%		132	%		140	%		17	% (h)

(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
115

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.17		$	10.21		$	9.43		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.23			0.49			0.52			0.52			0.07
Net realized and unrealized gain (loss) (c)		0.02			0.07			0.89			(0.95	)		(0.15	)
Total income (loss) from investment operations		0.25			0.56			1.41			(0.43	)		(0.08	)
Less distributions from:
Net investment income		-			(0.60	)		(0.63	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.60	)		(0.63	)		(0.06	)		-
Net asset value, end of period	$	10.42		$	10.17		$	10.21		$	9.43		$	9.92
Total return (d)		2.46	%		5.79	%		15.06	%		(4.32	)%		(0.80	)% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	65,947		$	66,191		$	70,727		$	69,255		$	83,070
Ratio of net expenses to average net assets		0.60	% (f)		0.59	%		0.59	%		0.59	%		0.59	% (f)
Ratio of gross expenses to average net assets (g)		0.61	% (f)		0.62	%		0.62	%		0.60	%		0.59	% (f)
Ratio of net investment income to average net assets		4.60	% (f)		4.93	%		5.11	%		5.24	%		4.54	% (f)
Portfolio turnover rate		33	% (h)		52	%		45	%		36	%		3	% (h)

(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(e) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
116

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.16		$	10.19		$	9.41		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.22			0.46			0.50			0.49			0.07
Net realized and unrealized gain (loss) (c)		0.02			0.08			0.87			(0.94	)		(0.15	)
Total income (loss) from investment operations		0.24			0.54			1.37			(0.45	)		(0.08	)
Less distributions from:
Net investment income		-			(0.57	)		(0.59	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.57	)		(0.59	)		(0.06	)		-
Net asset value, end of period	$	10.40		$	10.16		$	10.19		$	9.41		$	9.92
Total return (d)		2.36	%		5.57	%		14.70	%		(4.56	)%		(0.80	)% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	811		$	799		$	900		$	1,071		$	1,405
Ratio of net expenses to average net assets		0.85	% (f)		0.84	%		0.84	%		0.84	%		0.83	% (f)
Ratio of gross expenses to average net assets (g)		0.86	% (f)		0.87	%		0.87	%		0.85	%		0.83	% (f)
Ratio of net investment income to average net assets		4.35	% (f)		4.68	%		4.86	%		4.99	%		4.31	% (f)
Portfolio turnover rate		33	% (h)		52	%		45	%		36	%		3	% (h)

(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(e) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
117

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	11.07		$	10.60		$	9.92		$	9.98		$	10.00
Income from investment operations:
Net investment income (b,c)		0.10			0.24			0.27			0.25			0.03
Net realized and unrealized gain (loss) (d)		(0.31	)		0.76			0.67			(0.31	)		(0.05	)
Total income (loss) from investment operations		(0.21	)		1.00			0.94			(0.06	)		(0.02	)
Less distributions from:
Net investment income		-			(0.27	)		(0.26	)		0.00	(e)		-
Net realized gains		-			(0.26	)		-			-			-
Total distributions from net investment income and net realized gains		-			(0.53	)		(0.26	)		-			-
Net asset value, end of period	$	10.86		$	11.07		$	10.60		$	9.92		$	9.98
Total return (f)		(1.90	)%		9.49	%		9.49	%		(0.55	)% (g)		(0.20	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	85,189		$	91,542		$	90,506		$	92,760		$	35,260
Ratio of net expenses to average net assets (h)		0.44	% (i)		0.43	%		0.43	%		0.43	%		0.43	% (i)
Ratio of gross expenses to average net assets (h,j)		0.46	% (i)		0.47	%		0.46	%		0.44	%		0.44	% (i)
Ratio of net investment income to average net assets (c,h)		1.80	% (i)		2.18	%		2.61	%		2.51	%		1.64	% (i)
Portfolio turnover rate		33	% (l)		151	% (l)		150	% (l)		248	% (l)		69	% (k)

(a) Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

(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.

(e) Less than $0.005 per share.

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

(i) Annualized.

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

(k) Not annualized.

(l) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2021 and years ended December 31, 2020, December 31, 2019 and December 31, 2018. If these were included in the calculation, the portfolio turnover would be 261%, 701%, 689% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.
118

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	12.28		$	11.01		$	9.11		$	10.29		$	10.00
Income from investment operations:
Net investment income (b)		0.08			0.10			0.15			0.14			0.02
Net realized and unrealized gain (loss) (c)		1.66			1.30			1.90			(1.18	)		0.27
Total income (loss) from investment operations		1.74			1.40			2.05			(1.04	)		0.29
Less distributions from:
Net investment income		-			(0.13	)		(0.15	)		(0.12	)		-
Net realized gains		-			-			-			(0.02	)		-
Total distributions from net investment income and net realized gains		-			(0.13	)		(0.15	)		(0.14	)		-
Net asset value, end of period	$	14.02		$	12.28		$	11.01		$	9.11		$	10.29
Total return (d)		14.17	%		12.87	%		22.59	%		(10.20	)% (e)		2.90	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	15,469		$	14,437		$	15,625		$	15,290		$	19,915
Ratio of net expenses to average net assets		0.74	% (f)		0.72	%		0.72	%		0.72	%		0.72	% (f)
Ratio of gross expenses to average net assets (g)		0.94	% (f)		0.97	%		0.78	%		0.74	%		0.73	% (f)
Ratio of net investment income to average net assets		1.16	% (f)		0.98	%		1.42	%		1.32	%		1.15	% (f)
Portfolio turnover rate		87	% (h)		168	%		146	%		138	%		11	% (h)

(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
119

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	12.26		$	11.00		$	9.09		$	10.28		$	10.00
Income from investment operations:
Net investment income (b)		0.06			0.08			0.12			0.12			0.01
Net realized and unrealized gain (loss) (c)		1.67			1.28			1.91			(1.19	)		0.27
Total income (loss) from investment operations		1.73			1.36			2.03			(1.07	)		0.28
Less distributions from:
Net investment income		-			(0.10	)		(0.12	)		(0.10	)		-
Net realized gains		-			-			-			(0.02	)		-
Total distributions from net investment income and net realized gains		-			(0.10	)		(0.12	)		(0.12	)		-
Net asset value, end of period	$	13.99		$	12.26		$	11.00		$	9.09		$	10.28
Total return (d)		14.11	%		12.49	%		22.43	%		(10.47	)% (e)		2.80	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	13,120		$	12,283		$	12,950		$	12,154		$	4,542
Ratio of net expenses to average net assets		0.99	% (f)		0.97	%		0.97	%		0.97	%		0.96	% (f)
Ratio of gross expenses to average net assets (g)		1.19	% (f)		1.22	%		1.03	%		0.99	%		0.96	% (f)
Ratio of net investment income to average net assets		0.91	% (f)		0.74	%		1.17	%		1.12	%		0.74	% (f)
Portfolio turnover rate		87	% (h)		168	%		146	%		138	%		11	% (h)

(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
120

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	15.53		$	12.48		$	9.76		$	10.30		$	10.00
Income from investment operations:
Net investment income (b)		0.01			0.05			0.09			0.09			0.02
Net realized and unrealized gain (loss) (c)		2.23			3.82			2.93			(0.48	)		0.28
Total income (loss) from investment operations		2.24			3.87			3.02			(0.39	)		0.30
Less distributions from:
Net investment income		-			(0.07	)		(0.10	)		(0.09	)		-
Net realized gains		-			(0.75	)		(0.20	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.82	)		(0.30	)		(0.15	)		-
Net asset value, end of period	$	17.77		$	15.53		$	12.48		$	9.76		$	10.30
Total return (d)		14.43	%		31.73	%		31.14	%		(3.89	)% (e)		3.00	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	96,994		$	93,649		$	82,880		$	77,930		$	85,178
Ratio of net expenses to average net assets		0.47	% (f)		0.46	%		0.46	%		0.46	%		0.46	% (f)
Ratio of gross expenses to average net assets (g)		0.48	% (f)		0.49	%		0.48	%		0.47	%		0.47	% (f)
Ratio of net investment income to average net assets		0.16	% (f)		0.38	%		0.79	%		0.81	%		1.41	% (f)
Portfolio turnover rate		113	% (h)		214	%		200	%		192	%		21	% (h)

(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
121

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Financial Highlights

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	15.50		$	12.46		$	9.74		$	10.29		$	10.00
Income from investment operations:
Net investment income (loss) (b)		(0.01	)		0.02			0.06			0.06			0.02
Net realized and unrealized gain (loss) (c)		2.22			3.81			2.93			(0.48	)		0.27
Total income (loss) from investment operations		2.21			3.83			2.99			(0.42	)		0.29
Less distributions from:
Net investment income		-			(0.04	)		(0.07	)		(0.07	)		-
Net realized gains		-			(0.75	)		(0.20	)		(0.06	)		-
Total distributions from net investment income and net realized gains		-			(0.79	)		(0.27	)		(0.13	)		-
Net asset value, end of period	$	17.71		$	15.50		$	12.46		$	9.74		$	10.29
Total return (d)		14.26	%		31.42	%		30.89	%		(4.13	)% (e)		2.90	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	6,130		$	5,210		$	4,110		$	3,255		$	19
Ratio of net expenses to average net assets		0.72	% (f)		0.71	%		0.71	%		0.71	%		0.71	% (f)
Ratio of gross expenses to average net assets (g)		0.73	% (f)		0.74	%		0.73	%		0.72	%		0.72	% (f)
Ratio of net investment income (loss) to average net assets		(0.08	)% (f)		0.14	%		0.53	%		0.57	%		1.16	% (f)
Portfolio turnover rate		113	% (h)		214	%		200	%		192	%		21	% (h)

(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
122

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Financial Highlights

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Selected data for a Class I share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.55		$	10.73		$	9.08		$	10.43		$	10.00
Income from investment operations:
Net investment income (b)		0.14			0.12			0.15			0.14			0.04
Net realized and unrealized gain (loss) (c)		2.14			(0.13	)		1.74			(1.39	)		0.39
Total income (loss) from investment operations		2.28			(0.01	)		1.89			(1.25	)		0.43
Less distributions from:
Net investment income		-			(0.17	)		(0.17	)		(0.08	)		-
Net realized gains		-			-			(0.07	)		(0.02	)		-
Total distributions from net investment income and net realized gains		-			(0.17	)		(0.24	)		(0.10	)		-
Net asset value, end of period	$	12.83		$	10.55		$	10.73		$	9.08		$	10.43
Total return (d)		21.61	%		0.24	%		20.91	%		(12.10	)% (e)		4.30	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	46,459		$	41,899		$	49,971		$	49,080		$	66,982
Ratio of net expenses to average net assets		0.64	% (f)		0.64	%		0.64	%		0.64	%		0.64	% (f)
Ratio of gross expenses to average net assets (g)		0.66	% (f)		0.68	%		0.66	%		0.65	%		0.64	% (f)
Ratio of net investment income to average net assets		2.39	% (f)		1.32	%		1.48	%		1.33	%		2.56	% (f)
Portfolio turnover rate		121	% (h)		230	%		200	%		205	%		12	% (h)

(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
123

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Financial Highlights

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period Ended December 31, 2017 (a)
Net asset value, beginning of period	$	10.53		$	10.71		$	9.07		$	10.42		$	10.00
Income from investment operations:
Net investment income (b)		0.13			0.10			0.13			0.13			0.04
Net realized and unrealized gain (loss) (c)		2.13			(0.13	)		1.72			(1.40	)		0.38
Total income (loss) from investment operations		2.26			(0.03	)		1.85			(1.27	)		0.42
Less distributions from:
Net investment income		-			(0.15	)		(0.14	)		(0.06	)		-
Net realized gains		-			-			(0.07	)		(0.02	)		-
Total distributions from net investment income and net realized gains		-			(0.15	)		(0.21	)		(0.08	)		-
Net asset value, end of period	$	12.79		$	10.53		$	10.71		$	9.07		$	10.42
Total return (d)		21.46	%		(0.03	)%		20.51	%		(12.26	)% (e)		4.20	% (e)
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	81,938		$	71,846		$	78,860		$	75,084		$	13,581
Ratio of net expenses to average net assets		0.90	% (f)		0.89	%		0.89	%		0.89	%		0.88	% (f)
Ratio of gross expenses to average net assets (g)		0.91	% (f)		0.93	%		0.91	%		0.90	%		0.88	% (f)
Ratio of net investment income to average net assets		2.16	% (f)		1.11	%		1.23	%		1.22	%		2.69	% (f)
Portfolio turnover rate		121	% (h)		230	%		200	%		205	%		12	% (h)

(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.
124

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Notes to Financial Statements (Unaudited)

June 30, 2021

1. ORGANIZATION

As of June 30, 2021, the Global Atlantic Portfolios were comprised of twenty-three different actively managed portfolios, thirteen of which are discussed in this report (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

	Commencement Date*	Investment Objective
Global Atlantic BlackRock Allocation Portfolio	November 6, 2017	Total return.
Global Atlantic BlackRock Disciplined Core Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Growth Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined International Core Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Small Cap Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Value Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock High Yield Portfolio	November 6, 2017	Total return.
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	November 6, 2017	Total return consisting of capital appreciation and income.
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	November 6, 2017	Long-term capital appreciation.

* The Portfolios' inception date is November 1, 2017. The Portfolios commenced operations on November 6, 2017.

Each Portfolio 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 and variable life insurance contracts offered by separate accounts of insurance companies. The assets of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses.

As of June 30, 2021, The Portfolios offered Class I and Class II shares at net asset value, except the Global Atlantic BlackRock Disciplined Growth Portfolio (which only offered Class II shares) and Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offers Class I shares). Effective August 20, 2021, Global Atlantic BlackRock Disciplined Growth offers Class I shares. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

125

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June 30, 2021

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value.

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

Illiquid Investments – Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees ("Board") has approved the designation of the Adviser to administer the Trust's liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers).

These investments will be valued at their fair market value as determined using the valuation procedures approved by the Board. The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Global Atlantic Investment Advisors, LLC (the "Adviser") and/or Sub-Adviser. The Fair Value Committee at its discretion may also include a representative from The Bank of New York Mellon (the "Administrator") and 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 of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Adviser and/or Sub- Adviser. The Fair Value Committee at its discretion may also include a representative from the Administrator and 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 applicable investments are valued collectively via inputs from each of

126

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

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

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

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

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

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

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

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

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

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, 2021 for each Portfolio's investments measured at fair value:

Global Atlantic BlackRock Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	78,867,469	$	-	$	-	$	78,867,469
Short-Term Investments		503,649		-		-		503,649
Total	$	79,371,118	$	-	$	-	$	79,371,118

Global Atlantic BlackRock Disciplined Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	650,437,392	$	-	$	-	$	650,437,392
Short-Term Investments		9,189,489		-		-		9,189,489
Futures Contracts*		107,237		-		-		107,237
Total	$	659,734,118	$	-	$	-	$	659,734,118

Global Atlantic BlackRock Disciplined Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	19,952,413	$	-	$	-	$	19,952,413
Rights		-		0		-		0
Short-Term Investments		429,700		-		-		429,700
Futures Contracts*		7,600		-		-		7,600
Total	$	20,389,713	$	-	$	-	$	20,389,713

Global Atlantic BlackRock Disciplined International Core Portfolio

Assets	Level 1			Level 2		Level 3		Total
Common Stocks	$	135,742,190		$	28,580	$	-	$	135,770,770
Exchange Traded Funds		11,340,308			-		-		11,340,308
Preferred Stocks		1,657,973			-		-		1,657,973
Rights		-			0		-		0
Short-Term Investments		3,510,393			-		-		3,510,393
Futures Contracts*		3,933			-		-		3,933
Total	$	152,254,797		$	28,580	$	-	$	152,283,377
Liabilities	Level 1			Level 2		Level 3		Total
Futures Contracts*		(76,330	)		-		-		(76,330	)
Total	$	(76,330	)	$	-	$	-	$	(76,330	)

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	230,179,121	$	-	$	-	$	230,179,121
Short-Term Investments		3,132,107		-		-		3,132,107
Futures Contracts*		36,794		-		-		36,794
Total	$	233,348,022	$	-	$	-	$	233,348,022

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	20,014,214	$	-	$	-	$	20,014,214
Preferred Stocks		4,757		-		-		4,757
Rights		-		1,159		-		1,159
Warrants		530		174		-		704
Short-Term Investments		148,293		-		-		148,293
Futures Contracts*		1,723		-		-		1,723
Total	$	20,169,517	$	1,333	$	-	$	20,170,850

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	26,921,183	$	-	$	-	$	26,921,183
Short-Term Investments		524,762		-		-		524,762
Futures Contracts*		3,333		-		-		3,333
Total	$	27,449,278	$	-	$	-	$	27,449,278

Global Atlantic BlackRock Disciplined Value Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	272,570,699	$	-	$	-	$	272,570,699
Short-Term Investments		3,809,719		-		-		3,809,719
Futures Contracts*		40,283		-		-		40,283
Total	$	276,420,701	$	-	$	-	$	276,420,701

Global Atlantic BlackRock High Yield Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	-	$	65,440,863	$	-	$	65,440,863
Common Stocks		36,871		-		-		36,871
Short-Term Investments		1,157,882		-		-		1,157,882
Futures Contracts*		20,644		-		-		20,644
Total	$	1,215,397	$	65,440,863	$	-	$	66,656,260
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	1,172	$	-	$		$	1,172
Total	$	1,172	$	-	$	-	$	1,172

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Assets	Level 1		Level 2		Level 3		Total
Agency Mortgage Backed Securities	$	-	$	19,432,403	$	-	$	19,432,403
Corporate Bonds & Notes		-		38,345,936		-		38,345,936
Asset Backed and Commercial Backed Securities		-		6,889,276		-		6,889,276
Municipal Bonds		-		1,138,471		-		1,138,471
Sovereign Debts		-		1,878,450		-		1,878,450
U.S. Treasury Securities		-		6,488,616		-		6,488,616
Short-Term Investments		19,781,886		-		-		19,781,886
Futures Contracts*		385,134		-		-		385,134
Swap Contracts*		-		117,264		-		117,264
Forward Foreign Exchange Contracts*		-		49,209		-		49,209
Total	$	20,167,020	$	74,339,625	$	-	$	94,506,645

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Global Atlantic Goldman Sachs Core Fixed Income Portfolio (Continued)

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	54,181	$	-	$	-	$	54,181
Swap Contracts*		-		157,836		-		157,836
Forward Foreign Exchange Contracts*		-		25,343		-		25,343
Total	$	54,181	$	183,179	$	-	$	237,360

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	27,750,595	$	-	$	-	$	27,750,595
Preferred Stocks		470,809		-		-		470,809
Short-Term Investments		71,073		-		-		71,073
Total	$	28,292,477	$	-	$	-	$	28,292,477

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	102,241,619	$	-	$	-	$	102,241,619
Short-Term Investments		865,872		-		-		865,872
Total	$	103,107,491	$	-	$	-	$	103,107,491

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	127,720,860	$	-	$	-	$	127,720,860
Short-Term Investments		746,897		-		-		746,897
Total	$	128,467,757	$	-	$	-	$	128,467,757

* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments. 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 US GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios maintain deposits with a financial institution which are generally an amount that is in excess of federally insured limits. The Portfolios have not experienced any losses on their accounts.

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

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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 2018 and 2019 tax returns, or is expected to be taken in each Portfolio's December 31, 2020 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency 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, 2021, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	$	(101	)	$	25
Global Atlantic BlackRock Disciplined International Core Portfolio		30,171			(31,502	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		(108,145	)		73,355
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		1,258			(5,595	)

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

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

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June 30, 2021

exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.

Securities index options are put options and call options on various securities indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the securities index and the exercise price of the option expressed in dollars times a specified multiple. A securities index fluctuates with changes in the market value of the securities included in the index.

The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, but not the obligation, to buy in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid. For the six months ended June 30, 2021, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio had realized gains of $35,968 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.

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June 30, 2021

For the six months ended June 30, 2021, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	Equity	$	2,861,715		$	(365,274	)
Global Atlantic BlackRock Disciplined Growth Portfolio	Equity		41,198			(9,459	)
Global Atlantic BlackRock Disciplined International Core Portfolio	Equity		517,422			(125,791	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	Equity		963,509			(146,981	)
Global Atlantic BlackRock Disciplined Small Cap Portfolio	Equity		119,253			(10,959	)
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	Equity		114,158			(16,221	)
Global Atlantic BlackRock Disciplined Value Portfolio	Equity		1,236,281			(168,660	)
Global Atlantic BlackRock High Yield Portfolio	Interest Rate		(25,774	)		21,456
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate		(1,013,648	)		401,095

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.

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,

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June 30, 2021

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, 2021, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate	$	402,060		$	(71,539	)
	Credit		(400,643	)		7,431

For the six months ended June 30, 2021, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swaptions, as disclosed in the Statements of Operations, is as follows:

				Risk Type				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Interest Rate				$	(6,050	)		$	(882	)

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, 2021.

Global Atlantic BlackRock Disciplined Core Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	107,237	$	-	$	107,237	$	-	$	107,237	$	-	$	-	$	-	$	-	$	-
Total	$	107,237	$	-	$	107,237	$	-	$	107,237	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Global Atlantic BlackRock Disciplined Growth Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	7,600	$	-	$	7,600	$	-	$	7,600	$	-	$	-	$	-	$	-	$	-
Total	$	7,600	$	-	$	7,600	$	-	$	7,600	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

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June 30, 2021

Global Atlantic BlackRock Disciplined International Core Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	3,933	$	(3,933	)	$	-	$	-	$	-	$	76,330	$	(3,933	)	$	72,397	$	(72,397	)	$	-
Total	$	3,933	$	(3,933	)	$	-	$	-	$	-	$	76,330	$	(3,933	)	$	72,397	$	(72,397	)	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	36,794	$	-	$	36,794	$	-	$	36,794	$	-	$	-	$	-	$	-	$	-
Total	$	36,794	$	-	$	36,794	$	-	$	36,794	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Global Atlantic BlackRock Disciplined Small Cap Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	1,723	$	-	$	1,723	$	-	$	1,723	$	-	$	-	$	-	$	-	$	-
Total	$	1,723	$	-	$	1,723	$	-	$	1,723	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

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June 30, 2021

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	3,333	$	-	$	3,333	$	-	$	3,333	$	-	$	-	$	-	$	-	$	-
Total	$	3,333	$	-	$	3,333	$	-	$	3,333	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Global Atlantic BlackRock Disciplined Value Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	40,283	$	-	$	40,283	$	-	$	40,283	$	-	$	-	$	-	$	-	$	-
Total	$	40,283	$	-	$	40,283	$	-	$	40,283	$	-	$	-	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Global Atlantic BlackRock High Yield Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	20,644	$	(1,172	)	$	19,472	$	-	$	19,472	$	1,172	$	(1,172	)	$	-	$	-	$	-
Total	$	20,644	$	(1,172	)	$	19,472	$	-	$	19,472	$	1,172	$	(1,172	)	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

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June 30, 2021

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Credit Suisse First Boston	$	502,398	$	(212,017	)	$	290,381	$	-	$	290,381	$	212,017	$	(212,017	)	$	-	$	-	$	-
Morgan Stanley		49,209		(25,343	)		23,866		-		23,866		25,343		(25,343	)		-		-		-
Total	$	551,607	$	(237,360	)	$	314,247	$	-	$	314,247	$	237,360	$	(237,360	)	$	-	$	-	$	-

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Impact of Derivatives on the Statements of Assets and Liabilities – The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of June 30, 2021:

Global Atlantic BlackRock Disciplined Core Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	107,237	$	-	$	-	$	-	$	107,237
Total	$	107,237	$	-	$	-	$	-	$	107,237

Global Atlantic BlackRock Disciplined Growth Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	7,600	$	-	$	-	$	-	$	7,600
Total	$	7,600	$	-	$	-	$	-	$	7,600

Global Atlantic BlackRock Disciplined International Core Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	72,397	$	-	$	-	$	-	$	72,397
Total	$	72,397	$	-	$	-	$	-	$	72,397

137

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	36,794	$	-	$	-	$	-	$	36,794
Total	$	36,794	$	-	$	-	$	-	$	36,794

Global Atlantic BlackRock Disciplined Small Cap Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	1,723	$	-	$	-	$	-	$	1,723
Total	$	1,723	$	-	$	-	$	-	$	1,723

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	3,333	$	-	$	-	$	-	$	3,333
Total	$	3,333	$	-	$	-	$	-	$	3,333

Global Atlantic BlackRock Disciplined Value Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	40,283	$	-	$	-	$	-	$	40,283
Total	$	40,283	$	-	$	-	$	-	$	40,283

Global Atlantic BlackRock High Yield Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	19,472	$	-	$	-	$	-	$	19,472
Total	$	19,472	$	-	$	-	$	-	$	19,472

138

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Equity		Interest Rate Contracts			Credit Contracts		Currency Contracts			Total
Assets
Unrealized appreciation on Futures Contracts	$	-	$	330,953		$	-	$	-		$	330,953
Unrealized appreciation on Forward Foreign Exchange Contracts		-		-			-		57,289			57,289
Liabilities
Unrealized depreciation on Swap Contracts		-		(40,571	)		-		-			(40,571	)
Unrealized depreciation on Forward Foreign Exchange Contracts		-		-			-		(28,405	)		(28,405	)
Total	$	-	$	290,382		$	-	$	28,884		$	319,266

The notional value of the derivative instruments outstanding as of June 30, 2021, 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.

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. The SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and certain other transactions, which may include short sales in some cases, by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions.

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.

139

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June 30, 2021

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

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

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

Expenses – Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.

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

3. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2021, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:

	Purchases		Sales
Global Atlantic BlackRock Allocation Portfolio	$	38,257,935	$	45,600,700
Global Atlantic BlackRock Disciplined Core Portfolio		341,064,867		368,894,347
Global Atlantic BlackRock Disciplined Growth Portfolio		12,143,494		14,143,136
Global Atlantic BlackRock Disciplined International Core Portfolio		102,563,549		110,631,526
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		177,422,054		187,844,054
Global Atlantic BlackRock Disciplined Small Cap Portfolio		5,980,034		7,520,868
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		15,743,465		18,110,356
Global Atlantic BlackRock Disciplined Value Portfolio		156,641,626		168,114,969
Global Atlantic BlackRock High Yield Portfolio		21,732,887		21,949,715
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		209,638,892		222,599,760
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		23,645,266		25,554,297
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		110,860,969		120,495,771
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		147,587,631		156,420,412

140

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

4. 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 BlackRock Allocation Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Core Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Growth Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined International Core Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Small Cap Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined U.S. Core Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Value Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock High Yield Portfolio				BlackRock Investment Management, LLC
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				BlackRock Investment Management, LLC
Global Atlantic Goldman Sachs Global Equity Insights Portfolio				Goldman Sachs Asset Management, L.P.
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio				Goldman Sachs Asset Management, L.P.
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio				Goldman Sachs Asset Management, L.P.

The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios and BNY Mellon Investment Servicing (US) Inc. (together with The Bank of New York Mellon, "BNYM") serves as the Transfer Agent for the Portfolios.

Pursuant to an Investment Advisory Agreement 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 for the six-month period ended June 30, 2021.

Portfolio				Advisory Fee*
Global Atlantic BlackRock Allocation Portfolio				0.22% on first $1 billion
				0.21% on next $1 billion
				0.20% over $2 billion
Global Atlantic BlackRock Disciplined Core Portfolio				0.39% on first $1 billion
				0.37% on next $1 billion
				0.35% over $2 billion
Global Atlantic BlackRock Disciplined Growth Portfolio				0.45% on first $1 billion
				0.43% on next $1 billion
				0.41% over $2 billion
Global Atlantic BlackRock Disciplined International Core Portfolio				0.60% on first $1 billion
				0.58% on next $1 billion
				0.56% over $2 billion
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				0.55% on first $1 billion
				0.53% on next $1 billion
				0.51% over $2 billion

141

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

Portfolio				Advisory Fee*
Global Atlantic BlackRock Disciplined Small Cap Portfolio				0.54% on first $1 billion
				0.52% on next $1 billion
				0.50% over $2 billion
Global Atlantic BlackRock Disciplined U.S. Core Portfolio				0.39% on first $1 billion
				0.37% on next $1 billion
				0.35% over $2 billion
Global Atlantic BlackRock Disciplined Value Portfolio				0.45% on first $1 billion
				0.43% on next $1 billion
				0.41% over $2 billion
Global Atlantic BlackRock High Yield Portfolio				0.50% on first $1 billion
				0.48% on next $1 billion
				0.46% over $2 billion
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				0.34% on first $250 million
				0.32% on next $250 million
				0.26% over $500 million
Global Atlantic Goldman Sachs Global Equity Insights Portfolio				0.63% on first $250 million
				0.61% on next $250 million
				0.58% on next $500 million
				0.55% over $1 billion
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio				0.37% on first $250 million
				0.35% on next $250 million
				0.34% on next $500 million
				0.32% over $1 billion
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio				0.55% on first $250 million
				0.53% on next $250 million
				0.51% on next $500 million
				0.48% over $1 billion

* Calculated daily based on the average daily net assets.

During the six-month period ended June 30, 2021, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, 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").

For the period beginning January 1, 2021 and ending April 30, 2021

	Class I			Class II			Expiration Date
Global Atlantic BlackRock Allocation Portfolio		0.31	%		0.56	%	April 30, 2022
Global Atlantic BlackRock Disciplined Core Portfolio		0.48	%		0.73	%	April 30, 2022
Global Atlantic BlackRock Disciplined Growth Portfolio		N/A			0.79	%	April 30, 2022
Global Atlantic BlackRock Disciplined International Core Portfolio		0.69	%		0.94	%	April 30, 2022
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		0.63	%		0.88	%	April 30, 2022
Global Atlantic BlackRock Disciplined Small Cap Portfolio		0.63	%		0.88	%	April 30, 2022
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		0.48	%		0.73	%	April 30, 2022
Global Atlantic BlackRock Disciplined Value Portfolio		0.54	%		0.79	%	April 30, 2022
Global Atlantic BlackRock High Yield Portfolio		0.59	%		0.84	%	April 30, 2022
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		0.43	%		N/A		April 30, 2022
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		0.72	%		0.97	%	April 30, 2022
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		0.46	%		0.71	%	April 30, 2022
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		0.64	%		0.89	%	April 30, 2022

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

Effective May 1, 2021 at least until the expiration dates listed below:

	Class I			Class II			Expiration Date
Global Atlantic BlackRock Allocation Portfolio		0.33	%		0.58	%	May 1, 2022
Global Atlantic BlackRock Disciplined Core Portfolio		0.50	%		0.75	%	May 1, 2022
Global Atlantic BlackRock Disciplined Growth Portfolio		0.56	%		0.81	%	May 1, 2022
Global Atlantic BlackRock Disciplined International Core Portfolio		0.74	%		0.99	%	May 1, 2022
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		0.65	%		0.90	%	May 1, 2022
Global Atlantic BlackRock Disciplined Small Cap Portfolio		0.65	%		0.90	%	May 1, 2022
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		0.50	%		0.75	%	May 1, 2022
Global Atlantic BlackRock Disciplined Value Portfolio		0.56	%		0.81	%	May 1, 2022
Global Atlantic BlackRock High Yield Portfolio		0.61	%		0.86	%	May 1, 2022
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		0.45	%		0.70	%	May 1, 2022
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		0.77	%		1.02	%	May 1, 2022
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		0.48	%		0.73	%	May 1, 2022
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		0.66	%		0.91	%	May 1, 2022

In each case, 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 above 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.

For the six months ended June 30, 2021, the Adviser waived fees as follows:

	Investment advisory fee waiver
Global Atlantic BlackRock Allocation Portfolio	$	3,907
Global Atlantic BlackRock Disciplined Core Portfolio		26,103
Global Atlantic BlackRock Disciplined Growth Portfolio		5,559
Global Atlantic BlackRock Disciplined International Core Portfolio		96,204
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		25,019
Global Atlantic BlackRock Disciplined Small Cap Portfolio		3,126
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		6,352
Global Atlantic BlackRock Disciplined Value Portfolio		13,916
Global Atlantic BlackRock High Yield Portfolio		4,299
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		8,750
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		27,931
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		6,697
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		6,932

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreements, and the Portfolio's operating expenses are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Portfolio for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Portfolio's expenses to exceed the amount of the expense limitation. If Portfolio operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended.

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

	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 2024
Global Atlantic BlackRock Allocation Portfolio	$	8,542	$	19,679	$	14,847	$	3,906
Global Atlantic BlackRock Disciplined Core Portfolio		50,540		93,032		107,215		26,103
Global Atlantic BlackRock Disciplined Growth Portfolio		3,754		10,039		14,202		5,559

143

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

	December 31, 2021		December 31, 2022		December 31, 2023		December 31, 2024
Global Atlantic BlackRock Disciplined International Core Portfolio	$	9,810	$	48,584	$	186,121	$	96,204
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		35,854		55,910		68,221		25,019
Global Atlantic BlackRock Disciplined Small Cap Portfolio		3,138		10,872		9,818		3,126
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		3,915		10,817		16,686		6,352
Global Atlantic BlackRock Disciplined Value Portfolio		25,935		49,384		62,633		13,916
Global Atlantic BlackRock High Yield Portfolio		8,365		22,317		16,144		4,298
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		9,926		26,065		31,294		8,750
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		4,573		14,959		61,839		27,930
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		9,822		20,779		24,623		6,697
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		12,865		27,176		33,956		6,932

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

	December 31, 2020
Global Atlantic BlackRock Allocation Portfolio	$	853
Global Atlantic BlackRock Disciplined Core Portfolio		-
Global Atlantic BlackRock Disciplined Growth Portfolio		310
Global Atlantic BlackRock Disciplined International Core Portfolio		190
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		1,748
Global Atlantic BlackRock Disciplined Small Cap Portfolio		119
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		307
Global Atlantic BlackRock Disciplined Value Portfolio		-
Global Atlantic BlackRock High Yield Portfolio		191
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		378
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		225
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		1,279
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		-

On May 23, 2017, the U.S. Securities and Exchange Commission ("SEC") granted an order allowing Commonwealth Annuity and Life Insurance Company ("Commonwealth") to substitute certain variable investment options in which subaccounts of its Separate Accounts invest with the Portfolios included in this report.

As a condition of this order, the SEC required that Commonwealth or an affiliate thereof (other than the Trust) pay all expenses and transaction costs of the substitutions, including legal and accounting expenses, any applicable brokerage expenses and other fees and expenses so that no fees or charges were assessed to the affected contract owners to effect the substitutions. There were no substitution-related expenses for the six months ended June 30, 2021.

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, 2021, 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.

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Notes to Financial Statements (Unaudited) (Continued)

June 30, 2021

For the six months ended June 30, 2021, the Portfolios expensed the following distribution fees:

	Fees Paid
Global Atlantic BlackRock Allocation Portfolio	$	19,589
Global Atlantic BlackRock Disciplined Core Portfolio		45,557
Global Atlantic BlackRock Disciplined Growth Portfolio		24,420
Global Atlantic BlackRock Disciplined International Core Portfolio		53,705
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		75,220
Global Atlantic BlackRock Disciplined Small Cap Portfolio		12,381
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		5,401
Global Atlantic BlackRock Disciplined Value Portfolio		9,448
Global Atlantic BlackRock High Yield Portfolio		989
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		15,882
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		6,924
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		98,591

For the six months ended June 30, 2021, the Trustees received fees in the amounts as follows:

	Fees Received
Global Atlantic BlackRock Allocation Portfolio	$	3,460
Global Atlantic BlackRock Disciplined Core Portfolio		26,648
Global Atlantic BlackRock Disciplined Growth Portfolio		846
Global Atlantic BlackRock Disciplined International Core Portfolio		6,482
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		9,674
Global Atlantic BlackRock Disciplined Small Cap Portfolio		865
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		1,144
Global Atlantic BlackRock Disciplined Value Portfolio		11,251
Global Atlantic BlackRock High Yield Portfolio		2,920
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		3,845
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		1,165
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		4,220
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		5,161

5. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2021, Commonwealth Annuity and Life Insurance Company owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

Shareholder Concentration Risk – Commonwealth Annuity and 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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June 30, 2021

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

As of December 31, 2020, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic BlackRock Allocation Portfolio	$	67,614,503	$	14,139,313	$	(548,753	)	$	13,590,560
Global Atlantic BlackRock Disciplined Core Portfolio		461,584,945		153,438,590		(4,046,356	)		149,392,234
Global Atlantic BlackRock Disciplined Growth Portfolio		13,131,318		7,130,307		(96,299	)		7,034,008
Global Atlantic BlackRock Disciplined International Core Portfolio		125,158,479		28,930,599		(6,922,624	)		22,007,975
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		153,688,272		69,889,936		(1,415,786	)		68,474,150
Global Atlantic BlackRock Disciplined Small Cap Portfolio		15,430,939		5,111,732		(1,723,082	)		3,388,650
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		20,206,254		6,500,235		(191,892	)		6,308,343
Global Atlantic BlackRock Disciplined Value Portfolio		218,726,000		37,586,842		(4,597,864	)		32,988,978
Global Atlantic BlackRock High Yield Portfolio		62,193,461		4,172,882		(158,479	)		4,014,403
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		104,903,752		5,076,589		(82,624	)		4,993,965
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		21,324,063		5,655,201		(366,765	)		5,288,436
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		66,833,712		33,275,613		(995,242	)		32,280,371
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		97,462,864		18,723,267		(2,314,576	)		16,408,691

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended December 31, 2020 and 2019 were as follows:

For fiscal year ended 12/31/2020	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	3,579,351	$	1,661	$	-	$	3,581,012
Global Atlantic BlackRock Disciplined Core Portfolio		17,282,042		14,099,837		-		31,381,879
Global Atlantic BlackRock Disciplined Growth Portfolio		522,947		503,661		-		1,026,608
Global Atlantic BlackRock Disciplined International Core Portfolio		2,589,599		-		-		2,589,599
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		5,422,684		9,307,944		-		14,730,628
Global Atlantic BlackRock Disciplined Small Cap Portfolio		353,717		546,735		-		900,452
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		947,319		437,021		-		1,384,340
Global Atlantic BlackRock Disciplined Value Portfolio		8,424,996		6,179,653		-		14,604,649
Global Atlantic BlackRock High Yield Portfolio		3,704,548		-		-		3,704,548
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,815,623		1,397,296				4,212,919
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		254,109		-		-		254,109
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		2,764,378		2,291,062		-		5,055,440
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		1,707,137		-		-		1,707,137

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For fiscal year ended 12/31/2019	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	1,579,777	$	-	$	-	$	1,579,777
Global Atlantic BlackRock Disciplined Core Portfolio		8,622,370		-		-		8,622,370
Global Atlantic BlackRock Disciplined Growth Portfolio		601,045		30,435		-		631,480
Global Atlantic BlackRock Disciplined International Core Portfolio		3,595,113		-		-		3,595,113
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		749,059		387,327		-		1,136,386
Global Atlantic BlackRock Disciplined Small Cap Portfolio		571,080		-		-		571,080
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		564,891		-		-		564,891
Global Atlantic BlackRock Disciplined Value Portfolio		5,750,591		-		-		5,750,591
Global Atlantic BlackRock High Yield Portfolio		4,220,855		-		-		4,220,855
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,193,008						2,193,008
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		369,107		-		-		369,107
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		2,090,635		31,397		-		2,122,032
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		2,671,957		-		-		2,671,957

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Allocation Portfolio	$	1,735,880	$	2,142,379	$	-	$	-		$	13,590,560	$	17,468,819
Global Atlantic BlackRock Disciplined Core Portfolio		8,685,265		21,829,917		-		-			149,392,252		179,907,434
Global Atlantic BlackRock Disciplined Growth Portfolio		698,956		1,172,693		-		-			7,034,008		8,905,657
Global Atlantic BlackRock Disciplined International Core Portfolio		346,924		-		-		(14,358,492	)		22,048,624		8,037,056
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		6,487,176		17,190,231		-		-			68,474,150		92,151,557
Global Atlantic BlackRock Disciplined Small Cap Portfolio		543,947		518,943		-		-			3,388,650		4,451,540
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		281,210		1,007,482		-		-			6,308,342		7,597,034
Global Atlantic BlackRock Disciplined Value Portfolio		970,278		-		-		(3,493,991	)		32,988,978		30,465,265
Global Atlantic BlackRock High Yield Portfolio		3,218,036		-		-		(5,641,040	)		4,014,403		1,591,399
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		4,070,024		1,755,559		-		-			4,995,828		10,821,411
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		127,259		-		-		(627,469	)		5,293,591		4,793,381
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		4,819,053		1,697,236		-		-			32,280,371		38,796,660
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		409,248		-		-		(12,858,750	)		16,408,691		3,959,189

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, return of capital distributions from C-Corporations, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $18, $40,490, $(1), $512 and $5,155 for Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined U.S. Core Portfolio, Global Atlantic Goldman Sachs Core Fixed Income Portfolio, and Global Atlantic Goldman Sachs Global Equity Insights Portfolio, respectively.

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At December 31, 2020, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring Short-Term			Non-Expiring Long-Term			Total
Global Atlantic BlackRock Allocation Portfolio	$	-		$	-		$	-
Global Atlantic BlackRock Disciplined Core Portfolio		-			-			-
Global Atlantic BlackRock Disciplined Growth Portfolio		-			-			-
Global Atlantic BlackRock Disciplined International Core Portfolio		(4,709,021	)		(9,649,471	)		(14,358,492	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		-			-			-
Global Atlantic BlackRock Disciplined Small Cap Portfolio		-			-			-
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		-			-			-
Global Atlantic BlackRock Disciplined Value Portfolio		(397,333	)		(3,096,658	)		(3,493,991	)
Global Atlantic BlackRock High Yield Portfolio		(2,792,421	)		(2,848,619	)		(5,641,040	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-			-			-
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		(627,469	)		-			(627,469	)
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		-			-			-
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		(10,309,456	)		(2,549,294	)		(12,858,750	)

During the year ended December 31, 2020, the Global Atlantic Goldman Sachs Global Equity Insights Portfolio utilized capital loss carryforwards of $15,392.

8. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

9. OTHER RISKS

The Portfolios' risks include, but are not limited to, the following:

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

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

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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. In addition, the SEC recently adopted Rule 18f-4 under the 1940 Act which will regulate the use of derivatives for certain investment companies (the "Derivatives Rule"). The Derivatives Rule will require, among other things, that certain entities adopt a derivatives risk management program, comply with limitations on leveraged-related risk based on a relative "value-at-risk" test and update reporting and disclosure procedures. Although the full impact of the Derivatives Rule on the Portfolios remains uncertain, these requirements may limit the ability of a Portfolio to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies, as well as increase a Portfolio's expenses. Compliance with Rule 18f-4 will be required by August 2022. 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.

Exchange-Traded Funds Risk – The Portfolios may invest in passive 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 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 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.

Market Risk – The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, limited dealer capacity, lack of liquidity in the markets or adverse investor sentiment. Each Portfolio has exposure to instruments that may be more volatile and carry more risk than some other forms of investment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, natural disasters, recessions, or other events could also have a significant impact on the Portfolio and its investments. The market prices of securities may also be negatively impacted by trading activity and investor interest, including interest driven by factors unrelated to market conditions or financial performance. In these circumstances, the value of the Portfolio's investments, particularly any short positions or exposures, may fluctuate dramatically.

A Portfolio may experience a substantial or complete loss on any individual security. 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. Changes in the U.S. and governmental market support activities implemented since the financial crisis could negatively affect the markets generally and increase market volatility. This could reduce the value and liquidity of the securities in which the Portfolio invests and 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

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new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets. The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as "COVID-19") has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

Quantitative Investing Risk – Investments selected using quantitative analysis or "models" may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.

Other Recent Developments

Ongoing concerns regarding the economies of certain countries in Europe, as well as the possibility that one or more countries could leave the European Union (the "EU"), create risks for investing in the European markets. These risks may be heightened due to the June 2016 referendum in which the United Kingdom ("UK") voted to exit the EU (commonly known as "Brexit"). On January 31, 2020, the UK withdrew from the European EU. This commenced a transition period that lasted until December 31, 2020. On December 30, 2020, the EU and UK signed the EU-UK Trade and Cooperation Agreement ("TCA"), an agreement on the terms governing certain aspects of the EU's and the UK's relationship following the end of the transition period. Notwithstanding the TCA, there is likely to be considerable uncertainty as to the UK's post-transition framework. The full impact of Brexit on the UK and European economies and broader global economy is not yet known. The impact could be significant and could, among other outcomes, result in increased volatility and illiquidity, potentially lower economic growth and decreased asset valuations. Brexit may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union. Brexit may also have a negative impact on the economy and currency of the UK as a result of anticipated, or actual changes to the UK's economic and political relations with the EU. Any or all of these challenges may affect the value of a Portfolio's investments economically tied to the UK or EU.

On March 5, 2021, the United Kingdom's Financial Conduct Authority ("FCA") and ICE Benchmark Authority formally announced that certain LIBORs will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR presents risks to applicable Portfolios, including the risk that any pricing adjustments to a Portfolio's investments resulting from a substitute reference rate may adversely affect the Portfolio's performance and/or NAV. The impact of a substitute reference rate, if any, will vary on an investment-by-investment basis. The Adviser or Sub- Adviser may have discretion to determine a substitute reference rate, including any price or other adjustments to account for differences between the substitute reference rate and the previous rate. The substitute reference rate and any adjustments selected could negatively impact a Portfolio's investment performance or financial condition, including in ways unforeseen by the Adviser or Sub-Adviser.

In addition, the current ongoing outbreak of COVID-19, a respiratory illness caused by a novel strain of coronavirus has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in

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consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

10. OTHER MATTERS

On February 1, 2021, Global Atlantic Financial Group Limited (together with its subsidiaries, "Global Atlantic") was acquired by KKR & Co. Inc (the "Transaction").

Under the 1940 Act, the Transaction resulted in the automatic termination of the existing: (i) investment advisory agreement between the Adviser and the Trust on behalf of each Portfolio; (ii) sub-advisory agreements between the Adviser, the sub-advisers and the Trust on behalf of each applicable Portfolio; and (iii) underwriting agreement between GAD and the Trust on behalf of the Portfolios (collectively, the "Existing Agreements").

At a meeting held on September 22, 2020, the Board, including all of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, unanimously voted to approve each of the following to become effective upon the closing of the Transaction: (i) a new investment advisory agreement between the Adviser and the Trust on behalf of each Portfolio ("New Advisory Agreement"); (ii) new sub-advisory agreements between the Adviser, the sub-advisers and the Trust on behalf of each applicable Portfolio ("New Sub-Advisory Agreements"); and (iii) a new underwriting agreement between GAD and the Trust on behalf of each Portfolio (collectively , the "New Agreements").

The New Advisory Agreement and New Sub-Advisory Agreements were also subject to shareholder approval. At a special meeting of shareholders held on November 23, 2020, the New Advisory Agreement and New Sub-Advisory Agreements were approved by the shareholders of each Portfolio. The New Agreements took effect on February 1, 2021.

11. BOARD REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments and periodic reporting to the Trust's Board of Trustees (the "Board"). Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Board previously approved the appointment of the FVIT Liquidity Risk Management Program Committee (the "Committee") as the Program Administrator of the LRMP for the Trust on November 12, 2018 and the Trust's LRMP on February 12, 2019.The Committee is comprised of the Trust's Chief Compliance Officer and other officers of the Trust and the Adviser. At the Board's regular meeting on May 4, 2021, the Trust's Chief Compliance Officer provided a report to the Board (the "Report")on the operation and effectiveness of the LRMP for the period April 1, 2020 through March 31, 2021 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Portfolios' investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of portfolio investments, the Adviser utilizes a third party provider of liquidity monitoring services.

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The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Portfolios' liquidity risks for the Reporting Period. The Report stated that during this period, each Portfolio operated as a Primarily Highly Liquid Fund. Because each Portfolio consisted primarily of highly liquid investments that exceeded the 50% SEC threshold for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Portfolios, and each Portfolio was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

12. SUBSEQUENT EVENTS

The Portfolios evaluated subsequent events from June 30, 2021 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements, other than discussed below:

At a meeting held on May 4, 2021, the Board of the Trust approved an Agreement and Plan of Reorganization (the "Plan") that provides for the reorganization of each Acquired Portfolio identified below (each an "Acquired Portfolio") into the corresponding Acquiring Portfolio identified below (each an "Acquiring Portfolio") (each a "Reorganization" and collectively, the "Reorganizations"). Each Reorganization occurred after the close of business on August 20, 2021.

Acquired Portfolio				Corresponding Acquiring Portfolio
Global Atlantic BlackRock Disciplined Small Cap Portfolio				Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio				Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Global Atlantic BlackRock Disciplined U.S. Core Portfolio				Global Atlantic BlackRock Disciplined Core Portfolio
Global Atlantic Goldman Sachs Global Equity Insights Portfolio				Global Atlantic BlackRock Disciplined International Core Portfolio
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio				Global Atlantic BlackRock Disciplined Growth Portfolio

Pursuant to the terms of the Plan, after the close of business on August 20, 2021, each Acquired Portfolio transferred all of its assets to the corresponding Acquiring Portfolio, in exchange for shares of the corresponding Acquiring Portfolio and the assumption of all of the liabilities of the Acquired Portfolio by the corresponding Acquiring Portfolio.

Effective August 20, 2021, the annual advisory fee for each of Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio and Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio is as follows:

				Annual Advisory Fee Rate
Global Atlantic BlackRock Disciplined International Core Portfolio				0.60% on first $500 million
				0.58% on next $500 million
				0.55% over $1 billion
Global Atlantic BlackRock Disciplined Growth Portfolio				0.37% on first $250 million
				0.35% on next $250 million
				0.34% on next $500 million
				0.32% over $1 billion
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				0.54% on first $250 million
				0.53% on next $250 million
				0.51% on next $500 million
				0.48% over $1 billion

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Effective August 20, 2021, and at least until August 20, 2022, the Adviser has contractually agreed to lower the expense limitation for Global Atlantic BlackRock Disciplined Growth Portfolio from 0.56% to 0.48% and 0.81% to 0.73% of the daily average net assets attributable to Class I and Class II Shares, respectively.

After the close of business on August 20, 2021, the consummation of each Reorganization was accomplished by a tax-free exchange of shares of each Acquiring Fund in the following amounts:

Acquired Portfolio Name/ Share Class Name	Acquired Portfolio Net Assets		Acquired Portfolio Shares Outstanding		Acquiring Portfolio Name/ Share Class Name	Acquiring Portfolio Net Assets		Acquiring Portfolio Shares Outstanding		Combined Net Assets		Combined Shares Outstanding
Global Atlantic BlackRock Disciplined Small Cap Portfolio Class I	$	9,709,098		828,401	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class I	$	166,344,270		8,977,361		176,053,368		9,501,348
Global Atlantic BlackRock Disciplined Small Cap Portfolio Class II		9,060,416		773,134	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class II		63,417,068		3,430,265		72,477,485		3,920,349
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio Class I		45,428,775		4,024,126	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class I		166,344,270		8,977,361		211,773,046		11,429,087
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio Class II		80,843,019		7,170,940	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class II		63,417,068		3,430,265		144,260,087		7,803,113
Global Atlantic BlackRock Disciplined U.S. Core Portfolio Class I		23,443,474		1,769,184	Global Atlantic BlackRock Disciplined Core Portfolio Class I		632,960,015		38,005,570		656,403,489		39,413,213
Global Atlantic BlackRock Disciplined U.S. Core Portfolio Class II		4,453,624		336,517	Global Atlantic BlackRock Disciplined Core Portfolio Class II		37,550,691		2,261,392		42,004,316		2,529,601
Global Atlantic Goldman Sachs Global Equity Insights Portfolio Class I		15,500,428		1,226,678	Global Atlantic BlackRock Disciplined International Core Portfolio Class I		106,197,582		9,263,537		121,698,010		10,615,633
Global Atlantic Goldman Sachs Global Equity Insights Portfolio Class II		13,207,380		1,046,133	Global Atlantic BlackRock Disciplined International Core Portfolio Class II		41,333,839		3,615,693		54,541,219		4,771,007
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio Class I		97,015,184		6,505,658	Global Atlantic BlackRock Disciplined Growth Portfolio Class I		—		—		97,015,184		5,160,728
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio Class II		6,398,918		429,990	Global Atlantic BlackRock Disciplined Growth Portfolio Class II		20,329,976		1,081,454		26,728,894		1,421,845

153

Global Atlantic Portfolios

Expense Examples

June 30, 2021 (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, 2021 through June 30, 2021.

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.

							*Actual*				*Hypothetical* (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 1/1/21		Ending Account Value 6/30/21		Expenses Paid During Period*		Ending Account Value 6/30/21		Expenses Paid During Period*
Global Atlantic BlackRock Allocation Portfolio	I		0.31	%	$	1,000	$	1,072.30	$	1.59	$	1,023.26	$	1.56
Global Atlantic BlackRock Allocation Portfolio	II		0.56	%	$	1,000	$	1,070.90	$	2.88	$	1,022.02	$	2.81
Global Atlantic BlackRock Disciplined Core Portfolio	I		0.48	%	$	1,000	$	1,153.80	$	2.56	$	1,022.41	$	2.41
Global Atlantic BlackRock Disciplined Core Portfolio	II		0.73	%	$	1,000	$	1,151.90	$	3.89	$	1,021.17	$	3.66
Global Atlantic BlackRock Disciplined Growth Portfolio	II		0.80	%	$	1,000	$	1,130.40	$	4.23	$	1,020.83	$	4.01
Global Atlantic BlackRock Disciplined International Core Portfolio	I		0.71	%	$	1,000	$	1,100.10	$	3.70	$	1,021.27	$	3.56
Global Atlantic BlackRock Disciplined International Core Portfolio	II		0.96	%	$	1,000	$	1,099.40	$	5.00	$	1,020.03	$	4.81

* 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).

154

Global Atlantic Portfolios

Expense Examples (Continued)

June 30, 2021 (Unaudited)

							*Actual*				*Hypothetical* (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 1/1/21		Ending Account Value 6/30/21		Expenses Paid During Period*		Ending Account Value 6/30/21		Expenses Paid During Period*
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	I		0.64	%	$	1,000	$	1,120.10	$	3.36	$	1,021.62	$	3.21
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	II		0.89	%	$	1,000	$	1,118.30	$	4.67	$	1,020.38	$	4.46
Global Atlantic BlackRock Disciplined Small Cap Portfolio	I		0.64	%	$	1,000	$	1,185.60	$	3.47	$	1,021.62	$	3.21
Global Atlantic BlackRock Disciplined Small Cap Portfolio	II		0.89	%	$	1,000	$	1,185.10	$	4.82	$	1,020.38	$	4.46
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	I		0.49	%	$	1,000	$	1,152.00	$	2.61	$	1,022.36	$	2.46
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	II		0.74	%	$	1,000	$	1,150.80	$	3.95	$	1,021.22	$	3.71
Global Atlantic BlackRock Disciplined Value Portfolio	I		0.54	%	$	1,000	$	1,174.30	$	2.91	$	1,022.12	$	2.71
Global Atlantic BlackRock Disciplined Value Portfolio	II		0.79	%	$	1,000	$	1,172.20	$	4.25	$	1,020.88	$	3.96
Global Atlantic BlackRock High Yield Portfolio	I		0.60	%	$	1,000	$	1,024.60	$	3.01	$	1,021.82	$	3.01
Global Atlantic BlackRock High Yield Portfolio	II		0.85	%	$	1,000	$	1,023.60	$	4.26	$	1,020.58	$	4.26
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	I		0.44	%	$	1,000	$	981.00	$	2.16	$	1,022.61	$	2.21
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	I		0.74	%	$	1,000	$	1,141.70	$	3.93	$	1,021.12	$	3.71
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	II		0.99	%	$	1,000	$	1,141.10	$	5.26	$	1,019.89	$	4.96
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	I		0.47	%	$	1,000	$	1,144.30	$	2.50	$	1,022.46	$	2.36
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	II		0.72	%	$	1,000	$	1,142.60	$	3.82	$	1,021.22	$	3.61
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	I		0.64	%	$	1,000	$	1,216.10	$	3.52	$	1,021.62	$	3.21
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	II		0.90	%	$	1,000	$	1,214.60	$	4.94	$	1,020.33	$	4.51

* 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).

155

Global Atlantic Portfolios

Supplemental Information

June 30, 2021 (Unaudited)

Approval of Amendment to Investment Advisory Agreement and Amendment to Sub-Advisory Agreement with BlackRock Investment Management, LLC

At a meeting held on February 9, 2021, the Board of Trustees (the "Trustees" or the "Board") of Forethought Variable Insurance Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), considered the approval of an amendment to the sub-advisory agreement between Global Atlantic Investment Advisors, LLC (the "Adviser"), BlackRock Investment Management, LLC ("BlackRock") and the Trust to reduce the sub-advisory fee schedules for each of Global Atlantic BlackRock Disciplined Core Portfolio"), Global Atlantic BlackRock Disciplined International Core Portfolio ("GA BlackRock International"), Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ("GA BlackRock Mid Cap Growth") and Global Atlantic BlackRock Disciplined U.S. Core Portfolio, effective January 1, 2021 (the "BlackRock Amendment").

In addition, at a meeting held on May 4, 2021, the Board, including a majority of the Independent Trustees, considered the approval of an amendment to the investment advisory agreement between Adviser and the Trust to reduce the advisory fee schedules for each of BlackRock Mid Cap Growth, Global Atlantic BlackRock Disciplined Growth Portfolio and GA BlackRock International in connection with the reorganizations of certain of the series of the Trust (the "GAIA Amendment" and, together with the BlackRock Amendment, the "Amendments").

In approving the Amendments, the Trustees considered that they approved the investment advisory agreement with the Adviser and the sub-advisory agreement with BlackRock at their September 22, 2020 meeting. The Trustees considered the detailed information provided by the Adviser and BlackRock in the September 22, 2020 meeting materials. The Trustees also noted that the nature of the advisory services provided by the Adviser and/or BlackRock were not expected to change as a result of the Amendments. Finally, the Trustees considered that the BlackRock Amendment would result in a lower sub-advisory fee schedule for the applicable Portfolios and that the GAIA Amendment would result in a lower advisory fee schedule for the applicable Portfolios.

In each case, having considered such information as the Trustees believed to be reasonably necessary to evaluate the terms of the applicable Amendment, and as assisted by the advice of counsel, the Trustees unanimously concluded that approving the Amendment was in the best interests of the applicable Portfolios and their respective shareholders. The Trustees noted that, in considering each Amendment, they did not identify any one factor as all important and each Trustee may have afforded different weight to the various factors.

156

PRIVACY NOTICE

FACTS				WHAT DOES FORETHOUGHT VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?
WHY?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?				The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ◼ Social Security number and wire transfer instructions ◼ account transactions and transaction history ◼ investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.
HOW?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Forethought Variable Insurance Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Forethought Variable Insurance Trust share information?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes – to offer our products and services to you.	No	We don't share
For joint marketing with other financial companies.	No	We don't share
For our affiliates' everyday business purposes – information about your transactions and records.	No	We don't share
For our affiliates' everyday business purposes – information about your credit worthiness.	No	We don't share
For nonaffiliates to market to you	No	We don't share

157

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.

158

PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on or through the Portfolios' website at http://connect.rightprospectus.com/globalatlanticportfolios and (2) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Portfolios' Form N-PORTs are available on the SEC's website at http://www.sec.gov. Each Portfolio will post to http://connect.rightprospectus.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

Global Atlantic Investment Advisors, LLC
10 West Market Street, Suite 2300
Indianapolis, IN 46204

ADMINISTRATOR

The Bank of New York
Mellon 240 Greenwich Street
New York, NY 10286

INVESTMENT SUB-ADVISERS

BlackRock Investment Management, LLC
1 University Square Drive
Princeton, NJ 08540-6455

Goldman Sachs Asset Management, L.P.
200 West Street
New York, NY 10282

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable

Item 3. Audit Committee Financial Expert.

Not applicable

Item 4. Principal Accountant Fees and Services.

Not applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6. Investments.

	(a)	Schedule of investments in securities of unaffiliated issuers is included under Item 1; and

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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 Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may 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-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)).

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 (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 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 pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(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 pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

Forethought Variable Insurance Trust

By
	/s/ Trent M. Statczar
	Trent M. Statczar
	Treasurer
	Date: 8/30/2021

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

By
	/s/ Eric D. Todd
	Eric D. Todd
	President
	Date: 8/30/2021

By
	/s/ Trent M. Statczar
	Trent M. Statczar
	Treasurer
	Date: 8/30/2021

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