# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0001104659-23-027460
**Filing Date:** 2023-3
**Character Count:** 541227
**Document Hash:** 79d51845e7bfe462ab09f7f1b292dc33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-027460.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001104659-23-027460

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forethought Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001580353
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1213

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22865
- **FILM NUMBER:** 23695178

**BUSINESS ADDRESS:**
- **STREET 1:** 10 WEST MARKET STREET
- **STREET 2:** SUITE 2300
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204
- **BUSINESS PHONE:** 317-223-2700

**MAIL ADDRESS:**
- **STREET 1:** 10 WEST MARKET STREET
- **STREET 2:** SUITE 2300
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204

## Series and Classes Contracts Data

### Global Atlantic BlackRock Allocation Portfolio (Series ID: S000052666)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165348 | Global Atlantic BlackRock Allocation Portfolio Class I Shares  |  |
| C000165349 | Global Atlantic BlackRock Allocation Portfolio Class II Shares |  |

### Global Atlantic Goldman Sachs Core Fixed Income Portfolio (Series ID: S000052667)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000165351 | Global Atlantic Goldman Sachs Core Fixed Income Portfolio Class I Shares |  |

### Global Atlantic BlackRock Disciplined Core Portfolio (Series ID: S000052671)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000165363 | Global Atlantic BlackRock Disciplined Core Portfolio Class I Shares  |  |
| C000165364 | Global Atlantic BlackRock Disciplined Core Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Growth Portfolio (Series ID: S000052672)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000165366 | Global Atlantic BlackRock Disciplined Growth Portfolio Class I Shares  |  |
| C000165367 | Global Atlantic BlackRock Disciplined Growth Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined International Core Portfolio (Series ID: S000052673)

| Class ID   | Class Name                                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000165369 | Global Atlantic BlackRock Disciplined International Core Portfolio Class I Shares  |  |
| C000165370 | Global Atlantic BlackRock Disciplined International Core Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (Series ID: S000052674)

| Class ID   | Class Name                                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165372 | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class I Shares  |  |
| C000165373 | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Value Portfolio (Series ID: S000052677)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000165381 | Global Atlantic BlackRock Disciplined Value Portfolio Class I Shares  |  |
| C000165382 | Global Atlantic BlackRock Disciplined Value Portfolio Class II Shares |  |

### Global Atlantic BlackRock High Yield Portfolio (Series ID: S000052678)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165384 | Global Atlantic BlackRock High Yield Portfolio Class I Shares  |  |
| C000165385 | Global Atlantic BlackRock High Yield Portfolio Class II Shares |  |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22865</u> 

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<br> 1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>877-355-1820</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

![](j2313414_aa001.jpg)

Annual Report

December 31, 2022

**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 Value Portfolio

Global Atlantic BlackRock High Yield Portfolio

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Class I and Class II shares

*Each a separate series of the Forethought Variable Insurance Trust*

Distributed by Global Atlantic Distributors, LLC<br>Member FINRA

------

**Dear Shareholders/Contract Owners:**

Since the COVID-19 Pandemic (the "Pandemic") began nearly three years ago, the financial markets have experienced a prolonged period of heightened volatility driven by the global economic uncertainties posed under the circumstances and central banks' responses to rapidly changing conditions. In 2020 and 2021, the additional Pandemic-related easing of monetary policy from an already accommodative position helped fuel a two-year broad-based equity rally. In 2022, however, the decade-long accommodative policies from global central banks that fueled the bull market led to a rise in inflation. When combined with already challenging supply chains made worse by China's zero COVID policy and Russia's invasion of Ukraine, which drove food and energy prices higher (Ukraine a large wheat supplier, Russia a large energy supplier), inflation rose to levels not seen in decades. As a consequence, central banks quickly pivoted to an aggressive tightening schedule in an attempt to curb inflation, which led to concerns over slowing growth and the possibility of a recession.

The result was meaningfully negative returns in both equity and fixed income markets in 2022, as shown in the chart below. International equity indices generally fared better than U.S. indices, particularly the U.S. technology-focused Nasdaq and U.S. small cap-oriented Russell 2000, both of which finished the year in a bear market (defined as down 20% or more). Within fixed income, the Federal Reserve increased interest rates on seven occasions in 2022 by a total of 425 basis points which resulted in fixed income volatility levels not seen since the 2008 Global Financial Crisis. To illustrate the impact, the U.S. 10-year Treasury peaked in October 2022 at 4.33% and finished the year at 3.88%, compared to ending 2021 and 2020 at 1.51% and 0.92%, respectively. This rapid rise in rates, which has not been experienced since the early 1980s, led to some of the weakest returns in history across much of fixed income, with the S&P U.S. 10-year Treasury Index ("S&P US 10yr Treasury") down -16.47% and the Bbg US Agg down -13.01% in 2022. Unlike many historical periods when fixed income returns helped partially offset negative equity returns in diversified portfolios, this did not happen in 2022.

We expect inflation, interest rates, and the Ukraine/Russia conflict to be the key concerns surrounding economic growth in 2023, particularly given the lag effect that interest rate changes typically have on the economy, and therefore, economic data. In addition, while the Pandemic has eased somewhat with the greater adoption of vaccines globally, COVID-19 has not been eliminated and may continue to pose a risk if new variants and/or regional outbreaks emerge.

Given the hardships endured in recent years, we hope this shareholder letter finds you healthy and wish you all the best for 2023 and beyond.

Thank you for investing in the Global Atlantic Portfolios.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| ![](j2313414_ba002.jpg)  | ![](j2313414_ba003.jpg)  |
| Eric D. Todd, CFA | Cameron Jeffreys, CFA |
| President | Senior Vice President |
| Global Atlantic Investment Advisors, LLC | Global Atlantic Investment Advisors, LLC |

---

![](j2313414_ba004.jpg)

------

---

| | |
|:---|:---|
| **Portfolio** | **Benchmark** |
| Global Atlantic BlackRock Allocation Portfolio | S&P Target Risk<sup>®</sup> Growth Index |
| Global Atlantic BlackRock Disciplined Core Portfolio | S&P 500<sup>®</sup> Index |
| Global Atlantic BlackRock Disciplined Growth Portfolio | Russell 1000<sup>®</sup> Growth Index |
| Global Atlantic BlackRock Disciplined International Core Portfolio | MSCI ACWI ex-USA Index |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Russell Midcap<sup>®</sup> Growth Index |
| Global Atlantic BlackRock Disciplined Value Portfolio | Russell 1000<sup>®</sup> Value Index |
| Global Atlantic BlackRock High Yield Portfolio | ICE BofA BB-B U.S. High Yield Constrained Index |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Bloomberg U.S. Aggregate Bond 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 U.S. Aggregate Bond Index ("Bbg 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 S&P Global Ratings.

**ICE BofA BB-B U.S. High Yield Constrained Index.** An index that contains all securities in the ICE BofA 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%.

**ICE BofA U.S. Bond Market Option Volatility Estimate Index ("MOVE").** The MOVE Index is a yield curve weighted index that measures U.S. bond market yield volatility by tracking a basket of over-the-counter options on U.S. Treasury notes and bonds.

**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.

**Nasdaq Composite ("Nasdaq").** A broad-based market capitalization-weighted index of over 3,700 stocks listed on the Nasdaq Stock Exchange. As a broad index that is heavily weighted toward the technology sector, the Nasdaq serves as a benchmark for technology stocks in the United States.

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

**Russell 1000<sup>®</sup> 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<sup>®</sup> Index, which measures the performance of the large-capitalization sector of the U.S. equity market.

------

**Russell Midcap<sup>®</sup> Growth Index.** An unmanaged index that consists of the bottom 800 securities of the Russell 1000<sup>®</sup> 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 2000<sup>®</sup> 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.

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

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

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

**S&P U.S. Treasury Bond Current 10-Year Index ("S&P U.S. 10yr Treasury").** An index that holds the most recently issued 10-year U.S. Treasury Note or bond.

5434576.2<br>3

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| • | Global Atlantic Portfolio Review and Portfolio of Investments |  |
|  | Global Atlantic BlackRock Allocation Portfolio | 5 – 7 |
|  | Global Atlantic BlackRock Disciplined Core Portfolio | 8 – 14 |
|  | Global Atlantic BlackRock Disciplined Growth Portfolio | 15 – 21 |
|  | Global Atlantic BlackRock Disciplined International Core Portfolio | 22 – 35 |
|  | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 36 – 43 |
|  | Global Atlantic BlackRock Disciplined Value Portfolio | 44 – 50 |
|  | Global Atlantic BlackRock High Yield Portfolio | 51 – 59 |
|  | Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 60 – 72 |
| • | Financial Statements: |  |
|  | Statements of Assets and Liabilities | 73 – 74 |
|  | Statements of Operations | 75 – 76 |
|  | Statements of Changes in Net Assets | 77 – 80 |
|  | Financial Highlights | 81 – 95 |
| • | Notes to Financial Statements | 96 – 117 |
| • | Report of Independent Registered Accounting Firm | 118 |
| • | Expense Examples | 119 – 120 |
| • | Supplemental Information | 121 – 122 |
| • | Trustee and Officer Table | 123 – 126 |
| • | Privacy Notice | 127 – 128 |
| • | Proxy Voting Policy | Back Cover |
| • | Portfolio Holdings | Back Cover |

---

------

**Global Atlantic BlackRock Allocation Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide total return.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Allocation Portfolio outperformed its reference benchmark, the S&P Target Risk<sup>®</sup> Growth Index. The Portfolio posted a return of -13.42% compared to a benchmark return of -15.27%, a difference of 185 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

The past year was very challenging, with continued inflation pressures leading to faster than expected tightening by the U.S. Federal Reserve (the "Fed"), which in turn spurred fears of a recession. These dynamics posed headwinds for both equity and fixed income markets, with almost all asset classes delivering negative returns in 2022. Certain inflation sensitive asset classes such as commodities and energy sector equities, however, performed well given the inflationary environment. In this vein, the Portfolio's overweight to energy equities was the biggest contributor to performance.

From an asset allocation perspective, the Portfolio benefited from its underweight to fixed income despite being hurt by this positioning early in the year as equities rallied. Within equities, the Portfolio benefited from a relative overweight to U.S. equity markets and a relative overweight to value within non-U.S. developed markets. Factor exposure across value, minimum volatility, and momentum in the U.S. helped the Portfolio as well. A relative overweight to environmental, social, and governance ("ESG") equities detracted as ESG equities underperformed the broad market. Sector overweight positions were mixed during the year, with energy and global financial stocks performing well while global technology stocks and high dividend stocks detracted from performance.

Within fixed income, the Portfolio was hurt by a relative overweight to longer duration fixed income as the Fed continued to raise interest rates in the U.S. In addition, positions in high yield also detracted from performance.

**How was the Portfolio positioned at period end?**

In BlackRock's view, outsized Fed influence, recession risk, and inflation uncertainty vastly widens the range of outcomes, and thus diminishes risk-taking appetite. In this environment, BlackRock sought to de-risk the Portfolio by reducing active positions relative to the benchmark in order to create the ability to be nimble at a later date. These proactive moves have generally served the Portfolio well amidst this challenging period. Given the continued uncertainty, the Portfolio ended the period neutral to equities and slightly underweight to fixed income.

Within equities, the Portfolio is slightly overweight to U.S. relative to non-U.S. developed markets and emerging markets. BlackRock reduced this relative overweight to the U.S. equity markets over the period. Within U.S. equities, the Portfolio maintains an overweight to ESG equities, but BlackRock reduced that overweight in the period as well. From a sector and factor perspective, the Portfolio is overweight momentum stocks, minimum volatility stocks, infrastructure stocks, and energy stocks. Within non-U.S. developed markets, the Portfolio is overweight value, and within emerging markets, the Portfolio holds minimum volatility stocks.

Within fixed income, BlackRock's investment team believes the increase in yields has uncovered new opportunities, namely in mortgages and shorter-term credit where the Portfolio is now overweight. BlackRock reduced the Portfolio's underweight to fixed income over the period and also removed the allocation to treasury inflation-protected securities ("TIPS") given BlackRock's view that inflation should moderate into 2023. The Portfolio is also overweight to convertible bonds, as convertibles are generally less rate sensitive and offer exposure to technology companies.

------

**Global Atlantic BlackRock Allocation Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** | **Global Atlantic BlackRock Allocation Portfolio** |
| Class I | November 1, 2017 | -13.42% | 4.85% | 5.08% | 0.49% | 0.49% |
| Class II | November 1, 2017 | -13.58% | 4.61% | 4.82% | 0.74% | 0.74% |
| S&P Target Risk<sup>®</sup> Growth Index^ |  | -15.27% | 3.48% | 3.78% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. 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.

^ The S&P Target Risk<sup>®</sup> Growth Index provides increased exposure to equities, while also using some fixed income exposure to dampen risk. It is not possible to invest directly in an index.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_ca005.jpg)

---

| | | |
|:---|:---|:---|
| Holdings by Asset Class | % of Net Assets | % of Net Assets |
| Exchange-Traded Funds | 99.1 | % |
| Short-Term Investments | 0.9 | % |
| Other Assets less Liabilities - Net | 0.0 | %^ |
|  | 100.0 | % |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

^ Represents less than 0.05%.

5435687.2<br>6

------

**Global Atlantic BlackRock Allocation Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 99.1%** | **EXCHANGE TRADED FUNDS - 99.1%** | **EXCHANGE TRADED FUNDS - 99.1%** |
| **DEBT FUNDS - 38.5%** | **DEBT FUNDS - 38.5%** | **DEBT FUNDS - 38.5%** |
| iShares 0-5 Year High Yield Corporate <br>Bond ETF | 41043 | $1678248 |
| iShares 10-20 Year Treasury Bond ETF | 12215 | 1321419 |
| iShares 1-5 Year Investment Grade <br>Corporate Bond ETF | 12672 | 631319 |
| iShares Convertible Bond ETF | 8157 | 566667 |
| iShares Core Total USD Bond Market ETF | 262061 | 11774401 |
| iShares Fallen Angels USD Bond ETF | 25948 | 638580 |
| iShares MBS ETF | 36671 | 3401235 |
| iShares U.S. Treasury Bond ETF | 88767 | 2016786 |
| **TOTAL DEBT FUNDS** |  | 22028655 |
| **EQUITY FUNDS - 60.6%** | **EQUITY FUNDS - 60.6%** | **EQUITY FUNDS - 60.6%** |
| iShares Core S&P 500 ETF | 36455 | 14006376 |
| iShares Core S&P Small-Cap ETF | 9757 | 923402 |
| iShares ESG Aware MSCI USA ETF | 77297 | 6550921 |
| iShares MSCI EAFE Growth ETF | 33970 | 2845327 |
| iShares MSCI EAFE Value ETF | 87432 | 4011380 |
| iShares MSCI Emerging Markets Min Vol <br>Factor ETF | 47110 | 2499186 |
| iShares MSCI USA Min Vol Factor ETF | 14907 | 1074795 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 60.6% (Continued)** | **EQUITY FUNDS - 60.6% (Continued)** | **EQUITY FUNDS - 60.6% (Continued)** |
| iShares MSCI USA Momentum Factor ETF | 7867 | $1148031 |
| iShares U.S. Energy ETF | 20627 | 958949 |
| iShares U.S. Infrastructure ETF | 16345 | 592670 |
| **TOTAL EQUITY FUNDS** |  | 34611037 |
| **TOTAL EXCHANGE <br>TRADED FUNDS** (Cost - $54,913,390) |  | 56639692 |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |
| **MONEY MARKET FUNDS - 0.9%** | **MONEY MARKET FUNDS - 0.9%** | **MONEY MARKET FUNDS - 0.9%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.06% (a) <br>(Cost - $536,927) | 536927 | 536927 |
| **TOTAL INVESTMENTS - 100.0%**<br> (Cost - $55,450,317) |  | $57176619 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET (0.0)%†** |  | (10036) |
| **TOTAL NET ASSETS - 100.0%** |  | $57166583 |

---

† Represents less than 0.05%.

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

See accompanying notes to financial statements.<br>7

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide long-term capital appreciation.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Core Portfolio underperformed its reference benchmark, the S&P 500<sup>®</sup> Index. The Portfolio posted a return of -18.89% compared to a benchmark return of -18.11%, a difference of -78 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights detracted from performance, specifically those designed to track news sentiment in the energy sector, which was negative for much of the year. Sentiment-based measures provided ballast throughout the year. Specifically, informed investor sentiment insights as well as measures designed to capture sentiment from bond markets contributed, as did trending measures evaluating conference call text, job posting data, and social media trends, all of which helped to correctly position the Portfolio amid the changeable market backdrop.

**How was the Portfolio positioned at period end?**

At year-end, from a sector positioning perspective, the Portfolio remained largely sector neutral. The Portfolio had slight overweight positions in health care and consumer staples companies and maintains slight underweights in communication services and consumer discretionary stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating <br>Expense\*\* | Operating <br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** | **Global Atlantic BlackRock Disciplined Core Portfolio** |
| Class I | November 1, 2017 | -18.89% | 8.98% | 9.47% | 0.49% | 0.49% |
| Class II | November 1, 2017 | -19.12% | 8.70% | 9.18% | 0.74% | 0.74% |
| S&P 500<sup>®</sup> Index^ |  | -18.11% | 9.42% | 9.95% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The S&P 500<sup>®</sup> Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees, and other expenses. Investors cannot invest directly in an index.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_ca006.jpg)

---

| | |
|:---|:---|
| Holdings by Asset Class | % of Net Assets |
| Common Stocks | 98.4% |
| Short-Term Investments | 1.4% |
| Other Assets less Liabilities - Net | 0.2% |
|  | 100.0% |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

5435687.2<br>9

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** |
| **AEROSPACE & DEFENSE - 2.2%** | **AEROSPACE & DEFENSE - 2.2%** | **AEROSPACE & DEFENSE - 2.2%** |
| Boeing Co. (The)\* | 2258 | $430126 |
| Curtiss-Wright Corp. | 1965 | 328135 |
| General Dynamics Corp. | 9673 | 2399968 |
| HEICO Corp. | 3931 | 603959 |
| Lockheed Martin Corp. | 11550 | 5618959 |
| Northrop Grumman Corp. | 1978 | 1079217 |
| Textron, Inc. | 11832 | 837706 |
|  |  | 11298070 |
| **AIR FREIGHT & LOGISTICS - 0.6%** | **AIR FREIGHT & LOGISTICS - 0.6%** | **AIR FREIGHT & LOGISTICS - 0.6%** |
| United Parcel Service, Inc., Class B | 14853 | 2582046 |
| ZTO Express Cayman, Inc., ADR | 14481 | 389104 |
|  |  | 2971150 |
| **AIRLINES - 0.2%** | **AIRLINES - 0.2%** | **AIRLINES - 0.2%** |
| Southwest Airlines Co.\* | 15981 | 538080 |
| United Airlines Holdings, Inc.\* | 6354 | 239546 |
|  |  | 777626 |
| **AUTO COMPONENTS - 0.3%** | **AUTO COMPONENTS - 0.3%** | **AUTO COMPONENTS - 0.3%** |
| Aptiv PLC\* | 5376 | 500667 |
| BorgWarner, Inc. | 6363 | 256111 |
| Lear Corp. | 7424 | 920724 |
|  |  | 1677502 |
| **AUTOMOBILES - 1.1%** | **AUTOMOBILES - 1.1%** | **AUTOMOBILES - 1.1%** |
| General Motors Co. | 21131 | 710847 |
| NIO, Inc., ADR\* | 10085 | 98329 |
| Tesla, Inc.\* | 40161 | 4947032 |
| XPeng, Inc., Class A, ADR\* | 14882 | 147927 |
|  |  | 5904135 |
| **BANKS - 2.5%** | **BANKS - 2.5%** | **BANKS - 2.5%** |
| Bank of America Corp. | 105135 | 3482071 |
| Bank of Nova Scotia. (The) | 31967 | 1565744 |
| Citigroup, Inc. | 48573 | 2196957 |
| Huntington Bancshares, Inc. | 10851 | 152999 |
| JPMorgan Chase & Co. | 12355 | 1656805 |
| US Bancorp | 33460 | 1459191 |
| Wells Fargo & Co. | 57825 | 2387594 |
|  |  | 12901361 |
| **BEVERAGES - 2.4%** | **BEVERAGES - 2.4%** | **BEVERAGES - 2.4%** |
| Brown-Forman Corp., Class B | 2859 | 187779 |
| Coca-Cola Co. (The) | 37783 | 2403376 |
| Coca-Cola Europacific Partners PLC | 3956 | 218846 |
| PepsiCo, Inc. | 52686 | 9518253 |
|  |  | 12328254 |
| **BIOTECHNOLOGY - 2.4%** | **BIOTECHNOLOGY - 2.4%** | **BIOTECHNOLOGY - 2.4%** |
| AbbVie, Inc. | 20389 | 3295066 |
| Amgen, Inc. | 15225 | 3998694 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BIOTECHNOLOGY - 2.4% (Continued)** | **BIOTECHNOLOGY - 2.4% (Continued)** | **BIOTECHNOLOGY - 2.4% (Continued)** |
| Biogen, Inc.\* | 2642 | $731623 |
| BioMarin Pharmaceutical, Inc.\* | 2730 | 282528 |
| Blueprint Medicines Corp.\* | 1332 | 58355 |
| Exact Sciences Corp.\* | 5880 | 291119 |
| Exelixis, Inc.\* | 4122 | 66117 |
| Gilead Sciences, Inc. | 24191 | 2076797 |
| Moderna, Inc.\* | 1580 | 283800 |
| Novavax, Inc.\* | 2728 | 28044 |
| Regeneron Pharmaceuticals, Inc.\* | 462 | 333328 |
| Seagen, Inc.\* | 2008 | 258048 |
| Ultragenyx Pharmaceutical, Inc.\* | 1516 | 70236 |
| Vertex Pharmaceuticals, Inc.\* | 2750 | 794145 |
|  |  | 12567900 |
| **BUILDING PRODUCTS - 0.3%** | **BUILDING PRODUCTS - 0.3%** | **BUILDING PRODUCTS - 0.3%** |
| Johnson Controls International PLC | 10350 | 662400 |
| Trane Technologies PLC | 5558 | 934244 |
|  |  | 1596644 |
| **CAPITAL MARKETS - 1.6%** | **CAPITAL MARKETS - 1.6%** | **CAPITAL MARKETS - 1.6%** |
| Bank of New York Mellon Corp. (The) | 55325 | 2518394 |
| Carlyle Group, Inc. (The) | 14871 | 443751 |
| Cboe Global Markets, Inc. | 9923 | 1245039 |
| Charles Schwab Corp. (The) | 6900 | 574494 |
| CME Group, Inc. | 11019 | 1852955 |
| Intercontinental Exchange, Inc. | 2585 | 265195 |
| LPL Financial Holdings, Inc. | 613 | 132512 |
| S&P Global, Inc. | 3413 | 1143150 |
| Tradeweb Markets, Inc., Class A | 914 | 59346 |
|  |  | 8234836 |
| **CHEMICALS - 2.3%** | **CHEMICALS - 2.3%** | **CHEMICALS - 2.3%** |
| Albemarle Corp. | 959 | 207969 |
| Corteva, Inc. | 33830 | 1988527 |
| Ecolab, Inc. | 24491 | 3564910 |
| FMC Corp. | 11049 | 1378915 |
| Linde PLC | 9729 | 3173405 |
| Mosaic Co. (The) | 4546 | 199433 |
| Sherwin-Williams Co. (The) | 6303 | 1495891 |
| Valvoline, Inc. | 2424 | 79144 |
|  |  | 12088194 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.4%** | **COMMERCIAL SERVICES & SUPPLIES - 0.4%** | **COMMERCIAL SERVICES & SUPPLIES - 0.4%** |
| Cintas Corp. | 2353 | 1062662 |
| Republic Services, Inc. | 4587 | 591677 |
| Tetra Tech, Inc. | 2890 | 419599 |
|  |  | 2073938 |
| **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** |
| Juniper Networks, Inc. | 52289 | 1671156 |
| **CONSTRUCTION & ENGINEERING - 0.1%** | **CONSTRUCTION & ENGINEERING - 0.1%** | **CONSTRUCTION & ENGINEERING - 0.1%** |
| AECOM | 7432 | 631200 |

---

See accompanying notes to financial statements.<br>10

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSUMER FINANCE - 2.1%** | **CONSUMER FINANCE - 2.1%** | **CONSUMER FINANCE - 2.1%** |
| Ally Financial, Inc. | 17324 | $423572 |
| American Express Co. | 47798 | 7062154 |
| Capital One Financial Corp. | 14023 | 1303578 |
| Discover Financial Services | 13243 | 1295563 |
| Synchrony Financial | 22922 | 753217 |
|  |  | 10838084 |
| **DISTRIBUTORS - 0.1%** | **DISTRIBUTORS - 0.1%** | **DISTRIBUTORS - 0.1%** |
| Genuine Parts Co. | 2909 | 504741 |
| **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** |
| New Oriental Education & Technology <br>Group, Inc., ADR\* | 3201 | 111459 |
| **DIVERSIFIED FINANCIAL SERVICES - 1.7%** | **DIVERSIFIED FINANCIAL SERVICES - 1.7%** | **DIVERSIFIED FINANCIAL SERVICES - 1.7%** |
| Berkshire Hathaway, Inc., Class B\* | 22221 | 6864067 |
| Voya Financial, Inc. | 34941 | 2148522 |
|  |  | 9012589 |
| **DIVERSIFIED TELECOMMUNICATION - 0.8%** | **DIVERSIFIED TELECOMMUNICATION - 0.8%** | **DIVERSIFIED TELECOMMUNICATION - 0.8%** |
| AT&T, Inc. | 53144 | 978381 |
| BCE, Inc. | 33004 | 1450526 |
| TELUS Corp. | 10145 | 195900 |
| Verizon Communications, Inc. | 38386 | 1512408 |
|  |  | 4137215 |
| **ELECTRIC UTILITIES - 0.7%** | **ELECTRIC UTILITIES - 0.7%** | **ELECTRIC UTILITIES - 0.7%** |
| Edison International | 4596 | 292398 |
| Evergy, Inc. | 32353 | 2035974 |
| NextEra Energy, Inc. | 6438 | 538217 |
| NRG Energy, Inc. | 7070 | 224967 |
| Xcel Energy, Inc. | 4500 | 315495 |
|  |  | 3407051 |
| **ELECTRICAL EQUIPMENT - 0.5%** | **ELECTRICAL EQUIPMENT - 0.5%** | **ELECTRICAL EQUIPMENT - 0.5%** |
| Eaton Corp. PLC | 16240 | 2548868 |
| Rockwell Automation, Inc. | 772 | 198844 |
|  |  | 2747712 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** |
| Flex Ltd.\* | 130345 | 2797204 |
| TE Connectivity Ltd. | 10303 | 1182784 |
|  |  | 3979988 |
| **ENERGY EQUIPMENT & SERVICES - 0.7%** | **ENERGY EQUIPMENT & SERVICES - 0.7%** | **ENERGY EQUIPMENT & SERVICES - 0.7%** |
| Halliburton Co. | 49874 | 1962542 |
| Patterson-UTI Energy, Inc. | 5074 | 85446 |
| Schlumberger NV | 26217 | 1401561 |
|  |  | 3449549 |
| **ENTERTAINMENT - 0.4%** | **ENTERTAINMENT - 0.4%** | **ENTERTAINMENT - 0.4%** |
| Activision Blizzard, Inc. | 3923 | 300305 |
| Bilibili, Inc., ADR\* | 11014 | 260922 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENTERTAINMENT - 0.4% (Continued)** | **ENTERTAINMENT - 0.4% (Continued)** | **ENTERTAINMENT - 0.4% (Continued)** |
| Live Nation Entertainment, Inc.\* | 7609 | $530652 |
| Walt Disney Co. (The)\* | 7871 | 683832 |
| Warner Bros Discovery, Inc.\* | 20985 | 198938 |
|  |  | 1974649 |
| **EQUITY REAL ESTATE INVESTMENT - 2.7%** | **EQUITY REAL ESTATE INVESTMENT - 2.7%** | **EQUITY REAL ESTATE INVESTMENT - 2.7%** |
| American Tower Corp. | 1555 | 329442 |
| Brixmor Property Group, Inc. | 2836 | 64292 |
| Crown Castle, Inc. | 4721 | 640356 |
| Equity Residential | 47103 | 2779077 |
| Essex Property Trust, Inc. | 11262 | 2386643 |
| Lamar Advertising Co., Class A | 4332 | 408941 |
| Prologis, Inc. | 30027 | 3384944 |
| SBA Communications Corp. | 3945 | 1105823 |
| Simon Property Group, Inc. | 25056 | 2943579 |
|  |  | 14043097 |
| **FOOD & STAPLES RETAILING - 1.4%** | **FOOD & STAPLES RETAILING - 1.4%** | **FOOD & STAPLES RETAILING - 1.4%** |
| Costco Wholesale Corp. | 6664 | 3042116 |
| Kroger Co. (The) | 27299 | 1216990 |
| Sysco Corp. | 4940 | 377663 |
| Walmart, Inc. | 20123 | 2853240 |
|  |  | 7490009 |
| **FOOD PRODUCTS - 1.9%** | **FOOD PRODUCTS - 1.9%** | **FOOD PRODUCTS - 1.9%** |
| Archer-Daniels-Midland Co. | 5373 | 498883 |
| Hershey Co. (The) | 16996 | 3935764 |
| Kellogg Co. | 1040 | 74090 |
| Mondelez International, Inc., Class A | 49653 | 3309372 |
| Tyson Foods, Inc., Class A | 35401 | 2203712 |
|  |  | 10021821 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%** |
| Abbott Laboratories | 25035 | 2748593 |
| Becton Dickinson and Co. | 17878 | 4546375 |
| Boston Scientific Corp.\* | 38165 | 1765895 |
| Edwards Lifesciences Corp.\* | 8199 | 611727 |
| IDEXX Laboratories, Inc.\* | 2046 | 834686 |
| Medtronic PLC | 35125 | 2729915 |
|  |  | 13237191 |
| **HEALTH CARE PROVIDERS & SERVICES - 4.5%** | **HEALTH CARE PROVIDERS & SERVICES - 4.5%** | **HEALTH CARE PROVIDERS & SERVICES - 4.5%** |
| AmerisourceBergen Corp. | 9236 | 1530498 |
| Cigna Corp. | 21649 | 7173180 |
| CVS Health Corp. | 21569 | 2010015 |
| Elevance Health, Inc. | 6949 | 3564628 |
| Humana, Inc. | 1121 | 574165 |
| UnitedHealth Group, Inc. | 15980 | 8472276 |
|  |  | 23324762 |

---

See accompanying notes to financial statements.<br>11

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE TECHNOLOGY - 0.2%** | **HEALTH CARE TECHNOLOGY - 0.2%** | **HEALTH CARE TECHNOLOGY - 0.2%** |
| Teladoc Health, Inc.\* | 21035 | $497478 |
| Veeva Systems, Inc., Class A\* | 2696 | 435080 |
|  |  | 932558 |
| **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** |
| Darden Restaurants, Inc. | 5696 | 787928 |
| H World Group Ltd., ADR | 2161 | 91670 |
| McDonald's Corp. | 6921 | 1823891 |
| Starbucks Corp. | 14460 | 1434432 |
| Travel + Leisure Co. | 62340 | 2269176 |
| Trip.com Group Ltd., ADR\* | 3312 | 113933 |
| Yum! Brands, Inc. | 1444 | 184947 |
|  |  | 6705977 |
| **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** |
| Toll Brothers, Inc. | 4561 | 227685 |
| TopBuild Corp.\* | 2360 | 369316 |
| Whirlpool Corp. | 5117 | 723851 |
|  |  | 1320852 |
| **HOUSEHOLD PRODUCTS - 1.9%** | **HOUSEHOLD PRODUCTS - 1.9%** | **HOUSEHOLD PRODUCTS - 1.9%** |
| Colgate-Palmolive Co. | 73070 | 5757185 |
| Procter & Gamble Co. (The) | 27972 | 4239437 |
|  |  | 9996622 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%** |
| Vistra Corp. | 53208 | 1234426 |
| **INDUSTRIAL CONGLOMERATES - 0.1%** | **INDUSTRIAL CONGLOMERATES - 0.1%** | **INDUSTRIAL CONGLOMERATES - 0.1%** |
| Honeywell International, Inc. | 2621 | 561680 |
| **INSURANCE - 3.3%** | **INSURANCE - 3.3%** | **INSURANCE - 3.3%** |
| Allstate Corp. (The) | 6044 | 819566 |
| Aon PLC, Class A | 1175 | 352665 |
| Hartford Financial Services Group, Inc. (The) | 22306 | 1691464 |
| Marsh & McLennan Cos., Inc. | 39123 | 6474074 |
| MetLife, Inc. | 83408 | 6036237 |
| Travelers Cos., Inc. (The) | 9078 | 1702034 |
| W R Berkley Corp. | 2530 | 183602 |
|  |  | 17259642 |
| **INTERACTIVE MEDIA & SERVICES - 4.1%** | **INTERACTIVE MEDIA & SERVICES - 4.1%** | **INTERACTIVE MEDIA & SERVICES - 4.1%** |
| Alphabet, Inc., Class A\* | 102225 | 9019312 |
| Alphabet, Inc., Class C\* | 84032 | 7456159 |
| Baidu, Inc., ADR\* | 2768 | 316604 |
| Meta Platforms, Inc., Class A\* | 34240 | 4120442 |
| Snap, Inc., Class A\* | 28596 | 255934 |
|  |  | 21168451 |
| **INTERNET & DIRECT MARKETING RETAIL - 2.8%** | **INTERNET & DIRECT MARKETING RETAIL - 2.8%** | **INTERNET & DIRECT MARKETING RETAIL - 2.8%** |
| Amazon.com, Inc.\* | 145818 | 12248712 |
| eBay, Inc. | 48029 | 1991763 |
|  |  | 14240475 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **IT SERVICES - 4.3%** | **IT SERVICES - 4.3%** | **IT SERVICES - 4.3%** |
| Accenture PLC, Class A | 10210 | $2724436 |
| Automatic Data Processing, Inc. | 9891 | 2362564 |
| Cognizant Technology Solutions Corp., <br>Class A | 37735 | 2158065 |
| Fidelity National Information Services, Inc. | 4985 | 338232 |
| Gartner, Inc.\* | 4219 | 1418175 |
| Mastercard, Inc., Class A | 15867 | 5517432 |
| Paychex, Inc. | 2418 | 279424 |
| PayPal Holdings, Inc.\* | 35165 | 2504451 |
| Visa, Inc., Class A | 24735 | 5138944 |
|  |  | 22441723 |
| **LIFE SCIENCES TOOLS & SERVICES - 2.7%** | **LIFE SCIENCES TOOLS & SERVICES - 2.7%** | **LIFE SCIENCES TOOLS & SERVICES - 2.7%** |
| Agilent Technologies, Inc. | 19093 | 2857267 |
| Danaher Corp. | 18379 | 4878154 |
| Mettler-Toledo International, Inc.\* | 366 | 529035 |
| PerkinElmer, Inc. | 1975 | 276935 |
| Thermo Fisher Scientific, Inc. | 9345 | 5146198 |
| West Pharmaceutical Services, Inc. | 716 | 168511 |
|  |  | 13856100 |
| **MACHINERY - 2.8%** | **MACHINERY - 2.8%** | **MACHINERY - 2.8%** |
| Caterpillar, Inc. | 1173 | 281004 |
| Deere & Co. | 10786 | 4624605 |
| Illinois Tool Works, Inc. | 7115 | 1567434 |
| PACCAR, Inc. | 12972 | 1283839 |
| Snap-on, Inc. | 10171 | 2323972 |
| Timken Co. (The) | 27627 | 1952400 |
| Xylem, Inc. | 23500 | 2598395 |
|  |  | 14631649 |
| **MEDIA - 1.3%** | **MEDIA - 1.3%** | **MEDIA - 1.3%** |
| Comcast Corp., Class A | 79325 | 2773995 |
| Fox Corp., Class A | 121112 | 3678172 |
| Fox Corp., Class B | 2791 | 79404 |
|  |  | 6531571 |
| **METALS & MINING - 0.4%** | **METALS & MINING - 0.4%** | **METALS & MINING - 0.4%** |
| Commercial Metals Co. | 5666 | 273668 |
| Newmont Corp. | 17421 | 822271 |
| Reliance Steel & Aluminum Co. | 863 | 174706 |
| Steel Dynamics, Inc. | 6587 | 643550 |
|  |  | 1914195 |
| **MULTILINE RETAIL - 0.2%** | **MULTILINE RETAIL - 0.2%** | **MULTILINE RETAIL - 0.2%** |
| Target Corp. | 5531 | 824340 |
| **MULTI-UTILITIES - 1.7%** | **MULTI-UTILITIES - 1.7%** | **MULTI-UTILITIES - 1.7%** |
| CMS Energy Corp. | 42121 | 2667523 |
| DTE Energy Co. | 50341 | 5916578 |
|  |  | 8584101 |

---

See accompanying notes to financial statements.<br>12

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL, GAS & CONSUMABLE FUELS - 4.8%** | **OIL, GAS & CONSUMABLE FUELS - 4.8%** | **OIL, GAS & CONSUMABLE FUELS - 4.8%** |
| Chevron Corp. | 42755 | $7674095 |
| ConocoPhillips | 12274 | 1448332 |
| EOG Resources, Inc. | 17894 | 2317631 |
| Exxon Mobil Corp. | 75972 | 8379711 |
| Imperial Oil Ltd. | 4162 | 202856 |
| Marathon Oil Corp. | 30054 | 813562 |
| Marathon Petroleum Corp. | 27523 | 3203402 |
| Valero Energy Corp. | 5186 | 657896 |
| Williams Cos., Inc. (The) | 1490 | 49021 |
|  |  | 24746506 |
| **PERSONAL PRODUCTS - 0.0%†** | **PERSONAL PRODUCTS - 0.0%†** | **PERSONAL PRODUCTS - 0.0%†** |
| Haleon PLC, ADR\* | 1521 | 12168 |
| **PHARMACEUTICALS - 4.2%** | **PHARMACEUTICALS - 4.2%** | **PHARMACEUTICALS - 4.2%** |
| Bristol-Myers Squibb Co. | 25485 | 1833646 |
| Eli Lilly and Co. | 16706 | 6111723 |
| GSK PLC, ADR | 9427 | 331265 |
| Johnson & Johnson | 34967 | 6176920 |
| Merck & Co., Inc. | 30259 | 3357236 |
| Pfizer, Inc. | 75066 | 3846382 |
|  |  | 21657172 |
| **PROFESSIONAL SERVICES - 0.0%†** | **PROFESSIONAL SERVICES - 0.0%†** | **PROFESSIONAL SERVICES - 0.0%†** |
| CoStar Group, Inc.\* | 1635 | 126353 |
| **ROAD & RAIL - 0.9%** | **ROAD & RAIL - 0.9%** | **ROAD & RAIL - 0.9%** |
| Canadian National Railway Co. | 1289 | 153236 |
| CSX Corp. | 76131 | 2358539 |
| Lyft, Inc., Class A\* | 8946 | 98585 |
| Schneider National, Inc., Class B | 14165 | 331461 |
| Uber Technologies, Inc.\* | 17052 | 421696 |
| Union Pacific Corp. | 6561 | 1358586 |
|  |  | 4722103 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** |
| Advanced Micro Devices, Inc.\* | 11740 | 760400 |
| Analog Devices, Inc. | 41495 | 6806425 |
| Applied Materials, Inc. | 9902 | 964257 |
| Broadcom, Inc. | 1262 | 705622 |
| Cirrus Logic, Inc.\* | 1473 | 109709 |
| Enphase Energy, Inc.\* | 3087 | 817931 |
| Intel Corp. | 127151 | 3360601 |
| KLA Corp. | 4003 | 1509251 |
| Lam Research Corp. | 5229 | 2197749 |
| NVIDIA Corp. | 35660 | 5211352 |
| NXP Semiconductors NV | 6043 | 954975 |
| QUALCOMM, Inc. | 14923 | 1640635 |
| Silicon Laboratories, Inc.\* | 3147 | 426953 |
| Texas Instruments, Inc. | 5239 | 865588 |
|  |  | 26331448 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 8.7%** | **SOFTWARE - 8.7%** | **SOFTWARE - 8.7%** |
| Adobe, Inc.\* | 10324 | $3474336 |
| ANSYS, Inc.\* | 1229 | 296914 |
| Autodesk, Inc.\* | 4053 | 757384 |
| Bill.com Holdings, Inc.\* | 1393 | 151781 |
| Box, Inc., Class A\* | 3471 | 108052 |
| Cadence Design Systems, Inc.\* | 2768 | 444651 |
| DocuSign, Inc.\* | 1157 | 64121 |
| Fortinet, Inc.\* | 8765 | 428521 |
| HubSpot, Inc.\* | 486 | 140517 |
| Intuit, Inc. | 6053 | 2355949 |
| Manhattan Associates, Inc.\* | 451 | 54751 |
| Microsoft Corp. | 125910 | 30195736 |
| Paycom Software, Inc.\* | 557 | 172843 |
| Paylocity Holding Corp.\* | 801 | 155602 |
| Rapid7, Inc.\* | 3260 | 110775 |
| Salesforce, Inc.\* | 26301 | 3487250 |
| ServiceNow, Inc.\* | 5426 | 2106753 |
| Workday, Inc., Class A\* | 2887 | 483082 |
|  |  | 44989018 |
| **SPECIALTY RETAIL - 2.4%** | **SPECIALTY RETAIL - 2.4%** | **SPECIALTY RETAIL - 2.4%** |
| AutoNation, Inc.\* | 947 | 101613 |
| AutoZone, Inc.\* | 222 | 547492 |
| Best Buy Co., Inc. | 6474 | 519280 |
| Home Depot, Inc. (The) | 21770 | 6876272 |
| Lowe's Cos., Inc. | 17389 | 3464584 |
| Ulta Beauty, Inc.\* | 2063 | 967692 |
|  |  | 12476933 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.3%** |
| Apple, Inc. | 230923 | 30003825 |
| Dell Technologies, Inc., Class C | 7082 | 284838 |
| Hewlett Packard Enterprise Co. | 122186 | 1950089 |
| HP, Inc. | 7921 | 212837 |
|  |  | 32451589 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** |
| Deckers Outdoor Corp.\* | 810 | 323320 |
| Lululemon Athletica, Inc.\* | 2435 | 780125 |
| NIKE, Inc., Class B | 8500 | 994585 |
| Ralph Lauren Corp. | 5390 | 569561 |
|  |  | 2667591 |
| **TOBACCO - 0.1%** | **TOBACCO - 0.1%** | **TOBACCO - 0.1%** |
| Altria Group, Inc. | 11268 | 515060 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** |
| WW Grainger, Inc. | 2055 | 1143094 |

---

See accompanying notes to financial statements.<br>13

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.0%†** | **WIRELESS TELECOMMUNICATION SERVICES - 0.0%†** | **WIRELESS TELECOMMUNICATION SERVICES - 0.0%†** |
| America Movil SAB de CV, Class L, ADR | 6680 | $121576 |
| **TOTAL COMMON STOCKS**<br> (Cost - $434,786,296) |  | 509166856 |
| **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** |
| **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (a) <br>(Cost - $6,985,173) | 6985173 | 6985173 |
| **TOTAL INVESTMENTS - 99.8%**<br> (Cost - $441,771,469) |  | $516152029 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET 0.2%** |  | 930579 |
| **TOTAL NET ASSETS - 100.0%** |  | $517082608 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 43 | 3/17/2023 | $8301150 | $(203298) |

---

See accompanying notes to financial statements.<br>14

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide long-term capital appreciation.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Growth Portfolio underperformed its reference benchmark, the Russell 1000<sup>®</sup> Growth Index. The Portfolio posted a return of -29.76% compared to a benchmark return of -29.14%, a difference of -62 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors being measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights, specifically insights designed to track the impact of monetary policy normalization, incorrectly positioned the Portfolio and thus detracted from performance. Sentiment-based measures, particularly those related to informed investors and bond markets, provided ballast throughout the year.

**How was the Portfolio positioned at period end?**

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in health care and utilities companies and maintains slight underweights in industrials and real estate stocks at the end of the year. The SAE Team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating <br>Expense\*\* | Operating <br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** | **Global Atlantic BlackRock Disciplined Growth Portfolio** |
| Class I | August 20, 2021 | -29.76% | - | -17.71% | 0.51% | 0.48% |
| Class II | November 1, 2017 | -29.90% | 9.23% | 9.59% | 0.76% | 0.73% |
| Russell 1000<sup>®</sup> Growth Index^ |  | -29.14% | 10.96% | 11.41% |  |  |

---

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.

\* Class I commenced operations on August 20, 2021 as a result of a reorganization. Class II commenced operations on 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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

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

**Comparison of the Change in Value of a $10,000 Investment\***

![](j2313414_ca007.jpg)

\* Since the inception date for Class I Shares is August 20, 2021, the performance comparison of the change in value of a $10,000 investment is not shown.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Holdings by Asset Class | % of Net Assets |
| Common Stocks | 98.3% |
| Short-Term Investments | 1.9% |
| Other Assets less Liabilities - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

5435687.2<br>17

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** |
| **AEROSPACE & DEFENSE - 1.2%** | **AEROSPACE & DEFENSE - 1.2%** | **AEROSPACE & DEFENSE - 1.2%** |
| HEICO Corp. | 871 | $133820 |
| Lockheed Martin Corp. | 1528 | 743357 |
| Textron, Inc. | 309 | 21877 |
|  |  | 899054 |
| **AIR FREIGHT & LOGISTICS - 0.8%** | **AIR FREIGHT & LOGISTICS - 0.8%** | **AIR FREIGHT & LOGISTICS - 0.8%** |
| United Parcel Service, Inc., Class B | 3627 | 630518 |
| **AUTO COMPONENTS - 0.2%** | **AUTO COMPONENTS - 0.2%** | **AUTO COMPONENTS - 0.2%** |
| Aptiv PLC\* | 423 | 39394 |
| Lear Corp. | 893 | 110750 |
|  |  | 150144 |
| **AUTOMOBILES - 1.8%** | **AUTOMOBILES - 1.8%** | **AUTOMOBILES - 1.8%** |
| Tesla, Inc.\* | 11210 | 1380848 |
| **BEVERAGES - 2.3%** | **BEVERAGES - 2.3%** | **BEVERAGES - 2.3%** |
| PepsiCo, Inc. | 9613 | 1736685 |
| **BIOTECHNOLOGY - 3.2%** | **BIOTECHNOLOGY - 3.2%** | **BIOTECHNOLOGY - 3.2%** |
| AbbVie, Inc. | 4992 | 806757 |
| Amgen, Inc. | 2660 | 698622 |
| Biogen, Inc.\* | 67 | 18554 |
| BioMarin Pharmaceutical, Inc.\* | 422 | 43673 |
| Blueprint Medicines Corp.\* | 1197 | 52440 |
| Exact Sciences Corp.\* | 1511 | 74810 |
| Exelixis, Inc.\* | 2006 | 32176 |
| Horizon Therapeutics PLC\* | 897 | 102079 |
| Neurocrine Biosciences, Inc.\* | 1094 | 130667 |
| Novavax, Inc.\* | 1960 | 20149 |
| Seagen, Inc.\* | 1042 | 133907 |
| Ultragenyx Pharmaceutical, Inc.\* | 1688 | 78205 |
| Vertex Pharmaceuticals, Inc.\* | 829 | 239399 |
|  |  | 2431438 |
| **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** |
| Trane Technologies PLC | 845 | 142036 |
| **CAPITAL MARKETS - 0.5%** | **CAPITAL MARKETS - 0.5%** | **CAPITAL MARKETS - 0.5%** |
| Carlyle Group, Inc. (The) | 994 | 29661 |
| Cboe Global Markets, Inc. | 1472 | 184692 |
| CME Group, Inc. | 63 | 10594 |
| LPL Financial Holdings, Inc. | 576 | 124514 |
|  |  | 349461 |
| **CHEMICALS - 1.4%** | **CHEMICALS - 1.4%** | **CHEMICALS - 1.4%** |
| Albemarle Corp. | 49 | 10626 |
| Corteva, Inc. | 1468 | 86289 |
| Ecolab, Inc. | 3851 | 560552 |
| FMC Corp. | 39 | 4867 |
| Sherwin-Williams Co. (The) | 1483 | 351961 |
| Valvoline, Inc. | 1659 | 54166 |
|  |  | 1068461 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMERCIAL SERVICES & SUPPLIES - 0.5%** | **COMMERCIAL SERVICES & SUPPLIES - 0.5%** | **COMMERCIAL SERVICES & SUPPLIES - 0.5%** |
| Cintas Corp. | 341 | $154002 |
| Tetra Tech, Inc. | 1308 | 189909 |
|  |  | 343911 |
| **COMMUNICATIONS EQUIPMENT - 0.0%†** | **COMMUNICATIONS EQUIPMENT - 0.0%†** | **COMMUNICATIONS EQUIPMENT - 0.0%†** |
| Juniper Networks, Inc. | 521 | 16651 |
| **CONSTRUCTION & ENGINEERING - 0.1%** | **CONSTRUCTION & ENGINEERING - 0.1%** | **CONSTRUCTION & ENGINEERING - 0.1%** |
| AECOM | 1183 | 100472 |
| **CONSUMER FINANCE - 1.3%** | **CONSUMER FINANCE - 1.3%** | **CONSUMER FINANCE - 1.3%** |
| American Express Co. | 5863 | 866258 |
| Discover Financial Services | 1207 | 118081 |
|  |  | 984339 |
| **DISTRIBUTORS - 0.0%†** | **DISTRIBUTORS - 0.0%†** | **DISTRIBUTORS - 0.0%†** |
| Genuine Parts Co. | 65 | 11278 |
| **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** |
| H&R Block, Inc. | 878 | 32056 |
| **ELECTRICAL EQUIPMENT - 0.3%** | **ELECTRICAL EQUIPMENT - 0.3%** | **ELECTRICAL EQUIPMENT - 0.3%** |
| Eaton Corp. PLC | 816 | 128071 |
| Rockwell Automation, Inc. | 286 | 73665 |
|  |  | 201736 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%** |
| CDW Corp. | 747 | 133399 |
| Flex Ltd.\* | 28398 | 609421 |
| Jabil, Inc. | 186 | 12685 |
| TE Connectivity Ltd. | 1798 | 206411 |
|  |  | 961916 |
| **ENERGY EQUIPMENT & SERVICES - 0.3%** | **ENERGY EQUIPMENT & SERVICES - 0.3%** | **ENERGY EQUIPMENT & SERVICES - 0.3%** |
| Halliburton Co. | 4477 | 176170 |
| Patterson-UTI Energy, Inc. | 603 | 10155 |
| Schlumberger NV | 731 | 39079 |
|  |  | 225404 |
| **ENTERTAINMENT - 0.3%** | **ENTERTAINMENT - 0.3%** | **ENTERTAINMENT - 0.3%** |
| Live Nation Entertainment, Inc.\* | 1198 | 83548 |
| Spotify Technology SA\* | 2027 | 160032 |
|  |  | 243580 |
| **EQUITY REAL ESTATE INVESTMENT - 1.3%** | **EQUITY REAL ESTATE INVESTMENT - 1.3%** | **EQUITY REAL ESTATE INVESTMENT - 1.3%** |
| Crown Castle, Inc. | 95 | 12886 |
| Equity Residential | 3073 | 181307 |
| Essex Property Trust, Inc. | 804 | 170384 |
| Prologis, Inc. | 759 | 85562 |
| SBA Communications Corp. | 779 | 218361 |
| Simon Property Group, Inc. | 2957 | 347388 |
|  |  | 1015888 |

---

See accompanying notes to financial statements.<br>18

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD & STAPLES RETAILING - 1.2%** | **FOOD & STAPLES RETAILING - 1.2%** | **FOOD & STAPLES RETAILING - 1.2%** |
| Costco Wholesale Corp. | 1923 | $877849 |
| Kroger Co. (The) | 286 | 12750 |
|  |  | 890599 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
| Hershey Co. (The) | 2540 | 588188 |
| Tyson Foods, Inc., Class A | 1250 | 77812 |
|  |  | 666000 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%** |
| Becton Dickinson and Co. | 2426 | 616932 |
| Dexcom, Inc.\* | 1047 | 118562 |
| Edwards Lifesciences Corp.\* | 2678 | 199806 |
| IDEXX Laboratories, Inc.\* | 651 | 265582 |
| Medtronic PLC | 268 | 20829 |
|  |  | 1221711 |
| **HEALTH CARE PROVIDERS & SERVICES - 4.6%** | **HEALTH CARE PROVIDERS & SERVICES - 4.6%** | **HEALTH CARE PROVIDERS & SERVICES - 4.6%** |
| AmerisourceBergen Corp. | 1696 | 281044 |
| Cigna Corp. | 2657 | 880370 |
| Elevance Health, Inc. | 415 | 212883 |
| Humana, Inc. | 141 | 72219 |
| UnitedHealth Group, Inc. | 3899 | 2067172 |
|  |  | 3513688 |
| **HEALTH CARE TECHNOLOGY - 0.5%** | **HEALTH CARE TECHNOLOGY - 0.5%** | **HEALTH CARE TECHNOLOGY - 0.5%** |
| Teladoc Health, Inc.\* | 2980 | 70477 |
| Veeva Systems, Inc., Class A\* | 1997 | 322276 |
|  |  | 392753 |
| **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** |
| Caesars Entertainment, Inc.\* | 1376 | 57242 |
| Domino's Pizza, Inc. | 159 | 55078 |
| DraftKings, Inc., Class A\* | 1229 | 13998 |
| Hilton Grand Vacations, Inc.\* | 175 | 6744 |
| Hilton Worldwide Holdings, Inc. | 246 | 31084 |
| Marriott International, Inc., Class A | 893 | 132959 |
| Starbucks Corp. | 1493 | 148106 |
| Travel + Leisure Co. | 11968 | 435635 |
| Yum! Brands, Inc. | 923 | 118218 |
|  |  | 999064 |
| **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** |
| TopBuild Corp.\* | 892 | 139589 |
| Whirlpool Corp. | 538 | 76105 |
|  |  | 215694 |
| **HOUSEHOLD PRODUCTS - 1.5%** | **HOUSEHOLD PRODUCTS - 1.5%** | **HOUSEHOLD PRODUCTS - 1.5%** |
| Colgate-Palmolive Co. | 12441 | 980226 |
| Procter & Gamble Co. (The) | 953 | 144437 |
|  |  | 1124663 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 1.9%** | **INSURANCE - 1.9%** | **INSURANCE - 1.9%** |
| Aon PLC, Class A | 401 | $120356 |
| Marsh & McLennan Cos., Inc. | 6823 | 1129070 |
| MetLife, Inc. | 3085 | 223262 |
|  |  | 1472688 |
| **INTERACTIVE MEDIA & SERVICES - 5.3%** | **INTERACTIVE MEDIA & SERVICES - 5.3%** | **INTERACTIVE MEDIA & SERVICES - 5.3%** |
| Alphabet, Inc., Class A\* | 21775 | 1921208 |
| Alphabet, Inc., Class C\* | 20237 | 1795629 |
| Match Group, Inc.\* | 290 | 12032 |
| Meta Platforms, Inc., Class A\* | 1969 | 236949 |
| Snap, Inc., Class A\* | 8985 | 80416 |
|  |  | 4046234 |
| **INTERNET & DIRECT MARKETING RETAIL - 5.1%** | **INTERNET & DIRECT MARKETING RETAIL - 5.1%** | **INTERNET & DIRECT MARKETING RETAIL - 5.1%** |
| Amazon.com, Inc.\* | 40464 | 3398976 |
| Coupang, Inc.\* | 2722 | 40041 |
| eBay, Inc. | 7699 | 319277 |
| Etsy, Inc.\* | 680 | 81450 |
| MercadoLibre, Inc.\* | 83 | 70238 |
|  |  | 3909982 |
| **IT SERVICES - 6.6%** | **IT SERVICES - 6.6%** | **IT SERVICES - 6.6%** |
| Accenture PLC, Class A | 2489 | 664165 |
| Automatic Data Processing, Inc. | 1589 | 379549 |
| Cognizant Technology Solutions Corp., <br>Class A | 3827 | 218866 |
| Gartner, Inc.\* | 906 | 304543 |
| Mastercard, Inc., Class A | 4255 | 1479591 |
| MongoDB, Inc.\* | 242 | 47635 |
| Paychex, Inc. | 1441 | 166522 |
| PayPal Holdings, Inc.\* | 5843 | 416138 |
| Visa, Inc., Class A | 6456 | 1341299 |
|  |  | 5018308 |
| **LIFE SCIENCES TOOLS & SERVICES - 2.4%** | **LIFE SCIENCES TOOLS & SERVICES - 2.4%** | **LIFE SCIENCES TOOLS & SERVICES - 2.4%** |
| Agilent Technologies, Inc. | 4242 | 634815 |
| Danaher Corp. | 1910 | 506952 |
| Mettler-Toledo International, Inc.\* | 99 | 143100 |
| PerkinElmer, Inc. | 292 | 40944 |
| Thermo Fisher Scientific, Inc. | 742 | 408612 |
| Waters Corp.\* | 28 | 9592 |
| West Pharmaceutical Services, Inc. | 414 | 97435 |
|  |  | 1841450 |
| **MACHINERY - 2.6%** | **MACHINERY - 2.6%** | **MACHINERY - 2.6%** |
| Caterpillar, Inc. | 450 | 107802 |
| Deere & Co. | 2326 | 997296 |
| Illinois Tool Works, Inc. | 589 | 129757 |
| Snap-on, Inc. | 634 | 144863 |
| Timken Co. (The) | 2174 | 153636 |
| Xylem, Inc. | 4001 | 442390 |
|  |  | 1975744 |

---

See accompanying notes to financial statements.<br>19

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 0.7%** | **MEDIA - 0.7%** | **MEDIA - 0.7%** |
| Fox Corp., Class A | 15934 | $483916 |
| Trade Desk, Inc. (The), Class A\* | 293 | 13135 |
|  |  | 497051 |
| **MULTILINE RETAIL - 0.2%** | **MULTILINE RETAIL - 0.2%** | **MULTILINE RETAIL - 0.2%** |
| Dollar General Corp. | 231 | 56884 |
| Target Corp. | 677 | 100900 |
|  |  | 157784 |
| **MULTI-UTILITIES - 0.5%** | **MULTI-UTILITIES - 0.5%** | **MULTI-UTILITIES - 0.5%** |
| DTE Energy Co. | 3222 | 378682 |
| **OIL, GAS & CONSUMABLE FUELS - 1.4%** | **OIL, GAS & CONSUMABLE FUELS - 1.4%** | **OIL, GAS & CONSUMABLE FUELS - 1.4%** |
| Chevron Corp. | 1215 | 218080 |
| EOG Resources, Inc. | 3849 | 498523 |
| Marathon Petroleum Corp. | 2947 | 343001 |
| Ovintiv, Inc. | 356 | 18053 |
|  |  | 1077657 |
| **PHARMACEUTICALS - 1.8%** | **PHARMACEUTICALS - 1.8%** | **PHARMACEUTICALS - 1.8%** |
| Eli Lilly and Co. | 3787 | 1385436 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** |
| Zillow Group, Inc., Class A\* | 49 | 1529 |
| **ROAD & RAIL - 1.0%** | **ROAD & RAIL - 1.0%** | **ROAD & RAIL - 1.0%** |
| CSX Corp. | 7588 | 235076 |
| Lyft, Inc., Class A\* | 3686 | 40620 |
| Uber Technologies, Inc.\* | 10300 | 254719 |
| Union Pacific Corp. | 983 | 203550 |
|  |  | 733965 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%** |
| Advanced Micro Devices, Inc.\* | 2695 | 174555 |
| Analog Devices, Inc. | 5453 | 894456 |
| Applied Materials, Inc. | 2336 | 227480 |
| Broadcom, Inc. | 572 | 319822 |
| Enphase Energy, Inc.\* | 883 | 233960 |
| Intel Corp. | 5246 | 138652 |
| KLA Corp. | 880 | 331786 |
| Lam Research Corp. | 1103 | 463591 |
| Lattice Semiconductor Corp.\* | 1807 | 117238 |
| Monolithic Power Systems, Inc. | 181 | 64003 |
| NVIDIA Corp. | 10653 | 1556829 |
| NXP Semiconductors NV | 122 | 19280 |
| QUALCOMM, Inc. | 4070 | 447456 |
| Texas Instruments, Inc. | 531 | 87732 |
|  |  | 5076840 |
| **SOFTWARE - 17.1%** | **SOFTWARE - 17.1%** | **SOFTWARE - 17.1%** |
| Adobe, Inc.\* | 2628 | 884401 |
| Alteryx, Inc., Class A\* | 867 | 43931 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 17.1% (Continued)** | **SOFTWARE - 17.1% (Continued)** | **SOFTWARE - 17.1% (Continued)** |
| ANSYS, Inc.\* | 594 | $143504 |
| Autodesk, Inc.\* | 1603 | 299553 |
| Bill.com Holdings, Inc.\* | 627 | 68318 |
| Box, Inc., Class A\* | 1690 | 52610 |
| Cadence Design Systems, Inc.\* | 1952 | 313569 |
| Crowdstrike Holdings, Inc., Class A\* | 1057 | 111292 |
| DocuSign, Inc.\* | 2490 | 137996 |
| Dynatrace, Inc.\* | 1544 | 59135 |
| Fortinet, Inc.\* | 3727 | 182213 |
| HubSpot, Inc.\* | 650 | 187935 |
| Intuit, Inc. | 1743 | 678410 |
| Manhattan Associates, Inc.\* | 1399 | 169839 |
| Microsoft Corp. | 30891 | 7408280 |
| Palo Alto Networks, Inc.\* | 1350 | 188379 |
| Paycom Software, Inc.\* | 704 | 218458 |
| Paylocity Holding Corp.\* | 742 | 144141 |
| Rapid7, Inc.\* | 1198 | 40708 |
| RingCentral, Inc., Class A\* | 2468 | 87367 |
| Salesforce, Inc.\* | 3017 | 400024 |
| ServiceNow, Inc.\* | 1387 | 538530 |
| Splunk, Inc.\* | 238 | 20489 |
| Synopsys, Inc.\* | 238 | 75991 |
| VMware, Inc., Class A\* | 449 | 55119 |
| Workday, Inc., Class A\* | 2137 | 357584 |
| Zscaler, Inc.\* | 802 | 89744 |
|  |  | 12957520 |
| **SPECIALTY RETAIL - 3.4%** | **SPECIALTY RETAIL - 3.4%** | **SPECIALTY RETAIL - 3.4%** |
| AutoZone, Inc.\* | 87 | 214558 |
| Best Buy Co., Inc. | 947 | 75959 |
| Home Depot, Inc. (The) | 3646 | 1151625 |
| Lowe's Cos., Inc. | 3857 | 768469 |
| TJX Cos., Inc. (The) | 1345 | 107062 |
| Ulta Beauty, Inc.\* | 488 | 228906 |
|  |  | 2546579 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8%** |
| Apple, Inc. | 61216 | 7953795 |
| Dell Technologies, Inc., Class C | 1763 | 70908 |
| HP, Inc. | 5362 | 144077 |
| Pure Storage, Inc., Class A\* | 317 | 8483 |
|  |  | 8177263 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** |
| Deckers Outdoor Corp.\* | 398 | 158866 |
| Lululemon Athletica, Inc.\* | 1263 | 404640 |
| NIKE, Inc., Class B | 3445 | 403099 |
| Ralph Lauren Corp. | 92 | 9722 |
|  |  | 976327 |

---

See accompanying notes to financial statements.<br>20

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TRADING COMPANIES & DISTRIBUTORS - 0.6%** | **TRADING COMPANIES & DISTRIBUTORS - 0.6%** | **TRADING COMPANIES & DISTRIBUTORS - 0.6%** |
| WW Grainger, Inc. | 826 | $459462 |
| **TOTAL COMMON STOCKS**<br> (Cost - $61,604,458) |  | 74640549 |
| **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** |
| **MONEY MARKET FUNDS - 1.9%** | **MONEY MARKET FUNDS - 1.9%** | **MONEY MARKET FUNDS - 1.9%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (a) <br>(Cost - $1,466,467) | 1466467 | 1466467 |
| **TOTAL INVESTMENTS - 100.2%**<br> (Cost - $63,070,925) |  | $76107016 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET (0.2)%** |  | (125705) |
| **TOTAL NET ASSETS - 100.0%** |  | $75981311 |

---

\* 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized <br>Appreciation<br>(Depreciation) |
| NASDAQ 100 E-Mini Future | Goldman Sachs & Co. | 7 | 3/17/2023 | $1543115 | $(81724) |

---

See accompanying notes to financial statements.<br>21

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide long-term capital appreciation.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined International Core Portfolio outperformed its reference benchmark, the MSCI ACWI ex USA Index. The Portfolio posted a return of -15.24% compared to a benchmark return of -16.00%, a difference of 76 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Fundamental measures drove positive performance for the year, as both traditional Value insights as well as contrarian Quality measures drove returns. In addition to fundamental top-down themes, such as inflation, contribution from bottom-up stock selection insights also benefitted the Portfolio. Contrarian Quality insights, which evaluate if a company's growth is "too good to be true," did well, led by measures evaluating internal financing ability and asset usage. Traditional valuation measures tracking financial statement metrics such as company sales, amongst others, also contributed to gains. Sentiment measures were also additive throughout the period, as these were able to help correctly position the Portfolio around the changeable market backdrop. Trend-based momentum measures specifically were able to help correctly identify companies that beat or missed consensus estimates during earnings season.

In what BlackRock's investment team believes was ultimately a macro-led market for much of the year, select macro thematic insights struggled. Measures designed to evaluate policy normalization themes proved wrong-footed amid rate volatility, while insights that look toward informed investor positioning and the avoidance of highly-shorted stocks detracted amid the market volatility. Performance from environmental, social, and governance ("ESG") related measures were mixed in 2022. In the first half of the year, these insights struggled as many environmental-focused measures ran against the market's focus on exposure to defense names amid the Russian invasion of Ukraine. However, in the fourth quarter of the year, both diversity measures (such as those evaluating army vet hires) as well as efficiency-related insights that track water and input usage proved additive.

**How was the Portfolio positioned at period end?**

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. There was a limited overweight exposure to communication services and industrials, and the Portfolio was moderately underweight financials and consumer discretionary. The Portfolio also targeted a generally country neutral approach. As of year-end, the Portfolio was underweight Switzerland and Sweden and had small overweight positions in French and Canadian equities.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** | **Global Atlantic BlackRock Disciplined International Core Portfolio** |
| Class I | November 1, 2017 | -15.24% | 0.87% | 1.23% | 0.87% | 0.79% |
| Class II | November 1, 2017 | -15.45% | 0.63% | 0.98% | 1.12% | 1.04% |
| MSCI ACWI ex-USA Index^ |  | -16.00% | 0.88% | 1.36% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ 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.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_cc008.jpg)

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Holdings by Asset Class | % of Net Assets | % of Net Assets |
| Common Stocks | 88.0 | % |
| Exchange-Traded Funds | 9.0 | % |
| Short-Term Investments | 1.4 | % |
| Preferred Stocks | 0.8 | % |
| Warrants | 0.0 | %^ |
| Rights | 0.0 | %^ |
| Other Assets less Liabilities - Net | 0.8 | % |
|  | 100.0 | % |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

^ Represents less than 0.05%.

5435687.2<br>24

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 88.0%** | **COMMON STOCKS - 88.0%** | **COMMON STOCKS - 88.0%** |
| **AEROSPACE & DEFENSE - 1.1%** | **AEROSPACE & DEFENSE - 1.1%** | **AEROSPACE & DEFENSE - 1.1%** |
| Airbus SE | 2500 | $296215 |
| BAE Systems PLC | 5478 | 56406 |
| Embraer SA\* | 9191 | 24911 |
| Kongsberg Gruppen ASA | 1489 | 62819 |
| Leonardo SpA | 3593 | 30907 |
| MTU Aero Engines AG | 300 | 64739 |
| Rolls-Royce Holdings PLC\* | 54158 | 60717 |
| Saab AB, Class B | 5878 | 231690 |
| Safran SA | 3065 | 382459 |
| Thales SA | 1674 | 213139 |
|  |  | 1424002 |
| **AIR FREIGHT & LOGISTICS - 0.7%** | **AIR FREIGHT & LOGISTICS - 0.7%** | **AIR FREIGHT & LOGISTICS - 0.7%** |
| CJ Logistics Corp.\* | 69 | 5113 |
| Deutsche Post AG | 12789 | 480174 |
| DSV A/S | 1840 | 289553 |
| JD Logistics, Inc\*,(a) | 4000 | 7749 |
| Mainfreight Ltd. | 267 | 11398 |
| SF Holding Co. Ltd., Class A | 2600 | 21603 |
| SG Holdings Co. Ltd. | 2300 | 31900 |
| ZTO Express Cayman, Inc., ADR | 4120 | 110704 |
|  |  | 958194 |
| **AIRLINES - 0.2%** | **AIRLINES - 0.2%** | **AIRLINES - 0.2%** |
| Air China Ltd., Class H\* | 20000 | 17809 |
| China Eastern Airlines Corp. Ltd., Class A\* | 18600 | 14796 |
| Deutsche Lufthansa AG\* | 2282 | 18911 |
| Jin Air Co. Ltd.\* | 1154 | 15013 |
| Korean Air Lines Co. Ltd.\* | 1051 | 19075 |
| Qantas Airways Ltd.\* | 8587 | 34998 |
| Singapore Airlines Ltd. | 26400 | 108852 |
|  |  | 229454 |
| **AUTO COMPONENTS - 0.2%** | **AUTO COMPONENTS - 0.2%** | **AUTO COMPONENTS - 0.2%** |
| Denso Corp. | 500 | 24768 |
| HL Mando Co. Ltd.\* | 497 | 15839 |
| Hyundai Mobis Co. Ltd. | 743 | 117811 |
| Pirelli & C SpA (a) | 26219 | 112041 |
| Valeo | 1969 | 35094 |
|  |  | 305553 |
| **AUTOMOBILES - 2.6%** | **AUTOMOBILES - 2.6%** | **AUTOMOBILES - 2.6%** |
| BAIC Motor Corp. Ltd., Class H (a) | 40500 | 10741 |
| Bayerische Motoren Werke AG | 3529 | 314036 |
| BYD Co. Ltd., Class A | 7826 | 289288 |
| BYD Co. Ltd., Class H | 10500 | 259105 |
| Ferrari NV | 798 | 170503 |
| Geely Automobile Holdings Ltd. | 73000 | 106625 |
| Great Wall Motor Co. Ltd., Class A | 3300 | 14061 |
| Great Wall Motor Co. Ltd., Class H | 55000 | 71596 |
| Honda Motor Co. Ltd. | 23700 | 544609 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **AUTOMOBILES - 2.6% (Continued)** | **AUTOMOBILES - 2.6% (Continued)** | **AUTOMOBILES - 2.6% (Continued)** |
| Hyundai Motor Co. | 228 | $27227 |
| Kia Corp.\* | 907 | 42535 |
| Li Auto, Inc., Class A\* | 1700 | 16728 |
| Mercedes-Benz Group AG | 8785 | 575674 |
| NIO, Inc., ADR\* | 5867 | 57203 |
| NIO, Inc., Class A\* | 1700 | 17098 |
| Nissan Motor Co. Ltd. | 7100 | 22498 |
| Renault SA\* | 2222 | 74166 |
| Stellantis NV\* | 22196 | 314207 |
| Suzuki Motor Corp. | 3400 | 110056 |
| Toyota Motor Corp. | 33300 | 457435 |
| Volkswagen AG | 163 | 25685 |
| XPeng, Inc., Class A\* | 1200 | 5896 |
|  |  | 3526972 |
| **BANKS - 10.1%** | **BANKS - 10.1%** | **BANKS - 10.1%** |
| ABN AMRO Bank NV, CVA (a) | 3073 | 42390 |
| Absa Group Ltd. | 8658 | 98665 |
| Agricultural Bank of China Ltd., Class H | 47000 | 16138 |
| ANZ Group Holdings Ltd.\* | 18362 | 294619 |
| Banco Bilbao Vizcaya Argentaria SA | 48355 | 290753 |
| Banco Bradesco SA | 14933 | 38098 |
| Banco do Brasil SA | 4536 | 29838 |
| Banco Santander Brasil SA | 9764 | 52133 |
| Banco Santander SA | 118299 | 353829 |
| Bank Central Asia TBK PT | 656000 | 360289 |
| Bank Hapoalim BM | 20682 | 185924 |
| Bank Mandiri Persero TBK PT | 115300 | 73509 |
| Bank Negara Indonesia Persero Tbk PT | 43900 | 26014 |
| Bank of China Ltd., Class H | 229000 | 83327 |
| Bank of Nova Scotia (The) | 23473 | 1149267 |
| Bank of Queensland Ltd. | 2806 | 13130 |
| Bank Rakyat Indonesia Persero TBK PT | 438800 | 139243 |
| Barclays PLC | 98127 | 187112 |
| BAWAG Group AG\*,(a) | 427 | 22695 |
| BNP Paribas SA | 7878 | 447715 |
| BOC Hong Kong Holdings Ltd. | 57500 | 195965 |
| BPER Banca | 20354 | 41675 |
| Capitec Bank Holdings Ltd. | 595 | 64993 |
| China CITIC Bank Corp. Ltd., Class H | 119000 | 52754 |
| China Construction Bank Corp., Class H | 581000 | 364011 |
| China Merchants Bank Co. Ltd., Class A | 1800 | 9648 |
| China Merchants Bank Co. Ltd., Class H | 41500 | 232093 |
| CIMB Group Holdings BHD | 53200 | 70048 |
| Commonwealth Bank of Australia | 5846 | 406754 |
| DNB Bank ASA | 25961 | 512447 |
| Erste Group Bank AG | 2504 | 79905 |
| Grupo Financiero Banorte SAB de CV, <br>Class O | 33407 | 240413 |
| Hana Financial Group, Inc. | 697 | 23178 |
| Hong Leong Bank BHD | 4200 | 19603 |

---

See accompanying notes to financial statements.<br>25

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BANKS - 10.1% (Continued)** | **BANKS - 10.1% (Continued)** | **BANKS - 10.1% (Continued)** |
| HSBC Holdings PLC | 87136 | $540536 |
| Industrial & Commercial Bank of China Ltd., <br>Class H | 355000 | 182845 |
| ING Groep NV | 4143 | 50353 |
| Intesa Sanpaolo SpA | 65912 | 146176 |
| Israel Discount Bank Ltd., Class A | 9854 | 51609 |
| Japan Post Bank Co. Ltd. | 17200 | 147043 |
| KakaoBank Corp.\* | 1396 | 26827 |
| KB Financial Group, Inc. | 616 | 23627 |
| KBC Group NV | 1456 | 93359 |
| Lloyds Banking Group PLC | 547300 | 298955 |
| Malayan Banking BHD | 146400 | 289144 |
| Mediobanca Banca di Credito Finanziario SpA | 23063 | 221132 |
| Mitsubishi UFJ Financial Group, Inc. | 50800 | 342273 |
| Mizrahi Tefahot Bank Ltd. | 1969 | 63559 |
| National Australia Bank Ltd. | 15856 | 323228 |
| National Bank of Canada | 806 | 54269 |
| Nedbank Group Ltd. | 2444 | 30535 |
| OTP Bank Nyrt | 4889 | 131731 |
| Oversea-Chinese Banking Corp. Ltd. | 10400 | 94447 |
| Postal Savings Bank of China Co. Ltd., <br>Class H (a) | 40000 | 24856 |
| Public Bank BHD | 211900 | 207811 |
| RHB Bank BHD | 99400 | 130653 |
| Royal Bank of Canada | 13678 | 1285073 |
| Shinhan Financial Group Co. Ltd. | 2179 | 60657 |
| Societe Generale SA | 11247 | 281839 |
| Standard Bank Group Ltd. | 19329 | 190609 |
| Standard Chartered PLC | 12625 | 94521 |
| Sumitomo Mitsui Financial Group, Inc. | 10100 | 405393 |
| TMBThanachart Bank PCL, NVDR | 488400 | 19883 |
| Toronto-Dominion Bank (The) | 7999 | 517563 |
| UniCredit SpA | 11586 | 164110 |
| United Overseas Bank Ltd. | 7200 | 164808 |
| Westpac Banking Corp. | 38961 | 616940 |
|  |  | 13494539 |
| **BEVERAGES - 2.5%** | **BEVERAGES - 2.5%** | **BEVERAGES - 2.5%** |
| Ambev SA | 65559 | 180296 |
| Anheuser-Busch InBev SA | 15269 | 916967 |
| Arca Continental SAB de CV | 13978 | 113360 |
| Budweiser Brewing Co. APAC Ltd. (a) | 5700 | 17929 |
| Carlsberg A/S, Class B | 571 | 75654 |
| China Resources Beer Holdings Co. Ltd. | 4000 | 27957 |
| Coca-Cola Femsa SAB de CV | 6091 | 41224 |
| Davide Campari-Milano NV | 4817 | 48757 |
| Diageo PLC | 20560 | 902704 |
| Fomento Economico Mexicano SAB de CV | 15714 | 122851 |
| Heineken NV | 1246 | 116862 |
| Jiangsu Yanghe Brewery Joint-Stock Co. <br>Ltd., Class A | 1000 | 23088 |
| Kweichow Moutai Co. Ltd., Class A | 400 | 99371 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BEVERAGES - 2.5% (Continued)** | **BEVERAGES - 2.5% (Continued)** | **BEVERAGES - 2.5% (Continued)** |
| Luzhou Laojiao Co. Ltd., Class A | 900 | $29036 |
| Pernod Ricard SA | 1771 | 347306 |
| Remy Cointreau SA | 546 | 91837 |
| Shanxi Xinghuacun Fen Wine Factory Co. <br>Ltd., Class A | 990 | 40586 |
| Suntory Beverage & Food Ltd. | 3100 | 105726 |
| Treasury Wine Estates Ltd. | 8581 | 79199 |
|  |  | 3380710 |
| **BIOTECHNOLOGY - 0.9%** | **BIOTECHNOLOGY - 0.9%** | **BIOTECHNOLOGY - 0.9%** |
| 3SBio, Inc. (a) | 7500 | 7976 |
| Akeso, Inc., Class B\*,(a) | 3000 | 16528 |
| Argenx SE\* | 162 | 60219 |
| BeiGene Ltd.\* | 1600 | 27511 |
| Beijing Wantai Biological Pharmacy <br>Enterprise Co. Ltd., Class A | 2940 | 53584 |
| Bloomage Biotechnology Corp. Ltd., Class A | 2119 | 41236 |
| Celltrion, Inc. | 758 | 96231 |
| CSL Ltd. | 2491 | 486105 |
| Galapagos NV\* | 971 | 42851 |
| Genmab A/S\* | 552 | 232989 |
| Grifols SA\* | 770 | 8850 |
| Imeik Technology Development Co. Ltd., <br>Class A | 400 | 32588 |
| Innovent Biologics, Inc.\*,(a) | 7000 | 30045 |
| SK Bioscience Co. Ltd.\* | 79 | 4592 |
| Zai Lab Ltd., ADR\* | 403 | 12372 |
|  |  | 1153677 |
| **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** |
| Assa Abloy AB, Class B | 1389 | 29821 |
| Belimo Holding AG | 32 | 15218 |
| Cie de Saint-Gobain | 962 | 46869 |
| Daikin Industries Ltd. | 200 | 30619 |
| Kingspan Group PLC | 1598 | 86262 |
| Sanwa Holdings Corp. | 1300 | 12030 |
|  |  | 220819 |
| **CAPITAL MARKETS - 2.0%** | **CAPITAL MARKETS - 2.0%** | **CAPITAL MARKETS - 2.0%** |
| Amundi SA (a) | 1875 | 106058 |
| B3 SA - Brasil Bolsa Balcao | 88416 | 221218 |
| China International Capital Corp. Ltd., <br>Class H (a) | 20000 | 38181 |
| Deutsche Bank AG | 15614 | 176439 |
| Deutsche Boerse AG | 1111 | 191374 |
| DWS Group GmbH & Co. KGaA (a) | 2084 | 67525 |
| East Money Information Co. Ltd., Class A | 19437 | 54243 |
| EQT AB | 954 | 20198 |
| Futu Holdings Ltd., ADR\* | 303 | 12317 |
| Hithink RoyalFlush Information <br>Network Co. Ltd., Class A | 2800 | 39718 |
| Hong Kong Exchanges & Clearing Ltd. | 3400 | 146891 |
| IG Group Holdings PLC | 5422 | 51003 |

---

See accompanying notes to financial statements.<br>26

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CAPITAL MARKETS - 2.0% (Continued)** | **CAPITAL MARKETS - 2.0% (Continued)** | **CAPITAL MARKETS - 2.0% (Continued)** |
| IGM Financial, Inc. | 862 | $24048 |
| Insignia Financial Ltd. | 19449 | 44184 |
| Macquarie Group Ltd. | 6102 | 690892 |
| Perpetual Ltd. | 1866 | 31130 |
| Reinet Investments SCA | 690 | 13275 |
| UBS Group AG | 36978 | 687642 |
|  |  | 2616336 |
| **CHEMICALS - 2.2%** | **CHEMICALS - 2.2%** | **CHEMICALS - 2.2%** |
| Air Liquide SA | 3015 | 426031 |
| Arkema SA | 351 | 31422 |
| Croda International PLC | 1561 | 124005 |
| Dongyue Group Ltd. | 6000 | 6603 |
| Evonik Industries AG | 9463 | 181133 |
| Givaudan SA | 50 | 153102 |
| Hyosung Advanced Materials Corp.\* | 30 | 7912 |
| Israel Corp. Ltd. (The) | 27 | 9488 |
| Johnson Matthey PLC | 1862 | 47641 |
| K+S AG | 1321 | 25906 |
| Koninklijke DSM NV | 1161 | 141627 |
| Kuraray Co. Ltd. | 2200 | 17641 |
| LG Chem Ltd.\* | 453 | 214947 |
| Mitsubishi Gas Chemical Co., Inc. | 6300 | 87043 |
| Nippon Shokubai Co. Ltd. | 1100 | 44018 |
| Nitto Denko Corp. | 2300 | 133351 |
| Novozymes A/S, Class B | 2290 | 115653 |
| Nutrien Ltd. | 1292 | 94258 |
| OCI NV | 652 | 23255 |
| Shanghai Putailai New Energy <br>Technology Co. Ltd., Class A | 3300 | 24632 |
| Shenzhen Capchem Technology Co. Ltd., <br>Class A | 7380 | 46148 |
| Sika AG | 201 | 48164 |
| Solvay SA | 2179 | 219670 |
| Sumitomo Chemical Co. Ltd. | 147100 | 528443 |
| Tosoh Corp. | 1600 | 19038 |
| Wacker Chemie AG | 648 | 82574 |
| Wanhua Chemical Group Co. Ltd., Class A | 2700 | 35985 |
| Weihai Guangwei Composites Co. Ltd., <br>Class A | 1800 | 18708 |
| Yunnan Energy New Material Co. Ltd., <br>Class A | 500 | 9443 |
|  |  | 2917841 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.0%†** | **COMMERCIAL SERVICES & SUPPLIES - 0.0%†** | **COMMERCIAL SERVICES & SUPPLIES - 0.0%†** |
| Sohgo Security Services Co. Ltd. | 600 | 16348 |
| **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** |
| Nokia Oyj | 55245 | 255121 |
| Telefonaktiebolaget LM Ericsson, Class B | 17059 | 99706 |
| ZTE Corp., Class A | 8200 | 30504 |
|  |  | 385331 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** |
| Ackermans & van Haaren NV | 77 | $13165 |
| EXEO Group, Inc. | 1000 | 17037 |
| HOCHTIEF AG | 999 | 56167 |
| JGC Holdings Corp. | 1600 | 20348 |
| Kajima Corp. | 5700 | 66355 |
| Kandenko Co. Ltd. | 3900 | 25449 |
| Obayashi Corp. | 2900 | 21935 |
| Stantec, Inc. | 622 | 29784 |
| Vinci SA | 1035 | 103048 |
|  |  | 353288 |
| **CONSTRUCTION MATERIALS - 0.3%** | **CONSTRUCTION MATERIALS - 0.3%** | **CONSTRUCTION MATERIALS - 0.3%** |
| Cemex SAB de CV\* | 113453 | 46110 |
| CRH PLC | 1866 | 74050 |
| Holcim Ltd.\* | 2148 | 111161 |
| James Hardie Industries PLC | 8341 | 149330 |
|  |  | 380651 |
| **CONSUMER FINANCE - 0.0%†** | **CONSUMER FINANCE - 0.0%†** | **CONSUMER FINANCE - 0.0%†** |
| Acom Co. Ltd. | 7300 | 17483 |
| JMT Network Services PCL, NVDR | 11800 | 23508 |
| Muangthai Capital PCL, NVDR | 8800 | 9655 |
|  |  | 50646 |
| **CONTAINERS & PACKAGING - 0.0%†** | **CONTAINERS & PACKAGING - 0.0%†** | **CONTAINERS & PACKAGING - 0.0%†** |
| Orora Ltd. | 7034 | 13786 |
| Smurfit Kappa Group PLC | 767 | 28290 |
|  |  | 42076 |
| **DIVERSIFIED CONSUMER SERVICES - 0.2%** | **DIVERSIFIED CONSUMER SERVICES - 0.2%** | **DIVERSIFIED CONSUMER SERVICES - 0.2%** |
| Benesse Holdings, Inc. | 11700 | 177879 |
| Cogna Educacao\* | 29080 | 11676 |
| YDUQS Participacoes SA | 6220 | 11981 |
|  |  | 201536 |
| **DIVERSIFIED FINANCIAL SERVICES - 1.1%** | **DIVERSIFIED FINANCIAL SERVICES - 1.1%** | **DIVERSIFIED FINANCIAL SERVICES - 1.1%** |
| Banca Mediolanum SpA | 11426 | 95092 |
| Challenger Ltd. | 8543 | 44146 |
| FirstRand Ltd. | 37438 | 136682 |
| Groupe Bruxelles Lambert NV | 2040 | 162375 |
| Industrivarden AB, Class A | 3472 | 84472 |
| Industrivarden AB, Class C | 11145 | 270616 |
| Investor AB, Class A | 2067 | 38456 |
| Investor AB, Class B | 29290 | 530056 |
| L E Lundbergforetagen AB, Class B | 1692 | 72116 |
| Mitsubishi HC Capital, Inc. | 4100 | 20167 |
|  |  | 1454178 |
| **DIVERSIFIED TELECOMMUNICATION - 1.6%** | **DIVERSIFIED TELECOMMUNICATION - 1.6%** | **DIVERSIFIED TELECOMMUNICATION - 1.6%** |
| Bezeq The Israeli Telecommunication <br>Corp. Ltd. | 22695 | 39009 |
| BT Group PLC | 114713 | 154616 |
| China Tower Corp. Ltd., Class H (a) | 112000 | 12054 |

---

See accompanying notes to financial statements.<br>27

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED TELECOMMUNICATION - 1.6% (Continued)** | **DIVERSIFIED TELECOMMUNICATION - 1.6% (Continued)** | **DIVERSIFIED TELECOMMUNICATION - 1.6% (Continued)** |
| Deutsche Telekom AG | 26626 | $529629 |
| KT Corp. | 2015 | 53861 |
| Nippon Telegraph & Telephone Corp. | 22000 | 627261 |
| Orange SA | 9693 | 96011 |
| PCCW Ltd. | 129000 | 58178 |
| Singapore Telecommunications Ltd. | 114900 | 220171 |
| Telecom Italia SpA/Milano\* (Common share) | 58235 | 13443 |
| Telecom Italia SpA/Milano\* (Savings share) | 21617 | 4806 |
| Telekom Malaysia BHD | 38800 | 47564 |
| Telenor ASA | 3662 | 34051 |
| Telia Co AB | 7949 | 20339 |
| Telstra Group Ltd. | 100475 | 271867 |
|  |  | 2182860 |
| **ELECTRIC UTILITIES - 1.1%** | **ELECTRIC UTILITIES - 1.1%** | **ELECTRIC UTILITIES - 1.1%** |
| Acciona SA | 990 | 181626 |
| CLP Holdings Ltd. | 3500 | 25538 |
| CPFL Energia SA | 16341 | 102755 |
| Enel SpA | 33303 | 178779 |
| Energisa SA | 4781 | 40034 |
| Hydro One Ltd. (a) | 482 | 12902 |
| Iberdrola SA | 21221 | 247544 |
| Light SA | 4100 | 3595 |
| Shikoku Electric Power Co., Inc. | 6600 | 38266 |
| SSE PLC | 17215 | 354520 |
| Tenaga Nasional BHD | 101000 | 220801 |
| Tohoku Electric Power Co., Inc. | 4900 | 25662 |
|  |  | 1432022 |
| **ELECTRICAL EQUIPMENT - 1.5%** | **ELECTRICAL EQUIPMENT - 1.5%** | **ELECTRICAL EQUIPMENT - 1.5%** |
| ABB Ltd. | 13449 | 407889 |
| Accelleron Industries AG\* | 536 | 11091 |
| Contemporary Amperex Technology <br>Co. Ltd., Class A | 4924 | 278666 |
| Eve Energy Co. Ltd., Class A | 10100 | 127708 |
| Legrand SA | 670 | 53501 |
| Mitsubishi Electric Corp. | 5300 | 52761 |
| Schneider Electric SE | 4777 | 666444 |
| Siemens Energy AG | 6084 | 114117 |
| Signify NV (a) | 473 | 15841 |
| Sunwoda Electronic Co. Ltd., Class A | 18400 | 55980 |
| WEG SA | 21229 | 154842 |
| Xinjiang Goldwind Science & Technology <br>Co. Ltd., Class H | 6200 | 5521 |
|  |  | 1944361 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** |
| AAC Technologies Holdings, Inc.\* | 3500 | 8000 |
| Avary Holding Shenzhen Co. Ltd., Class A | 4900 | 19341 |
| Canon Marketing Japan, Inc. | 700 | 15857 |
| Delta Electronics Thailand PCL, NVDR | 2300 | 55118 |
| GoerTek, Inc., Class A | 2900 | 7021 |
| Halma PLC | 1846 | 43834 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0% (Continued)** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0% (Continued)** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0% (Continued)** |
| Hana Microelectronics PCL, NVDR | 8400 | $12490 |
| Horiba Ltd. | 700 | 30399 |
| KCE Electronics PCL, NVDR | 13900 | 18662 |
| LG Innotek Co. Ltd.\* | 177 | 35344 |
| Luxshare Precision Industry Co. Ltd., <br>Class A | 22400 | 102306 |
| Murata Manufacturing Co. Ltd. | 3400 | 169762 |
| Omron Corp. | 5200 | 252423 |
| Samsung Electro-Mechanics Co. Ltd.\* | 893 | 92160 |
| Samsung SDI Co. Ltd. | 378 | 176669 |
| Shimadzu Corp. | 3000 | 85149 |
| Spectris PLC | 636 | 22967 |
| Sunny Optical Technology Group Co. Ltd. | 5400 | 64240 |
| TDK Corp. | 1700 | 55853 |
|  |  | 1267595 |
| **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** |
| Dialog Group BHD | 15700 | 8732 |
| Worley Ltd. | 3820 | 38858 |
|  |  | 47590 |
| **ENTERTAINMENT - 0.6%** | **ENTERTAINMENT - 0.6%** | **ENTERTAINMENT - 0.6%** |
| Bilibili, Inc., Class Z\* | 660 | 15796 |
| Krafton, Inc.\* | 54 | 7174 |
| NCSoft Corp.\* | 161 | 57041 |
| NetEase, Inc. | 18960 | 278147 |
| Netmarble Corp.\*,(a) | 287 | 13709 |
| Nexon Co. Ltd. | 1200 | 26939 |
| Sea Ltd., ADR\* | 5411 | 281534 |
| Tencent Music Entertainment Group, ADR\* | 3441 | 28491 |
| Ubisoft Entertainment SA\* | 1957 | 55160 |
|  |  | 763991 |
| **EQUITY REAL ESTATE INVESTMENT - 0.5%** | **EQUITY REAL ESTATE INVESTMENT - 0.5%** | **EQUITY REAL ESTATE INVESTMENT - 0.5%** |
| Champion REIT | 23000 | 9076 |
| Charter Hall Group | 1883 | 15298 |
| First Capital Real Estate Investment Trust | 1897 | 23535 |
| Goodman Group | 1062 | 12502 |
| GPT Group (The) | 14419 | 41069 |
| Klepierre SA\* | 3875 | 89039 |
| Link REIT | 13300 | 97642 |
| Mapletree Commercial Trust | 20100 | 25028 |
| Mirvac Group | 36337 | 52487 |
| Scentre Group | 86363 | 168673 |
| Stockland | 26847 | 66089 |
|  |  | 600438 |
| **FOOD & STAPLES RETAILING - 1.3%** | **FOOD & STAPLES RETAILING - 1.3%** | **FOOD & STAPLES RETAILING - 1.3%** |
| Alimentation Couche-Tard, Inc. | 3118 | 136921 |
| Berli Jucker PCL, NVDR | 86400 | 87934 |
| Clicks Group Ltd. | 2219 | 35222 |
| Coles Group Ltd. | 1784 | 20228 |

---

See accompanying notes to financial statements.<br>28

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD & STAPLES RETAILING - 1.3% (Continued)** | **FOOD & STAPLES RETAILING - 1.3% (Continued)** | **FOOD & STAPLES RETAILING - 1.3% (Continued)** |
| Cosmos Pharmaceutical Corp. | 300 | $30331 |
| Empire Co. Ltd., Class A | 4664 | 122749 |
| George Weston Ltd. | 470 | 58272 |
| Koninklijke Ahold Delhaize NV | 5703 | 163362 |
| Lawson, Inc. | 8100 | 308788 |
| Loblaw Cos. Ltd. | 46 | 4064 |
| Raia Drogasil SA | 5133 | 23061 |
| Sendas Distribuidora SA | 11898 | 43876 |
| Seven & i Holdings Co. Ltd. | 400 | 17159 |
| Sundrug Co. Ltd. | 2700 | 80113 |
| Tesco PLC | 101630 | 274086 |
| Tsuruha Holdings, Inc. | 3900 | 301489 |
| Wal-Mart de Mexico SAB de CV | 21019 | 74294 |
|  |  | 1781949 |
| **FOOD PRODUCTS - 1.8%** | **FOOD PRODUCTS - 1.8%** | **FOOD PRODUCTS - 1.8%** |
| AVI Ltd. | 2983 | 13186 |
| Chocoladefabriken Lindt & Spruengli AG | 21 | 214040 |
| Dali Foods Group Co. Ltd. (a) | 66000 | 30104 |
| Grupo Bimbo SAB de CV, Series A | 23733 | 100231 |
| Itoham Yonekyu Holdings, Inc. | 2300 | 12219 |
| JDE Peet's NV | 1076 | 31029 |
| Kerry Group PLC, Class A | 559 | 50257 |
| Kuala Lumpur Kepong BHD | 6300 | 31979 |
| Minerva SA/Brazil | 8446 | 20732 |
| Nestle SA | 16144 | 1869507 |
| QL Resources BHD | 10350 | 12946 |
| Strauss Group Ltd. | 750 | 19829 |
| Uni-President China Holdings Ltd. | 21000 | 21014 |
|  |  | 2427073 |
| **GAS UTILITIES - 0.4%** | **GAS UTILITIES - 0.4%** | **GAS UTILITIES - 0.4%** |
| Beijing Enterprises Holdings Ltd. | 10000 | 32031 |
| China Resources Gas Group Ltd. | 4000 | 15016 |
| ENN Energy Holdings Ltd. | 6200 | 87063 |
| Italgas SpA | 16710 | 92557 |
| Korea Gas Corp.\* | 1943 | 55624 |
| Kunlun Energy Co. Ltd. | 22000 | 15700 |
| Perusahaan Gas Negara TBK PT | 194400 | 21978 |
| Snam SpA | 30078 | 145320 |
|  |  | 465289 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%** |
| Alcon, Inc. | 365 | 24925 |
| Carl Zeiss Meditec AG | 286 | 35987 |
| Coloplast A/S, Class B | 886 | 103250 |
| Demant A/S\* | 353 | 9755 |
| Fisher & Paykel Healthcare Corp. Ltd. | 4194 | 59946 |
| Hartalega Holdings BHD | 31600 | 12195 |
| Hoya Corp. | 2500 | 240725 |
| Koninklijke Philips NV | 34466 | 515121 |
| Olympus Corp. | 1200 | 21391 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% (Continued)** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% (Continued)** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% (Continued)** |
| Shenzhen Mindray Bio-Medical Electronics <br>Co. Ltd., Class A | 2500 | $113631 |
| Straumann Holding AG | 65 | 7419 |
| Sysmex Corp. | 1000 | 60616 |
| Terumo Corp. | 8000 | 227125 |
|  |  | 1432086 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** |
| Aier Eye Hospital Group Co. Ltd., Class A | 2988 | 13355 |
| Alfresa Holdings Corp. | 2900 | 36837 |
| Amplifon SpA | 935 | 27761 |
| Celltrion Healthcare Co. Ltd. | 415 | 19033 |
| Fleury SA | 4972 | 14549 |
| Guangzhou Kingmed Diagnostics Group <br>Co., Ltd., Class A | 3500 | 39372 |
| IHH Healthcare BHD | 81600 | 115222 |
| Medipal Holdings Corp. | 1300 | 17153 |
| Sonic Healthcare Ltd. | 996 | 20243 |
|  |  | 303525 |
| **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** |
| M3, Inc. | 1400 | 37964 |
| **HOTELS, RESTAURANTS & LEISURE - 1.0%** | **HOTELS, RESTAURANTS & LEISURE - 1.0%** | **HOTELS, RESTAURANTS & LEISURE - 1.0%** |
| Accor SA\* | 2237 | 55747 |
| Aristocrat Leisure Ltd. | 20138 | 416799 |
| Compass Group PLC | 3776 | 87096 |
| Flight Centre Travel Group Ltd.\* | 11841 | 116354 |
| Greggs PLC | 2961 | 83559 |
| Jiumaojiu International Holdings Ltd. (a) | 10000 | 26714 |
| Oriental Land Co. Ltd./Japan | 1700 | 246860 |
| Trip.com Group Ltd., ADR\* | 1195 | 41108 |
| Trip.com Group Ltd.\* | 600 | 21033 |
| Whitbread PLC | 4192 | 129594 |
| Wynn Macau Ltd.\* | 38400 | 42804 |
|  |  | 1267668 |
| **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** |
| Barratt Developments PLC | 1752 | 8362 |
| Bellway PLC | 1378 | 31619 |
| Casio Computer Co. Ltd. | 11400 | 116035 |
| LG Electronics, Inc. | 378 | 25858 |
| Nikon Corp. | 5400 | 48129 |
| Persimmon PLC | 981 | 14361 |
| Sony Group Corp. | 400 | 30422 |
| Taylor Wimpey PLC | 26811 | 32783 |
|  |  | 307569 |
| **HOUSEHOLD PRODUCTS - 0.2%** | **HOUSEHOLD PRODUCTS - 0.2%** | **HOUSEHOLD PRODUCTS - 0.2%** |
| Lion Corp. | 4300 | 49340 |
| Pigeon Corp. | 2200 | 36148 |
| Reckitt Benckiser Group PLC | 1296 | 89703 |
| Unicharm Corp. | 800 | 30728 |
|  |  | 205919 |

---

See accompanying notes to financial statements.<br>29

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INDEPENDENT POWER AND RENEWABLE <br>ELECTRICITY PRODUCERS - 0.1%** | **INDEPENDENT POWER AND RENEWABLE <br>ELECTRICITY PRODUCERS - 0.1%** | **INDEPENDENT POWER AND RENEWABLE <br>ELECTRICITY PRODUCERS - 0.1%** |
| B Grimm Power PCL | 10800 | $12395 |
| China Longyuan Power Group Corp. Ltd., <br>Class H | 28000 | 34225 |
| Energy Absolute PCL, NVDR | 50800 | 142272 |
|  |  | 188892 |
| **INDUSTRIAL CONGLOMERATES - 2.2%** | **INDUSTRIAL CONGLOMERATES - 2.2%** | **INDUSTRIAL CONGLOMERATES - 2.2%** |
| Aker ASA, Class A | 213 | 15557 |
| Alfa SAB de CV, Class A | 18300 | 11673 |
| CK Hutchison Holdings Ltd. | 42500 | 255111 |
| GS Holdings Corp. | 764 | 26464 |
| Hitachi Ltd. | 5200 | 263695 |
| Jardine Cycle & Carriage Ltd. | 27700 | 590680 |
| Jardine Matheson Holdings Ltd. | 4600 | 234140 |
| NWS Holdings Ltd. | 9000 | 7783 |
| Samsung C&T Corp.\* | 646 | 57984 |
| Siemens AG | 8861 | 1225993 |
| SM Investments Corp. | 920 | 14858 |
| Smiths Group PLC | 10696 | 205666 |
| Toshiba Corp. | 2300 | 80237 |
|  |  | 2989841 |
| **INSURANCE - 3.7%** | **INSURANCE - 3.7%** | **INSURANCE - 3.7%** |
| AIA Group Ltd. | 106000 | 1178842 |
| ASR Nederland NV | 6274 | 296964 |
| Assicurazioni Generali SpA | 787 | 13955 |
| Aviva PLC | 5500 | 29295 |
| AXA SA | 5929 | 164869 |
| China Life Insurance Co. Ltd., Class H | 64000 | 109879 |
| Dai-ichi Life Holdings, Inc. | 6900 | 156570 |
| Direct Line Insurance Group PLC | 4188 | 11149 |
| Fairfax Financial Holdings Ltd. | 246 | 145621 |
| Great-West Lifeco, Inc., Class Common <br>Subscription Receipt | 15356 | 354731 |
| Legal & General Group PLC | 15393 | 46198 |
| Manulife Financial Corp., Class Common <br>Subscription Receipt | 29739 | 530054 |
| Medibank Pvt Ltd. | 54688 | 109406 |
| MS&AD Insurance Group Holdings, Inc. | 4400 | 140859 |
| Old Mutual Ltd. | 29187 | 17943 |
| Phoenix Group Holdings PLC | 3233 | 23668 |
| PICC Property & Casualty Co. Ltd., Class H | 8000 | 7595 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H | 62000 | 410291 |
| Porto Seguro SA | 3608 | 15820 |
| Poste Italiane SpA (a) | 7923 | 77168 |
| Power Corp. of Canada | 6274 | 147479 |
| QBE Insurance Group Ltd. | 25464 | 231915 |
| Samsung Fire & Marine Insurance Co. Ltd.\* | 77 | 12179 |
| Samsung Life Insurance Co. Ltd.\* | 645 | 36216 |
| Sanlam Ltd. | 25363 | 72623 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 3.7% (Continued)** | **INSURANCE - 3.7% (Continued)** | **INSURANCE - 3.7% (Continued)** |
| Sun Life Financial, Inc. | 1390 | $64476 |
| T&D Holdings, Inc. | 2600 | 37479 |
| Tokio Marine Holdings, Inc. | 7300 | 156434 |
| Tryg A/S | 12182 | 289084 |
| Zurich Insurance Group AG | 85 | 40635 |
|  |  | 4929397 |
| **INTERACTIVE MEDIA & SERVICES - 2.2%** | **INTERACTIVE MEDIA & SERVICES - 2.2%** | **INTERACTIVE MEDIA & SERVICES - 2.2%** |
| Autohome, Inc., ADR | 1989 | 60863 |
| Baidu, Inc., Class A\* | 16338 | 233820 |
| JOYY, Inc., ADR | 348 | 10993 |
| Kakaku.com, Inc. | 2200 | 35215 |
| Kakao Corp. | 2067 | 86799 |
| Kuaishou Technology\*,(a) | 12400 | 112880 |
| NAVER Corp. | 1204 | 169008 |
| REA Group Ltd. | 2703 | 203101 |
| Rightmove PLC | 9331 | 57401 |
| Scout24 SE (a) | 5372 | 269062 |
| Tencent Holdings Ltd. | 41100 | 1758807 |
|  |  | 2997949 |
| **INTERNET & DIRECT MARKETING RETAIL - 2.0%** | **INTERNET & DIRECT MARKETING RETAIL - 2.0%** | **INTERNET & DIRECT MARKETING RETAIL - 2.0%** |
| Alibaba Group Holding Ltd.\* | 97200 | 1074126 |
| JD Health International, Inc.\*,(a) | 1550 | 14170 |
| JD.com, Inc., Class A | 13350 | 376642 |
| Meituan, Class B\*,(a) | 24600 | 550627 |
| Naspers Ltd., Class N | 2245 | 372650 |
| Pinduoduo, Inc., ADR\* | 803 | 65485 |
| Prosus NV\* | 1758 | 120923 |
| Vipshop Holdings Ltd., ADR\* | 4960 | 67654 |
|  |  | 2642277 |
| **IT SERVICES - 1.1%** | **IT SERVICES - 1.1%** | **IT SERVICES - 1.1%** |
| Adyen NV\*,(a) | 25 | 34376 |
| Capgemini SE | 2098 | 349186 |
| CGI, Inc.\* | 2915 | 251087 |
| Cielo SA | 53228 | 52827 |
| Fujitsu Ltd. | 1000 | 133503 |
| GDS Holdings Ltd., Class A\* | 3100 | 8142 |
| NEC Corp. | 7300 | 256436 |
| NET One Systems Co. Ltd. | 500 | 12998 |
| Nomura Research Institute Ltd. | 3300 | 77907 |
| Obic Co. Ltd. | 400 | 58843 |
| Otsuka Corp. | 1100 | 34639 |
| Reply SpA | 100 | 11420 |
| Samsung SDS Co. Ltd.\* | 746 | 72565 |
| Shopify, Inc., Class A\* | 5121 | 177673 |
|  |  | 1531602 |
| **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** |
| Sega Sammy Holdings, Inc. | 7800 | 118054 |

---

See accompanying notes to financial statements.<br>30

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **LIFE SCIENCES TOOLS & SERVICES - 0.3%** | **LIFE SCIENCES TOOLS & SERVICES - 0.3%** | **LIFE SCIENCES TOOLS & SERVICES - 0.3%** |
| Pharmaron Beijing Co. Ltd., Class H (a) | 5700 | $39546 |
| Samsung Biologics Co. Ltd.\*,(a) | 93 | 60382 |
| Sartorius Stedim Biotech | 11 | 3551 |
| WuXi AppTec Co. Ltd., Class H (a) | 11400 | 120428 |
| Wuxi Biologics Cayman, Inc.\*,(a) | 29000 | 222378 |
|  |  | 446285 |
| **MACHINERY - 1.6%** | **MACHINERY - 1.6%** | **MACHINERY - 1.6%** |
| Aalberts NV | 409 | 15815 |
| Amada Co. Ltd. | 35100 | 275065 |
| ANDRITZ AG | 1787 | 102129 |
| Daifuku Co. Ltd. | 800 | 37470 |
| Daimler Truck Holding AG\* | 1562 | 48253 |
| DMG Mori Co. Ltd. | 3100 | 41233 |
| Ebara Corp. | 900 | 32195 |
| FANUC Corp. | 1300 | 195426 |
| Fluidra SA | 799 | 12382 |
| Hino Motors Ltd.\* | 3600 | 13724 |
| IHI Corp. | 1300 | 37883 |
| IMI PLC | 3274 | 50725 |
| Kone Oyj, Class B | 2042 | 105261 |
| Kubota Corp. | 5600 | 77117 |
| Mitsubishi Heavy Industries Ltd. | 3200 | 126938 |
| Nabtesco Corp. | 1000 | 25503 |
| Ningbo Deye Technology Co. Ltd., Class A | 400 | 19057 |
| NSK Ltd. | 6700 | 35596 |
| Shenzhen Inovance Technology Co. Ltd., <br>Class A | 5300 | 52987 |
| SMC Corp. | 300 | 126371 |
| Spirax-Sarco Engineering PLC | 548 | 69973 |
| Sumitomo Heavy Industries Ltd. | 1100 | 22043 |
| Techtronic Industries Co. Ltd. | 14000 | 156234 |
| Toyota Industries Corp. | 1800 | 98768 |
| Trelleborg AB, Class B | 1322 | 30552 |
| VAT Group AG (a) | 261 | 71315 |
| Volvo AB, Class B | 9813 | 177509 |
| Yaskawa Electric Corp. | 1100 | 35223 |
| Zoomlion Heavy Industry Science and <br>Technology Co. Ltd., Class H | 15200 | 7186 |
|  |  | 2099933 |
| **MARINE - 0.3%** | **MARINE - 0.3%** | **MARINE - 0.3%** |
| AP Moller - Maersk A/S, Class A | 9 | 19852 |
| AP Moller - Maersk A/S, Class B | 124 | 277974 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 58550 | 59713 |
| Precious Shipping PCL, NVDR | 37300 | 17339 |
| SITC International Holdings Co. Ltd. | 4000 | 8897 |
|  |  | 383775 |
| **MEDIA - 0.3%** | **MEDIA - 0.3%** | **MEDIA - 0.3%** |
| MultiChoice Group | 1493 | 10288 |
| Nippon Television Holdings, Inc. | 3900 | 30799 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 0.3% (Continued)** | **MEDIA - 0.3% (Continued)** | **MEDIA - 0.3% (Continued)** |
| Publicis Groupe SA | 2526 | $160189 |
| RTL Group SA | 2645 | 111334 |
| WPP PLC | 13713 | 135295 |
|  |  | 447905 |
| **METALS & MINING - 4.4%** | **METALS & MINING - 4.4%** | **METALS & MINING - 4.4%** |
| Agnico Eagle Mines Ltd. | 2646 | 137402 |
| Allkem Ltd.\* | 7188 | 54790 |
| Aluminum Corp. of China Ltd., Class H | 146000 | 62104 |
| Anglo American Platinum Ltd. | 982 | 82235 |
| Anglo American PLC, ADR | 12447 | 484585 |
| Anglo American PLC | 6705 | 261398 |
| AngloGold Ashanti Ltd. | 5485 | 106131 |
| ArcelorMittal SA | 15038 | 394412 |
| B2Gold Corp. | 5484 | 19468 |
| Barrick Gold Corp. | 4186 | 71705 |
| BHP Group Ltd. | 2965 | 91662 |
| BHP Group Ltd., ADR | 35467 | 1097490 |
| Boliden AB | 1144 | 42957 |
| CMOC Group Ltd., Class H | 51000 | 23524 |
| CSN Mineracao SA | 25133 | 19422 |
| Dongkuk Steel Mill Co. Ltd.\* | 1506 | 13279 |
| Fortescue Metals Group Ltd. | 9237 | 128476 |
| Franco-Nevada Corp. | 2840 | 386862 |
| Ganfeng Lithium Co. Ltd., Class A | 6000 | 59994 |
| Ganfeng Lithium Co. Ltd., Class H (a) | 5600 | 41830 |
| Glencore PLC | 41644 | 276717 |
| Gold Fields Ltd. | 8302 | 85948 |
| Grupo Mexico SAB de CV, Series B | 25451 | 89724 |
| Impala Platinum Holdings Ltd. | 6903 | 86471 |
| Mineral Resources Ltd. | 905 | 47380 |
| MMG Ltd.\* | 40000 | 10250 |
| Nippon Steel Corp. | 3300 | 57324 |
| OZ Minerals Ltd. | 2287 | 43271 |
| POSCO Holdings, Inc. | 655 | 143225 |
| Press Metal Aluminium Holdings BHD | 102200 | 113220 |
| Rio Tinto Ltd. | 732 | 57787 |
| Shandong Nanshan Aluminum Co. Ltd., <br>Class A | 29400 | 13829 |
| Sibanye Stillwater Ltd. | 10987 | 28877 |
| Sims Ltd. | 5303 | 47075 |
| South32 Ltd. | 38635 | 104801 |
| Teck Resources Ltd., Class B | 8754 | 330597 |
| thyssenkrupp AG\* | 3546 | 21556 |
| Vale SA | 18511 | 311617 |
| Wheaton Precious Metals Corp. | 5056 | 197396 |
| Zhaojin Mining Industry Co. Ltd., Class H\* | 15000 | 16682 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 1900 | 15204 |
| Zijin Mining Group Co. Ltd., Class A | 34900 | 50204 |
| Zijin Mining Group Co. Ltd., Class H | 88000 | 119288 |
|  |  | 5848169 |

---

See accompanying notes to financial statements.<br>31

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** |
| Woolworths Holdings Ltd./South Africa | 22801 | $89020 |
| **MULTI-UTILITIES - 1.4%** | **MULTI-UTILITIES - 1.4%** | **MULTI-UTILITIES - 1.4%** |
| A2A SpA | 14391 | 19122 |
| AGL Energy Ltd. | 15060 | 82418 |
| Algonquin Power & Utilities Corp. | 3940 | 25647 |
| Atco Ltd., Class I | 17609 | 550773 |
| Canadian Utilities Ltd., Class A | 3360 | 90885 |
| Centrica PLC | 25587 | 29707 |
| E.ON SE | 12905 | 128556 |
| Engie SA | 45663 | 652449 |
| National Grid PLC | 25069 | 300771 |
|  |  | 1880328 |
| **OIL, GAS & CONSUMABLE FUELS - 5.7%** | **OIL, GAS & CONSUMABLE FUELS - 5.7%** | **OIL, GAS & CONSUMABLE FUELS - 5.7%** |
| Aker BP ASA | 2443 | 75415 |
| Ampol Ltd. | 3842 | 73682 |
| ARC Resources Ltd. | 11558 | 155676 |
| BP PLC | 191905 | 1096271 |
| Cameco Corp. | 549 | 12435 |
| Canadian Natural Resources Ltd. | 16619 | 922235 |
| Cenovus Energy, Inc. | 6725 | 130385 |
| China Petroleum & Chemical Corp., Class H | 144000 | 69556 |
| China Suntien Green Energy Corp. Ltd., <br>Class H | 31000 | 12909 |
| Crescent Point Energy Corp. | 19361 | 138033 |
| Ecopetrol SA | 174971 | 87325 |
| Enbridge, Inc. | 498 | 19450 |
| Enerplus Corp. | 883 | 15575 |
| Eni SpA | 12943 | 183525 |
| Equinor ASA | 8457 | 302017 |
| Imperial Oil Ltd. | 9110 | 443415 |
| Inpex Corp. | 5100 | 53959 |
| Koninklijke Vopak NV | 1698 | 50288 |
| Parex Resources, Inc. | 1344 | 19987 |
| PetroChina Co. Ltd., Class H | 322000 | 147283 |
| Petronas Dagangan BHD | 14500 | 75709 |
| PTT Exploration & Production PCL, NVDR | 14800 | 75421 |
| PTT PCL, NVDR | 146900 | 141026 |
| Repsol SA | 9762 | 154715 |
| Shell PLC | 47894 | 1340048 |
| SK Innovation Co. Ltd.\* | 616 | 75021 |
| S-Oil Corp. | 753 | 49664 |
| Star Petroleum Refining PCL, NVDR | 47400 | 14644 |
| Suncor Energy, Inc. | 12463 | 395060 |
| TC Energy Corp. | 10162 | 404845 |
| TotalEnergies SE | 10009 | 626506 |
| Tourmaline Oil Corp. | 2592 | 130695 |
| Ultrapar Participacoes SA | 30797 | 73555 |
| Var Energi ASA | 4360 | 14873 |
|  |  | 7581203 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PAPER & FOREST PRODUCTS - 0.0%†** | **PAPER & FOREST PRODUCTS - 0.0%†** | **PAPER & FOREST PRODUCTS - 0.0%†** |
| West Fraser Timber Co. Ltd. | 529 | $38171 |
| **PERSONAL PRODUCTS - 1.4%** | **PERSONAL PRODUCTS - 1.4%** | **PERSONAL PRODUCTS - 1.4%** |
| Fancl Corp. | 800 | 16298 |
| Haleon PLC\* | 16304 | 64200 |
| LG H&H Co. Ltd.\* | 67 | 38255 |
| L'Oreal SA | 2248 | 800366 |
| Pola Orbis Holdings, Inc. | 6000 | 84581 |
| Shiseido Co. Ltd. | 1600 | 78469 |
| Unilever PLC | 8507 | 425537 |
| Unilever PLC, ADR | 7661 | 385389 |
|  |  | 1893095 |
| **PHARMACEUTICALS - 7.4%** | **PHARMACEUTICALS - 7.4%** | **PHARMACEUTICALS - 7.4%** |
| Aspen Pharmacare Holdings Ltd. | 3918 | 31392 |
| Astellas Pharma, Inc. | 29300 | 445568 |
| AstraZeneca PLC | 7944 | 1071974 |
| Asymchem Laboratories Tianjin Co. Ltd., <br>Class A | 386 | 8218 |
| Bayer AG | 7903 | 407596 |
| CSPC Pharmaceutical Group Ltd. | 153040 | 160786 |
| Daiichi Sankyo Co. Ltd. | 8200 | 264125 |
| GSK PLC | 43570 | 753451 |
| H Lundbeck A/S | 2780 | 10393 |
| Hansoh Pharmaceutical Group Co. Ltd. (a) | 4000 | 7606 |
| Hisamitsu Pharmaceutical Co., Inc. | 500 | 14874 |
| Novartis AG | 17032 | 1538808 |
| Novo Nordisk A/S, Class B | 11409 | 1535860 |
| Roche Holding AG (Common share) | 273 | 105753 |
| Roche Holding AG (Common share, <br>participation certificates) | 3483 | 1093614 |
| Sanofi | 13388 | 1283665 |
| Santen Pharmaceutical Co. Ltd. | 9300 | 75700 |
| Sawai Group Holdings Co. Ltd. | 400 | 12505 |
| Sino Biopharmaceutical Ltd. | 84000 | 49184 |
| Takeda Pharmaceutical Co. Ltd. | 29200 | 909782 |
| Teva Pharmaceutical Industries Ltd.\* | 4036 | 37735 |
| UCB SA | 803 | 63041 |
|  |  | 9881630 |
| **PROFESSIONAL SERVICES - 1.8%** | **PROFESSIONAL SERVICES - 1.8%** | **PROFESSIONAL SERVICES - 1.8%** |
| Experian PLC | 9417 | 318648 |
| Intertek Group PLC | 7494 | 363646 |
| Nihon M&A Center Holdings, Inc. | 3200 | 39507 |
| Randstad NV | 386 | 23465 |
| Recruit Holdings Co. Ltd. | 14300 | 452697 |
| RELX PLC | 20949 | 576566 |
| Teleperformance | 483 | 114798 |
| Wolters Kluwer NV | 5343 | 557459 |
|  |  | 2446786 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%** |
| China Overseas Land & Investment Ltd. | 25000 | 65984 |
| China Resources Land Ltd. | 12000 | 54965 |

---

See accompanying notes to financial statements.<br>32

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% (Continued)** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% (Continued)** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% (Continued)** |
| CK Asset Holdings Ltd. | 17000 | $104658 |
| Country Garden Holdings Co. Ltd. | 32000 | 10947 |
| Country Garden Services Holdings Co. Ltd. | 11000 | 27398 |
| Daiwa House Industry Co. Ltd. | 1700 | 39155 |
| FirstService Corp. | 1473 | 180256 |
| Hysan Development Co. Ltd. | 9000 | 29174 |
| KE Holdings, Inc., ADR\* | 4032 | 56287 |
| Kerry Properties Ltd. | 56000 | 121974 |
| Longfor Group Holdings Ltd. (a) | 2500 | 7784 |
| Mitsubishi Estate Co. Ltd. | 5600 | 72618 |
| Mitsui Fudosan Co. Ltd. | 10200 | 186846 |
| New World Development Co. Ltd. | 40000 | 112749 |
| Poly Property Services Co. Ltd., Class H | 3000 | 17700 |
| PSP Swiss Property AG | 311 | 36472 |
| Relo Group, Inc. | 1500 | 24146 |
| Seazen Group Ltd.\* | 20000 | 7406 |
| Sino Land Co. Ltd. | 14000 | 17507 |
| SM Prime Holdings, Inc. | 21800 | 13887 |
| Sun Hung Kai Properties Ltd. | 9500 | 129994 |
| Sunac China Holdings Ltd.\* | 35000 | 7134 |
| Swire Properties Ltd. | 102200 | 259790 |
| Tricon Residential, Inc. | 1654 | 12744 |
| Wharf Holdings Ltd. (The) | 5000 | 14702 |
| Wharf Real Estate Investment Co. Ltd. | 7000 | 40807 |
|  |  | 1653084 |
| **ROAD & RAIL - 1.0%** | **ROAD & RAIL - 1.0%** | **ROAD & RAIL - 1.0%** |
| ALD SA (a) | 967 | 11105 |
| Canadian National Railway Co. | 5487 | 651337 |
| Canadian Pacific Railway Ltd. | 3228 | 240501 |
| Central Japan Railway Co. | 2400 | 294759 |
| East Japan Railway Co. | 800 | 45595 |
| Localiza Rent a Car SA | 8415 | 84791 |
|  |  | 1328088 |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0%** |
| Advantest Corp. | 1000 | 64269 |
| ams-OSRAM AG\* | 5935 | 43300 |
| ASML Holding NV | 2399 | 1289896 |
| ASMPT Ltd. | 4500 | 32085 |
| Daqo New Energy Corp., ADR\* | 586 | 22625 |
| Inari Amertron BHD | 82400 | 48823 |
| Infineon Technologies AG | 9857 | 299080 |
| LONGi Green Energy Technology Co. Ltd., <br>Class A | 22300 | 135564 |
| NAURA Technology Group Co. Ltd., <br>Class A | 2400 | 77782 |
| SCREEN Holdings Co. Ltd. | 300 | 19235 |
| SG Micro Corp., Class A | 950 | 23587 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 2.0% (Continued)** |
| Shenzhen SC New Energy Technology Corp. | 1000 | $16402 |
| SK Hynix, Inc. | 3865 | 229241 |
| StarPower Semiconductor Ltd., Class A | 400 | 18948 |
| STMicroelectronics NV | 1737 | 61167 |
| Tokyo Electron Ltd. | 600 | 176801 |
| Tower Semiconductor Ltd.\* | 1206 | 52430 |
| Xinyi Solar Holdings Ltd. | 12000 | 13284 |
| Yangzhou Yangjie Electronic Technology <br>Co. Ltd., Class A | 6000 | 45399 |
|  |  | 2669918 |
| **SOFTWARE - 1.5%** | **SOFTWARE - 1.5%** | **SOFTWARE - 1.5%** |
| Dassault Systemes SE | 7873 | 281440 |
| Kingdee International Software Group <br>Co. Ltd.\* | 25000 | 53620 |
| Nemetschek SE | 1520 | 77364 |
| Nice Ltd.\* | 282 | 54346 |
| Oracle Corp. Japan | 200 | 12915 |
| Sangfor Technologies, Inc., Class A | 5100 | 82570 |
| SAP SE | 11599 | 1193215 |
| Temenos AG | 1375 | 75408 |
| TOTVS SA | 4800 | 25110 |
| Trend Micro, Inc./Japan | 2200 | 102376 |
| WiseTech Global Ltd. | 1713 | 58955 |
|  |  | 2017319 |
| **SPECIALTY RETAIL - 0.6%** | **SPECIALTY RETAIL - 0.6%** | **SPECIALTY RETAIL - 0.6%** |
| Fast Retailing Co. Ltd. | 700 | 427231 |
| Foschini Group Ltd. (The) | 1691 | 10038 |
| Hikari Tsushin, Inc. | 300 | 42336 |
| Industria de Diseno Textil SA | 3002 | 79616 |
| Pepkor Holdings Ltd. (a) | 15484 | 18200 |
| Shimamura Co. Ltd. | 200 | 19857 |
| Via S/A\* | 13381 | 6083 |
| Yamada Holdings Co. Ltd. | 61800 | 218732 |
|  |  | 822093 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.5%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.5%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.5%** |
| FUJIFILM Holdings Corp. | 5200 | 261094 |
| Lenovo Group Ltd. | 120000 | 98553 |
| Ricoh Co. Ltd. | 5200 | 39686 |
| Samsung Electronics Co. Ltd. | 33658 | 1471955 |
| Xiaomi Corp., Class B\*,(a) | 88400 | 123908 |
|  |  | 1995196 |
| **TEXTILES, APPAREL & LUXURY GOODS - 2.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.4%** |
| adidas AG | 1521 | 206904 |
| ANTA Sports Products Ltd. | 9800 | 128449 |
| Cie Financiere Richemont SA, Class A | 2240 | 290290 |
| Hermes International | 438 | 675473 |

---

See accompanying notes to financial statements.<br>33

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TEXTILES, APPAREL & LUXURY GOODS - 2.4% (Continued)** | **TEXTILES, APPAREL & LUXURY GOODS - 2.4% (Continued)** | **TEXTILES, APPAREL & LUXURY GOODS - 2.4% (Continued)** |
| Kering SA | 235 | $119257 |
| Li Ning Co. Ltd. | 17500 | 151907 |
| LVMH Moet Hennessy Louis Vuitton SE | 1638 | 1188571 |
| Moncler SpA | 650 | 34339 |
| PRADA SpA | 2200 | 12431 |
| Shenzhou International Group Holdings Ltd. | 1300 | 14624 |
| Swatch Group AG (The) | 1014 | 288242 |
| Xtep International Holdings Ltd. | 22000 | 24495 |
|  |  | 3134982 |
| **TOBACCO - 1.0%** | **TOBACCO - 1.0%** | **TOBACCO - 1.0%** |
| British American Tobacco PLC | 24639 | 972579 |
| Imperial Brands PLC | 6070 | 151216 |
| Japan Tobacco, Inc. | 9600 | 193608 |
|  |  | 1317403 |
| **TRADING COMPANIES & DISTRIBUTORS - 1.9%** | **TRADING COMPANIES & DISTRIBUTORS - 1.9%** | **TRADING COMPANIES & DISTRIBUTORS - 1.9%** |
| Ashtead Group PLC | 3218 | 182708 |
| IMCD NV | 865 | 122920 |
| ITOCHU Corp. | 19500 | 612733 |
| Mitsubishi Corp. | 20800 | 675178 |
| Mitsui & Co. Ltd. | 13300 | 388381 |
| MonotaRO Co. Ltd. | 1500 | 21111 |
| Rexel SA\* | 4652 | 91552 |
| Sumitomo Corp. | 22900 | 381131 |
|  |  | 2475714 |
| **TRANSPORTATION INFRASTRUCTURE - 0.1%** | **TRANSPORTATION INFRASTRUCTURE - 0.1%** | **TRANSPORTATION INFRASTRUCTURE - 0.1%** |
| Flughafen Zurich AG\* | 120 | 18560 |
| Fraport AG Frankfurt Airport Services <br>Worldwide\* | 598 | 24284 |
| Grupo Aeroportuario del Centro Norte <br>SAB de CV, Class B | 1800 | 13839 |
| Grupo Aeroportuario del Pacifico SAB de <br>CV, Class B | 2161 | 30984 |
| Kamigumi Co. Ltd. | 1100 | 22401 |
| Transurban Group | 1451 | 12772 |
|  |  | 122840 |
| **WATER UTILITIES - 0.0%†** | **WATER UTILITIES - 0.0%†** | **WATER UTILITIES - 0.0%†** |
| Cia de Saneamento de Minas <br>Gerais-COPASA | 6708 | 19934 |
| **WIRELESS TELECOMMUNICATION SERVICES - 1.3%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.3%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.3%** |
| 1&1 AG | 503 | 6227 |
| Advanced Info Service PCL, NVDR | 2500 | 14076 |
| Freenet AG | 3892 | 84819 |
| KDDI Corp. | 25100 | 757499 |
| MTN Group Ltd. | 10247 | 76664 |
| SK Telecom Co. Ltd. | 2043 | 76582 |
| SoftBank Corp. | 16900 | 190589 |
| SoftBank Group Corp. | 7100 | 303705 |
| Tele2 AB, Class B | 18885 | 154241 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **WIRELESS TELECOMMUNICATION SERVICES - 1.3% (Continued)** | **WIRELESS TELECOMMUNICATION SERVICES - 1.3% (Continued)** | **WIRELESS TELECOMMUNICATION SERVICES - 1.3% (Continued)** |
| Vodacom Group Ltd. | 2599 | $18742 |
| Vodafone Group PLC | 29489 | 29882 |
|  |  | 1713026 |
| **TOTAL COMMON STOCKS**<br> (Cost - $116,859,993) |  | 117283959 |
| **EXCHANGE TRADED FUNDS - 9.0%** | **EXCHANGE TRADED FUNDS - 9.0%** | **EXCHANGE TRADED FUNDS - 9.0%** |
| **EQUITY FUNDS - 9.0%** | **EQUITY FUNDS - 9.0%** | **EQUITY FUNDS - 9.0%** |
| iShares MSCI India ETF\* | 124277 | 5187322 |
| iShares MSCI Saudi Arabia ETF | 42375 | 1598385 |
| iShares MSCI Taiwan ETF | 128743 | 5170319 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> (Cost - $11,061,011) |  | 11956026 |
| **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** |
| **AIRLINES - 0.1%** | **AIRLINES - 0.1%** | **AIRLINES - 0.1%** |
| Azul SA\* | 20517 | 42784 |
| Gol Linhas Aereas Inteligentes SA\* | 9948 | 13830 |
|  |  | 56614 |
| **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** |
| Volkswagen AG | 3157 | 392255 |
| **BANKS - 0.3%** | **BANKS - 0.3%** | **BANKS - 0.3%** |
| Banco Bradesco SA | 72731 | 208698 |
| Bancolombia SA | 1950 | 13493 |
| Itau Unibanco Holding SA | 41705 | 197476 |
|  |  | 419667 |
| **CHEMICALS - 0.0%†** | **CHEMICALS - 0.0%†** | **CHEMICALS - 0.0%†** |
| FUCHS PETROLUB SE | 276 | 9644 |
| **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** |
| Gerdau SA | 3563 | 19820 |
| Usinas Siderurgicas de Minas Gerais SA <br>Usiminas | 17187 | 23308 |
|  |  | 43128 |
| **OIL, GAS & CONSUMABLE FUELS - 0.0%†** | **OIL, GAS & CONSUMABLE FUELS - 0.0%†** | **OIL, GAS & CONSUMABLE FUELS - 0.0%†** |
| Petroleo Brasileiro SA | 7890 | 36612 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.1%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.1%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.1%** |
| Samsung Electronics Co. Ltd. | 3956 | 157990 |
| **TOTAL PREFERRED STOCKS**<br> (Cost - $1,443,338) |  | 1115910 |
| **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** |
| Localiza Rent a Car SA, expires <br>1/31/23\* (Cost - $0) | 37 | 75 |
| **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** |
| TMBThanachart Bank PCL, expires <br>5/10/25\* (Cost - $0) | 4884 | 71 |

---

See accompanying notes to financial statements.<br>34

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** |
| **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (b) <br>(Cost - $1,893,664) | 1893664 | $1893664 |
| **TOTAL INVESTMENTS - 99.2%**<br> (Cost - $131,258,005) |  | $132249705 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET 0.8%** |  | 1063246 |
| **TOTAL NET ASSETS - 100.0%** |  | $133312951 |

---

\* 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 December 31, 2022, these securities amounted to $2,398,803 or 1.8% of net assets.

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

ADR - American Depositary Receipt

CVA - Certificate Van Aandelen (Bearer)

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized <br>Appreciation<br>(Depreciation) |
| MSCI EAFE Future | Goldman Sachs & Co. | 14 | 3/17/2023 | $1364580 | $(38245) |
| MSCI Emerging Market Index Future | Goldman Sachs & Co. | 12 | 3/17/2023 | 575640 | (10958) |
| S&P/TSX 60 Index Future | Goldman Sachs & Co. | 1 | 3/16/2023 | 172685 | (5816) |
| **TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**(55019)** |

---

See accompanying notes to financial statements.<br>35

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide long-term capital appreciation.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio outperformed its reference benchmark, the Russell Midcap<sup>®</sup> Growth Index. The Portfolio posted a return of -26.44% compared to a benchmark return of -26.72%, a difference of 28 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Portfolio outperformance was driven by strength in the second and fourth quarters. Sentiment-based measures were the greatest drivers of performance, consistently contributing to performance throughout the year. Specifically, measures designed to capture Sentiment from bond markets, as well as trending measures that evaluated news data and management Sentiment through conference call text, both helped to correctly position the Portfolio amid the changeable market backdrop. Fundamental Value insights also performed well. Specifically, insights evaluating company earnings yield, sales, and other financial statement metrics were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health.

Nontraditional fundamental insights generally detracted during the year, particularly those related to environmental, social, and governance ("ESG") and human capital, which evaluates employee benefits and corporate culture. Also detracting in 2022 were measures that relate to informed investor positioning and the avoidance of highly shorted stocks, both of which struggled amidst the market volatility.

**How was the Portfolio positioned at period end?**

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in consumer discretionary and health care companies and maintains slight underweights in materials and industrials stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio** |
| Class I | November 1, 2017 | -26.44% | 8.10% | 8.55% | 0.65% | 0.65% |
| Class II | November 1, 2017 | -26.58% | 7.84% | 8.30% | 0.90% | 0.90% |
| Russell Midcap<sup>®</sup> Growth Index^ |  | -26.72% | 7.64% | 8.26% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Russell Midcap<sup>®</sup> Growth Index (Total Return) is an unmanaged index that consists of the bottom 800 securities of the Russell 1000<sup>®</sup> Index with greater-than-average growth orientation as ranked by total market capitalization. It is not possible to invest directly in an index.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_cc009.jpg)

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Holdings by Asset Class | % of Net Assets |
| Common Stocks | 98.8 |
| Short-Term Investments | 1.5 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other Assets less Liabilities - Net | (0.3 |
|  | 100.0 |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

^ Represents less than 0.05%.

5435687.2<br>38

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** |
| **AEROSPACE & DEFENSE - 1.3%** | **AEROSPACE & DEFENSE - 1.3%** | **AEROSPACE & DEFENSE - 1.3%** |
| Axon Enterprise, Inc.\* | 1852 | $307302 |
| HEICO Corp. | 10383 | 1595244 |
| HEICO Corp., Class A | 6943 | 832119 |
| Textron, Inc. | 1999 | 141529 |
| TransDigm Group, Inc. | 290 | 182599 |
|  |  | 3058793 |
| **AIR FREIGHT & LOGISTICS - 0.0%†** | **AIR FREIGHT & LOGISTICS - 0.0%†** | **AIR FREIGHT & LOGISTICS - 0.0%†** |
| GXO Logistics, Inc.\* | 2396 | 102285 |
| **AIRLINES - 0.2%** | **AIRLINES - 0.2%** | **AIRLINES - 0.2%** |
| Delta Air Lines, Inc.\* | 13976 | 459251 |
| **AUTO COMPONENTS - 0.6%** | **AUTO COMPONENTS - 0.6%** | **AUTO COMPONENTS - 0.6%** |
| Aptiv PLC\* | 9641 | 897866 |
| BorgWarner, Inc. | 1186 | 47737 |
| Lear Corp. | 3652 | 452921 |
|  |  | 1398524 |
| **BANKS - 0.4%** | **BANKS - 0.4%** | **BANKS - 0.4%** |
| Mid Penn Bancorp., Inc. | 1 | 30 |
| SVB Financial Group\* | 3957 | 910664 |
|  |  | 910694 |
| **BEVERAGES - 0.9%** | **BEVERAGES - 0.9%** | **BEVERAGES - 0.9%** |
| Brown-Forman Corp., Class B | 11581 | 760640 |
| PepsiCo, Inc. | 7777 | 1404993 |
|  |  | 2165633 |
| **BIOTECHNOLOGY - 4.1%** | **BIOTECHNOLOGY - 4.1%** | **BIOTECHNOLOGY - 4.1%** |
| Alnylam Pharmaceuticals, Inc.\* | 7196 | 1710129 |
| Blueprint Medicines Corp.\* | 2842 | 124508 |
| Exact Sciences Corp.\* | 11853 | 586842 |
| Exelixis, Inc.\* | 41972 | 673231 |
| Horizon Therapeutics PLC\* | 14702 | 1673087 |
| Incyte Corp.\* | 5971 | 479591 |
| Ionis Pharmaceuticals, Inc.\* | 7257 | 274097 |
| Natera, Inc.\* | 4589 | 184340 |
| Neurocrine Biosciences, Inc.\* | 9631 | 1150327 |
| Novavax, Inc.\* | 11030 | 113388 |
| Sarepta Therapeutics, Inc.\* | 4138 | 536202 |
| Seagen, Inc.\* | 12437 | 1598279 |
| Ultragenyx Pharmaceutical, Inc.\* | 13103 | 607062 |
| Verve Therapeutics, Inc.\* | 568 | 10991 |
|  |  | 9722074 |
| **BUILDING PRODUCTS - 2.0%** | **BUILDING PRODUCTS - 2.0%** | **BUILDING PRODUCTS - 2.0%** |
| Advanced Drainage Systems, Inc. | 2304 | 188859 |
| Allegion PLC | 11163 | 1175017 |
| Carlisle Cos., Inc. | 3289 | 775053 |
| Masterbrand, Inc.\* | 15366 | 116013 |
| Trane Technologies PLC | 13956 | 2345864 |
| Trex Co., Inc.\* | 2648 | 112090 |
|  |  | 4712896 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CAPITAL MARKETS - 2.5%** | **CAPITAL MARKETS - 2.5%** | **CAPITAL MARKETS - 2.5%** |
| Carlyle Group, Inc. (The) | 6173 | $184202 |
| Cboe Global Markets, Inc. | 3406 | 427351 |
| FactSet Research Systems, Inc. | 1386 | 556077 |
| LPL Financial Holdings, Inc. | 7522 | 1626031 |
| MarketAxess Holdings, Inc. | 1865 | 520130 |
| Morningstar, Inc. | 161 | 34871 |
| MSCI, Inc. | 3319 | 1543899 |
| Raymond James Financial, Inc. | 4147 | 443107 |
| Tradeweb Markets, Inc., Class A | 9484 | 615796 |
|  |  | 5951464 |
| **CHEMICALS - 2.1%** | **CHEMICALS - 2.1%** | **CHEMICALS - 2.1%** |
| Albemarle Corp. | 4607 | 999074 |
| Amyris, Inc.\* | 11231 | 17184 |
| CF Industries Holdings, Inc. | 11337 | 965912 |
| Corteva, Inc. | 1366 | 80294 |
| Ecolab, Inc. | 5270 | 767101 |
| FMC Corp. | 7444 | 929011 |
| Ginkgo Bioworks Holdings, Inc.\* | 18390 | 31079 |
| Mosaic Co. (The) | 6716 | 294631 |
| Valvoline, Inc. | 29297 | 956547 |
|  |  | 5040833 |
| **COMMERCIAL SERVICES & SUPPLIES - 2.6%** | **COMMERCIAL SERVICES & SUPPLIES - 2.6%** | **COMMERCIAL SERVICES & SUPPLIES - 2.6%** |
| Cintas Corp. | 7765 | 3506829 |
| Copart, Inc.\* | 1430 | 87073 |
| Republic Services, Inc. | 4250 | 548208 |
| Rollins, Inc. | 14618 | 534142 |
| Tetra Tech, Inc. | 9218 | 1338361 |
|  |  | 6014613 |
| **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** | **COMMUNICATIONS EQUIPMENT - 0.3%** |
| Arista Networks, Inc.\* | 5220 | 633447 |
| Juniper Networks, Inc. | 4456 | 142414 |
|  |  | 775861 |
| **CONSTRUCTION & ENGINEERING - 0.8%** | **CONSTRUCTION & ENGINEERING - 0.8%** | **CONSTRUCTION & ENGINEERING - 0.8%** |
| AECOM | 19548 | 1660212 |
| Valmont Industries, Inc. | 448 | 148140 |
|  |  | 1808352 |
| **CONSTRUCTION MATERIALS - 0.4%** | **CONSTRUCTION MATERIALS - 0.4%** | **CONSTRUCTION MATERIALS - 0.4%** |
| Vulcan Materials Co. | 4645 | 813386 |
| **CONSUMER FINANCE - 1.3%** | **CONSUMER FINANCE - 1.3%** | **CONSUMER FINANCE - 1.3%** |
| Ally Financial, Inc. | 2076 | 50758 |
| American Express Co. | 16108 | 2379957 |
| Discover Financial Services | 3061 | 299458 |
| Synchrony Financial | 7190 | 236263 |
|  |  | 2966436 |

---

See accompanying notes to financial statements.<br>39

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONTAINERS & PACKAGING - 0.6%** | **CONTAINERS & PACKAGING - 0.6%** | **CONTAINERS & PACKAGING - 0.6%** |
| Avery Dennison Corp. | 2628 | $475668 |
| Crown Holdings, Inc. | 7552 | 620850 |
| Graphic Packaging Holding Co. | 17510 | 389597 |
|  |  | 1486115 |
| **DISTRIBUTORS - 0.6%** | **DISTRIBUTORS - 0.6%** | **DISTRIBUTORS - 0.6%** |
| Genuine Parts Co. | 3745 | 649795 |
| Pool Corp. | 2160 | 653033 |
|  |  | 1302828 |
| **DIVERSIFIED CONSUMER SERVICES - 0.2%** | **DIVERSIFIED CONSUMER SERVICES - 0.2%** | **DIVERSIFIED CONSUMER SERVICES - 0.2%** |
| H&R Block, Inc. | 15296 | 558457 |
| **DIVERSIFIED FINANCIAL SERVICES - 0.2%** | **DIVERSIFIED FINANCIAL SERVICES - 0.2%** | **DIVERSIFIED FINANCIAL SERVICES - 0.2%** |
| Apollo Global Management, Inc. | 3980 | 253884 |
| Voya Financial, Inc. | 4164 | 256045 |
|  |  | 509929 |
| **ELECTRICAL EQUIPMENT - 0.8%** | **ELECTRICAL EQUIPMENT - 0.8%** | **ELECTRICAL EQUIPMENT - 0.8%** |
| Generac Holdings, Inc.\* | 2144 | 215815 |
| Rockwell Automation, Inc. | 6440 | 1658751 |
|  |  | 1874566 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%** |
| Arrow Electronics, Inc.\* | 399 | 41724 |
| CDW Corp. | 12061 | 2153853 |
| Flex Ltd.\* | 80783 | 1733603 |
| Jabil, Inc. | 19855 | 1354111 |
| Keysight Technologies, Inc.\* | 6584 | 1126325 |
|  |  | 6409616 |
| **ENERGY EQUIPMENT & SERVICES - 0.8%** | **ENERGY EQUIPMENT & SERVICES - 0.8%** | **ENERGY EQUIPMENT & SERVICES - 0.8%** |
| Halliburton Co. | 48299 | 1900566 |
| Parker Drilling Co.\* | 2 | 14 |
| Patterson-UTI Energy, Inc. | 1569 | 26422 |
|  |  | 1927002 |
| **ENTERTAINMENT - 1.8%** | **ENTERTAINMENT - 1.8%** | **ENTERTAINMENT - 1.8%** |
| Live Nation Entertainment, Inc.\* | 9547 | 665808 |
| ROBLOX Corp., Class A\* | 26106 | 742977 |
| Roku, Inc.\* | 5510 | 224257 |
| Spotify Technology SA\* | 15470 | 1221356 |
| Take-Two Interactive Software, Inc.\* | 6773 | 705272 |
| Warner Bros Discovery, Inc.\* | 60379 | 572393 |
|  |  | 4132063 |
| **EQUITY REAL ESTATE INVESTMENT - 2.1%** | **EQUITY REAL ESTATE INVESTMENT - 2.1%** | **EQUITY REAL ESTATE INVESTMENT - 2.1%** |
| Equity LifeStyle Properties, Inc. | 6999 | 452135 |
| Equity Residential | 1355 | 79945 |
| Essex Property Trust, Inc. | 529 | 112106 |
| Lamar Advertising Co., Class A | 6159 | 581410 |
| SBA Communications Corp. | 4779 | 1339601 |
| Simon Property Group, Inc. | 19727 | 2317528 |
|  |  | 4882725 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD & STAPLES RETAILING - 0.1%** | **FOOD & STAPLES RETAILING - 0.1%** | **FOOD & STAPLES RETAILING - 0.1%** |
| BJ's Wholesale Club Holdings, Inc.\* | 1528 | $101092 |
| Performance Food Group Co.\* | 3164 | 184746 |
|  |  | 285838 |
| **FOOD PRODUCTS - 1.9%** | **FOOD PRODUCTS - 1.9%** | **FOOD PRODUCTS - 1.9%** |
| Hershey Co. (The) | 17158 | 3973278 |
| Kellogg Co. | 5442 | 387688 |
| Tyson Foods, Inc., Class A | 2609 | 162410 |
|  |  | 4523376 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.5%** |
| Align Technology, Inc.\* | 4016 | 846974 |
| Becton Dickinson and Co. | 4705 | 1196481 |
| Dexcom, Inc.\* | 27032 | 3061104 |
| IDEXX Laboratories, Inc.\* | 7640 | 3116814 |
| Insulet Corp.\* | 4168 | 1227018 |
| Masimo Corp.\* | 663 | 98091 |
| Novocure Ltd.\* | 957 | 70196 |
| ResMed, Inc. | 3400 | 707642 |
| Tandem Diabetes Care, Inc.\* | 4487 | 201691 |
|  |  | 10526011 |
| **HEALTH CARE PROVIDERS & SERVICES - 2.1%** | **HEALTH CARE PROVIDERS & SERVICES - 2.1%** | **HEALTH CARE PROVIDERS & SERVICES - 2.1%** |
| AmerisourceBergen Corp. | 17275 | 2862640 |
| Cigna Corp. | 4508 | 1493681 |
| Guardant Health, Inc.\* | 4186 | 113859 |
| Molina Healthcare, Inc.\* | 1273 | 420370 |
|  |  | 4890550 |
| **HEALTH CARE TECHNOLOGY - 1.3%** | **HEALTH CARE TECHNOLOGY - 1.3%** | **HEALTH CARE TECHNOLOGY - 1.3%** |
| Teladoc Health, Inc.\* | 27394 | 647868 |
| Veeva Systems, Inc., Class A\* | 14970 | 2415859 |
|  |  | 3063727 |
| **HOTELS, RESTAURANTS & LEISURE - 4.7%** | **HOTELS, RESTAURANTS & LEISURE - 4.7%** | **HOTELS, RESTAURANTS & LEISURE - 4.7%** |
| Boyd Gaming Corp. | 1821 | 99299 |
| Caesars Entertainment, Inc.\* | 19682 | 818771 |
| Chipotle Mexican Grill, Inc.\* | 1284 | 1781537 |
| Choice Hotels International, Inc. | 3613 | 406968 |
| Darden Restaurants, Inc. | 8783 | 1214952 |
| Domino's Pizza, Inc. | 2493 | 863575 |
| DraftKings, Inc., Class A\* | 31896 | 363296 |
| Expedia Group, Inc.\* | 8594 | 752835 |
| Hilton Grand Vacations, Inc.\* | 1431 | 55151 |
| Hilton Worldwide Holdings, Inc. | 13200 | 1667952 |
| Norwegian Cruise Line Holdings Ltd.\* | 4846 | 59315 |
| Travel + Leisure Co. | 53675 | 1953770 |
| Wyndham Hotels & Resorts, Inc. | 7903 | 563563 |
| Yum! Brands, Inc. | 4090 | 523847 |
|  |  | 11124831 |

---

See accompanying notes to financial statements.<br>40

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOUSEHOLD DURABLES - 1.4%** | **HOUSEHOLD DURABLES - 1.4%** | **HOUSEHOLD DURABLES - 1.4%** |
| NVR, Inc.\* | 207 | $954804 |
| PulteGroup, Inc. | 7835 | 356727 |
| Toll Brothers, Inc. | 10805 | 539386 |
| TopBuild Corp.\* | 7186 | 1124537 |
| Whirlpool Corp. | 2195 | 310505 |
|  |  | 3285959 |
| **HOUSEHOLD PRODUCTS - 0.1%** | **HOUSEHOLD PRODUCTS - 0.1%** | **HOUSEHOLD PRODUCTS - 0.1%** |
| Church & Dwight Co., Inc. | 1447 | 116643 |
| Colgate-Palmolive Co. | 2783 | 219272 |
|  |  | 335915 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%** |
| Vistra Corp. | 42567 | 987554 |
| **INSURANCE - 0.7%** | **INSURANCE - 0.7%** | **INSURANCE - 0.7%** |
| American Financial Group, Inc./OH | 176 | 24161 |
| Arthur J Gallagher & Co. | 440 | 82957 |
| Everest Re Group Ltd. | 2071 | 686060 |
| Marsh & McLennan Cos., Inc. | 4645 | 768655 |
| MetLife, Inc. | 1280 | 92634 |
|  |  | 1654467 |
| **INTERACTIVE MEDIA & SERVICES - 0.7%** | **INTERACTIVE MEDIA & SERVICES - 0.7%** | **INTERACTIVE MEDIA & SERVICES - 0.7%** |
| Match Group, Inc.\* | 23222 | 963481 |
| Snap, Inc., Class A\* | 19564 | 175098 |
| ZoomInfo Technologies, Inc.\* | 12765 | 384354 |
|  |  | 1522933 |
| **INTERNET & DIRECT MARKETING RETAIL - 1.4%** | **INTERNET & DIRECT MARKETING RETAIL - 1.4%** | **INTERNET & DIRECT MARKETING RETAIL - 1.4%** |
| Amazon.com, Inc.\* | 771 | 64764 |
| Coupang, Inc.\* | 3367 | 49529 |
| DoorDash, Inc., Class A\* | 12145 | 592919 |
| eBay, Inc. | 29667 | 1230290 |
| Etsy, Inc.\* | 10445 | 1251102 |
| MercadoLibre, Inc.\* | 34 | 28772 |
| Wayfair, Inc., Class A\* | 1411 | 46408 |
|  |  | 3263784 |
| **IT SERVICES - 5.6%** | **IT SERVICES - 5.6%** | **IT SERVICES - 5.6%** |
| Broadridge Financial Solutions, Inc. | 8303 | 1113681 |
| Cloudflare, Inc., Class A\* | 16416 | 742167 |
| Cognizant Technology Solutions Corp., <br>Class A | 6579 | 376253 |
| EPAM Systems, Inc.\* | 3396 | 1113005 |
| FleetCor Technologies, Inc.\* | 3884 | 713413 |
| Gartner, Inc.\* | 8806 | 2960049 |
| Globant SA\* | 1798 | 302352 |
| MongoDB, Inc.\* | 4879 | 960382 |
| Okta, Inc.\* | 4848 | 331264 |
| Paychex, Inc. | 24455 | 2826020 |
| PayPal Holdings, Inc.\* | 8770 | 624599 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **IT SERVICES - 5.6% (Continued)** | **IT SERVICES - 5.6% (Continued)** | **IT SERVICES - 5.6% (Continued)** |
| Shift4 Payments, Inc., Class A\* | 2158 | $120697 |
| StoneCo Ltd., Class A\* | 8347 | 78796 |
| Twilio, Inc., Class A\* | 11639 | 569846 |
| Wix.com Ltd.\* | 3607 | 277126 |
|  |  | 13109650 |
| **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** |
| Mattel, Inc.\* | 13295 | 237183 |
| **LIFE SCIENCES TOOLS & SERVICES - 6.2%** | **LIFE SCIENCES TOOLS & SERVICES - 6.2%** | **LIFE SCIENCES TOOLS & SERVICES - 6.2%** |
| Adaptive Biotechnologies Corp.\* | 18396 | 140545 |
| Agilent Technologies, Inc. | 28845 | 4316654 |
| Avantor, Inc.\* | 26638 | 561795 |
| Bruker Corp. | 8570 | 585760 |
| Charles River Laboratories International, Inc.\* | 732 | 159503 |
| Danaher Corp. | 2100 | 557382 |
| IQVIA Holdings, Inc.\* | 10375 | 2125734 |
| Mettler-Toledo International, Inc.\* | 1754 | 2535319 |
| PerkinElmer, Inc. | 610 | 85534 |
| Repligen Corp.\* | 1353 | 229076 |
| Syneos Health, Inc.\* | 6410 | 235119 |
| Waters Corp.\* | 4521 | 1548804 |
| West Pharmaceutical Services, Inc. | 7022 | 1652628 |
|  |  | 14733853 |
| **MACHINERY - 2.7%** | **MACHINERY - 2.7%** | **MACHINERY - 2.7%** |
| Allison Transmission Holdings, Inc. | 16511 | 686858 |
| Deere & Co. | 915 | 392315 |
| Donaldson Co., Inc. | 10429 | 613955 |
| Graco, Inc. | 19823 | 1333295 |
| Otis Worldwide Corp. | 918 | 71889 |
| Snap-on, Inc. | 790 | 180507 |
| Timken Co. (The) | 11669 | 824648 |
| Xylem, Inc. | 20547 | 2271882 |
|  |  | 6375349 |
| **MEDIA - 1.1%** | **MEDIA - 1.1%** | **MEDIA - 1.1%** |
| Fox Corp., Class A | 44446 | 1349825 |
| Liberty Broadband Corp., Class C\* | 569 | 43398 |
| Liberty Media Corp.-Liberty SiriusXM, <br>Class A\* | 668 | 26259 |
| Trade Desk, Inc. (The), Class A\* | 26922 | 1206913 |
|  |  | 2626395 |
| **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** |
| Commercial Metals Co. | 528 | 25502 |
| **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** |
| Dollar Tree, Inc.\* | 489 | 69164 |
| Nordstrom, Inc. | 2853 | 46048 |
|  |  | 115212 |
| **MULTI-UTILITIES - 0.0%†** | **MULTI-UTILITIES - 0.0%†** | **MULTI-UTILITIES - 0.0%†** |
| DTE Energy Co. | 416 | 48893 |

---

See accompanying notes to financial statements.<br>41

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL, GAS & CONSUMABLE FUELS - 3.9%** | **OIL, GAS & CONSUMABLE FUELS - 3.9%** | **OIL, GAS & CONSUMABLE FUELS - 3.9%** |
| Cheniere Energy, Inc. | 2893 | $433834 |
| Devon Energy Corp. | 28362 | 1744547 |
| Diamondback Energy, Inc. | 6372 | 871562 |
| EOG Resources, Inc. | 588 | 76158 |
| Hess Corp. | 7399 | 1049326 |
| Marathon Petroleum Corp. | 7686 | 894574 |
| Ovintiv, Inc. | 24021 | 1218105 |
| PDC Energy, Inc. | 1569 | 99600 |
| Range Resources Corp. | 18026 | 451010 |
| Targa Resources Corp. | 24159 | 1775686 |
| Texas Pacific Land Corp. | 255 | 597779 |
|  |  | 9212181 |
| **PERSONAL PRODUCTS - 0.0%†** | **PERSONAL PRODUCTS - 0.0%†** | **PERSONAL PRODUCTS - 0.0%†** |
| Olaplex Holdings, Inc.\* | 8837 | 46041 |
| **PHARMACEUTICALS - 0.1%** | **PHARMACEUTICALS - 0.1%** | **PHARMACEUTICALS - 0.1%** |
| Catalent, Inc.\* | 2689 | 121032 |
| **PROFESSIONAL SERVICES - 1.1%** | **PROFESSIONAL SERVICES - 1.1%** | **PROFESSIONAL SERVICES - 1.1%** |
| Booz Allen Hamilton Holding Corp. | 11871 | 1240757 |
| CoStar Group, Inc.\* | 4311 | 333154 |
| KBR, Inc. | 13110 | 692208 |
| TransUnion | 4627 | 262582 |
| Verisk Analytics, Inc. | 774 | 136549 |
|  |  | 2665250 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** |
| Zillow Group, Inc., Class A\* | 4686 | 146250 |
| **ROAD & RAIL - 0.9%** | **ROAD & RAIL - 0.9%** | **ROAD & RAIL - 0.9%** |
| JB Hunt Transport Services, Inc. | 5877 | 1024714 |
| Landstar System, Inc. | 3452 | 562331 |
| Lyft, Inc., Class A\* | 30668 | 337961 |
| Old Dominion Freight Line, Inc. | 185 | 52499 |
| RXO, Inc.\* | 1977 | 34005 |
| Uber Technologies, Inc.\* | 7719 | 190891 |
|  |  | 2202401 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** |
| Allegro MicroSystems, Inc.\* | 2667 | 80063 |
| Analog Devices, Inc. | 9192 | 1507764 |
| Enphase Energy, Inc.\* | 10699 | 2834807 |
| Entegris, Inc. | 2928 | 192048 |
| Intel Corp. | 8934 | 236126 |
| Lam Research Corp. | 411 | 172743 |
| Lattice Semiconductor Corp.\* | 19211 | 1246410 |
| MaxLinear, Inc.\* | 1031 | 35003 |
| Microchip Technology, Inc. | 20169 | 1416872 |
| Monolithic Power Systems, Inc. | 3938 | 1392516 |
| ON Semiconductor Corp.\* | 4971 | 310041 |
| Teradyne, Inc. | 11715 | 1023305 |
|  |  | 10447698 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 13.0%** | **SOFTWARE - 13.0%** | **SOFTWARE - 13.0%** |
| Alteryx, Inc., Class A\* | 10076 | $510551 |
| ANSYS, Inc.\* | 5726 | 1383344 |
| Bill.com Holdings, Inc.\* | 1353 | 147423 |
| Cadence Design Systems, Inc.\* | 23493 | 3773916 |
| Ceridian HCM Holding, Inc.\* | 6839 | 438722 |
| Confluent, Inc., Class A\* | 7362 | 163731 |
| Coupa Software, Inc.\* | 2253 | 178370 |
| Crowdstrike Holdings, Inc., Class A\* | 15848 | 1668636 |
| Datadog, Inc., Class A\* | 15726 | 1155861 |
| DocuSign, Inc.\* | 21375 | 1184603 |
| Dropbox, Inc., Class A\* | 3381 | 75667 |
| Dynatrace, Inc.\* | 23958 | 917591 |
| Elastic NV\* | 4832 | 248848 |
| Fair Isaac Corp.\* | 1103 | 660234 |
| Five9, Inc.\* | 3091 | 209755 |
| Fortinet, Inc.\* | 50805 | 2483856 |
| HubSpot, Inc.\* | 5354 | 1548002 |
| Jamf Holding Corp.\* | 2489 | 53016 |
| Manhattan Associates, Inc.\* | 8865 | 1076211 |
| New Relic, Inc.\* | 4831 | 272710 |
| Nutanix, Inc., Class A\* | 9117 | 237498 |
| Palantir Technologies, Inc., Class A\* | 115555 | 741863 |
| Paycom Software, Inc.\* | 5992 | 1859378 |
| Paylocity Holding Corp.\* | 6074 | 1179935 |
| PTC, Inc.\* | 6398 | 768016 |
| Rapid7, Inc.\* | 4527 | 153827 |
| RingCentral, Inc., Class A\* | 17428 | 616951 |
| Salesforce, Inc.\* | 2480 | 328823 |
| SentinelOne, Inc., Class A\* | 3280 | 47855 |
| ServiceNow, Inc.\* | 673 | 261306 |
| Smartsheet, Inc., Class A\* | 5895 | 232027 |
| Splunk, Inc.\* | 12036 | 1036179 |
| Synopsys, Inc.\* | 9662 | 3084980 |
| Teradata Corp.\* | 10163 | 342087 |
| Unity Software, Inc.\* | 5391 | 154129 |
| Workday, Inc., Class A\* | 1037 | 173521 |
| Zoom Video Communications, Inc., Class A\* | 3472 | 235193 |
| Zscaler, Inc.\* | 9052 | 1012919 |
|  |  | 30617534 |
| **SPECIALTY RETAIL - 4.7%** | **SPECIALTY RETAIL - 4.7%** | **SPECIALTY RETAIL - 4.7%** |
| Advance Auto Parts, Inc. | 813 | 119536 |
| AutoNation, Inc.\* | 370 | 39701 |
| AutoZone, Inc.\* | 1535 | 3785586 |
| Best Buy Co., Inc. | 12421 | 996289 |
| Carvana Co.\* | 8041 | 38114 |
| Five Below, Inc.\* | 183 | 32367 |
| Floor & Decor Holdings, Inc., Class A\* | 800 | 55704 |
| Home Depot, Inc. (The) | 384 | 121290 |
| Lowe's Cos., Inc. | 1275 | 254031 |
| O'Reilly Automotive, Inc.\* | 538 | 454088 |

---

See accompanying notes to financial statements.<br>42

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPECIALTY RETAIL - 4.7% (Continued)** | **SPECIALTY RETAIL - 4.7% (Continued)** | **SPECIALTY RETAIL - 4.7% (Continued)** |
| Ross Stores, Inc. | 2960 | $343567 |
| Tractor Supply Co. | 8606 | 1936092 |
| Ulta Beauty, Inc.\* | 5366 | 2517030 |
| Williams-Sonoma, Inc. | 3818 | 438765 |
|  |  | 11132160 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%** |
| Dell Technologies, Inc., Class C | 9088 | 365519 |
| Hewlett Packard Enterprise Co. | 16947 | 270474 |
| HP, Inc. | 51866 | 1393640 |
| NetApp, Inc. | 13549 | 813753 |
| Pure Storage, Inc., Class A\* | 26932 | 720700 |
|  |  | 3564086 |
| **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** |
| Deckers Outdoor Corp.\* | 3482 | 1389875 |
| Lululemon Athletica, Inc.\* | 10270 | 3290302 |
| Tapestry, Inc. | 3384 | 128863 |
|  |  | 4809040 |
| **TRADING COMPANIES & DISTRIBUTORS - 2.7%** | **TRADING COMPANIES & DISTRIBUTORS - 2.7%** | **TRADING COMPANIES & DISTRIBUTORS - 2.7%** |
| SiteOne Landscape Supply, Inc.\* | 6800 | 797776 |
| United Rentals, Inc.\* | 3783 | 1344554 |
| WESCO International, Inc.\* | 6609 | 827447 |
| WW Grainger, Inc. | 6127 | 3408143 |
|  |  | 6377920 |
| **TOTAL COMMON STOCKS**<br> (Cost - $228,667,872) |  | 233062971 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** |
| ABIOMED, Inc.\* | 1883 | $1921 |
| Achillion Pharmaceuticals, Inc., CVR\* | 1183 | 544 |
| Prevail Therapeutics, CVR\* | 107 | 53 |
| **TOTAL RIGHTS**<br> (Cost - $0) |  | 2518 |
| **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** |
| Chord Energy Corp., expires 12/31/25\* | 24 | 1512 |
| Parker Drilling Co., expires 9/16/24\* | 20 | 1 |
| Valaris Ltd., expires 12/31/28\* | 61 | 726 |
| **TOTAL WARRANTS**<br> (Cost - $744) |  | 2239 |
| **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** |
| **MONEY MARKET FUNDS - 1.5%** | **MONEY MARKET FUNDS - 1.5%** | **MONEY MARKET FUNDS - 1.5%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (a) <br>(Cost - $3,587,935) | 3587935 | 3587935 |
| **TOTAL INVESTMENTS - 100.3%**<br> (Cost - $232,256,551) |  | $236655663 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET (0.3)%** |  | (663596) |
| **TOTAL NET ASSETS - 100.0%** |  | $235992067 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

CVR - Contingent Value Rights

PLC - Public Limited Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 17 | 3/17/2023 | $3281850 | $(71275) |

---

See accompanying notes to financial statements.<br>43

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide long-term capital appreciation.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Value Portfolio underperformed its reference benchmark, the Russell 1000<sup>®</sup> Value Index. The Portfolio posted a return of -8.37% compared to a benchmark return of -7.54%, a difference of -83 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors being measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights detracted from performance, specifically those designed to track news Sentiment in the energy sector, which was negative for much of the year. Sentiment-based measures provided ballast throughout the year. Specifically, informed investor Sentiment insights as well as measures designed to capture Sentiment from bond markets contributed, as did those measures evaluating credit default swap data amidst the increase in market focus on corporate financial health.

**How was the Portfolio positioned at period end?**

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in the information technology and health care sectors and slight underweights in communication services and utilities stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** | **Global Atlantic BlackRock Disciplined Value Portfolio** |
| Class I | November 1, 2017 | -8.37% | 6.85% | 7.52% | 0.55% | 0.55% |
| Class II | November 1, 2017 | -8.62% | 6.58% | 7.28% | 0.80% | 0.80% |
| Russell 1000<sup>®</sup> Value Index^ |  | -7.54% | 6.67% | 7.31% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Russell 1000<sup>®</sup> Value Index (Total Return) measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is not possible to invest directly in an index.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_ce010.jpg)

---

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

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

^ Represents less than 0.05%.

5435687.2<br>45

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.7%** | **COMMON STOCKS - 98.7%** | **COMMON STOCKS - 98.7%** |
| **AEROSPACE & DEFENSE - 2.8%** | **AEROSPACE & DEFENSE - 2.8%** | **AEROSPACE & DEFENSE - 2.8%** |
| Boeing Co. (The)\* | 206 | $39241 |
| Curtiss-Wright Corp. | 2897 | 483770 |
| General Dynamics Corp. | 7217 | 1790610 |
| HEICO Corp. | 2906 | 446478 |
| Lockheed Martin Corp. | 3779 | 1838445 |
| Northrop Grumman Corp. | 2012 | 1097767 |
| Textron, Inc. | 9461 | 669839 |
|  |  | 6366150 |
| **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** |
| United Parcel Service, Inc., Class B | 2251 | 391314 |
| **AIRLINES - 0.2%** | **AIRLINES - 0.2%** | **AIRLINES - 0.2%** |
| JetBlue Airways Corp.\* | 21854 | 141614 |
| Southwest Airlines Co.\* | 9588 | 322828 |
| United Airlines Holdings, Inc.\* | 1464 | 55193 |
|  |  | 519635 |
| **AUTO COMPONENTS - 0.7%** | **AUTO COMPONENTS - 0.7%** | **AUTO COMPONENTS - 0.7%** |
| Aptiv PLC\* | 2081 | 193803 |
| BorgWarner, Inc. | 11367 | 457522 |
| Goodyear Tire & Rubber Co. (The)\* | 14055 | 142658 |
| Lear Corp. | 5689 | 705550 |
|  |  | 1499533 |
| **AUTOMOBILES - 0.2%** | **AUTOMOBILES - 0.2%** | **AUTOMOBILES - 0.2%** |
| General Motors Co. | 15604 | 524919 |
| **BANKS - 6.2%** | **BANKS - 6.2%** | **BANKS - 6.2%** |
| Bank of America Corp. | 82337 | 2727001 |
| Citigroup, Inc. | 49414 | 2234995 |
| East West Bancorp, Inc. | 501 | 33016 |
| Huntington Bancshares, Inc. | 38933 | 548955 |
| JPMorgan Chase & Co. | 20125 | 2698763 |
| KeyCorp | 17897 | 311766 |
| Pinnacle Financial Partners, Inc. | 1153 | 84630 |
| PNC Financial Services Group, Inc. (The) | 2959 | 467345 |
| Regions Financial Corp. | 33806 | 728857 |
| SVB Financial Group\* | 497 | 114380 |
| Truist Financial Corp. | 3113 | 133952 |
| US Bancorp | 34200 | 1491462 |
| Wells Fargo & Co. | 58501 | 2415506 |
|  |  | 13990628 |
| **BEVERAGES - 1.4%** | **BEVERAGES - 1.4%** | **BEVERAGES - 1.4%** |
| Brown-Forman Corp., Class B | 4253 | 279337 |
| Coca-Cola Europacific Partners PLC | 7549 | 417611 |
| PepsiCo, Inc. | 13423 | 2424999 |
|  |  | 3121947 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BIOTECHNOLOGY - 1.9%** | **BIOTECHNOLOGY - 1.9%** | **BIOTECHNOLOGY - 1.9%** |
| Amgen, Inc. | 2970 | $780041 |
| Biogen, Inc.\* | 1480 | 409841 |
| BioMarin Pharmaceutical, Inc.\* | 4077 | 421929 |
| Blueprint Medicines Corp.\* | 1385 | 60677 |
| Exact Sciences Corp.\* | 7957 | 393951 |
| Exelixis, Inc.\* | 4384 | 70319 |
| Gilead Sciences, Inc. | 14636 | 1256501 |
| Moderna, Inc.\* | 1626 | 292062 |
| Regeneron Pharmaceuticals, Inc.\* | 243 | 175322 |
| Seagen, Inc.\* | 1386 | 178115 |
| Ultragenyx Pharmaceutical, Inc.\* | 3016 | 139731 |
|  |  | 4178489 |
| **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** |
| Allegion PLC | 821 | 86419 |
| Builders FirstSource, Inc.\* | 3557 | 230778 |
| Johnson Controls International PLC | 9225 | 590400 |
| Masterbrand, Inc.\* | 860 | 6493 |
| Owens Corning | 2831 | 241484 |
| Trane Technologies PLC | 1778 | 298864 |
|  |  | 1454438 |
| **CAPITAL MARKETS - 2.9%** | **CAPITAL MARKETS - 2.9%** | **CAPITAL MARKETS - 2.9%** |
| Bank of New York Mellon Corp. (The) | 39361 | 1791713 |
| Carlyle Group, Inc. (The) | 19938 | 594950 |
| Cboe Global Markets, Inc. | 8005 | 1004387 |
| CME Group, Inc. | 8214 | 1381266 |
| Intercontinental Exchange, Inc. | 6615 | 678633 |
| LPL Financial Holdings, Inc. | 445 | 96196 |
| S&P Global, Inc. | 2345 | 785434 |
| Tradeweb Markets, Inc., Class A | 1142 | 74150 |
|  |  | 6406729 |
| **CHEMICALS - 2.7%** | **CHEMICALS - 2.7%** | **CHEMICALS - 2.7%** |
| Albemarle Corp. | 132 | 28625 |
| Corteva, Inc. | 23669 | 1391264 |
| DuPont de Nemours, Inc. | 1274 | 87435 |
| Ecolab, Inc. | 8960 | 1304217 |
| FMC Corp. | 6099 | 761155 |
| Huntsman Corp. | 6208 | 170596 |
| Linde PLC | 5155 | 1681458 |
| Mosaic Co. (The) | 3978 | 174515 |
| Sherwin-Williams Co. (The) | 1200 | 284796 |
| Valvoline, Inc. | 5203 | 169878 |
|  |  | 6053939 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.4%** | **COMMERCIAL SERVICES & SUPPLIES - 0.4%** | **COMMERCIAL SERVICES & SUPPLIES - 0.4%** |
| Cintas Corp. | 428 | 193293 |
| Rentokil Initial PLC, ADR | 1823 | 56167 |
| Republic Services, Inc. | 2241 | 289067 |
| Tetra Tech, Inc. | 1905 | 276587 |
|  |  | 815114 |

---

See accompanying notes to financial statements.<br>46

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMUNICATIONS EQUIPMENT - 0.7%** | **COMMUNICATIONS EQUIPMENT - 0.7%** | **COMMUNICATIONS EQUIPMENT - 0.7%** |
| Cisco Systems, Inc. | 7751 | $369258 |
| Juniper Networks, Inc. | 38877 | 1242509 |
|  |  | 1611767 |
| **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** |
| AECOM | 12802 | 1087274 |
| **CONSUMER FINANCE - 2.9%** | **CONSUMER FINANCE - 2.9%** | **CONSUMER FINANCE - 2.9%** |
| Ally Financial, Inc. | 30253 | 739686 |
| American Express Co. | 20494 | 3027988 |
| Capital One Financial Corp. | 13300 | 1236368 |
| Discover Financial Services | 8537 | 835175 |
| Synchrony Financial | 17505 | 575214 |
|  |  | 6414431 |
| **DISTRIBUTORS - 0.0%†** | **DISTRIBUTORS - 0.0%†** | **DISTRIBUTORS - 0.0%†** |
| Genuine Parts Co. | 534 | 92654 |
| **DIVERSIFIED FINANCIAL SERVICES - 3.2%** | **DIVERSIFIED FINANCIAL SERVICES - 3.2%** | **DIVERSIFIED FINANCIAL SERVICES - 3.2%** |
| Berkshire Hathaway, Inc., Class B\* | 19337 | 5973199 |
| Voya Financial, Inc. | 20557 | 1264050 |
|  |  | 7237249 |
| **DIVERSIFIED TELECOMMUNICATION - 1.6%** | **DIVERSIFIED TELECOMMUNICATION - 1.6%** | **DIVERSIFIED TELECOMMUNICATION - 1.6%** |
| AT&T, Inc. | 79800 | 1469118 |
| Lumen Technologies, Inc. | 10076 | 52597 |
| Verizon Communications, Inc. | 50347 | 1983672 |
|  |  | 3505387 |
| **ELECTRIC UTILITIES - 2.5%** | **ELECTRIC UTILITIES - 2.5%** | **ELECTRIC UTILITIES - 2.5%** |
| Edison International | 11901 | 757142 |
| Evergy, Inc. | 28650 | 1802944 |
| NextEra Energy, Inc. | 12249 | 1024016 |
| NRG Energy, Inc. | 4936 | 157064 |
| Pinnacle West Capital Corp. | 3895 | 296176 |
| Portland General Electric Co. | 2456 | 120344 |
| Southern Co. (The) | 363 | 25922 |
| Xcel Energy, Inc. | 18637 | 1306640 |
|  |  | 5490248 |
| **ELECTRICAL EQUIPMENT - 0.9%** | **ELECTRICAL EQUIPMENT - 0.9%** | **ELECTRICAL EQUIPMENT - 0.9%** |
| AMETEK, Inc. | 1258 | 175768 |
| Eaton Corp. PLC | 10514 | 1650172 |
| Sunrun, Inc.\* | 4825 | 115897 |
|  |  | 1941837 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** |
| Flex Ltd.\* | 72345 | 1552524 |
| TD SYNNEX Corp. | 2661 | 252023 |
| TE Connectivity Ltd. | 2689 | 308697 |
|  |  | 2113244 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENERGY EQUIPMENT & SERVICES - 1.0%** | **ENERGY EQUIPMENT & SERVICES - 1.0%** | **ENERGY EQUIPMENT & SERVICES - 1.0%** |
| Halliburton Co. | 26287 | $1034393 |
| Patterson-UTI Energy, Inc. | 14197 | 239078 |
| Schlumberger NV | 19653 | 1050649 |
|  |  | 2324120 |
| **ENTERTAINMENT - 0.8%** | **ENTERTAINMENT - 0.8%** | **ENTERTAINMENT - 0.8%** |
| Activision Blizzard, Inc. | 5688 | 435416 |
| Live Nation Entertainment, Inc.\* | 5027 | 350583 |
| Spotify Technology SA\* | 1103 | 87082 |
| Walt Disney Co. (The)\* | 10294 | 894343 |
| Warner Bros Discovery, Inc.\* | 7546 | 71536 |
|  |  | 1838960 |
| **EQUITY REAL ESTATE INVESTMENT - 4.6%** | **EQUITY REAL ESTATE INVESTMENT - 4.6%** | **EQUITY REAL ESTATE INVESTMENT - 4.6%** |
| Brixmor Property Group, Inc. | 28980 | 656976 |
| Crown Castle, Inc. | 515 | 69855 |
| Equity Residential | 37981 | 2240879 |
| Essex Property Trust, Inc. | 8441 | 1788817 |
| Kimco Realty Corp. | 4 | 85 |
| Lamar Advertising Co., Class A | 3663 | 345787 |
| Park Hotels & Resorts, Inc. | 5090 | 60011 |
| Prologis, Inc. | 20328 | 2291575 |
| Regency Centers Corp. | 7631 | 476937 |
| SBA Communications Corp. | 1573 | 440928 |
| Simon Property Group, Inc. | 15129 | 1777355 |
| Ventas, Inc. | 4599 | 207185 |
|  |  | 10356390 |
| **FOOD & STAPLES RETAILING - 1.4%** | **FOOD & STAPLES RETAILING - 1.4%** | **FOOD & STAPLES RETAILING - 1.4%** |
| Kroger Co. (The) | 19679 | 877290 |
| Walmart, Inc. | 15486 | 2195760 |
|  |  | 3073050 |
| **FOOD PRODUCTS - 2.8%** | **FOOD PRODUCTS - 2.8%** | **FOOD PRODUCTS - 2.8%** |
| Archer-Daniels-Midland Co. | 6552 | 608353 |
| Bunge Ltd. | 1156 | 115334 |
| General Mills, Inc. | 272 | 22807 |
| Hershey Co. (The) | 6835 | 1582781 |
| Kellogg Co. | 4685 | 333760 |
| Mondelez International, Inc., Class A | 27384 | 1825144 |
| Tyson Foods, Inc., Class A | 27297 | 1699238 |
|  |  | 6187417 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%** |
| Abbott Laboratories | 15352 | 1685496 |
| Becton Dickinson and Co. | 11202 | 2848669 |
| Boston Scientific Corp.\* | 22326 | 1033024 |
| Enovis Corp.\* | 3025 | 161898 |
| IDEXX Laboratories, Inc.\* | 443 | 180726 |
| Medtronic PLC | 24074 | 1871031 |
|  |  | 7780844 |

---

See accompanying notes to financial statements.<br>47

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE PROVIDERS & SERVICES - 3.6%** | **HEALTH CARE PROVIDERS & SERVICES - 3.6%** | **HEALTH CARE PROVIDERS & SERVICES - 3.6%** |
| AmerisourceBergen Corp. | 4885 | $809493 |
| Cigna Corp. | 9038 | 2994651 |
| CVS Health Corp. | 20651 | 1924467 |
| Elevance Health, Inc. | 3259 | 1671769 |
| Humana, Inc. | 424 | 217168 |
| UnitedHealth Group, Inc. | 1043 | 552978 |
|  |  | 8170526 |
| **HEALTH CARE TECHNOLOGY - 0.4%** | **HEALTH CARE TECHNOLOGY - 0.4%** | **HEALTH CARE TECHNOLOGY - 0.4%** |
| Teladoc Health, Inc.\* | 22352 | 528625 |
| Veeva Systems, Inc., Class A\* | 2163 | 349065 |
|  |  | 877690 |
| **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** | **HOTELS, RESTAURANTS & LEISURE - 1.3%** |
| Caesars Entertainment, Inc.\* | 1954 | 81286 |
| Darden Restaurants, Inc. | 1963 | 271542 |
| Hilton Grand Vacations, Inc.\* | 2521 | 97159 |
| McDonald's Corp. | 2648 | 697827 |
| MGM Resorts International | 721 | 24175 |
| Royal Caribbean Cruises Ltd.\* | 1572 | 77704 |
| Starbucks Corp. | 5314 | 527149 |
| Travel + Leisure Co. | 28779 | 1047556 |
|  |  | 2824398 |
| **HOUSEHOLD DURABLES - 0.7%** | **HOUSEHOLD DURABLES - 0.7%** | **HOUSEHOLD DURABLES - 0.7%** |
| Garmin Ltd. | 369 | 34055 |
| Lennar Corp., Class A | 2921 | 264350 |
| Toll Brothers, Inc. | 1953 | 97494 |
| TopBuild Corp.\* | 1506 | 235674 |
| Whirlpool Corp. | 5735 | 811273 |
|  |  | 1442846 |
| **HOUSEHOLD PRODUCTS - 2.0%** | **HOUSEHOLD PRODUCTS - 2.0%** | **HOUSEHOLD PRODUCTS - 2.0%** |
| Colgate-Palmolive Co. | 28915 | 2278213 |
| Procter & Gamble Co. (The) | 14796 | 2242482 |
|  |  | 4520695 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.5%** |
| Brookfield Renewable Corp., Class A | 4450 | 122553 |
| Clearway Energy, Inc., Class C | 2035 | 64855 |
| Vistra Corp. | 38649 | 896657 |
|  |  | 1084065 |
| **INDUSTRIAL CONGLOMERATES - 0.4%** | **INDUSTRIAL CONGLOMERATES - 0.4%** | **INDUSTRIAL CONGLOMERATES - 0.4%** |
| Honeywell International, Inc. | 4369 | 936277 |
| **INSURANCE - 4.1%** | **INSURANCE - 4.1%** | **INSURANCE - 4.1%** |
| Allstate Corp. (The) | 6749 | 915164 |
| American Financial Group, Inc./OH | 807 | 110785 |
| Assured Guaranty Ltd. | 445 | 27706 |
| Everest Re Group Ltd. | 313 | 103688 |
| Hartford Financial Services Group, Inc. (The) | 17493 | 1326494 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 4.1% (Continued)** | **INSURANCE - 4.1% (Continued)** | **INSURANCE - 4.1% (Continued)** |
| Marsh & McLennan Cos., Inc. | 11333 | $1875385 |
| MetLife, Inc. | 35441 | 2564865 |
| Reinsurance Group of America, Inc. | 222 | 31544 |
| Travelers Cos., Inc. (The) | 9889 | 1854089 |
| Unum Group | 4659 | 191159 |
| W R Berkley Corp. | 3878 | 281426 |
|  |  | 9282305 |
| **INTERACTIVE MEDIA & SERVICES - 2.0%** | **INTERACTIVE MEDIA & SERVICES - 2.0%** | **INTERACTIVE MEDIA & SERVICES - 2.0%** |
| Alphabet, Inc., Class A\* | 10878 | 959766 |
| Alphabet, Inc., Class C\* | 8433 | 748260 |
| Meta Platforms, Inc., Class A\* | 21284 | 2561317 |
| Snap, Inc., Class A\* | 21860 | 195647 |
|  |  | 4464990 |
| **INTERNET & DIRECT MARKETING RETAIL - 0.4%** | **INTERNET & DIRECT MARKETING RETAIL - 0.4%** | **INTERNET & DIRECT MARKETING RETAIL - 0.4%** |
| Amazon.com, Inc.\* | 1548 | 130032 |
| eBay, Inc. | 18736 | 776982 |
|  |  | 907014 |
| **IT SERVICES - 2.0%** | **IT SERVICES - 2.0%** | **IT SERVICES - 2.0%** |
| Accenture PLC, Class A | 96 | 25617 |
| Automatic Data Processing, Inc. | 1744 | 416572 |
| Block, Inc.\* | 3325 | 208943 |
| Cognizant Technology Solutions Corp., <br>Class A | 21241 | 1214773 |
| Fidelity National Information Services, Inc. | 9050 | 614042 |
| Gartner, Inc.\* | 921 | 309585 |
| Okta, Inc.\* | 1186 | 81039 |
| PayPal Holdings, Inc.\* | 19618 | 1397194 |
| StoneCo Ltd., Class A\* | 9270 | 87509 |
| Twilio, Inc., Class A\* | 3032 | 148447 |
|  |  | 4503721 |
| **LIFE SCIENCES TOOLS & SERVICES - 3.3%** | **LIFE SCIENCES TOOLS & SERVICES - 3.3%** | **LIFE SCIENCES TOOLS & SERVICES - 3.3%** |
| Agilent Technologies, Inc. | 7229 | 1081820 |
| Danaher Corp. | 10993 | 2917762 |
| PerkinElmer, Inc. | 2824 | 395981 |
| Syneos Health, Inc.\* | 799 | 29307 |
| Thermo Fisher Scientific, Inc. | 5446 | 2999058 |
|  |  | 7423928 |
| **MACHINERY - 3.7%** | **MACHINERY - 3.7%** | **MACHINERY - 3.7%** |
| Allison Transmission Holdings, Inc. | 1455 | 60528 |
| Deere & Co. | 2928 | 1255409 |
| Illinois Tool Works, Inc. | 1790 | 394337 |
| PACCAR, Inc. | 13126 | 1299080 |
| Snap-on, Inc. | 7001 | 1599659 |
| Stanley Black & Decker, Inc. | 4425 | 332406 |
| Timken Co. (The) | 22244 | 1571983 |
| Xylem, Inc. | 16642 | 1840106 |
|  |  | 8353508 |

---

See accompanying notes to financial statements.<br>48

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 1.9%** | **MEDIA - 1.9%** | **MEDIA - 1.9%** |
| Comcast Corp., Class A | 62109 | $2171952 |
| Fox Corp., Class A | 69396 | 2107557 |
| Fox Corp., Class B | 1872 | 53258 |
| Liberty Media Corp.-Liberty SiriusXM, <br>Class A\* | 649 | 25512 |
|  |  | 4358279 |
| **METALS & MINING - 0.9%** | **METALS & MINING - 0.9%** | **METALS & MINING - 0.9%** |
| Commercial Metals Co. | 3756 | 181415 |
| Newmont Corp. | 18917 | 892882 |
| Reliance Steel & Aluminum Co. | 1917 | 388078 |
| Steel Dynamics, Inc. | 6349 | 620297 |
|  |  | 2082672 |
| **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** | **MULTILINE RETAIL - 0.1%** |
| Target Corp. | 1836 | 273637 |
| **MULTI-UTILITIES - 2.0%** | **MULTI-UTILITIES - 2.0%** | **MULTI-UTILITIES - 2.0%** |
| Ameren Corp. | 324 | 28810 |
| Black Hills Corp. | 3461 | 243447 |
| CMS Energy Corp. | 29450 | 1865068 |
| Dominion Energy, Inc. | 741 | 45438 |
| DTE Energy Co. | 19132 | 2248584 |
|  |  | 4431347 |
| **OIL, GAS & CONSUMABLE FUELS - 7.7%** | **OIL, GAS & CONSUMABLE FUELS - 7.7%** | **OIL, GAS & CONSUMABLE FUELS - 7.7%** |
| Chevron Corp. | 30742 | 5517882 |
| ConocoPhillips | 6724 | 793432 |
| EOG Resources, Inc. | 8032 | 1040305 |
| Exxon Mobil Corp. | 54375 | 5997563 |
| Marathon Oil Corp. | 19535 | 528812 |
| Marathon Petroleum Corp. | 16592 | 1931143 |
| Ovintiv, Inc. | 1489 | 75507 |
| Phillips 66 | 1942 | 202123 |
| Valero Energy Corp. | 4840 | 614002 |
| Williams Cos., Inc. (The) | 14858 | 488828 |
|  |  | 17189597 |
| **PHARMACEUTICALS - 5.4%** | **PHARMACEUTICALS - 5.4%** | **PHARMACEUTICALS - 5.4%** |
| Bristol-Myers Squibb Co. | 20274 | 1458714 |
| Eli Lilly and Co. | 2697 | 986671 |
| Johnson & Johnson | 28939 | 5112074 |
| Merck & Co., Inc. | 10303 | 1143118 |
| Perrigo Co. PLC | 4013 | 136803 |
| Pfizer, Inc. | 63566 | 3257122 |
| Viatris, Inc. | 10307 | 114717 |
|  |  | 12209219 |
| **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** |
| CoStar Group, Inc.\* | 287 | 22179 |
| KBR, Inc. | 3957 | 208930 |
| ManpowerGroup, Inc. | 2324 | 193380 |
|  |  | 424489 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** |
| Zillow Group, Inc., Class A\* | 685 | $21379 |
| **ROAD & RAIL - 0.8%** | **ROAD & RAIL - 0.8%** | **ROAD & RAIL - 0.8%** |
| CSX Corp. | 33557 | 1039596 |
| Lyft, Inc., Class A\* | 5032 | 55453 |
| Ryder System, Inc. | 1087 | 90841 |
| Schneider National, Inc., Class B | 18811 | 440177 |
| Uber Technologies, Inc.\* | 9910 | 245074 |
|  |  | 1871141 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%** |
| Analog Devices, Inc. | 16910 | 2773747 |
| Cirrus Logic, Inc.\* | 694 | 51689 |
| Enphase Energy, Inc.\* | 135 | 35770 |
| Intel Corp. | 77584 | 2050545 |
| Lam Research Corp. | 193 | 81118 |
| Silicon Laboratories, Inc.\* | 1347 | 182748 |
|  |  | 5175617 |
| **SOFTWARE - 2.0%** | **SOFTWARE - 2.0%** | **SOFTWARE - 2.0%** |
| Adobe, Inc.\* | 1103 | 371193 |
| Alteryx, Inc., Class A\* | 797 | 40384 |
| ANSYS, Inc.\* | 353 | 85281 |
| Autodesk, Inc.\* | 115 | 21490 |
| Bill.com Holdings, Inc.\* | 2136 | 232738 |
| Box, Inc., Class A\* | 2311 | 71941 |
| DocuSign, Inc.\* | 292 | 16183 |
| HubSpot, Inc.\* | 204 | 58982 |
| Intuit, Inc. | 76 | 29581 |
| Manhattan Associates, Inc.\* | 1040 | 126256 |
| Microsoft Corp. | 2186 | 524246 |
| Paycom Software, Inc.\* | 57 | 17688 |
| Paylocity Holding Corp.\* | 434 | 84309 |
| Rapid7, Inc.\* | 3522 | 119678 |
| RingCentral, Inc., Class A\* | 2309 | 81739 |
| Salesforce, Inc.\* | 14079 | 1866735 |
| ServiceNow, Inc.\* | 785 | 304792 |
| VMware, Inc., Class A\* | 1081 | 132704 |
| Workday, Inc., Class A\* | 1741 | 291321 |
|  |  | 4477241 |
| **SPECIALTY RETAIL - 1.7%** | **SPECIALTY RETAIL - 1.7%** | **SPECIALTY RETAIL - 1.7%** |
| AutoNation, Inc.\* | 1297 | 139168 |
| AutoZone, Inc.\* | 34 | 83850 |
| Best Buy Co., Inc. | 4607 | 369527 |
| Dick's Sporting Goods, Inc. | 780 | 93826 |
| Home Depot, Inc. (The) | 7003 | 2211968 |
| Lowe's Cos., Inc. | 3023 | 602303 |
| Penske Automotive Group, Inc. | 1326 | 152397 |
| Ulta Beauty, Inc.\* | 385 | 180592 |
|  |  | 3833631 |

---

See accompanying notes to financial statements.<br>49

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%** |
| Dell Technologies, Inc., Class C | 2923 | $117563 |
| Hewlett Packard Enterprise Co. | 82116 | 1310571 |
|  |  | 1428134 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** |
| Deckers Outdoor Corp.\* | 142 | 56681 |
| Lululemon Athletica, Inc.\* | 901 | 288662 |
| Ralph Lauren Corp. | 793 | 83796 |
| Under Armour, Inc., Class C\* | 2402 | 21426 |
|  |  | 450565 |
| **THRIFTS & MORTGAGE FINANCE - 0.0%†** | **THRIFTS & MORTGAGE FINANCE - 0.0%†** | **THRIFTS & MORTGAGE FINANCE - 0.0%†** |
| Essent Group Ltd. | 1487 | 57815 |
| **TOBACCO - 0.5%** | **TOBACCO - 0.5%** | **TOBACCO - 0.5%** |
| Altria Group, Inc. | 13064 | 597155 |
| Philip Morris International, Inc. | 4031 | 407978 |
|  |  | 1005133 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.3%** | **TRADING COMPANIES & DISTRIBUTORS - 0.3%** | **TRADING COMPANIES & DISTRIBUTORS - 0.3%** |
| WESCO International, Inc.\* | 340 | 42568 |
| WW Grainger, Inc. | 1301 | 723681 |
|  |  | 766249 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** |
| United States Cellular Corp.\* | 12339 | $257268 |
| **TOTAL COMMON STOCKS**<br> (Cost - $206,330,020) |  | 221483083 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
| **MONEY MARKET FUNDS - 1.3%** | **MONEY MARKET FUNDS - 1.3%** | **MONEY MARKET FUNDS - 1.3%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (a) <br>(Cost - $2,906,312) | 2906312 | 2906312 |
| **TOTAL INVESTMENTS - 100.0%**<br> (Cost - $209,236,332) |  | $224389395 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET (0.0)%†** |  | (43731) |
| **TOTAL NET ASSETS - 100.0%** |  | $224345664 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 18 | 3/17/2023 | $3474900 | $(102030) |

---

See accompanying notes to financial statements.<br>50

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide total return.

***Management Review***

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic BlackRock High Yield Portfolio outperformed its reference benchmark, the ICE BofA BB-B U.S. High Yield Constrained Index. The Portfolio posted a return of -9.64% compared to a benchmark return of -10.58%, a difference of 94 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

The high yield ("HY") fixed income market began 2022 significantly weaker than in the recent past, posting its second largest monthly loss since 2015 in January. Lower-quality HY bonds outperformed higher-quality HY, with distressed and the highest spread quartile being the best performing segments of credit. From a sector-perspective, energy and transportation were the main outperformers. The HY market remained weak in the second quarter, with single-B-rated companies and energy continuing to outperform BB- and CCC-rated companies as investors avoided duration-sensitive BB-rated companies and low-quality CCC-rated companies. While energy outperformed throughout the year, there was a very notable trend reversal in BB vs B/CCC performance in May, where over a 1-week period BB spreads moved 20% tighter while CCC spreads lagged at only 7% tighter. While the third quarter started well given the strong rally in treasuries, particularly in BB-rated bonds as investors seemed to prefer larger, more liquid, higher-quality companies, the rally was short-lived as the ICE BofA U.S. Bond Market Option Volatility Estimate ("MOVE") Index hit a peak at 155, a level not seen since 2008. The HY market ended the year with a stronger fourth quarter, although it varied by credit rating. BB- and B-rated companies each produced over 2% total returns while CCC-rated companies were flat, as there was a clear bias from investors for higher-quality risk.

With the steep rise in interest rates, HY bond new issuance fell nearly 80% to $103 billion in 2022, down from $470 billion in 2021, while the default rate of 0.99% was higher than the 0.29% posted in 2021 but still well below the long-term average of 3.2%.

The primary contributor to the Portfolio's performance during the period was security selection in the media sector, particularly within cable & satellite TV and media content. Security selection within the healthcare and leisure sectors, specifically in the pharmaceuticals and recreation & travel sub-sectors, were also beneficial to performance. The primary detractor to the Portfolio's performance during the period was security selection in financial services, particularly within the lease financing sub-sector. Security selection within the basic industry and automotive sectors also detracted from performance, particularly the chemicals and auto manufacturers sub-sectors.

**How was the Portfolio positioned at period end?**

At period end, the Portfolio was overweight financial services, basic industry, and energy. The largest sector underweights were healthcare, media, and technology & electronics. The Portfolio increased its underweight to the healthcare sector, primarily driven by increasing the underweight in health facilities. Within media, the Portfolio increased its underweight, mainly driven by increasing the underweight in the media content subsector. Over the period, the Portfolio moved from underweight to overweight banking.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** | **Global Atlantic BlackRock High Yield Portfolio** |
| Class I | November 1, 2017 | -9.64% | 1.82% | 1.61% | 0.61% | 0.61% |
| Class II | November 1, 2017 | -9.84% | 1.57% | 1.36% | 0.86% | 0.86% |
| ICE BofA BB-B U.S. High Yield Constrained Index^ |  | -10.58% | 2.31% | 2.21% |  |  |

---

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, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The ICE BofA BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofA 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.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_ce011.jpg)

---

| | |
|:---|:---|
| Holdings by Asset Class | % of Net Assets |
| Corporate Bonds and Notes | 97.9% |
| Short-Term Investments | 0.3% |
| Other Assets less Liabilities - Net | 1.8% |
|  | 100.0% |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

5435687.2<br>52

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 97.9%** | **CORPORATE BONDS AND NOTES - 97.9%** | **CORPORATE BONDS AND NOTES - 97.9%** |
| **ADVERTISING - 0.3%** | **ADVERTISING - 0.3%** | **ADVERTISING - 0.3%** |
| Stagwell Global LLC, 5.63%, 8/15/29 (a) | $200000 | $164916 |
| **AEROSPACE & DEFENSE - 3.2%** | **AEROSPACE & DEFENSE - 3.2%** | **AEROSPACE & DEFENSE - 3.2%** |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 7.13%, 6/15/26 (a) | 115000 | 111569 |
| 7.88%, 4/15/27 (a) | 275000 | 266749 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 5.90%, 2/1/27 | 150000 | 148875 |
| 6.75%, 1/15/28 | 90000 | 91125 |
| Rolls-Royce PLC, 5.75%, 10/15/27 (a) | 200000 | 190500 |
| Spirit AeroSystems, Inc., 9.38%, 11/30/29 (a) | 80000 | 84216 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 6.25%, 3/15/26 (a) | 207000 | 204141 |
| 7.50%, 3/15/27 | 250000 | 247345 |
| 5.50%, 11/15/27 | 185000 | 173612 |
| Triumph Group, Inc., 8.88%, 6/1/24 (a) | 78000 | 79365 |
|  |  | 1597497 |
| **AGRICULTURE - 0.9%** | **AGRICULTURE - 0.9%** | **AGRICULTURE - 0.9%** |
| Vector Group Ltd., 5.75%, 2/1/29 (a) | 520000 | 450871 |
| **AIRLINES - 3.1%** | **AIRLINES - 3.1%** | **AIRLINES - 3.1%** |
| American Airlines, Inc., 11.75%, 7/15/25 (a) | 165000 | 176959 |
| American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd. | American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd. | American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd. |
| 5.50%, 4/20/26 (a) | 220000 | 211503 |
| 5.75%, 4/20/29 (a) | 484000 | 441501 |
| Spirit Loyalty Cayman Ltd. / Spirit IP <br>Cayman Ltd. | Spirit Loyalty Cayman Ltd. / Spirit IP <br>Cayman Ltd. | Spirit Loyalty Cayman Ltd. / Spirit IP <br>Cayman Ltd. |
| 8.00%, 9/20/25 (a) | 95000 | 95488 |
| 8.00%, 9/20/25 (a) | 60000 | 60193 |
| United Airlines Holdings, Inc., <br>4.88%, 1/15/25 | 25000 | 23875 |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| 4.38%, 4/15/26 (a) | 436000 | 404140 |
| 4.63%, 4/15/29 (a) | 140000 | 121897 |
|  |  | 1535556 |
| **AUTO MANUFACTURERS - 2.5%** | **AUTO MANUFACTURERS - 2.5%** | **AUTO MANUFACTURERS - 2.5%** |
| Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| 5.88%, 6/1/29 (a) | 105000 | 98605 |
| 3.75%, 1/30/31 (a) | 46000 | 37835 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 9.63%, 4/22/30 | 140000 | 158372 |
| 6.10%, 8/19/32 | 105000 | 97138 |
| 4.75%, 1/15/43 | 48000 | 34476 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 7.35%, 11/4/27 | 259000 | 265397 |
| 5.11%, 5/3/29 | 115000 | 104138 |
| Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC |
| 7.75%, 10/15/25 (a) | 55000 | 50600 |
| 5.88%, 1/15/28 (a) | 275000 | 209054 |
| Wabash National Corp., 4.50%, 10/15/28 (a) | 203000 | 172800 |
|  |  | 1228415 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **AUTO PARTS & EQUIPMENT - 1.1%** | **AUTO PARTS & EQUIPMENT - 1.1%** | **AUTO PARTS & EQUIPMENT - 1.1%** |
| IHO Verwaltungs GmbH, 4.75% Cash, or <br>5.50% PIK, 9/15/26 (a),(b) | $200000 | $173073 |
| Titan International, Inc., 7.00%, 4/30/28 | 380000 | 358766 |
|  |  | 531839 |
| **BANKS - 1.4%** | **BANKS - 1.4%** | **BANKS - 1.4%** |
| Deutsche Bank AG/New York NY, <br>5.88%, (SOFR + 5.44%), 7/8/31 (c) | 200000 | 173228 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 4.20%, (US 1 Year CMT T-Note + 2.60%), <br>6/1/32 (a),(c) | 330000 | 243185 |
| 8.25%, (US 1 Year CMT T-Note + 4.40%), <br>11/21/33 (a),(c) | 200000 | 203594 |
| 4.95%, (US 1 Year CMT T-Note + 2.75%), <br>6/1/42 (a),(c) | 100000 | 64530 |
|  |  | 684537 |
| **BIOTECHNOLOGY - 0.1%** | **BIOTECHNOLOGY - 0.1%** | **BIOTECHNOLOGY - 0.1%** |
| Emergent BioSolutions, Inc., <br>3.88%, 8/15/28 (a) | 85000 | 42251 |
| **BUILDING MATERIALS - 1.0%** | **BUILDING MATERIALS - 1.0%** | **BUILDING MATERIALS - 1.0%** |
| Boise Cascade Co., 4.88%, 7/1/30 (a) | 135000 | 117501 |
| Eco Material Technologies, Inc., <br>7.88%, 1/31/27 (a) | 95000 | 90412 |
| Griffon Corp., 5.75%, 3/1/28 | 25000 | 22875 |
| Louisiana-Pacific Corp., 3.63%, 3/15/29 (a) | 325000 | 280750 |
|  |  | 511538 |
| **CHEMICALS - 2.2%** | **CHEMICALS - 2.2%** | **CHEMICALS - 2.2%** |
| Ashland LLC, 3.38%, 9/1/31 (a) | 216000 | 172607 |
| CVR Partners LP / CVR Nitrogen <br>Finance Corp., 6.13%, 6/15/28 (a) | 455000 | 408117 |
| Mativ Holdings, Inc., 6.88%, 10/1/26 (a) | 183000 | 161498 |
| Nufarm Australia Ltd. / Nufarm <br>Americas, Inc., 5.00%, 1/27/30 (a) | 186000 | 160425 |
| Rayonier AM Products, Inc., <br>7.63%, 1/15/26 (a) | 142000 | 135440 |
| SK Invictus Intermediate II Sarl, <br>5.00%, 10/30/29 (a) | 18000 | 14760 |
| Valvoline, Inc., 3.63%, 6/15/31 (a) | 48000 | 39385 |
|  |  | 1092232 |
| **COAL - 0.9%** | **COAL - 0.9%** | **COAL - 0.9%** |
| SunCoke Energy, Inc., 4.88%, 6/30/29 (a) | 282000 | 242065 |
| Warrior Met Coal, Inc., 7.88%, 12/1/28 (a) | 205000 | 201615 |
|  |  | 443680 |
| **COMMERCIAL SERVICES - 6.7%** | **COMMERCIAL SERVICES - 6.7%** | **COMMERCIAL SERVICES - 6.7%** |
| ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) |
| 4.13%, 8/1/29 (a) | 62000 | 52728 |
| 4.88%, 7/15/32 (a) | 163000 | 138522 |
| Adtalem Global Education, Inc., <br>5.50%, 3/1/28 (a) | 286000 | 259545 |
| Alta Equipment Group, Inc., <br>5.63%, 4/15/26 (a) | 83000 | 74708 |

---

See accompanying notes to financial statements.<br>53

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMERCIAL SERVICES - 6.7% (Continued)** | **COMMERCIAL SERVICES - 6.7% (Continued)** | **COMMERCIAL SERVICES - 6.7% (Continued)** |
| AMN Healthcare, Inc., 4.63%, 10/1/27 (a) | $55000 | $50714 |
| APX Group, Inc., 6.75%, 2/15/27 (a) | 55000 | 52940 |
| ASGN, Inc., 4.63%, 5/15/28 (a) | 213000 | 192808 |
| CoreCivic, Inc., 8.25%, 4/15/26 | 175000 | 179463 |
| CPI CG, Inc., 8.63%, 3/15/26 (a) | 226000 | 222085 |
| Deluxe Corp., 8.00%, 6/1/29 (a) | 250000 | 205625 |
| Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| 4.50%, 7/1/28 (a) | 188000 | 175278 |
| 3.63%, 6/15/29 (a) | 50000 | 43936 |
| 3.75%, 10/1/30 (a) | 80000 | 68955 |
| GEO Group, Inc. (The), 10.50%, 6/30/28 | 165000 | 166617 |
| Prime Security Services Borrower LLC / <br>Prime Finance, Inc. | Prime Security Services Borrower LLC / <br>Prime Finance, Inc. | Prime Security Services Borrower LLC / <br>Prime Finance, Inc. |
| 5.75%, 4/15/26 (a) | 195000 | 187127 |
| 6.25%, 1/15/28 (a) | 449000 | 408662 |
| Rent-A-Center, Inc./TX, 6.38%, 2/15/29 (a) | 210000 | 169879 |
| Sabre GLBL, Inc., 11.25%, 12/15/27 (a) | 30000 | 30881 |
| Service Corp. International | Service Corp. International | Service Corp. International |
| 5.13%, 6/1/29 | 70000 | 65629 |
| 4.00%, 5/15/31 | 243000 | 204773 |
| Williams Scotsman International, Inc. | Williams Scotsman International, Inc. | Williams Scotsman International, Inc. |
| 6.13%, 6/15/25 (a) | 42000 | 41580 |
| 4.63%, 8/15/28 (a) | 329000 | 296923 |
| ZipRecruiter, Inc., 5.00%, 1/15/30 (a) | 100000 | 82442 |
|  |  | 3371820 |
| **COMPUTERS - 1.1%** | **COMPUTERS - 1.1%** | **COMPUTERS - 1.1%** |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| 3.88%, 9/1/28 (a) | 30000 | 26579 |
| 4.00%, 7/1/29 (a) | 119000 | 104737 |
| Conduent Business Services LLC / <br>Conduent State & Local Solutions, Inc., <br>6.00%, 11/1/29 (a) | 23000 | 18791 |
| KBR, Inc., 4.75%, 9/30/28 (a) | 128000 | 113064 |
| Science Applications International Corp., <br>4.88%, 4/1/28 (a) | 187000 | 172973 |
| Unisys Corp., 6.88%, 11/1/27 (a) | 135000 | 103619 |
|  |  | 539763 |
| **COSMETICS & PERSONAL CARE - 0.8%** | **COSMETICS & PERSONAL CARE - 0.8%** | **COSMETICS & PERSONAL CARE - 0.8%** |
| Coty, Inc., 5.00%, 4/15/26 (a) | 235000 | 222844 |
| Coty, Inc./HFC Prestige Products, Inc./<br>HFC Prestige International US LLC, <br>4.75%, 1/15/29 (a) | 210000 | 190050 |
|  |  | 412894 |
| **DISTRIBUTION & WHOLESALE - 0.2%** | **DISTRIBUTION & WHOLESALE - 0.2%** | **DISTRIBUTION & WHOLESALE - 0.2%** |
| G-III Apparel Group Ltd., 7.88%, 8/15/25 (a) | 100000 | 93270 |
| **DIVERSIFIED FINANCIAL SERVICES - 3.5%** | **DIVERSIFIED FINANCIAL SERVICES - 3.5%** | **DIVERSIFIED FINANCIAL SERVICES - 3.5%** |
| AG TTMT Escrow Issuer LLC, <br>8.63%, 9/30/27 (a) | 75000 | 75375 |
| Coinbase Global, Inc., 3.38%, 10/1/28 (a) | 290000 | 153294 |
| Credit Acceptance Corp., 6.63%, 3/15/26 | 45000 | 42644 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 3.5% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 3.5% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 3.5% (Continued)** |
| Enova International, Inc., 8.50%, 9/15/25 (a) | $395000 | $365295 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 4.63%, 11/15/27 (a) | 93000 | 86870 |
| 4.38%, 5/15/31 (a) | 48000 | 40807 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 6.00%, 1/15/27 (a) | 65000 | 58175 |
| 5.50%, 8/15/28 (a) | 140000 | 114158 |
| 5.75%, 11/15/31 (a) | 440000 | 342100 |
| OneMain Finance Corp., 7.13%, 3/15/26 | 100000 | 95088 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 5.50%, 11/15/25 (a) | 140000 | 126087 |
| 5.75%, 6/15/27 (a) | 311000 | 267737 |
|  |  | 1767630 |
| **ELECTRIC - 3.0%** | **ELECTRIC - 3.0%** | **ELECTRIC - 3.0%** |
| Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
| 4.75%, 3/15/28 (a) | 120000 | 110649 |
| 3.75%, 1/15/32 (a) | 80000 | 64020 |
| DPL, Inc. | DPL, Inc. | DPL, Inc. |
| 4.13%, 7/1/25 | 55000 | 51700 |
| 4.35%, 4/15/29 | 110000 | 98866 |
| NextEra Energy Operating Partners LP, <br>4.25%, 7/15/24 (a) | 50000 | 48500 |
| NRG Energy, Inc., 5.25%, 6/15/29 (a) | 272000 | 239205 |
| PG&E Corp., 5.25%, 7/1/30 | 595000 | 541450 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 5.63%, 2/15/27 (a) | 115000 | 109225 |
| 4.38%, 5/1/29 (a) | 275000 | 237264 |
|  |  | 1500879 |
| **ELECTRONICS - 0.4%** | **ELECTRONICS - 0.4%** | **ELECTRONICS - 0.4%** |
| Atkore, Inc., 4.25%, 6/1/31 (a) | 55000 | 47163 |
| Flex Ltd., 6.00%, 1/15/28 | 130000 | 130248 |
| TTM Technologies, Inc., 4.00%, 3/1/29 (a) | 25000 | 21439 |
|  |  | 198850 |
| **ENERGY-ALTERNATE SOURCES - 0.2%** | **ENERGY-ALTERNATE SOURCES - 0.2%** | **ENERGY-ALTERNATE SOURCES - 0.2%** |
| TerraForm Power Operating LLC, <br>5.00%, 1/31/28 (a) | 100000 | 89480 |
| **ENGINEERING & CONSTRUCTION - 0.7%** | **ENGINEERING & CONSTRUCTION - 0.7%** | **ENGINEERING & CONSTRUCTION - 0.7%** |
| AECOM, 5.13%, 3/15/27 | 190000 | 182875 |
| Dycom Industries, Inc., 4.50%, 4/15/29 (a) | 9000 | 7834 |
| MasTec, Inc., 6.63%, 8/15/29 (a) | 161000 | 144095 |
|  |  | 334804 |
| **ENTERTAINMENT - 1.2%** | **ENTERTAINMENT - 1.2%** | **ENTERTAINMENT - 1.2%** |
| Boyne USA, Inc., 4.75%, 5/15/29 (a) | 82000 | 72574 |
| CDI Escrow Issuer, Inc., 5.75%, 4/1/30 (a) | 35000 | 31375 |
| Churchill Downs, Inc., 5.50%, 4/1/27 (a) | 55000 | 52115 |
| Cinemark USA, Inc., 5.88%, 3/15/26 (a) | 57000 | 47478 |
| International Game Technology PLC, <br>6.50%, 2/15/25 (a) | 100000 | 100609 |

---

See accompanying notes to financial statements.<br>54

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENTERTAINMENT - 1.2% (Continued)** | **ENTERTAINMENT - 1.2% (Continued)** | **ENTERTAINMENT - 1.2% (Continued)** |
| Jacobs Entertainment, Inc., 6.75%, 2/15/29 (a) | $45000 | $40618 |
| Live Nation Entertainment, Inc., <br>4.88%, 11/1/24 (a) | 200000 | 193649 |
| Midwest Gaming Borrower LLC / <br>Midwest Gaming Finance Corp., <br>4.88%, 5/1/29 (a) | 40000 | 34035 |
| Wynn Resorts Finance LLC / Wynn <br>Resorts Capital Corp., 7.75%, 4/15/25 (a) | 30000 | 29834 |
|  |  | 602287 |
| **ENVIRONMENTAL CONTROL - 0.8%** | **ENVIRONMENTAL CONTROL - 0.8%** | **ENVIRONMENTAL CONTROL - 0.8%** |
| Covanta Holding Corp., 5.00%, 9/1/30 | 195000 | 157470 |
| GFL Environmental, Inc., 5.13%, 12/15/26 (a) | 35000 | 33473 |
| Harsco Corp., 5.75%, 7/31/27 (a) | 211000 | 166599 |
| Tervita Corp., 11.00%, 12/1/25 (a) | 50000 | 53753 |
|  |  | 411295 |
| **FOOD - 2.8%** | **FOOD - 2.8%** | **FOOD - 2.8%** |
| Albertsons Cos., Inc. / Safeway, Inc. / <br>New Albertsons LP / Albertsons LLC, <br>5.88%, 2/15/28 (a) | 145000 | 137849 |
| Ingles Markets, Inc., 4.00%, 6/15/31 (a) | 163000 | 137090 |
| Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
| 4.88%, 5/15/28 (a) | 50000 | 47375 |
| 4.13%, 1/31/30 (a) | 166000 | 146611 |
| 4.38%, 1/31/32 (a) | 346000 | 302300 |
| Pilgrim's Pride Corp., 5.88%, 9/30/27 (a) | 190000 | 184295 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 5.75%, 3/1/27 (a) | 106000 | 102510 |
| 5.63%, 1/15/28 (a) | 175000 | 164735 |
| 5.50%, 12/15/29 (a) | 170000 | 153836 |
|  |  | 1376601 |
| **FOOD SERVICE - 0.2%** | **FOOD SERVICE - 0.2%** | **FOOD SERVICE - 0.2%** |
| Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
| 6.38%, 5/1/25 (a) | 41000 | 40496 |
| 5.00%, 2/1/28 (a) | 78000 | 72769 |
|  |  | 113265 |
| **FOREST PRODUCTS & PAPER - 1.0%** | **FOREST PRODUCTS & PAPER - 1.0%** | **FOREST PRODUCTS & PAPER - 1.0%** |
| Domtar Corp., 6.75%, 10/1/28 (a) | 344000 | 301208 |
| Resolute Forest Products, Inc., <br>4.88%, 3/1/26 (a) | 160000 | 157541 |
| Sylvamo Corp., 7.00%, 9/1/29 (a) | 69000 | 65668 |
|  |  | 524417 |
| **GAS - 1.0%** | **GAS - 1.0%** | **GAS - 1.0%** |
| AmeriGas Partners LP / AmeriGas <br>Finance Corp. | AmeriGas Partners LP / AmeriGas <br>Finance Corp. | AmeriGas Partners LP / AmeriGas <br>Finance Corp. |
| 5.63%, 5/20/24 | 150000 | 145602 |
| 5.88%, 8/20/26 | 165000 | 156702 |
| 5.75%, 5/20/27 | 194000 | 180297 |
|  |  | 482601 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTHCARE-PRODUCTS - 0.3%** | **HEALTHCARE-PRODUCTS - 0.3%** | **HEALTHCARE-PRODUCTS - 0.3%** |
| Garden Spinco Corp., 8.63%, 7/20/30 (a) | $82000 | $86920 |
| Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
| 4.63%, 2/1/28 (a) | 25000 | 23558 |
| 3.25%, 2/15/29 (a) | 75000 | 64402 |
|  |  | 174880 |
| **HEALTHCARE-SERVICES - 1.8%** | **HEALTHCARE-SERVICES - 1.8%** | **HEALTHCARE-SERVICES - 1.8%** |
| Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
| 5.50%, 7/1/28 (a) | 300000 | 284550 |
| 5.00%, 4/15/29 (a) | 200000 | 183940 |
| DaVita, Inc., 4.63%, 6/1/30 (a) | 64000 | 51373 |
| Encompass Health Corp., 4.63%, 4/1/31 | 211000 | 181358 |
| Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| 4.38%, 6/15/28 (a) | 160000 | 146014 |
| 3.88%, 5/15/32 (a) | 38000 | 31557 |
|  |  | 878792 |
| **HOME BUILDERS - 1.1%** | **HOME BUILDERS - 1.1%** | **HOME BUILDERS - 1.1%** |
| Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC | Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC | Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC |
| 6.25%, 9/15/27 (a) | 90000 | 79929 |
| 5.00%, 6/15/29 (a) | 85000 | 66416 |
| Century Communities, Inc., 6.75%, 6/1/27 | 25000 | 23875 |
| Installed Building Products, Inc., <br>5.75%, 2/1/28 (a) | 99000 | 89015 |
| KB Home, 7.25%, 7/15/30 | 50000 | 48585 |
| Thor Industries, Inc., 4.00%, 10/15/29 (a) | 77000 | 60471 |
| Winnebago Industries, Inc., <br>6.25%, 7/15/28 (a) | 179000 | 166953 |
|  |  | 535244 |
| **INSURANCE - 0.2%** | **INSURANCE - 0.2%** | **INSURANCE - 0.2%** |
| MGIC Investment Corp., 5.25%, 8/15/28 | 128000 | 118027 |
| **INTERNET - 1.4%** | **INTERNET - 1.4%** | **INTERNET - 1.4%** |
| Cars.com, Inc., 6.38%, 11/1/28 (a) | 190000 | 168813 |
| Cogent Communications Group, Inc., <br>7.00%, 6/15/27 (a) | 170000 | 166588 |
| Gen Digital, Inc., 6.75%, 9/30/27 (a) | 165000 | 161700 |
| GrubHub Holdings, Inc., 5.50%, 7/1/27 (a) | 67000 | 48518 |
| Ziff Davis, Inc., 4.63%, 10/15/30 (a) | 197000 | 166697 |
|  |  | 712316 |
| **INVESTMENT COMPANIES - 2.1%** | **INVESTMENT COMPANIES - 2.1%** | **INVESTMENT COMPANIES - 2.1%** |
| Compass Group Diversified Holdings LLC, <br>5.00%, 1/15/32 (a) | 95000 | 75056 |
| Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. | Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. | Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. |
| 4.75%, 9/15/24 | 250000 | 239649 |
| 6.38%, 12/15/25 | 200000 | 194020 |
| 6.25%, 5/15/26 | 190000 | 182570 |
| 5.25%, 5/15/27 | 200000 | 183120 |
| 4.38%, 2/1/29 | 210000 | 177587 |
|  |  | 1052002 |

---

See accompanying notes to financial statements.<br>55

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **IRON & STEEL - 2.1%** | **IRON & STEEL - 2.1%** | **IRON & STEEL - 2.1%** |
| ATI, Inc. | ATI, Inc. | ATI, Inc. |
| 5.88%, 12/1/27 | $139000 | $132924 |
| 5.13%, 10/1/31 | 122000 | 107433 |
| Carpenter Technology Corp., <br>7.63%, 3/15/30 | 250000 | 250597 |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| 4.13%, 1/15/30 | 28000 | 24776 |
| 4.38%, 3/15/32 | 115000 | 100041 |
| Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
| 8.13%, 5/1/27 (a) | 135000 | 135936 |
| 8.00%, 11/1/27 (a) | 75000 | 76689 |
| 8.50%, 5/1/30 (a) | 210000 | 212841 |
|  |  | 1041237 |
| **LEISURE TIME - 3.3%** | **LEISURE TIME - 3.3%** | **LEISURE TIME - 3.3%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 7.63%, 3/1/26 (a) | 379000 | 300393 |
| 5.75%, 3/1/27 (a) | 35000 | 24991 |
| 9.88%, 8/1/27 (a) | 90000 | 85050 |
| 6.00%, 5/1/29 (a) | 193000 | 128612 |
| 10.50%, 6/1/30 (a) | 146000 | 118764 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 11.50%, 6/1/25 (a) | 148000 | 158730 |
| 5.50%, 8/31/26 (a) | 359000 | 301566 |
| 11.63%, 8/15/27 (a) | 373000 | 373932 |
| Vista Outdoor, Inc., 4.50%, 3/15/29 (a) | 229000 | 168141 |
|  |  | 1660179 |
| **LODGING - 1.3%** | **LODGING - 1.3%** | **LODGING - 1.3%** |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 4.88%, 1/15/30 | 175000 | 158587 |
| 3.63%, 2/15/32 (a) | 180000 | 144144 |
| Hilton Worldwide Finance LLC / Hilton <br>Worldwide Finance Corp., 4.88%, 4/1/27 | 200000 | 190365 |
| Marriott Ownership Resorts, Inc., <br>6.13%, 9/15/25 (a) | 36000 | 37103 |
| Wynn Las Vegas LLC / Wynn Las Vegas <br>Capital Corp., 5.50%, 3/1/25 (a) | 100000 | 94935 |
|  |  | 625134 |
| **MACHINERY-CONSTRUCTION & MINING - 0.2%** | **MACHINERY-CONSTRUCTION & MINING - 0.2%** | **MACHINERY-CONSTRUCTION & MINING - 0.2%** |
| BWX Technologies, Inc., 4.13%, 6/30/28 (a) | 125000 | 112344 |
| **MACHINERY-DIVERSIFIED - 0.2%** | **MACHINERY-DIVERSIFIED - 0.2%** | **MACHINERY-DIVERSIFIED - 0.2%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 7.50%, 1/1/30 (a) | 45000 | 45193 |
| 9.50%, 1/1/31 (a) | 63000 | 64502 |
|  |  | 109695 |
| **MEDIA - 5.5%** | **MEDIA - 5.5%** | **MEDIA - 5.5%** |
| Altice Financing SA, 5.75%, 8/15/29 (a) | 75000 | 58992 |
| CCO Holdings LLC / CCO Holdings <br>Capital Corp. | CCO Holdings LLC / CCO Holdings <br>Capital Corp. | CCO Holdings LLC / CCO Holdings <br>Capital Corp. |
| 5.00%, 2/1/28 (a) | 46000 | 41573 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 5.5% (Continued)** | **MEDIA - 5.5% (Continued)** | **MEDIA - 5.5% (Continued)** |
| 5.38%, 6/1/29 (a) | $162000 | $145888 |
| 4.75%, 3/1/30 (a) | 115000 | 98044 |
| DIRECTV Financing LLC / DIRECTV <br>Financing Co.-Obligor, Inc., <br>5.88%, 8/15/27 (a) | 635000 | 568109 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 7.75%, 7/1/26 | 152000 | 122846 |
| 7.38%, 7/1/28 | 461000 | 326158 |
| GCI LLC, 4.75%, 10/15/28 (a) | 90000 | 75607 |
| Liberty Interactive LLC, 8.50%, 7/15/29 | 25000 | 12268 |
| Nexstar Media, Inc., 4.75%, 11/1/28 (a) | 143000 | 123695 |
| Scripps Escrow II, Inc., 5.38%, 1/15/31 (a) | 17000 | 13626 |
| Scripps Escrow, Inc., 5.88%, 7/15/27 (a) | 76000 | 67830 |
| Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
| 3.13%, 9/1/26 (a) | 25000 | 22198 |
| 4.00%, 7/15/28 (a) | 95000 | 82678 |
| 5.50%, 7/1/29 (a) | 369000 | 336816 |
| 4.13%, 7/1/30 (a) | 46000 | 37960 |
| 3.88%, 9/1/31 (a) | 112000 | 87379 |
| Univision Communications, Inc., <br>7.38%, 6/30/30 (a) | 50000 | 47785 |
| Virgin Media Finance PLC, 5.00%, 7/15/30 (a) | 300000 | 240353 |
| Virgin Media Secured Finance PLC, <br>5.50%, 5/15/29 (a) | 200000 | 179156 |
| Virgin Media Vendor Financing Notes IV <br>DAC, 5.00%, 7/15/28 (a) | 25000 | 21866 |
| VZ Secured Financing BV, 5.00%, 1/15/32 (a) | 75000 | 60947 |
|  |  | 2771774 |
| **MINING - 2.1%** | **MINING - 2.1%** | **MINING - 2.1%** |
| Arconic Corp., 6.13%, 2/15/28 (a) | 76000 | 71308 |
| Eldorado Gold Corp., 6.25%, 9/1/29 (a) | 307000 | 268573 |
| FMG Resources August 2006 Pty Ltd. | FMG Resources August 2006 Pty Ltd. | FMG Resources August 2006 Pty Ltd. |
| 5.88%, 4/15/30 (a) | 206000 | 191895 |
| 6.13%, 4/15/32 (a) | 75000 | 69945 |
| Hecla Mining Co., 7.25%, 2/15/28 | 103000 | 101417 |
| Taseko Mines Ltd., 7.00%, 2/15/26 (a) | 398000 | 349977 |
|  |  | 1053115 |
| **MISCELLANEOUS MANUFACTURING - 0.1%** | **MISCELLANEOUS MANUFACTURING - 0.1%** | **MISCELLANEOUS MANUFACTURING - 0.1%** |
| LSB Industries, Inc., 6.25%, 10/15/28 (a) | 44000 | 40258 |
| **OFFICE & BUSINESS EQUIPMENT - 1.1%** | **OFFICE & BUSINESS EQUIPMENT - 1.1%** | **OFFICE & BUSINESS EQUIPMENT - 1.1%** |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| 6.88%, 3/15/27 (a) | 10000 | 8549 |
| 7.25%, 3/15/29 (a) | 277000 | 216616 |
| Xerox Holdings Corp., 5.50%, 8/15/28 (a) | 406000 | 324973 |
|  |  | 550138 |
| **OIL & GAS - 10.2%** | **OIL & GAS - 10.2%** | **OIL & GAS - 10.2%** |
| Aethon United BR LP / Aethon United <br>Finance Corp., 8.25%, 2/15/26 (a) | 20000 | 19839 |
| Antero Resources Corp., 7.63%, 2/1/29 (a) | 54000 | 54310 |

---

See accompanying notes to financial statements.<br>56

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL & GAS - 10.2% (Continued)** | **OIL & GAS - 10.2% (Continued)** | **OIL & GAS - 10.2% (Continued)** |
| Apache Corp. | Apache Corp. | Apache Corp. |
| 4.25%, 1/15/30 | $15000 | $13274 |
| 6.00%, 1/15/37 | 50000 | 46082 |
| 5.10%, 9/1/40 | 147000 | 121821 |
| Ascent Resources Utica Holdings LLC / <br>ARU Finance Corp. | Ascent Resources Utica Holdings LLC / <br>ARU Finance Corp. | Ascent Resources Utica Holdings LLC / <br>ARU Finance Corp. |
| 8.25%, 12/31/28 (a) | 20000 | 19604 |
| 5.88%, 6/30/29 (a) | 50000 | 44581 |
| Athabasca Oil Corp., 9.75%, 11/1/26 (a) | 44000 | 46420 |
| Baytex Energy Corp., 8.75%, 4/1/27 (a) | 145000 | 147533 |
| Berry Petroleum Co. LLC, <br>7.00%, 2/15/26 (a) | 180000 | 165318 |
| California Resources Corp., <br>7.13%, 2/1/26 (a) | 185000 | 177792 |
| Calumet Specialty Products Partners LP / <br>Calumet Finance Corp., 9.25%, 7/15/24 (a) | 40000 | 40400 |
| Chesapeake Energy Corp., 5.50%, 2/1/26 (a) | 10000 | 9650 |
| Chord Energy Corp., 6.38%, 6/1/26 (a) | 355000 | 345745 |
| CNX Resources Corp., 7.25%, 3/14/27 (a) | 7000 | 6948 |
| Crescent Energy Finance LLC, <br>7.25%, 5/1/26 (a) | 85000 | 80099 |
| CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
| 5.25%, 2/15/25 (a) | 135000 | 124200 |
| 5.75%, 2/15/28 (a) | 25000 | 21763 |
| Energean PLC, 6.50%, 4/30/27 (a) | 300000 | 276944 |
| EnQuest PLC, 11.63%, 11/1/27 (a) | 170000 | 159844 |
| Harbour Energy PLC, 5.50%, 10/15/26 (a) | 115000 | 103054 |
| Ithaca Energy North Sea PLC, <br>9.00%, 7/15/26 (a) | 200000 | 196584 |
| Laredo Petroleum, Inc. | Laredo Petroleum, Inc. | Laredo Petroleum, Inc. |
| 9.50%, 1/15/25 | 100000 | 98571 |
| 10.13%, 1/15/28 | 50000 | 48758 |
| Magnolia Oil & Gas Operating LLC / <br>Magnolia Oil & Gas Finance Corp., <br>6.00%, 8/1/26 (a) | 50000 | 48375 |
| Matador Resources Co., 5.88%, 9/15/26 | 170000 | 163370 |
| MEG Energy Corp., 5.88%, 2/1/29 (a) | 185000 | 174460 |
| Northern Oil and Gas, Inc., 8.13%, 3/1/28 (a) | 335000 | 321784 |
| Occidental Petroleum Corp., 6.45%, 9/15/36 | 65000 | 66300 |
| PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. |
| 7.25%, 6/15/25 | 60000 | 59287 |
| 6.00%, 2/15/28 | 474000 | 423045 |
| PDC Energy, Inc., 5.75%, 5/15/26 | 205000 | 195687 |
| Permian Resources Operating LLC, <br>5.88%, 7/1/29 (a) | 45000 | 38649 |
| Petrofac Ltd., 9.75%, 11/15/26 (a) | 90000 | 50850 |
| Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
| 7.13%, 1/15/26 (a) | 50000 | 48375 |
| 6.88%, 1/15/29 (a) | 14000 | 13034 |
| ROCC Holdings LLC, 9.25%, 8/15/26 (a) | 180000 | 179171 |
| SM Energy Co., 6.50%, 7/15/28 | 100000 | 95877 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL & GAS - 10.2% (Continued)** | **OIL & GAS - 10.2% (Continued)** | **OIL & GAS - 10.2% (Continued)** |
| Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. |
| 6.00%, 4/15/27 | $220000 | $216634 |
| 4.50%, 5/15/29 | 110000 | 96217 |
| Talos Production, Inc., 12.00%, 1/15/26 | 250000 | 262916 |
| Vermilion Energy, Inc., 6.88%, 5/1/30 (a) | 205000 | 187543 |
| Viper Energy Partners LP, 5.38%, 11/1/27 (a) | 75000 | 71213 |
|  |  | 5081921 |
| **OIL & GAS SERVICES - 1.4%** | **OIL & GAS SERVICES - 1.4%** | **OIL & GAS SERVICES - 1.4%** |
| CGG SA, 8.75%, 4/1/27 (a) | 150000 | 121153 |
| Enerflex Ltd., 9.00%, 10/15/27 (a) | 190000 | 189477 |
| Oceaneering International, Inc., <br>4.65%, 11/15/24 | 60000 | 57302 |
| Weatherford International Ltd., <br>8.63%, 4/30/30 (a) | 364000 | 349552 |
|  |  | 717484 |
| **PACKAGING & CONTAINERS - 0.5%** | **PACKAGING & CONTAINERS - 0.5%** | **PACKAGING & CONTAINERS - 0.5%** |
| Ardagh Packaging Finance PLC / Ardagh <br>Holdings USA, Inc., 4.13%, 8/15/26 (a) | 100000 | 86622 |
| Berry Global, Inc., 5.63%, 7/15/27 (a) | 82000 | 80012 |
| TriMas Corp., 4.13%, 4/15/29 (a) | 110000 | 95975 |
|  |  | 262609 |
| **PHARMACEUTICALS - 1.8%** | **PHARMACEUTICALS - 1.8%** | **PHARMACEUTICALS - 1.8%** |
| 180 Medical, Inc., 3.88%, 10/15/29 (a) | 85000 | 73075 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 5.50%, 11/1/25 (a) | 60000 | 50971 |
| 6.13%, 2/1/27 (a) | 133000 | 91701 |
| 11.00%, 9/30/28 (a) | 50000 | 38992 |
| BellRing Brands, Inc., 7.00%, 3/15/30 (a) | 210000 | 202072 |
| Embecta Corp. | Embecta Corp. | Embecta Corp. |
| 5.00%, 2/15/30 (a) | 265000 | 224256 |
| 6.75%, 2/15/30 (a) | 60000 | 54150 |
| Jazz Securities DAC, 4.38%, 1/15/29 (a) | 105000 | 93571 |
| Perrigo Finance Unlimited Co., <br>4.40%, 6/15/30 | 110000 | 93722 |
|  |  | 922510 |
| **PIPELINES - 3.9%** | **PIPELINES - 3.9%** | **PIPELINES - 3.9%** |
| Antero Midstream Partners LP / Antero <br>Midstream Finance Corp., 5.75%, 1/15/28 (a) | 20000 | 18552 |
| CQP Holdco LP / BIP-V Chinook <br>Holdco LLC, 5.50%, 6/15/31 (a) | 195000 | 170334 |
| Crestwood Midstream Partners LP / <br>Crestwood Midstream Finance Corp. | Crestwood Midstream Partners LP / <br>Crestwood Midstream Finance Corp. | Crestwood Midstream Partners LP / <br>Crestwood Midstream Finance Corp. |
| 5.75%, 4/1/25 | 100000 | 97280 |
| 5.63%, 5/1/27 (a) | 55000 | 51150 |
| 8.00%, 4/1/29 (a) | 135000 | 134337 |
| Delek Logistics Partners LP / Delek <br>Logistics Finance Corp., 7.13%, 6/1/28 (a) | 224000 | 202048 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 7.50%, 6/1/27 (a) | 105000 | 102822 |
| 7.50%, 6/1/30 (a) | 55000 | 52994 |

---

See accompanying notes to financial statements.<br>57

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PIPELINES - 3.9% (Continued)** | **PIPELINES - 3.9% (Continued)** | **PIPELINES - 3.9% (Continued)** |
| Genesis Energy LP / Genesis Energy <br>Finance Corp., 8.00%, 1/15/27 | $94000 | $88616 |
| Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. |
| 7.00%, 8/1/27 | 50000 | 47481 |
| 6.88%, 1/15/29 | 379000 | 347191 |
| Harvest Midstream I LP, 7.50%, 9/1/28 (a) | 25000 | 23861 |
| Howard Midstream Energy Partners LLC, <br>6.75%, 1/15/27 (a) | 85000 | 81476 |
| New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. |
| 6.75%, 9/15/25 (a) | 90000 | 85122 |
| 6.50%, 9/30/26 (a) | 450000 | 417915 |
| Summit Midstream Holdings LLC / <br>Summit Midstream Finance Corp., <br>8.50%, 10/15/26 (a) | 35000 | 33217 |
|  |  | 1954396 |
| **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** |
| Howard Hughes Corp. (The), <br>5.38%, 8/1/28 (a) | 95000 | 85569 |
| **REITS - 4.0%** | **REITS - 4.0%** | **REITS - 4.0%** |
| Apollo Commercial Real Estate Finance, Inc., <br>4.63%, 6/15/29 (a) | 182000 | 146510 |
| Brookfield Property REIT, Inc. / BPR <br>Cumulus LLC / BPR Nimbus LLC / GGSI <br>Sellco LL, 4.50%, 4/1/27 (a) | 51000 | 42627 |
| Brookfield Property REIT, Inc. / BPR <br>Cumulus LLC / BPR Nimbus LLC / GGSI <br>Sellco LLC, 5.75%, 5/15/26 (a) | 80000 | 72915 |
| Iron Mountain Information Management <br>Services, Inc., 5.00%, 7/15/32 (a) | 45000 | 37382 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 4.88%, 9/15/27 (a) | 50000 | 45980 |
| 5.25%, 7/15/30 (a) | 370000 | 321530 |
| 5.63%, 7/15/32 (a) | 395000 | 342313 |
| Office Properties, Income Trust, <br>2.65%, 6/15/26 | 147000 | 114058 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 4.65%, 3/15/24 | 50000 | 47756 |
| 5.25%, 2/15/26 | 194000 | 162007 |
| 4.75%, 10/1/26 | 209000 | 164473 |
| 4.95%, 2/15/27 | 114000 | 89786 |
| 5.50%, 12/15/27 | 45000 | 38752 |
| 4.38%, 2/15/30 | 60000 | 39642 |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / <br>CSL Capital LLC, 7.88%, 2/15/25 (a) | 150000 | 145179 |
| Uniti Group LP / Uniti Group Finance, Inc. / <br>CSL Capital LLC, 4.75%, 4/15/28 (a) | 150000 | 119187 |
| XHR LP, 6.38%, 8/15/25 (a) | 65000 | 62495 |
|  |  | 1992592 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL - 6.7%** | **RETAIL - 6.7%** | **RETAIL - 6.7%** |
| 1011778 BC ULC / New Red Finance, Inc. | 1011778 BC ULC / New Red Finance, Inc. | 1011778 BC ULC / New Red Finance, Inc. |
| 3.88%, 1/15/28 (a) | $50000 | $44727 |
| 4.38%, 1/15/28 (a) | 105000 | 94018 |
| 4.00%, 10/15/30 (a) | 619000 | 500870 |
| Academy Ltd., 6.00%, 11/15/27 (a) | 146000 | 139776 |
| Arko Corp., 5.13%, 11/15/29 (a) | 94000 | 73809 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 9.38%, 7/1/25 (a) | 9000 | 9587 |
| 6.88%, 11/1/35 | 150000 | 133335 |
| Beacon Roofing Supply, Inc., <br>4.13%, 5/15/29 (a) | 110000 | 91409 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/29 (a) | 473000 | 392590 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| 4.63%, 9/1/28 (a) | 204000 | 179104 |
| 5.63%, 1/1/30 (a) | 260000 | 231417 |
| Gap, Inc. (The), 3.63%, 10/1/29 (a) | 262000 | 184815 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| 5.88%, 4/1/29 (a) | 321000 | 284214 |
| 5.13%, 1/15/42 | 50000 | 32672 |
| 4.30%, 2/15/43 | 30000 | 18081 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 4.75%, 9/15/29 | 205000 | 187581 |
| 3.75%, 2/15/31 (a) | 148000 | 122181 |
| Nordstrom, Inc., 5.00%, 1/15/44 | 21000 | 12757 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 4.75%, 1/15/30 (a) | 280000 | 256900 |
| 3.63%, 3/15/31 | 100000 | 83850 |
| 5.38%, 4/1/32 | 241000 | 223226 |
| 6.88%, 11/15/37 | 25000 | 25354 |
|  |  | 3322273 |
| **SEMICONDUCTORS - 0.1%** | **SEMICONDUCTORS - 0.1%** | **SEMICONDUCTORS - 0.1%** |
| Entegris, Inc., 4.38%, 4/15/28 (a) | 50000 | 44212 |
| **SOFTWARE - 1.1%** | **SOFTWARE - 1.1%** | **SOFTWARE - 1.1%** |
| Fair Isaac Corp., 4.00%, 6/15/28 (a) | 55000 | 49913 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 4.00%, 11/15/29 (a) | 110000 | 95814 |
| 3.63%, 9/1/30 (a) | 105000 | 87281 |
| 3.88%, 2/15/31 (a) | 95000 | 78985 |
| 3.63%, 11/1/31 (a) | 60000 | 49619 |
| 3.25%, 8/15/33 (a) | 45000 | 34752 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 3.63%, 2/15/25 (a) | 75000 | 71318 |
| 4.00%, 2/15/28 (a) | 68000 | 61202 |
|  |  | 528884 |
| **TELECOMMUNICATIONS - 4.4%** | **TELECOMMUNICATIONS - 4.4%** | **TELECOMMUNICATIONS - 4.4%** |
| Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
| 5.88%, 10/15/27 (a) | 15000 | 13928 |
| 5.00%, 5/1/28 (a) | 40000 | 34733 |

---

See accompanying notes to financial statements.<br>58

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TELECOMMUNICATIONS - 4.4% (Continued)** | **TELECOMMUNICATIONS - 4.4% (Continued)** | **TELECOMMUNICATIONS - 4.4% (Continued)** |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| 6.75%, 5/1/29 (a) | $95000 | $78589 |
| 8.75%, 5/15/30 (a) | 45000 | 45754 |
| Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
| 5.25%, 8/1/26 | 235000 | 225412 |
| 6.63%, 8/1/26 | 100000 | 93274 |
| Level 3 Financing, Inc., 4.25%, 7/1/28 (a) | 58000 | 45687 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 4.50%, 1/15/29 (a) | 64000 | 44173 |
| 5.38%, 6/15/29 (a) | 226000 | 162707 |
| 7.60%, 9/15/39 | 50000 | 34131 |
| 7.65%, 3/15/42 | 60000 | 39893 |
| Nokia Oyj, 4.38%, 6/12/27 | 100000 | 94473 |
| Sable International Finance Ltd., <br>5.75%, 9/7/27 (a) | 25000 | 23062 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 6.88%, 11/15/28 | 235000 | 244397 |
| 8.75%, 3/15/32 | 275000 | 327278 |
| Sprint LLC | Sprint LLC | Sprint LLC |
| 7.63%, 2/15/25 | 125000 | 129068 |
| 7.63%, 3/1/26 | 125000 | 131523 |
| Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
| 5.63%, 4/15/27 (a) | 250000 | 227088 |
| 6.50%, 7/15/28 (a) | 193000 | 144793 |
| Vmed O2 UK Financing I PLC, <br>4.75%, 7/15/31 (a) | 65000 | 53033 |
|  |  | 2192996 |
| **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** |
| Danaos Corp., 8.50%, 3/1/28 (a) | 173000 | 166080 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TRUCKING & LEASING - 0.2%** | **TRUCKING & LEASING - 0.2%** | **TRUCKING & LEASING - 0.2%** |
| Fortress Transportation and Infrastructure <br>Investors LLC, 9.75%, 8/1/27 (a) | $100000 | $100250 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $52,230,897) |  | 48910099 |
| **SHORT-TERM INVESTMENTS - 0.3%** | **SHORT-TERM INVESTMENTS - 0.3%** | **SHORT-TERM INVESTMENTS - 0.3%** |
| **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.06% (d) <br>(Cost - $159,566) | 159566 | 159566 |
| **TOTAL INVESTMENTS - 98.2%**<br> (Cost - $52,390,463) |  | $49069665 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET 1.8%** |  | 874873 |
| **TOTAL NET ASSETS - 100.0%** |  | $49944538 |

---

(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 December 31, 2022, these securities amounted to $36,403,040 or 72.9% of net assets.

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

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

(d) 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

SOFR - Secured Overnight Financing Rate

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized<br>Appreciation <br>(Depreciation) |
| U.S. 2 Year Note Future | Goldman Sachs & Co. | 3 | 3/31/2023 | $615234 | $(472) |
| U.S. Long Bond Future | Goldman Sachs & Co. | 2 | 3/22/2023 | 250688 | (7362) |
|  |  |  |  |  | (7834) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| U.S. 10 Year Note Future | Goldman Sachs & Co. | 2 | 3/22/2023 | 224594 | 1935 |
| U.S. 10 Year Ultra Future | Goldman Sachs & Co. | 1 | 3/22/2023 | 118281 | 696 |
| U.S. 5 Year Note Future | Goldman Sachs & Co. | 7 | 3/31/2023 | 755508 | 3320 |
|  |  |  |  |  | 5951 |
| **TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**(1883)** |

---

See accompanying notes to financial statements.<br>59

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio Review**

**December 31, 2022 (Unaudited)**

***Investment Objective***

The Portfolio seeks to provide total return consisting of capital appreciation and income.

***Management Review***

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

**How did the Portfolio perform during the period?**

During 2022, the Class I shares of Global Atlantic Goldman Sachs Core Fixed Income Portfolio underperformed its reference benchmark, the Bloomberg U.S. Aggregate Bond Index. The Portfolio posted a return of -13.84% compared to a benchmark return of -13.01%, a difference of -83 basis points. The following discussion of relative performance pertains to this benchmark.

**What factors and allocation decisions influenced the Portfolio's performance?**

Overall, the Portfolio's sector positioning and security selection strategies negatively impacted performance in 2022 as all fixed income spread sectors underperformed U.S. Treasuries during the period. A primary detractor to performance was the Portfolio's positioning within securitized debt, specifically its exposure to mortgage-backed securities ("MBS") Passthroughs and overweight positions to Collateralized Loan Obligations ("CLOs") and Commercial Mortgage-Backed Securities ("CMBS"). Furthermore, the Portfolio's overweight position to investment grade corporates detracted from performance, as did the credit hedge strategy, which pairs the overweight investment grade corporates position with a long position in interest rates. Partially offsetting this underperformance was the Portfolio's underweight position to MBS in the first half of the year and an overweight position to MBS in the second half of the year, which added to returns. Also contributing to performance during the year was the Portfolio's duration strategy and yield curve positioning resulting from the systematic auction strategy and discretionary interest rates strategy. Finally, the Portfolio's down quality bias within investment grade corporates positively impacted returns.

**How was the Portfolio positioned at period end?**

At period end, the Portfolio was underweight U.S. Treasuries and government securities, while being overweight asset-based securities ("ABS"), notably high-quality CLOs, CMBS, MBS, corporate credit, and emerging market debt.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Annualized | Annualized | Operating<br>Expense\*\* | Operating<br>Expense\*\* |
| |<br>Inception<br>Date\* |<br>One<br>Year | Five<br>Years | Since<br>Inception | Gross<br>Ratio | Net<br>Ratio |
| **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio** |
| Class I | November 1, 2017 | -13.84% | 0.14% | 0.09% | 0.46% | 0.46% |
| Bloomberg U.S. Aggregate Bond Index^ |  | -13.01% | 0.02% | 0.09% |  |  |

---

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 shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Bloomberg U.S. Aggregate Bond Index 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.

**Comparison of the Change in Value of a $10,000 Investment**

![](j2313414_cg012.jpg)

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio Review (Continued)**

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Holdings by Asset Class | % of Net Assets |
| Corporate Bonds and Notes | 49.9% |
| Agency Mortgage Backed Securities | 41.5% |
| Asset Backed and Commercial Backed Securities | 8.8% |
| Short-Term Investments | 4.8% |
| U.S. Treasury Securities and Agency Bonds | 2.5% |
| Sovereign Debts | 1.4% |
| Municipal Bonds | 1.4% |
| Other Assets less Liabilities - Net | (10.3)% |
|  | 100.0% |

---

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure and securities sold short is included in "Other Assets less Liabilities - Net"

5435687.2<br>62

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 49.9%** | **CORPORATE BONDS AND NOTES - 49.9%** | **CORPORATE BONDS AND NOTES - 49.9%** |
| **AEROSPACE & DEFENSE - 1.4%** | **AEROSPACE & DEFENSE - 1.4%** | **AEROSPACE & DEFENSE - 1.4%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 2.60%, 10/30/25 | $150000 | $139512 |
| 3.45%, 11/1/28 | 100000 | 89629 |
| Lockheed Martin Corp., 5.25%, 1/15/33 | 100000 | 103284 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 3.25%, 1/15/28 | 150000 | 138580 |
| 4.75%, 6/1/43 | 50000 | 46501 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 3.95%, 8/16/25 | 275000 | 268975 |
| 4.05%, 5/4/47 | 50000 | 41301 |
|  |  | 827782 |
| **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 2.26%, 3/25/28 | 75000 | 62440 |
| 4.76%, 9/6/49 | 25000 | 18233 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 5.63%, 11/17/29 | 25000 | 25437 |
| 5.75%, 11/17/32 | 50000 | 51128 |
|  |  | 157238 |
| **AUTO MANUFACTURERS - 0.7%** | **AUTO MANUFACTURERS - 0.7%** | **AUTO MANUFACTURERS - 0.7%** |
| General Motors Co., 4.00%, 4/1/25 | 50000 | 48801 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 4.30%, 7/13/25 | 125000 | 121177 |
| 1.50%, 6/10/26 | 125000 | 108692 |
| 5.65%, 1/17/29 | 25000 | 24583 |
| 2.35%, 1/8/31 | 125000 | 94533 |
|  |  | 397786 |
| **BANKS - 13.2%** | **BANKS - 13.2%** | **BANKS - 13.2%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 2.75%, 5/28/25 | 200000 | 187189 |
| 4.25%, 4/11/27 | 200000 | 190054 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 3.86%, (3 Month US Libor + 0.94%), <br>7/23/24 (a) | 50000 | 49547 |
| 4.20%, 8/26/24 | 165000 | 162534 |
| 4.18%, 11/25/27 | 25000 | 23748 |
| 3.42%, (3 Month US Libor + 1.04%), <br>12/20/28 (a) | 108000 | 97805 |
| 4.27%, (3 Month US Libor + 1.31%), <br>7/23/29 (a) | 125000 | 116774 |
| 2.88%, (3 Month US Libor + 1.19%), <br>10/22/30 (a) | 100000 | 83886 |
| 2.50%, (3 Month US Libor + 0.99%), <br>2/13/31 (a) | 25000 | 20378 |
| 2.59%, (SOFR + 2.15%), 4/29/31 (a) | 75000 | 61262 |
| 1.90%, (SOFR + 1.53%), 7/23/31 (a) | 100000 | 76988 |
| 2.97%, (SOFR + 1.33%), 2/4/33 (a) | 50000 | 40437 |
| 4.57%, (SOFR + 1.83%), 4/27/33 (a) | 50000 | 45922 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BANKS - 13.2% (Continued)** | **BANKS - 13.2% (Continued)** | **BANKS - 13.2% (Continued)** |
| 2.48%, (US 5 Year CMT T-Note + <br>1.20%), 9/21/36 (a) | $75000 | $55295 |
| 6.11%, 1/29/37 | 100000 | 101407 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| 4.60%, (SOFR + 1.76%), 7/26/30 (a) | 15000 | 14511 |
| 5.83%, (SOFRINDX + 2.07%), <br>10/25/33 (a) | 25000 | 26003 |
| Barclays PLC, 2.85%, (SOFR + 2.71%), <br>5/7/26 (a) | 200000 | 185986 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 3.38%, 1/9/25 (b) | 252000 | 242664 |
| 1.32%, (SOFR + 1.00%), 1/13/27 (a),(b) | 225000 | 196592 |
| BPCE SA, 4.00%, 9/12/23 (b) | 250000 | 246775 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 4.04%, (3 Month US Libor + 1.02%), <br>6/1/24 (a) | 105000 | 104312 |
| 4.60%, 3/9/26 | 75000 | 73812 |
| 3.40%, 5/1/26 | 200000 | 189764 |
| 4.45%, 9/29/27 | 125000 | 119450 |
| 3.67%, (3 Month US Libor + 1.39%), <br>7/24/28 (a) | 50000 | 46032 |
| 4.13%, 7/25/28 | 100000 | 93262 |
| 2.98%, (SOFR + 1.42%), 11/5/30 (a) | 100000 | 84312 |
| 3.06%, (SOFR + 1.35%), 1/25/33 (a) | 50000 | 40565 |
| Comerica Bank, 2.50%, 7/23/24 | 300000 | 287996 |
| Credit Suisse Group AG, 4.55%, 4/17/26 | 255000 | 225150 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 2.22%, (SOFR + 2.16%), 9/18/24 (a) | 150000 | 144901 |
| 2.13%, (SOFR + 1.87%), 11/24/26 (a) | 225000 | 198682 |
| Fifth Third Bancorp, 2.38%, 1/28/25 | 85000 | 80611 |
| HSBC Holdings PLC, 1.65%, (SOFR + <br>1.54%), 4/18/26 (a) | 225000 | 203493 |
| Huntington Bancshares, Inc., <br>4.00%, 5/15/25 | 150000 | 146233 |
| ING Groep NV, 4.63%, 1/6/26 (b) | 225000 | 219950 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 3.56%, (3 Month US Libor + 0.73%), <br>4/23/24 (a) | 40000 | 39740 |
| 3.80%, (3 Month US Libor + 0.89%), <br>7/23/24 (a) | 50000 | 49501 |
| 4.02%, (3 Month US Libor + 1.00%), <br>12/5/24 (a) | 125000 | 123166 |
| 2.30%, (SOFR + 1.16%), 10/15/25 (a) | 150000 | 141509 |
| 3.30%, 4/1/26 | 225000 | 213506 |
| 3.96%, (3 Month US Libor + 1.25%), <br>1/29/27 (a) | 175000 | 166995 |
| 3.51%, (3 Month US Libor + 0.95%), <br>1/23/29 (a) | 125000 | 113633 |
| 2.96%, (SOFR + 2.52%), 5/13/31 (a) | 25000 | 20659 |
| 2.96%, (SOFR + 1.26%), 1/25/33 (a) | 150000 | 122331 |
| 4.59%, (SOFR + 1.80%), 4/26/33 (a) | 21000 | 19506 |
| Macquarie Group Ltd., 1.34%, <br>(SOFR + 1.07%), 1/12/27 (a),(b) | 75000 | 65437 |

---

See accompanying notes to financial statements.<br>63

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BANKS - 13.2% (Continued)** | **BANKS - 13.2% (Continued)** | **BANKS - 13.2% (Continued)** |
| Mitsubishi UFJ Financial Group, Inc., <br>3.75%, 7/18/39 | $225000 | $183520 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 3.74%, (3 Month US Libor + 0.85%), <br>4/24/24 (a) | 50000 | 49734 |
| 3.70%, 10/23/24 | 275000 | 268535 |
| 2.72%, (SOFR + 1.15%), 7/22/25 (a) | 75000 | 71731 |
| 3.63%, 1/20/27 | 400000 | 377672 |
| 3.95%, 4/23/27 | 30000 | 28380 |
| 4.43%, (3 Month US Libor + 1.63%), <br>1/23/30 (a) | 50000 | 46795 |
| 2.70%, (SOFR + 1.14%), 1/22/31 (a) | 75000 | 62151 |
| 1.79%, (SOFR + 1.03%), 2/13/32 (a) | 125000 | 94256 |
| 2.48%, (SOFR + 1.36%), 9/16/36 (a) | 125000 | 90949 |
| NatWest Group PLC, 4.52%, <br>(3 Month US Libor + 1.55%), 6/25/24 (a) | 300000 | 297250 |
| Toronto-Dominion Bank (The), <br>4.46%, 6/8/32 | 125000 | 119114 |
| US Bancorp, 5.85%, (SOFR + 2.09%), <br>10/21/33 (a) | 50000 | 52083 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.75%, 1/24/24 | 55000 | 54267 |
| 3.55%, 9/29/25 | 125000 | 120316 |
| 3.00%, 10/23/26 | 325000 | 300752 |
| 4.30%, 7/22/27 | 100000 | 96399 |
| 4.15%, 1/24/29 | 25000 | 23555 |
| 4.90%, (SOFR + 2.10%), 7/25/33 (a) | 120000 | 113625 |
| Westpac Banking Corp., 4.11%, <br>(US 5 Year CMT T-Note + 2.00%), <br>7/24/34 (a) | 75000 | 64414 |
|  |  | 8075763 |
| **BEVERAGES - 1.7%** | **BEVERAGES - 1.7%** | **BEVERAGES - 1.7%** |
| Anheuser-Busch Cos., LLC / <br>Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos., LLC / <br>Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos., LLC / <br>Anheuser-Busch InBev Worldwide, Inc. |
| 4.70%, 2/1/36 | 200000 | 189433 |
| 4.90%, 2/1/46 | 206000 | 188806 |
| Anheuser-Busch InBev Worldwide, Inc., <br>3.50%, 6/1/30 | 75000 | 68476 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 4.40%, 11/15/25 | 200000 | 196802 |
| 3.60%, 2/15/28 | 100000 | 92828 |
| 3.15%, 8/1/29 | 125000 | 109789 |
| 2.25%, 8/1/31 | 50000 | 39851 |
| 4.75%, 5/9/32 | 39000 | 37651 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 3.80%, 5/1/50 | 25000 | 18916 |
| 4.50%, 4/15/52 | 75000 | 62850 |
|  |  | 1005402 |
| **BIOTECHNOLOGY - 0.7%** | **BIOTECHNOLOGY - 0.7%** | **BIOTECHNOLOGY - 0.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 3.13%, 5/1/25 | 175000 | 168063 |
| 4.20%, 3/1/33 | 75000 | 69626 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BIOTECHNOLOGY - 0.7% (Continued)** | **BIOTECHNOLOGY - 0.7% (Continued)** | **BIOTECHNOLOGY - 0.7% (Continued)** |
| CSL Finance PLC, 4.25%, 4/27/32 (b) | $75000 | $70864 |
| Royalty Pharma PLC, 1.20%, 9/2/25 | 100000 | 89571 |
|  |  | 398124 |
| **BUILDING MATERIALS - 0.5%** | **BUILDING MATERIALS - 0.5%** | **BUILDING MATERIALS - 0.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 2.49%, 2/15/27 | 225000 | 203107 |
| 2.72%, 2/15/30 | 75000 | 63284 |
| Johnson Controls International PLC / <br>Tyco Fire & Security Finance SCA, <br>4.90%, 12/1/32 | 25000 | 24676 |
| Masco Corp., 1.50%, 2/15/28 | 50000 | 41469 |
|  |  | 332536 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| International Flavors & Fragrances, Inc., <br>1.83%, 10/15/27 (b) | 100000 | 84058 |
| **COMMERCIAL SERVICES - 0.8%** | **COMMERCIAL SERVICES - 0.8%** | **COMMERCIAL SERVICES - 0.8%** |
| Emory University, 2.14%, 9/1/30 | 160000 | 132807 |
| Global Payments, Inc., 2.65%, 2/15/25 | 75000 | 70613 |
| PayPal Holdings, Inc., 1.65%, 6/1/25 | 225000 | 208701 |
| S&P Global, Inc., 2.95%, 1/22/27 | 50000 | 46840 |
|  |  | 458961 |
| **COMPUTERS - 1.2%** | **COMPUTERS - 1.2%** | **COMPUTERS - 1.2%** |
| Apple, Inc., 3.25%, 2/23/26 | 175000 | 168243 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 5.45%, 6/15/23 | 54000 | 54034 |
| 5.85%, 7/15/25 | 18000 | 18205 |
| 6.02%, 6/15/26 | 175000 | 178917 |
| 5.30%, 10/1/29 | 25000 | 24512 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 4.45%, 10/2/23 | 225000 | 223656 |
| 4.90%, 10/15/25 | 50000 | 49566 |
|  |  | 717133 |
| **COSMETICS/PERSONAL CARE - 0.5%** | **COSMETICS/PERSONAL CARE - 0.5%** | **COSMETICS/PERSONAL CARE - 0.5%** |
| Colgate-Palmolive Co., 3.25%, 8/15/32 | 75000 | 67951 |
| GSK Consumer Healthcare Capital <br>US LLC, 3.38%, 3/24/27 | 250000 | 233095 |
|  |  | 301046 |
| **DIVERSIFIED FINANCIAL SERVICES - 2.8%** | **DIVERSIFIED FINANCIAL SERVICES - 2.8%** | **DIVERSIFIED FINANCIAL SERVICES - 2.8%** |
| AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust |
| 4.88%, 1/16/24 | 175000 | 173332 |
| 2.45%, 10/29/26 | 225000 | 196981 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2.30%, 2/1/25 | 175000 | 163001 |
| 3.38%, 7/1/25 | 100000 | 94697 |
| 2.88%, 1/15/26 | 75000 | 69459 |
| 3.75%, 6/1/26 | 175000 | 164028 |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100000 | 78120 |

---

See accompanying notes to financial statements.<br>64

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 2.8% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 2.8% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 2.8% (Continued)** |
| American Express Co. | American Express Co. | American Express Co. |
| 2.50%, 7/30/24 | $35000 | $33674 |
| 3.63%, 12/5/24 | 175000 | 170461 |
| Aviation Capital Group LLC, 1.95%, <br>1/30/26 (b) | 75000 | 65394 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| 3.95%, 7/1/24 (b) | 75000 | 71848 |
| 2.88%, 2/15/25 (b) | 150000 | 138500 |
| 4.25%, 4/15/26 (b) | 25000 | 22701 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 3.50%, 6/15/23 | 75000 | 74545 |
| 3.30%, 10/30/24 | 65000 | 62765 |
| Intercontinental Exchange, Inc., 3.00%, <br>6/15/50 | 50000 | 33669 |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25000 | 16947 |
| Visa, Inc., 3.15%, 12/14/25 | 100000 | 96419 |
|  |  | 1726541 |
| **ELECTRIC - 3.8%** | **ELECTRIC - 3.8%** | **ELECTRIC - 3.8%** |
| Alliant Energy Finance LLC, 3.75%, <br>6/15/23 (b) | 50000 | 49653 |
| Ameren Corp., 3.50%, 1/15/31 | 25000 | 22160 |
| American Electric Power Co., Inc., <br>2.30%, 3/1/30 | 50000 | 41086 |
| Avangrid, Inc., 3.20%, 4/15/25 | 50000 | 47808 |
| Berkshire Hathaway Energy Co., <br>6.13%, 4/1/36 | 74000 | 77959 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 3.07%, 8/15/24 (c) | 175000 | 168699 |
| 3.38%, 4/1/30 | 50000 | 44181 |
| Duke Energy Carolinas LLC, 3.95%, <br>3/15/48 | 25000 | 20194 |
| Duke Energy Corp., 3.15%, 8/15/27 | 200000 | 184835 |
| Duquesne Light Holdings, Inc., 2.53%, <br>10/1/30 (b) | 100000 | 79671 |
| Entergy Corp., 2.95%, 9/1/26 | 175000 | 162662 |
| Exelon Corp., 4.05%, 4/15/30 | 50000 | 46536 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 2.65%, 3/1/30 | 150000 | 122301 |
| 2.25%, 9/1/30 | 50000 | 39685 |
| Korea Hydro & Nuclear Power Co. Ltd., <br>4.25%, 7/27/27 (b) | 220000 | 211541 |
| NextEra Energy Capital Holdings, Inc., <br>1.90%, 6/15/28 | 80000 | 68429 |
| NRG Energy, Inc., 3.75%, 6/15/24 (b) | 150000 | 144526 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 2.10%, 8/1/27 | 25000 | 21364 |
| 2.50%, 2/1/31 | 50000 | 39069 |
| 3.30%, 8/1/40 | 25000 | 17022 |
| 3.50%, 8/1/50 | 50000 | 31596 |
| Sempra Energy, 3.40%, 2/1/28 | 125000 | 116187 |
| Southern California Edison Co., <br>4.20%, 3/1/29 | 100000 | 95364 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRIC - 3.8% (Continued)** | **ELECTRIC - 3.8% (Continued)** | **ELECTRIC - 3.8% (Continued)** |
| Southern Co. (The), 3.25%, 7/1/26 | $350000 | $329478 |
| Xcel Energy, Inc., 3.35%, 12/1/26 | 150000 | 141062 |
|  |  | 2323068 |
| **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** |
| Mexico City Airport Trust, 3.88%, <br>4/30/28 (b) | 200000 | 182602 |
| **ENTERTAINMENT - 0.3%** | **ENTERTAINMENT - 0.3%** | **ENTERTAINMENT - 0.3%** |
| Warnermedia Holdings, Inc., 4.05%, <br>3/15/29 (b) | 200000 | 173356 |
| **ENVIRONMENTAL CONTROL - 0.5%** | **ENVIRONMENTAL CONTROL - 0.5%** | **ENVIRONMENTAL CONTROL - 0.5%** |
| Republic Services, Inc., 2.50%, 8/15/24 | 150000 | 143806 |
| Waste Connections, Inc., 4.20%, 1/15/33 | 42000 | 39075 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 3.15%, 11/15/27 | 50000 | 46719 |
| 4.15%, 4/15/32 | 50000 | 47734 |
|  |  | 277334 |
| **FOOD - 0.4%** | **FOOD - 0.4%** | **FOOD - 0.4%** |
| General Mills, Inc., 4.20%, 4/17/28 | 50000 | 48345 |
| Mars, Inc., 2.70%, 4/1/25 (b) | 50000 | 47632 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 4.45%, 3/15/48 | 25000 | 20640 |
| 6.60%, 4/1/50 | 25000 | 27428 |
| Tyson Foods, Inc., 3.90%, 9/28/23 | 125000 | 123861 |
|  |  | 267906 |
| **GAS - 0.7%** | **GAS - 0.7%** | **GAS - 0.7%** |
| East Ohio Gas Co. (The), 1.30%, <br>6/15/25 (b) | 50000 | 45350 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 3.49%, 5/15/27 | 400000 | 377277 |
| 3.60%, 5/1/30 | 25000 | 22337 |
|  |  | 444964 |
| **HEALTHCARE-PRODUCTS - 0.4%** | **HEALTHCARE-PRODUCTS - 0.4%** | **HEALTHCARE-PRODUCTS - 0.4%** |
| Baxter International, Inc., 2.27%, 12/1/28 | 75000 | 63993 |
| DH Europe Finance II SARL, 2.20%, <br>11/15/24 | 125000 | 119016 |
| STERIS Irish FinCo UnLtd Co., 2.70%, <br>3/15/31 | 75000 | 61114 |
| Thermo Fisher Scientific, Inc., 1.75%, <br>10/15/28 | 25000 | 21217 |
|  |  | 265340 |
| **HEALTHCARE-SERVICES - 1.7%** | **HEALTHCARE-SERVICES - 1.7%** | **HEALTHCARE-SERVICES - 1.7%** |
| Adventist Health System, 2.95%, 3/1/29 | 25000 | 21456 |
| Banner Health, 2.34%, 1/1/30 | 145000 | 122267 |
| Baylor Scott & White Holdings, 1.78%, <br>11/15/30 | 50000 | 38742 |

---

See accompanying notes to financial statements.<br>65

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTHCARE-SERVICES - 1.7% (Continued)** | **HEALTHCARE-SERVICES - 1.7% (Continued)** | **HEALTHCARE-SERVICES - 1.7% (Continued)** |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 3.91%, 10/1/50 | $110000 | $82024 |
| 6.46%, 11/1/52 | 105000 | 112825 |
| Rush Obligated Group, 3.92%, 11/15/29 | 60000 | 55280 |
| Stanford Health Care, 3.31%, 8/15/30 | 35000 | 31354 |
| Sutter Health | Sutter Health | Sutter Health |
| 2.29%, 8/15/30 | 25000 | 20280 |
| 4.09%, 8/15/48 | 225000 | 183262 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 5.30%, 2/15/30 | 175000 | 180747 |
| 5.35%, 2/15/33 | 125000 | 129343 |
| 5.88%, 2/15/53 | 50000 | 54100 |
|  |  | 1031680 |
| **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** |
| Lennar Corp., 4.75%, 11/29/27 | 45000 | 43360 |
| **INSURANCE - 0.7%** | **INSURANCE - 0.7%** | **INSURANCE - 0.7%** |
| AIA Group Ltd., 3.20%, 3/11/25 (b) | 200000 | 191912 |
| New York Life Insurance Co., 3.75%, <br>5/15/50 (b) | 50000 | 38530 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 3.10%, 11/15/26 | 75000 | 70144 |
| 2.13%, 6/15/30 | 100000 | 82189 |
| Willis North America, Inc., 2.95%, 9/15/29 | 50000 | 42152 |
|  |  | 424927 |
| **INTERNET - 0.4%** | **INTERNET - 0.4%** | **INTERNET - 0.4%** |
| Amazon.com, Inc., 3.10%, 5/12/51 | 50000 | 35887 |
| Expedia Group, Inc., 2.95%, 3/15/31 | 14000 | 11303 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 3.50%, 8/15/27 | 175000 | 163370 |
| 3.85%, 8/15/32 | 66000 | 58517 |
|  |  | 269077 |
| **IRON & STEEL - 0.0%†** | **IRON & STEEL - 0.0%†** | **IRON & STEEL - 0.0%†** |
| Steel Dynamics, Inc., 2.40%, 6/15/25 | 30000 | 28154 |
| **LODGING - 0.3%** | **LODGING - 0.3%** | **LODGING - 0.3%** |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 5.00%, 10/15/27 | 75000 | 74121 |
| 2.85%, 4/15/31 | 100000 | 80948 |
|  |  | 155069 |
| **MEDIA - 1.1%** | **MEDIA - 1.1%** | **MEDIA - 1.1%** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3.70%, 4/15/24 | 150000 | 147768 |
| 3.95%, 10/15/25 | 125000 | 122523 |
| 3.30%, 4/1/27 | 125000 | 117968 |
| 3.75%, 4/1/40 | 25000 | 20738 |
| Fox Corp., 4.03%, 1/25/24 | 75000 | 74152 |
| Walt Disney Co. (The), 3.70%, 9/15/24 | 200000 | 195745 |
|  |  | 678894 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MINING - 0.7%** | **MINING - 0.7%** | **MINING - 0.7%** |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 4.63%, 4/29/24 (b) | $250000 | $247050 |
| 1.63%, 4/27/26 (b) | 75000 | 66352 |
| Newcrest Finance Pty Ltd., 3.25%, <br>5/13/30 (b) | 25000 | 20924 |
| Newmont Corp., 2.25%, 10/1/30 | 150000 | 120962 |
|  |  | 455288 |
| **MISCELLANEOUS MANUFACTURING - 0.2%** | **MISCELLANEOUS MANUFACTURING - 0.2%** | **MISCELLANEOUS MANUFACTURING - 0.2%** |
| Eaton Corp., 4.15%, 3/15/33 | 75000 | 69882 |
| General Electric Co., 6.75%, 3/15/32 | 50000 | 55426 |
|  |  | 125308 |
| **OIL & GAS - 0.5%** | **OIL & GAS - 0.5%** | **OIL & GAS - 0.5%** |
| BP Capital Markets America, Inc., 3.41%, <br>2/11/26 | 50000 | 48052 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 3.63%, 9/15/24 | 50000 | 48678 |
| 3.80%, 4/1/28 | 25000 | 23100 |
| Phillips 66 | Phillips 66 | Phillips 66 |
| 3.85%, 4/9/25 | 25000 | 24409 |
| 1.30%, 2/15/26 | 25000 | 22433 |
| 3.90%, 3/15/28 | 150000 | 141809 |
|  |  | 308481 |
| **PHARMACEUTICALS - 0.9%** | **PHARMACEUTICALS - 0.9%** | **PHARMACEUTICALS - 0.9%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 4.05%, 11/21/39 | 125000 | 107612 |
| 4.88%, 11/14/48 | 25000 | 22940 |
| AmerisourceBergen Corp., 3.45%, <br>12/15/27 | 50000 | 46707 |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 50000 | 43754 |
| Cigna Corp., 3.40%, 3/15/50 | 100000 | 71427 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 2.63%, 8/15/24 | 30000 | 28819 |
| 1.88%, 2/28/31 | 50000 | 39370 |
| 2.13%, 9/15/31 | 100000 | 79565 |
| 4.78%, 3/25/38 | 75000 | 68563 |
| 5.13%, 7/20/45 | 25000 | 22685 |
|  |  | 531442 |
| **PIPELINES - 2.7%** | **PIPELINES - 2.7%** | **PIPELINES - 2.7%** |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 4.20%, 9/15/23 | 175000 | 173925 |
| 2.90%, 5/15/25 | 100000 | 94305 |
| 5.25%, 4/15/29 | 100000 | 96991 |
| 5.30%, 4/15/47 | 25000 | 20858 |
| 5.40%, 10/1/47 | 50000 | 42268 |
| Enterprise Products Operating LLC, <br>3.70%, 2/15/26 | 300000 | 289465 |
| Galaxy Pipeline Assets Bidco Ltd., <br>2.94%, 9/30/40 | 193306 | 155205 |

---

See accompanying notes to financial statements.<br>66

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PIPELINES - 2.7% (Continued)** | **PIPELINES - 2.7% (Continued)** | **PIPELINES - 2.7% (Continued)** |
| MPLX LP | MPLX LP | MPLX LP |
| 4.80%, 2/15/29 | $50000 | $47968 |
| 2.65%, 8/15/30 | 125000 | 101997 |
| 4.50%, 4/15/38 | 75000 | 63516 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 5.63%, 3/1/25 | 275000 | 275509 |
| 5.00%, 3/15/27 | 100000 | 98173 |
| Targa Resources Corp., 4.20%, 2/1/33 | 40000 | 34543 |
| Williams Cos., Inc. (The), 4.00%, 9/15/25 | 175000 | 170251 |
|  |  | 1664974 |
| **REITS - 2.9%** | **REITS - 2.9%** | **REITS - 2.9%** |
| Agree LP, 4.80%, 10/1/32 | 110000 | 102116 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 4.90%, 2/15/29 | 50000 | 47366 |
| 2.38%, 7/15/31 | 30000 | 23218 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 3.38%, 5/15/24 | 200000 | 194691 |
| 2.40%, 3/15/25 | 125000 | 117623 |
| Camden Property Trust, 2.80%, 5/15/30 | 75000 | 64695 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 3.15%, 7/15/23 | 100000 | 98878 |
| 3.65%, 9/1/27 | 75000 | 69774 |
| CubeSmart LP, 2.50%, 2/15/32 | 50000 | 38361 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75000 | 63603 |
| Federal Realty Investment Trust, 3.25%, <br>7/15/27 | 150000 | 138064 |
| Host Hotels & Resorts LP, 2.90%, <br>12/15/31 | 75000 | 57569 |
| Invitation Homes Operating <br>Partnership LP, 2.30%, 11/15/28 | 50000 | 41426 |
| Kilroy Realty LP, 4.75%, 12/15/28 | 100000 | 91120 |
| National Retail Properties, Inc., 3.90%, <br>6/15/24 | 45000 | 43945 |
| Prologis LP, 4.63%, 1/15/33 | 75000 | 72720 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 4.88%, 6/1/26 | 75000 | 74678 |
| 2.85%, 12/15/32 | 75000 | 61053 |
| Regency Centers LP, 2.95%, 9/15/29 | 125000 | 105196 |
| Spirit Realty LP, 3.40%, 1/15/30 | 100000 | 83283 |
| UDR, Inc., 2.10%, 8/1/32 | 25000 | 18436 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 4.60%, 4/1/24 | 25000 | 24786 |
| 4.00%, 2/1/25 | 30000 | 29252 |
| 3.85%, 7/15/29 | 75000 | 67536 |
| 2.40%, 2/1/31 | 25000 | 19984 |
|  |  | 1749373 |
| **RETAIL - 1.8%** | **RETAIL - 1.8%** | **RETAIL - 1.8%** |
| 7-Eleven, Inc., 1.30%, 2/10/28 (b) | 100000 | 83015 |
| Alimentation Couche-Tard, Inc., 3.55%, <br>7/26/27 (b) | 50000 | 46285 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL - 1.8% (Continued)** | **RETAIL - 1.8% (Continued)** | **RETAIL - 1.8% (Continued)** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 4.50%, 10/1/25 | $55000 | $53536 |
| 1.95%, 8/1/28 | 25000 | 19984 |
| Dollar Tree, Inc., 4.00%, 5/15/25 | 75000 | 73262 |
| Home Depot, Inc. (The), 4.50%, 9/15/32 | 75000 | 73486 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 3.10%, 5/3/27 | 25000 | 23317 |
| 1.70%, 9/15/28 | 75000 | 63115 |
| 3.75%, 4/1/32 | 225000 | 200799 |
| 5.00%, 4/15/33 | 75000 | 73443 |
| 4.25%, 4/1/52 | 50000 | 39963 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 4.60%, 9/9/32 | 59000 | 57899 |
| 4.45%, 9/1/48 | 25000 | 21907 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 3.80%, 8/15/25 | 150000 | 146772 |
| 4.00%, 11/15/28 | 75000 | 71533 |
| 3.00%, 2/14/32 | 75000 | 64109 |
|  |  | 1112425 |
| **SEMICONDUCTORS - 1.0%** | **SEMICONDUCTORS - 1.0%** | **SEMICONDUCTORS - 1.0%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 4.15%, 4/15/32 (b) | 90000 | 79283 |
| 3.42%, 4/15/33 (b) | 150000 | 120664 |
| 3.47%, 4/15/34 (b) | 165000 | 132216 |
| Intel Corp., 3.05%, 8/12/51 | 75000 | 48965 |
| Micron Technology, Inc., 2.70%, 4/15/32 | 50000 | 37691 |
| NXP BV / NXP Funding LLC / <br>NXP USA, Inc. | NXP BV / NXP Funding LLC / <br>NXP USA, Inc. | NXP BV / NXP Funding LLC / <br>NXP USA, Inc. |
| 3.40%, 5/1/30 | 50000 | 43331 |
| 2.50%, 5/11/31 | 125000 | 99886 |
| 2.65%, 2/15/32 | 75000 | 58901 |
|  |  | 620937 |
| **SOFTWARE - 1.2%** | **SOFTWARE - 1.2%** | **SOFTWARE - 1.2%** |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 2.75%, 7/1/24 | 150000 | 144475 |
| 4.20%, 10/1/28 | 100000 | 94784 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2.95%, 4/1/30 | 25000 | 21421 |
| 2.88%, 3/25/31 | 225000 | 187209 |
| 3.60%, 4/1/40 | 25000 | 18582 |
| 6.90%, 11/9/52 | 125000 | 134916 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 1.80%, 8/15/28 | 25000 | 20459 |
| 2.20%, 8/15/31 | 75000 | 57099 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 3.50%, 4/1/27 | 50000 | 46807 |
| 3.80%, 4/1/32 | 25000 | 22152 |
|  |  | 747904 |

---

See accompanying notes to financial statements.<br>67

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TELECOMMUNICATIONS - 2.8%** | **TELECOMMUNICATIONS - 2.8%** | **TELECOMMUNICATIONS - 2.8%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 2.30%, 6/1/27 | $120000 | $106937 |
| 2.55%, 12/1/33 | 175000 | 135011 |
| 4.90%, 8/15/37 | 50000 | 46242 |
| 4.85%, 3/1/39 | 85000 | 76638 |
| 3.50%, 6/1/41 | 100000 | 75083 |
| 3.65%, 6/1/51 | 50000 | 35460 |
| 3.50%, 9/15/53 | 25000 | 16859 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3.50%, 4/15/25 | 125000 | 120291 |
| 1.50%, 2/15/26 | 50000 | 44839 |
| 3.75%, 4/15/27 | 200000 | 188635 |
| 2.05%, 2/15/28 | 200000 | 172102 |
| 3.88%, 4/15/30 | 167000 | 151671 |
| 5.20%, 1/15/33 | 150000 | 149261 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 4.33%, 9/21/28 | 313000 | 301506 |
| 4.02%, 12/3/29 | 25000 | 23473 |
| 3.15%, 3/22/30 | 100000 | 88445 |
|  |  | 1732453 |
| **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** |
| Burlington Northern Santa Fe LLC, <br>3.25%, 6/15/27 | 75000 | 71021 |
| Canadian Pacific Railway Co., 2.45%, <br>12/2/31 | 50000 | 41561 |
| CSX Corp. | CSX Corp. | CSX Corp. |
| 3.80%, 3/1/28 | 100000 | 95565 |
| 4.10%, 11/15/32 | 75000 | 70555 |
| FedEx Corp., 3.40%, 2/15/28 | 25000 | 23131 |
| Union Pacific Corp., 2.80%, 2/14/32 | 100000 | 86427 |
|  |  | 388260 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $33,218,909) |  | 30484946 |
| **AGENCY MORTGAGE BACKED SECURITIES - 41.5%** | **AGENCY MORTGAGE BACKED SECURITIES - 41.5%** | **AGENCY MORTGAGE BACKED SECURITIES - 41.5%** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.4%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.4%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.4%** |
| Federal Home Loan Mortgage <br>Corporation | Federal Home Loan Mortgage <br>Corporation | Federal Home Loan Mortgage <br>Corporation |
| 4.50%, 6/1/52 | 584980 | 568572 |
| 4.50%, 6/1/52 | 358080 | 348935 |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 4.00%, 1/1/49 | 287549 | 277216 |
| 4.00%, 3/1/50 | 453123 | 435295 |
| 3.00%, 12/1/50 | 671355 | 601706 |
| 2.50%, 9/1/51 | 901467 | 766271 |
| 2.00%, 1/1/52 | 2999701 | 2454803 |
| 2.00%, 3/1/52 | 362746 | 295951 |
|  |  | 5748749 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.2%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.2%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.2%** |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 4.50%, 6/1/31 | $280839 | $276348 |
| 4.00%, 8/1/45 | 796699 | 768541 |
| 4.00%, 1/1/46 | 454286 | 436862 |
| 4.50%, 7/1/48 | 353601 | 347011 |
| 5.00%, 11/1/48 | 260091 | 259908 |
| 2.50%, 3/1/51 | 79543 | 68540 |
| 2.50%, 9/1/51 | 101260 | 86832 |
| 2.50%, 10/1/51 | 403091 | 345720 |
| 2.50%, 11/1/51 | 234782 | 201333 |
| 2.50%, 11/1/51 | 181325 | 155608 |
| 2.00%, 2/1/52 | 1000000 | 816008 |
| 2.00%, 3/1/52 | 999999 | 815890 |
| 2.00%, 3/1/52 | 637155 | 519884 |
| 5.50%, 11/1/52 | 993622 | 1011653 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 3.00%, 1/1/52 (d) | 1000000 | 879375 |
| 3.50%, 1/1/53 (d) | 1000000 | 910156 |
| 5.00%, 1/1/53 (d) | 2000000 | 1972188 |
|  |  | 9871857 |
| **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9%** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9%** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9%** |
| Ginnie Mae | Ginnie Mae | Ginnie Mae |
| 2.50%, 1/20/53 (d) | 1000000 | 867500 |
| 5.50%, 1/20/53 (d) | 1000000 | 1005312 |
| 6.00%, 1/20/53 (d) | 1000000 | 1016094 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 3.50%, 4/20/47 | 198590 | 185435 |
| 3.50%, 12/20/47 | 245747 | 229477 |
| 4.50%, 2/20/48 | 129207 | 127587 |
| 4.50%, 5/20/48 | 130512 | 128644 |
| 4.50%, 8/20/48 | 164813 | 162454 |
| 5.00%, 8/20/48 | 34304 | 34119 |
| 4.50%, 9/20/48 | 576854 | 568601 |
| 5.00%, 10/20/48 | 194964 | 197598 |
| 5.00%, 11/20/48 | 123640 | 125312 |
| 5.00%, 12/20/48 | 64270 | 65139 |
| 5.00%, 1/20/49 | 188800 | 191355 |
| 4.00%, 2/20/49 | 168751 | 163092 |
| 4.50%, 3/20/49 | 5581 | 5501 |
| 5.00%, 3/20/49 | 91007 | 90515 |
| 4.00%, 5/20/49 | 150214 | 144096 |
| 4.50%, 10/20/49 | 133537 | 131625 |
| 3.00%, 3/20/50 | 460317 | 413157 |
| 3.00%, 2/20/52 | 539682 | 481855 |
| 4.50%, 9/20/52 | 994966 | 966713 |
| 4.50%, 10/20/52 | 993880 | 965674 |

---

See accompanying notes to financial statements.<br>68

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 15.9% (Continued)** |
| Government National Mortgage <br>Association | Government National Mortgage <br>Association | Government National Mortgage <br>Association |
| 3.00%, 9/20/49 | $711308 | $636037 |
| 3.00%, 11/20/51 | 898477 | 803853 |
|  |  | 9706745 |
| **TOTAL AGENCY MORTGAGE <br>BACKED SECURITIES**<br> (Cost - $26,270,868) |  | 25327351 |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8%** |
| 3650R 2021-PF1 Commercial <br>Mortgage Trust, 2.78%, 11/15/54 (e) | 150000 | 115047 |
| Arbor Realty Commercial Real Estate <br>Notes 2022-FL1 Ltd., 5.26%, <br>(SOFR + 1.45%), 1/15/37 (a),(b) | 200000 | 193605 |
| ASSURANT CLO LTD., 5.28%, (3 Month <br>US Libor + 1.04%), 4/20/31 (a),(b) | 1500000 | 1474434 |
| Benchmark 2018-B1 Mortgage Trust, <br>2.75%, 1/15/51 (b) | 100000 | 67627 |
| BX Trust 2021-ARIA, 5.96%, (1 Month <br>US Libor + 1.65%), 10/15/36 (a),(b) | 150000 | 139800 |
| Cathedral Lake VIII Ltd., 6.86%, (3 Month <br>US Libor + 2.62%), 1/20/35 (a),(b) | 150000 | 138510 |
| CBAM 2018-5 Ltd., 5.10%, (3 Month <br>US Libor + 1.02%), 4/17/31 (a),(b) | 350000 | 344100 |
| COMM 2017-COR2 Mortgage Trust, <br>3.00%, 9/10/50 (b) | 100000 | 73128 |
| Connecticut Avenue Securities Trust, <br>5.58%, (SOFR + 1.65%), 12/25/41 (a),(b) | 34000 | 32068 |
| DOLP Trust 2021-NYC, 2.96%, <br>5/10/41 (b) | 200000 | 158536 |
| Freddie Mac STACR REMIC <br>Trust 2021-DNA5, 5.58%, (SOFR + <br>1.65%), 1/25/34 (a),(b) | 24333 | 23952 |
| Freddie Mac STACR REMIC <br>Trust 2022-DNA1, 4.93%, (SOFR + <br>1.00%), 1/25/42 (a),(b) | 66514 | 64754 |
| Freddie Mac STACR REMIC <br>Trust 2022-DNA3, 5.93%, (SOFR + <br>2.00%), 4/25/42 (a),(b) | 25911 | 25623 |
| JP Morgan Mortgage Trust 2021-6, <br>2.50%, 10/25/51 (b),(e) | 103409 | 82614 |
| Morgan Stanley Capital I <br>Trust 2020-HR8, 2.04%, 7/15/53 | 250000 | 200619 |
| Morgan Stanley Capital I Trust 2020-L4, <br>2.70%, 2/15/53 | 500000 | 420489 |
| PHEAA Student Loan Trust 2012-1, <br>4.94%, (1 Month US Libor + 0.55%), <br>5/25/57 (a),(b) | 156639 | 153325 |
| TICP CLO X Ltd., 5.24%, (3 Month <br>US Libor + 1.00%), 4/20/31 (a),(b) | 1550000 | 1525178 |
| Wells Fargo Commercial Mortgage <br>Trust 2022-C62, 4.00%, 4/15/55 (e) | 150000 | 135728 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 8.8% (Continued)** |
| Wells Fargo Mortgage Backed Securities <br>Trust 2019-3, 3.50%, 7/25/49 (b),(e) | $6317 | $5899 |
| **TOTAL ASSET BACKED AND <br>COMMERCIAL BACKED SECURITIES**<br> (Cost - $5,797,579) |  | 5375036 |
| **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.5%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.5%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.5%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2.90%, 4/12/32 | 600000 | 539117 |
| 3.30%, 5/19/32 | 170000 | 157545 |
| 3.50%, 9/1/32 | 40000 | 37213 |
| 2.85%, 3/28/34 | 370000 | 324614 |
| 1.70%, 4/23/35 | 540000 | 395842 |
| Federal Home Loan Banks, <br>4.75%, 12/10/32 | 80000 | 82198 |
| **TOTAL U.S. TREASURY SECURITIES <br>AND AGENCY BONDS**<br> (Cost - $1,777,223) |  | 1536529 |
| **SOVEREIGN DEBTS - 1.4%** | **SOVEREIGN DEBTS - 1.4%** | **SOVEREIGN DEBTS - 1.4%** |
| Mexico Government International Bond, <br>3.25%, 4/16/30 | 290000 | 252609 |
| Perusahaan Penerbit SBSN Indonesia III, <br>4.55%, 3/29/26 | 520000 | 518803 |
| Peruvian Government International Bond, <br>3.23%, 7/28/2121 | 20000 | 11597 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 3.00%, 2/27/27 (b) | 30000 | 26542 |
| 2.12%, 7/16/31 | 30000 | 21976 |
| 2.00%, 1/28/32 (b) | 70000 | 49681 |
| **TOTAL SOVEREIGN DEBTS**<br> (Cost - $978,090) |  | 881208 |
| **MUNICIPAL BONDS - 1.4%** | **MUNICIPAL BONDS - 1.4%** | **MUNICIPAL BONDS - 1.4%** |
| Bay Area Toll Authority, 1.63%, 4/1/28 | 10000 | 8551 |
| California Statewide Communities <br>Development Authority, 1.88%, 2/1/31 | 30000 | 22790 |
| City of Tucson | City of Tucson | City of Tucson |
| 1.46%, 7/1/28 | 5000 | 4070 |
| 1.93%, 7/1/31 | 30000 | 22814 |
| Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority |
| 5.99%, 11/15/30 (f) | 25000 | 25861 |
| 5.18%, 11/15/49 | 160000 | 138080 |
| Municipal Improvement Corp. of <br>Los Angeles | Municipal Improvement Corp. of <br>Los Angeles | Municipal Improvement Corp. of <br>Los Angeles |
| 1.65%, 11/1/28 | 35000 | 28919 |
| 2.07%, 11/1/30 | 95000 | 75726 |
| New Jersey Turnpike Authority | New Jersey Turnpike Authority | New Jersey Turnpike Authority |
| 1.48%, 1/1/28 | 5000 | 4244 |
| 7.10%, 1/1/41 | 25000 | 30145 |
| San Francisco Municipal Transportation <br>Agency, 1.30%, 3/1/28 | 25000 | 20597 |
| State of California, 7.60%, 11/1/40 | 175000 | 224203 |

---

See accompanying notes to financial statements.<br>69

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MUNICIPAL BONDS - 1.4% (Continued)** | **MUNICIPAL BONDS - 1.4% (Continued)** | **MUNICIPAL BONDS - 1.4% (Continued)** |
| State of Illinois, 5.10%, 6/1/33 (f) | $265000 | $254331 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost - $974,186) |  | 860331 |
| **SHORT-TERM INVESTMENTS - 4.8%** | **SHORT-TERM INVESTMENTS - 4.8%** | **SHORT-TERM INVESTMENTS - 4.8%** |
| **CERTIFICATE OF DEPOSIT - 2.2%** | **CERTIFICATE OF DEPOSIT - 2.2%** | **CERTIFICATE OF DEPOSIT - 2.2%** |
| BFCEN 4.45 2023-01-31, 4.45%, 1/31/23 | 364000 | 364023 |
| CITIB, 3.80%, 1/8/23 | 1000000 | 991362 |
| **TOTAL CERTIFICATE OF DEPOSIT** <br> (Cost - $1,364,000) |  | 1355385 |
| **U.S. TREASURY SECURITIES - 1.5%** | **U.S. TREASURY SECURITIES - 1.5%** | **U.S. TREASURY SECURITIES - 1.5%** |
| U.S. Treasury Bill, 4.29%, 3/2/23 <br>(Cost - $893,610) (g) | 900000 | 893854 |
| **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.06% (h) <br>(Cost - $404,602) | 404602 | 404602 |
| **COMMERCIAL PAPER - 0.4%** | **COMMERCIAL PAPER - 0.4%** | **COMMERCIAL PAPER - 0.4%** |
| Bank of Montreal, 0.00%, 7/12/23 <br>(Cost - $244,867) (g) | 250000 | 243376 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $2,907,079) |  | 2897217 |
| **TOTAL INVESTMENTS BEFORE <br>SECURITIES SOLD SHORT - 110.3%**<br> (Cost - $71,923,934) |  | $67362618 |
| **OTHER ASSETS LESS <br>LIABILITIES - NET (10.3)%** |  | (6311745) |
| **TOTAL NET ASSETS - 100.0%** |  | $61050873 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SECURITIES SOLD SHORT - (7.4)%** | **SECURITIES SOLD SHORT - (7.4)%** | **SECURITIES SOLD SHORT - (7.4)%** |
| **AGENCY MORTGAGE BACKED SECURITIES - (7.4)%** | **AGENCY MORTGAGE BACKED SECURITIES - (7.4)%** | **AGENCY MORTGAGE BACKED SECURITIES - (7.4)%** |
| **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - (3.2)%** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - (3.2)%** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - (3.2)%** |
| Ginnie Mae, 4.50%, 1/20/53 (d) | $(2000000) | $(1942812) |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - (4.2)%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - (4.2)%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - (4.2)%** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00%, 1/1/53 (d) | (2000000) | (1631875) |
| 4.00%, 1/1/53 (d) | (1000000) | (939844) |
|  |  | (2571719) |
| **TOTAL SECURITIES SOLD SHORT** <br> (Proceeds - $(4576250)) |  | $(4514531) |

---

† 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 December 31, 2022, these securities amounted to $7,964,721 or 13.0% of net assets.

(c) Step coupon.

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

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized <br>Appreciation<br>(Depreciation) |
| Euro-Bund Future | Morgan Stanley | 1 | 3/8/2023 | $141870 | $(6233) |
| Long Gilt Future | Morgan Stanley | 1 | 3/29/2023 | 120170 | (6676) |
| U.S. 10 Year Note Future | Morgan Stanley | 13 | 3/22/2023 | 1459859 | (6832) |
| U.S. 2 Year Note Future | Morgan Stanley | 10 | 3/31/2023 | 2050781 | 2629 |
| U.S. Long Bond Future | Morgan Stanley | 11 | 3/22/2023 | 1378781 | (18496) |
| U.S. Ultra Bond Future | Morgan Stanley | 34 | 3/22/2023 | 4566625 | (86770) |
|  |  |  |  |  | (122378) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| Euro-Bobl Future | Morgan Stanley | 2 | 3/8/2023 | 247068 | 7812 |
| U.S. 10 Year Ultra Future | Morgan Stanley | 4 | 3/22/2023 | 473125 | 5215 |
| U.S. 5 Year Note Future | Morgan Stanley | 15 | 3/31/2023 | 1618945 | 1623 |
|  |  |  |  |  | 14650 |
| **TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**(107728)** |

---

See accompanying notes to financial statements.<br>70

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
| Counterparty | Payment<br>Frequency | Fund<br>Receives | Fund Pays | Expiration<br>Date | Notional<br>Amount | Notional<br>Amount | Fair<br>Value | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Morgan Stanley | Annually | 4.43% | SOFR-COMPOUND | 12/31/24 | 940000  | USD | $(178) | $(174) | $(4) |
| Morgan Stanley | Semi-Annually | 4.00% | 3 Month Canadian <br>Dollar Offered Rate | 03/17/25 | 850000  | CAD | (4241) | 591 | (4832) |
| Morgan Stanley | Semi-Annually | 6 Month <br>Australian Bill | 4.00% | 03/17/25 | 960000  | AUD | 3588 | (95) | 3683 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 3.00% | 03/15/28 | 40000  | EUR | 524 | (797) | 1321 |
| Morgan Stanley | Annually | 3.50% | Sterling Overnight <br>Interbank Average Rate | 03/15/28 | 180000  | GBP | (5545) | (1704) | (3841) |
| Morgan Stanley | Annually | Tokyo <br>Overnight <br>Weighted <br>Average <br>Rate | 0.25% | 03/15/28 | 172300000  | JPY | 25242 | 7060 | 18182 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Norway Ibor | 3.50% | 03/15/28 | 3250000  | NOK | (4049) | (3736) | (313) |
| Morgan Stanley | Annually | 3.75% | SOFR-COMPOUND | 03/15/33 | 240000  | USD | 4328 | 9196 | (4868) |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 3.00% | 03/15/33 | 180000  | EUR | 3517 | (4087) | 7604 |
| Morgan Stanley | Annually | 3.00% | Sterling Overnight <br>Interbank Average Rate | 03/15/33 | 30000  | GBP | (2167) | (619) | (1548) |
| Morgan Stanley | Semi-Annually | 3 Month <br>Canadian <br>Dollar <br>Offered <br>Rate | 3.50% | 03/15/33 | 270000  | CAD | 3437 | (3699) | 7136 |
| Morgan Stanley | Semi-Annually | 4.50% | 6 Month Australian Bill | 03/15/33 | 640000  | AUD | (2784) | 13876 | (16660) |
| Morgan Stanley | Annuallly | Tokyo <br>Overnight <br>Weighted <br>Average <br>Rate | 0.50% | 03/15/33 | 28000000  | JPY | 8765 | 6350 | 2415 |
| Morgan Stanley | Quarterly | 3 Month <br>Stockholm <br>Interbank <br>Offered <br>Rate | 3.00% | 03/15/33 | 630000  | SEK | 688 | (2420) | 3108 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Norway Ibor | 3.50% | 03/15/33 | 2200000  | NOK | (4621) | (7666) | 3045 |
| **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** |  |  |  |  |  |  | $**26504** | $**12076** | $**14428** |

---

See accompanying notes to financial statements.<br>71

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2022**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** |
| Counterparty | Reference<br>Obligation/ <br>Index | Payment<br>Frequency | Buy/Sell<br>Protection | Fixed<br>Rate<br>Received | Fixed<br>Rate<br>Paid | Credit<br>Rating\* | Expiration<br>Date | Notional<br>Amount | Fair<br>Value | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Morgan <br>Stanley | CD The Boeing <br>Company | Quarterly | Buy | 1.00% |  | BBB- | 06/20/24 | $100000 | $95 | $704 | $(609) |
| Morgan <br>Stanley | CD CD.NA.IG.34 | Quarterly | Buy | 1.00% |  | BBB | 06/20/25 | 625000 | 4194 | 4401 | (207) |
| Morgan <br>Stanley | CD General Electric <br>Company | Quarterly | Buy | 1.00% |  | BBB+ | 06/20/26 | 325000 | 2362 | 3062 | (700) |
| Morgan <br>Stanley | CD CDX.IG.37 | Quarterly | Buy | 1.00% |  | BBB | 12/20/26 | 1225000 | 13924 | 17134 | (3210) |
| Morgan <br>Stanley | CD Prudential <br>Financial | Quarterly | Buy | 1.00% |  | A- | 06/21/27 | 175000 | 1623 | 569 | 1054 |
| Morgan <br>Stanley | CD CDX.NA.IG.38 | Quarterly | Buy | 1.00% |  | BBB | 06/21/27 | 1850000 | 20075 | 9396 | 10679 |
| **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** |  |  |  |  |  |  |  |  | $**42273** | $**35266** | $**7007** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| Settlement Date | Counterparty | Currency Units to<br>Receive | Currency Units to<br>Receive | In Exchange For | In Exchange For | Unrealized Appreciation<br>(Depreciation) |
| 02/23/23 | Morgan Stanley | 110536  | GBP | 136263  | USD | $(3109) |
| **TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS** |  |  |  |  |  | $**(3109)** |

---

AUD - Australian Dollar

CAD - Canadian Dollar

EUR - Euro

GBP - Pound Sterling

JPY - Japanese Yen

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

See accompanying notes to financial statements.<br>72

------

**Global Atlantic Portfolios**

**Statements of Assets and Liabilities**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic<br>BlackRock<br>Allocation<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined Core<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>Growth<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>International<br>Core<br>Portfolio** |
| Investments in securities, at cost | $55450317 | $441771469 | $63070925 | $131258005 |
| Investments in securities, at fair value | $57176619 | $516152029 | $76107016 | $132249705 |
| Cash | - | 2 | - | 6 |
| Foreign cash (cost $-, $-, $- and $305,897, respectively) | - | - | - | 306809 |
| Deposit with broker | - | 697359 | 203259 | 142556 |
| Receivable for securities sold | - | 2408844 | 915674 | - |
| Receivable for portfolio shares sold | 11736 | - | - | - |
| Interest and dividends receivable | 1408 | 656550 | 43481 | 863647 |
| Prepaid expenses | 2722 | 24333 | 3718 | 68899 |
| **Total Assets** | 57192485 | 519939117 | 77273148 | 133631622 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on futures contracts | - | 203298 | 81724 | 55019 |
| Payable for securities purchased | - | 2070722 | 891671 | 12053 |
| Payable for portfolio shares redeemed | 490 | 300812 | 270983 | 134738 |
| Accrued distribution (12b-1) fees | 2618 | 6462 | 3987 | 9079 |
| Accrued investment advisory fees | 12464 | 186545 | 27010 | 59265 |
| Administrative service fees payable | 3422 | 27857 | 4553 | 8277 |
| Accrued expenses and other liabilities | 6908 | 60813 | 11909 | 40240 |
| **Total Liabilities** | 25902 | 2856509 | 1291837 | 318671 |
| **Net Assets** | $57166583 | $517082608 | $75981311 | $133312951 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $53586174 | $453092226 | $106546882 | $150969403 |
| Total distributable earnings (losses) | 3580409 | 63990382 | (30565571) | (17656452) |
| **Net Assets** | $57166583 | $517082608 | $75981311 | $133312951 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net Assets | $45106476 | $487420488 | $57785432 | $91317370 |
| Total shares outstanding at end of period <br>($0 par value, unlimited shares authorized) | 4610988 | 44899589 | 5032398 | 10167813 |
| Net asset value, offering and redemption <br>price per share <br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $9.78 | $10.86 | $11.48 | $8.98 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $12060107 | $29662120 | $18195879 | $41995581 |
| Total shares outstanding at end of period <br>($0 par value, unlimited shares authorized) | 1235748 | 2736269 | 1585012 | 4681532 |
| Net asset value, offering and redemption <br>price per share <br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $9.76 | $10.84 | $11.48 | $8.97 |

---

See accompanying notes to financial statements.<br>73

------

**Global Atlantic Portfolios**

**Statements of Assets and Liabilities (Continued)**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic<br>BlackRock<br>Disciplined<br>Mid Cap Growth<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>Value <br>Portfolio** | **Global Atlantic<br>BlackRock<br>High Yield<br>Portfolio** | **Global Atlantic<br>Goldman Sachs<br>Core Fixed<br>Income<br>Portfolio** |
| Investments in securities, at cost | $232256551 | $209236332 | $52390463 | $71923934 |
| Investments in securities, at fair value | $236655663 | $224389395 | $49069665 | $67362618 |
| Premiums paid on open swap contracts, net | - | - | - | 47342 |
| Cash | 2 | 3 | - | - |
| Foreign cash (cost $-, $-, $- and $4,195, respectively) | - | - | - | 4182 |
| Deposit with broker | 272326 | 304369 | 17047 | 797912 |
| Unrealized appreciation on swap contracts | - | - | - | 21435 |
| Receivable for securities sold | 739289 | 1086354 | 178935 | 9051624 |
| Receivable for portfolio shares sold | - | - | - | 62775 |
| Interest and dividends receivable | 98195 | 366924 | 934580 | 470780 |
| Prepaid expenses | 10934 | 10193 | 2421 | 2910 |
| **Total Assets** | 237776409 | 226157238 | 50202648 | 77821578 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments in securities sold short, proceeds | $- | $- | $- | $4576250 |
| Investments in securities sold short, at fair value | $- | $- | $- | $4514531 |
| Unrealized depreciation on futures contracts | 71275 | 102030 | 1883 | 107728 |
| Unrealized depreciation on forward foreign <br>currency contracts | - | - | - | 3109 |
| Due to custodian | - | - | 1 | 111 |
| Payable for securities purchased | 1314789 | 983956 | 140735 | 12119851 |
| Payable for portfolio shares redeemed | 215279 | 590606 | 83093 | - |
| Accrued distribution (12b-1) fees | 21547 | 1369 | 129 | - |
| Accrued investment advisory fees | 117019 | 89247 | 22174 | 16389 |
| Administrative service fees payable | 15281 | 11937 | 2679 | 3163 |
| Accrued expenses and other liabilities | 29152 | 32429 | 7416 | 5823 |
| **Total Liabilities** | 1784342 | 1811574 | 258110 | 16770705 |
| **Net Assets** | $235992067 | $224345664 | $49944538 | $61050873 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $295243418 | $208466595 | $58101364 | $70116106 |
| Total distributable earnings (losses) | (59251351) | 15879069 | (8156826) | (9065233) |
| **Net Assets** | $235992067 | $224345664 | $49944538 | $61050873 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net Assets | $136925699 | $217897954 | $49354397 | $61050873 |
| Total shares outstanding at end of period <br>($0 par value, unlimited shares authorized) | 14486131 | 22009908 | 5759047 | 7209458 |
| Net asset value, offering and redemption <br>price per share <br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $9.45 | $9.90 | $8.57 | $8.47 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $99066368 | $6447710 | $590141 | $- |
| Total shares outstanding at end of period <br>($0 par value, unlimited shares authorized) | 10517736 | 650179 | 68803 | - |
| Net asset value, offering and redemption <br>price per share <br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $9.42 | $9.92 | $8.58 | $- |

---

See accompanying notes to financial statements.<br>74

------

**Global Atlantic Portfolios**

**Statements of Operations**

**For the Year Ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic<br>BlackRock<br>Allocation<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined Core<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>Growth<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>International<br>Core<br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income\* | $1456637 | $9320328 | $845322 | $4875911 |
| Interest income | 6573 | 113080 | 23449 | 32521 |
| **Total Investment Income** | 1463210 | 9433408 | 868771 | 4908432 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 143545 | 2267518 | 342476 | 861102 |
| Distribution fees (12b-1) - Class II Shares | 34080 | 84838 | 53047 | 112722 |
| Administrative service fees | 21125 | 188237 | 29954 | 46464 |
| Legal fees | 16633 | 150857 | 23605 | 36190 |
| Trustees fees | 6947 | 61871 | 10148 | 15105 |
| Custody fees | 3008 | 27055 | 13490 | 108346 |
| Miscellaneous expenses | 24829 | 226408 | 35269 | 91294 |
| **Total Expenses** | 250167 | 3006784 | 507989 | 1271223 |
| Expenses waived | (770) | (14871) | (10649) | (116619) |
| **Net Expenses** | 249397 | 2991913 | 497340 | 1154604 |
| **Net Investment Income** | 1213813 | 6441495 | 371431 | 3753828 |
| **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 793183 | (1149211) | (6015665) | (7959296) |
| Futures contracts | - | (1890292) | (707156) | (474263) |
| Foreign currency translations | - | 206 | - | (48602) |
|  | 793183 | (3039297) | (6722821) | (8482161) |
| Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: |
| Investments | (12157208) | (134313116) | (29560646) | (21297497) |
| Futures contracts | - | (330906) | (94148) | (109778) |
| Foreign currency translations | - | (1036) | - | (28592) |
|  | (12157208) | (134645058) | (29654794) | (21435867) |
| **Net Realized and Change in Unrealized Gain (Loss)** | (11364025) | (137684355) | (36377615) | (29918028) |
| **Net Decrease in Net Assets Resulting <br>from Operations** | $(10150212) | $(131242860) | $(36006184) | $(26164200) |
| \* Foreign taxes withheld | $- | $24310 | $498 | $578778 |

---

See accompanying notes to financial statements.<br>75

------

**Global Atlantic Portfolios**

**Statements of Operations (Continued)**

**For the Year Ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic<br>BlackRock<br>Disciplined<br>Mid Cap Growth<br>Portfolio** | **Global Atlantic<br>BlackRock<br>Disciplined<br>Value<br>Portfolio** | **Global Atlantic<br>BlackRock<br>High Yield<br>Portfolio** | **Global Atlantic<br>Goldman Sachs<br>Core Fixed<br>Income<br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income\* | $2268279 | $5273633 | $- | $- |
| Interest income\*\* | 52528 | 47205 | 3342252 | 2047949 |
| **Total Investment Income** | 2320807 | 5320838 | 3342252 | 2047949 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 1427896 | 1082931 | 277409 | 232167 |
| Distribution fees (12b-1) - Class II Shares | 274461 | 17362 | 1677 | - |
| Administrative service fees | 85552 | 77930 | 17968 | 22112 |
| Legal fees | 66298 | 62579 | 14445 | 17700 |
| Trustees fees | 28776 | 25236 | 5837 | 7253 |
| Custody fees | 23414 | 21591 | 6417 | 13265 |
| Miscellaneous expenses | 103092 | 95027 | 21696 | 27245 |
| **Total Expenses** | 2009489 | 1382656 | 345449 | 319742 |
| Expenses waived | (17584) | (17647) | (5333) | (12462) |
| **Net Expenses** | 1991905 | 1365009 | 340116 | 307280 |
| **Net Investment Income** | 328902 | 3955829 | 3002136 | 1740669 |
| **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (45203699) | 1927941 | (3491751) | (4172650) |
| Short sales | - | - | - | 355 |
| Futures contracts | (967699) | (752590) | (141266) | (1883522) |
| Swap contracts | - | - | - | (52294) |
| Swaptions | - | - | - | (7676) |
| Forward foreign currency contracts | - | - | - | 3745 |
| Foreign currency translations | - | - | - | (3183) |
|  | (46171398) | 1175351 | (3633017) | (6115225) |
| Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: |
| Investments | (48122774) | (28195689) | (5476223) | (6423130) |
| Short Sales | - | - | - | 61719 |
| Futures contracts | (132781) | (148383) | (13210) | (160725) |
| Swap contracts | - | - | - | (10406) |
| Swaptions | - | - | - | 1628 |
| Forward foreign currency contracts | - | - | - | (5997) |
| Foreign currency translations | - | - | - | 2450 |
|  | (48255555) | (28344072) | (5489433) | (6534461) |
| **Net Realized and Change in Unrealized Gain (Loss)** | (94426953) | (27168721) | (9122450) | (12649686) |
| **Net Decrease in Net Assets <br>Resulting from Operations** | $(94098051) | $(23212892) | $(6120314) | $(10909017) |
| \* Foreign taxes withheld | $793 | $2265 | $- | $- |
| \*\* Foreign taxes withheld | $- | $- | $- | $1761 |

---

See accompanying notes to financial statements.<br>76

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock<br>Allocation Portfolio** | **Global Atlantic BlackRock<br>Allocation Portfolio** | **Global Atlantic BlackRock<br>Disciplined Core Portfolio** | **Global Atlantic BlackRock<br>Disciplined Core Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $1213813 | $1158810 | $6441495 | $5178458 |
| Net realized gain (loss) | 793183 | 7447427 | (3039297) | 111729756 |
| Net change in unrealized appreciation (depreciation) | (12157208) | (189980) | (134645058) | 49303876 |
| Net increase (decrease) in net assets resulting from <br>operations | (10150212) | 8416257 | (131242860) | 166212090 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | (8274158) | (3880297) | (116104855) | (34691795 |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 398375 | 1841622 | 1200135 | 23825395 |
| Class II | 1199359 | 1120778 | 1564468 | 5169859 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 6535741 | 3136835 | 109478151 | 32715715 |
| Class II | 1738417 | 743463 | 6626704 | 1976080 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (9079238) | (11584403) | (65193764) | (80674613 |
| Class II | (2853910) | (3138099) | (6776509) | (8827419 |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (2061256) | (7879804) | 46899185 | (25814983 |
| Total increase (decrease) in net assets | (20485626) | (3343844) | (200448530) | 105705312 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 77652209 | 80996053 | 717531138 | 611825826 |
| End of year | $57166583 | $77652209 | $517082608 | $717531138 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 34056 | 140020 | 87681 | 1430902 |
| Shares reinvested | 679391 | 240740 | 9952559 | 1998517 |
| Shares redeemed | (796557) | (889588) | (4612976) | (5101518 |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (83110) | (508828) | 5427264 | (1672099 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 95487 | 85829 | 111406 | 312152 |
| Shares reinvested | 181085 | 57190 | 602976 | 120861 |
| Shares redeemed | (245735) | (243437) | (478269) | (564297 |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 30837 | (100418) | 236113 | (131284 |

---

\* Includes the value received from shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined U.S. Core Portfolio into Global Atlantic BlackRock Disciplined Core Portfolio on August 20, 2021.

\*\* Includes shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined U.S. Core Portfolio into Global Atlantic BlackRock Disciplined Core Portfolio on August 20, 2021.

See accompanying notes to financial statements.<br>77

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock<br>Disciplined Growth Portfolio** | **Global Atlantic BlackRock<br>Disciplined Growth Portfolio** | **Global Atlantic BlackRock<br>Disciplined International<br>Core Portfolio** | **Global Atlantic BlackRock<br>Disciplined International<br>Core Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $371431 | $127484 | $3753828 | $2901706 |
| Net realized gain (loss) | (6722821) | 15076207 | (8482161) | 17866588 |
| Net change in unrealized depreciation | (29654794) | (1221192 | (21435867) | (7578519 |
| Net increase (decrease) in net assets resulting from <br>operations | (36006184) | 13982499 | (26164200) | 13189775 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | (15343989) | (1872995 | (10109807) | (2551441 |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 1165133 | 97856259 | 938711 | 16738187 |
| Class II | 2578210 | 7299576 | 1126903 | 13978820 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 11793023 | 1467358 | 6979467 | 1833625 |
| Class II | 3550966 | 405637 | 3130340 | 717816 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (13335585) | (8649029 | (11938368) | (12100080 |
| Class II | (3769685) | (5314796 | (5135004) | (5878741 |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | 1982062 | 93065005 | (4897951) | 15289627 |
| Total increase (decrease) in net assets | (49368111) | 105174509 | (41171958) | 25927961 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 125349422 | 20174913 | 174484909 | 148556948 |
| End of year | $75981311 | $125349422 | $133312951 | $174484909 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 77829 | 5204444 | 101754 | 1458438 |
| Shares reinvested | 983572 | 75481 | 858483 | 158072 |
| Shares redeemed | (867484) | (441444 | (1204122) | (1053285 |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 193917 | 4838481 | (243885) | 563225 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 175354 | 389649 | 119743 | 1221987 |
| Shares reinvested | 296161 | 20877 | 385036 | 61987 |
| Shares redeemed | (252501) | (297713 | (526345) | (511655 |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 219014 | 112813 | (21566) | 772319 |

---

\* Includes the value received from shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio into Global Atlantic BlackRock Disciplined Growth Portfolio on August 20, 2021.

\*\* Includes the value received from shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Global Equity Insights Portfolio into Global Atlantic BlackRock Disciplined International Core Portfolio on August 20, 2021.

\*\*\* Includes shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio into Global Atlantic BlackRock Disciplined Growth Portfolio on August 20, 2021.

\*\*\*\* Includes shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Global Equity Insights Portfolio into Global Atlantic BlackRock Disciplined International Core Portfolio on August 20, 2021.

See accompanying notes to financial statements.<br>78

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock<br>Disciplined Mid Cap<br>Growth Portfolio** | **Global Atlantic BlackRock<br>Disciplined Mid Cap<br>Growth Portfolio** | **Global Atlantic BlackRock<br>Disciplined Value Portfolio** | **Global Atlantic BlackRock<br>Disciplined Value Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $328902 | $(539671 | $3955829 | $3457492 |
| Net realized gain (loss) | (46171398) | 66324123 | 1175351 | 52191066 |
| Net change in unrealized appreciation (depreciation) | (48255555) | (33219750 | (28344072) | 7828433 |
| Net increase (decrease) in net assets resulting from <br>operations | (94098051) | 32564702 | (23212892) | 63476991 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | (65904530) | (23682050 | (51258959) | (3594121) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 1565862 | 55813006 | 1564086 | 614623 |
| Class II | 1517655 | 90838795 | 361860 | 188856 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 38441483 | 13977471 | 49799004 | 3509478 |
| Class II | 27463047 | 9704578 | 1459955 | 84643 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (21541667) | (29299309 | (32942173) | (35365378) |
| Class II | (12073607) | (11805579 | (1204603) | (1094831) |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | 35372773 | 129228962 | 19038129 | (32062609) |
| Total increase (decrease) in net assets | (124629808) | 138111614 | (55433722) | 27820261 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 360621875 | 222510261 | 279779386 | 251959125 |
| End of year | $235992067 | $360621875 | $224345664 | $279779386 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 132285 | 3012584 | 137935 | 46837 |
| Shares reinvested | 4055009 | 765469 | 5107590 | 259194 |
| Shares redeemed | (1697476) | (1640482 | (2673760) | (2741658) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 2489818 | 2137571 | 2571765 | (2435627) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 108585 | 4915247 | 29599 | 15149 |
| Shares reinvested | 2906142 | 532633 | 149433 | 6242 |
| Shares redeemed | (925028) | (656427 | (98896) | (85508) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 2089699 | 4791453 | 80136 | (64117) |

---

\* Includes the value received from shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio on August 20, 2021.

\*\* Includes shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio on August 20, 2021.

See accompanying notes to financial statements.<br>79

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock<br>High Yield Portfolio** | **Global Atlantic BlackRock<br>High Yield Portfolio** | **Global Atlantic Goldman Sachs<br>Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs<br>Core Fixed Income Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $3002136 | $2965054 | $1740669 | $1544534 |
| Net realized gain (loss) | (3633017) | 1439189 | (6115225) | (281299) |
| Net change in unrealized depreciation | (5489433) | (1849061) | (6534461) | (2986141) |
| Net increase (decrease) in net assets resulting from <br>operations | (6120314) | 2555182 | (10909017) | (1722906) |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | (2964053) | (3219040) | (1427091) | (5827630) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 4900006 | 6056458 | 3203890 | 3742962 |
| Class II | 23448 | 38887 | - | - |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 2931278 | 3182155 | 1427091 | 5827630 |
| Class II | 32775 | 36885 | - | - |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (13719094) | (10554711) | (11605222) | (13200885) |
| Class II | (150761) | (75165) | - | - |
| Net decrease in net assets from share <br>transactions of beneficial interest | (5982348) | (1315491) | (6974241) | (3630293) |
| Total decrease in net assets | (15066715) | (1979349) | (19310349) | (11180829) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 65011253 | 66990602 | 80361222 | 91542051 |
| End of year | $49944538 | $65011253 | $61050873 | $80361222 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 529301 | 591243 | 356607 | 353421 |
| Shares reinvested | 346078 | 318854 | 174248 | 579287 |
| Shares redeemed | (1502116) | (1035993) | (1297997) | (1226960) |
| Net decrease in shares of beneficial <br>interest outstanding | (626737) | (125896) | (767142) | (294252) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 2575 | 3773 | - | - |
| Shares reinvested | 3865 | 3696 | - | - |
| Shares redeemed | (16442) | (7361) | - | - |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (10002) | 108 | - | - |

---

See accompanying notes to financial statements.<br>80

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Allocation Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $13.17 | $12.45 | $11.42 | $9.62 | $10.19 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a,b) | 0.22 | 0.20 | 0.19 | 0.23 | 0.21 |
| Net realized and <br>unrealized gain (loss) (c) | (2.01) | 1.20 | 1.40 | 1.79 | (0.73) |
| Total income (loss) from <br>investment operations | (1.79) | 1.40 | 1.59 | 2.02 | (0.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.23) | (0.23) | (0.27) | (0.22) | (0.05) |
| Net realized gains | (1.37) | (0.45) | (0.29) | - | 0.00 <br> (d) |
| Total distributions from <br>net investment income <br>and net realized gains | (1.60) | (0.68) | (0.56) | (0.22) | (0.05) |
| Net asset value, <br>end of year | $9.78 | $13.17 | $12.45 | $11.42 | $9.62 |
| Total return (e) | (13.42)% | 11.33% | 14.46% | 21.09% | (5.14)% (f) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $45106 | $61826 | $64791 | $66410 | $63462 |
| Ratio of net expenses to <br>average net assets (g) | 0.33% | 0.31% | 0.31% | 0.31% | 0.31% |
| Ratio of gross expenses to <br>average net assets (g,h) | 0.33% | 0.32% | 0.33% | 0.34% | 0.32% |
| Ratio of net investment <br>income to average net <br>assets (b,g) | 1.91% | 1.52% | 1.69% | 2.15% | 2.06% |
| Portfolio turnover rate | 62% | 73% | 85% | 61% | 54% |

---

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

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

(c) Realized and unrealized 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) Less than $0.005 or 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 would have been lower absent fee waivers by the Adviser.

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

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

See accompanying notes to financial statements.<br>81

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Allocation Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $13.13 | $12.41 | $11.39 | $9.61 | $10.18 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a,b) | 0.19 | 0.17 | 0.17 | 0.21 | 0.20 |
| Net realized and <br>unrealized gain (loss) (c) | (2.00) | 1.19 | 1.38 | 1.78 | (0.74) |
| Total income (loss) from <br>investment operations | (1.81) | 1.36 | 1.55 | 1.99 | (0.54) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.19) | (0.19) | (0.24) | (0.21) | (0.03) |
| Net realized gains | (1.37) | (0.45) | (0.29) | - | 0.00 <br> (d) |
| Total distributions from <br>net investment income <br>and net realized gains | (1.56) | (0.64) | (0.53) | (0.21) | (0.03) |
| Net asset value, <br>end of year | $9.76 | $13.13 | $12.41 | $11.39 | $9.61 |
| Total return (e) | (13.58)% | 11.04% | 14.13% | 20.82% | (5.33)% (f) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $12060 | $15826 | $16205 | $15568 | $13806 |
| Ratio of net expenses to <br>average net assets (g) | 0.58% | 0.56% | 0.56% | 0.56% | 0.56% |
| Ratio of gross expenses to <br>average net assets (g,h) | 0.58% | 0.57% | 0.58% | 0.59% | 0.57% |
| Ratio of net investment <br>income to average net <br>assets (b,g) | 1.68% | 1.28% | 1.45% | 1.91% | 1.99% |
| Portfolio turnover rate | 62% | 73% | 85% | 61% | 54% |

---

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

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

(c) Realized and unrealized 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) Less than $0.005 or 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 would have been lower absent fee waivers by the Adviser.

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

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

See accompanying notes to financial statements.<br>82

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Core Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $17.10 | $13.98 | $12.39 | $9.74 | $10.38 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.16 | 0.13 | 0.15 | 0.17 | 0.16 |
| Net realized and <br>unrealized gain (loss) (b) | (3.35) | 3.84 | 2.19 | 2.66 | (0.64) |
| Total income (loss) from <br>investment operations | (3.19) | 3.97 | 2.34 | 2.83 | (0.48) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.16) | (0.15) | (0.20) | (0.18) | (0.12) |
| Net realized gains | (2.89) | (0.70) | (0.55) | - | (0.04) |
| Total distributions from <br>net investment income <br>and net realized gains | (3.05) | (0.85) | (0.75) | (0.18) | (0.16) |
| Net asset value, <br>end of year | $10.86 | $17.10 | $13.98 | $12.39 | $9.74 |
| Total return (c) | (18.89)% | 28.67% | 19.69% | 29.21% | (4.75)% (d) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $487420 | $674859 | $575095 | $547724 | $486491 |
| Ratio of net expenses to <br>average net assets | 0.50% | 0.49% | 0.48% | 0.48% | 0.48% |
| Ratio of gross expenses to <br>average net assets (e) | 0.50% | 0.49% | 0.50% | 0.50% | 0.49% |
| Ratio of net investment <br>income to average net <br>assets | 1.12% | 0.79% | 1.23% | 1.53% | 1.51% |
| Portfolio turnover rate | 106% | 109<br> % (f) | 122% | 130% | 156% |

---

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

(b) 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.

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

(d) For 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.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined U.S. Core Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>83

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Core Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $17.07 | $13.96 | $12.37 | $9.72 | $10.37 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.12 | 0.09 | 0.12 | 0.14 | 0.13 |
| Net realized and <br>unrealized gain (loss) (b) | (3.34) | 3.83 | 2.18 | 2.66 | (0.65) |
| Total income (loss) from <br>investment operations | (3.22) | 3.92 | 2.30 | 2.80 | (0.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.12) | (0.11) | (0.16) | (0.15) | (0.09) |
| Net realized gains | (2.89) | (0.70) | (0.55) | - | (0.04) |
| Total distributions from <br>net investment income <br>and net realized gains | (3.01) | (0.81) | (0.71) | (0.15) | (0.13) |
| Net asset value, <br>end of year | $10.84 | $17.07 | $13.96 | $12.37 | $9.72 |
| Total return (c) | (19.12)% | 28.35% | 19.42% | 28.94% | (5.06)% (d) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $29662 | $42672 | $36731 | $35116 | $32442 |
| Ratio of net expenses to <br>average net assets | 0.75% | 0.74% | 0.73% | 0.73% | 0.73% |
| Ratio of gross expenses to <br>average net assets (e) | 0.75% | 0.74% | 0.75% | 0.75% | 0.74% |
| Ratio of net investment <br>income to average net <br>assets | 0.87% | 0.54% | 0.98% | 1.28% | 1.24% |
| Portfolio turnover rate | 106% | 109<br> % (f) | 122% | 130% | 156% |

---

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

(b) 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.

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

(d) For 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.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined U.S. Core Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>84

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Growth Portfolio**

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

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Period Ended <br>December 31, <br>2021 (a) |
| Net asset value, beginning of period | $20.21 | $18.80 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (b) | 0.07 | 0.03 |
| Net realized and unrealized gain (loss) (c) | (5.96) | 1.67 |
| Total income (loss) from investment operations | (5.89) | 1.70 |
| Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.07) | - |
| Net realized gains | (2.77) | (0.29 |
| Total distributions from net investment income and net realized gains | (2.84) | (0.29 |
| Net asset value, end of period | $11.48 | $20.21 |
| Total return (d) | (29.76)% | 9.12 |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $57785 | $97770 |
| Ratio of net expenses to average net assets | 0.48% | 0.48 |
| Ratio of gross expenses to average net assets (f) | 0.49% | 0.48 |
| Ratio of net investment income to average net assets | 0.46% | 0.36 |
| Portfolio turnover rate | 120% | 130 |

---

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017. Class I commenced operations on August 20, 2021 as a result of a reorganization.

(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) Annualized.

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

(g) Not annualized.

(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>85

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Growth Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $20.19 | $16.10 | $12.66 | $9.85 | $10.32 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (loss) (a) | 0.03 | (0.00) (b) | 0.03 | 0.07 | 0.08 |
| Net realized and <br>unrealized gain (loss) (c) | (5.95) | 4.38 | 4.26 | 3.18 | (0.38) |
| Total income (loss) from <br>investment operations | (5.92) | 4.38 | 4.29 | 3.25 | (0.30) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.02) | - | (0.06) | (0.06) | (0.08) |
| Net realized gains | (2.77) | (0.29) | (0.79) | (0.38) | (0.09) |
| Total distributions from <br>net investment income <br>and net realized gains | (2.79) | (0.29) | (0.85) | (0.44) | (0.17) |
| Net asset value, <br>end of year | $11.48 | $20.19 | $16.10 | $12.66 | $9.85 |
| Total return (d) | (29.90)% | 27.29% | 34.68% | 33.38% | (2.98)% |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $18196 | $27579 | $20175 | $18077 | $15807 |
| Ratio of net expenses to <br>average net assets | 0.73% | 0.77% | 0.79% | 0.79% | 0.79% |
| Ratio of gross expenses to <br>average net assets (e) | 0.74% | 0.80% | 0.87% | 0.85% | 0.81% |
| Ratio of net investment <br>income to average net <br>assets | 0.21% | (0.00)% (b) | 0.21% | 0.58% | 0.75% |
| Portfolio turnover rate | 120% | 130<br> % (f) | 133% | 144% | 156% |

---

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

(b) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>86

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined International Core Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $11.55 | $10.78 | $9.98 | $8.50 | $10.20 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a,b) | 0.27 | 0.22 | 0.14 | 0.25 | 0.23 |
| Net realized and <br>unrealized gain (loss) (c) | (2.11) | 0.73 | 0.85 | 1.48 | (1.74) |
| Total income (loss) from <br>investment operations | (1.84) | 0.95 | 0.99 | 1.73 | (1.51) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.32) | (0.18) | (0.19) | (0.25) | (0.19) |
| Net realized gains | (0.41) | - | - | - | 0.00 <br> (d) |
| Total distributions from <br>net investment income <br>and net realized gains | (0.73) | (0.18) | (0.19) | (0.25) | (0.19) |
| Net asset value, <br>end of year | $8.98 | $11.55 | $10.78 | $9.98 | $8.50 |
| Total return (e) | (15.24)% | 8.77% | 10.32% | 20.50% | (14.80)% (f) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $91317 | $120258 | $106216 | $105876 | $98694 |
| Ratio of net expenses to <br>average net assets (g) | 0.73% | 0.72% | 0.69% | 0.69% | 0.69% |
| Ratio of gross expenses to <br>average net assets (g,h) | 0.81% | 0.82% | 0.84% | 0.72% | 0.70% |
| Ratio of net investment <br>income to average net <br>assets (b,g) | 2.69% | 1.87% | 1.55% | 2.61% | 2.30% |
| Portfolio turnover rate | 59% | 117<br> % (i) | 161% | 86% | 67% |

---

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

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

(c) Realized and unrealized 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) Less than $0.005 or 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 would have been lower absent fee waivers by the Adviser.

(f) 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)%.

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

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

(i) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>87

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined International Core Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $11.53 | $10.77 | $9.97 | $8.49 | $10.19 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a,b) | 0.24 | 0.19 | 0.12 | 0.22 | 0.22 |
| Net realized and <br>unrealized gain (loss) (c) | (2.09) | 0.72 | 0.85 | 1.48 | (1.74) |
| Total income (loss) from <br>investment operations | (1.85) | 0.91 | 0.97 | 1.70 | (1.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.30) | (0.15) | (0.17) | (0.22) | (0.18) |
| Net realized gains | (0.41) | - | - | - | 0.00 <br> (d) |
| Total distributions from <br>net investment income <br>and net realized gains | (0.71) | (0.15) | (0.17) | (0.22) | (0.18) |
| Net asset value, <br>end of year | $8.97 | $11.53 | $10.77 | $9.97 | $8.49 |
| Total return (e) | (15.45)% | 8.47% | 10.05% | 20.22% | (14.95)% (f) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $41996 | $54227 | $42341 | $42714 | $41052 |
| Ratio of net expenses to <br>average net assets (g) | 0.98% | 0.97% | 0.94% | 0.94% | 0.94% |
| Ratio of gross expenses to <br>average net assets (g) | 1.06% | 1.07% | 1.09% | 0.97% | 0.95% |
| Ratio of net investment <br>income to average net <br>assets (b,g) | 2.45% | 1.63% | 1.30% | 2.36% | 2.23% |
| Portfolio turnover rate | 59% | 117<br> % (h) | 161% | 86% | 67% |

---

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

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

(c) Realized and unrealized 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) Less than $0.005 or 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 would have been lower absent fee waivers by the Adviser.

(f) 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)%.

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

(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>88

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $17.68 | $16.49 | $13.06 | $9.91 | $10.35 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (loss) (a) | 0.03 | (0.02) | 0.01 | 0.05 | 0.11 |
| Net realized and <br>unrealized gain (loss) (b) | (4.69) | 2.41 | 4.58 | 3.18 | (0.43) |
| Total income (loss) from <br>investment operations | (4.66) | 2.39 | 4.59 | 3.23 | (0.32) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.04) | (0.00) (c) | (0.04) | (0.03) | (0.09) |
| Net realized gains | (3.53) | (1.20) | (1.12) | (0.05) | (0.03) |
| Total distributions from <br>net investment income <br>and net realized gains | (3.57) | (1.20) | (1.16) | (0.08) | (0.12) |
| Net asset value, <br>end of year | $9.45 | $17.68 | $16.49 | $13.06 | $9.91 |
| Total return (d) | (26.44)% | 14.29% | 36.52% | 32.68% | (3.07)% (e) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $136926 | $212083 | $162580 | $141289 | $126149 |
| Ratio of net expenses to <br>average net assets | 0.65% | 0.64% | 0.63% | 0.63% | 0.63% |
| Ratio of gross expenses to <br>average net assets (f) | 0.66% | 0.65% | 0.67% | 0.66% | 0.65% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.23% | (0.11)% | 0.09% | 0.44% | 0.99% |
| Portfolio turnover rate | 110% | 179<br> % (g) | 139% | 148% | 168% |

---

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

(b) 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.

(c) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(g) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>89

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $17.62 | $16.48 | $13.06 | $9.90 | $10.35 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (loss) (a) | (0.00) (b) | (0.06) | (0.02) | 0.02 | 0.08 |
| Net realized and <br>unrealized gain (loss) (c) | (4.67) | 2.40 | 4.56 | 3.19 | (0.43) |
| Total income (loss) from <br>investment operations | (4.67) | 2.34 | 4.54 | 3.21 | (0.35) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | - | (0.00) (b) | (0.00) (b) | (0.07) |
| Net realized gains | (3.53) | (1.20) | (1.12) | (0.05) | (0.03) |
| Total distributions from <br>net investment income <br>and net realized gains | (3.53) | (1.20) | (1.12) | (0.05) | (0.10) |
| Net asset value, <br>end of year | $9.42 | $17.62 | $16.48 | $13.06 | $9.90 |
| Total return (d) | (26.58)% | 13.96% | 36.13% | 32.48% | (3.35)% (e) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $99066 | $148539 | $59930 | $50446 | $43290 |
| Ratio of net expenses to <br>average net assets | 0.90% | 0.89% | 0.88% | 0.88% | 0.88% |
| Ratio of gross expenses to <br>average net assets (f) | 0.91% | 0.90% | 0.92% | 0.91% | 0.90% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.02)% | (0.35)% | (0.12)% | 0.19% | 0.77% |
| Portfolio turnover rate | 110% | 179<br> % (g) | 139% | 148% | 168% |

---

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

(b) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(g) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.<br>90

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Value Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $13.98 | $11.19 | $11.51 | $9.39 | $10.44 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.20 | 0.16 | 0.19 | 0.23 | 0.20 |
| Net realized and <br>unrealized gain (loss) (b) | (1.42) | 2.81 | 0.17 | 2.13 | (1.02) |
| Total income (loss) from <br>investment operations | (1.22) | 2.97 | 0.36 | 2.36 | (0.82) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.22) | (0.18) | (0.24) | (0.24) | (0.16) |
| Net realized gains | (2.64) | - | (0.44) | - | (0.07) |
| Total distributions from <br>net investment income <br>and net realized gains | (2.86) | (0.18) | (0.68) | (0.24) | (0.23) |
| Net asset value, <br>end of year | $9.90 | $13.98 | $11.19 | $11.51 | $9.39 |
| Total return (c) | (8.37)% | 26.58% | 4.14% | 25.28% | (7.97)% (d) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $217898 | $271801 | $244853 | $266399 | $248141 |
| Ratio of net expenses to <br>average net assets | 0.56% | 0.55% | 0.54% | 0.54% | 0.54% |
| Ratio of gross expenses to <br>average net assets (e) | 0.57% | 0.55% | 0.57% | 0.56% | 0.55% |
| Ratio of net investment <br>income to average net <br>assets | 1.65% | 1.27% | 1.87% | 2.11% | 1.93% |
| Portfolio turnover rate | 116% | 120% | 125% | 132% | 140% |

---

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

(b) 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.

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

(d) For 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.

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

See accompanying notes to financial statements.<br>91

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Value Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $14.00 | $11.21 | $11.52 | $9.40 | $10.45 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.17 | 0.13 | 0.17 | 0.20 | 0.18 |
| Net realized and <br>unrealized gain (loss) (b) | (1.42) | 2.81 | 0.18 | 2.13 | (1.02) |
| Total income (loss) from <br>investment operations | (1.25) | 2.94 | 0.35 | 2.33 | (0.84) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.19) | (0.15) | (0.22) | (0.21) | (0.14) |
| Net realized gains | (2.64) | - | (0.44) | - | (0.07) |
| Total distributions from <br>net investment income <br>and net realized gains | (2.83) | (0.15) | (0.66) | (0.21) | (0.21) |
| Net asset value, <br>end of year | $9.92 | $14.00 | $11.21 | $11.52 | $9.40 |
| Total return (c) | (8.62)% | 26.23% | 3.94% | 24.92% | (8.16)% (d) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $6448 | $7978 | $7106 | $7370 | $7160 |
| Ratio of net expenses to <br>average net assets | 0.81% | 0.80% | 0.79% | 0.79% | 0.79% |
| Ratio of gross expenses to <br>average net assets (e) | 0.82% | 0.80% | 0.82% | 0.81% | 0.80% |
| Ratio of net investment <br>income to average net <br>assets | 1.40% | 1.02% | 1.62% | 1.86% | 1.68% |
| Portfolio turnover rate | 116% | 120% | 125% | 132% | 140% |

---

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

(b) 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.

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

(d) For 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.

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

See accompanying notes to financial statements.<br>92

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock High Yield Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $10.06 | $10.17 | $10.21 | $9.43 | $9.92 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.50 | 0.46 | 0.49 | 0.52 | 0.52 |
| Net realized and <br>unrealized gain (loss) (b) | (1.48) | (0.06) | 0.07 | 0.89 | (0.95) |
| Total income (loss) from <br>investment operations | (0.98) | 0.40 | 0.56 | 1.41 | (0.43) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.51) | (0.51) | (0.60) | (0.63) | (0.06) |
| Net asset value, <br>end of year | $8.57 | $10.06 | $10.17 | $10.21 | $9.43 |
| Total return (c) | (9.64)% | 4.00% | 5.79% | 15.06% | (4.32)% |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $49354 | $64219 | $66191 | $70727 | $69255 |
| Ratio of net expenses to <br>average net assets | 0.61% | 0.60% | 0.59% | 0.59% | 0.59% |
| Ratio of gross expenses to <br>average net assets (d) | 0.62% | 0.61% | 0.62% | 0.62% | 0.60% |
| Ratio of net investment <br>income to average net <br>assets | 5.41% | 4.51% | 4.93% | 5.11% | 5.24% |
| Portfolio turnover rate | 86% | 62% | 52% | 45% | 36% |

---

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

(b) 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.

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

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

See accompanying notes to financial statements.<br>93

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock High Yield Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $10.06 | $10.16 | $10.19 | $9.41 | $9.92 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a) | 0.47 | 0.44 | 0.46 | 0.50 | 0.49 |
| Net realized and <br>unrealized gain (loss) (b) | (1.47) | (0.06) | 0.08 | 0.87 | (0.94) |
| Total income (loss) from <br>investment operations | (1.00) | 0.38 | 0.54 | 1.37 | (0.45) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.48) | (0.48) | (0.57) | (0.59) | (0.06) |
| Net asset value, <br>end of year | $8.58 | $10.06 | $10.16 | $10.19 | $9.41 |
| Total return (c) | (9.84)% | 3.74% | 5.57% | 14.70% | (4.56)% |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $590 | $793 | $799 | $900 | $1071 |
| Ratio of net expenses to <br>average net assets | 0.86% | 0.85% | 0.84% | 0.84% | 0.84% |
| Ratio of gross expenses to <br>average net assets (d) | 0.87% | 0.86% | 0.87% | 0.87% | 0.85% |
| Ratio of net investment <br>income to average net <br>assets | 5.16% | 4.26% | 4.68% | 4.86% | 4.99% |
| Portfolio turnover rate | 86% | 62% | 52% | 45% | 36% |

---

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

(b) 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.

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

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

See accompanying notes to financial statements.<br>94

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 | For the<br>Year Ended<br>December 31, 2020 | For the<br>Year Ended<br>December 31, 2019 | For the <br>Year Ended<br>December 31, 2018 |
| Net asset value, <br>beginning of year | $10.07 | $11.07 | $10.60 | $9.92 | $9.98 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment <br>income (a,b) | 0.23 | 0.20 | 0.24 | 0.27 | 0.25 |
| Net realized and <br>unrealized gain (loss) (c) | (1.63) | (0.42) | 0.76 | 0.67 | (0.31) |
| Total income (loss) from <br>investment operations | (1.40) | (0.22) | 1.00 | 0.94 | (0.06) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.19) | (0.28) | (0.27) | (0.26) | 0.00 <br> (d) |
| Net realized gains | (0.01) | (0.50) | (0.26) | - | - |
| Total distributions from <br>net investment income <br>and net realized gains | (0.20) | (0.78) | (0.53) | (0.26) | 0.00 <br> (d) |
| Net asset value, <br>end of year | $8.47 | $10.07 | $11.07 | $10.60 | $9.92 |
| Total return (e) | (13.84)% | (1.98)% | 9.49% | 9.49% | (0.55)% (f) |
| Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: | Ratios and Supplemental <br>Data: |
| Net assets, end of year <br>(in 000's) | $61051 | $80361 | $91542 | $90506 | $92760 |
| Ratio of net expenses to <br>average net assets (g) | 0.45% | 0.43% | 0.43% | 0.43% | 0.43% |
| Ratio of gross expenses to <br>average net assets (g,h) | 0.47% | 0.45% | 0.47% | 0.46% | 0.44% |
| Ratio of net investment <br>income to average net <br>assets (b,g) | 2.55% | 1.83% | 2.18% | 2.61% | 2.51% |
| Portfolio turnover rate | 77<br> % (i) | 85<br> % (i) | 151<br> % (i) | 150<br> % (i) | 248<br> % (i) |

---

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

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

(c) Realized and unrealized 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) Less than $0.005 or 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 would have been lower absent fee waivers by the Adviser.

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

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

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018. If these were included in the calculation, the portfolio turnover would be 549%, 474%, 701%, 689% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.<br>95

------

**Global Atlantic Portfolios**

**Notes to Financial Statements**

**December 31, 2022**

**1. ORGANIZATION**

As of December 31, 2022, the Global Atlantic Portfolios were comprised of sixteen different actively managed portfolios, eight 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 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. |

---

\* 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 December 31, 2022, the Portfolios offered Class I and Class II shares at net asset value, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered 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.

**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".

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**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 approved 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 value, as outlined below.

**Valuation Designee and Valuation Process –** Prior to September 8, 2022, when the price of a security was not readily available or deemed unreliable, the fair market value was determined using the valuation procedures approved by the Board. The Board had delegated execution of these procedures to the Trust's Fair Value Committee. As of September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Global Atlantic Investment Advisors, LLC (the "Adviser"), investment adviser to the Portfolios, as the Portfolios' Valuation Designee (the "Designee") with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. Such investments will be valued at their fair market value as determined using the valuation procedures established by the Designee and approved by the Board. The Adviser carries out its designated activities through the Adviser's Fair Value Committee.

In accordance with the valuation procedures, fair value determinations are required for, among others, 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. 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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

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 Designee 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.

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 December 31, 2022 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 | $56639692 | $- | $- | $56639692 |
| Short-Term Investments | 536927 | - | - | 536927 |
| Total | $57176619 | $- | $- | $57176619 |

---

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $509166856 | $- | $- | $509166856 |
| Short-Term Investments | 6985173 | - | - | 6985173 |
| Total | $516152029 | $- | $- | $516152029 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $203298 | $- | $- | $203298 |
| Total | $203298 | $- | $- | $203298 |

---

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $74640549 | $- | $- | $74640549 |
| Short-Term Investments | 1466467 | - | - | 1466467 |
| Total | $76107016 | $- | $- | $76107016 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $81724 | $- | $- | $81724 |
| Total | $81724 | $- | $- | $81724 |

---

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $117264430 | $19529 | $- | $117283959 |
| Exchange-Traded Funds | 11956026 | - | - | 11956026 |
| Preferred Stocks | 1115910 | - | - | 1115910 |
| Warrants | - | 71 | - | 71 |
| Rights | - | 75 | - | 75 |
| Short-Term Investments | 1893664 | - | - | 1893664 |
| Total | $132230030 | $19675 | $- | $132249705 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $55019 | $- | $- | $55019 |
| Total | $55019 | $- | $- | $55019 |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $233062957 | $14 | $- | $233062971 |
| Rights | - | 2518 | - | 2518 |
| Warrants | - | 2239 | - | 2239 |
| Short-Term Investments | 3587935 | - | - | 3587935 |
| Total | $236650892 | $4771 | $- | $236655663 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $71275 | $- | $- | $71275 |
| Total | $71275 | $- | $- | $71275 |

---

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $221483083 | $- | $- | $221483083 |
| Short-Term Investments | 2906312 | - | - | 2906312 |
| Total | $224389395 | $- | $- | $224389395 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $102030 | $- | $- | $102030 |
| Total | $102030 | $- | $- | $102030 |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds & Notes | $- | $48910099 | $- | $48910099 |
| Short-Term Investments | 159566 | - | - | 159566 |
| Futures Contracts\* | 5951 | - | - | 5951 |
| Total | $165517 | $48910099 | $- | $49075616 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $7834 | $- | $- | $7834 |
| Total | $7834 | $- | $- | $7834 |

---

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds & Notes | $- | $30484946 | $- | $30484946 |
| Agency Mortgage Backed Securities | - | 25327351 | - | 25327351 |
| Asset Backed and Commercial Backed Securities | - | 5375036 | - | 5375036 |
| Short-Term Investments | 404602 | 2492615 | - | 2897217 |
| U.S. Treasury Securities and Agency Bonds | - | 1536529 | - | 1536529 |
| Sovereign Debts | - | 881208 | - | 881208 |
| Municipal Bonds | - | 860331 | - | 860331 |
| Swap Contracts\* | - | 58227 | - | 58227 |
| Futures Contracts\* | 17279 | - | - | 17279 |
| Total | $421881 | $67016243 | $- | $67438124 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Securities Sold Short | $- | $4514531 | $- | $4514531 |
| Futures Contracts\* | 125007 | - | - | 125007 |
| Swap Contracts\* | - | 36792 | - | 36792 |
| Forward Foreign Exchange Contracts\* | - | 3109 | - | 3109 |
| Total | $125007 | $4554432 | $- | $4679439 |

---

\* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

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

**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.

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**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 may maintain deposits with a financial institution which could be 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.

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 2020 and 2021 tax returns, or is expected to be taken in each Portfolio's 2022 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 change in unrealized gain or loss on foreign currency translations.

**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 year ended December 31, 2022, 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 <br>Appreciation/(Depreciation) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $3745 | $(5997) |

---

**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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

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 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.

**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. 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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

For the year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized <br>Appreciation/(Depreciation) |
| Global Atlantic BlackRock Disciplined Core Portfolio | Equity | $(1890292) | $(330906) |
| Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | (707156) | (94148) |
| Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | (474263) | (109778) |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | (967699) | (132781) |
| Global Atlantic BlackRock Disciplined Value Portfolio | Equity | (752590) | (148383) |
| Global Atlantic BlackRock High Yield Portfolio | Interest Rate | (141266) | (13210) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | (1883522) | (155628) |
|  | Currency | - | (5097) |

---

**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. 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, 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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

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 year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized<br>Appreciation/(Depreciation) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $(85419) | $500 |
|  | Credit | 33125 | (10906) |

---

For the year ended December 31, 2022, 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<br>Appreciation/(Depreciation) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $(7676) | $1628 |

---

**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 December 31, 2022.

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $203298 | $- | $203298 | $(203298) | $- |
| Total | $- | $- | $- | $- | $- | $203298 | $- | $203298 | $(203298) | $- |

---

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $81724 | $- | $81724 | $(81724) | $- |
| Total | $- | $- | $- | $- | $- | $81724 | $- | $81724 | $(81724) | $- |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $55019 | $- | $55019 | $(55019) | $- |
| Total | $- | $- | $- | $- | $- | $55019 | $- | $55019 | $(55019) | $- |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $71275 | $- | $71275 | $(71275) | $- |
| Total | $- | $- | $- | $- | $- | $71275 | $- | $71275 | $(71275) | $- |

---

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $102030 | $- | $102030 | $(102030) | $- |
| Total | $- | $- | $- | $- | $- | $102030 | $- | $102030 | $(102030) | $- |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Goldman <br>Sachs & Co. | $5951 | $(5951) | $- | $- | $- | $7834 | $(5951) | $1883 | $(1883) | $- |
| Total | $5951 | $(5951) | $- | $- | $- | $7834 | $(5951) | $1883 | $(1883) | $- |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross <br>Amounts of <br>Recognized <br>Assets <sup>(1)</sup> | Financial<br>Instruments <br>and <br>Derivatives <br>Available for <br>Offset | Net Amount <br>of Assets <br>Presented <br>in the <br>Statements of <br>Assets & <br>Liabilities | Collateral <br>Received <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Assets | Gross <br>Amounts of<br>Recognized <br>Liabilities <sup>(1)</sup> | Financial <br>Instruments <br>and<br>Derivatives <br>Available for <br>Offset | Net <br>Amount of <br>Liabilities<br>Presented <br>in the <br>Statements <br>of Assets & <br>Liabilities | Collateral <br>Pledged <sup>(2)</sup> | Net <br>Amount of <br>Recognized <br>Liabilities |
| Morgan <br>Stanley | $75506 | $(75506) | $- | $- | $- | $164908 | $(75506) | $89402 | $(89402) | $- |
| Total | $75506 | $(75506) | $- | $- | $- | $164908 | $(75506) | $89402 | $(89402) | $- |

---

(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 December 31, 2022:

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(203298) | $- | $- | $- | $(203298) |
| Total | $(203298) | $- | $- | $- | $(203298) |

---

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(81724) | $- | $- | $- | $(81724) |
| Total | $(81724) | $- | $- | $- | $(81724) |

---

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(55019) | $- | $- | $- | $(55019) |
| Total | $(55019) | $- | $- | $- | $(55019) |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(71275) | $- | $- | $- | $(71275) |
| Total | $(71275) | $- | $- | $- | $(71275) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(102030) | $- | $- | $- | $(102030) |
| Total | $(102030) | $- | $- | $- | $(102030) |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $- | $5951 | $- | $- | $5951 |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | - | (7834) | - | - | (7834) |
| Total | $- | $(1883) | $- | $- | $(1883) |

---

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $9467 | $- | $- | $7812 | $17279 |
| Unrealized appreciation on Swap <br>Contracts | - | 46494 | 11733 | - | 58227 |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | (112098) | - | - | (12909) | (125007) |
| Unrealized depreciation on Swap <br>Contracts | - | (32066) | (4726) | - | (36792) |
| Unrealized depreciation on <br>Forward Foreign Exchange <br>Contracts | - | - | - | (3109) | (3109) |
| Total | $(102631) | $14428 | $7007 | $(8206) | $(89402) |

---

The notional value of the derivative instruments outstanding as of December 31, 2022, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year 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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

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.

As of December 31, 2022, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio held short sales of securities which are included in the Portfolio of Investments.

**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. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

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

Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio 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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**3. INVESTMENT TRANSACTIONS**

For the year ended December 31, 2022, 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 | $40355114 | $49611859 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 610309459 | 672498284 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 110819079 | 124832086 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 83001421 | 93354523 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 293496552 | 322474910 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 276465032 | 304333116 |
| Global Atlantic BlackRock High Yield Portfolio | 46689588 | 51656375 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 367352176 | 370149119 |

---

**4. AGREEMENTS 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 Value Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock High Yield Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic Goldman Sachs Core Fixed Income 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 between the Trust, on behalf of the Portfolios and the Adviser, 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 year ended December 31, 2022.

---

| | |
|:---|:---|
| 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 | 0.37% on first $250 million |
|  | 0.35% on next $250 million |
|  | 0.34% on next $500 million |
|  | 0.32% over $1 billion |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

---

| | |
|:---|:---|
| Portfolio | Advisory Fee\* |
| 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 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 |
| 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 |

---

\* Calculated daily based on the average daily net assets.

During the year ended December 31, 2022, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

---

| | | | |
|:---|:---|:---|:---|
| | Operating Expense Limitations | Operating Expense Limitations | Operating Expense Limitations |
| Portfolio | Class I | Class II | Expiration Date |
| Global Atlantic BlackRock Allocation Portfolio | 0.33% | 0.58% | May 1, 2023 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 0.50% | 0.75% | May 1, 2023 |
| Global Atlantic BlackRock Disciplined Growth Portfolio\* | 0.48% | 0.73% | May 1, 2023 |
| Global Atlantic BlackRock Disciplined International Core Portfolio\*\* | 0.74% | 0.99% | May 1, 2023 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.65% | 0.90% | May 1, 2023 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 0.56% | 0.81% | May 1, 2023 |
| Global Atlantic BlackRock High Yield Portfolio | 0.61% | 0.86% | May 1, 2023 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.45% | N/A | May 1, 2023 |

---

\* The Portfolio was also subject to a Total Expense Limit of 0.48% and 0.73% for Class I and Class II shares, respectively, which included Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, that expired September 1, 2022.

\*\* The Portfolio was also subject to a Total Expense Limit of 0.77% and 1.02% for Class I and Class II shares, respectively, which included Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, that expired September 1, 2022.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

For the year ended December 31, 2022, the Adviser waived, reimbursed, or recaptured fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio | Investment <br>Advisory Fee <br>Waiver | Investment <br>Advisory Fee <br>Reimbursed | Investment <br>Advisory Fee <br>Recaptured | Total |
| Global Atlantic BlackRock Allocation Portfolio | $770 | $- | $- | $770 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 14871 | - | - | 14871 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 10649 | - | - | 10649 |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 96476 | 20143 | - | 116619 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 17584 | - | - | 17584 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 17647 | - | - | 17647 |
| Global Atlantic BlackRock High Yield Portfolio | 5333 | - | - | 5333 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 12462 | - | - | 12462 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| Global Atlantic BlackRock Allocation Portfolio | $14847 | $3906 | $770 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 107215 | 26103 | 14871 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 14202 | 6246 | 10649 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 186121 | 151178 | 96476 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 68221 | 21503 | 17584 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 62633 | 13916 | 17647 |
| Global Atlantic BlackRock High Yield Portfolio | 16144 | 4298 | 5333 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 31294 | 8039 | 12462 |

---

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

---

| | |
|:---|:---|
| Portfolio | December 31, 2022 |
| Global Atlantic BlackRock Allocation Portfolio | $19679 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 93032 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 10039 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 48584 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 55910 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 49384 |
| Global Atlantic BlackRock High Yield Portfolio | 22317 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 26065 |

---

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 year ended December 31, 2022.

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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

the average daily net assets attributable to each Portfolio's Class II shares and, for the year ended December 31, 2022, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

For the year ended December 31, 2022, the Portfolios expensed the following distribution fees:

---

| | |
|:---|:---|
| Portfolio | Fees Paid |
| Global Atlantic BlackRock Allocation Portfolio | $34080 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 84838 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 53047 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 112722 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 274461 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 17362 |
| Global Atlantic BlackRock High Yield Portfolio | 1677 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | - |

---

For the year ended December 31, 2022, the Trustees received fees in the amounts as follows:

---

| | |
|:---|:---|
| Portfolio | Fees Received |
| Global Atlantic BlackRock Allocation Portfolio | $6947 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 61871 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 10148 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 15105 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 28776 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 25236 |
| Global Atlantic BlackRock High Yield Portfolio | 5837 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 7253 |

---

**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 December 31, 2022, Commonwealth 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, 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.

**6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

As of December 31, 2022, 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<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized <br>Appreciation/ <br>(Depreciation) |
| Global Atlantic BlackRock Allocation Portfolio | $56058222 | $4517305 | $(3398906) | $1118399 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 444921303 | 97522643 | (33735041) | 63787602 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 64517739 | 15346252 | (40566513) | (25220261) |
| Global Atlantic BlackRock Disciplined International <br>Core Portfolio | 133644128 | 16018690 | (23260637) | (7241947) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized <br>Appreciation/ <br>(Depreciation) |
| Global Atlantic BlackRock Disciplined Mid Cap <br>Growth Portfolio | $236091080 | $30153723 | $(45852038) | $(15698315) |
| Global Atlantic BlackRock Disciplined Value Portfolio | 210599910 | 27483992 | (13796537) | 13687455 |
| Global Atlantic BlackRock High Yield Portfolio | 52411439 | 183977 | (3527633) | (3343656) |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 71851303 | 408660 | (4922398) | (4513738) |

---

**7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of fund distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended<br>12/31/2022 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Total |
| Global Atlantic BlackRock Allocation Portfolio | $2653124 | $5621034 | $- | $8274158 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 59068044 | 57036811 | - | 116104855 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 4408349 | 10935640 | - | 15343989 |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 8905156 | 1204651 | - | 10109807 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 26473780 | 39430750 | - | 65904530 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 32186803 | 19072156 | - | 51258959 |
| Global Atlantic BlackRock High Yield Portfolio | 2964053 | - | - | 2964053 |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 1342238 | 84853 | - | 1427091 |
| For fiscal year ended<br>12/31/2021 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of <br>Capital | Total |
| Global Atlantic BlackRock Allocation Portfolio | $1737400 | $2142897 | $- | $3880297 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 12830306 | 21861489 | - | 34691795 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 699793 | 1173202 | - | 1872995 |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 2551441 | - | - | 2551441 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 6491316 | 17190734 | - | 23682050 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 3594121 | - | - | 3594121 |
| Global Atlantic BlackRock High Yield Portfolio | 3219040 | - | - | 3219040 |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 4071545 | 1756085 | - | 5827630 |

---

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Post-October <br>Loss and Late <br>Year Loss | Capital Loss<br>Carryforward | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/<br>(Deficits) |
| Global Atlantic BlackRock Allocation Portfolio | $1213806 | $1248204 | $- | $- | $1118399 | $3580409 |
| Global Atlantic BlackRock Disciplined Core <br>Portfolio | 1689063 | - | - | (1486283) | 63787602 | 63990382 |
| Global Atlantic BlackRock Disciplined Growth <br>Portfolio | 132106 | - | - | (5477416) | (25220261) | (30565571) |
| Global Atlantic BlackRock Disciplined <br>International Core Portfolio | 1395699 | - | - | (11810204) | (7241947) | (17656452) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Post-October <br>Loss and Late <br>Year Loss | Capital Loss<br>Carryforward | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/<br>(Deficits) |
| Global Atlantic BlackRock Disciplined <br>Mid Cap Growth Portfolio | $- | $- | $- | $(43553036) | $(15698315) | $(59251351) |
| Global Atlantic BlackRock Disciplined Value <br>Portfolio | 973213 | 1218401 | - | - | 13687455 | 15879069 |
| Global Atlantic BlackRock High Yield Portfolio | 3002132 |  | - | (7815302) | (3343656) | (8156826) |
| Global Atlantic Goldman Sachs Core Fixed <br>Income Portfolio | 1538200 |  | - | (6089695) | (4513738) | (9065233) |

---

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, 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 $(12,053) and $(765) for Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic BlackRock Disciplined Core Portfolio, respectively.

At December 31, 2022, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Non-Expiring<br>Short-Term | Non-Expiring<br>Long-Term | Total |
| Global Atlantic BlackRock Allocation Portfolio | $- | $- | $- |
| Global Atlantic BlackRock Disciplined Core Portfolio | 1486283 | - | 1486283 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 5477416 | - | 5477416 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 6340611 | 5469593 | 11810204 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 41376119 | 2176917 | 43553036 |
| Global Atlantic BlackRock Disciplined Value Portfolio | - | - | - |
| Global Atlantic BlackRock High Yield Portfolio | 4308524 | 3506778 | 7815302 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 3890022 | 2199673 | 6089695 |

---

During the year ended December 31, 2022, the portfolios did not utilize capital loss carryforwards.

Permanent book and tax differences, primarily attributable to the reclassification of Portfolio distributions, resulted in reclassifications for the Portfolios for the fiscal year ended December 31, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | Paid In<br>Capital | Accumulated<br>Earnings/(Losses) |
| Global Atlantic BlackRock Disciplined Core Portfolio | $19594 | $(19594) |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 47501 | (47501) |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | (91409) | 91409 |
| Global Atlantic BlackRock Disciplined Value Portfolio | (2785) | 2785 |

---

**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, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

**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. 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 perception (whether by market participants, rating agencies, pricing services or otherwise) 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 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. Rule 18f-4 under the 1940 Act requires, 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. 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 ETFs. Disruptions to the creations and redemptions process through which market makers directly purchase and sell ETF shares, the existence of extreme market volatility or potential lack of an active trading market, or changes in the liquidity of the market for an ETF's underlying portfolio holdings, may result in the ETF's shares trading at significantly above (at a premium to) or below (at a discount to) net asset value, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant ETF's underlying holdings. An ETF's shares could also trade at a premium or discount to net asset value when an ETF's underlying securities trade on a foreign exchange that is closed when the securities exchange on which the ETF trades is open. The current price of the ETF's underlying securities and the last quoted price for the underlying security are likely to deviate in such circumstances. There can be no assurance that an active trading market for an ETF's shares will develop or be maintained. Trading may be halted, for example, due to market conditions. Because the value of ETF shares depends on the demand in the market, a Portfolio's holdings may not be able to be liquidated at the most optimal time, adversely affecting performance.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

There can be no assurance that an ETF's investment objectives will be achieved. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with real estate investments and natural resources. ETFs in which a Portfolio invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Portfolio invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed.

**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.

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

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

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

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.

**10. 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. For example, the United Kingdom ("UK") withdrew from the EU in January 2020 (commonly known as "Brexit"). 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 continues to be considerable uncertainty as to the UK's post-transition framework. Although the full impact of Brexit is not yet known, the impact on the UK, EU and global markets could include 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 the EU.

On March 5, 2021, the United Kingdom's Financial Conduct Authority ("FCA") and ICE Benchmark Authority formally announced the dates after which the LIBORs will no longer be representative and subsequently cease publication. Certain LIBORs ceased publication on December 31, 2021, and others will cease publication after June 30, 2023. However, the FCA, the LIBOR administrator and other regulators also announced that certain sterling and yen LIBOR settings would be calculated on a "synthetic" basis through the end of 2022. In connection with supervisory guidance from regulators, certain regulated entities have ceased to enter into certain new LIBOR contracts after January 1, 2022. 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 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 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 and greater overall volatility. 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. The COVID-19 crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

**11. SUBSEQUENT EVENTS**

The Portfolios evaluated subsequent events from December 31, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements.

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**Report of Independent Registered Public Accounting Firm**

Board of Trustees of Forethought Variable Insurance Trust<br>and the Shareholders of each of the Separate Series of Forethought Variable Insurance Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of 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 Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio (collectively, the Portfolios), including the portfolio of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolios not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from custodians or brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more investment companies advised by Global Atlantic Investment Advisors, LLC since 2013.

Denver, Colorado<br>February 23, 2023

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**Global Atlantic Portfolios**

**Expense Examples**

**December 31, 2022 (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 July 1, 2022 through December 31, 2022.

**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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | ***Actual*** | ***Actual*** | ***Hypothetical***<br> *(5% return before<br>expenses)* | ***Hypothetical***<br> *(5% return before<br>expenses)* |
|  | *Class* | *Portfolio's<br>Annualized<br>Expense<br>Ratio* | *Beginning<br>Account Value<br>7-1-22* | *Ending<br>Account<br>Value<br>12-31-22* | *Expenses<br>Paid<br>During<br>Period\** | *Ending<br>Account<br>Value<br>12-31-22* | *Expenses<br>Paid<br>During<br>Period\** |
| Global Atlantic BlackRock <br>Allocation Portfolio | I | 0.33% | $1000 | $1008.30 | $1.67 | $1023.54 | $1.68 |
| Global Atlantic BlackRock <br>Allocation Portfolio | II | 0.58% | $1000 | $1006.90 | $2.93 | $1022.28 | $2.96 |
| Global Atlantic BlackRock <br>Disciplined Core Portfolio | I | 0.50% | $1000 | $1017.60 | $2.54 | $1022.68 | $2.55 |
| Global Atlantic BlackRock <br>Disciplined Core Portfolio | II | 0.75% | $1000 | $1015.90 | $3.81 | $1021.42 | $3.82 |
| Global Atlantic BlackRock <br>Disciplined Growth Portfolio | I | 0.48% | $1000 | $980.40 | $2.40 | $1022.79 | $2.45 |
| Global Atlantic BlackRock <br>Disciplined Growth Portfolio | II | 0.73% | $1000 | $979.40 | $3.64 | $1021.53 | $3.72 |
| Global Atlantic BlackRock <br>Disciplined International <br>Core Portfolio | I | 0.73% | $1000 | $1031.70 | $3.74 | $1021.53 | $3.72 |

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*\* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).*

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**Global Atlantic Portfolios**

**Expense Examples (Continued)**

**December 31, 2022 (Unaudited)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | ***Actual*** | ***Actual*** | ***Hypothetical***<br> *(5% return before<br>expenses)* | ***Hypothetical***<br> *(5% return before<br>expenses)* |
|  | *Class* | *Portfolio's<br>Annualized<br>Expense<br>Ratio* | *Beginning<br>Account Value<br>7-1-22* | *Ending<br>Account<br>Value<br>12-31-22* | *Expenses<br>Paid<br>During<br>Period\** | *Ending<br>Account<br>Value<br>12-31-22* | *Expenses<br>Paid<br>During<br>Period\** |
| Global Atlantic BlackRock <br>Disciplined International <br>Core Portfolio | II | 0.98% | $1000 | $1030.60 | $5.02 | $1020.27 | $4.99 |
| Global Atlantic BlackRock <br>Disciplined Mid Cap <br>Growth Portfolio | I | 0.64% | $1000 | $1067.80 | $3.34 | $1021.98 | $3.26 |
| Global Atlantic BlackRock <br>Disciplined Mid Cap <br>Growth Portfolio | II | 0.90% | $1000 | $1067.40 | $4.69 | $1020.67 | $4.58 |
| Global Atlantic BlackRock <br>Disciplined Value Portfolio | I | 0.56% | $1000 | $1061.30 | $2.91 | $1022.38 | $2.85 |
| Global Atlantic BlackRock <br>Disciplined Value Portfolio | II | 0.81% | $1000 | $1060.80 | $4.21 | $1021.12 | $4.13 |
| Global Atlantic BlackRock <br>High Yield Portfolio | I | 0.61% | $1000 | $1043.70 | $3.14 | $1022.13 | $3.11 |
| Global Atlantic BlackRock <br>High Yield Portfolio | II | 0.86% | $1000 | $1042.60 | $4.43 | $1020.87 | $4.38 |
| Global Atlantic Goldman Sachs <br>Core Fixed Income Portfolio | I | 0.45% | $1000 | $970.50 | $2.24 | $1022.94 | $2.29 |

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*\* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).*

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**Global Atlantic Portfolios**

**Supplemental Information**

**December 31, 2022 (Unaudited)**

*<u>Approval of Renewal of Investment Advisory Agreement and Sub-Advisory Agreements for 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 Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio.</u>*

At an in-person meeting held on November 3, 2022, 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"), as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of: (i) the existing investment advisory agreement between Global Atlantic Investment Advisors, LLC (the "Adviser") and the Trust, on behalf of each of Global Atlantic BlackRock Allocation Portfolio ("GA BlackRock Allocation"), Global Atlantic BlackRock Disciplined Core Portfolio ("GA BlackRock Core"), Global Atlantic BlackRock Disciplined Growth Portfolio ("GA BlackRock Growth"), Global Atlantic BlackRock Disciplined International Core Portfolio ("GA BlackRock International"), Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ("GA BlackRock Mid Cap Growth"), Global Atlantic BlackRock Disciplined Value Portfolio ("GA BlackRock Value"), Global Atlantic BlackRock High Yield Portfolio ("GA BlackRock High Yield") and Global Atlantic Goldman Sachs Core Fixed Income Portfolio ("GA Goldman Core Fixed") (each a "Portfolio" and collectively the "Portfolios") (the "Advisory Agreement"); (ii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Core, GA BlackRock Growth, GA BlackRock International, GA BlackRock Mid Cap Growth, GA BlackRock Value, and GA BlackRock High Yield, and BlackRock Investment Management, LLC ("BIM"); (iii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Allocation, and BIM; and (iv) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA Goldman Core Fixed, and Goldman Sachs Asset Management, L.P. ("GSAM" and together with BIM, the "Sub-Advisers") (collectively the sub-advisory agreements listed in items (ii) through (iv) above, the "Sub-Advisory Agreements").

To discuss and review the materials relating to the proposed renewal of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements") in advance of the November 3, 2022 meeting, the Independent Trustees met via videoconference on October 27, 2022 with independent counsel to the Independent Trustees ("Independent Counsel") and with representatives of the Adviser in attendance and counsel to the Trust ("Trust Counsel").

Prior to the meetings, the Trustees requested, received and reviewed written responses from the Adviser and the Sub-Advisers to questions posed to the Adviser and the Sub-Advisers by counsel, on behalf of the Trustees. Following the meeting on October 27, 2022, the Independent Trustees requested additional information on certain items and the Adviser provided such information prior to the November 3, 2022 meeting. The Trustees also received a memorandum from Independent Counsel describing the legal standards for their consideration of the renewal of the Agreements. During the meetings, the Board and the Adviser discussed information relating to the Board's consideration of the *Gartenberg* factors with respect to each Portfolio. The Trustees also reviewed comparative information relating to advisory fees and total expenses and received presentations concerning the services provided under the Agreements from personnel of the Adviser at the meetings. Prior to voting on the renewal of the Agreements at the November 3, 2022 meeting, the Independent Trustees met in executive session with Independent Counsel and Trust Counsel present.

The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Agreements.

*<u>Nature, Extent, and Quality of Services.</u>* The Trustees noted that they were generally satisfied with the nature, extent and quality of the services provided by the Adviser and Sub-Advisers.

*<u>Performance.</u>* The Trustees requested and reviewed information regarding the investment performance of the Portfolios over 1-year, 3-year and since inception periods as compared to their respective benchmark indices and peer groups. The Trustees noted that they were generally satisfied with the Adviser's and Sub-Advisers' investment performance.

*<u>Fees and Expenses.</u>* The Trustees reviewed the Portfolios' fees and expenses, including the fees paid to the Adviser and Sub-Advisers. The Trustees noted that, effective May 1, 2023, the expense cap for GA BlackRock International would increase by 5 basis points and that the expense caps for the other Portfolios would be eliminated. The Trustees concluded that the

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**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2022 (Unaudited)**

advisory fee charged to each Portfolio, taking into account the impact of the expense cap changes, and the sub-advisory fee paid by the Adviser to each Sub-Adviser, as applicable, were not unreasonable in light of the services provided to each respective Portfolio.

*<u>Profitability.</u>* The Trustees noted that, based on information received from the Adviser regarding a per Portfolio analysis of the profitability of each Portfolio to the Adviser, they: (i) concluded that the profitability levels for the Adviser were not excessive; and (ii) considered that the sub-advisory fees were negotiated by the Adviser at arm's length. The Trustees also noted that they would continue to monitor the Adviser's profitability in the future.

*<u>Economies of Scale.</u>* The Trustees concluded that they were satisfied with the extent to which economies of scale, if any, would be shared for the benefit of each Portfolio's shareholders. The Trustees also noted that they would continue to monitor each Portfolio's growth and consider any additional opportunities to realize benefits from economies of scale for shareholders in the future.

*<u>Other Benefits.</u>* The Trustees noted that they had considered other benefits to the Adviser or Sub-Advisers and their respective affiliates from their relationships with the applicable Portfolios and that they would continue to consider these benefits in connection with future annual renewals.

*<u>Conclusion.</u>* Having requested and received such information from the Adviser and Sub-Advisers as the Trustees believed to be reasonably necessary to evaluate the terms of the Agreements, and as assisted by the advice of counsel, the Trustees, including all of the Independent Trustees voting separately, unanimously concluded that renewing the Advisory Agreement and Sub-Advisory Agreements was in the best interests of each Portfolio and its shareholders. The Trustees noted that, in considering the Agreements, they did not identify any one factor as all important and each Trustee may have afforded different weight to the various factors.

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**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2022 (Unaudited)**

*Trustees and Officers*

The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is c/o Global Atlantic Investment Advisors, LLC, 10 West Market Street, Suite 2300, Indianapolis, Indiana 46204.

**Independent Trustees**

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position/ Term of Office<sup>1</sup> | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
| Mark Garbin<br>(1951) | Trustee since 2013 | Mr. Garbin serves as Managing Principal of Coherent Capital Management LLC (since 2007). | 16 | Mr. Garbin serves as Director of OHA CLO Enhanced Equity II Genpar LLP (since 2021), Carlyle Tactical Private Credit Fund (since 2018), iCapital KKR Private Markets Fund (Formerly Altegris KKR Commitments Fund) (since 2014), Two Roads Shared Trust (since 2012), Northern Lights Fund Trust (since 2013), and Northern Lights Variable Trust (since 2013). Previously, Mr. Garbin served as Director of Oak Hill Advisors Mortgage Strategies Fund (Offshore) (2014–2017). |
| Mitchell E. Appel <br>(1970) | Trustee since 2013 | Mr. Appel serves as President of Value Line Funds (since 2008), as Chief Financial Officer (since 2008) and President (since 2009) of EULAV Securities LLC, and as Chief Executive Officer (since 2009) of EULAV Asset Management. | 16 | Mr. Appel serves as Director of Value Line Funds (since 2010) and EULAV Asset Management (since 2010). |
| Joseph E. Breslin<br>(1953) | Trustee since 2013 | Mr. Breslin serves as Senior Counsel of White Oak Global Advisors, LLC (since 2016) and has provided consultant services to investment managers (since 2009). Previously, Mr. Breslin served as Counsel of Common fund (2014–2016). | 16 | Mr. Breslin serves as Director of Kinetics Mutual Funds, Inc. (since 2000), Kinetics Portfolios Trust (since 2000) and Northern Lights Fund Trust IV (since 2015). Previously, Mr. Breslin served as Director of BlueArc Multi-Strategy Fund (2014–2017) and Hatteras Trust (2004–2016). |

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**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2022 (Unaudited)**

**Interested Trustees and Officers of the Trust**

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|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position/ Term of Office<sup>1</sup> | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
| Robert M. <br>Arena, Jr.<br>(1968)<sup>2</sup> | Trustee since 2013 | Mr. Arena serves as Co-President of The Global Atlantic Financial Group LLC (since 2022); as Director and Co-President of Global Atlantic Financial Group Limited ("GAFGL") (since 2021); as President and Head of Life and Retirement of Ariel Re (Holdings) Limited and Global Atlantic Financial Life Limited (since 2020); as Director and Co-President of Global Atlantic Financial Limited (formerly Commonwealth Re Midco Limited) (since 2019 and 2021, respectively); as Director, Chairman and Co-President of Global Atlantic Financial Company ("GAFC") (since 2017, 2021 and 2021, respectively); as Director and Co-President of Global Atlantic (Fin) Company (since 2017 and 2021, respectively); as Director, Chairman and President of Forethought Life Insurance Company ("FLIC") (since 2016, 2017 and 2016, respectively); as Director, Chairman and President of Commonwealth Annuity and Life Insurance Company ("CWA") and First Allmerica Financial Life Insurance Company ("FAFLIC") (since 2017, 2017 and 2021, respectively); as Director, Chairman and President of Accordia Life and Annuity Company ("Accordia") (since 2016, 2017 and 2021, respectively); as Manager and Chairman of Global Atlantic Investment Advisors, LLC ("GAIA") (since 2016); and as Manager, Chairman and President of Global Atlantic Distributors, LLC ("GAD") (since 2012, 2012 and 2013, respectively). Mr. Arena holds and has previously held comparable positions with GAIA, GAD, FLIC, CWA, and certain other companies affiliated with GAIA. | 16 |  |

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**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2022 (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position/ Term of Office<sup>1</sup> | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
| Barrie Ribet<sup>3</sup>1982 | Trustee since 2021 | Ms. Ribet serves as Managing Director of GAFC (since 2017); as Managing Director of FLIC, CWA, Accordia, and FAFLIC (since 2019); as Managing Director of Global Atlantic Equipment Management, LLC (since 2021); as Director and Chief Executive Officer of Emporium Holdco Inc. and eRESI Holdings, Inc. (since 2021); as Manager and Chief Executive Officer of eRESI Capital Holdco LLC (since 2021); as Chief Executive Officer of eRESI Capital LLC (since 2021) and as Director of Infinity Transportation Equipment Leasing, LLC (since 2021). Previously, Ms. Ribet served as Senior Vice President, Head of Asset Origination of GAFC (from 2015 to 2017). | 16 |  |
| Eric Todd<br>1969 | President and Chief Executive Officer since 2021 | Mr. Todd is currently Chief Product Officer of GAFC, he also serves as Managing Director of GAFC (since 2015); Manager, President and Chief Investment Officer of GAIA (since 2013); Manager of GAD (since 2016); Director and Managing Director of FLIC (since 2014 and 2018, respectively); and Director and Managing Director of CWA, FAFLIC and Accordia (since 2017 and 2018, respectively). | N/A | N/A |
| Deborah Schunder<br>(1967) | Vice President since 2014 | Ms. Schunder serves as Senior Vice President, Head of Investment Product Management, Sales Planning and Sales Compensation of GAFC (since 2022). Previously, Ms. Schunder served as Senior Vice President, Head of Investment Product Management, Sales Reporting, Analytics and Compensation of GAFC (2020–2022). Previously, Ms. Schunder served as Vice President of Investment Product Management of GAFC (2013–2020). |  |  |
| Trent M. Statczar<br>(1971) | Treasurer and Principal Financial Officer since 2019<br>Principal Accounting Officer since 2021 | Mr. Statczar serves as Senior Director of Foreside Management Services, LLC (since 2008). | N/A | N/A |

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**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2022 (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position/ Term of Office<sup>1</sup> | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
| Sarah M. Patterson<br>(1976) | Secretary/Chief Legal Officer since 2013 | Ms. Patterson serves as Managing Director, General Counsel for Individual Markets and Assistant Secretary for FLIC, Accordia, FAFLIC, CWA and GAFC (since 2019, 2020, and 2014, respectively); as Secretary of GAIA (since 2016); as Managing Director, General Counsel and Secretary of Global Atlantic Insurance Network (since 2019); and as Assistant Secretary of GAD (since 2016). Previously Ms. Patterson served as Associate General Counsel of FLIC, Accordia, FAFLIC, CWA and GAFC (2014–2020), Senior Vice President (2016–2019). | N/A | N/A |
| David Capalbo<br>(1968) | Chief Compliance Officer since 2018 | Mr. Capalbo serves as Vice President of Investment Compliance of GAFC (since 2022); Vice President of Compliance Operations of GAFC (since 2021); as Chief Compliance Officer and Vice President of GAIA (since 2018 and 2022, respectively); as Vice President, SEC 38a-1 Chief Compliance Officer and Deputy Anti-Money Laundering Officer of CWA, FAFLIC and FLIC (since 2021, 2021 and 2022, respectively); and Vice President of Accordia (since 2021). Previously, Mr. Capalbo served as Assistant Vice President of GAIA (2018–2022) and Assistant Vice President and Senior Compliance Officer of GAFC (2016–2021). | N/A | N/A |
| Elizabeth Constant<br>(1976) | Assistant Secretary since 2017 | Ms. Constant serves as Vice President and Assistant General Counsel of GAFC (since 2020) and Vice President, Assistant General Counsel and Assistant Secretary of FLIC (since 2021). Previously, Ms. Constant served as Assistant Vice President and Legal Counsel (2016–2020) and Associate Counsel (2014–2016) of GAFC. | N/A | N/A |

---

<sup>1</sup> The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

<sup>2</sup> Mr. Arena is an interested person of the Trust because he is an officer of GAFGL.

<sup>3</sup> Ms. Ribet is an interested person of the Trust because she is Managing Director of GAFC.

------

**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:<br>◼ Social Security number and wire transfer instructions<br>◼ account transactions and transaction history<br>◼ investment experience and purchase history<br>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 <br>personal information:** | **Does Forethought Variable <br>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 |

---

------

**WHAT WE DO:**

---

| | |
|:---|:---|
| **How does Forethought Variable Insurance Trust protect my<br>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.<br>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<br>personal information?** | We collect your personal information, for example, when you<br>◼ open an account or deposit money<br>◼ direct us to buy securities or direct us to sell your securities<br>◼ seek advice about your investments<br>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:<br>◼ sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>◼ affiliates from using your information to market to you.<br>◼ sharing for nonaffiliates to market to you.<br>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.<br>◼ *Forethought Variable Insurance Trust has no affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ *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. <br>◼ *Forethought Variable Insurance Trust does not jointly market.* |

---

------

**<u>PROXY VOTING POLICY</u>**

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.

**<u>PORTFOLIO HOLDINGS</u>**

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: (i) on the SEC's website at http://www.sec.gov; and (ii) on the Portfolios' website at http://connect.rightprospectus.com/globalatlanticportfolios. 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<br>10 West Market Street, Suite 2300<br>Indianapolis, IN 46204

**ADMINISTRATOR**

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

**INVESTMENT SUB-ADVISERS**

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions
of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit
waivers from the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Code of Ethics is not posted on the registrant's website.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed herewith.

**Item 3. Audit Committee Financial Expert.**

The board of Trustees of the registrant has determined that the registrant has at least one "audit committee financial expert" as defined by Item 3 of Form N-CSR serving on its audit committee. Joseph E. Breslin is the "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are:

---

| | |
|:---|:---|
| 2021 | 2022 |
| $300000 | $330000 |

---

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are:

---

| | |
|:---|:---|
| 2021 | 2022 |
| $0 | $0 |

---

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are:

---

| | |
|:---|:---|
| 2021 | 2022 |
| $78250 | $60000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income and capital gain distributions.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are:

---

| | |
|:---|:---|
| 2021 | 2022 |
| $24000 | $17500 |

---

Review of annual registration statement filings for 2021 and 2022 and a fee for review of portfolio reorganization activities in 2021.

<u>Audit Committee's Pre-Approval Policies</u>

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee. |

---

<u>Percentages of Services Approved by the Audit Committee</u>

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

All services described in paragraphs (b) through (d) of Item 4 were pre-approved by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant for the fiscal year
ended December 31, 2022 were $75,500 and $0, respectively and for the fiscal year ended December 31, 2021, were $102,250 and
$0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee considered the non-audit services rendered to the registrant's investment adviser
and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services are compatible
with the principal accountant's independence.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

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

Not applicable.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Item 13. Exhibits.**

[(a)(1)](tm231341d3_ex99-codeeth.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is filed herewith.](tm231341d3_ex99-codeeth.htm)

[(a)(2)](tm231341d3_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm231341d3_ex99-cert.htm)

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](tm231341d3_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm231341d3_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Forethought Variable Insurance Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent M. Statczar |
|  | Trent M. Statczar, Treasurer |
|  | Treasurer (Principal Financial Officer and Principal Accounting Officer) |

---

Date <u>2/27/2023</u>

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Eric D. Todd |
|  | Eric D. Todd President |
|  | President (Principal Executive Officer) |

---

Date <u>2/27/2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent M. Statczar |
|  | Trent M. Statczar, Treasurer |
|  | Treasurer (Principal Financial Officer and Principal Accounting Officer) |

---

Date <u>2/27/2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**Exhibit 99.CODEETH**

**TRUST CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Fund Trust (the "Trust") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely, and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and their adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Eric D. Todd, certify that:

1. I have reviewed this report on Form N-CSR of the Forethought Variable Insurance Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/27/2023 | /s/ Eric D. Todd |
| | | Eric D. Todd |
| | | President (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Trent M. Statczar, certify that:

1. I have reviewed this report on Form N-CSR of the Forethought Variable Insurance Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/2023 | /s/ Trent M. Statczar |
| | | Trent M. Statczar |
| | | Treasurer (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of the Forethought Variable Insurance Trust (the "Registrant").

Eric D. Todd. President, and Trent M. Statczar, Treasurer, of the Registrant, each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022
 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of
 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| President (Principal Executive Officer) | President (Principal Executive Officer) | Treasurer (Principal Financial Officer and Principal Accounting Officer) | Treasurer (Principal Financial Officer and Principal Accounting Officer) |
| Forethought Variable Insurance Trust | Forethought Variable Insurance Trust | Forethought Variable Insurance Trust | Forethought Variable Insurance Trust |
| /s/ Eric D. Todd | /s/ Eric D. Todd | /s/ Trent M. Statczar | /s/ Trent M. Statczar |
| Eric D. Todd | Eric D. Todd | Trent M. Statczar | Trent M. Statczar |
| Date: | 2/27/2023 | Date: | 2/27/2023 |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.