UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22865
Forethought Variable Insurance Trust
(Exact name of registrant as specified in charter)
10 West Market Street, Suite 2300
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street Wilmington, DE 19801
(Name and address of agent for service)
Registrant's telephone number, including area code: 317-223-2703
Date of fiscal year end: December 31
Date of reporting period: June 30, 2020
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.
Semi-Annual Report
June 30, 2020
Global Atlantic Portfolios
Global Atlantic BlackRock Allocation Portfolio
Global Atlantic BlackRock Disciplined Core Portfolio
Global Atlantic BlackRock Disciplined Growth Portfolio
Global Atlantic BlackRock Disciplined International Core Portfolio
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Global Atlantic BlackRock Disciplined Value Portfolio
Global Atlantic BlackRock High Yield Portfolio
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Class I and Class II shares
Each a separate series of the Forethought Variable Insurance Trust
Distributed by Global Atlantic Distributors, LLC
Member FINRA
Dear Shareholders/Contract Owners:
After a strong 2019 that saw many global equity markets record double-digit positive returns, the six months ending June 30, 2020 was one of the most volatile periods in financial market history due primarily to the impact of the COVID-19 pandemic. Beginning in late February and continuing through late March, the S&P 500 fell approximately 30%, while other domestic and global equity markets were down 30-40%. In fixed income, the 10-year Treasury yield hit an all-time low of 0.39% as the U.S. Federal Reserve lowered interest rates to 0%. Commodities, as measured by the S&P GSCI, were also down. In particular, oil fell 50% to $25 per barrel, a level not seen in 20 years. Even gold, typically a safe-haven asset in periods of market decline, was down 6%. Another noteworthy aspect of this decline was the speed with which it occurred, just 23 trading days, a pace matched only by the Great Crash of 1929. In comparison, the S&P 500's decline during the 2008 Global Financial Crisis occurred over 18 months, while the S&P 500's decline during the 2001 Technology Bubble took place over 2 years. The closest most recent comparison is the Stock Market Crash of 1987, where the S&P 500 declined approximately 30% in 70 trading days.
Not only were the declines over the late February through late March period significant, but also intraday and day-to-day (interday) market volatility was extreme as the VIX spiked to 85, a level not seen since the 2008 Global Financial Crisis. During March alone, there were five consecutive trading days where the intraday swing (the difference between the high and low points of the day) in the S&P 500 exceeded 7% and eight days where the daily gain or loss was greater than 5%. While the markets had begun to recover upon the close of the first quarter of 2020 ("Q1"), this time period represented the 8th worst on record for the S&P 500.
Beginning in late March and continuing through the second quarter of 2020 ("Q2"), the markets recovered a significant percentage of the losses experienced in Q1. While the correction in the S&P 500 was -33.79% at the bottom, it has since rebounded 39.31%. While this might suggest that the S&P 500 has recovered fully and is now positive year-to-date, a decline of -33.79% actually requires a recovery of approximately 51% to return to the point when the correction started. The strength of the rebound in the equity markets has largely been driven by investors looking through what is expected to be poor Q2 economic and earnings data, and the belief that a meaningful recovery will be evident in the third and fourth quarters of 2020. This expectation of a "V-shaped" (quick) recovery, however, as opposed to a "W" (decline, recovery, another decline, recovery) or "U" shaped (slower) recovery, could be a best-case scenario in an environment with many unknowns. Some of the most obvious and notable among these are the impact of the resurgence of COVID-19 cases in many states, the degree to which reversals of economic opening procedures are necessary, and the upcoming presidential election.
For asset allocation funds, periods of significant fluctuations in both volatility and returns meant that asset allocation decisions, and the timing of those decisions, were important drivers of performance during the period. Thank you for investing in the Global Atlantic Portfolios.
Sincerely, | |||||||
Eric D. Todd, CFA | Cameron Jeffreys, CFA | ||||||
President | Senior Vice President | ||||||
Global Atlantic Investment Advisors, LLC | Global Atlantic Investment Advisors, LLC |
1
Portfolio | Benchmark | ||||||
Global Atlantic BlackRock Allocation Portfolio | S&P Target Risk® Growth Index | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | S&P 500® Index | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | Russell 1000® Growth Index | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | MSCI ACWI ex-USA Index | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Russell Midcap® Growth Index | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | Russell 2000® Index | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | S&P 500® Index | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | Russell 1000® Value Index | ||||||
Global Atlantic BlackRock High Yield Portfolio | ICE BofAML BB-B U.S. High Yield Constrained Index | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Bloomberg Barclays U.S. Aggregate Bond Index | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | MSCI World Standard Index | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | Russell 1000® Growth Index | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | Russell Midcap® Value Index |
The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest directly in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Past performance is no guarantee of future results.
This report contains the current opinions of Global Atlantic Investment Advisors, LLC and/or sub-advisers at the time of its publication and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, a Portfolio's portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
Index Definitions:
S&P Target Risk® Growth Index. An index that increases exposure to equities, while also providing limited fixed income exposure to diversify risk.
Bloomberg Barclays US Aggregate Bond Index ("Bbg Barc US Agg"). An index weighted according to market capitalization and includes, among other categories, Treasury securities, mortgage backed securities, government agency bonds and corporate bonds. To be included in the index, bonds must be rated investment grade by Moody's and Standard & Poor's.
ICE BofAML BB-B U.S. High Yield Constrained Index. An index that contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.
Chicago Board Options Exchange S&P 500 Volatility Index ("VIX"). An index that reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes.
MSCI ACWI ex-USA Total Return 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.
MSCI EAFE Total Return Index ("MSCI EAFE"). An index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major developed international equity markets as represented by 21 major MSCI indexes from Europe, Australasia and the Far East.
MSCI World Standard Index. An index that represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. The index offers a broad global equity benchmark, without emerging markets exposure.
2
Russell 1000® Growth Total Return Index. An unmanaged index of common stock prices that measures the performance of those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2000 Total Return Index ("Russell 2000"). An index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.
Russell Midcap® Growth Total Return Index. An unmanaged index that consists of the bottom 800 securities of the Russell 1000® Index with greater-than-average growth orientation as ranked by total market capitalization. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values.
Russell Midcap® Value Total Return Index. An unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.
Russell 1000® Value Total Return Index. An index that measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000® Index, which measures the performance of the large-capitalization sector of the U.S. equity market.
S&P MidCap 400 Total Return Index ("S&P MidCap 400"). A capitalization-weighted index which measures the performance of the mid-range sector of the U.S. stock market.
S&P 500 Total Return Index ("S&P 500"). A market capitalization weighted price index composed of 500 widely held U.S. common stocks. Frequently used as a measure of U.S. stock market performance.
S&P GSCI Total Return Index ("S&P GSCI"). A broad based, production weighted index meant to be representative of the global commodity market beta. The S&P Goldman Sachs Commodity Index (GSCI) consists of 24 commodity futures on physical commodities across five sectors: energy, agriculture, livestock, industrial metals, and precious metals.
3
Table of Contents
Page | |||||||||||
• | Global Atlantic Portfolio Performance | 5 | |||||||||
• | Global Atlantic Portfolio of Investments | ||||||||||
Global Atlantic BlackRock Allocation Portfolio | 7 | ||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 8 | ||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 14 | ||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 19 | ||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 31 | ||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 37 | ||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 47 | ||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 53 | ||||||||||
Global Atlantic BlackRock High Yield Portfolio | 60 | ||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 69 | ||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 79 | ||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 85 | ||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 88 | ||||||||||
• | Financial Statements: | ||||||||||
Statements of Assets and Liabilities | 93 | ||||||||||
Statements of Operations | 97 | ||||||||||
Statements of Changes in Net Assets | 101 | ||||||||||
Financial Highlights | 108 | ||||||||||
• | Notes to Financial Statements | 132 | |||||||||
• | Expense Examples | 159 | |||||||||
• | Privacy Notice | 161 | |||||||||
• | Proxy Voting Policy | Back Cover | |||||||||
• | Portfolio Holdings | Back Cover |
4
Performance Summary
The Portfolio's performance figures for the periods ended June 30, 2020 as compared to its benchmarks:
Annualized | Operating Expense** | ||||||||||||||||||||||||||
Inception Date* | Six Months Ended 6/30/20 | One Year Ended 6/30/20 | Since Inception 6/30/20 | Gross Ratios | Net Ratios | ||||||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (0.61 | )% | 6.31 | % | 5.85 | % | 0.46 | % | 0.43 | % | ||||||||||||||||
Class II | 11/1/17 | (0.79 | )% | 5.97 | % | 5.58 | % | 0.71 | % | 0.68 | % | ||||||||||||||||
S&P Target Risk® Growth Index (Total Return)1 | (2.49 | )% | 3.76 | % | 4.32 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (1.62 | )% | 7.48 | % | 8.97 | % | 0.50 | % | 0.48 | % | ||||||||||||||||
Class II | 11/1/17 | (1.70 | )% | 7.23 | % | 8.68 | % | 0.75 | % | 0.73 | % | ||||||||||||||||
S&P 500® Index (Total Return)2 | (3.08 | )% | 7.51 | % | 9.33 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | |||||||||||||||||||||||||||
Class II | 11/1/17 | 8.77 | % | 19.89 | % | 15.07 | % | 0.85 | % | 0.79 | % | ||||||||||||||||
Russell 1000® Growth Index (Total Return)3 | 9.81 | % | 23.28 | % | 17.40 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (11.52 | )% | (6.48 | )% | (2.83 | )% | 0.76 | % | 0.73 | % | ||||||||||||||||
Class II | 11/1/17 | (11.64 | )% | (6.74 | )% | (3.06 | )% | 1.01 | % | 0.98 | % | ||||||||||||||||
MSCI ACWI ex-USA Index4 | (11.00 | )% | (4.80 | )% | (1.83 | )% | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | 5.36 | % | 11.36 | % | 13.56 | % | 0.66 | % | 0.63 | % | ||||||||||||||||
Class II | 11/1/17 | 5.13 | % | 11.02 | % | 13.28 | % | 0.91 | % | 0.88 | % | ||||||||||||||||
Russell Midcap® Growth Index (Total Return)5 | 4.16 | % | 11.91 | % | 13.50 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (13.03 | )% | (4.25 | )% | 1.84 | % | 0.69 | % | 0.63 | % | ||||||||||||||||
Class II | 11/1/17 | (13.13 | )% | (4.50 | )% | 1.60 | % | 0.94 | % | 0.88 | % | ||||||||||||||||
Russell 2000® Index (Total Return)6 | (12.98 | )% | (6.63 | )% | 0.10 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (1.80 | )% | 7.40 | % | 8.92 | % | 0.52 | % | 0.48 | % | ||||||||||||||||
Class II | 11/1/17 | (2.05 | )% | 7.07 | % | 8.62 | % | 0.77 | % | 0.73 | % | ||||||||||||||||
S&P 500® Index (Total Return)2 | (3.08 | )% | 7.51 | % | 9.33 | % | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (14.51 | )% | (7.99 | )% | 1.08 | % | 0.56 | % | 0.54 | % | ||||||||||||||||
Class II | 11/1/17 | (14.67 | )% | (8.24 | )% | 0.86 | % | 0.81 | % | 0.79 | % | ||||||||||||||||
Russell 1000® Value Index (Total Return)7 | (16.26 | )% | (8.84 | )% | 0.50 | % | |||||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (3.72 | )% | 0.16 | % | 1.90 | % | 0.62 | % | 0.59 | % | ||||||||||||||||
Class II | 11/1/17 | (3.83 | )% | (0.10 | )% | 1.65 | % | 0.87 | % | 0.84 | % | ||||||||||||||||
ICE BofAML BB-B U.S. High Yield Constrained Index8 | (3.62 | )% | 0.52 | % | 3.13 | % | |||||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | 6.98 | % | 9.62 | % | 5.83 | % | 0.49 | % | 0.46 | % | ||||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index9 | 6.14 | % | 8.74 | % | 5.66 | % | |||||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (6.54 | )% | 0.36 | % | 2.17 | % | 0.78 | % | 0.72 | % | ||||||||||||||||
Class II | 11/1/17 | (6.64 | )% | 0.20 | % | 1.93 | % | 1.03 | % | 0.97 | % | ||||||||||||||||
MSCI World Standard Index (Net)10 | (5.77 | )% | 2.84 | % | 4.87 | % | |||||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | 8.01 | % | 18.66 | % | 13.55 | % | 0.48 | % | 0.46 | % | ||||||||||||||||
Class II | 11/1/17 | 7.95 | % | 18.53 | % | 13.29 | % | 0.73 | % | 0.71 | % | ||||||||||||||||
Russell 1000® Growth Index (Total Return)11 | 9.81 | % | 23.28 | % | 17.40 | % |
5
Performance Summary (Continued)
Annualized | Operating Expense** | ||||||||||||||||||||||||||
Inception Date* | Six Months Ended 6/30/20 | One Year Ended 6/30/20 | Since Inception 6/30/20 | Gross Ratios | Net Ratios | ||||||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | |||||||||||||||||||||||||||
Class I | 11/1/17 | (21.16 | )% | (16.05 | )% | (4.94 | )% | 0.66 | % | 0.64 | % | ||||||||||||||||
Class II | 11/1/17 | (21.29 | )% | (16.23 | )% | (5.22 | )% | 0.91 | % | 0.89 | % | ||||||||||||||||
Russell Midcap® Value Index (Return)12 | (18.09 | )% | (11.81 | )% | (1.73 | )% |
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 April 30, 2020. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio, if applicable. Gross operating expense ratio reflects the ratio of expenses absent waivers and/or reimbursements by the Adviser. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.
1 The S&P Target Risk® Growth Index (Total Return) provides increased exposure to equities, while also using some fixed income exposure to dampen risk. It is not possible to invest directly in an index.
2 The S&P 500® Index (Total Return) 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.
3 The Russell 1000® Growth Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.
4 The MSCI ACWI ex-USA Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States. It is not possible to invest directly in an index.
5 The Russell Midcap® Growth Index (Total Return) is an unmanaged index that consists of the bottom 800 securities of the Russell 1000® Index with greater-than-average growth orientation as ranked by total market capitalization. It is not possible to invest directly in an index.
6 The Russell 2000® Index (Total Return) measures the performance of the small-capitalization sector of the U.S. equity market. It is not possible to invest directly in an index.
7 The Russell 1000® Value Index (Total Return) measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is not possible to invest directly in an index.
8 The ICE BofAML BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. It is not possible to invest directly in an index.
9 The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. It is not possible to invest directly in an index.
10 The MSCI World Standard Index (Net) represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. It is not possible to invest directly in an index.
11 The Russell 1000® Growth Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.
12 The Russell Midcap® Value Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.
6
Global Atlantic BlackRock Allocation Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
EXCHANGE TRADED FUNDS - 100.0% | |||||||||||
DEBT FUNDS - 37.3% | |||||||||||
68,294 | iShares 0-5 Year High Yield Corporate Bond ETF | $ | 2,929,130 | ||||||||
4,752 | iShares 20+ Year Treasury Bond ETF | 778,995 | |||||||||
73,498 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 9,885,481 | |||||||||
32,555 | iShares Short Maturity Bond ETF | 1,628,075 | |||||||||
82,039 | iShares Short-Term Corporate Bond ETF | 4,488,354 | |||||||||
295,888 | iShares U.S. Treasury Bond ETF | 8,281,905 | |||||||||
TOTAL DEBT FUNDS | 27,991,940 | ||||||||||
EQUITY FUNDS - 62.7% | |||||||||||
153,173 | iShares Core MSCI EAFE ETF | 8,755,369 | |||||||||
45,933 | iShares Core S&P 500 ETF | 14,224,991 | |||||||||
42,465 | iShares Core S&P Small-Cap ETF | 2,899,935 | |||||||||
24,047 | iShares Edge MSCI Min Vol USA ETF | 1,457,970 | |||||||||
39,216 | iShares Edge MSCI USA Value Factor ETF | 2,834,532 | |||||||||
10,438 | iShares Global Tech ETF | 2,458,566 | |||||||||
151,394 | iShares Trust iShares ESG MSCI USA ETF | 10,596,066 | |||||||||
120,547 | iShares, Inc. iShares ESG MSCI EM ETF | 3,862,326 | |||||||||
TOTAL EQUITY FUNDS | 47,089,755 | ||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $70,556,495) | 75,081,695 | ||||||||||
SHORT-TERM INVESTMENTS - 0.1% | |||||||||||
MONEY MARKET FUNDS - 0.1% | |||||||||||
72,885 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $72,885) | 72,885 | |||||||||
TOTAL INVESTMENTS - 100.1% (Cost - $70,629,380) | $ | 75,154,580 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET (0.1)% | (73,385) | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 75,081,195 |
(a) The rate shown is the annualized seven-day yield at period end.
Holdings by Asset Class | % of Net Assets | ||||||
Exchange Traded Funds | 100.0 | % | |||||
Money Market Funds | 0.1 | % | |||||
Other Assets less Liabilities - Net | (0.1 | )% | |||||
100.0 | % |
See accompanying notes to financial statements.
7
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.6% | |||||||||||
AEROSPACE & DEFENSE - 1.5% | |||||||||||
6,597 | Boeing Co. (The) | $ | 1,209,230 | ||||||||
919 | Curtiss-Wright Corp. | 82,048 | |||||||||
6,744 | General Dynamics Corp. | 1,007,958 | |||||||||
2,960 | HEICO Corp. | 294,964 | |||||||||
4,817 | L3Harris Technologies, Inc. | 817,301 | |||||||||
4,950 | Lockheed Martin Corp. | 1,806,354 | |||||||||
623 | Mercury Systems, Inc.* | 49,005 | |||||||||
4,175 | Northrop Grumman Corp. | 1,283,562 | |||||||||
15,159 | Raytheon Technologies Corp. | 934,098 | |||||||||
5,430 | Spirit AeroSystems Holdings, Inc., Class A | 129,994 | |||||||||
1,359 | Teledyne Technologies, Inc.* | 422,581 | |||||||||
8,037,095 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.4% | |||||||||||
2,842 | FedEx Corp. | 398,505 | |||||||||
16,960 | United Parcel Service, Inc., Class B | 1,885,613 | |||||||||
2,284,118 | |||||||||||
AIRLINES - 0.2% | |||||||||||
3,111 | Alaska Air Group, Inc. | 112,805 | |||||||||
33,507 | Delta Air Lines, Inc. | 939,871 | |||||||||
7,109 | Southwest Airlines Co. | 242,986 | |||||||||
1,295,662 | |||||||||||
AUTO COMPONENTS - 0.0%† | |||||||||||
2,455 | Aptiv PLC | 191,294 | |||||||||
AUTOMOBILES - 0.1% | |||||||||||
8,507 | Harley-Davidson, Inc. | 202,211 | |||||||||
18,498 | NIO, Inc., ADR* | 142,805 | |||||||||
345,016 | |||||||||||
BANKS - 3.7% | |||||||||||
25,996 | Banco Bradesco SA, ADR | 99,045 | |||||||||
156,295 | Bank of America Corp. | 3,712,006 | |||||||||
2,235 | Bank of Montreal | 118,567 | |||||||||
10,371 | Bank of Nova Scotia (The) | 427,700 | |||||||||
4,894 | CIT Group, Inc. | 101,452 | |||||||||
35,503 | Citigroup, Inc. | 1,814,203 | |||||||||
28,412 | Citizens Financial Group, Inc. | 717,119 | |||||||||
6,942 | Cullen/Frost Bankers, Inc. | 518,637 | |||||||||
16,482 | First Horizon National Corp. | 164,161 | |||||||||
5,757 | HDFC Bank Ltd., ADR | 261,713 | |||||||||
64,165 | JPMorgan Chase & Co. | 6,035,360 | |||||||||
8,635 | Regions Financial Corp. | 96,021 | |||||||||
10,901 | Royal Bank of Canada | 739,088 | |||||||||
17,150 | US Bancorp | 631,463 | |||||||||
169,477 | Wells Fargo & Co. | 4,338,611 | |||||||||
19,775,146 |
Shares/ Principal | Fair Value | ||||||||||
BEVERAGES - 2.0% | |||||||||||
3,251 | Brown-Forman Corp., Class B | $ | 206,959 | ||||||||
70,076 | Coca-Cola Co. (The) | 3,130,996 | |||||||||
2,926 | Coca-Cola European Partners PLC | 110,486 | |||||||||
370 | Constellation Brands, Inc., Class A | 64,731 | |||||||||
7,104 | Diageo PLC, ADR | 954,707 | |||||||||
1,155 | Fomento Economico Mexicano SAB de CV, ADR | 71,621 | |||||||||
8,959 | Molson Coors Beverage Co., Class B | 307,831 | |||||||||
44,234 | PepsiCo, Inc. | 5,850,389 | |||||||||
10,697,720 | |||||||||||
BIOTECHNOLOGY - 3.2% | |||||||||||
59,913 | AbbVie, Inc. | 5,882,258 | |||||||||
2,092 | Alexion Pharmaceuticals, Inc.* | 234,806 | |||||||||
16,092 | Amgen, Inc. | 3,795,459 | |||||||||
4,011 | Biogen, Inc.* | 1,073,143 | |||||||||
50,904 | Gilead Sciences, Inc. | 3,916,554 | |||||||||
2,291 | Regeneron Pharmaceuticals, Inc.* | 1,428,782 | |||||||||
3,607 | Sage Therapeutics, Inc.* | 149,979 | |||||||||
2,519 | Vertex Pharmaceuticals, Inc.* | 731,291 | |||||||||
17,212,272 | |||||||||||
BUILDING PRODUCTS - 0.6% | |||||||||||
1,139 | Advanced Drainage Systems, Inc. | 56,267 | |||||||||
26,007 | Allegion PLC | 2,658,435 | |||||||||
2,182 | Owens Corning | 121,668 | |||||||||
7,136 | Resideo Technologies, Inc.* | 83,634 | |||||||||
385 | Trex Co., Inc.* | 50,077 | |||||||||
2,970,081 | |||||||||||
CAPITAL MARKETS - 2.3% | |||||||||||
4,093 | Ameriprise Financial, Inc. | 614,114 | |||||||||
16,914 | Bank of New York Mellon Corp. (The) | 653,726 | |||||||||
1,524 | Cboe Global Markets, Inc. | 142,159 | |||||||||
37,985 | Charles Schwab Corp. (The) | 1,281,614 | |||||||||
7,674 | CME Group, Inc. | 1,247,332 | |||||||||
3,499 | E*TRADE Financial Corp. | 174,005 | |||||||||
3,108 | FactSet Research Systems, Inc. | 1,020,885 | |||||||||
2,897 | Franklin Resources, Inc. | 60,750 | |||||||||
14,294 | Intercontinental Exchange, Inc. | 1,309,330 | |||||||||
1,634 | Moody's Corp. | 448,909 | |||||||||
21,800 | Morgan Stanley | 1,052,940 | |||||||||
4,418 | Northern Trust Corp. | 350,524 | |||||||||
10,402 | S&P Global, Inc. | 3,427,251 | |||||||||
5,581 | State Street Corp. | 354,673 | |||||||||
2,885 | T Rowe Price Group, Inc. | 356,297 | |||||||||
12,494,509 | |||||||||||
CHEMICALS - 1.6% | |||||||||||
3,563 | Air Products and Chemicals, Inc. | 860,322 | |||||||||
2,959 | Dow, Inc. | 120,609 | |||||||||
5,638 | DuPont de Nemours, Inc. | 299,547 |
See accompanying notes to financial statements.
8
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CHEMICALS - 1.6% (Continued) | |||||||||||
16,488 | Ecolab, Inc. | $ | 3,280,288 | ||||||||
3,123 | FMC Corp. | 311,113 | |||||||||
6,997 | Linde PLC | 1,484,134 | |||||||||
5,188 | LyondellBasell Industries NV, Class A | 340,955 | |||||||||
34,096 | Mosaic Co. (The) | 426,541 | |||||||||
1,752 | Nutrien Ltd. | 56,239 | |||||||||
3,171 | PPG Industries, Inc. | 336,316 | |||||||||
466 | Scotts Miracle-Gro Co. (The) | 62,663 | |||||||||
2,136 | Sherwin-Williams Co. (The) | 1,234,288 | |||||||||
8,813,015 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.2% | |||||||||||
4,521 | Cintas Corp. | 1,204,214 | |||||||||
COMMUNICATIONS EQUIPMENT - 1.4% | |||||||||||
146,722 | Cisco Systems, Inc. | 6,843,114 | |||||||||
4,087 | Motorola Solutions, Inc. | 572,711 | |||||||||
7,415,825 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.3% | |||||||||||
14,486 | EMCOR Group, Inc. | 958,104 | |||||||||
14,883 | MasTec, Inc.* | 667,800 | |||||||||
1,625,904 | |||||||||||
CONSUMER FINANCE - 0.5% | |||||||||||
41,216 | Ally Financial, Inc. | 817,313 | |||||||||
18,832 | American Express Co. | 1,792,807 | |||||||||
4,202 | Discover Financial Services | 210,478 | |||||||||
2,820,598 | |||||||||||
CONTAINERS & PACKAGING - 0.0%† | |||||||||||
3,454 | International Paper Co. | 121,616 | |||||||||
2,878 | Westrock Co. | 81,332 | |||||||||
202,948 | |||||||||||
DIVERSIFIED CONSUMER SERVICES - 0.2% | |||||||||||
802 | Bright Horizons Family Solutions, Inc.* | 93,994 | |||||||||
50,820 | H&R Block, Inc. | 725,710 | |||||||||
819,704 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% | |||||||||||
48,881 | Berkshire Hathaway, Inc., Class B* | 8,725,747 | |||||||||
DIVERSIFIED TELECOMMUNICATION - 1.4% | |||||||||||
102,944 | AT&T, Inc. | 3,111,997 | |||||||||
31,120 | BCE, Inc. | 1,299,882 | |||||||||
59,406 | Verizon Communications, Inc. | 3,275,053 | |||||||||
7,686,932 | |||||||||||
ELECTRIC UTILITIES - 1.8% | |||||||||||
18,863 | Alliant Energy Corp. | 902,406 | |||||||||
19,823 | Eversource Energy | 1,650,661 | |||||||||
14,034 | Exelon Corp. | 509,294 | |||||||||
2,670 | IDACORP, Inc. | 233,278 |
Shares/ Principal | Fair Value | ||||||||||
ELECTRIC UTILITIES - 1.8% (Continued) | |||||||||||
16,384 | NextEra Energy, Inc. | $ | 3,934,945 | ||||||||
7,167 | Pinnacle West Capital Corp. | 525,269 | |||||||||
26,515 | Xcel Energy, Inc. | 1,657,188 | |||||||||
9,413,041 | |||||||||||
ELECTRICAL EQUIPMENT - 0.5% | |||||||||||
8,819 | AMETEK, Inc. | 788,154 | |||||||||
2,311 | Generac Holdings, Inc.* | 281,781 | |||||||||
13,920 | Hubbell, Inc. | 1,745,011 | |||||||||
2,814,946 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.2% | |||||||||||
11,085 | Avnet, Inc. | 309,105 | |||||||||
10,838 | National Instruments Corp. | 419,539 | |||||||||
2,730 | TE Connectivity Ltd. | 222,632 | |||||||||
951,276 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.2% | |||||||||||
9,933 | ChampionX Corp.* | 96,946 | |||||||||
8,271 | Halliburton Co. | 107,357 | |||||||||
37,669 | Schlumberger Ltd. | 692,733 | |||||||||
15,414 | TechnipFMC PLC | 105,432 | |||||||||
1,002,468 | |||||||||||
ENTERTAINMENT - 1.3% | |||||||||||
5,763 | Activision Blizzard, Inc. | 437,412 | |||||||||
2,005 | Electronic Arts, Inc.* | 264,760 | |||||||||
8,620 | Netflix, Inc.* | 3,922,445 | |||||||||
21,703 | Walt Disney Co. (The) | 2,420,101 | |||||||||
7,044,718 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 2.5% | |||||||||||
2,490 | Alexandria Real Estate Equities, Inc. | 404,003 | |||||||||
9,711 | American Tower Corp. | 2,510,682 | |||||||||
3,158 | AvalonBay Communities, Inc. | 488,353 | |||||||||
23,941 | Boston Properties, Inc. | 2,163,788 | |||||||||
2,386 | Camden Property Trust | 217,651 | |||||||||
2,872 | Crown Castle International Corp. | 480,629 | |||||||||
1,320 | Douglas Emmett, Inc. | 40,471 | |||||||||
284 | Equinix, Inc. | 199,453 | |||||||||
28,567 | Equity Residential | 1,680,311 | |||||||||
2,135 | Federal Realty Investment Trust | 181,923 | |||||||||
41,555 | Host Hotels & Resorts, Inc. | 448,378 | |||||||||
21,260 | Macerich Co. (The) | 190,702 | |||||||||
47,685 | Park Hotels & Resorts, Inc. | 471,605 | |||||||||
24,444 | Prologis, Inc. | 2,281,359 | |||||||||
2,253 | QTS Realty Trust, Inc., Class A | 144,395 | |||||||||
9,828 | Realty Income Corp. | 584,766 | |||||||||
1,035 | SBA Communications Corp. | 308,347 | |||||||||
5,209 | Simon Property Group, Inc. | 356,191 | |||||||||
1,347 | UDR, Inc. | 50,351 |
See accompanying notes to financial statements.
9
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
EQUITY REAL ESTATE INVESTMENT - 2.5% (Continued) | |||||||||||
3,076 | Welltower, Inc. | $ | 159,183 | ||||||||
13,362,541 | |||||||||||
FOOD & STAPLES RETAILING - 1.3% | |||||||||||
18,861 | Costco Wholesale Corp. | 5,718,844 | |||||||||
3,787 | Walgreens Boots Alliance, Inc. | 160,531 | |||||||||
8,247 | Walmart, Inc. | 987,825 | |||||||||
6,867,200 | |||||||||||
FOOD PRODUCTS - 1.3% | |||||||||||
43,135 | General Mills, Inc. | 2,659,273 | |||||||||
19,471 | Hershey Co. (The) | 2,523,831 | |||||||||
698 | JM Smucker Co. (The) | 73,855 | |||||||||
2,939 | Lamb Weston Holdings, Inc. | 187,890 | |||||||||
1,660 | McCormick & Co., Inc. | 297,821 | |||||||||
19,624 | Mondelez International, Inc., Class A | 1,003,375 | |||||||||
6,746,045 | |||||||||||
GAS UTILITIES - 0.0%† | |||||||||||
4,827 | UGI Corp. | 153,499 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0% | |||||||||||
37,723 | Abbott Laboratories | 3,449,014 | |||||||||
4,564 | Alcon, Inc.* | 261,608 | |||||||||
1,765 | Baxter International, Inc. | 151,966 | |||||||||
1,608 | Becton Dickinson and Co. | 384,746 | |||||||||
2,905 | Boston Scientific Corp.* | 101,995 | |||||||||
8,991 | Danaher Corp. | 1,589,879 | |||||||||
7,733 | DENTSPLY SIRONA, Inc. | 340,716 | |||||||||
33,423 | Edwards Lifesciences Corp.* | 2,309,864 | |||||||||
977 | Globus Medical, Inc., Class A* | 46,613 | |||||||||
2,481 | Hologic, Inc.* | 141,417 | |||||||||
4,691 | IDEXX Laboratories, Inc.* | 1,548,781 | |||||||||
1,194 | Intuitive Surgical, Inc.* | 680,377 | |||||||||
24,605 | Medtronic PLC | 2,256,278 | |||||||||
12,963 | Stryker Corp. | 2,335,803 | |||||||||
1,384 | West Pharmaceutical Services, Inc. | 314,403 | |||||||||
15,913,460 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 3.1% | |||||||||||
633 | AmerisourceBergen Corp. | 63,787 | |||||||||
8,608 | Anthem, Inc. | 2,263,732 | |||||||||
8,721 | Cardinal Health, Inc. | 455,149 | |||||||||
7,574 | Cigna Corp. | 1,421,261 | |||||||||
48,150 | CVS Health Corp. | 3,128,305 | |||||||||
4,298 | HCA Healthcare, Inc. | 417,164 | |||||||||
133 | Humana, Inc. | 51,571 | |||||||||
1,724 | Laboratory Corp. of America Holdings* | 286,374 | |||||||||
7,833 | McKesson Corp. | 1,201,739 | |||||||||
3,945 | Quest Diagnostics, Inc. | 449,572 | |||||||||
23,645 | UnitedHealth Group, Inc. | 6,974,093 | |||||||||
16,712,747 |
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE TECHNOLOGY - 0.1% | |||||||||||
2,576 | Teladoc Health, Inc.* | $ | 491,604 | ||||||||
1,272 | Veeva Systems, Inc., Class A* | 298,182 | |||||||||
789,786 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.3% | |||||||||||
7,143 | Boyd Gaming Corp. | 149,289 | |||||||||
282 | Chipotle Mexican Grill, Inc.* | 296,765 | |||||||||
9,534 | Darden Restaurants, Inc. | 722,391 | |||||||||
1,381 | Domino's Pizza, Inc. | 510,197 | |||||||||
18,080 | Extended Stay America, Inc. | 202,315 | |||||||||
8,903 | International Game Technology PLC | 79,237 | |||||||||
4,331 | Las Vegas Sands Corp. | 197,234 | |||||||||
15,610 | McDonald's Corp. | 2,879,577 | |||||||||
3,740 | Melco Resorts & Entertainment Ltd., ADR | 58,045 | |||||||||
6,095 | MGM Resorts International | 102,396 | |||||||||
6,336 | Penn National Gaming, Inc.* | 193,501 | |||||||||
2,136 | Texas Roadhouse, Inc. | 112,289 | |||||||||
3,450 | Wyndham Destinations, Inc. | 97,221 | |||||||||
15,959 | Yum! Brands, Inc. | 1,386,997 | |||||||||
6,987,454 | |||||||||||
HOUSEHOLD DURABLES - 0.1% | |||||||||||
7,711 | DR Horton, Inc. | 427,575 | |||||||||
372 | Helen of Troy Ltd.* | 70,144 | |||||||||
497,719 | |||||||||||
HOUSEHOLD PRODUCTS - 2.0% | |||||||||||
12,630 | Church & Dwight Co., Inc. | 976,299 | |||||||||
6,924 | Clorox Co. (The) | 1,518,918 | |||||||||
22,228 | Colgate-Palmolive Co. | 1,628,423 | |||||||||
56,358 | Procter & Gamble Co. (The) | 6,738,726 | |||||||||
10,862,366 | |||||||||||
INDUSTRIAL CONGLOMERATES - 1.2% | |||||||||||
6,315 | 3M Co. | 985,077 | |||||||||
2,471 | Carlisle Cos., Inc. | 295,705 | |||||||||
85,128 | General Electric Co. | 581,424 | |||||||||
25,572 | Honeywell International, Inc. | 3,697,455 | |||||||||
2,805 | Roper Technologies, Inc. | 1,089,069 | |||||||||
6,648,730 | |||||||||||
INSURANCE - 1.9% | |||||||||||
7,291 | Aflac, Inc. | 262,695 | |||||||||
251 | Alleghany Corp. | 122,774 | |||||||||
2,462 | Allstate Corp. (The) | 238,790 | |||||||||
1,590 | Arthur J Gallagher & Co. | 155,009 | |||||||||
12,619 | Brown & Brown, Inc. | 514,351 | |||||||||
26,892 | Cincinnati Financial Corp. | 1,721,895 | |||||||||
4,367 | First American Financial Corp. | 209,703 | |||||||||
10,106 | Globe Life, Inc. | 750,168 | |||||||||
1,686 | Hanover Insurance Group, Inc. (The) | 170,842 | |||||||||
11,044 | Marsh & McLennan Cos., Inc. | 1,185,794 |
See accompanying notes to financial statements.
10
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 1.9% (Continued) | |||||||||||
12,239 | MetLife, Inc. | $ | 446,968 | ||||||||
5,445 | Progressive Corp. (The) | 436,199 | |||||||||
48,443 | Prudential Financial, Inc. | 2,950,179 | |||||||||
1,238 | Reinsurance Group of America, Inc. | 97,109 | |||||||||
492 | Travelers Cos., Inc. (The) | 56,113 | |||||||||
22,136 | Unum Group | 367,236 | |||||||||
2,593 | Willis Towers Watson PLC | 510,691 | |||||||||
10,196,516 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 5.6% | |||||||||||
7,429 | Alphabet, Inc., Class A* | 10,534,693 | |||||||||
5,920 | Alphabet, Inc., Class C* | 8,368,571 | |||||||||
4,340 | Baidu, Inc., ADR* | 520,323 | |||||||||
41,787 | Facebook, Inc., Class A* | 9,488,574 | |||||||||
32,974 | Twitter, Inc.* | 982,296 | |||||||||
29,894,457 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 5.2% | |||||||||||
10,171 | Amazon.com, Inc.* | 28,059,958 | |||||||||
1,970 | Trip.Com Group Ltd., ADR* | 51,063 | |||||||||
28,111,021 | |||||||||||
IT SERVICES - 5.2% | |||||||||||
5,894 | Accenture PLC, Class A | 1,265,560 | |||||||||
28,873 | Automatic Data Processing, Inc. | 4,298,901 | |||||||||
5,866 | Cognizant Technology Solutions Corp., Class A | 333,306 | |||||||||
1 | EPAM Systems, Inc.* | 252 | |||||||||
1,122 | Fidelity National Information Services, Inc. | 150,449 | |||||||||
19,568 | Fiserv, Inc.* | 1,910,228 | |||||||||
17,536 | Mastercard, Inc., Class A | 5,185,395 | |||||||||
28,479 | Paychex, Inc. | 2,157,284 | |||||||||
29,439 | PayPal Holdings, Inc.* | 5,129,157 | |||||||||
560 | Shopify, Inc., Class A* | 531,552 | |||||||||
37,236 | Visa, Inc., Class A | 7,192,878 | |||||||||
28,154,962 | |||||||||||
LEISURE PRODUCTS - 0.0%† | |||||||||||
954 | Peloton Interactive, Inc., Class A* | 55,113 | |||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.4% | |||||||||||
3,208 | Agilent Technologies, Inc. | 283,491 | |||||||||
572 | IQVIA Holdings, Inc.* | 81,155 | |||||||||
3,937 | Thermo Fisher Scientific, Inc. | 1,426,533 | |||||||||
2,086 | Waters Corp.* | 376,314 | |||||||||
2,167,493 | |||||||||||
MACHINERY - 1.9% | |||||||||||
6,246 | AGCO Corp. | 346,403 | |||||||||
3,550 | Caterpillar, Inc. | 449,075 | |||||||||
9,926 | Deere & Co. | 1,559,871 | |||||||||
16,618 | Illinois Tool Works, Inc. | 2,905,657 |
Shares/ Principal | Fair Value | ||||||||||
MACHINERY - 1.9% (Continued) | |||||||||||
25,185 | Oshkosh Corp. | $ | 1,803,750 | ||||||||
8,746 | PACCAR, Inc. | 654,638 | |||||||||
6,230 | Snap-on, Inc. | 862,917 | |||||||||
1,381 | Stanley Black & Decker, Inc. | 192,484 | |||||||||
1,523 | Toro Co. (The) | 101,036 | |||||||||
18,620 | Xylem, Inc. | 1,209,555 | |||||||||
10,085,386 | |||||||||||
MEDIA - 1.3% | |||||||||||
3,702 | Altice USA, Inc., Class A* | 83,443 | |||||||||
8,035 | AMC Networks, Inc., Class A* | 187,939 | |||||||||
37 | Charter Communications, Inc., Class A* | 18,872 | |||||||||
56,692 | Comcast Corp., Class A | 2,209,854 | |||||||||
24,152 | Discovery, Inc., Class A* | 509,607 | |||||||||
1,148 | Discovery, Inc., Class C* | 22,110 | |||||||||
94,765 | Interpublic Group of Cos., Inc. (The) | 1,626,167 | |||||||||
598 | Nexstar Media Group, Inc., Class A | 50,047 | |||||||||
1,458 | Omnicom Group, Inc. | 79,607 | |||||||||
342,630 | Sirius XM Holdings, Inc. | 2,011,238 | |||||||||
8,505 | ViacomCBS, Inc., Class B | 198,337 | |||||||||
6,997,221 | |||||||||||
METALS & MINING - 0.3% | |||||||||||
26,770 | Alcoa Corp.* | 300,895 | |||||||||
2,674 | BHP Group Ltd., ADR | 132,978 | |||||||||
3,240 | BHP Group PLC, ADR | 133,326 | |||||||||
14,081 | Freeport-McMoRan, Inc. | 162,917 | |||||||||
1,213 | Newmont Corp. | 74,891 | |||||||||
1,415 | Reliance Steel & Aluminum Co. | 134,326 | |||||||||
7,231 | Rio Tinto PLC, ADR | 406,237 | |||||||||
3,307 | Southern Copper Corp. | 131,519 | |||||||||
4,063 | Steel Dynamics, Inc. | 106,004 | |||||||||
1,583,093 | |||||||||||
MULTILINE RETAIL - 0.4% | |||||||||||
35,524 | Macy's, Inc. | 244,405 | |||||||||
2,613 | Nordstrom, Inc. | 40,475 | |||||||||
13,848 | Target Corp. | 1,660,791 | |||||||||
1,945,671 | |||||||||||
MULTI-UTILITIES - 0.8% | |||||||||||
22,133 | Ameren Corp. | 1,557,278 | |||||||||
23,032 | CMS Energy Corp. | 1,345,529 | |||||||||
18,593 | Consolidated Edison, Inc. | 1,337,395 | |||||||||
2,140 | DTE Energy Co. | 230,050 | |||||||||
1,540 | Public Service Enterprise Group, Inc. | 75,706 | |||||||||
4,545,958 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 2.2% | |||||||||||
27,181 | Chevron Corp. | 2,425,361 | |||||||||
5,170 | CNOOC Ltd., ADR | 583,383 | |||||||||
1,943 | Concho Resources, Inc. | 100,064 |
See accompanying notes to financial statements.
11
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 2.2% (Continued) | |||||||||||
20,746 | ConocoPhillips | $ | 871,747 | ||||||||
14,967 | Continental Resources, Inc. | 262,371 | |||||||||
29,387 | EOG Resources, Inc. | 1,488,745 | |||||||||
3,924 | Equinor ASA, ADR | 56,820 | |||||||||
59,490 | Exxon Mobil Corp. | 2,660,393 | |||||||||
106,301 | Marathon Oil Corp. | 650,562 | |||||||||
6,493 | Marathon Petroleum Corp. | 242,708 | |||||||||
7,672 | ONEOK, Inc. | 254,864 | |||||||||
6,329 | PBF Energy, Inc., Class A | 64,809 | |||||||||
4,752 | Petroleo Brasileiro SA, ADR | 39,299 | |||||||||
9,176 | Phillips 66 | 659,754 | |||||||||
1,694 | Royal Dutch Shell PLC, Class A, ADR | 55,377 | |||||||||
12,162 | Valero Energy Corp. | 715,369 | |||||||||
38,829 | Williams Cos., Inc. (The) | 738,528 | |||||||||
11,870,154 | |||||||||||
PAPER & FOREST PRODUCTS - 0.1% | |||||||||||
20,035 | Domtar Corp. | 422,939 | |||||||||
PHARMACEUTICALS - 4.3% | |||||||||||
43,514 | Bristol-Myers Squibb Co. | 2,558,623 | |||||||||
8,752 | Elanco Animal Health, Inc.* | 187,730 | |||||||||
13,576 | Eli Lilly and Co. | 2,228,908 | |||||||||
48,560 | Johnson & Johnson | 6,828,993 | |||||||||
72,764 | Merck & Co., Inc. | 5,626,840 | |||||||||
14,131 | Mylan NV* | 227,227 | |||||||||
82,260 | Pfizer, Inc. | 2,689,902 | |||||||||
21,299 | Zoetis, Inc. | 2,918,815 | |||||||||
23,267,038 | |||||||||||
PROFESSIONAL SERVICES - 0.2% | |||||||||||
1,657 | IHS Markit Ltd. | 125,103 | |||||||||
19,908 | Robert Half International, Inc. | 1,051,740 | |||||||||
1,176,843 | |||||||||||
ROAD & RAIL - 0.9% | |||||||||||
1,171 | AMERCO | 353,865 | |||||||||
585 | Canadian National Railway Co. | 51,813 | |||||||||
16,389 | CSX Corp. | 1,142,969 | |||||||||
5,592 | Norfolk Southern Corp. | 981,787 | |||||||||
12,936 | Union Pacific Corp. | 2,187,090 | |||||||||
4,717,524 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7% | |||||||||||
9,697 | Advanced Micro Devices, Inc.* | 510,159 | |||||||||
4,429 | Analog Devices, Inc. | 543,173 | |||||||||
42,018 | Applied Materials, Inc. | 2,539,988 | |||||||||
4,740 | Broadcom, Inc. | 1,495,992 | |||||||||
1 | Cabot Microelectronics Corp. | 140 | |||||||||
5,512 | Cirrus Logic, Inc.* | 340,531 | |||||||||
116,880 | Intel Corp. | 6,992,930 |
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7% (Continued) | |||||||||||
3,441 | Lam Research Corp. | $ | 1,113,026 | ||||||||
7,219 | Micron Technology, Inc.* | 371,923 | |||||||||
18,578 | NVIDIA Corp. | 7,057,968 | |||||||||
4,097 | QUALCOMM, Inc. | 373,687 | |||||||||
20,690 | Texas Instruments, Inc. | 2,627,009 | |||||||||
11,222 | Xilinx, Inc. | 1,104,133 | |||||||||
25,070,659 | |||||||||||
SOFTWARE - 9.9% | |||||||||||
11,699 | Adobe, Inc.* | 5,092,692 | |||||||||
2,814 | Atlassian Corp. PLC, Class A* | 507,280 | |||||||||
5,926 | Citrix Systems, Inc. | 876,515 | |||||||||
14,814 | Cloudflare, Inc., Class A* | 532,563 | |||||||||
2,875 | DocuSign, Inc.* | 495,104 | |||||||||
956 | HubSpot, Inc.* | 214,479 | |||||||||
8,763 | Intuit, Inc. | 2,595,513 | |||||||||
175,865 | Microsoft Corp. | 35,790,286 | |||||||||
1,939 | RingCentral, Inc., Class A* | 552,634 | |||||||||
14,461 | salesforce.com, Inc.* | 2,708,979 | |||||||||
2,268 | ServiceNow, Inc.* | 918,676 | |||||||||
16,437 | Slack Technologies, Inc., Class A* | 511,026 | |||||||||
9,578 | Smartsheet, Inc., Class A* | 487,712 | |||||||||
4,090 | VMware, Inc., Class A* | 633,377 | |||||||||
2,077 | Zoom Video Communications, Inc., Class A* | 526,603 | |||||||||
4,973 | Zscaler, Inc.* | 544,543 | |||||||||
52,987,982 | |||||||||||
SPECIALTY RETAIL - 2.6% | |||||||||||
9,541 | Best Buy Co., Inc. | 832,643 | |||||||||
2,087 | Dick's Sporting Goods, Inc. | 86,110 | |||||||||
30,705 | Home Depot, Inc. (The) | 7,691,909 | |||||||||
27,081 | Lowe's Cos., Inc. | 3,659,185 | |||||||||
2,658 | Ross Stores, Inc. | 226,568 | |||||||||
27,814 | TJX Cos., Inc. (The) | 1,406,276 | |||||||||
1,627 | Tractor Supply Co. | 214,422 | |||||||||
14,117,113 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.8% | |||||||||||
82,666 | Apple, Inc. | 30,156,557 | |||||||||
3,455 | Dell Technologies, Inc., Class C* | 189,818 | |||||||||
29,727 | HP, Inc. | 518,141 | |||||||||
10,436 | NetApp, Inc. | 463,045 | |||||||||
31,327,561 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.8% | |||||||||||
242 | Lululemon Athletica, Inc.* | 75,506 | |||||||||
34,860 | NIKE, Inc., Class B | 3,418,023 | |||||||||
8,951 | VF Corp. | 545,474 | |||||||||
4,039,003 |
See accompanying notes to financial statements.
12
Global Atlantic BlackRock Disciplined Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
TOBACCO - 0.1% | |||||||||||
13,348 | Altria Group, Inc. | $ | 523,909 | ||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.3% | |||||||||||
5,791 | Fastenal Co. | 248,086 | |||||||||
12,970 | GATX Corp. | 790,911 | |||||||||
1,681 | WESCO International, Inc.* | 59,020 | |||||||||
1,585 | WW Grainger, Inc. | 497,944 | |||||||||
1,595,961 | |||||||||||
WATER UTILITIES - 0.5% | |||||||||||
19,301 | American Water Works Co., Inc. | 2,483,267 | |||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.1% | |||||||||||
2,749 | China Mobile Ltd., ADR | 92,476 | |||||||||
7,101 | Telephone and Data Systems, Inc. | 141,168 | |||||||||
8,202 | United States Cellular Corp.* | 253,196 | |||||||||
486,840 | |||||||||||
TOTAL COMMON STOCKS (Cost - $441,314,267) | 519,209,480 |
Shares/ Principal | Fair Value | ||||||||||
RIGHTS - 0.0%† | |||||||||||
15,420 | Bristol-Myers Squibb Co., CVR (Cost - $35,466), expires 12/31/99* | $ | 55,203 | ||||||||
SHORT-TERM INVESTMENTS - 2.9% | |||||||||||
MONEY MARKET FUNDS - 2.9% | |||||||||||
15,481,659 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $15,481,659) | 15,481,659 | |||||||||
TOTAL INVESTMENTS - 99.5% (Cost - $456,831,392) | $ | 534,746,342 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.5% | 2,444,738 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 537,191,080 |
* 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
CVR - Contingent Value Rights
PLC - Public Limited Company
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.6 | % | |||||
Money Market Funds | 2.9 | % | |||||
Rights | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | 0.5 | % | |||||
100.0 | % |
^ Represents less than 0.05%
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 116 | 9/18/2020 | $ | 17,923,160 | $ | 327,544 |
See accompanying notes to financial statements.
13
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.4% | |||||||||||
AEROSPACE & DEFENSE - 1.1% | |||||||||||
138 | L3Harris Technologies, Inc. | $ | 23,414 | ||||||||
251 | Lockheed Martin Corp. | 91,595 | |||||||||
101 | Mercury Systems, Inc.* | 7,945 | |||||||||
179 | Northrop Grumman Corp. | 55,032 | |||||||||
90 | Teledyne Technologies, Inc.* | 27,985 | |||||||||
205,971 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.5% | |||||||||||
98 | C.H. Robinson Worldwide, Inc. | 7,748 | |||||||||
30 | Expeditors International of Washington, Inc. | 2,281 | |||||||||
647 | United Parcel Service, Inc., Class B | 71,934 | |||||||||
81,963 | |||||||||||
AUTOMOBILES - 1.0% | |||||||||||
173 | Tesla, Inc.* | 186,807 | |||||||||
BEVERAGES - 1.8% | |||||||||||
7 | Boston Beer Co., Inc. (The), Class A* | 3,757 | |||||||||
56 | Brown-Forman Corp., Class A | 3,224 | |||||||||
490 | Brown-Forman Corp., Class B | 31,193 | |||||||||
1,261 | Coca-Cola Co. (The) | 56,341 | |||||||||
86 | Coca-Cola European Partners PLC | 3,247 | |||||||||
79 | Keurig Dr Pepper, Inc. | 2,244 | |||||||||
1,634 | PepsiCo, Inc. | 216,113 | |||||||||
316,119 | |||||||||||
BIOTECHNOLOGY - 4.4% | |||||||||||
2,311 | AbbVie, Inc. | 226,894 | |||||||||
121 | Alexion Pharmaceuticals, Inc.* | 13,581 | |||||||||
726 | Amgen, Inc. | 171,234 | |||||||||
85 | Arena Pharmaceuticals, Inc.* | 5,351 | |||||||||
85 | Biogen, Inc.* | 22,742 | |||||||||
956 | Gilead Sciences, Inc. | 73,555 | |||||||||
85 | Incyte Corp.* | 8,837 | |||||||||
211 | Ionis Pharmaceuticals, Inc.* | 12,441 | |||||||||
316 | Moderna, Inc.* | 20,290 | |||||||||
147 | Regeneron Pharmaceuticals, Inc.* | 91,677 | |||||||||
488 | Vertex Pharmaceuticals, Inc.* | 141,671 | |||||||||
788,273 | |||||||||||
BUILDING PRODUCTS - 0.4% | |||||||||||
256 | Advanced Drainage Systems, Inc. | 12,646 | |||||||||
476 | Allegion PLC | 48,657 | |||||||||
31 | Trex Co., Inc.* | 4,032 | |||||||||
65,335 | |||||||||||
CAPITAL MARKETS - 1.7% | |||||||||||
48 | Ameriprise Financial, Inc. | 7,202 | |||||||||
900 | Charles Schwab Corp. (The) | 30,366 | |||||||||
43 | CME Group, Inc. | 6,989 | |||||||||
158 | FactSet Research Systems, Inc. | 51,898 | |||||||||
233 | Intercontinental Exchange, Inc. | 21,343 |
Shares/ Principal | Fair Value | ||||||||||
CAPITAL MARKETS - 1.7% (Continued) | |||||||||||
11 | MarketAxess Holdings, Inc. | $ | 5,510 | ||||||||
108 | Moody's Corp. | 29,671 | |||||||||
441 | S&P Global, Inc. | 145,301 | |||||||||
298,280 | |||||||||||
CHEMICALS - 0.8% | |||||||||||
505 | Ecolab, Inc. | 100,470 | |||||||||
73 | Sherwin-Williams Co. (The) | 42,183 | |||||||||
142,653 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.4% | |||||||||||
205 | Cintas Corp. | 54,604 | |||||||||
187 | Copart, Inc.* | 15,571 | |||||||||
189 | IAA, Inc.* | 7,290 | |||||||||
77,465 | |||||||||||
COMMUNICATIONS EQUIPMENT - 1.1% | |||||||||||
111 | Ciena Corp.* | 6,012 | |||||||||
4,027 | Cisco Systems, Inc. | 187,819 | |||||||||
53 | Motorola Solutions, Inc. | 7,427 | |||||||||
201,258 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.1% | |||||||||||
251 | EMCOR Group, Inc. | 16,601 | |||||||||
DISTRIBUTORS - 0.0%† | |||||||||||
18 | Pool Corp. | 4,894 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.1% | |||||||||||
140 | Bright Horizons Family Solutions, Inc.* | 16,408 | |||||||||
35 | Service Corp. International | 1,361 | |||||||||
17,769 | |||||||||||
ELECTRIC UTILITIES - 0.2% | |||||||||||
58 | IDACORP, Inc. | 5,068 | |||||||||
102 | NextEra Energy, Inc. | 24,497 | |||||||||
29,565 | |||||||||||
ELECTRICAL EQUIPMENT - 0.2% | |||||||||||
216 | Generac Holdings, Inc.* | 26,337 | |||||||||
19 | Hubbell, Inc. | 2,382 | |||||||||
28,719 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2% | |||||||||||
178 | Amphenol Corp., Class A | 17,054 | |||||||||
1,098 | Avnet, Inc. | 30,618 | |||||||||
296 | CDW Corp. | 34,389 | |||||||||
386 | Cognex Corp. | 23,052 | |||||||||
41 | Coherent, Inc.* | 5,370 | |||||||||
257 | Dolby Laboratories, Inc., Class A | 16,929 | |||||||||
94 | Keysight Technologies, Inc.* | 9,474 | |||||||||
1,003 | National Instruments Corp. | 38,826 |
See accompanying notes to financial statements.
14
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2% (Continued) | |||||||||||
180 | Trimble, Inc.* | $ | 7,774 | ||||||||
159 | Zebra Technologies Corp., Class A* | 40,696 | |||||||||
224,182 | |||||||||||
ENTERTAINMENT - 2.2% | |||||||||||
630 | Activision Blizzard, Inc. | 47,817 | |||||||||
274 | Electronic Arts, Inc.* | 36,182 | |||||||||
531 | Netflix, Inc.* | 241,626 | |||||||||
69 | Spotify Technology SA* | 17,815 | |||||||||
110 | Take-Two Interactive Software, Inc.* | 15,353 | |||||||||
2,806 | Zynga, Inc., Class A* | 26,769 | |||||||||
385,562 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 1.5% | |||||||||||
568 | American Tower Corp. | 146,851 | |||||||||
226 | Crown Castle International Corp. | 37,821 | |||||||||
48 | Equinix, Inc. | 33,710 | |||||||||
194 | Equity Residential | 11,411 | |||||||||
48 | Prologis, Inc. | 4,480 | |||||||||
65 | QTS Realty Trust, Inc., Class A | 4,166 | |||||||||
151 | Realty Income Corp. | 8,984 | |||||||||
80 | SBA Communications Corp. | 23,834 | |||||||||
53 | UDR, Inc. | 1,981 | |||||||||
273,238 | |||||||||||
FOOD & STAPLES RETAILING - 1.2% | |||||||||||
705 | Costco Wholesale Corp. | 213,763 | |||||||||
FOOD PRODUCTS - 0.7% | |||||||||||
705 | General Mills, Inc. | 43,464 | |||||||||
576 | Hershey Co. (The) | 74,661 | |||||||||
25 | McCormick & Co., Inc. | 4,485 | |||||||||
122,610 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.1% | |||||||||||
762 | Abbott Laboratories | 69,670 | |||||||||
236 | Boston Scientific Corp.* | 8,286 | |||||||||
223 | DexCom, Inc.* | 90,404 | |||||||||
1,692 | Edwards Lifesciences Corp.* | 116,934 | |||||||||
118 | Globus Medical, Inc., Class A* | 5,630 | |||||||||
213 | Hologic, Inc.* | 12,141 | |||||||||
259 | IDEXX Laboratories, Inc.* | 85,512 | |||||||||
69 | Intuitive Surgical, Inc.* | 39,318 | |||||||||
38 | Quidel Corp.* | 8,502 | |||||||||
109 | ResMed, Inc. | 20,928 | |||||||||
87 | STERIS PLC | 13,349 | |||||||||
312 | Stryker Corp. | 56,219 | |||||||||
101 | West Pharmaceutical Services, Inc. | 22,944 | |||||||||
549,837 |
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.5% | |||||||||||
38 | AmerisourceBergen Corp. | $ | 3,829 | ||||||||
151 | Anthem, Inc. | 39,710 | |||||||||
137 | Cardinal Health, Inc. | 7,150 | |||||||||
89 | Centene Corp.* | 5,656 | |||||||||
179 | HCA Healthcare, Inc. | 17,374 | |||||||||
29 | Humana, Inc. | 11,245 | |||||||||
159 | McKesson Corp. | 24,394 | |||||||||
33 | Quest Diagnostics, Inc. | 3,760 | |||||||||
1,124 | UnitedHealth Group, Inc. | 331,524 | |||||||||
444,642 | |||||||||||
HEALTH CARE TECHNOLOGY - 0.6% | |||||||||||
164 | Teladoc Health, Inc.* | 31,298 | |||||||||
304 | Veeva Systems, Inc., Class A* | 71,263 | |||||||||
102,561 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 0.7% | |||||||||||
34 | Chipotle Mexican Grill, Inc.* | 35,780 | |||||||||
88 | Domino's Pizza, Inc. | 32,511 | |||||||||
30 | McDonald's Corp. | 5,534 | |||||||||
158 | Penn National Gaming, Inc.* | 4,825 | |||||||||
414 | Texas Roadhouse, Inc. | 21,764 | |||||||||
28 | Wingstop, Inc. | 3,891 | |||||||||
212 | Yum! Brands, Inc. | 18,425 | |||||||||
122,730 | |||||||||||
HOUSEHOLD DURABLES - 0.0%† | |||||||||||
34 | Helen of Troy Ltd.* | 6,411 | |||||||||
HOUSEHOLD PRODUCTS - 0.9% | |||||||||||
261 | Church & Dwight Co., Inc. | 20,175 | |||||||||
357 | Clorox Co. (The) | 78,315 | |||||||||
173 | Colgate-Palmolive Co. | 12,674 | |||||||||
371 | Procter & Gamble Co. (The) | 44,361 | |||||||||
155,525 | |||||||||||
INDUSTRIAL CONGLOMERATES - 0.3% | |||||||||||
151 | 3M Co. | 23,554 | |||||||||
60 | Carlisle Cos., Inc. | 7,180 | |||||||||
118 | Honeywell International, Inc. | 17,062 | |||||||||
47,796 | |||||||||||
INSURANCE - 0.4% | |||||||||||
844 | Brown & Brown, Inc. | 34,402 | |||||||||
22 | Hanover Insurance Group, Inc. (The) | 2,229 | |||||||||
397 | Marsh & McLennan Cos., Inc. | 42,626 | |||||||||
79,257 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 8.3% | |||||||||||
246 | Alphabet, Inc., Class A* | 348,840 | |||||||||
356 | Alphabet, Inc., Class C* | 503,245 | |||||||||
2,635 | Facebook, Inc., Class A* | 598,330 | |||||||||
379 | Pinterest, Inc., Class A* | 8,402 |
See accompanying notes to financial statements.
15
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
INTERACTIVE MEDIA & SERVICES - 8.3% (Continued) | |||||||||||
806 | Twitter, Inc.* | $ | 24,011 | ||||||||
209 | Yelp, Inc.* | 4,834 | |||||||||
1,487,662 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 8.1% | |||||||||||
494 | Amazon.com, Inc.* | 1,362,857 | |||||||||
3 | Booking Holdings, Inc.* | 4,777 | |||||||||
432 | eBay, Inc. | 22,658 | |||||||||
355 | Etsy, Inc.* | 37,712 | |||||||||
12 | Grubhub, Inc.* | 844 | |||||||||
71 | Wayfair, Inc., Class A* | 14,030 | |||||||||
1,442,878 | |||||||||||
IT SERVICES - 8.3% | |||||||||||
471 | Accenture PLC, Class A | 101,133 | |||||||||
1,081 | Automatic Data Processing, Inc. | 160,950 | |||||||||
22 | Broadridge Financial Solutions, Inc. | 2,776 | |||||||||
88 | Fidelity National Information Services, Inc. | 11,800 | |||||||||
966 | Fiserv, Inc.* | 94,301 | |||||||||
98 | Jack Henry & Associates, Inc. | 18,035 | |||||||||
968 | Mastercard, Inc., Class A | 286,238 | |||||||||
34 | Okta, Inc.* | 6,808 | |||||||||
1,003 | Paychex, Inc. | 75,977 | |||||||||
1,681 | PayPal Holdings, Inc.* | 292,881 | |||||||||
212 | Square, Inc., Class A* | 22,247 | |||||||||
78 | Twilio, Inc., Class A* | 17,115 | |||||||||
68 | VeriSign, Inc.* | 14,064 | |||||||||
1,921 | Visa, Inc., Class A | 371,080 | |||||||||
1,475,405 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 1.0% | |||||||||||
331 | Agilent Technologies, Inc. | 29,251 | |||||||||
78 | Illumina, Inc.* | 28,887 | |||||||||
24 | Mettler-Toledo International, Inc.* | 19,333 | |||||||||
123 | PRA Health Sciences, Inc.* | 11,967 | |||||||||
60 | Repligen Corp.* | 7,417 | |||||||||
157 | Thermo Fisher Scientific, Inc. | 56,887 | |||||||||
126 | Waters Corp.* | 22,730 | |||||||||
176,472 | |||||||||||
MACHINERY - 0.9% | |||||||||||
94 | Graco, Inc. | 4,511 | |||||||||
554 | Illinois Tool Works, Inc. | 96,867 | |||||||||
294 | Toro Co. (The) | 19,504 | |||||||||
626 | Xylem, Inc. | 40,665 | |||||||||
161,547 | |||||||||||
MEDIA - 0.7% | |||||||||||
537 | Altice USA, Inc., Class A* | 12,104 | |||||||||
10 | Cable One, Inc. | 17,749 | |||||||||
58 | Charter Communications, Inc., Class A* | 29,582 |
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 0.7% (Continued) | |||||||||||
12,068 | Sirius XM Holdings, Inc. | $ | 70,839 | ||||||||
316 | TEGNA, Inc. | 3,520 | |||||||||
133,794 | |||||||||||
METALS & MINING - 0.0%† | |||||||||||
41 | Reliance Steel & Aluminum Co. | 3,892 | |||||||||
14 | Royal Gold, Inc. | 1,741 | |||||||||
5,633 | |||||||||||
MULTILINE RETAIL - 0.1% | |||||||||||
71 | Dollar General Corp. | 13,526 | |||||||||
MULTI-UTILITIES - 0.2% | |||||||||||
505 | CMS Energy Corp. | 29,502 | |||||||||
PHARMACEUTICALS - 3.3% | |||||||||||
867 | Bristol-Myers Squibb Co. | 50,980 | |||||||||
962 | Eli Lilly and Co. | 157,941 | |||||||||
3,203 | Merck & Co., Inc. | 247,688 | |||||||||
910 | Zoetis, Inc. | 124,706 | |||||||||
581,315 | |||||||||||
PROFESSIONAL SERVICES - 0.2% | |||||||||||
281 | IHS Markit Ltd. | 21,216 | |||||||||
282 | Robert Half International, Inc. | 14,898 | |||||||||
36,114 | |||||||||||
ROAD & RAIL - 0.7% | |||||||||||
46 | Landstar System, Inc. | 5,166 | |||||||||
674 | Union Pacific Corp. | 113,953 | |||||||||
119,119 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.4% | |||||||||||
1,723 | Advanced Micro Devices, Inc.* | 90,647 | |||||||||
54 | Analog Devices, Inc. | 6,622 | |||||||||
1,745 | Applied Materials, Inc. | 105,485 | |||||||||
238 | Broadcom, Inc. | 75,115 | |||||||||
324 | Intel Corp. | 19,385 | |||||||||
155 | Lam Research Corp. | 50,136 | |||||||||
47 | Monolithic Power Systems, Inc. | 11,139 | |||||||||
1,003 | NVIDIA Corp. | 381,050 | |||||||||
590 | QUALCOMM, Inc. | 53,814 | |||||||||
136 | Silicon Laboratories, Inc.* | 13,637 | |||||||||
799 | Texas Instruments, Inc. | 101,449 | |||||||||
522 | Xilinx, Inc. | 51,360 | |||||||||
959,839 | |||||||||||
SOFTWARE - 17.6% | |||||||||||
158 | ACI Worldwide, Inc.* | 4,264 | |||||||||
789 | Adobe, Inc.* | 343,460 | |||||||||
34 | Alteryx, Inc., Class A* | 5,585 | |||||||||
29 | Appfolio, Inc., Class A* | 4,719 |
See accompanying notes to financial statements.
16
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 17.6% (Continued) | |||||||||||
255 | Atlassian Corp. PLC, Class A* | $ | 45,969 | ||||||||
178 | Autodesk, Inc.* | 42,576 | |||||||||
723 | Cadence Design Systems, Inc.* | 69,379 | |||||||||
232 | Citrix Systems, Inc. | 34,315 | |||||||||
529 | Cloudflare, Inc., Class A* | 19,018 | |||||||||
612 | DocuSign, Inc.* | 105,392 | |||||||||
152 | Five9, Inc.* | 16,822 | |||||||||
73 | Fortinet, Inc.* | 10,021 | |||||||||
85 | HubSpot, Inc.* | 19,070 | |||||||||
456 | Intuit, Inc. | 135,063 | |||||||||
7,552 | Microsoft Corp. | 1,536,908 | |||||||||
279 | New Relic, Inc.* | 19,223 | |||||||||
467 | Nutanix, Inc., Class A* | 11,070 | |||||||||
74 | Paycom Software, Inc.* | 22,920 | |||||||||
53 | Paylocity Holding Corp.* | 7,732 | |||||||||
80 | Qualys, Inc.* | 8,322 | |||||||||
206 | RingCentral, Inc., Class A* | 58,712 | |||||||||
952 | salesforce.com, Inc.* | 178,338 | |||||||||
369 | ServiceNow, Inc.* | 149,467 | |||||||||
820 | Slack Technologies, Inc., Class A* | 25,494 | |||||||||
435 | Smartsheet, Inc., Class A* | 22,150 | |||||||||
53 | Splunk, Inc.* | 10,531 | |||||||||
137 | Synopsys, Inc.* | 26,715 | |||||||||
264 | VMware, Inc., Class A* | 40,883 | |||||||||
206 | Workday, Inc., Class A* | 38,596 | |||||||||
66 | Zendesk, Inc.* | 5,843 | |||||||||
369 | Zoom Video Communications, Inc., Class A* | 93,556 | |||||||||
229 | Zscaler, Inc.* | 25,075 | |||||||||
3,137,188 | |||||||||||
SPECIALTY RETAIL - 2.8% | |||||||||||
2 | AutoZone, Inc.* | 2,256 | |||||||||
198 | Best Buy Co., Inc. | 17,280 | |||||||||
871 | Home Depot, Inc. (The) | 218,194 | |||||||||
1,242 | Lowe's Cos., Inc. | 167,819 | |||||||||
163 | Ross Stores, Inc. | 13,894 | |||||||||
1,362 | TJX Cos., Inc. (The) | 68,863 | |||||||||
157 | Tractor Supply Co. | 20,691 | |||||||||
508,997 |
Shares/ Principal | Fair Value | ||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 8.2% | |||||||||||
3,885 | Apple, Inc. | $ | 1,417,248 | ||||||||
149 | Dell Technologies, Inc., Class C* | 8,186 | |||||||||
87 | HP, Inc. | 1,516 | |||||||||
833 | NetApp, Inc. | 36,960 | |||||||||
278 | Pure Storage, Inc., Class A* | 4,818 | |||||||||
1,468,728 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.2% | |||||||||||
176 | Lululemon Athletica, Inc.* | 54,914 | |||||||||
1,510 | NIKE, Inc., Class B | 148,055 | |||||||||
130 | VF Corp. | 7,922 | |||||||||
210,891 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.3% | |||||||||||
332 | Fastenal Co. | 14,223 | |||||||||
93 | SiteOne Landscape Supply, Inc.* | 10,599 | |||||||||
87 | WW Grainger, Inc. | 27,332 | |||||||||
52,154 | |||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.0%† | |||||||||||
140 | United States Cellular Corp.* | 4,322 | |||||||||
TOTAL COMMON STOCKS (Cost - $12,671,734) | 17,194,872 | ||||||||||
RIGHTS - 0.0%† | |||||||||||
837 | Bristol-Myers Squibb Co., CVR (Cost - $1,925)* | 2,997 | |||||||||
SHORT-TERM INVESTMENTS - 5.1% | |||||||||||
MONEY MARKET FUNDS - 5.1% | |||||||||||
911,948 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $911,948) | 911,948 | |||||||||
TOTAL INVESTMENTS - 101.5% (Cost - $13,585,607) | $ | 18,109,817 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET (1.5)% | (266,173) | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 17,843,644 |
* 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
See accompanying notes to financial statements.
17
Global Atlantic BlackRock Disciplined Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.4 | % | |||||
Money Market Funds | 5.1 | % | |||||
Rights | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | (1.5 | )% | |||||
100.0 | % |
^ Represents less than 0.05%
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 4 | 9/18/2020 | $ | 618,040 | $ | 5,273 |
See accompanying notes to financial statements.
18
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 90.0% | |||||||||||
AEROSPACE & DEFENSE - 0.6% | |||||||||||
2,919 | Airbus SE* | $ | 208,249 | ||||||||
27,613 | BAE Systems PLC | 164,929 | |||||||||
5,423 | CAE, Inc. | 87,676 | |||||||||
11,241 | Meggitt PLC | 40,876 | |||||||||
5,286 | Rolls-Royce Holdings PLC* | 18,641 | |||||||||
717 | Saab AB, Class B* | 17,901 | |||||||||
2,075 | Safran SA* | 207,930 | |||||||||
7,400 | Singapore Technologies Engineering Ltd. | 17,505 | |||||||||
206 | Thales SA | 16,631 | |||||||||
780,338 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.3% | |||||||||||
6,372 | Deutsche Post AG* | 232,951 | |||||||||
1,025 | DSV PANALPINA A/S | 125,083 | |||||||||
13,000 | Sinotrans Ltd., Class H | 2,634 | |||||||||
1,300 | Yamato Holdings Co. Ltd. | 28,076 | |||||||||
388,744 | |||||||||||
AIRLINES - 0.1% | |||||||||||
5,712 | Azul SA* | 21,086 | |||||||||
92,000 | China Eastern Airlines Corp. Ltd., Class H* | 32,762 | |||||||||
4,297 | easyJet PLC | 36,104 | |||||||||
89,952 | |||||||||||
AUTO COMPONENTS - 1.1% | |||||||||||
3,600 | Bridgestone Corp. | 115,756 | |||||||||
634 | Continental AG* | 62,065 | |||||||||
7,000 | Denso Corp. | 272,837 | |||||||||
1,641 | Dometic Group AB*,(a) | 14,714 | |||||||||
606 | Hella GmbH & Co. KGaA | 24,775 | |||||||||
676 | Hyundai Mobis Co. Ltd. | 107,904 | |||||||||
13,200 | JTEKT Corp. | 102,409 | |||||||||
700 | Koito Manufacturing Co. Ltd. | 28,160 | |||||||||
4,027 | Magna International, Inc. | 178,761 | |||||||||
8,100 | Sumitomo Rubber Industries Ltd. | 79,735 | |||||||||
10,600 | Tokai Rika Co. Ltd. | 153,176 | |||||||||
3,300 | Toyoda Gosei Co. Ltd. | 68,578 | |||||||||
9,300 | Toyota Boshoku Corp. | 124,736 | |||||||||
1,333,606 | |||||||||||
AUTOMOBILES - 1.3% | |||||||||||
317,300 | Astra International TBK PT | 106,618 | |||||||||
40,500 | BAIC Motor Corp. Ltd., Class H (a) | 17,505 | |||||||||
4,100 | BYD Co. Ltd., Class A | 41,614 | |||||||||
1,466 | Ferrari NV | 250,027 | |||||||||
9,400 | Honda Motor Co. Ltd. | 240,086 | |||||||||
1,839 | Hyundai Motor Co. | 149,370 | |||||||||
5,400 | Isuzu Motors Ltd. | 48,717 | |||||||||
3,576 | Kia Motors Corp. | 95,283 |
Shares/ Principal | Fair Value | ||||||||||
AUTOMOBILES - 1.3% (Continued) | |||||||||||
15,700 | Mitsubishi Motors Corp. | $ | 38,710 | ||||||||
7,843 | NIO, Inc., ADR* | 60,548 | |||||||||
3,589 | Peugeot SA* | 58,369 | |||||||||
3,985 | Renault SA* | 101,062 | |||||||||
5,800 | Toyota Motor Corp. | 363,532 | |||||||||
7,300 | Yamaha Motor Co. Ltd. | 114,218 | |||||||||
1,685,659 | |||||||||||
BANKS - 8.6% | |||||||||||
12,367 | ABN AMRO Bank NV, CVA (a) | 106,481 | |||||||||
8,658 | Absa Group Ltd. | 42,505 | |||||||||
458 | Australia & New Zealand Banking Group Ltd. | 5,878 | |||||||||
73,036 | Banco Bilbao Vizcaya Argentaria SA | 251,341 | |||||||||
12,342 | Banco Bradesco SA | 43,045 | |||||||||
68,442 | Banco Bradesco SA | 261,139 | |||||||||
7,371 | Banco Do Brasil SA | 43,293 | |||||||||
20,600 | Banco Santander Brasil SA | 106,362 | |||||||||
110,858 | Banco Santander SA | 270,747 | |||||||||
1,950 | Bancolombia SA | 12,881 | |||||||||
101,800 | Bank Central Asia TBK PT | 202,923 | |||||||||
19,320 | Bank Hapoalim BM | 114,883 | |||||||||
5,114 | Bank Leumi Le-Israel BM | 25,578 | |||||||||
208,800 | Bank Mandiri Persero TBK PT | 72,353 | |||||||||
470,000 | Bank of China Ltd., Class H* | 174,041 | |||||||||
108,000 | Bank of Communications Co. Ltd., Class H* | 66,608 | |||||||||
9,844 | Bank of Montreal | 522,267 | |||||||||
13,183 | Bank of Nova Scotia (The) | 543,774 | |||||||||
460,200 | Bank Rakyat Indonesia Persero TBK PT | 97,613 | |||||||||
28,744 | Bendigo & Adelaide Bank Ltd. | 138,730 | |||||||||
564 | BNP Paribas SA* | 22,405 | |||||||||
83,000 | BOC Hong Kong Holdings Ltd. | 263,978 | |||||||||
746 | Canadian Imperial Bank of Commerce | 49,700 | |||||||||
214,000 | China CITIC Bank Corp. Ltd., Class H | 93,326 | |||||||||
532,000 | China Construction Bank Corp., Class H | 430,380 | |||||||||
37,000 | China Everbright Bank Co. Ltd., Class A | 18,725 | |||||||||
6,300 | China Merchants Bank Co. Ltd., Class A | 30,030 | |||||||||
5,000 | China Merchants Bank Co. Ltd., Class H | 22,999 | |||||||||
18,700 | China Minsheng Banking Corp. Ltd., Class A | 14,988 | |||||||||
155,100 | China Minsheng Banking Corp. Ltd., Class H* | 106,462 | |||||||||
119,000 | Chongqing Rural Commercial Bank Co. Ltd., Class H | 46,829 | |||||||||
14,700 | CIMB Group Holdings BHD | 12,213 | |||||||||
9,521 | Commonwealth Bank of Australia | 455,063 | |||||||||
7,600 | DBS Group Holdings Ltd. | 113,315 | |||||||||
28,500 | Grupo Financiero Banorte SAB de CV, Class O* | 98,092 | |||||||||
1,705 | Hana Financial Group, Inc. | 38,272 | |||||||||
1,400 | Hang Seng Bank Ltd. | 23,501 | |||||||||
122,343 | HSBC Holdings PLC | 572,318 |
See accompanying notes to financial statements.
19
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
BANKS - 8.6% (Continued) | |||||||||||
294,000 | Industrial & Commercial Bank of China Ltd., Class H | $ | 178,286 | ||||||||
19,200 | Industrial Bank Co. Ltd., Class A* | 42,829 | |||||||||
1,090 | Industrial Bank of Korea | 7,322 | |||||||||
13,482 | ING Groep NV | 93,852 | |||||||||
76,807 | Intesa Sanpaolo SpA* | 146,962 | |||||||||
42,375 | Itau Unibanco Holding SA | 198,339 | |||||||||
3,787 | KB Financial Group, Inc. | 106,887 | |||||||||
540,606 | Lloyds Banking Group PLC | 208,240 | |||||||||
140,800 | Malayan Banking BHD | 246,770 | |||||||||
18,411 | Mediobanca Banca di Credito Finanziario SpA | 132,134 | |||||||||
954 | Mizrahi Tefahot Bank Ltd. | 17,812 | |||||||||
2,059 | Nedbank Group Ltd. | 12,034 | |||||||||
17,013 | Nordea Bank Abp* | 117,477 | |||||||||
6,750 | OTP Bank Nyrt* | 235,711 | |||||||||
19,900 | Oversea-Chinese Banking Corp. Ltd. | 128,382 | |||||||||
7,600 | Ping An Bank Co. Ltd., Class A | 13,752 | |||||||||
30,300 | Public Bank BHD | 116,674 | |||||||||
2,018 | Raiffeisen Bank International AG* | 35,947 | |||||||||
8,600 | Resona Holdings, Inc. | 29,319 | |||||||||
14,676 | Royal Bank of Canada | 992,516 | |||||||||
62,617 | Royal Bank of Scotland Group PLC | 94,081 | |||||||||
5,700 | Shinhan Financial Group Co. Ltd. | 136,239 | |||||||||
21,075 | Societe Generale SA* | 350,322 | |||||||||
26,364 | Standard Bank Group Ltd. | 158,563 | |||||||||
10,470 | Standard Chartered PLC | 56,935 | |||||||||
12,000 | Sumitomo Mitsui Financial Group, Inc. | 337,248 | |||||||||
5,000 | Sumitomo Mitsui Trust Holdings, Inc. | 140,196 | |||||||||
7,866 | Swedbank AB, Class A* | 100,809 | |||||||||
78,900 | Thanachart Capital PCL, NVDR | 90,624 | |||||||||
14,054 | Toronto-Dominion Bank (The) | 625,207 | |||||||||
6,400 | United Overseas Bank Ltd. | 92,808 | |||||||||
2,054 | Woori Financial Group, Inc. | 15,044 | |||||||||
2,100 | Yamaguchi Financial Group, Inc. | 12,886 | |||||||||
10,787,245 | |||||||||||
BEVERAGES - 1.5% | |||||||||||
1,567 | Ambev SA | 4,075 | |||||||||
2,924 | Anheuser-Busch InBev SA | 144,057 | |||||||||
1,100 | Asahi Group Holdings Ltd. | 38,500 | |||||||||
1,595 | Britvic PLC | 15,175 | |||||||||
12,000 | China Resources Beer Holdings Co. Ltd. | 66,886 | |||||||||
2,600 | Coca-Cola Femsa SAB de CV | 11,288 | |||||||||
4,285 | Coca-Cola HBC AG* | 107,373 | |||||||||
21,933 | Diageo PLC | 726,698 | |||||||||
6,400 | Fomento Economico Mexicano SAB de CV | 39,516 | |||||||||
1,700 | Fraser & Neave Holdings BHD | 12,886 | |||||||||
729 | Heineken NV | 67,189 | |||||||||
2,600 | Kirin Holdings Co. Ltd. | 54,815 | |||||||||
300 | Kweichow Moutai Co. Ltd., Class A | 62,038 |
Shares/ Principal | Fair Value | ||||||||||
BEVERAGES - 1.5% (Continued) | |||||||||||
2,288 | Pernod Ricard SA | $ | 359,896 | ||||||||
1,650 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 33,820 | |||||||||
3,100 | Suntory Beverage & Food Ltd. | 120,828 | |||||||||
5,040 | Treasury Wine Estates Ltd. | 36,366 | |||||||||
1,901,406 | |||||||||||
BIOTECHNOLOGY - 1.4% | |||||||||||
7,500 | 3SBio, Inc.*,(a) | 9,503 | |||||||||
240 | BeiGene Ltd., ADR* | 45,216 | |||||||||
1,070 | Celltrion, Inc.* | 272,203 | |||||||||
9,200 | Chongqing Zhifei Biological Products Co Ltd, Class A* | 130,247 | |||||||||
3,690 | CSL Ltd. | 729,142 | |||||||||
278 | Galapagos NV* | 54,657 | |||||||||
416 | Genmab A/S* | 139,169 | |||||||||
2,112 | Grifols SA | 64,118 | |||||||||
162 | Helixmith Co. Ltd.* | 8,229 | |||||||||
20,400 | Hualan Biological Engineering, Inc., Class A | 144,505 | |||||||||
4,500 | Innovent Biologics, Inc.*,(a) | 33,385 | |||||||||
600 | PeptiDream, Inc.* | 27,474 | |||||||||
5,900 | Shenzhen Kangtai Biological Products Co. Ltd., Class A | 135,246 | |||||||||
228 | Zai Lab Ltd., ADR* | 18,726 | |||||||||
1,811,820 | |||||||||||
BUILDING PRODUCTS - 0.8% | |||||||||||
14,800 | Assa Abloy AB, Class B | 300,952 | |||||||||
5 | Belimo Holding AG | 36,779 | |||||||||
14,000 | China Lesso Group Holdings Ltd. | 18,208 | |||||||||
2,104 | CIE de Saint-Gobain* | 75,738 | |||||||||
1,400 | Daikin Industries Ltd. | 224,952 | |||||||||
539 | Geberit AG | 269,742 | |||||||||
1,246 | Kingspan Group PLC | 80,258 | |||||||||
1,600 | Sanwa Holdings Corp. | 14,267 | |||||||||
1,020,896 | |||||||||||
CAPITAL MARKETS - 2.1% | |||||||||||
981 | Amundi SA*,(a) | 76,796 | |||||||||
5,127 | Ashmore Group PLC | 26,429 | |||||||||
1,097 | ASX Ltd. | 64,486 | |||||||||
21,000 | B3 SA - Brasil Bolsa Balcao | 212,991 | |||||||||
13,370 | Brookfield Asset Management, Inc., Class A | 438,599 | |||||||||
20,000 | China International Capital Corp. Ltd., Class H*,(a) | 39,275 | |||||||||
2,321 | China Merchants Securities Co. Ltd., Class A | 7,202 | |||||||||
16,326 | Credit Suisse Group AG | 168,817 | |||||||||
4,377 | Deutsche Boerse AG | 791,726 | |||||||||
539 | DWS Group GmbH & Co. KGaA*,(a) | 19,560 | |||||||||
6,040 | East Money Information Co. Ltd., Class A | 17,247 |
See accompanying notes to financial statements.
20
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CAPITAL MARKETS - 2.1% (Continued) | |||||||||||
892 | EQT AB | $ | 16,004 | ||||||||
1,081 | Euronext NV (a) | 108,361 | |||||||||
14,300 | Guotai Junan Securities Co. Ltd., Class A | 34,890 | |||||||||
47,400 | Guotai Junan Securities Co. Ltd., Class H (a) | 65,561 | |||||||||
3,900 | Hong Kong Exchanges & Clearing Ltd. | 166,055 | |||||||||
9,806 | IG Group Holdings PLC | 99,111 | |||||||||
1,300 | Japan Exchange Group, Inc. | 30,028 | |||||||||
206 | Korea Investment Holdings Co. Ltd. | 7,621 | |||||||||
506 | London Stock Exchange Group PLC | 52,255 | |||||||||
437 | Macquarie Group Ltd. | 35,684 | |||||||||
507 | Magellan Financial Group Ltd. | 20,250 | |||||||||
9,333 | Man Group PLC/Jersey | 15,066 | |||||||||
5,297 | Meritz Securities Co. Ltd. | 13,343 | |||||||||
1,128 | Mirae Asset Daewoo Co. Ltd. | 6,255 | |||||||||
13,024 | Natixis SA* | 34,010 | |||||||||
1,090 | NH Investment & Securities Co. Ltd. | 7,494 | |||||||||
1,278 | Perpetual Ltd. | 26,107 | |||||||||
690 | Reinet Investments SCA | 12,095 | |||||||||
1,245 | Samsung Securities Co. Ltd. | 27,273 | |||||||||
621 | TMX Group Ltd. | 61,202 | |||||||||
2,701,793 | |||||||||||
CHEMICALS - 3.6% | |||||||||||
2,371 | Akzo Nobel NV | 212,347 | |||||||||
7,700 | Asahi Kasei Corp. | 62,494 | |||||||||
4,857 | BASF SE | 272,102 | |||||||||
1,715 | Chr Hansen Holding A/S | 176,773 | |||||||||
1,220 | Covestro AG*,(a) | 46,383 | |||||||||
1,430 | Croda International PLC | 92,869 | |||||||||
9,800 | Daicel Corp. | 75,668 | |||||||||
6,400 | DIC Corp. | 160,230 | |||||||||
168 | Givaudan SA | 625,512 | |||||||||
1,194 | Hanwha Solutions Corp. | 19,108 | |||||||||
5,600 | Kaneka Corp. | 145,340 | |||||||||
1,786 | Koninklijke DSM NV | 247,133 | |||||||||
242 | LG Chem Ltd. | 98,683 | |||||||||
63 | Lotte Chemical Corp. | 8,747 | |||||||||
27,800 | Mitsubishi Chemical Holdings Corp. | 161,670 | |||||||||
1,100 | Mitsui Chemicals, Inc. | 22,910 | |||||||||
1,400 | Nippon Shokubai Co. Ltd. | 73,189 | |||||||||
3,400 | Nitto Denko Corp. | 192,242 | |||||||||
1,557 | Novozymes A/S, Class B | 89,981 | |||||||||
2,635 | Nutrien Ltd. | 84,390 | |||||||||
83 | OCI Co. Ltd.* | 2,553 | |||||||||
4,324 | Orica Ltd. | 49,538 | |||||||||
38,200 | PTT Global Chemical PCL, NVDR | 57,162 | |||||||||
2,400 | Shin-Etsu Chemical Co. Ltd. | 280,187 | |||||||||
2,874 | Sika AG | 553,083 | |||||||||
351 | Solvay SA | 28,092 | |||||||||
46,100 | Sumitomo Chemical Co. Ltd. | 137,593 |
Shares/ Principal | Fair Value | ||||||||||
CHEMICALS - 3.6% (Continued) | |||||||||||
1,760 | Symrise AG | $ | 204,593 | ||||||||
8,400 | Teijin Ltd. | 133,453 | |||||||||
8,000 | Toray Industries, Inc. | 37,633 | |||||||||
7,000 | Ube Industries Ltd. | 120,165 | |||||||||
1,008 | Umicore SA | 47,448 | |||||||||
4,519,271 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.5% | |||||||||||
145 | Boyd Group Services, Inc. | 21,513 | |||||||||
19,426 | Brambles Ltd. | 145,384 | |||||||||
17,000 | Country Garden Services Holdings Co. Ltd. | 78,963 | |||||||||
8,765 | G4S PLC | 12,341 | |||||||||
11,780 | HomeServe PLC | 189,948 | |||||||||
5,197 | Rentokil Initial PLC | 32,723 | |||||||||
1,000 | Secom Co. Ltd. | 87,343 | |||||||||
568,215 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.3% | |||||||||||
49,436 | Nokia Oyj | 215,905 | |||||||||
21,153 | Telefonaktiebolaget LM Ericsson, Class B | 195,622 | |||||||||
411,527 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.9% | |||||||||||
1,631 | Bouygues SA* | 55,707 | |||||||||
83,000 | China Communications Construction Co. Ltd., Class H | 46,799 | |||||||||
110,000 | China Communications Services Corp. Ltd., Class H | 68,409 | |||||||||
130,000 | China Railway Construction Corp. Ltd., Class H | 102,149 | |||||||||
178,000 | China Railway Group Ltd., Class H | 91,406 | |||||||||
1,200 | COMSYS Holdings Corp. | 35,427 | |||||||||
197 | Daelim Industrial Co. Ltd. | 13,479 | |||||||||
1,783 | Daewoo Engineering & Construction Co. Ltd.* | 5,084 | |||||||||
423 | GS Engineering & Construction Corp. | 8,633 | |||||||||
1,792 | HOCHTIEF AG | 158,901 | |||||||||
606 | Hyundai Engineering & Construction Co. Ltd. | 16,651 | |||||||||
15,700 | Kajima Corp. | 186,855 | |||||||||
3,900 | Kandenko Co. Ltd. | 33,149 | |||||||||
700 | Kyowa Exeo Corp. | 16,708 | |||||||||
173,000 | Metallurgical Corp. of China Ltd., Class H | 27,455 | |||||||||
1,322 | Samsung Engineering Co. Ltd.* | 13,463 | |||||||||
21,000 | Sinopec Engineering Group Co. Ltd., Class H | 8,941 | |||||||||
4,298 | Skanska AB, Class B* | 87,421 | |||||||||
3,000 | Taisei Corp. | 109,005 | |||||||||
536 | WSP Global, Inc. | 32,766 | |||||||||
1,118,408 |
See accompanying notes to financial statements.
21
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CONSTRUCTION MATERIALS - 0.1% | |||||||||||
7,800 | Anhui Conch Cement Co. Ltd., Class A | $ | 58,339 | ||||||||
3,000 | Anhui Conch Cement Co. Ltd., Class H | 20,205 | |||||||||
73,000 | BBMG Corp., Class H | 14,223 | |||||||||
180,400 | Cemex SAB de CV | 50,591 | |||||||||
32,000 | China Resources Cement Holdings Ltd. | 39,182 | |||||||||
182,540 | |||||||||||
CONSUMER FINANCE - 0.0%† | |||||||||||
4,300 | AEON Financial Service Co. Ltd. | 46,832 | |||||||||
8,800 | Muangthai Capital PCL, NVDR | 14,806 | |||||||||
61,638 | |||||||||||
CONTAINERS & PACKAGING - 0.2% | |||||||||||
6,867 | CCL Industries, Inc., Class B | 221,236 | |||||||||
1,178 | Smurfit Kappa Group PLC | 39,375 | |||||||||
1,400 | Toyo Seikan Group Holdings Ltd. | 15,780 | |||||||||
276,391 | |||||||||||
DISTRIBUTORS - 0.0%† | |||||||||||
1,100 | Jardine Cycle & Carriage Ltd. | 15,896 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.4% | |||||||||||
800 | Benesse Holdings, Inc. | 21,430 | |||||||||
362 | GSX Techedu, Inc., ADR* | 21,716 | |||||||||
5,186 | IDP Education Ltd. | 55,308 | |||||||||
4,500 | Koolearn Technology Holding Ltd.*,(a) | 18,057 | |||||||||
1,890 | New Oriental Education & Technology Group, Inc., ADR* | 246,135 | |||||||||
2,342 | TAL Education Group, ADR* | 160,146 | |||||||||
522,792 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.8% | |||||||||||
2,344 | Banca Mediolanum SpA | 16,823 | |||||||||
3,718 | Challenger Ltd. | 11,289 | |||||||||
1,674 | EXOR NV | 95,587 | |||||||||
61,598 | FirstRand Ltd. | 134,931 | |||||||||
315 | GRENKE AG* | 24,270 | |||||||||
2,530 | Groupe Bruxelles Lambert SA | 212,208 | |||||||||
5,910 | Kinnevik AB, Class B | 155,479 | |||||||||
3,560 | L E Lundbergforetagen AB, Class B* | 161,557 | |||||||||
9,300 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 43,963 | |||||||||
2,163 | Onex Corp. | 97,398 | |||||||||
953,505 | |||||||||||
DIVERSIFIED TELECOMMUNICATION - 1.6% | |||||||||||
90,618 | BT Group PLC | 127,699 | |||||||||
599 | Cellnex Telecom SA*,(a) | 36,491 | |||||||||
320,000 | China Telecom Corp. Ltd., Class H | 89,595 | |||||||||
92,000 | China Unicom Hong Kong Ltd. | 49,736 | |||||||||
788 | Elisa Oyj | 47,916 | |||||||||
2,077 | Infrastrutture Wireless Italiane SpA (a) | 20,808 | |||||||||
21,447 | Koninklijke KPN NV | 56,848 | |||||||||
9,400 | Nippon Telegraph & Telephone Corp. | 219,175 |
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED TELECOMMUNICATION - 1.6% (Continued) | |||||||||||
16,420 | Orange SA | $ | 196,316 | ||||||||
154,500 | Singapore Telecommunications Ltd. | 272,442 | |||||||||
886 | Sunrise Communications Group AG*,(a) | 78,590 | |||||||||
253 | Swisscom AG | 132,408 | |||||||||
8,188 | Telecom Italia SpA/Milano | 3,216 | |||||||||
22,791 | Telefonica SA | 108,714 | |||||||||
33,900 | Telekom Malaysia BHD | 32,832 | |||||||||
20,229 | Telenor ASA | 293,779 | |||||||||
51,433 | Telia Co. AB | 192,115 | |||||||||
1,958,680 | |||||||||||
ELECTRIC UTILITIES - 1.4% | |||||||||||
33,500 | CLP Holdings Ltd. | 328,497 | |||||||||
4,200 | CPFL Energia SA* | 23,575 | |||||||||
817 | Endesa SA | 20,123 | |||||||||
43,054 | Enel SpA | 371,278 | |||||||||
16,800 | Hokuriku Electric Power Co. | 107,136 | |||||||||
1,448 | Hydro One Ltd. (a) | 27,142 | |||||||||
10,277 | Iberdrola SA | 119,120 | |||||||||
2,700 | Kansai Electric Power Co., Inc. (The) | 26,153 | |||||||||
1,580 | Korea Electric Power Corp.* | 25,614 | |||||||||
1,378 | Orsted A/S (a) | 158,941 | |||||||||
16,300 | Shikoku Electric Power Co., Inc. | 120,114 | |||||||||
49,610 | Spark Infrastructure Group | 73,778 | |||||||||
1,468 | SSE PLC | 24,750 | |||||||||
61,500 | Tenaga Nasional BHD | 166,775 | |||||||||
15,967 | Terna Rete Elettrica Nazionale SpA | 109,716 | |||||||||
808 | Verbund AG | 36,173 | |||||||||
1,738,885 | |||||||||||
ELECTRICAL EQUIPMENT - 0.8% | |||||||||||
1,385 | ABB Ltd. | 31,177 | |||||||||
3,400 | Contemporary Amperex Technology Co. Ltd., Class A | 83,802 | |||||||||
1,566 | Legrand SA | 118,934 | |||||||||
296 | LS Corp. | 8,564 | |||||||||
500 | Mabuchi Motor Co. Ltd. | 15,896 | |||||||||
2,200 | Nidec Corp. | 146,741 | |||||||||
3,856 | Schneider Electric SE | 428,236 | |||||||||
19,953 | WEG SA | 186,601 | |||||||||
25,600 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 21,932 | |||||||||
1,041,883 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.8% | |||||||||||
3,800 | Alps Alpine Co. Ltd. | 48,607 | |||||||||
500 | Amano Corp. | 10,368 | |||||||||
3,300 | Anritsu Corp. | 78,183 | |||||||||
119 | Barco NV* | 20,984 |
See accompanying notes to financial statements.
22
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.8% (Continued) | |||||||||||
42,000 | China Railway Signal & Communication Corp. Ltd., Class H (a) | $ | 18,045 | ||||||||
14,900 | Citizen Watch Co. Ltd. | 48,338 | |||||||||
810 | Halma PLC | 23,049 | |||||||||
1,906 | Hexagon AB, Class B* | 111,291 | |||||||||
300 | Horiba Ltd. | 15,795 | |||||||||
1,700 | Keyence Corp. | 709,561 | |||||||||
15,000 | Kingboard Laminates Holdings Ltd. | 15,077 | |||||||||
2,800 | Kyocera Corp. | 152,218 | |||||||||
8,800 | Lens Technology Co. Ltd., Class A | 34,881 | |||||||||
1,669 | LG Display Co. Ltd.* | 15,749 | |||||||||
177 | LG Innotek Co. Ltd. | 25,678 | |||||||||
31,069 | Luxshare Precision Industry Co. Ltd., Class A | 225,528 | |||||||||
6,100 | Murata Manufacturing Co. Ltd. | 357,117 | |||||||||
2,000 | Omron Corp. | 133,846 | |||||||||
483 | Samsung Electro-Mechanics Co. Ltd. | 51,799 | |||||||||
134 | Samsung SDI Co. Ltd. | 40,495 | |||||||||
7,900 | Sunny Optical Technology Group Co. Ltd. | 126,393 | |||||||||
1,400 | Topcon Corp. | 11,238 | |||||||||
2,274,240 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.1% | |||||||||||
15,884 | Tenaris SA | 102,545 | |||||||||
2,840 | Worley Ltd. | 17,051 | |||||||||
119,596 | |||||||||||
ENTERTAINMENT - 0.9% | |||||||||||
597 | Bilibili, Inc., ADR* | 27,653 | |||||||||
19,265 | Cineworld Group PLC | 14,411 | |||||||||
69 | CTS Eventim AG & Co KGaA* | 2,867 | |||||||||
2,300 | DeNA Co. Ltd. | 28,653 | |||||||||
2,200 | Konami Holdings Corp. | 73,207 | |||||||||
62 | NCSoft Corp. | 45,926 | |||||||||
626 | NetEase, Inc., ADR | 268,792 | |||||||||
1,900 | Nexon Co. Ltd. | 42,919 | |||||||||
900 | Nintendo Co. Ltd. | 400,510 | |||||||||
1,782 | Ubisoft Entertainment SA* | 146,907 | |||||||||
1,585 | Vivendi SA | 40,659 | |||||||||
11,300 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 74,757 | |||||||||
1,167,261 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 0.9% | |||||||||||
1,004 | Allied Properties Real Estate Investment Trust | 30,194 | |||||||||
10,300 | Ascendas Real Estate Investment Trust | 23,405 | |||||||||
1,255 | Canadian Apartment Properties REIT | 44,773 | |||||||||
23,000 | Champion REIT | 11,959 | |||||||||
317 | Cofinimmo SA | 43,579 | |||||||||
741 | Gecina SA | 91,548 |
Shares/ Principal | Fair Value | ||||||||||
EQUITY REAL ESTATE INVESTMENT - 0.9% (Continued) | |||||||||||
16 | GLP J-Reit | $ | 23,210 | ||||||||
8,005 | Goodman Group | 81,845 | |||||||||
52,564 | GPT Group (The) | 150,914 | |||||||||
2 | Kenedix Office Investment Corp. | 11,141 | |||||||||
28,900 | Link REIT | 236,220 | |||||||||
108,407 | Mirvac Group | 161,965 | |||||||||
27,203 | Scentre Group | 40,643 | |||||||||
14,133 | Stockland | 32,208 | |||||||||
1,847 | Unibail-Rodamco-Westfield | 104,055 | |||||||||
45,363 | Vicinity Centres | 44,662 | |||||||||
1,132,321 | |||||||||||
FOOD & STAPLES RETAILING - 1.1% | |||||||||||
2,344 | Alimentation Couche-Tard, Inc., Class B | 73,263 | |||||||||
1,633 | Axfood AB | 35,651 | |||||||||
106,200 | Berli Jucker PCL, NVDR | 135,724 | |||||||||
5,313 | Carrefour SA | 82,080 | |||||||||
1,174 | Clicks Group Ltd. | 14,214 | |||||||||
840 | Colruyt SA | 46,201 | |||||||||
16,500 | CP ALL PCL, NVDR | 36,168 | |||||||||
4,600 | FamilyMart Co. Ltd. | 78,838 | |||||||||
6,684 | J Sainsbury PLC | 17,236 | |||||||||
3,471 | Kesko Oyj, Class B | 59,334 | |||||||||
1,892 | Loblaw Cos. Ltd. | 91,836 | |||||||||
2,720 | Magnit PJSC, GDR | 35,333 | |||||||||
10,301 | Metcash Ltd. | 19,291 | |||||||||
430 | Metro, Inc./CN | 17,680 | |||||||||
6,900 | Seven & i Holdings Co. Ltd. | 225,129 | |||||||||
600 | Sundrug Co. Ltd. | 19,854 | |||||||||
43,037 | Tesco PLC | 121,296 | |||||||||
41,847 | Wal-Mart de Mexico SAB de CV | 99,551 | |||||||||
39,547 | Wm Morrison Supermarkets PLC | 93,111 | |||||||||
4,808 | Woolworths Group Ltd. | 123,408 | |||||||||
1,425,198 | |||||||||||
FOOD PRODUCTS - 3.2% | |||||||||||
2,734 | a2 Milk Co., Ltd.* | 35,125 | |||||||||
145 | Barry Callebaut AG | 276,518 | |||||||||
11 | Chocoladefabriken Lindt & Spruengli AG | 90,549 | |||||||||
66,000 | Dali Foods Group Co. Ltd. (a) | 40,023 | |||||||||
4,695 | Danone SA* | 324,618 | |||||||||
700 | House Foods Group, Inc. | 22,580 | |||||||||
7,442 | JBS SA | 28,964 | |||||||||
441 | JDE Peet's BV* | 17,871 | |||||||||
399 | Kerry Group PLC, Class A | 49,430 | |||||||||
700 | Kewpie Corp. | 13,204 | |||||||||
600 | MEIJI Holdings Co. Ltd. | 47,717 | |||||||||
640 | Muyuan Foodstuff Co. Ltd., Class A | 7,419 | |||||||||
25,291 | Nestle SA | 2,795,609 | |||||||||
47 | NongShim Co. Ltd. | 14,282 |
See accompanying notes to financial statements.
23
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
FOOD PRODUCTS - 3.2% (Continued) | |||||||||||
8,495 | Orkla ASA | $ | 74,233 | ||||||||
6,900 | QL Resources BHD | 15,459 | |||||||||
1,343 | Saputo, Inc. | 31,918 | |||||||||
750 | Strauss Group Ltd. | 20,788 | |||||||||
3,540 | Tate & Lyle PLC | 29,201 | |||||||||
21,000 | Uni-President China Holdings Ltd. | 20,918 | |||||||||
500 | Yakult Honsha Co. Ltd. | 29,429 | |||||||||
5,000 | Yihai International Holding Ltd.* | 51,255 | |||||||||
4,037,110 | |||||||||||
GAS UTILITIES - 0.4% | |||||||||||
72,450 | Hong Kong & China Gas Co. Ltd. | 112,174 | |||||||||
24,324 | Italgas SpA | 141,242 | |||||||||
431 | Korea Gas Corp. | 9,388 | |||||||||
8,005 | Naturgy Energy Group SA | 148,933 | |||||||||
49 | Rubis SCA | 2,354 | |||||||||
531 | Snam SpA | 2,585 | |||||||||
2,700 | Tokyo Gas Co. Ltd. | 64,569 | |||||||||
14,000 | Towngas China Co. Ltd.* | 6,322 | |||||||||
487,567 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.8% | |||||||||||
3,315 | Alcon, Inc.* | 190,178 | |||||||||
4,633 | Ansell Ltd. | 117,066 | |||||||||
1,058 | Carl Zeiss Meditec AG* | 103,144 | |||||||||
828 | Cochlear Ltd. | 107,705 | |||||||||
459 | Coloplast A/S, Class B | 71,106 | |||||||||
9,213 | Elekta AB, Class B | 85,696 | |||||||||
5,310 | Fisher & Paykel Healthcare Corp. Ltd. | 121,692 | |||||||||
34,000 | Hartalega Holdings BHD | 103,151 | |||||||||
900 | Hoya Corp. | 85,591 | |||||||||
13,065 | Koninklijke Philips NV* | 609,263 | |||||||||
600 | Nihon Kohden Corp. | 20,160 | |||||||||
355 | Sartorius AG | 116,665 | |||||||||
1,400 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 60,500 | |||||||||
919 | Siemens Healthineers AG (a) | 44,022 | |||||||||
8,888 | Smith & Nephew PLC | 165,334 | |||||||||
70 | Sonova Holding AG* | 13,973 | |||||||||
12,500 | Supermax Corp. BHD* | 23,337 | |||||||||
1,700 | Sysmex Corp. | 129,684 | |||||||||
2,700 | Terumo Corp. | 102,134 | |||||||||
13,600 | Top Glove Corp BHD | 51,099 | |||||||||
2,321,500 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 0.2% | |||||||||||
2,739 | Amplifon SpA* | 72,939 | |||||||||
5,678 | Sonic Healthcare Ltd. | 118,960 | |||||||||
191,899 | |||||||||||
HEALTH CARE TECHNOLOGY - 0.1% | |||||||||||
1,600 | M3, Inc. | 67,998 |
Shares/ Principal | Fair Value | ||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.0% | |||||||||||
26,363 | Aristocrat Leisure Ltd. | $ | 462,849 | ||||||||
12,159 | Compass Group PLC | 167,063 | |||||||||
629 | Evolution Gaming Group AB (a) | 37,511 | |||||||||
2,080 | Greggs PLC | 41,635 | |||||||||
1,662 | GVC Holdings PLC | 15,209 | |||||||||
10,000 | Jiumaojiu International Holdings Ltd.*,(a) | 17,263 | |||||||||
500 | McDonald's Holdings Co. Japan Ltd. | 26,973 | |||||||||
1,000 | Oriental Land Co. Ltd./Japan | 131,992 | |||||||||
744 | Restaurant Brands International, Inc. | 40,363 | |||||||||
11,600 | Sands China Ltd. | 45,499 | |||||||||
2,490 | Sodexo SA | 168,358 | |||||||||
49,043 | Tabcorp Holdings Ltd. | 114,129 | |||||||||
1,268,844 | |||||||||||
HOUSEHOLD DURABLES - 1.0% | |||||||||||
10,793 | Barratt Developments PLC | 66,132 | |||||||||
929 | Bellway PLC | 29,225 | |||||||||
3,101 | Berkeley Group Holdings PLC | 159,586 | |||||||||
2,500 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 10,563 | |||||||||
8,000 | Gafisa SA* | 8,815 | |||||||||
1,387 | LG Electronics, Inc. | 72,876 | |||||||||
6,300 | Nikon Corp. | 52,673 | |||||||||
15,000 | Q Technology Group Co. Ltd. | 19,547 | |||||||||
5,800 | Sekisui House Ltd. | 110,344 | |||||||||
9,400 | Sony Corp. | 643,367 | |||||||||
76,441 | Taylor Wimpey PLC | 134,686 | |||||||||
1,307,814 | |||||||||||
HOUSEHOLD PRODUCTS - 0.3% | |||||||||||
129 | Henkel AG & Co. KGaA | 12,008 | |||||||||
2,111 | Reckitt Benckiser Group PLC | 193,853 | |||||||||
5,400 | Unicharm Corp. | 221,235 | |||||||||
427,096 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY - 0.2% | |||||||||||
14,300 | B Grimm Power PCL | 24,753 | |||||||||
12,600 | B Grimm Power PCL, NVDR | 21,810 | |||||||||
47,000 | China Power International Development Ltd. | 8,611 | |||||||||
124,000 | Datang International Power Generation Co. Ltd., Class H | 16,159 | |||||||||
1,929 | EDP Renovaveis SA | 26,649 | |||||||||
5,400 | Electric Power Development Co. Ltd. | 102,359 | |||||||||
22,500 | Gulf Energy Development PCL, NVDR | 27,481 | |||||||||
13,500 | Gulf Energy Development PCL | 16,489 | |||||||||
62,000 | Huadian Power International Corp. Ltd., Class H* | 17,839 | |||||||||
1,210 | Uniper SE | 39,003 | |||||||||
301,153 |
See accompanying notes to financial statements.
24
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
INDUSTRIAL CONGLOMERATES - 1.1% | |||||||||||
18,300 | Alfa SAB de CV, Class A | $ | 10,224 | ||||||||
301 | DCC PLC | 25,030 | |||||||||
400 | Jardine Matheson Holdings Ltd. | 16,696 | |||||||||
307 | Lifco AB, Class B | 19,441 | |||||||||
9,000 | NWS Holdings Ltd. | 7,769 | |||||||||
535 | Samsung C&T Corp. | 51,594 | |||||||||
58,000 | Shanghai Industrial Holdings Ltd. | 89,203 | |||||||||
7,310 | Siemens AG | 860,103 | |||||||||
425 | SK Holdings Co. Ltd. | 102,818 | |||||||||
920 | SM Investments Corp.* | 17,338 | |||||||||
7,461 | Smiths Group PLC | 130,170 | |||||||||
500 | Toshiba Corp. | 15,920 | |||||||||
1,346,306 | |||||||||||
INSURANCE - 3.7% | |||||||||||
69,200 | AIA Group Ltd. | 645,532 | |||||||||
1,450 | ASR Nederland NV | 44,525 | |||||||||
29,319 | Assicurazioni Generali SpA | 443,562 | |||||||||
26,832 | Aviva PLC | 90,708 | |||||||||
17,061 | AXA SA* | 356,644 | |||||||||
924 | Baloise Holding AG | 138,568 | |||||||||
4,100 | China Life Insurance Co. Ltd., Class A* | 15,770 | |||||||||
89,000 | China Life Insurance Co. Ltd., Class H* | 179,138 | |||||||||
202,000 | China Reinsurance Group Corp., Class H | 20,590 | |||||||||
10,042 | CNP Assurances* | 115,606 | |||||||||
20,500 | Dai-ichi Life Holdings, Inc. | 243,792 | |||||||||
4,188 | Direct Line Insurance Group PLC | 14,023 | |||||||||
8,698 | Gjensidige Forsikring ASA* | 159,678 | |||||||||
2,687 | Great-West Lifeco, Inc. | 46,953 | |||||||||
1,794 | Hanwha Life Insurance Co. Ltd. | 2,028 | |||||||||
8,462 | Insurance Australia Group Ltd. | 33,617 | |||||||||
465 | Intact Financial Corp. | 44,114 | |||||||||
4,500 | IRB Brasil Resseguros S/A | 9,105 | |||||||||
18,200 | Japan Post Holdings Co. Ltd. | 129,341 | |||||||||
900 | Japan Post Insurance Co. Ltd. | 11,788 | |||||||||
19,274 | Manulife Financial Corp., Class Common Subscription Receipt | 261,374 | |||||||||
47,411 | Momentum Metropolitan Holdings | 48,052 | |||||||||
4,800 | MS&AD Insurance Group Holdings, Inc. | 131,740 | |||||||||
29,706 | Old Mutual Ltd. | 20,585 | |||||||||
163,000 | People's Insurance Co. Group of China Ltd. (The), Class H | 47,530 | |||||||||
72,000 | PICC Property & Casualty Co. Ltd., Class H | 59,362 | |||||||||
46,000 | Ping An Insurance Group Co. of China Ltd., Class H | 459,973 | |||||||||
1,428 | Prudential PLC | 21,500 | |||||||||
1,129 | Sampo OYJ, Class A | 38,827 | |||||||||
77 | Samsung Fire & Marine Insurance Co. Ltd. | 11,267 | |||||||||
300 | Samsung Life Insurance Co. Ltd. | 11,149 | |||||||||
25,363 | Sanlam Ltd. | 86,037 | |||||||||
3,960 | SCOR SE* | 108,523 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 3.7% (Continued) | |||||||||||
700 | Sompo Holdings, Inc. | $ | 24,053 | ||||||||
2,900 | Swiss Re AG | 223,602 | |||||||||
19,400 | T&D Holdings, Inc. | 165,615 | |||||||||
5,000 | Tokio Marine Holdings, Inc. | 217,732 | |||||||||
4,682,003 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 2.8% | |||||||||||
28,441 | Auto Trader Group PLC (a) | 184,986 | |||||||||
913 | Baidu, Inc., ADR* | 109,459 | |||||||||
600 | Dip Corp. | 12,130 | |||||||||
1,600 | Kakaku.com, Inc. | 40,473 | |||||||||
973 | NAVER Corp. | 215,979 | |||||||||
199 | REA Group Ltd | 14,781 | |||||||||
12,203 | Rightmove PLC | 82,326 | |||||||||
42,200 | Tencent Holdings Ltd. | 2,714,800 | |||||||||
33,100 | Z Holdings Corp. | 161,381 | |||||||||
3,536,315 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 4.0% | |||||||||||
12,024 | Alibaba Group Holding Ltd., ADR* | 2,593,577 | |||||||||
1,184 | Delivery Hero SE*,(a) | 120,960 | |||||||||
592 | HelloFresh SE* | 31,517 | |||||||||
7,958 | JD.com, Inc., ADR* | 478,912 | |||||||||
1,625 | Just Eat Takeaway.com NV*,(a) | 169,298 | |||||||||
24,400 | Meituan Dianping, Class B* | 541,176 | |||||||||
11,848 | Moneysupermarket.com Group PLC | 47,373 | |||||||||
2,406 | Naspers Ltd., Class N | 438,011 | |||||||||
2,556 | Pinduoduo, Inc., ADR* | 219,407 | |||||||||
3,273 | Prosus NV* | 304,158 | |||||||||
2,444 | Vipshop Holdings Ltd., ADR* | 48,660 | |||||||||
4,993,049 | |||||||||||
IT SERVICES - 1.3% | |||||||||||
47 | Adyen NV*,(a) | 68,387 | |||||||||
948 | Afterpay Ltd.* | 39,808 | |||||||||
2,752 | Amadeus IT Group SA | 143,356 | |||||||||
5,040 | CGI, Inc.* | 316,499 | |||||||||
2,309 | Edenred | 100,959 | |||||||||
300 | Fujitsu Ltd. | 35,093 | |||||||||
700 | Nihon Unisys Ltd. | 21,833 | |||||||||
1,100 | Nomura Research Institute Ltd. | 29,844 | |||||||||
900 | NTT Data Corp. | 10,002 | |||||||||
200 | Obic Co. Ltd. | 34,982 | |||||||||
156 | Samsung SDS Co. Ltd. | 21,853 | |||||||||
500 | SCSK Corp. | 24,285 | |||||||||
726 | Shopify, Inc., Class A* | 687,499 | |||||||||
165 | Sopra Steria Group | 20,330 | |||||||||
1,261 | Worldline SA/France*,(a) | 109,168 | |||||||||
1,663,898 |
See accompanying notes to financial statements.
25
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
LEISURE PRODUCTS - 0.2% | |||||||||||
1,719 | HLB, Inc.* | $ | 132,335 | ||||||||
2,600 | Sankyo Co. Ltd. | 62,804 | |||||||||
200 | Yamaha Corp. | 9,399 | |||||||||
204,538 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.2% | |||||||||||
241 | Lonza Group AG | 127,221 | |||||||||
172 | Sartorius Stedim Biotech | 43,466 | |||||||||
86 | Tecan Group AG | 30,459 | |||||||||
1,500 | WuXi AppTec Co. Ltd., Class H (a) | 19,489 | |||||||||
5,000 | Wuxi Biologics Cayman, Inc.*,(a) | 91,479 | |||||||||
312,114 | |||||||||||
MACHINERY - 1.6% | |||||||||||
1,760 | Alfa Laval AB* | 38,613 | |||||||||
1,770 | Alstom SA | 82,322 | |||||||||
6,500 | Amada Co. Ltd. | 53,080 | |||||||||
626 | Atlas Copco AB, Class A | 26,514 | |||||||||
2,599 | Atlas Copco AB, Class B | 96,131 | |||||||||
152 | Bucher Industries AG | 43,761 | |||||||||
976 | Duerr AG | 25,432 | |||||||||
1,300 | FANUC Corp. | 232,080 | |||||||||
1,256 | Interpump Group SpA | 37,298 | |||||||||
195 | Knorr-Bremse AG* | 19,762 | |||||||||
3,600 | Komatsu Ltd. | 73,528 | |||||||||
2,463 | Kone OYJ, Class B | 169,354 | |||||||||
678 | Konecranes OYJ | 15,321 | |||||||||
3,100 | Kubota Corp. | 46,205 | |||||||||
688 | Metso OYJ* | 22,540 | |||||||||
167 | Rational AG | 93,483 | |||||||||
3,866 | Sandvik AB* | 72,244 | |||||||||
27,200 | Sany Heavy Industry Co. Ltd., Class A | 72,132 | |||||||||
288 | Schindler Holding AG | 67,779 | |||||||||
13,500 | Sinotruk Hong Kong Ltd. | 34,924 | |||||||||
548 | Spirax-Sarco Engineering PLC | 67,548 | |||||||||
1,900 | Sumitomo Heavy Industries Ltd. | 41,299 | |||||||||
25,000 | Techtronic Industries Co. Ltd. | 244,502 | |||||||||
17,600 | UWC BHD | 15,074 | |||||||||
1,710 | Valmet OYJ | 44,615 | |||||||||
13,424 | Wartsila OYJ Abp | 110,938 | |||||||||
1,800 | Yaskawa Electric Corp. | 62,149 | |||||||||
41,399 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 37,630 | |||||||||
15,200 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H* | 11,708 | |||||||||
1,957,966 | |||||||||||
MARINE - 0.0%† | |||||||||||
77,500 | COSCO SHIPPING Holdings Co. Ltd., Class H* | 22,299 | |||||||||
88 | Kuehne + Nagel International AG* | 14,618 | |||||||||
36,917 |
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 0.6% | |||||||||||
400 | CyberAgent, Inc. | $ | 19,614 | ||||||||
1,500 | Dentsu Group, Inc. | 35,524 | |||||||||
3,805 | Eutelsat Communications SA | 35,086 | |||||||||
4,900 | Fuji Media Holdings, Inc. | 47,145 | |||||||||
40,194 | Informa PLC | 233,618 | |||||||||
7,597 | Mediaset SpA* | 13,507 | |||||||||
3,800 | Megacable Holdings SAB de CV | 11,091 | |||||||||
3,328 | MultiChoice Group* | 20,355 | |||||||||
3,900 | Nippon Television Holdings, Inc. | 42,150 | |||||||||
7,054 | Pearson PLC | 50,186 | |||||||||
1,734 | Publicis Groupe SA* | 56,109 | |||||||||
926 | Quebecor, Inc., Class B | 19,832 | |||||||||
1,440 | RTL Group SA* | 46,094 | |||||||||
1,880 | Schibsted ASA, Class A* | 48,876 | |||||||||
581 | Schibsted ASA, Class B* | 13,647 | |||||||||
30,800 | Singapore Press Holdings Ltd. | 28,039 | |||||||||
2,400 | Tokyo Broadcasting System Holdings, Inc. | 38,285 | |||||||||
2,685 | WPP PLC | 20,927 | |||||||||
780,085 | |||||||||||
METALS & MINING - 3.2% | |||||||||||
6,361 | Acerinox SA* | 51,296 | |||||||||
1,042 | Agnico Eagle Mines Ltd. | 66,506 | |||||||||
3,035 | Alamos Gold, Inc., Class A | 28,211 | |||||||||
28,223 | Alumina Ltd. | 31,576 | |||||||||
44,200 | Angang Steel Co. Ltd., Class H | 10,778 | |||||||||
3,375 | Anglo American Platinum Ltd. | 243,598 | |||||||||
11,710 | Anglo American PLC | 270,472 | |||||||||
1,113 | AngloGold Ashanti Ltd. | 32,387 | |||||||||
16,315 | ArcelorMittal SA* | 171,698 | |||||||||
1,973 | Barrick Gold Corp. | 52,917 | |||||||||
23,065 | BHP Group Ltd. | 568,831 | |||||||||
10,688 | BHP Group PLC | 218,482 | |||||||||
3,051 | Boliden AB | 69,425 | |||||||||
6,642 | Evolution Mining Ltd. | 25,929 | |||||||||
2,551 | First Quantum Minerals Ltd. | 20,266 | |||||||||
5,762 | Fortescue Metals Group Ltd. | 54,945 | |||||||||
1,729 | Franco-Nevada Corp. | 240,752 | |||||||||
9,178 | Glencore PLC* | 19,417 | |||||||||
6,626 | Gold Fields Ltd. | 61,863 | |||||||||
19,600 | Grupo Mexico SAB de CV | 45,295 | |||||||||
397 | Hyundai Steel Co. | 6,766 | |||||||||
12,060 | IGO Ltd. | 40,437 | |||||||||
5,168 | Impala Platinum Holdings Ltd. | 34,503 | |||||||||
2,700 | JFE Holdings, Inc. | 19,321 | |||||||||
81,000 | Jiangxi Copper Co. Ltd., Class H | 81,622 | |||||||||
50 | Korea Zinc Co. Ltd. | 13,925 | |||||||||
1,922 | Mineral Resources Ltd. | 28,014 | |||||||||
1,100 | Mitsubishi Materials Corp. | 23,196 | |||||||||
40,000 | MMG Ltd.* | 8,258 | |||||||||
4,647 | Newcrest Mining Ltd. | 100,879 |
See accompanying notes to financial statements.
26
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
METALS & MINING - 3.2% (Continued) | |||||||||||
7,948 | Norsk Hydro ASA* | $ | 21,891 | ||||||||
2,292 | Northam Platinum Ltd.* | 15,328 | |||||||||
5,009 | Northern Star Resources Ltd. | 46,075 | |||||||||
1,857 | Novagold Resources, Inc.* | 16,975 | |||||||||
1,634 | Osisko Gold Royalties Ltd. | 16,268 | |||||||||
5,859 | OZ Minerals Ltd. | 44,212 | |||||||||
2,088 | POSCO | 302,043 | |||||||||
2,528 | Rio Tinto Ltd. | 170,502 | |||||||||
4,165 | Rio Tinto PLC | 234,104 | |||||||||
4,723 | Saracen Mineral Holdings Ltd.* | 17,625 | |||||||||
8,750 | Shandong Gold Mining Co. Ltd., Class H (a) | 18,583 | |||||||||
11,827 | South32 Ltd. | 16,611 | |||||||||
3,129 | Teck Resources Ltd., Class B | 32,668 | |||||||||
16,502 | Vale SA | 168,813 | |||||||||
6,368 | Wheaton Precious Metals Corp. | 279,173 | |||||||||
15,000 | Zhaojin Mining Industry Co. Ltd., Class H | 17,515 | |||||||||
4,059,951 | |||||||||||
MULTILINE RETAIL - 0.4% | |||||||||||
820 | Canadian Tire Corp. Ltd., Class A | 70,826 | |||||||||
4,332 | Dollarama, Inc. | 143,637 | |||||||||
7,400 | Isetan Mitsukoshi Holdings Ltd. | 42,389 | |||||||||
500 | Izumi Co. Ltd. | 15,804 | |||||||||
22,500 | Lifestyle International Holdings Ltd. | 18,492 | |||||||||
5,789 | Magazine Luiza SA | 75,699 | |||||||||
19,721 | Marks & Spencer Group PLC | 24,124 | |||||||||
3,400 | Ryohin Keikaku Co. Ltd. | 48,060 | |||||||||
588 | Wesfarmers Ltd. | 18,149 | |||||||||
8,448 | Woolworths Holdings Ltd./South Africa | 16,094 | |||||||||
473,274 | |||||||||||
MULTI-UTILITIES - 0.6% | |||||||||||
55,807 | Centrica PLC | 26,575 | |||||||||
17,003 | E.ON Se | 191,256 | |||||||||
19,749 | Engie SA* | 243,992 | |||||||||
4,434 | Hera SpA* | 16,663 | |||||||||
18,137 | National Grid PLC | 221,681 | |||||||||
700,167 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 4.0% | |||||||||||
3,244 | Aker BP ASA | 58,948 | |||||||||
100,504 | BP PLC | 381,489 | |||||||||
1,279 | Canadian Natural Resources Ltd. | 22,115 | |||||||||
228,000 | CNOOC Ltd. | 253,580 | |||||||||
26,000 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H* | 11,607 | |||||||||
78,611 | Ecopetrol SA | 43,623 | |||||||||
9,554 | Enbridge, Inc. | 289,566 | |||||||||
17,498 | Galp Energia SGPS SA | 202,326 | |||||||||
203 | Gaztransport Et Technigaz SA | 15,481 | |||||||||
880 | Gibson Energy, Inc. | 13,652 | |||||||||
3,300 | Inpex Corp. | 20,399 |
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 4.0% (Continued) | |||||||||||
75,100 | JXTG Holdings, Inc. | $ | 265,915 | ||||||||
616 | Koninklijke Vopak NV | 32,573 | |||||||||
3,687 | Lundin Energy AB | 88,884 | |||||||||
1,796 | Neste Oyj | 70,218 | |||||||||
602 | Novatek PJSC, GDR | 85,604 | |||||||||
7,832 | Oil Search Ltd. | 17,094 | |||||||||
4,633 | OMV AG* | 154,858 | |||||||||
528,000 | PetroChina Co. Ltd., Class H | 175,081 | |||||||||
22,561 | Petroleo Brasileiro SA | 89,491 | |||||||||
32,003 | Petroleo Brasileiro SA | 131,840 | |||||||||
14,500 | Petronas Dagangan BHD | 69,708 | |||||||||
7,000 | PTT Exploration & Production PCL, NVDR | 20,780 | |||||||||
125,700 | PTT PCL, NVDR | 153,528 | |||||||||
12,975 | Repsol SA | 113,464 | |||||||||
33,713 | Royal Dutch Shell PLC, Class A | 536,110 | |||||||||
24,329 | Royal Dutch Shell PLC, Class B | 367,946 | |||||||||
1,433 | SK Innovation Co. Ltd. | 156,065 | |||||||||
47,400 | Star Petroleum Refining PCL, NVDR | 10,199 | |||||||||
4,864 | Suncor Energy, Inc. | 81,745 | |||||||||
3,851 | TC Energy Corp. | 163,993 | |||||||||
20,400 | Thai Oil PCL, NVDR | 29,207 | |||||||||
16,034 | TOTAL SA | 611,842 | |||||||||
45,378 | Ultrapar Participacoes SA | 152,478 | |||||||||
10,238 | Woodside Petroleum Ltd. | 152,608 | |||||||||
1,844 | YPF SA, ADR | 10,603 | |||||||||
5,054,620 | |||||||||||
PAPER & FOREST PRODUCTS - 0.1% | |||||||||||
26,300 | Indah Kiat Pulp & Paper Corp. TBK PT | 11,000 | |||||||||
2,472 | Svenska Cellulosa AB SCA, Class B* | 29,399 | |||||||||
4,400 | UPM-Kymmene OYJ | 127,105 | |||||||||
167,504 | |||||||||||
PERSONAL PRODUCTS - 2.2% | |||||||||||
1,677 | Beiersdorf AG | 190,424 | |||||||||
6,200 | Kao Corp. | 490,782 | |||||||||
300 | Kobayashi Pharmaceutical Co. Ltd. | 26,361 | |||||||||
200 | Kose Corp. | 24,026 | |||||||||
53 | LG Household & Health Care Ltd. | 59,308 | |||||||||
3,035 | L'Oreal SA* | 973,883 | |||||||||
2,298 | Natura & Co. Holding SA | 16,611 | |||||||||
11,600 | Pola Orbis Holdings, Inc. | 201,711 | |||||||||
300 | Shiseido Co. Ltd. | 19,006 | |||||||||
7,686 | Unilever NV | 407,887 | |||||||||
5,984 | Unilever PLC | 322,001 | |||||||||
2,732,000 | |||||||||||
PHARMACEUTICALS - 7.0% | |||||||||||
13,000 | Astellas Pharma, Inc. | 216,837 | |||||||||
8,019 | AstraZeneca PLC | 834,376 | |||||||||
1,908 | Bausch Health Cos., Inc.* | 34,798 |
See accompanying notes to financial statements.
27
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
PHARMACEUTICALS - 7.0% (Continued) | |||||||||||
2,797 | Bayer AG | $ | 206,676 | ||||||||
5,400 | CanSino Biologics, Inc., Class H*,(a) | 148,962 | |||||||||
6,600 | Chugai Pharmaceutical Co. Ltd. | 352,681 | |||||||||
26,400 | CSPC Pharmaceutical Group Ltd. | 49,868 | |||||||||
3,400 | Daiichi Sankyo Co. Ltd. | 277,521 | |||||||||
1,287 | Dechra Pharmaceuticals PLC | 45,258 | |||||||||
1,600 | Eisai Co. Ltd. | 126,742 | |||||||||
30,493 | GlaxoSmithKline PLC | 616,624 | |||||||||
12,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 30,285 | |||||||||
1,274 | H Lundbeck A/S | 47,881 | |||||||||
11,743 | Jiangsu Hengrui Medicine Co. Ltd., Class A | 153,218 | |||||||||
400 | Kissei Pharmaceutical Co. Ltd. | 10,059 | |||||||||
16,500 | Luye Pharma Group Ltd. (a) | 10,091 | |||||||||
3,940 | Merck KGaA | 457,124 | |||||||||
300 | Nippon Shinyaku Co. Ltd. | 24,387 | |||||||||
13,427 | Novartis AG | 1,167,910 | |||||||||
11,110 | Novo Nordisk A/S, Class B | 718,907 | |||||||||
374 | Orion Oyj, Class B | 18,088 | |||||||||
3,600 | Otsuka Holdings Co. Ltd. | 156,800 | |||||||||
4,591 | Roche Holding AG | 1,590,897 | |||||||||
6,893 | Sanofi | 701,801 | |||||||||
26,900 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 128,718 | |||||||||
1,600 | Shionogi & Co. Ltd. | 100,107 | |||||||||
12,700 | Takeda Pharmaceutical Co. Ltd. | 452,979 | |||||||||
8,800 | Teva Pharmaceutical Industries Ltd., ADR* | 108,504 | |||||||||
510 | Vifor Pharma AG | 76,725 | |||||||||
8,864,824 | |||||||||||
PROFESSIONAL SERVICES - 1.4% | |||||||||||
15,048 | ALS Ltd. | 67,965 | |||||||||
1,217 | Bureau Veritas SA* | 25,670 | |||||||||
18,569 | Experian PLC | 646,787 | |||||||||
7,900 | Recruit Holdings Co. Ltd. | 269,619 | |||||||||
7,077 | RELX PLC | 163,519 | |||||||||
486 | Teleperformance* | 123,308 | |||||||||
2,870 | Thomson Reuters Corp. | 194,368 | |||||||||
3,799 | Wolters Kluwer NV | 296,631 | |||||||||
1,787,867 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.8% | |||||||||||
10,721 | Aroundtown SA* | 61,387 | |||||||||
22,200 | CapitaLand Ltd.* | 46,467 | |||||||||
4,302 | Castellum AB | 80,368 | |||||||||
28,000 | China Overseas Land & Investment Ltd. | 84,718 | |||||||||
1,200 | Daito Trust Construction Co. Ltd. | 110,217 | |||||||||
3,600 | Daiwa House Industry Co. Ltd. | 84,824 | |||||||||
1,264 | Deutsche Wohnen SE | 56,715 | |||||||||
18,308 | Fabege AB | 213,998 | |||||||||
199 | FirstService Corp. | 19,980 |
Shares/ Principal | Fair Value | ||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.8% (Continued) | |||||||||||
12,000 | Henderson Land Development Co. Ltd. | $ | 45,520 | ||||||||
24,400 | Hongkong Land Holdings Ltd. | 100,772 | |||||||||
7,790 | Hufvudstaden AB, Class A | 96,825 | |||||||||
1,500 | Hulic Co. Ltd. | 14,071 | |||||||||
9,000 | Hysan Development Co. Ltd. | 28,856 | |||||||||
29,000 | Kaisa Group Holdings Ltd.* | 10,926 | |||||||||
15,500 | KWG Group Holdings Ltd.* | 26,038 | |||||||||
596 | LEG Immobilien AG* | 75,642 | |||||||||
2,274 | Lendlease Group | 19,367 | |||||||||
26,000 | Logan Property Holdings Co. Ltd. | 46,026 | |||||||||
1,900 | Mitsubishi Estate Co. Ltd. | 28,222 | |||||||||
3,000 | Poly Property Development Co. Ltd., Class H | 30,192 | |||||||||
38,000 | Shenzhen Investment Ltd. | 12,012 | |||||||||
38,500 | Shui On Land Ltd. | 6,458 | |||||||||
14,000 | Sino Land Co. Ltd. | 17,612 | |||||||||
21,800 | SM Prime Holdings, Inc. | 13,935 | |||||||||
8,500 | Sun Hung Kai Properties Ltd. | 108,520 | |||||||||
7,000 | Sunac China Holdings Ltd. | 29,308 | |||||||||
27,500 | Swire Pacific Ltd., Class A | 145,830 | |||||||||
106,800 | Swire Properties Ltd. | 271,187 | |||||||||
3,009 | Vonovia SE* | 184,456 | |||||||||
41,000 | Wharf Holdings Ltd. (The) | 83,371 | |||||||||
12,000 | Wharf Real Estate Investment Co. Ltd. | 57,287 | |||||||||
60,000 | Yuexiu Property Co. Ltd. | 10,683 | |||||||||
20,000 | Yuzhou Properties Co. Ltd. | 8,645 | |||||||||
2,230,435 | |||||||||||
ROAD & RAIL - 1.4% | |||||||||||
18,562 | Aurizon Holdings Ltd. | 62,877 | |||||||||
4,792 | Canadian National Railway Co. | 422,590 | |||||||||
281 | Canadian Pacific Railway Ltd. | 71,245 | |||||||||
10,000 | CAR, Inc.* | 3,006 | |||||||||
2,200 | Central Japan Railway Co. | 340,344 | |||||||||
4,300 | Cia de Locacao das Americas | 13,313 | |||||||||
69 | CJ Logistics Corp* | 9,035 | |||||||||
6,600 | East Japan Railway Co. | 457,231 | |||||||||
800 | Hitachi Transport System Ltd. | 21,356 | |||||||||
15,000 | MTR Corp. Ltd. | 77,705 | |||||||||
700 | Nishi-Nippon Railroad Co. Ltd. | 18,998 | |||||||||
4,407 | TFI International, Inc. | 155,928 | |||||||||
2,000 | West Japan Railway Co. | 112,082 | |||||||||
1,765,710 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7% | |||||||||||
1,600 | Advantest Corp. | 90,763 | |||||||||
1,263 | ams AG* | 18,734 | |||||||||
2,435 | ASML Holding NV | 894,029 | |||||||||
2,238 | BE Semiconductor Industries NV | 99,665 | |||||||||
1,783 | Dialog Semiconductor PLC* | 81,325 |
See accompanying notes to financial statements.
28
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7% (Continued) | |||||||||||
200 | Disco Corp. | $ | 48,366 | ||||||||
5,384 | Infineon Technologies AG | 126,232 | |||||||||
5,020 | LONGi Green Energy Technology Co. Ltd., Class A | 28,903 | |||||||||
900 | Rohm Co. Ltd. | 59,563 | |||||||||
900 | Shenzhen Goodix Technology Co. Ltd., Class A | 28,358 | |||||||||
1,874 | SK Hynix, Inc. | 132,583 | |||||||||
930 | STMicroelectronics NV | 25,278 | |||||||||
1,700 | Tokyo Electron Ltd. | 416,629 | |||||||||
400 | Ulvac, Inc. | 11,531 | |||||||||
700 | Will Semiconductor Ltd., Class A | 19,984 | |||||||||
2,081,943 | |||||||||||
SOFTWARE - 1.5% | |||||||||||
1,089 | AVEVA Group PLC | 55,061 | |||||||||
1,813 | Dassault Systemes SE | 312,771 | |||||||||
149 | Kinaxis, Inc.* | 21,230 | |||||||||
1,663 | Lightspeed POS, Inc.* | 39,597 | |||||||||
9,454 | Micro Focus International PLC | 50,463 | |||||||||
1,149 | Nemetschek SE | 78,979 | |||||||||
349 | Nice Ltd.* | 65,031 | |||||||||
500 | Oracle Corp. Japan | 58,952 | |||||||||
4,487 | Sage Group PLC (The) | 37,246 | |||||||||
1,700 | Sangfor Technologies, Inc., Class A | 49,495 | |||||||||
7,270 | SAP SE | 1,015,110 | |||||||||
2,548 | Technology One Ltd. | 15,420 | |||||||||
4,800 | TOTVS SA | 20,456 | |||||||||
2,000 | Trend Micro, Inc./Japan | 111,600 | |||||||||
247 | Xero Ltd.* | 15,324 | |||||||||
1,946,735 | |||||||||||
SPECIALTY RETAIL - 0.6% | |||||||||||
6,600 | Chow Tai Fook Jewellery Group Ltd. | 6,310 | |||||||||
300 | Fast Retailing Co. Ltd. | 171,572 | |||||||||
61,100 | Home Product Center PCL, NVDR | 30,444 | |||||||||
6,625 | Industria de Diseno Textil SA | 175,381 | |||||||||
549 | JB Hi-Fi Ltd. | 16,265 | |||||||||
1,594 | JD Sports Fashion PLC | 12,254 | |||||||||
1,700 | Nitori Holdings Co. Ltd. | 332,878 | |||||||||
745,104 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.8% | |||||||||||
15,800 | Canon, Inc. | 312,602 | |||||||||
4,800 | FUJIFILM Holdings Corp. | 205,107 | |||||||||
29,700 | Konica Minolta, Inc. | 102,409 | |||||||||
11,300 | Legend Holdings Corp., Class H (a) | 13,195 | |||||||||
98,000 | Lenovo Group Ltd. | 54,245 | |||||||||
1,461 | Logitech International SA | 95,380 | |||||||||
27,241 | Samsung Electronics Co. Ltd. | 1,195,764 |
Shares/ Principal | Fair Value | ||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.8% (Continued) | |||||||||||
4,018 | Samsung Electronics Co. Ltd. | $ | 155,329 | ||||||||
6,800 | Seiko Epson Corp. | 77,716 | |||||||||
2,211,747 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 2.0% | |||||||||||
1,599 | adidas AG* | 419,526 | |||||||||
3,000 | ANTA Sports Products Ltd. | 26,476 | |||||||||
550 | Christian Dior SE | 232,020 | |||||||||
299 | Cie Financiere Richemont SA | 19,072 | |||||||||
1,835 | EssilorLuxottica SA* | 235,467 | |||||||||
367 | Fila Holdings Corp. | 10,709 | |||||||||
1,851 | Gildan Activewear, Inc. | 28,581 | |||||||||
290 | Hermes International | 242,266 | |||||||||
541 | Kering SA | 294,242 | |||||||||
37,500 | Li Ning Co. Ltd. | 119,025 | |||||||||
1,995 | LVMH Moet Hennessy Louis Vuitton SE | 874,987 | |||||||||
2,502,371 | |||||||||||
TOBACCO - 0.7% | |||||||||||
15,342 | British American Tobacco PLC | 588,507 | |||||||||
17,600 | Gudang Garam TBK PT | 58,122 | |||||||||
700 | Imperial Brands PLC | 13,307 | |||||||||
8,900 | Japan Tobacco, Inc. | 165,114 | |||||||||
1,573 | Swedish Match AB | 110,589 | |||||||||
935,639 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.6% | |||||||||||
16,976 | Barloworld Ltd. | 67,415 | |||||||||
10,458 | Electrocomponents PLC | 86,706 | |||||||||
449 | Ferguson PLC | 36,682 | |||||||||
19,392 | Howden Joinery Group PLC | 132,455 | |||||||||
1,300 | ITOCHU Corp. | 27,974 | |||||||||
17,300 | Marubeni Corp. | 78,174 | |||||||||
600 | MonotaRO Co. Ltd. | 24,026 | |||||||||
432 | Posco International Corp. | 5,010 | |||||||||
18,785 | Rexel SA | 214,570 | |||||||||
1,400 | Sumitomo Corp. | 16,020 | |||||||||
407 | Toromont Industries Ltd. | 20,132 | |||||||||
709,164 | |||||||||||
TRANSPORTATION INFRASTRUCTURE - 0.2% | |||||||||||
9,722 | Atlas Arteria Ltd. | 44,312 | |||||||||
1,800 | Grupo Aeroportuario del Centro Norte SAB de CV* | 8,322 | |||||||||
4,300 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 30,876 | |||||||||
9,500 | Shenzhen International Holdings Ltd. | 15,125 | |||||||||
6,744 | Sydney Airport | 26,327 | |||||||||
10,079 | Transurban Group | 98,054 | |||||||||
223,016 |
See accompanying notes to financial statements.
29
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 1.9% | |||||||||||
389,956 | America Movil SAB de CV | $ | 249,260 | ||||||||
39,000 | China Mobile Ltd. | 263,172 | |||||||||
2,612 | Freenet AG | 42,010 | |||||||||
17,800 | KDDI Corp. | 533,579 | |||||||||
3,291 | Mobile TeleSystems PJSC, ADR | 30,244 | |||||||||
9,300 | NTT DOCOMO, Inc. | 248,437 | |||||||||
3,254 | Rogers Communications, Inc., Class B | 130,327 | |||||||||
14,700 | Softbank Corp. | 187,352 | |||||||||
9,700 | SoftBank Group Corp. | 490,013 | |||||||||
1,056 | Tele2 AB, Class B | 14,004 | |||||||||
158,114 | Vodafone Group PLC | 251,748 | |||||||||
2,440,146 | |||||||||||
TOTAL COMMON STOCKS (Cost - $112,973,545) | 113,546,095 | ||||||||||
EXCHANGE TRADED FUNDS - 6.1% | |||||||||||
EQUITY FUNDS - 6.1% | |||||||||||
110,098 | iShares MSCI India ETF | 3,195,044 | |||||||||
93,035 | iShares MSCI Taiwan ETF | 3,741,868 | |||||||||
32,475 | iShares MSCI Turkey ETF | 754,069 | |||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $7,306,083) | 7,690,981 | ||||||||||
RIGHTS - 0.0%† | |||||||||||
20,159 | Repsol SA, expires 7/6/20* | 9,811 | |||||||||
22,791 | Telefonica SA, expires 12/31/20* | 4,482 | |||||||||
TOTAL RIGHTS (Cost - $16,082) | 14,293 |
Shares/ Principal | Fair Value | ||||||||||
SHORT-TERM INVESTMENTS - 2.0% | |||||||||||
MONEY MARKET FUNDS - 2.0% | |||||||||||
2,467,357 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (b) (Cost - $2,467,357) | $ | 2,467,357 | ||||||||
TOTAL INVESTMENTS - 98.1% (Cost - $122,763,067) | $ | 123,718,726 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 1.9% | 2,400,822 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 126,119,548 |
* Non-income producing security.
† Represents less than 0.05%.
(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2020, these securities amounted to $1,989,015 or 1.6% of net assets.
(b) The rate shown is the annualized seven-day yield at period end.
ADR - American Depositary Receipt
CVA - Certificate Van Aandelen (Bearer)
GDR - Global Depositary Receipt
NVDR - Non-Voting Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 90.0 | % | |||||
Exchange Traded Funds | 6.1 | % | |||||
Money Market Funds | 2.0 | % | |||||
Rights | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | 1.9 | % | |||||
100.0 | % |
^ Represents less than 0.05%
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
MSCI EAFE Future | Goldman Sachs & Co. | 31 | 9/18/2020 | $ | 2,756,520 | $ | 22,365 | ||||||||||||||||
MSCI Emerging Market Index Future | Goldman Sachs & Co. | 24 | 9/18/2020 | 1,182,840 | 28,695 | ||||||||||||||||||
S&P/TSX 60 Index Future | Goldman Sachs & Co. | 2 | 9/17/2020 | 272,687 | 4,711 | ||||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 55,771 |
See accompanying notes to financial statements.
30
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.7% | |||||||||||
AEROSPACE & DEFENSE - 1.1% | |||||||||||
3,822 | Axon Enterprise, Inc.* | $ | 375,053 | ||||||||
1,428 | BWX Technologies, Inc. | 80,882 | |||||||||
3,801 | HEICO Corp. | 378,770 | |||||||||
5,422 | HEICO Corp., Class A | 440,483 | |||||||||
2,593 | Mercury Systems, Inc.* | 203,965 | |||||||||
844 | Teledyne Technologies, Inc.* | 262,442 | |||||||||
849 | TransDigm Group, Inc. | 375,300 | |||||||||
2,116,895 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.5% | |||||||||||
4,868 | C.H. Robinson Worldwide, Inc. | 384,864 | |||||||||
4,306 | Expeditors International of Washington, Inc. | 327,428 | |||||||||
2,357 | XPO Logistics, Inc.* | 182,079 | |||||||||
894,371 | |||||||||||
BANKS - 0.1% | |||||||||||
435 | Bank of Hawaii Corp. | 26,714 | |||||||||
3,075 | Cullen/Frost Bankers, Inc. | 229,733 | |||||||||
256,447 | |||||||||||
BEVERAGES - 0.6% | |||||||||||
655 | Boston Beer Co., Inc. (The), Class A* | 351,506 | |||||||||
591 | Brown-Forman Corp., Class A | 34,024 | |||||||||
11,140 | Brown-Forman Corp., Class B | 709,172 | |||||||||
1,094,702 | |||||||||||
BIOTECHNOLOGY - 6.2% | |||||||||||
2,510 | AbbVie, Inc. | 246,432 | |||||||||
7,225 | ACADIA Pharmaceuticals, Inc.* | 350,196 | |||||||||
1,501 | Acceleron Pharma, Inc.* | 143,000 | |||||||||
1,921 | Alkermes PLC* | 37,277 | |||||||||
5,381 | Alnylam Pharmaceuticals, Inc.* | 796,980 | |||||||||
378 | Arena Pharmaceuticals, Inc.* | 23,795 | |||||||||
8,660 | BioMarin Pharmaceutical, Inc.* | 1,068,124 | |||||||||
310 | Bluebird Bio, Inc.* | 18,922 | |||||||||
8,464 | Exact Sciences Corp.* | 735,860 | |||||||||
12,821 | Exelixis, Inc.* | 304,371 | |||||||||
6,136 | Gilead Sciences, Inc. | 472,104 | |||||||||
2,786 | Global Blood Therapeutics, Inc.* | 175,880 | |||||||||
10,068 | Immunomedics, Inc.* | 356,810 | |||||||||
11,313 | Incyte Corp.* | 1,176,213 | |||||||||
11,468 | Ionis Pharmaceuticals, Inc.* | 676,153 | |||||||||
5,606 | Iovance Biotherapeutics, Inc.* | 153,885 | |||||||||
20,904 | Moderna, Inc.* | 1,342,246 | |||||||||
3,518 | Neurocrine Biosciences, Inc.* | 429,196 | |||||||||
465 | PTC Therapeutics, Inc.* | 23,594 | |||||||||
525 | Regeneron Pharmaceuticals, Inc.* | 327,416 | |||||||||
7,022 | Sage Therapeutics, Inc.* | 291,975 | |||||||||
3,656 | Sarepta Therapeutics, Inc.* | 586,203 | |||||||||
9,569 | Seattle Genetics, Inc.* | 1,625,964 | |||||||||
487 | Vertex Pharmaceuticals, Inc.* | 141,381 | |||||||||
11,503,977 |
Shares/ Principal | Fair Value | ||||||||||
BUILDING PRODUCTS - 1.6% | |||||||||||
2,582 | Advanced Drainage Systems, Inc. | $ | 127,551 | ||||||||
12,581 | Allegion PLC | 1,286,030 | |||||||||
11,750 | Trane Technologies PLC | 1,045,515 | |||||||||
3,568 | Trex Co., Inc.* | 464,089 | |||||||||
2,923,185 | |||||||||||
CAPITAL MARKETS - 3.0% | |||||||||||
424 | Ameriprise Financial, Inc. | 63,617 | |||||||||
3,240 | Cboe Global Markets, Inc. | 302,227 | |||||||||
2,694 | Charles Schwab Corp. (The) | 90,896 | |||||||||
3,599 | FactSet Research Systems, Inc. | 1,182,164 | |||||||||
3,500 | LPL Financial Holdings, Inc. | 274,400 | |||||||||
2,467 | MarketAxess Holdings, Inc. | 1,235,770 | |||||||||
1,407 | Morningstar, Inc. | 198,345 | |||||||||
4,156 | MSCI, Inc. | 1,387,356 | |||||||||
924 | S&P Global, Inc. | 304,439 | |||||||||
4,039 | T Rowe Price Group, Inc. | 498,816 | |||||||||
5,538,030 | |||||||||||
CHEMICALS - 0.5% | |||||||||||
2,251 | Ecolab, Inc. | 447,836 | |||||||||
793 | FMC Corp. | 78,999 | |||||||||
3,187 | Scotts Miracle-Gro Co. (The) | 428,556 | |||||||||
955,391 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.8% | |||||||||||
6,168 | Cintas Corp. | 1,642,908 | |||||||||
14,556 | Copart, Inc.* | 1,212,078 | |||||||||
9,173 | IAA, Inc.* | 353,803 | |||||||||
1,049 | MSA Safety, Inc. | 120,047 | |||||||||
438 | Tetra Tech, Inc. | 34,655 | |||||||||
3,363,491 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.9% | |||||||||||
3,261 | Arista Networks, Inc.* | 684,908 | |||||||||
3,318 | Ciena Corp.* | 179,703 | |||||||||
5,481 | CommScope Holding Co., Inc.* | 45,657 | |||||||||
5,651 | Motorola Solutions, Inc. | 791,874 | |||||||||
1,702,142 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.1% | |||||||||||
3,849 | EMCOR Group, Inc. | 254,573 | |||||||||
692 | Quanta Services, Inc. | 27,147 | |||||||||
281,720 | |||||||||||
CONSUMER FINANCE - 0.2% | |||||||||||
5,602 | Ally Financial, Inc. | 111,088 | |||||||||
212 | Credit Acceptance Corp.* | 88,830 | |||||||||
605 | LendingTree, Inc.* | 175,165 | |||||||||
375,083 |
See accompanying notes to financial statements.
31
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CONTAINERS & PACKAGING - 0.7% | |||||||||||
997 | AptarGroup, Inc. | $ | 111,644 | ||||||||
1,874 | Avery Dennison Corp. | 213,804 | |||||||||
14,532 | Ball Corp. | 1,009,829 | |||||||||
1,335,277 | |||||||||||
DISTRIBUTORS - 0.5% | |||||||||||
3,631 | Pool Corp. | 987,160 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.6% | |||||||||||
4,998 | Bright Horizons Family Solutions, Inc.* | 585,766 | |||||||||
7,640 | Chegg, Inc.* | 513,866 | |||||||||
1,099,632 | |||||||||||
ELECTRIC UTILITIES - 0.1% | |||||||||||
425 | Alliant Energy Corp. | 20,332 | |||||||||
1,273 | IDACORP, Inc. | 111,222 | |||||||||
131,554 | |||||||||||
ELECTRICAL EQUIPMENT - 1.0% | |||||||||||
4,153 | Generac Holdings, Inc.* | 506,376 | |||||||||
2,484 | Hubbell, Inc. | 311,394 | |||||||||
4,949 | Rockwell Automation, Inc. | 1,054,137 | |||||||||
1,871,907 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.6% | |||||||||||
9,407 | Amphenol Corp., Class A | 901,285 | |||||||||
6,677 | Avnet, Inc. | 186,188 | |||||||||
9,161 | CDW Corp. | 1,064,325 | |||||||||
9,111 | Cognex Corp. | 544,109 | |||||||||
9,124 | Keysight Technologies, Inc.* | 919,517 | |||||||||
16,192 | National Instruments Corp. | 626,792 | |||||||||
2,477 | Zebra Technologies Corp., Class A* | 633,988 | |||||||||
4,876,204 | |||||||||||
ENTERTAINMENT - 2.5% | |||||||||||
3,296 | Live Nation Entertainment, Inc.* | 146,112 | |||||||||
6,521 | Roku, Inc.* | 759,892 | |||||||||
8,330 | Spotify Technology SA* | 2,150,723 | |||||||||
7,534 | Take-Two Interactive Software, Inc.* | 1,051,520 | |||||||||
869 | World Wrestling Entertainment, Inc., Class A | 37,758 | |||||||||
61,199 | Zynga, Inc., Class A* | 583,838 | |||||||||
4,729,843 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 1.2% | |||||||||||
5,095 | Americold Realty Trust | 184,948 | |||||||||
801 | CoreSite Realty Corp. | 96,969 | |||||||||
8,185 | Equity LifeStyle Properties, Inc. | 511,399 | |||||||||
1,709 | Equity Residential | 100,523 | |||||||||
2,594 | Extra Space Storage, Inc. | 239,608 | |||||||||
6,052 | Outfront Media, Inc. | 85,757 | |||||||||
1,084 | QTS Realty Trust, Inc., Class A | 69,474 |
Shares/ Principal | Fair Value | ||||||||||
EQUITY REAL ESTATE INVESTMENT - 1.2% (Continued) | |||||||||||
445 | SBA Communications Corp. | $ | 132,574 | ||||||||
10,882 | Simon Property Group, Inc. | 744,111 | |||||||||
1,915 | UDR, Inc. | 71,583 | |||||||||
2,236,946 | |||||||||||
FOOD & STAPLES RETAILING - 0.1% | |||||||||||
1,722 | Performance Food Group Co.* | 50,179 | |||||||||
3,994 | Sprouts Farmers Market, Inc.* | 102,207 | |||||||||
152,386 | |||||||||||
FOOD PRODUCTS - 1.8% | |||||||||||
2,184 | Beyond Meat, Inc.* | 292,612 | |||||||||
4,111 | Campbell Soup Co. | 204,029 | |||||||||
3,727 | General Mills, Inc. | 229,770 | |||||||||
11,441 | Hershey Co. (The) | 1,482,982 | |||||||||
31 | Kellogg Co. | 2,048 | |||||||||
2,217 | Lamb Weston Holdings, Inc. | 141,733 | |||||||||
5,375 | McCormick & Co., Inc. | 964,329 | |||||||||
3,317,503 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 7.3% | |||||||||||
1,978 | ABIOMED, Inc.* | 477,806 | |||||||||
4,011 | Align Technology, Inc.* | 1,100,779 | |||||||||
344 | DexCom, Inc.* | 139,458 | |||||||||
7,430 | Edwards Lifesciences Corp.* | 513,487 | |||||||||
819 | Globus Medical, Inc., Class A* | 39,074 | |||||||||
1,103 | Haemonetics Corp.* | 98,785 | |||||||||
1,209 | Hill-Rom Holdings, Inc. | 132,724 | |||||||||
18,240 | Hologic, Inc.* | 1,039,680 | |||||||||
6,665 | IDEXX Laboratories, Inc.* | 2,200,516 | |||||||||
3,104 | Insulet Corp.* | 602,983 | |||||||||
3,735 | Masimo Corp.* | 851,543 | |||||||||
4,447 | Novocure Ltd.* | 263,707 | |||||||||
2,574 | Penumbra, Inc.* | 460,283 | |||||||||
3,417 | Quidel Corp.* | 764,519 | |||||||||
9,857 | ResMed, Inc. | 1,892,544 | |||||||||
2,682 | SmileDirectClub, Inc.* | 21,188 | |||||||||
1,644 | STERIS PLC | 252,255 | |||||||||
2,638 | Tandem Diabetes Care, Inc.* | 260,951 | |||||||||
1,370 | Teleflex, Inc. | 498,653 | |||||||||
3,556 | Varian Medical Systems, Inc.* | 435,681 | |||||||||
6,631 | West Pharmaceutical Services, Inc. | 1,506,364 | |||||||||
13,552,980 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.8% | |||||||||||
2,151 | Amedisys, Inc.* | 427,060 | |||||||||
8,532 | AmerisourceBergen Corp. | 859,770 | |||||||||
681 | AMN Healthcare Services, Inc.* | 30,808 | |||||||||
147 | Anthem, Inc. | 38,658 | |||||||||
18,351 | Cardinal Health, Inc. | 957,739 | |||||||||
1,571 | Chemed Corp. | 708,631 |
See accompanying notes to financial statements.
32
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.8% (Continued) | |||||||||||
3,409 | Guardant Health, Inc.* | $ | 276,572 | ||||||||
831 | Laboratory Corp. of America Holdings* | 138,037 | |||||||||
8,936 | McKesson Corp. | 1,370,961 | |||||||||
2,381 | Molina Healthcare, Inc.* | 423,770 | |||||||||
5,232,006 | |||||||||||
HEALTH CARE TECHNOLOGY - 2.8% | |||||||||||
12,481 | Cerner Corp. | 855,572 | |||||||||
5,048 | Livongo Health, Inc.* | 379,559 | |||||||||
6,768 | Teladoc Health, Inc.* | 1,291,605 | |||||||||
11,149 | Veeva Systems, Inc., Class A* | 2,613,549 | |||||||||
5,140,285 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 2.6% | |||||||||||
2,015 | Chipotle Mexican Grill, Inc.* | 2,120,505 | |||||||||
3,705 | Darden Restaurants, Inc. | 280,728 | |||||||||
2,823 | Domino's Pizza, Inc. | 1,042,929 | |||||||||
2,050 | Dunkin' Brands Group, Inc. | 133,722 | |||||||||
5,467 | Extended Stay America, Inc. | 61,176 | |||||||||
4,345 | Penn National Gaming, Inc.* | 132,696 | |||||||||
4,426 | Planet Fitness, Inc., Class A* | 268,083 | |||||||||
2,834 | Texas Roadhouse, Inc. | 148,983 | |||||||||
1,778 | Vail Resorts, Inc. | 323,863 | |||||||||
4,009 | Wendy's Co. (The) | 87,316 | |||||||||
588 | Wingstop, Inc. | 81,714 | |||||||||
2,371 | Yum China Holdings, Inc. | 113,974 | |||||||||
4,795,689 | |||||||||||
HOUSEHOLD DURABLES - 0.2% | |||||||||||
356 | Helen of Troy Ltd.* | 67,127 | |||||||||
69 | NVR, Inc.* | 224,854 | |||||||||
409 | Tempur Sealy International, Inc.* | 29,428 | |||||||||
321,409 | |||||||||||
HOUSEHOLD PRODUCTS - 1.6% | |||||||||||
17,001 | Church & Dwight Co., Inc. | 1,314,177 | |||||||||
8,016 | Clorox Co. (The) | 1,758,470 | |||||||||
3,072,647 | |||||||||||
INDUSTRIAL CONGLOMERATES - 0.1% | |||||||||||
1,323 | Carlisle Cos., Inc. | 158,323 | |||||||||
INSURANCE - 0.3% | |||||||||||
44 | Alleghany Corp. | 21,522 | |||||||||
9,866 | Brown & Brown, Inc. | 402,138 | |||||||||
366 | Cincinnati Financial Corp. | 23,435 | |||||||||
207 | Erie Indemnity Co., Class A | 39,724 | |||||||||
497 | First American Financial Corp. | 23,866 | |||||||||
510,685 |
Shares/ Principal | Fair Value | ||||||||||
INTERACTIVE MEDIA & SERVICES - 1.3% | |||||||||||
3,092 | Match Group, Inc.* | $ | 999,953 | ||||||||
1,560 | Match Group, Inc.* | 166,998 | |||||||||
18,229 | Pinterest, Inc., Class A* | 404,137 | |||||||||
6,867 | Twitter, Inc.* | 204,568 | |||||||||
2,769 | Yelp, Inc.* | 64,047 | |||||||||
12,217 | ZoomInfo Technologies, Inc., Class A* | 623,433 | |||||||||
2,463,136 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 1.6% | |||||||||||
268 | Amazon.com, Inc.* | 739,364 | |||||||||
10,094 | Etsy, Inc.* | 1,072,286 | |||||||||
4,092 | Grubhub, Inc.* | 287,667 | |||||||||
4,536 | Wayfair, Inc., Class A* | 896,359 | |||||||||
2,995,676 | |||||||||||
IT SERVICES - 7.6% | |||||||||||
6,162 | Akamai Technologies, Inc.* | 659,889 | |||||||||
7,883 | Booz Allen Hamilton Holding Corp. | 613,219 | |||||||||
6,861 | Broadridge Financial Solutions, Inc. | 865,790 | |||||||||
3,532 | EPAM Systems, Inc.* | 890,099 | |||||||||
4,000 | Fastly, Inc., Class A* | 340,520 | |||||||||
11,063 | Fiserv, Inc.* | 1,079,970 | |||||||||
1,665 | FleetCor Technologies, Inc.* | 418,798 | |||||||||
3,465 | Gartner, Inc.* | 420,408 | |||||||||
3,318 | Genpact Ltd. | 121,173 | |||||||||
10,110 | GoDaddy, Inc., Class A* | 741,366 | |||||||||
5,076 | Jack Henry & Associates, Inc. | 934,136 | |||||||||
993 | Leidos Holdings, Inc. | 93,014 | |||||||||
1,313 | MongoDB, Inc.* | 297,184 | |||||||||
7,472 | Okta, Inc.* | 1,496,119 | |||||||||
23,692 | Paychex, Inc. | 1,794,669 | |||||||||
2,034 | PayPal Holdings, Inc.* | 354,384 | |||||||||
9,166 | StoneCo Ltd., Class A* | 355,274 | |||||||||
7,040 | Twilio, Inc., Class A* | 1,544,717 | |||||||||
4,883 | VeriSign, Inc.* | 1,009,951 | |||||||||
945 | Western Union Co. (The) | 20,431 | |||||||||
14,051,111 | |||||||||||
LEISURE PRODUCTS - 0.1% | |||||||||||
2,894 | Mattel, Inc.* | 27,985 | |||||||||
2,606 | Peloton Interactive, Inc., Class A* | 150,549 | |||||||||
178,534 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.9% | |||||||||||
1,706 | 10X Genomics, Inc., Class A* | 152,363 | |||||||||
465 | Adaptive Biotechnologies Corp.* | 22,497 | |||||||||
5,628 | Agilent Technologies, Inc. | 497,346 | |||||||||
18,047 | Avantor, Inc.* | 306,799 | |||||||||
2,105 | Bio-Techne Corp. | 555,867 | |||||||||
1,707 | Bruker Corp. | 69,441 |
See accompanying notes to financial statements.
33
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.9% (Continued) | |||||||||||
661 | Charles River Laboratories International, Inc.* | $ | 115,245 | ||||||||
2,455 | IQVIA Holdings, Inc.* | 348,315 | |||||||||
1,493 | Mettler-Toledo International, Inc.* | 1,202,686 | |||||||||
5,836 | PRA Health Sciences, Inc.* | 567,785 | |||||||||
6,191 | Repligen Corp.* | 765,270 | |||||||||
4,155 | Waters Corp.* | 749,562 | |||||||||
5,353,176 | |||||||||||
MACHINERY - 1.2% | |||||||||||
5,782 | Allison Transmission Holdings, Inc. | 212,662 | |||||||||
786 | Donaldson Co., Inc. | 36,565 | |||||||||
11,475 | Graco, Inc. | 550,685 | |||||||||
1,561 | Nordson Corp. | 296,137 | |||||||||
1,870 | Oshkosh Corp. | 133,929 | |||||||||
8,922 | Toro Co. (The) | 591,886 | |||||||||
5,127 | Xylem, Inc. | 333,050 | |||||||||
2,154,914 | |||||||||||
MEDIA - 1.6% | |||||||||||
27,928 | Altice USA, Inc., Class A* | 629,497 | |||||||||
479 | Cable One, Inc. | 850,153 | |||||||||
4,147 | Interpublic Group of Cos., Inc. (The) | 71,163 | |||||||||
3,568 | Nexstar Media Group, Inc., Class A | 298,606 | |||||||||
174,267 | Sirius XM Holdings, Inc. | 1,022,947 | |||||||||
1,464 | TEGNA, Inc. | 16,309 | |||||||||
2,888,675 | |||||||||||
METALS & MINING - 0.2% | |||||||||||
2,886 | Royal Gold, Inc. | 358,788 | |||||||||
MULTILINE RETAIL - 0.2% | |||||||||||
3,117 | Dollar Tree, Inc.* | 288,883 | |||||||||
1,098 | Ollie's Bargain Outlet Holdings, Inc.* | 107,220 | |||||||||
396,103 | |||||||||||
MULTI-UTILITIES - 0.1% | |||||||||||
3,147 | CMS Energy Corp. | 183,848 | |||||||||
OIL, GAS & CONSUMABLE FUELS - 0.2% | |||||||||||
8,783 | Cheniere Energy, Inc.* | 424,395 | |||||||||
3,353 | Noble Energy, Inc. | 30,043 | |||||||||
454,438 | |||||||||||
PHARMACEUTICALS - 0.1% | |||||||||||
2,587 | Elanco Animal Health, Inc.* | 55,491 | |||||||||
1,893 | Horizon Therapeutics PLC* | 105,213 | |||||||||
322 | Reata Pharmaceuticals, Inc., Class A* | 50,238 | |||||||||
419 | Zoetis, Inc. | 57,420 | |||||||||
268,362 |
Shares/ Principal | Fair Value | ||||||||||
PROFESSIONAL SERVICES - 3.0% | |||||||||||
1,843 | CoStar Group, Inc.* | $ | 1,309,765 | ||||||||
1,161 | Equifax, Inc. | 199,553 | |||||||||
16,743 | IHS Markit Ltd. | 1,264,096 | |||||||||
9,204 | Robert Half International, Inc. | 486,247 | |||||||||
7,898 | TransUnion | 687,442 | |||||||||
9,084 | Verisk Analytics, Inc. | 1,546,097 | |||||||||
5,493,200 | |||||||||||
ROAD & RAIL - 0.7% | |||||||||||
6,505 | Landstar System, Inc. | 730,576 | |||||||||
3,513 | Old Dominion Freight Line, Inc. | 595,770 | |||||||||
1,326,346 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5% | |||||||||||
2,739 | Advanced Micro Devices, Inc.* | 144,099 | |||||||||
8,267 | Applied Materials, Inc. | 499,740 | |||||||||
2,647 | Cirrus Logic, Inc.* | 163,532 | |||||||||
4,519 | Enphase Energy, Inc.* | 214,969 | |||||||||
4,823 | Entegris, Inc. | 284,798 | |||||||||
2,784 | Inphi Corp.* | 327,120 | |||||||||
7,709 | KLA Corp. | 1,499,246 | |||||||||
1,540 | Lam Research Corp. | 498,128 | |||||||||
3,529 | Maxim Integrated Products, Inc. | 213,893 | |||||||||
1,131 | Microchip Technology, Inc. | 119,106 | |||||||||
1,403 | MKS Instruments, Inc. | 158,876 | |||||||||
5,074 | Monolithic Power Systems, Inc. | 1,202,538 | |||||||||
1,396 | NVIDIA Corp. | 530,354 | |||||||||
878 | Silicon Laboratories, Inc.* | 88,037 | |||||||||
1,194 | SolarEdge Technologies, Inc.* | 165,703 | |||||||||
9,053 | Teradyne, Inc. | 765,069 | |||||||||
492 | Universal Display Corp. | 73,613 | |||||||||
15,215 | Xilinx, Inc. | 1,497,004 | |||||||||
8,445,825 | |||||||||||
SOFTWARE - 18.6% | |||||||||||
3,320 | 2U, Inc.* | 126,027 | |||||||||
1,467 | ACI Worldwide, Inc.* | 39,594 | |||||||||
127 | Adobe, Inc.* | 55,284 | |||||||||
2,160 | Alteryx, Inc., Class A* | 354,845 | |||||||||
2,959 | Anaplan, Inc.* | 134,072 | |||||||||
5,097 | ANSYS, Inc.* | 1,486,948 | |||||||||
2,695 | Aspen Technology, Inc.* | 279,229 | |||||||||
1,207 | Atlassian Corp. PLC, Class A* | 217,586 | |||||||||
3,822 | Avalara, Inc.* | 508,670 | |||||||||
26,714 | Cadence Design Systems, Inc.* | 2,563,475 | |||||||||
927 | Ceridian HCM Holding, Inc.* | 73,483 | |||||||||
5,265 | Citrix Systems, Inc. | 778,746 | |||||||||
12,627 | Cloudflare, Inc., Class A* | 453,941 | |||||||||
5,110 | Coupa Software, Inc.* | 1,415,674 | |||||||||
4,896 | Crowdstrike Holdings, Inc., Class A* | 491,020 | |||||||||
9,095 | Datadog, Inc., Class A* | 790,810 |
See accompanying notes to financial statements.
34
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 18.6% (Continued) | |||||||||||
16,661 | DocuSign, Inc.* | $ | 2,869,191 | ||||||||
17,128 | Dropbox, Inc., Class A* | 372,877 | |||||||||
7,672 | Dynatrace, Inc.* | 311,483 | |||||||||
2,426 | Elastic NV* | 223,702 | |||||||||
1,633 | Everbridge, Inc.* | 225,942 | |||||||||
1,431 | Fair Isaac Corp.* | 598,215 | |||||||||
3,519 | FireEye, Inc.* | 42,844 | |||||||||
7,982 | Five9, Inc.* | 883,368 | |||||||||
8,805 | Fortinet, Inc.* | 1,208,662 | |||||||||
2,128 | Globant SA* | 318,881 | |||||||||
4,254 | HubSpot, Inc.* | 954,385 | |||||||||
974 | Intuit, Inc. | 288,489 | |||||||||
253 | J2 Global, Inc.* | 15,992 | |||||||||
283 | LogMeln, Inc. | 23,990 | |||||||||
3,406 | Manhattan Associates, Inc.* | 320,845 | |||||||||
4,024 | Medallia, Inc.* | 101,566 | |||||||||
3,376 | Microsoft Corp. | 687,050 | |||||||||
8,421 | New Relic, Inc.* | 580,207 | |||||||||
1,469 | NortonLifeLock, Inc. | 29,130 | |||||||||
14,867 | Nutanix, Inc., Class A* | 352,422 | |||||||||
2,607 | Palo Alto Networks, Inc.* | 598,750 | |||||||||
4,058 | Paycom Software, Inc.* | 1,256,884 | |||||||||
3,713 | Paylocity Holding Corp.* | 541,690 | |||||||||
3,225 | Pluralsight, Inc., Class A* | 58,211 | |||||||||
3,246 | Proofpoint, Inc.* | 360,696 | |||||||||
3,904 | PTC, Inc.* | 303,692 | |||||||||
866 | Qualys, Inc.* | 90,081 | |||||||||
2,367 | RealPage, Inc.* | 153,879 | |||||||||
7,780 | RingCentral, Inc., Class A* | 2,217,378 | |||||||||
416 | ServiceNow, Inc.* | 168,505 | |||||||||
31,826 | Slack Technologies, Inc., Class A* | 989,470 | |||||||||
11,078 | Smartsheet, Inc., Class A* | 564,092 | |||||||||
9,940 | Splunk, Inc.* | 1,975,078 | |||||||||
2,409 | SS&C Technologies Holdings, Inc. | 136,060 | |||||||||
8,262 | Synopsys, Inc.* | 1,611,090 | |||||||||
17,187 | Teradata Corp.* | 357,490 | |||||||||
2,236 | Trade Desk, Inc. (The), Class A* | 908,934 | |||||||||
727 | Tyler Technologies, Inc.* | 252,182 | |||||||||
1,111 | VMware, Inc., Class A* | 172,050 | |||||||||
7,795 | Zendesk, Inc.* | 690,091 | |||||||||
685 | Zoom Video Communications, Inc., Class A* | 173,675 | |||||||||
6,608 | Zscaler, Inc.* | 723,576 | |||||||||
34,482,199 | |||||||||||
SPECIALTY RETAIL - 3.8% | |||||||||||
1,127 | AutoZone, Inc.* | 1,271,391 | |||||||||
4,664 | Best Buy Co., Inc. | 407,027 | |||||||||
1,751 | Burlington Stores, Inc.* | 344,824 | |||||||||
2,176 | Carvana Co.* | 261,555 | |||||||||
1,844 | Dick's Sporting Goods, Inc. | 76,083 | |||||||||
3,069 | Five Below, Inc.* | 328,107 |
Shares/ Principal | Fair Value | ||||||||||
SPECIALTY RETAIL - 3.8% (Continued) | |||||||||||
3,233 | Floor & Decor Holdings, Inc., Class A* | $ | 186,383 | ||||||||
1,160 | Home Depot, Inc. (The) | 290,592 | |||||||||
3,910 | Lowe's Cos., Inc. | 528,319 | |||||||||
3,651 | O'Reilly Automotive, Inc.* | 1,539,517 | |||||||||
9,081 | Tractor Supply Co. | 1,196,785 | |||||||||
2,497 | Ulta Beauty, Inc.* | 507,940 | |||||||||
882 | Williams-Sonoma, Inc. | 72,333 | |||||||||
7,010,856 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7% | |||||||||||
1,055 | Dell Technologies, Inc., Class C* | 57,961 | |||||||||
4,746 | NCR Corp.* | 82,201 | |||||||||
18,457 | NetApp, Inc. | 818,937 | |||||||||
18,921 | Pure Storage, Inc., Class A* | 327,901 | |||||||||
1,287,000 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.6% | |||||||||||
340 | Deckers Outdoor Corp.* | 66,773 | |||||||||
1,737 | Levi Strauss & Co., Class A | 23,276 | |||||||||
8,869 | Lululemon Athletica, Inc.* | 2,767,217 | |||||||||
993 | VF Corp. | 60,513 | |||||||||
2,917,779 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.2% | |||||||||||
31,506 | Fastenal Co. | 1,349,717 | |||||||||
606 | GATX Corp. | 36,954 | |||||||||
862 | SiteOne Landscape Supply, Inc.* | 98,242 | |||||||||
2,660 | WW Grainger, Inc. | 835,666 | |||||||||
2,320,579 | |||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.1% | |||||||||||
4,144 | United States Cellular Corp.* | 127,925 | |||||||||
TOTAL COMMON STOCKS (Cost - $145,968,179) | 179,686,340 | ||||||||||
SHORT-TERM INVESTMENTS - 2.6% | |||||||||||
MONEY MARKET FUNDS - 2.6% | |||||||||||
4,785,751 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $4,785,751) | 4,785,751 | |||||||||
TOTAL INVESTMENTS - 99.3% (Cost - $150,753,930) | $ | 184,472,091 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.7% | 1,316,704 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 185,788,795 |
* Non-income producing security.
(a) The rate shown is the annualized seven-day yield at period end.
PLC - Public Limited Company
See accompanying notes to financial statements.
35
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.7 | % | |||||
Money Market Funds | 2.6 | % | |||||
Other Assets less Liabilities - Net | 0.7 | % | |||||
100.0 | % |
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 40 | 9/18/2020 | $ | 6,180,400 | $ | 102,865 |
See accompanying notes to financial statements.
36
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.3% | |||||||||||
AEROSPACE & DEFENSE - 0.9% | |||||||||||
454 | AAR Corp. | $ | 9,384 | ||||||||
433 | Aerojet Rocketdyne Holdings, Inc.* | 17,164 | |||||||||
1,121 | Astronics Corp.* | 11,838 | |||||||||
209 | Axon Enterprise, Inc.* | 20,509 | |||||||||
353 | Curtiss-Wright Corp. | 31,516 | |||||||||
331 | Mercury Systems, Inc.* | 26,036 | |||||||||
324 | Moog, Inc., Class A | 17,166 | |||||||||
178 | Parsons Corp.* | 6,451 | |||||||||
140,064 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.3% | |||||||||||
810 | Hub Group, Inc., Class A* | 38,767 | |||||||||
AIRLINES - 0.3% | |||||||||||
181 | Allegiant Travel Co. | 19,767 | |||||||||
225 | SkyWest, Inc. | 7,339 | |||||||||
992 | Spirit Airlines, Inc.* | 17,658 | |||||||||
44,764 | |||||||||||
AUTO COMPONENTS - 1.2% | |||||||||||
866 | Adient PLC* | 14,220 | |||||||||
1,150 | American Axle & Manufacturing Holdings, Inc.* | 8,740 | |||||||||
348 | Cooper-Standard Holdings, Inc.* | 4,611 | |||||||||
2,204 | Dana, Inc. | 26,867 | |||||||||
259 | Fox Factory Holding Corp.* | 21,396 | |||||||||
414 | LCI Industries | 47,602 | |||||||||
486 | Standard Motor Products, Inc. | 20,023 | |||||||||
1,530 | Tenneco, Inc., Class A* | 11,567 | |||||||||
309 | Visteon Corp.* | 21,166 | |||||||||
176,192 | |||||||||||
BANKS - 7.8% | |||||||||||
422 | ACNB Corp. | 11,048 | |||||||||
371 | Ameris Bancorp | 8,752 | |||||||||
208 | BancFirst Corp. | 8,439 | |||||||||
1,133 | Bancorp, Inc. (The)* | 11,103 | |||||||||
381 | BancorpSouth Bank | 8,664 | |||||||||
1,637 | Bank of Commerce Holdings | 12,408 | |||||||||
2,342 | BankFinancial Corp. | 19,673 | |||||||||
631 | Bankwell Financial Group, Inc. | 10,033 | |||||||||
261 | Banner Corp. | 9,918 | |||||||||
2,533 | Berkshire Hills Bancorp, Inc. | 27,914 | |||||||||
2,023 | Boston Private Financial Holdings, Inc. | 13,918 | |||||||||
1,521 | Cadence BanCorp | 13,476 | |||||||||
879 | Capital City Bank Group, Inc. | 18,415 | |||||||||
828 | Capstar Financial Holdings, Inc. | 9,936 | |||||||||
3,113 | Carter Bank & Trust | 25,122 | |||||||||
1,910 | Cathay General Bancorp | 50,233 | |||||||||
2,396 | CIT Group, Inc. | 49,669 | |||||||||
163 | Community Bank System, Inc. | 9,294 |
Shares/ Principal | Fair Value | ||||||||||
BANKS - 7.8% (Continued) | |||||||||||
2,652 | Community Bankers Trust Corp. | $ | 14,586 | ||||||||
484 | CVB Financial Corp. | 9,070 | |||||||||
329 | Enterprise Bancorp, Inc. | 7,837 | |||||||||
3,123 | First Commonwealth Financial Corp. | 25,858 | |||||||||
1,252 | First Community Bankshares, Inc. | 28,107 | |||||||||
290 | First Community Corp. | 4,393 | |||||||||
634 | First Financial Bankshares, Inc. | 18,316 | |||||||||
2,277 | First Financial Northwest, Inc. | 22,064 | |||||||||
351 | First Horizon National Corp. | 3,496 | |||||||||
48 | First Savings Financial Group, Inc. | 2,080 | |||||||||
120 | First United Corp. | 1,601 | |||||||||
597 | Flushing Financial Corp. | 6,877 | |||||||||
699 | Fulton Financial Corp. | 7,360 | |||||||||
276 | Glacier Bancorp, Inc. | 9,740 | |||||||||
546 | Hancock Whitney Corp. | 11,575 | |||||||||
1,960 | HBT Financial, Inc. | 26,127 | |||||||||
1,449 | Heritage Commerce Corp. | 10,875 | |||||||||
2,097 | Home BancShares, Inc. | 32,252 | |||||||||
380 | IBERIABANK Corp. | 17,305 | |||||||||
95 | Independent Bank Corp. | 6,373 | |||||||||
1,667 | Independent Bank Corp. | 24,755 | |||||||||
574 | Independent Bank Group, Inc. | 23,258 | |||||||||
688 | Investar Holding Corp. | 9,976 | |||||||||
1,710 | Investors Bancorp, Inc. | 14,535 | |||||||||
740 | Lakeland Bancorp, Inc. | 8,458 | |||||||||
801 | Lakeland Financial Corp. | 37,319 | |||||||||
1,089 | Macatawa Bank Corp. | 8,516 | |||||||||
80 | MidWestOne Financial Group, Inc. | 1,600 | |||||||||
567 | National Bank Holdings Corp., Class A | 15,309 | |||||||||
541 | Northrim BanCorp, Inc. | 13,601 | |||||||||
212 | OceanFirst Financial Corp. | 3,738 | |||||||||
3,616 | Pacific Mercantile Bancorp* | 13,235 | |||||||||
632 | Pacific Premier Bancorp, Inc. | 13,702 | |||||||||
352 | Renasant Corp. | 8,765 | |||||||||
510 | Republic Bancorp, Inc., Class A | 16,682 | |||||||||
6,002 | Republic First Bancorp, Inc.* | 14,645 | |||||||||
1,769 | Sandy Spring Bancorp, Inc. | 43,836 | |||||||||
1,093 | Sierra Bancorp | 20,636 | |||||||||
1,126 | SmartFinancial, Inc. | 18,219 | |||||||||
719 | South Plains Financial, Inc. | 10,239 | |||||||||
757 | South State Corp. | 36,079 | |||||||||
279 | Southern First Bancshares, Inc.* | 7,731 | |||||||||
708 | Synovus Financial Corp. | 14,535 | |||||||||
297 | TriCo Bancshares | 9,044 | |||||||||
1,321 | TriState Capital Holdings, Inc.* | 20,753 | |||||||||
910 | Union Bankshares, Inc. | 17,035 | |||||||||
665 | United Bankshares, Inc. | 18,394 | |||||||||
2,281 | United Community Banks, Inc. | 45,894 | |||||||||
1,170 | Univest Financial Corp. | 18,884 | |||||||||
408 | Washington Trust Bancorp, Inc. | 13,362 | |||||||||
347 | WesBanco, Inc. | 7,048 |
See accompanying notes to financial statements.
37
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
BANKS - 7.8% (Continued) | |||||||||||
1,154 | West BanCorp, Inc. | $ | 20,183 | ||||||||
394 | Wintrust Financial Corp. | 17,186 | |||||||||
1,151,059 | |||||||||||
BEVERAGES - 0.2% | |||||||||||
50 | Boston Beer Co., Inc. (The), Class A* | 26,833 | |||||||||
BIOTECHNOLOGY - 9.7% | |||||||||||
561 | ACADIA Pharmaceuticals, Inc.* | 27,192 | |||||||||
324 | Acceleron Pharma, Inc.* | 30,867 | |||||||||
2,241 | Acorda Therapeutics, Inc.* | 1,646 | |||||||||
4,852 | Agenus, Inc.* | 19,068 | |||||||||
777 | Aimmune Therapeutics, Inc.* | 12,984 | |||||||||
1,510 | Akebia Therapeutics, Inc.* | 20,506 | |||||||||
306 | Alector, Inc.* | 7,479 | |||||||||
350 | Allogene Therapeutics, Inc.* | 14,987 | |||||||||
875 | Amicus Therapeutics, Inc.* | 13,195 | |||||||||
327 | AnaptysBio, Inc.* | 7,305 | |||||||||
292 | Apellis Pharmaceuticals, Inc.* | 9,537 | |||||||||
2,930 | Aptinyx, Inc.* | 12,218 | |||||||||
498 | Arcus Biosciences, Inc.* | 12,321 | |||||||||
323 | Arena Pharmaceuticals, Inc.* | 20,333 | |||||||||
825 | Arrowhead Pharmaceuticals, Inc.* | 35,632 | |||||||||
510 | Assembly Biosciences, Inc.* | 11,893 | |||||||||
298 | Atara Biotherapeutics, Inc.* | 4,342 | |||||||||
2,598 | Athersys, Inc.* | 7,170 | |||||||||
488 | Beam Therapeutics, Inc.* | 13,664 | |||||||||
2,413 | BioCryst Pharmaceuticals, Inc.* | 11,498 | |||||||||
226 | Biohaven Pharmaceutical Holding Co. Ltd.* | 16,523 | |||||||||
331 | Blueprint Medicines Corp.* | 25,818 | |||||||||
557 | Bridgebio Pharma, Inc.* | 18,164 | |||||||||
1,099 | Calithera Biosciences, Inc.* | 5,803 | |||||||||
312 | ChemoCentryx, Inc.* | 17,952 | |||||||||
2,328 | Chimerix, Inc.* | 7,217 | |||||||||
1,167 | Coherus Biosciences, Inc.* | 20,843 | |||||||||
1,344 | Corvus Pharmaceuticals, Inc.* | 3,656 | |||||||||
905 | CytomX Therapeutics, Inc.* | 7,539 | |||||||||
332 | Deciphera Pharmaceuticals, Inc.* | 19,827 | |||||||||
375 | Denali Therapeutics, Inc.* | 9,067 | |||||||||
190 | Eagle Pharmaceuticals, Inc.* | 9,116 | |||||||||
313 | Editas Medicine, Inc.* | 9,259 | |||||||||
510 | Emergent BioSolutions, Inc.* | 40,331 | |||||||||
659 | Enanta Pharmaceuticals, Inc.* | 33,088 | |||||||||
798 | Epizyme, Inc.* | 12,816 | |||||||||
272 | Esperion Therapeutics, Inc.* | 13,956 | |||||||||
132 | Exact Sciences Corp.* | 11,476 | |||||||||
656 | Fate Therapeutics, Inc.* | 22,507 | |||||||||
1,032 | FibroGen, Inc.* | 41,827 | |||||||||
216 | Five Prime Therapeutics, Inc.* | 1,318 | |||||||||
751 | Flexion Therapeutics, Inc.* | 9,876 | |||||||||
431 | Global Blood Therapeutics, Inc.* | 27,209 |
Shares/ Principal | Fair Value | ||||||||||
BIOTECHNOLOGY - 9.7% (Continued) | |||||||||||
588 | Gossamer Bio, Inc.* | $ | 7,644 | ||||||||
821 | Halozyme Therapeutics, Inc.* | 22,011 | |||||||||
642 | Heron Therapeutics, Inc.* | 9,444 | |||||||||
781 | Immunomedics, Inc.* | 27,679 | |||||||||
1,730 | Inovio Pharmaceuticals, Inc.* | 46,623 | |||||||||
1,076 | Insmed, Inc.* | 29,633 | |||||||||
865 | Intellia Therapeutics, Inc.* | 18,182 | |||||||||
296 | Intercept Pharmaceuticals, Inc.* | 14,181 | |||||||||
1,273 | Invitae Corp.* | 38,559 | |||||||||
899 | Iovance Biotherapeutics, Inc.* | 24,678 | |||||||||
1,900 | Ironwood Pharmaceuticals, Inc.* | 19,608 | |||||||||
326 | Karyopharm Therapeutics, Inc.* | 6,174 | |||||||||
3,789 | Kindred Biosciences, Inc.* | 17,013 | |||||||||
135 | Kodiak Sciences, Inc.* | 7,306 | |||||||||
260 | Ligand Pharmaceuticals, Inc.* | 29,081 | |||||||||
354 | MacroGenics, Inc.* | 9,884 | |||||||||
200 | Mirati Therapeutics, Inc.* | 22,834 | |||||||||
635 | Momenta Pharmaceuticals, Inc.* | 21,126 | |||||||||
462 | Myriad Genetics, Inc.* | 5,239 | |||||||||
689 | Natera, Inc.* | 34,354 | |||||||||
649 | Novavax, Inc.* | 54,094 | |||||||||
1,563 | Nymox Pharmaceutical Corp.* | 5,549 | |||||||||
5,201 | OPKO Health, Inc.* | 17,735 | |||||||||
362 | Portola Pharmaceuticals, Inc.* | 6,512 | |||||||||
2,227 | Precigen, Inc.* | 11,113 | |||||||||
164 | Principia Biopharma, Inc.* | 9,806 | |||||||||
165 | Puma Biotechnology, Inc.* | 1,721 | |||||||||
951 | Radius Health, Inc.* | 12,962 | |||||||||
382 | REGENXBIO, Inc.* | 14,069 | |||||||||
1,705 | Retrophin, Inc.* | 34,799 | |||||||||
6 | Sage Therapeutics, Inc.* | 249 | |||||||||
1,095 | Sangamo Therapeutics, Inc.* | 9,811 | |||||||||
86 | Sarepta Therapeutics, Inc.* | 13,789 | |||||||||
3,816 | Seres Therapeutics, Inc.* | 18,164 | |||||||||
474 | Spectrum Pharmaceuticals, Inc.* | 1,602 | |||||||||
660 | Ultragenyx Pharmaceutical, Inc.* | 51,625 | |||||||||
858 | Vanda Pharmaceuticals, Inc.* | 9,816 | |||||||||
946 | Veracyte, Inc.* | 24,501 | |||||||||
716 | Vir Biotechnology, Inc.* | 29,335 | |||||||||
661 | Xencor, Inc.* | 21,410 | |||||||||
2,433 | ZIOPHARM Oncology, Inc.* | 7,980 | |||||||||
1,446,920 | |||||||||||
BUILDING PRODUCTS - 1.4% | |||||||||||
370 | Advanced Drainage Systems, Inc. | 18,278 | |||||||||
1,425 | Builders FirstSource, Inc.* | 29,497 | |||||||||
978 | Caesarstone Ltd. | 11,589 | |||||||||
750 | Gibraltar Industries, Inc.* | 36,008 | |||||||||
100 | Masonite International Corp.* | 7,778 | |||||||||
631 | Quanex Building Products Corp. | 8,758 |
See accompanying notes to financial statements.
38
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
BUILDING PRODUCTS - 1.4% (Continued) | |||||||||||
445 | Trex Co., Inc.* | $ | 57,881 | ||||||||
619 | UFP Industries, Inc. | 30,647 | |||||||||
200,436 | |||||||||||
CAPITAL MARKETS - 2.0% | |||||||||||
674 | Ares Management Corp., Class A | 26,758 | |||||||||
290 | Artisan Partners Asset Management, Inc., Class A | 9,425 | |||||||||
1,959 | Brightsphere Investment Group, Inc. | 24,409 | |||||||||
242 | Cohen & Steers, Inc. | 16,468 | |||||||||
1,895 | Donnelley Financial Solutions, Inc.* | 15,918 | |||||||||
86 | Evercore, Inc., Class A | 5,067 | |||||||||
402 | Federated Hermes, Inc. | 9,527 | |||||||||
371 | Focus Financial Partners, Inc., Class A* | 12,262 | |||||||||
473 | Hamilton Lane, Inc., Class A | 31,866 | |||||||||
268 | Houlihan Lokey, Inc. | 14,911 | |||||||||
4,589 | Medley Management, Inc., Class A* | 3,543 | |||||||||
626 | Moelis & Co., Class A | 19,506 | |||||||||
191 | Piper Sandler Cos. | 11,300 | |||||||||
802 | Silvercrest Asset Management Group, Inc., Class A | 10,193 | |||||||||
951 | Stifel Financial Corp. | 45,106 | |||||||||
210 | Virtus Investment Partners, Inc. | 24,421 | |||||||||
726 | Waddell & Reed Financial, Inc., Class A | 11,260 | |||||||||
297 | Westwood Holdings Group, Inc. | 4,678 | |||||||||
296,618 | |||||||||||
CHEMICALS - 1.6% | |||||||||||
490 | AdvanSix, Inc.* | 5,753 | |||||||||
102 | Balchem Corp. | 9,676 | |||||||||
721 | Ferro Corp.* | 8,609 | |||||||||
515 | HB Fuller Co. | 22,969 | |||||||||
211 | Ingevity Corp.* | 11,092 | |||||||||
599 | Innospec, Inc. | 46,273 | |||||||||
460 | Koppers Holdings, Inc.* | 8,666 | |||||||||
2,108 | PolyOne Corp. | 55,293 | |||||||||
418 | Stepan Co. | 40,588 | |||||||||
1,091 | Trinseo SA | 24,176 | |||||||||
233,095 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.6% | |||||||||||
1,340 | ACCO Brands Corp. | 9,514 | |||||||||
421 | Brink's Co. (The) | 19,160 | |||||||||
726 | CECO Environmental Corp.* | 4,784 | |||||||||
250 | Cimpress PLC* | 19,085 | |||||||||
971 | Healthcare Services Group, Inc. | 23,751 | |||||||||
720 | Interface, Inc. | 5,861 | |||||||||
1,019 | Kimball International, Inc., Class B | 11,780 | |||||||||
917 | McGrath RentCorp | 49,527 | |||||||||
997 | Mobile Mini, Inc. | 29,411 | |||||||||
182 | MSA Safety, Inc. | 20,828 | |||||||||
234 | SP Plus Corp.* | 4,846 |
Shares/ Principal | Fair Value | ||||||||||
COMMERCIAL SERVICES & SUPPLIES - 1.6% (Continued) | |||||||||||
1,001 | Steelcase, Inc., Class A | $ | 12,072 | ||||||||
291 | Tetra Tech, Inc. | 23,024 | |||||||||
169 | Viad Corp. | 3,214 | |||||||||
236,857 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.9% | |||||||||||
145 | Acacia Communications, Inc.* | 9,743 | |||||||||
988 | Calix, Inc.* | 14,721 | |||||||||
584 | Ciena Corp.* | 31,629 | |||||||||
1,123 | Infinera Corp.* | 6,648 | |||||||||
358 | Lumentum Holdings, Inc.* | 29,152 | |||||||||
1,239 | TESSCO Technologies, Inc. | 6,815 | |||||||||
136 | Ubiquiti, Inc. | 23,740 | |||||||||
378 | ViaSat, Inc.* | 14,504 | |||||||||
136,952 | |||||||||||
CONSTRUCTION & ENGINEERING - 1.3% | |||||||||||
1,153 | Comfort Systems USA, Inc. | 46,985 | |||||||||
520 | Dycom Industries, Inc.* | 21,263 | |||||||||
545 | EMCOR Group, Inc. | 36,046 | |||||||||
906 | MasTec, Inc.* | 40,652 | |||||||||
694 | MYR Group, Inc.* | 22,146 | |||||||||
973 | Primoris Services Corp. | 17,280 | |||||||||
1,165 | WillScot Corp.* | 14,318 | |||||||||
198,690 | |||||||||||
CONSTRUCTION MATERIALS - 0.2% | |||||||||||
1,463 | Summit Materials, Inc., Class A* | 23,525 | |||||||||
CONSUMER FINANCE - 0.7% | |||||||||||
2,302 | Elevate Credit, Inc.* | 3,407 | |||||||||
199 | Encore Capital Group, Inc.* | 6,802 | |||||||||
541 | Enova International, Inc.* | 8,045 | |||||||||
581 | FirstCash, Inc. | 39,206 | |||||||||
469 | Green Dot Corp., Class A* | 23,018 | |||||||||
31 | LendingTree, Inc.* | 8,975 | |||||||||
266 | PRA Group, Inc.* | 10,283 | |||||||||
191 | Regional Management Corp.* | 3,383 | |||||||||
103,119 | |||||||||||
CONTAINERS & PACKAGING - 0.1% | |||||||||||
417 | Greif, Inc., Class A | 14,349 | |||||||||
Distributors - 0.1% | |||||||||||
567 | Core-Mark Holding Co., Inc. | 14,149 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.9% | |||||||||||
758 | Carriage Services, Inc. | 13,735 | |||||||||
548 | Chegg, Inc.* | 36,859 | |||||||||
176 | Grand Canyon Education, Inc.* | 15,933 | |||||||||
356 | K12, Inc.* | 9,697 |
See accompanying notes to financial statements.
39
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED CONSUMER SERVICES - 0.9% (Continued) | |||||||||||
262 | Strategic Education, Inc. | $ | 40,256 | ||||||||
578 | WW International, Inc.* | 14,670 | |||||||||
131,150 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.1% | |||||||||||
362 | Cannae Holdings, Inc.* | 14,878 | |||||||||
DIVERSIFIED TELECOMMUNICATION - 0.7% | |||||||||||
567 | Cogent Communications Holdings, Inc. | 43,863 | |||||||||
1,334 | Consolidated Communications Holdings, Inc.* | 9,031 | |||||||||
956 | Iridium Communications, Inc.* | 24,321 | |||||||||
958 | Ooma, Inc.* | 15,788 | |||||||||
1,506 | Vonage Holdings Corp.* | 15,150 | |||||||||
108,153 | |||||||||||
ELECTRIC UTILITIES - 1.3% | |||||||||||
172 | ALLETE, Inc. | 9,393 | |||||||||
201 | El Paso Electric Co. | 13,467 | |||||||||
1,193 | IDACORP, Inc. | 104,232 | |||||||||
1,131 | PNM Resources, Inc. | 43,476 | |||||||||
544 | Portland General Electric Co. | 22,745 | |||||||||
193,313 | |||||||||||
ELECTRICAL EQUIPMENT - 0.9% | |||||||||||
556 | Atkore International Group, Inc.* | 15,207 | |||||||||
368 | AZZ, Inc. | 12,630 | |||||||||
398 | Encore Wire Corp. | 19,430 | |||||||||
515 | Generac Holdings, Inc.* | 62,794 | |||||||||
1,524 | LSI Industries, Inc. | 9,860 | |||||||||
1,291 | Plug Power, Inc.* | 10,599 | |||||||||
130,520 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7% | |||||||||||
548 | Arlo Technologies, Inc.* | 1,414 | |||||||||
5,787 | Daktronics, Inc. | 25,173 | |||||||||
228 | ePlus, Inc.* | 16,115 | |||||||||
335 | Fabrinet* | 20,911 | |||||||||
155 | FARO Technologies, Inc.* | 8,308 | |||||||||
1,949 | Fitbit, Inc., Class A* | 12,591 | |||||||||
422 | II-VI, Inc.* | 19,927 | |||||||||
507 | Insight Enterprises, Inc.* | 24,944 | |||||||||
147 | Littelfuse, Inc. | 25,083 | |||||||||
101 | Novanta, Inc.* | 10,784 | |||||||||
813 | OSI Systems, Inc.* | 60,682 | |||||||||
716 | PC Connection, Inc. | 33,194 | |||||||||
1,374 | Sanmina Corp.* | 34,405 | |||||||||
1,260 | ScanSource, Inc.* | 30,353 | |||||||||
400 | SYNNEX Corp. | 47,908 | |||||||||
196 | Tech Data Corp.* | 28,420 | |||||||||
400,212 |
Shares/ Principal | Fair Value | ||||||||||
ENERGY EQUIPMENT & SERVICES - 0.7% | |||||||||||
2,783 | Archrock, Inc. | $ | 18,062 | ||||||||
394 | Basic Energy Services, Inc.* | 75 | |||||||||
2,104 | ChampionX Corp.* | 20,535 | |||||||||
273 | Dril-Quip, Inc.* | 8,133 | |||||||||
949 | Exterran Corp.* | 5,115 | |||||||||
7,516 | Forum Energy Technologies, Inc.* | 3,969 | |||||||||
327 | Matrix Service Co.* | 3,178 | |||||||||
1,631 | Natural Gas Services Group, Inc.* | 10,226 | |||||||||
1,057 | NexTier Oilfield Solutions, Inc.* | 2,590 | |||||||||
2,230 | Oceaneering International, Inc.* | 14,250 | |||||||||
1,382 | Oil States International, Inc.* | 6,564 | |||||||||
2 | Parker Drilling Co.* | 11 | |||||||||
1,654 | ProPetro Holding Corp.* | 8,502 | |||||||||
510 | US Silica Holdings, Inc. | 1,841 | |||||||||
2,253 | Valaris PLC* | 1,469 | |||||||||
104,520 | |||||||||||
ENTERTAINMENT - 0.2% | |||||||||||
1,272 | IMAX Corp.* | 14,259 | |||||||||
771 | Marcus Corp. (The) | 10,231 | |||||||||
286 | World Wrestling Entertainment, Inc., Class A | 12,427 | |||||||||
36,917 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 6.2% | |||||||||||
1,030 | Acadia Realty Trust | 13,369 | |||||||||
1,724 | Armada Hoffler Properties, Inc. | 17,154 | |||||||||
3,401 | Cedar Realty Trust, Inc. | 3,367 | |||||||||
1,010 | Chatham Lodging Trust | 6,181 | |||||||||
1,868 | City Office REIT, Inc. | 18,792 | |||||||||
7,738 | Colony Capital, Inc. | 18,571 | |||||||||
1,061 | CoreCivic, Inc. | 9,931 | |||||||||
583 | CorePoint Lodging, Inc. | 2,454 | |||||||||
920 | Cousins Properties, Inc. | 27,444 | |||||||||
3,987 | DiamondRock Hospitality Co. | 22,048 | |||||||||
1,395 | Easterly Government Properties, Inc. | 32,252 | |||||||||
793 | EastGroup Properties, Inc. | 94,058 | |||||||||
428 | Essential Properties Realty Trust, Inc. | 6,352 | |||||||||
2,859 | First Industrial Realty Trust, Inc. | 109,900 | |||||||||
2,060 | Four Corners Property Trust, Inc. | 50,264 | |||||||||
1,374 | Franklin Street Properties Corp. | 6,994 | |||||||||
326 | GEO Group, Inc. (The) | 3,857 | |||||||||
2,358 | Hersha Hospitality Trust | 13,582 | |||||||||
2,010 | Macerich Co. (The) | 18,030 | |||||||||
990 | National Storage Affiliates Trust | 28,373 | |||||||||
725 | NexPoint Residential Trust, Inc. | 25,629 | |||||||||
2,585 | Pebblebrook Hotel Trust | 35,311 | |||||||||
1,288 | Plymouth Industrial REIT, Inc. | 16,486 | |||||||||
1,050 | QTS Realty Trust, Inc., Class A | 67,295 | |||||||||
2,570 | Retail Properties of America, Inc., Class A | 18,812 | |||||||||
746 | Rexford Industrial Realty, Inc. | 30,907 |
See accompanying notes to financial statements.
40
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
EQUITY REAL ESTATE INVESTMENT - 6.2% (Continued) | |||||||||||
2,966 | RLJ Lodging Trust | $ | 27,999 | ||||||||
556 | Ryman Hospitality Properties, Inc. | 19,238 | |||||||||
789 | Sabra Health Care REIT, Inc. | 11,385 | |||||||||
6,221 | Summit Hotel Properties, Inc. | 36,891 | |||||||||
1,954 | Sunstone Hotel Investors, Inc. | 15,925 | |||||||||
1,263 | Terreno Realty Corp. | 66,484 | |||||||||
2,559 | Uniti Group, Inc. | 23,927 | |||||||||
1,519 | Xenia Hotels & Resorts, Inc. | 14,172 | |||||||||
913,434 | |||||||||||
FOOD & STAPLES RETAILING - 0.6% | |||||||||||
539 | BJ's Wholesale Club Holdings, Inc.* | 20,089 | |||||||||
54 | Ingles Markets, Inc., Class A | 2,326 | |||||||||
37 | Natural Grocers by Vitamin Cottage, Inc. | 551 | |||||||||
1,232 | Performance Food Group Co.* | 35,900 | |||||||||
604 | Rite Aid Corp.* | 10,304 | |||||||||
44 | SpartanNash Co. | 935 | |||||||||
385 | Weis Markets, Inc. | 19,296 | |||||||||
89,401 | |||||||||||
FOOD PRODUCTS - 1.4% | |||||||||||
706 | Calavo Growers, Inc. | 44,414 | |||||||||
424 | Freshpet, Inc.* | 35,472 | |||||||||
2,526 | Hostess Brands, Inc.* | 30,868 | |||||||||
227 | J&J Snack Foods Corp. | 28,859 | |||||||||
417 | John B. Sanfilippo & Son, Inc. | 35,583 | |||||||||
166 | Lancaster Colony Corp. | 25,728 | |||||||||
382 | Seneca Foods Corp., Class A* | 12,915 | |||||||||
213,839 | |||||||||||
Gas Utilities - 1.1% | |||||||||||
2,369 | New Jersey Resources Corp. | 77,348 | |||||||||
453 | Northwest Natural Holding Co. | 25,273 | |||||||||
151 | ONE Gas, Inc. | 11,634 | |||||||||
778 | Southwest Gas Holdings, Inc. | 53,721 | |||||||||
167,976 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2% | |||||||||||
447 | AtriCure, Inc.* | 20,093 | |||||||||
338 | Cantel Medical Corp. | 14,950 | |||||||||
410 | Cardiovascular Systems, Inc.* | 12,935 | |||||||||
254 | CONMED Corp. | 18,285 | |||||||||
231 | Glaukos Corp.* | 8,875 | |||||||||
882 | Globus Medical, Inc., Class A* | 42,080 | |||||||||
327 | Haemonetics Corp.* | 29,286 | |||||||||
159 | ICU Medical, Inc.* | 29,305 | |||||||||
306 | Inogen, Inc.* | 10,869 | |||||||||
65 | Insulet Corp.* | 12,627 | |||||||||
157 | Integer Holdings Corp.* | 11,469 | |||||||||
235 | iRhythm Technologies, Inc.* | 27,234 | |||||||||
152 | LivaNova PLC* | 7,316 |
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2% (Continued) | |||||||||||
99 | Masimo Corp.* | $ | 22,571 | ||||||||
580 | Merit Medical Systems, Inc.* | 26,477 | |||||||||
263 | Neogen Corp.* | 20,409 | |||||||||
283 | Nevro Corp.* | 33,810 | |||||||||
566 | Novocure Ltd.* | 33,564 | |||||||||
146 | NuVasive, Inc.* | 8,126 | |||||||||
94 | Quidel Corp.* | 21,032 | |||||||||
414 | SeaSpine Holdings Corp.* | 4,335 | |||||||||
209 | Shockwave Medical, Inc.* | 9,900 | |||||||||
255 | Tandem Diabetes Care, Inc.* | 25,225 | |||||||||
748 | TransMedics Group, Inc.* | 13,404 | |||||||||
375 | Wright Medical Group NV* | 11,145 | |||||||||
475,322 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.6% | |||||||||||
97 | Amedisys, Inc.* | 19,258 | |||||||||
575 | AMN Healthcare Services, Inc.* | 26,013 | |||||||||
62 | Chemed Corp. | 27,966 | |||||||||
227 | CorVel Corp.* | 16,092 | |||||||||
522 | Encompass Health Corp. | 32,328 | |||||||||
703 | Ensign Group, Inc. (The) | 29,421 | |||||||||
2,668 | Enzo Biochem, Inc.* | 5,976 | |||||||||
642 | HealthEquity, Inc.* | 37,666 | |||||||||
314 | LHC Group, Inc.* | 54,737 | |||||||||
137 | Magellan Health, Inc.* | 9,998 | |||||||||
50 | Molina Healthcare, Inc.* | 8,899 | |||||||||
282 | National Research Corp. | 16,415 | |||||||||
1,409 | Patterson Cos., Inc. | 30,998 | |||||||||
1,993 | Select Medical Holdings Corp.* | 29,357 | |||||||||
410 | Tenet Healthcare Corp.* | 7,425 | |||||||||
334 | US Physical Therapy, Inc. | 27,061 | |||||||||
379,610 | |||||||||||
HEALTH CARE TECHNOLOGY - 1.7% | |||||||||||
2,129 | Allscripts Healthcare Solutions, Inc.* | 14,413 | |||||||||
2,717 | Castlight Health, Inc., Class B* | 2,255 | |||||||||
851 | Evolent Health, Inc., Class A* | 6,059 | |||||||||
358 | HMS Holdings Corp.* | 11,596 | |||||||||
1,442 | Inovalon Holdings, Inc., Class A* | 27,773 | |||||||||
250 | Inspire Medical Systems, Inc.* | 21,755 | |||||||||
304 | Livongo Health, Inc.* | 22,858 | |||||||||
595 | Omnicell, Inc.* | 42,019 | |||||||||
1,001 | Phreesia, Inc.* | 28,308 | |||||||||
341 | Teladoc Health, Inc.* | 65,077 | |||||||||
382 | Vocera Communications, Inc.* | 8,098 | |||||||||
250,211 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 2.7% | |||||||||||
282 | BJ's Restaurants, Inc. | 5,905 | |||||||||
645 | Bloomin' Brands, Inc. | 6,876 | |||||||||
713 | Boyd Gaming Corp. | 14,902 |
See accompanying notes to financial statements.
41
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HOTELS, RESTAURANTS & LEISURE - 2.7% (Continued) | |||||||||||
566 | Brinker International, Inc. | $ | 13,584 | ||||||||
932 | Caesars Entertainment Corp.* | 11,305 | |||||||||
419 | Cheesecake Factory, Inc. (The) | 9,604 | |||||||||
301 | Churchill Downs, Inc. | 40,078 | |||||||||
252 | Cracker Barrel Old Country Store, Inc. | 27,949 | |||||||||
1,629 | Del Taco Restaurants, Inc.* | 9,660 | |||||||||
423 | Denny's Corp.* | 4,272 | |||||||||
645 | Eldorado Resorts, Inc.* | 25,839 | |||||||||
1,040 | Everi Holdings, Inc.* | 5,366 | |||||||||
1,164 | Hilton Grand Vacations, Inc.* | 22,756 | |||||||||
939 | International Game Technology PLC | 8,357 | |||||||||
310 | Marriott Vacations Worldwide Corp. | 25,485 | |||||||||
208 | Papa John's International, Inc. | 16,517 | |||||||||
1,265 | Penn National Gaming, Inc.* | 38,633 | |||||||||
150 | Planet Fitness, Inc., Class A* | 9,086 | |||||||||
841 | Ruth's Hospitality Group, Inc. | 6,863 | |||||||||
426 | Target Hospitality Corp.* | 720 | |||||||||
685 | Texas Roadhouse, Inc. | 36,010 | |||||||||
406 | Wingstop, Inc. | 56,422 | |||||||||
396,189 | |||||||||||
HOUSEHOLD DURABLES - 1.9% | |||||||||||
2,486 | Bassett Furniture Industries, Inc. | 18,272 | |||||||||
322 | Beazer Homes USA, Inc.* | 3,243 | |||||||||
2,554 | Green Brick Partners, Inc.* | 30,265 | |||||||||
64 | Helen of Troy Ltd.* | 12,068 | |||||||||
303 | Hooker Furniture Corp. | 5,893 | |||||||||
319 | iRobot Corp.* | 26,764 | |||||||||
619 | La-Z-Boy, Inc. | 16,750 | |||||||||
1,898 | MDC Holdings, Inc. | 67,759 | |||||||||
619 | Meritage Homes Corp.* | 47,118 | |||||||||
221 | Taylor Morrison Home Corp.* | 4,263 | |||||||||
317 | TopBuild Corp.* | 36,065 | |||||||||
1,328 | TRI Pointe Group, Inc.* | 19,508 | |||||||||
287,968 | |||||||||||
HOUSEHOLD PRODUCTS - 0.2% | |||||||||||
222 | Central Garden & Pet Co.* | 7,990 | |||||||||
85 | Central Garden & Pet Co., Class A* | 2,872 | |||||||||
295 | Spectrum Brands Holdings, Inc. | 13,540 | |||||||||
24,402 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1% | |||||||||||
760 | Vistra Corp. | 14,151 | |||||||||
INSURANCE - 2.1% | |||||||||||
178 | American National Insurance Co. | 12,828 | |||||||||
616 | Argo Group International Holdings Ltd. | 21,455 | |||||||||
1,929 | CNO Financial Group, Inc. | 30,035 | |||||||||
143 | eHealth, Inc.* | 14,048 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 2.1% (Continued) | |||||||||||
713 | Employers Holdings, Inc. | $ | 21,497 | ||||||||
332 | FBL Financial Group, Inc., Class A | 11,916 | |||||||||
1,875 | Genworth Financial, Inc., Class A* | 4,331 | |||||||||
444 | Global Indemnity Ltd. | 10,629 | |||||||||
1,272 | Greenlight Capital Re Ltd., Class A* | 8,293 | |||||||||
455 | HCI Group, Inc. | 21,012 | |||||||||
539 | Horace Mann Educators Corp. | 19,797 | |||||||||
124 | Kemper Corp. | 8,992 | |||||||||
212 | Kinsale Capital Group, Inc. | 32,905 | |||||||||
1,003 | National General Holdings Corp. | 21,675 | |||||||||
1,150 | Protective Insurance Corp., Class B | 17,331 | |||||||||
158 | RLI Corp. | 12,972 | |||||||||
195 | Selective Insurance Group, Inc. | 10,284 | |||||||||
564 | United Fire Group, Inc. | 15,628 | |||||||||
1,358 | United Insurance Holdings Corp. | 10,620 | |||||||||
395 | Watford Holdings Ltd.* | 6,593 | |||||||||
312,841 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 0.7% | |||||||||||
607 | Cargurus, Inc.* | 15,387 | |||||||||
930 | Cars.com, Inc.* | 5,357 | |||||||||
1,247 | QuinStreet, Inc.* | 13,044 | |||||||||
1,115 | TrueCar, Inc.* | 2,877 | |||||||||
1,048 | Yelp, Inc.* | 24,240 | |||||||||
969 | ZoomInfo Technologies, Inc., Class A* | 49,448 | |||||||||
110,353 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 0.8% | |||||||||||
580 | 1-800-Flowers.com, Inc., Class A* | 11,612 | |||||||||
581 | Blue Apron Holdings, Inc., Class A* | 6,443 | |||||||||
189 | Etsy, Inc.* | 20,078 | |||||||||
267 | Grubhub, Inc.* | 18,770 | |||||||||
415 | Overstock.com, Inc.* | 11,798 | |||||||||
653 | Shutterstock, Inc. | 22,835 | |||||||||
127 | Stamps.com, Inc.* | 23,329 | |||||||||
114,865 | |||||||||||
IT SERVICES - 1.9% | |||||||||||
619 | CSG Systems International, Inc. | 25,620 | |||||||||
124 | EPAM Systems, Inc.* | 31,249 | |||||||||
88 | Fastly, Inc., Class A* | 7,491 | |||||||||
911 | Hackett Group, Inc. (The) | 12,335 | |||||||||
4,637 | Information Services Group, Inc.* | 9,599 | |||||||||
706 | International Money Express, Inc.* | 8,797 | |||||||||
333 | KBR, Inc. | 7,509 | |||||||||
885 | LiveRamp Holdings, Inc.* | 37,586 | |||||||||
705 | ManTech International Corp./VA, Class A | 48,286 | |||||||||
518 | MAXIMUS, Inc. | 36,493 | |||||||||
112 | NIC, Inc. | 2,572 | |||||||||
323 | Perficient, Inc.* | 11,557 |
See accompanying notes to financial statements.
42
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
IT SERVICES - 1.9% (Continued) | |||||||||||
1,897 | Verra Mobility Corp.* | $ | 19,501 | ||||||||
511 | Virtusa Corp.* | 16,592 | |||||||||
275,187 | |||||||||||
LEISURE PRODUCTS - 0.2% | |||||||||||
298 | Malibu Boats, Inc., Class A* | 15,481 | |||||||||
284 | YETI Holdings, Inc.* | 12,135 | |||||||||
27,616 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 1.2% | |||||||||||
153 | Adaptive Biotechnologies Corp.* | 7,402 | |||||||||
506 | Luminex Corp. | 16,460 | |||||||||
399 | Medpace Holdings, Inc.* | 37,115 | |||||||||
471 | NanoString Technologies, Inc.* | 13,824 | |||||||||
1,030 | NeoGenomics, Inc.* | 31,909 | |||||||||
130 | PRA Health Sciences, Inc.* | 12,648 | |||||||||
268 | Repligen Corp.* | 33,127 | |||||||||
507 | Syneos Health, Inc.* | 29,533 | |||||||||
182,018 | |||||||||||
MACHINERY - 2.9% | |||||||||||
254 | Albany International Corp., Class A | 14,912 | |||||||||
383 | Altra Industrial Motion Corp. | 12,202 | |||||||||
1,139 | Blue Bird Corp.* | 17,074 | |||||||||
1,081 | Briggs & Stratton Corp. | 1,416 | |||||||||
311 | EnPro Industries, Inc. | 15,329 | |||||||||
816 | ESCO Technologies, Inc. | 68,977 | |||||||||
1,422 | Evoqua Water Technologies Corp.* | 26,449 | |||||||||
1,100 | Gencor Industries, Inc.* | 13,904 | |||||||||
588 | Greenbrier Cos., Inc. (The) | 13,377 | |||||||||
969 | Hillenbrand, Inc. | 26,231 | |||||||||
142 | John Bean Technologies Corp. | 12,215 | |||||||||
453 | LB Foster Co., Class A* | 5,785 | |||||||||
392 | Miller Industries, Inc. | 11,670 | |||||||||
270 | Navistar International Corp.* | 7,614 | |||||||||
128 | Proto Labs, Inc.* | 14,396 | |||||||||
91 | RBC Bearings, Inc.* | 12,198 | |||||||||
1,304 | Rexnord Corp. | 38,012 | |||||||||
246 | SPX Corp.* | 10,123 | |||||||||
288 | Standex International Corp. | 16,574 | |||||||||
1,432 | Wabash National Corp. | 15,208 | |||||||||
773 | Watts Water Technologies, Inc., Class A | 62,613 | |||||||||
159 | Woodward, Inc. | 12,330 | |||||||||
428,609 | |||||||||||
MEDIA - 0.9% | |||||||||||
132 | Cardlytics, Inc.* | 9,238 | |||||||||
1,456 | Entercom Communications Corp., Class A | 2,009 | |||||||||
4,818 | Entravision Communications Corp., Class A | 6,890 | |||||||||
843 | EW Scripps Co. (The), Class A | 7,376 | |||||||||
1,573 | Gray Television, Inc.* | 21,944 | |||||||||
1,165 | iHeartMedia, Inc., Class A* | 9,728 |
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 0.9% (Continued) | |||||||||||
1,116 | MSG Networks, Inc., Class A* | $ | 11,104 | ||||||||
190 | Nexstar Media Group, Inc., Class A | 15,901 | |||||||||
239 | Sinclair Broadcast Group, Inc., Class A | 4,412 | |||||||||
942 | TechTarget, Inc.* | 28,288 | |||||||||
894 | TEGNA, Inc. | 9,959 | |||||||||
1,826 | Townsquare Media, Inc., Class A | 8,162 | |||||||||
135,011 | |||||||||||
METALS & MINING - 1.3% | |||||||||||
322 | Carpenter Technology Corp. | 7,818 | |||||||||
1,759 | Cleveland-Cliffs, Inc. | 9,710 | |||||||||
2,260 | Coeur Mining, Inc.* | 11,481 | |||||||||
1,086 | Commercial Metals Co. | 22,154 | |||||||||
1,471 | Hecla Mining Co. | 4,810 | |||||||||
429 | Kaiser Aluminum Corp. | 31,583 | |||||||||
472 | Materion Corp. | 29,023 | |||||||||
2,637 | Novagold Resources, Inc.* | 24,208 | |||||||||
1,590 | Ryerson Holding Corp.* | 8,952 | |||||||||
1,242 | Schnitzer Steel Industries, Inc., Class A | 21,909 | |||||||||
1,162 | SunCoke Energy, Inc. | 3,440 | |||||||||
2,897 | TimkenSteel Corp.* | 11,269 | |||||||||
186,357 | |||||||||||
MORTGAGE REAL ESTATE INVESTMENT - 0.7% | |||||||||||
805 | Apollo Commercial Real Estate Finance, Inc. | 7,897 | |||||||||
937 | Ares Commercial Real Estate Corp. | 8,546 | |||||||||
733 | Blackstone Mortgage Trust, Inc., Class A | 17,658 | |||||||||
1,932 | Colony Credit Real Estate, Inc. | 13,563 | |||||||||
750 | Ellington Financial, Inc. | 8,835 | |||||||||
657 | Great Ajax Corp. | 6,044 | |||||||||
3,107 | Invesco Mortgage Capital, Inc. | 11,619 | |||||||||
590 | Ladder Capital Corp. | 4,779 | |||||||||
1,498 | TPG RE Finance Trust, Inc. | 12,883 | |||||||||
3,458 | Two Harbors Investment Corp. | 17,428 | |||||||||
109,252 | |||||||||||
MULTILINE RETAIL - 0.2% | |||||||||||
550 | Big Lots, Inc. | 23,100 | |||||||||
MULTI-UTILITIES - 0.2% | |||||||||||
581 | Avista Corp. | 21,142 | |||||||||
167 | NorthWestern Corp. | 9,105 | |||||||||
30,247 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 1.1% | |||||||||||
1,039 | Brigham Minerals, Inc., Class A | 12,832 | |||||||||
913 | Callon Petroleum Co.* | 1,050 | |||||||||
1,400 | CNX Resources Corp.* | 12,110 | |||||||||
462 | CVR Energy, Inc. | 9,291 | |||||||||
1,164 | Delek US Holdings, Inc. | 20,265 | |||||||||
3,248 | Denbury Resources, Inc.* | 897 |
See accompanying notes to financial statements.
43
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 1.1% (Continued) | |||||||||||
1,544 | DHT Holdings, Inc. | $ | 7,921 | ||||||||
5,122 | Evolution Petroleum Corp. | 14,342 | |||||||||
566 | Laredo Petroleum, Inc.* | 7,845 | |||||||||
535 | Matador Resources Co.* | 4,547 | |||||||||
1,996 | Nordic American Tankers Ltd. | 8,104 | |||||||||
4,899 | Oasis Petroleum, Inc.* | 3,674 | |||||||||
1,361 | PBF Energy, Inc., Class A | 13,937 | |||||||||
674 | PDC Energy, Inc.* | 8,384 | |||||||||
808 | Scorpio Tankers, Inc. | 10,350 | |||||||||
3,497 | Southwestern Energy Co.* | 8,952 | |||||||||
519 | Talos Energy, Inc.* | 4,775 | |||||||||
465 | World Fuel Services Corp. | 11,978 | |||||||||
161,254 | |||||||||||
PAPER & FOREST PRODUCTS - 0.5% | |||||||||||
1,250 | Boise Cascade Co. | 47,012 | |||||||||
249 | Neenah, Inc. | 12,316 | |||||||||
278 | Schweitzer-Mauduit International, Inc. | 9,288 | |||||||||
68,616 | |||||||||||
PERSONAL PRODUCTS - 0.2% | |||||||||||
233 | Edgewell Personal Care Co.* | 7,260 | |||||||||
44 | Medifast, Inc. | 6,106 | |||||||||
735 | Natural Health Trends Corp. | 4,190 | |||||||||
237 | USANA Health Sciences, Inc.* | 17,403 | |||||||||
34,959 | |||||||||||
PHARMACEUTICALS - 2.2% | |||||||||||
391 | Aerie Pharmaceuticals, Inc.* | 5,771 | |||||||||
739 | AMAG Pharmaceuticals, Inc.* | 5,653 | |||||||||
2,804 | Amneal Pharmaceuticals, Inc.* | 13,347 | |||||||||
109 | Amphastar Pharmaceuticals, Inc.* | 2,448 | |||||||||
119 | Axsome Therapeutics, Inc.* | 9,791 | |||||||||
526 | Catalent, Inc.* | 38,556 | |||||||||
1,331 | Corcept Therapeutics, Inc.* | 22,387 | |||||||||
798 | Endo International PLC* | 2,737 | |||||||||
41 | Horizon Therapeutics PLC* | 2,279 | |||||||||
628 | Intersect ENT, Inc.* | 8,503 | |||||||||
789 | Intra-Cellular Therapies, Inc.* | 20,254 | |||||||||
215 | MyoKardia, Inc.* | 20,773 | |||||||||
406 | Nektar Therapeutics* | 9,403 | |||||||||
872 | NGM Biopharmaceuticals, Inc.* | 17,213 | |||||||||
263 | Pacira BioSciences, Inc.* | 13,800 | |||||||||
735 | Phibro Animal Health Corp., Class A | 19,309 | |||||||||
963 | Prestige Consumer Healthcare, Inc.* | 36,170 | |||||||||
164 | Reata Pharmaceuticals, Inc., Class A* | 25,587 | |||||||||
1,098 | Supernus Pharmaceuticals, Inc.* | 26,078 | |||||||||
636 | Theravance Biopharma, Inc.* | 13,350 | |||||||||
477 | Tricida, Inc.* | 13,108 | |||||||||
326,517 |
Shares/ Principal | Fair Value | ||||||||||
PROFESSIONAL SERVICES - 1.8% | |||||||||||
723 | ASGN, Inc.* | $ | 48,210 | ||||||||
445 | CRA International, Inc. | 17,577 | |||||||||
291 | Exponent, Inc. | 23,551 | |||||||||
125 | Forrester Research, Inc.* | 4,005 | |||||||||
900 | Franklin Covey Co.* | 19,260 | |||||||||
149 | FTI Consulting, Inc.* | 17,068 | |||||||||
296 | ICF International, Inc. | 19,190 | |||||||||
1,963 | InnerWorkings, Inc.* | 2,591 | |||||||||
655 | Insperity, Inc. | 42,398 | |||||||||
1,583 | Kforce, Inc. | 46,303 | |||||||||
814 | Mistras Group, Inc.* | 3,215 | |||||||||
392 | TriNet Group, Inc.* | 23,888 | |||||||||
267,256 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5% | |||||||||||
733 | Kennedy-Wilson Holdings, Inc. | 11,156 | |||||||||
842 | RE/MAX Holdings, Inc., Class A | 26,464 | |||||||||
299 | Redfin Corp.* | 12,531 | |||||||||
664 | RMR Group, Inc. (The), Class A | 19,568 | |||||||||
69,719 | |||||||||||
ROAD & RAIL - 0.8% | |||||||||||
1,140 | Covenant Logistics Group, Inc.* | 16,450 | |||||||||
588 | Knight-Swift Transportation Holdings, Inc. | 24,526 | |||||||||
1,494 | Marten Transport Ltd. | 37,589 | |||||||||
96 | Saia, Inc.* | 10,673 | |||||||||
361 | Universal Logistics Holdings, Inc. | 6,274 | |||||||||
561 | Werner Enterprises, Inc. | 24,421 | |||||||||
119,933 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% | |||||||||||
433 | Advanced Energy Industries, Inc.* | 29,353 | |||||||||
621 | Ambarella, Inc.* | 28,442 | |||||||||
2,525 | Amkor Technology, Inc.* | 31,083 | |||||||||
558 | Brooks Automation, Inc. | 24,686 | |||||||||
218 | Cabot Microelectronics Corp. | 30,420 | |||||||||
1,012 | Cirrus Logic, Inc.* | 62,521 | |||||||||
106 | Diodes, Inc.* | 5,374 | |||||||||
634 | DSP Group, Inc.* | 10,068 | |||||||||
232 | Enphase Energy, Inc.* | 11,036 | |||||||||
1,824 | FormFactor, Inc.* | 53,498 | |||||||||
281 | Inphi Corp.* | 33,017 | |||||||||
488 | Lattice Semiconductor Corp.* | 13,854 | |||||||||
150 | Power Integrations, Inc. | 17,720 | |||||||||
472 | Rambus, Inc.* | 7,174 | |||||||||
372 | Semtech Corp.* | 19,426 | |||||||||
87 | Silicon Laboratories, Inc.* | 8,723 | |||||||||
448 | Synaptics, Inc.* | 26,934 | |||||||||
420 | Ultra Clean Holdings, Inc.* | 9,505 | |||||||||
422,834 |
See accompanying notes to financial statements.
44
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 5.9% | |||||||||||
1,612 | 8x8, Inc.* | $ | 25,792 | ||||||||
560 | A10 Networks, Inc.* | 3,814 | |||||||||
539 | Alarm.com Holdings, Inc.* | 34,933 | |||||||||
177 | Appfolio, Inc., Class A* | 28,800 | |||||||||
232 | Appian Corp.* | 11,890 | |||||||||
1,919 | Benefitfocus, Inc.* | 20,648 | |||||||||
53 | Bill.com Holdings, Inc.* | 4,781 | |||||||||
348 | Blackbaud, Inc. | 19,864 | |||||||||
253 | Blackline, Inc.* | 20,976 | |||||||||
582 | Bottomline Technologies DE, Inc.* | 29,548 | |||||||||
2,343 | Box, Inc., Class A* | 48,641 | |||||||||
3,031 | Cloudera, Inc.* | 38,554 | |||||||||
751 | CommVault Systems, Inc.* | 29,064 | |||||||||
699 | Cornerstone OnDemand, Inc.* | 26,953 | |||||||||
42 | Coupa Software, Inc.* | 11,636 | |||||||||
199 | Everbridge, Inc.* | 27,534 | |||||||||
87 | Fair Isaac Corp.* | 36,369 | |||||||||
301 | Five9, Inc.* | 33,312 | |||||||||
738 | LivePerson, Inc.* | 30,575 | |||||||||
293 | Medallia, Inc.* | 7,395 | |||||||||
64 | MicroStrategy, Inc., Class A* | 7,571 | |||||||||
173 | Model N, Inc.* | 6,013 | |||||||||
366 | New Relic, Inc.* | 25,217 | |||||||||
648 | Nutanix, Inc., Class A* | 15,361 | |||||||||
99 | Paylocity Holding Corp.* | 14,443 | |||||||||
788 | Progress Software Corp. | 30,535 | |||||||||
242 | Proofpoint, Inc.* | 26,891 | |||||||||
424 | PROS Holdings, Inc.* | 18,838 | |||||||||
450 | Q2 Holdings, Inc.* | 38,605 | |||||||||
332 | Qualys, Inc.* | 34,535 | |||||||||
651 | Rapid7, Inc.* | 33,214 | |||||||||
58 | RingCentral, Inc., Class A* | 16,531 | |||||||||
604 | SPS Commerce, Inc.* | 45,372 | |||||||||
520 | SVMK, Inc.* | 12,241 | |||||||||
142 | Workiva, Inc.* | 7,596 | |||||||||
1,001 | Yext, Inc.* | 16,627 | |||||||||
150 | Zendesk, Inc.* | 13,279 | |||||||||
158 | Zscaler, Inc.* | 17,301 | |||||||||
871,249 | |||||||||||
SPECIALTY RETAIL - 2.4% | |||||||||||
409 | Aaron's, Inc. | 18,569 | |||||||||
1,322 | Abercrombie & Fitch Co., Class A | 14,066 | |||||||||
1,999 | American Eagle Outfitters, Inc. | 21,789 | |||||||||
145 | America's Car-Mart, Inc.* | 12,741 | |||||||||
322 | Asbury Automotive Group, Inc.* | 24,900 | |||||||||
2,878 | Bed Bath & Beyond, Inc. | 30,507 | |||||||||
655 | Cato Corp. (The), Class A | 5,358 | |||||||||
9,890 | Chico's FAS, Inc. | 13,648 | |||||||||
407 | Citi Trends, Inc. | 8,230 | |||||||||
106 | Five Below, Inc.* | 11,332 |
Shares/ Principal | Fair Value | ||||||||||
SPECIALTY RETAIL - 2.4% (Continued) | |||||||||||
1,515 | GameStop Corp., Class A* | $ | 6,575 | ||||||||
211 | Group 1 Automotive, Inc. | 13,920 | |||||||||
223 | Lithia Motors, Inc., Class A | 33,747 | |||||||||
582 | MarineMax, Inc.* | 13,031 | |||||||||
1,961 | Michaels Cos., Inc. (The)* | 13,864 | |||||||||
149 | Monro, Inc. | 8,186 | |||||||||
121 | Murphy USA, Inc.* | 13,623 | |||||||||
759 | National Vision Holdings, Inc.* | 23,165 | |||||||||
5,535 | Office Depot, Inc. | 13,007 | |||||||||
135 | RH* | 33,602 | |||||||||
940 | Sally Beauty Holdings, Inc.* | 11,778 | |||||||||
434 | Sonic Automotive, Inc., Class A | 13,849 | |||||||||
359,487 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1% | |||||||||||
1,135 | Pure Storage, Inc., Class A* | 19,670 | |||||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.1% | |||||||||||
318 | Columbia Sportswear Co. | 25,625 | |||||||||
904 | Crocs, Inc.* | 33,285 | |||||||||
722 | Culp, Inc. | 6,217 | |||||||||
208 | Deckers Outdoor Corp.* | 40,849 | |||||||||
815 | G-III Apparel Group Ltd.* | 10,831 | |||||||||
415 | Oxford Industries, Inc. | 18,264 | |||||||||
573 | Steven Madden Ltd. | 14,147 | |||||||||
885 | Wolverine World Wide, Inc. | 21,072 | |||||||||
170,290 | |||||||||||
THRIFTS & MORTGAGE FINANCE - 1.7% | |||||||||||
1,072 | Capitol Federal Financial, Inc. | 11,803 | |||||||||
945 | Essent Group Ltd. | 34,275 | |||||||||
312 | Federal Agricultural Mortgage Corp., Class C | 19,971 | |||||||||
745 | Merchants Bancorp | 13,775 | |||||||||
1,688 | Meridian Bancorp, Inc. | 19,581 | |||||||||
1,160 | MGIC Investment Corp. | 9,500 | |||||||||
325 | NMI Holdings, Inc., Class A* | 5,226 | |||||||||
909 | Northwest Bancshares, Inc. | 9,295 | |||||||||
1,420 | Premier Financial Corp. | 25,091 | |||||||||
1,861 | Radian Group, Inc. | 28,864 | |||||||||
4,554 | Riverview Bancorp, Inc. | 25,730 | |||||||||
47 | Walker & Dunlop, Inc. | 2,388 | |||||||||
1,542 | Washington Federal, Inc. | 41,387 | |||||||||
321 | WSFS Financial Corp. | 9,213 | |||||||||
256,099 | |||||||||||
TOBACCO - 0.1% | |||||||||||
1,884 | Vector Group Ltd. | 18,953 | |||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.9% | |||||||||||
1,037 | Applied Industrial Technologies, Inc. | 64,698 | |||||||||
638 | Beacon Roofing Supply, Inc.* | 16,824 |
See accompanying notes to financial statements.
45
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.9% (Continued) | |||||||||||
1,326 | BMC Stock Holdings, Inc.* | $ | 33,336 | ||||||||
426 | DXP Enterprises, Inc.* | 8,482 | |||||||||
1,211 | Foundation Building Materials, Inc.* | 18,904 | |||||||||
167 | GATX Corp. | 10,184 | |||||||||
866 | GMS, Inc.* | 21,295 | |||||||||
856 | H&E Equipment Services, Inc. | 15,819 | |||||||||
749 | Herc Holdings, Inc.* | 23,017 | |||||||||
148 | Lawson Products, Inc./de* | 4,774 | |||||||||
1,347 | NOW, Inc.* | 11,625 | |||||||||
235 | Rush Enterprises, Inc., Class A | 9,743 | |||||||||
285 | SiteOne Landscape Supply, Inc.* | 32,481 | |||||||||
457 | Systemax, Inc. | 9,387 | |||||||||
90 | Univar Solutions, Inc.* | 1,517 | |||||||||
58 | WESCO International, Inc.* | 2,036 | |||||||||
154 | WESCO International, Inc.* | 4,084 | |||||||||
288,206 | |||||||||||
WATER UTILITIES - 0.5% | |||||||||||
573 | American States Water Co. | 45,055 | |||||||||
442 | SJW Group | 27,453 | |||||||||
72,508 | |||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.1% | |||||||||||
132 | Shenandoah Telecommunications Co. | 6,506 | |||||||||
988 | Spok Holdings, Inc. | 9,238 | |||||||||
15,744 | |||||||||||
TOTAL COMMON STOCKS (Cost - $15,436,488) | 14,293,305 |
Shares/ Principal | Fair Value | ||||||||||
RIGHTS - 0.0%† | |||||||||||
638 | Alder BioPharmaceuticals CVR* | $ | 561 | ||||||||
1,183 | Achillion Pharmaceuticals, Inc., CVR* | 544 | |||||||||
TOTAL RIGHTS (Cost - $561) | 1,105 | ||||||||||
WARRANTS - 0.0% | |||||||||||
20 | Parker Drilling Co. (Cost - $0), expires 9/16/24* | 0 | |||||||||
SHORT-TERM INVESTMENTS - 3.2% | |||||||||||
MONEY MARKET FUNDS - 3.2% | |||||||||||
474,350 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $474,350) | 474,350 | |||||||||
TOTAL INVESTMENTS - 99.5% (Cost - $15,911,399) | $ | 14,768,760 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.5% | 80,913 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 14,849,673 |
* Non-income producing security.
† Represents less than 0.05%.
(a) The rate shown is the annualized seven-day yield at period end.
CMT - Treasury Constant Maturity Rate
CVR - Contingent Value Rights
PLC - Public Limited Company
REIT - Real Estate Investment Trust
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.3 | % | |||||
Money Market Funds | 3.2 | % | |||||
Rights | 0.0 | %^ | |||||
Warrants | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | 0.5 | % | |||||
100.0 | % |
^ Represents less than 0.05%
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
E-Mini Russell 2000 Future | Goldman Sachs & Co. | 7 | 9/18/2020 | $ | 503,160 | $ | 12,884 |
See accompanying notes to financial statements.
46
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.9% | |||||||||||
AEROSPACE & DEFENSE - 1.6% | |||||||||||
265 | Boeing Co. (The) | $ | 48,575 | ||||||||
108 | Curtiss-Wright Corp. | 9,642 | |||||||||
287 | General Dynamics Corp. | 42,895 | |||||||||
291 | L3Harris Technologies, Inc. | 49,374 | |||||||||
246 | Lockheed Martin Corp. | 89,770 | |||||||||
76 | Mercury Systems, Inc.* | 5,978 | |||||||||
204 | Northrop Grumman Corp. | 62,718 | |||||||||
662 | Raytheon Technologies Corp. | 40,793 | |||||||||
37 | Teledyne Technologies, Inc.* | 11,505 | |||||||||
361,250 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.5% | |||||||||||
30 | C.H. Robinson Worldwide, Inc. | 2,372 | |||||||||
65 | FedEx Corp. | 9,114 | |||||||||
891 | United Parcel Service, Inc., Class B | 99,061 | |||||||||
110,547 | |||||||||||
AIRLINES - 0.2% | |||||||||||
1,256 | Delta Air Lines, Inc. | 35,231 | |||||||||
301 | Southwest Airlines Co. | 10,288 | |||||||||
45,519 | |||||||||||
AUTO COMPONENTS - 0.1% | |||||||||||
164 | Aptiv PLC | 12,779 | |||||||||
AUTOMOBILES - 0.1% | |||||||||||
766 | Harley-Davidson, Inc. | 18,208 | |||||||||
BANKS - 3.5% | |||||||||||
6,498 | Bank of America Corp. | 154,327 | |||||||||
1,231 | Citigroup, Inc. | 62,904 | |||||||||
2,278 | Citizens Financial Group, Inc. | 57,497 | |||||||||
8 | Comerica, Inc. | 305 | |||||||||
443 | Cullen/Frost Bankers, Inc. | 33,097 | |||||||||
1,133 | First Horizon National Corp. | 11,285 | |||||||||
2,972 | JPMorgan Chase & Co. | 279,546 | |||||||||
281 | US Bancorp | 10,346 | |||||||||
7,498 | Wells Fargo & Co. | 191,949 | |||||||||
154 | Zions Bancorp NA | 5,236 | |||||||||
806,492 | |||||||||||
BEVERAGES - 2.0% | |||||||||||
59 | Brown-Forman Corp., Class A | 3,397 | |||||||||
572 | Brown-Forman Corp., Class B | 36,413 | |||||||||
2,786 | Coca-Cola Co. (The) | 124,478 | |||||||||
484 | Coca-Cola European Partners PLC | 18,276 | |||||||||
240 | Keurig Dr Pepper, Inc. | 6,816 | |||||||||
2,161 | PepsiCo, Inc. | 285,814 | |||||||||
475,194 | |||||||||||
BIOTECHNOLOGY - 3.1% | |||||||||||
2,396 | AbbVie, Inc. | 235,239 | |||||||||
768 | Amgen, Inc. | 181,141 |
Shares/ Principal | Fair Value | ||||||||||
BIOTECHNOLOGY - 3.1% (Continued) | |||||||||||
200 | Biogen, Inc.* | $ | 53,510 | ||||||||
2,339 | Gilead Sciences, Inc. | 179,963 | |||||||||
105 | Regeneron Pharmaceuticals, Inc.* | 65,483 | |||||||||
715,336 | |||||||||||
BUILDING PRODUCTS - 0.5% | |||||||||||
294 | Advanced Drainage Systems, Inc. | 14,524 | |||||||||
958 | Allegion PLC | 97,927 | |||||||||
660 | Resideo Technologies, Inc.* | 7,735 | |||||||||
34 | Trex Co., Inc.* | 4,422 | |||||||||
124,608 | |||||||||||
CAPITAL MARKETS - 2.8% | |||||||||||
262 | Ameriprise Financial, Inc. | 39,310 | |||||||||
961 | Bank of New York Mellon Corp. (The) | 37,143 | |||||||||
198 | Cboe Global Markets, Inc. | 18,469 | |||||||||
1,869 | Charles Schwab Corp. (The) | 63,060 | |||||||||
476 | CME Group, Inc. | 77,369 | |||||||||
197 | E*TRADE Financial Corp. | 9,797 | |||||||||
95 | FactSet Research Systems, Inc. | 31,205 | |||||||||
595 | Franklin Resources, Inc. | 12,477 | |||||||||
470 | Intercontinental Exchange, Inc. | 43,052 | |||||||||
466 | Invesco Ltd. | 5,014 | |||||||||
117 | Moody's Corp. | 32,143 | |||||||||
607 | Morgan Stanley | 29,318 | |||||||||
422 | Northern Trust Corp. | 33,481 | |||||||||
524 | S&P Global, Inc. | 172,648 | |||||||||
349 | State Street Corp. | 22,179 | |||||||||
217 | T Rowe Price Group, Inc. | 26,800 | |||||||||
653,465 | |||||||||||
CHEMICALS - 1.8% | |||||||||||
45 | Air Products and Chemicals, Inc. | 10,866 | |||||||||
391 | DuPont de Nemours, Inc. | 20,774 | |||||||||
735 | Ecolab, Inc. | 146,228 | |||||||||
351 | FMC Corp. | 34,967 | |||||||||
369 | Linde PLC | 78,268 | |||||||||
1,801 | Mosaic Co. (The) | 22,530 | |||||||||
328 | PPG Industries, Inc. | 34,788 | |||||||||
49 | Scotts Miracle-Gro Co. (The) | 6,589 | |||||||||
93 | Sherwin-Williams Co. (The) | 53,740 | |||||||||
408,750 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.2% | |||||||||||
186 | Cintas Corp. | 49,543 | |||||||||
26 | Copart, Inc.* | 2,165 | |||||||||
51,708 | |||||||||||
COMMUNICATIONS EQUIPMENT - 1.5% | |||||||||||
6,925 | Cisco Systems, Inc. | 322,982 | |||||||||
202 | Motorola Solutions, Inc. | 28,306 | |||||||||
351,288 |
See accompanying notes to financial statements.
47
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CONSTRUCTION & ENGINEERING - 0.4% | |||||||||||
883 | EMCOR Group, Inc. | $ | 58,402 | ||||||||
539 | MasTec, Inc.* | 24,185 | |||||||||
82,587 | |||||||||||
CONSUMER FINANCE - 0.5% | |||||||||||
1,832 | Ally Financial, Inc. | 36,329 | |||||||||
776 | American Express Co. | 73,875 | |||||||||
121 | Discover Financial Services | 6,061 | |||||||||
116,265 | |||||||||||
CONTAINERS & PACKAGING - 0.1% | |||||||||||
371 | International Paper Co. | 13,063 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.2% | |||||||||||
88 | Bright Horizons Family Solutions, Inc.* | 10,314 | |||||||||
45 | Graham Holdings Co., Class B | 15,420 | |||||||||
2,195 | H&R Block, Inc. | 31,344 | |||||||||
57,078 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.5% | |||||||||||
2,009 | Berkshire Hathaway, Inc., Class B* | 358,627 | |||||||||
DIVERSIFIED TELECOMMUNICATION - 1.4% | |||||||||||
5,521 | AT&T, Inc. | 166,900 | |||||||||
3,076 | Verizon Communications, Inc. | 169,580 | |||||||||
336,480 | |||||||||||
ELECTRIC UTILITIES - 1.8% | |||||||||||
1,334 | Alliant Energy Corp. | 63,819 | |||||||||
80 | Avangrid, Inc. | 3,358 | |||||||||
211 | Eversource Energy | 17,570 | |||||||||
801 | Exelon Corp. | 29,068 | |||||||||
545 | IDACORP, Inc. | 47,617 | |||||||||
793 | NextEra Energy, Inc. | 190,455 | |||||||||
384 | Pinnacle West Capital Corp. | 28,143 | |||||||||
763 | Xcel Energy, Inc. | 47,688 | |||||||||
427,718 | |||||||||||
ELECTRICAL EQUIPMENT - 0.4% | |||||||||||
234 | Generac Holdings, Inc.* | 28,532 | |||||||||
421 | Hubbell, Inc. | 52,776 | |||||||||
81,308 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.5% | |||||||||||
2,368 | Avnet, Inc. | 66,032 | |||||||||
695 | National Instruments Corp. | 26,903 | |||||||||
243 | TE Connectivity Ltd. | 19,817 | |||||||||
112,752 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.4% | |||||||||||
946 | Baker Hughes Co. | 14,559 | |||||||||
510 | ChampionX Corp.* | 4,978 |
Shares/ Principal | Fair Value | ||||||||||
ENERGY EQUIPMENT & SERVICES - 0.4% (Continued) | |||||||||||
2,621 | Schlumberger Ltd. | $ | 48,200 | ||||||||
2,161 | TechnipFMC PLC | 14,781 | |||||||||
82,518 | |||||||||||
ENTERTAINMENT - 1.4% | |||||||||||
313 | Activision Blizzard, Inc. | 23,757 | |||||||||
123 | Electronic Arts, Inc.* | 16,242 | |||||||||
373 | Netflix, Inc.* | 169,730 | |||||||||
975 | Walt Disney Co. (The) | 108,722 | |||||||||
318,451 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 2.5% | |||||||||||
426 | American Tower Corp. | 110,138 | |||||||||
175 | AvalonBay Communities, Inc. | 27,062 | |||||||||
901 | Boston Properties, Inc. | 81,432 | |||||||||
221 | Camden Property Trust | 20,160 | |||||||||
96 | Crown Castle International Corp. | 16,065 | |||||||||
1,742 | Equity Residential | 102,464 | |||||||||
166 | Federal Realty Investment Trust | 14,145 | |||||||||
970 | Host Hotels & Resorts, Inc. | 10,466 | |||||||||
46 | Life Storage, Inc. | 4,368 | |||||||||
802 | Macerich Co. (The) | 7,194 | |||||||||
330 | Park Hotels & Resorts, Inc. | 3,264 | |||||||||
987 | Prologis, Inc. | 92,117 | |||||||||
161 | QTS Realty Trust, Inc., Class A | 10,318 | |||||||||
774 | Realty Income Corp. | 46,053 | |||||||||
49 | SBA Communications Corp. | 14,598 | |||||||||
139 | Simon Property Group, Inc. | 9,505 | |||||||||
589 | UDR, Inc. | 22,017 | |||||||||
591,366 | |||||||||||
FOOD & STAPLES RETAILING - 1.3% | |||||||||||
930 | Costco Wholesale Corp. | 281,985 | |||||||||
118 | Performance Food Group Co.* | 3,439 | |||||||||
195 | Walmart, Inc. | 23,357 | |||||||||
308,781 | |||||||||||
FOOD PRODUCTS - 1.4% | |||||||||||
130 | Campbell Soup Co. | 6,452 | |||||||||
2,104 | General Mills, Inc. | 129,712 | |||||||||
874 | Hershey Co. (The) | 113,288 | |||||||||
81 | JM Smucker Co. (The) | 8,571 | |||||||||
123 | McCormick & Co., Inc. | 22,067 | |||||||||
1,003 | Mondelez International, Inc., Class A | 51,283 | |||||||||
331,373 | |||||||||||
GAS UTILITIES - 0.1% | |||||||||||
671 | UGI Corp. | 21,338 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0% | |||||||||||
1,838 | Abbott Laboratories | 168,048 | |||||||||
121 | Baxter International, Inc. | 10,418 |
See accompanying notes to financial statements.
48
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0% (Continued) | |||||||||||
56 | Becton Dickinson and Co. | $ | 13,399 | ||||||||
479 | Boston Scientific Corp.* | 16,818 | |||||||||
420 | Danaher Corp. | 74,269 | |||||||||
1,695 | Edwards Lifesciences Corp.* | 117,141 | |||||||||
92 | Globus Medical, Inc., Class A* | 4,389 | |||||||||
124 | Hologic, Inc.* | 7,068 | |||||||||
180 | IDEXX Laboratories, Inc.* | 59,429 | |||||||||
62 | Intuitive Surgical, Inc.* | 35,330 | |||||||||
977 | Medtronic PLC | 89,591 | |||||||||
40 | ResMed, Inc. | 7,680 | |||||||||
23 | STERIS PLC | 3,529 | |||||||||
451 | Stryker Corp. | 81,266 | |||||||||
82 | West Pharmaceutical Services, Inc. | 18,628 | |||||||||
707,003 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 3.1% | |||||||||||
301 | Anthem, Inc. | 79,157 | |||||||||
525 | Cardinal Health, Inc. | 27,400 | |||||||||
133 | Centene Corp.* | 8,452 | |||||||||
177 | Cigna Corp. | 33,214 | |||||||||
1,792 | CVS Health Corp. | 116,426 | |||||||||
272 | HCA Healthcare, Inc. | 26,400 | |||||||||
42 | Humana, Inc. | 16,286 | |||||||||
136 | Laboratory Corp. of America Holdings* | 22,591 | |||||||||
361 | McKesson Corp. | 55,385 | |||||||||
272 | Quest Diagnostics, Inc. | 30,997 | |||||||||
1,058 | UnitedHealth Group, Inc. | 312,057 | |||||||||
728,365 | |||||||||||
HEALTH CARE TECHNOLOGY - 0.2% | |||||||||||
119 | Teladoc Health, Inc.* | 22,710 | |||||||||
53 | Veeva Systems, Inc., Class A* | 12,424 | |||||||||
35,134 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.2% | |||||||||||
355 | Boyd Gaming Corp. | 7,419 | |||||||||
11 | Chipotle Mexican Grill, Inc.* | 11,576 | |||||||||
536 | Darden Restaurants, Inc. | 40,613 | |||||||||
35 | Domino's Pizza, Inc. | 12,930 | |||||||||
567 | Extended Stay America, Inc. | 6,345 | |||||||||
271 | International Game Technology PLC | 2,412 | |||||||||
90 | Las Vegas Sands Corp. | 4,099 | |||||||||
651 | McDonald's Corp. | 120,090 | |||||||||
374 | MGM Resorts International | 6,283 | |||||||||
258 | Penn National Gaming, Inc.* | 7,879 | |||||||||
306 | Texas Roadhouse, Inc. | 16,086 | |||||||||
264 | Wyndham Destinations, Inc. | 7,440 | |||||||||
371 | Yum! Brands, Inc. | 32,244 | |||||||||
275,416 |
Shares/ Principal | Fair Value | ||||||||||
HOUSEHOLD DURABLES - 0.1% | |||||||||||
349 | DR Horton, Inc. | $ | 19,352 | ||||||||
26 | Helen of Troy Ltd.* | 4,903 | |||||||||
24,255 | |||||||||||
HOUSEHOLD PRODUCTS - 2.0% | |||||||||||
55 | Church & Dwight Co., Inc. | 4,252 | |||||||||
359 | Clorox Co. (The) | 78,754 | |||||||||
1,451 | Colgate-Palmolive Co. | 106,300 | |||||||||
2,242 | Procter & Gamble Co. (The) | 268,076 | |||||||||
457,382 | |||||||||||
INDUSTRIAL CONGLOMERATES - 1.2% | |||||||||||
340 | 3M Co. | 53,036 | |||||||||
228 | Carlisle Cos., Inc. | 27,285 | |||||||||
4,363 | General Electric Co. | 29,799 | |||||||||
1,008 | Honeywell International, Inc. | 145,747 | |||||||||
38 | Roper Technologies, Inc. | 14,754 | |||||||||
270,621 | |||||||||||
INSURANCE - 1.8% | |||||||||||
1,477 | Aflac, Inc. | 53,216 | |||||||||
14 | Alleghany Corp. | 6,848 | |||||||||
175 | Allstate Corp. (The) | 16,973 | |||||||||
1,119 | Brown & Brown, Inc. | 45,611 | |||||||||
847 | Cincinnati Financial Corp. | 54,233 | |||||||||
253 | Hanover Insurance Group, Inc. (The) | 25,637 | |||||||||
385 | Marsh & McLennan Cos., Inc. | 41,338 | |||||||||
280 | Progressive Corp. (The) | 22,431 | |||||||||
1,748 | Prudential Financial, Inc. | 106,453 | |||||||||
109 | Reinsurance Group of America, Inc. | 8,550 | |||||||||
65 | Travelers Cos., Inc. (The) | 7,413 | |||||||||
1,048 | Unum Group | 17,386 | |||||||||
113 | Willis Towers Watson PLC | 22,255 | |||||||||
428,344 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 5.4% | |||||||||||
321 | Alphabet, Inc., Class A* | 455,194 | |||||||||
257 | Alphabet, Inc., Class C* | 363,298 | |||||||||
1,777 | Facebook, Inc., Class A* | 403,503 | |||||||||
1,416 | Twitter, Inc.* | 42,183 | |||||||||
1,264,178 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 5.1% | |||||||||||
426 | Amazon.com, Inc.* | 1,175,257 | |||||||||
25 | Etsy, Inc.* | 2,656 | |||||||||
16 | Wayfair, Inc., Class A* | 3,162 | |||||||||
1,181,075 | |||||||||||
IT SERVICES - 5.4% | |||||||||||
163 | Accenture PLC, Class A | 34,999 | |||||||||
1,193 | Automatic Data Processing, Inc. | 177,626 | |||||||||
204 | Cognizant Technology Solutions Corp., Class A | 11,591 | |||||||||
625 | DXC Technology Co. | 10,313 |
See accompanying notes to financial statements.
49
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
IT SERVICES - 5.4% (Continued) | |||||||||||
166 | Fidelity National Information Services, Inc. | $ | 22,259 | ||||||||
1,284 | Fiserv, Inc.* | 125,344 | |||||||||
712 | Mastercard, Inc., Class A | 210,538 | |||||||||
1,036 | Paychex, Inc. | 78,477 | |||||||||
1,343 | PayPal Holdings, Inc.* | 233,991 | |||||||||
1,753 | Visa, Inc., Class A | 338,627 | |||||||||
1,243,765 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.5% | |||||||||||
307 | Agilent Technologies, Inc. | 27,129 | |||||||||
59 | PRA Health Sciences, Inc.* | 5,740 | |||||||||
208 | Thermo Fisher Scientific, Inc. | 75,367 | |||||||||
47 | Waters Corp.* | 8,479 | |||||||||
116,715 | |||||||||||
MACHINERY - 1.7% | |||||||||||
100 | Caterpillar, Inc. | 12,650 | |||||||||
542 | Deere & Co. | 85,175 | |||||||||
851 | Illinois Tool Works, Inc. | 148,797 | |||||||||
479 | Oshkosh Corp. | 34,306 | |||||||||
211 | Snap-on, Inc. | 29,226 | |||||||||
387 | Toro Co. (The) | 25,674 | |||||||||
1,077 | Xylem, Inc. | 69,962 | |||||||||
405,790 | |||||||||||
MEDIA - 1.2% | |||||||||||
398 | Altice USA, Inc., Class A* | 8,971 | |||||||||
4 | Cable One, Inc. | 7,099 | |||||||||
2,927 | Comcast Corp., Class A | 114,094 | |||||||||
348 | Discovery, Inc., Class A* | 7,343 | |||||||||
2,617 | Interpublic Group of Cos., Inc. (The) | 44,908 | |||||||||
125 | Nexstar Media Group, Inc., Class A | 10,461 | |||||||||
110 | Omnicom Group, Inc. | 6,006 | |||||||||
12,319 | Sirius XM Holdings, Inc. | 72,313 | |||||||||
175 | TEGNA, Inc. | 1,950 | |||||||||
538 | ViacomCBS, Inc., Class B | 12,546 | |||||||||
285,691 | |||||||||||
METALS & MINING - 0.3% | |||||||||||
1,482 | Alcoa Corp.* | 16,658 | |||||||||
489 | Freeport-McMoRan, Inc. | 5,658 | |||||||||
351 | Newmont Corp. | 21,671 | |||||||||
224 | Reliance Steel & Aluminum Co. | 21,264 | |||||||||
450 | Steel Dynamics, Inc. | 11,740 | |||||||||
76,991 | |||||||||||
MULTILINE RETAIL - 0.3% | |||||||||||
405 | Macy's, Inc. | 2,786 | |||||||||
143 | Nordstrom, Inc. | 2,215 | |||||||||
463 | Target Corp. | 55,528 | |||||||||
60,529 |
Shares/ Principal | Fair Value | ||||||||||
MULTI-UTILITIES - 0.9% | |||||||||||
508 | Ameren Corp. | $ | 35,743 | ||||||||
2,062 | CMS Energy Corp. | 120,462 | |||||||||
592 | Consolidated Edison, Inc. | 42,582 | |||||||||
86 | Public Service Enterprise Group, Inc. | 4,228 | |||||||||
203,015 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 2.0% | |||||||||||
1,258 | Chevron Corp. | 112,251 | |||||||||
166 | Concho Resources, Inc. | 8,549 | |||||||||
1,046 | ConocoPhillips | 43,953 | |||||||||
458 | Continental Resources, Inc. | 8,029 | |||||||||
1,166 | EOG Resources, Inc. | 59,069 | |||||||||
2,344 | Exxon Mobil Corp. | 104,824 | |||||||||
4,665 | Marathon Oil Corp. | 28,550 | |||||||||
348 | ONEOK, Inc. | 11,560 | |||||||||
550 | PBF Energy, Inc., Class A | 5,632 | |||||||||
562 | Phillips 66 | 40,408 | |||||||||
378 | Valero Energy Corp. | 22,234 | |||||||||
1,194 | Williams Cos., Inc. (The) | 22,710 | |||||||||
467,769 | |||||||||||
PAPER & FOREST PRODUCTS - 0.0%† | |||||||||||
204 | Domtar Corp. | 4,306 | |||||||||
PHARMACEUTICALS - 4.3% | |||||||||||
1,974 | Bristol-Myers Squibb Co. | 116,071 | |||||||||
426 | Elanco Animal Health, Inc.* | 9,138 | |||||||||
731 | Eli Lilly and Co. | 120,016 | |||||||||
1,896 | Johnson & Johnson | 266,634 | |||||||||
3,271 | Merck & Co., Inc. | 252,946 | |||||||||
3,900 | Pfizer, Inc. | 127,530 | |||||||||
852 | Zoetis, Inc. | 116,758 | |||||||||
1,009,093 | |||||||||||
PROFESSIONAL SERVICES - 0.1% | |||||||||||
402 | Robert Half International, Inc. | 21,238 | |||||||||
ROAD & RAIL - 0.8% | |||||||||||
688 | CSX Corp. | 47,981 | |||||||||
170 | Lyft, Inc., Class A* | 5,612 | |||||||||
151 | Norfolk Southern Corp. | 26,511 | |||||||||
587 | Union Pacific Corp. | 99,244 | |||||||||
179,348 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6% | |||||||||||
370 | Advanced Micro Devices, Inc.* | 19,466 | |||||||||
420 | Analog Devices, Inc. | 51,509 | |||||||||
2,113 | Applied Materials, Inc. | 127,731 | |||||||||
173 | Broadcom, Inc. | 54,600 | |||||||||
5,324 | Intel Corp. | 318,535 | |||||||||
37 | Lam Research Corp. | 11,968 | |||||||||
131 | Micron Technology, Inc.* | 6,749 |
See accompanying notes to financial statements.
50
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6% (Continued) | |||||||||||
832 | NVIDIA Corp. | $ | 316,085 | ||||||||
33 | QUALCOMM, Inc. | 3,010 | |||||||||
40 | Silicon Laboratories, Inc.* | 4,011 | |||||||||
969 | Texas Instruments, Inc. | 123,034 | |||||||||
332 | Xilinx, Inc. | 32,665 | |||||||||
1,069,363 | |||||||||||
SOFTWARE - 9.8% | |||||||||||
497 | Adobe, Inc.* | 216,349 | |||||||||
134 | Atlassian Corp. PLC, Class A* | 24,156 | |||||||||
257 | Citrix Systems, Inc. | 38,013 | |||||||||
633 | Cloudflare, Inc., Class A* | 22,756 | |||||||||
137 | DocuSign, Inc.* | 23,593 | |||||||||
371 | Intuit, Inc. | 109,886 | |||||||||
7,731 | Microsoft Corp. | 1,573,336 | |||||||||
80 | RingCentral, Inc., Class A* | 22,801 | |||||||||
518 | salesforce.com, Inc.* | 97,037 | |||||||||
111 | ServiceNow, Inc.* | 44,962 | |||||||||
665 | Slack Technologies, Inc., Class A* | 20,675 | |||||||||
415 | Smartsheet, Inc., Class A* | 21,132 | |||||||||
124 | VMware, Inc., Class A* | 19,202 | |||||||||
93 | Zoom Video Communications, Inc., Class A* | 23,579 | |||||||||
208 | Zscaler, Inc.* | 22,776 | |||||||||
2,280,253 | |||||||||||
SPECIALTY RETAIL - 2.7% | |||||||||||
260 | Best Buy Co., Inc. | 22,690 | |||||||||
181 | Dick's Sporting Goods, Inc. | 7,468 | |||||||||
829 | Gap, Inc. (The) | 10,462 | |||||||||
1,409 | Home Depot, Inc. (The) | 352,969 | |||||||||
1,260 | Lowe's Cos., Inc. | 170,251 | |||||||||
128 | Ross Stores, Inc. | 10,911 | |||||||||
1,065 | TJX Cos., Inc. (The) | 53,846 | |||||||||
20 | Tractor Supply Co. | 2,636 | |||||||||
631,233 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.7% | |||||||||||
3,467 | Apple, Inc. | 1,264,762 | |||||||||
117 | Dell Technologies, Inc., Class C* | 6,428 | |||||||||
1,293 | HP, Inc. | 22,537 | |||||||||
698 | NetApp, Inc. | 30,970 | |||||||||
1,324,697 |
Shares/ Principal | Fair Value | ||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.8% | |||||||||||
256 | Levi Strauss & Co., Class A | $ | 3,430 | ||||||||
8 | Lululemon Athletica, Inc.* | 2,496 | |||||||||
1,381 | NIKE, Inc., Class B | 135,407 | |||||||||
619 | VF Corp. | 37,722 | |||||||||
179,055 | |||||||||||
THRIFTS & MORTGAGE FINANCE - 0.0%† | |||||||||||
475 | MGIC Investment Corp. | 3,890 | |||||||||
TOBACCO - 0.2% | |||||||||||
979 | Altria Group, Inc. | 38,426 | |||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.3% | |||||||||||
529 | Fastenal Co. | 22,662 | |||||||||
248 | GATX Corp. | 15,123 | |||||||||
45 | SiteOne Landscape Supply, Inc.* | 5,129 | |||||||||
203 | WESCO International, Inc.* | 7,127 | |||||||||
94 | WW Grainger, Inc. | 29,531 | |||||||||
79,572 | |||||||||||
WATER UTILITIES - 0.3% | |||||||||||
602 | American Water Works Co., Inc. | 77,453 | |||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.1% | |||||||||||
552 | United States Cellular Corp.* | 17,040 | |||||||||
TOTAL COMMON STOCKS (Cost - $19,149,315) | 22,521,854 | ||||||||||
RIGHTS - 0.0%† | |||||||||||
682 | Bristol-Myers Squibb Co., CVR (Cost - $1,569)* | 2,442 | |||||||||
SHORT-TERM INVESTMENTS - 2.8% | |||||||||||
MONEY MARKET FUNDS - 2.8% | |||||||||||
657,990 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $657,990) | 657,990 | |||||||||
TOTAL INVESTMENTS - 99.7% (Cost - $19,808,874) | $ | 23,182,286 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.3% | 58,296 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 23,240,582 |
* 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
See accompanying notes to financial statements.
51
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.9 | % | |||||
Money Market Funds | 2.8 | % | |||||
Rights | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | 0.3 | % | |||||
100.0 | % |
^ Represents less than 0.05%
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 4 | 9/18/2020 | $ | 618,040 | $ | 8,698 |
See accompanying notes to financial statements.
52
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 96.6% | |||||||||||
AEROSPACE & DEFENSE - 2.0% | |||||||||||
566 | Aerojet Rocketdyne Holdings, Inc.* | $ | 22,436 | ||||||||
833 | Axon Enterprise, Inc.* | 81,742 | |||||||||
6,273 | Boeing Co. (The) | 1,149,841 | |||||||||
4,270 | Curtiss-Wright Corp. | 381,226 | |||||||||
4,808 | General Dynamics Corp. | 718,604 | |||||||||
867 | Hexcel Corp. | 39,206 | |||||||||
2,325 | L3Harris Technologies, Inc. | 394,483 | |||||||||
1,849 | Mercury Systems, Inc.* | 145,442 | |||||||||
190 | Northrop Grumman Corp. | 58,414 | |||||||||
13,073 | Raytheon Technologies Corp. | 805,558 | |||||||||
1,427 | Spirit AeroSystems Holdings, Inc., Class A | 34,162 | |||||||||
1,618 | Teledyne Technologies, Inc.* | 503,117 | |||||||||
186 | TransDigm Group, Inc. | 82,221 | |||||||||
4,416,452 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.3% | |||||||||||
3,310 | FedEx Corp. | 464,128 | |||||||||
1,766 | United Parcel Service, Inc., Class B | 196,344 | |||||||||
660,472 | |||||||||||
AIRLINES - 0.4% | |||||||||||
4,032 | Alaska Air Group, Inc. | 146,200 | |||||||||
17,010 | Delta Air Lines, Inc. | 477,131 | |||||||||
9,821 | Southwest Airlines Co. | 335,682 | |||||||||
959,013 | |||||||||||
AUTO COMPONENTS - 0.3% | |||||||||||
4,273 | Aptiv PLC | 332,952 | |||||||||
42,223 | Goodyear Tire & Rubber Co. (The) | 377,685 | |||||||||
710,637 | |||||||||||
AUTOMOBILES - 0.3% | |||||||||||
17,493 | Ford Motor Co. | 106,357 | |||||||||
17,686 | General Motors Co. | 447,456 | |||||||||
7,169 | Harley-Davidson, Inc. | 170,407 | |||||||||
26 | Tesla, Inc.* | 28,075 | |||||||||
752,295 | |||||||||||
BANKS - 7.4% | |||||||||||
138,096 | Bank of America Corp. | 3,279,780 | |||||||||
2,490 | Bank OZK | 58,440 | |||||||||
1,126 | BOK Financial Corp. | 63,551 | |||||||||
26,822 | Citigroup, Inc. | 1,370,604 | |||||||||
34,368 | Citizens Financial Group, Inc. | 867,448 | |||||||||
2,947 | Comerica, Inc. | 112,281 | |||||||||
4,918 | Cullen/Frost Bankers, Inc. | 367,424 | |||||||||
1,723 | Fifth Third Bancorp | 33,219 | |||||||||
2,620 | First Hawaiian, Inc. | 45,169 | |||||||||
47,376 | First Horizon National Corp. | 471,865 | |||||||||
1,002 | First Republic Bank | 106,202 | |||||||||
53,699 | JPMorgan Chase & Co. | 5,050,928 |
Shares/ Principal | Fair Value | ||||||||||
BANKS - 7.4% (Continued) | |||||||||||
3,377 | KeyCorp | $ | 41,132 | ||||||||
648 | M&T Bank Corp. | 67,372 | |||||||||
2,410 | PacWest Bancorp | 47,501 | |||||||||
2,059 | People's United Financial, Inc. | 23,823 | |||||||||
426 | Pinnacle Financial Partners, Inc. | 17,888 | |||||||||
22,064 | Regions Financial Corp. | 245,352 | |||||||||
1,930 | Synovus Financial Corp. | 39,623 | |||||||||
9,312 | Truist Financial Corp. | 349,666 | |||||||||
21,855 | US Bancorp | 804,701 | |||||||||
2,197 | Webster Financial Corp. | 62,856 | |||||||||
94,134 | Wells Fargo & Co. | 2,409,830 | |||||||||
2,759 | Wintrust Financial Corp. | 120,348 | |||||||||
9,225 | Zions Bancorp NA | 313,650 | |||||||||
16,370,653 | |||||||||||
BEVERAGES - 1.5% | |||||||||||
2,382 | Brown-Forman Corp., Class B | 151,638 | |||||||||
17,736 | Coca-Cola Co. (The) | 792,444 | |||||||||
4,901 | Coca-Cola European Partners PLC | 185,062 | |||||||||
923 | Constellation Brands, Inc., Class A | 161,479 | |||||||||
7,389 | Keurig Dr Pepper, Inc. | 209,848 | |||||||||
2,361 | Molson Coors Beverage Co., Class B | 81,124 | |||||||||
13,407 | PepsiCo, Inc. | 1,773,210 | |||||||||
3,354,805 | |||||||||||
BIOTECHNOLOGY - 2.5% | |||||||||||
15,240 | AbbVie, Inc. | 1,496,263 | |||||||||
1,541 | Alkermes PLC* | 29,903 | |||||||||
2,425 | Amgen, Inc. | 571,961 | |||||||||
2,165 | Biogen, Inc.* | 579,246 | |||||||||
30,483 | Gilead Sciences, Inc. | 2,345,362 | |||||||||
717 | Regeneron Pharmaceuticals, Inc.* | 447,157 | |||||||||
1,737 | Sage Therapeutics, Inc.* | 72,224 | |||||||||
255 | United Therapeutics Corp.* | 30,855 | |||||||||
5,572,971 | |||||||||||
BUILDING PRODUCTS - 0.8% | |||||||||||
3,195 | Advanced Drainage Systems, Inc. | 157,833 | |||||||||
10,961 | Allegion PLC | 1,120,434 | |||||||||
7,154 | Carrier Global Corp. | 158,962 | |||||||||
2,420 | Owens Corning | 134,939 | |||||||||
12,097 | Resideo Technologies, Inc.* | 141,777 | |||||||||
548 | Trex Co., Inc.* | 71,278 | |||||||||
1,785,223 | |||||||||||
CAPITAL MARKETS - 3.9% | |||||||||||
2,679 | Affiliated Managers Group, Inc. | 199,746 | |||||||||
2,981 | Ameriprise Financial, Inc. | 447,269 | |||||||||
18,327 | Bank of New York Mellon Corp. (The) | 708,339 | |||||||||
1,859 | Cboe Global Markets, Inc. | 173,408 | |||||||||
16,183 | Charles Schwab Corp. (The) | 546,014 | |||||||||
7,406 | CME Group, Inc. | 1,203,771 |
See accompanying notes to financial statements.
53
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CAPITAL MARKETS - 3.9% (Continued) | |||||||||||
2,859 | E*TRADE Financial Corp. | $ | 142,178 | ||||||||
994 | FactSet Research Systems, Inc. | 326,499 | |||||||||
10,681 | Franklin Resources, Inc. | 223,981 | |||||||||
1,732 | Goldman Sachs Group, Inc. (The) | 342,278 | |||||||||
6,938 | Intercontinental Exchange, Inc. | 635,521 | |||||||||
14,707 | Invesco Ltd. | 158,247 | |||||||||
141 | Moody's Corp. | 38,737 | |||||||||
22,160 | Morgan Stanley | 1,070,328 | |||||||||
5,155 | Northern Trust Corp. | 408,998 | |||||||||
2,359 | S&P Global, Inc. | 777,243 | |||||||||
7,143 | State Street Corp. | 453,938 | |||||||||
4,927 | T Rowe Price Group, Inc. | 608,484 | |||||||||
631 | TD Ameritrade Holding Corp. | 22,956 | |||||||||
8,487,935 | |||||||||||
CHEMICALS - 3.0% | |||||||||||
3,973 | Air Products and Chemicals, Inc. | 959,321 | |||||||||
1,045 | Axalta Coating Systems Ltd.* | 23,565 | |||||||||
6,801 | Chemours Co. (The) | 104,395 | |||||||||
2,113 | Corteva, Inc. | 56,607 | |||||||||
9,655 | Dow, Inc. | 393,538 | |||||||||
11,389 | DuPont de Nemours, Inc. | 605,098 | |||||||||
4,131 | Ecolab, Inc. | 821,862 | |||||||||
3,760 | FMC Corp. | 374,571 | |||||||||
381 | International Flavors & Fragrances, Inc. | 46,657 | |||||||||
6,908 | Linde PLC | 1,465,256 | |||||||||
6,574 | LyondellBasell Industries NV, Class A | 432,043 | |||||||||
38,694 | Mosaic Co. (The) | 484,062 | |||||||||
7,344 | PPG Industries, Inc. | 778,905 | |||||||||
655 | Scotts Miracle-Gro Co. (The) | 88,078 | |||||||||
85 | Sherwin-Williams Co. (The) | 49,117 | |||||||||
6,683,075 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.2% | |||||||||||
1,335 | Cintas Corp. | 355,590 | |||||||||
197 | MSA Safety, Inc. | 22,545 | |||||||||
378,135 | |||||||||||
COMMUNICATIONS EQUIPMENT - 1.2% | |||||||||||
52,492 | Cisco Systems, Inc. | 2,448,227 | |||||||||
971 | Motorola Solutions, Inc. | 136,066 | |||||||||
1,183 | ViaSat, Inc.* | 45,392 | |||||||||
2,629,685 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.3% | |||||||||||
5,331 | EMCOR Group, Inc. | 352,592 | |||||||||
4,239 | MasTec, Inc.* | 190,204 | |||||||||
1,777 | Quanta Services, Inc. | 69,712 | |||||||||
612,508 | |||||||||||
CONSTRUCTION MATERIALS - 0.1% | |||||||||||
867 | Martin Marietta Materials, Inc. | 179,096 |
Shares/ Principal | Fair Value | ||||||||||
CONSUMER FINANCE - 0.8% | |||||||||||
28,502 | Ally Financial, Inc. | $ | 565,195 | ||||||||
8,110 | American Express Co. | 772,072 | |||||||||
4,404 | Capital One Financial Corp. | 275,646 | |||||||||
1,260 | Discover Financial Services | 63,113 | |||||||||
1,676,026 | |||||||||||
CONTAINERS & PACKAGING - 0.2% | |||||||||||
8,838 | International Paper Co. | 311,186 | |||||||||
7,655 | Westrock Co. | 216,330 | |||||||||
527,516 | |||||||||||
DISTRIBUTORS - 0.0%† | |||||||||||
490 | Genuine Parts Co. | 42,610 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 0.3% | |||||||||||
775 | Bright Horizons Family Solutions, Inc.* | 90,830 | |||||||||
591 | Graham Holdings Co., Class B | 202,518 | |||||||||
554 | Grand Canyon Education, Inc.* | 50,154 | |||||||||
29,048 | H&R Block, Inc. | 414,805 | |||||||||
758,307 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.8% | |||||||||||
34,545 | Berkshire Hathaway, Inc., Class B* | 6,166,628 | |||||||||
3,938 | Equitable Holdings, Inc. | 75,964 | |||||||||
6,242,592 | |||||||||||
DIVERSIFIED TELECOMMUNICATION - 3.3% | |||||||||||
114,948 | AT&T, Inc. | 3,474,878 | |||||||||
22,562 | CenturyLink, Inc. | 226,297 | |||||||||
933 | GCI Liberty, Inc., Class A* | 66,355 | |||||||||
61,624 | Verizon Communications, Inc. | 3,397,331 | |||||||||
7,164,861 | |||||||||||
ELECTRIC UTILITIES - 3.8% | |||||||||||
28,760 | Alliant Energy Corp. | 1,375,878 | |||||||||
1,995 | Avangrid, Inc. | 83,750 | |||||||||
2,048 | Duke Energy Corp. | 163,615 | |||||||||
10,440 | Eversource Energy | 869,339 | |||||||||
15,216 | Exelon Corp. | 552,189 | |||||||||
8,885 | IDACORP, Inc. | 776,282 | |||||||||
10,965 | NextEra Energy, Inc. | 2,633,464 | |||||||||
8,977 | Pinnacle West Capital Corp. | 657,924 | |||||||||
18,489 | Xcel Energy, Inc. | 1,155,563 | |||||||||
8,268,004 | |||||||||||
ELECTRICAL EQUIPMENT - 0.7% | |||||||||||
2,308 | AMETEK, Inc. | 206,266 | |||||||||
2,134 | Generac Holdings, Inc.* | 260,198 | |||||||||
8,769 | Hubbell, Inc. | 1,099,282 | |||||||||
1,565,746 |
See accompanying notes to financial statements.
54
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6% | |||||||||||
20,875 | Avnet, Inc. | $ | 582,099 | ||||||||
2,142 | Corning, Inc. | 55,478 | |||||||||
17,864 | National Instruments Corp. | 691,516 | |||||||||
291 | TE Connectivity Ltd. | 23,731 | |||||||||
1,352,824 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.5% | |||||||||||
21,881 | Baker Hughes Co. | 336,749 | |||||||||
9,044 | ChampionX Corp.* | 88,269 | |||||||||
4,697 | Halliburton Co. | 60,967 | |||||||||
5,746 | National Oilwell Varco, Inc. | 70,389 | |||||||||
29,726 | Schlumberger Ltd. | 546,661 | |||||||||
13,126 | TechnipFMC PLC | 89,782 | |||||||||
1,192,817 | |||||||||||
ENTERTAINMENT - 1.5% | |||||||||||
8,439 | Activision Blizzard, Inc. | 640,520 | |||||||||
24,411 | Walt Disney Co. (The) | 2,722,071 | |||||||||
3,362,591 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 4.5% | |||||||||||
3,540 | Alexandria Real Estate Equities, Inc. | 574,365 | |||||||||
2,804 | American Campus Communities, Inc. | 98,028 | |||||||||
349 | American Tower Corp. | 90,230 | |||||||||
3,173 | AvalonBay Communities, Inc. | 490,673 | |||||||||
14,501 | Boston Properties, Inc. | 1,310,600 | |||||||||
31,681 | Brandywine Realty Trust | 345,006 | |||||||||
4,189 | Camden Property Trust | 382,121 | |||||||||
1,629 | Columbia Property Trust, Inc. | 21,405 | |||||||||
2,067 | Digital Realty Trust, Inc. | 293,741 | |||||||||
6,722 | Douglas Emmett, Inc. | 206,097 | |||||||||
20,054 | Equity Residential | 1,179,576 | |||||||||
504 | Essex Property Trust, Inc. | 115,502 | |||||||||
2,777 | Federal Realty Investment Trust | 236,628 | |||||||||
2,482 | Healthpeak Properties, Inc. | 68,404 | |||||||||
29,008 | Host Hotels & Resorts, Inc. | 312,996 | |||||||||
940 | Life Storage, Inc. | 89,253 | |||||||||
9,714 | Macerich Co. (The) | 87,135 | |||||||||
4,918 | National Retail Properties, Inc. | 174,491 | |||||||||
4,859 | Outfront Media, Inc. | 68,852 | |||||||||
23,884 | Park Hotels & Resorts, Inc. | 236,213 | |||||||||
18,343 | Prologis, Inc. | 1,711,952 | |||||||||
1,650 | QTS Realty Trust, Inc., Class A | 105,748 | |||||||||
9,589 | Realty Income Corp. | 570,545 | |||||||||
6,789 | Regency Centers Corp. | 311,547 | |||||||||
662 | Simon Property Group, Inc. | 45,268 | |||||||||
4,986 | UDR, Inc. | 186,377 | |||||||||
3,107 | Ventas, Inc. | 113,778 | |||||||||
4,227 | VICI Properties, Inc. | 85,343 | |||||||||
3 | Weingarten Realty Investors | 57 | |||||||||
6,069 | Welltower, Inc. | 314,071 | |||||||||
9,826,002 |
Shares/ Principal | Fair Value | ||||||||||
FOOD & STAPLES RETAILING - 1.6% | |||||||||||
3,258 | Costco Wholesale Corp. | $ | 987,858 | ||||||||
1,359 | Performance Food Group Co.* | 39,601 | |||||||||
1,901 | US Foods Holding Corp.* | 37,488 | |||||||||
8,473 | Walgreens Boots Alliance, Inc. | 359,170 | |||||||||
16,561 | Walmart, Inc. | 1,983,677 | |||||||||
3,407,794 | |||||||||||
FOOD PRODUCTS - 2.1% | |||||||||||
1,738 | Campbell Soup Co. | 86,257 | |||||||||
1,896 | Conagra Brands, Inc. | 66,682 | |||||||||
30,077 | General Mills, Inc. | 1,854,247 | |||||||||
7,684 | Hershey Co. (The) | 996,000 | |||||||||
2,084 | JM Smucker Co. (The) | 220,508 | |||||||||
1,367 | Kellogg Co. | 90,304 | |||||||||
2,872 | Lamb Weston Holdings, Inc. | 183,607 | |||||||||
250 | Lancaster Colony Corp. | 38,748 | |||||||||
21,502 | Mondelez International, Inc., Class A | 1,099,397 | |||||||||
745 | Tyson Foods, Inc., Class A | 44,484 | |||||||||
4,680,234 | |||||||||||
GAS UTILITIES - 0.2% | |||||||||||
287 | ONE Gas, Inc. | 22,113 | |||||||||
11,457 | UGI Corp. | 364,333 | |||||||||
386,446 | |||||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.3% | |||||||||||
17,251 | Abbott Laboratories | 1,577,259 | |||||||||
2,158 | Becton Dickinson and Co. | 516,345 | |||||||||
6,291 | Danaher Corp. | 1,112,438 | |||||||||
4,442 | DENTSPLY SIRONA, Inc. | 195,715 | |||||||||
7,949 | Edwards Lifesciences Corp.* | 549,355 | |||||||||
6,966 | Hologic, Inc.* | 397,062 | |||||||||
577 | IDEXX Laboratories, Inc.* | 190,502 | |||||||||
20,362 | Medtronic PLC | 1,867,195 | |||||||||
2,904 | STERIS PLC | 445,590 | |||||||||
1,654 | Stryker Corp. | 298,034 | |||||||||
243 | West Pharmaceutical Services, Inc. | 55,202 | |||||||||
7,204,697 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 3.0% | |||||||||||
1,168 | AMN Healthcare Services, Inc.* | 52,840 | |||||||||
4,635 | Anthem, Inc. | 1,218,912 | |||||||||
6,296 | Cardinal Health, Inc. | 328,588 | |||||||||
4,680 | Cigna Corp. | 878,202 | |||||||||
32,089 | CVS Health Corp. | 2,084,823 | |||||||||
4,164 | HCA Healthcare, Inc. | 404,158 | |||||||||
328 | Humana, Inc. | 127,182 | |||||||||
1,411 | Laboratory Corp. of America Holdings* | 234,381 | |||||||||
4,200 | McKesson Corp. | 644,364 | |||||||||
2,207 | Quest Diagnostics, Inc. | 251,510 | |||||||||
956 | UnitedHealth Group, Inc. | 281,972 | |||||||||
6,506,932 |
See accompanying notes to financial statements.
55
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE TECHNOLOGY - 0.1% | |||||||||||
1,175 | Teladoc Health, Inc.* | $ | 224,237 | ||||||||
HOTELS, RESTAURANTS & LEISURE - 1.6% | |||||||||||
2,467 | Boyd Gaming Corp. | 51,560 | |||||||||
374 | Churchill Downs, Inc. | 49,798 | |||||||||
7,823 | Darden Restaurants, Inc. | 592,749 | |||||||||
16,209 | Extended Stay America, Inc. | 181,379 | |||||||||
12,576 | International Game Technology PLC | 111,926 | |||||||||
1,928 | Las Vegas Sands Corp. | 87,801 | |||||||||
9,819 | McDonald's Corp. | 1,811,311 | |||||||||
6,854 | MGM Resorts International | 115,147 | |||||||||
3,186 | Penn National Gaming, Inc.* | 97,300 | |||||||||
3,715 | Texas Roadhouse, Inc. | 195,298 | |||||||||
233 | Vail Resorts, Inc. | 42,441 | |||||||||
1,240 | Wyndham Destinations, Inc. | 34,943 | |||||||||
2,892 | Yum! Brands, Inc. | 251,344 | |||||||||
3,622,997 | |||||||||||
HOUSEHOLD DURABLES - 0.4% | |||||||||||
11,844 | DR Horton, Inc. | 656,750 | |||||||||
1,289 | Garmin Ltd. | 125,677 | |||||||||
410 | Helen of Troy Ltd.* | 77,310 | |||||||||
354 | Mohawk Industries, Inc.* | 36,023 | |||||||||
895,760 | |||||||||||
HOUSEHOLD PRODUCTS - 2.3% | |||||||||||
2,978 | Church & Dwight Co., Inc. | 230,199 | |||||||||
2,759 | Clorox Co. (The) | 605,242 | |||||||||
14,380 | Colgate-Palmolive Co. | 1,053,479 | |||||||||
26,258 | Procter & Gamble Co. (The) | 3,139,669 | |||||||||
5,028,589 | |||||||||||
INDUSTRIAL CONGLOMERATES - 1.5% | |||||||||||
134 | 3M Co. | 20,903 | |||||||||
2,162 | Carlisle Cos., Inc. | 258,726 | |||||||||
100,095 | General Electric Co. | 683,649 | |||||||||
10,840 | Honeywell International, Inc. | 1,567,356 | |||||||||
1,784 | Roper Technologies, Inc. | 692,656 | |||||||||
3,223,290 | |||||||||||
INSURANCE - 3.9% | |||||||||||
12,578 | Aflac, Inc. | 453,185 | |||||||||
364 | Alleghany Corp. | 178,047 | |||||||||
4,011 | Allstate Corp. (The) | 389,027 | |||||||||
7,026 | American International Group, Inc. | 219,071 | |||||||||
4,082 | Arch Capital Group Ltd.* | 116,949 | |||||||||
2,240 | Arthur J Gallagher & Co. | 218,378 | |||||||||
959 | Assured Guaranty Ltd. | 23,409 | |||||||||
11,686 | Brown & Brown, Inc. | 476,321 | |||||||||
14,070 | Cincinnati Financial Corp. | 900,902 | |||||||||
5,272 | First American Financial Corp. | 253,161 | |||||||||
5,417 | Globe Life, Inc. | 402,104 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 3.9% (Continued) | |||||||||||
2,902 | Hanover Insurance Group, Inc. (The) | $ | 294,060 | ||||||||
5,354 | Hartford Financial Services Group, Inc. (The) | 206,397 | |||||||||
4,876 | Lincoln National Corp. | 179,388 | |||||||||
1,558 | Loews Corp. | 53,424 | |||||||||
3,222 | Marsh & McLennan Cos., Inc. | 345,946 | |||||||||
15,564 | MetLife, Inc. | 568,397 | |||||||||
1,411 | Principal Financial Group, Inc. | 58,613 | |||||||||
4,223 | Progressive Corp. (The) | 338,305 | |||||||||
24,769 | Prudential Financial, Inc. | 1,508,432 | |||||||||
2,378 | Reinsurance Group of America, Inc. | 186,530 | |||||||||
3,603 | Travelers Cos., Inc. (The) | 410,922 | |||||||||
14,582 | Unum Group | 241,915 | |||||||||
3,320 | W R Berkley Corp. | 190,203 | |||||||||
2,307 | Willis Towers Watson PLC | 454,364 | |||||||||
8,667,450 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 1.3% | |||||||||||
719 | Alphabet, Inc., Class A* | 1,019,578 | |||||||||
998 | Alphabet, Inc., Class C* | 1,410,783 | |||||||||
14,776 | Twitter, Inc.* | 440,177 | |||||||||
2,870,538 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 0.9% | |||||||||||
745 | Amazon.com, Inc.* | 2,055,321 | |||||||||
IT SERVICES - 2.0% | |||||||||||
544 | Alliance Data Systems Corp. | 24,545 | |||||||||
5,777 | Automatic Data Processing, Inc. | 860,138 | |||||||||
5,521 | Cognizant Technology Solutions Corp., Class A | 313,703 | |||||||||
5,418 | DXC Technology Co. | 89,397 | |||||||||
926 | Fidelity National Information Services, Inc. | 124,167 | |||||||||
10,188 | Fiserv, Inc.* | 994,553 | |||||||||
685 | Global Payments, Inc. | 116,190 | |||||||||
171 | Mastercard, Inc., Class A | 50,565 | |||||||||
3,518 | Paychex, Inc. | 266,488 | |||||||||
3,553 | PayPal Holdings, Inc.* | 619,039 | |||||||||
527 | StoneCo Ltd., Class A* | 20,426 | |||||||||
160 | VeriSign, Inc.* | 33,093 | |||||||||
4,358 | Visa, Inc., Class A | 841,835 | |||||||||
219 | WEX, Inc.* | 36,137 | |||||||||
4,390,276 | |||||||||||
LEISURE PRODUCTS - 0.0%† | |||||||||||
838 | Peloton Interactive, Inc., Class A* | 48,411 | |||||||||
LIFE SCIENCES TOOLS & SERVICES - 0.2% | |||||||||||
2,885 | Agilent Technologies, Inc. | 254,948 | |||||||||
595 | IQVIA Holdings, Inc.* | 84,419 | |||||||||
313 | Thermo Fisher Scientific, Inc. | 113,412 | |||||||||
211 | Waters Corp.* | 38,064 | |||||||||
490,843 |
See accompanying notes to financial statements.
56
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
MACHINERY - 3.0% | |||||||||||
7,663 | AGCO Corp. | $ | 424,990 | ||||||||
4,922 | Caterpillar, Inc. | 622,633 | |||||||||
6,295 | Deere & Co. | 989,259 | |||||||||
2,620 | Fortive Corp. | 177,269 | |||||||||
5,271 | Illinois Tool Works, Inc. | 921,634 | |||||||||
14,234 | Oshkosh Corp. | 1,019,439 | |||||||||
3,577 | Otis Worldwide Corp. | 203,388 | |||||||||
8,574 | PACCAR, Inc. | 641,764 | |||||||||
139 | Parker-Hannifin Corp. | 25,475 | |||||||||
4,786 | Snap-on, Inc. | 662,909 | |||||||||
891 | Stanley Black & Decker, Inc. | 124,188 | |||||||||
2,579 | Toro Co. (The) | 171,091 | |||||||||
8,559 | Xylem, Inc. | 555,993 | |||||||||
6,540,032 | |||||||||||
MEDIA - 2.2% | |||||||||||
2,189 | Altice USA, Inc., Class A* | 49,340 | |||||||||
2,811 | AMC Networks, Inc., Class A* | 65,749 | |||||||||
25 | Cable One, Inc. | 44,371 | |||||||||
51,875 | Comcast Corp., Class A | 2,022,088 | |||||||||
13,965 | Discovery, Inc., Class A* | 294,662 | |||||||||
2,871 | Discovery, Inc., Class C* | 55,295 | |||||||||
947 | Fox Corp., Class A | 25,399 | |||||||||
57,070 | Interpublic Group of Cos., Inc. (The) | 979,321 | |||||||||
1,528 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 52,747 | |||||||||
906 | Nexstar Media Group, Inc., Class A | 75,823 | |||||||||
3,619 | Omnicom Group, Inc. | 197,597 | |||||||||
115,155 | Sirius XM Holdings, Inc. | 675,960 | |||||||||
5,146 | TEGNA, Inc. | 57,326 | |||||||||
8,159 | ViacomCBS, Inc., Class B | 190,268 | |||||||||
4,785,946 | |||||||||||
METALS & MINING - 0.9% | |||||||||||
26,018 | Alcoa Corp.* | 292,442 | |||||||||
6,052 | Freeport-McMoRan, Inc. | 70,022 | |||||||||
7,911 | Newmont Corp. | 488,425 | |||||||||
5,803 | Reliance Steel & Aluminum Co. | 550,879 | |||||||||
556 | Royal Gold, Inc. | 69,122 | |||||||||
4,468 | Southern Copper Corp. | 177,692 | |||||||||
9,933 | Steel Dynamics, Inc. | 259,152 | |||||||||
1,907,734 | |||||||||||
MULTILINE RETAIL - 0.6% | |||||||||||
1,965 | Kohl's Corp. | 40,813 | |||||||||
20,653 | Macy's, Inc. | 142,093 | |||||||||
9,025 | Target Corp. | 1,082,368 | |||||||||
1,265,274 | |||||||||||
MULTI-UTILITIES - 1.5% | |||||||||||
16,975 | Ameren Corp. | 1,194,361 | |||||||||
17,842 | CMS Energy Corp. | 1,042,330 | |||||||||
4,167 | Consolidated Edison, Inc. | 299,732 |
Shares/ Principal | Fair Value | ||||||||||
MULTI-UTILITIES - 1.5% (Continued) | |||||||||||
3,456 | Dominion Energy, Inc. | $ | 280,558 | ||||||||
1,991 | DTE Energy Co. | 214,033 | |||||||||
5,615 | Public Service Enterprise Group, Inc. | 276,033 | |||||||||
485 | Sempra Energy | 56,857 | |||||||||
3,363,904 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 4.4% | |||||||||||
2,862 | Apache Corp. | 38,637 | |||||||||
2,948 | Cheniere Energy, Inc.* | 142,447 | |||||||||
24,553 | Chevron Corp. | 2,190,864 | |||||||||
2,856 | Concho Resources, Inc. | 147,084 | |||||||||
22,282 | ConocoPhillips | 936,290 | |||||||||
14,127 | Continental Resources, Inc. | 247,646 | |||||||||
14,423 | Devon Energy Corp. | 163,557 | |||||||||
17,607 | EOG Resources, Inc. | 891,971 | |||||||||
39,463 | Exxon Mobil Corp. | 1,764,785 | |||||||||
1,132 | Hess Corp. | 58,649 | |||||||||
31,163 | Kinder Morgan, Inc. | 472,743 | |||||||||
52,225 | Marathon Oil Corp. | 319,617 | |||||||||
9,326 | Marathon Petroleum Corp. | 348,606 | |||||||||
2,187 | Noble Energy, Inc. | 19,595 | |||||||||
5,827 | ONEOK, Inc. | 193,573 | |||||||||
5,983 | PBF Energy, Inc., Class A | 61,266 | |||||||||
8,392 | Phillips 66 | 603,385 | |||||||||
9,861 | Valero Energy Corp. | 580,024 | |||||||||
30,683 | Williams Cos., Inc. (The) | 583,591 | |||||||||
9,764,330 | |||||||||||
PAPER & FOREST PRODUCTS - 0.1% | |||||||||||
12,911 | Domtar Corp. | 272,551 | |||||||||
PHARMACEUTICALS - 5.0% | |||||||||||
13,244 | Bristol-Myers Squibb Co. | 778,747 | |||||||||
12,581 | Elanco Animal Health, Inc.* | 269,862 | |||||||||
418 | Eli Lilly and Co. | 68,627 | |||||||||
38,398 | Johnson & Johnson | 5,399,911 | |||||||||
12,359 | Merck & Co., Inc. | 955,722 | |||||||||
9,537 | Mylan NV* | 153,355 | |||||||||
90,593 | Pfizer, Inc. | 2,962,391 | |||||||||
2,303 | Zoetis, Inc. | 315,603 | |||||||||
10,904,218 | |||||||||||
PROFESSIONAL SERVICES - 0.2% | |||||||||||
1,992 | IHS Markit Ltd. | 150,396 | |||||||||
6,057 | Robert Half International, Inc. | 319,991 | |||||||||
470,387 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% | |||||||||||
1,348 | CBRE Group, Inc., Class A* | 60,957 | |||||||||
950 | Howard Hughes Corp. (The)* | 49,352 | |||||||||
110,309 |
See accompanying notes to financial statements.
57
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ROAD & RAIL - 1.2% | |||||||||||
857 | AMERCO | $ | 258,977 | ||||||||
9,670 | CSX Corp. | 674,386 | |||||||||
869 | Landstar System, Inc. | 97,597 | |||||||||
4,740 | Lyft, Inc., Class A* | 156,467 | |||||||||
4,506 | Norfolk Southern Corp. | 791,118 | |||||||||
9,570 | Uber Technologies, Inc.* | 297,436 | |||||||||
2,242 | Union Pacific Corp. | 379,055 | |||||||||
2,655,036 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9% | |||||||||||
4,819 | Analog Devices, Inc. | 591,002 | |||||||||
16,104 | Applied Materials, Inc. | 973,487 | |||||||||
1,874 | Cirrus Logic, Inc.* | 115,776 | |||||||||
83,722 | Intel Corp. | 5,009,087 | |||||||||
322 | Lam Research Corp. | 104,154 | |||||||||
3,854 | Marvell Technology Group Ltd. | 135,121 | |||||||||
11,871 | Micron Technology, Inc.* | 611,594 | |||||||||
1,739 | NVIDIA Corp. | 660,664 | |||||||||
230 | Silicon Laboratories, Inc.* | 23,062 | |||||||||
285 | Skyworks Solutions, Inc. | 36,440 | |||||||||
2,297 | Xilinx, Inc. | 226,002 | |||||||||
8,486,389 | |||||||||||
SOFTWARE - 1.2% | |||||||||||
1,237 | Atlassian Corp. PLC, Class A* | 222,994 | |||||||||
2,850 | Citrix Systems, Inc. | 421,544 | |||||||||
6,074 | Cloudflare, Inc., Class A* | 218,360 | |||||||||
1,162 | DocuSign, Inc.* | 200,108 | |||||||||
73 | Intuit, Inc. | 21,622 | |||||||||
2,500 | Microsoft Corp. | 508,775 | |||||||||
763 | RingCentral, Inc., Class A* | 217,463 | |||||||||
6,349 | Slack Technologies, Inc., Class A* | 197,390 | |||||||||
4,068 | Smartsheet, Inc., Class A* | 207,143 | |||||||||
429 | VMware, Inc., Class A* | 66,435 | |||||||||
856 | Zoom Video Communications, Inc., Class A* | 217,030 | |||||||||
1,922 | Zscaler, Inc.* | 210,459 | |||||||||
2,709,323 | |||||||||||
SPECIALTY RETAIL - 1.9% | |||||||||||
5,224 | Best Buy Co., Inc. | 455,898 | |||||||||
1,854 | Dick's Sporting Goods, Inc. | 76,496 | |||||||||
7,000 | Gap, Inc. (The) | 88,340 | |||||||||
11,159 | Home Depot, Inc. (The) | 2,795,441 | |||||||||
4,613 | Lowe's Cos., Inc. | 623,309 | |||||||||
2,762 | TJX Cos., Inc. (The) | 139,647 | |||||||||
4,179,131 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.4% | |||||||||||
3,327 | Dell Technologies, Inc., Class C* | 182,785 | |||||||||
9,588 | Hewlett Packard Enterprise Co. | 93,291 |
Shares/ Principal | Fair Value | ||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.4% (Continued) | |||||||||||
24,749 | HP, Inc. | $ | 431,375 | ||||||||
3,346 | NetApp, Inc. | 148,462 | |||||||||
1,899 | Xerox Holdings Corp. | 29,036 | |||||||||
884,949 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.3% | |||||||||||
1,439 | Levi Strauss & Co., Class A | 19,283 | |||||||||
54 | Lululemon Athletica, Inc.* | 16,849 | |||||||||
2,664 | NIKE, Inc., Class B | 261,205 | |||||||||
928 | PVH Corp. | 44,590 | |||||||||
362 | Ralph Lauren Corp. | 26,252 | |||||||||
4,389 | VF Corp. | 267,466 | |||||||||
635,645 | |||||||||||
THRIFTS & MORTGAGE FINANCE - 0.0%† | |||||||||||
11,907 | MGIC Investment Corp. | 97,518 | |||||||||
TOBACCO - 0.6% | |||||||||||
8,218 | Altria Group, Inc. | 322,557 | |||||||||
14,349 | Philip Morris International, Inc. | 1,005,291 | |||||||||
1,327,848 | |||||||||||
TRADING COMPANIES & DISTRIBUTORS - 0.4% | |||||||||||
7,070 | GATX Corp. | 431,129 | |||||||||
1,382 | SiteOne Landscape Supply, Inc.* | 157,506 | |||||||||
4,309 | WESCO International, Inc.* | 151,289 | |||||||||
400 | WW Grainger, Inc. | 125,664 | |||||||||
865,588 | |||||||||||
WATER UTILITIES - 0.8% | |||||||||||
13,159 | American Water Works Co., Inc. | 1,693,037 | |||||||||
WIRELESS TELECOMMUNICATION SERVICES - 0.3% | |||||||||||
12,901 | Telephone and Data Systems, Inc. | 256,472 | |||||||||
12,187 | United States Cellular Corp.* | 376,213 | |||||||||
632,685 | |||||||||||
TOTAL COMMON STOCKS (Cost - $214,207,248) | 212,788,500 | ||||||||||
SHORT-TERM INVESTMENTS - 2.9% | |||||||||||
MONEY MARKET FUNDS - 2.9% | |||||||||||
6,313,068 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $6,313,068) | 6,313,068 | |||||||||
TOTAL INVESTMENTS - 99.5% (Cost - $220,520,316) | $ | 219,101,568 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.5% | 1,047,050 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 220,148,618 |
* 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
See accompanying notes to financial statements.
58
Global Atlantic BlackRock Disciplined Value Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 96.6 | % | |||||
Money Market Funds | 2.9 | % | |||||
Other Assets less Liabilities - Net | 0.5 | % | |||||
100.0 | % |
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 E-Mini Future | Goldman Sachs & Co. | 48 | 9/18/2020 | $ | 7,416,480 | $ | 144,963 |
See accompanying notes to financial statements.
59
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CORPORATE BONDS AND NOTES - 98.3% | |||||||||||
ADVERTISING - 0.4% | |||||||||||
$ | 175,000 | MDC Partners, Inc., 6.50%, 5/1/24 (a) | $ | 162,750 | |||||||
75,000 | National CineMedia LLC, 5.88%, 4/15/28 (a) | 61,688 | |||||||||
45,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27 (a) | 40,500 | |||||||||
264,938 | |||||||||||
AEROSPACE & DEFENSE - 1.8% | |||||||||||
250,000 | Howmet Aerospace, Inc., 5.90%, 2/1/27 | 265,062 | |||||||||
40,000 | Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25 (a) | 41,500 | |||||||||
Signature Aviation US Holdings, Inc. | |||||||||||
60,000 | 5.38%, 5/1/26 (a) | 60,042 | |||||||||
65,000 | 4.00%, 3/1/28 (a) | 58,744 | |||||||||
100,000 | SSL Robotics LLC, 9.75%, 12/31/23 (a) | 107,000 | |||||||||
TransDigm, Inc. | |||||||||||
100,000 | 6.25%, 3/15/26 (a) | 99,752 | |||||||||
250,000 | 6.38%, 6/15/26 | 227,745 | |||||||||
250,000 | 7.50%, 3/15/27 | 239,875 | |||||||||
1,099,720 | |||||||||||
AGRICULTURE - 0.7% | |||||||||||
450,000 | Vector Group Ltd., 6.13%, 2/1/25 (a) | 432,000 | |||||||||
AIRLINES - 0.3% | |||||||||||
200,000 | Delta Air Lines, Inc., 7.38%, 1/15/26 | 193,480 | |||||||||
AUTO MANUFACTURERS - 3.5% | |||||||||||
400,000 | Allison Transmission, Inc., 4.75%, 10/1/27 (a) | 397,000 | |||||||||
250,000 | BCD Acquisition, Inc., 9.63%, 9/15/23 (a) | 238,750 | |||||||||
Ford Motor Co. | |||||||||||
155,000 | 8.50%, 4/21/23 | 163,913 | |||||||||
170,000 | 9.00%, 4/22/25 | 183,974 | |||||||||
200,000 | 4.35%, 12/8/26 | 186,560 | |||||||||
140,000 | 9.63%, 4/22/30 | 165,802 | |||||||||
Ford Motor Credit Co. LLC | |||||||||||
200,000 | 2.98%, 8/3/22 | 191,690 | |||||||||
200,000 | 3.09%, 1/9/23 | 190,500 | |||||||||
200,000 | 4.06%, 11/1/24 | 191,006 | |||||||||
150,000 | Jaguar Land Rover Automotive PLC, 5.63%, 2/1/23 (a) | 132,000 | |||||||||
50,000 | JB Poindexter & Co., Inc., 7.13%, 4/15/26 (a) | 50,500 | |||||||||
75,000 | Navistar International Corp., 9.50%, 5/1/25 (a) | 80,366 | |||||||||
2,172,061 | |||||||||||
AUTO PARTS & EQUIPMENT - 1.0% | |||||||||||
Adient US LLC | |||||||||||
15,000 | 9.00%, 4/15/25 (a) | 16,158 | |||||||||
230,000 | 7.00%, 5/15/26 (a) | 238,050 | |||||||||
100,000 | American Axle & Manufacturing, Inc., 6.25%, 4/1/25 | 98,250 |
Shares/ Principal | Fair Value | ||||||||||
AUTO PARTS & EQUIPMENT - 1.0% (Continued) | |||||||||||
$ | 45,000 | Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26 (a) | $ | 46,406 | |||||||
200,000 | IHO Verwaltungs GmbH, 4.75%, 9/15/26 (a),(b) | 196,000 | |||||||||
40,000 | Meritor, Inc., 6.25%, 6/1/25 (a) | 40,400 | |||||||||
635,264 | |||||||||||
BANKS - 0.8% | |||||||||||
100,000 | CIT Group, Inc., 5.00%, 8/15/22 | 102,125 | |||||||||
200,000 | Deutsche Bank AG, 4.50%, 4/1/25 | 196,176 | |||||||||
95,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (a) | 94,050 | |||||||||
150,000 | Provident Funding Associates LP / PFG Finance Corp., 6.38%, 6/15/25 (a) | 140,250 | |||||||||
532,601 | |||||||||||
BUILDING MATERIALS - 1.5% | |||||||||||
Builders FirstSource, Inc. | |||||||||||
144,000 | 6.75%, 6/1/27 (a) | 147,420 | |||||||||
125,000 | 5.00%, 3/1/30 (a) | 117,500 | |||||||||
25,000 | Griffon Corp., 5.75%, 3/1/28 (a) | 24,687 | |||||||||
200,000 | James Hardie International Finance DAC, 5.00%, 1/15/28 (a) | 204,000 | |||||||||
100,000 | Masonite International Corp., 5.38%, 2/1/28 (a) | 102,250 | |||||||||
45,000 | Norbord, Inc., 5.75%, 7/15/27 (a) | 45,900 | |||||||||
50,000 | PGT Innovations, Inc., 6.75%, 8/1/26 (a) | 50,500 | |||||||||
100,000 | Standard Industries, Inc., 5.38%, 11/15/24 (a) | 102,750 | |||||||||
Summit Materials LLC / Summit Materials Finance Corp. | |||||||||||
100,000 | 5.13%, 6/1/25 (a) | 98,750 | |||||||||
30,000 | 6.50%, 3/15/27 (a) | 30,675 | |||||||||
924,432 | |||||||||||
CHEMICALS - 2.5% | |||||||||||
150,000 | CF Industries, Inc., 4.95%, 6/1/43 | 161,670 | |||||||||
Chemours Co. (The) | |||||||||||
50,000 | 6.63%, 5/15/23 | 48,000 | |||||||||
50,000 | 5.38%, 5/15/27 | 45,184 | |||||||||
100,000 | Cornerstone Chemical Co., 6.75%, 8/15/24 (a) | 90,000 | |||||||||
35,000 | CVR Partners LP / CVR Nitrogen Finance Corp., 9.25%, 6/15/23 (a) | 34,300 | |||||||||
200,000 | INEOS Group Holdings SA, 5.63%, 8/1/24 (a) | 193,444 | |||||||||
350,000 | NOVA Chemicals Corp., 4.88%, 6/1/24 (a) | 326,375 | |||||||||
90,000 | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/26 (a) | 86,850 | |||||||||
200,000 | OCI NV, 6.63%, 4/15/23 (a) | 201,000 | |||||||||
85,000 | Olin Corp., 9.50%, 6/1/25 (a) | 94,775 | |||||||||
100,000 | Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25 (a) | 96,000 | |||||||||
75,000 | Tronox Finance PLC, 5.75%, 10/1/25 (a) | 69,375 | |||||||||
25,000 | Tronox, Inc., 6.50%, 5/1/25 (a) | 25,250 | |||||||||
100,000 | Valvoline, Inc., 4.38%, 8/15/25 | 100,500 | |||||||||
1,572,723 |
See accompanying notes to financial statements.
60
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COAL - 0.0%† | |||||||||||
$ | 25,000 | SunCoke Energy Partners LP / SunCoke 7.50%, 6/15/25 (a) | Energy Partners Finance Corp., $21,130 | ||||||||
COMMERCIAL SERVICES - 2.6% | |||||||||||
200,000 | Algeco Global Finance PLC, 8.00%, 2/15/23 (a) | 192,000 | |||||||||
20,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.63%, 7/15/26 (a) | 21,000 | |||||||||
140,000 | APX Group, Inc., 6.75%, 2/15/27 (a) | 132,125 | |||||||||
70,000 | ASGN, Inc., 4.63%, 5/15/28 (a) | 68,363 | |||||||||
100,000 | Brink's Co. (The), 4.63%, 10/15/27 (a) | 96,000 | |||||||||
200,000 | Carriage Services, Inc., 6.63%, 6/1/26 (a) | 210,250 | |||||||||
75,000 | Gartner, Inc., 4.50%, 7/1/28 (a) | 75,877 | |||||||||
125,000 | Graham Holdings Co., 5.75%, 6/1/26 (a) | 129,266 | |||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | |||||||||||
175,000 | 5.75%, 4/15/26 (a) | 181,475 | |||||||||
105,000 | 6.25%, 1/15/28 (a) | 98,963 | |||||||||
Refinitiv US Holdings, Inc. | |||||||||||
145,000 | 6.25%, 5/15/26 (a) | 153,700 | |||||||||
40,000 | 8.25%, 11/15/26 (a) | 43,319 | |||||||||
50,000 | Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (a) | 51,438 | |||||||||
Service Corp. International | |||||||||||
100,000 | 4.63%, 12/15/27 | 104,250 | |||||||||
20,000 | 5.13%, 6/1/29 | 21,520 | |||||||||
70,000 | United Rentals North America, Inc., 5.25%, 1/15/30 | 72,275 | |||||||||
1,651,821 | |||||||||||
COMPUTERS - 0.1% | |||||||||||
30,000 | Presidio Holdings, Inc., 4.88%, 2/1/27 (a) | 29,325 | |||||||||
30,000 | Science Applications International Corp., 4.88%, 4/1/28 (a) | 29,822 | |||||||||
59,147 | |||||||||||
COSMETICS & PERSONAL CARE - 0.4% | |||||||||||
70,000 | Avon International Capital PLC, 6.50%, 8/15/22 (a) | 68,600 | |||||||||
200,000 | Avon International Operations, Inc., 7.88%, 8/15/22 (a) | 200,300 | |||||||||
268,900 | |||||||||||
DISTRIBUTION & WHOLESALE - 0.2% | |||||||||||
15,000 | American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28 (a) | 14,577 | |||||||||
50,000 | HD Supply, Inc., 5.38%, 10/15/26 (a) | 51,062 | |||||||||
45,000 | Performance Food Group, Inc., 5.50%, 10/15/27 (a) | 43,425 | |||||||||
109,064 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 3.9% | |||||||||||
35,000 | AG Issuer LLC, 6.25%, 3/1/28 (a) | 32,550 | |||||||||
100,000 | Ally Financial, Inc., 5.75%, 11/20/25 | 107,004 |
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED FINANCIAL SERVICES - 3.9% (Continued) | |||||||||||
$ | 245,000 | Credit Acceptance Corp., 6.63%, 3/15/26 | $ | 245,992 | |||||||
125,000 | Curo Group Holdings Corp., 8.25%, 9/1/25 (a) | 99,963 | |||||||||
100,000 | Global Aircraft Leasing Co. Ltd., 6.50%, 9/15/24 (a),(b) | 67,000 | |||||||||
110,000 | goeasy Ltd., 5.38%, 12/1/24 (a) | 106,700 | |||||||||
200,000 | Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 8/15/24 (a) | 176,000 | |||||||||
90,000 | LPL Holdings, Inc., 4.63%, 11/15/27 (a) | 88,875 | |||||||||
Nationstar Mortgage Holdings, Inc. | |||||||||||
140,000 | 8.13%, 7/15/23 (a) | 143,668 | |||||||||
175,000 | 9.13%, 7/15/26 (a) | 184,952 | |||||||||
65,000 | 6.00%, 1/15/27 (a) | 61,750 | |||||||||
Navient Corp. | |||||||||||
100,000 | 5.50%, 1/25/23 | 95,875 | |||||||||
100,000 | 6.75%, 6/15/26 | 92,500 | |||||||||
75,000 | 5.00%, 3/15/27 | 63,000 | |||||||||
100,000 | Quicken Loans, Inc., 5.75%, 5/1/25 (a) | 102,229 | |||||||||
Springleaf Finance Corp. | |||||||||||
100,000 | 5.63%, 3/15/23 | 101,127 | |||||||||
265,000 | 6.13%, 3/15/24 | 269,306 | |||||||||
105,000 | 6.88%, 3/15/25 | 107,724 | |||||||||
100,000 | 7.13%, 3/15/26 | 103,499 | |||||||||
95,000 | 6.63%, 1/15/28 | 94,050 | |||||||||
55,000 | 5.38%, 11/15/29 | 51,425 | |||||||||
110,000 | Voyager Aviation Holdings LLC / Voyager Finance Co., 8.50%, 8/15/21 (a) | 80,300 | |||||||||
2,475,489 | |||||||||||
ELECTRIC - 2.4% | |||||||||||
Calpine Corp. | |||||||||||
180,000 | 5.25%, 6/1/26 (a) | 181,748 | |||||||||
100,000 | 4.50%, 2/15/28 (a) | 97,500 | |||||||||
70,000 | 5.13%, 3/15/28 (a) | 68,600 | |||||||||
Clearway Energy Operating LLC | |||||||||||
80,000 | 5.75%, 10/15/25 | 82,600 | |||||||||
70,000 | 4.75%, 3/15/28 (a) | 71,396 | |||||||||
200,000 | Drax Finco PLC, 6.63%, 11/1/25 (a) | 205,000 | |||||||||
50,000 | NextEra Energy Operating Partners LP, 4.25%, 7/15/24 (a) | 50,562 | |||||||||
400,000 | NRG Energy, Inc., 7.25%, 5/15/26 | 422,000 | |||||||||
15,000 | PG&E Corp., 5.25%, 7/1/30 | 15,085 | |||||||||
Talen Energy Supply LLC | |||||||||||
225,000 | 7.25%, 5/15/27 (a) | 223,875 | |||||||||
70,000 | 6.63%, 1/15/28 (a) | 68,513 | |||||||||
40,000 | Vistra Operations Co. LLC, 5.00%, 7/31/27 (a) | 40,450 | |||||||||
1,527,329 | |||||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.4% | |||||||||||
Energizer Holdings, Inc. | |||||||||||
80,000 | 6.38%, 7/15/26 (a) | 82,717 | |||||||||
20,000 | 7.75%, 1/15/27 (a) | 21,325 | |||||||||
35,000 | 4.75%, 6/15/28 (a) | 34,334 |
See accompanying notes to financial statements.
61
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.4% (Continued) | |||||||||||
WESCO Distribution, Inc. | |||||||||||
$ | 40,000 | 7.13%, 6/15/25 (a) | $ | 42,125 | |||||||
45,000 | 7.25%, 6/15/28 (a) | 47,588 | |||||||||
228,089 | |||||||||||
ELECTRONICS - 0.3% | |||||||||||
45,000 | Itron, Inc., 5.00%, 1/15/26 (a) | 44,831 | |||||||||
150,000 | Sensata Technologies, Inc., 4.38%, 2/15/30 (a) | 148,500 | |||||||||
193,331 | |||||||||||
ENERGY-ALTERNATE SOURCES - 0.2% | |||||||||||
100,000 | TerraForm Power Operating LLC, 5.00%, 1/31/28 (a) | 104,250 | |||||||||
ENGINEERING & CONSTRUCTION - 1.1% | |||||||||||
AECOM | |||||||||||
229,000 | 5.88%, 10/15/24 | 247,320 | |||||||||
150,000 | 5.13%, 3/15/27 | 161,250 | |||||||||
45,000 | frontdoor, Inc., 6.75%, 8/15/26 (a) | 47,812 | |||||||||
90,000 | New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/26 (a) | 90,450 | |||||||||
35,000 | TopBuild Corp., 5.63%, 5/1/26 (a) | 35,350 | |||||||||
100,000 | Tutor Perini Corp., 6.88%, 5/1/25 (a) | 95,250 | |||||||||
677,432 | |||||||||||
ENTERTAINMENT - 2.1% | |||||||||||
75,000 | Boyne USA, Inc., 7.25%, 5/1/25 (a) | 78,563 | |||||||||
35,000 | Cedar Fair LP, 5.25%, 7/15/29 (a) | 31,675 | |||||||||
80,000 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25 (a) | 80,400 | |||||||||
200,000 | Churchill Downs, Inc., 4.75%, 1/15/28 (a) | 193,000 | |||||||||
Colt Merger Sub, Inc. | |||||||||||
15,000 | 5.75%, 7/1/25 (a) | 15,085 | |||||||||
110,000 | 6.25%, 7/1/25 (a) | 109,313 | |||||||||
Eldorado Resorts, Inc. | |||||||||||
100,000 | 6.00%, 4/1/25 | 104,600 | |||||||||
25,000 | 6.00%, 9/15/26 | 27,008 | |||||||||
100,000 | International Game Technology PLC, 6.50%, 2/15/25 (a) | 102,251 | |||||||||
5,000 | Jacobs Entertainment, Inc., 7.88%, 2/1/24 (a) | 4,405 | |||||||||
200,000 | Live Nation Entertainment, Inc., 4.88%, 11/1/24 (a) | 180,000 | |||||||||
200,000 | Merlin Entertainments Ltd., 5.75%, 6/15/26 (a) | 192,636 | |||||||||
100,000 | Six Flags Entertainment Corp., 4.88%, 7/31/24 (a) | 89,500 | |||||||||
15,000 | Six Flags Theme Parks, Inc., 7.00%, 7/1/25 (a) | 15,506 | |||||||||
45,000 | Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 7/15/26 (a) | 47,435 | |||||||||
40,000 | WMG Acquisition Corp., 5.50%, 4/15/26 (a) | 41,388 | |||||||||
1,312,765 |
Shares/ Principal | Fair Value | ||||||||||
ENVIRONMENTAL CONTROL - 0.6% | |||||||||||
$ | 200,000 | Advanced Disposal Services, Inc., 5.63%, 11/15/24 (a) | $ | 207,500 | |||||||
35,000 | GFL Environmental, Inc., 5.13%, 12/15/26 (a) | 36,225 | |||||||||
108,000 | Tervita Corp., 7.63%, 12/1/21 (a) | 84,780 | |||||||||
65,000 | Waste Pro USA, Inc., 5.50%, 2/15/26 (a) | 62,042 | |||||||||
390,547 | |||||||||||
FOOD - 3.2% | |||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | |||||||||||
200,000 | 6.63%, 6/15/24 | 205,000 | |||||||||
10,000 | 7.50%, 3/15/26 (a) | 10,800 | |||||||||
50,000 | 4.63%, 1/15/27 (a) | 50,000 | |||||||||
30,000 | 5.88%, 2/15/28 (a) | 30,953 | |||||||||
65,000 | 4.88%, 2/15/30 (a) | 66,503 | |||||||||
Kraft Heinz Foods Co. | |||||||||||
200,000 | 3.75%, 4/1/30 (a) | 206,513 | |||||||||
200,000 | 6.88%, 1/26/39 | 247,246 | |||||||||
250,000 | 5.00%, 6/4/42 | 263,402 | |||||||||
250,000 | 4.38%, 6/1/46 | 245,773 | |||||||||
15,000 | Lamb Weston Holdings, Inc., 4.88%, 5/15/28 (a) | 15,893 | |||||||||
100,000 | Pilgrim's Pride Corp., 5.88%, 9/30/27 (a) | 100,020 | |||||||||
Post Holdings, Inc. | |||||||||||
300,000 | 5.75%, 3/1/27 (a) | 309,750 | |||||||||
50,000 | 4.63%, 4/15/30 (a) | 48,940 | |||||||||
200,000 | Simmons Foods, Inc., 5.75%, 11/1/24 (a) | 190,000 | |||||||||
1,990,793 | |||||||||||
GAS - 0.3% | |||||||||||
200,000 | AmeriGas Partners LP / AmeriGas Finance Corp., 5.63%, 5/20/24 | 207,440 | |||||||||
HAND & MACHINE TOOLS - 0.1% | |||||||||||
Colfax Corp. | |||||||||||
55,000 | 6.00%, 2/15/24 (a) | 56,719 | |||||||||
25,000 | 6.38%, 2/15/26 (a) | 26,125 | |||||||||
82,844 | |||||||||||
HEALTHCARE-PRODUCTS - 1.5% | |||||||||||
100,000 | Avantor, Inc., 6.00%, 10/1/24 (a) | 104,500 | |||||||||
40,000 | Hill-Rom Holdings, Inc., 4.38%, 9/15/27 (a) | 40,950 | |||||||||
300,000 | Hologic, Inc., 4.38%, 10/15/25 (a) | 302,937 | |||||||||
Teleflex, Inc. | |||||||||||
450,000 | 4.63%, 11/15/27 | 475,744 | |||||||||
10,000 | 4.25%, 6/1/28 (a) | 10,250 | |||||||||
934,381 | |||||||||||
HEALTHCARE-SERVICES - 6.0% | |||||||||||
40,000 | Catalent Pharma Solutions, Inc., 5.00%, 7/15/27 (a) | 41,525 |
See accompanying notes to financial statements.
62
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTHCARE-SERVICES - 6.0% (Continued) | |||||||||||
Centene Corp. | |||||||||||
$ | 100,000 | 4.75%, 1/15/25 | $ | 102,377 | |||||||
100,000 | 5.25%, 4/1/25 (a) | 102,967 | |||||||||
120,000 | 5.38%, 6/1/26 (a) | 124,399 | |||||||||
170,000 | 5.38%, 8/15/26 (a) | 176,836 | |||||||||
30,000 | 4.25%, 12/15/27 | 30,957 | |||||||||
230,000 | 4.63%, 12/15/29 | 242,650 | |||||||||
25,000 | Charles River Laboratories International, Inc., 4.25%, 5/1/28 (a) | 24,987 | |||||||||
CHS/Community Health Systems, Inc. | |||||||||||
200,000 | 6.25%, 3/31/23 | 188,250 | |||||||||
175,000 | 8.00%, 3/15/26 (a) | 165,410 | |||||||||
170,000 | DaVita, Inc., 4.63%, 6/1/30 (a) | 169,184 | |||||||||
Encompass Health Corp. | |||||||||||
292,000 | 5.75%, 11/1/24 | 292,000 | |||||||||
45,000 | 4.50%, 2/1/28 | 43,161 | |||||||||
60,000 | 4.75%, 2/1/30 | 57,300 | |||||||||
HCA, Inc. | |||||||||||
450,000 | 5.88%, 2/15/26 | 493,312 | |||||||||
115,000 | 5.63%, 9/1/28 | 128,369 | |||||||||
20,000 | 5.88%, 2/1/29 | 22,632 | |||||||||
100,000 | 3.50%, 9/1/30 | 96,317 | |||||||||
200,000 | IQVIA, Inc., 5.00%, 10/15/26 (a) | 205,740 | |||||||||
35,000 | LifePoint Health, Inc., 4.38%, 2/15/27 (a) | 33,075 | |||||||||
Molina Healthcare, Inc. | |||||||||||
175,000 | 5.38%, 11/15/22 | 178,500 | |||||||||
90,000 | 4.38%, 6/15/28 (a) | 89,888 | |||||||||
185,000 | Select Medical Corp., 6.25%, 8/15/26 (a) | 187,026 | |||||||||
Tenet Healthcare Corp. | |||||||||||
100,000 | 4.63%, 7/15/24 | 97,979 | |||||||||
30,000 | 7.50%, 4/1/25 (a) | 31,913 | |||||||||
200,000 | 5.13%, 5/1/25 | 193,042 | |||||||||
255,000 | 5.13%, 11/1/27 (a) | 251,608 | |||||||||
3,771,404 | |||||||||||
HOME BUILDERS - 4.2% | |||||||||||
150,000 | Beazer Homes USA, Inc., 5.88%, 10/15/27 | 143,250 | |||||||||
130,000 | Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 4.88%, 2/15/30 (a) | 108,628 | |||||||||
KB Home | |||||||||||
210,000 | 6.88%, 6/15/27 | 228,900 | |||||||||
95,000 | 4.80%, 11/15/29 | 93,338 | |||||||||
75,000 | M/I Homes, Inc., 4.95%, 2/1/28 | 74,531 | |||||||||
Mattamy Group Corp. | |||||||||||
60,000 | 5.25%, 12/15/27 (a) | 59,700 | |||||||||
115,000 | 4.63%, 3/1/30 (a) | 110,400 | |||||||||
100,000 | MDC Holdings, Inc., 6.00%, 1/15/43 | 105,250 | |||||||||
250,000 | Meritage Homes Corp., 6.00%, 6/1/25 | 265,990 | |||||||||
50,000 | Picasso Finance Sub, Inc., 6.13%, 6/15/25 (a) | 51,125 |
Shares/ Principal | Fair Value | ||||||||||
HOME BUILDERS - 4.2% (Continued) | |||||||||||
PulteGroup, Inc. | |||||||||||
$ | 200,000 | 5.50%, 3/1/26 | $ | 218,120 | |||||||
200,000 | 5.00%, 1/15/27 | 214,000 | |||||||||
160,000 | Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28 (a) | 152,000 | |||||||||
Taylor Morrison Communities, Inc. | |||||||||||
90,000 | 6.00%, 9/1/23 (a) | 92,025 | |||||||||
275,000 | 5.75%, 1/15/28 (a) | 283,250 | |||||||||
TRI Pointe Group, Inc. | |||||||||||
100,000 | 5.25%, 6/1/27 | 99,500 | |||||||||
30,000 | 5.70%, 6/15/28 | 30,450 | |||||||||
100,000 | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 6/15/24 | 102,701 | |||||||||
172,000 | Williams Scotsman International, Inc., 6.88%, 8/15/23 (a) | 176,551 | |||||||||
25,000 | Winnebago Industries, Inc., 6.25%, 7/15/28 (a) | 25,000 | |||||||||
2,634,709 | |||||||||||
HOUSEWARES - 0.1% | |||||||||||
70,000 | Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 | 72,013 | |||||||||
INSURANCE - 1.0% | |||||||||||
115,000 | Acrisure LLC / Acrisure Finance, Inc., 8.13%, 2/15/24 (a) | 119,565 | |||||||||
25,000 | AmWINS Group, Inc., 7.75%, 7/1/26 (a) | 26,250 | |||||||||
120,000 | Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25 (a) | 129,600 | |||||||||
Radian Group, Inc. | |||||||||||
100,000 | 4.50%, 10/1/24 | 96,500 | |||||||||
175,000 | 6.63%, 3/15/25 | 179,375 | |||||||||
50,000 | 4.88%, 3/15/27 | 47,000 | |||||||||
598,290 | |||||||||||
INTERNET - 3.4% | |||||||||||
305,000 | Cogent Communications Group, Inc., 5.38%, 3/1/22 (a) | 313,769 | |||||||||
150,000 | GrubHub Holdings, Inc., 5.50%, 7/1/27 (a) | 153,562 | |||||||||
Match Group Holdings II LLC | |||||||||||
150,000 | 5.00%, 12/15/27 (a) | 156,082 | |||||||||
30,000 | 4.63%, 6/1/28 (a) | 30,263 | |||||||||
155,000 | 5.63%, 2/15/29 (a) | 163,390 | |||||||||
85,000 | 4.13%, 8/1/30 (a) | 83,220 | |||||||||
Netflix, Inc. | |||||||||||
60,000 | 3.63%, 6/15/25 (a) | 60,450 | |||||||||
200,000 | 4.38%, 11/15/26 | 208,034 | |||||||||
400,000 | 4.88%, 6/15/30 (a) | 429,000 | |||||||||
100,000 | NortonLifeLock, Inc., 5.00%, 4/15/25 (a) | 101,500 | |||||||||
VeriSign, Inc. | |||||||||||
200,000 | 5.25%, 4/1/25 | 221,500 | |||||||||
200,000 | 4.75%, 7/15/27 | 210,098 | |||||||||
2,130,868 |
See accompanying notes to financial statements.
63
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
INVESTMENT COMPANIES - 1.1% | |||||||||||
$ | 55,000 | Compass Group Diversified Holdings LLC, 8.00%, 5/1/26 (a) | $ | 55,931 | |||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | |||||||||||
250,000 | 4.75%, 9/15/24 | 235,050 | |||||||||
200,000 | 6.38%, 12/15/25 | 198,000 | |||||||||
190,000 | 6.25%, 5/15/26 | 190,133 | |||||||||
679,114 | |||||||||||
IRON & STEEL - 1.9% | |||||||||||
Allegheny Technologies, Inc. | |||||||||||
150,000 | 7.88%, 8/15/23 | 153,562 | |||||||||
25,000 | 5.88%, 12/1/27 | 23,125 | |||||||||
250,000 | ArcelorMittal SA, 4.55%, 3/11/26 | 253,356 | |||||||||
400,000 | Big River Steel LLC / BRS Finance Corp., 7.25%, 9/1/25 (a) | 382,000 | |||||||||
122,000 | Cleveland-Cliffs, Inc., 5.75%, 3/1/25 | 103,859 | |||||||||
Commercial Metals Co. | |||||||||||
75,000 | 5.75%, 4/15/26 | 76,875 | |||||||||
100,000 | 5.38%, 7/15/27 | 101,250 | |||||||||
75,000 | Mineral Resources Ltd., 8.13%, 5/1/27 (a) | 79,688 | |||||||||
1,173,715 | |||||||||||
LEISURE TIME - 0.4% | |||||||||||
200,000 | Carlson Travel, Inc., 6.75%, 12/15/23 (a) | 130,000 | |||||||||
37,000 | Carnival Corp., 11.50%, 4/1/23 (a) | 40,145 | |||||||||
Royal Caribbean Cruises Ltd. | |||||||||||
35,000 | 10.88%, 6/1/23 (a) | 35,965 | |||||||||
10,000 | 9.13%, 6/15/23 (a) | 9,912 | |||||||||
45,000 | 11.50%, 6/1/25 (a) | 46,955 | |||||||||
262,977 | |||||||||||
LODGING - 1.4% | |||||||||||
Hilton Domestic Operating Co., Inc. | |||||||||||
100,000 | 4.25%, 9/1/24 | 97,020 | |||||||||
20,000 | 5.38%, 5/1/25 (a) | 20,000 | |||||||||
45,000 | 5.13%, 5/1/26 | 44,803 | |||||||||
45,000 | 4.88%, 1/15/30 | 44,325 | |||||||||
200,000 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 4/1/27 | 195,250 | |||||||||
Marriott Ownership Resorts, Inc. | |||||||||||
70,000 | 6.13%, 9/15/25 (a) | 71,575 | |||||||||
35,000 | 4.75%, 1/15/28 (a) | 31,776 | |||||||||
Wyndham Destinations, Inc. | |||||||||||
175,000 | 5.75%, 4/1/27 | 168,438 | |||||||||
14,000 | 4.63%, 3/1/30 (a) | 12,880 | |||||||||
100,000 | Wyndham Hotels & Resorts, Inc., 5.38%, 4/15/26 (a) | 96,250 | |||||||||
100,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25 (a) | 91,500 | |||||||||
873,817 |
Shares/ Principal | Fair Value | ||||||||||
MACHINERY-CONSTRUCTION & MINING - 0.2% | |||||||||||
$ | 115,000 | BWX Technologies, Inc., 4.13%, 6/30/28 (a) | $ | 114,712 | |||||||
MACHINERY-DIVERSIFIED - 0.2% | |||||||||||
35,000 | Mueller Water Products, Inc., 5.50%, 6/15/26 (a) | 36,225 | |||||||||
35,000 | RBS Global, Inc. / Rexnord LLC, 4.88%, 12/15/25 (a) | 35,175 | |||||||||
50,000 | Stevens Holding Co., Inc., 6.13%, 10/1/26 (a) | 52,250 | |||||||||
123,650 | |||||||||||
MEDIA - 8.4% | |||||||||||
200,000 | Altice Financing SA, 7.50%, 5/15/26 (a) | 209,500 | |||||||||
25,000 | Block Communications, Inc., 4.88%, 3/1/28 (a) | 24,695 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||||||||||
200,000 | 5.50%, 5/1/26 (a) | 207,062 | |||||||||
200,000 | 5.13%, 5/1/27 (a) | 206,920 | |||||||||
100,000 | 5.00%, 2/1/28 (a) | 103,250 | |||||||||
550,000 | 5.38%, 6/1/29 (a) | 580,250 | |||||||||
115,000 | 4.75%, 3/1/30 (a) | 117,667 | |||||||||
260,000 | 4.50%, 8/15/30 (a) | 265,200 | |||||||||
CSC Holdings LLC | |||||||||||
200,000 | 5.88%, 9/15/22 | 209,000 | |||||||||
200,000 | 5.50%, 5/15/26 (a) | 205,274 | |||||||||
200,000 | 5.38%, 2/1/28 (a) | 209,000 | |||||||||
200,000 | 6.50%, 2/1/29 (a) | 218,750 | |||||||||
200,000 | 5.75%, 1/15/30 (a) | 208,300 | |||||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. | |||||||||||
90,000 | 5.38%, 8/15/26 (a) | 65,137 | |||||||||
115,000 | 6.63%, 8/15/27 (a) | 61,238 | |||||||||
DISH DBS Corp. | |||||||||||
100,000 | 5.88%, 7/15/22 | 101,680 | |||||||||
200,000 | 5.88%, 11/15/24 | 199,000 | |||||||||
300,000 | 7.75%, 7/1/26 | 318,000 | |||||||||
40,000 | 7.38%, 7/1/28 (a) | 39,750 | |||||||||
75,000 | EW Scripps Co. (The), 5.13%, 5/15/25 (a) | 71,250 | |||||||||
121,000 | Gray Television, Inc., 5.88%, 7/15/26 (a) | 120,440 | |||||||||
50,000 | Liberty Interactive LLC, 8.25%, 2/1/30 | 48,651 | |||||||||
100,000 | Nexstar Broadcasting, Inc., 5.63%, 7/15/27 (a) | 99,256 | |||||||||
Sirius XM Radio, Inc. | |||||||||||
100,000 | 5.00%, 8/1/27 (a) | 102,207 | |||||||||
150,000 | 5.50%, 7/1/29 (a) | 157,893 | |||||||||
115,000 | 4.13%, 7/1/30 (a) | 113,730 | |||||||||
50,000 | TEGNA, Inc., 5.00%, 9/15/29 (a) | 46,809 | |||||||||
Univision Communications, Inc. | |||||||||||
200,000 | 5.13%, 5/15/23 (a) | 201,840 | |||||||||
200,000 | 5.13%, 2/15/25 (a) | 188,376 | |||||||||
200,000 | UPC Holding BV, 5.50%, 1/15/28 (a) | 192,074 | |||||||||
200,000 | Virgin Media Secured Finance PLC, 5.50%, 5/15/29 (a) | 209,000 | |||||||||
150,000 | Ziggo BV, 5.50%, 1/15/27 (a) | 151,884 | |||||||||
5,253,083 |
See accompanying notes to financial statements.
64
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
METAL FABRICATE & HARDWARE - 0.4% | |||||||||||
$ | 145,000 | Advanced Drainage Systems, Inc., 5.00%, 9/30/27 (a) | $ | 146,087 | |||||||
100,000 | Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (a) | 99,500 | |||||||||
245,587 | |||||||||||
MINING - 1.1% | |||||||||||
45,000 | Arconic Corp., 6.13%, 2/15/28 (a) | 44,989 | |||||||||
85,000 | FMG Resources August 2006 Pty Ltd., 4.50%, 9/15/27 (a) | 85,031 | |||||||||
46,000 | Freeport-McMoRan, Inc., 3.55%, 3/1/22 | 46,000 | |||||||||
Hudbay Minerals, Inc. | |||||||||||
200,000 | 7.25%, 1/15/23 (a) | 197,000 | |||||||||
50,000 | 7.63%, 1/15/25 (a) | 47,500 | |||||||||
New Gold, Inc. | |||||||||||
100,000 | 6.25%, 11/15/22 (a) | 101,063 | |||||||||
15,000 | 7.50%, 7/15/27 (a) | 15,475 | |||||||||
Novelis Corp. | |||||||||||
100,000 | 5.88%, 9/30/26 (a) | 99,875 | |||||||||
65,000 | 4.75%, 1/30/30 (a) | 62,075 | |||||||||
699,008 | |||||||||||
MISCELLANEOUS MANUFACTURING - 0.0%† | |||||||||||
25,000 | Hillenbrand, Inc., 5.75%, 6/15/25 | 25,875 | |||||||||
OFFICE & BUSINESS EQUIPMENT - 0.8% | |||||||||||
CDW LLC / CDW Finance Corp. | |||||||||||
200,000 | 5.50%, 12/1/24 | 217,458 | |||||||||
55,000 | 4.13%, 5/1/25 | 55,069 | |||||||||
200,000 | 5.00%, 9/1/25 | 205,750 | |||||||||
478,277 | |||||||||||
OIL & GAS - 7.4% | |||||||||||
Apache Corp. | |||||||||||
50,000 | 4.25%, 1/15/30 | 43,223 | |||||||||
25,000 | 5.10%, 9/1/40 | 20,539 | |||||||||
95,000 | Berry Petroleum Co. LLC, 7.00%, 2/15/26 (a) | 76,950 | |||||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. | |||||||||||
50,000 | 7.75%, 4/15/23 | 46,500 | |||||||||
175,000 | 11.00%, 4/15/25 (a) | 168,875 | |||||||||
Cenovus Energy, Inc. | |||||||||||
125,000 | 4.25%, 4/15/27 | 113,211 | |||||||||
125,000 | 6.75%, 11/15/39 | 121,708 | |||||||||
CNX Resources Corp. | |||||||||||
89,000 | 5.88%, 4/15/22 | 87,830 | |||||||||
140,000 | 7.25%, 3/14/27 (a) | 128,800 | |||||||||
Comstock Resources, Inc. | |||||||||||
155,000 | 7.50%, 5/15/25 (a) | 140,469 | |||||||||
50,000 | 9.75%, 8/15/26 | 46,750 | |||||||||
Continental Resources, Inc. | |||||||||||
160,000 | 4.50%, 4/15/23 | 153,152 | |||||||||
60,000 | 4.38%, 1/15/28 | 52,813 |
Shares/ Principal | Fair Value | ||||||||||
OIL & GAS - 7.4% (Continued) | |||||||||||
$ | 55,000 | 4.90%, 6/1/44 | $ | 43,794 | |||||||
114,000 | 6.13%, 2/1/25 | 113,603 | |||||||||
75,000 | 3.90%, 10/1/27 | 60,922 | |||||||||
100,000 | 7.00%, 2/1/30 | 103,003 | |||||||||
80,000 | Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28 (a) | 64,200 | |||||||||
50,000 | Indigo Natural Resources LLC, 6.88%, 2/15/26 (a) | 46,500 | |||||||||
35,000 | Jagged Peak Energy LLC, 5.88%, 5/1/26 | 33,950 | |||||||||
55,000 | Matador Resources Co., 5.88%, 9/15/26 | 40,700 | |||||||||
Murphy Oil Corp. | |||||||||||
100,000 | 5.75%, 8/15/25 | 89,500 | |||||||||
80,000 | 5.88%, 12/1/27 | 70,400 | |||||||||
55,210 | Northern Oil and Gas, Inc., 8.50%, 5/15/23 (b) | 47,188 | |||||||||
Occidental Petroleum Corp. | |||||||||||
200,000 | 2.70%, 8/15/22 | 186,190 | |||||||||
425,000 | 2.90%, 8/15/24 | 363,154 | |||||||||
250,000 | 3.50%, 8/15/29 | 182,900 | |||||||||
160,000 | 6.45%, 9/15/36 | 135,200 | |||||||||
150,000 | 4.30%, 8/15/39 | 103,457 | |||||||||
125,000 | 4.40%, 4/15/46 | 87,190 | |||||||||
150,000 | 4.40%, 8/15/49 | 103,500 | |||||||||
40,000 | Parkland Fuel Corp., 5.88%, 7/15/27 (a) | 41,500 | |||||||||
PBF Holding Co. LLC / PBF Finance Corp. | |||||||||||
40,000 | 9.25%, 5/15/25 (a) | 42,700 | |||||||||
200,000 | 7.25%, 6/15/25 | 181,500 | |||||||||
65,000 | 6.00%, 2/15/28 (a) | 53,950 | |||||||||
30,000 | PDC Energy, Inc., 5.75%, 5/15/26 | 27,300 | |||||||||
Range Resources Corp. | |||||||||||
200,000 | 5.00%, 3/15/23 | 172,000 | |||||||||
100,000 | 9.25%, 2/1/26 (a) | 89,906 | |||||||||
125,000 | SM Energy Co., 6.63%, 1/15/27 | 61,250 | |||||||||
Southwestern Energy Co. | |||||||||||
100,000 | 6.20%, 1/23/25 | 85,625 | |||||||||
150,000 | 7.50%, 4/1/26 | 131,295 | |||||||||
Sunoco LP / Sunoco Finance Corp. | |||||||||||
350,000 | 5.50%, 2/15/26 | 339,500 | |||||||||
220,000 | 6.00%, 4/15/27 | 217,800 | |||||||||
29,225 | Transocean Guardian Ltd., 5.88%, 1/15/24 (a),(c) | 25,418 | |||||||||
20,875 | Transocean Pontus Ltd., 6.13%, 8/1/25 (a),(c) | 18,161 | |||||||||
WPX Energy, Inc. | |||||||||||
58,000 | 8.25%, 8/1/23 | 64,380 | |||||||||
36,000 | 5.88%, 6/15/28 | 34,594 | |||||||||
4,663,050 |
See accompanying notes to financial statements.
65
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
OIL & GAS SERVICES - 0.4% | |||||||||||
$ | 100,000 | Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28 (a) | $ | 91,000 | |||||||
65,000 | ChampionX Corp., 6.38%, 5/1/26 | 60,402 | |||||||||
135,000 | USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 4/1/26 | 130,444 | |||||||||
281,846 | |||||||||||
PACKAGING & CONTAINERS - 2.4% | |||||||||||
200,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 5.25%, 8/15/27 (a) | 196,476 | |||||||||
200,000 | Ball Corp., 5.25%, 7/1/25 | 218,750 | |||||||||
Berry Global, Inc. | |||||||||||
150,000 | 4.50%, 2/15/26 (a) | 147,775 | |||||||||
130,000 | 4.88%, 7/15/26 (a) | 131,950 | |||||||||
Cascades, Inc./Cascades USA, Inc. | |||||||||||
100,000 | 5.13%, 1/15/26 (a) | 101,500 | |||||||||
50,000 | 5.38%, 1/15/28 (a) | 50,750 | |||||||||
55,000 | Greif, Inc., 6.50%, 3/1/27 (a) | 55,983 | |||||||||
100,000 | Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24 (a) | 98,219 | |||||||||
100,000 | Plastipak Holdings, Inc., 6.25%, 10/15/25 (a) | 97,000 | |||||||||
100,000 | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.13%, 7/15/23 (a) | 100,759 | |||||||||
Silgan Holdings, Inc. | |||||||||||
300,000 | 4.75%, 3/15/25 | 303,813 | |||||||||
15,000 | 4.13%, 2/1/28 (a) | 14,869 | |||||||||
1,517,844 | |||||||||||
PHARMACEUTICALS - 1.4% | |||||||||||
60,000 | Bausch Health Americas, Inc., 8.50%, 1/31/27 (a) | 63,675 | |||||||||
Bausch Health Cos., Inc. | |||||||||||
40,000 | 5.88%, 5/15/23 (a) | 39,900 | |||||||||
250,000 | 7.00%, 3/15/24 (a) | 259,375 | |||||||||
60,000 | 5.50%, 11/1/25 (a) | 61,500 | |||||||||
30,000 | 7.00%, 1/15/28 (a) | 30,900 | |||||||||
55,000 | 5.00%, 1/30/28 (a) | 51,782 | |||||||||
250,000 | Horizon Therapeutics USA, Inc., 5.50%, 8/1/27 (a) | 260,092 | |||||||||
95,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (a) | 97,489 | |||||||||
20,000 | Vizient, Inc., 6.25%, 5/15/27 (a) | 20,950 | |||||||||
885,663 | |||||||||||
PIPELINES - 4.0% | |||||||||||
150,000 | Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28 (a) | 118,500 | |||||||||
Cheniere Energy Partners LP |
| ||||||||||
350,000 | 5.25%, 10/1/25 | 348,845 | |||||||||
90,000 | 4.50%, 10/1/29 (a) | 87,187 |
Shares/ Principal | Fair Value | ||||||||||
PIPELINES - 4.0% (Continued) | |||||||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | |||||||||||
$ | 100,000 | 5.75%, 4/1/25 | $ | 86,377 | |||||||
75,000 | 5.63%, 5/1/27 (a) | 62,527 | |||||||||
255,000 | DCP Midstream Operating LP, 5.38%, 7/15/25 | 253,088 | |||||||||
200,000 | EnLink Midstream Partners LP, 4.15%, 6/1/25 | 154,000 | |||||||||
160,000 | EQM Midstream Partners LP, 6.50%, 7/1/27 (a) | 163,875 | |||||||||
125,000 | Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25 | 106,875 | |||||||||
200,000 | Global Partners LP / GLP Finance Corp., 7.00%, 6/15/23 | 192,250 | |||||||||
70,000 | Hess Midstream Operations LP, 5.63%, 2/15/26 (a) | 69,264 | |||||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | |||||||||||
200,000 | 7.50%, 11/1/23 | 166,000 | |||||||||
97,000 | 7.50%, 4/15/26 | 73,720 | |||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | |||||||||||
100,000 | 5.50%, 9/15/24 (a) | 90,307 | |||||||||
200,000 | 5.50%, 1/15/28 (a) | 173,000 | |||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | |||||||||||
70,000 | 5.88%, 4/15/26 | 69,300 | |||||||||
100,000 | 5.00%, 1/15/28 | 94,038 | |||||||||
Western Midstream Operating LP | |||||||||||
100,000 | 4.05%, 2/1/30 | 96,259 | |||||||||
130,000 | 5.30%, 3/1/48 | 105,463 | |||||||||
2,510,875 | |||||||||||
REAL ESTATE - 0.9% | |||||||||||
50,000 | Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/25 (a) | 47,250 | |||||||||
35,000 | Greystar Real Estate Partners LLC, 5.75%, 12/1/25 (a) | 35,182 | |||||||||
175,000 | Hunt Cos., Inc., 6.25%, 2/15/26 (a) | 159,250 | |||||||||
300,000 | Kennedy-Wilson, Inc., 5.88%, 4/1/24 | 298,500 | |||||||||
540,182 | |||||||||||
REITS - 4.1% | |||||||||||
90,000 | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26 (a) | 76,050 | |||||||||
200,000 | CoreCivic, Inc., 4.75%, 10/15/27 | 166,000 | |||||||||
300,000 | GEO Group, Inc./The, 5.13%, 4/1/23 | 259,500 | |||||||||
100,000 | HAT Holdings I LLC / HAT Holdings II LLC, 5.25%, 7/15/24 (a) | 102,000 | |||||||||
Iron Mountain, Inc. | |||||||||||
50,000 | 4.88%, 9/15/27 (a) | 48,710 | |||||||||
120,000 | 5.25%, 7/15/30 (a) | 118,200 | |||||||||
100,000 | iStar, Inc., 4.25%, 8/1/25 | 90,500 |
See accompanying notes to financial statements.
66
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
REITS - 4.1% (Continued) | |||||||||||
Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp. | |||||||||||
$ | 100,000 | 5.25%, 10/1/25 (a) | $ | 86,220 | |||||||
110,000 | 4.25%, 2/1/27 (a) | 88,000 | |||||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | |||||||||||
500,000 | 5.63%, 5/1/24 | 517,510 | |||||||||
40,000 | 4.63%, 6/15/25 (a) | 39,115 | |||||||||
400,000 | MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 | 411,000 | |||||||||
SBA Communications Corp. | |||||||||||
100,000 | 4.88%, 9/1/24 | 102,375 | |||||||||
100,000 | 3.88%, 2/15/27 (a) | 99,625 | |||||||||
15,000 | Service Properties Trust, 7.50%, 9/15/25 | 15,803 | |||||||||
145,000 | Starwood Property Trust, Inc., 4.75%, 3/15/25 | 131,950 | |||||||||
VICI Properties LP / VICI Note Co., Inc. | |||||||||||
25,000 | 4.25%, 12/1/26 (a) | 23,937 | |||||||||
50,000 | 3.75%, 2/15/27 (a) | 47,000 | |||||||||
75,000 | 4.63%, 12/1/29 (a) | 73,125 | |||||||||
70,000 | 4.13%, 8/15/30 (a) | 66,763 | |||||||||
2,563,383 | |||||||||||
RETAIL - 3.0% | |||||||||||
1011778 BC ULC / New Red Finance, Inc. | |||||||||||
40,000 | 5.75%, 4/15/25 (a) | 42,000 | |||||||||
250,000 | 5.00%, 10/15/25 (a) | 248,527 | |||||||||
60,000 | IRB Holding Corp., 7.00%, 6/15/25 (a) | 61,842 | |||||||||
KFC Holding Co/Pizza Hut Holdings LLC/ Taco Bell of America LLC | |||||||||||
100,000 | 5.25%, 6/1/26 (a) | 102,500 | |||||||||
200,000 | 4.75%, 6/1/27 (a) | 205,000 | |||||||||
L Brands, Inc. | |||||||||||
30,000 | 6.88%, 7/1/25 (a) | 30,975 | |||||||||
15,000 | 9.38%, 7/1/25 (a) | 15,018 | |||||||||
100,000 | 7.50%, 6/15/29 | 87,250 | |||||||||
100,000 | 6.88%, 11/1/35 | 83,190 | |||||||||
50,000 | Murphy Oil USA, Inc., 4.75%, 9/15/29 | 51,125 | |||||||||
QVC, Inc. | |||||||||||
300,000 | 5.13%, 7/2/22 | 302,940 | |||||||||
100,000 | 4.45%, 2/15/25 | 98,030 | |||||||||
100,000 | 4.75%, 2/15/27 | 96,700 | |||||||||
100,000 | Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/1/25 | 97,164 | |||||||||
100,000 | Staples, Inc., 7.50%, 4/15/26 (a) | 78,575 | |||||||||
50,000 | Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26 (a) | 52,375 | |||||||||
Yum! Brands, Inc. | |||||||||||
100,000 | 3.88%, 11/1/23 | 102,400 | |||||||||
5,000 | 7.75%, 4/1/25 (a) | 5,394 | |||||||||
125,000 | 4.75%, 1/15/30 (a) | 126,875 | |||||||||
1,887,880 |
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS - 1.3% | |||||||||||
$ | 100,000 | Amkor Technology, Inc., 6.63%, 9/15/27 (a) | $ | 107,037 | |||||||
Entegris, Inc. | |||||||||||
200,000 | 4.63%, 2/10/26 (a) | 203,000 | |||||||||
50,000 | 4.38%, 4/15/28 (a) | 50,875 | |||||||||
35,000 | Microchip Technology, Inc., 4.25%, 9/1/25 (a) | 35,223 | |||||||||
Qorvo, Inc. | |||||||||||
160,000 | 5.50%, 7/15/26 | 166,400 | |||||||||
230,000 | 4.38%, 10/15/29 (a) | 235,538 | |||||||||
798,073 | |||||||||||
SOFTWARE - 2.2% | |||||||||||
25,000 | ACI Worldwide, Inc., 5.75%, 8/15/26 (a) | 26,044 | |||||||||
15,000 | Boxer Parent Co., Inc., 7.13%, 10/2/25 (a) | 15,727 | |||||||||
215,000 | Camelot Finance SA, 4.50%, 11/1/26 (a) | 215,000 | |||||||||
50,000 | CDK Global, Inc., 5.88%, 6/15/26 | 51,931 | |||||||||
50,000 | Dun & Bradstreet Corp. (The), 6.88%, 8/15/26 (a) | 52,703 | |||||||||
Fair Isaac Corp. | |||||||||||
60,000 | 5.25%, 5/15/26 (a) | 65,400 | |||||||||
120,000 | 4.00%, 6/15/28 (a) | 120,300 | |||||||||
MSCI, Inc. | |||||||||||
145,000 | 5.38%, 5/15/27 (a) | 153,881 | |||||||||
60,000 | 4.00%, 11/15/29 (a) | 61,200 | |||||||||
105,000 | 3.63%, 9/1/30 (a) | 104,475 | |||||||||
95,000 | 3.88%, 2/15/31 (a) | 96,900 | |||||||||
100,000 | Nuance Communications, Inc., 5.63%, 12/15/26 | 104,000 | |||||||||
55,000 | Open Text Corp., 3.88%, 2/15/28 (a) | 52,955 | |||||||||
55,000 | Open Text Holdings, Inc., 4.13%, 2/15/30 (a) | 54,038 | |||||||||
PTC, Inc. | |||||||||||
50,000 | 3.63%, 2/15/25 (a) | 49,625 | |||||||||
45,000 | 4.00%, 2/15/28 (a) | 44,555 | |||||||||
100,000 | SS&C Technologies, Inc., 5.50%, 9/30/27 (a) | 101,464 | |||||||||
1,370,198 | |||||||||||
TELECOMMUNICATIONS - 8.2% | |||||||||||
Altice France SA | |||||||||||
300,000 | 7.38%, 5/1/26 (a) | 312,840 | |||||||||
200,000 | 5.50%, 1/15/28 (a) | 202,000 | |||||||||
200,000 | C&W Senior Financing DAC, 7.50%, 10/15/26 (a) | 204,500 | |||||||||
CenturyLink, Inc. | |||||||||||
200,000 | 5.80%, 3/15/22 | 205,500 | |||||||||
130,000 | 5.13%, 12/15/26 (a) | 129,675 | |||||||||
100,000 | 6.88%, 1/15/28 | 106,370 | |||||||||
150,000 | 7.60%, 9/15/39 | 161,437 | |||||||||
85,000 | 7.65%, 3/15/42 | 91,163 | |||||||||
CommScope, Inc. | |||||||||||
95,000 | 5.50%, 3/1/24 (a) | 95,950 | |||||||||
100,000 | 5.50%, 6/15/24 (a) | 101,833 | |||||||||
65,000 | 6.00%, 3/1/26 (a) | 66,625 |
See accompanying notes to financial statements.
67
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
TELECOMMUNICATIONS - 8.2% (Continued) | |||||||||||
Hughes Satellite Systems Corp. | |||||||||||
$ | 150,000 | 5.25%, 8/1/26 | $ | 155,130 | |||||||
49,000 | 6.63%, 8/1/26 | 50,856 | |||||||||
190,000 | Level 3 Financing, Inc., 4.63%, 9/15/27 (a) | 191,425 | |||||||||
100,000 | Nokia Oyj, 4.38%, 6/12/27 | 105,662 | |||||||||
200,000 | Sable International Finance Ltd., 5.75%, 9/7/27 (a) | 203,576 | |||||||||
Sprint Capital Corp. | |||||||||||
100,000 | 6.88%, 11/15/28 | 121,750 | |||||||||
60,000 | 8.75%, 3/15/32 | 85,875 | |||||||||
300,000 | Sprint Communications, Inc., 6.00%, 11/15/22 | 316,419 | |||||||||
Sprint Corp. | |||||||||||
200,000 | 7.25%, 9/15/21 | 209,670 | |||||||||
400,000 | 7.88%, 9/15/23 | 450,500 | |||||||||
300,000 | 7.13%, 6/15/24 | 338,742 | |||||||||
50,000 | 7.63%, 3/1/26 | 59,018 | |||||||||
Telesat Canada / Telesat LLC | |||||||||||
75,000 | 4.88%, 6/1/27 (a) | 73,500 | |||||||||
60,000 | 6.50%, 10/15/27 (a) | 58,819 | |||||||||
T-Mobile USA, Inc. | |||||||||||
300,000 | 6.38%, 3/1/25 | 308,250 | |||||||||
200,000 | 6.50%, 1/15/26 | 209,022 | |||||||||
150,000 | 4.75%, 2/1/28 | 158,460 | |||||||||
ViaSat, Inc. | |||||||||||
215,000 | 5.63%, 4/15/27 (a) | 220,106 | |||||||||
60,000 | 6.50%, 7/15/28 (a) | 60,013 | |||||||||
80,000 | Zayo Group Holdings, Inc., 4.00%, 3/1/27 (a) | 76,125 | |||||||||
5,130,811 | |||||||||||
TRANSPORTATION - 0.2% | |||||||||||
100,000 | Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 7/15/23 (a) | 88,000 | |||||||||
35,000 | XPO Logistics, Inc., 6.25%, 5/1/25 (a) | 36,663 | |||||||||
124,663 |
Shares/ Principal | Fair Value | ||||||||||
TRUCKING & LEASING - 0.3% | |||||||||||
Fortress Transportation and Infrastructure Investors LLC | |||||||||||
$ | 145,000 | 6.75%, 3/15/22 (a) | $ | 139,267 | |||||||
85,000 | 6.50%, 10/1/25 (a) | 76,518 | |||||||||
215,785 | |||||||||||
TOTAL CORPORATE BONDS AND NOTES (Cost - $62,109,311) | 61,689,323 | ||||||||||
SHORT-TERM INVESTMENTS - 0.4% | |||||||||||
MONEY MARKET FUNDS - 0.4% | |||||||||||
273,779 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (d) (Cost - $273,779) | 273,779 | |||||||||
TOTAL INVESTMENTS - 98.7% (Cost - $62,383,090) | $ | 61,963,102 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 1.3% | 809,956 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 62,773,058 |
† Represents less than 0.05%.
(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2020, these securities amounted to $33,821,534 or 53.9% of net assets.
(b) PIK - Pay-in-kind security.
(c) Sinking bond security.
(d) The rate shown is the annualized seven-day yield at period end.
PLC - Public Limited Company
REIT - Real Estate Investment Trust
Holdings by Asset Class | % of Net Assets | ||||||
Corporate Bonds and Notes | 98.3 | % | |||||
Money Market Funds | 0.4 | % | |||||
Other Assets less Liabilities - Net | 1.3 | % | |||||
100.0 | % |
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. Long Bond Future | Credit Suisse | 1 | 9/21/2020 | $ | 178,562 | $ | 289 | ||||||||||||||||
SHORT FUTURES CONTRACTS | |||||||||||||||||||||||
U.S. 10 Year Note Future | Credit Suisse | 3 | 9/21/2020 | 417,516 | (794 | ) | |||||||||||||||||
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $ | (505 | ) |
See accompanying notes to financial statements.
68
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CORPORATE BONDS AND NOTES - 47.5% | |||||||||||
AEROSPACE & DEFENSE - 1.8% | |||||||||||
BOEING CO. (THE) | |||||||||||
$ | 150,000 | 2.60%, 10/30/25 | $ | 149,656 | |||||||
100,000 | 3.45%, 11/1/28 | 97,702 | |||||||||
100,000 | 5.81%, 5/1/50 | 118,099 | |||||||||
25,000 | General Dynamics Corp., 4.25%, 4/1/50 | 32,354 | |||||||||
Northrop Grumman Corp. | |||||||||||
225,000 | 2.93%, 1/15/25 | 243,360 | |||||||||
300,000 | 3.25%, 1/15/28 | 335,500 | |||||||||
50,000 | 4.75%, 6/1/43 | 64,742 | |||||||||
75,000 | 5.25%, 5/1/50 | 107,584 | |||||||||
Raytheon Technologies Corp. | |||||||||||
275,000 | 3.95%, 8/16/25 | 312,906 | |||||||||
75,000 | 4.13%, 11/16/28 | 88,341 | |||||||||
25,000 | 4.05%, 5/4/47 | 29,876 | |||||||||
50,000 | 4.63%, 11/16/48 | 64,914 | |||||||||
1,645,034 | |||||||||||
AGRICULTURE - 0.2% | |||||||||||
150,000 | Altria Group, Inc., 3.80%, 2/14/24 | 164,007 | |||||||||
25,000 | BAT Capital Corp., 4.76%, 9/6/49 | 27,760 | |||||||||
191,767 | |||||||||||
APPAREL - 0.1% | |||||||||||
NIKE, Inc. | |||||||||||
75,000 | 3.25%, 3/27/40 | 83,942 | |||||||||
25,000 | 3.38%, 3/27/50 | 28,898 | |||||||||
112,840 | |||||||||||
AUTO MANUFACTURERS - 0.2% | |||||||||||
50,000 | General Motors Co., 4.00%, 4/1/25 | 51,884 | |||||||||
GENERAL MOTORS FINANCIAL CO., INC. | |||||||||||
75,000 | 4.30%, 7/13/25 | 78,192 | |||||||||
25,000 | 5.65%, 1/17/29 | 28,133 | |||||||||
158,209 | |||||||||||
BANKS - 11.2% | |||||||||||
Banco Santander SA | |||||||||||
200,000 | 2.75%, 5/28/25 | 207,263 | |||||||||
200,000 | 4.25%, 4/11/27 | 221,777 | |||||||||
Bank of America Corp. | |||||||||||
250,000 | 2.82%, (3 Month US Libor + 0.93%), 7/21/23 (a) | 259,672 | |||||||||
150,000 | 3.86%, (3 Month US Libor + 0.94%), 7/23/24 (a) | 162,549 | |||||||||
165,000 | 4.20%, 8/26/24 | 183,183 | |||||||||
175,000 | 3.25%, 10/21/27 | 193,003 | |||||||||
25,000 | 4.18%, 11/25/27 | 28,612 | |||||||||
108,000 | 3.42%, (3 Month US Libor + 1.04%), 12/20/28 (a) | 120,296 | |||||||||
125,000 | 4.27%, (3 Month US Libor + 1.31%), 7/23/29 (a) | 147,433 |
Shares/ Principal | Fair Value | ||||||||||
BANKS - 11.2% (Continued) | |||||||||||
$ | 100,000 | 2.88%, (3 Month US Libor + 1.19%), 10/22/30 (a) | $ | 108,186 | |||||||
25,000 | 2.50%, (3 Month US Libor + 0.99%), 2/13/3 1 (a) | 26,210 | |||||||||
100,000 | 6.11%, 1/29/37 | 140,792 | |||||||||
225,000 | 4.08%, (3 Month US Libor + 3.15%), 3/20/51 (a) | 281,939 | |||||||||
Barclays PLC | |||||||||||
225,000 | 4.61%, (3 Month US Libor + 1.40%), 2/15/23 (a) | 236,905 | |||||||||
200,000 | 2.85%, (3 Month US Libor + 2.45%), 5/7/26 (a) | 208,972 | |||||||||
252,000 | BNP Paribas SA, 3.38%, 1/9/25 (b) | 272,371 | |||||||||
250,000 | BPCE SA, 4.00%, 9/12/23 (b) | 269,933 | |||||||||
Citigroup, Inc. | |||||||||||
200,000 | 2.70%, 10/27/22 | 208,811 | |||||||||
150,000 | 3.50%, 5/15/23 | 159,819 | |||||||||
105,000 | 4.04%, (3 Month US Libor + 1.02%), 6/1/24 (a) | 114,157 | |||||||||
75,000 | 4.60%, 3/9/26 | 85,654 | |||||||||
200,000 | 3.40%, 5/1/26 | 221,761 | |||||||||
50,000 | 3.67%, (3 Month US Libor + 1.39%), 7/24/28 (a) | 55,747 | |||||||||
100,000 | 4.13%, 7/25/28 | 113,272 | |||||||||
100,000 | 2.98%, (SOFR + 1.42%), 11/5/30 (a) | 106,421 | |||||||||
75,000 | 4.41%, (SOFR + 3.91%), 3/31/31 (a) | 88,989 | |||||||||
300,000 | Comerica Bank, 2.50%, 7/23/24 | 314,739 | |||||||||
255,000 | Credit Suisse Group Funding Guernsey Ltd., 4.55%, 4/17/26 | 293,214 | |||||||||
85,000 | Fifth Third Bancorp, 2.38%, 1/28/25 | 89,705 | |||||||||
150,000 | Huntington Bancshares, Inc., 4.00%, 5/15/25 | 169,915 | |||||||||
225,000 | ING Groep NV, 4.63%, 1/6/26 (b) | 263,618 | |||||||||
JPMorgan Chase & Co. | |||||||||||
40,000 | 3.56%, (3 Month US Libor + 0.73%), 4/23/24 (a) | 42,820 | |||||||||
50,000 | 3.80%, (3 Month US Libor + 0.89%), 7/23/24 (a) | 54,239 | |||||||||
350,000 | 4.02%, (3 Month US Libor + 1.00%), 12/5/24 (a) | 385,663 | |||||||||
225,000 | 2.30%, (SOFR + 1.16%), 10/15/25 (a) | 235,683 | |||||||||
225,000 | 3.30%, 4/1/26 | 251,490 | |||||||||
200,000 | 2.95%, 10/1/26 | 219,661 | |||||||||
175,000 | 3.96%, (3 Month US Libor + 1.25%), 1/29/2 7 (a) | 199,333 | |||||||||
125,000 | 3.51%, (3 Month US Libor + 0.95%), 1/23/29 (a) | 139,628 | |||||||||
50,000 | 2.96%, (SOFR + 2.52%), 5/13/31 (a) | 53,029 | |||||||||
225,000 | Mitsubishi UFJ Financial Group, Inc., 3.75%, 7/18/39 | 256,218 | |||||||||
50,000 | 3.74%, (3 Month US Libor + 0.85%), 4/24/24 (a) | 53,831 | |||||||||
275,000 | 3.70%, 10/23/24 | 304,944 | |||||||||
75,000 | 2.72%, (SOFR + 1.15%), 7/22/25 (a) | 79,573 |
See accompanying notes to financial statements.
69
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
BANKS - 11.2% (Continued) | |||||||||||
$ | 400,000 | 3.63%, 1/20/27 | $ | 451,616 | |||||||
75,000 | 3.95%, 4/23/27 | 84,411 | |||||||||
100,000 | 4.43%, (3 Month US Libor + 1.63%), 1/23/30 (a) | 119,143 | |||||||||
75,000 | 3.62%, (SOFR + 3.12%), 4/1/31 (a) | 85,678 | |||||||||
50,000 | 5.60%, (SOFR + 4.84%), 3/24/51 (a) | 76,069 | |||||||||
23,000 | Regions Financial Corp., 3.80%, 8/14/23 | 25,012 | |||||||||
300,000 | Royal Bank of Scotland Group PLC, 4.52%, (3 Month US Libor + 1.55%), 6/25/24 (a) | 325,776 | |||||||||
225,000 | Santander UK PLC, 2.88%, 6/18/24 | 239,914 | |||||||||
375,000 | Standard Chartered PLC, 4.25%, (3 Month US Libor + 1.15%), 1/20/23 (a),(b) | 389,288 | |||||||||
Wells Fargo & Co. | |||||||||||
55,000 | 3.75%, 1/24/24 | 60,096 | |||||||||
125,000 | 3.55%, 9/29/25 | 139,592 | |||||||||
325,000 | 3.00%, 10/23/26 | 354,174 | |||||||||
100,000 | 4.30%, 7/22/27 | 114,798 | |||||||||
25,000 | 4.15%, 1/24/29 | 29,423 | |||||||||
25,000 | 5.01%, (3 Month US Libor + 4.24%), 4/4/51 (a) | 34,699 | |||||||||
125,000 | Westpac Banking Corp., 4.11%, (US 5 Year CMT + 2.00%), 7/24/34 (a) | 137,905 | |||||||||
10,298,624 | |||||||||||
BEVERAGES - 2.0% | |||||||||||
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc. | |||||||||||
200,000 | 4.70%, 2/1/36 | 235,615 | |||||||||
450,000 | 4.90%, 2/1/46 | 550,658 | |||||||||
175,000 | Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 204,858 | |||||||||
Constellation Brands, Inc. | |||||||||||
175,000 | 1.09%, (3 Month US Libor + 0.70%), 11/15/21 (a) | 174,986 | |||||||||
200,000 | 4.40%, 11/15/25 | 231,171 | |||||||||
100,000 | 3.60%, 2/15/28 | 110,801 | |||||||||
125,000 | 3.15%, 8/1/29 | 134,035 | |||||||||
Keurig Dr Pepper, Inc. | |||||||||||
125,000 | 4.06%, 5/25/23 | 136,226 | |||||||||
25,000 | 5.09%, 5/25/48 | 32,966 | |||||||||
25,000 | 3.80%, 5/1/50 | 28,249 | |||||||||
1,839,565 | |||||||||||
BIOTECHNOLOGY - 0.2% | |||||||||||
175,000 | Amgen, Inc., 3.13%, 5/1/25 | 192,337 | |||||||||
BUILDING MATERIALS - 0.5% | |||||||||||
Carrier Global Corp. | |||||||||||
225,000 | 2.49%, 2/15/27 (b) | 229,206 | |||||||||
200,000 | 2.72%, 2/15/30 (b) | 200,869 | |||||||||
430,075 |
Shares/ Principal | Fair Value | ||||||||||
CHEMICALS - 0.4% | |||||||||||
$ | 25,000 | Air Products and Chemicals, Inc., 2.80%, 5/15/50 | $ | 26,266 | |||||||
175,000 | DuPont de Nemours, Inc., 4.21%, 11/15/23 | 191,817 | |||||||||
100,000 | Sherwin-Williams Co. (The), 4.50%, 6/1/47 | 121,737 | |||||||||
339,820 | |||||||||||
COMMERCIAL SERVICES - 0.7% | |||||||||||
Global Payments, Inc. | |||||||||||
75,000 | 2.65%, 2/15/25 | 79,448 | |||||||||
50,000 | 3.20%, 8/15/29 | 53,562 | |||||||||
225,000 | Paypal Holdings, Inc., 1.65%, 6/1/25 | 232,593 | |||||||||
225,000 | PayPal Holdings, Inc., 2.65%, 10/1/26 | 244,515 | |||||||||
50,000 | S&P Global, Inc., 2.95%, 1/22/27 | 54,966 | |||||||||
665,084 | |||||||||||
COMPUTERS - 1.3% | |||||||||||
75,000 | Amdocs Ltd., 2.54%, 6/15/30 | 74,263 | |||||||||
175,000 | Apple, Inc., 3.25%, 2/23/26 | 196,012 | |||||||||
Dell International LLC / EMC Corp. | |||||||||||
200,000 | 5.45%, 6/15/23 (b) | 218,763 | |||||||||
175,000 | 6.02%, 6/15/26 (b) | 200,633 | |||||||||
Hewlett Packard Enterprise Co. | |||||||||||
225,000 | 4.45%, 10/2/23 | 245,488 | |||||||||
100,000 | 4.65%, 10/1/24 | 112,290 | |||||||||
50,000 | 4.90%, 10/15/25 | 57,714 | |||||||||
60,000 | 6.35%, 10/15/45 | 73,576 | |||||||||
1,178,739 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.9% | |||||||||||
175,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 1/16/24 | 173,910 | |||||||||
50,000 | AIG Global Funding, 2.30%, 7/1/22 (b) | 51,506 | |||||||||
Air Lease Corp. | |||||||||||
175,000 | 2.30%, 2/1/25 | 167,363 | |||||||||
100,000 | 3.38%, 7/1/25 | 100,171 | |||||||||
175,000 | 3.75%, 6/1/26 | 176,600 | |||||||||
American Express Co. | |||||||||||
30,000 | 2.50%, 8/1/22 | 31,069 | |||||||||
35,000 | 2.50%, 7/30/24 | 37,045 | |||||||||
175,000 | 3.63%, 12/5/24 | 193,890 | |||||||||
Avolon Holdings Funding Ltd. | |||||||||||
75,000 | 3.95%, 7/1/24 (b) | 65,161 | |||||||||
150,000 | 2.88%, 2/15/25 (b) | 125,874 | |||||||||
Capital One Financial Corp. | |||||||||||
75,000 | 3.50%, 6/15/23 | 80,264 | |||||||||
65,000 | 3.30%, 10/30/24 | 69,939 | |||||||||
250,000 | GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25 | 262,318 | |||||||||
50,000 | Intercontinental Exchange, Inc., 3.00%, 6/15/50 | 51,197 | |||||||||
50,000 | Mastercard, Inc., 3.30%, 3/26/27 | 56,630 |
See accompanying notes to financial statements.
70
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.9% (Continued) | |||||||||||
$ | 25,000 | Nasdaq, Inc., 3.25%, 4/28/50 | $ | 26,168 | |||||||
100,000 | Visa, Inc., 3.15%, 12/14/25 | 111,395 | |||||||||
1,780,500 | |||||||||||
ELECTRIC - 3.0% | |||||||||||
50,000 | Alliant Energy Finance LLC, 3.75%, 6/15/23 (b) | 53,634 | |||||||||
25,000 | Ameren Corp., 3.50%, 1/15/31 | 28,065 | |||||||||
50,000 | American Electric Power Co., Inc., 2.30%, 3/1/30 | 50,201 | |||||||||
175,000 | Arizona Public Service Co., 2.95%, 9/15/27 | 189,827 | |||||||||
50,000 | Avangrid, Inc., 3.20%, 4/15/25 | 54,682 | |||||||||
Berkshire Hathaway Energy Co. | |||||||||||
50,000 | 3.25%, 4/15/28 | 56,547 | |||||||||
75,000 | 3.70%, 7/15/30 (b) | 87,781 | |||||||||
74,000 | 6.13%, 4/1/36 | 106,917 | |||||||||
25,000 | 4.25%, 10/15/50 (b) | 31,482 | |||||||||
Dominion Energy, Inc. | |||||||||||
175,000 | 3.07%, 8/15/24 (c) | 188,245 | |||||||||
50,000 | 3.38%, 4/1/30 | 55,191 | |||||||||
87,000 | DTE Energy Co., 2.25%, 11/1/22 | 89,844 | |||||||||
25,000 | Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 30,789 | |||||||||
200,000 | Duke Energy Corp., 3.15%, 8/15/27 | 221,475 | |||||||||
175,000 | Entergy Corp., 2.95%, 9/1/26 | 193,314 | |||||||||
50,000 | Exelon Corp., 4.05%, 4/15/30 | 57,735 | |||||||||
FirstEnergy Corp. | |||||||||||
150,000 | 2.65%, 3/1/30 | 156,566 | |||||||||
50,000 | 2.25%, 9/1/30 | 50,275 | |||||||||
75,000 | MidAmerican Energy Co., 3.65%, 4/15/29 | 89,511 | |||||||||
150,000 | NRG Energy, Inc., 3.75%, 6/15/24 (b) | 159,059 | |||||||||
Pacific Gas and Electric Co. | |||||||||||
25,000 | 2.10%, 8/1/27 | 24,741 | |||||||||
50,000 | 2.50%, 2/1/31 | 48,916 | |||||||||
25,000 | 3.30%, 8/1/40 | 24,367 | |||||||||
50,000 | 3.50%, 8/1/50 | 48,324 | |||||||||
Sempra Energy | |||||||||||
50,000 | 0.78%, (3 Month US Libor + 0.50%), 1/15/21 (a) | 50,008 | |||||||||
125,000 | 3.40%, 2/1/28 | 136,753 | |||||||||
100,000 | Southern California Edison Co., 4.20%, 3/1/29 | 116,664 | |||||||||
350,000 | Southern Co. (The), 3.25%, 7/1/26 | 387,870 | |||||||||
2,788,783 | |||||||||||
ENGINEERING & CONSTRUCTION - 0.2% | |||||||||||
200,000 | Mexico City Airport Trust, 3.88%, 4/30/28 (b) | 181,302 | |||||||||
ENVIRONMENTAL CONTROL - 0.3% | |||||||||||
150,000 | Republic Services, Inc., 2.50%, 8/15/24 | 159,557 | |||||||||
100,000 | Waste Management, Inc., 3.20%, 6/15/26 | 102,465 | |||||||||
262,022 |
Shares/ Principal | Fair Value | ||||||||||
FOOD - 0.4% | |||||||||||
JM Smucker Co. (The) | |||||||||||
$ | 25,000 | 3.00%, 3/15/22 | $ | 25,924 | |||||||
50,000 | 2.38%, 3/15/30 | 51,050 | |||||||||
50,000 | Mars, Inc., 2.70%, 4/1/25 (b) | 53,518 | |||||||||
25,000 | Mondelez International, Inc., 2.13%, 4/13/23 | 25,893 | |||||||||
50,000 | Sysco Corp., 6.60%, 4/1/50 | 69,248 | |||||||||
125,000 | Tyson Foods, Inc., 3.90%, 9/28/23 | 136,627 | |||||||||
362,260 | |||||||||||
GAS - 0.8% | |||||||||||
East Ohio Gas Co. (The) | |||||||||||
50,000 | 1.30%, 6/15/25 (b) | 50,236 | |||||||||
25,000 | 2.00%, 6/15/30 (b) | 24,975 | |||||||||
NiSource, Inc. | |||||||||||
125,000 | 3.65%, 6/15/23 | 135,015 | |||||||||
400,000 | 3.49%, 5/15/27 | 452,349 | |||||||||
25,000 | 3.60%, 5/1/30 | 28,635 | |||||||||
691,210 | |||||||||||
HAND & MACHINE TOOLS - 0.2% | |||||||||||
125,000 | Stanley Black & Decker, Inc., 4.25%, 11/15/28 | 149,176 | |||||||||
HEALTHCARE-PRODUCTS - 1.0% | |||||||||||
50,000 | DENTSPLY SIRONA, Inc., 3.25%, 6/1/30 | 52,566 | |||||||||
DH Europe Finance II SARL | |||||||||||
125,000 | 2.20%, 11/15/24 | 131,378 | |||||||||
50,000 | 2.60%, 11/15/29 | 53,210 | |||||||||
100,000 | 3.25%, 11/15/39 | 110,470 | |||||||||
175,000 | Stryker Corp., 1.95%, 6/15/30 | 176,167 | |||||||||
200,000 | Thermo Fisher Scientific, Inc., 3.65%, 12/15/25 | 225,889 | |||||||||
175,000 | Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30 | 189,153 | |||||||||
938,833 | |||||||||||
HEALTHCARE-SERVICES - 0.3% | |||||||||||
225,000 | Sutter Health, 4.09%, 8/15/48 | 264,453 | |||||||||
INSURANCE - 1.5% | |||||||||||
200,000 | AIA Group Ltd., 3.20%, 3/11/25 (b) | 211,911 | |||||||||
American International Group, Inc. | |||||||||||
25,000 | 4.88%, 6/1/22 | 26,984 | |||||||||
175,000 | 3.90%, 4/1/26 | 197,719 | |||||||||
75,000 | 4.20%, 4/1/28 | 84,940 | |||||||||
125,000 | 3.40%, 6/30/30 | 135,145 | |||||||||
150,000 | Arch Capital Finance LLC, 5.03%, 12/15/46 | 187,485 | |||||||||
50,000 | Great-West Lifeco Finance 2018 LP, 4.05%, 5/17/28 (b) | 56,678 | |||||||||
100,000 | Marsh & McLennan Cos., Inc., 4.38%, 3/15/29 | 119,071 | |||||||||
50,000 | New York Life Insurance Co., 3.75%, 5/15/50 (b) | 56,467 |
See accompanying notes to financial statements.
71
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 1.5% (Continued) | |||||||||||
Principal Financial Group, Inc. | |||||||||||
$ | 75,000 | 3.10%, 11/15/26 | $ | 81,807 | |||||||
100,000 | 2.13%, 6/15/30 | 100,733 | |||||||||
25,000 | Progressive Corp. (The), 3.95%, 3/26/50 | 31,715 | |||||||||
50,000 | Willis North America, Inc., 2.95%, 9/15/29 | 52,928 | |||||||||
50,000 | XLIT Ltd., 4.45%, 3/31/25 | 56,324 | |||||||||
1,399,907 | |||||||||||
INTERNET - 0.1% | |||||||||||
50,000 | Amazon.com, Inc., 3.88%, 8/22/37 | 61,910 | |||||||||
25,000 | Booking Holdings, Inc., 4.10%, 4/13/25 | 28,060 | |||||||||
89,970 | |||||||||||
INVESTMENT COMPANIES - 0.2% | |||||||||||
200,000 | Huarong Finance 2019 Co. Ltd., 3.75%, 5/29/24 (d) | 205,315 | |||||||||
IRON & STEEL - 0.0%† | |||||||||||
30,000 | Steel Dynamics, Inc., 2.40%, 6/15/25 | 30,897 | |||||||||
MACHINERY-DIVERSIFIED - 0.4% | |||||||||||
Otis Worldwide Corp. | |||||||||||
50,000 | 2.29%, 4/5/27 (b) | 52,214 | |||||||||
250,000 | 2.57%, 2/15/30 (b) | 262,666 | |||||||||
314,880 | |||||||||||
MEDIA - 1.4% | |||||||||||
Comcast Corp. | |||||||||||
150,000 | 3.70%, 4/15/24 | 166,017 | |||||||||
50,000 | 3.10%, 4/1/25 | 55,095 | |||||||||
125,000 | 3.95%, 10/15/25 | 143,243 | |||||||||
125,000 | 3.30%, 4/1/27 | 140,184 | |||||||||
325,000 | 4.15%, 10/15/28 | 389,603 | |||||||||
25,000 | 3.75%, 4/1/40 | 29,272 | |||||||||
Fox Corp. | |||||||||||
75,000 | 4.03%, 1/25/24 | 83,134 | |||||||||
50,000 | 4.71%, 1/25/29 | 60,063 | |||||||||
200,000 | Walt Disney Co. (The), 3.70%, 9/15/24 | 221,720 | |||||||||
1,288,331 | |||||||||||
MINING - 0.5% | |||||||||||
250,000 | Glencore Funding LLC, 4.63%, 4/29/24 (b) | 273,652 | |||||||||
25,000 | Newcrest Finance Pty Ltd., 3.25%, 5/13/30 (b) | 26,853 | |||||||||
150,000 | Newmont Corp., 2.25%, 10/1/30 | 152,019 | |||||||||
452,524 | |||||||||||
MISCELLANEOUS MANUFACTURING - 0.2% | |||||||||||
General Electric Co. | |||||||||||
25,000 | 2.70%, 10/9/22 | 25,976 | |||||||||
75,000 | 3.10%, 1/9/23 | 78,547 | |||||||||
25,000 | 3.45%, 5/1/27 | 25,588 | |||||||||
75,000 | 4.35%, 5/1/50 | 74,176 | |||||||||
204,287 |
Shares/ Principal | Fair Value | ||||||||||
OIL & GAS - 1.9% | |||||||||||
BP Capital Markets America, Inc. | |||||||||||
$ | 25,000 | 3.22%, 4/14/24 | $ | 26,912 | |||||||
50,000 | 3.41%, 2/11/26 | 55,299 | |||||||||
50,000 | 4.23%, 11/6/28 | 58,097 | |||||||||
400,000 | Gazprom PJSC Via Gaz Capital SA, 4.95%, 3/23/27 (d) | 443,628 | |||||||||
Marathon Petroleum Corp. | |||||||||||
125,000 | 4.50%, 5/1/23 | 134,714 | |||||||||
50,000 | 3.63%, 9/15/24 | 53,312 | |||||||||
25,000 | 3.80%, 4/1/28 | 26,622 | |||||||||
325,000 | Occidental Petroleum Corp., 2.90%, 8/15/24 | 277,706 | |||||||||
Phillips 66 | |||||||||||
75,000 | 3.70%, 4/6/23 | 80,175 | |||||||||
25,000 | 3.85%, 4/9/25 | 27,710 | |||||||||
150,000 | 3.90%, 3/15/28 | 169,701 | |||||||||
Suncor Energy, Inc. | |||||||||||
50,000 | 2.80%, 5/15/23 | 52,221 | |||||||||
75,000 | 3.10%, 5/15/25 | 80,107 | |||||||||
Valero Energy Corp. | |||||||||||
150,000 | 2.70%, 4/15/23 | 155,629 | |||||||||
75,000 | 2.85%, 4/15/25 | 79,146 | |||||||||
1,720,979 | |||||||||||
OIL & GAS SERVICES - 0.0%† | |||||||||||
5,000 | Halliburton Co., 3.80%, 11/15/25 | 5,401 | |||||||||
PHARMACEUTICALS - 2.0% | |||||||||||
AbbVie, Inc. | |||||||||||
60,000 | 2.30%, 11/21/22 (b) | 62,063 | |||||||||
125,000 | 3.75%, 11/14/23 | 135,865 | |||||||||
125,000 | 4.05%, 11/21/39 (b) | 146,182 | |||||||||
25,000 | 4.88%, 11/14/48 | 32,831 | |||||||||
175,000 | 4.25%, 11/21/49 (b) | 212,130 | |||||||||
25,000 | Bristol-Myers Squibb Co., 3.90%, 2/20/28 (b) | 29,408 | |||||||||
Cigna Corp. | |||||||||||
266,000 | 3.75%, 7/15/23 | 288,739 | |||||||||
200,000 | 3.40%, 3/15/50 | 215,229 | |||||||||
CVS Health Corp. | |||||||||||
90,000 | 3.70%, 3/9/23 | 96,654 | |||||||||
30,000 | 2.63%, 8/15/24 | 32,033 | |||||||||
25,000 | 3.88%, 7/20/25 | 28,096 | |||||||||
75,000 | 4.78%, 3/25/38 | 93,195 | |||||||||
25,000 | Pfizer, Inc., 2.63%, 4/1/30 | 27,540 | |||||||||
205,000 | Takeda Pharmaceutical Co. Ltd., 2.05%, 3/31/30 | 204,889 | |||||||||
225,000 | Zoetis, Inc., 2.00%, 5/15/30 | 231,349 | |||||||||
1,836,203 | |||||||||||
PIPELINES - 1.9% | |||||||||||
Energy Transfer Operating LP | |||||||||||
175,000 | 4.20%, 9/15/23 | 185,938 | |||||||||
100,000 | 2.90%, 5/15/25 | 102,163 |
See accompanying notes to financial statements.
72
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
PIPELINES - 1.9% (Continued) | |||||||||||
$ | 100,000 | 5.25%, 4/15/29 | $ | 109,575 | |||||||
50,000 | 5.30%, 4/15/47 | 48,299 | |||||||||
300,000 | Enterprise Products Operating LLC, 3.70%, 2/15/26 | 337,141 | |||||||||
MPLX LP | |||||||||||
50,000 | 4.80%, 2/15/29 | 55,624 | |||||||||
75,000 | 4.50%, 4/15/38 | 75,014 | |||||||||
Sabine Pass Liquefaction LLC | |||||||||||
100,000 | 5.63%, 4/15/23 | 109,367 | |||||||||
275,000 | 5.63%, 3/1/25 | 314,305 | |||||||||
100,000 | 5.00%, 3/15/27 | 111,889 | |||||||||
100,000 | Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47 | 100,051 | |||||||||
175,000 | Williams Cos., Inc. (The), 4.00%, 9/15/25 | 193,883 | |||||||||
1,743,249 | |||||||||||
REITS - 2.7% | |||||||||||
Alexandria Real Estate Equities, Inc. | |||||||||||
75,000 | 3.80%, 4/15/26 | 84,133 | |||||||||
75,000 | 3.38%, 8/15/31 | 83,704 | |||||||||
50,000 | American Campus Communities Operating Partnership LP, 3.88%, 1/30/31 | 52,478 | |||||||||
50,000 | American Homes 4 Rent LP, 4.90%, 2/15/29 | 55,763 | |||||||||
American Tower Corp. | |||||||||||
200,000 | 3.38%, 5/15/24 | 217,139 | |||||||||
125,000 | 2.40%, 3/15/25 | 131,965 | |||||||||
100,000 | 2.10%, 6/15/30 | 100,246 | |||||||||
25,000 | Boston Properties LP, 4.13%, 5/15/21 | 25,507 | |||||||||
Camden Property Trust | |||||||||||
75,000 | 3.15%, 7/1/29 | 83,149 | |||||||||
75,000 | 2.80%, 5/15/30 | 81,137 | |||||||||
Crown Castle International Corp. | |||||||||||
100,000 | 3.15%, 7/15/23 | 106,715 | |||||||||
75,000 | 3.65%, 9/1/27 | 83,815 | |||||||||
25,000 | 3.30%, 7/1/30 | 27,496 | |||||||||
75,000 | CubeSmart LP, 4.38%, 12/15/23 | 81,871 | |||||||||
75,000 | Duke Realty LP, 1.75%, 7/1/30 | 74,504 | |||||||||
75,000 | Essex Portfolio LP, 3.00%, 1/15/30 | 81,751 | |||||||||
150,000 | Federal Realty Investment Trust, 3.25%, 7/15/27 | 157,041 | |||||||||
100,000 | Kilroy Realty LP, 4.75%, 12/15/28 | 112,138 | |||||||||
45,000 | National Retail Properties, Inc., 3.90%, 6/15/24 | 47,889 | |||||||||
125,000 | Regency Centers LP, 2.95%, 9/15/29 | 126,878 | |||||||||
79,000 | Simon Property Group LP, 2.75%, 6/1/23 | 82,332 | |||||||||
100,000 | Spirit Realty LP, 3.40%, 1/15/30 | 94,627 | |||||||||
VEREIT Operating Partnership LP | |||||||||||
200,000 | 4.63%, 11/1/25 | 216,274 | |||||||||
75,000 | 4.88%, 6/1/26 | 83,153 | |||||||||
25,000 | 3.40%, 1/15/28 | 25,193 | |||||||||
WP Carey, Inc. | |||||||||||
25,000 | 4.60%, 4/1/24 | 26,614 |
Shares/ Principal | Fair Value | ||||||||||
REITS - 2.7% (Continued) | |||||||||||
$ | 30,000 | 4.00%, 2/1/25 | $ | 31,316 | |||||||
75,000 | 3.85%, 7/15/29 | 77,988 | |||||||||
2,452,816 | |||||||||||
RETAIL - 1.0% | |||||||||||
50,000 | Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (b) | 53,689 | |||||||||
Costco Wholesale Corp. | |||||||||||
50,000 | 1.38%, 6/20/27 | 51,060 | |||||||||
75,000 | 1.75%, 4/20/32 | 75,995 | |||||||||
Dollar Tree, Inc. | |||||||||||
75,000 | 4.00%, 5/15/25 | 84,452 | |||||||||
125,000 | 4.20%, 5/15/28 | 145,101 | |||||||||
Lowe's Cos., Inc. | |||||||||||
75,000 | 5.00%, 4/15/40 | 97,789 | |||||||||
100,000 | 5.13%, 4/15/50 | 136,476 | |||||||||
25,000 | McDonald's Corp., 4.45%, 9/1/48 | 30,887 | |||||||||
150,000 | Starbucks Corp., 3.80%, 8/15/25 | 169,050 | |||||||||
75,000 | Walmart, Inc., 4.05%, 6/29/48 | 98,688 | |||||||||
943,187 | |||||||||||
SAVINGS & LOANS - 0.3% | |||||||||||
200,000 | Nationwide Building Society, 3.96%, (3 Month US Libor + 1.86%), 7/18/30 (a),(b) | 224,997 | |||||||||
SEMICONDUCTORS - 1.8% | |||||||||||
50,000 | Applied Materials, Inc., 1.75%, 6/1/30 | 51,101 | |||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | |||||||||||
240,000 | 3.63%, 1/15/24 | 258,000 | |||||||||
225,000 | 3.13%, 1/15/25 | 240,344 | |||||||||
26,000 | 3.50%, 1/15/28 | 27,514 | |||||||||
Broadcom, Inc. | |||||||||||
150,000 | 3.63%, 10/15/24 (b) | 162,925 | |||||||||
250,000 | 4.70%, 4/15/25 (b) | 281,694 | |||||||||
125,000 | 4.25%, 4/15/26 (b) | 139,113 | |||||||||
234,000 | 3.46%, 9/15/26 (b) | 250,949 | |||||||||
75,000 | Lam Research Corp., 1.90%, 6/15/30 | 76,661 | |||||||||
75,000 | Microchip Technology, Inc., 3.92%, 6/1/21 | 76,462 | |||||||||
50,000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.40%, 5/1/30 (b) | 53,798 | |||||||||
1,618,561 | |||||||||||
SOFTWARE - 1.2% | |||||||||||
125,000 | Adobe, Inc., 2.30%, 2/1/30 | 134,999 | |||||||||
Fiserv, Inc. | |||||||||||
50,000 | 3.80%, 10/1/23 | 54,630 | |||||||||
150,000 | 2.75%, 7/1/24 | 159,947 | |||||||||
150,000 | 3.20%, 7/1/26 | 166,021 | |||||||||
100,000 | 4.20%, 10/1/28 | 117,341 | |||||||||
Intuit, Inc. | |||||||||||
50,000 | 1.35%, 7/15/27 | 50,230 | |||||||||
50,000 | 1.65%, 7/15/30 | 49,850 |
See accompanying notes to financial statements.
73
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 1.2% (Continued) | |||||||||||
$ | 150,000 | Microsoft Corp., 3.70%, 8/8/46 | $ | 186,793 | |||||||
Oracle Corp. | |||||||||||
75,000 | 3.60%, 4/1/40 | 85,132 | |||||||||
75,000 | 3.60%, 4/1/50 | 83,466 | |||||||||
1,088,409 | |||||||||||
TELECOMMUNICATIONS - 3.6% | |||||||||||
AT&T, Inc. | |||||||||||
100,000 | 3.20%, 3/1/22 | 104,342 | |||||||||
225,000 | 3.40%, 5/15/25 | 247,266 | |||||||||
100,000 | 3.60%, 7/15/25 | 111,088 | |||||||||
150,000 | 4.25%, 3/1/27 | 170,871 | |||||||||
300,000 | 2.30%, 6/1/27 | 310,581 | |||||||||
125,000 | 2.75%, 6/1/31 | 130,149 | |||||||||
125,000 | 5.25%, 3/1/37 | 154,556 | |||||||||
50,000 | 4.90%, 8/15/37 | 60,090 | |||||||||
100,000 | 3.50%, 6/1/41 | 104,827 | |||||||||
T-Mobile USA, Inc. | |||||||||||
125,000 | 3.50%, 4/15/25 (b) | 136,049 | |||||||||
50,000 | 1.50%, 2/15/26 (b) | 49,996 | |||||||||
200,000 | 3.75%, 4/15/27 (b) | 221,634 | |||||||||
125,000 | 2.05%, 2/15/28 (b) | 125,059 | |||||||||
150,000 | 3.88%, 4/15/30 (b) | 166,944 | |||||||||
Verizon Communications, Inc. | |||||||||||
25,000 | 3.38%, 2/15/25 | 27,816 | |||||||||
313,000 | 4.33%, 9/21/28 | 376,703 | |||||||||
75,000 | 3.88%, 2/8/29 | 88,642 | |||||||||
25,000 | 4.02%, 12/3/29 | 29,815 | |||||||||
100,000 | 3.15%, 3/22/30 | 112,172 | |||||||||
100,000 | 5.25%, 3/16/37 | 133,876 | |||||||||
175,000 | 4.86%, 8/21/46 | 237,642 | |||||||||
200,000 | Vodafone Group PLC, 3.75%, 1/16/24 | 218,423 | |||||||||
3,318,541 | |||||||||||
TRANSPORTATION - 0.1% | |||||||||||
75,000 | Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | 84,853 | |||||||||
25,000 | FedEx Corp., 3.40%, 2/15/28 | 26,952 | |||||||||
111,805 | |||||||||||
TOTAL CORPORATE BONDS AND NOTES (Cost - $39,827,310) | 43,520,892 | ||||||||||
AGENCY MORTGAGE BACKED SECURITIES - 41.1% | |||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION - 4.0% | |||||||||||
Freddie Mac Gold Pool |
| ||||||||||
354,688 | 4.00%, 3/1/48 | 376,469 | |||||||||
407,068 | 4.00%, 4/1/48 | 432,065 | |||||||||
Freddie Mac Pool | |||||||||||
844,054 | 4.00%, 1/1/49 | 913,376 | |||||||||
1,815,477 | 5.00%, 10/1/49 | 1,980,197 | |||||||||
3,702,107 |
Shares/ Principal | Fair Value | ||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 18.7% | |||||||||||
Fannie Mae Pool | |||||||||||
$ | 586,422 | 4.50%, 6/1/31 | $ | 650,480 | |||||||
666,846 | 5.00%, 11/1/48 | 749,079 | |||||||||
Federal National Mortgage Association | |||||||||||
5,000,000 | 2.50%, 7/1/50 (e) | 5,213,281 | |||||||||
2,000,000 | 3.00%, 7/1/50 (e) | 2,106,562 | |||||||||
4,000,000 | 3.50%, 7/1/50 (e) | 4,206,875 | |||||||||
1,000,000 | 4.00%, 7/1/50 (e) | 1,059,687 | |||||||||
1,000,000 | 5.00%, 7/1/50 (e) | 1,091,719 | |||||||||
2,000,000 | 2.50%, 8/1/50 (e) | 2,081,016 | |||||||||
17,158,699 | |||||||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 18.4% | |||||||||||
Ginnie Mae | |||||||||||
4,000,000 | 2.50%, 7/20/50 (e) | 4,210,625 | |||||||||
1,000,000 | 3.00%, 7/20/50 (e) | 1,059,375 | |||||||||
1,000,000 | 4.50%, 7/20/50 (e) | 1,067,969 | |||||||||
Ginnie Mae II Pool | |||||||||||
488,950 | 4.50%, 2/20/48 | 529,019 | |||||||||
566,005 | 4.50%, 5/20/48 | 608,106 | |||||||||
696,204 | 4.50%, 8/20/48 | 746,304 | |||||||||
153,477 | 5.00%, 8/20/48 | 166,891 | |||||||||
2,468,951 | 4.50%, 9/20/48 | 2,652,604 | |||||||||
908,375 | 5.00%, 10/20/48 | 983,914 | |||||||||
587,709 | 5.00%, 11/20/48 | 639,077 | |||||||||
386,581 | 5.00%, 12/20/48 | 422,008 | |||||||||
967,487 | 5.00%, 1/20/49 | 1,051,460 | |||||||||
749,213 | 4.00%, 2/20/49 | 796,534 | |||||||||
25,597 | 4.50%, 3/20/49 | 27,437 | |||||||||
611,753 | 5.00%, 3/20/49 | 668,741 | |||||||||
743,195 | 4.00%, 5/20/49 | 788,135 | |||||||||
34,257 | 4.50%, 5/20/49 | 36,974 | |||||||||
340,105 | 5.00%, 5/20/49 | 370,448 | |||||||||
16,825,621 | |||||||||||
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $37,138,208) | 37,686,427 | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 6.7% | |||||||||||
161,729 | ACIS CLO 2014-4 Ltd., 2.11%, (3 Month US Libor + 1.42%), 5/1/26 (a),(b) | 160,933 | |||||||||
1,500,000 | ASSURANT CLO II LTD., 2.18%, (3 Month US Libor + 1.04%), 4/20/31 (a),(b) | 1,453,008 | |||||||||
371,790 | Catamaran CLO 2013-1 Ltd., 1.84%, (3 Month US Libor + 0.85%), 1/27/28 (a),(b) | 365,604 | |||||||||
350,000 | CBAM 2018-5 Ltd., 2.15%, (3 Month US Libor + 1.02%), 4/17/31 (a),(b) | 340,890 | |||||||||
600,000 | Elmwood CLO IV Ltd., 2.42% , (3 Month US Libor + 1.24%), 4/15/33 (a),(b) | 585,613 |
See accompanying notes to financial statements.
74
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 6.7% (Continued) | |||||||||||
$ | 95,860 | Harben Finance 2017-1 PLC, 1.06%, (3 Month GBP Libor + 0.80%), 8/20/56 (a) | $ | 117,798 | |||||||
688,468 | Kentucky Higher Education Student Loan Corp., 0.77%, (1 Month US Libor + 0.60%), 9/1/28 (a) | 675,346 | |||||||||
126,484 | London Wall Mortgage Capital PLC, 1.14%, (3 Month GBP Libor + 0.85%), 11/15/49 (a) | 154,246 | |||||||||
416,736 | OCP CLO 2015-10 Ltd., 1.81%, (3 Month US Libor + 0.82%), 10/26/27 (a),(b) | 413,299 | |||||||||
277,644 | PHEAA Student Loan Trust 2012-1, 0.73%, (1 Month US Libor + 0.55%), 5/25/57 (a),(b) | 264,699 | |||||||||
37,007 | Scholar Funding Trust 2010-A, 1.64%, (3 Month US Libor + 0.75%), 10/28/41 (a),(b) | 35,557 | |||||||||
1,550,000 | TICP CLO X Ltd., 2.14%, (3 Month US Libor + 1.00%), 4/20/31 (a),(b) | 1,512,289 | |||||||||
63,690 | Wells Fargo Mortgage Backed Securities 2019-3 Trust, 3.50%, 7/25/49 (a),(b) | 65,448 | |||||||||
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $6,316,889) | 6,144,730 | ||||||||||
MUNICIPAL BONDS - 1.6% | |||||||||||
480,000 | City of Chicago, 7.75%, 1/1/42 | 629,270 | |||||||||
160,000 | Metropolitan Transportation Authority, 5.18%, 11/15/49 | 186,643 | |||||||||
25,000 | New Jersey Turnpike Authority, 7.10%, 1/1/41 | 41,305 | |||||||||
175,000 | State of California, 7.60%, 11/1/40 | 321,260 | |||||||||
325,000 | State of Illinois, 5.10%, 6/1/33 (f) | 329,696 | |||||||||
TOTAL MUNICIPAL BONDS (Cost - $1,366,168) | 1,508,174 |
Shares/ Principal | Fair Value | ||||||||||
SOVEREIGN DEBTS - 1.6% | |||||||||||
$ | 200,000 | Colombia Government International Bond, 3.00%, 1/30/30 | $ | 198,102 | |||||||
Mexico Government International Bond | |||||||||||
100,000 | 1.63%, 4/8/26 | EUR | 109,226 | ||||||||
290,000 | 3.25%, 4/16/30 | 287,390 | |||||||||
520,000 | Perusahaan Penerbit SBSN Indonesia III, 4.55%, 3/29/26 (d) | 574,787 | |||||||||
10,000 | Peruvian Government International Bond, 2.78%, 1/23/31 | 10,665 | |||||||||
200,000 | Qatar Government International Bond, 4.50%, 4/23/28 (b) | 235,688 | |||||||||
70,000 | Romanian Government International Bond, 2.00%, 1/28/32 (b) | EUR | 73,247 | ||||||||
TOTAL SOVEREIGN DEBTS (Cost - $1,412,989) | 1,489,105 | ||||||||||
SHORT-TERM INVESTMENTS - 23.7% | |||||||||||
MONEY MARKET FUNDS - 23.7% | |||||||||||
21,767,770 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (g) (Cost - $21,767,770) | 21,767,770 | |||||||||
TOTAL INVESTMENTS - 122.2% (Cost - $107,829,334) | $ | 112,117,098 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET (22.2)% | (20,394,722 | ) | |||||||||
TOTAL NET ASSETS - 100.0% | $ | 91,722,376 |
† Represents less than 0.05%.
(a) Variable rate security. The rate shown is the rate in effect at period end.
(b) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2020, these securities amounted to $11,692,555 or 12.7% of net assets.
(c) Step coupon.
(d) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(e) When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions.
(f) Sinking bond security.
(g) 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
SOFR - Secured Overnight Financing Rate
See accompanying notes to financial statements.
75
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Corporate Bonds and Notes | 47.5 | % | |||||
Agency Mortgage Backed Securities | 41.1 | % | |||||
Money Market Funds | 23.7 | % | |||||
Asset Backed and Commercial Backed Securities | 6.7 | % | |||||
Municipal Bonds | 1.6 | % | |||||
Sovereign Debts | 1.6 | % | |||||
Other Assets less Liabilities - Net | (22.2 | )% | |||||
100.0 | % |
FUTURES CONTRACTS | |||||||||||||||||||||||
LONG FUTURES CONTRACTS | Counterparty | Contracts | Expiration Date | Notional Value | Fair Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. 10 Year Note Future | Credit Suisse | 16 | 9/21/2020 | $ | 2,226,750 | $ | 3,703 | ||||||||||||||||
U.S. 2 Year Note Future | Credit Suisse | 10 | 9/30/2020 | 2,208,281 | 511 | ||||||||||||||||||
U.S. Long Bond Future | Credit Suisse | 6 | 9/21/2020 | 1,071,375 | 30,530 | ||||||||||||||||||
U.S. Ultra Bond Future | Credit Suisse | 37 | 9/21/2020 | 8,071,781 | 5,804 | ||||||||||||||||||
40,548 | |||||||||||||||||||||||
SHORT FUTURES CONTRACTS | |||||||||||||||||||||||
U.S. 10 Year Ultra Future | Credit Suisse | 7 | 9/21/2020 | 1,102,391 | (12,560 | ) | |||||||||||||||||
U.S. 5 Year Note Future | Credit Suisse | 19 | 9/30/2020 | 2,389,102 | (3,016 | ) | |||||||||||||||||
(15,576 | ) | ||||||||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 24,972 |
INTEREST RATE SWAPTIONS WRITTEN | |||||||||||||||||||||||||||||||||||
Counterparty | Description* | Floating Rate Index | Exercise Rate | Expiration Date | Notional Amount | Fair Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Bank of America | Put - IRO EUR 10 Year | Receives 6 Month Euribor | Pays 0.26% | 08/28/20 | 340,000 | EUR | $ | (1,001 | ) | $ | (6,114 | ) | $ | 5,113 | |||||||||||||||||||||
JP Morgan Chase Bank | Put - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.35% | 08/13/20 | 990,000 | EUR | (2,220 | ) | (2,610 | ) | 390 | ||||||||||||||||||||||||
Bank of America | Put - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.35% | 08/13/20 | 990,000 | EUR | (2,220 | ) | (2,470 | ) | 250 | ||||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Pays 6 Month BP Libor | Receives 0.35% | 10/02/20 | 310,000 | GBP | (3,750 | ) | (3,473 | ) | (277 | ) | |||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Pays 6 Month BP Libor | Receives 0.35% | 10/02/20 | 710,000 | GBP | (8,590 | ) | (6,439 | ) | (2,151 | ) | |||||||||||||||||||||||
Bank of America | Call - IRS SWAPTION | Pays 6 Month BP Libor | Receives 0.35% | 10/21/20 | 520,000 | GBP | (6,940 | ) | (5,384 | ) | (1,556 | ) | |||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Pays 6 Month BP Libor | Receives 0.34% | 08/13/20 | 300,000 | GBP | (2,240 | ) | (1,806 | ) | (434 | ) | |||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Pays 6 Month BP Libor | Receives 0.34% | 08/13/20 | 220,000 | GBP | (1,643 | ) | (1,345 | ) | (298 | ) | |||||||||||||||||||||||
JP Morgan Chase Bank | Put - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.15% | 09/28/20 | 720,000 | EUR | (353 | ) | (1,433 | ) | 1,080 | ||||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.35% | 09/28/20 | 720,000 | EUR | (1,901 | ) | (1,517 | ) | (384 | ) | |||||||||||||||||||||||
JP Morgan Chase Bank | Put - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.15% | 09/28/20 | 460,000 | EUR | (225 | ) | (859 | ) | 634 | ||||||||||||||||||||||||
JP Morgan Chase Bank | Call - IRS SWAPTION | Receives 6 Month Euribor | Pays 0.35% | 09/28/20 | 460,000 | EUR | (1,214 | ) | (870 | ) | (344 | ) | |||||||||||||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON WRITTEN INTEREST RATE SWAPTIONS | $ | (34,320 | ) | $ | 2,023 |
* The Fund may receive or pay a variable rate.
See accompanying notes to financial statements.
76
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
INTEREST RATE SWAPS | |||||||||||||||||||||||||||||||||||
Counterparty | Payment Frequency | Fund Receives | Fund Pays | Expiration Date | Notional Amount | Fair Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 0.50% | 3 Month US Libor | 09/16/22 | 5,620,000 | $ | 33,026 | $ | 27,361 | $ | 5,665 | ||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 0.50% | 3 Month Canadian Dollar Offered Rate | 09/16/23 | 5,810,000 CAD | (19,822) | (24,203) | 4,381 | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 3 Month US Libor | 0.50% | 09/16/23 | 3,110,000 | (24,916) | (18,610) | (6,306) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 0.84% | 3 Month Canadian Dollar Offered Rate | 06/24/24 | 3,320,000 CAD | — | 1,465 | (1,465) | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 3 Month US Libor | 1 Month US Libor | 07/25/24 | 1,900,000 | 331 | 38 | 293 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 0.55% | 6 Month Australian Bill | 05/16/25 | 2,990,000 AUD | 1,173 | (1,815 | ) | 2,988 | ||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month Euribor | -0.31% | 05/19/25 | 2,210,000 EUR | (2,266) | 2,001 | (4,267) | |||||||||||||||||||||||||||
Credit Suisse | Yearly | 0.27% | Sterling Overnight Interbank Average Rate | 06/17/25 | 1,310,000 GBP | 21,969 | 8,851 | 13,118 | |||||||||||||||||||||||||||
Credit Suisse | Yearly | 0.03% | Sterling Overnight Interbank Average Rate | 06/17/25 | 990,000 GBP | 2,036 | (2,325) | 4,361 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 0.50% | 6 Month Norway Ibor | 09/16/25 | 2,080,000 NOK | (1,870 | ) | (2,022 | ) | 152 | |||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month GBP Libor | 1.00% | 09/16/25 | 190,000 GBP | (8,968) | (8,862) | (106) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 1.25% | 6 Month Australian Bill | 09/16/27 | 1,140,000 AUD | 32,961 | 30,276 | 2,685 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month Euribor | -0.31% | 09/16/27 | 1,080,000 EUR | (24,208) | (25,217) | 1,009 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month GBP Libor | 1.00% | 09/16/27 | 680,000 GBP | (41,718) | (33,440) | (8,278) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | -0.05% | 6 Month CHF Libor | 09/16/27 | 1,130,000 CHF | (6,149 | ) | (6,372 | ) | 223 | |||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 1.00% | 6 Month Australian Bill | 04/26/28 | 1,500,000 AUD | 3,030 | (3,132 | ) | 6,162 | ||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month GBP Libor | 0.50% | 03/10/30 | 770,000 GBP | (819) | 10,436 | (11,255) | |||||||||||||||||||||||||||
Credit Suisse | Yearly | Sterling Overnight Interbank Average Rate | 0.57% | 03/18/30 | 390,000 GBP | (22,627) | 1,717 | (24,344) | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 0.98% | 3 Month US Libor | 05/21/30 | 1,190,000 | 1,886 | 1,596 | 290 | |||||||||||||||||||||||||||
Credit Suisse | Yearly | Sterling Overnight Interbank Average Rate | 0.31% | 06/17/30 | 650,000 GBP | (15,766) | (4,675) | (11,091) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | -0.50% | 6 Month CHF Libor | 06/17/30 | 860,000 CHF | (18,801 | ) | (10,154 | ) | (8,647 | ) | ||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 3 Month Canadian Dollar Offered Rate | 1.14% | 06/24/30 | 710,000 CAD | — | (789) | 789 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month Euribor | 0.25% | 09/16/30 | 880,000 EUR | (42,724) | (38,438) | (4,286) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 1.50% | 6 Month Australian Bill | 09/16/30 | 760,000 AUD | 30,390 | 21,320 | 9,070 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 0.75% | 6 Month Norway Ibor | 09/16/30 | 2,390,000 NOK | (4,075 | ) | (2,808 | ) | (1,267 | ) | ||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month GBP Libor | 1.00% | 09/16/30 | 180,000 GBP | (13,921) | (12,802) | (1,119) | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 3 Month US Libor | 1.16% | 05/21/35 | 1,270,000 | (956) | (873) | (83) | |||||||||||||||||||||||||||
Credit Suisse | Yearly | Sterling Overnight Interbank Average Rate | 0.40% | 06/17/40 | 300,000 GBP | (15,436) | (15,364) | (72) | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 1.75% | 3 Month Canadian Dollar Offered Rate | 06/17/50 | 290,000 CAD | 21,067 | 11,539 | 9,528 | |||||||||||||||||||||||||||
Credit Suisse | Semi-Annually | 6 Month Euribor | 0.50% | 09/16/50 | 40,000 EUR | (6,365) | (6,080) | (285) | |||||||||||||||||||||||||||
Credit Suisse | Quarterly | 3 Month US Libor | 0.75% | 09/16/50 | 150,000 | 7,004 | 13,433 | (6,429) | |||||||||||||||||||||||||||
TOTAL NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPS | $ | (87,948 | ) | $ | (28,586 | ) |
See accompanying notes to financial statements.
77
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
CREDIT DEFAULT SWAPS | |||||||||||||||||||||||||||||||||||||||||||
Counterparty | Reference Obligation/ Index | Payment Frequency | Buy/Sell Protection | Fixed Rate Received | Fixed Rate Paid | Expiration Date | Notional Amount | Fair Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||
Credit Suisse | CD CDXIG528 | Quarterly | Buy | 1.00 | % | — | 06/20/22 | 2,225,000 | $ | 7,317 | $ | 30,246 | $ | (22,929 | ) | ||||||||||||||||||||||||||||
Credit Suisse | CDX.NA.IG.34-V1 | Quarterly | Buy | 1.00 | % | — | 06/20/23 | 2,425,000 | 26,881 | 30,809 | (3,928 | ) | |||||||||||||||||||||||||||||||
Credit Suisse | CD BA | Quarterly | Buy | 1.00 | % | — | 06/20/24 | 100,000 | (5,251 | ) | 1,903 | (7,154 | ) | ||||||||||||||||||||||||||||||
Credit Suisse | CD PRU | Quarterly | Buy | 1.00 | % | — | 06/20/24 | 175,000 | 3,959 | 2,503 | 1,456 | ||||||||||||||||||||||||||||||||
Credit Suisse | CD INDON | Quarterly | Buy | 1.00 | % | — | 06/20/24 | 550,000 | (1,084 | ) | 2,824 | (3,908 | ) | ||||||||||||||||||||||||||||||
Credit Suisse | CD GE | Quarterly | Buy | 1.00 | % | — | 06/20/24 | 225,000 | (4,870 | ) | (2,403 | ) | (2,467 | ) | |||||||||||||||||||||||||||||
Credit Suisse | CD RUSSIA | Quarterly | Buy | 1.00 | % | — | 12/20/24 | 70,000 | (10 | ) | (503 | ) | 493 | ||||||||||||||||||||||||||||||
Credit Suisse | CD GE | Quarterly | Buy | 1.00 | % | — | 12/20/24 | 125,000 | (3,545 | ) | (1,783 | ) | (1,762 | ) | |||||||||||||||||||||||||||||
TOTAL NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | $ | 63,596 | $ | (40,199 | ) |
FORWARD FOREIGN CURRENCY CONTRACTS | |||||||||||||||||||
Settlement Date | Counterparty | Currency Units to Receive | In Exchange For | Unrealized Appreciation (Depreciation) | |||||||||||||||
07/15/20 | Morgan Stanley | 351,763 | USD | 282,486 | GBP | $ | 2,690 | ||||||||||||
08/12/20 | Morgan Stanley | 107,616 | USD | 99,093 | EUR | (3,786 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 295,953 | AUD | 206,834 | USD | (3,020 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 901,646 | AUD | 630,228 | USD | (9,291 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 528,017 | CAD | 393,000 | USD | (5,265 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 994,293 | CAD | 733,000 | USD | (2,867 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 413,453 | CHF | 433,143 | USD | 4,193 | |||||||||||||
09/16/20 | Morgan Stanley | 347,000 | EUR | 374,191 | CHF | (5,401 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 542,445 | EUR | 617,409 | USD | (7,111 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 198,754 | GBP | 252,445 | USD | (6,754 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 31,901,693 | JPY | 296,002 | USD | 5 | |||||||||||||
09/16/20 | Morgan Stanley | 3,559,717 | NOK | 383,797 | USD | (14,693 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 1,292,340 | NOK | 138,499 | USD | (4,497 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 146,596 | NZD | 95,703 | USD | (1,336 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 3,616,261 | SEK | 347,000 | EUR | (1,888 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 100,283 | USD | 145,000 | AUD | 426 | |||||||||||||
09/16/20 | Morgan Stanley | 1,127,495 | USD | 1,510,815 | CAD | 18,068 | |||||||||||||
09/16/20 | Morgan Stanley | 686 | USD | 602 | EUR | 8 | |||||||||||||
09/16/20 | Morgan Stanley | 400,383 | USD | 316,152 | GBP | 9,571 | |||||||||||||
09/16/20 | Morgan Stanley | 1,189,402 | USD | 939,266 | GBP | 28,326 | |||||||||||||
09/16/20 | Morgan Stanley | 58,821 | USD | 46,582 | GBP | 1,239 | |||||||||||||
09/16/20 | Morgan Stanley | 20,223 | USD | 31,412 | NZD | 3 | |||||||||||||
09/16/20 | Morgan Stanley | 100,356 | USD | 156,000 | NZD | (64 | ) | ||||||||||||
09/16/20 | Morgan Stanley | 222,013 | USD | 2,052,676 | SEK | 1,481 | |||||||||||||
TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $ | 37 |
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
EUR - Euro
GBP - Pound Sterling
JPY - Japanese Yen
NOK - Norwegian Krone
NZD - New Zealand Dollar
SEK - Swedish Krona
See accompanying notes to financial statements.
78
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 98.9% | |||||||||||
AEROSPACE & DEFENSE - 1.4% | |||||||||||
74 | Hexcel Corp. | $ | 3,346 | ||||||||
484 | Lockheed Martin Corp. | 176,621 | |||||||||
969 | Raytheon Technologies Corp. | 59,710 | |||||||||
358 | Teledyne Technologies, Inc.* | 111,320 | |||||||||
350,997 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.5% | |||||||||||
3,615 | Deutsche Post AG* | 132,159 | |||||||||
AIRLINES - 0.2% | |||||||||||
278 | Copa Holdings SA, Class A | 14,055 | |||||||||
860 | Southwest Airlines Co. | 29,395 | |||||||||
43,450 | |||||||||||
AUTO COMPONENTS - 0.1% | |||||||||||
1,600 | Sumitomo Electric Industries Ltd. | 18,383 | |||||||||
AUTOMOBILES - 0.9% | |||||||||||
4,830 | General Motors Co. | 122,199 | |||||||||
4,100 | Subaru Corp. | 85,185 | |||||||||
207,384 | |||||||||||
BANKS - 3.8% | |||||||||||
3,994 | Banco Santander SA | 9,754 | |||||||||
9,616 | Bank of America Corp. | 228,380 | |||||||||
3,906 | Citigroup, Inc. | 199,597 | |||||||||
955 | Citizens Financial Group, Inc. | 24,104 | |||||||||
1,170 | First Hawaiian, Inc. | 20,171 | |||||||||
67,910 | Intesa Sanpaolo SpA* | 129,939 | |||||||||
7,651 | Lloyds Banking Group PLC | 2,947 | |||||||||
900 | Royal Bank of Canada | 60,866 | |||||||||
543 | Signature Bank | 58,057 | |||||||||
2,751 | Wells Fargo & Co. | 70,426 | |||||||||
3,181 | Western Alliance Bancorp | 120,464 | |||||||||
924,705 | |||||||||||
BEVERAGES - 1.5% | |||||||||||
4,920 | Diageo PLC | 163,012 | |||||||||
2,805 | Monster Beverage Corp.* | 194,443 | |||||||||
357,455 | |||||||||||
BIOTECHNOLOGY - 4.0% | |||||||||||
1,868 | AbbVie, Inc. | 183,400 | |||||||||
498 | Alexion Pharmaceuticals, Inc.* | 55,896 | |||||||||
562 | Biogen, Inc.* | 150,363 | |||||||||
292 | CSL Ltd. | 57,699 | |||||||||
419 | Galapagos NV* | 82,378 | |||||||||
2,235 | Gilead Sciences, Inc. | 171,961 | |||||||||
141 | Neurocrine Biosciences, Inc.* | 17,202 | |||||||||
69 | Regeneron Pharmaceuticals, Inc.* | 43,032 | |||||||||
295 | Sarepta Therapeutics, Inc.* | 47,300 | |||||||||
515 | Vertex Pharmaceuticals, Inc.* | 149,510 | |||||||||
958,741 |
Shares/ Principal | Fair Value | ||||||||||
BUILDING PRODUCTS - 0.8% | |||||||||||
3,082 | Johnson Controls International PLC | $ | 105,219 | ||||||||
1,895 | Masco Corp. | 95,148 | |||||||||
200,367 | |||||||||||
CAPITAL MARKETS - 3.3% | |||||||||||
815 | ASX Ltd. | 47,909 | |||||||||
2,639 | Charles Schwab Corp. (The) | 89,040 | |||||||||
832 | CME Group, Inc. | 135,233 | |||||||||
944 | Deutsche Boerse AG | 170,754 | |||||||||
33 | Euronext NV (a) | 3,308 | |||||||||
1,144 | Interactive Brokers Group, Inc., Class A | 47,785 | |||||||||
441 | Magellan Financial Group Ltd. | 17,613 | |||||||||
8 | MarketAxess Holdings, Inc. | 4,007 | |||||||||
699 | S&P Global, Inc. | 230,307 | |||||||||
9,000 | Singapore Exchange Ltd. | 53,805 | |||||||||
799,761 | |||||||||||
CHEMICALS - 1.4% | |||||||||||
4,346 | Axalta Coating Systems Ltd.* | 98,002 | |||||||||
471 | Corteva, Inc. | 12,618 | |||||||||
392 | Dow, Inc. | 15,978 | |||||||||
358 | Sherwin-Williams Co. (The) | 206,871 | |||||||||
208 | Yara International ASA | 7,199 | |||||||||
340,668 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.3% | |||||||||||
1,151 | Brambles Ltd. | 8,614 | |||||||||
1,200 | Dai Nippon Printing Co. Ltd. | 27,463 | |||||||||
5,144 | Rentokil Initial PLC | 32,390 | |||||||||
100 | Secom Co. Ltd. | 8,734 | |||||||||
77,201 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.2% | |||||||||||
75 | Arista Networks, Inc.* | 15,752 | |||||||||
919 | Cisco Systems, Inc. | 42,862 | |||||||||
58,614 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.3% | |||||||||||
2,055 | ACS Actividades de Construccion y Servicios SA | 51,793 | |||||||||
311 | Bouygues SA* | 10,622 | |||||||||
62,415 | |||||||||||
CONSUMER FINANCE - 0.5% | |||||||||||
2,364 | Ally Financial, Inc. | 46,878 | |||||||||
2,883 | Synchrony Financial | 63,887 | |||||||||
110,765 | |||||||||||
CONTAINERS & PACKAGING - 0.5% | |||||||||||
8,642 | Amcor PLC | 88,235 | |||||||||
2,900 | Toyo Seikan Group Holdings Ltd. | 32,687 | |||||||||
120,922 |
See accompanying notes to financial statements.
79
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED CONSUMER SERVICES - 0.0%† | |||||||||||
400 | Benesse Holdings, Inc. | $ | 10,715 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.0% | |||||||||||
723 | Equitable Holdings, Inc. | 13,947 | |||||||||
7,500 | ORIX Corp. | 92,355 | |||||||||
2,764 | Voya Financial, Inc. | 128,941 | |||||||||
235,243 | |||||||||||
DIVERSIFIED TELECOMMUNICATION - 0.9% | |||||||||||
135 | Cellnex Telecom SA*,(a) | 8,224 | |||||||||
6,105 | CenturyLink, Inc. | 61,233 | |||||||||
2,851 | Liberty Global PLC, Class C* | 61,325 | |||||||||
3,300 | Nippon Telegraph & Telephone Corp. | 76,945 | |||||||||
207,727 | |||||||||||
ELECTRIC UTILITIES - 0.9% | |||||||||||
500 | CLP Holdings Ltd. | 4,903 | |||||||||
14,534 | Enel SpA | 125,334 | |||||||||
1,433 | FirstEnergy Corp. | 55,572 | |||||||||
300 | Kansai Electric Power Co., Inc. (The) | 2,906 | |||||||||
52 | NextEra Energy, Inc. | 12,489 | |||||||||
400 | Shikoku Electric Power Co., Inc. | 2,947 | |||||||||
1,114 | SSE PLC | 18,782 | |||||||||
222,933 | |||||||||||
ELECTRICAL EQUIPMENT - 1.9% | |||||||||||
368 | AMETEK, Inc. | 32,888 | |||||||||
1,984 | Legrand SA | 150,680 | |||||||||
1,717 | Prysmian SpA | 39,764 | |||||||||
1,992 | Schneider Electric SE | 221,226 | |||||||||
530 | Signify NV*,(a) | 13,685 | |||||||||
458,243 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.5% | |||||||||||
274 | Arrow Electronics, Inc.* | 18,821 | |||||||||
2,400 | Hitachi Ltd. | 75,703 | |||||||||
500 | Macnica Fuji Electronics Holdings, Inc. | 7,198 | |||||||||
21,000 | PAX Global Technology Ltd. | 9,131 | |||||||||
400 | Tomen Devices Corp. | 13,755 | |||||||||
124,608 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.2% | |||||||||||
6,616 | TechnipFMC PLC | 45,253 | |||||||||
ENTERTAINMENT - 2.6% | |||||||||||
7,700 | DeNA Co. Ltd. | 95,925 | |||||||||
3,100 | Konami Holdings Corp. | 103,156 | |||||||||
382 | Netflix, Inc.* | 173,825 | |||||||||
995 | Take-Two Interactive Software, Inc.* | 138,872 | |||||||||
12,870 | Zynga, Inc., Class A* | 122,780 | |||||||||
634,558 |
Shares/ Principal | Fair Value | ||||||||||
EQUITY REAL ESTATE INVESTMENT - 3.1% | |||||||||||
119 | American Tower Corp. | $ | 30,766 | ||||||||
619 | Camden Property Trust | 56,465 | |||||||||
998 | CoreSite Realty Corp. | 120,818 | |||||||||
134 | CyrusOne, Inc. | 9,748 | |||||||||
92 | Douglas Emmett, Inc. | 2,821 | |||||||||
242 | Duke Realty Corp. | 8,564 | |||||||||
1,864 | Equity LifeStyle Properties, Inc. | 116,463 | |||||||||
125 | Extra Space Storage, Inc. | 11,546 | |||||||||
334 | Healthcare Trust of America, Inc., Class A | 8,858 | |||||||||
5,474 | Invitation Homes, Inc. | 150,699 | |||||||||
986 | Lamar Advertising Co., Class A | 65,825 | |||||||||
1,500 | Link REIT | 12,261 | |||||||||
467 | SBA Communications Corp. | 139,129 | |||||||||
172 | Sun Communities, Inc. | 23,337 | |||||||||
757,300 | |||||||||||
FOOD & STAPLES RETAILING - 2.7% | |||||||||||
4,500 | Alimentation Couche-Tard, Inc., Class B | 140,650 | |||||||||
663 | Costco Wholesale Corp. | 201,028 | |||||||||
1,300 | FamilyMart Co. Ltd. | 22,280 | |||||||||
1,782 | Koninklijke Ahold Delhaize NV | 48,555 | |||||||||
3,400 | Seven & i Holdings Co. Ltd. | 110,933 | |||||||||
1,060 | Walmart, Inc. | 126,967 | |||||||||
650,413 | |||||||||||
FOOD PRODUCTS - 0.4% | |||||||||||
451 | Nestle SA | 49,853 | |||||||||
577 | Orkla ASA | 5,042 | |||||||||
4,000 | Tingyi Cayman Islands Holding Corp. | 6,204 | |||||||||
34,000 | Uni-President China Holdings Ltd. | 33,866 | |||||||||
94,965 | |||||||||||
GAS UTILITIES - 0.0%† | |||||||||||
479 | Italgas SpA | 2,781 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 2.1% | |||||||||||
186 | Abbott Laboratories | 17,006 | |||||||||
187 | Cooper Cos., Inc. (The) | 53,041 | |||||||||
40 | DiaSorin SpA | 7,655 | |||||||||
2,292 | Edwards Lifesciences Corp.* | 158,400 | |||||||||
400 | Eiken Chemical Co. Ltd. | 6,392 | |||||||||
1,195 | Fisher & Paykel Healthcare Corp. Ltd. | 27,386 | |||||||||
1,625 | Getinge AB, Class B | 30,157 | |||||||||
885 | Medtronic PLC | 81,155 | |||||||||
113 | Quidel Corp.* | 25,283 | |||||||||
262 | Sonova Holding AG* | 52,392 | |||||||||
196 | West Pharmaceutical Services, Inc. | 44,525 | |||||||||
503,392 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.4% | |||||||||||
519 | Anthem, Inc. | 136,487 | |||||||||
405 | Cardinal Health, Inc. | 21,137 |
See accompanying notes to financial statements.
80
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE PROVIDERS & SERVICES - 2.4% (Continued) | |||||||||||
300 | H.U. Group Holdings, Inc. | $ | 7,066 | ||||||||
227 | Humana, Inc. | 88,019 | |||||||||
896 | McKesson Corp. | 137,464 | |||||||||
4,941 | Sonic Healthcare Ltd. | 103,519 | |||||||||
838 | Universal Health Services, Inc., Class B | 77,842 | |||||||||
571,534 | |||||||||||
HEALTH CARE TECHNOLOGY - 0.2% | |||||||||||
1,000 | M3, Inc. | 42,499 | |||||||||
411 | Pro Medicus Ltd. | 7,487 | |||||||||
49,986 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.1% | |||||||||||
127 | Chipotle Mexican Grill, Inc.* | 133,650 | |||||||||
329 | Domino's Pizza, Inc. | 121,546 | |||||||||
10,000 | NagaCorp Ltd. | 11,573 | |||||||||
100 | Restaurant Brands International, Inc. | 5,425 | |||||||||
272,194 | |||||||||||
HOUSEHOLD DURABLES - 0.3% | |||||||||||
838 | DR Horton, Inc. | 46,467 | |||||||||
270 | Lennar Corp., Class A | 16,638 | |||||||||
63,105 | |||||||||||
HOUSEHOLD PRODUCTS - 1.9% | |||||||||||
128 | Colgate-Palmolive Co. | 9,377 | |||||||||
2,874 | Essity AB, Class B* | 92,883 | |||||||||
782 | Henkel AG & Co. KGaA | 72,794 | |||||||||
2,461 | Procter & Gamble Co. (The) | 294,262 | |||||||||
469,316 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4% | |||||||||||
3,360 | AES Corp. | 48,686 | |||||||||
5,200 | TransAlta Corp. | 30,734 | |||||||||
883 | Vistra Corp. | 16,442 | |||||||||
95,862 | |||||||||||
INDUSTRIAL CONGLOMERATES - 0.7% | |||||||||||
28,500 | Fosun International Ltd. | 36,257 | |||||||||
19,106 | General Electric Co. | 130,494 | |||||||||
166,751 | |||||||||||
INSURANCE - 2.5% | |||||||||||
400 | AIA Group Ltd. | 3,731 | |||||||||
913 | American Financial Group, Inc. | 57,939 | |||||||||
737 | Aon PLC, Class A | 141,946 | |||||||||
799 | Athene Holding Ltd., Class A* | 24,921 | |||||||||
17,409 | Aviva PLC | 58,853 | |||||||||
877 | Brighthouse Financial, Inc.* | 24,398 | |||||||||
3,893 | Fidelity National Financial, Inc. | 119,359 | |||||||||
6,769 | Legal & General Group PLC | 18,476 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 2.5% (Continued) | |||||||||||
204 | Lincoln National Corp. | $ | 7,505 | ||||||||
2,296 | Poste Italiane SpA (a) | 19,960 | |||||||||
570 | Reinsurance Group of America, Inc. | 44,711 | |||||||||
2,012 | Unum Group | 33,379 | |||||||||
138 | Zurich Insurance Group AG | 48,672 | |||||||||
603,850 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 4.1% | |||||||||||
214 | Alphabet, Inc., Class A* | 303,463 | |||||||||
248 | Alphabet, Inc., Class C* | 350,575 | |||||||||
1,443 | Facebook, Inc., Class A* | 327,662 | |||||||||
981,700 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 4.9% | |||||||||||
319 | Amazon.com, Inc.* | 880,064 | |||||||||
2,364 | boohoo Group PLC* | 12,034 | |||||||||
2,946 | eBay, Inc. | 154,518 | |||||||||
559 | Etsy, Inc.* | 59,383 | |||||||||
261 | HelloFresh SE* | 13,895 | |||||||||
7,187 | Moneysupermarket.com Group PLC | 28,736 | |||||||||
4,000 | Rakuten, Inc. | 35,148 | |||||||||
1,183,778 | |||||||||||
IT SERVICES - 6.0% | |||||||||||
526 | Alliance Data Systems Corp. | 23,733 | |||||||||
633 | Black Knight, Inc.* | 45,931 | |||||||||
652 | Capgemini SE | 74,657 | |||||||||
1,972 | Cognizant Technology Solutions Corp., Class A | 112,049 | |||||||||
409 | Fidelity National Information Services, Inc. | 54,843 | |||||||||
406 | FleetCor Technologies, Inc.* | 102,121 | |||||||||
1,500 | Fujitsu Ltd. | 175,465 | |||||||||
1,503 | International Business Machines Corp. | 181,517 | |||||||||
200 | Nomura Research Institute Ltd. | 5,426 | |||||||||
182 | Okta, Inc.* | 36,442 | |||||||||
1,735 | PayPal Holdings, Inc.* | 302,289 | |||||||||
5,100 | TIS, Inc. | 107,498 | |||||||||
307 | Twilio, Inc., Class A* | 67,362 | |||||||||
754 | VeriSign, Inc.* | 155,950 | |||||||||
1,445,283 | |||||||||||
LEISURE PRODUCTS - 0.3% | |||||||||||
700 | BRP, Inc. | 29,758 | |||||||||
1,300 | Sankyo Co. Ltd. | 31,402 | |||||||||
1,000 | Sega Sammy Holdings, Inc. | 11,957 | |||||||||
73,117 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.1% | |||||||||||
27 | Eurofins Scientific SE | 16,940 | |||||||||
341 | Illumina, Inc.* | 126,289 | |||||||||
539 | IQVIA Holdings, Inc.* | 76,473 |
See accompanying notes to financial statements.
81
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
LIFE SCIENCES TOOLS & SERVICES - 2.1% (Continued) | |||||||||||
301 | Lonza Group AG | $ | 158,894 | ||||||||
307 | PerkinElmer, Inc. | 30,114 | |||||||||
345 | Sartorius Stedim Biotech | 87,185 | |||||||||
13 | Tecan Group AG | 4,604 | |||||||||
500,499 | |||||||||||
MACHINERY - 0.1% | |||||||||||
182 | Caterpillar, Inc. | 23,023 | |||||||||
500 | Techtronic Industries Co. Ltd. | 4,890 | |||||||||
538 | Volvo AB, Class B* | 8,425 | |||||||||
36,338 | |||||||||||
MEDIA - 1.3% | |||||||||||
50 | Charter Communications, Inc., Class A* | 25,502 | |||||||||
3,874 | Comcast Corp., Class A | 151,009 | |||||||||
956 | Liberty Broadband Corp., Class C* | 118,506 | |||||||||
342 | Omnicom Group, Inc. | 18,673 | |||||||||
313,690 | |||||||||||
METALS & MINING - 2.9% | |||||||||||
1,798 | Anglo American PLC | 41,531 | |||||||||
3,160 | BHP Group Ltd. | 77,932 | |||||||||
6,905 | BHP Group PLC | 141,151 | |||||||||
300 | Dowa Holdings Co. Ltd. | 9,093 | |||||||||
10,432 | Evolution Mining Ltd. | 40,724 | |||||||||
5,891 | Fortescue Metals Group Ltd. | 56,175 | |||||||||
500 | Kirkland Lake Gold Ltd. | 20,521 | |||||||||
1,500 | Mitsubishi Materials Corp. | 31,631 | |||||||||
837 | Rio Tinto Ltd. | 56,452 | |||||||||
2,988 | Rio Tinto PLC, ADR | 167,866 | |||||||||
28 | Royal Gold, Inc. | 3,481 | |||||||||
1,100 | Sumitomo Metal Mining Co. Ltd. | 30,680 | |||||||||
2,600 | Yamana Gold, Inc. | 14,088 | |||||||||
691,325 | |||||||||||
MORTGAGE REAL ESTATE INVESTMENT - 0.1% | |||||||||||
910 | Starwood Property Trust, Inc. | 13,614 | |||||||||
MULTILINE RETAIL - 1.0% | |||||||||||
676 | B&M European Value Retail SA | 3,320 | |||||||||
330 | Dollar General Corp. | 62,868 | |||||||||
200 | Izumi Co. Ltd. | 6,322 | |||||||||
1,493 | Target Corp. | 179,056 | |||||||||
251,566 | |||||||||||
MULTI-UTILITIES - 1.2% | |||||||||||
548 | Consolidated Edison, Inc. | 39,418 | |||||||||
1,027 | DTE Energy Co. | 110,402 | |||||||||
2,619 | Public Service Enterprise Group, Inc. | 128,750 | |||||||||
278,570 |
Shares/ Principal | Fair Value | ||||||||||
OIL, GAS & CONSUMABLE FUELS - 1.8% | |||||||||||
200 | Canadian Natural Resources Ltd. | $ | 3,458 | ||||||||
373 | Chevron Corp. | 33,283 | |||||||||
963 | ConocoPhillips | 40,465 | |||||||||
804 | Eni SpA | 7,667 | |||||||||
2,596 | EOG Resources, Inc. | 131,513 | |||||||||
395 | Marathon Petroleum Corp. | 14,765 | |||||||||
180 | OMV AG* | 6,017 | |||||||||
109 | Phillips 66 | 7,837 | |||||||||
118 | Pioneer Natural Resources Co. | 11,529 | |||||||||
17,400 | Santos Ltd. | 63,493 | |||||||||
2,500 | TC Energy Corp. | 106,461 | |||||||||
426,488 | |||||||||||
PERSONAL PRODUCTS - 0.1% | |||||||||||
460 | Unilever PLC, ADR | 25,245 | |||||||||
PHARMACEUTICALS - 5.5% | |||||||||||
8,100 | Astellas Pharma, Inc. | 135,106 | |||||||||
610 | AstraZeneca PLC, ADR | 32,263 | |||||||||
1,800 | Chugai Pharmaceutical Co. Ltd. | 96,186 | |||||||||
1,079 | Horizon Therapeutics PLC* | 59,971 | |||||||||
200 | Kaken Pharmaceutical Co. Ltd. | 10,215 | |||||||||
1,806 | Merck & Co., Inc. | 139,658 | |||||||||
1,719 | Novartis AG | 149,522 | |||||||||
2,623 | Novo Nordisk A/S, Class B | 169,729 | |||||||||
619 | Roche Holding AG | 214,499 | |||||||||
167 | Roche Holding AG | 57,279 | |||||||||
700 | Santen Pharmaceutical Co. Ltd. | 12,867 | |||||||||
500 | Sawai Pharmaceutical Co. Ltd. | 25,676 | |||||||||
1,100 | Shionogi & Co. Ltd. | 68,823 | |||||||||
4,100 | Takeda Pharmaceutical Co. Ltd. | 146,237 | |||||||||
1,318,031 | |||||||||||
PROFESSIONAL SERVICES - 1.2% | |||||||||||
79 | CoStar Group, Inc.* | 56,143 | |||||||||
1,380 | Experian PLC | 48,068 | |||||||||
589 | IHS Markit Ltd. | 44,469 | |||||||||
2,037 | RELX PLC | 47,066 | |||||||||
1,090 | TransUnion | 94,874 | |||||||||
290,620 | |||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%† | |||||||||||
500 | Sun Hung Kai Properties Ltd. | 6,384 | |||||||||
ROAD & RAIL - 1.5% | |||||||||||
15,986 | Aurizon Holdings Ltd. | 54,151 | |||||||||
1,711 | Lyft, Inc., Class A* | 56,480 | |||||||||
73 | Norfolk Southern Corp. | 12,817 | |||||||||
219 | Old Dominion Freight Line, Inc. | 37,140 | |||||||||
1,179 | Union Pacific Corp. | 199,334 | |||||||||
359,922 |
See accompanying notes to financial statements.
82
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5% | |||||||||||
846 | Analog Devices, Inc. | $ | 103,754 | ||||||||
1,205 | Applied Materials, Inc. | 72,842 | |||||||||
881 | ASM International NV | 136,105 | |||||||||
492 | ASML Holding NV | 180,642 | |||||||||
545 | BE Semiconductor Industries NV | 24,270 | |||||||||
480 | Dialog Semiconductor PLC* | 21,893 | |||||||||
328 | Lam Research Corp. | 106,095 | |||||||||
700 | Megachips Corp. | 13,535 | |||||||||
609 | NVIDIA Corp. | 231,365 | |||||||||
1,062 | QUALCOMM, Inc. | 96,865 | |||||||||
39 | Siltronic AG | 3,976 | |||||||||
2,021 | STMicroelectronics NV | 54,977 | |||||||||
100 | Tokyo Electron Ltd. | 24,508 | |||||||||
1,400 | Towa Corp. | 15,118 | |||||||||
1,085,945 | |||||||||||
SOFTWARE - 5.4% | |||||||||||
316 | Adobe, Inc.* | 137,558 | |||||||||
483 | DocuSign, Inc.* | 83,177 | |||||||||
383 | Fortinet, Inc.* | 52,574 | |||||||||
4,197 | Microsoft Corp. | 854,132 | |||||||||
161 | RingCentral, Inc., Class A* | 45,887 | |||||||||
220 | ServiceNow, Inc.* | 89,113 | |||||||||
120 | Workday, Inc., Class A* | 22,483 | |||||||||
77 | Zoom Video Communications, Inc., Class A* | 19,523 | |||||||||
112 | Zscaler, Inc.* | 12,264 | |||||||||
1,316,711 | |||||||||||
SPECIALTY RETAIL - 2.3% | |||||||||||
40 | AutoZone, Inc.* | 45,125 | |||||||||
340 | Best Buy Co., Inc. | 29,672 | |||||||||
100 | Hikari Tsushin, Inc. | 22,756 | |||||||||
1,069 | Home Depot, Inc. (The) | 267,795 | |||||||||
1,100 | K's Holdings Corp. | 14,968 | |||||||||
442 | Lowe's Cos., Inc. | 59,723 | |||||||||
500 | Nitori Holdings Co. Ltd. | 97,905 | |||||||||
700 | Shimachu Co. Ltd. | 19,413 | |||||||||
557,357 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.7% | |||||||||||
3,115 | Apple, Inc. | 1,136,352 | |||||||||
200 | FUJIFILM Holdings Corp. | 8,546 | |||||||||
1,144,898 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.0%† | |||||||||||
5 | Kering SA | 2,719 |
Shares/ Principal | Fair Value | ||||||||||
THRIFTS & MORTGAGE FINANCE - 0.0%† | |||||||||||
4,181 | Genworth Mortgage Insurance Australia Ltd. | $ | 5,959 | ||||||||
1,030 | Paragon Banking Group PLC | 4,454 | |||||||||
10,413 | |||||||||||
TOBACCO - 1.3% | |||||||||||
2,490 | British American Tobacco PLC | 95,514 | |||||||||
4,825 | Imperial Brands PLC | 91,722 | |||||||||
1,700 | Swedish Match AB | 119,517 | |||||||||
306,753 | |||||||||||
WIRELESS TELECOMMUNICATION SERVICES - 1.1% | |||||||||||
2,800 | KDDI Corp. | 83,934 | |||||||||
2,900 | NTT DOCOMO, Inc. | 77,470 | |||||||||
5,900 | Softbank Corp. | 75,196 | |||||||||
2,110 | Vodafone Group PLC, ADR | 33,633 | |||||||||
270,233 | |||||||||||
TOTAL COMMON STOCKS (Cost - $21,311,514) | 23,895,915 | ||||||||||
RIGHTS - 0.0%† | |||||||||||
2,055 ACS Actividades de Construccion y | Servicios SA, expires 7/7/20* (Cost - $3,214) | 3,205 | |||||||||
SHORT-TERM INVESTMENTS - 0.0%† | |||||||||||
MONEY MARKET FUNDS - 0.0%† | |||||||||||
2,660 Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, | 0.10% (b) (Cost - $2,660) | 2,660 | |||||||||
TOTAL INVESTMENTS - 98.9% (Cost - $21,317,388) | $ | 23,901,780 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 1.1% | 254,942 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 24,156,722 |
* Non-income producing security.
† Represents less than 0.05%.
(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2020, these securities amounted to $45,177 or 0.2% of net assets.
(b) The rate shown is the annualized seven-day yield at period end.
ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust
See accompanying notes to financial statements.
83
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 98.9 | % | |||||
Money Market Funds | 0.0 | %^ | |||||
Rights | 0.0 | %^ | |||||
Other Assets less Liabilities - Net | 1.1 | % | |||||
100.0 | % |
^ Represents less than 0.05%
See accompanying notes to financial statements.
84
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 99.4% | |||||||||||
AEROSPACE & DEFENSE - 1.4% | |||||||||||
3,271 | Lockheed Martin Corp. | $ | 1,193,653 | ||||||||
BANKS - 0.8% | |||||||||||
11,272 | Bank of America Corp. | 267,710 | |||||||||
7,237 | Citigroup, Inc. | 369,811 | |||||||||
1,364 | Western Alliance Bancorp | 51,654 | |||||||||
689,175 | |||||||||||
BEVERAGES - 0.9% | |||||||||||
11,629 | Monster Beverage Corp.* | 806,122 | |||||||||
BIOTECHNOLOGY - 5.5% | |||||||||||
13,354 | AbbVie, Inc. | 1,311,096 | |||||||||
1,358 | ACADIA Pharmaceuticals, Inc.* | 65,822 | |||||||||
741 | Acceleron Pharma, Inc.* | 70,595 | |||||||||
2,925 | Alexion Pharmaceuticals, Inc.* | 328,302 | |||||||||
2,773 | Biogen, Inc.* | 741,916 | |||||||||
6,241 | Exelixis, Inc.* | 148,161 | |||||||||
622 | Global Blood Therapeutics, Inc.* | 39,267 | |||||||||
2,325 | Neurocrine Biosciences, Inc.* | 283,650 | |||||||||
1,674 | Sarepta Therapeutics, Inc.* | 268,409 | |||||||||
2,511 | Seattle Genetics, Inc.* | 426,669 | |||||||||
3,754 | Vertex Pharmaceuticals, Inc.* | 1,089,824 | |||||||||
4,773,711 | |||||||||||
BUILDING PRODUCTS - 0.3% | |||||||||||
936 | Allegion PLC | 95,678 | |||||||||
3,083 | Masco Corp. | 154,797 | |||||||||
250,475 | |||||||||||
CAPITAL MARKETS - 1.5% | |||||||||||
539 | CME Group, Inc. | 87,609 | |||||||||
1,836 | Interactive Brokers Group, Inc., Class A | 76,690 | |||||||||
423 | MarketAxess Holdings, Inc. | 211,889 | |||||||||
2,834 | S&P Global, Inc. | 933,746 | |||||||||
1,309,934 | |||||||||||
CHEMICALS - 1.7% | |||||||||||
19,525 | Axalta Coating Systems Ltd.* | 440,289 | |||||||||
204 | NewMarket Corp. | 81,698 | |||||||||
1,627 | Sherwin-Williams Co. (The) | 940,162 | |||||||||
1,462,149 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.2% | |||||||||||
2,504 | Copart, Inc.* | 208,508 | |||||||||
COMMUNICATIONS EQUIPMENT - 0.9% | |||||||||||
2,813 | Arista Networks, Inc.* | 590,814 | |||||||||
2,602 | Lumentum Holdings, Inc.* | 211,881 | |||||||||
802,695 | |||||||||||
CONTAINERS & PACKAGING - 0.0%† | |||||||||||
2,477 | Amcor PLC | 25,290 |
Shares/ Principal | Fair Value | ||||||||||
DIVERSIFIED CONSUMER SERVICES - 0.0%† | |||||||||||
492 | ServiceMaster Global Holdings, Inc.* | $ | 17,559 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.6% | |||||||||||
10,719 | Voya Financial, Inc. | 500,041 | |||||||||
DIVERSIFIED TELECOMMUNICATION - 0.2% | |||||||||||
9,119 | Liberty Global PLC, Class C* | 196,150 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1% | |||||||||||
852 | Arrow Electronics, Inc.* | 58,524 | |||||||||
869 | Jabil, Inc. | 27,877 | |||||||||
86,401 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.0%† | |||||||||||
2,163 | TechnipFMC PLC | 14,795 | |||||||||
ENTERTAINMENT - 3.4% | |||||||||||
2,970 | Netflix, Inc.* | 1,351,469 | |||||||||
805 | Spotify Technology SA* | 207,843 | |||||||||
5,257 | Take-Two Interactive Software, Inc.* | 733,720 | |||||||||
72,106 | Zynga, Inc., Class A* | 687,891 | |||||||||
2,980,923 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 3.4% | |||||||||||
1,794 | American Tower Corp. | 463,821 | |||||||||
795 | Camden Property Trust | 72,520 | |||||||||
4,832 | CoreSite Realty Corp. | 584,962 | |||||||||
6,458 | Equity LifeStyle Properties, Inc. | 403,496 | |||||||||
924 | Extra Space Storage, Inc. | 85,350 | |||||||||
709 | First Industrial Realty Trust, Inc. | 27,254 | |||||||||
23,020 | Invitation Homes, Inc. | 633,740 | |||||||||
2,340 | SBA Communications Corp. | 697,133 | |||||||||
2,968,276 | |||||||||||
FOOD & STAPLES RETAILING - 1.7% | |||||||||||
285 | Casey's General Stores, Inc. | 42,613 | |||||||||
4,491 | Costco Wholesale Corp. | 1,361,716 | |||||||||
1,336 | Sprouts Farmers Market, Inc.* | 34,189 | |||||||||
1,438,518 | |||||||||||
FOOD PRODUCTS - 0.1% | |||||||||||
1,232 | TreeHouse Foods, Inc.* | 53,962 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 2.4% | |||||||||||
1,678 | Cooper Cos., Inc. (The) | 475,948 | |||||||||
318 | DexCom, Inc.* | 128,917 | |||||||||
11,848 | Edwards Lifesciences Corp.* | 818,815 | |||||||||
550 | Haemonetics Corp.* | 49,258 | |||||||||
1,497 | Quidel Corp.* | 334,939 | |||||||||
1,034 | West Pharmaceutical Services, Inc. | 234,894 | |||||||||
2,042,771 |
See accompanying notes to financial statements.
85
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
HEALTH CARE PROVIDERS & SERVICES - 3.2% | |||||||||||
1,489 | Anthem, Inc. | $ | 391,577 | ||||||||
2,141 | Cardinal Health, Inc. | 111,739 | |||||||||
1,942 | Humana, Inc. | 753,011 | |||||||||
4,944 | McKesson Corp. | 758,508 | |||||||||
1,755 | UnitedHealth Group, Inc. | 517,637 | |||||||||
2,784 | Universal Health Services, Inc., Class B | 258,606 | |||||||||
2,791,078 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.5% | |||||||||||
563 | Chipotle Mexican Grill, Inc.* | 592,479 | |||||||||
1,974 | Domino's Pizza, Inc. | 729,274 | |||||||||
1,321,753 | |||||||||||
INSURANCE - 1.2% | |||||||||||
3,589 | Aon PLC, Class A | 691,242 | |||||||||
1,248 | Brighthouse Financial, Inc.* | 34,719 | |||||||||
8,391 | Fidelity National Financial, Inc. | 257,268 | |||||||||
553 | Primerica, Inc. | 64,480 | |||||||||
1,047,709 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 9.1% | |||||||||||
1,135 | Alphabet, Inc., Class A* | 1,609,487 | |||||||||
1,908 | Alphabet, Inc., Class C* | 2,697,168 | |||||||||
15,892 | Facebook, Inc., Class A* | 3,608,596 | |||||||||
7,915,251 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 9.2% | |||||||||||
2,454 | Amazon.com, Inc.* | 6,770,144 | |||||||||
16,818 | eBay, Inc. | 882,104 | |||||||||
3,324 | Etsy, Inc.* | 353,109 | |||||||||
8,005,357 | |||||||||||
IT SERVICES - 8.4% | |||||||||||
4,108 | Alliance Data Systems Corp. | 185,353 | |||||||||
6,322 | Black Knight, Inc.* | 458,724 | |||||||||
11,825 | Cognizant Technology Solutions Corp., Class A | 671,896 | |||||||||
518 | Euronet Worldwide, Inc.* | 49,635 | |||||||||
2,248 | FleetCor Technologies, Inc.* | 565,439 | |||||||||
910 | Gartner, Inc.* | 110,410 | |||||||||
2,350 | Mastercard, Inc., Class A | 694,895 | |||||||||
1,055 | Okta, Inc.* | 211,243 | |||||||||
10,781 | PayPal Holdings, Inc.* | 1,878,374 | |||||||||
835 | Square, Inc., Class A* | 87,625 | |||||||||
3,536 | VeriSign, Inc.* | 731,351 | |||||||||
5,756 | Visa, Inc., Class A | 1,111,887 | |||||||||
26,093 | Western Union Co. (The) | 564,131 | |||||||||
7,320,963 | |||||||||||
LIFE SCIENCES TOOLS & SERVICES - 1.4% | |||||||||||
2,653 | Illumina, Inc.* | 982,538 | |||||||||
403 | IQVIA Holdings, Inc.* | 57,178 | |||||||||
1,344 | PerkinElmer, Inc. | 131,833 | |||||||||
1,171,549 |
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 0.5% | |||||||||||
87 | Cable One, Inc. | $ | 154,412 | ||||||||
2,065 | Liberty Broadband Corp., Class C* | 255,977 | |||||||||
410,389 | |||||||||||
MORTGAGE REAL ESTATE INVESTMENT - 0.1% | |||||||||||
4,964 | Starwood Property Trust, Inc. | 74,261 | |||||||||
MULTILINE RETAIL - 0.7% | |||||||||||
5,033 | Target Corp. | 603,608 | |||||||||
MULTI-UTILITIES - 0.3% | |||||||||||
2,388 | Consolidated Edison, Inc. | 171,769 | |||||||||
2,057 | Public Service Enterprise Group, Inc. | 101,122 | |||||||||
272,891 | |||||||||||
PERSONAL PRODUCTS - 0.1% | |||||||||||
1,845 | Herbalife Nutrition Ltd.* | 82,988 | |||||||||
PHARMACEUTICALS - 0.5% | |||||||||||
3,432 | Horizon Therapeutics PLC* | 190,751 | |||||||||
247 | Jazz Pharmaceuticals PLC* | 27,254 | |||||||||
2,901 | Merck & Co., Inc. | 224,334 | |||||||||
442,339 | |||||||||||
PROFESSIONAL SERVICES - 1.3% | |||||||||||
4,517 | CoreLogic, Inc. | 303,633 | |||||||||
5,403 | IHS Markit Ltd. | 407,926 | |||||||||
4,626 | TransUnion | 402,647 | |||||||||
1,114,206 | |||||||||||
ROAD & RAIL - 0.6% | |||||||||||
2,743 | Old Dominion Freight Line, Inc. | 465,186 | |||||||||
131 | Union Pacific Corp. | 22,148 | |||||||||
487,334 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2% | |||||||||||
3,343 | Analog Devices, Inc. | 409,986 | |||||||||
4,066 | Applied Materials, Inc. | 245,790 | |||||||||
1,802 | Inphi Corp.* | 211,735 | |||||||||
1,415 | Lam Research Corp. | 457,696 | |||||||||
813 | Microchip Technology, Inc. | 85,617 | |||||||||
455 | Monolithic Power Systems, Inc. | 107,835 | |||||||||
4,713 | NVIDIA Corp. | 1,790,516 | |||||||||
11,444 | QUALCOMM, Inc. | 1,043,807 | |||||||||
1,128 | Universal Display Corp. | 168,771 | |||||||||
4,521,753 | |||||||||||
SOFTWARE - 17.1% | |||||||||||
4,360 | Adobe, Inc.* | 1,897,952 | |||||||||
5,494 | Anaplan, Inc.* | 248,933 | |||||||||
914 | Cadence Design Systems, Inc.* | 87,707 | |||||||||
4,608 | DocuSign, Inc.* | 793,544 | |||||||||
11,936 | Dropbox, Inc., Class A* | 259,847 |
See accompanying notes to financial statements.
86
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SOFTWARE - 17.1% (Continued) | |||||||||||
2,337 | Fortinet, Inc.* | $ | 320,800 | ||||||||
40,010 | Microsoft Corp. | 8,142,435 | |||||||||
800 | Proofpoint, Inc.* | 88,896 | |||||||||
2,023 | RingCentral, Inc., Class A* | 576,575 | |||||||||
180 | salesforce.com, Inc.* | 33,719 | |||||||||
2,755 | ServiceNow, Inc.* | 1,115,940 | |||||||||
3,538 | Workday, Inc., Class A* | 662,880 | |||||||||
1,870 | Zoom Video Communications, Inc., Class A* | 474,120 | |||||||||
968 | Zscaler, Inc.* | 105,996 | |||||||||
14,809,344 | |||||||||||
SPECIALTY RETAIL - 3.6% | |||||||||||
349 | AutoZone, Inc.* | 393,714 | |||||||||
5,858 | Home Depot, Inc. (The) | 1,467,488 | |||||||||
9,451 | Lowe's Cos., Inc. | 1,277,019 | |||||||||
3,138,221 |
Shares/ Principal | Fair Value | ||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.3% | |||||||||||
23,614 | Apple, Inc. | $ | 8,614,387 | ||||||||
5,460 | NetApp, Inc. | 242,260 | |||||||||
3,799 | Pure Storage, Inc., Class A* | 65,837 | |||||||||
8,922,484 | |||||||||||
TOTAL COMMON STOCKS (Cost - $64,875,836) | 86,274,586 | ||||||||||
SHORT-TERM INVESTMENTS - 0.7% | |||||||||||
MONEY MARKET FUNDS - 0.7% | |||||||||||
586,268 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $586,268) | 586,268 | |||||||||
TOTAL INVESTMENTS - 100.1% (Cost - $65,462,104) | $ | 86,860,854 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET (0.1)% | (52,072) | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 86,808,782 |
* Non-income producing security.
† Represents less than 0.05%.
(a) The rate shown is the annualized seven-day yield at period end.
PLC - Public Limited Company
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 99.4 | % | |||||
Money Market Funds | 0.7 | % | |||||
Other Assets less Liabilities - Net | (0.1 | )% | |||||
100.0 | % |
See accompanying notes to financial statements.
87
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Portfolio of Investments (Unaudited)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
COMMON STOCKS - 99.2% | |||||||||||
AEROSPACE & DEFENSE - 1.7% | |||||||||||
4,611 | Curtiss-Wright Corp. | $ | 411,670 | ||||||||
10,977 | Hexcel Corp. | 496,380 | |||||||||
2,164 | Teledyne Technologies, Inc.* | 672,896 | |||||||||
1,580,946 | |||||||||||
AIR FREIGHT & LOGISTICS - 0.3% | |||||||||||
4,066 | XPO Logistics, Inc.* | 314,099 | |||||||||
AIRLINES - 1.1% | |||||||||||
2,357 | American Airlines Group, Inc. | 30,806 | |||||||||
6,710 | Copa Holdings SA, Class A | 339,258 | |||||||||
19,367 | JetBlue Airways Corp.* | 211,100 | |||||||||
15,142 | Southwest Airlines Co. | 517,553 | |||||||||
1,098,717 | |||||||||||
AUTO COMPONENTS - 1.1% | |||||||||||
24,556 | Gentex Corp. | 632,808 | |||||||||
4,089 | Lear Corp. | 445,783 | |||||||||
1,078,591 | |||||||||||
AUTOMOBILES - 0.7% | |||||||||||
11,369 | General Motors Co. | 287,636 | |||||||||
3,638 | Thor Industries, Inc. | 387,556 | |||||||||
675,192 | |||||||||||
BANKS - 4.7% | |||||||||||
22,190 | Associated Banc-Corp. | 303,559 | |||||||||
15,925 | Bank of America Corp. | 378,219 | |||||||||
9,230 | Citigroup, Inc. | 471,653 | |||||||||
14,155 | Citizens Financial Group, Inc. | 357,272 | |||||||||
452 | East West Bancorp, Inc. | 16,380 | |||||||||
36,076 | First Hawaiian, Inc. | 621,950 | |||||||||
49,887 | FNB Corp. | 374,153 | |||||||||
5,531 | Popular, Inc. | 205,587 | |||||||||
5,133 | Prosperity Bancshares, Inc. | 304,798 | |||||||||
7,833 | Regions Financial Corp. | 87,103 | |||||||||
4,542 | Signature Bank | 485,631 | |||||||||
663 | SVB Financial Group* | 142,896 | |||||||||
19,109 | Western Alliance Bancorp | 723,658 | |||||||||
4,472,859 | |||||||||||
BEVERAGES - 0.7% | |||||||||||
10,271 | Monster Beverage Corp.* | 711,986 | |||||||||
BIOTECHNOLOGY - 1.9% | |||||||||||
377 | ACADIA Pharmaceuticals, Inc.* | 18,273 | |||||||||
1,161 | Acceleron Pharma, Inc.* | 110,608 | |||||||||
5,298 | Alexion Pharmaceuticals, Inc.* | 594,648 | |||||||||
821 | Biogen, Inc.* | 219,659 | |||||||||
5,446 | Bluebird Bio, Inc.* | 332,424 | |||||||||
13,823 | Exelixis, Inc.* | 328,158 |
Shares/ Principal | Fair Value | ||||||||||
BIOTECHNOLOGY - 1.9% (Continued) | |||||||||||
575 | Neurocrine Biosciences, Inc.* | $ | 70,150 | ||||||||
774 | Sarepta Therapeutics, Inc.* | 124,103 | |||||||||
1,798,023 | |||||||||||
BUILDING PRODUCTS - 3.2% | |||||||||||
6,825 | Allegion PLC | 697,652 | |||||||||
36,322 | Johnson Controls International PLC | 1,240,033 | |||||||||
365 | Lennox International, Inc. | 85,041 | |||||||||
19,899 | Masco Corp. | 999,129 | |||||||||
3,021,855 | |||||||||||
CAPITAL MARKETS - 3.1% | |||||||||||
2,377 | Ameriprise Financial, Inc. | 356,645 | |||||||||
3,596 | Cboe Global Markets, Inc. | 335,435 | |||||||||
3,227 | Evercore, Inc., Class A | 190,135 | |||||||||
12,540 | Interactive Brokers Group, Inc., Class A | 523,796 | |||||||||
4,916 | LPL Financial Holdings, Inc. | 385,414 | |||||||||
135 | MarketAxess Holdings, Inc. | 67,624 | |||||||||
2,164 | S&P Global, Inc. | 712,995 | |||||||||
7,135 | SEI Investments Co. | 392,282 | |||||||||
2,964,326 | |||||||||||
CHEMICALS - 4.4% | |||||||||||
36,931 | Axalta Coating Systems Ltd.* | 832,794 | |||||||||
14,052 | CF Industries Holdings, Inc. | 395,423 | |||||||||
19,312 | Corteva, Inc. | 517,369 | |||||||||
7,192 | Dow, Inc. | 293,146 | |||||||||
2,489 | Eastman Chemical Co. | 173,334 | |||||||||
35,117 | Element Solutions, Inc.* | 381,019 | |||||||||
13,289 | Huntsman Corp. | 238,803 | |||||||||
35,235 | Mosaic Co. (The) | 440,790 | |||||||||
913 | NewMarket Corp. | 365,638 | |||||||||
1,061 | Sherwin-Williams Co. (The) | 613,099 | |||||||||
4,251,415 | |||||||||||
COMMERCIAL SERVICES & SUPPLIES - 0.7% | |||||||||||
7,167 | Clean Harbors, Inc.* | 429,877 | |||||||||
6,753 | IAA, Inc.* | 260,463 | |||||||||
690,340 | |||||||||||
COMMUNICATIONS EQUIPMENT - 0.7% | |||||||||||
571 | Arista Networks, Inc.* | 119,927 | |||||||||
4,070 | EchoStar Corp., Class A* | 113,797 | |||||||||
5,659 | Lumentum Holdings, Inc.* | 460,813 | |||||||||
694,537 | |||||||||||
CONSTRUCTION & ENGINEERING - 0.1% | |||||||||||
1,997 | AECOM* | 75,047 | |||||||||
CONSTRUCTION MATERIALS - 0.0%† | |||||||||||
400 | Eagle Materials, Inc. | 28,088 |
See accompanying notes to financial statements.
88
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
CONSUMER FINANCE - 1.1% | |||||||||||
24,334 | Ally Financial, Inc. | $ | 482,543 | ||||||||
549 | OneMain Holdings, Inc. | 13,473 | |||||||||
23,306 | Synchrony Financial | 516,461 | |||||||||
1,012,477 | |||||||||||
CONTAINERS & PACKAGING - 2.0% | |||||||||||
67,482 | Amcor PLC | 688,991 | |||||||||
4,355 | Crown Holdings, Inc.* | 283,641 | |||||||||
55,996 | Graphic Packaging Holding Co. | 783,384 | |||||||||
1,140 | Sealed Air Corp. | 37,449 | |||||||||
5,082 | Westrock Co. | 143,618 | |||||||||
1,937,083 | |||||||||||
DISTRIBUTORS - 0.2% | |||||||||||
8,037 | LKQ Corp.* | 210,569 | |||||||||
DIVERSIFIED CONSUMER SERVICES - 1.8% | |||||||||||
1,279 | Bright Horizons Family Solutions, Inc.* | 149,899 | |||||||||
6,290 | frontdoor, Inc.* | 278,836 | |||||||||
1,128 | Graham Holdings Co., Class B | 386,532 | |||||||||
4,744 | Grand Canyon Education, Inc.* | 429,474 | |||||||||
14,389 | ServiceMaster Global Holdings, Inc.* | 513,543 | |||||||||
1,758,284 | |||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.3% | |||||||||||
21,184 | Equitable Holdings, Inc. | 408,639 | |||||||||
3,365 | Jefferies Financial Group, Inc. | 52,326 | |||||||||
17,749 | Voya Financial, Inc. | 827,991 | |||||||||
1,288,956 | |||||||||||
DIVERSIFIED TELECOMMUNICATION - 0.7% | |||||||||||
1,219 | CenturyLink, Inc. | 12,226 | |||||||||
29,735 | Liberty Global PLC, Class C* | 639,600 | |||||||||
651,826 | |||||||||||
ELECTRIC UTILITIES - 2.3% | |||||||||||
6,933 | Entergy Corp. | 650,385 | |||||||||
1,466 | Evergy, Inc. | 86,919 | |||||||||
16,344 | FirstEnergy Corp. | 633,820 | |||||||||
27,652 | OGE Energy Corp. | 839,515 | |||||||||
2,210,639 | |||||||||||
ELECTRICAL EQUIPMENT - 0.6% | |||||||||||
2,609 | AMETEK, Inc. | 233,166 | |||||||||
2,363 | Hubbell, Inc. | 296,226 | |||||||||
529,392 | |||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7% | |||||||||||
12,435 | Arrow Electronics, Inc.* | 854,160 | |||||||||
1,643 | Coherent, Inc.* | 215,200 | |||||||||
13,673 | Jabil, Inc. | 438,630 |
Shares/ Principal | Fair Value | ||||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7% (Continued) | |||||||||||
20,220 | National Instruments Corp. | $ | 782,716 | ||||||||
2,437 | SYNNEX Corp. | 291,880 | |||||||||
2,582,586 | |||||||||||
ENERGY EQUIPMENT & SERVICES - 0.9% | |||||||||||
10,877 | Halliburton Co. | 141,183 | |||||||||
13,815 | Helmerich & Payne, Inc. | 269,531 | |||||||||
63,953 | TechnipFMC PLC | 437,439 | |||||||||
848,153 | |||||||||||
ENTERTAINMENT - 1.6% | |||||||||||
6,771 | Lions Gate Entertainment Corp., Class B* | 46,246 | |||||||||
5,223 | Take-Two Interactive Software, Inc.* | 728,974 | |||||||||
76,998 | Zynga, Inc., Class A* | 734,561 | |||||||||
1,509,781 | |||||||||||
EQUITY REAL ESTATE INVESTMENT - 12.5% | |||||||||||
22,113 | Apartment Investment & Management Co., Class A | 832,333 | |||||||||
1,792 | AvalonBay Communities, Inc. | 277,115 | |||||||||
16,223 | Brandywine Realty Trust | 176,669 | |||||||||
28,444 | Brixmor Property Group, Inc. | 364,652 | |||||||||
9,821 | Camden Property Trust | 895,872 | |||||||||
6,168 | CoreSite Realty Corp. | 746,698 | |||||||||
575 | CubeSmart | 15,519 | |||||||||
4,149 | CyrusOne, Inc. | 301,840 | |||||||||
13,916 | Douglas Emmett, Inc. | 426,665 | |||||||||
19,277 | Empire State Realty Trust, Inc., Class A | 134,939 | |||||||||
8,134 | Equity LifeStyle Properties, Inc. | 508,212 | |||||||||
7,787 | Equity Residential | 458,031 | |||||||||
1,249 | Essex Property Trust, Inc. | 286,233 | |||||||||
5,208 | Extra Space Storage, Inc. | 481,063 | |||||||||
21,294 | First Industrial Realty Trust, Inc. | 818,541 | |||||||||
7,042 | Gaming and Leisure Properties, Inc. | 243,664 | |||||||||
25,829 | Healthcare Trust of America, Inc., Class A | 684,985 | |||||||||
2,919 | Highwoods Properties, Inc. | 108,966 | |||||||||
7,396 | Hudson Pacific Properties, Inc. | 186,083 | |||||||||
36,554 | Invitation Homes, Inc. | 1,006,332 | |||||||||
5,187 | Lamar Advertising Co., Class A | 346,284 | |||||||||
4,693 | Life Storage, Inc. | 445,600 | |||||||||
9,483 | National Retail Properties, Inc. | 336,457 | |||||||||
15,278 | Outfront Media, Inc. | 216,489 | |||||||||
34,350 | Paramount Group, Inc. | 264,839 | |||||||||
1,114 | SBA Communications Corp. | 331,883 | |||||||||
15,540 | STORE Capital Corp. | 370,008 | |||||||||
189 | Sun Communities, Inc. | 25,644 | |||||||||
9,376 | Ventas, Inc. | 343,349 | |||||||||
52,258 | VEREIT, Inc. | 336,019 | |||||||||
11,970,984 |
See accompanying notes to financial statements.
89
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
FOOD & STAPLES RETAILING - 1.0% | |||||||||||
1,375 | Casey's General Stores, Inc. | $ | 205,590 | ||||||||
13,942 | Kroger Co. (The) | 471,937 | |||||||||
10,391 | Sprouts Farmers Market, Inc.* | 265,905 | |||||||||
943,432 | |||||||||||
FOOD PRODUCTS - 1.2% | |||||||||||
8,495 | Archer-Daniels-Midland Co. | 338,951 | |||||||||
3,759 | Ingredion, Inc. | 311,997 | |||||||||
11,723 | TreeHouse Foods, Inc.* | 513,467 | |||||||||
1,164,415 | |||||||||||
GAS UTILITIES - 0.2% | |||||||||||
4,294 | National Fuel Gas Co. | 180,047 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.4% | |||||||||||
1,964 | Cooper Cos., Inc. (The) | 557,069 | |||||||||
4,272 | Edwards Lifesciences Corp.* | 295,238 | |||||||||
1,817 | Haemonetics Corp.* | 162,730 | |||||||||
1,011 | Hologic, Inc.* | 57,627 | |||||||||
334 | Quidel Corp.* | 74,729 | |||||||||
1,058 | STERIS PLC | 162,340 | |||||||||
1,309,733 | |||||||||||
HEALTH CARE PROVIDERS & SERVICES - 1.8% | |||||||||||
6,030 | Henry Schein, Inc.* | 352,091 | |||||||||
3,452 | McKesson Corp. | 529,606 | |||||||||
9,337 | Universal Health Services, Inc., Class B | 867,314 | |||||||||
1,749,011 | |||||||||||
HOTELS, RESTAURANTS & LEISURE - 1.6% | |||||||||||
8,387 | Carnival Corp. | 137,715 | |||||||||
347 | Chipotle Mexican Grill, Inc.* | 365,169 | |||||||||
1,898 | Domino's Pizza, Inc. | 701,197 | |||||||||
6,760 | MGM Resorts International | 113,568 | |||||||||
6,012 | Wyndham Hotels & Resorts, Inc. | 256,231 | |||||||||
1,573,880 | |||||||||||
HOUSEHOLD DURABLES - 1.9% | |||||||||||
18,408 | DR Horton, Inc. | 1,020,724 | |||||||||
13,034 | Lennar Corp., Class A | 803,155 | |||||||||
1,148 | PulteGroup, Inc. | 39,066 | |||||||||
1,862,945 | |||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.6% | |||||||||||
1,922 | AES Corp. | 27,850 | |||||||||
27,210 | Vistra Corp. | 506,650 | |||||||||
534,500 | |||||||||||
INSURANCE - 5.0% | |||||||||||
6,422 | American Financial Group, Inc. | 407,540 | |||||||||
11,055 | Arch Capital Group Ltd.* | 316,726 | |||||||||
9,968 | Assured Guaranty Ltd. | 243,319 |
Shares/ Principal | Fair Value | ||||||||||
INSURANCE - 5.0% (Continued) | |||||||||||
8,010 | Athene Holding Ltd., Class A* | $ | 249,832 | ||||||||
19,715 | Brighthouse Financial, Inc.* | 548,471 | |||||||||
3,327 | Brown & Brown, Inc. | 135,608 | |||||||||
28,683 | Fidelity National Financial, Inc. | 879,421 | |||||||||
8,046 | First American Financial Corp. | 386,369 | |||||||||
8,066 | Lincoln National Corp. | 296,748 | |||||||||
3,361 | Primerica, Inc. | 391,893 | |||||||||
8,154 | Reinsurance Group of America, Inc. | 639,600 | |||||||||
19,890 | Unum Group | 329,975 | |||||||||
4,825,502 | |||||||||||
INTERACTIVE MEDIA & SERVICES - 0.8% | |||||||||||
492 | Alphabet, Inc., Class A* | 697,680 | |||||||||
4,046 | Pinterest, Inc., Class A* | 89,700 | |||||||||
787,380 | |||||||||||
INTERNET & DIRECT MARKETING RETAIL - 1.0% | |||||||||||
14,359 | eBay, Inc. | 753,129 | |||||||||
1,846 | Etsy, Inc.* | 196,101 | |||||||||
949,230 | |||||||||||
IT SERVICES - 3.7% | |||||||||||
11,298 | Alliance Data Systems Corp. | 509,766 | |||||||||
11,212 | Amdocs Ltd. | 682,586 | |||||||||
1,514 | Black Knight, Inc.* | 109,856 | |||||||||
18,512 | DXC Technology Co. | 305,448 | |||||||||
3,045 | Euronet Worldwide, Inc.* | 291,772 | |||||||||
482 | Twilio, Inc., Class A* | 105,760 | |||||||||
3,800 | VeriSign, Inc.* | 785,954 | |||||||||
35,282 | Western Union Co. (The) | 762,797 | |||||||||
3,553,939 | |||||||||||
LEISURE PRODUCTS - 0.2% | |||||||||||
3,012 | Peloton Interactive, Inc., Class A* | 174,003 | |||||||||
LIFE SCIENCES TOOLS & SERVICES - 1.5% | |||||||||||
399 | Bio-Rad Laboratories, Inc., Class A* | 180,144 | |||||||||
224 | Illumina, Inc.* | 82,958 | |||||||||
5,137 | IQVIA Holdings, Inc.* | 728,838 | |||||||||
4,128 | PerkinElmer, Inc. | 404,916 | |||||||||
1,396,856 | |||||||||||
MACHINERY - 3.3% | |||||||||||
7,204 | AGCO Corp. | 399,534 | |||||||||
8,622 | Allison Transmission Holdings, Inc. | 317,117 | |||||||||
1,042 | Caterpillar, Inc. | 131,813 | |||||||||
13,719 | Flowserve Corp. | 391,266 | |||||||||
6,478 | Snap-on, Inc. | 897,268 | |||||||||
2,239 | Stanley Black & Decker, Inc. | 312,072 | |||||||||
4,491 | Timken Co. (The) | 204,295 | |||||||||
22,304 | Trinity Industries, Inc. | 474,852 | |||||||||
3,128,217 |
See accompanying notes to financial statements.
90
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
MEDIA - 1.4% | |||||||||||
8,345 | Liberty Broadband Corp., Class C* | $ | 1,034,446 | ||||||||
6,004 | Omnicom Group, Inc. | 327,819 | |||||||||
1,362,265 | |||||||||||
METALS & MINING - 0.0%† | |||||||||||
2,540 | Freeport-McMoRan, Inc. | 29,388 | |||||||||
MORTGAGE REAL ESTATE INVESTMENT - 0.5% | |||||||||||
33,559 | Starwood Property Trust, Inc. | 502,043 | |||||||||
MULTILINE RETAIL - 0.6% | |||||||||||
3,931 | Kohl's Corp. | 81,647 | |||||||||
3,758 | Target Corp. | 450,697 | |||||||||
532,344 | |||||||||||
MULTI-UTILITIES - 3.9% | |||||||||||
16,847 | Consolidated Edison, Inc. | 1,211,805 | |||||||||
10,661 | DTE Energy Co. | 1,146,058 | |||||||||
7,129 | MDU Resources Group, Inc. | 158,121 | |||||||||
25,045 | Public Service Enterprise Group, Inc. | 1,231,212 | |||||||||
3,747,196 | |||||||||||
OIL, GAS & CONSUMABLE FUELS - 3.2% | |||||||||||
1,749 | Apache Corp. | 23,611 | |||||||||
6,117 | Cimarex Energy Co. | 168,156 | |||||||||
13,805 | Concho Resources, Inc. | 710,958 | |||||||||
24,537 | Devon Energy Corp. | 278,250 | |||||||||
1,908 | Diamondback Energy, Inc. | 79,793 | |||||||||
13,982 | EOG Resources, Inc. | 708,328 | |||||||||
38,443 | Marathon Oil Corp. | 235,271 | |||||||||
6,353 | Marathon Petroleum Corp. | 237,475 | |||||||||
6,214 | Pioneer Natural Resources Co. | 607,108 | |||||||||
1,549 | Williams Cos., Inc. (The) | 29,462 | |||||||||
3,078,412 | |||||||||||
PERSONAL PRODUCTS - 0.4% | |||||||||||
8,512 | Herbalife Nutrition Ltd.* | 382,870 | |||||||||
PHARMACEUTICALS - 0.8% | |||||||||||
2,038 | Horizon Therapeutics PLC* | 113,272 | |||||||||
4,391 | Jazz Pharmaceuticals PLC* | 484,503 | |||||||||
9,097 | Nektar Therapeutics* | 210,686 | |||||||||
808,461 | |||||||||||
PROFESSIONAL SERVICES - 2.1% | |||||||||||
12,476 | CoreLogic, Inc. | 838,637 | |||||||||
11,011 | IHS Markit Ltd. | 831,330 | |||||||||
3,532 | TransUnion | 307,425 | |||||||||
1,977,392 | |||||||||||
ROAD & RAIL - 2.4% | |||||||||||
1,145 | AMERCO | 346,008 | |||||||||
1,185 | Landstar System, Inc. | 133,087 | |||||||||
14,495 | Lyft, Inc., Class A* | 478,480 |
Shares/ Principal | Fair Value | ||||||||||
ROAD & RAIL - 2.4% (Continued) | |||||||||||
4,625 | Old Dominion Freight Line, Inc. | $ | 784,354 | ||||||||
13,687 | Ryder System, Inc. | 513,399 | |||||||||
2,255,328 | |||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1% | |||||||||||
1,468 | Inphi Corp.* | 172,490 | |||||||||
581 | Lam Research Corp. | 187,930 | |||||||||
5,088 | Microchip Technology, Inc. | 535,817 | |||||||||
1,195 | Universal Display Corp. | 178,796 | |||||||||
1,075,033 | |||||||||||
SOFTWARE - 0.3% | |||||||||||
1,913 | Anaplan, Inc.* | 86,678 | |||||||||
792 | DocuSign, Inc.* | 136,391 | |||||||||
306 | Zoom Video Communications, Inc., Class A* | 77,583 | |||||||||
300,652 | |||||||||||
SPECIALTY RETAIL - 1.9% | |||||||||||
13,629 | AutoNation, Inc.* | 512,178 | |||||||||
558 | AutoZone, Inc.* | 629,491 | |||||||||
4,229 | Best Buy Co., Inc. | 369,065 | |||||||||
4,298 | Penske Automotive Group, Inc. | 166,375 | |||||||||
1,173 | Williams-Sonoma, Inc. | 96,198 | |||||||||
1,773,307 | |||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9% | |||||||||||
6,894 | NetApp, Inc. | 305,887 | |||||||||
16,396 | Pure Storage, Inc., Class A* | 284,142 | |||||||||
5,718 | Western Digital Corp. | 252,450 | |||||||||
842,479 | |||||||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.0% | |||||||||||
49,346 | Hanesbrands, Inc. | 557,116 | |||||||||
1,029 | Ralph Lauren Corp. | 74,623 | |||||||||
11,065 | Skechers U.S.A., Inc., Class A* | 347,220 | |||||||||
978,959 | |||||||||||
THRIFTS & MORTGAGE FINANCE - 0.2% | |||||||||||
21,752 | MGIC Investment Corp. | 178,149 | |||||||||
TRADING COMPANIES & DISTRIBUTORS - 1.2% | |||||||||||
13,921 | HD Supply Holdings, Inc.* | 482,363 | |||||||||
4,325 | United Rentals, Inc.* | 644,598 | |||||||||
1,126,961 | |||||||||||
TRANSPORTATION INFRASTRUCTURE - 0.0%† | |||||||||||
696 | Macquarie Infrastructure Corp. | 21,360 | |||||||||
TOTAL COMMON STOCKS (Cost - $97,353,541) | 95,072,440 |
See accompanying notes to financial statements.
91
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Portfolio of Investments (Unaudited) (Continued)
June 30, 2020
Shares/ Principal | Fair Value | ||||||||||
SHORT-TERM INVESTMENTS - 0.8% | |||||||||||
MONEY MARKET FUNDS - 0.8% | |||||||||||
750,156 | Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 0.10% (a) (Cost - $750,156) | $ | 750,156 | ||||||||
TOTAL INVESTMENTS - 100.0% (Cost - $98,103,697) | $ | 95,822,596 | |||||||||
OTHER ASSETS LESS LIABILITIES - NET 0.0%† | 37,699 | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 95,860,295 |
* Non-income producing security.
† Represents less than 0.05%.
(a) The rate shown is the annualized seven-day yield at period end.
PLC - Public Limited Company
Holdings by Asset Class | % of Net Assets | ||||||
Common Stocks | 99.2 | % | |||||
Money Market Funds | 0.8 | % | |||||
Other Assets less Liabilities - Net | 0.0 | %^ | |||||
100.0 | % |
^ Represents less than 0.05%
See accompanying notes to financial statements.
92
Global Atlantic Portfolios
Statements of Assets and Liabilities
June 30, 2020 (Unaudited)
Assets | Global Atlantic BlackRock Allocation Portfolio | Global Atlantic BlackRock Disciplined Core Portfolio | Global Atlantic BlackRock Disciplined Growth Portfolio | Global Atlantic BlackRock Disciplined International Core Portfolio | |||||||||||||||
Investments in securities, at cost | $ | 70,629,380 | $ | 456,831,392 | $ | 13,585,607 | $ | 122,763,067 | |||||||||||
Investments in securities, at fair value | $ | 75,154,580 | $ | 534,746,342 | $ | 18,109,817 | $ | 123,718,726 | |||||||||||
Cash | - | 185 | - | - | |||||||||||||||
Foreign cash (cost $-, $-, $- and $1,425,613, respectively) | - | - | - | 1,425,613 | |||||||||||||||
Deposit with broker | - | 1,405,876 | 86,746 | 416,073 | |||||||||||||||
Unrealized appreciation on futures contracts | - | 327,544 | 5,273 | 55,771 | |||||||||||||||
Receivable for securities sold | - | 4,278,112 | 836,662 | - | |||||||||||||||
Receivable for portfolio shares sold | 4,995 | 77,387 | - | 5,681 | |||||||||||||||
Interest and dividends receivable | 5 | 490,670 | 8,024 | 620,103 | |||||||||||||||
Prepaid expenses | 1,427 | 9,993 | 2,251 | 2,545 | |||||||||||||||
Total Assets | 75,161,007 | 541,336,109 | 19,048,773 | 126,244,512 | |||||||||||||||
Liabilities | |||||||||||||||||||
Due to custodian | - | - | - | 6,423 | |||||||||||||||
Payable for securities purchased | - | 3,926,139 | 1,194,224 | 476 | |||||||||||||||
Payable for portfolio shares redeemed | 57,550 | - | 275 | 34,826 | |||||||||||||||
Accrued distribution (12b-1) fees | 2,987 | 6,713 | 3,631 | 7,472 | |||||||||||||||
Accrued investment advisory fees | 12,123 | 161,475 | 5,386 | 53,262 | |||||||||||||||
Administrative service fees payable | 4,346 | 31,274 | 994 | 7,857 | |||||||||||||||
Accrued expenses and other liabilities | 2,806 | 19,428 | 619 | 14,648 | |||||||||||||||
Total Liabilities | 79,812 | 4,145,029 | 1,205,129 | 124,964 | |||||||||||||||
Net Assets | $ | 75,081,195 | $ | 537,191,080 | $ | 17,843,644 | $ | 126,119,548 | |||||||||||
Composition of Net Assets | |||||||||||||||||||
Paid-in capital | $ | 65,106,487 | $ | 438,687,632 | $ | 11,976,098 | $ | 145,725,980 | |||||||||||
Total distributable earnings (losses) | 9,974,708 | 98,503,448 | 5,867,546 | (19,606,432 | ) | ||||||||||||||
Net Assets | $ | 75,081,195 | $ | 537,191,080 | $ | 17,843,644 | $ | 126,119,548 | |||||||||||
Class I Shares | |||||||||||||||||||
Net Assets | $ | 60,339,606 | $ | 504,374,497 | $ | - | $ | 89,920,473 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 5,317,107 | 41,373,637 | - | 10,183,580 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 11.35 | $ | 12.19 | $ | - | $ | 8.83 | |||||||||||
Class II Shares | |||||||||||||||||||
Net Assets | $ | 14,741,589 | $ | 32,816,583 | $ | 17,843,644 | $ | 36,199,075 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 1,304,386 | 2,698,814 | 1,295,534 | 4,110,095 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 11.30 | $ | 12.16 | $ | 13.77 | $ | 8.81 |
See accompanying notes to financial statements.
93
Global Atlantic Portfolios
Statements of Assets and Liabilities (Continued)
June 30, 2020 (Unaudited)
Assets | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Global Atlantic BlackRock Disciplined Small Cap Portfolio | Global Atlantic BlackRock Disciplined U.S. Core Portfolio | Global Atlantic BlackRock Disciplined Value Portfolio | |||||||||||||||
Investments in securities, at cost | $ | 150,753,930 | $ | 15,911,399 | $ | 19,808,874 | $ | 220,520,316 | |||||||||||
Investments in securities, at fair value | $ | 184,472,091 | $ | 14,768,760 | $ | 23,182,286 | $ | 219,101,568 | |||||||||||
Cash | 82,029 | - | - | - | |||||||||||||||
Deposit with broker | 516,143 | 42,156 | 53,804 | 567,496 | |||||||||||||||
Unrealized appreciation on futures contracts | 102,865 | 12,884 | 8,698 | 144,963 | |||||||||||||||
Receivable for securities sold | 26,921,671 | 31,981 | 282,354 | 1,853,687 | |||||||||||||||
Receivable for portfolio shares sold | 15,433 | - | 7,049 | 2,894 | |||||||||||||||
Interest and dividends receivable | 66,867 | 11,947 | 17,772 | 258,481 | |||||||||||||||
Prepaid expenses | 3,322 | 1,835 | 3,765 | 4,747 | |||||||||||||||
Total Assets | 212,180,421 | 14,869,563 | 23,555,728 | 221,933,836 | |||||||||||||||
Liabilities | |||||||||||||||||||
Due to custodian | - | 2,672 | - | - | |||||||||||||||
Payable for securities purchased | 26,280,926 | 8,497 | 263,887 | 1,632,337 | |||||||||||||||
Payable for portfolio shares redeemed | 7,795 | 156 | 40,784 | 54,427 | |||||||||||||||
Accrued distribution (12b-1) fees | 9,997 | 1,434 | 724 | 1,277 | |||||||||||||||
Accrued investment advisory fees | 77,463 | 5,917 | 6,219 | 77,902 | |||||||||||||||
Administrative service fees payable | 10,695 | 953 | 1,362 | 14,065 | |||||||||||||||
Accrued expenses and other liabilities | 4,750 | 261 | 2,170 | 5,210 | |||||||||||||||
Total Liabilities | 26,391,626 | 19,890 | 315,146 | 1,785,218 | |||||||||||||||
Net Assets | $ | 185,788,795 | $ | 14,849,673 | $ | 23,240,582 | $ | 220,148,618 | |||||||||||
Composition of Net Assets | |||||||||||||||||||
Paid-in capital | $ | 131,628,898 | $ | 14,894,727 | $ | 19,050,814 | $ | 221,733,303 | |||||||||||
Total distributable earnings (losses) | 54,159,897 | (45,054 | ) | 4,189,768 | (1,584,685 | ) | |||||||||||||
Net Assets | $ | 185,788,795 | $ | 14,849,673 | $ | 23,240,582 | $ | 220,148,618 | |||||||||||
Class I Shares | |||||||||||||||||||
Net Assets | $ | 136,861,011 | $ | 7,836,533 | $ | 19,829,724 | $ | 214,043,618 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 9,949,656 | 777,219 | 1,654,428 | 21,761,460 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 13.76 | $ | 10.08 | $ | 11.99 | $ | 9.84 | |||||||||||
Class II Shares | |||||||||||||||||||
Net Assets | $ | 48,927,784 | $ | 7,013,140 | $ | 3,410,858 | $ | 6,105,000 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 3,563,125 | 697,038 | 285,308 | 621,004 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 13.73 | $ | 10.06 | $ | 11.96 | $ | 9.83 |
See accompanying notes to financial statements.
94
Global Atlantic Portfolios
Statements of Assets and Liabilities (Continued)
June 30, 2020 (Unaudited)
Assets | Global Atlantic BlackRock High Yield Portfolio | Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Global Atlantic Goldman Sachs Global Equity Insights Portfolio | Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | |||||||||||||||
Investments in securities, at cost | $ | 62,383,090 | $ | 107,829,334 | $ | 21,317,388 | $ | 65,462,104 | |||||||||||
Investments in securities, at fair value | $ | 61,963,102 | $ | 112,117,098 | $ | 23,901,780 | $ | 86,860,854 | |||||||||||
Cash | - | - | - | - | |||||||||||||||
Foreign cash (cost $-, $45,937, $172,290 and $-, respectively) | - | 45,702 | 172,290 | - | |||||||||||||||
Deposit with broker | 2,505 | 1,278,468 | 8 | - | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | - | 37 | - | - | |||||||||||||||
Unrealized appreciation on futures contracts | - | 24,972 | - | - | |||||||||||||||
Receivable for securities sold | 272,064 | 6,348,986 | 1,076,169 | - | |||||||||||||||
Receivable for portfolio shares sold | 58,840 | 87,424 | 3,061 | �� | - | ||||||||||||||
Interest and dividends receivable | 945,167 | 492,562 | 36,018 | 25,945 | |||||||||||||||
Prepaid expenses | 1,246 | 12,676 | 3,701 | 1,524 | |||||||||||||||
Total Assets | 63,242,924 | 120,407,925 | 25,193,027 | 86,888,323 | |||||||||||||||
Liabilities | |||||||||||||||||||
Swaptions written (premiums received $-, $34,320, $- and $-, respectively) | - | 32,297 | - | - | |||||||||||||||
Premiums received on open swap contracts | - | 24,352 | - | - | |||||||||||||||
Unrealized depreciation on futures contracts | 505 | - | - | - | |||||||||||||||
Unrealized depreciation on swap contracts | - | 68,785 | - | - | |||||||||||||||
Due to custodian | 3,496 | 6,042 | 4,278 | - | |||||||||||||||
Payable for securities purchased | 434,791 | 28,518,889 | 1,019,122 | - | |||||||||||||||
Payable for portfolio shares redeemed | - | - | - | 49,638 | |||||||||||||||
Accrued distribution (12b-1) fees | 162 | - | 2,295 | 883 | |||||||||||||||
Accrued investment advisory fees | 25,040 | 21,864 | 7,752 | 23,616 | |||||||||||||||
Administrative service fees payable | 3,769 | 4,895 | 1,500 | 4,885 | |||||||||||||||
Accrued expenses and other liabilities | 2,103 | 8,425 | 1,358 | 519 | |||||||||||||||
Total Liabilities | 469,866 | 28,685,549 | 1,036,305 | 79,541 | |||||||||||||||
Net Assets | $ | 62,773,058 | $ | 91,722,376 | $ | 24,156,722 | $ | 86,808,782 | |||||||||||
Composition of Net Assets | |||||||||||||||||||
Paid-in capital | $ | 63,574,347 | $ | 78,791,147 | $ | 23,879,490 | $ | 61,406,449 | |||||||||||
Total distributable earnings (losses) | (801,289 | ) | 12,931,229 | 277,232 | 25,402,333 | ||||||||||||||
Net Assets | $ | 62,773,058 | $ | 91,722,376 | $ | 24,156,722 | $ | 86,808,782 | |||||||||||
Class I Shares | |||||||||||||||||||
Net Assets | $ | 61,982,883 | $ | 91,722,376 | $ | 13,022,779 | $ | 82,593,888 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 6,307,327 | 8,087,253 | 1,265,410 | 6,125,459 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.83 | $ | 11.34 | $ | 10.29 | $ | 13.48 | |||||||||||
Class II Shares | |||||||||||||||||||
Net Assets | $ | 790,175 | $ | - | $ | 11,133,943 | $ | 4,214,894 | |||||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 80,629 | - | 1,084,819 | 313,491 | |||||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.80 | $ | - | $ | 10.26 | $ | 13.45 |
See accompanying notes to financial statements.
95
Global Atlantic Portfolios
Statements of Assets and Liabilities (Continued)
June 30, 2020 (Unaudited)
Assets | Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | ||||||
Investments in securities, at cost | $ | 98,103,697 | |||||
Investments in securities, at fair value | $ | 95,822,596 | |||||
Cash | 508 | ||||||
Receivable for portfolio shares sold | 5,271 | ||||||
Interest and dividends receivable | 149,881 | ||||||
Prepaid expenses | 9,017 | ||||||
Total Assets | 95,987,273 | ||||||
Liabilities | |||||||
Payable for securities purchased | 12 | ||||||
Payable for portfolio shares redeemed | 59,944 | ||||||
Accrued distribution (12b-1) fees | 12,564 | ||||||
Accrued investment advisory fees | 41,677 | ||||||
Administrative service fees payable | 6,409 | ||||||
Accrued expenses and other liabilities | 6,372 | ||||||
Total Liabilities | 126,978 | ||||||
Net Assets | $ | 95,860,295 | |||||
Composition of Net Assets | |||||||
Paid-in capital | $ | 115,098,962 | |||||
Total distributable losses | (19,238,667 | ) | |||||
Net Assets | $ | 95,860,295 | |||||
Class I Shares | |||||||
Net Assets | $ | 35,554,516 | |||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized | 4,203,664 | ||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 8.46 | |||||
Class II Shares | |||||||
Net Assets | $ | 60,305,779 | |||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized | 7,151,923 | ||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 8.43 |
See accompanying notes to financial statements.
96
Global Atlantic Portfolios
Statements of Operations
For the Six Months Ended June 30, 2020 (Unaudited)
Global Atlantic BlackRock Allocation Portfolio | Global Atlantic BlackRock Disciplined Core Portfolio | Global Atlantic BlackRock Disciplined Growth Portfolio | Global Atlantic BlackRock Disciplined International Core Portfolio | ||||||||||||||||
Investment Income | |||||||||||||||||||
Dividend income* | $ | 738,607 | $ | 4,943,887 | $ | 99,828 | $ | 1,591,507 | |||||||||||
Interest income | - | 30,075 | 1,235 | 3,211 | |||||||||||||||
Total Investment Income | 738,607 | 4,973,962 | 101,063 | 1,594,718 | |||||||||||||||
Expenses | |||||||||||||||||||
Investment advisory fee | 82,472 | 1,026,791 | 38,395 | 378,092 | |||||||||||||||
Distribution fees (12b-1) - Class II Shares | 17,900 | 39,999 | 21,331 | 45,263 | |||||||||||||||
Administrative service fees | 12,324 | 87,145 | 2,784 | 21,397 | |||||||||||||||
Legal fees | 10,405 | 70,942 | 2,263 | 17,480 | |||||||||||||||
Trustees fees | 3,355 | 22,992 | 730 | 5,696 | |||||||||||||||
Custody fees | 1,221 | 11,012 | 2,628 | 51,235 | |||||||||||||||
Miscellaneous expenses | 15,566 | 108,284 | 3,471 | 26,534 | |||||||||||||||
Total Expenses | 143,243 | 1,367,165 | 71,602 | 545,697 | |||||||||||||||
Expenses waived | (9,132 | ) | (63,422 | ) | (4,197 | ) | (65,583 | ) | |||||||||||
Net Expenses | 134,111 | 1,303,743 | 67,405 | 480,114 | |||||||||||||||
Net Investment Income | 604,496 | 3,670,219 | 33,658 | 1,114,604 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) on | |||||||||||||||||||
Investments | 1,454,487 | (8,280,177 | ) | 366,690 | (10,254,720 | ) | |||||||||||||
Futures contracts | - | 853,061 | 15,950 | (412,419 | ) | ||||||||||||||
Forward foreign currency contracts | - | - | - | (10 | ) | ||||||||||||||
Foreign currency translations | - | (433 | ) | - | (143,550 | ) | |||||||||||||
1,454,487 | (7,427,549 | ) | 382,640 | (10,810,699 | ) | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||||||||||||||
Investments | (2,837,776 | ) | (7,393,834 | ) | 981,339 | (7,407,586 | ) | ||||||||||||
Futures contracts | - | 203,725 | 645 | 47,727 | |||||||||||||||
Foreign currency translations | - | (165 | ) | - | (54,954 | ) | |||||||||||||
(2,837,776 | ) | (7,190,274 | ) | 981,984 | (7,414,813 | ) | |||||||||||||
Net Realized and Change in Unrealized Gain/ (Loss) | (1,383,289 | ) | (14,617,823 | ) | 1,364,624 | (18,225,512 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (778,793 | ) | $ | (10,947,604 | ) | $ | 1,398,282 | $ | (17,110,908 | ) | ||||||||
* Foreign taxes withheld | $ | - | $ | 61,342 | $ | - | $ | 296,508 |
See accompanying notes to financial statements.
97
Global Atlantic Portfolios
Statements of Operations (Continued)
For the Six Months Ended June 30, 2020 (Unaudited)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Global Atlantic BlackRock Disciplined Small Cap Portfolio | Global Atlantic BlackRock Disciplined U.S. Core Portfolio | Global Atlantic BlackRock Disciplined Value Portfolio | ||||||||||||||||
Investment Income | |||||||||||||||||||
Dividend income* | $ | 714,145 | $ | 57,137 | $ | 216,435 | $ | 3,076,767 | |||||||||||
Interest income | 9,656 | 1,274 | 1,618 | 13,594 | |||||||||||||||
Total Investment Income | 723,801 | 58,411 | 218,053 | 3,090,361 | |||||||||||||||
Expenses | |||||||||||||||||||
Investment advisory fee | 484,390 | 40,454 | 44,906 | 519,396 | |||||||||||||||
Distribution fees (12b-1) - Class II Shares | 58,040 | 8,834 | 4,169 | 7,909 | |||||||||||||||
Administrative service fees | 29,126 | 2,575 | 3,812 | 39,034 | |||||||||||||||
Legal fees | 23,297 | 2,045 | 3,111 | 31,837 | |||||||||||||||
Trustees fees | 7,560 | 675 | 1,011 | 10,403 | |||||||||||||||
Custody fees | 6,931 | 1,486 | 2,869 | 8,012 | |||||||||||||||
Miscellaneous expenses | 36,055 | 3,126 | 4,741 | 48,147 | |||||||||||||||
Total Expenses | 645,399 | 59,195 | 64,619 | 664,738 | |||||||||||||||
Expenses waived | (32,512 | ) | (3,164 | ) | (5,181 | ) | (33,553 | ) | |||||||||||
Net Expenses | 612,887 | 56,031 | 59,438 | 631,185 | |||||||||||||||
Net Investment Income | 110,914 | 2,380 | 158,615 | 2,459,176 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) on | |||||||||||||||||||
Investments | 6,450,832 | 195,961 | (446,402 | ) | (13,160,773 | ) | |||||||||||||
Futures contracts | 272,843 | (10,800 | ) | 44,056 | 312,237 | ||||||||||||||
6,723,675 | 185,161 | (402,346 | ) | (12,848,536 | ) | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||||||||||||||
Investments | 1,784,699 | (2,644,436 | ) | (376,388 | ) | (28,905,653 | ) | ||||||||||||
Futures contracts | 67,435 | 7,792 | 455 | 91,025 | |||||||||||||||
1,852,134 | (2,636,644 | ) | (375,933 | ) | (28,814,628 | ) | |||||||||||||
Net Realized and Change in Unrealized Gain/ (Loss) | 8,575,809 | (2,451,483 | ) | (778,279 | ) | (41,663,164 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 8,686,723 | $ | (2,449,103 | ) | $ | (619,664 | ) | $ | (39,203,988 | ) | ||||||||
* Foreign taxes withheld | $ | 2,104 | $ | 65 | $ | - | $ | 909 |
See accompanying notes to financial statements.
98
Global Atlantic Portfolios
Statements of Operations (Continued)
For the Six Months Ended June 30, 2020 (Unaudited)
Global Atlantic BlackRock High Yield Portfolio | Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Global Atlantic Goldman Sachs Global Equity Insights Portfolio | Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | ||||||||||||||||
Investment Income | |||||||||||||||||||
Dividend income* | $ | - | $ | - | $ | 231,643 | $ | 408,946 | |||||||||||
Interest income | 1,842,944 | 1,298,242 | 86 | 1,994 | |||||||||||||||
Total Investment Income | 1,842,944 | 1,298,242 | 231,729 | 410,940 | |||||||||||||||
Expenses | |||||||||||||||||||
Investment advisory fee | 161,942 | 152,184 | 77,165 | 150,258 | |||||||||||||||
Distribution fees (12b-1) - Class II Shares | 986 | - | 14,035 | 4,888 | |||||||||||||||
Administrative service fees | 10,686 | 14,297 | 4,126 | 13,353 | |||||||||||||||
Legal fees | 8,981 | 12,423 | 3,361 | 10,753 | |||||||||||||||
Trustees fees | 2,902 | 3,955 | 1,096 | 3,477 | |||||||||||||||
Custody fees | 1,768 | 5,382 | 18,334 | 3,813 | |||||||||||||||
Miscellaneous expenses | 13,507 | 18,487 | 5,099 | 16,656 | |||||||||||||||
Total Expenses | 200,772 | 206,728 | 123,216 | 203,198 | |||||||||||||||
Expenses waived | (8,694 | ) | (14,323 | ) | (20,993 | ) | (11,626 | ) | |||||||||||
Net Expenses | 192,078 | 192,405 | 102,223 | 191,572 | |||||||||||||||
Net Investment Income | 1,650,866 | 1,105,837 | 129,506 | 219,368 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) on | |||||||||||||||||||
Investments | (1,709,005 | ) | 1,200,029 | (1,857,232 | ) | (721,857 | ) | ||||||||||||
Short sales | - | 291 | - | - | |||||||||||||||
Options written | - | 1,287 | - | - | |||||||||||||||
Futures contracts | (7,710 | ) | 1,799,898 | - | - | ||||||||||||||
Swap contracts | - | 87,817 | - | - | |||||||||||||||
Forward foreign currency contracts | - | 57,252 | (147 | ) | - | ||||||||||||||
Foreign currency transactions | - | (1,997 | ) | 167 | - | ||||||||||||||
(1,716,715 | ) | 3,144,577 | (1,857,212 | ) | (721,857 | ) | |||||||||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||||||||||||||
Investments | (2,703,913 | ) | 1,631,842 | (217,906 | ) | 6,840,348 | |||||||||||||
Short Sales | - | 42,421 | - | - | |||||||||||||||
Futures contracts | 9,268 | 208,050 | - | - | |||||||||||||||
Swap contracts | - | (89,690 | ) | - | - | ||||||||||||||
Swaptions | - | (4,909 | ) | - | - | ||||||||||||||
Forward foreign currency contracts | - | 76,597 | - | - | |||||||||||||||
Foreign currency translations | - | (1,238 | ) | (145 | ) | - | |||||||||||||
(2,694,645 | ) | 1,863,073 | (218,051 | ) | 6,840,348 | ||||||||||||||
Net Realized and Change in Unrealized Gain/ (Loss) | (4,411,360 | ) | 5,007,650 | (2,075,263 | ) | 6,118,491 | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (2,760,494 | ) | $ | 6,113,487 | $ | (1,945,757 | ) | $ | 6,337,859 | |||||||||
* Foreign taxes withheld | $ | - | $ | - | $ | 21,634 | $ | 1,009 |
See accompanying notes to financial statements.
99
Global Atlantic Portfolios
Statements of Operations (Continued)
For the Six Months Ended June 30, 2020 (Unaudited)
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | |||||||
Investment Income | |||||||
Dividend income* | $ | 1,142,326 | |||||
Interest income | 2,392 | ||||||
Total Investment Income | 1,144,718 | ||||||
Expenses | |||||||
Investment advisory fee | 281,653 | ||||||
Distribution fees (12b-1) - Class II Shares | 79,278 | ||||||
Administrative service fees | 17,633 | ||||||
Legal fees | 14,082 | ||||||
Trustees fees | 4,647 | ||||||
Custody fees | 4,407 | ||||||
Miscellaneous expenses | 21,469 | ||||||
Total Expenses | 423,169 | ||||||
Expenses waived | (16,150 | ) | |||||
Net Expenses | 407,019 | ||||||
Net Investment Income | 737,699 | ||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on | |||||||
Investments | (15,100,219 | ) | |||||
(15,100,219 | ) | ||||||
Net change in unrealized appreciation/(depreciation) on: | |||||||
Investments | (12,368,503 | ) | |||||
(12,368,503 | ) | ||||||
Net Realized and Change in Unrealized (Loss) | (27,468,722 | ) | |||||
Net Decrease in Net Assets Resulting from Operations | $ | (26,731,023 | ) | ||||
* Foreign taxes withheld | $ | 1,327 |
See accompanying notes to financial statements.
100
Global Atlantic Portfolios
Statements of Changes in Net Assets
Global Atlantic BlackRock Allocation Portfolio | Global Atlantic BlackRock Disciplined Core Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 604,496 | $ | 1,715,468 | $ | 3,670,219 | $ | 8,534,228 | |||||||||||
Net realized gain (loss) | 1,454,487 | 1,918,527 | (7,427,549 | ) | 25,848,309 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (2,837,776 | ) | 11,861,210 | (7,190,274 | ) | 108,580,657 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (778,793 | ) | 15,495,205 | (10,947,604 | ) | 142,963,194 | |||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (1,579,777 | ) | - | (8,622,370 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 809,828 | 982,681 | 180,991 | 321,643 | |||||||||||||||
Class II | 642,812 | 1,689,133 | 47,435 | 319,019 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 1,292,091 | - | 8,178,502 | |||||||||||||||
Class II | - | 287,686 | - | 443,868 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (6,279,286 | ) | (10,728,603 | ) | (33,268,306 | ) | (73,400,471 | ) | |||||||||||
Class II | (1,291,746 | ) | (2,727,791 | ) | (1,661,636 | ) | (6,295,537 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (6,118,392 | ) | (9,204,803 | ) | (34,701,516 | ) | (70,432,976 | ) | |||||||||||
Total increase (decrease) in net assets | (6,897,185 | ) | 4,710,625 | (45,649,120 | ) | 63,907,848 | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 81,978,380 | 77,267,755 | 582,840,200 | 518,932,352 | |||||||||||||||
End of period | $ | 75,081,195 | $ | 81,978,380 | $ | 537,191,080 | $ | 582,840,200 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 75,696 | 91,433 | 15,229 | 28,571 | |||||||||||||||
Shares reinvested | - | 117,784 | - | 702,018 | |||||||||||||||
Shares redeemed | (572,186 | ) | (995,752 | ) | (2,855,775 | ) | (6,477,327 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (496,490 | ) | (786,535 | ) | (2,840,546 | ) | (5,746,738 | ) | |||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 57,686 | 156,954 | 4,052 | 27,000 | |||||||||||||||
Shares reinvested | - | 26,273 | - | 38,133 | |||||||||||||||
Shares redeemed | (120,112 | ) | 253,684 | (143,614 | ) | (562,865 | ) | ||||||||||||
Net decrease in shares of beneficial interest outstanding | (62,426 | ) | (70,457 | ) | (139,562 | ) | (497,732 | ) |
See accompanying notes to financial statements.
101
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic BlackRock Disciplined Growth Portfolio | Global Atlantic BlackRock Disciplined International Core Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 33,658 | $ | 101,483 | $ | 1,114,604 | $ | 3,695,572 | |||||||||||
Net realized gain (loss) | 382,640 | 980,722 | (10,810,699 | ) | (4,796,987 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 981,984 | 3,873,783 | (7,414,813 | ) | 28,056,455 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,398,282 | 4,955,988 | (17,110,908 | ) | 26,955,040 | ||||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (631,480 | ) | - | (3,595,113 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | - | - | 823,580 | 648,695 | |||||||||||||||
Class II | 445,083 | 622,705 | 511,773 | 462,768 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | - | - | 2,631,989 | |||||||||||||||
Class II | - | 631,480 | - | 963,124 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | - | - | (4,628,716 | ) | (12,653,484 | ) | |||||||||||||
Class II | (2,077,016 | ) | (3,308,021 | ) | (2,066,091 | ) | (6,569,623 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (1,631,933 | ) | (2,053,836 | ) | (5,359,454 | ) | (14,516,531 | ) | |||||||||||
Total increase (decrease) in net assets | (233,651 | ) | 2,270,672 | (22,470,362 | ) | 8,843,396 | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 18,077,295 | 15,806,623 | 148,589,910 | 139,746,514 | |||||||||||||||
End of period | $ | 17,843,644 | $ | 18,077,295 | $ | 126,119,548 | $ | 148,589,910 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | - | - | 102,357 | 68,943 | |||||||||||||||
Shares reinvested | - | - | - | 277,929 | |||||||||||||||
Shares redeemed | - | - | (524,764 | ) | (1,349,326 | ) | |||||||||||||
Net decrease in shares of beneficial interest outstanding | - | - | (422,407 | ) | (1,002,454 | ) | |||||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 36,828 | 54,262 | 65,854 | 49,569 | |||||||||||||||
Shares reinvested | - | 53,470 | - | 101,810 | |||||||||||||||
Shares redeemed | (169,286 | ) | (284,633 | ) | (240,127 | ) | (702,284 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (132,458 | ) | (176,901 | ) | (174,273 | ) | (550,905 | ) |
See accompanying notes to financial statements.
102
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Global Atlantic BlackRock Disciplined Small Cap Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 110,914 | $ | 714,179 | $ | 2,380 | $ | 113,248 | |||||||||||
Net realized gain | 6,723,675 | 13,707,744 | 185,161 | 792,229 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,852,134 | 38,196,564 | (2,636,644 | ) | 3,748,172 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,686,723 | 52,618,487 | (2,449,103 | ) | 4,653,649 | ||||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (1,136,386 | ) | - | (571,080 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 505,611 | 950,665 | 101,217 | 162,453 | |||||||||||||||
Class II | 29,220 | 767,631 | 259,037 | 460,155 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 925,644 | - | 311,529 | |||||||||||||||
Class II | - | 210,742 | - | 259,551 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (11,339,870 | ) | (24,967,414 | ) | (689,698 | ) | (1,731,313 | ) | |||||||||||
Class II | (3,827,603 | ) | (7,072,756 | ) | (875,749 | ) | (1,386,644 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (14,632,642 | ) | (29,185,488 | ) | (1,205,193 | ) | (1,924,269 | ) | |||||||||||
Total increase (decrease) in net assets | (5,945,919 | ) | 22,296,613 | (3,654,296 | ) | 2,158,300 | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 191,734,714 | 169,438,101 | 18,503,969 | 16,345,669 | |||||||||||||||
End of period | $ | 185,788,795 | $ | 191,734,714 | $ | 14,849,673 | $ | 18,503,969 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 40,172 | 76,121 | 10,229 | 14,637 | |||||||||||||||
Shares reinvested | - | 74,529 | - | 28,739 | |||||||||||||||
Shares redeemed | (906,299 | ) | (2,066,657 | ) | (72,904 | ) | (162,834 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (866,127 | ) | (1,916,007 | ) | (62,675 | ) | (119,458 | ) | |||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 2,875 | 63,573 | 30,714 | 42,771 | |||||||||||||||
Shares reinvested | - | 16,968 | - | 23,966 | |||||||||||||||
Shares redeemed | (303,288 | ) | (588,096 | ) | (91,447 | ) | (129,724 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (300,413 | ) | (507,555 | ) | (60,733 | ) | (62,987 | ) |
See accompanying notes to financial statements.
103
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | Global Atlantic BlackRock Disciplined Value Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 158,615 | $ | 364,714 | $ | 2,459,176 | $ | 5,699,818 | |||||||||||
Net realized gain (loss) | (402,346 | ) | 1,090,897 | (12,848,536 | ) | 11,067,923 | |||||||||||||
Net change in unrealized appreciation (depreciation) | (375,933 | ) | 4,749,007 | (28,814,628 | ) | 43,792,649 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (619,664 | ) | 6,204,618 | (39,203,988 | ) | 60,560,390 | |||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (564,891 | ) | - | (5,750,591 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 464,064 | 849,779 | 395,769 | 840,087 | |||||||||||||||
Class II | 572,516 | 481,432 | 89,341 | 89,913 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 491,282 | - | 5,610,248 | |||||||||||||||
Class II | - | 73,609 | - | 140,343 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (1,887,248 | ) | (3,385,569 | ) | (14,623,085 | ) | (41,483,513 | ) | |||||||||||
Class II | (873,422 | ) | (493,930 | ) | (278,393 | ) | (1,539,753 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (1,724,090 | ) | (1,983,397 | ) | (14,416,368 | ) | (36,342,675 | ) | |||||||||||
Total increase (decrease) in net assets | (2,343,754 | ) | 3,656,330 | (53,620,356 | ) | 18,467,124 | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 25,584,336 | 21,928,006 | 273,768,974 | 255,301,850 | |||||||||||||||
End of period | $ | 23,240,582 | $ | 25,584,336 | $ | 220,148,618 | $ | 273,768,974 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 37,995 | 75,467 | 44,377 | 80,177 | |||||||||||||||
Shares reinvested | - | 42,720 | - | 513,289 | |||||||||||||||
Shares redeemed | (166,315 | ) | (298,716 | ) | (1,426,753 | ) | (3,868,302 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (128,320 | ) | (180,529 | ) | (1,382,376 | ) | (3,274,836 | ) | |||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 50,033 | 43,025 | 8,616 | 8,362 | |||||||||||||||
Shares reinvested | - | 6,406 | - | 12,828 | |||||||||||||||
Shares redeemed | (76,954 | ) | (44,494 | ) | (27,460 | ) | (143,258 | ) | |||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (26,921 | ) | 4,937 | (18,844 | ) | (122,068 | ) |
See accompanying notes to financial statements.
104
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic BlackRock High Yield Portfolio | Global Atlantic Goldman Sachs Core Fixed Income Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 1,650,866 | $ | 3,706,182 | $ | 1,105,837 | $ | 2,414,279 | |||||||||||
Net realized gain (loss) | (1,716,715 | ) | (2,252,262 | ) | 3,144,577 | 3,294,619 | |||||||||||||
Net change in unrealized appreciation (depreciation) | (2,694,645 | ) | 8,632,431 | 1,863,073 | 2,642,284 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,760,494 | ) | 10,086,351 | 6,113,487 | 8,351,182 | ||||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (4,220,855 | ) | - | (2,193,008 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 4,934,660 | 6,574,298 | 5,355,890 | 4,326,942 | |||||||||||||||
Class II | 27,016 | 18,193 | - | - | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 4,170,653 | - | 2,193,008 | |||||||||||||||
Class II | - | 50,202 | - | - | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (10,955,082 | ) | (15,055,923 | ) | (10,252,890 | ) | (14,931,782 | ) | |||||||||||
Class II | (100,351 | ) | (321,543 | ) | - | (10 | ) | ||||||||||||
Net decrease in net assets from share transactions of beneficial interest | (6,093,757 | ) | (4,564,120 | ) | (4,897,000 | ) | (8,411,842 | ) | |||||||||||
Total increase (decrease) in net assets | (8,854,251 | ) | 1,301,376 | 1,216,487 | (2,253,668 | ) | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 71,627,309 | 70,325,933 | 90,505,889 | 92,759,557 | |||||||||||||||
End of period | $ | 62,773,058 | $ | 71,627,309 | $ | 91,722,376 | $ | 90,505,889 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 504,651 | 639,059 | 483,612 | 414,744 | |||||||||||||||
Shares reinvested | - | 415,818 | - | 208,065 | |||||||||||||||
Shares redeemed | (1,126,145 | ) | (1,468,904 | ) | (938,058 | ) | (1,428,458 | ) | |||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (621,494 | ) | (414,027 | ) | (454,446 | ) | (805,649 | ) | |||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 2,726 | 1,791 | - | - | |||||||||||||||
Shares reinvested | - | 5,010 | - | - | |||||||||||||||
Shares redeemed | (10,455 | ) | (32,225 | ) | - | (1 | ) | ||||||||||||
Net decrease in shares of beneficial interest outstanding | (7,729 | ) | (25,424 | ) | - | (1 | ) |
See accompanying notes to financial statements.
105
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | ||||||||||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||||||||
Increase/(Decrease) in Net Assets | |||||||||||||||||||
From Operations | |||||||||||||||||||
Net investment income | $ | 129,506 | $ | 378,971 | $ | 219,368 | $ | 678,224 | |||||||||||
Net realized gain (loss) | (1,857,212 | ) | (117,028 | ) | (721,857 | ) | 4,637,091 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (218,051 | ) | 5,559,653 | 6,840,348 | 18,078,560 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,945,757 | ) | 5,821,596 | 6,337,859 | 23,393,875 | ||||||||||||||
From Distributions to Shareholders | |||||||||||||||||||
Total distributions paid | - | (369,107 | ) | - | (2,122,032 | ) | |||||||||||||
From Shares of Beneficial Interest | |||||||||||||||||||
Proceeds from shares sold | |||||||||||||||||||
Class I | 106,779 | 366,317 | 1,135,098 | 384,001 | |||||||||||||||
Class II | 84,748 | 303,097 | 981,500 | 513,720 | |||||||||||||||
Reinvestment of distributions | |||||||||||||||||||
Class I | - | 222,785 | - | 2,034,016 | |||||||||||||||
Class II | - | 146,322 | - | 88,016 | |||||||||||||||
Cost of shares redeemed | |||||||||||||||||||
Class I | (1,643,642 | ) | (3,279,585 | ) | (7,430,695 | ) | (17,825,720 | ) | |||||||||||
Class II | (1,019,982 | ) | (2,081,522 | ) | (1,204,855 | ) | (661,185 | ) | |||||||||||
Net decrease in net assets from share transactions of beneficial interest | (2,472,097 | ) | (4,322,586 | ) | (6,518,952 | ) | (15,467,152 | ) | |||||||||||
Total increase (decrease) in net assets | (4,417,854 | ) | 1,129,903 | (181,093 | ) | 5,804,691 | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 28,574,576 | 27,444,673 | 86,989,875 | 81,185,184 | |||||||||||||||
End of period | $ | 24,156,722 | $ | 28,574,576 | $ | 86,808,782 | $ | 86,989,875 | |||||||||||
Share Activity | |||||||||||||||||||
Class I | |||||||||||||||||||
Shares sold | 11,158 | 35,299 | 98,193 | 31,833 | |||||||||||||||
Shares reinvested | - | 21,218 | - | 173,996 | |||||||||||||||
Shares redeemed | (164,546 | ) | (316,492 | ) | (615,270 | ) | (1,551,344 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (153,388 | ) | (259,975 | ) | (517,077 | ) | (1,345,515 | ) | |||||||||||
Share Activity | |||||||||||||||||||
Class II | |||||||||||||||||||
Shares sold | 8,364 | 29,832 | 78,408 | 45,220 | |||||||||||||||
Shares reinvested | - | 13,949 | - | 7,542 | |||||||||||||||
Shares redeemed | (101,113 | ) | (202,749 | ) | (94,838 | ) | (57,054 | ) | |||||||||||
Net decrease in shares of beneficial interest outstanding | (92,749 | ) | (158,968 | ) | (16,430 | ) | (4,292 | ) |
See accompanying notes to financial statements.
106
Global Atlantic Portfolios
Statements of Changes in Net Assets (Continued)
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | |||||||||||
For the Six Months Ended June 30, 2020 (Unaudited) | For the Year Ended December 31, 2019 | ||||||||||
Increase/(Decrease) in Net Assets | |||||||||||
From Operations | |||||||||||
Net investment income | $ | 737,699 | $ | 1,720,517 | |||||||
Net realized loss | (15,100,219 | ) | (2,439,706 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (12,368,503 | ) | 24,881,598 | ||||||||
Net increase (decrease) in net assets resulting from operations | (26,731,023 | ) | 24,162,409 | ||||||||
From Distributions to Shareholders | |||||||||||
Total distributions paid | - | (2,671,957 | ) | ||||||||
From Shares of Beneficial Interest | |||||||||||
Proceeds from shares sold | |||||||||||
Class I | 239,860 | 502,610 | |||||||||
Class II | 988,007 | 454,307 | |||||||||
Reinvestment of distributions | |||||||||||
Class I | - | 1,117,081 | |||||||||
Class II | - | 1,554,876 | |||||||||
Cost of shares redeemed | |||||||||||
Class I | (4,287,447 | ) | (9,183,366 | ) | |||||||
Class II | (3,179,904 | ) | (11,269,119 | ) | |||||||
Net decrease in net assets from share transactions of beneficial interest | (6,239,484 | ) | (16,823,611 | ) | |||||||
Total increase (decrease) in net assets | (32,970,507 | ) | 4,666,841 | ||||||||
Net Assets | |||||||||||
Beginning of period | 128,830,802 | 124,163,961 | |||||||||
End of period | $ | 95,860,295 | $ | 128,830,802 | |||||||
Share Activity | |||||||||||
Class I | |||||||||||
Shares sold | 30,855 | 46,476 | |||||||||
Shares reinvested | - | 108,244 | |||||||||
Shares redeemed | (485,916 | ) | (899,330 | ) | |||||||
Net decrease in shares of beneficial interest outstanding | (455,061 | ) | (744,610 | ) | |||||||
Share Activity | |||||||||||
Class II | |||||||||||
Shares sold | 134,260 | 40,384 | |||||||||
Shares reinvested | - | 150,812 | |||||||||
Shares redeemed | (347,650 | ) | (1,107,479 | ) | |||||||
Net decrease in shares of beneficial interest outstanding | (213,390 | ) | (916,283 | ) |
See accompanying notes to financial statements.
107
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Allocation Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.42 | $ | 9.62 | $ | 10.19 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.09 | 0.23 | 0.21 | 0.06 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.16 | ) | 1.79 | (0.73 | ) | 0.13 | |||||||||||||
Total income (loss) from investment operations | (0.07 | ) | 2.02 | (0.52 | ) | 0.19 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.22 | ) | (0.05 | ) | - | |||||||||||||
Net realized gains | - | - | 0.00 | (d) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.22 | ) | (0.05 | ) | - | |||||||||||||
Net asset value, end of period | $ | 11.35 | $ | 11.42 | $ | 9.62 | $ | 10.19 | |||||||||||
Total return (e) | (0.61 | )% | 21.09 | % | (5.14 | )% (j) | 1.90 | % (j) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 60,340 | $ | 66,410 | $ | 63,462 | $ | 75,191 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.31 | % (g) | 0.31 | % | 0.31 | % | 0.31 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 0.33 | % (g) | 0.34 | % | 0.32 | % | 0.32 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 1.66 | % (g) | 2.15 | % | 2.06 | % | 4.15 | % (g) | |||||||||||
Portfolio turnover rate | 65 | % (i) | 61 | % | 54 | % | 2 | % (i) |
(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Less than $0.005 per share.
(e) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
(j) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
See accompanying notes to financial statements.
108
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Allocation Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.39 | $ | 9.61 | $ | 10.18 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.08 | 0.21 | 0.20 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.17 | ) | 1.78 | (0.74 | ) | 0.04 | |||||||||||||
Total income (loss) from investment operations | (0.09 | ) | 1.99 | (0.54 | ) | 0.18 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.21 | ) | (0.03 | ) | - | |||||||||||||
Net realized gains | - | - | 0.00 | (d) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.21 | ) | (0.03 | ) | - | |||||||||||||
Net asset value, end of period | $ | 11.30 | $ | 11.39 | $ | 9.61 | $ | 10.18 | |||||||||||
Total return (e) | (0.79 | )% | 20.82 | % | (5.33 | )% (j) | 1.80 | % (j) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 14,742 | $ | 15,568 | $ | 13,806 | $ | 9,034 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.56 | % (g) | 0.56 | % | 0.56 | % | 0.56 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 0.58 | % (g) | 0.59 | % | 0.57 | % | 0.56 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 1.42 | % (g) | 1.91 | % | 1.99 | % | 9.11 | % (g) | |||||||||||
Portfolio turnover rate | 65 | % (i) | 61 | % | 54 | % | 2 | % (i) |
(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Less than $0.005 per share.
(e) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
(j) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
See accompanying notes to financial statements.
109
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Core Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.39 | $ | 9.74 | $ | 10.38 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.08 | 0.17 | 0.16 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 2.66 | (0.64 | ) | 0.35 | |||||||||||||
Total income (loss) from investment operations | (0.20 | ) | 2.83 | (0.48 | ) | 0.38 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.18 | ) | (0.12 | ) | - | |||||||||||||
Net realized gains | - | - | (0.04 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.18 | ) | (0.16 | ) | - | |||||||||||||
Net asset value, end of period | $ | 12.19 | $ | 12.39 | $ | 9.74 | $ | 10.38 | |||||||||||
Total return (c) | (1.62 | )% | 29.21 | % | (4.75 | )% (d) | 3.80 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 504,374 | $ | 547,724 | $ | 486,491 | $ | 315,936 | |||||||||||
Ratio of net expenses to average net assets | 0.48 | % (e) | 0.48 | % | 0.48 | % | 0.48 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.50 | % (e) | 0.50 | % | 0.49 | % | 0.48 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.41 | % (e) | 1.53 | % | 1.51 | % | 1.67 | % (e) | |||||||||||
Portfolio turnover rate | 59 | % (g) | 130 | % | 156 | % | 18 | % (g) |
(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) 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.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
110
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Core Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.37 | $ | 9.72 | $ | 10.37 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.07 | 0.14 | 0.13 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 2.66 | (0.65 | ) | 0.35 | |||||||||||||
Total income (loss) from investment operations | (0.21 | ) | 2.80 | (0.52 | ) | 0.37 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.15 | ) | (0.09 | ) | - | |||||||||||||
Net realized gains | - | - | (0.04 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.15 | ) | (0.13 | ) | - | |||||||||||||
Net asset value, end of period | $ | 12.16 | $ | 12.37 | $ | 9.72 | $ | 10.37 | |||||||||||
Total return (c) | (1.70 | )% | 28.94 | % | (5.06 | )% (d) | 3.70 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 32,817 | $ | 35,116 | $ | 32,442 | $ | 36,674 | |||||||||||
Ratio of net expenses to average net assets | 0.73 | % (e) | 0.73 | % | 0.73 | % | 0.72 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.75 | % (e) | 0.75 | % | 0.74 | % | 0.72 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.16 | % (e) | 1.28 | % | 1.24 | % | 1.00 | % (e) | |||||||||||
Portfolio turnover rate | 59 | % (g) | 130 | % | 156 | % | 18 | % (g) |
(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) 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.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
111
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Growth Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.66 | $ | 9.85 | $ | 10.32 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.02 | 0.07 | 0.08 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.09 | 3.18 | (0.38 | ) | 0.30 | ||||||||||||||
Total income (loss) from investment operations | 1.11 | 3.25 | (0.30 | ) | 0.32 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.06 | ) | (0.08 | ) | - | |||||||||||||
Net realized gains | - | (0.38 | ) | (0.09 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.44 | ) | (0.17 | ) | - | |||||||||||||
Net asset value, end of period | $ | 13.77 | $ | 12.66 | $ | 9.85 | $ | 10.32 | |||||||||||
Total return (c) | 8.77 | % | 33.38 | % | (2.98 | )% | 3.20 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 17,844 | $ | 18,077 | $ | 15,807 | $ | 20,534 | |||||||||||
Ratio of net expenses to average net assets | 0.79 | % (e) | 0.79 | % | 0.79 | % | 0.79 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.84 | % (e) | 0.85 | % | 0.81 | % | 0.80 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.39 | % (e) | 0.58 | % | 0.75 | % | 1.14 | % (e) | |||||||||||
Portfolio turnover rate | 71 | % (g) | 144 | % | 156 | % | 23 | % (g) |
(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
112
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined International Core Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 9.98 | $ | 8.50 | $ | 10.20 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.08 | 0.25 | 0.23 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.23 | ) | 1.48 | (1.74 | ) | 0.17 | |||||||||||||
Total income (loss) from investment operations | (1.15 | ) | 1.73 | (1.51 | ) | 0.20 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.25 | ) | (0.19 | ) | - | |||||||||||||
Net realized gains | - | - | 0.00 | (d) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.25 | ) | (0.19 | ) | - | |||||||||||||
Net asset value, end of period | $ | 8.83 | $ | 9.98 | $ | 8.50 | $ | 10.20 | |||||||||||
Total return (e) | (11.52 | )% | 20.50 | % | (14.80 | )% | 2.00 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 89,920 | $ | 105,876 | $ | 98,694 | $ | 67,071 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.69 | % (g) | 0.69 | % | 0.69 | % | 0.69 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 0.79 | % (g) | 0.72 | % | 0.70 | % | 0.69 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 1.84 | % (g) | 2.61 | % | 2.30 | % | 1.99 | % (g) | |||||||||||
Portfolio turnover rate | 71 | % (i) | 86 | % | 67 | % | 4 | % (i) |
(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Less than $0.005 per share.
(e) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
See accompanying notes to financial statements.
113
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined International Core Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 9.97 | $ | 8.49 | $ | 10.19 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.07 | 0.22 | 0.22 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.23 | ) | 1.48 | (1.74 | ) | 0.14 | |||||||||||||
Total income (loss) from investment operations | (1.16 | ) | 1.70 | (1.52 | ) | 0.19 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.22 | ) | (0.18 | ) | - | |||||||||||||
Net realized gains | - | - | 0.00 | (d) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.22 | ) | (0.18 | ) | - | |||||||||||||
Net asset value, end of period | $ | 8.81 | $ | 9.97 | $ | 8.49 | $ | 10.19 | |||||||||||
Total return (e) | (11.64 | )% | 20.22 | % | (14.95 | )% | 1.90 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 36,200 | $ | 42,714 | $ | 41,052 | $ | 5,097 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.94 | % (g) | 0.94 | % | 0.94 | % | 0.93 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 1.04 | % (g) | 0.97 | % | 0.95 | % | 0.93 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 1.59 | % (g) | 2.36 | % | 2.23 | % | 3.34 | % (g) | |||||||||||
Portfolio turnover rate | 71 | % (i) | 86 | % | 67 | % | 4 | % (i) |
(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Less than $0.005 per share.
(e) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
See accompanying notes to financial statements.
114
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 13.06 | $ | 9.91 | $ | 10.35 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.01 | 0.05 | 0.11 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.69 | 3.18 | (0.43 | ) | 0.34 | ||||||||||||||
Total income (loss) from investment operations | 0.70 | 3.23 | (0.32 | ) | 0.35 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.03 | ) | (0.09 | ) | - | |||||||||||||
Net realized gains | - | (0.05 | ) | (0.03 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.08 | ) | (0.12 | ) | - | |||||||||||||
Net asset value, end of period | $ | 13.76 | $ | 13.06 | $ | 9.91 | $ | 10.35 | |||||||||||
Total return (c) | 5.36 | % | 32.68 | % | (3.07 | )% (d) | 3.50 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 136,861 | $ | 141,289 | $ | 126,149 | $ | 93,457 | |||||||||||
Ratio of net expenses to average net assets | 0.63 | % (e) | 0.63 | % | 0.63 | % | 0.63 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.67 | % (e) | 0.66 | % | 0.65 | % | 0.64 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.19 | % (e) | 0.44 | % | 0.99 | % | 0.79 | % (e) | |||||||||||
Portfolio turnover rate | 80 | % (g) | 148 | % | 168 | % | 26 | % (g) |
(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
115
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 13.06 | $ | 9.90 | $ | 10.35 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | (0.00 | ) (c) | 0.02 | 0.08 | 0.01 | ||||||||||||||
Net realized and unrealized gain (loss) | 0.67 | 3.19 | (0.43 | ) | 0.34 | ||||||||||||||
Total income (loss) from investment operations | 0.67 | 3.21 | (0.35 | ) | 0.35 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | 0.00 | (c) | (0.07 | ) | - | |||||||||||||
Net realized gains | - | (0.05 | ) | (0.03 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.05 | ) | (0.10 | ) | - | |||||||||||||
Net asset value, end of period | $ | 13.73 | $ | 13.06 | $ | 9.90 | $ | 10.35 | |||||||||||
Total return (d) | 5.13 | % | 32.48 | % | (3.35 | )% (e) | 3.50 | % (e) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 48,928 | $ | 50,446 | $ | 43,290 | $ | 17,801 | |||||||||||
Ratio of net expenses to average net assets | 0.88 | % (f) | 0.88 | % | 0.88 | % | 0.88 | % (f) | |||||||||||
Ratio of gross expenses to average net assets (g) | 0.92 | % (f) | 0.91 | % | 0.90 | % | 0.89 | % (f) | |||||||||||
Ratio of net investment income (loss) to average net assets | (0.06 | )% (f) | 0.19 | % | 0.77 | % | 0.41 | % (f) | |||||||||||
Portfolio turnover rate | 80 | % (h) | 148 | % | 168 | % | 26 | % (h) |
(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Less than $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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(e) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(f) Annualized.
(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(h) Not annualized.
See accompanying notes to financial statements.
116
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 9.19 | $ | 10.22 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.01 | 0.08 | 0.07 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.52 | ) | 2.69 | (1.04 | ) | 0.21 | |||||||||||||
Total income (loss) from investment operations | (1.51 | ) | 2.77 | (0.97 | ) | 0.22 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.09 | ) | (0.03 | ) | - | |||||||||||||
Net realized gains | - | (0.28 | ) | (0.03 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.37 | ) | (0.06 | ) | - | |||||||||||||
Net asset value, end of period | $ | 10.08 | $ | 11.59 | $ | 9.19 | $ | 10.22 | |||||||||||
Total return (c) | (13.03 | )% | 30.46 | % | (9.49 | )% (d) | 2.20 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 7,837 | $ | 9,732 | $ | 8,813 | $ | 11,457 | |||||||||||
Ratio of net expenses to average net assets | 0.63 | % (e) | 0.63 | % | 0.63 | % | 0.63 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.67 | % (e) | 0.69 | % | 0.65 | % | 0.64 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.15 | % (e) | 0.75 | % | 0.67 | % | 0.89 | % (e) | |||||||||||
Portfolio turnover rate | 23 | % (g) | 41 | % | 40 | % | 15 | % (g) |
(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
117
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.58 | $ | 9.18 | $ | 10.22 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (loss) (b) | (0.01 | ) | 0.05 | 0.05 | 0.01 | ||||||||||||||
Net realized and unrealized gain (loss) | (1.51 | ) | 2.69 | (1.05 | ) | 0.21 | |||||||||||||
Total income (loss) from investment operations | (1.52 | ) | 2.74 | (1.00 | ) | 0.22 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.06 | ) | (0.01 | ) | - | |||||||||||||
Net realized gains | - | (0.28 | ) | (0.03 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.34 | ) | (0.04 | ) | - | |||||||||||||
Net asset value, end of period | $ | 10.06 | $ | 11.58 | $ | 9.18 | $ | 10.22 | |||||||||||
Total return (c) | (13.13 | )% | 30.17 | % | (9.75 | )% (d) | 2.20 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 7,013 | $ | 8,772 | $ | 7,533 | $ | 4,075 | |||||||||||
Ratio of net expenses to average net assets | 0.88 | % (e) | 0.88 | % | 0.88 | % | 0.87 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.92 | % (e) | 0.94 | % | 0.90 | % | 0.87 | % (e) | |||||||||||
Ratio of net investment income (loss) to average net assets | (0.10 | )% (e) | 0.50 | % | 0.44 | % | 0.75 | % (e) | |||||||||||
Portfolio turnover rate | 23 | % (g) | 41 | % | 40 | % | 15 | % (g) |
(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
118
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.21 | $ | 9.66 | $ | 10.40 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.08 | 0.17 | 0.16 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.30 | ) | 2.66 | (0.67 | ) | 0.37 | |||||||||||||
Total income (loss) from investment operations | (0.22 | ) | 2.83 | (0.51 | ) | 0.40 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.18 | ) | (0.14 | ) | - | |||||||||||||
Net realized gains | - | (0.10 | ) | (0.09 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.28 | ) | (0.23 | ) | - | |||||||||||||
Net asset value, end of period | $ | 11.99 | $ | 12.21 | $ | 9.66 | $ | 10.40 | |||||||||||
Total return (c) | (1.80 | )% | 29.41 | % | (5.03 | )% (d) | 4.00 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 19,830 | $ | 21,776 | $ | 18,963 | $ | 23,118 | |||||||||||
Ratio of net expenses to average net assets | 0.48 | % (e) | 0.48 | % | 0.48 | % | 0.48 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.53 | % (e) | 0.52 | % | 0.50 | % | 0.49 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.41 | % (e) | 1.52 | % | 1.48 | % | 1.88 | % (e) | |||||||||||
Portfolio turnover rate | 69 | % (g) | 142 | % | 172 | % | 24 | % (g) |
(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
119
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.20 | $ | 9.65 | $ | 10.39 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.06 | 0.14 | 0.14 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.30 | ) | 2.66 | (0.67 | ) | 0.37 | |||||||||||||
Total income (loss) from investment operations | (0.24 | ) | 2.80 | (0.53 | ) | 0.39 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.15 | ) | (0.12 | ) | - | |||||||||||||
Net realized gains | - | (0.10 | ) | (0.09 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.25 | ) | (0.21 | ) | - | |||||||||||||
Net asset value, end of period | $ | 11.96 | $ | 12.20 | $ | 9.65 | $ | 10.39 | |||||||||||
Total return (c) | (2.05 | )% | 29.13 | % | (5.17 | )% (d) | 3.90 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 3,411 | $ | 3,809 | $ | 2,965 | $ | 218 | |||||||||||
Ratio of net expenses to average net assets | 0.73 | % (e) | 0.73 | % | 0.73 | % | 0.72 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.77 | % (e) | 0.78 | % | 0.75 | % | 0.72 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.16 | % (e) | 1.28 | % | 1.25 | % | 0.98 | % (e) | |||||||||||
Portfolio turnover rate | 69 | % (g) | 142 | % | 172 | % | 24 | % (g) |
(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
120
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Value Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 9.39 | $ | 10.44 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.10 | 0.23 | 0.20 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.77 | ) | 2.13 | (1.02 | ) | 0.41 | |||||||||||||
Total income (loss) from investment operations | (1.67 | ) | 2.36 | (0.82 | ) | 0.44 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.24 | ) | (0.16 | ) | - | |||||||||||||
Net realized gains | - | - | (0.07 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.24 | ) | (0.23 | ) | - | |||||||||||||
Net asset value, end of period | $ | 9.84 | $ | 11.51 | $ | 9.39 | $ | 10.44 | |||||||||||
Total return (c) | (14.51 | )% | 25.28 | % | (7.97 | )% (d) | 4.40 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 214,044 | $ | 266,399 | $ | 248,141 | $ | 309,640 | |||||||||||
Ratio of net expenses to average net assets | 0.54 | % (e) | 0.54 | % | 0.54 | % | 0.54 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.57 | % (e) | 0.56 | % | 0.55 | % | 0.54 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 2.01 | % (e) | 2.11 | % | 1.93 | % | 1.99 | % (e) | |||||||||||
Portfolio turnover rate | 64 | % (g) | 132 | % | 140 | % | 17 | % (g) |
(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
121
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock Disciplined Value Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.52 | $ | 9.40 | $ | 10.45 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.09 | 0.20 | 0.18 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.78 | ) | 2.13 | (1.02 | ) | 0.43 | |||||||||||||
Total income (loss) from investment operations | (1.69 | ) | 2.33 | (0.84 | ) | 0.45 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.21 | ) | (0.14 | ) | - | |||||||||||||
Net realized gains | - | - | (0.07 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.21 | ) | (0.21 | ) | - | |||||||||||||
Net asset value, end of period | $ | 9.83 | $ | 11.52 | $ | 9.40 | $ | 10.45 | |||||||||||
Total return (c) | (14.67 | )% | 24.92 | % | (8.16 | )% (d) | 4.50 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 6,105 | $ | 7,370 | $ | 7,160 | $ | 9,545 | |||||||||||
Ratio of net expenses to average net assets | 0.79 | % (e) | 0.79 | % | 0.79 | % | 0.78 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.82 | % (e) | 0.81 | % | 0.80 | % | 0.78 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.77 | % (e) | 1.86 | % | 1.68 | % | 1.34 | % (e) | |||||||||||
Portfolio turnover rate | 64 | % (g) | 132 | % | 140 | % | 17 | % (g) |
(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
122
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock High Yield Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 10.21 | $ | 9.43 | $ | 9.92 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.25 | 0.52 | 0.52 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.63 | ) | 0.89 | (0.95 | ) | (0.15 | ) | ||||||||||||
Total income (loss) from investment operations | (0.38 | ) | 1.41 | (0.43 | ) | (0.08 | ) | ||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.63 | ) | (0.06 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.63 | ) | (0.06 | ) | - | |||||||||||||
Net asset value, end of period | $ | 9.83 | $ | 10.21 | $ | 9.43 | $ | 9.92 | |||||||||||
Total return (c) | (3.72 | )% | 15.06 | % | (4.32 | )% | (0.80 | )% (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 61,983 | $ | 70,727 | $ | 69,255 | $ | 83,070 | |||||||||||
Ratio of net expenses to average net assets | 0.59 | % (e) | 0.59 | % | 0.59 | % | 0.59 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.62 | % (e) | 0.62 | % | 0.60 | % | 0.59 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 5.10 | % (e) | 5.11 | % | 5.24 | % | 4.54 | % (e) | |||||||||||
Portfolio turnover rate | 24 | % (g) | 45 | % | 36 | % | 3 | % (g) |
(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
123
Global Atlantic Portfolios
Financial Highlights
Global Atlantic BlackRock High Yield Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 10.19 | $ | 9.41 | $ | 9.92 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.23 | 0.50 | 0.49 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.62 | ) | 0.87 | (0.94 | ) | (0.15 | ) | ||||||||||||
Total income (loss) from investment operations | (0.39 | ) | 1.37 | (0.45 | ) | (0.08 | ) | ||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.59 | ) | (0.06 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.59 | ) | (0.06 | ) | - | |||||||||||||
Net asset value, end of period | $ | 9.80 | $ | 10.19 | $ | 9.41 | $ | 9.92 | |||||||||||
Total return (c) | (3.83 | )% | 14.70 | % | (4.56 | )% | (0.80 | )% (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 790 | $ | 901 | $ | 1,071 | $ | 1,405 | |||||||||||
Ratio of net expenses to average net assets | 0.84 | % (e) | 0.84 | % | 0.84 | % | 0.83 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.87 | % (e) | 0.87 | % | 0.85 | % | 0.83 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 4.85 | % (e) | 4.86 | % | 4.99 | % | 4.31 | % (e) | |||||||||||
Portfolio turnover rate | 24 | % (g) | 45 | % | 36 | % | 3 | % (g) |
(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
124
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 10.60 | $ | 9.92 | $ | 9.98 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.13 | 0.27 | 0.25 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.61 | 0.67 | (0.31 | ) | (0.05 | ) | |||||||||||||
Total income (loss) from investment operations | 0.74 | 0.94 | (0.06 | ) | (0.02 | ) | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.26 | ) | 0.00 | (d) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.26 | ) | - | - | ||||||||||||||
Net asset value, end of period | $ | 11.34 | $ | 10.60 | $ | 9.92 | $ | 9.98 | |||||||||||
Total return (e) | 6.98 | % | 9.49 | % | (0.55 | )% (f) | (0.20 | )% (f) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 91,722 | $ | 90,506 | $ | 92,760 | $ | 35,260 | |||||||||||
Ratio of net expenses to average net assets (g) | 0.43 | % (h) | 0.43 | % | 0.43 | % | 0.43 | % (h) | |||||||||||
Ratio of gross expenses to average net assets (g,i) | 0.46 | % (h) | 0.46 | % | 0.44 | % | 0.44 | % (h) | |||||||||||
Ratio of net investment income to average net assets (c,g) | 2.47 | % (h) | 2.61 | % | 2.51 | % | 1.64 | % (h) | |||||||||||
Portfolio turnover rate | 63 | % (j) | 150 | % (k) | 248 | % (k) | 69 | % (j) |
(a) Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Less than $0.005 per share.
(e) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(f) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(g) Does not include the expenses of the investment companies in which the Portfolio invests.
(h) Annualized.
(i) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(j) Not annualized.
(k) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018. If these were included in the calculation, the portfolio turnover would be 386%, 689% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.
See accompanying notes to financial statements.
125
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.01 | $ | 9.11 | $ | 10.29 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.06 | 0.15 | 0.14 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.78 | ) | 1.90 | (1.18 | ) | 0.27 | |||||||||||||
Total income (loss) from investment operations | (0.72 | ) | 2.05 | (1.04 | ) | 0.29 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.15 | ) | (0.12 | ) | - | |||||||||||||
Net realized gains | - | - | (0.02 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.15 | ) | (0.14 | ) | - | |||||||||||||
Net asset value, end of period | $ | 10.29 | $ | 11.01 | $ | 9.11 | $ | 10.29 | |||||||||||
Total return (d) | (6.54 | )% | 22.59 | % | (10.20 | )% (e) | 2.90 | % (e) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 13,023 | $ | 15,625 | $ | 15,290 | $ | 19,915 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.72 | % (g) | 0.72 | % | 0.72 | % | 0.72 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 0.89 | % (g) | 0.78 | % | 0.74 | % | 0.73 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 1.17 | % (g) | 1.42 | % | 1.32 | % | 1.15 | % (g) | |||||||||||
Portfolio turnover rate | 91 | % (i) | 146 | % | 138 | % | 11 | % (i) |
(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(e) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
See accompanying notes to financial statements.
126
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 11.00 | $ | 9.09 | $ | 10.28 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b,c) | 0.05 | 0.12 | 0.12 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.79 | ) | 1.91 | (1.19 | ) | 0.27 | |||||||||||||
Total income (loss) from investment operations | (0.74 | ) | 2.03 | (1.07 | ) | 0.28 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.12 | ) | (0.10 | ) | - | |||||||||||||
Net realized gains | - | - | (0.02 | ) | - | ||||||||||||||
Total distributions from net investment income and net realized gains | - | (0.12 | ) | (0.12 | ) | - | |||||||||||||
Net asset value, end of period | $ | 10.26 | $ | 11.00 | $ | 9.09 | $ | 10.28 | |||||||||||
Total return (d) | (6.64 | )% | 22.43 | % | (10.47 | )% (e) | 2.80 | % (e) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 11,134 | $ | 12,950 | $ | 12,154 | $ | 4,542 | |||||||||||
Ratio of net expenses to average net assets (f) | 0.97 | % (g) | 0.97 | % | 0.97 | % | 0.96 | % (g) | |||||||||||
Ratio of gross expenses to average net assets (f,h) | 1.14 | % (g) | 1.03 | % | 0.99 | % | 0.96 | % (g) | |||||||||||
Ratio of net investment income to average net assets (c,f) | 0.92 | % (g) | 1.17 | % | 1.12 | % | 0.74 | % (g) | |||||||||||
Portfolio turnover rate | 91 | % (i) | 146 | % | 138 | % | 11 | % (i) |
(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.
(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(e) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(f) Does not include the expenses of the investment companies in which the Portfolio invests.
(g) Annualized.
(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(i) Not annualized.
See accompanying notes to financial statements.
127
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.48 | $ | 9.76 | $ | 10.30 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.03 | 0.09 | 0.09 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.97 | 2.93 | (0.48 | ) | 0.28 | ||||||||||||||
Total income (loss) from investment operations | 1.00 | 3.02 | (0.39 | ) | 0.30 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.10 | ) | (0.09 | ) | - | |||||||||||||
Net realized gains | - | (0.20 | ) | (0.06 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.30 | ) | (0.15 | ) | - | |||||||||||||
Net asset value, end of period | $ | 13.48 | $ | 12.48 | $ | 9.76 | $ | 10.30 | |||||||||||
Total return (c) | 8.01 | % | 31.14 | % | (3.89 | )% (d) | 3.00 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 82,594 | $ | 82,880 | $ | 77,930 | $ | 85,178 | |||||||||||
Ratio of net expenses to average net assets | 0.46 | % (e) | 0.46 | % | 0.46 | % | 0.46 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.49 | % (e) | 0.48 | % | 0.47 | % | 0.47 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.55 | % (e) | 0.79 | % | 0.81 | % | 1.41 | % (e) | |||||||||||
Portfolio turnover rate | 114 | % (g) | 200 | % | 192 | % | 21 | % (g) |
(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
128
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 12.46 | $ | 9.74 | $ | 10.29 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.02 | 0.06 | 0.06 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.97 | 2.93 | (0.48 | ) | 0.27 | ||||||||||||||
Total income (loss) from investment operations | 0.99 | 2.99 | (0.42 | ) | 0.29 | ||||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.07 | ) | (0.07 | ) | - | |||||||||||||
Net realized gains | - | (0.20 | ) | (0.06 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.27 | ) | (0.13 | ) | - | |||||||||||||
Net asset value, end of period | $ | 13.45 | $ | 12.46 | $ | 9.74 | $ | 10.29 | |||||||||||
Total return (c) | 7.95 | % | 30.89 | % | (4.13 | )% (d) | 2.90 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 4,215 | $ | 4,110 | $ | 3,255 | $ | 19 | |||||||||||
Ratio of net expenses to average net assets | 0.71 | % (e) | 0.71 | % | 0.71 | % | 0.71 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.74 | % (e) | 0.73 | % | 0.72 | % | 0.72 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 0.30 | % (e) | 0.53 | % | 0.57 | % | 1.16 | % (e) | |||||||||||
Portfolio turnover rate | 114 | % (g) | 200 | % | 192 | % | 21 | % (g) |
(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
129
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Selected data for a Class I share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 10.73 | $ | 9.08 | $ | 10.43 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.07 | 0.15 | 0.14 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) | (2.34 | ) | 1.74 | (1.39 | ) | 0.39 | |||||||||||||
Total income (loss) from investment operations | (2.27 | ) | 1.89 | (1.25 | ) | 0.43 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.17 | ) | (0.08 | ) | - | |||||||||||||
Net realized gains | - | (0.07 | ) | (0.02 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.24 | ) | (0.10 | ) | - | |||||||||||||
Net asset value, end of period | $ | 8.46 | $ | 10.73 | $ | 9.08 | $ | 10.43 | |||||||||||
Total return (c) | (21.16 | )% | 20.91 | % | (12.10 | )% (d) | 4.30 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 35,554 | $ | 49,971 | $ | 49,080 | $ | 66,982 | |||||||||||
Ratio of net expenses to average net assets | 0.64 | % (e) | 0.64 | % | 0.64 | % | 0.64 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.67 | % (e) | 0.66 | % | 0.65 | % | 0.64 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.59 | % (e) | 1.48 | % | 1.33 | % | 2.56 | % (e) | |||||||||||
Portfolio turnover rate | 0 | % (g) | 200 | % | 205 | % | 12 | % (g) |
(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
130
Global Atlantic Portfolios
Financial Highlights
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Selected data for a Class II share outstanding throughout each period indicated
For the Six Months Ended June 30, 2020 (unaudited) | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Period Ended December 31, 2017 (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 10.71 | $ | 9.07 | $ | 10.42 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||
Net investment income (b) | 0.06 | 0.13 | 0.13 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) | (2.34 | ) | 1.72 | (1.40 | ) | 0.38 | |||||||||||||
Total income (loss) from investment operations | (2.28 | ) | 1.85 | (1.27 | ) | 0.42 | |||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | - | (0.14 | ) | (0.06 | ) | - | |||||||||||||
Net realized gains | - | (0.07 | ) | (0.02 | ) | - | |||||||||||||
Total distributions from net investment income and net realized gains | - | (0.21 | ) | (0.08 | ) | - | |||||||||||||
Net asset value, end of period | $ | 8.43 | $ | 10.71 | $ | 9.07 | $ | 10.42 | |||||||||||
Total return (c) | (21.29 | )% | 20.51 | % | (12.26 | )% (d) | 4.20 | % (d) | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (in 000's) | $ | 60,306 | $ | 78,860 | $ | 75,084 | $ | 13,581 | |||||||||||
Ratio of net expenses to average net assets | 0.89 | % (e) | 0.89 | % | 0.89 | % | 0.88 | % (e) | |||||||||||
Ratio of gross expenses to average net assets (f) | 0.92 | % (e) | 0.91 | % | 0.90 | % | 0.88 | % (e) | |||||||||||
Ratio of net investment income to average net assets | 1.35 | % (e) | 1.23 | % | 1.22 | % | 2.69 | % (e) | |||||||||||
Portfolio turnover rate | 0 | % (g) | 200 | % | 205 | % | 12 | % (g) |
(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.
(b) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.
(d) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.
(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.
See accompanying notes to financial statements.
131
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited)
June 30, 2020
1. ORGANIZATION
The Global Atlantic Portfolios (each, a "Portfolio" and collectively, the "Portfolios") are comprised of twenty-three different actively managed portfolios, thirteen of which are discussed in this report. Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
Commencement Date* | Investment Objective | ||||||||||
Global Atlantic BlackRock Allocation Portfolio | November 6, 2017 | Total return. | |||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic BlackRock High Yield Portfolio | November 6, 2017 | Total return. | |||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | November 6, 2017 | Total return consisting of capital appreciation and income. | |||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | November 6, 2017 | Long-term capital appreciation. | |||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | November 6, 2017 | Long-term capital appreciation. |
* The Portfolios' inception date is November 1, 2017. The Portfolios commenced operations on November 6, 2017.
The Global Atlantic BlackRock Allocation Portfolio is a non-diversified series of the Trust; all other Portfolios in this report are 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.
The Portfolios currently offer Class I and Class II shares at net asset value, except the Global Atlantic BlackRock Disciplined Growth Portfolio (which only offers Class II shares) and Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offers Class I shares). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.
References herein to a Portfolio's investment in a particular instrument include direct investments and indirect investments through investment companies such as open-end funds (mutual funds), exchange-traded funds and closed-end funds, as applicable.
132
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Portfolios in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("US GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".
Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value.
Valuation of Investment Companies – The Portfolios may invest in one or more portfolios of open-end investment companies (the "Underlying Fund" or "Underlying Funds"). Each Underlying Fund is valued at its respective net asset value as reported by such investment company (except exchange-traded funds ("ETFs")). ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Each Underlying Fund values securities in its portfolio for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by each Underlying Fund's board(s) of trustees.
Exchange-Traded Funds – The Portfolios may invest in passive ETFs. An ETF is a type of index fund that is bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A Portfolio may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although the lack of liquidity in an ETF could result in it being more volatile than the underlying securities, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant underlying securities. Additionally, an ETF has fees and expenses that increase the cost of investing in the ETF versus the costs of owning the underlying securities directly.
Illiquid Investments – Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees ("Board") has approved the designation of the Adviser to administer the Trust's liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers).
These investments will be valued at their fair market value as determined using the valuation procedures approved by the Board. The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Global Atlantic Investment Advisors, LLC (the "Adviser") and/or Sub-Adviser. The Fair Value Committee at its discretion may also include a representative from the Administrator and third party consultants or advisers (such as an accounting firm or fair
133
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The Board reviews and approves the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.
Fair Value Committee and Valuation Process – The Fair Value Committee is composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Adviser and/or Sub-adviser. The Fair Value Committee at its discretion may also include a representative from the Administrator and third party consultants or advisers (such as an accounting firm or fair value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are not readily available on a particular business day (including without limitation securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the opinion of the Adviser or relevant Sub-Adviser, the prices or values available do not represent the fair value of the instrument (factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: the availability of only a bid price or an ask price; the spread between bid and ask prices; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets or regulators, such as the suspension or limitation of trading); (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") subsequent to the determination of the closing price reported on the principal exchange on which the securities are traded, but prior to the relevant Portfolio's calculation of its net asset value ("NAV"); and (v) mutual funds that do not provide timely NAV information. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser or Sub-Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of restricted or illiquid securities using certain factors, such as, but not limited to: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security's embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.
Each Portfolio utilizes various methods to measure the fair value of all of its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolio has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolio's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that
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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 June 30, 2020 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 | $ | 75,081,695 | $ | - | $ | - | $ | 75,081,695 | |||||||||||
Short-Term Investments | 72,885 | - | - | 72,885 | |||||||||||||||
Total | $ | 75,154,580 | $ | - | $ | - | $ | 75,154,580 |
Global Atlantic BlackRock Disciplined Core Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 17,194,872 | $ | - | $ | - | $ | 17,194,872 | |||||||||||
Rights | 2,997 | - | - | 2,997 | |||||||||||||||
Short-Term Investments | 911,948 | - | - | 911,948 | |||||||||||||||
Futures Contracts * | 5,273 | - | - | 5,273 | |||||||||||||||
Total | $ | 18,115,090 | $ | - | $ | - | $ | 18,115,090 |
Global Atlantic BlackRock Disciplined Growth Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 17,194,872 | $ | - | $ | - | $ | 17,194,872 | |||||||||||
Rights | 2,997 | - | - | 2,997 | |||||||||||||||
Short-Term Investments | 911,948 | - | - | 911,948 | |||||||||||||||
Futures Contracts * | 5,273 | - | - | 5,273 | |||||||||||||||
Total | $ | 18,115,090 | $ | - | $ | - | $ | 18,115,090 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 113,504,853 | $ | 41,242 | $ | - | $ | 113,546,095 | |||||||||||
Exchange Traded Funds | 7,690,981 | - | - | 7,690,981 | |||||||||||||||
Rights | 14,293 | - | - | 14,293 | |||||||||||||||
Short-Term Investments | 2,467,357 | - | - | 2,467,357 | |||||||||||||||
Futures Contracts * | 55,771 | - | - | 55,771 | |||||||||||||||
Total | $ | 123,733,255 | $ | 41,242 | $ | - | $ | 123,774,497 |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 179,686,340 | $ | - | $ | - | $ | 179,686,340 | |||||||||||
Short-Term Investments | 4,785,751 | - | - | 4,785,751 | |||||||||||||||
Futures Contracts * | 102,865 | - | - | 102,865 | |||||||||||||||
Total | $ | 184,574,956 | $ | - | $ | - | $ | 184,574,956 |
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Global Atlantic BlackRock Disciplined Small Cap Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 14,264,885 | $ | 28,420 | $ | - | $ | 14,293,305 | |||||||||||
Rights | - | 1,105 | - | 1,105 | |||||||||||||||
Warrants | - | 0 | - | - | |||||||||||||||
Short-Term Investments | 474,350 | - | - | 474,350 | |||||||||||||||
Futures Contracts * | 12,884 | - | - | 12,884 | |||||||||||||||
Total | $ | 14,752,119 | $ | 29,525 | $ | - | $ | 14,781,644 |
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 22,521,854 | $ | - | $ | - | $ | 22,521,854 | |||||||||||
Rights | 2,442 | - | - | 2,442 | |||||||||||||||
Short-Term Investments | 657,990 | - | - | 657,990 | |||||||||||||||
Futures Contracts * | 8,698 | - | - | 8,698 | |||||||||||||||
Total | $ | 23,190,984 | $ | - | $ | - | $ | 23,190,984 |
Global Atlantic BlackRock Disciplined Value Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 212,788,500 | $ | - | $ | - | $ | 212,788,500 | |||||||||||
Short-Term Investments | 6,313,068 | - | - | 6,313,068 | |||||||||||||||
Futures Contracts * | 144,963 | - | - | 144,963 | |||||||||||||||
Total | $ | 219,246,531 | $ | - | $ | - | $ | 219,246,531 |
Global Atlantic BlackRock High Yield Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Corporate Bonds & Notes | $ | - | $ | 61,689,323 | $ | - | $ | 61,689,323 | |||||||||||
Short-Term Investments | 273,779 | - | - | 273,779 | |||||||||||||||
Futures Contracts * | 289 | - | - | 289 | |||||||||||||||
Total | $ | 274,068 | $ | 61,689,323 | $ | - | $ | 61,963,391 | |||||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Futures Contracts * | $ | 794 | $ | - | $ | - | $ | 794 | |||||||||||
Total | $ | 794 | $ | - | $ | - | $ | 794 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Agency Mortgage Backed Securities | $ | - | $ | 37,686,427 | $ | - | $ | 37,686,427 | |||||||||||
Corporate Bonds & Notes | - | 43,520,892 | - | 43,520,892 | |||||||||||||||
Asset Backed and Commercial Backed Securities | - | 6,144,730 | - | 6,144,730 | |||||||||||||||
Municipal Bonds | - | 1,508,174 | - | 1,508,174 | |||||||||||||||
Sovereign Debts | - | 1,489,105 | - | 1,489,105 | |||||||||||||||
Short-Term Investments | 21,767,770 | - | - | 21,767,770 | |||||||||||||||
Futures Contracts * | 40,548 | - | - | 40,548 | |||||||||||||||
Swap Contracts * | - | 62,663 | - | 62,663 | |||||||||||||||
Swaptions purchased | - | - | - | - | |||||||||||||||
Forward Foreign Exchange Contracts * | - | 66,010 | - | 66,010 | |||||||||||||||
Total | $ | 21,808,318 | $ | 90,478,001 | $ | - | $ | 112,286,319 |
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June 30, 2020
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Futures Contracts * | $ | 15,576 | $ | - | $ | - | $ | 15,576 | |||||||||||
Securities Sold | - | - | - | - | |||||||||||||||
Swap Contracts * | - | 131,448 | - | 131,448 | |||||||||||||||
Swaptions | - | - | - | - | |||||||||||||||
Swaptions written | - | 31,083 | - | 31,083 | |||||||||||||||
Forward Foreign Exchange Contracts * | - | 65,973 | - | 65,973 | |||||||||||||||
Total | $ | 15,576 | $ | 228,504 | $ | - | $ | 244,080 |
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 23,895,915 | $ | - | $ | - | $ | 23,895,915 | |||||||||||
Rights | - | 3,205 | - | 3,205 | |||||||||||||||
Short-Term Investments | 2,660 | - | - | 2,660 | |||||||||||||||
Total | $ | 23,898,575 | $ | 3,205 | $ | - | $ | 23,901,780 |
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 86,274,586 | $ | - | $ | - | $ | 86,274,586 | |||||||||||
Short-Term Investments | 586,268 | - | - | 586,268 | |||||||||||||||
Total | $ | 86,860,854 | $ | - | $ | - | $ | 86,860,854 |
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | $ | 95,072,440 | $ | - | $ | - | $ | 95,072,440 | |||||||||||
Short-Term Investments | 750,156 | - | - | 750,156 | |||||||||||||||
Total | $ | 95,822,596 | $ | - | $ | - | $ | 95,822,596 |
* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
The Portfolios did not hold any Level 3 securities during the period.
Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and Distributions to Shareholders – Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on ex-date and are determined in accordance with Federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.
Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios maintain deposits with a financial institution which are generally an amount that is in excess of federally insured limits. The Portfolios have not experienced any losses on their accounts.
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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 2017 and 2018 tax returns, or is expected to be taken in each Portfolio's December 31, 2019 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
Foreign Currency Translation – The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investments.
Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.
For the six months ended June 30, 2020, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:
Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | ||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | - | $ | - | |||||||
Global Atlantic BlackRock Disciplined Core Portfolio | - | - | |||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | - | - | |||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | (10 | ) | - | ||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | |||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | - | - | |||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | - | - | |||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | - | |||||||||
Global Atlantic BlackRock High Yield Portfolio | - | - | |||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 57,252 | 76,597 | |||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | (147 | ) | - | ||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | - | - | |||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | - | - |
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June 30, 2020
Options Transactions – Certain Portfolios are subject to equity price risk, interest rate risk and foreign currency risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.
A Portfolio may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or securities indices, including ETFs, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A call option for a particular security gives the purchaser of the option, in return for a premium, the right, but not the obligation, to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option for American options or only at expiration for European options, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right, but not the obligation, to sell the security at the stated exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.
Securities index options are put options and call options on various securities indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the securities index and the exercise price of the option expressed in dollars times a specified multiple. A securities index fluctuates with changes in the market value of the stocks included in the index.
The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, but not the obligation, to buy in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.
For the six months ended June 30, 2020, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on options contracts, as disclosed in the Statements of Operations, is as follows:
Risk Type | Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | - | $ | - | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock High Yield Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | - | (4,909 | ) | |||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | - | - |
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Futures Contracts – The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may sell futures contracts to hedge against market risk, foreign currency exchange rate risks, and to reduce return volatility. Futures are standardized, exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Portfolios may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Portfolios' volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Portfolio's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio's basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Portfolio segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
For the six months ended June 30, 2020, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts, as disclosed in the Statements of Operations, is as follows:
Risk Type | Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | - | $ | - | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | Equity | 853,061 | 203,725 | ||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | 15,950 | 645 | ||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | (412,419 | ) | 47,727 | |||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | 272,843 | 67,435 | ||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | Equity | (10,800 | ) | 7,792 | |||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | Equity | 44,056 | 455 | ||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | Equity | 312,237 | 91,025 | ||||||||||||
Global Atlantic BlackRock High Yield Portfolio | Interest Rate | (7,710 | ) | 9,268 | |||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | 1,799,898 | 208,050 | ||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | - | - |
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
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June 30, 2020
risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller's commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.
The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Portfolio amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. A Portfolio segregates cash or liquid securities having a value at least equal to the amount of its current obligation under any swap transaction. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Portfolio's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract's remaining life, to be the extent that amount is positive.
Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.
The Portfolios use cash and certain securities as collateral to swap agreements as indicated on the Portfolio of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Portfolios. If the counterparty defaults, a Portfolio may seek return of this collateral and incur certain costs exercising their rights to the collateral.
For the six months ended June 30, 2020, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements, as disclosed in the Statements of Operations, is as follows:
Risk Type | Realized Gain/(Loss) | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | - | $ | - | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | - | |||||||||||||
Global Atlantic BlackRock High Yield Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | 143,713 | (22,146 | ) | |||||||||||
Credit | (55,896 | ) | (67,544 | ) | |||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | - | - | |||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | - | - |
141
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities – The following tables present certain of the Portfolios' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2020.
Global Atlantic BlackRock Disciplined Core Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 327,544 | $ | - | $ | 327,544 | $ | - | $ | 327,544 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 327,544 | $ | - | $ | 327,544 | $ | - | $ | 327,544 | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic BlackRock Disciplined Growth Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 5,273 | $ | - | $ | 5,273 | $ | - | $ | 5,273 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 5,273 | $ | - | $ | 5,273 | $ | - | $ | 5,273 | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic BlackRock Disciplined International Core Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 55,771 | $ | - | $ | 55,771 | $ | - | $ | 55,771 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Total | $ | 55,771 | $ | - | $ | 55,771 | $ | - | $ | 55,771 | $ | - | $ | - | $ | - | $ | - | $ | - |
(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.
142
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 102,865 | $ | - | $ | 102,865 | $ | $ | 102,865 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Total | $ | 102,865 | $ | - | $ | 102,865 | $ | - | $ | 102,865 | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 12,884 | $ | - | $ | 12,884 | $ | $ | 12,884 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Total | $ | 12,884 | $ | - | $ | 12,884 | $ | - | $ | 12,884 | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 8,698 | $ | - | $ | 8,698 | $ | $ | 8,698 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Total | $ | 8,698 | $ | - | $ | 8,698 | $ | - | $ | 8,698 | $ | - | $ | - | $ | - | $ | - | $ | - |
(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.
143
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Global Atlantic BlackRock Disciplined Value Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 144,963 | $ | - | $ | 144,963 | $ | $ | 144,963 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Total | $ | 144,963 | $ | - | $ | 144,963 | $ | - | $ | 144,963 | $ | - | $ | - | $ | - | $ | - | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic BlackRock High Yield Portfolio
Broker | Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | |||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 289 | $ | (289 | ) | $ | - | $ | - | $ | - | $ | (794 | ) | $ | 289 | $ | (505 | ) | $ | 505 | $ | - | ||||||||||||||||||||
Total | $ | 289 | $ | (289 | ) | $ | - | $ | - | $ | - | $ | (794 | ) | $ | 289 | $ | (505 | ) | $ | 505 | $ | - |
(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.
(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Gross Amounts of Recognized Assets (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Assets Presented in the Statements of Assets & Liabilities | Collateral Received (2) | Net Amount of Recognized Assets | Gross Amounts of Recognized Liabilities (1) | Financial Instruments and Derivatives Available for Offset | Net Amount of Liabilities Presented in the Statements of Assets & Liabilities | Collateral Pledged (2) | Net Amount of Recognized Liabilities | ||||||||||||||||||||||||||||||||||
Bank of America | $ | 5,363 | $ | (1,556 | ) | $ | 3,807 | $ | - | $ | 3,807 | $ | (1,556 | ) | $ | 1,556 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Credit Suisse First Boston | 102,702 | (102,702 | ) | - | - | - | (147,740 | ) | 102,702 | (45,038 | ) | 45,038 | - | ||||||||||||||||||||||||||||||
JP Morgan Chase Bank | 2,104 | (2,104 | ) | - | - | - | (3,888 | ) | 2,104 | (1,784 | ) | 1,784 | |||||||||||||||||||||||||||||||
Securities, LLC Morgan Stanley | 66,010 | (65,973 | ) | 37 | - | 37 | (65,973 | ) | 65,973 | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 176,179 | $ | (172,335 | ) | $ | 3,844 | $ | - | $ | 3,844 | $ | (219,157 | ) | $ | 172,335 | $ | (46,822 | ) | $ | 46,822 | $ | - |
(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.
144
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Impact of Derivatives on the Statements of Assets and Liabilities – The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of June 30, 2020:
Global Atlantic BlackRock Disciplined Core Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 327,544 | $ | 327,544 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 327,544 | $ | 327,544 |
Global Atlantic BlackRock Disciplined Growth Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 5,273 | $ | 5,273 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 5,273 | $ | 5,273 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 55,771 | $ | 55,771 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 55,771 | $ | 55,771 |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 102,865 | $ | 102,865 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 102,865 | $ | 102,865 |
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 12,884 | $ | 12,884 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 12,884 | $ | 12,884 |
145
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 8,698 | $ | 8,698 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 8,698 | $ | 8,698 |
Global Atlantic BlackRock Disciplined Value Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | 144,963 | $ | 144,963 | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | 144,963 | $ | 144,963 |
Global Atlantic BlackRock High Yield Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | - | $ | - | $ | - | $ | - | |||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | (505 | ) | (505 | ) | |||||||||||||
Total | $ | - | $ | - | $ | (505 | ) | $ | (505 | ) |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Interest Rate Contracts | Credit Contracts | Equity | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Unrealized appreciation on Futures Contracts | $ | 24,972 | $ | - | $ | - | $ | 24,972 | |||||||||||
Unrealized appreciation on Swap Contracts | - | - | - | - | |||||||||||||||
Unrealized appreciation on Swaptions | - | - | - | - | |||||||||||||||
Unrealized appreciation on Forward Foreign Exchange Contracts | 37 | - | - | 37 | |||||||||||||||
Liabilities | |||||||||||||||||||
Unrealized depreciation on Futures Contracts | - | - | - | - | |||||||||||||||
Unrealized depreciation on Swap Contracts | (28,586 | ) | (40,199 | ) | - | (68,785 | ) | ||||||||||||
Unrealized depreciation on Forward Foreign Exchange Contracts | - | - | - | - | |||||||||||||||
Total | $ | (3,577 | ) | $ | (40,199 | ) | $ | - | $ | (43,776 | ) |
The notional value of the derivative instruments outstanding as of June 30, 2020, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.
146
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Short Sales – A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Portfolio; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.
When a Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.
If the price of the security sold short increases between the time of the short sale and the time a Portfolio covers its short position, the Portfolio will incur a loss; conversely, if the price declines, the Portfolio will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.
To the extent a Portfolio sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A Portfolio does not intend to enter into short sales (other than short sales "against the box") if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 10% of the value of the Portfolio's net assets. This percentage may be varied by action of the Board of Trustees. A short sale is "against the box" to the extent a Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.
When-Issued and Delayed-Delivery Transactions – The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Real Estate Investment Trusts – Certain Portfolios may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.
Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio estimates the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.
Mortgage Dollar Roll Transactions – A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolio to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.
147
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Expenses – Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.
3. INVESTMENT TRANSACTIONS
For the six months ended June 30, 2020, 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 | $ | 49,373,804 | $ | 54,966,962 | |||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 305,599,913 | 345,779,867 | |||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 11,910,576 | 13,778,058 | |||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 87,788,942 | 92,659,389 | |||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 139,932,768 | 157,981,094 | |||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 3,394,641 | 4,774,820 | |||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 15,674,978 | 17,781,022 | |||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 144,692,676 | 160,248,504 | |||||||||
Global Atlantic BlackRock High Yield Portfolio | 15,349,077 | 19,378,000 | |||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 275,713,358 | 314,285,904 | |||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 22,411,444 | 24,900,418 | |||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 93,118,133 | 100,118,347 | |||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 132,660,984 | 138,096,161 |
4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES
The Adviser serves as the Portfolios' investment adviser. The Adviser has engaged the following sub-advisers for the Portfolios:
Portfolio | Sub-Adviser | ||||||
Global Atlantic BlackRock Allocation Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic BlackRock High Yield Portfolio | BlackRock Investment Management, LLC | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Goldman Sachs Asset Management, L.P. | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | Goldman Sachs Asset Management, L.P. | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | Goldman Sachs Asset Management, L.P. | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | Goldman Sachs Asset Management, L.P. |
148
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios. BNY Mellon Investment Servicing (US) Inc. serves as the Transfer Agent for the Portfolios. The Bank of New York Mellon and BNY Mellon Investment Servicing (US) Inc. are collectively known as BNYM ("BNYM").
Pursuant to an Investment Advisory Agreement with the Trust, on behalf of the Portfolios, the Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Portfolios pay the Adviser an advisory fee, computed on average daily net assets and accrued daily and paid monthly.
The following chart details the annual advisory fee for each Portfolio.
Portfolio | Advisory Fee* | ||||||
Global Atlantic BlackRock Allocation Portfolio | 0.22% on first $1 billion | ||||||
0.21% on next $1 billion | |||||||
0.20% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.39% on first $1 billion | ||||||
0.37% on next $1 billion | |||||||
0.35% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 0.45% on first $1 billion | ||||||
0.43% on next $1 billion | |||||||
0.41% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.60% on first $1 billion | ||||||
0.58% on next $1 billion | |||||||
0.56% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.55% on first $1 billion | ||||||
0.53% on next $1 billion | |||||||
0.51% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.54% on first $1 billion | ||||||
0.52% on next $1 billion | |||||||
0.50% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.39% on first $1 billion | ||||||
0.37% on next $1 billion | |||||||
0.35% over $2 billion | |||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.45% on first $1 billion | ||||||
0.43% on next $1 billion | |||||||
0.41% over $2 billion | |||||||
Global Atlantic BlackRock High Yield Portfolio | 0.50% on first $1 billion | ||||||
0.48% on next $1 billion | |||||||
0.46% over $2 billion | |||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.34% on first $250 million | ||||||
0.32% on next $250 million | |||||||
0.26% over $500 million | |||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.63% on first $250 million | ||||||
0.61% on next $250 million | |||||||
0.58% on next $500 million | |||||||
0.55% over $1 billion | |||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.37% on first $250 million | ||||||
0.35% on next $250 million | |||||||
0.34% on next $500 million | |||||||
0.32% over $1 billion | |||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.55% on first $250 million | ||||||
0.53% on next $250 million | |||||||
0.51% on next $500 million | |||||||
0.48% over $1 billion |
* Calculated daily based on the average daily net assets.
149
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
With respect to each Portfolio, the Adviser has contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.
Portfolio | Class I | Class II | Expiration Date | ||||||||||||
Global Atlantic BlackRock Allocation Portfolio | 0.31 | % | 0.56 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.48 | % | 0.73 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 0.79 | % | April 30, 2021 | ||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.69 | % | 0.94 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.63 | % | 0.88 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.63 | % | 0.88 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.48 | % | 0.73 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.54 | % | 0.79 | % | April 30, 2021 | ||||||||||
Global Atlantic BlackRock High Yield Portfolio | 0.59 | % | 0.84 | % | April 30, 2021 | ||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.43 | % | April 30, 2021 | ||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.72 | % | 0.97 | % | April 30, 2021 | ||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.46 | % | 0.71 | % | April 30, 2021 | ||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.64 | % | 0.89 | % | April 30, 2021 |
For six months ended June 30, 2020, the Adviser waived fees as follows:
Waiver | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 9,132 | |||||
Global Atlantic BlackRock Disciplined Core Portfolio | 63,422 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 4,197 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 65,583 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 32,512 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 3,164 | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 5,181 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 33,553 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 8,694 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 14,323 | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 20,993 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 11,626 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 16,150 |
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.
150
Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
The Adviser may recapture the following amounts by the following dates:
December 31, 2020 | December 31, 2021 | December 31, 2022 | December 31, 2023 | ||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 853 | $ | 8,542 | $ | 19,679 | $ | 9,132 | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | - | 50,540 | 93,032 | 63,422 | |||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 310 | 3,754 | 10,039 | 4,197 | |||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 190 | 9,810 | 48,584 | 65,583 | |||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 1,748 | 35,853 | 55,910 | 32,512 | |||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 119 | 3,138 | 10,872 | 3,164 | |||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 307 | 3,915 | 10,817 | 5,181 | |||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | 25,935 | 49,384 | 33,553 | |||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 191 | 8,365 | 22,317 | 8,694 | |||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 378 | 9,926 | 26,065 | 14,323 | |||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 225 | 4,573 | 14,959 | 20,993 | |||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 1,279 | 9,822 | 20,779 | 11,626 | |||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | - | 12,865 | 27,176 | 16,150 |
On May 23, 2017, the U.S. Securities and Exchange Commission ("SEC") granted an order allowing Commonwealth Annuity and Life Insurance Company ("Commonwealth") to substitute certain variable investment options in which subaccounts of its Separate Accounts invest with the Portfolios included in this report.
As a condition of this order, the SEC required that Commonwealth or an affiliate thereof (other than the Trust) pay all expenses and transaction costs of the substitutions, including legal and accounting expenses, any applicable brokerage expenses and other fees and expenses so that no fees or charges were assessed to the affected contract owners to effect the substitutions. There were no substitution-related expenses for the six months ended June 30, 2020.
The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio's Class II shares and, for the six months ended June 30, 2020, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.
For the six months ended June 30, 2020, the Portfolios expensed the following distribution fees:
Fees Paid | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 17,900 | |||||
Global Atlantic BlackRock Disciplined Core Portfolio | 39,999 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 21,331 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 45,263 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 58,040 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 8,834 | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 4,169 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 7,909 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 986 |
151
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Fees Paid | |||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | - | |||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 14,035 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 4,888 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 79,278 |
For the six months ended June 30, 2020, the Trustees received fees in the amounts as follows:
Fees Received | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 3,355 | |||||
Global Atlantic BlackRock Disciplined Core Portfolio | 22,992 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 730 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 5,696 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 7,560 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 675 | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 1,011 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 10,403 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 2,902 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 3,955 | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 1,096 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 3,477 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 4,647 |
5. CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2020, Commonwealth Annuity and Life Insurance Company owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.
Shareholder Concentration Risk – Commonwealth Annuity and Life Insurance Company, certain accounts, or the Adviser's affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Portfolio's shares. Redemptions by these entities of their holdings in a Portfolio may impact the Portfolio's liquidity and NAV. These redemptions may also force a Portfolio to sell securities.
6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS
As of December 31, 2019, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 74,885,399 | $ | 7,362,976 | $ | (190,229 | ) | $ | 7,172,747 | ||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 498,984,831 | 88,200,697 | (5,055,946 | ) | 83,144,751 | ||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 14,589,173 | 3,615,036 | (141,097 | ) | 3,473,939 | ||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 137,433,887 | 15,215,454 | (8,205,236 | ) | 7,010,218 | ||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 160,867,250 | 33,954,170 | (3,176,930 | ) | 30,777,240 | ||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 16,994,360 | 3,214,678 | (1,713,933 | ) | 1,500,745 | ||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 22,275,002 | 3,865,844 | (222,975 | ) | 3,642,869 | ||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 247,119,510 | 30,504,530 | (4,154,663 | ) | 26,349,867 | ||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 68,354,713 | 2,641,557 | (360,410 | ) | 2,281,147 | ||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 104,628,073 | 2,743,736 | (102,149 | ) | 2,641,587 |
152
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | $ | 25,724,560 | $ | 3,101,103 | $ | (309,922 | ) | $ | 2,791,181 | ||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 72,900,886 | 14,873,804 | (624,328 | ) | 14,249,476 | ||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 119,337,430 | 11,800,763 | (2,363,876 | ) | 9,436,887 |
7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL
The tax character of fund distributions paid for the periods ended December 31, 2019 and 2018 were as follows:
For fiscal year ended 12/31/19 | Ordinary Income | Long-Term Capital Gains | Short-Term Capital Gains | Return of Capital | Total | ||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 1,579,777 | $ | - | $ | - | $ | - | $ | 1,579,777 | |||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 8,622,370 | - | - | 8,622,370 | |||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 601,045 | 30,435 | - | - | 631,480 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 3,595,113 | - | - | - | 3,595,113 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 749,059 | 387,327 | - | - | 1,136,386 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 571,080 | - | - | - | 571,080 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 564,891 | - | - | - | 564,891 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 5,750,591 | - | - | - | 5,750,591 | ||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 4,220,855 | - | - | - | 4,220,855 | ||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2,193,008 | - | - | 2,193,008 | |||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 369,107 | - | - | - | 369,107 | ||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 2,090,635 | 31,397 | - | - | 2,122,032 | ||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 2,671,957 | - | - | - | 2,671,957 |
For fiscal year ended 12/31/2018 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 361,277 | $ | - | $ | - | $ | 361,277 | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 7,952,766 | 308,649 | - | 8,261,415 | |||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 263,078 | 20,035 | - | 283,113 | |||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 3,135,099 | - | - | 3,135,099 | |||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 2,025,737 | 99,342 | - | 2,125,079 | |||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 93,096 | 11,425 | - | 104,521 | |||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 498,157 | 22,695 | - | 520,852 | |||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 5,978,801 | 294,412 | - | 6,273,213 | |||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 476,776 | 6,251 | - | 483,027 | |||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 47,084 | - | - | 47,084 |
153
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
For fiscal year ended 12/31/2018 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | $ | 362,130 | $ | 44,780 | $ | - | $ | 406,910 | |||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 1,222,604 | 2,517 | - | 1,225,121 | |||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 1,136,829 | 21,023 | - | 1,157,852 |
As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Post-October Loss and Late Year Loss | Capital Loss Carryforward | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Defecits) | ||||||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 3,579,222 | $ | 1,532 | $ | $ | $ | 7,172,747 | $ | 10,753,501 | |||||||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 12,179,153 | 14,127,034 | 83,144,865 | 109,451,052 | |||||||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 491,187 | 504,138 | - | - | 3,473,939 | 4,469,264 | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 950,951 | - | - | (10,499,672 | ) | 7,053,197 | (2,495,524 | ) | |||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 5,393,919 | 9,302,015 | - | - | 30,777,240 | 45,473,174 | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 358,300 | 545,004 | - | - | 1,500,745 | 2,404,049 | |||||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 727,601 | 438,963 | 3,642,868 | 4,809,432 | |||||||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 5,047,769 | 6,221,667 | - | - | 26,349,867 | 37,619,303 | |||||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 3,704,548 | - | - | (4,026,490 | ) | 2,281,147 | 1,959,205 | ||||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2,815,497 | 1,397,176 | - | - | 2,605,069 | 6,817,742 | |||||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 76,334 | - | - | (645,025 | ) | 2,791,680 | 2,222,989 | ||||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 2,522,422 | 2,292,576 | - | - | 14,249,476 | 19,064,474 | |||||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 832,113 | - | - | (2,776,644 | ) | 9,436,887 | 7,492,356 |
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, return of capital distributions from C-Corporations and 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 $114, $49,220, $(871) and $499 for Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic Goldman Sachs Core Fixed Income Portfolio, and Global Atlantic Goldman Sachs Global Equity Insights Portfolio, respectively.
At December 31, 2019, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:
Non-Expiring Short-Term | Non-Expiring Long-Term | Total | |||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | - | $ | - | $ | - | |||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | (5,011,255 | ) | (5,488,417 | ) | (10,499,672 | ) | |||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | - | - | - | ||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | - | - | - |
154
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Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
Non-Expiring Short-Term | Non-Expiring Long-Term | Total | |||||||||||||
Global Atlantic BlackRock High Yield Portfolio | $ | (2,239,915 | ) | $ | (1,786,575 | ) | $ | (4,026,490 | ) | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | - | - | - | ||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | (645,025 | ) | - | (645,025 | ) | ||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | - | - | - | ||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | (2,317,720 | ) | (458,924 | ) | (2,776,644 | ) |
8. NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. The Portfolios will consider this optional guidance prospectively, if applicable.
9. OTHER RISKS
The Portfolios' risks include, but are not limited to, the following:
Credit Risk – There is a risk that security issuers will not make interest and/or principal payments on their securities. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality will lead to greater volatility in the price of a security and in shares of a Portfolio or an underlying fund. Lower credit quality also will affect liquidity and make it difficult to sell the security. This means that, compared to issuers of higher rated securities, issuers of lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. Default, or the market's perception that an issuer is likely to default, tends to reduce the value and liquidity of fixed income securities, thereby reducing the value of your investment in Portfolio shares. In addition, default may cause a Portfolio to directly or indirectly incur expenses in seeking recovery of principal or interest.
A Portfolio could lose money on a debt security if an issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. A Portfolio may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Sub-Adviser or the rating agencies than such securities actually do.
Derivatives Risk – The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio's use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of many standardized over-the-counter ("OTC") derivative instruments deemed to be "swaps." The Commodity Futures Trading Commission ("CFTC") has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that are being implemented on a phase-in basis. The regulation of the derivatives markets has increased over the past several years, and there can be no 'assurance that any new governmental regulation will not adversely affect a Portfolio's ability to achieve its investment result.
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
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.
A Portfolio may experience a substantial or complete loss on any individual security. Since the global financial crisis that began in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in slower growth and an unusually high degree of volatility in the financial markets, both domestic and foreign. Changes in the U.S. and governmental market support activities implemented since the financial crisis could negatively affect the markets generally and increase market volatility. This could reduce the value and liquidity of the securities in which a Portfolio invests and make identifying investment risks and opportunities especially difficult.
Policy and legislative changes in the U.S. and abroad affect many aspects of financial regulation and may, in some cases, contribute to decreased liquidity and increased volatility in the financial markets. Economies and financial markets around the world are becoming increasingly interconnected. As a result, whether or not a Portfolio has exposure to securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.
In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets. The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.
Quantitative Investing Risk – Investments selected using quantitative analysis or "models" may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.
Other Recent Developments.
Ongoing concerns regarding the economies of certain countries in Europe, as well as the possibility that one or more countries could leave the European Union (the "EU"), create risks for investing in the European markets. These risks may be heightened due to the June 2016 referendum in which the United Kingdom ("UK") voted to exit the EU (commonly known as "Brexit"). On January 31, 2020, the UK withdrew from the European EU. This commenced a transition period
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
during which EU law will continue to apply in the UK and the future of the EU – UK trade relationship will be formally negotiated. The transition period is expected to last until December 31, 2020, but may be extended. There is a significant degree of uncertainty about the UK's post-transition framework, particularly with respect to the arrangements that will apply to its relationships with the EU and with other countries. 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, as well as significant economic, legal and political uncertainty as the UK navigates its exit from the EU.
In 2017, the United Kingdom's Financial Conduct Authority warned that LIBOR may cease to be available or appropriate for use after 2021. 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 recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread 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, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.
10. BOARD REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM
To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments, and periodic reporting to the Trust's Board of Trustees (the "Board"). Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.
The Board approved the appointment of the FVIT Liquidity Risk Management Program Committee (the "Committee") as the Program Administrator of the LRMP for the Trust on November 12, 2018 and the Trust's LRMP on February 12, 2019. The Committee is comprised of the Trust's Chief Compliance Officer and other officers of the Trust and the Adviser. At the Board's regular meeting on May 12, 2020, the Trust's Chief Compliance Officer provided a report to the Board (the "Report") on the operation and effectiveness of the LRMP for the period December 1, 2018 through March 31, 2020 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Portfolios' investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of portfolio investments, the Adviser utilizes a third party provider of liquidity monitoring services.
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Global Atlantic Portfolios
Notes to Financial Statements (Unaudited) (Continued)
June 30, 2020
The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Portfolios' liquidity risks for the Reporting Period. The Report stated that during this period, each Portfolio held no less than 50% of its total net assets in highly liquid investments. Because each Portfolio consisted primarily of highly liquid investments that exceeded the 50% SEC threshold for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Portfolios, and each Portfolio was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.
11. SUBSEQUENT EVENTS
On July 8, 2020, KKR & Co. Inc. ("KKR") and Global Atlantic Financial Group Limited ("Global Atlantic") announced a strategic transaction whereby KKR will acquire all of the outstanding shares of Global Atlantic (the "Transaction"). Global Atlantic Investment Advisors, LLC and Global Atlantic Distributors, LLC are indirect, wholly-owned subsidiaries of Global Atlantic. The Transaction is expected to close in early 2021, subject to receipt of regulatory approvals and satisfaction of other closing conditions.
Under the 1940 Act, the closing of the Transaction will result in the automatic termination of: (i) the investment advisory agreement between the Adviser and the Trust on behalf of Portfolios; (ii) the sub-advisory agreements between the Adviser, the sub-advisers and the Trust on behalf of the Portfolios; and (iii) the underwriting agreement between the Distributor and the Trust on behalf of the Portfolios. Accordingly, prior to such closing, the Trust will be required to enter into new agreements with each of the Adviser, sub-advisers and Distributor to be effective upon the closing of the Transaction. The new agreements are subject to the approval of the Board. If approved by the Board, shareholders of the Portfolios as of a record date to be determined by the Board will be asked to approve the new investment advisory agreement at a special meeting of shareholders expected to be held in the fourth quarter of 2020 through a proxy solicitation that will describe the Transaction in greater detail.
158
Global Atlantic Portfolios
Expense Examples
June 30, 2020 (Unaudited)
As a shareholder of the Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020.
Actual Expenses
The "Actual" expenses set of columns in the table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The "Hypothetical" expenses set of columns in the table below provides information about hypothetical account values and hypothetical expenses based on each Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example for a specific Portfolio with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees or other expenses charged by your insurance contract or separate account. Therefore, the Hypothetical columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||
Class | Portfolio's Annualized Expense Ratio | Beginning Account Value 1-1-20 | Ending Account Value 6-30-20 | Expenses Paid During Period* | Ending Account Value 6-30-20 | Expenses Paid During Period* | |||||||||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | I | 0.31 | % | $ | 1,000 | $ | 993.90 | $ | 1.54 | $ | 1,023.32 | $ | 1.56 | ||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | II | 0.56 | % | $ | 1,000 | $ | 992.10 | $ | 2.77 | $ | 1,022.08 | $ | 2.82 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | I | 0.48 | % | $ | 1,000 | $ | 983.80 | $ | 2.37 | $ | 1,022.48 | $ | 2.41 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | II | 0.73 | % | $ | 1,000 | $ | 983.00 | $ | 3.60 | $ | 1,021.23 | $ | 3.67 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | II | 0.79 | % | $ | 1,000 | $ | 1,087.70 | $ | 4.10 | $ | 1,020.93 | $ | 3.97 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | I | 0.69 | % | $ | 1,000 | $ | 884.80 | $ | 3.23 | $ | 1,021.43 | $ | 3.47 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | II | 0.94 | % | $ | 1,000 | $ | 883.60 | $ | 4.40 | $ | 1,020.19 | $ | 4.72 |
* Expenses are equal to the Porfolio's annualized expense ratio, multiplied by the number of days in the period (182) divided by the number of days in the fiscal year (366).
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Global Atlantic Portfolios
Expense Examples (Continued)
June 30, 2020 (Unaudited)
Actual | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||
Class | Portfolio's Annualized Expense Ratio | Beginning Account Value 1-1-20 | Ending Account Value 6-30-20 | Expenses Paid During Period* | Ending Account Value 6-30-20 | Expenses Paid During Period* | |||||||||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | I | 0.63 | % | $ | 1,000 | $ | 1,053.60 | $ | 3.22 | $ | 1,021.73 | $ | 3.17 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | II | 0.88 | % | $ | 1,000 | $ | 1,051.30 | $ | 4.49 | $ | 1,020.49 | $ | 4.42 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | I | 0.63 | % | $ | 1,000 | $ | 869.70 | $ | 2.93 | $ | 1,021.73 | $ | 3.17 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | II | 0.88 | % | $ | 1,000 | $ | 868.70 | $ | 4.09 | $ | 1,020.49 | $ | 4.42 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | I | 0.48 | % | $ | 1,000 | $ | 982.00 | $ | 2.37 | $ | 1,022.48 | $ | 2.41 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | II | 0.73 | % | $ | 1,000 | $ | 979.50 | $ | 3.59 | $ | 1,021.23 | $ | 3.67 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | I | 0.54 | % | $ | 1,000 | $ | 854.90 | $ | 2.49 | $ | 1,022.18 | $ | 2.72 | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | II | 0.79 | % | $ | 1,000 | $ | 853.30 | $ | 3.64 | $ | 1,020.93 | $ | 3.97 | ||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | I | 0.59 | % | $ | 1,000 | $ | 962.80 | $ | 2.88 | $ | 1,021.93 | $ | 2.97 | ||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | II | 0.84 | % | $ | 1,000 | $ | 961.70 | $ | 4.10 | $ | 1,020.69 | $ | 4.22 | ||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | I | 0.43 | % | $ | 1,000 | $ | 1,069.80 | $ | 2.21 | $ | 1,022.73 | $ | 2.16 | ||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | I | 0.72 | % | $ | 1,000 | $ | 934.60 | $ | 3.46 | $ | 1,021.28 | $ | 3.62 | ||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | II | 0.97 | % | $ | 1,000 | $ | 933.60 | $ | 4.66 | $ | 1,020.04 | $ | 4.87 | ||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | I | 0.46 | % | $ | 1,000 | $ | 1,080.10 | $ | 2.38 | $ | 1,022.58 | $ | 2.31 | ||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | II | 0.71 | % | $ | 1,000 | $ | 1,079.50 | $ | 3.67 | $ | 1,021.33 | $ | 3.57 | ||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | I | 0.64 | % | $ | 1,000 | $ | 788.40 | $ | 2.85 | $ | 1,021.68 | $ | 3.22 | ||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | II | 0.89 | % | $ | 1,000 | $ | 787.10 | $ | 3.95 | $ | 1,020.44 | $ | 4.47 |
* Expenses are equal to the Porfolio's annualized expense ratio, multiplied by the number of days in the period (182) divided by the number of days in the fiscal year (366).
160
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: n Social Security number and wire transfer instructions n account transactions and transaction history n investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice. | ||||||
HOW? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Forethought Variable Insurance Trust chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information: | Does Forethought Variable Insurance Trust share information? | Can you limit this sharing? | |||||||||
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | Yes | No | |||||||||
For our marketing purposes – to offer our products and services to you. | No | We don't share | |||||||||
For joint marketing with other financial companies. | No | We don't share | |||||||||
For our affiliates' everyday business purposes – information about your transactions and records. | No | We don't share | |||||||||
For our affiliates' everyday business purposes – information about your credit worthiness. | No | We don't share | |||||||||
For nonaffiliates to market to you | No | We don't share |
161
WHAT WE DO:
How does Forethought Variable Insurance Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | ||||||
How does Forethought Variable Insurance Trust collect my personal information? | We collect your personal information, for example, when you n open an account or deposit money n direct us to buy securities or direct us to sell your securities n seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | ||||||
Why can't I limit all sharing? | Federal law gives you the right to limit only: n sharing for affiliates' everyday business purposes – information about your creditworthiness. n affiliates from using your information to market to you. n sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. |
DEFINITIONS
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. n Forethought Variable Insurance Trust has no affiliates. | ||||||
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. n 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. n Forethought Variable Insurance Trust does not jointly market. |
162
PROXY VOTING POLICY
Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on or through the Portfolios' website at http://connect.rightprospectus.com/globalatlanticportfolios and (2) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
PORTFOLIO HOLDINGS
Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Portfolios' Form N-PORTs are available: (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
10 West Market Street, Suite 2300
Indianapolis, IN 46204
ADMINISTRATOR
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
INVESTMENT SUB-ADVISERS
BlackRock Investment Management, LLC
1 University Square Drive
Princeton, NJ 08540-6455
Goldman Sachs Asset Management, L.P.
200 West Street
New York, NY 10282
Item 2. Code of Ethics.
Not applicable
Item 3. Audit Committee Financial Expert.
Not applicable
Item 4. Principal Accountant Fees and Services.
Not applicable
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end investment companies.
Item 6. Investments.
(a) | Schedule of investments in securities of unaffiliated issuers is included under Item 1; and |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees since the date of the registrant’s prior report on Form N-CSR or, as applicable, in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)).
Item 11. Controls and Procedures.
(a) | Based on an evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable for open-end investment companies. |
(a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Forethought Variable Insurance Trust
By | ||
/s/ Trent M. Statczar | ||
Trent M. Statczar | ||
Treasurer | ||
Date: 8/25/2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | ||
/s/ Robert M. Arena, Jr. | ||
Robert M. Arena, Jr. | ||
President | ||
Date: 8/25/2020 |
By | ||
/s/ Trent M. Statczar | ||
Trent M. Statczar | ||
Treasurer | ||
Date: 8/25/2020 |