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: 12/31
Date of reporting period:12/31/18
Item 1. Reports to Stockholders.
Annual Report |
December 31, 2018 |
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: |
The global equity market rally experienced in 2016 and 2017 ended in 2018 as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%) as shown in the graph below. There was a period of relative market calm from May to September, highlighted by generally strong corporate earnings and positive returns, which was preceded and followed by periods of heightened volatility driven by concerns over global trade tensions, rising interest rates, and valuation. During these volatile periods, the markets experienced negative returns and significant daily swings. For example, of the approximately 250 trading days in a given year, the daily range between the high and the low on the S&P 500 exceeded 1% on 110 days in 2018 compared to just 10 in 2017, and exceeded 2% on 36 days in 2018 versus zero in 2017. Furthermore, equity volatility, as measured by the VIX, averaged 21.25 during these periods versus 13.30 in the May to September period and 11.10 in 2017. The fixed income market also experienced periods of volatility, highlighted by the movement in the 10-year U.S. Treasury yield. Beginning 2018 at 2.41%, it rose quickly to 2.95% in February, peaking at 3.25% in November before falling to 2.69% at year end.
With this economic and geopolitical backdrop, the U.S. dollar was one of the only sources of meaningfully positive return in 2018, rising 4.40% (as compared to a decline of -9.87% in 2017). U.S. equity indices fared better than international markets generally, led by the S&P 500 down -4.38% (as compared to up 21.83% in 2017), with the Russell 2000 and S&P MidCap 400 down -11.01% and -11.08%, respectively (as compared to up 14.65% and 16.24%, respectively in 2017). Internationally, the MSCI EAFE and the MSCI Emerging Markets were down -13.79% and -14.58%, respectively (as compared to up 25.03% and 37.28%, respectively in 2017).
After raising interest rates three times in 2017, the U.S. Federal Reserve (the “Fed”) raised rates four times in 2018 and indicated in December that it may raise rates on two more occasions in 2019. Domestic investment grade bonds, as measured by the Bbg Barclays US Agg Bond Index, were essentially flat in 2018 with a return of 0.01% (as compared to up 3.54% in 2017), while the ICE BofAML U.S. High Yield Index fell -2.26% during the year (as compared to up 7.48% in 2017). Commodities, as measured by the S&P GSCI Index, fell -13.82% in 2018 (as compared to up 5.77% in 2017), led by decline of -20.88% in oil (as compared to up 2.06% in 2017) and a decline of -1.94% in gold (as compared to up 12.81% in 2017).
For asset allocation funds, periods of significant fluctuations in volatility and returns meant that asset allocation decisions, and the timing of those decisions, were important drivers of performance in 2018. The following pages contain Management’s discussion of recent Portfolio performance. 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 U.S. High Yield Master II Index | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Bloomberg Barclays US 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 to be 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 Barclays US Agg Bond”).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 and Poor’s.
ICE BofA ML High Yield Cash Pay MV USI Index (“ICE BofAML U.S. High Yield”). An index that tracks the performance of US dollar denominated, below investment grade corporate debt, currently in a coupon paying period, which is publically issued in the US domestic market.
ICE BofAML U.S. High Yield Master II Index.An unmanaged market value-weighted index comprised of over 2,300 domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities.
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 Emerging Markets Total Return Index (“MSCI Emerging Markets”) An index created by MSCI that is designed to measure equity market.performance in global emerging markets. The index is unmanaged and not available for direct investment. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 24 emerging economies: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.
MSCI World Standard Index.An index that represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. The index offers a broad global equity benchmark, without emerging markets exposure.
Russell 1000® Growth 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.
2
Russell 2000 Total Return Index (“Russell 2000”). An index measuring the performance 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 3000 Total Return Index.An index measuring the performance of approximately 3,000 of the largest U.S. companies.
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.
U.S. Dollar Index. An index that indicates the general international value of the U.S. Dollar by averaging the exchange rates between the U.S. Dollar and major world currencies.
3
Table of Contents | ||
■ | Global Atlantic Portfolio Reviews | 5 – 31 |
■ | Financial Statements: | |
Portfolios of Investments | 32 – 159 | |
Statements of Assets and Liabilities | 160 – 163 | |
Statements of Operations | 164 – 167 | |
Statements of Changes in Net Assets | 168 – 174 | |
Financial Highlights | 175 – 199 | |
■ | Notes to Financial Statements | 200 – 224 |
■ | Report of Independent Registered Accounting Firm | 225 |
■ | Expense Examples | 226 – 227 |
■ | Supplemental Information | 228 – 230 |
■ | Trustee Table | 231 – 233 |
■ | Privacy Notice | 234 – 235 |
■ | Proxy Voting Policy | Back Cover |
■ | Portfolio Holdings | Back Cover |
4
Global Atlantic BlackRock Allocation Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide total return.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Allocation Portfolio outperformed its reference benchmark, the S&P Target Risk® Growth Index. The Portfolio posted a return of -5.14% compared to a benchmark return of -5.69%, a difference of 55 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91. The fixed income market also exhibited periods of volatility, highlighted by the movement in the 10-year U.S. Treasury yield. Starting the year at 2.41%, it rose quickly to 2.95% in February, peaking at 3.25% in November before falling to 2.69% at year end.
The Portfolio’s overweight to equities and the late-year rally in long-duration rates were the primary detractors to performance in 2018. Within equities, an overweight to U.S. large cap equities had a positive contribution to return versus the negative performance of small cap, midcap, and international developed market equities. Although emerging markets equities outperformed through the fourth quarter, they deeply underperformed during the first three quarters of the year. A strategic technology weight was a detractor in the fourth quarter relative to U.S. equities. Within fixed income, BlackRock’s continued preference for credit over rates benefitted the Portfolio overall, although it was a detractor to performance during the market’s flight to safety in the volatile fourth quarter, as was the underweight to duration as the long end of the treasury curve rallied.
How was the Portfolio positioned at period end?
At year end, BlackRock believed the Portfolio remained positioned for continued growth, albeit with higher volatility going forward. BlackRock continues to prefer risk assets and remains overweight equity exposure relative to fixed income. BlackRock remains overweight to the U.S. and underweight Developed Market (DM) equities, believing that growth prospects for the U.S. will continue, and political uncertainty will take a greater toll on non-U.S. developed regions. BlackRock maintains the duration underweight in the Portfolio, although it is more modest with rates resetting lower. BlackRock still anticipates potentially further increases in interest rates over coming quarters, and the Portfolio strategically remains overweight investment grade credit as a result.
2397284.2
5
Global Atlantic BlackRock Allocation Portfolio |
Portfolio Review |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Allocation Portfolio | ||||
Class I | (5.14%) | (2.87%) | ||
Class II | (5.33%) | (3.12%) | ||
S&P Target Risk® Growth Index (Total Return) | (5.69%) | (3.20%) |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.50% and 0.75% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Exchange Traded Funds - Equity Funds | 59.1 | % | ||
Exchange Traded Funds - Debt Funds | 41.0 | % | ||
Money Market Fund | 0.1 | % | ||
Other Assets Less Liabilities - Net | (0.2 | )% | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
6
Global Atlantic BlackRock Disciplined Core Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined Core Portfolio underperformed its reference benchmark, the S&P 500 Index. The Portfolio posted a return of -4.75% compared to a benchmark return of -4.38%, a difference of -37 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Quality based insights outperformed, led by a signal that measures asset efficiency and a signal that identifies persistency and consistency in dividend growth. Value and Sentiment based insights detracted, balancing out the Portfolio’s performance. A signal that captures Sentiment from hedge fund positioning was a main detractor. Historically this signal has added value, but it came under pressure as hedge funds appeared to undergo forced unwinding of positions in the fourth quarter. A fundamental Value signal that uses top-line sales growth as a measure underperformed as well. One standout positive contributor was a signal that captures Sentiment across asset classes. Theme based insights were relatively flat for the twelvemonth period.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
7
Global Atlantic BlackRock Disciplined Core Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined Core Portfolio | ||||
Class I | (4.75%) | (0.97%) | ||
Class II | (5.06%) | (1.33%) | ||
S&P 500® Index (Total Return) | (4.38%) | (0.44%) |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.48% and 0.73% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 98.3 | % | ||
Money Market Fund | 1.6 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
8
Global Atlantic BlackRock Disciplined Growth Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class II shares of Global Atlantic BlackRock Disciplined Growth Portfolio underperformed its reference benchmark, the Russell 1000 Growth Index. The Portfolio posted a return of -2.98% compared to a benchmark return of -1.51%, a difference of -147 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Sentiment based insights drove the majority of the underperformance, led by a signal that captures sentiment from hedge fund positioning. Historically this signal has added value, but it came under pressure as hedge funds appeared to undergo forced unwinding of positions in the fourth quarter. Theme and Value based insights also underperformed in the twelvemonth period. Namely, a signal that captures value by using top-line sales as a fundamental measure detracted.
Quality based insights were slightly additive, but not enough to offset the underperformance by the other signals. A Quality signal that measures asset efficiency stood out as a positive contributor.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
9
Global Atlantic BlackRock Disciplined Growth Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined Growth Portfolio | ||||
Class II | (2.98)% | 0.11% | ||
Russell 1000® Growth Index (Total Return) | (1.51)% | 1.98% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.79% for Class II shares, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 97.9 | % | ||
Money Market Fund | 2.1 | % | ||
Other Assets Less Liabilities - Net | 0.0 | % ^ | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
^ | Amount is less than 0.05% |
10
Global Atlantic BlackRock Disciplined International Core Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined International Core Portfolio underperformed its reference benchmark, the MSCI ACWI ex USA Index. The Portfolio posted a return of -14.80% compared to a benchmark return of -14.20%, a difference of -60 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
The portfolio saw positive contribution from Sentiment and thematic insights, but it was not enough to offset the detraction from Value based insights. A text-learned signal that measures Sentiment from earnings call data was a main contributor in the period. Another machine-learned Sentiment signal that uses a multitude of company specific factors to predict outperformance was a top contributor. Value signals that measure cash flow and sales data detracted from performance. Quality based insights saw marginally positive performance, led by a signal that evaluates a firm’s operating assets.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
Industry risk remains relatively subdued in terms of contribution to overall portfolio risk. Regionally, the Portfolio is underweight the European markets given the geopolitical risk associated with Brexit (Great Britain’s vote to leave the European Union) and weak economic data.
2397284.2
11
Global Atlantic BlackRock Disciplined International Core Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined International Core Portfolio | ||||
Class I | (14.80)% | (11.35)% | ||
Class II | (14.95)% | (11.57)% | ||
MSCI ACWI ex-USA Index | (14.20)% | (10.37)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.74% and 0.99% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
The MSCI ACWI ex-USA Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States. It is not possible to invest directly in an index.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 90.9 | % | ||
Exchange Traded Funds - Equity Funds | 6.1 | % | ||
Money Market Fund | 0.0 | % ^ | ||
Other Assets Less Liabilities - Net | 3.0 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
^ | Amount is less than 0.05% |
12
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio outperformed its reference benchmark, the Russell Midcap Growth Index. The Portfolio posted a return of -3.07% compared to a benchmark return of -4.75%, a difference of 168 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Quality, Sentiment, and thematic insights all contributed to the outperformance. A Quality signal that identifies persistency and consistency in dividend growth was a main contributor. Other Quality insights that measure productivity and favor founder-led leadership structures were quite additive. A machine-learned signal that derives Sentiment from conference call data was also a positive contributor.
The Value based insights were relatively flat for the twelve-month period. A notable underperformer was a signal that captures Sentiment from hedge fund positioning. Historically this signal has added value, but it came under pressure as hedge funds appeared to undergo forced unwinding of positions in the fourth quarter.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
13
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | ||||
Class I | (3.07)% | 0.28% | ||
Class II | (3.35)% | 0.03% | ||
Russell Midcap® Growth Index (Total Return) | (4.75)% | (0.62)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.63% and 0.88% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 98.3 | % | ||
Money Market Fund | 1.6 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
14
Global Atlantic BlackRock Disciplined Small Cap Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined Small Cap Growth Portfolio outperformed its reference benchmark, the Russell 2000 Index. The Portfolio posted a return of -9.49% compared to a benchmark return of -11.01%, a difference of 152 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Quality and Sentiment based insight drove the majority of the outperformance for the period. A Quality based insight that seeks to identify stocks with low risk was a main contributor. Another Quality signal that identifies persistency and consistency in dividend growth also outperformed. A Quality insight that favors founder-led leadership structures also added value. A Sentiment insight that evaluates investor flow was largely positive.
Value insights were slightly negative, led by an insight that captures value from top-line sales data. Thematic insights slightly outperformed.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
15
Global Atlantic BlackRock Disciplined Small Cap Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | ||||
Class I | (9.49)% | (6.47)% | ||
Class II | (9.75)% | (6.71)% | ||
Russell 2000® Index (Total Return) | (11.01)% | (7.09)% |
* | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.63% and 0.88% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 97.6 | % | ||
Money Market Fund | 2.4 | % | ||
Other Assets Less Liabilities - Net | 0.0 | % ^ | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
^ | Amount is less than 0.05% |
16
Global Atlantic BlackRock Disciplined U.S. Core Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined U.S. Core Portfolio underperformed its reference benchmark, the S&P 500 Index. The Portfolio posted a return of -5.03% compared to a benchmark return of -4.38%, a difference of -65 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Sentiment based insights drove the majority of the underperformance, led by a signal that captures sentiment from hedge fund positioning. Historically this signal has added value, but it came under pressure as hedge funds appeared to undergo forced unwinding of positions in the fourth quarter. Quality based insights positively contributed, but not enough to offset the detraction from sentiment based insights. A Quality signal that identifies persistency and consistency in dividend growth was a main contributor.
Value and thematic insights were slightly negative for the twelve-month period. Specifically, a signal that captures value by using top-line sales as a fundamental measure detracted.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
17
Global Atlantic BlackRock Disciplined U.S. Core Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | ||||
Class I | (5.03)% | (1.05)% | ||
Class II | (5.17)% | (1.27)% | ||
S&P 500® Index (Total Return) | (4.38)% | (0.44)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.48% and 0.73% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 98.1 | % | ||
Money Market Fund | 1.8 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
18
Global Atlantic BlackRock Disciplined Value Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock Disciplined Value Portfolio outperformed its reference benchmark, the Russell 1000 Value Index. The Portfolio posted a return of -7.97% compared to a benchmark return of -8.27%, a difference of 30 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
BlackRock’s Scientific Active Equity (“SAE”) process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value (“Value”), earnings quality (“Quality”), market sentiment (“Sentiment”), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company’s value from changes in analysts’ forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.
Quality based insights drove the majority of the outperformance, led by a signal that identifies persistency and consistency in dividend growth. Another Quality signal that identifies cash flow generation through efficient use of assets was also a main contributor. Sentiment and thematic insights were also slightly additive. Notably, a signal that captures Sentiment across asset classes outperformed. Value based insights were relatively flat for the period.
How was the Portfolio positioned at period end?
At year end, predicted risk estimates were running below longer-term trends following steps to reduce risk as realized volatility moved higher through the final quarter of 2018. In terms of risk budgeting, BlackRock continues to seek to deliver a balanced allocation across fundamental (i.e. Quality, Value), Sentiment and Macro-Thematic signal composites, as well as across trend following and contrarian sources of alpha. BlackRock would expect this allocation to be capable of generating a differentiated source of alpha regardless of whether markets continue to recover or enter a more sustainable down trend over the next 12 months.
2397284.2
19
Global Atlantic BlackRock Disciplined Value Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock Disciplined Value Portfolio | ||||
Class I | (7.97)% | (3.37)% | ||
Class II | (8.16)% | (3.47)% | ||
Russell 1000® Value Index (Total Return) | (8.27)% | (3.76)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.54% and 0.79% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 98.2 | % | ||
Money Market Fund | 1.5 | % | ||
Other Assets Less Liabilities - Net | 0.3 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
20
Global Atlantic BlackRock High Yield Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide total return.
Management Review |
The Portfolio is sub-advised by BlackRock Investment Management, LLC (“BlackRock”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic BlackRock High Yield Portfolio underperformed its reference benchmark, the ICE BofA ML US High Yield Master II Index. The Portfolio posted a return of -4.32% compared to a benchmark return of -2.25%, a difference of -207 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
The fixed income market also exhibited periods of volatility, highlighted by the movement in the 10-year U.S. Treasury yield. Starting the year at 2.41%, it rose quickly to 2.95% in February, peaking at 3.25% in November before falling to 2.69% at year end.
The primary contributor during the period was an underweight to the banking sector, while an underweight to Transportation Services within the Transportation sector also benefited portfolio performance. Security selection within Basic Materials, particularly Metals, was also positive. The primary detractor over the period was security selection within Consumer NonCyclicals, particularly within Pharmaceuticals and Tobacco. Another detractor during the period was an overweight to Consumer Cyclicals, particularly within Automotive and Home Construction. Within communications the portfolio was hurt by an overweight to Cable and underweights within Wireless and Wirelines.
The majority of underperformance relative to the benchmark occurred in the first and fourth quarters of the year. First quarter underperformance was primarily driven by two factors; a rally in lower quality bonds given the Portfolio’s higher quality tilt, and the Portfolio’s long duration (versus the benchmark) tilt, which was the result of purchasing new issue and liquid, longer duration high yield bonds. During the fourth quarter, the Portfolio experienced the most underperformance in December amid increased market volatility.
How was the Portfolio positioned at period end?
At year end, the Portfolio was overweight Basics, Capital Goods, Consumer Cyclicals and Consumer Non-Cyclicals. The largest sector underweights were Banking, Transportation, Wireless and Wirelines within Communications and Refining within Energy.
2397284.2
21
Global Atlantic BlackRock High Yield Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic BlackRock High Yield Portfolio | ||||
Class I | (4.32)% | (4.39)% | ||
Class II | (4.56)% | (4.59)% | ||
ICE BofA ML U.S. High Yield Master II Index | (2.25)% | (1.98)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.59% and 0.84% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
The ICE BofA ML U.S. High Yield Master II Index is an unmanaged market value-weighted index comprised of over 2,300 domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. It is not possible to invest directly in an index.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Corporate Bonds and Notes | 98.1 | % | ||
Money Market Fund | 0.3 | % | ||
Other Assets Less Liabilities - Net | 1.6 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
22
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide total return consisting of capital appreciation and income.
Management Review |
The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. (“GSAM”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic Goldman Sachs Core Fixed Income Portfolio underperformed its reference benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio posted a return of -0.55% compared to a benchmark return of 0.01%, a difference of -56 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
The fixed income market also exhibited periods of volatility, highlighted by the movement in the 10-year U.S. Treasury yield. Starting the year at 2.41%, it rose quickly to 2.95% in February, peaking at 3.25% in November before falling to 2.69% at year end.
The Portfolio’s duration strategy contributed to returns over the period due to a tactical U.S. duration position. The Portfolio’s country relative value strategy slightly contributed to results, driven by long positions in European rates versus short Swedish and UK rates. The Portfolio’s currency strategy detracted from performance, due to long positions in the Swedish krona and the Australian dollar. These losses were partially offset by a short position in the euro. Cross-sector positioning detracted from returns, driven by allocations to corporate credit and collateralized loan obligations (CLOs). An overweight to emerging market sovereign debt further detracted from performance. These losses were partially offset by an underweight positon in agency mortgage-backed securities (MBS) and emerging market corporate debt, as well as exposure to government/swaps.
Overall, the portfolio’s security selection strategies contributed to performance over the period, due to selections of external emerging market debt from Qatar, Kuwait, and the United Arab Emirates. Selections of U.S. government debt further contributed to results. These gains were partially offset by investment-grade utility and financial selections within corporate credit. Within the securitized sector, selections of MBS further detracted from performance.
How was the Portfolio positioned at period end?
At year end, the Portfolio had a tactical position in U.S. duration. The Portfolio was long European rates versus short UK and Australian rates. The Portfolio had an underweight position in agency MBS, commercial mortgage-backed securities (CMBS) and emerging market corporate debt. The portfolio was overweight asset-backed securities (ABS), corporate credit and emerging market sovereign debt.
2397284.2
23
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | ||||
Class I | (0.55)% | (0.64)% | ||
Class II | (0.60)% | (0.69)% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.01% | 0.30% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.43% and 0.68% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Corporate Bonds & Notes | 39.6 | % | ||
Mortgage Backed Securities | 27.6 | % | ||
U.S. Treasury Securities | 21.9 | % | ||
Short-Term Investments | 16.7 | % | ||
Asset Backed Securities | 8.2 | % | ||
Municipal Bonds | 0.6 | % | ||
Other Assets Less Liabilities - Net | (14.6 | )% | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
Derivative exposure is included in “Other Assets Less Liabilities - Net”.
24
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. (“GSAM”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic Goldman Sachs Global Equity Insights Portfolio underperformed its reference benchmark, the MSCI World Standard Index. The Portfolio posted a return of -10.20% compared to a benchmark return of -8.71%, a difference of -149 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
GSAM’s Insights process uses a quantitative style of management, in combination with a qualitative overlay that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. The Portfolio’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Fundamental Mispricings (“Valuation”), High Quality Business Models (“Quality”), Sentiment Analysis, Market Themes & Trends, and Profitability. Fundamental Mispricings seeks to identify high-quality businesses trading at an attractive price, which GSAM believes leads to strong performance over the long-term. High Quality Business Models seek to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. The Profitability theme seeks to assess whether a company is earning more than its cost of capital. .
Among investment themes, Profitability was the sole detractor from relative returns over the reporting period. Conversely, Quality contributed the most to returns, followed by Market Trends, Valuation and Sentiment. Among sectors, holdings in the Health Care sector detracted the most from returns. Within the sector, an overweight position in the Pharmaceuticals industry was the largest headwind for performance. Conversely, holdings in the Industrials sector contributed the most to returns. Within Industrials, an underweight position in the Industrial Conglomerates industry was the most beneficial for returns.
At an individual stock level, an underweight position in Microsoft Corp. (0.44% of the Portfolio) detracted the most from returns. The stock did not score highly in GSAM’s Momentum and Quality themes. Momentum as an alternative data source can provide a lens into trends affecting companies globally, while Quality looks at whether companies generate high-quality revenues with sustainable business models and aligned management incentives. Conversely, an underweight position in General Electric Co. (0%) contributed the most to returns. The stock did not score highly in the Quality and Sentiment themes. Sentiment looks at broader market sentiment to gain potential insight into future stock performance respectively.
Among countries, an overweight position in Italy, held primarily for its relatively high risk premia and inexpensive valuations, detracted the most from returns. Conversely, an underweight position in Germany, held primarily for its relatively inexpensive valuations and high risk premia, contributed the most to returns.
25
How was the Portfolio positioned at period end?
As of December 31, 2018, against the MSCI World Standard Index, the Portfolio had its largest overweight position in the Health Care sector, mainly driven by an overweight in the Biotechnology industry. The Portfolio also had an overweight position in the Industrials sector, driven by its positioning in the Airlines industry. Conversely, the Portfolio’s largest underweight position was in the Information Technology sector, which was mainly due to an underweight in the Semiconductor industry. The Portfolio was also underweight in the Consumer Discretionary sector, largely due to its positioning in the Specialty Retail industry.
At a country level, the Portfolio had its largest overweight position in the U.S., primarily for its relatively strong momentum characteristics and supportive macro-economic conditions. The Portfolio held its second largest overweight position in Japan, primarily for its relatively inexpensive valuations, high risk premia and strong momentum characteristics. Conversely, the Portfolio’s largest underweight position was in the U.K, primarily for its relatively weaker momentum characteristics, low risk premia and expensive valuations. The Portfolio held its second largest underweight position in Norway, primarily for its relatively low risk premia.
2397284.2
26
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | ||||
Class I | (10.20)% | (6.56)% | ||
Class II | (10.47)% | (6.87)% | ||
MSCI World Standard Index (Net) | (8.71)% | (4.89)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.72% and 0.97% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 99.8 | % | ||
Money Market Fund | 0.1 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
27
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. (“GSAM”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio underperformed its reference benchmark, the Russell 1000 Growth Index. The Portfolio posted a return of -3.89% compared to a benchmark return of -1.51%, a difference of -238 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
GSAM’s Insights process uses a quantitative style of management, in combination with a qualitative overlay that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. The Portfolio’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Fundamental Mispricings (“Valuation”), High Quality Business Models (“Quality”), Sentiment Analysis, Market Themes & Trends, and Profitability. Fundamental Mispricings seeks to identify high-quality businesses trading at an attractive price, which GSAM believes leads to strong performance over the long-term. High Quality Business Models seek to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. The Profitability theme seeks to assess whether a company is earning more than its cost of capital.
Among investment themes, Valuation was the largest detractor from relative returns, followed by Sentiment. Conversely, Quality contributed the most to returns, followed by Market Trends and Profitability. Among sectors, holdings in the Consumer Discretionary sector detracted the most from returns. Within Consumer Discretionary, an overweight position in the Automobiles industry was the largest detractor from results. Conversely, holdings in the Industrials sector contributed the most relative performance. Within Industrials, an underweight position in the Air Freight & Logistics industry was additive for returns.
At an individual stock level, an overweight position in Thor Industries, Inc. (0.62% of the portfolio) detracted the most from returns. The stock scored highly in the Valuation and Sentiment themes. Valuation looks for high-quality businesses at a fair price, while Sentiment analyzes broader market sentiment to gain potential insight into future stock performance, respectively. Conversely, an overweight position in Comcast Corp. (0% - position sold before period end) contributed the most to returns. The stock also scored highly in the Sentiment and Valuation themes.
How was the Portfolio positioned at period end?
As of December 31, 2018, against the Russell 1000 Growth Index, the Portfolio had its largest overweight position in the health care sector, driven by an overweight position in the biotechnology industry. The Portfolio held its second largest overweight position in the materials sector. Within the materials sector, the Portfolio held its largest overweight position in the containers & packaging industry. Conversely, the Portfolio’s largest underweight position was in the consumer staples sector, largely due to an underweight position in the tobacco industry. The Portfolio held its second largest underweight position in the consumer discretionary sector. Within consumer discretionary, the Portfolio held its largest underweight position in the specialty retail industry.
2397284.2
28
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | ||||
Class I | (3.89)% | (0.86)% | ||
Class II | (4.13)% | (1.16)% | ||
Russell 1000® Growth Index (Total Return) | (1.51)% | 1.98% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.46% and 0.71% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 100.1 | % | ||
Money Market Fund | 0.0 | % ^ | ||
Other Assets Less Liabilities - Net | (0.1 | )% | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
^ | Amount is less than 0.05% |
29
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
Portfolio Review (Unaudited) |
December 31, 2018 |
Investment Objective |
The Portfolio seeks to provide long-term capital appreciation.
Management Review |
The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. (“GSAM”).
How did the Portfolio perform during the period?
During 2018, the Class I shares of Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio outperformed its reference benchmark, the Russell Midcap Value Index. The Portfolio posted a return of -12.10% compared to a benchmark return of -12.29%, a difference of 19 basis points. The following discussion of relative performance pertains to this benchmark.
What factors and allocation decisions influenced the Portfolio’s performance?
The global equity market rally experienced in 2016 and 2017 ended in 2018, as major equity markets turned negative, with many ending the year in correction territory (a decline of greater than 10%). A period of relative market calm from May to September 2018, highlighted by generally strong corporate earnings and positive returns, was surrounded by periods of heightened volatility driven by global trade tensions, rising interest rates, and valuation concerns. From February to March 2018, the S&P 500 and MSCI EAFE indices were down -6.13% and -6.23% respectively, while volatility (as measured by the CBOE Volatility Index (“VIX”)) averaged 20.66 (versus 11.10 in 2017). Market turmoil returned in the fourth quarter, evidenced by declines in the S&P 500 and MSCI EAFE indices of -13.52% and -12.54% respectively, while VIX averaged 20.91.
GSAM’s Insights process uses a quantitative style of management, in combination with a qualitative overlay that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. The Portfolio’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Fundamental Mispricings (“Valuation”), High Quality Business Models (“Quality”), Sentiment Analysis, Market Themes & Trends, and Profitability. Fundamental Mispricings seeks to identify high-quality businesses trading at an attractive price, which GSAM believes leads to strong performance over the long-term. High Quality Business Models seek to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. The Profitability theme seeks to assess whether a company is earning more than its cost of capital.
Among investment themes, Market Themes & Trends contributed most to relative, returns followed by Quality, Profitability and Sentiment. Conversely, Valuation was the sole significant detractor from performance. Among sectors, holdings in the Health Care sector contributed the most to returns. Within Health Care, an underweight position in the Health Care Providers & Services industry was the largest contributor. Conversely, holdings in the Financials sector detracted the most from returns. Within Financials, an underweight position in the Banks industry was the biggest detractor.
At an individual stock level, an overweight position in NRG Energy, Inc. (1.02% of the portfolio) contributed the most to returns. The stock scored highly in the Momentum and Quality themes. Momentum looks at alternative data sources that can provide a lens into trends affecting companies globally, while Quality looks at whether companies generate high-quality revenues with sustainable business models and aligned management incentives. Conversely, an overweight position in Thor Industries, Inc. (0.65%) detracted the most from returns. The stock scored highly in the Valuation and Sentiment themes. Valuation looks for high-quality businesses at a fair price, while Sentiment analyzes broader market sentiment to gain potential insight into future stock performance, respectively.
How was the Portfolio positioned at period end?
As of December 31, 2018, against the Russell Mid Cap Value Index, the Portfolio had its largest overweight position in the Health Care sector, driven by an overweight position in the Biotechnology industry. The Portfolio held its second largest overweight position in the Materials sector. Within the Materials sector, the Portfolio held its largest overweight position in the Containers & Packaging industry. Conversely, the Portfolio’s largest underweight position was in the Utilities sector, largely due to an underweight position in the Electric Utilities industry. The Portfolio held its second largest underweight position in the Consumer Discretionary sector. Within Consumer Discretionary, the Portfolio held its largest underweight position in the Textiles & Apparel industry.
2397284.2
30
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
Portfolio Review (Continued) |
December 31, 2018 (Unaudited) |
The Portfolio’s performance figures* for the period ended December 31, 2018 as compared to its benchmark:
One | Performance | |||
Year | Since Inception** | |||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | ||||
Class I | (12.10)% | (7.19)% | ||
Class II | (12.26)% | (7.41)% | ||
Russell Midcap® Value Index (Total Return) | (12.29)% | (7.15)% |
* | 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.64% and 0.89% for Class I and Class II shares, respectively, per the April 27, 2018 prospectus. |
** | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
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.
Comparison of the Change in Value of a $10,000 Investment
Holdings by Asset Class | % of Net Assets | |||
Common Stocks | 99.5 | % | ||
Money Market Fund | 0.4 | % | ||
Other Assets Less Liabilities - Net | 0.1 | % | ||
100.0 | % |
Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio’s holdings as of December 31, 2018.
31
Global Atlantic BlackRock Allocation Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
EXCHANGE TRADED FUNDS - 100.1% | ||||||||
DEBT FUNDS - 41.0% | ||||||||
65,900 | iShares iBoxx $ Investment Grade Corporate Bond ETF | $ | 7,434,838 | |||||
113,826 | iShares Intermediate-Term Corporate Bond ETF | 5,966,759 | ||||||
38,938 | iShares JP Morgan USD Emerging Markets Bond ETF | 4,046,048 | ||||||
235,145 | iShares Short Maturity Bond ETF | 11,721,978 | ||||||
100,600 | iShares U.S. Treasury Bond ETF | 2,479,790 | ||||||
31,649,413 | ||||||||
EQUITY FUNDS - 59.1% | ||||||||
117,027 | iShares Core MSCI EAFE ETF | 6,436,485 | ||||||
52,487 | iShares Core MSCI Emerging Markets ETF | 2,474,762 | ||||||
70,070 | iShares Core S&P 500 ETF | 17,630,313 | ||||||
13,511 | iShares Core S&P Mid-Cap ETF | 2,243,637 | ||||||
19,562 | iShares Core S&P Small-Cap ETF | 1,356,038 | ||||||
61,815 | iShares Edge MSCI Min Vol USA ETF | 3,239,106 | ||||||
50,724 | iShares Edge MSCI USA Momentum Factor ETF | 5,084,067 | ||||||
28,250 | iShares Global Tech ETF | 4,068,848 | ||||||
10,546 | iShares S&P 500 Growth ETF | 1,588,966 | ||||||
15,392 | iShares S&P 500 Value ETF | 1,556,745 | ||||||
45,678,967 | ||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $81,826,614) | 77,328,380 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
MONEY MARKET FUND - 0.1% | ||||||||
86,313 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $86,313) | 86,313 | ||||||
TOTAL INVESTMENTS - 100.2% (Cost - $81,912,927) | $ | 77,414,693 | ||||||
OTHER ASSETS LESS LIABILITES - NET - (0.2)% | (146,938 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 77,267,755 |
(a) | Money market rate shown represents the rate at December 31, 2018. |
ETF - Exchange Traded Fund
See accompanying notes to financial statements.
32
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 98.3% | ||||||||
ADVERTISING - 0.1% | ||||||||
38,789 | Interpublic Group of Cos, Inc. | $ | 800,217 | |||||
AEROSPACE/DEFENSE - 2.3% | ||||||||
15,425 | Boeing Co. | 4,974,563 | ||||||
13,257 | Embraer SA (ADR) | 293,377 | ||||||
903 | General Dynamics Corp. | 141,961 | ||||||
7,165 | Lockheed Martin Corp. | 1,876,084 | ||||||
1,550 | Northrop Grumman Corp. | 379,595 | ||||||
28,031 | Raytheon Co. | 4,298,554 | ||||||
1 | United Technologies Corp. | 1 | ||||||
11,964,135 | ||||||||
AGRICULTURE - 1.5% | ||||||||
51,249 | Altria Group, Inc. | 2,531,188 | ||||||
84,216 | Archer-Daniels-Midland Co. | 3,450,330 | ||||||
31,083 | Philip Morris International, Inc. | 2,075,101 | ||||||
8,056,619 | ||||||||
AIRLINES - 0.5% | ||||||||
17,732 | Delta Air Lines, Inc. | 884,827 | ||||||
32,771 | Southwest Airlines Co. | 1,523,196 | ||||||
2,408,023 | ||||||||
APPAREL - 1.0% | ||||||||
60,098 | NIKE, Inc. | 4,455,666 | ||||||
639 | Ralph Lauren Corp. | 66,111 | ||||||
11,459 | VF Corp. | 817,485 | ||||||
5,339,262 | ||||||||
AUTO MANUFACTURERS - 0.5% | ||||||||
10,555 | Ford Motor Co. | 80,746 | ||||||
16,950 | Honda Motor Co. Ltd. (ADR) | 448,328 | ||||||
38,992 | PACCAR, Inc. | 2,228,003 | ||||||
826 | Toyota Motor Corp. (ADR) | 95,882 | ||||||
2,852,959 | ||||||||
AUTO PARTS & EQUIPMENT - 0.0% ** | ||||||||
5,761 | BorgWarner, Inc. | 200,137 | ||||||
BANKS - 7.2% | ||||||||
411,656 | Bank of America Corp. | 10,143,204 | ||||||
47,234 | BB&T Corp. | 2,046,177 | ||||||
64,502 | Citigroup, Inc. | 3,357,974 | ||||||
52,880 | Citizens Financial Group, Inc. | 1,572,122 | ||||||
11,620 | East West Bancorp, Inc. | 505,819 | ||||||
13,386 | First Republic Bank | 1,163,243 | ||||||
78,607 | JP Morgan Chase & Co. | 7,673,615 | ||||||
164,581 | Morgan Stanley | 6,525,637 |
See accompanying notes to financial statements.
33
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BANKS - 7.2% (Continued) | ||||||||
98,406 | Wells Fargo & Co. | $ | 4,534,548 | |||||
37,522,339 | ||||||||
BEVERAGES - 1.8% | ||||||||
22,006 | Coca-Cola Co. | 1,041,984 | ||||||
20,815 | Coca-Cola European Partners PLC | 954,368 | ||||||
7,205 | Constellation Brands, Inc. | 1,158,708 | ||||||
7,685 | Diageo PLC (ADR) | 1,089,733 | ||||||
4,532 | Molson Coors Brewing Co. | 254,517 | ||||||
18,010 | Monster Beverage Corp. * | 886,452 | ||||||
33,798 | PepsiCo, Inc. | 3,734,003 | ||||||
9,119,765 | ||||||||
BIOTECHNOLOGY - 2.7% | ||||||||
23,368 | Amgen, Inc. | 4,549,049 | ||||||
2,821 | Biogen, Inc. * | 848,895 | ||||||
44,194 | Celgene Corp. * | 2,832,393 | ||||||
77,704 | Gilead Sciences, Inc. | 4,860,385 | ||||||
478 | Regeneron Pharmaceuticals, Inc. * | 178,533 | ||||||
6,198 | Vertex Pharmaceuticals, Inc. * | 1,027,071 | ||||||
14,296,326 | ||||||||
BUILDING MATERIALS - 0.1% | ||||||||
3,662 | Vulcan Materials Co. | 361,806 | ||||||
CHEMICALS - 1.6% | ||||||||
27,710 | Air Products & Chemicals, Inc. | 4,434,986 | ||||||
14,392 | Celanese Corp. | 1,294,848 | ||||||
10,796 | Eastman Chemical Co. | 789,296 | ||||||
8,610 | Huntsman Corp. | 166,087 | ||||||
9,739 | Linde PLC | 1,519,674 | ||||||
1,559 | Mosaic Co. | 45,538 | ||||||
8,250,429 | ||||||||
COMMERCIAL SERVICES - 2.4% | ||||||||
30,078 | Automatic Data Processing, Inc. | 3,943,827 | ||||||
25,148 | Booz Allen Hamilton Holding Corp. | 1,133,420 | ||||||
3,652 | Ecolab, Inc. | 538,122 | ||||||
28,836 | H&R Block, Inc. | 731,569 | ||||||
16,934 | Insperity, Inc. | 1,580,958 | ||||||
15,927 | PayPal Holdings, Inc. * | 1,339,301 | ||||||
9,145 | Robert Half International, Inc. | 523,094 | ||||||
7,928 | S&P Global, Inc. | 1,347,284 | ||||||
65,353 | Western Union Co. | 1,114,922 | ||||||
12,252,497 | ||||||||
COMPUTERS - 4.7% | ||||||||
12,030 | Accenture PLC | 1,696,350 | ||||||
112,175 | Apple, Inc. | 17,694,485 | ||||||
9,616 | Dell Technologies, Inc. Class C* | 469,950 |
See accompanying notes to financial statements.
34
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
COMPUTERS - 4.7% (Continued) | ||||||||
1 | EPAM Systems, Inc. * | $ | 116 | |||||
18,686 | Hewlett Packard Enterprise Co. | 246,842 | ||||||
97,892 | HP, Inc. | 2,002,870 | ||||||
16,680 | International Business Machines Corp. | 1,896,016 | ||||||
21,886 | Pure Storage, Inc. * | 351,927 | ||||||
24,358,556 | ||||||||
COSMETICS/PERSONAL CARE - 0.8% | ||||||||
871 | Colgate-Palmolive Co. | 51,842 | ||||||
18,852 | Estee Lauder Cos, Inc. | 2,452,645 | ||||||
19,012 | Procter & Gamble Co. | 1,747,583 | ||||||
4,252,070 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 4.1% | ||||||||
30,917 | American Express Co. | 2,947,008 | ||||||
9,716 | Capital One Financial Corp. | 734,432 | ||||||
96,830 | Charles Schwab Corp. | 4,021,350 | ||||||
13,203 | CME Group, Inc. | 2,483,748 | ||||||
1,777 | Evercore, Inc. | 127,162 | ||||||
9,191 | Intercontinental Exchange, Inc. | 692,358 | ||||||
29,293 | Mastercard, Inc. | 5,526,124 | ||||||
13,377 | Moelis & Co. | 459,901 | ||||||
32,372 | Visa, Inc. | 4,271,162 | ||||||
21,263,245 | ||||||||
ELECTRIC - 2.7% | ||||||||
17,403 | Ameren Corp. | 1,135,198 | ||||||
16,265 | CenterPoint Energy, Inc. | 459,161 | ||||||
29,774 | CMS Energy Corp. | 1,478,279 | ||||||
16,043 | Consolidated Edison, Inc. | 1,226,648 | ||||||
3,559 | DTE Energy Co. | 392,558 | ||||||
4,874 | Evergy, Inc. | 276,697 | ||||||
40,460 | OGE Energy Corp. | 1,585,627 | ||||||
37,276 | Pinnacle West Capital Corp. | 3,175,915 | ||||||
41,479 | Portland General Electric Co. | 1,901,812 | ||||||
7,703 | PPL Corp. | 218,226 | ||||||
10,296 | TechnipFMC PLC | 201,596 | ||||||
39,312 | Xcel Energy, Inc. | 1,936,902 | ||||||
13,988,619 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1% | ||||||||
6,720 | AMETEK, Inc. | 454,944 | ||||||
ELECTRONICS - 1.3% | ||||||||
15,493 | Agilent Technologies, Inc. | 1,045,158 | ||||||
14,724 | Allegion PLC | 1,173,650 | ||||||
15,982 | Garmin Ltd. | 1,011,980 | ||||||
17,748 | Honeywell International, Inc. | 2,344,866 |
See accompanying notes to financial statements.
35
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ELECTRONICS - 1.3% (Continued) | ||||||||
23,185 | National Instruments Corp. | $ | 1,052,135 | |||||
6,627,789 | ||||||||
ENVIRONMENTAL CONTROL - 0.2% | ||||||||
6,213 | Republic Services, Inc. | 447,895 | ||||||
6,335 | Waste Management, Inc. | 563,752 | ||||||
1,011,647 | ||||||||
FOOD - 1.1% | ||||||||
40,782 | Hershey Co. | 4,371,015 | ||||||
8,333 | Kellogg Co. | 475,064 | ||||||
10,289 | Kroger Co. | 282,948 | ||||||
7,870 | Lamb Weston Holdings, Inc. | 578,917 | ||||||
1,660 | Tyson Foods, Inc. | 88,644 | ||||||
5,796,588 | ||||||||
GAS - 0.3% | ||||||||
17,067 | Atmos Energy Corp. | 1,582,452 | ||||||
HAND/MACHINE TOOLS - 0.2% | ||||||||
8,428 | Snap-on, Inc. | 1,224,504 | ||||||
HEALTHCARE - PRODUCTS - 3.0% | ||||||||
24,331 | Abbott Laboratories | 1,759,861 | ||||||
29,447 | Danaher Corp. | 3,036,575 | ||||||
2,800 | IDEXX Laboratories, Inc. * | 520,856 | ||||||
2,610 | Intuitive Surgical, Inc. * | 1,249,981 | ||||||
4,165 | Masimo Corp. | 447,196 | ||||||
32,872 | Medtronic PLC | 2,990,037 | ||||||
1,817 | Streris PLC | 194,146 | ||||||
26,552 | Stryker Corp. | 4,162,026 | ||||||
6,107 | Thermo Fisher Scientific, Inc. | 1,366,686 | ||||||
15,727,364 | ||||||||
HEALTHCARE - SERVICES - 2.4% | ||||||||
3,276 | Anthem, Inc. | 860,376 | ||||||
6,350 | Humana, Inc. | 1,819,148 | ||||||
4,345 | Quest Diagnostics, Inc. | 361,808 | ||||||
35,437 | UnitedHealth Group, Inc. | 8,828,065 | ||||||
2,350 | WellCare Health Plans, Inc. * | 554,812 | ||||||
12,424,209 | ||||||||
HOME FURNISHINGS - 0.0% ** | ||||||||
1,316 | Sony Corp. (ADR) | 63,536 | ||||||
HOUSEHOLD PRODUCTS/WARES - 0.7% | ||||||||
44,956 | Church & Dwight Co., Inc. | 2,956,307 | ||||||
3,722 | Clorox Co. | 573,709 | ||||||
3,530,016 |
See accompanying notes to financial statements.
36
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
INSURANCE - 3.8% | ||||||||
34,214 | Allstate Corp. | $ | 2,827,103 | |||||
13,423 | American Financial Group, Inc. | 1,215,184 | ||||||
18,831 | Arthur J Gallagher & Co. | 1,387,845 | ||||||
6,852 | Athene Holding Ltd. * | 272,915 | ||||||
45,908 | Berkshire Hathaway, Inc. * | 9,373,495 | ||||||
34,697 | Hartford Financial Services Group, Inc. | 1,542,282 | ||||||
17,677 | Lincoln National Corp. | 907,007 | ||||||
1,022 | Loews Corp. | 46,521 | ||||||
9,999 | Progressive Corp. | 603,240 | ||||||
3,866 | Travelers Cos., Inc. | 462,954 | ||||||
46,474 | Unum Group | 1,365,406 | ||||||
20,003,952 | ||||||||
INTERNET - 8.9% | ||||||||
7,465 | Alphabet, Inc. - Class A * | 7,730,829 | ||||||
6,283 | Alphabet, Inc. - Class C * | 6,565,484 | ||||||
10,098 | Amazon.com, Inc. * | 15,166,893 | ||||||
7,311 | Baidu, Inc. * (ADR) | 1,159,525 | ||||||
413 | Booking Holdings, Inc. * | 711,359 | ||||||
13,453 | CDW Corp. | 1,090,366 | ||||||
35,928 | Ctrip.com International Ltd. * (ADR) | 972,212 | ||||||
64,642 | Facebook, Inc. * | 8,473,920 | ||||||
6,769 | GoDaddy, Inc. * | 444,182 | ||||||
4,204 | JD.com, Inc. * (ADR) | 87,990 | ||||||
8,272 | Netflix, Inc. * | 2,214,084 | ||||||
2,227 | Spotify Technology SA * | 252,765 | ||||||
5,886 | Twitter, Inc. * | 169,164 | ||||||
951 | VeriSign, Inc. * | 141,024 | ||||||
17,566 | Vipshop Holdings Ltd. - ADR * | 95,910 | ||||||
18,332 | Yelp, Inc. * | 641,437 | ||||||
1,787 | YY, Inc. * (ADR) | 106,970 | ||||||
46,024,114 | ||||||||
IRON/STEEL - 0.0% ** | ||||||||
1,918 | Steel Dynamics, Inc. | 57,617 | ||||||
LEISURE - 0.4% | ||||||||
21,004 | Carnival Corp. | 1,035,497 | ||||||
18,005 | Norwegian Cruise Line Holdings Ltd. * | 763,232 | ||||||
1,798,729 | ||||||||
LODGING - 0.2% | ||||||||
5,682 | Extended Stay America, Inc. | 88,071 | ||||||
14,266 | Hilton Worldwide Holdings, Inc. | 1,024,299 | ||||||
1,112,370 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 0.2% | ||||||||
7,051 | Caterpillar, Inc. | 895,971 |
See accompanying notes to financial statements.
37
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
MACHINERY - DIVERSIFIED - 0.7% | ||||||||
18,848 | Rockwell Automation, Inc. | $ | 2,836,247 | |||||
1,971 | Roper Technologies, Inc. | 525,311 | ||||||
3,361,558 | ||||||||
MEDIA - 2.0% | ||||||||
15,651 | AMC Networks, Inc. * | 858,927 | ||||||
19,792 | CBS Corp. | 865,306 | ||||||
105,532 | Comcast Corp. | 3,593,365 | ||||||
1,148 | Discovery, Inc. * | 26,496 | ||||||
4,314 | Grupo Televisa SAB (ADR) | 54,270 | ||||||
16,172 | Liberty Media Corp-Liberty SiriusXM - Class A * | 595,130 | ||||||
19,562 | Liberty Media Corp-Liberty SiriusXM * | 723,403 | ||||||
22,795 | Twenty-First Century Fox, Inc. - Class A | 1,096,895 | ||||||
11,817 | Twenty-First Century Fox, Inc. | 564,616 | ||||||
36,258 | Viacom, Inc. | 931,831 | ||||||
10,087 | Walt Disney Co. | 1,106,040 | ||||||
1,866 | World Wrestling Entertainment, Inc. | 139,428 | ||||||
10,555,707 | ||||||||
MINING - 0.2% | ||||||||
4,129 | BHP Billiton Ltd. (ADR) | 199,389 | ||||||
18,228 | Newmont Mining Corp. | 631,600 | ||||||
830,989 | ||||||||
MISCELLANEOUS MANUFACTURER - 3.0% | ||||||||
17,329 | 3M Co. | 3,301,868 | ||||||
58,949 | Crane Co. | 4,254,939 | ||||||
109,712 | General Electric Co. | 830,520 | ||||||
21,343 | Illinois Tool Works, Inc. | 2,703,945 | ||||||
37,360 | Ingersoll-Rand PLC | 3,408,353 | ||||||
5,550 | Parker-Hannifin Corp. | 827,727 | ||||||
15,327,352 | ||||||||
OIL & GAS - 4.2% | ||||||||
54,294 | Anadarko Petroleum Corp. | 2,380,249 | ||||||
1,774 | Cabot Oil & Gas Corp. | 39,649 | ||||||
38,531 | Chevron Corp. | 4,191,787 | ||||||
3,441 | Concho Resources, Inc. * | 353,700 | ||||||
61,917 | ConocoPhillips | 3,860,525 | ||||||
7,093 | Continental Resources, Inc. * | 285,068 | ||||||
2,976 | EOG Resources, Inc. | 259,537 | ||||||
50,798 | Equinor ASA (ADR) | 1,075,394 | ||||||
91,179 | Exxon Mobil Corp. | 6,217,496 | ||||||
4,853 | Newfield Exploration Co. * | 71,145 | ||||||
12,769 | Occidental Petroleum Corp. | 783,761 | ||||||
21,746 | Phillips 66 | 1,873,418 | ||||||
2,016 | Valero Energy Corp. | 151,140 | ||||||
21,542,869 |
See accompanying notes to financial statements.
38
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
OIL & GAS SERVICES - 0.5% | ||||||||
90,498 | Halliburton Co. | $ | 2,405,437 | |||||
PACKAGING & CONTAINERS - 0.3% | ||||||||
7,493 | Packaging Corp. of America | 625,366 | ||||||
18,487 | WestRock Co. | 698,069 | ||||||
1,323,435 | ||||||||
PHARMACEUTICALS - 7.2% | ||||||||
46,170 | AbbVie, Inc. | 4,256,412 | ||||||
20,426 | AmerisourceBergen Corp. | 1,519,694 | ||||||
59,804 | Bristol-Myers Squibb Co. | 3,108,612 | ||||||
41,282 | Cardinal Health, Inc. | 1,841,177 | ||||||
3,352 | Cigna Corp. | 636,539 | ||||||
17,095 | CVS Health Corp. | 1,120,064 | ||||||
30,203 | Eli Lilly & Co. | 3,495,091 | ||||||
69,892 | Johnson & Johnson | 9,019,563 | ||||||
18,360 | McKesson Corp. | 2,028,229 | ||||||
89,056 | Merck & Co., Inc. | 6,804,769 | ||||||
19,189 | Pfizer, Inc. | 837,600 | ||||||
25,462 | Roche Holding AG (ADR) | 791,359 | ||||||
22,271 | Zoetis, Inc. | 1,905,061 | ||||||
37,364,170 | ||||||||
PIPELINES - 0.6% | ||||||||
128,853 | Kinder Morgan, Inc. | 1,981,759 | ||||||
46,213 | Williams Cos., Inc. | 1,018,997 | ||||||
3,000,756 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 3.1% | ||||||||
94,078 | Host Hotels & Resorts, Inc. | 1,568,280 | ||||||
32,967 | Park Hotels & Resorts, Inc. | 856,482 | ||||||
104,522 | Prologis, Inc. | 6,137,532 | ||||||
62,442 | Realty Income Corp. | 3,936,344 | ||||||
21,167 | Simon Property Group, Inc. | 3,555,844 | ||||||
16,054,482 | ||||||||
RETAIL - 5.0% | ||||||||
4,216 | Best Buy Co., Inc. | 223,279 | ||||||
21,379 | Costco Wholesale Corp. | 4,355,116 | ||||||
8,281 | Darden Restaurants, Inc. | 826,941 | ||||||
6,285 | Domino’s Pizza, Inc. | 1,558,617 | ||||||
3,714 | Dunkin’ Brands Group, Inc. | 238,142 | ||||||
3,866 | Five Below, Inc. * | 395,569 | ||||||
624 | Genuine Parts Co. | 59,916 | ||||||
32,010 | Home Depot, Inc. | 5,499,958 | ||||||
18,702 | McDonald’s Corp. | 3,320,914 | ||||||
12,549 | Penske Automotive Group, Inc. | 505,976 | ||||||
7,581 | Ross Stores, Inc. | 630,738 | ||||||
66,257 | Target Corp. | 4,378,925 |
See accompanying notes to financial statements.
39
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
RETAIL - 5.0% (Continued) | ||||||||
45,578 | TJX Cos., Inc. | $ | 2,039,160 | |||||
16,379 | Walmart, Inc. | 1,525,704 | ||||||
6,195 | Yum! Brands, Inc. | 569,444 | ||||||
26,128,399 | ||||||||
SEMICONDUCTORS - 3.5% | ||||||||
10,981 | Analog Devices, Inc. | 942,499 | ||||||
44,869 | Applied Materials, Inc. | 1,469,011 | ||||||
4,228 | Broadcom, Inc. | 1,075,096 | ||||||
134,897 | Intel Corp. | 6,330,715 | ||||||
2,173 | Maxim Integrated Products, Inc. | 110,497 | ||||||
7,517 | Mellanox Technologies Ltd. * | 694,420 | ||||||
11,780 | Micron Technology, Inc. * | 373,779 | ||||||
17,402 | NVIDIA Corp. | 2,323,167 | ||||||
15,959 | QUALCOMM, Inc. | 908,227 | ||||||
9,094 | Skyworks Solutions, Inc. | 609,480 | ||||||
25,753 | Texas Instruments, Inc. | 2,433,659 | ||||||
11,635 | Xilinx, Inc. | 990,953 | ||||||
18,261,503 | ||||||||
SOFTWARE - 7.0% | ||||||||
2,705 | Activision Blizzard, Inc. | 125,972 | ||||||
5,132 | Broadridge Financial Solutions, Inc. | 493,955 | ||||||
20,645 | Dropbox, Inc. * | 421,777 | ||||||
10,307 | Electronic Arts, Inc. * | 813,325 | ||||||
11,909 | Fidelity National Information Services, Inc. | 1,221,268 | ||||||
8,339 | Intuit, Inc. | 1,641,532 | ||||||
180,388 | Microsoft Corp. | 18,322,009 | ||||||
99,318 | Oracle Corp. | 4,484,208 | ||||||
2,588 | Paychex, Inc. | 168,608 | ||||||
42,805 | salesforce.com, Inc. * | 5,863,001 | ||||||
14,827 | Synopsys, Inc. * | 1,249,026 | ||||||
11,458 | Veeva Systems, Inc. * | 1,023,429 | ||||||
3,537 | Vmware, Inc. | 485,029 | ||||||
36,313,139 | ||||||||
TELECOMMUNICATIONS - 3.0% | ||||||||
98,879 | AT&T, Inc. | 2,822,005 | ||||||
26,894 | BCE, Inc. | 1,063,120 | ||||||
34,401 | China Mobile Ltd. (ADR) | 1,651,248 | ||||||
13,980 | Ciena Corp. * | 474,062 | ||||||
96,293 | Cisco Systems, Inc. | 4,172,376 | ||||||
5,173 | Motorola Solutions, Inc. | 595,102 | ||||||
100,814 | Telefonaktiebolaget LM Ericsson (ADR) | 894,220 | ||||||
3 | Telephone & Data Systems, Inc. | 98 | ||||||
69,611 | Verizon Communications, Inc. | 3,913,530 | ||||||
15,585,761 |
See accompanying notes to financial statements.
40
Global Atlantic BlackRock Disciplined Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
TRANSPORTATION - 0.8% | ||||||||
18,266 | Landstar System, Inc. | $ | 1,747,508 | |||||
16,893 | Norfolk Southern Corp. | 2,526,179 | ||||||
4,273,687 | ||||||||
WATER - 0.4% | ||||||||
21,444 | American Water Works Co., Inc. | 1,946,472 | ||||||
TOTAL COMMON STOCKS (Cost - $532,849,678) | 509,898,522 | |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
MONEY MARKET FUND - 1.6% | ||||||||
8,277,840 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $8,277,840) | $ | 8,277,840 | |||||
TOTAL INVESTMENTS - 99.9% (Cost - $541,127,518) | $ | 518,176,362 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1% | 755,990 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 518,932,352 |
* | Non-income producing security. |
** | Amount is less than 0.05% |
ADR - American Depository Receipt
PLC - Public Limited Company
(a) | Money market rate shown represents the rate at December 31, 2018. |
FUTURES CONTRACTS | ||||||||||||||||||
Unrealized | ||||||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Depreciation | |||||||||||||
LONG | ||||||||||||||||||
S&P 500 E-mini Future | Goldman Sachs | 75 | March-19 | $ | 9,394,500 | $ | (196,158 | ) | ||||||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $ | (196,158 | ) |
See accompanying notes to financial statements.
41
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 97.9% | ||||||||
ADVERTISING - 0.2% | ||||||||
1,506 | Interpublic Group of Cos, Inc. | $ | 31,069 | |||||
AEROSPACE/DEFENSE - 3.3% | ||||||||
829 | Boeing Co. | 267,352 | ||||||
257 | Heico Corp. | 16,191 | ||||||
336 | Lockheed Martin Corp. | 87,978 | ||||||
34 | Northrop Grumman Corp. | 8,327 | ||||||
936 | Raytheon Co. | 143,536 | ||||||
1 | United Technologies Corp. | 81 | ||||||
523,465 | ||||||||
AGRICULTURE - 1.0% | ||||||||
2,696 | Altria Group, Inc. | 133,155 | ||||||
527 | Archer-Daniels-Midland Co. | 21,591 | ||||||
154,746 | ||||||||
AIRLINES - 0.3% | ||||||||
1,024 | Southwest Airlines Co. | 47,596 | ||||||
APPAREL - 1.5% | ||||||||
2,631 | NIKE, Inc. | 195,062 | ||||||
486 | VF Corp. | 34,671 | ||||||
229,733 | ||||||||
AUTO MANUFACTURERS - 0.4% | ||||||||
860 | PACCAR, Inc. | 49,140 | ||||||
43 | Tesla, Inc. * | 14,310 | ||||||
63,450 | ||||||||
AUTO PARTS & EQUIPMENT - 0.0% ^ | ||||||||
38 | Allison Transmission Holdings, Inc. | 1,669 | ||||||
52 | BorgWarner, Inc. | 1,806 | ||||||
3,475 | ||||||||
BANKS - 0.9% | ||||||||
2,172 | Bank of America Corp. | 53,518 | ||||||
73 | East West Bancorp, Inc. | 3,178 | ||||||
147 | First Republic Bank | 12,774 | ||||||
1,777 | Morgan Stanley | 70,458 | ||||||
139,928 | ||||||||
BEVERAGES - 2.0% | ||||||||
406 | Coca-Cola Co. (The) | 19,224 | ||||||
988 | Coca-Cola European Partners PLC | 45,300 | ||||||
294 | Constellation Brands, Inc. | 47,281 | ||||||
239 | Keurig Dr. Pepper, Inc. | 6,128 | ||||||
1,562 | Monster Beverage Corp. * | 76,882 | ||||||
1,101 | PepsiCo., Inc. | 121,638 | ||||||
316,453 |
See accompanying notes to financial statements.
42
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BIOTECHNOLOGY - 4.4% | ||||||||
1,155 | Amgen, Inc. | $ | 224,844 | |||||
215 | Biogen, Inc. * | 64,698 | ||||||
1,866 | Celgene Corp. * | 119,592 | ||||||
2,828 | Gilead Sciences, Inc. | 176,891 | ||||||
293 | Incyte Corp. * | 18,632 | ||||||
78 | Regeneron Pharmaceuticals, Inc. * | 29,133 | ||||||
394 | Vertex Pharmaceuticals, Inc. * | 65,290 | ||||||
699,080 | ||||||||
BUILDING MATERIALS - 0.2% | ||||||||
36 | Lennox International, Inc. | 7,879 | ||||||
235 | Vulcan Materials Co. | 23,218 | ||||||
31,097 | ||||||||
CHEMICALS - 0.9% | ||||||||
263 | Air Products & Chemicals, Inc. | 42,093 | ||||||
698 | Celanese Corp. | 62,799 | ||||||
174 | Linde PLC | 27,151 | ||||||
157 | RPM International, Inc. | 9,228 | ||||||
141,271 | ||||||||
COMMERCIAL SERVICES - 4.5% | ||||||||
1,396 | Automatic Data Processing, Inc. | 183,044 | ||||||
1,345 | Booz Allen Hamilton Holding Corp. | 60,619 | ||||||
154 | Ecolab, Inc. | 22,692 | ||||||
1,288 | H&R Block, Inc. | 32,677 | ||||||
1,046 | Insperity, Inc. | 97,655 | ||||||
1,151 | PayPal Holdings, Inc. * | 96,788 | ||||||
765 | Robert Half International, Inc. | 43,758 | ||||||
402 | S&P Global, Inc. | 68,316 | ||||||
536 | Square, Inc. * | 30,064 | ||||||
621 | Total System Services, Inc. | 50,481 | ||||||
399 | TransUnion | 22,663 | ||||||
441 | Western Union Co. (The) | 7,523 | ||||||
716,280 | ||||||||
COMPUTERS - 7.6% | ||||||||
769 | Accenture PLC | 108,437 | ||||||
6,299 | Apple, Inc. | 993,604 | ||||||
121 | Cognizant Technology Solutions Corp. | 7,681 | ||||||
148 | Dell Technologies, Inc. Class C * | 7,250 | ||||||
234 | Fortinet, Inc. * | 16,481 | ||||||
398 | HP, Inc. | 8,143 | ||||||
248 | International Business Machines Corp. | 28,190 | ||||||
51 | NetApp, Inc. | 3,043 | ||||||
1,270 | Pure Storage, Inc. * | 20,422 | ||||||
1,193,251 | ||||||||
COSMETICS/PERSONAL CARE - 0.4% | ||||||||
490 | Estee Lauder Cos, Inc. | 63,749 |
See accompanying notes to financial statements.
43
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
DISTRIBUTION/WHOLESALE - 0.0% ^ | ||||||||
9 | WW Grainger, Inc. | $ | 2,541 | |||||
DIVERSIFIED FINANCIAL SERVICES - 5.9% | ||||||||
515 | American Express Co. | 49,090 | ||||||
4,259 | Charles Schwab Corp. | 176,876 | ||||||
250 | CME Group, Inc. | 47,030 | ||||||
512 | Evercore, Inc. | 36,639 | ||||||
276 | Intercontinental Exchange, Inc. | 20,791 | ||||||
1,512 | Mastercard, Inc. | 285,239 | ||||||
51 | Moelis & Co. | 1,753 | ||||||
700 | SEI Investments Co. | 32,340 | ||||||
574 | TD Ameritrade Holding Corp. | 28,103 | ||||||
1,964 | Visa, Inc. | 259,130 | ||||||
936,991 | ||||||||
ELECTRIC - 0.3% | ||||||||
409 | OGE Energy Corp. | 16,029 | ||||||
388 | Pinnacle West Capital Corp. | 33,058 | ||||||
116 | Portland General Electric Co. | 5,319 | ||||||
54,406 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1% | ||||||||
82 | AMETEK, Inc. | 5,551 | ||||||
111 | Hubbell, Inc. | 11,027 | ||||||
16,578 | ||||||||
ELECTRONICS - 1.3% | ||||||||
195 | Agilent Technologies, Inc. | 13,155 | ||||||
789 | Allegion PLC | 62,891 | ||||||
533 | Garmin Ltd. | 33,750 | ||||||
33 | Honeywell International, Inc. | 4,360 | ||||||
1,990 | National Instruments Corp. | 90,306 | ||||||
204,462 | ||||||||
FOOD - 0.7% | ||||||||
981 | Hershey Co. (The) | 105,144 | ||||||
96 | Lamb Weston Holdings, Inc. | 7,062 | ||||||
112,206 | ||||||||
GAS - 0.1% | ||||||||
203 | Atmos Energy Corp. | 18,822 | ||||||
HAND/MACHINE TOOLS - 0.2% | ||||||||
201 | Snap-On, Inc. | 29,203 |
See accompanying notes to financial statements.
44
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
HEALTHCARE PRODUCTS - 2.5% | ||||||||
12 | ABIOMED, Inc. * | $ | 3,900 | |||||
35 | Danaher Corp. | 3,609 | ||||||
363 | Genomic Health, Inc. * | 23,381 | ||||||
324 | IDEXX Laboratories, Inc. * | 60,270 | ||||||
178 | Intuitive Surgical, Inc. * | 85,248 | ||||||
174 | Masimo Corp. * | 18,682 | ||||||
175 | Steris PLC | 18,699 | ||||||
1,153 | Stryker Corp. | 180,733 | ||||||
394,522 | ||||||||
HEALTHCARE - SERVICES - 3.1% | ||||||||
166 | Humana, Inc. | 47,556 | ||||||
1,656 | UnitedHealth Group, Inc. | 412,543 | ||||||
109 | WellCare Health Plans, Inc. * | 25,734 | ||||||
485,833 | ||||||||
HOUSEHOLD PRODUCTS/WARES - 0.4% | ||||||||
1,039 | Church & Dwight Co., Inc. | 68,325 | ||||||
INSURANCE - 1.0% | ||||||||
112 | Allstate Corp. | 9,255 | ||||||
739 | Arthur J. Gallagher & Co. | 54,464 | ||||||
174 | Berkshire Hathaway, Inc. * | 35,527 | ||||||
669 | Progressive Corp. (The) | 40,361 | ||||||
665 | Unum Group | 19,538 | ||||||
159,145 | ||||||||
INTERNET - 16.7% | ||||||||
376 | Alphabet, Inc. - Class A * | 392,905 | ||||||
408 | Alphabet, Inc. - Class C * | 422,529 | ||||||
594 | Amazon.com, Inc. * | 892,170 | ||||||
40 | Booking Holdings, Inc. * | 68,897 | ||||||
506 | Cargurus, Inc. * | 17,067 | ||||||
1,092 | CDW Corp. | 88,507 | ||||||
3,426 | Facebook, Inc. * | 449,114 | ||||||
964 | GoDaddy, Inc. * | 63,258 | ||||||
482 | Netflix, Inc. * | 129,012 | ||||||
101 | Palo Alto Networks, Inc. * | 19,023 | ||||||
213 | TripAdvisor, Inc. * | 11,489 | ||||||
706 | Twitter, Inc. * | 20,290 | ||||||
291 | VeriSign, Inc. * | 43,152 | ||||||
794 | Yelp, Inc. * | 27,782 | ||||||
2,645,195 | ||||||||
IRON/STEEL - 0.1% | ||||||||
306 | Steel Dynamics, Inc. | 9,192 | ||||||
LEISURE TIME - 0.1% | ||||||||
551 | Norwegian Cruise Line Holdings Ltd. * | 23,357 |
See accompanying notes to financial statements.
45
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
LODGING - 0.9% | ||||||||
1,664 | Extended Stay America, Inc. | $ | 25,792 | |||||
1,090 | Hilton Worldwide Holdings, Inc. | 78,262 | ||||||
321 | Marriott International, Inc. | 34,848 | ||||||
138,902 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 0.2% | ||||||||
307 | Caterpillar, Inc. | 39,010 | ||||||
MACHINERY - DIVERSIFIED - 1.0% | ||||||||
41 | AGCO Corp. | 2,282 | ||||||
795 | Rockwell Automation, Inc. | 119,632 | ||||||
115 | Roper Technologies, Inc. | 30,650 | ||||||
152,564 | ||||||||
MEDIA - 1.2% | ||||||||
1,051 | AMC Networks, Inc. * | 57,679 | ||||||
886 | CBS Corp. | 38,736 | ||||||
291 | Liberty Media Corp.-Liberty SiriusXM - Class A * | 10,709 | ||||||
218 | Liberty Media Corp.-Liberty SiriusXM - Class C * | 8,062 | ||||||
116 | Sinclair Broadcast Group, Inc. | 3,055 | ||||||
3,692 | Sirius XM Holdings, Inc. | 21,081 | ||||||
209 | Viacom, Inc. | 5,371 | ||||||
245 | Walt Disney Co. (The) | 26,864 | ||||||
175 | World Wrestling Entertainment, Inc. | 13,076 | ||||||
184,633 | ||||||||
MISCELLANEOUS MANUFACTURING - 3.1% | ||||||||
645 | 3M Co. | 122,898 | ||||||
2,077 | Crane Co. | 149,918 | ||||||
108 | Donaldson Co., Inc. | 4,686 | ||||||
780 | Illinois Tool Works, Inc. | 98,818 | ||||||
1,263 | Ingersoll-Rand PLC | 115,223 | ||||||
491,543 | ||||||||
OFFICE/BUSINESS EQUIPMENT - 0.1% | ||||||||
80 | Zebra Technologies Corp. * | 12,738 | ||||||
OIL & GAS - 0.5% | ||||||||
1,102 | Anadarko Petroleum Corp. | 48,312 | ||||||
352 | ConocoPhillips | 21,947 | ||||||
44 | Continental Resources, Inc. * | 1,768 | ||||||
72,027 | ||||||||
OIL & GAS SERVICES - 0.3% | ||||||||
1,970 | Halliburton Co. | 52,363 | ||||||
PACKAGING & CONTAINERS - 0.1% | ||||||||
99 | Packaging, Corp. of America | 8,263 | ||||||
42 | WestRock Co. | 1,586 | ||||||
9,849 |
See accompanying notes to financial statements.
46
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
PHARMACEUTICALS - 4.0% | ||||||||
2,348 | AbbVie, Inc. | $ | 216,462 | |||||
605 | AmerisourceBergen Corp. | 45,012 | ||||||
1,376 | Bristol-Myers Squibb Co. | 71,524 | ||||||
842 | Cardinal Health, Inc. | 37,553 | ||||||
14 | Cigna Corp. | 2,727 | ||||||
126 | DexCom, Inc. * | 15,095 | ||||||
791 | Eli Lilly & Co. | 91,534 | ||||||
416 | Johnson & Johnson | 53,685 | ||||||
347 | McKesson Corp. | 38,333 | ||||||
724 | Zoetis, Inc. | 61,931 | ||||||
633,856 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 2.4% | ||||||||
137 | Equity LifeStyle Properties, Inc. | 13,307 | ||||||
536 | Host Hotels & Resorts, Inc. | 8,935 | ||||||
22 | Lamar Advertising Co. | 1,522 | ||||||
113 | Park Hotels & Resorts, Inc. | 2,936 | ||||||
2,683 | Prologis, Inc. | 157,546 | ||||||
1,495 | Realty Income Corp. | 94,245 | ||||||
595 | Simon Property Group, Inc. | 99,954 | ||||||
378,445 | ||||||||
RETAIL - 6.2% | ||||||||
7 | AutoZone, Inc. * | 5,868 | ||||||
23 | Chipotle Mexican Grill, Inc. * | 9,931 | ||||||
733 | Costco Wholesale Corp. | 149,319 | ||||||
228 | Darden Restaurants, Inc. | 22,768 | ||||||
340 | Domino’s Pizza, Inc. | 84,317 | ||||||
785 | Dunkin’ Brands Group, Inc. | 50,334 | ||||||
222 | Five Below, Inc. * | 22,715 | ||||||
1,747 | Home Depot, Inc. | 300,170 | ||||||
90 | Lululemon Athletica, Inc. * | 10,945 | ||||||
43 | McDonald’s, Corp. | 7,635 | ||||||
81 | O’Reilly Automotive, Inc. * | 27,891 | ||||||
569 | Ross Stores, Inc. | 47,341 | ||||||
44 | Starbucks Corp. | 2,834 | ||||||
1,653 | Target, Corp. | 109,247 | ||||||
1,900 | TJX Cos, Inc. | 85,006 | ||||||
179 | Tractor Supply Co. | 14,936 | ||||||
21 | Ulta Beauty, Inc. * | 5,142 | ||||||
281 | Yum! Brands, Inc. | 25,830 | ||||||
982,229 | ||||||||
SEMICONDUCTORS - 3.4% | ||||||||
431 | Analog Devices, Inc. | 36,993 | ||||||
2,124 | Applied Materials, Inc. | 69,540 | ||||||
87 | Broadcom, Inc. | 22,122 | ||||||
69 | Cirrus Logic, Inc. * | 2,289 |
See accompanying notes to financial statements.
47
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
SEMICONDUCTORS - 3.4% (Continued) | ||||||||
535 | Intel Corp. | $ | 25,108 | |||||
178 | Maxim Integrated Products, Inc. | 9,051 | ||||||
213 | Micron Technology, Inc. * | 6,758 | ||||||
874 | NVIDIA Corp. | 116,679 | ||||||
27 | NXP Semiconductors NV * | 1,979 | ||||||
215 | Silicon Laboratories, Inc. * | 16,944 | ||||||
380 | Skyworks Solutions, Inc. | 25,468 | ||||||
1,463 | Texas Instruments, Inc. | 138,253 | ||||||
765 | Xilinx, Inc. | 65,155 | ||||||
536,339 | ||||||||
SOFTWARE - 12.6% | ||||||||
596 | Activision Blizzard, Inc. | 27,756 | ||||||
323 | Adobe Systems, Inc. * | 73,075 | ||||||
52 | Athenahealth, Inc. * | 6,860 | ||||||
229 | Atlassian Corp. PLC * | 20,376 | ||||||
359 | Box, Inc. * | 6,060 | ||||||
428 | Broadridge Financial Solutions, Inc. | 41,195 | ||||||
941 | Dropbox, Inc. * | 19,225 | ||||||
662 | Electronic Arts, Inc. * | 52,238 | ||||||
157 | First Data Corp. * | 2,655 | ||||||
524 | Intuit, Inc. | 103,149 | ||||||
9,599 | Microsoft Corp. | 974,970 | ||||||
169 | New Relic, Inc. * | 13,684 | ||||||
1,299 | Oracle Corp. | 58,650 | ||||||
213 | Paychex, Inc. | 13,877 | ||||||
109 | Red Hat, Inc. * | 19,145 | ||||||
2,245 | Salesforce.com, Inc. * | 307,498 | ||||||
191 | ServiceNow, Inc. * | 34,008 | ||||||
890 | Synopsys, Inc. * | 74,974 | ||||||
97 | Tableau Software, Inc. * | 11,640 | ||||||
198 | Ultimate Software Group, Inc. (The) * | 48,484 | ||||||
618 | Veeva Systems, Inc. * | 55,200 | ||||||
185 | Vmware, Inc. | 25,369 | ||||||
1,990,088 | ||||||||
TELECOMMUNICATIONS - 0.4% | ||||||||
45 | Arista Networks, Inc. * | 9,481 | ||||||
756 | Ciena Corp. * | 25,636 | ||||||
188 | Motorola Solutions, Inc. | 21,628 | ||||||
56,745 |
See accompanying notes to financial statements.
48
Global Atlantic BlackRock Disciplined Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
TRANSPORTATION - 1.4% | ||||||||
230 | CH Robinson Worldwide, Inc. | $ | 19,341 | |||||
156 | JB Hunt Transport Services, Inc. | 14,514 | ||||||
1,359 | Landstar System, Inc. | 130,016 | ||||||
207 | Norfolk Southern Corp. | 30,955 | ||||||
861 | Schneider National, Inc. | 16,075 | ||||||
118 | United Parcel Service, Inc. | 11,509 | ||||||
222,410 | ||||||||
TOTAL COMMON STOCKS (Cost - $15,797,128) | 15,469,162 | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
MONEY MARKET FUND - 2.1% | ||||||||
328,974 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $328,974) | 328,974 | ||||||
TOTAL INVESTMENTS - 100.0% (Cost - $16,126,102) | $ | 15,798,136 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0% ^ | 8,487 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 15,806,623 |
* | Non-income producing security |
^ | Represents less than 0.05% |
PLC - Public Limited Company
(a) | Money market rate shown represents the rate at December 31, 2018. |
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Appreciation | |||||||||
LONG | ||||||||||||||
S&P 500 E-mini Future | Goldman Sachs | 2 | Mar-19 | $ | 250,520 | $ | 1,682 | |||||||
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $ | 1,682 |
See accompanying notes to financial statements.
49
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
EXCHANGE TRADED FUNDS - 6.1% | ||||||||
EQUITY FUNDS - 6.1% | ||||||||
109,068 | iShares MSCI India ETF | $ | 3,636,327 | |||||
129,516 | iShares MSCI Taiwan ETF | 4,095,296 | ||||||
33,652 | iShares MSCI Turkey ETF | 826,829 | ||||||
TOTAL EQUITY FUNDS (Cost - $9,210,403) | 8,558,452 | |||||||
COMMON STOCKS - 90.9% | ||||||||
ADVERTISING - 0.0% + | ||||||||
469 | Publicis Groupe SA | 26,850 | ||||||
AEROSPACE/DEFENSE - 0.4% | ||||||||
2,696 | BAE Systems PLC | 15,767 | ||||||
1,224 | CAE, Inc. | 22,485 | ||||||
14 | Dassault Aviation SA | 19,365 | ||||||
2,249 | MTU Aero Engines AG | 407,238 | ||||||
6,624 | Rolls-Royce Holdings PLC | 70,022 | ||||||
534,877 | ||||||||
AGRICULTURE - 1.5% | ||||||||
11,119 | British American Tobacco PLC | 354,029 | ||||||
78,000 | China Agri-Industries Holdings Ltd. * | 27,795 | ||||||
1,858 | Easy Bio, Inc. * | 10,091 | ||||||
28,200 | Gudang Garam Tbk. PT | 163,969 | ||||||
10,888 | Imperial Brands PLC | 329,618 | ||||||
34,900 | Japan Tobacco, Inc. | 832,301 | ||||||
6,900 | QL Resources Bhd. | 11,371 | ||||||
204,000 | Renhe Commercial Holdings Co. Ltd. * | 7,035 | ||||||
7,670 | Swedish Match AB | 302,012 | ||||||
2,038,221 | ||||||||
AIRLINES - 0.4% | ||||||||
92,000 | China Eastern Airlines Corp. Ltd. | 51,233 | ||||||
33,491 | International Consolidated Airlines Group SA | 264,934 | ||||||
59,282 | Qantas Airways Ltd. | 241,643 | ||||||
557,810 | ||||||||
APPAREL - 1.7% | ||||||||
2,093 | adidas AG | 436,413 | ||||||
1,386 | Burberry Group PLC | 30,635 | ||||||
827 | Christian Dior SE | 315,664 | ||||||
367 | Fila Korea Ltd. | 17,597 | ||||||
1,412 | Kering | 664,375 | ||||||
2,149 | LVMH Moet Hennessy Louis Vuitton SE | 634,302 | ||||||
7,219 | Moncler SpA | 238,742 | ||||||
155 | Puma SE | 75,659 | ||||||
200 | Zhejiang Semir Garment Co. Ltd. | 260 | ||||||
2,413,647 | ||||||||
AUTO MANUFACTURERS - 1.8% | ||||||||
40,500 | BAIC Motor Corp. Ltd. | 21,364 | ||||||
22,000 | China First Capital Group Ltd. * | 12,504 | ||||||
3,451 | Ferrari NV | 342,348 | ||||||
18,000 | Geely Automobile Holdings Ltd. | 31,727 | ||||||
11,400 | Honda Motor Co. Ltd. | 300,755 | ||||||
1,121 | Hyundai Motor Co. | 119,052 | ||||||
2,290 | Kia Motors Corp. | 69,164 | ||||||
13,400 | Mitsubishi Motors Corp. | 73,525 | ||||||
4,300 | Nissan Motor Co. Ltd. | 34,501 |
See accompanying notes to financial statements.
50
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
AUTO MANUFACTURERS - 1.8% (Continued) | ||||||||
5,930 | Peugeot SA | $ | 126,392 | |||||
13,500 | Sinotruk Hong Kong Ltd. | 20,347 | ||||||
700 | Suzuki Motor Corp. | 35,518 | ||||||
15,000 | Toyota Motor Corp. | 875,815 | ||||||
32,382 | Volvo AB | 423,501 | ||||||
2,486,513 | ||||||||
AUTO PARTS & EQUIPMENT - 2.0% | ||||||||
4,100 | Aisin Seiki Co. Ltd. | 142,752 | ||||||
2,864 | Cie Generale des Etablissements Michelinn SCA | 283,854 | ||||||
2,121 | Continental AG | 292,773 | ||||||
2,700 | Denso Corp. | 120,413 | ||||||
8,514 | Faurecia | 321,863 | ||||||
450 | Georg Fischer AG * | 359,023 | ||||||
4,503 | Hella GmbH Hueck & Co. KgaA | 179,137 | ||||||
266 | Hyundai Mobis Co. Ltd. | 45,295 | ||||||
26,900 | JTEKT Corp. | 300,592 | ||||||
1,764 | Magna International, Inc. | 80,037 | ||||||
855 | Rheinmetall AG | 75,416 | ||||||
2,722 | Schaeffler AG | 23,207 | ||||||
9,100 | Sumitomo Electric Industries Ltd. * | 121,261 | ||||||
10,600 | Tokai Rika Co. Ltd. * | 176,224 | ||||||
7,500 | Toyoda Gosei Co. Ltd. | 148,681 | ||||||
9,300 | Toyota Boshoku Corp. | 139,099 | ||||||
2,809,627 | ||||||||
BANKS - 12.8% | ||||||||
7,000 | ABSA Group Ltd. | 78,745 | ||||||
100 | Agricultura Bank of China Ltd. | 52 | ||||||
465,000 | Agricultural Bank of China Ltd | 203,714 | ||||||
12,802 | Australia & New Zealand Banking Group Ltd. | 220,448 | ||||||
128,877 | Banco Bilbao Vizcaya Argentaria SA | 682,929 | ||||||
9,350 | Banco Bradesco SA * | 81,661 | ||||||
27,060 | Banco Brandesco SA Preference * | 269,849 | ||||||
5,300 | Banco del Bajio SA | 10,291 | ||||||
9,300 | Banco do Brasil SA * | 111,554 | ||||||
20,600 | Banco Santander Brasil SA | 226,955 | ||||||
27,600 | Bank Central Asia Tbk. PT | 49,951 | ||||||
145,100 | Bank Mandiri Persero Tbk. PT | 74,543 | ||||||
923,000 | Bank of China Ltd. | 398,467 | ||||||
108,000 | Bank of Communications Co. Ltd. | 84,283 | ||||||
7,339 | Bank of Montreal | 479,254 | ||||||
12,207 | Bank of Nova Scotia (The) | 608,205 | ||||||
303,000 | Bank Rakyat Indonesia Persero Tbk. PT | 77,014 | ||||||
110,578 | Barclays PLC | 211,981 | ||||||
4,732 | BNP Paribas SA | 213,536 | ||||||
22,000 | BOC Hong Kong Holdings Ltd. | 81,769 | ||||||
4,597 | Canadian Imperial Bank of Commerce | 342,234 | ||||||
214,000 | China CITIC Bank Corp. Ltd. | 130,105 | ||||||
693,000 | China Construction Bank Corp. | 571,795 | ||||||
345,600 | China Minsheng Banking Corp. Ltd. | 238,365 | ||||||
119,000 | Chongqing Rural Commercial Bank Co. Ltd. | 63,837 | ||||||
4,202 | Commonwealth Bank of Australia | 214,145 | ||||||
459 | Credicorp Ltd. | 101,747 | ||||||
2,232 | Credit Agricole SA | 24,061 | ||||||
7,800 | DBS Group Holdings Ltd. | 135,570 |
See accompanying notes to financial statements.
51
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BANKS - 12.8% (Continued) | ||||||||
23,813 | DNB ASA | $ | 379,918 | |||||
7,607 | Erste Group Bank AG | 252,617 | ||||||
75,901 | FirstRand Ltd. | 345,921 | ||||||
829 | Grupo Elektra SAB de CV * | 39,883 | ||||||
19,100 | Grupo Financiero Banorte SAB de CV | 93,038 | ||||||
3,900 | Hachijuni Bank Ltd. (The) | 16,032 | ||||||
72,386 | HSBC Holdings PLC | 596,383 | ||||||
513,000 | Industrial & Commercial Bank of China Ltd. | 366,272 | ||||||
1,090 | Industrial Bank of Korea * | 13,725 | ||||||
89,700 | Itau Unibanco Holding SA Preference* | 821,609 | ||||||
2,100 | Kyushu Financial Group, Inc. | 7,962 | ||||||
158,893 | Lloyds Banking Group PLC | 104,927 | ||||||
5,709 | Macquarie Group Ltd. | 436,679 | ||||||
119,700 | Malayan Banking Bhd. | 275,172 | ||||||
21,126 | Mediobanca Banca di Credito Finanziario SpA | 178,132 | ||||||
179,900 | Mitsubishi UFJ Financial Group, Inc. | 881,996 | ||||||
34,453 | National Australia Bank Ltd. | 583,816 | ||||||
33,745 | Natixis SA | 158,893 | ||||||
954 | Nedbank Group Ltd. | 18,211 | ||||||
8,770 | Nordea Bank ABP * | 73,774 | ||||||
11,278 | OTP Bank Nyrt | 453,727 | ||||||
3,700 | Oversea-Chinese Banking Corp. Ltd. | 30,566 | ||||||
13,000 | Postal Savings Bank of China Co. Ltd. | 6,858 | ||||||
21,400 | Public Bank Bhd. | 128,219 | ||||||
55,300 | Resona Holdings, Inc. | 266,482 | ||||||
17,290 | Royal Bank of Canada | 1,182,880 | ||||||
43,239 | Skandinaviska Enskilda Banken AB | 419,912 | ||||||
2,786 | Societe Generale SA | 88,602 | ||||||
27,737 | Standard Bank Group Ltd. | 344,779 | ||||||
30,400 | Sumitomo Mitsui Financial Group, Inc. | 1,009,962 | ||||||
6,700 | Sumitomo Mitsui Trust Holdings, Inc. | 245,613 | ||||||
21,500 | Suruga Bank Ltd. * | 79,561 | ||||||
92,700 | Thanachart Capital PCL * (NVDR) | 141,641 | ||||||
27,148 | Toronto-Dominion Bank (The) | 1,348,853 | ||||||
25,307 | Westpac Banking Corp. | 446,116 | ||||||
2,054 | Woori Bank * | 28,717 | ||||||
17,854,508 | ||||||||
BASE METALS - 0.1% | ||||||||
21,573 | OZ Minerals Ltd. * | 133,649 | ||||||
BEVERAGES - 2.2% | ||||||||
75,000 | Ambev SA | 297,620 | ||||||
700 | Asahi Group Holdings Ltd. | 27,237 | ||||||
5,376 | Carlsberg A/S | 570,381 | ||||||
12,000 | China Resources Beer Holdings Co. Ltd. | 41,919 | ||||||
32,370 | Diageo PLC | 1,152,279 | ||||||
1,700 | Fraser & Neave Holdings Bhd. * | 13,781 | ||||||
18,400 | Kirin Holdings Co. Ltd. | 385,475 | ||||||
3,228 | Pernod Ricard SA | 528,790 | ||||||
210 | Royal Unibrew A/S | 14,444 | ||||||
3,031,926 |
See accompanying notes to financial statements.
52
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BIOTECHNOLOGY- 0.5% | ||||||||
7,500 | 3SBio, Inc. | $ | 9,618 | |||||
240 | BeiGene Ltd. * (ADR) | 33,662 | ||||||
3,326 | CSL Ltd. | 433,553 | ||||||
416 | Genmab AS * | 68,027 | ||||||
2,429 | H Lundbeck A/S | 106,195 | ||||||
34 | Medy-Tox, Inc. | 17,601 | ||||||
668,656 | ||||||||
BUILDING MATERIALS - 1.1% | ||||||||
73,000 | BBMG Corp. | 23,030 | ||||||
180,400 | Cemex SAB DE CV * | 87,023 | ||||||
32,000 | China Resources Cement Holdings Ltd. | 28,815 | ||||||
21,302 | Cie de Saint-Gobain | 710,208 | ||||||
47,229 | CSR Ltd. | 93,430 | ||||||
930 | HeidelbergCement AG | 56,750 | ||||||
1,246 | Kingspan Group PLC | 53,243 | ||||||
3,800 | LIXIL Group Corp. | 47,173 | ||||||
6,801 | Norbord, Inc. | 180,756 | ||||||
1,943 | Sika AG | 245,585 | ||||||
1,028 | Wienerberger AG | 21,153 | ||||||
1,547,166 | ||||||||
CHEMICALS - 2.7% | ||||||||
2,124 | Air Liquide SA | 263,322 | ||||||
2,879 | Arkema SA | 246,703 | ||||||
23,000 | Daicel Corp. | 237,096 | ||||||
2,300 | DIC Corp. | 70,647 | ||||||
8,801 | Evonik Industries AG | 219,327 | ||||||
1,194 | Hanwha Chemical Corp. * | 21,616 | ||||||
2,500 | Hitachi Chemical Co. Ltd. * | 37,825 | ||||||
1,600 | JSR Corp. | 24,135 | ||||||
15,000 | Kingboard Laminates Holdings Ltd. | 12,377 | ||||||
6,968 | Koninklijke DSM NV | 569,053 | ||||||
315 | LG Chem Ltd. | 97,961 | ||||||
729 | Linde AG | 161,463 | ||||||
63 | Lotte Chemical Corp. * | 15,640 | ||||||
162 | LOTTE Fine Chemical Co. Ltd. * | 5,960 | ||||||
4,002 | Methanex Corp. | 192,394 | ||||||
21,800 | Mitsubishi Chemical Holdings Corp. | 165,435 | ||||||
1,900 | Nitto Dekno Corp. | 95,991 | ||||||
1,932 | Nutrien Ltd. | 90,701 | ||||||
140,000 | PTT Global Chemical PCL | 306,357 | ||||||
6,700 | Shin-Etsu Chemical Co. Ltd. | 521,271 | ||||||
2,159 | Solvay SA | 215,511 | ||||||
19,300 | Sumitomo Chemical Co. Ltd. | 93,760 | ||||||
1,036 | Victrex PLC | 30,189 | ||||||
900 | Zeon Corp. | 8,252 | ||||||
3,702,986 | ||||||||
COAL - 0.2% | ||||||||
188,800 | Bukit Asam TBK PT * | 56,391 | ||||||
103,000 | China Coal Energy Co. Ltd. | 40,519 | ||||||
46,000 | China Shenhua Energy Co. Ltd. | 100,821 | ||||||
9,084 | Whitehaven Coal Ltd. | 27,627 | ||||||
225,358 |
See accompanying notes to financial statements.
53
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
COMMERCIAL SERVICES - 0.9% | ||||||||
5,219 | Ashtead Group PLC | $ | 108,810 | |||||
9,821 | Atlantia SpA | 202,870 | ||||||
10,000 | Car, Inc. * | 7,446 | ||||||
1,188 | Edenred | 43,607 | ||||||
5,598 | Experian PLC | 135,819 | ||||||
48,694 | G4S PLC | 122,142 | ||||||
620 | Intertek Group PLC | 37,902 | ||||||
308 | Randstad Holding NV | 14,115 | ||||||
3,600 | Recruit Holdings Co. Ltd. | 87,363 | ||||||
7,500 | RELX PLC | 154,408 | ||||||
7,698 | Rentokil Initial PLC | 33,060 | ||||||
9,500 | Shenzhen International Holdings Ltd. | 18,298 | ||||||
500 | Toppan Printing Co. Ltd. | 7,369 | ||||||
1,654 | Wirecard AG | 251,094 | ||||||
1,224,303 | ||||||||
COMPUTERS - 1.1% | ||||||||
2,110 | Atos SE | 172,413 | ||||||
100 | BOE Technology Group Co. Ltd. | 38 | ||||||
2,257 | Capgemini SE | 223,952 | ||||||
3,731 | CGI Group, Inc. * | 228,100 | ||||||
1,776 | Check Point Software Technologies Ltd. * | 182,306 | ||||||
11,053 | Computershare Ltd. | 133,761 | ||||||
600 | Itochu Techno-Solutions Corp. | 11,616 | ||||||
256 | Jenoptik AG | 6,666 | ||||||
42,000 | Lenovo Group Ltd. | 28,378 | ||||||
5,701 | Logitech International S.A. | 178,814 | ||||||
13,100 | Nihon Unisys Ltd. * | 292,650 | ||||||
156 | Samsung SDS Co. Ltd. | 28,521 | ||||||
204 | SK Holdings Co. Ltd. | 47,535 | ||||||
86 | Teleperformance | 13,724 | ||||||
1,548,474 | ||||||||
COSMETICS/PERSONAL CARE - 2.3% | ||||||||
318 | Amorepacific Corp. | 59,707 | ||||||
600 | FANCL Corp. * | 15,351 | ||||||
2,300 | Kao Corp. | 170,936 | ||||||
74 | LG Household & Health Care Ltd. | 73,018 | ||||||
4,903 | L’Oreal SA | 1,127,699 | ||||||
1,700 | Pigeon Corp. | 72,825 | ||||||
11,300 | Pola Orbis Holdings, Inc. | 305,790 | ||||||
400 | Shiseido Co. Ltd. | 25,127 | ||||||
19,955 | Svenska Cellulosa AB SCA | 154,673 | ||||||
2,600 | Unicharm Corp. | 84,340 | ||||||
11,285 | Unilever NV (Dutch Certificate) | 611,739 | ||||||
8,918 | Unilever PLC | 466,642 | ||||||
3,167,847 | ||||||||
DISTRIBUTION/WHOLESALE - 1.4% | ||||||||
671 | Ferguson PLC | 42,875 | ||||||
35,836 | Inchcape PLC | 251,709 | ||||||
20,600 | Itochu Corp. | 350,546 | ||||||
233 | LG Corp. * | 14,596 | ||||||
531 | LG International Corp. * | 7,305 | ||||||
23,800 | Marubeni Corp. | 167,553 |
See accompanying notes to financial statements.
54
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
DISTRIBUTION/WHOLESALE - 1.4% (Continued) | ||||||||
5,000 | Mitsubishi Corp. | $ | 137,629 | |||||
47,300 | Mitsui & Co. Ltd. | 728,803 | ||||||
432 | Posco Daewoo Corp. * | 7,046 | ||||||
4,412 | Rexel SA | 46,905 | ||||||
17,000 | Sumitomo Corp. | 241,950 | ||||||
1,996,917 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.9% | ||||||||
3,997 | Aareal Bank AG | 123,322 | ||||||
2,128 | ASX Ltd. | 89,797 | ||||||
3,300 | BOC Aviation Ltd. * | 24,425 | ||||||
20,000 | China International Capital Corp. Ltd. | 37,551 | ||||||
32,900 | CNPC Capital Co. Ltd. | 51,513 | ||||||
84,100 | Daiwa Securities Group, Inc. | 426,651 | ||||||
3,506 | Deutsche Boerse AG | 420,628 | ||||||
47,400 | Guotai Junan Securities Co. Ltd. | 95,898 | ||||||
1,705 | Hana Financial Group, Inc. | 55,392 | ||||||
7,900 | Hitachi Capital Corp. * | 166,619 | ||||||
7,900 | Hong Kong Exchanges & Clearing Ltd. | 228,645 | ||||||
9,806 | IG Group Holdings PLC | 71,187 | ||||||
3,787 | KB Financial Group, Inc. * | 157,820 | ||||||
206 | Korea Investment Holdings Co. Ltd. * | 10,985 | ||||||
13,300 | Krungthai Card PLC * (GDR) | 12,459 | ||||||
9,333 | Man Group PLC | 15,809 | ||||||
5,297 | Meritz Securities Co. Ltd. * | 20,318 | ||||||
1,128 | Mirae Asset Daewoo Co. Ltd. * | 6,601 | ||||||
12,200 | Mitsubishi UFJ Lease & Finance Co. Ltd. * | 58,712 | ||||||
8,800 | Muangthai Capital PLC (NVDR) | 13,243 | ||||||
1,090 | NH Investment & Securities Co. Ltd. * | 12,748 | ||||||
29,706 | Old Mutual Ltd. | 46,258 | ||||||
1,245 | Samsung Securities Co. Ltd. * | 35,147 | ||||||
10,025 | Schroders PLC | 311,918 | ||||||
2,770 | Shinhan Financial Group Co. Ltd. * | 98,308 | ||||||
600 | Tokyo Century Corp. * | 26,414 | ||||||
2,618,368 | ||||||||
ELECTRIC - 2.0% | ||||||||
5,415 | A2A SpA | 9,734 | ||||||
4,829 | AGL Energy Ltd. | 70,032 | ||||||
47,000 | China Power International Development Ltd. | 10,685 | ||||||
5,700 | Chubu Electric Power Co, Inc. | 81,176 | ||||||
8,500 | CLP Holdings Ltd. | 96,081 | ||||||
124,000 | Datang International Power Generation Co. Ltd. | 29,142 | ||||||
21,078 | E.ON SE | 207,870 | ||||||
1,091 | EDP Renovaveis SA | 9,697 | ||||||
15,126 | Endesa SA | 348,074 | ||||||
29,675 | Engie SA * | 424,885 | ||||||
3,599 | Fortis, Inc. (Canada) | 119,923 | ||||||
8,300 | Gulf Energy Development PCL | 20,775 | ||||||
8,800 | Gulf Energy Development PLC (NVDR) | 22,027 | ||||||
3,349 | Hera SpA * | 10,191 |
See accompanying notes to financial statements.
55
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ELECTRIC - 2.0% (Continued) | ||||||||
19,900 | Hokuriku Electric Power Co. * | $ | 173,942 | |||||
62,000 | Huadian Power International Corp. Ltd. | 27,954 | ||||||
2,330 | Iberdrola SA | 18,693 | ||||||
1,686 | Korea Electric Power Corp. * | 50,015 | ||||||
761 | RWE AG | 16,498 | ||||||
24,900 | Shikoku Electric Power Co., Inc. | 301,392 | ||||||
61,500 | Tenaga Nasional Bhd. | 202,396 | ||||||
78,260 | Terna Rete Elettrica Nazionale SpA | 443,110 | ||||||
1,470 | Uniper SE | 37,978 | ||||||
1,480 | Verbund AG | 63,005 | ||||||
2,795,275 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.4% | ||||||||
2,000 | Casio Computer Co. Ltd. | 23,771 | ||||||
300 | Dongfang Electric Corp. Ltd. * | 345 | ||||||
296 | LS Corp. * | 13,025 | ||||||
242 | LS Industrial Systems Co. Ltd. * | 10,627 | ||||||
500 | Mabuchi Motor Co. Ltd. | 15,358 | ||||||
5,998 | Schneider Electric SE | 409,477 | ||||||
25,600 | Xinjiang Goldwind Science & Technology Co. Ltd. | 22,692 | ||||||
495,295 | ||||||||
ELECTRONICS - 0.4% | ||||||||
14,654 | Electrocomponents PLC | 94,548 | ||||||
3,800 | Hoya Corp. | 229,112 | ||||||
1,669 | LG Display Co. Ltd. * | 26,999 | ||||||
100 | Murata Manufacturing Co. Ltd. | 13,631 | ||||||
729 | Samsung Electro-Mechanics Co. Ltd. * | 67,621 | ||||||
10,000 | Venture Corp. Ltd. | 102,348 | ||||||
534,259 | ||||||||
ENERGY - ALTERNATE SOURCES - 0.1% | ||||||||
885 | Landis+Gyr Group AG | 49,511 | ||||||
83 | OCI Co. Ltd. * | 7,959 | ||||||
36,000 | Xinyi Solar Holdings Ltd. * | 12,645 | ||||||
70,115 | ||||||||
ENGINEERING & CONSTRUCTION - 2.1% | ||||||||
174 | Acciona S.A. | 14,699 | ||||||
9,753 | ACS Actividades de Construccion y Servicios SA | 377,176 | ||||||
1,601 | Aena SA | 248,447 | ||||||
1,604 | Bouygues SA | 57,465 | ||||||
157,000 | China Communications Construction Co. Ltd. | 148,390 | ||||||
110,000 | China Communications Services Corp. Ltd. | 91,042 | ||||||
174,000 | China Railway Construction Corp. Ltd. | 241,353 | ||||||
178,000 | China Railway Group Ltd. | 162,100 | ||||||
5,400 | Chiyoda Corp. | 15,258 | ||||||
7,697 | CIMIC Group Ltd. | 235,225 | ||||||
197 | Daelim Industrial Co. Ltd. * | 18,097 | ||||||
1,783 | Daewoo Engineering & Construction Co. Ltd. * | 8,613 | ||||||
267 | Flughafen Zurich AG | 44,012 | ||||||
1,800 | Grupo Aeroportuario del Centro Norte SAB de CV * | 8,572 | ||||||
423 | GS Engineering & Construction Corp. * | 16,586 | ||||||
4,940 | Hochtief AG | 664,671 | ||||||
606 | Hyundai Engineering & Construction Co. Ltd. * | 29,654 | ||||||
3,900 | Kandenko Co. Ltd. * | 37,928 | ||||||
173,000 | Metallurgical Corp of China Ltd. | 41,541 | ||||||
1,322 | Samsung Engineering Co. Ltd. * | 20,852 |
See accompanying notes to financial statements.
56
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ENGINEERING & CONSTRUCTION - 2.1% (Continued) | ||||||||
37,732 | Sydney Airport | $ | 178,771 | |||||
3,586 | Vinci SA | 295,234 | ||||||
683 | WSP Global, Inc. | 29,339 | ||||||
2,985,025 | ||||||||
ENTERTAINMENT - 0.7% | ||||||||
13,888 | Aristocrat Leisure Ltd. | 213,533 | ||||||
406,000 | Genting Singapore PLC | 290,426 | ||||||
2 | Kindred Group PLC | 18 | ||||||
4,000 | Sankyo Co. Ltd. (SDR) | 152,395 | ||||||
8,100 | Toho Co. Ltd. | 293,834 | ||||||
10,828 | William Hill PLC | 21,375 | ||||||
971,581 | ||||||||
FOOD - 3.9% | ||||||||
4,031 | A2 Milk Co. Ltd. * | 30,138 | ||||||
4,589 | Associated British Foods PLC | 119,404 | ||||||
52 | Barry Callebaut AG | 80,759 | ||||||
5,416 | Bid Corp. Ltd. | 99,773 | ||||||
900 | BRF SA * | 5,092 | ||||||
70 | CJ CheilJedang Corp. | 20,734 | ||||||
1,074 | Coles Group Ltd. * | 8,877 | ||||||
66,000 | Dali Foods Group Co. Ltd | 48,809 | ||||||
3,143 | Danone SA | 221,001 | ||||||
16,500 | Indofood Sukses Makmur Tbk PT | 8,534 | ||||||
40,900 | JBS SA | 122,307 | ||||||
2,826 | Kesko OYJ | 152,159 | ||||||
800 | Kikkoman Corp. | 43,093 | ||||||
30,835 | Koninklijke Ahold Delhaize NV | 778,123 | ||||||
2,720 | Magnit PJSC - GDR | 34,626 | ||||||
23,075 | Nestle SA | 1,867,909 | ||||||
6,200 | Nichirei Corp. * | 170,943 | ||||||
47 | NongShim Co. Ltd | 10,720 | ||||||
374 | Salmar ASA | 18,486 | ||||||
6,900 | Seven & i Holdings Co. Ltd. | 300,804 | ||||||
25,662 | SSP Group PLC | 211,591 | ||||||
22,144 | Suedzucker AG | 285,921 | ||||||
9,136 | Tate & Lyle PLC | 76,795 | ||||||
21,000 | Uni-President China Holdings Ltd. | 18,239 | ||||||
8,891 | Wesfarmers Ltd. | 201,673 | ||||||
156,000 | WH Group Ltd. | 120,148 | ||||||
113,475 | Wm Morrison Supermarkets PLC | 308,193 | ||||||
8,448 | Woolworths Holdings Ltd. - South Africa * | 32,353 | ||||||
1,200 | Yamazaki Baking Co. Ltd. | 25,222 | ||||||
5,000 | Yihai International Holding Ltd. | 12,223 | ||||||
5,434,649 | ||||||||
FOOD SERVICE - 0.7% | ||||||||
47,311 | Compass Group PLC | 994,213 | ||||||
FOREST PRODUCTS & PAPER - 0.1% | ||||||||
506 | Canfor Corp. * | 6,124 | ||||||
26,300 | Indah Kiat Pulp & Paper Corp. Tbk PT | 21,147 | ||||||
13,000 | Pabrik Kertas Tjiwi Kimia Tbk. PT * | 10,012 | ||||||
1,178 | Smurfit Kappa Group PLC | 31,323 | ||||||
3,126 | Stora Enso OYJ | 36,039 | ||||||
3,300 | Suzano Papel E Celulose SA | 32,423 |
See accompanying notes to financial statements.
57
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
FOREST PRODUCTS & PAPER - 0.1% (Continued) | ||||||||
1,431 | UPM-Kymmene OYJ | $ | 36,234 | |||||
173,302 | ||||||||
GAS - 0.6% | ||||||||
55,807 | Centrica PLC | 95,881 | ||||||
431 | Korea Gas Corp. * | 18,618 | ||||||
58,086 | National Grid PLC | 565,343 | ||||||
36,155 | Snam SpA | 157,842 | ||||||
14,000 | Towngas China Co. Ltd. | 10,389 | ||||||
848,073 | ||||||||
HAND/MACHINE TOOLS - 0.2% | ||||||||
200 | Disco Corp. * | 23,424 | ||||||
400 | DMG Mori Co. Ltd. * | 4,524 | ||||||
11,883 | Sandvik AB | 169,348 | ||||||
20,500 | Techtronic Industries Co. Ltd. | 108,923 | ||||||
306,219 | ||||||||
HEALTHCARE-PRODUCTS - 1.0% | ||||||||
700 | Asahi Intecc Co. Ltd. | 29,604 | ||||||
5,428 | Aspen Pharmacare Holdings Ltd. | 50,873 | ||||||
378 | Carl Zeiss Meditec AG | 29,513 | ||||||
1,903 | Cochlear Ltd. | 232,534 | ||||||
3,501 | GN Store Nord A/S | 130,484 | ||||||
24,000 | Hengan International Group Co. Ltd. | 174,727 | ||||||
9,760 | Koninklijke Philips NV * | 345,091 | ||||||
386 | Sartorius Stedim Biotech | 38,544 | ||||||
1,557 | Siemens Healthineers AG * | 65,046 | ||||||
16,661 | Smith & Nephew PLC | 310,653 | ||||||
94 | Sonova Holding AG | 15,314 | ||||||
1,422,383 | ||||||||
HEALTHCARE-SERVICES - 0.2% | ||||||||
28,000 | Bangkok Dusit Medical Services PCL | 21,327 | ||||||
35,000 | Evergrande Health Industry Group Ltd. * | 46,045 | ||||||
3,669 | Fresenius SE & Co. KGaA | 177,751 | ||||||
6,000 | Genscript Biotech Corp. * | 8,093 | ||||||
300 | Miraca Holdings, Inc. | 6,787 | ||||||
986 | NMC Health PLC | 34,358 | ||||||
153 | Orpea Corp. | 15,605 | ||||||
420 | SillaJen, Inc. * | 27,666 | ||||||
337,632 | ||||||||
HOLDING COMPANIES - DIVERSIFIED - 0.5% | ||||||||
194 | Aker ASA * | 10,351 | ||||||
18,300 | Alfa SAB de CV | 21,735 | ||||||
16,976 | Barloworld Ltd. | 135,879 | ||||||
8,000 | China Investment Fund International Holdings Co. * | 21,458 | ||||||
66 | CJ Corp. * | 7,187 | ||||||
10 | CJ Corp. Preference * | 325 | ||||||
21,000 | CK Hutchison Holdings Ltd. | 201,703 | ||||||
7,100 | Keppel Corp. Ltd. | 30,786 | ||||||
11,139 | Remgro Ltd. | 150,797 | ||||||
7,340 | San Miguel Corp. | 20,519 | ||||||
963 | Washington H Soul Pattinson & Co .Ltd. * | 16,874 | ||||||
53,000 | Wharf Holdings Ltd. | 138,096 | ||||||
755,710 | ||||||||
HOME BUILDERS - 0.5% | ||||||||
2,397 | Bovis Homes Group PLC | 26,309 |
See accompanying notes to financial statements.
58
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
HOME BUILDERS - 0.5% (Continued) | ||||||||
10,940 | Persimmon PLC | $ | 268,911 | |||||
3,100 | Sekisui House Ltd. | 45,745 | ||||||
181,006 | Taylor Wimpey PLC | 314,096 | ||||||
655,061 | ||||||||
HOME FURNISHINGS - 0.1% | ||||||||
1,387 | LG Electronics, Inc. * | 77,442 | ||||||
2,500 | Sony Corp. | 121,360 | ||||||
198,802 | ||||||||
HOUSEHOLD PRODUCTS/WARES - 0.0% + | ||||||||
308 | Aekyung Industrial Co. Ltd. * | 13,139 | ||||||
INSURANCE - 4.9% | ||||||||
72,800 | AIA Group Ltd. | 604,392 | ||||||
5,200 | Allianz SE | 1,041,099 | ||||||
2,323 | Assicurazioni Generali SpA | 38,771 | ||||||
26,832 | Aviva PLC | 128,321 | ||||||
5,007 | AXA SA | 107,939 | ||||||
89,000 | China Life Insurance Co. Ltd. | 189,155 | ||||||
202,000 | China Reinsurance Group Corp. | 41,281 | ||||||
671 | CNP Assurances | 14,206 | ||||||
13,800 | Dai-ichi Life Holdings, Inc. | 216,091 | ||||||
4,188 | Direct Line Insurance Group PLC | 16,999 | ||||||
4,233 | Great-West Lifeco, Inc. | 87,338 | ||||||
1,794 | Hanwha Life Insurance Co. Ltd. | 6,785 | ||||||
1,500 | IRB Brasil Resseguros S/A | 32,301 | ||||||
17,800 | Japan Post Holdings Co. Ltd. | 205,232 | ||||||
95,853 | Legal & General Group PLC | 282,001 | ||||||
33,998 | Manulife Financial Corp. | 482,165 | ||||||
50,903 | Medibank Pvt Ltd. | 92,098 | ||||||
47,411 | MMI Holdings Ltd. (South Africa) * | 56,458 | ||||||
9,000 | MS&AD Insurance Group Holdings, Inc. | 256,920 | ||||||
163,000 | People’s Insurance Co Group of China Ltd. (The) | 65,580 | ||||||
72,000 | PICC Property & Casualty Co. Ltd. | 73,661 | ||||||
48,000 | Ping An Insurance Group Co of China Ltd. | 423,943 | ||||||
556 | Power Corp of Canada | 9,986 | ||||||
7,646 | Sampo Oyj. | 335,724 | ||||||
77 | Samsung Fire & Marine Insurance Co. Ltd. * | 18,563 | ||||||
300 | Samsung Life Insurance Co. Ltd. | 21,939 | ||||||
41,276 | Sanlam Ltd. | 228,976 | ||||||
600 | Sompo Holdings, Inc. | 20,409 | ||||||
1,972 | Storebrand ASA | 14,038 | ||||||
7,862 | Sun Life Financial, Inc. | 260,704 | ||||||
189 | Swiss Life Holding AG | 72,586 | ||||||
6,081 | Swiss Re AG | 555,914 | ||||||
289 | Talanx AG | 9,845 | ||||||
13,600 | Tokio Marine Holdings, Inc. | 649,042 | ||||||
1,320 | Topdanmark A/S | 61,269 | ||||||
2,853 | Unipol Gruppo SpA * | 11,474 | ||||||
368 | Zurich Insurance Group AG | 109,414 | ||||||
6,842,619 | ||||||||
INTERNET - 3.3% | ||||||||
219 | 58.com, Inc. * | 11,872 | ||||||
10,015 | Alibaba Group Holding Ltd. * | 1,372,756 | ||||||
21,174 | Auto Trader Group PLC | 122,647 |
See accompanying notes to financial statements.
59
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
INTERNET - 3.3% (Continued) | ||||||||
1,748 | Baidu, Inc. * (ADR) | $ | 277,233 | |||||
1,000 | China Literature Ltd. * | 4,636 | ||||||
300 | CyberAgent, Inc. * | 11,607 | ||||||
200 | en-japan, Inc. * | 6,225 | ||||||
368,000 | HengTen Networks Group Ltd. * | 11,187 | ||||||
2,485 | JD.com, Inc. * (ADR) | 52,011 | ||||||
264 | Kakao Corp. * | 24,370 | ||||||
4,390 | Moneysupermarket.com Group PLC | 15,404 | ||||||
3,358 | Naspers Ltd. | 675,165 | ||||||
545 | NAVER Corp. | 59,590 | ||||||
62 | NCSoft Corp. | 25,921 | ||||||
241 | Scout24 AG | 11,064 | ||||||
1,299 | SINA Corp. (China) * | 69,678 | ||||||
46,200 | Tencent Holdings Ltd. | 1,852,874 | ||||||
318 | Wix.com Ltd. * | 28,728 | ||||||
7,000 | Yahoo Japan Corp. | 17,482 | ||||||
209 | YY, Inc. * (ADR) | 12,511 | ||||||
4,662,961 | ||||||||
INVESTMENT COMPANIES - 0.1% | ||||||||
2,515 | Investor AB | 106,547 | ||||||
11,300 | Legend Holdings Corp. | 29,587 | ||||||
690 | Reinet Investments SCA | 10,478 | ||||||
146,612 | ||||||||
IRON/STEEL- 0.9% | ||||||||
34,000 | Angang Steel Co. Ltd. | 23,450 | ||||||
13,498 | Anglo American PLC * | 302,398 | ||||||
12,052 | BlueScope Steel Ltd. | 92,991 | ||||||
16,000 | China Oriental Group Co. Ltd. | 9,523 | ||||||
3,700 | Companhia Siderurgica Nacional S.A. * | 8,439 | ||||||
1,054 | Dongkuk Steel Mill Co. Ltd. * | 6,830 | ||||||
13,200 | Gerdau SA Preference * | 50,474 | ||||||
397 | Hyundai Steel Co. * | 16,100 | ||||||
42,000 | Maanshan Iron & Steel Co. Ltd. | 18,507 | ||||||
2,400 | Nippon Steel & Sumitomo Metal Corp. | 41,398 | ||||||
2,885 | Outkumpu OYJ | 10,537 | ||||||
766 | POSCO | 166,820 | ||||||
2,569 | Salzgitter AG | 75,093 | ||||||
23,631 | SSAB AB | 81,268 | ||||||
14,400 | Usinas Sederurgicas De Minas Gersais SA Preference * | 34,256 | ||||||
20,100 | Vale SA * | 264,491 | ||||||
1,202,575 | ||||||||
LEISURE TIME - 0.5% | ||||||||
2,459 | BRP, Inc. | 63,626 | ||||||
3,829 | Carnival PLC | 183,507 | ||||||
26,000 | China Travel International Investment Hong Kong Ltd. | 6,941 | ||||||
1,517 | CTS Eventim AG & Co. KGaA | 56,499 | ||||||
115,451 | Thomas Cook Group PLC | 45,229 | ||||||
23,742 | TUI AG | 340,327 | ||||||
696,129 | ||||||||
LODGING - 0.1% | ||||||||
2,839 | Crown Resorts Ltd. | 23,704 | ||||||
1,513 | Melia Hotels International SA | 14,200 | ||||||
12,800 | Sands China Ltd. | 56,076 | ||||||
93,980 |
See accompanying notes to financial statements.
60
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
MACHINERY-CONSTRUCTION & MINING - 0.4% | ||||||||
5,302 | Doosan Infracore Co. Ltd. * | $ | 36,066 | |||||
14,200 | Hitachi Ltd. | 379,931 | ||||||
4,400 | Komatsu Ltd. | 94,866 | ||||||
55,800 | United Tractors Tbk PT | 106,177 | ||||||
617,040 | ||||||||
MACHINERY- DIVERSIFED - 0.5% | ||||||||
5,000 | Amada Holdings Co. Ltd. | 45,026 | ||||||
833 | Bucher Industries AG | 223,418 | ||||||
200 | Keyence Corp. | 101,499 | ||||||
2,020 | Kone OYJ | 96,154 | ||||||
15,427 | OC Oerlikon Corp. AG * | 172,767 | ||||||
204 | Toromont Industries Ltd. | 8,104 | ||||||
1,438 | Valmet OYJ | 29,507 | ||||||
676,475 | ||||||||
MEDIA - 1.4% | ||||||||
6,306 | Altice Europe NV * | 12,248 | ||||||
673 | Lagardere SCA | 16,941 | ||||||
50,685 | Mediaset Espana Comunicacion SA | 318,094 | ||||||
11,967 | Pearson PLC | 143,023 | ||||||
20,066 | Quebecor, Inc. | 422,241 | ||||||
2,018 | Thomas Reuters Corp. | 97,413 | ||||||
5,500 | Tokyo Broadcasting System Holdings, Inc. * | 87,226 | ||||||
14,091 | Wolters Kluwer NV * | 832,146 | ||||||
1,929,332 | ||||||||
METAL FABRICATE/HARDWARE - 0.2% | ||||||||
826 | Aurubis AG | 40,810 | ||||||
12,918 | Bodycote PLC | 119,526 | ||||||
25,600 | China Zhongwang Holdings Ltd. | 11,346 | ||||||
4,900 | NTN Corp. | 14,202 | ||||||
9,743 | Sims Metal Management Ltd. | 68,865 | ||||||
254,749 | ||||||||
MINING - 2.1% | ||||||||
11,405 | Anglo American PLC | 253,875 | ||||||
2,808 | Barrick Gold Corp. | 37,891 | ||||||
47,620 | BHP Billiton Ltd. | 1,147,543 | ||||||
13,118 | BHP Billiton PLC | 275,934 | ||||||
73,719 | Centamin PLC | 102,151 | ||||||
20,500 | China Hongqiao Group Ltd. | 11,652 | ||||||
2,281 | Detour Gold Corp. * | 19,256 | ||||||
5,229 | Evolution Mining Ltd. | 13,584 | ||||||
1,613 | Franco-Nevada Corp. | 113,056 | ||||||
18,156 | Glencore PLC | 67,370 | ||||||
3,465 | Iluka Resources Ltd. | 18,588 | ||||||
81,000 | Jiangxi Copper Co. Ltd. | 95,284 | ||||||
700 | Mitsui Mining & Smelting Co. Ltd. | 14,528 |
See accompanying notes to financial statements.
61
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
MINING - 2.1% (Continued) | ||||||||
40,000 | MMG Ltd. * | $ | 17,217 | |||||
1,133 | Pan American Silver Corp. | 16,533 | ||||||
27,056 | Regis Resources Ltd. | 91,999 | ||||||
1,286 | Rio Tinto Ltd. | 71,042 | ||||||
8,411 | Rio Tinto PLC | 399,567 | ||||||
40,317 | South32 Ltd. | 95,084 | ||||||
930 | Southern Copper Corp. | 28,616 | ||||||
3,240 | St. Barbara Ltd. | 10,721 | ||||||
810 | Teck Resources Ltd. | 17,430 | ||||||
15,000 | Zhaojin Mining Industry Co. Ltd. | 15,231 | ||||||
2,934,152 | ||||||||
MISCELLANEOUS MANUFACTURING - 1.2% | ||||||||
4,586 | Aalberts Industries NV * | 152,294 | ||||||
506 | Ansell Ltd. | 7,851 | ||||||
42,000 | China Railway Signal & Communication Corp. Ltd. | 29,397 | ||||||
13,600 | FUJIFILM Holdings Corp. | 529,299 | ||||||
1,200 | Nikon Corp. | 17,883 | ||||||
244 | POSCO Chemtech Co. Ltd. * | 13,930 | ||||||
6,555 | Siemens AG | 729,703 | ||||||
8,380 | Smiths Groups PLC | 145,577 | ||||||
12,400 | Top Glove Corp. BHD * | 16,803 | ||||||
1,642,737 | ||||||||
OFFICE/BUSINESS EQUIPMENT - 0.2% | ||||||||
10,700 | Canon, Inc. | 292,674 | ||||||
3,800 | Ricoh Co. Ltd. | 37,302 | ||||||
329,976 | ||||||||
OIL & GAS - 5.6% | ||||||||
67,888 | Beach Energy Ltd. | 64,282 | ||||||
83,286 | BP PLC | 526,070 | ||||||
4,738 | Canadian Natural Resources Ltd. | 114,270 | ||||||
536,000 | China Petroleum & Chemical Corp. | 382,693 | ||||||
51,300 | China Petroleum & Chemical Corp. * | 37,733 | ||||||
245,000 | CNOOC Ltd. | 378,639 | ||||||
560 | DCC PLC | 42,686 | ||||||
78,823 | Ecopetrol SA | 64,442 | ||||||
16,549 | Enerplus Corp. | 128,679 | ||||||
54,279 | Eni SpA | 853,051 | ||||||
15,209 | Galp Energia SGPS SA | 239,842 | ||||||
16,741 | Husky Energy, Inc. | 172,950 | ||||||
8,606 | Imperial Oil Ltd. | 217,954 | ||||||
24,100 | JXTG Holdings, Inc. | 126,678 | ||||||
1,838 | Neste Oyj | 141,531 | ||||||
677 | Novatek PJSC (GDR) | 115,767 | ||||||
26,161 | Oil Search Ltd. | 131,868 | ||||||
5,427 | OMV AG | 237,298 | ||||||
4,935 | Parex Resources, Inc. * | 59,077 | ||||||
5,600 | Petrobras Distribuidora SA | 37,133 | ||||||
418,000 | PetroChina Co. Ltd. | 260,538 | ||||||
27,000 | Petroleo Brasileiro SA * | 176,946 |
See accompanying notes to financial statements.
62
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
OIL & GAS - 5.6% (Continued) | ||||||||
20,861 | Petroleo Brasileiro SA Preference * | $ | 122,074 | |||||
29,800 | PTT Exploration & Production PCL (NVDR) | 103,879 | ||||||
194,500 | PTT PCL (NVDR) | 274,785 | ||||||
9,142 | Repsol SA | 147,146 | ||||||
27,805 | Royal Dutch Shell PLC | 817,143 | ||||||
21,418 | Royal Dutch Shell PLC | 638,305 | ||||||
33,847 | Santos Ltd. | 130,579 | ||||||
5,561 | Saras SPA * | 10,750 | ||||||
2,000 | Showa Shell Sekiyu KK | 28,091 | ||||||
270 | SK Innovation Co. Ltd. * | 43,435 | ||||||
21,789 | Suncor Energy, Inc. | 608,299 | ||||||
20,500 | Thai Oil PCL * (GDR) | 41,711 | ||||||
5,152 | Total SA | 271,978 | ||||||
2,800 | Ultrapar Participacoes SA * | 38,434 | ||||||
2,786 | Woodside Petroleum Ltd. | 61,429 | ||||||
7,848,165 | ||||||||
OIL & GAS SERVICES - 0.3% | ||||||||
7,312 | Petrofac Ltd. | 44,421 | ||||||
18,160 | Saipem SPA * | 67,780 | ||||||
1,240 | SBM Offshore NV | 18,321 | ||||||
21,000 | Sinopec Engineering Group Co. Ltd. | 17,247 | ||||||
8,186 | Subsea 7 S.A. | 79,675 | ||||||
7,549 | TGS NOPEC Geophysical Co. ASA | 182,031 | ||||||
2,782 | WorleyParsons Ltd. | 22,366 | ||||||
431,841 | ||||||||
PHARMACEUTICALS - 6.3% | ||||||||
935 | Almirall SA | 14,290 | ||||||
4,717 | Amplifon SpA | 75,761 | ||||||
44,200 | Astellas Pharma, Inc. | 564,611 | ||||||
1,447 | AstraZeneca PLC | 108,234 | ||||||
2,299 | Bausch Health Cos, Inc. * | 42,502 | ||||||
4,263 | Bayer AG | 295,124 | ||||||
174 | Celltrion Pharm, Inc. * | 9,902 | ||||||
641 | Celltrion, Inc. * | 127,733 | ||||||
24,000 | China Traditional Chinese Medicine Holdings Co. * | 13,978 | ||||||
53 | Daewoong Pharmaceutical Co. Ltd. | 8,954 | ||||||
300 | Eisai Co. Ltd. | 23,248 | ||||||
51,659 | GlaxoSmithKline PLC | 981,104 | ||||||
2,112 | Grifols SA | 55,288 | ||||||
12,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. | 42,992 | ||||||
8,700 | Hypera SA | 67,791 | ||||||
252 | Ipsen SA | 32,509 | ||||||
400 | Kissei Pharmaceutical Co. Ltd. | 10,212 | ||||||
400 | Kobayashi Pharmaceutical Co. Ltd. | 27,234 | ||||||
16,500 | Luye Pharma Group Ltd. * | 11,486 | ||||||
6,600 | Medipal Holdings Corp. | 141,667 | ||||||
1,200 | Mitsubishi Tanabe Pharma Corp. | 17,292 | ||||||
19,610 | Novartis AG | 1,671,763 | ||||||
11,888 | Novo Nordisk A/S | 542,503 | ||||||
7,027 | Roche Holding AG | 1,735,009 | ||||||
5,045 | Sanofi | 436,346 | ||||||
3,700 | Shionogi & Co. Ltd. | 211,482 |
See accompanying notes to financial statements.
63
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
PHARMACEUTICALS - 6.3% (Continued) | ||||||||
14,000 | SSY Group Ltd. | $ | 10,371 | |||||
19,600 | Takeda Pharmaceutical Co. Ltd. | 661,879 | ||||||
1,254 | Teva Pharmaceutical Industries Ltd. * | 19,682 | ||||||
8,799 | Teva Pharmaceutical Industries Ltd. * (ADR) | 135,681 | ||||||
6,000 | Tong Ren Tang Technologies Co. Ltd. | 7,863 | ||||||
8,096 | UCB SA | 659,878 | ||||||
104 | ViroMed Co. Ltd. * | 23,674 | ||||||
1,500 | Wuxi Biologics Cayman, Inc. * | 9,608 | ||||||
8,797,651 | ||||||||
PIPELINES - 0.4% | ||||||||
17,031 | Enbridge, Inc. | 528,836 | ||||||
880 | Gibson Energy, Inc. | 12,036 | ||||||
598 | Inter Pipeline Ltd. | 8,468 | ||||||
1,198 | TransCanada Corp. | 42,761 | ||||||
592,101 | ||||||||
PRIVATE EQUITY - 0.1% | ||||||||
5,092 | Brookfield Asset Management, Inc. | 195,060 | ||||||
REAL ESTATE - 2.0% | ||||||||
159,000 | CapitaLand Ltd. | 362,795 | ||||||
58,000 | China Overseas Land & Investment Ltd. | 199,276 | ||||||
22,000 | CK Asset Holdings Ltd. | 161,010 | ||||||
18,000 | Country Garden Holdings Co. Ltd. | 21,910 | ||||||
2,300 | Daito Trust Construction Co. Ltd. | 314,766 | ||||||
950 | Fabege AB | 12,661 | ||||||
28,000 | Future Land Development Holdings Ltd. | 19,169 | ||||||
10,500 | Greentown China Holdings Ltd. | 7,886 | ||||||
10,000 | Hang Lung Properties Ltd. | 19,057 | ||||||
30,800 | Hongkong Land Holdings Ltd. | 194,040 | ||||||
12,000 | Jiayuan International Group Ltd. | 22,193 | ||||||
29,000 | Kaisa Group Holdings Ltd. * | 9,260 | ||||||
15,500 | KWG Property Holding Ltd. | 13,720 | ||||||
277 | LEG Immobilien AG | 28,853 | ||||||
1,800 | Leopalace21 Corp. * | 7,153 | ||||||
26,000 | Logan Property Holdings Co. Ltd. | 32,577 | ||||||
10,600 | Mitsubishi Estate Co. Ltd. | 167,094 | ||||||
164 | PSP Swiss Property AG | 16,112 | ||||||
58,000 | Shanghai Industrial Holdings Ltd. | 117,343 | ||||||
38,000 | Shenzhen Investment Ltd. | 12,571 | ||||||
38,500 | Shui On Land Ltd. | 8,556 | ||||||
33,000 | Sun Hung Kai Properties Ltd. | 470,384 | ||||||
99,600 | Swire Properties Ltd. | 349,837 | ||||||
491 | TAG Immobilien AG * | 11,175 | ||||||
1,400 | Tokyo Tatemono Co. Ltd. | 14,547 | ||||||
30,000 | Wharf Real Estate Investment Co. Ltd. | 179,517 | ||||||
60,000 | Yuexiu Property Co. Ltd. | 11,035 | ||||||
20,000 | Yuzhou Properties Co. Ltd. | 8,251 | ||||||
2,792,748 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.1% | ||||||||
118,200 | Ascendas Real Estate Investment Trust | 222,872 | ||||||
5,068 | British Land Co. PLC (The) | 34,416 | ||||||
339,200 | CapitaLand Mall Trust * | 562,430 | ||||||
2,010 | Dexus | 15,028 | ||||||
15,352 | Klepierre SA | 473,138 |
See accompanying notes to financial statements.
64
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.1% (Continued) | ||||||||
3 | Nippon Building Fund, Inc. * | $ | 18,894 | |||||
36,396 | Scentre Group | 99,929 | ||||||
17,831 | Stockland * | 44,187 | ||||||
5,000 | Yuexiu Real Estate Investment Trust | 3,206 | ||||||
1,474,100 | ||||||||
RETAIL - 0.9% | ||||||||
4,000 | Alsea SAB de CV | 10,407 | ||||||
167,500 | Astra International Tbk PT | 95,951 | ||||||
2,862 | Ceconomy AG | 10,293 | ||||||
145,200 | Chow Tai Fook Jewellery Group Ltd. | 121,103 | ||||||
907 | Cie Financiere Richemont SA | 57,964 | ||||||
1,174 | Clicks Group Ltd. * | 15,625 | ||||||
37,100 | CP All PCL (NVDR) | 78,336 | ||||||
46 | E-Mart, Inc. | 7,524 | ||||||
258 | Galenica AG | 11,327 | ||||||
218 | Hotel Shilla Co. Ltd. | 14,946 | ||||||
4,495 | Industria de Diseno Textil SA | 114,845 | ||||||
1,594 | JD Sports Fashion PLC | 7,081 | ||||||
10,500 | Li Ning Co. Ltd. * | 11,265 | ||||||
22,500 | Lifestyle International Holdings Ltd. | 34,083 | ||||||
900 | Magazine Luiza SA | 42,047 | ||||||
535 | Samsung C&T Corp. | 50,585 | ||||||
17,390 | Steinhoff International Holdings NV * | 2,079 | ||||||
3,500 | Takashimaya Co. Ltd. * | 44,789 | ||||||
195,500 | Wal-Mart de Mexico SAB de CV | 496,152 | ||||||
500 | Welcia Holdings Co. Ltd. | 22,604 | ||||||
11,000 | Zhongsheng Group Holdings Ltd. | 21,805 | ||||||
1,270,811 | ||||||||
SEMICONDUCTORS - 1.9% | ||||||||
9,200 | Advantest Corp. | 188,168 | ||||||
1,748 | ASML Holding NV | 274,077 | ||||||
753 | BE Semiconductor Industries NV | 15,906 | ||||||
737 | Dialog Semiconductor PLC * | 18,990 | ||||||
5,000 | Hua Hong Semiconductor Ltd. | 9,260 | ||||||
10,714 | Infineon Technologies AG | 212,682 | ||||||
37,617 | Samsung Electronics Co. Ltd. | 1,304,693 | ||||||
4,018 | Samsung Electronics Co. Ltd. (Preference) | 114,332 | ||||||
728 | Seoul Semiconductor Co. Ltd. | 12,625 | ||||||
3,183 | SK Hynix, Inc. * | 172,586 | ||||||
1,355 | STMicroelectronics NV | 19,339 | ||||||
2,000 | Tokyo Electron Ltd. | 228,137 | ||||||
3,200 | Ulvac, Inc. * | 93,041 | ||||||
2,663,836 | ||||||||
SHIPBUILDING - 0.1% | ||||||||
447 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. * | 13,681 | ||||||
69,400 | Yangzijiang Shipbuilding Holdings Ltd. | 63,646 | ||||||
77,327 | ||||||||
SOFTWARE - 1.6% | ||||||||
184 | Adyen NV * | 99,922 | ||||||
1,838 | Amadeus IT Group SA | 127,832 | ||||||
600 | Capcom Co. Ltd. | 11,878 | ||||||
103 | Com2us Corp. | 11,908 | ||||||
1,197 | Dassault Systemes SE | 141,898 | ||||||
29,000 | Gree, Inc. | 114,980 |
See accompanying notes to financial statements.
65
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
SOFTWARE - 1.6% (Continued) | ||||||||
14,000 | Kingdee International Software Group Co. Ltd. | $ | 12,374 | |||||
3,200 | Konami Holdings Corp. | 140,145 | ||||||
400 | Mixi, Inc. | 8,393 | ||||||
693 | Momo, Inc. * (ADR) | 16,459 | ||||||
235 | Nemetschek SE | 25,722 | ||||||
213 | NetEase, Inc. (ADR) | 50,134 | ||||||
62 | Pearl Abyss Corp. * | 11,552 | ||||||
10,924 | SAP SE | 1,085,562 | ||||||
3,940 | Software AG | 142,282 | ||||||
802 | Temenos Group AG | 95,918 | ||||||
12 | Tencent Music Entertainment Group * (ADR) | 157 | ||||||
1,155 | Ubisoft Entertainment SA * | 93,057 | ||||||
304 | Xero Ltd. * | 8,993 | ||||||
2,199,166 | ||||||||
TELECOMMUNICATIONS - 4.1% | ||||||||
475,000 | America Movil SAB de CV | 337,429 | ||||||
6,698 | BCE, Inc. | 264,476 | ||||||
83,000 | China Mobile Ltd. | 798,796 | ||||||
360,000 | China Telecom Corp. Ltd. | 183,923 | ||||||
7,003 | Deutsche Telekom AG * | 118,641 | ||||||
13,300 | Intouch Holdings PCL (NVDR) | 19,505 | ||||||
14,000 | KDDI Corp. | 334,831 | ||||||
126,094 | Koninklijke KPN NV | 369,010 | ||||||
7 | KT Corp. * | 187 | ||||||
2,255 | LG Uplus Corp. * | 35,670 | ||||||
3,800 | Megacable Holdings SAB de CV | 16,978 | ||||||
3,876 | Mobile TeleSystems PJSC (ADR) | 27,132 | ||||||
14,400 | Nippon Telegraph & Telephone Corp. | 588,259 | ||||||
45,401 | Nokia OYJ * | 261,058 | ||||||
23,100 | NTT Docomo, Inc. | 520,574 | ||||||
123 | Samsung SDI Co. Ltd. * | 24,141 | ||||||
200 | SK Telecom Co. Ltd. | 48,306 | ||||||
371 | Sunrise Communications Group AG | 32,535 | ||||||
38,438 | Telefonaktiebolaget LM Ericsson | 337,823 | ||||||
41,655 | Telefonica Deutschland Holding AG | 162,758 | ||||||
8,061 | Telefonica SA | 67,628 | ||||||
21,620 | Telenor ASA | 418,211 | ||||||
81,577 | Telstra Corp. Ltd. | 163,676 | ||||||
12,300 | TIM Participacoes SA | 37,607 | ||||||
9,800 | Total Access Communication PLC * (NVDR) | 13,018 | ||||||
5,928 | Vodacom Group Ltd. | 54,397 | ||||||
272,317 | Vodafone Group PLC | 530,293 | ||||||
5,766,862 | ||||||||
TOYS/GAMES/HOBBIES - 0.0% + | ||||||||
200 | Nintendo Co. Ltd. | 53,384 | ||||||
TRANSPORTATION - 1.9% | ||||||||
12,041 | Aurizon Holdings Ltd. | 36,281 | ||||||
1,347 | Canadian National Railway Co. | 99,718 | ||||||
2,086 | Canadian Pacific Railway Ltd. | 369,976 | ||||||
300 | Central Japan Railway Co. | 63,341 | ||||||
69 | CJ Lojostics Corp. * | 10,327 | ||||||
26,000 | Cosco Shipping Energy Transportation Co. Ltd. | 12,984 | ||||||
77,500 | Cosco Shipping Holdings Co. Ltd. * | 29,201 |
See accompanying notes to financial statements.
66
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
TRANSPORTATION - 1.9% (Continued) | ||||||||
461 | Deutsche Post AG | $ | 12,600 | |||||
8,300 | East Japan Railway Co. | 734,642 | ||||||
8,700 | Mitsubishi Logistics Corp. * | 198,003 | ||||||
5,200 | Nippon Express Co. Ltd. | 290,061 | ||||||
22,458 | Royal Mail PLC | 77,827 | ||||||
1,500 | SG Holdings Co. Ltd. | 39,156 | ||||||
152,000 | Sinotrans Ltd. | 66,008 | ||||||
6,408 | TFI International, Inc. | 165,619 | ||||||
7,200 | West Japan Railway Co. | 509,312 | ||||||
2,715,056 | ||||||||
WATER - 0.3% | ||||||||
6,228 | Severn Trent PLC | 144,004 | ||||||
14,765 | Veolia Environnement SA | 303,055 | ||||||
447,059 | ||||||||
TOTAL COMMON STOCKS - (Cost -$145,807,251) | 126,932,940 | |||||||
SHORT-TERM INVESTMENT - 0.0% + | ||||||||
MONEY MARKET FUND - 0.0% + | ||||||||
36,829 | Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost -$36,829) | 36,829 | ||||||
TOTAL INVESTMENTS - 97.0% (Cost - $155,054,483) | $ | 135,528,221 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 3.0% | 4,218,293 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 139,746,514 |
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
GDR - Global Depositary Receipt
NVDR - Non-voting Depositary Receipt
PLC - Public Limited Company
SDR -Special Drawing Rights
* | Non-income producing security. |
+ | Represents less than 0.05%. |
(a) | Money market rate shown represents the rate at December 31, 2018. |
See accompanying notes to financial statements.
67
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Appreciation/ | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | (Depreciation) | |||||||||
LONG | ||||||||||||||
Euro Stoxx 50 Index | Goldman Sachs | 36 | Mar-19 | $ | 1,223,903 | $ | (23,644 | ) | ||||||
FTSE 100 Index | Goldman Sachs | 5 | Mar-19 | 424,045 | 183 | |||||||||
MSCI Emerging Market Index | Goldman Sachs | 14 | Mar-19 | 676,760 | (3,320 | ) | ||||||||
Nikkei Index (JPY) | Goldman Sachs | 11 | Mar-19 | 993,324 | (79,387 | ) | ||||||||
S&P/TSX 60 Index | Goldman Sachs | 2 | Mar-19 | 251,076 | (1,393 | ) | ||||||||
SPI 200 Index | Goldman Sachs | 2 | Mar-19 | 195,747 | 606 | |||||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $ | (106,955 | ) |
See accompanying notes to financial statements.
68
Global Atlantic BlackRock Disciplined International Core Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
FORWARD FOREIGN CURRENCY CONTRACTS
Settlement | Currency Units to | |||||||||||||
Date | Counterparty | Receive | In Exchange For | Unrealized Depreciation | ||||||||||
1/2/2019 | Morgan Stanley | 10,160 | USD | 91,144 | SEK | $ | (120 | ) | ||||||
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $ | (120 | ) |
See accompanying notes to financial statements.
69
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 98.3% | ||||||||
ADVERTISING - 0.1% | ||||||||
8,306 | Interpublic Group of Cos., Inc. | $ | 171,353 | |||||
AEROSPACE/DEFENSE - 1.7% | ||||||||
1,760 | Curtiss-Wright Corp. | 179,731 | ||||||
7,801 | Harris Corp. | 1,050,405 | ||||||
3,003 | HEICO Corp. | 232,672 | ||||||
9,512 | HEICO Corp. - Class A | 599,256 | ||||||
1,036 | Raytheon Co. | 158,871 | ||||||
2,203 | Spirit AeroSystems Holdings, Inc. | 158,814 | ||||||
1,503 | TransDigm Group, Inc. * | 511,110 | ||||||
2,890,859 | ||||||||
AIRLINES - 0.1% | ||||||||
1,965 | Southwest Airlines Co. | 91,333 | ||||||
APPAREL - 1.6% | ||||||||
4,643 | Capri Holdings Ltd. * | 176,063 | ||||||
8,856 | Columbia Sportswear Co. | 744,701 | ||||||
9,457 | Hanesbrands, Inc. | 118,496 | ||||||
767 | Ralph Lauren Corp. | 79,354 | ||||||
5,959 | Skechers U.S.A., Inc. * | 136,402 | ||||||
3,537 | Under Armour, Inc. * | 57,193 | ||||||
2,020 | Under Armour, Inc. - Class A * | 35,693 | ||||||
19,788 | VF Corp. | 1,411,676 | ||||||
2,759,578 | ||||||||
AUTO MANUFACTURERS - 0.2% | ||||||||
5,741 | PACCAR, Inc. | 328,041 | ||||||
AUTO PARTS & EQUIPMENT - 0.7% | ||||||||
9,794 | Allison Transmission Holdings, Inc. | 430,055 | ||||||
4,046 | Aptiv PLC | 249,112 | ||||||
7,106 | BorgWarner Inc. | 246,862 | ||||||
9,812 | Dana, Inc. | 133,738 | ||||||
2,864 | Tenneco, Inc. | 78,445 | ||||||
1,138,212 | ||||||||
BANKS - 1.3% | ||||||||
1,090 | BOK Financial Corp. | 79,930 | ||||||
14,562 | East West Bancorp, Inc. | 633,884 | ||||||
2,414 | First Republic Bank | 209,777 | ||||||
11,232 | Morgan Stanley | 445,349 | ||||||
1,663 | Pinnacle Financial Partners, Inc. | 76,664 | ||||||
528 | Signature Bank | 54,284 | ||||||
1,237 | SVB Financial Group * | 234,931 |
See accompanying notes to financial statements.
70
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BANKS (Continued) 1.3% | ||||||||
9,520 | Synovus Financial Corp. | $ | 304,545 | |||||
5,436 | Western Alliance BanCorp * | 214,666 | ||||||
2,254,030 | ||||||||
BEVERAGES - 0.6% | ||||||||
15,555 | Brown-Forman Corp. - Class B | 740,107 | ||||||
9,570 | Keurig Dr Pepper, Inc. | 245,375 | ||||||
745 | Monster Beverage Corp. * | 36,669 | ||||||
1,022,151 | ||||||||
BIOTECHNOLOGY - 2.9% | ||||||||
2,677 | Alnylam Pharmaceuticals, Inc. * | 195,180 | ||||||
7,944 | BioMarin Pharmaceutical, Inc. * | 676,432 | ||||||
193 | Bluebird Bio, Inc. * | 19,146 | ||||||
6,590 | Celgene Corp. * | 422,353 | ||||||
7,093 | Exact Sciences Corp. * | 447,568 | ||||||
20,969 | Exelixis, Inc. * | 412,460 | ||||||
8,348 | Gilead Sciences, Inc. | 522,167 | ||||||
15,752 | Incyte Corp. * | 1,001,670 | ||||||
8,484 | Ionis Pharmaceuticals, Inc. * | 458,645 | ||||||
144 | Loxo Oncology, Inc. * | 20,170 | ||||||
1,258 | Sage Therapeutics, Inc. * | 120,504 | ||||||
6,799 | Seattle Genetics, Inc. * | 385,231 | ||||||
749 | United Therapeutics Corp. * | 81,566 | ||||||
851 | Vertex Pharmaceuticals, Inc. * | 141,019 | ||||||
4,904,111 | ||||||||
BUILDING MATERIALS - 1.5% | ||||||||
1,266 | Eagle Materials, Inc. | 77,264 | ||||||
3,864 | Lennox International, Inc. | 845,675 | ||||||
3,156 | Martin Marietta Materials, Inc. | 542,422 | ||||||
2,026 | Masco Corp. | 59,240 | ||||||
10,400 | Vulcan Materials Co. | 1,027,520 | ||||||
2,552,121 | ||||||||
CHEMICALS - 1.2% | ||||||||
9,451 | Axalta Coating Systems Ltd. * | 221,342 | ||||||
9,712 | Celanese Corp. | 873,789 | ||||||
10,026 | Chemours Co. | 282,934 | ||||||
2,545 | FMC Corp. | 188,228 | ||||||
3,679 | Huntsman Corp. | 70,968 | ||||||
523 | International Flavors & Fragrances, Inc. | 70,223 | ||||||
1,052 | Mosaic Co. | 30,729 | ||||||
197 | NewMarket Corp. | 81,182 | ||||||
1,647 | RPM International, Inc. | 96,811 | ||||||
1,269 | Westlake Chemical Corp. | 83,970 | ||||||
1,716 | WR Grace & Co. | 111,385 | ||||||
2,111,561 |
See accompanying notes to financial statements.
71
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
COMMERCIAL SERVICES - 8.1% | ||||||||
421 | Aaron’s, Inc. | $ | 17,703 | |||||
1,630 | Automatic Data Processing, Inc. | 213,726 | ||||||
21,800 | Booz Allen Hamilton Holding Corp. | 982,526 | ||||||
3,082 | Bright Horizons Family Solutions, Inc. * | 343,489 | ||||||
4,380 | Cintas Corp. | 735,796 | ||||||
2,756 | CoStar Group, Inc. * | 929,709 | ||||||
1,190 | Deluxe Corp. | 45,744 | ||||||
525 | Euronet Worldwide, Inc. * | 53,750 | ||||||
2,699 | FleetCor Technologies, Inc. * | 501,258 | ||||||
2,980 | Gartner, Inc. * | 380,963 | ||||||
1,172 | Green Dot Corp. * | 93,197 | ||||||
10,986 | H&R Block, Inc. | 278,715 | ||||||
6,354 | Insperity, Inc. | 593,209 | ||||||
2,214 | MarketAxess Holdings, Inc. | 467,840 | ||||||
8,075 | Moody’s Corp. | 1,130,823 | ||||||
2,192 | Morningstar, Inc. | 240,769 | ||||||
958 | Paylocity Holding Corp. * | 57,681 | ||||||
14,665 | Robert Half International, Inc. | 838,838 | ||||||
9,882 | Rollins, Inc. | 356,722 | ||||||
9,730 | ServiceMaster Global Holdings, Inc. * | 357,480 | ||||||
20,012 | Square, Inc. * | 1,122,473 | ||||||
18,880 | Total System Services, Inc. | 1,534,755 | ||||||
17,547 | TransUnion | 996,670 | ||||||
4,437 | United Rentals, Inc. * | 454,926 | ||||||
24,464 | Western Union Co. | 417,356 | ||||||
4,106 | WEX, Inc. * | 575,086 | ||||||
13,721,204 | ||||||||
COMPUTERS - 2.2% | ||||||||
310 | CACI International, Inc. * | 44,649 | ||||||
2,746 | Dell Technologies, Inc. - Class C * | 134,214 | ||||||
4,477 | EPAM Systems, Inc. * | 519,377 | ||||||
12,323 | Fortinet, Inc. * | 867,909 | ||||||
18,096 | NetApp, Inc. | 1,079,788 | ||||||
8,085 | Nutanix, Inc. * | 336,255 | ||||||
25,867 | Pure Storage, Inc. * | 415,941 | ||||||
7,391 | Teradata Corp. * | 283,519 | ||||||
3,681,652 | ||||||||
DISTRIBUTION/WHOLESALE - 1.8% | ||||||||
11,760 | Copart, Inc. * | 561,893 | ||||||
7,512 | Fastenal Co. | 392,802 | ||||||
6,539 | HD Supply Holdings, Inc. * | 245,343 | ||||||
6,211 | KAR Auction Services, Inc. | 296,389 | ||||||
1,428 | Pool Corp. | 212,272 | ||||||
3,454 | Watsco, Inc. | 480,590 | ||||||
2,922 | WW Grainger, Inc. | 825,056 | ||||||
3,014,345 |
See accompanying notes to financial statements.
72
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
DIVERSIFIED FINANCIAL SERVICES - 3.2% | ||||||||
3,074 | Alliance Data Systems Corp. | $ | 461,346 | |||||
862 | Cboe Global Markets, Inc. | 84,329 | ||||||
13,279 | Charles Schwab Corp. | 551,477 | ||||||
10,312 | Discover Financial Services | 608,202 | ||||||
8,668 | Eaton Vance Corp. | 304,940 | ||||||
8,852 | Evercore, Inc. | 633,449 | ||||||
7,366 | Moelis & Co. | 253,243 | ||||||
23,475 | SEI Investments Co. | 1,084,545 | ||||||
14,055 | Synchrony Financial | 329,730 | ||||||
12,745 | T Rowe Price Group, Inc. | 1,176,618 | ||||||
5,487,879 | ||||||||
ELECTRICAL - 0.1% | ||||||||
254 | Pinnacle West Capital Corp. | 21,641 | ||||||
3,174 | Portland General Electric Co. | 145,528 | ||||||
167,169 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT- 0.6% | ||||||||
7,549 | AMETEK, Inc. | 511,067 | ||||||
4,557 | Hubbell, Inc. | 452,692 | ||||||
706 | Universal Display Corp. | 66,060 | ||||||
1,029,819 | ||||||||
ELECTRONICS - 2.9% | ||||||||
3,989 | Agilent Technologies, Inc. | 269,098 | ||||||
12,024 | Allegion PLC | 958,433 | ||||||
12,425 | Amphenol Corp. | 1,006,674 | ||||||
2,139 | FLIR Systems, Inc. | 93,132 | ||||||
3,795 | Garmin Ltd. | 240,299 | ||||||
2,573 | Gentex Corp. | 52,000 | ||||||
1,151 | Mettler-Toledo International, Inc. * | 650,983 | ||||||
19,203 | National Instruments Corp. | 871,432 | ||||||
2,889 | Resideo Technologies, Inc. * | 59,369 | ||||||
3,578 | Waters Corp. * | 674,990 | ||||||
4,876,410 | ||||||||
ENGINERRING & CONSTRUCTION - 0.1% | ||||||||
555 | Fluor Corp. | 17,871 | ||||||
7,975 | frontdoor, Inc. * | 212,215 | ||||||
230,086 | ||||||||
ENTERTAINMENT - 0.8% | ||||||||
491 | Eldorado Resorts, Inc. * | 17,779 | ||||||
5,045 | Lions Gate Entertainment Corp. - Class A | 81,225 | ||||||
4,571 | Lions Gate Entertainment Corp. - Class B | 68,016 | ||||||
7,565 | Live Nation Entertainment, Inc. * | 372,576 | ||||||
3,495 | Six Flags Entertainment Corp. | 194,427 | ||||||
2,869 | Vail Resorts, Inc. | 604,843 | ||||||
1,338,866 |
See accompanying notes to financial statements.
73
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ENVIRONMENTAL CONTROL - 0.2% | ||||||||
6,479 | Clean Harbors, Inc. * | $ | 319,739 | |||||
1,368 | Republic Services, Inc. | 98,619 | ||||||
418,358 | ||||||||
FOOD - 1.3% | ||||||||
15,843 | Hershey Co. | 1,698,053 | ||||||
5,584 | Kellogg Co. | 318,344 | ||||||
717 | Lamb Weston Holdings, Inc. | 52,743 | ||||||
2,271 | Sprouts Farmers Market, Inc. * | 53,390 | ||||||
2,122,530 | ||||||||
HAND/MACHINE TOOLS - 0.1% | ||||||||
1,594 | Snap-on, Inc. | 231,592 | ||||||
HEALTHCARE PRODUCTS - 5.3% | ||||||||
2,621 | ABIOMED, Inc. * | 851,930 | ||||||
3,150 | Align Technology, Inc. * | 659,705 | ||||||
9,900 | Bruker Corp. | 294,723 | ||||||
3,250 | Cantel Medical Corp. | 241,963 | ||||||
11,439 | Edwards Lifesciences Corp. * | 1,752,112 | ||||||
3,135 | Genomic Health, Inc. * | 201,925 | ||||||
1,536 | Globus Medical, Inc. * | 66,478 | ||||||
6,462 | Hill-Rom Holdings, Inc. | 572,210 | ||||||
8,617 | IDEXX Laboratories, Inc. * | 1,602,934 | ||||||
8,068 | Masimo Corp. * | 866,261 | ||||||
7,412 | ResMed, Inc. | 844,004 | ||||||
3,015 | STERIS PLC | 322,153 | ||||||
1,747 | Stryker Corp. | 273,842 | ||||||
4,425 | Varian Medical Systems, Inc. * | 501,397 | ||||||
9,051,637 | ||||||||
HEALTHCARE - SERVICES - 1.7% | ||||||||
10,757 | Centene Corp. * | 1,240,282 | ||||||
824 | Chemed Corp. | 233,423 | ||||||
1,918 | Encompass Health Corp. | 118,341 | ||||||
195 | Humana, Inc. | 55,864 | ||||||
1,551 | Molina Healthcare, Inc. * | 180,257 | ||||||
4,427 | WellCare Health Plans, Inc. * | 1,045,170 | ||||||
2,873,337 | ||||||||
HOME BUILDERS - 0.9% | ||||||||
25,397 | DR Horton, Inc. | 880,260 | ||||||
3,950 | Lennar Corp. | 154,643 | ||||||
116 | NVR, Inc. * | 282,691 | ||||||
3,978 | Thor Industries, Inc. | 206,855 | ||||||
1,524,449 | ||||||||
HOME FURNISHINGS - 0.1% | ||||||||
1,018 | Roku, Inc. * | 31,192 | ||||||
386 | Whirlpool Corp. | 41,251 | ||||||
72,443 |
See accompanying notes to financial statements.
74
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
HOUSEHOLD PRODUCTS/WARES - 1.7% | ||||||||
5,529 | Avery Dennison Corp. | $ | 496,670 | |||||
22,718 | Church & Dwight Co., Inc. | 1,493,936 | ||||||
5,247 | Clorox Co. | 808,772 | ||||||
2,799,378 | ||||||||
INSURANCE - 0.1% | ||||||||
1,707 | Arthur J. Gallagher & Co. | 125,806 | ||||||
2,032 | Unum Group | 59,700 | ||||||
185,506 | ||||||||
INTERNET - 6.8% | ||||||||
2,628 | Cargurus, Inc. * | 88,642 | ||||||
17,448 | CDW Corp. | 1,414,160 | ||||||
5,430 | Expedia Group, Inc. | 611,690 | ||||||
2,005 | F5 Networks, Inc. * | 324,870 | ||||||
5,371 | FireEye, Inc. * | 87,064 | ||||||
19,689 | GoDaddy, Inc. * | 1,291,992 | ||||||
4,706 | GrubHub, Inc. * | 361,468 | ||||||
3,900 | InterActiveCorp. * | 713,856 | ||||||
919 | Match Group, Inc. | 39,306 | ||||||
4,246 | Okta, Inc. * | 270,895 | ||||||
6,513 | Palo Alto Networks, Inc. * | 1,226,724 | ||||||
6,904 | RingCentral, Inc. * | 569,166 | ||||||
12,854 | Snap, Inc. * | 70,826 | ||||||
698 | Stitch Fix, Inc. * | 11,929 | ||||||
7,738 | TripAdvisor, Inc. * | 417,388 | ||||||
3,891 | Twilio, Inc. * | 347,466 | ||||||
44,689 | Twitter, Inc. * | 1,284,362 | ||||||
9,437 | VeriSign, Inc. * | 1,399,413 | ||||||
3,008 | Wayfair, Inc. * | 270,961 | ||||||
6,926 | Yelp, Inc. * | 242,341 | ||||||
6,240 | Zendesk, Inc. * | 364,229 | ||||||
4,124 | Zillow Group, Inc. * | 130,236 | ||||||
751 | Zillow Group, Inc. - Class A * | 23,601 | ||||||
11,562,585 | ||||||||
IRON/STEEL - 0.1% | ||||||||
5,921 | Steel Dynamics, Inc. | 177,867 | ||||||
LEISURE - 0.3% | ||||||||
3,907 | Norwegian Cruise Line Holdings Ltd. * | 165,618 | ||||||
777 | Planet Fitness, Inc. * | 41,663 | ||||||
4,077 | Polaris Industries, Inc. | 312,624 | ||||||
519,905 | ||||||||
LODGING - 1.8% | ||||||||
7,201 | Boyd Gaming Corp. | 149,637 | ||||||
21,754 | Extended Stay America, Inc. | 337,187 | ||||||
21,959 | Hilton Worldwide Holdings, Inc. | 1,576,656 | ||||||
1,834 | Wyndham Destinations, Inc. | 65,731 |
See accompanying notes to financial statements.
75
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
LODGING (Continued) - 1.8% | ||||||||
7,679 | Wyndham Hotels & Resorts, Inc. | $ | 348,396 | |||||
4,992 | Wynn Resorts Ltd. | 493,759 | ||||||
2,971,366 | ||||||||
MACHINERY - DIVERSIFIED - 2.4% | ||||||||
4,055 | AGCO Corp. | 225,742 | ||||||
2,213 | Cognex Corp. | 85,577 | ||||||
1,098 | Cummins, Inc. | 146,737 | ||||||
15,586 | Graco, Inc. | 652,274 | ||||||
3,740 | IDEX Corp. | 472,212 | ||||||
12,392 | Rockwell Automation, Inc. | 1,864,748 | ||||||
1,551 | Roper Technologies, Inc. | 413,373 | ||||||
4,215 | Xylem, Inc. | 281,225 | ||||||
4,141,888 | ||||||||
MEDIA - 1.7% | ||||||||
8,233 | AMC Networks, Inc. * | 451,827 | ||||||
25,587 | CBS Corp. | 1,118,664 | ||||||
3,376 | FactSet Research Systems, Inc. | 675,639 | ||||||
320 | Liberty Media Corp-Liberty SiriusXM - Class A * | 11,776 | ||||||
3,288 | Liberty Media Corp-Liberty SiriusXM - Class C * | 121,590 | ||||||
2,212 | Sinclair Broadcast Group, Inc. | 58,264 | ||||||
76,752 | Sirius XM Holdings, Inc. | 438,254 | ||||||
1,748 | World Wrestling Entertainment, Inc. | 130,611 | ||||||
3,006,625 | ||||||||
MISCELLANEOUS MANUFACTURER - 2.7% | ||||||||
19,294 | Crane Co. | 1,392,641 | ||||||
8,061 | Donaldson Co., Inc. | 349,767 | ||||||
2,202 | Hexcel Corp. | 126,263 | ||||||
1,625 | Illinois Tool Works, Inc. | 205,871 | ||||||
16,981 | Ingersoll-Rand PLC | 1,549,177 | ||||||
2,270 | ITT, Inc. | 109,573 | ||||||
3,681 | Parker-Hannifin Corp. | 548,984 | ||||||
6,733 | Textron, Inc. | 309,651 | ||||||
4,591,927 | ||||||||
OFFICE/BUSINESS EQUIPMENT - 0.4% | ||||||||
4,413 | Zebra Technologies Corp. * | 702,682 | ||||||
OIL & GAS - 0.9% | ||||||||
7,336 | Anadarko Petroleum Corp. | 321,610 | ||||||
16,952 | Antero Resources Corp. * | 159,179 | ||||||
19,853 | Cabot Oil & Gas Corp. | 443,715 | ||||||
1,988 | Concho Resources, Inc. * | 204,347 | ||||||
6,732 | Continental Resources, Inc. * | 270,559 | ||||||
4,479 | Nabors Industries Ltd. | 8,958 | ||||||
4,692 | Newfield Exploration Co. * | 68,785 | ||||||
2,403 | Parsley Energy, Inc. * | 38,400 |
See accompanying notes to financial statements.
76
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
OIL & GAS (Continued) - 0.9% | ||||||||
940 | Whiting Petroleum Corp. * | $ | 21,329 | |||||
1,536,882 | ||||||||
OIL & GAS SERVICES - 0.1% | ||||||||
5,086 | Halliburton Co. | 135,186 | ||||||
PACKAGING & CONTAINERS - 0.5% | ||||||||
9,182 | Packaging Corp. of America | 766,330 | ||||||
1,585 | Westrock Co. | 59,850 | ||||||
826,180 | ||||||||
PHARMACEUTICALS - 2.9% | ||||||||
1,185 | AbbVie, Inc. | 109,245 | ||||||
1,101 | Agios Pharmaceuticals, Inc. * | 50,767 | ||||||
5,609 | Alkermes PLC * | 165,522 | ||||||
15,348 | AmerisourceBergen Corp. | 1,141,891 | ||||||
5,775 | Cardinal Health, Inc. | 257,565 | ||||||
6,309 | DexCom, Inc. * | 755,818 | ||||||
1,138 | Herbalife Nutrition Ltd. * | 67,085 | ||||||
4,601 | Jazz Pharmaceuticals PLC * | 570,340 | ||||||
2,548 | McKesson Corp. | 281,478 | ||||||
8,546 | Nektar Therapeutics * | 280,907 | ||||||
5,935 | Neurocrine Biosciences, Inc. * | 423,818 | ||||||
3,539 | PRA Health Sciences, Inc. * | 325,446 | ||||||
2,990 | Sarepta Therapeutics, Inc. * | 326,299 | ||||||
2,421 | TESARO, Inc. * | 179,759 | ||||||
4,935,940 | ||||||||
PIPELINES - 0.4% | ||||||||
9,874 | Cheniere Energy, Inc. * | 584,442 | ||||||
1,679 | Kinder Morgan, Inc. | 25,823 | ||||||
1,523 | Plains GP Holdings LP | 30,612 | ||||||
640,877 | ||||||||
REAL ESTATE - 0.1% | ||||||||
1,866 | CBRE Group, Inc. * | 74,715 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 2.4% | ||||||||
2,676 | CoreSite Realty Corp. | 233,427 | ||||||
8,266 | Equity LifeStyle Properties, Inc. | 802,877 | ||||||
3,894 | Extra Space Storage, Inc. | 352,329 | ||||||
1,266 | Host Hotels & Resorts, Inc. | 21,104 | ||||||
6,297 | Lamar Advertising Co. | 435,626 | ||||||
11,228 | Prologis, Inc. | 659,308 | ||||||
6,401 | Realty Income Corp. | 403,519 | ||||||
6,696 | SBA Communications Corp. * | 1,084,015 | ||||||
3,992,205 | ||||||||
RETAIL - 8.4% | ||||||||
1,750 | Advance Auto Parts, Inc. | 275,555 | ||||||
2,725 | AutoNation, Inc. * | 97,283 |
See accompanying notes to financial statements.
77
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
RETAIL (Continued) - 8.4% | ||||||||
1,356 | AutoZone, Inc. * | $ | 1,136,789 | |||||
3,772 | Best Buy Co., Inc. | 199,765 | ||||||
1,353 | BJ’s Wholesale Club Holdings, Inc. * | 29,982 | ||||||
4,024 | Burlington Stores, Inc. * | 654,584 | ||||||
1,403 | CarMax, Inc. * | 88,010 | ||||||
1,466 | Chipotle Mexican Grill, Inc. * | 633,004 | ||||||
4,559 | Darden Restaurants, Inc. | 455,262 | ||||||
11,121 | Dollar General Corp. | 1,201,958 | ||||||
4,349 | Domino’s Pizza Inc. | 1,078,509 | ||||||
8,543 | Dunkin’ Brands Group, Inc. | 547,777 | ||||||
1,566 | Five Below, Inc. * | 160,233 | ||||||
7,336 | Lululemon Athletica Inc. * | 892,131 | ||||||
6,188 | Michaels Cos., Inc. * | 83,786 | ||||||
7,038 | Nordstrom Inc. | 328,041 | ||||||
4,946 | O’Reilly Automotive Inc. * | 1,703,056 | ||||||
3,545 | Penske Automotive Group Inc. | 142,934 | ||||||
25,219 | Ross Stores Inc. | 2,098,221 | ||||||
10,889 | Target Corp. | 719,654 | ||||||
7,898 | Tractor Supply Co. | 659,009 | ||||||
3,470 | Ulta Beauty Inc. * | 849,595 | ||||||
3,692 | Urban Outfitters Inc. * | 122,574 | ||||||
6,207 | Wendy’s Co. | 96,891 | ||||||
316 | Williams-Sonoma Inc. | 15,942 | ||||||
14,270,545 | ||||||||
SEMICONDUCTORS - 5.4% | ||||||||
49,618 | Advanced Micro Devices, Inc. * | 915,948 | ||||||
5,872 | Analog Devices, Inc. | 503,994 | ||||||
11,266 | Applied Materials, Inc. | 368,849 | ||||||
5,208 | Cirrus Logic, Inc. * | 172,801 | ||||||
7,506 | KLA-Tencor Corp. | 671,712 | ||||||
10,780 | Lam Research Corp. | 1,467,913 | ||||||
1 | Marvell Technology Group Ltd. | 16 | ||||||
27,730 | Maxim Integrated Products, Inc. | 1,410,071 | ||||||
820 | MKS Instruments, Inc. | 52,980 | ||||||
102 | NVIDIA Corp. | 13,617 | ||||||
33,406 | ON Semiconductor Corp. * | 551,533 | ||||||
5,649 | Silicon Laboratories, Inc. * | 445,198 | ||||||
11,367 | Skyworks Solutions, Inc. | 761,816 | ||||||
2,644 | Teradyne, Inc. | 82,969 | ||||||
19,758 | Xilinx, Inc. | 1,682,789 | ||||||
9,102,206 | ||||||||
SHIPBUILDING - 0.3% | ||||||||
2,496 | Huntington Ingalls Industries, Inc. | 475,014 | ||||||
SOFTWARE - 14.7% | ||||||||
9,483 | Akamai Technologies, Inc. * | 579,222 |
See accompanying notes to financial statements.
78
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
SOFTWARE (Continued) - 14.7% | ||||||||
1,735 | ANSYS, Inc. * | $ | 248,001 | |||||
2,559 | athenahealth, Inc. * | 337,609 | ||||||
7,617 | Atlassian Corp. PLC * | 677,761 | ||||||
9,007 | Autodesk, Inc. * | 1,158,390 | ||||||
10,457 | Black Knight, Inc. * | 471,192 | ||||||
10,078 | Box, Inc. * | 170,117 | ||||||
10,662 | Broadridge Financial Solutions, Inc. | 1,026,218 | ||||||
22,736 | Cadence Design Systems, Inc. * | 988,561 | ||||||
11,152 | CDK Global, Inc. | 533,958 | ||||||
9,055 | Cerner Corp. * | 474,844 | ||||||
7,726 | Citrix Systems, Inc. | 791,606 | ||||||
4,359 | DocuSign, Inc. * | 174,709 | ||||||
8,409 | Dropbox, Inc. * | 171,796 | ||||||
735 | Electronic Arts, Inc. * | 57,999 | ||||||
3,349 | Fidelity National Information Services, Inc. | 343,440 | ||||||
45,037 | First Data Corp. * | 761,576 | ||||||
11,695 | Fiserv, Inc. * | 859,466 | ||||||
557 | HubSpot, Inc. * | 70,032 | ||||||
370 | Intuit, Inc. | 72,835 | ||||||
2,094 | Jack Henry & Associates, Inc. | 264,933 | ||||||
8,698 | Manhattan Associates, Inc. * | 368,534 | ||||||
1,038 | MSCI, Inc. | 153,032 | ||||||
3,020 | New Relic, Inc. * | 244,529 | ||||||
19,464 | Paychex, Inc. | 1,268,080 | ||||||
2,338 | Paycom Software, Inc. * | 286,288 | ||||||
1,028 | Pegasystems, Inc. | 49,169 | ||||||
2,276 | Pivotal Software, Inc. * | 37,213 | ||||||
5,430 | PTC, Inc. * | 450,147 | ||||||
3,721 | RealPage, Inc. * | 179,315 | ||||||
11,321 | Red Hat, Inc. * | 1,988,420 | ||||||
4,282 | salesforce.com, Inc. * | 586,506 | ||||||
12,218 | ServiceNow, Inc. * | 2,175,415 | ||||||
7,383 | Splunk, Inc. * | 774,108 | ||||||
13,740 | SS&C Technologies Holdings, Inc. | 619,811 | ||||||
8,756 | Synopsys, Inc. * | 737,605 | ||||||
5,977 | Tableau Software, Inc. * | 717,240 | ||||||
2,481 | Take-Two Interactive Software, Inc. * | 255,394 | ||||||
715 | Tyler Technologies, Inc. * | 132,861 | ||||||
4,178 | Ultimate Software Group, Inc. * | 1,023,067 | ||||||
12,962 | Veeva Systems, Inc. * | 1,157,766 | ||||||
88 | Vmware, Inc. | 12,067 | ||||||
8,604 | Workday, Inc. * | 1,373,887 | ||||||
24,824,719 | ||||||||
TELECOMMUNICATIONS - 1.1% | ||||||||
4,103 | Arista Networks, Inc. * | 864,502 | ||||||
6,484 | Ciena Corp. * | 219,872 |
See accompanying notes to financial statements.
79
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
TELECOMMUNICATIONS (Continued) - 1.1% | ||||||||
1,866 | LogMeIn, Inc. | $ | 152,210 | |||||
5,384 | Motorola Solutions, Inc. | 619,375 | ||||||
3,571 | Zayo Group Holdings, Inc. * | 81,562 | ||||||
1,937,521 | ||||||||
TRANSPORTATION - 1.8% | ||||||||
8,697 | CH Robinson Worldwide, Inc. | 731,331 | ||||||
3,892 | Expeditors International of Washington, Inc. | 265,006 | ||||||
5,954 | JB Hunt Transport Services, Inc. | 553,960 | ||||||
11,030 | Landstar System, Inc. | 1,055,240 | ||||||
15,254 | Schneider National, Inc. | 284,790 | ||||||
3,979 | XPO Logistics, Inc. * | 226,962 | ||||||
3,117,289 | ||||||||
TOTAL COMMON STOCKS (Cost - $172,734,861) | 166,594,134 | |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
MONEY MARKET FUND - 1.6% | ||||||||
2,610,777 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $2,610,777) | 2,610,777 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost - $175,345,638) | $ | 169,204,911 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1% | 233,190 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 169,438,101 |
* | Non-Income producing security. |
PLC - Public Limited Company
(a) | Money market rate shown represents the rate at December 31, 2018. |
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Depreciation | |||||||||
LONG | ||||||||||||||
S&P 500 E-mini Future | Goldman Sachs | 23 | Mar-19 | $ | 2,880,980 | $ | (86,945 | ) | ||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $ | (86,945 | ) |
See accompanying notes to financial statements.
80
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS
December 31, 2018
Shares | Value | |||||||
COMMON STOCKS - 97.6% | ||||||||
ADVERTISING - 0.3% | ||||||||
407 | Trade Desk, Inc. * | $ | 47,236 | |||||
AEROSPACE/DEFENSE - 1.1% | ||||||||
433 | Aerojet Rocketdyne Holdings, Inc. * | 15,255 | ||||||
438 | Curtiss-Wright, Corp. | 44,729 | ||||||
515 | Esterline Technologies, Corp. * | 62,547 | ||||||
545 | MSA Safety, Inc. | 51,376 | ||||||
173,907 | ||||||||
AGRICULTURE - 0.0% ^ | ||||||||
1,865 | Vector Group Ltd. | 18,146 | ||||||
AIRLINES - 0.3% | ||||||||
923 | Hawaiian Holdings, Inc. | 24,376 | ||||||
225 | SkyWest, Inc. | 10,006 | ||||||
263 | Spirit Airlines, Inc. * | 15,233 | ||||||
49,615 | ||||||||
APPAREL - 1.3% | ||||||||
318 | Columbia Sportswear Co. | 26,741 | ||||||
1,821 | Crocs, Inc. * | 47,310 | ||||||
455 | Deckers Outdoor Corp. * | 58,217 | ||||||
415 | Oxford Industries, Inc. | 29,482 | ||||||
1,352 | Wolverine World Wide, Inc. | 43,114 | ||||||
204,864 | ||||||||
AUTO MANUFACTURERS - 0.1% | ||||||||
458 | Navistar International Corp. * | 11,885 | ||||||
AUTO PARTS & EQUIPMENT - 0.9% | ||||||||
383 | Altra Industrial Motion Corp. | 9,632 | ||||||
174 | Cooper-Standard Holdings, Inc. * | 10,809 | ||||||
2,773 | Dana, Inc. | 37,796 | ||||||
1,114 | Meritor, Inc. * | 18,838 | ||||||
865 | Modine Manufacturing Co. * | 9,351 | ||||||
1,530 | Tenneco, Inc. | 41,907 | ||||||
732 | Tower International, Inc. | 17,421 | ||||||
145,754 | ||||||||
BANKS - 8.8% | ||||||||
1,637 | Bank of Commerce Holdings | 17,942 | ||||||
183 | Banner Corp. | 9,787 | ||||||
284 | BOK Financial Corp. | 20,826 | ||||||
4,679 | Boston Private Financial Holdings, Inc. | 49,457 | ||||||
2,030 | Cadence BanCorp | 34,063 | ||||||
330 | Carolina Financial Corp. | 9,765 | ||||||
2,312 | Cathay General Bancorp | 77,521 |
See accompanying notes to financial statements.
81
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
BANKS (Continued) - 8.8% | ||||||||
79 | Eagle Bancorp, Inc. * | $ | 3,848 | |||||
759 | FCB Financial Holdings, Inc. * | 25,487 | ||||||
3,140 | First Commonwealth Financial Corp. | 37,931 | ||||||
406 | First Horizon National Corp. | 5,343 | ||||||
1,239 | First of Long Island Corp. | 24,718 | ||||||
1,971 | Flagstar Bancorp, Inc. * | 52,034 | ||||||
1,395 | Glacier Bancorp, Inc. | 55,270 | ||||||
302 | Guaranty Bancorp | 6,267 | ||||||
1,990 | Hanmi Financial Corp. | 39,203 | ||||||
1,449 | Heritage Commerce Corp. | 16,432 | ||||||
2,097 | Home BancShares, Inc. | 34,265 | ||||||
455 | HomeStreet, Inc. * | 9,660 | ||||||
3,938 | Hope Bancorp, Inc. | 46,705 | ||||||
3,186 | Independent Bank Corp. | 66,970 | ||||||
404 | International Bancshares Corp. | 13,898 | ||||||
2,417 | Lakeland Financial Corp. | 97,067 | ||||||
3,085 | LCNB Corp. | 46,738 | ||||||
1,051 | MBT Financial Corp. | 9,774 | ||||||
745 | Merchants Bancorp | 14,870 | ||||||
567 | National Bank Holdings Corp. | 17,503 | ||||||
502 | Preferred Bank | 21,762 | ||||||
1,047 | QCR Holdings, Inc. | 33,598 | ||||||
510 | Republic Bancorp, Inc. * | 19,747 | ||||||
1,015 | Republic First Bancorp, Inc. | 6,060 | ||||||
2,046 | Sandy Spring Bancorp, Inc. | 64,122 | ||||||
520 | Shore Bancshares, Inc. | 7,561 | ||||||
797 | Sierra Bancorp | 19,152 | ||||||
1,284 | SmartFinancial, Inc. * | 23,459 | ||||||
621 | South State Corp. | 37,229 | ||||||
37 | Sterling Bancorp, Inc. | 257 | ||||||
541 | TriCo Bancshares | 18,280 | ||||||
3,832 | TriState Capital Holdings, Inc. * | 74,571 | ||||||
667 | United Bankshares, Inc. | 20,750 | ||||||
4,616 | United Community Banks, Inc. | 99,059 | ||||||
191 | Walker & Dunlop, Inc. | 8,261 | ||||||
1,154 | West Bancorporation, Inc. | 22,030 | ||||||
1,717 | Wintrust Financial Corp. | 114,161 | ||||||
1,433,403 | ||||||||
BIOTECHNOLOGY - 3.2% | ||||||||
4,507 | Achillion Pharmaceuticals, Inc. * | 7,166 | ||||||
1,093 | Alder Biopharmaceuticals, Inc. * | 11,203 | ||||||
807 | AMAG Pharmaceuticals, Inc. * | 12,258 | ||||||
875 | Amicus Therapeutics, Inc. * | 8,383 | ||||||
2,190 | Ardelyx, Inc. * | 3,920 |
See accompanying notes to financial statements.
82
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
BIOTECHNOLOGY (Continued) - 3.2% | ||||||||
510 | Assembly Biosciences, Inc. * | $ | 11,536 | |||||
298 | Atara Biotherapeutics, Inc. * | 10,353 | ||||||
152 | Blueprint Medicines Corp. * | 8,194 | ||||||
1,099 | Calithera Biosciences, Inc. * | 4,407 | ||||||
429 | Cambrex Corp. * | 16,199 | ||||||
1,062 | ChemoCentryx, Inc. * | 11,586 | ||||||
905 | CytomX Therapeutics, Inc. * | 13,666 | ||||||
313 | Editas Medicine, Inc. * | 7,121 | ||||||
510 | Emergent BioSolutions, Inc. * | 30,233 | ||||||
2,668 | Enzo Biochem, Inc. * | 7,417 | ||||||
382 | Exact Sciences Corp. * | 24,104 | ||||||
337 | FibroGen, Inc. * | 15,596 | ||||||
216 | Five Prime Therapeutics, Inc. * | 2,009 | ||||||
1,472 | Halozyme Therapeutics, Inc. * | 21,535 | ||||||
107 | Intercept Pharmaceuticals, Inc. * | 10,785 | ||||||
269 | Ligand Pharmaceuticals, Inc. * | 36,503 | ||||||
270 | Loxo Oncology, Inc. * | 37,819 | ||||||
1,069 | Medicines Co. * | 20,461 | ||||||
807 | Myriad Genetics, Inc. * | 23,459 | ||||||
3,592 | Nymox Pharmaceutical Corp. * | 4,706 | ||||||
2,915 | PDL BioPharma, Inc. * | 8,454 | ||||||
648 | Prothena Corp. PLC * | 6,674 | ||||||
165 | Puma Biotechnology, Inc. * | 3,358 | ||||||
382 | REGENXBIO, Inc. * | 16,025 | ||||||
720 | Retrophin, Inc. * | 16,294 | ||||||
248 | Sage Therapeutics, Inc. * | 23,756 | ||||||
1,095 | Sangamo Therapeutics, Inc. * | 12,571 | ||||||
225 | Spark Therapeutics, Inc. * | 8,807 | ||||||
474 | Spectrum Pharmaceuticals, Inc. * | 4,148 | ||||||
258 | Ultragenyx Pharmaceutical, Inc. * | 11,218 | ||||||
3,484 | Veracyte, Inc. * | 43,826 | ||||||
2,433 | ZIOPHARM Oncology, Inc. * | 4,550 | ||||||
520,300 | ||||||||
BUILDING MATERIALS - 1.6% | ||||||||
402 | Boise Cascade Co. | 9,588 | ||||||
2,392 | Builders FirstSource, Inc. * | 26,097 | ||||||
515 | Continental Building Products, Inc. * | 13,107 | ||||||
1,005 | Griffon Corp. | 10,502 | ||||||
178 | JELD-WEN Holding, Inc. * | 2,529 | ||||||
782 | Louisiana-Pacific Corp. | 17,376 | ||||||
5,394 | LSI Industries, Inc. | 17,099 | ||||||
540 | Patrick Industries, Inc. * | 15,989 | ||||||
828 | PGT Innovations, Inc. * | 13,124 | ||||||
716 | Summit Materials, Inc. * | 8,878 |
See accompanying notes to financial statements.
83
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
BUILDING MATERIALS (Continued) - 1.6% | ||||||||
1,054 | Trex Co., Inc. * | $ | 62,565 | |||||
2,616 | Universal Forest Products, Inc. | 67,911 | ||||||
264,765 | ||||||||
CHEMICALS - 1.9% | ||||||||
490 | AdvanSix, Inc. * | 11,927 | ||||||
1,297 | Ferro Corp. * | 20,337 | ||||||
718 | GCP Applied Technologies, Inc. * | 17,627 | ||||||
1,075 | HB Fuller Co. | 45,870 | ||||||
587 | Ingevity Corp. * | 49,126 | ||||||
1,131 | Innospec, Inc. | 69,851 | ||||||
824 | Koppers Holdings, Inc. * | 14,041 | ||||||
306 | Kraton Corp. * | 6,683 | ||||||
1,298 | PolyOne Corp. | 37,123 | ||||||
418 | Stepan Co. | 30,931 | ||||||
303,516 | ||||||||
COAL - 0.2% | ||||||||
1,027 | Peabody Energy Corp. | 31,303 | ||||||
COMMERCIAL SERVICES - 5.1% | ||||||||
649 | Aaron’s, Inc. | 27,290 | ||||||
575 | AMN Healthcare Services, Inc. * | 32,580 | ||||||
1,145 | ASGN, Inc. * | 62,403 | ||||||
279 | Avis Budget Group, Inc. * | 6,272 | ||||||
1,122 | Care.com, Inc. * | 21,666 | ||||||
1,179 | Carriage Services, Inc. | 18,275 | ||||||
390 | Cimpress NV * | 40,334 | ||||||
383 | CorVel Corp. * | 23,639 | ||||||
640 | CRA International, Inc. | 27,232 | ||||||
125 | Forrester Research, Inc. | 5,588 | ||||||
176 | Grand Canyon Education, Inc. * | 16,921 | ||||||
659 | Green Dot Corp. * | 52,404 | ||||||
370 | HealthEquity, Inc. * | 22,071 | ||||||
981 | Insperity, Inc. | 91,586 | ||||||
604 | Kelly Services, Inc. | 12,370 | ||||||
1,894 | Kforce, Inc. | 58,562 | ||||||
1,414 | Korn/Ferry International | 55,910 | ||||||
687 | Laureate Education, Inc. * | 10,470 | ||||||
1,242 | LiveRamp Holdings, Inc. * | 47,978 | ||||||
1,092 | Matthews International Corp. | 44,357 | ||||||
80 | Medifast, Inc. | 10,002 | ||||||
282 | National Research Corp. | 10,755 | ||||||
267 | Nutrisystem, Inc. | 11,716 | ||||||
616 | Paylocity Holding Corp. * | 37,089 | ||||||
762 | Quad/Graphics, Inc. | 9,388 |
See accompanying notes to financial statements.
84
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
COMMERCIAL SERVICES - 5.1% (Continued) | ||||||||
393 | Sotheby’s * | $ | 15,618 | |||||
690 | SP Plus Corp. * | 20,383 | ||||||
262 | Strategic Education, Inc. | 29,716 | ||||||
301 | Weight Watchers International, Inc. * | 11,600 | ||||||
834,175 | ||||||||
COMPUTERS - 1.9% | ||||||||
35 | CACI International, Inc. * | 5,041 | ||||||
571 | EPAM Systems, Inc. * | 66,242 | ||||||
507 | Insight Enterprises, Inc. * | 20,660 | ||||||
376 | Lumentum Holdings, Inc. * | 15,796 | ||||||
1,132 | Mitek Systems, Inc. * | 12,237 | ||||||
671 | NetScout Systems, Inc. * | 15,856 | ||||||
648 | Nutanix, Inc. * | 26,950 | ||||||
1,696 | Pure Storage, Inc. * | 27,272 | ||||||
332 | Qualys, Inc. * | 24,814 | ||||||
651 | Rapid7, Inc. * | 20,285 | ||||||
748 | Varonis Systems, Inc. * | 39,569 | ||||||
511 | Virtusa Corp. * | 21,763 | ||||||
382 | Vocera Communications, Inc. * | 15,032 | ||||||
311,517 | ||||||||
COSMETICS/PERSONAL CARE - 0.3% | ||||||||
759 | Inter Parfums, Inc. | 49,768 | ||||||
DISTRIBUTION/WHOLESALE - 0.9% | ||||||||
1,573 | Core-Mark Holding Co, Inc. | 36,572 | ||||||
1,503 | Essendant, Inc. | 18,908 | ||||||
321 | Fossil Group, Inc. * | 5,049 | ||||||
453 | H&E Equipment Services, Inc. | 9,250 | ||||||
303 | Nexeo Solutions, Inc. * | 2,603 | ||||||
1,922 | ScanSource, Inc. * | 66,078 | ||||||
457 | Systemax, Inc. | 10,918 | ||||||
149,378 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% | ||||||||
2,067 | BrightSphere Investment Group PLC | 22,076 | ||||||
982 | Enova International, Inc. * | 19,110 | ||||||
86 | Evercore, Inc. | 6,154 | ||||||
446 | Federal Agricultural Mortgage Corp. | 26,956 | ||||||
2,425 | Ladenburg Thalmann Financial Services, Inc. | 5,650 | ||||||
3,331 | LendingClub Corp. * | 8,761 | ||||||
31 | LendingTree, Inc. * | 6,807 | ||||||
13,134 | Medley Management, Inc. | 50,697 | ||||||
1,278 | Moelis & Co. | 43,938 | ||||||
98 | Mr. Cooper Group, Inc. * | 1,144 | ||||||
368 | Piper Jaffray Cos | 24,229 |
See accompanying notes to financial statements.
85
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6% (Continued) | ||||||||
321 | Stifel Financial Corp. | $ | 13,296 | |||||
689 | WageWorks, Inc. * | 18,713 | ||||||
297 | Westwood Holdings Group, Inc. | 10,098 | ||||||
257,629 | ||||||||
ELECTRIC - 2.7% | ||||||||
604 | Avista Corp. | 25,658 | ||||||
906 | Black Hills Corp. | 56,879 | ||||||
1,517 | Clearway Energy, Inc. | 26,168 | ||||||
3,338 | Clearway Energy, Inc. - Class A | 56,479 | ||||||
2,363 | IDACORP, Inc. | 219,901 | ||||||
1,131 | PNM Resources, Inc. | 46,473 | ||||||
760 | Vistra Energy Corp. * | 17,396 | ||||||
448,954 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT- 0.8% | ||||||||
398 | EnerSys | 30,889 | ||||||
1,593 | Generac Holdings, Inc. * | 79,172 | ||||||
147 | Littelfuse, Inc. | 25,208 | ||||||
135,269 | ||||||||
ELECTRONICS - 3.7% | ||||||||
625 | Advanced Energy Industries, Inc. * | 26,831 | ||||||
2,312 | AVX Corp. | 35,258 | ||||||
1,453 | Brady Corp. | 63,147 | ||||||
627 | Control4 Corp. * | 11,035 | ||||||
6,967 | Fitbit, Inc. * | 34,626 | ||||||
2,043 | GoPro, Inc. * | 8,662 | ||||||
951 | OSI Systems, Inc. * | 69,708 | ||||||
644 | Stoneridge, Inc. * | 15,875 | ||||||
918 | SYNNEX Corp. | 74,211 | ||||||
467 | Tech Data Corp. * | 38,205 | ||||||
3,747 | Vishay Intertechnology, Inc. | 67,483 | ||||||
531 | Vishay Precision Group, Inc. * | 16,052 | ||||||
1,298 | Watts Water Technologies, Inc. | 83,760 | ||||||
848 | Woodward, Inc. | 62,998 | ||||||
607,851 | ||||||||
ENERGY - ALTERNATE SOURCES - 0.2% | ||||||||
4,224 | Pacific Ethanol, Inc. * | 3,637 | ||||||
649 | Renewable Energy Group, Inc. * | 16,679 | ||||||
128 | REX American Resources Corp. * | 8,718 | ||||||
29,034 | ||||||||
ENGINEERING & CONSTRUCTION - 1.1% | ||||||||
1,153 | Comfort Systems USA, Inc. | 50,363 | ||||||
545 | EMCOR Group, Inc. | 32,531 | ||||||
1,082 | MasTec, Inc. * | 43,886 | ||||||
694 | MYR Group, Inc. * | 19,550 |
See accompanying notes to financial statements.
86
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
ENGINEERING & CONSTRUCTION - 1.1% (Continued) | ||||||||
973 | Primoris Services Corp. | $ | 18,613 | |||||
275 | TopBuild Corp. * | 12,375 | ||||||
177,318 | ||||||||
ENTERTAINMENT - 0.9% | ||||||||
652 | AMC Entertainment Holdings, Inc. | 8,007 | ||||||
473 | Eldorado Resorts, Inc. * | 17,127 | ||||||
1,642 | IMAX Corp. * | 30,886 | ||||||
310 | Marriott Vacations Worldwide Corp. | 21,858 | ||||||
205 | Penn National Gaming, Inc. * | 3,860 | ||||||
461 | Scientific Games Corp. * | 8,243 | ||||||
2,418 | SeaWorld Entertainment, Inc. * | 53,414 | ||||||
143,395 | ||||||||
ENVIRONMENTAL CONTROL - 0.0% ^ | ||||||||
291 | Tetra Tech, Inc. | 15,065 | ||||||
FOOD - 1.2% | ||||||||
200 | Calavo Growers, Inc. | 14,592 | ||||||
545 | Chefs’ Warehouse, Inc. * | 17,429 | ||||||
3,512 | Dean Foods Co. | 13,381 | ||||||
5 | J&J Snack Foods Corp. | 723 | ||||||
417 | John B Sanfilippo & Son, Inc. | 23,210 | ||||||
2,467 | Performance Food Group Co. * | 79,610 | ||||||
128 | Sanderson Farms, Inc. | 12,709 | ||||||
4,322 | Smart & Final Stores, Inc. * | 20,486 | ||||||
790 | United Natural Foods, Inc. * | 8,366 | ||||||
190,506 | ||||||||
FOREST PRODUCTS & PAPER - 0.2% | ||||||||
1,045 | Schweitzer-Mauduit International, Inc. | 26,177 | ||||||
GAS - 0.8% | ||||||||
780 | Chesapeake Utilities Corp. | 63,414 | ||||||
778 | Southwest Gas Holdings, Inc. | 59,517 | ||||||
122,931 | ||||||||
HAND/MACHINE TOOLS - 0.2% | ||||||||
202 | Kennametal, Inc. | 6,723 | ||||||
2,019 | Milacron Holdings Corp. * | 24,006 | ||||||
30,729 | ||||||||
HEALTHCARE PRODUCTS - 4.8% | ||||||||
3,283 | Accuray, Inc. * | 11,195 | ||||||
1,266 | AtriCure, Inc. * | 38,740 | ||||||
27 | Atrion Corp. | 20,009 | ||||||
641 | Cantel Medical Corp. | 47,722 | ||||||
680 | CONMED Corp. | 43,656 | ||||||
619 | Genomic Health, Inc. * | 39,870 |
See accompanying notes to financial statements.
87
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
HEALTHCARE PRODUCTS (Continued) - 4.8% | ||||||||
882 | Globus Medical, Inc. * | $ | 38,173 | |||||
359 | Haemonetics Corp. * | 35,918 | ||||||
215 | ICU Medical, Inc. * | 49,370 | ||||||
306 | Inogen, Inc. * | 37,996 | ||||||
583 | Insulet Corp. * | 46,244 | ||||||
157 | Integer Holdings Corp. * | 11,973 | ||||||
628 | Intersect ENT, Inc. * | 17,697 | ||||||
251 | LivaNova PLC * | 22,959 | ||||||
506 | Luminex Corp. | 11,694 | ||||||
987 | Masimo Corp. * | 105,974 | ||||||
246 | Merit Medical Systems, Inc. * | 13,729 | ||||||
1,095 | MiMedx Group, Inc. * | 1,960 | ||||||
230 | Nevro Corp. * | 8,945 | ||||||
551 | Novocure Ltd. * | 18,447 | ||||||
1,722 | NxStage Medical, Inc. * | 49,284 | ||||||
350 | Penumbra, Inc. * | 42,770 | ||||||
209 | Repligen Corp. * | 11,023 | ||||||
203 | STAAR Surgical Co. * | 6,478 | ||||||
321 | Surmodics, Inc. * | 15,170 | ||||||
264 | Tandem Diabetes Care, Inc. * | 10,024 | ||||||
1,104 | Wright Medical Group NV * | 30,051 | ||||||
787,071 | ||||||||
HEALTHCARE - SERVICES - 2.4% | ||||||||
684 | American Renal Associates Holdings, Inc. * | 7,880 | ||||||
1,713 | Catalent, Inc. * | 53,411 | ||||||
147 | Chemed Corp. | 41,642 | ||||||
743 | Encompass Health Corp. | 45,843 | ||||||
768 | Ensign Group, Inc. | 29,791 | ||||||
2,135 | Invitae Corp. * | 23,613 | ||||||
592 | LHC Group, Inc. * | 55,577 | ||||||
845 | Medpace Holdings, Inc. * | 44,726 | ||||||
181 | Molina Healthcare, Inc. * | 21,036 | ||||||
689 | Natera, Inc. * | 9,618 | ||||||
123 | National HealthCare Corp. | 9,649 | ||||||
991 | Select Medical Holdings Corp. * | 15,212 | ||||||
674 | Syneos Health, Inc. * | 26,522 | ||||||
410 | Tenet Healthcare Corp. * | 7,027 | ||||||
159 | Tivity Health, Inc. * | 3,945 | ||||||
395,492 | ||||||||
HOME BUILDERS - 1.2% | ||||||||
1,085 | Beazer Homes USA, Inc. * | 10,286 | ||||||
303 | Century Communities, Inc. * | 5,230 | ||||||
291 | LCI Industries | 19,439 | ||||||
2,701 | MDC Holdings, Inc. | 75,925 |
See accompanying notes to financial statements.
88
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
HOME BUILDERS (Continued) - 1.2% | ||||||||
1,458 | Meritage Homes Corp. * | $ | 53,538 | |||||
1,328 | TRI Pointe Group, Inc. * | 14,515 | ||||||
907 | William Lyon Homes * | 9,696 | ||||||
188,629 | ||||||||
HOME FURNISHINGS - 0.3% | ||||||||
387 | iRobot, Corp. * | 32,407 | ||||||
635 | Roku, Inc. * | 19,456 | ||||||
51,863 | ||||||||
HOUSEWARE PRODUCTS/WARES - 0.6% | ||||||||
1,340 | ACCO Brands Corp. | 9,085 | ||||||
254 | Central Garden & Pet Co. * | 8,750 | ||||||
705 | Central Garden & Pet Co. - Class A * | 22,031 | ||||||
927 | CSS Industries, Inc. | 8,315 | ||||||
329 | Rosetta Stone, Inc. * | 5,396 | ||||||
295 | Spectrum Brands Holdings, Inc. * | 12,464 | ||||||
137 | WD-40 Co. | 25,107 | ||||||
91,148 | ||||||||
INSURANCE - 2.8% | ||||||||
178 | American National Insurance Co. | 22,649 | ||||||
538 | Argo Group International Holdings Ltd. | 36,181 | ||||||
1,368 | Employers Holdings, Inc. | 57,415 | ||||||
1,941 | Essent Group Ltd. * | 66,343 | ||||||
332 | FBL Financial Group, Inc. | 21,796 | ||||||
4,497 | Genworth Financial, Inc. * | 20,956 | ||||||
4,737 | Greenlight Capital Re Ltd. * | 40,833 | ||||||
455 | HCI Group, Inc. | 23,119 | ||||||
542 | Horace Mann Educators Corp. | 20,298 | ||||||
124 | Kemper Corp. | 8,231 | ||||||
494 | Kinsale Capital Group, Inc. | 27,447 | ||||||
4,927 | MGIC Investment Corp. * | 51,536 | ||||||
188 | Navigators Group, Inc. | 13,064 | ||||||
1,150 | Protective Insurance Corp. | 19,148 | ||||||
1,861 | Radian Group, Inc. | 30,446 | ||||||
459,462 | ||||||||
INTERNET - 3.8% | ||||||||
1,125 | Boingo Wireless, Inc. * | 23,141 | ||||||
607 | Cargurus, Inc. * | 20,474 | ||||||
358 | Cars.com, Inc. * | 7,697 | ||||||
749 | Cogent Communications Holdings, Inc. | 33,862 | ||||||
1,126 | Etsy, Inc. * | 53,564 | ||||||
3,134 | Groupon, Inc. * | 10,029 | ||||||
482 | GrubHub, Inc. * | 37,022 | ||||||
1,827 | Limelight Networks, Inc. * | 4,275 | ||||||
1,866 | NIC, Inc. | 23,288 |
See accompanying notes to financial statements.
89
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
INTERNET - 3.8% (Continued) | ||||||||
754 | Okta, Inc. * | $ | 48,105 | |||||
339 | Overstock.com, Inc. * | 4,604 | ||||||
456 | Proofpoint, Inc. * | 38,217 | ||||||
317 | Q2 Holdings, Inc. * | 15,707 | ||||||
1,061 | RingCentral, Inc. * | 87,469 | ||||||
198 | Shutterfly, Inc. * | 7,971 | ||||||
446 | Shutterstock, Inc. | 16,060 | ||||||
86 | Stamps.com, Inc. * | 13,385 | ||||||
1,648 | TechTarget, Inc. * | 20,122 | ||||||
1,115 | TrueCar, Inc. * | 10,102 | ||||||
325 | Twilio, Inc. * | 29,023 | ||||||
2,978 | US Auto Parts Network, Inc. * | 2,710 | ||||||
1,048 | Yelp, Inc. * | 36,670 | ||||||
1,248 | Zendesk, Inc. * | 72,846 | ||||||
616,343 | ||||||||
IRON/STEEL - 0.5% | ||||||||
1,105 | Allegheny Technologies, Inc. * | 24,056 | ||||||
1,759 | Cleveland-Cliffs, Inc. | 13,527 | ||||||
2,495 | Ryerson Holding Corp. * | 15,818 | ||||||
991 | Schnitzer Steel Industries, Inc. | 21,356 | ||||||
74,757 | ||||||||
LEISURE TIME - 0.8% | ||||||||
841 | Acushnet Holdings Corp. | 17,720 | ||||||
358 | Camping World Holdings, Inc. | 4,106 | ||||||
259 | Fox Factory Holding Corp. * | 15,247 | ||||||
484 | Malibu Boats, Inc. * | 16,843 | ||||||
1,135 | MasterCraft Boat Holdings, Inc. * | 21,225 | ||||||
1,042 | Planet Fitness, Inc. * | 55,872 | ||||||
131,013 | ||||||||
LODGING - 0.6% | ||||||||
1,029 | Caesars Entertainment Corp. * | 6,987 | ||||||
1,507 | Century Casinos, Inc. * | 11,137 | ||||||
1,967 | Marcus Corp. | 77,697 | ||||||
95,821 | ||||||||
MACHINERY - DIVERSIFIED - 1.4% | ||||||||
733 | Alamo Group, Inc. | 56,676 | ||||||
1,338 | Applied Industrial Technologies, Inc. | 72,172 | ||||||
1,081 | Briggs & Stratton Corp. | 14,139 | ||||||
1,056 | Cactus, Inc. * | 28,945 | ||||||
512 | Kadant, Inc. | 41,708 | ||||||
277 | Manitowoc Co., Inc. * | 4,091 | ||||||
618 | SPX FLOW, Inc. * | 18,800 | ||||||
236,531 |
See accompanying notes to financial statements.
90
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
MEDIA - 0.9% | ||||||||
1,456 | Entercom Communications Corp. | $ | 8,314 | |||||
4,818 | Entravision Communications Corp. | 14,020 | ||||||
2,003 | Gray Television, Inc. * | 29,524 | ||||||
222 | Meredith Corp. | 11,531 | ||||||
666 | MSG Networks, Inc. * | 15,691 | ||||||
190 | Nexstar Media Group, Inc. | 14,942 | ||||||
314 | Sinclair Broadcast Group, Inc. | 8,271 | ||||||
1,921 | Townsquare Media, Inc. | 7,838 | ||||||
480 | World Wrestling Entertainment, Inc. | 35,866 | ||||||
145,997 | ||||||||
METAL FABRICATE/HARDWARE - 0.8% | ||||||||
570 | CIRCOR International, Inc. * | 12,141 | ||||||
3,607 | Rexnord Corp. * | 82,781 | ||||||
1,088 | TimkenSteel Corp. * | 9,509 | ||||||
975 | Worthington Industries, Inc. | 33,969 | ||||||
138,400 | ||||||||
MINING - 0.3% | ||||||||
6,536 | Hecla Mining Co. | 15,425 | ||||||
248 | Kaiser Aluminum Corp. | 22,144 | ||||||
320 | Materion Corp. | 14,397 | ||||||
51,966 | ||||||||
MISCELLANEOUS MANUFACTURER - 1.3% | ||||||||
230 | Ambarella, Inc. * | 8,045 | ||||||
618 | Axon Enterprise, Inc. * | 27,038 | ||||||
311 | EnPro Industries, Inc. | 18,691 | ||||||
816 | ESCO Technologies, Inc. | 53,815 | ||||||
393 | Harsco Corp. * | 7,805 | ||||||
34 | Hillenbrand, Inc. | 1,290 | ||||||
142 | John Bean Technologies Corp. | 10,197 | ||||||
128 | Proto Labs, Inc. * | 14,437 | ||||||
366 | Raven Industries, Inc. | 13,246 | ||||||
430 | Standex International Corp. | 28,887 | ||||||
523 | Trinseo SA | 23,943 | ||||||
207,394 | ||||||||
OFFICE FURNISHINGS - 0.3% | ||||||||
2,204 | Interface, Inc. | 31,407 | ||||||
1,019 | Kimball International, Inc. | 14,460 | ||||||
45,867 | ||||||||
OIL & GAS - 1.8% | ||||||||
475 | Carrizo Oil & Gas, Inc. * | 5,363 | ||||||
854 | CVR Energy, Inc. | 29,446 | ||||||
550 | Delek US Holdings, Inc. | 17,881 | ||||||
3,248 | Denbury Resources, Inc. * | 5,554 | ||||||
3,289 | Eclipse Resources Corp. * | 3,453 |
See accompanying notes to financial statements.
91
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
OIL & GAS - 1.8% (Continued) | ||||||||
5,928 | Ensco PLC | $ | 21,104 | |||||
5,122 | Evolution Petroleum Corp. | 34,932 | ||||||
2,629 | Gulfport Energy Corp. * | 17,220 | ||||||
1,404 | HighPoint Resources Corp. * | 3,496 | ||||||
1,933 | Matador Resources Co. * | 30,019 | ||||||
7,271 | Noble Corp. PLC * | 19,050 | ||||||
1,907 | Oasis Petroleum, Inc. * | 10,546 | ||||||
124 | Parker Drilling Co. * | 42 | ||||||
342 | PDC Energy, Inc. * | 10,178 | ||||||
360 | Penn Virginia Corp. * | 19,462 | ||||||
1,116 | Rowan Cos PLC * | 9,363 | ||||||
874 | SandRidge Energy, Inc. * | 6,651 | ||||||
8,102 | Southwestern Energy Co. * | 27,628 | ||||||
3,839 | SRC Energy, Inc. * | 18,043 | ||||||
1,458 | Ultra Petroleum Corp. * | 1,108 | ||||||
290,539 | ||||||||
OIL & GAS SERVICES - 0.9% | ||||||||
2,783 | Archrock, Inc. | 20,845 | ||||||
394 | Basic Energy Services, Inc. * | 1,513 | ||||||
656 | C&J Energy Services, Inc. * | 8,856 | ||||||
273 | Dril-Quip, Inc. * | 8,198 | ||||||
949 | Exterran Corp. * | 16,797 | ||||||
1,688 | FTS International, Inc. * | 12,002 | ||||||
190 | KLX Energy Services Holdings, Inc. * | 4,456 | ||||||
676 | McDermott International, Inc. * | 4,421 | ||||||
607 | MRC Global, Inc. * | 7,424 | ||||||
1,382 | Oil States International, Inc. * | 19,735 | ||||||
680 | PHI, Inc. * | 1,258 | ||||||
3,545 | Pioneer Energy Services Corp. * | 4,360 | ||||||
1,973 | ProPetro Holding Corp. * | 24,307 | ||||||
1,992 | Superior Energy Services, Inc. * | 6,673 | ||||||
2,699 | TETRA Technologies, Inc. * | 4,534 | ||||||
510 | US Silica Holdings, Inc. | 5,192 | ||||||
150,571 | ||||||||
PACKAGING & CONTAINERS - 0.0% ^ | ||||||||
417 | Greif, Inc. | 15,475 | ||||||
PHARMACEUTICALS - 4.3% | ||||||||
777 | Aimmune Therapeutics, Inc. * | 18,586 | ||||||
2,123 | Akebia Therapeutics, Inc. * | 11,740 | ||||||
3,496 | Array BioPharma, Inc. * | 49,818 | ||||||
637 | BioSpecifics Technologies Corp. * | 38,602 | ||||||
4,959 | Chimerix, Inc. * | 12,745 | ||||||
707 | Clovis Oncology, Inc. * | 12,698 |
See accompanying notes to financial statements.
92
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
PHARMACEUTICALS - 4.3% (Continued) | ||||||||
2,367 | Conatus Pharmaceuticals, Inc. * | $ | 4,095 | |||||
855 | Concert Pharmaceuticals, Inc. * | 10,730 | ||||||
1,331 | Corcept Therapeutics, Inc. * | 17,782 | ||||||
1,614 | Corvus Pharmaceuticals, Inc. * | 5,923 | ||||||
1,799 | Dermira, Inc. * | 12,935 | ||||||
635 | Diplomat Pharmacy, Inc. * | 8,547 | ||||||
473 | Enanta Pharmaceuticals, Inc. * | 33,503 | ||||||
798 | Endo International PLC * | 5,825 | ||||||
785 | Global Blood Therapeutics, Inc. * | 32,224 | ||||||
642 | Heron Therapeutics, Inc. * | 16,653 | ||||||
1,612 | Horizon Pharma PLC * | 31,498 | ||||||
1,900 | Ironwood Pharmaceuticals, Inc. * | 19,684 | ||||||
2,084 | Mallinckrodt PLC * | 32,927 | ||||||
420 | Nektar Therapeutics * | 13,805 | ||||||
1,252 | Owens & Minor, Inc. | 7,925 | ||||||
263 | Pacira Pharmaceuticals, Inc. * | 11,314 | ||||||
987 | Phibro Animal Health Corp. | 31,742 | ||||||
302 | Portola Pharmaceuticals, Inc. * | 5,895 | ||||||
318 | PRA Health Sciences, Inc. * | 29,243 | ||||||
839 | Prestige Brands Holdings, Inc. * | 25,908 | ||||||
1,333 | Ra Pharmaceuticals, Inc. * | 24,261 | ||||||
995 | Revance Therapeutics, Inc. * | 20,029 | ||||||
185 | Sarepta Therapeutics, Inc. * | 20,189 | ||||||
3,816 | Seres Therapeutics, Inc. * | 17,248 | ||||||
247 | Supernus Pharmaceuticals, Inc. * | 8,205 | ||||||
395 | USANA Health Sciences, Inc. * | 46,503 | ||||||
1,504 | Vanda Pharmaceuticals, Inc. * | 39,300 | ||||||
661 | Xencor, Inc. * | 23,902 | ||||||
207 | Zogenix, Inc. * | 7,547 | ||||||
709,531 | ||||||||
PRIVATE EQUITY - 0.3% | ||||||||
2,496 | Kennedy-Wilson Holdings, Inc. | 45,352 | ||||||
REAL ESTATE - 0.5% | ||||||||
432 | Marcus & Millichap, Inc. * | 14,831 | ||||||
1,446 | McGrath RentCorp | 74,440 | ||||||
89,271 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 8.2% | ||||||||
3,916 | Arbor Realty Trust, Inc. | 39,434 | ||||||
937 | Ares Commercial Real Estate Corp. | 12,218 | ||||||
1,494 | CareTrust REIT, Inc. | 27,579 | ||||||
3,198 | CatchMark Timber Trust, Inc. | 22,706 | ||||||
7,553 | Cedar Realty Trust, Inc. | 23,716 | ||||||
2,378 | Chatham Lodging Trust | 42,043 |
See accompanying notes to financial statements.
93
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) - 8.2% | ||||||||
5,618 | DiamondRock Hospitality Co. | $ | 51,011 | |||||
4,866 | Easterly Government Properties, Inc. | 76,299 | ||||||
1,045 | EastGroup Properties, Inc. | 95,858 | ||||||
5,838 | First Industrial Realty Trust, Inc. | 168,485 | ||||||
2,539 | Four Corners Property Trust, Inc. | 66,522 | ||||||
1,374 | Franklin Street Properties Corp. | 8,560 | ||||||
326 | GEO Group, Inc. | 6,422 | ||||||
1,444 | Global Net Lease, Inc. | 25,443 | ||||||
4,208 | Hersha Hospitality Trust | 73,808 | ||||||
4,360 | Invesco Mortgage Capital, Inc. | 63,133 | ||||||
3,509 | Kite Realty Group Trust | 49,442 | ||||||
2,848 | Ladder Capital Corp. | 44,059 | ||||||
1,647 | National Storage Affiliates Trust | 43,580 | ||||||
877 | Pennsylvania Real Estate Investment Trust | 5,209 | ||||||
3,098 | Preferred Apartment Communities, Inc. | 43,558 | ||||||
167 | PS Business Parks, Inc. | 21,877 | ||||||
363 | QTS Realty Trust, Inc. | 13,449 | ||||||
1,841 | Redwood Trust, Inc. | 27,744 | ||||||
1,539 | Retail Opportunity Investments Corp. | 24,439 | ||||||
1,391 | Rexford Industrial Realty, Inc. | 40,993 | ||||||
404 | Ryman Hospitality Properties, Inc. | 26,943 | ||||||
3,373 | STAG Industrial, Inc. | 83,920 | ||||||
1,954 | Sunstone Hotel Investors, Inc. | 25,422 | ||||||
1,630 | Terreno Realty Corp. | 57,327 | ||||||
1,498 | TPG RE Finance Trust, Inc. | 27,383 | ||||||
1,338,582 | ||||||||
RETAIL - 5.2% | ||||||||
1,907 | American Eagle Outfitters, Inc. | 36,862 | ||||||
277 | America’s Car-Mart, Inc. * | 20,069 | ||||||
1,533 | Asbury Automotive Group, Inc. * | 102,190 | ||||||
303 | Bassett Furniture Industries, Inc. | 6,072 | ||||||
576 | Beacon Roofing Supply, Inc. * | 18,271 | ||||||
405 | Big Lots, Inc. | 11,713 | ||||||
1,173 | BJ’s Restaurants, Inc. | 59,319 | ||||||
1,473 | Bloomin’ Brands, Inc. | 26,352 | ||||||
1,364 | BMC Stock Holdings, Inc. * | 21,115 | ||||||
149 | Brinker International, Inc. | 6,553 | ||||||
1,672 | Carrols Restaurant Group, Inc. * | 16,452 | ||||||
1,182 | Cato Corp. | 16,867 | ||||||
742 | Cheesecake Factory, Inc. | 32,284 | ||||||
2,489 | Chico’s FAS, Inc. | 13,988 | ||||||
173 | Children’s Place, Inc. | 15,586 | ||||||
856 | Citi Trends, Inc. | 17,454 | ||||||
305 | Dillard’s, Inc. | 18,395 |
See accompanying notes to financial statements.
94
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
RETAIL - 5.2% (Continued) | ||||||||
1,414 | Express, Inc. * | $ | 7,226 | |||||
638 | Five Below, Inc. * | 65,280 | ||||||
206 | Group 1 Automotive, Inc. | 10,860 | ||||||
435 | Lithia Motors, Inc. | 33,204 | ||||||
393 | Ollie’s Bargain Outlet Holdings, Inc. * | 26,138 | ||||||
1,124 | Party City Holdco, Inc. * | 11,218 | ||||||
345 | PC Connection, Inc. | 10,257 | ||||||
201 | RH * | 24,084 | ||||||
965 | Rush Enterprises, Inc. | 33,273 | ||||||
2,203 | Sonic Automotive, Inc. | 30,313 | ||||||
2,283 | Texas Roadhouse, Inc. | 136,295 | ||||||
1,048 | Zumiez, Inc. * | 20,090 | ||||||
847,780 | ||||||||
SAVINGS & LOANS - 2.2% | ||||||||
1,068 | First Defiance Financial Corp. | 26,177 | ||||||
2,732 | First Financial Northwest, Inc. | 42,264 | ||||||
2,835 | Meridian Bancorp, Inc. | 40,597 | ||||||
1,479 | People’s United Financial, Inc. | 21,342 | ||||||
3,391 | Riverview Bancorp, Inc. | 24,686 | ||||||
4,730 | TFS Financial Corp. | 76,295 | ||||||
1,721 | United Community Financial Corp. | 15,231 | ||||||
4,157 | Washington Federal, Inc. | 111,033 | ||||||
357,625 | ||||||||
SEMICONDUCTORS - 1.9% | ||||||||
510 | Alpha & Omega Semiconductor Ltd. * | 5,197 | ||||||
2,345 | Amkor Technology, Inc. * | 15,383 | ||||||
976 | Brooks Automation, Inc. | 25,552 | ||||||
218 | Cabot Microelectronics Corp. | 20,786 | ||||||
693 | Cirrus Logic, Inc. * | 22,994 | ||||||
460 | Cohu, Inc. | 7,392 | ||||||
229 | Cree, Inc. * | 9,795 | ||||||
940 | Diodes, Inc. * | 30,324 | ||||||
2,074 | Entegris, Inc. | 57,854 | ||||||
1,216 | Integrated Device Technology, Inc. * | 58,891 | ||||||
150 | Power Integrations, Inc. | 9,147 | ||||||
372 | Semtech Corp. * | 17,064 | ||||||
454 | Synaptics, Inc. * | 16,893 | ||||||
858 | Ultra Clean Holdings, Inc. * | 7,267 | ||||||
304,539 | ||||||||
SOFTWARE - 4.1% | ||||||||
2,129 | Allscripts Healthcare Solutions, Inc. * | 20,524 | ||||||
420 | Appfolio, Inc. * | 24,872 | ||||||
218 | Benefitfocus, Inc. * | 9,967 | ||||||
460 | Bottomline Technologies de, Inc. * | 22,080 |
See accompanying notes to financial statements.
95
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
SOFTWARE (Continued) - 4.1% | ||||||||
942 | Box, Inc. * | $ | 15,901 | |||||
1,258 | Cloudera, Inc. * | 13,913 | ||||||
699 | Cornerstone OnDemand, Inc. * | 35,251 | ||||||
309 | CSG Systems International, Inc. | 9,817 | ||||||
183 | Fair Isaac, Corp. * | 34,221 | ||||||
666 | Five9, Inc. * | 29,118 | ||||||
1,675 | GreenSky, Inc. * | 16,030 | ||||||
1,400 | Hortonworks, Inc. * | 20,188 | ||||||
231 | HubSpot, Inc. * | 29,044 | ||||||
1,963 | InnerWorkings, Inc. * | 7,342 | ||||||
358 | Instructure, Inc. * | 13,429 | ||||||
847 | LivePerson, Inc. * | 15,974 | ||||||
770 | Medidata Solutions, Inc. * | 51,913 | ||||||
569 | MicroStrategy, Inc. * | 72,690 | ||||||
391 | MINDBODY, Inc. * | 14,232 | ||||||
603 | New Relic, Inc. * | 48,825 | ||||||
595 | Omnicell, Inc. * | 36,438 | ||||||
788 | Progress Software Corp. | 27,966 | ||||||
794 | SendGrid, Inc. * | 34,277 | ||||||
250 | SPS Commerce, Inc. * | 20,595 | ||||||
1,765 | TiVo Corp. | 16,609 | ||||||
636 | Workiva, Inc. * | 22,826 | ||||||
512 | Yext, Inc. * | 7,603 | ||||||
671,645 | ||||||||
STOREAGE/WAREHOUSING - 0.0% ^ | ||||||||
228 | Mobile Mini, Inc. | 7,239 | ||||||
TELECOMMUNICATIONS - 2.4% | ||||||||
6,098 | A10 Networks, Inc. * | 38,052 | ||||||
5,464 | Aerohive Networks, Inc. * | 17,813 | ||||||
988 | Calix, Inc. * | 9,633 | ||||||
2,561 | Ciena Corp. * | 86,844 | ||||||
1,334 | Consolidated Communications Holdings, Inc. | 13,180 | ||||||
1,813 | Extreme Networks, Inc. * | 11,059 | ||||||
1,411 | Finisar Corp. * | 30,478 | ||||||
4,635 | Infinera Corp. * | 18,494 | ||||||
1,528 | Iridium Communications, Inc. * | 28,192 | ||||||
277 | NETGEAR, Inc. * | 14,412 | ||||||
958 | Ooma, Inc. * | 13,297 | ||||||
2,061 | Plantronics, Inc. | 68,219 | ||||||
306 | Ubiquiti Networks, Inc. | 30,419 | ||||||
1,506 | Vonage Holdings Corp. * | 13,147 | ||||||
393,239 | ||||||||
TRANSPORTATION - 1.2% | ||||||||
245 | Atlas Air Worldwide Holdings, Inc. * | 10,337 |
See accompanying notes to financial statements.
96
Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
TRANSPORTATION (Continued) - 1.2% | ||||||||
283 | Covenant Transportation Group, Inc. * | $ | 5,434 | |||||
810 | Hub Group, Inc. * | 30,027 | ||||||
588 | Knight-Swift Transportation Holdings, Inc. | 14,741 | ||||||
2,720 | Marten Transport Ltd. | 44,037 | ||||||
584 | Matson, Inc. | 18,700 | ||||||
8,692 | Nordic American Tankers Ltd. | 17,384 | ||||||
220 | Saia, Inc. * | 12,280 | ||||||
16,995 | Scorpio Tankers, Inc. | 29,911 | ||||||
561 | Werner Enterprises, Inc. | 16,571 | ||||||
199,422 | ||||||||
TRUCKING & LEASING - 0.3% | ||||||||
167 | GATX Corp. | 11,825 | ||||||
850 | Greenbrier Cos, Inc. | 33,609 | ||||||
45,434 | ||||||||
WATER - 0.2% | ||||||||
601 | SJW Group | 33,428 | ||||||
TOTAL COMMON STOCKS (Cost - $18,183,298) | 15,951,816 | |||||||
SHORT-TERM INVESTMENT - 2.4% | ||||||||
MONEY MARKET FUND - 2.4% | ||||||||
392,228 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $392,228) | 392,228 | ||||||
TOTAL INVESTMENTS - 100.0% (Cost - $18,575,526) | $ | 16,344,044 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0% ^ | 1,625 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 16,345,669 |
* | Non-income producing security. |
^ | Represents less than 0.05% |
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a) | Money market rate shown represents the rate at December 31, 2018. |
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Depreciation | |||||||||
LONG | ||||||||||||||
E-mini Russell 2000 Future | Goldman Sachs | 6 | Mar-19 | $ | 404,700 | $ | (9,801 | ) | ||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $ | (9,801 | ) |
See accompanying notes to financial statements.
97
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS
December 31, 2018
Shares | Value | |||||||
COMMON STOCKS - 98.1% | ||||||||
ADVERTISING - 0.2% | ||||||||
1,723 | Interpublic Group of Cos, Inc. | $ | 35,545 | |||||
AEROSPACE/DEFENSE - 2.3% | ||||||||
682 | Boeing Co. | 219,945 | ||||||
353 | Lockheed Martin Corp. | 92,430 | ||||||
50 | Northrop Grumman Corp. | 12,245 | ||||||
1,215 | Raytheon Co. | 186,320 | ||||||
510,940 | ||||||||
AGRICULTURE - 1.7% | ||||||||
2,257 | Altria Group, Inc. | 111,473 | ||||||
3,649 | Archer-Daniels-Midland Co. | 149,500 | ||||||
1,569 | Phillip Morris International, Inc. | 104,746 | ||||||
365,719 | ||||||||
AIRLINES - 0.4% | ||||||||
435 | Delta Air Lines, Inc. | 21,707 | ||||||
1,506 | Southwest Airlines, Co. | 69,999 | ||||||
91,706 | ||||||||
APPAREL - 1.0% | ||||||||
2,657 | NIKE, Inc. | 196,990 | ||||||
408 | VF Corp. | 29,107 | ||||||
226,097 | ||||||||
AUTO MANUFACTURERS - 0.7% | ||||||||
1,607 | Ford Motor Co. | 12,294 | ||||||
566 | General Motors Co. | 18,933 | ||||||
2,004 | PACCAR, Inc. | 114,509 | ||||||
145,736 | ||||||||
AUTO PARTS & EQUIPMENT - 0.0% ^ | ||||||||
283 | BorgWarner, Inc. | 9,831 | ||||||
BANKS - 7.2% | ||||||||
17,286 | Bank of America Corp. | 425,927 | ||||||
2,530 | BB&T Corp. | 109,600 | ||||||
2,549 | Citigroup, Inc. | 132,701 | ||||||
1,937 | Citizens Financial Group, Inc. | 57,587 | ||||||
66 | Cullen/Frost Bankers, Inc. | 5,804 | ||||||
928 | East West Bancorp, Inc. | 40,396 | ||||||
258 | First Republic Bank | 22,420 | ||||||
3,220 | JPMorgan Chase & Co. | 314,336 | ||||||
6,654 | Morgan Stanley | 263,831 | ||||||
4,400 | Wells Fargo & Co. | 202,752 | ||||||
1,575,354 | ||||||||
BEVERAGES - 1.7% | ||||||||
516 | Coca-Cola Co. | 24,433 | ||||||
1,317 | Coca-Cola European Partners PLC | 60,384 | ||||||
293 | Constellation Brands, Inc. | 47,120 | ||||||
193 | Molson Coors Brewing Co. | 10,839 |
See accompanying notes to financial statements.
98
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
BEVERAGES (Continued) - 1.7% | ||||||||
1,188 | Monster Beverage Corp. * | $ | 58,473 | |||||
1,539 | PepsiCo, Inc. | 170,029 | ||||||
371,278 | ||||||||
BIOTECHNOLOGY - 2.9% | ||||||||
1,019 | Amgen, Inc. | 198,369 | ||||||
108 | Biogen, Inc. * | 32,499 | ||||||
1,948 | Celgene Corp. * | 124,847 | ||||||
3,388 | Gilead Sciences, Inc. | 211,919 | ||||||
57 | Incyte Corp. * | 3,625 | ||||||
41 | Regeneron Pharmaceuticals, Inc. * | 15,314 | ||||||
262 | Vertex Pharmaceuticals, Inc. * | 43,416 | ||||||
629,989 | ||||||||
BUILDING MATERIALS - 0.0% ^ | ||||||||
41 | Vulcan Materials Co. | 4,051 | ||||||
CHEMICALS - 1.5% | ||||||||
1,092 | Air Products & Chemicals, Inc. | 174,775 | ||||||
552 | Celanese Corp. | 49,663 | ||||||
571 | Eastman Chemical Co. | 41,746 | ||||||
972 | Huntsman Corp. | 18,750 | ||||||
285 | Linde PLC | 44,471 | ||||||
329,405 | ||||||||
COMMERCIAL SERVICES - 2.4% | ||||||||
1,315 | Automatic Data Processing, Inc. | 172,423 | ||||||
811 | Booz Allen Hamilton Holding Corp. | 36,552 | ||||||
272 | Ecolab, Inc. | 40,079 | ||||||
1,107 | H&R Block, Inc. | 28,085 | ||||||
856 | Insperity, Inc. | 79,916 | ||||||
641 | PayPal Holdings, Inc. | 53,902 | ||||||
535 | Robert Half International, Inc. | 30,602 | ||||||
193 | S&P Global, Inc. | 32,798 | ||||||
194 | Total System Services, Inc. | 15,770 | ||||||
2,521 | Western Union Co. | 43,008 | ||||||
533,135 | ||||||||
COMPUTERS - 4.8% | ||||||||
757 | Accenture PLC | 106,745 | ||||||
4,676 | Apple, Inc. | 737,592 | ||||||
146 | Cognizant Technology Solutions Corp. | 9,268 | ||||||
114 | Dell Technologies, Inc. - Class C * | 5,572 | ||||||
1,340 | Hewlett Packard Enterprise Co. | 17,701 | ||||||
3,597 | HP, Inc. | 73,595 | ||||||
793 | International Business Machines Corp. | 90,140 | ||||||
924 | Pure Storage, Inc. * | 14,858 | ||||||
1,055,471 | ||||||||
COSMETICS/PERSONAL CARE - 0.7% | ||||||||
723 | Estee Lauder Cos, Inc. | 94,062 | ||||||
596 | Proctor & Gamble Co. | 54,784 | ||||||
148,846 |
See accompanying notes to financial statements.
99
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
DIVERSIFIED FINANCIAL SERVICES - 4.0% | ||||||||
1,043 | American Express Co. | $ | 99,419 | |||||
368 | Capital One Financial Corp. | 27,817 | ||||||
4,223 | Charles Schwab Corp. | 175,381 | ||||||
569 | CME Group, Inc. | 107,040 | ||||||
384 | Evercore, Inc. | 27,479 | ||||||
624 | Intercontinental Exchange, Inc. | 47,006 | ||||||
1,047 | Mastercard, Inc. | 197,517 | ||||||
230 | SEI Investments Co. | 10,626 | ||||||
36 | T Rowe Price Group, Inc. | 3,324 | ||||||
124 | TD Ameritrade Holding Corp. | 6,071 | ||||||
1,272 | Visa, Inc. | 167,828 | ||||||
869,508 | ||||||||
ELECTRIC - 2.6% | ||||||||
969 | Ameren Corp. | 63,208 | ||||||
975 | CMS Energy Corp. | 48,409 | ||||||
465 | Consolidated Edison, Inc. | 35,554 | ||||||
272 | DTE Energy Co. | 30,002 | ||||||
392 | IDACORP, Inc. | 36,480 | ||||||
1,886 | OGE Energy Corp. | 73,912 | ||||||
1,676 | Pinnacle West Capital Corp. | 142,795 | ||||||
1,355 | Portland General Electric Co. | 62,127 | ||||||
1,369 | Xcel Energy, Inc. | 67,451 | ||||||
559,938 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.0% ^ | ||||||||
44 | AMETEK, Inc. | 2,979 | ||||||
39 | Hubbell, Inc. | 3,874 | ||||||
6,853 | ||||||||
ELECTRONICS - 1.4% | ||||||||
536 | Agilent Technologies, Inc. | 36,159 | ||||||
761 | Allegion PLC | 60,659 | ||||||
872 | Garmin Ltd. | 55,215 | ||||||
579 | Honeywell International, Inc. | 76,497 | ||||||
34 | Keysight Technologies, Inc. * | 2,111 | ||||||
1,569 | National Instruments Corp. | 71,201 | ||||||
301,842 | ||||||||
ENVIRONMENTAL CONTROL - 0.1% | ||||||||
130 | Republic Services, Inc. | 9,372 | ||||||
148 | Waste Connections, Inc. | 10,989 | ||||||
104 | Waste Management, Inc. | 9,255 | ||||||
29,616 | ||||||||
FOOD - 1.1% | ||||||||
1,645 | Hershey Co. | 176,311 | ||||||
99 | Hormel Foods Corp. | 4,225 | ||||||
192 | Kellogg Co. | 10,946 | ||||||
393 | Kroger Co. | 10,808 | ||||||
297 | Lamb Weston Holdings, Inc. | 21,847 | ||||||
246 | Tyson Foods, Inc. | 13,136 | ||||||
237,273 |
See accompanying notes to financial statements.
100
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
GAS - 0.4% | ||||||||
916 | Atmos Energy Corp. | $ | 84,932 | |||||
HAND/MACHINE TOOLS - 0.2% | ||||||||
322 | Snap-on, Inc. | 46,783 | ||||||
HEALTHCARE PRODUCTS - 3.0% | ||||||||
857 | Abbott Laboratories | 61,987 | ||||||
1,099 | Danaher Corp. | 113,329 | ||||||
139 | IDEXX Laboratories, Inc. * | 25,857 | ||||||
103 | Intuitive Surgical, Inc. * | 49,329 | ||||||
1,472 | Medtronic PLC | 133,893 | ||||||
178 | STERIS PLC | 19,019 | ||||||
1,228 | Stryker Corp. | 192,489 | ||||||
274 | Thermo Fisher Scientific, Inc. | 61,318 | ||||||
657,221 | ||||||||
HEALTHCARE - SERVICES - 2.4% | ||||||||
123 | Anthem, Inc. | 32,303 | ||||||
168 | Humana, Inc. | 48,129 | ||||||
228 | Quest Diagnostics, Inc. | 18,986 | ||||||
1,652 | UnitedHealth Group, Inc. | 411,546 | ||||||
84 | WellCare Health Plans, Inc. * | 19,832 | ||||||
530,796 | ||||||||
HOUSEHOLD PRODUCTS/WARES - 0.8% | ||||||||
2,080 | Church & Dwight Co., Inc. | 136,781 | ||||||
184 | Clorox Co. | 28,362 | ||||||
165,143 | ||||||||
INSURANCE - 3.9% | ||||||||
1,308 | Allstate Corp. | 108,080 | ||||||
498 | American Financial Group, Inc. | 45,084 | ||||||
858 | Arthur J. Gallagher & Co. | 63,235 | ||||||
2,018 | Berkshire Hathaway, Inc. * | 412,035 | ||||||
1,251 | Hartford Financial Services Group, Inc. | 55,607 | ||||||
1,017 | Lincoln National Corp. | 52,182 | ||||||
649 | Loews Corp. | 29,542 | ||||||
313 | Progressive Corp. | 18,883 | ||||||
92 | Travelers Cos, Inc. | 11,017 | ||||||
2,252 | Unum Group | 66,164 | ||||||
861,829 | ||||||||
INTERNET - 8.7% | ||||||||
284 | Alphabet, Inc. - Class A * | 296,769 | ||||||
315 | Alphabet, Inc. - Class C * | 326,217 | ||||||
435 | Amazon.com, Inc. * | 653,357 | ||||||
31 | Booking Holdings, Inc. * | 53,395 | ||||||
239 | Cargurus, Inc. * | 8,061 | ||||||
793 | CDW Corp. | 64,273 | ||||||
2,774 | Facebook, Inc. * | 363,644 | ||||||
272 | GoDaddy, Inc. * | 17,849 |
See accompanying notes to financial statements.
101
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
INTERNET (Continued) - 8.7% | ||||||||
350 | Netflix, Inc. * | $ | 93,681 | |||||
136 | Twitter, Inc. * | 3,909 | ||||||
697 | Yelp, Inc. * | 24,388 | ||||||
1,905,543 | ||||||||
IRON/STEEL - 0.0% ^ | ||||||||
607 | Steel Dynamics, Inc. | 18,234 | ||||||
LEISURE - 0.3% | ||||||||
646 | Carnival Corp. | 31,848 | ||||||
626 | Norwegian Cruise Line Holdings Ltd. * | 26,536 | ||||||
58,384 | ||||||||
LODGING - 0.3% | ||||||||
1,062 | Extended Stay America, Inc. | 16,461 | ||||||
616 | Hilton Worldwide Holdings, Inc. | 44,229 | ||||||
90 | Marriott International, Inc. | 9,770 | ||||||
70,460 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 0.2% | ||||||||
274 | Caterpillar, Inc. | 34,817 | ||||||
MACHINERY - DIVERSIFIED - 0.7% | ||||||||
890 | Rockwell Automation, Inc. | 133,927 | ||||||
54 | Roper Technologies, Inc. | 14,392 | ||||||
148,319 | ||||||||
MEDIA - 2.1% | ||||||||
997 | AMC Networks, Inc. * | 54,715 | ||||||
920 | CBS Corp. | 40,222 | ||||||
4,896 | Comcast Corp. | 166,709 | ||||||
518 | Liberty Media Corp. - Liberty SiriusXM - Class A * | 19,062 | ||||||
382 | Liberty Media Corp. - Liberty SiriusXM - Class C * | 14,126 | ||||||
97 | Sinclair Broadcast Group, Inc. | 2,555 | ||||||
993 | Twenty-First Century Fox, Inc. - Class A | 47,783 | ||||||
499 | Twenty-First Century Fox, Inc. - Class B | 23,842 | ||||||
120 | Viacom, Inc. - Class A | 3,337 | ||||||
1,460 | Viacom, Inc. - Class B | 37,522 | ||||||
540 | Walt Disney Co. | 59,211 | ||||||
469,084 | ||||||||
MINING - 0.2% | ||||||||
1,132 | Newmont Mining Corp. | 39,224 | ||||||
MISCELLANEOUS MANUFACTURER - 2.8% | ||||||||
759 | 3M Co. | 144,620 | ||||||
2,450 | Crane Co. | 176,841 | ||||||
5,198 | General Electric Co. | 39,349 | ||||||
867 | Illinois Tool Works, Inc. | 109,840 | ||||||
1,418 | Ingersoll-Rand PLC | 129,364 | ||||||
91 | Parker-Hannifin Corp. | 13,572 | ||||||
613,586 |
See accompanying notes to financial statements.
102
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
OIL & GAS - 4.0% | ||||||||
2,257 | Anadarko Petroleum Corp. | $ | 98,947 | |||||
171 | Antero Resources Corp. * | 1,606 | ||||||
1,708 | Chevron Corp. | 185,813 | ||||||
169 | Concho Resources, Inc. * | 17,372 | ||||||
2,492 | ConocoPhillips | 155,376 | ||||||
405 | Continental Resources, Inc. * | 16,277 | ||||||
218 | EOG Resources, Inc. | 19,012 | ||||||
4,281 | Exxon Mobil Corp. | 291,921 | ||||||
205 | Newfield Exploration Co. * | 3,005 | ||||||
656 | Occidental Petroleum Corp. | 40,265 | ||||||
530 | Phillips 66 | 45,660 | ||||||
166 | Valero Energy Corp. | 12,445 | ||||||
887,699 | ||||||||
OIL & GAS SERVICES - 0.5% | ||||||||
3,743 | Halliburton Co. | 99,489 | ||||||
PACKAGING & CONTAINERS - 0.2% | ||||||||
1,219 | Westrock Co. | 46,029 | ||||||
PHARMACEUTICALS - 7.2% | ||||||||
1,993 | AbbVie, Inc. | 183,735 | ||||||
816 | AmerisourceBergen Corp. | 60,710 | ||||||
2,576 | Bristol-Myers Squibb Co. | 133,900 | ||||||
1,984 | Cardinal Health, Inc. | 88,486 | ||||||
142 | Cigna Corp. | 27,043 | ||||||
836 | CVS Health Corp. | 54,775 | ||||||
1,323 | Eli Lilly & Co. | 153,098 | ||||||
3,407 | Johnson & Johnson | 439,673 | ||||||
774 | McKesson Corp. | 85,504 | ||||||
3,546 | Merck & Co., Inc. | 270,950 | ||||||
481 | Pfizer, Inc. | 20,996 | ||||||
584 | Zoetis, Inc. | 49,955 | ||||||
1,568,825 | ||||||||
PIPELINES - 0.7% | ||||||||
6,524 | Kinder Morgan, Inc. | 100,339 | ||||||
606 | TechnipFMC PLC * | 11,865 | ||||||
1,921 | Williams Cos, Inc. | 42,358 | ||||||
154,562 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 3.1% | ||||||||
3,140 | Host Hotels & Resorts, Inc. | 52,344 | ||||||
1,627 | Park Hotels & Resorts, Inc. | 42,269 | ||||||
4,447 | Prologis, Inc. | 261,128 | ||||||
2,726 | Realty Income Corp. | 171,847 | ||||||
856 | Simon Property Group, Inc. | 143,799 | ||||||
671,387 |
See accompanying notes to financial statements.
103
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
RETAIL - 5.0% | ||||||||
910 | Costco Wholesale Corp. | $ | 185,376 | |||||
253 | Darden Restaurants, Inc. | 25,265 | ||||||
248 | Domino’s Pizza, Inc. | 61,502 | ||||||
199 | Dunkin’ Brands Group, Inc. | 12,760 | ||||||
155 | Five Below, Inc. * | 15,860 | ||||||
114 | Genuine Parts Co. | 10,946 | ||||||
1,427 | Home Depot, Inc. | 245,187 | ||||||
778 | McDonald’s Corp. | 138,149 | ||||||
10 | O’Reilly Automotive ,Inc. * | 3,443 | ||||||
146 | Penske Automotive Group, Inc. | 5,887 | ||||||
425 | Ross Stores, Inc. | 35,360 | ||||||
2,860 | Target Corp. | 189,017 | ||||||
1,796 | TJX Cos, Inc. | 80,353 | ||||||
666 | Walmart, Inc. | 62,038 | ||||||
297 | Yum! Brands, Inc. | 27,300 | ||||||
1,098,443 | ||||||||
SEMICONDUCTORS - 3.5% | ||||||||
648 | Analog Devices, Inc. | 55,618 | ||||||
1,589 | Applied Materials, Inc. | 52,024 | ||||||
187 | Broadcom Ltd. | 47,550 | ||||||
255 | Cirrus Logic, Inc. * | 8,461 | ||||||
5,894 | Intel Corp. | 276,605 | ||||||
281 | Micron Technology, Inc. * | 8,916 | ||||||
666 | NVIDIA Corp. | 88,911 | ||||||
696 | QUALCOMM, Inc. | 39,609 | ||||||
87 | Silicon Laboratories, Inc. * | 6,856 | ||||||
500 | Skyworks Solutions, Inc. | 33,510 | ||||||
1,249 | Texas Instruments, Inc. | 118,031 | ||||||
420 | Xilinx, Inc. | 35,771 | ||||||
771,862 | ||||||||
SOFTWARE - 7.1% | ||||||||
243 | Activision Blizzard, Inc. | 11,317 | ||||||
27 | Adobe Systems, Inc. * | 6,108 | ||||||
287 | Broadridge Financial Solutions, Inc. | 27,624 | ||||||
922 | Dropbox, Inc. * | 18,836 | ||||||
543 | Electronic Arts, Inc. * | 42,848 | ||||||
266 | Fidelity National Information Services, Inc. | 27,278 | ||||||
409 | Intuit, Inc. | 80,512 | ||||||
7,679 | Microsoft Corp. | 779,956 | ||||||
4,392 | Oracle Corp. | 198,299 | ||||||
275 | Paychex, Inc. | 17,916 | ||||||
1,923 | salesforce.com, Inc. * | 263,393 | ||||||
706 | Synopsys, Inc. * | 59,473 | ||||||
337 | Veeva Systems, Inc. * | 30,101 | ||||||
27 | VMware, Inc. | 3,703 | ||||||
1,567,364 | ||||||||
TELECOMMUNICATIONS - 2.7% | ||||||||
5,220 | AT&T, Inc. | 148,979 |
See accompanying notes to financial statements.
104
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
TELECOMMUNICATIONS (Continued) - 2.7% | ||||||||
640 | Ciena Corp. * | $ | 21,702 | |||||
3,597 | Cisco Systems, Inc. | 155,858 | ||||||
301 | Motorola Solutions, Inc. | 34,627 | ||||||
4,291 | Verizon Communications, Inc. | 241,240 | ||||||
602,406 | ||||||||
TRANSPORTATION - 0.9% | ||||||||
911 | Landstar System, Inc. | 87,155 | ||||||
708 | Norfolk Southern Corp. | 105,878 | ||||||
193,033 | ||||||||
WATER - 0.5% | ||||||||
1,279 | American Water Works Co., Inc. | 116,095 | ||||||
TOTAL COMMON STOCKS (Cost - $22,495,624) | 21,519,682 | |||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
MONEY MARKET FUND - 1.8% | ||||||||
395,602 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $395,602) | 395,602 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost - $22,891,226) | $ | 21,915,284 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1% | 12,722 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 21,928,006 |
* | Non-income producing security. |
^ | Represents less than 0.05% |
(a) | Money market rate shown represents the rate at December 31, 2018. |
PLC - Public Limited Company
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Depreciation | |||||||||
LONG | ||||||||||||||
S&P 500 E-mini Future | Goldman Sachs | 3 | Mar-19 | 375,780 | (15,022 | ) | ||||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | (15,022 | ) |
See accompanying notes to financial statements.
105
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS
December 31, 2018
Shares | Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
ADVERTISING - 0.2% | ||||||||
24,255 | Interpublic Group of Cos, Inc. | $ | 500,381 | |||||
AEROSPACE/DEFENSE - 1.1% | ||||||||
2,265 | Curtiss-Wright Corp. | 231,302 | ||||||
896 | General Dynamics Corp. | 140,860 | ||||||
1,148 | Lockheed Martin Corp. | 300,592 | ||||||
11,667 | Raytheon Co. | 1,789,134 | ||||||
2,865 | United Technologies Corp. | 305,012 | ||||||
2,766,900 | ||||||||
AGRICULTURE - 1.8% | ||||||||
3,223 | Altria Group, Inc. | 159,184 | ||||||
53,822 | Archer-Daniels-Midland Co. | 2,205,087 | ||||||
32,034 | Philip Morris International, Inc. | 2,138,590 | ||||||
4,502,861 | ||||||||
AIRLINES - 0.5% | ||||||||
762 | Alaska Air Group, Inc. | 46,368 | ||||||
12,819 | Delta Air Lines, Inc. | 639,668 | ||||||
15,406 | Southwest Airlines Co. | 716,071 | ||||||
1,402,107 | ||||||||
APPAREL - 0.4% | ||||||||
10,891 | NIKE, Inc. | 807,459 | ||||||
1,095 | Ralph Lauren Corp. | 113,289 | ||||||
3,139 | VF Corp. | 223,936 | ||||||
1,144,684 | ||||||||
AUTO MANUFACTURERS - 1.1% | ||||||||
77,955 | Ford Motor Co. | 596,356 | ||||||
23,165 | General Motors Co. | 774,869 | ||||||
23,624 | PACCAR, Inc. | 1,349,875 | ||||||
2,721,100 | ||||||||
AUTO PARTS & EQUIPMENT - 0.1% | ||||||||
6,546 | BorgWarner, Inc. | 227,408 | ||||||
3,320 | Dana, Inc. | 45,252 | ||||||
272,660 | ||||||||
BANKS - 12.8% | ||||||||
280,791 | Bank of America Corp. | 6,918,690 | ||||||
43,211 | BB&T Corp. | 1,871,901 | ||||||
54,585 | Citigroup, Inc. | 2,841,695 | ||||||
47,151 | Citizens Financial Group, Inc. | 1,401,799 | ||||||
5,642 | Cullen/Frost Bankers, Inc. | 496,157 | ||||||
15,896 | East West Bancorp, Inc. | 691,953 | ||||||
30,317 | First Horizon National Corp. | 398,972 | ||||||
12,406 | First Republic Bank | 1,078,081 | ||||||
1,739 | Goldman Sachs Group, Inc. | 290,500 | ||||||
40,857 | Huntington Bancshares, Inc. | 487,015 | ||||||
68,797 | JPMorgan Chase & Co. | 6,715,963 | ||||||
16,999 | KeyCorp | 251,245 |
See accompanying notes to financial statements.
106
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
BANKS (Continued) - 12.8% | ||||||||
93,660 | Morgan Stanley | $ | 3,713,619 | |||||
15,434 | Synovus Financial Corp. | 493,734 | ||||||
16,431 | US Bancorp | 750,897 | ||||||
93,528 | Wells Fargo & Co. | 4,309,770 | ||||||
1,950 | Western Alliance Bancorp * | 77,006 | ||||||
32,788,997 | ||||||||
BEVERAGES - 0.5% | ||||||||
10,460 | Coca-Cola European Partners PLC | 479,591 | ||||||
652 | Constellation Brands, Inc. | 104,855 | ||||||
6,100 | Molson Coors Brewing Co. | 342,576 | ||||||
792 | Monster Beverage Corp. * | 38,982 | ||||||
3,219 | PepsiCo, Inc. | 355,635 | ||||||
1,321,639 | ||||||||
BIOTECHNOLOGY - 1.4% | ||||||||
3,999 | Amgen, Inc. | 778,485 | ||||||
13,909 | Celgene Corp. * | 891,428 | ||||||
32,014 | Gilead Sciences, Inc. | 2,002,476 | ||||||
3,672,389 | ||||||||
BUILDING MATERIALS - 0.0% ^ | ||||||||
294 | Vulcan Materials Co. | 29,047 | ||||||
CHEMICALS - 2.1% | ||||||||
17,298 | Air Products & Chemicals, Inc. | 2,768,545 | ||||||
7,328 | Celanese Corp. | 659,300 | ||||||
14,618 | Eastman Chemical Co. | 1,068,722 | ||||||
20,499 | Huntsman Corp. | 395,426 | ||||||
2,056 | Linde PLC | 320,818 | ||||||
4,297 | Mosaic Co. | 125,515 | ||||||
2,546 | Olin Corp. | 51,200 | ||||||
463 | RPM International, Inc. | 27,215 | ||||||
5,416,741 | ||||||||
COMMERCIAL SERVICES - 1.4% | ||||||||
5,397 | Automatic Data Processing, Inc. | 707,655 | ||||||
9,967 | Booz Allen Hamilton Holding Corp. | 449,213 | ||||||
4,099 | Deluxe Corp. | 157,566 | ||||||
3,199 | Ecolab, Inc. | 471,373 | ||||||
11,726 | H&R Block, Inc. | 297,489 | ||||||
7,648 | Insperity, Inc. | 714,017 | ||||||
851 | ManpowerGroup, Inc. | 55,145 | ||||||
2,064 | Robert Half International, Inc. | 118,061 | ||||||
33,802 | Western Union Co. | 576,662 | ||||||
3,547,181 | ||||||||
COMPUTERS - 1.0% | ||||||||
1,605 | Amdocs Ltd. | 94,021 | ||||||
5,525 | Dell Technologies, Inc. - Class C * | 270,008 | ||||||
39,827 | Hewlett Packard Enterprise Co. | 526,115 | ||||||
55,834 | HP, Inc. | 1,142,364 |
See accompanying notes to financial statements.
107
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
COMPUTERS (Continued) - 1.0% | ||||||||
2,426 | International Business Machines Corp. | $ | 275,763 | |||||
8,638 | Pure Storage, Inc. * | 138,899 | ||||||
2,447,170 | ||||||||
COSMETICS/PERSONAL CARE - 1.5% | ||||||||
8,274 | Colgate-Palmolive Co. | 492,468 | ||||||
4,752 | Estee Lauder Cos, Inc. | 618,235 | ||||||
29,250 | Proctor & Gamble Co. | 2,688,660 | ||||||
3,799,363 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 2.9% | ||||||||
21,618 | Ally Financial, Inc. | 489,864 | ||||||
7,729 | American Express, Co. | 736,728 | ||||||
15,652 | Capital One Financial Corp. | 1,183,135 | ||||||
32,876 | Charles Schwab Corp. | 1,365,340 | ||||||
8,481 | CME Group, Inc. | 1,595,446 | ||||||
2,435 | Discover Financial Services | 143,616 | ||||||
1,886 | Evercore. Inc. | 134,962 | ||||||
2,598 | Intercontinental Exchange, Inc. | 195,707 | ||||||
25,747 | Invesco Ltd. | 431,005 | ||||||
14,745 | Legg Mason, Inc. | 376,145 | ||||||
9,537 | Moelis & Co. | 327,882 | ||||||
4,816 | SEI Investments Co. | 222,499 | ||||||
4,886 | Synchrony Financial | 114,626 | ||||||
7,316,955 | ||||||||
ELECTRIC - 5.3% | ||||||||
5,995 | Alliant Energy Corp. | 253,289 | ||||||
10,596 | Ameren Corp. | 691,177 | ||||||
12,539 | CenterPoint Energy, Inc. | 353,976 | ||||||
20,894 | CMS Energy Corp. | 1,037,387 | ||||||
23,770 | Consolidated Edison, Inc. | 1,817,454 | ||||||
5,935 | Dominion Energy, Inc. | 424,115 | ||||||
7,090 | DTE Energy Co. | 782,027 | ||||||
9,416 | Evergy, Inc. | 534,546 | ||||||
4,925 | Eversource Energy | 320,322 | ||||||
5,817 | IDACORP, Inc. | 541,330 | ||||||
30,726 | OGE Energy Corp. | 1,204,152 | ||||||
26,235 | Pinnacle West Capital Corp. | 2,235,222 | ||||||
25,738 | Portland General Electric Co. | 1,180,087 | ||||||
18,631 | PPL Corp. | 527,816 | ||||||
520 | Public Service Enterprise Group, Inc. | 27,066 | ||||||
3,601 | WEC Energy Group, Inc. | 249,405 | ||||||
24,983 | Xcel Energy, Inc. | 1,230,912 | ||||||
13,410,283 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2% | ||||||||
6,321 | AMETEK, Inc. | 427,932 | ||||||
1,226 | Hubbell, Inc. | 121,791 | ||||||
549,723 |
See accompanying notes to financial statements.
108
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
ELECTRONICS - 1.2% | ||||||||
8,463 | ADT, Inc. | $ | 50,863 | |||||
7,923 | Agilent Technologies, Inc. | 534,486 | ||||||
5,613 | Allegion PLC | 447,412 | ||||||
2,254 | Corning, Inc. | 68,093 | ||||||
12,368 | Garmin Ltd. | 783,142 | ||||||
2,653 | Honeywell International, Inc. | 350,514 | ||||||
1,058 | Keysight Technologies, Inc. * | 65,681 | ||||||
19,307 | National Instruments Corp. | 876,152 | ||||||
3,176,343 | ||||||||
ENTERTAINMENT - 0.0% ^ | ||||||||
1,738 | Cinemark Holdings, Inc. | 62,220 | ||||||
ENVIRONMENTAL CONTROL - 0.2% | ||||||||
5,452 | Clean Harbors, Inc. * | 269,056 | ||||||
3,773 | Republic Services, Inc. | 271,996 | ||||||
1,167 | Waste Connections, Inc. | 86,650 | ||||||
627,702 | ||||||||
FOOD - 1.8% | ||||||||
22,393 | Hershey Co. | 2,400,082 | ||||||
6,198 | Hormel Foods Corp. | 264,531 | ||||||
9,034 | Kellogg Co. | 515,028 | ||||||
14,473 | Kroger Co. | 398,008 | ||||||
4,912 | Lamb Weston Holdings, Inc. | 361,327 | ||||||
10,689 | Tyson Foods, Inc. | 570,792 | ||||||
4,509,768 | ||||||||
GAS - 0.6% | ||||||||
11,741 | Atmos Energy Corp. | 1,088,626 | ||||||
9,934 | UGI Corp. | 529,978 | ||||||
1,618,604 | ||||||||
HAND/MACHINE TOOLS - 0.3% | ||||||||
4,607 | Snap-on, Inc. | 669,351 | ||||||
HEALTHCARE PRODUCTS - 3.9% | ||||||||
27,587 | Abbott Laboratories | 1,995,368 | ||||||
19,987 | Danaher Corp. | 2,061,059 | ||||||
1,677 | Masimo Corp. * | 180,059 | ||||||
30,179 | Medtronic PLC | 2,745,082 | ||||||
4,751 | STERIS PLC | 507,644 | ||||||
9,543 | Stryker Corp. | 1,495,865 | ||||||
4,499 | Thermo Fisher Scientific, Inc. | 1,006,831 | ||||||
9,991,908 | ||||||||
HEALTHCARE - SERVICES - 1.2% | ||||||||
3,900 | Anthem, Inc. | 1,024,257 | ||||||
1,570 | Humana, Inc. | 449,774 | ||||||
6,442 | Quest Diagnostics, Inc. | 536,425 | ||||||
3,917 | UnitedHealth Group, Inc. | 975,803 |
See accompanying notes to financial statements.
109
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
HEALTHCARE - SERVICES (Continued) - 1.2% | ||||||||
529 | WellCare Health Plans, Inc. * | $ | 124,892 | |||||
3,111,151 | ||||||||
HOME BUILDERS - 0.1% | ||||||||
2,255 | DR Horton, Inc. | 78,158 | ||||||
HOME FURNISHINGS - 0.1% | ||||||||
2,817 | Whirlpool Corp. | 301,053 | ||||||
HOUSEHOLD PRODUCTS/WARES - 0.6% | ||||||||
24,100 | Church & Dwight Co., Inc. | 1,584,816 | ||||||
423 | Clorox, Co. | 65,201 | ||||||
1,650,017 | ||||||||
INSURANCE - 6.9% | ||||||||
2,353 | Aflac, Inc. | 107,203 | ||||||
23,510 | Allstate Corp. | 1,942,631 | ||||||
11,166 | American Financial Group, Inc. | 1,010,858 | ||||||
12,392 | Arthur J. Gallagher & Co. | 913,290 | ||||||
9,272 | Athene Holding Ltd. * | 369,304 | ||||||
19,165 | AXA Equitable Holdings, Inc. | 318,714 | ||||||
35,155 | Berkshire Hathaway, Inc. * | 7,177,948 | ||||||
2,470 | Chubb Ltd. | 319,075 | ||||||
1,058 | CNA Financial Corp. | 46,711 | ||||||
7,030 | CNO Financial Group, Inc. | 104,606 | ||||||
2,583 | Essent Group Ltd. * | 88,287 | ||||||
2,359 | Fidelity National Financial, Inc. | 74,167 | ||||||
2,635 | First American Financial Corp. | 117,626 | ||||||
1,396 | Hanover Insurance Group, Inc. | 163,011 | ||||||
27,574 | Hartford Financial Services Group, Inc. | 1,225,664 | ||||||
17,660 | Lincoln National Corp. | 906,135 | ||||||
22,331 | Loews Corp. | 1,016,507 | ||||||
5,470 | Travelers Cos, Inc. | 655,033 | ||||||
32,047 | Unum Group | 941,540 | ||||||
17,498,310 | ||||||||
INTERNET - 0.3% | ||||||||
5,593 | CDW Corp. | 453,313 | ||||||
475 | Facebook, Inc. * | 62,268 | ||||||
7,510 | Yelp, Inc. * | 262,774 | ||||||
778,355 | ||||||||
IRON/STEEL - 0.3% | ||||||||
7,381 | Reliance Steel & Aluminum Co. | 525,306 | ||||||
9,806 | Steel Dynamics, Inc. | 294,572 | ||||||
819,878 | ||||||||
LEISURE TIME - 0.4% | ||||||||
11,961 | Carnival Corp. | 589,677 | ||||||
9,638 | Norwegian Cruise Line Holdings Ltd. * | 408,555 | ||||||
998,232 |
See accompanying notes to financial statements.
110
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
LODGING - 0.1% | ||||||||
13,395 | Extended Stay America, Inc. | $ | 207,623 | |||||
664 | Las Vegas Sands Corp. | 34,561 | ||||||
242,184 | ||||||||
MACHINERY - DIVERSIFIED - 0.6% | ||||||||
7,154 | Rockwell Automation, Inc. | 1,076,534 | ||||||
1,511 | Roper Technologies, Inc. | 402,712 | ||||||
1,479,246 | ||||||||
MEDIA - 2.8% | ||||||||
7,443 | AMC Networks, Inc. * | 408,472 | ||||||
7,051 | CBS Corp. | 308,270 | ||||||
90,674 | Comcast Corp. | 3,087,450 | ||||||
13,304 | Liberty Media Corp-Liberty SiriusXM - Class A * | 489,587 | ||||||
20,391 | Liberty Media Corp-Liberty SiriusXM - Class C * | 754,059 | ||||||
1,039 | Sinclair Broadcast Group, Inc. | 27,367 | ||||||
1,858 | Tribune Media Co. | 84,316 | ||||||
16,437 | Twenty-First Century Fox, Inc. - Class A | 790,948 | ||||||
8,479 | Twenty-First Century Fox, Inc. - Class C | 405,127 | ||||||
3,260 | Viacom, Inc. - Class A | 90,661 | ||||||
24,336 | Viacom, Inc. - Class C | 625,435 | ||||||
7,071,692 | ||||||||
MINING - 0.4% | ||||||||
28,698 | Newmont Mining Corp. | 994,386 | ||||||
MISCELLANEOUS MANUFACTURER - 2.9% | ||||||||
3,445 | 3M Co. | 656,410 | ||||||
34,804 | Crane Co. | 2,512,153 | ||||||
164,676 | General Electric Co. | 1,246,597 | ||||||
6,898 | Illinois Tool Works, Inc. | 873,908 | ||||||
16,586 | Ingersoll-Rand PLC | 1,513,141 | ||||||
3,342 | Parker-Hannifin Corp. | 498,426 | ||||||
7,300,635 | ||||||||
OIL & GAS - 7.5% | ||||||||
31,408 | Anadarko Petroleum Corp. | 1,376,927 | ||||||
25,122 | Antero Resources Corp. * | 235,896 | ||||||
8,868 | Apache Corp. | 232,785 | ||||||
38,153 | Chevron Corp. | 4,150,665 | ||||||
3,644 | Concho Resources, Inc. * | 374,567 | ||||||
41,632 | ConocoPhillips | 2,595,755 | ||||||
8,769 | Continental Resources, Inc. * | 352,426 | ||||||
7,065 | EOG Resources, Inc. | 616,139 | ||||||
88,845 | Exxon Mobil Corp. | 6,058,341 | ||||||
3,552 | Helmerich & Payne, Inc. | 170,283 | ||||||
10,932 | Marathon Oil Corp. | 156,765 | ||||||
37,964 | Nabors Industries Ltd. | 75,928 | ||||||
2,687 | Newfield Exploration Co. * | 39,391 | ||||||
16,494 | Occidental Petroleum Corp. | 1,012,402 |
See accompanying notes to financial statements.
111
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
OIL & GAS (Continued) - 7.5% | ||||||||
14,046 | Phillips 66 | $ | 1,210,063 | |||||
6,663 | Valero Energy Corp. | 499,525 | ||||||
3,879 | Whiting Petroleum Corp. * | 88,013 | ||||||
19,245,871 | ||||||||
OIL & GAS SERVICES - 0.5% | ||||||||
37,938 | Halliburton Co. | 1,008,392 | ||||||
484 | Schlumberger Ltd. | 17,463 | ||||||
13,267 | TechnipFMC PLC * | 259,768 | ||||||
1,285,623 | ||||||||
PACKAGING & CONTAINERS - 0.5% | ||||||||
1,387 | Bemis Co, Inc. | 63,663 | ||||||
3,195 | Packaging Corp. of America | 266,655 | ||||||
22,752 | Westrock Co. | 859,116 | ||||||
�� | 1,189,434 | |||||||
PHARMACEUTICALS - 9.1% | ||||||||
5,038 | AbbVie, Inc. | 464,453 | ||||||
3,186 | Allergan PLC | 425,841 | ||||||
9,214 | AmerisourceBergen Corp. | 685,522 | ||||||
27,971 | Bristol-Myers Squibb Co. | 1,453,933 | ||||||
26,628 | Cardinal Health, Inc. | 1,187,609 | ||||||
2,916 | Cigna Corp. | 553,794 | ||||||
19,883 | CVS Health Corp. | 1,302,734 | ||||||
12,241 | Eli Lilly & Co. | 1,416,529 | ||||||
1,443 | Herbalife Nutrition Ltd. * | 85,065 | ||||||
52,531 | Johnson & Johnson | 6,779,126 | ||||||
10,219 | McKesson Corp. | 1,128,893 | ||||||
62,342 | Merk & Co., Inc. | 4,763,552 | ||||||
64,441 | Pfizer, Inc. | 2,812,850 | ||||||
1,672 | Zoetis, Inc. | 143,021 | ||||||
23,202,922 | ||||||||
PIPELINES - 1.0% | ||||||||
105,612 | Kinder Morgan, Inc. | 1,624,313 | ||||||
3,271 | Plains GP Holdings LP | 65,747 | ||||||
40,439 | Williams Cos, Inc. | 891,680 | ||||||
2,581,740 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 4.9% | ||||||||
5,605 | Apartment Investment & Management Co. | 245,947 | ||||||
4,227 | Apple Hospitality REIT, Inc. | 60,277 | ||||||
54,396 | Brandywine Realty Trust | 700,077 | ||||||
3,487 | Equity LifeStyle Properties, Inc. | 338,692 | ||||||
3,752 | First Industrial Realty Trust, Inc. | 108,283 | ||||||
21,106 | Highwoods Properties, Inc. | 816,591 | ||||||
60,250 | Host Hotels & Resorts, Inc. | 1,004,368 | ||||||
8,854 | Outfront Media, Inc. | 160,434 | ||||||
48,843 | Park Hotels & Resorts, Inc. | 1,268,941 | ||||||
58,846 | Prologis, Inc. | 3,455,437 | ||||||
43,345 | Realty Income Corp. | 2,732,469 |
See accompanying notes to financial statements.
112
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) - 4.9% | ||||||||
8,182 | Simon Property Group, Inc. | $ | 1,374,494 | |||||
2,479 | SL Green Realty Corp. | 196,039 | ||||||
11,730 | Sunstone Hotel Investors, Inc. | 152,607 | ||||||
3 | Weingarten Realty Investors | 74 | ||||||
12,614,730 | ||||||||
RETAIL - 3.8% | ||||||||
4,581 | Costco Wholesale Corp. | 933,196 | ||||||
3,426 | Darden Restaurants, Inc. | 342,120 | ||||||
1,677 | Dick’s Sporting Goods, Inc. | 52,322 | ||||||
2,409 | Domino’s Pizza, Inc. | 597,408 | ||||||
550 | Dunkin’ Brands Group, Inc. | 35,266 | ||||||
685 | Five Below, Inc. * | 70,089 | ||||||
822 | Foot Locker, Inc. | 43,730 | ||||||
2,283 | Genuine Parts Co. | 219,214 | ||||||
10,636 | McDonald’s Corp. | 1,888,635 | ||||||
10,874 | Penske Automotive Group, Inc. | 438,440 | ||||||
406 | Ross Stores, Inc. | 33,779 | ||||||
37,673 | Target Corp. | 2,489,809 | ||||||
989 | TJX Cos. Inc. | 44,248 | ||||||
24,414 | Walmart, Inc. | 2,274,164 | ||||||
1,360 | Yum! Brands, Inc. | 125,011 | ||||||
9,587,431 | ||||||||
SEMICONDUCTORS - 3.2% | ||||||||
9,359 | Analog Devices, Inc. | 803,283 | ||||||
4,530 | Applied Materials, Inc. | 148,312 | ||||||
291 | Broadcom, Inc. | 73,995 | ||||||
4,485 | CirrusLogic, Inc. * | 148,812 | ||||||
108,830 | Intel Corp. | 5,107,392 | ||||||
3,143 | Maxim Integrated Products, Inc. | 159,822 | ||||||
19,691 | QUALCOMM, Inc. | 1,120,615 | ||||||
3,202 | Silicon Laboratories, Inc. * | 252,350 | ||||||
6,005 | Skyworks Solutions, Inc. | 402,455 | ||||||
442 | Xilinx, Inc. | 37,645 | ||||||
8,254,681 | ||||||||
SOFTWARE - 2.1% | ||||||||
1 | Broadridge Financial Solutions, Inc. | 96 | ||||||
7,052 | Dropbox, Inc. * | 144,072 | ||||||
1,363 | Electronic Arts, Inc. * | 107,554 | ||||||
6,731 | Fidelity National Information Services, Inc. | 690,264 | ||||||
64,997 | Oracle Corp. | 2,934,615 | ||||||
4,826 | salesforce.com, Inc. * | 661,017 | ||||||
6,466 | Synopsys, Inc. * | 544,696 | ||||||
3,255 | Veeva Systems, Inc. * | 290,737 | ||||||
5,373,051 | ||||||||
TELECOMMUNICATIONS - 5.3% | ||||||||
133,522 | AT&T, Inc. | 3,810,718 | ||||||
1,667 | CenturyLink, Inc. | 25,255 |
See accompanying notes to financial statements.
113
Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Shares | Value | |||||||
TELECOMMUNICATIONS (Continued) - 5.3% | ||||||||
5,143 | Ciena Corp. * | $ | 174,399 | |||||
84,579 | Cisco Systems, Inc. | 3,664,808 | ||||||
8,507 | CommScope Holding Co, Inc. * | 139,430 | ||||||
5,683 | Juniper Networks, Inc. | 152,930 | ||||||
4,746 | Motorola Solutions, Inc. | 545,980 | ||||||
9,290 | Telephone & Data Systems, Inc. | 302,297 | ||||||
85,440 | Verizon Communications, Inc. | 4,803,436 | ||||||
13,619,253 | ||||||||
TRANSPORTATION - 0.7% | ||||||||
6,554 | Landstar System, Inc. | 627,021 | ||||||
6,957 | Norfolk Southern Corp. | 1,040,350 | ||||||
1,667,371 | ||||||||
WATER - 0.6% | ||||||||
16,746 | American Water Works Co., Inc. | 1,520,034 | ||||||
TOTAL COMMON STOCKS (Cost - $266,876,569) | 250,731,515 | |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
MONEY MARKET FUND - 1.5% | ||||||||
3,888,739 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $3,888,739) | 3,888,739 | ||||||
TOTAL INVESTMENTS - 99.7% (Cost - $270,765,308) | $ | 254,620,254 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.3% | 681,596 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 255,301,850 |
* | Non-income producing security. |
^ | Represents less than 0.05% |
(a) | Money market rate shown represents the rate at December 31, 2018. |
LP - Limited Partnerships
PLC - Public Limited Company
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Description | Counterparty | Contracts | Expiration Date | Notional Value | Depreciation | |||||||||
LONG | ||||||||||||||
S&P 500 E-mini Future | Goldman Sachs | 40 | Mar-19 | $ | 5,010,400 | $ | (106,752 | ) | ||||||
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | (106,752 | ) |
See accompanying notes to financial statements.
114
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
CORPORATE BONDS & NOTES - 98.1% | ||||||||||||
AEROSPACE/DEFENSE - 1.3% | ||||||||||||
$ | 60,000 | BBA US Holdings, Inc. (a) | 5.38 | 5/1/2026 | $ | 56,849 | ||||||
200,000 | Bombardier, Inc. (a) | 8.75 | 12/1/2021 | 206,000 | ||||||||
40,000 | Kratos Defense & Security Solutions, Inc. (a) | 6.50 | 11/30/2025 | 40,700 | ||||||||
250,000 | TransDigm, Inc. | 6.38 | 6/15/2026 | 232,500 | ||||||||
200,000 | TransDigm, Inc. | 6.50 | 7/15/2024 | 194,500 | ||||||||
200,000 | TransDigm UK Holdings PLC (a) | 6.88 | 5/15/2026 | 190,500 | ||||||||
921,049 | ||||||||||||
AGRICULTURE - 1.0% | ||||||||||||
400,000 | Pyxus International, Inc. | 9.88 | 7/15/2021 | 303,000 | ||||||||
450,000 | Vector Group, Ltd. (a) | 6.13 | 2/1/2025 | 382,500 | ||||||||
685,500 | ||||||||||||
APPAREL - 0.1% | ||||||||||||
100,000 | Levi Strauss & Co. | 5.00 | 5/1/2025 | 97,750 | ||||||||
AUTO MANUFACTURERS - 0.9% | ||||||||||||
200,000 | Allison Transmission, Inc. (a) | 4.75 | 10/1/2027 | 178,000 | ||||||||
250,000 | BCD Acquisition, Inc. (a) | 9.63 | 9/15/2023 | 256,875 | ||||||||
150,000 | Jaguar Land Rover Automotive PLC (a) | 5.63 | 2/1/2023 | 139,125 | ||||||||
50,000 | JB Poindexter & Co., Inc. (a) | 7.13 | 4/15/2026 | 46,750 | ||||||||
620,750 | ||||||||||||
AUTO PARTS & EQUIPMENT - 1.6% | ||||||||||||
100,000 | American Axle & Manufacturing, Inc. | 6.25 | 4/1/2025 | 91,000 | ||||||||
100,000 | Cooper-Standard Automotive, Inc. (a) | 5.63 | 11/15/2026 | 88,000 | ||||||||
400,000 | Dana Financing Luxembourg Sarl (a) | 5.75 | 4/15/2025 | 373,000 | ||||||||
200,000 | IHO Verwaltungs GmbH (a,b) | 4.75 | 9/15/2026 | 173,500 | ||||||||
50,000 | Tenneco, Inc. | 5.00 | 7/15/2026 | 38,462 | ||||||||
400,000 | Titan International, Inc. | 6.50 | 11/30/2023 | 358,000 | ||||||||
1,121,962 | ||||||||||||
BANKS - 0.5% | ||||||||||||
100,000 | CIT Group, Inc. | 5.00 | 8/15/2022 | 98,625 | ||||||||
120,000 | Freedom Mortgage Corp. (a) | 8.25 | 4/15/2025 | 102,600 | ||||||||
150,000 | Provident Funding Associates LP / PFG Finance Corp. (a) | 6.38 | 6/15/2025 | 135,000 | ||||||||
336,225 | ||||||||||||
BUILDING MATERIALS - 0.6% | ||||||||||||
100,000 | Griffon Corp. | 5.25 | 3/1/2022 | 90,500 | ||||||||
50,000 | PGT Escrow Issuer, Inc. (a) | 6.75 | 8/1/2026 | 49,250 | ||||||||
105,000 | NCI Building Systems, Inc. | 8.00 | 4/15/2026 | 96,075 | ||||||||
100,000 | Standard Industries, Inc. (a) | 5.38 | 11/15/2024 | 93,875 | ||||||||
100,000 | Summit Materials LLC / Summit Materials Finance Corp. (a) | 5.13 | 6/1/2025 | 91,000 | ||||||||
420,700 | ||||||||||||
CHEMICALS - 3.0% | ||||||||||||
100,000 | Cornerstone Chemical Co. (a) | 6.75 | 8/15/2024 | 87,750 | ||||||||
100,000 | CVR Partners LP / CVR Nitrogen Finance Corp. (a) | 9.25 | 6/15/2023 | 104,000 | ||||||||
300,000 | Hexion, Inc. (a) | 10.38 | 2/1/2022 | 239,250 | ||||||||
200,000 | INEOS Group Holdings SA (a) | 5.63 | 8/1/2024 | 177,200 | ||||||||
25,000 | Ingevity Corp. (a) | 4.50 | 2/1/2026 | 22,625 | ||||||||
350,000 | NOVA Chemicals Corp. (a) | 4.88 | 6/1/2024 | 315,875 | ||||||||
240,000 | Nufarm Australia Ltd. / Nufarm Americas, Inc. (a) | 5.75 | 4/30/2026 | 218,760 | ||||||||
200,000 | OCI NV (a) | 6.63 | 4/15/2023 | 196,500 | ||||||||
100,000 | Rain CII Carbon LLC / CII Carbon Corp. (a) | 7.25 | 4/1/2025 | 90,500 | ||||||||
100,000 | Rayonier AM Products, Inc. (a) | 5.50 | 6/1/2024 | 88,250 | ||||||||
400,000 | TPC Group, Inc. (a) | 8.75 | 12/15/2020 | 380,000 | ||||||||
75,000 | Tronox Finance PLC (a) | 5.75 | 10/1/2025 | 60,750 | ||||||||
100,000 | Valvoline, Inc. | 4.38 | 8/15/2025 | 92,000 | ||||||||
2,073,460 | ||||||||||||
COAL - 0.6% | ||||||||||||
100,000 | Foresight Energy LLC / Foresight Energy Finance Corp. (a) | 11.50 | 4/1/2023 | 85,000 | ||||||||
200,000 | Peabody Energy Corp. (a) | 6.00 | 3/31/2022 | 194,000 | ||||||||
125,000 | SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (a) | 7.50 | 6/15/2025 | 118,438 | ||||||||
397,438 |
See accompanying notes to financial statements.
115
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
COMMERCIAL SERVICES - 2.8% | ||||||||||||
$ | 100,000 | APX Group, Inc. | 7.63 | 9/1/2023 | $ | 80,750 | ||||||
100,000 | Brink’s Co. (The) (a) | 4.63 | 10/15/2027 | 91,000 | ||||||||
125,000 | Graham Holdings Co. (a) | 5.75 | 6/1/2026 | 125,313 | ||||||||
50,000 | Hertz Corp. (The) | 6.25 | 10/15/2022 | 42,375 | ||||||||
250,000 | Hertz Corp. (The) (a) | 7.63 | 6/1/2022 | 235,625 | ||||||||
200,000 | Jaguar Holding Co. II / Pharmaceutical Product Development LLC (a) | 6.38 | 8/1/2023 | 191,400 | ||||||||
162,000 | Prime Security Services Borrower LLC / Prime Finance Inc. (a) | 9.25 | 5/15/2023 | 167,063 | ||||||||
45,000 | Refinitiv US Holdings, Inc. (a) | 6.25 | 5/15/2026 | 43,425 | ||||||||
40,000 | Refinitiv US Holdings, Inc. (a) | 8.25 | 11/15/2026 | 36,550 | ||||||||
100,000 | RR Donnelley & Sons Co. | 6.50 | 11/15/2023 | 98,000 | ||||||||
100,000 | Service Corp. International | 4.63 | 12/15/2027 | 94,000 | ||||||||
350,000 | ServiceMaster Co LLC (The) (a) | 5.13 | 11/15/2024 | 330,750 | ||||||||
125,000 | Sotheby’s (a) | 4.88 | 12/15/2025 | 113,125 | ||||||||
100,000 | Team Health Holdings, Inc. (a) | 6.38 | 2/1/2025 | 81,625 | ||||||||
200,000 | United Rentals North America, Inc. | 4.88 | 1/15/2028 | 175,500 | ||||||||
50,000 | Verscend Escrow Corp. (a) | 9.75 | 8/15/2026 | 47,000 | ||||||||
1,953,501 | ||||||||||||
COMPUTERS - 1.4% | ||||||||||||
35,000 | Banff Merger Sub, Inc. (a) | 9.75 | 9/1/2026 | 32,025 | ||||||||
500,000 | Dell International LLC / EMC Corp. (a) | 7.13 | 6/15/2024 | 508,750 | ||||||||
500,000 | Exela Intermediate LLC / Exela Finance, Inc. (a) | 10.00 | 7/15/2023 | 477,500 | ||||||||
1,018,275 | ||||||||||||
COSMETICS/PERSONAL CARE - 0.3% | ||||||||||||
200,000 | Avon International Operations, Inc. (a) | 7.88 | 8/15/2022 | 197,000 | ||||||||
DISTRIBUTION/WHOLESALE - 0.4% | ||||||||||||
100,000 | Core & Main LP (a) | 6.13 | 8/15/2025 | 88,000 | ||||||||
50,000 | HD Supply, Inc. (a) | 5.38 | 10/15/2026 | 48,500 | ||||||||
84,000 | KAR Auction Services, Inc. (a) | 5.13 | 6/1/2025 | 75,810 | ||||||||
100,000 | LKQ Corp. | 4.75 | 5/15/2023 | 94,000 | ||||||||
306,310 | ||||||||||||
DIVERSIFIED FINANCIAL SERVICES - 3.8% | ||||||||||||
500,000 | Ally Financial, Inc. | 5.13 | 9/30/2024 | 496,250 | ||||||||
200,000 | Ally Financial, Inc. | 5.75 | 11/20/2025 | 199,000 | ||||||||
200,000 | goeasy Ltd. (a) | 7.88 | 11/1/2022 | 202,500 | ||||||||
110,000 | Intrepid Aviation Group Holdings LLC/Intrepid Finance Co. (a) | 8.50 | 8/15/2021 | 108,888 | ||||||||
200,000 | Jefferies Finance LLC / JFIN Co-Issuer Corp. (a) | 7.25 | 8/15/2024 | 185,000 | ||||||||
300,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (a) | 5.25 | 10/1/2025 | 267,750 | ||||||||
25,000 | LPL Holdings, Inc. (a) | 5.75 | 9/15/2025 | 23,438 | ||||||||
40,000 | Nationstar Mortgage Holdings, Inc. (a) | 8.13 | 7/15/2023 | 39,000 | ||||||||
300,000 | Nationstar Mortgage LLC / Nationstar Capital Corp. | 6.50 | 7/1/2021 | 292,500 | ||||||||
100,000 | Navient Corp. | 5.50 | 1/25/2023 | 87,500 | ||||||||
100,000 | Navient Corp. | 6.75 | 6/15/2026 | 83,000 | ||||||||
230,000 | NFP Corp. (a) | 6.88 | 7/15/2025 | 205,850 | ||||||||
100,000 | Quicken Loans, Inc. (a) | 5.75 | 5/1/2025 | 93,500 | ||||||||
105,000 | Springleaf Finance Corp. | 6.88 | 3/15/2025 | 93,975 | ||||||||
100,000 | Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (a) | 6.75 | 6/1/2025 | 92,500 | ||||||||
185,000 | Travelport Corporate Finance PLC (a) | 6.00 | 3/15/2026 | 186,850 | ||||||||
2,657,501 | ||||||||||||
ELECTRIC - 1.9% | ||||||||||||
180,000 | Calpine Corp. (a) | 5.25 | 6/1/2026 | 164,250 | ||||||||
100,000 | Calpine Corp. | 5.38 | 1/15/2023 | 93,750 | ||||||||
200,000 | Clearway Energy Operating LLC | 5.00 | 9/15/2026 | 179,500 | ||||||||
80,000 | Clearway Energy Operating LLC (a) | 5.75 | 10/15/2025 | 76,400 | ||||||||
200,000 | Drax Finco PLC (a) | 6.63 | 11/1/2025 | 196,500 | ||||||||
80,000 | NRG Energy, Inc. | 5.75 | 1/15/2028 | 76,800 | ||||||||
350,000 | NRG Energy, Inc. | 6.63 | 1/15/2027 | 352,625 | ||||||||
100,000 | NRG Energy, Inc. | 7.25 | 5/15/2026 | 103,750 | ||||||||
100,000 | Talen Energy Supply LLC | 6.50 | 6/1/2025 | 71,000 | ||||||||
1,314,575 |
See accompanying notes to financial statements.
116
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.9% | ||||||||||||
$ | 80,000 | Energizer Gamma Acquisition, Inc. (a) | 6.38 | 7/15/2026 | $ | 73,400 | ||||||
400,000 | Energizer Holdings, Inc. (a) | 5.50 | 6/15/2025 | 361,000 | ||||||||
200,000 | WESCO Distribution, Inc. | 5.38 | 6/15/2024 | 188,500 | ||||||||
622,900 | ||||||||||||
ELECTRONICS - 0.1% | ||||||||||||
45,000 | Itron, Inc. (a) | 5.00 | 1/15/2026 | 41,175 | ||||||||
ENGINEEERING & CONSTRUCTION - 0.9% | ||||||||||||
229,000 | AECOM | 5.88 | 10/15/2024 | 225,565 | ||||||||
300,000 | Brand Industrial Services, Inc. (a) | 8.50 | 7/15/2025 | 255,750 | ||||||||
45,000 | Frontdoor, Inc. (a) | 6.75 | 8/15/2026 | 42,750 | ||||||||
90,000 | New Enterprise Stone & Lime Co., Inc. (a) | 6.25 | 3/15/2026 | 81,900 | ||||||||
35,000 | TopBuild Corp. (a) | 5.63 | 5/1/2026 | 32,025 | ||||||||
637,990 | ||||||||||||
ENTERTAINMENT - 2.0% | ||||||||||||
25,000 | Boyne USA, Inc. (a) | 7.25 | 5/1/2025 | 25,812 | ||||||||
400,000 | Churchill Downs, Inc. (a) | 4.75 | 1/15/2028 | 361,880 | ||||||||
25,000 | Downstream Development Authority of the Quapaw Tribe of Oklahoma (a) | 10.50 | 2/15/2023 | 24,625 | ||||||||
100,000 | Eldorado Resorts, Inc. | 6.00 | 4/1/2025 | 96,464 | ||||||||
25,000 | Eldorado Resorts, Inc. (a) | 6.00 | 9/15/2026 | 23,625 | ||||||||
200,000 | Cirsa Finance International SARL | 7.88 | 12/20/2023 | 197,560 | ||||||||
200,000 | Live Nation Entertainment, Inc. (a) | 4.88 | 11/1/2024 | 190,000 | ||||||||
200,000 | Merlin Entertainments PLC (a) | 5.75 | 6/15/2026 | 197,500 | ||||||||
100,000 | Mohegan Gaming & Entertainment (a) | 7.88 | 10/15/2024 | 93,375 | ||||||||
100,000 | Six Flags Entertainment Corp. (a) | 4.88 | 7/31/2024 | 94,250 | ||||||||
45,000 | Stars Group Holdings BV / Stars Group US Co-Borrower LLC (a) | 7.00 | 7/15/2026 | 43,763 | ||||||||
40,000 | WMG Acquisition Corp. (a) | 5.50 | 4/15/2026 | 38,200 | ||||||||
1,387,054 | ||||||||||||
ENVIRONMENTAL CONTROL - 0.8% | ||||||||||||
200,000 | Advanced Disposal Services, Inc. (a) | 5.63 | 11/15/2024 | 195,500 | ||||||||
205,000 | GFL Environmental, Inc. (a) | 5.38 | 3/1/2023 | 179,375 | ||||||||
110,000 | Tervita Escrow Corp. (a) | 7.63 | 12/1/2021 | 104,775 | ||||||||
65,000 | Waste Pro USA, Inc. (a) | 5.50 | 2/15/2026 | 59,800 | ||||||||
539,450 | ||||||||||||
FOOD - 1.3% | ||||||||||||
200,000 | Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC | 6.63 | 6/15/2024 | 185,500 | ||||||||
100,000 | Lamb Weston Holdings,Inc. (a) | 4.88 | 11/1/2026 | 96,000 | ||||||||
150,000 | Pilgrim’s Pride Corp. (a) | 5.75 | 3/15/2025 | 140,625 | ||||||||
200,000 | Post Holdings, Inc. (a) | 5.50 | 3/1/2025 | 191,962 | ||||||||
200,000 | Post Holdings, Inc. (a) | 5.75 | 3/1/2027 | 187,500 | ||||||||
200,000 | Simmons Foods, Inc. (a) | 5.75 | 11/1/2024 | 142,000 | ||||||||
943,587 | ||||||||||||
FOREST PRODUCTS & PAPER - 0.3% | ||||||||||||
25,000 | Cascades, Inc. (a) | 5.50 | 7/15/2022 | 24,375 | ||||||||
200,000 | Clearwater Paper Corp. (a) | 5.38 | 2/1/2025 | 180,500 | ||||||||
204,875 | ||||||||||||
GAS - 1.4% | ||||||||||||
200,000 | AmeriGas Partners LP / AmeriGas Finance Corp. | 5.63 | 5/20/2024 | 189,000 | ||||||||
400,000 | AmeriGas Partners LP / AmeriGas Finance Corp. | 5.50 | 5/20/2025 | 366,000 | ||||||||
400,000 | AmeriGas Partners LP / AmeriGas Finance Corp. | 5.75 | 5/20/2027 | 354,000 | ||||||||
50,000 | Superior Plus LP / Superior General Partner, Inc. (a) | 7.00 | 7/15/2026 | 48,250 | ||||||||
957,250 | ||||||||||||
HEALTHCARE PRODUCTS - 2.7% | ||||||||||||
100,000 | Avantor, Inc. (a) | 6.00 | 10/1/2024 | 98,250 | ||||||||
200,000 | Hill-Rom Holdings, Inc. (a) | 5.75 | 9/1/2023 | 200,000 | ||||||||
300,000 | Hologic, Inc. (a) | 4.38 | 10/15/2025 | 279,000 | ||||||||
200,000 | Kinetic Concepts, Inc. / KCI USA, Inc. (a) | 7.88 | 2/15/2021 | 202,500 | ||||||||
300,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC (a) | 5.75 | 8/1/2022 | 258,000 | ||||||||
350,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC (a) | 5.63 | 10/15/2023 | 266,000 |
See accompanying notes to financial statements.
117
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
HEALTHCARE PRODUCTS - 2.7% (Continued) | ||||||||||||
$ | 200,000 | Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA (a) | 6.63 | 5/15/2022 | $ | 180,000 | ||||||
450,000 | Teleflex, Inc. | 4.63 | 11/15/2027 | 417,375 | ||||||||
1,901,125 | ||||||||||||
HEALTHCARE SERVICES - 5.3% | ||||||||||||
100,000 | Centene Corp. | 4.75 | 1/15/2025 | 95,500 | ||||||||
120,000 | Centene Corp. (a) | 5.38 | 6/1/2026 | 116,700 | ||||||||
200,000 | CHS/Community Health Systems, Inc. | 6.25 | 3/31/2023 | 181,760 | ||||||||
500,000 | Encompass Health Corp. | 5.75 | 11/1/2024 | 495,000 | ||||||||
120,000 | Envision Healthcare Corp. (a) | 8.75 | 10/15/2026 | 103,800 | ||||||||
400,000 | HCA, Inc. | 5.25 | 6/15/2026 | 397,000 | ||||||||
600,000 | HCA, Inc. | 5.38 | 2/1/2025 | 585,000 | ||||||||
105,000 | HCA, Inc. | 5.38 | 9/1/2026 | 102,112 | ||||||||
115,000 | HCA, Inc. | 5.63 | 9/1/2028 | 110,975 | ||||||||
650,000 | HCA, Inc. | 5.88 | 2/15/2026 | 646,750 | ||||||||
175,000 | Molina Healthcare, Inc. | 5.38 | 11/15/2022 | 168,875 | ||||||||
100,000 | MPH Acquisition Holdings LLC (a) | 7.13 | 6/1/2024 | 93,250 | ||||||||
100,000 | RegionalCare Hospital Partners Holdings, Inc. (a) | 8.25 | 5/1/2023 | 101,000 | ||||||||
100,000 | Tenet Healthcare Corp. | 4.63 | 7/15/2024 | 93,000 | ||||||||
100,000 | Tenet Healthcare Corp. | 5.13 | 5/1/2025 | 93,250 | ||||||||
100,000 | WellCare Health Plans, Inc. | 5.25 | 4/1/2025 | 96,250 | ||||||||
170,000 | WellCare Health Plans, Inc. (a) | 5.38 | 8/15/2026 | 164,050 | ||||||||
100,000 | West Street Merger Sub, Inc. (a) | 6.38 | 9/1/2025 | 88,500 | ||||||||
3,732,772 | ||||||||||||
HOME BUILDERS - 2.5% | ||||||||||||
250,000 | Beazer Homes USA, Inc. | 5.88 | 10/15/2027 | 197,500 | ||||||||
200,000 | Century Communities, Inc. | 5.88 | 7/15/2025 | 176,000 | ||||||||
100,000 | K Hovnanian Enterprises, Inc. (a) | 10.00 | 7/15/2022 | 87,500 | ||||||||
100,000 | Lennar Corp. | 4.75 | 11/29/2027 | 90,250 | ||||||||
100,000 | Mattamy Group Corp. (a) | 6.88 | 12/15/2023 | 93,375 | ||||||||
400,000 | PulteGroup, Inc. | 5.00 | 1/15/2027 | 362,000 | ||||||||
200,000 | PulteGroup, Inc. | 5.50 | 3/1/2026 | 192,500 | ||||||||
300,000 | Toll Brothers Finance Corp. | 4.88 | 3/15/2027 | 271,500 | ||||||||
200,000 | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. | 5.88 | 6/15/2024 | 178,500 | ||||||||
90,000 | William Lyon Homes, Inc. | 6.00 | 9/1/2023 | 81,000 | ||||||||
30,000 | Williams Scotsman International, Inc. (a) | 6.88 | 8/15/2023 | 28,800 | ||||||||
1,758,925 | ||||||||||||
HOUSEWARES - 0.1% | ||||||||||||
100,000 | Scotts Miracle-Gro Co. | 6.00 | 10/15/2023 | 99,500 | ||||||||
INSURANCE - 0.5% | ||||||||||||
100,000 | AssuredPartners, Inc. (a) | 7.00 | 8/15/2025 | 90,220 | ||||||||
100,000 | CNO Financial Group, Inc. | 5.25 | 5/30/2025 | 95,250 | ||||||||
120,000 | Fidelity & Guaranty Life Holdings, Inc. (a) | 5.50 | 5/1/2025 | 114,635 | ||||||||
100,000 | Radian Group, Inc. | 4.50 | 10/1/2024 | 90,625 | ||||||||
390,730 | ||||||||||||
INTERNET - 3.7% | ||||||||||||
305,000 | Cogent Communications Group, Inc. (a) | 5.38 | 3/1/2022 | 302,713 | ||||||||
150,000 | Match Group, Inc. (a) | 5.00 | 12/15/2027 | 137,625 | ||||||||
400,000 | Netflix, Inc. | 4.38 | 11/15/2026 | 363,000 | ||||||||
200,000 | Netflix, Inc. (a) | 5.88 | 11/15/2028 | 194,340 | ||||||||
600,000 | VeriSign, Inc. | 4.75 | 7/15/2027 | 562,680 | ||||||||
200,000 | VeriSign, Inc. | 5.25 | 4/1/2025 | 198,000 | ||||||||
400,000 | Zayo Group LLC / Zayo Capital Inc. (a) | 5.75 | 1/15/2027 | 357,000 | ||||||||
500,000 | Zayo Group LLC / Zayo Capital Inc. | 6.00 | 4/1/2023 | 473,805 | ||||||||
2,589,163 | ||||||||||||
IRON/STEEL - 3.4% | ||||||||||||
200,000 | AK Steel Corp. | 6.38 | 10/15/2025 | 154,000 | ||||||||
200,000 | AK Steel Corp. | 7.50 | 7/15/2023 | 198,500 | ||||||||
100,000 | Allegheny Technologies, Inc. | 5.95 | 1/15/2021 | 98,000 | ||||||||
400,000 | Allegheny Technologies, Inc. | 7.88 | 8/15/2023 | 408,000 | ||||||||
400,000 | Big River Steel LLC / BRS Finance Corp. (a) | 7.25 | 9/1/2025 | 397,000 |
See accompanying notes to financial statements.
118
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
IRON/STEEL - 3.4% (Continued) | ||||||||||||
$ | 470,000 | Cleveland-Cliffs, Inc. | 5.75 | 3/1/2025 | $ | 423,000 | ||||||
200,000 | Commercial Metals Co. | 5.38 | 7/15/2027 | 179,000 | ||||||||
75,000 | Commercial Metals Co. (a) | 5.75 | 4/15/2026 | 69,563 | ||||||||
500,000 | United States Steel Corp. | 6.88 | 8/15/2025 | 457,500 | ||||||||
2,384,563 | ||||||||||||
LEISURE TIME - 0.4% | ||||||||||||
200,000 | Carlson Travel, Inc. (a) | 6.75 | 12/15/2023 | 192,750 | ||||||||
25,000 | Silversea Cruise Finance Ltd. (a) | 7.25 | 2/1/2025 | 26,430 | ||||||||
100,000 | Viking Cruises Ltd. (a) | 5.88 | 9/15/2027 | 93,250 | ||||||||
312,430 | ||||||||||||
LODGING - 1.4% | ||||||||||||
75,000 | Boyd Gaming Corp. | 6.00 | 8/15/2026 | 70,125 | ||||||||
100,000 | Hilton Domestic Operating Co., Inc. | 4.25 | 9/1/2024 | 94,500 | ||||||||
45,000 | Hilton Domestic Operating Co., Inc. (a) | 5.13 | 5/1/2026 | 43,200 | ||||||||
400,000 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 4.88 | 4/1/2027 | 375,000 | ||||||||
100,000 | Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. (a) | 6.75 | 11/15/2021 | 101,000 | ||||||||
50,000 | Station Casinos LLC (a) | 5.00 | 10/1/2025 | 45,250 | ||||||||
100,000 | Wyndham Hotels & Resorts, Inc. (a) | 5.38 | 4/15/2026 | 96,000 | ||||||||
200,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (a) | 5.50 | 3/1/2025 | 186,500 | ||||||||
1,011,575 | ||||||||||||
MACHINERY - DIVERSIFIED - 0.3% | ||||||||||||
140,000 | Cleaver-Brooks, Inc. (a) | 7.88 | 3/1/2023 | 135,100 | ||||||||
35,000 | Mueller Water Products, Inc. (a) | 5.50 | 6/15/2026 | 33,950 | ||||||||
35,000 | RBS Global Inc / Rexnord LLC (a) | 4.88 | 12/15/2025 | 31,763 | ||||||||
50,000 | Stevens Holding Co., Inc. (a) | 6.13 | 10/1/2026 | 49,250 | ||||||||
250,063 | ||||||||||||
MEDIA - 8.7% | ||||||||||||
200,000 | Altice Financing SA (a) | 6.63 | 2/15/2023 | 192,000 | ||||||||
200,000 | Altice Financing SA (a) | 7.50 | 5/15/2026 | 182,500 | ||||||||
300,000 | Altice Financing SA (France) (a) | 7.38 | 5/1/2026 | 275,250 | ||||||||
200,000 | Altice Luxembourg SA (a) | 7.75 | 5/15/2022 | 182,000 | ||||||||
200,000 | Cablevision Systems Corp. | 5.88 | 9/15/2022 | 196,500 | ||||||||
200,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.50 | 5/1/2026 | 192,250 | ||||||||
200,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.13 | 5/1/2027 | 186,280 | ||||||||
100,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.00 | 2/1/2028 | 92,000 | ||||||||
150,000 | Cengage Learning, Inc. (a) | 9.50 | 6/15/2024 | 102,000 | ||||||||
200,000 | CSC Holdings LLC (a) | 5.13 | 12/15/2021 | 196,000 | ||||||||
500,000 | CSC Holdings LLC | 5.25 | 6/1/2024 | 458,125 | ||||||||
200,000 | CSC Holdings LLC (a) | 5.38 | 2/1/2028 | 183,936 | ||||||||
200,000 | CSC Holdings LLC (a) | 5.50 | 5/15/2026 | 188,500 | ||||||||
100,000 | DISH DBS Corp. | 5.88 | 7/15/2022 | 92,000 | ||||||||
500,000 | DISH DBS Corp. | 5.88 | 11/15/2024 | 402,500 | ||||||||
200,000 | DISH DBS Corp. | 6.75 | 6/1/2021 | 197,940 | ||||||||
300,000 | DISH DBS Corp. | 7.75 | 7/1/2026 | 248,250 | ||||||||
315,000 | Gray Escrow, Inc. (a) | 7.00 | 5/15/2027 | 306,549 | ||||||||
171,000 | Gray Television Inc. (a) | 5.88 | 7/15/2026 | 159,423 | ||||||||
100,000 | Midcontinent Communications / Midcontinent Finance Corp. (a) | 6.88 | 8/15/2023 | 102,500 | ||||||||
100,000 | Radiate Holdco LLC / Radiate Finance Inc. (a) | 6.63 | 2/15/2025 | 86,500 | ||||||||
70,000 | Radiate Holdco LLC / Radiate Finance Inc. (a) | 6.88 | 2/15/2023 | 63,525 | ||||||||
200,000 | Sirius XM Radio, Inc. (a) | 3.88 | 8/1/2022 | 190,000 | ||||||||
700,000 | Sirius XM Radio, Inc. (a) | 5.00 | 8/1/2027 | 639,625 | ||||||||
200,000 | Univision Communications. Inc. (a) | 5.13 | 2/15/2025 | 175,500 | ||||||||
200,000 | Univision Communications. Inc. (a) | 5.13 | 5/15/2023 | 179,500 | ||||||||
400,000 | UPC Holding BV (a) | 5.50 | 1/15/2028 | 359,000 | ||||||||
200,000 | Virgin Media Finance PLC (a) | 6.00 | 10/15/2024 | 192,100 | ||||||||
150,000 | Ziggo BV (a) | 5.50 | 1/15/2027 | 134,250 | ||||||||
6,156,503 |
See accompanying notes to financial statements.
119
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
METAL FABRICATE/HARDWARE - 0.4% | ||||||||||||
$ | 100,000 | Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. (a) | 7.38 | 12/15/2023 | $ | 96,750 | ||||||
100,000 | Novelis Corp. (a) | 5.88 | 9/30/2026 | 88,500 | ||||||||
100,000 | Novelis Corp. (a) | 6.25 | 8/15/2024 | 94,000 | ||||||||
279,250 | ||||||||||||
MINING - 1.4% | ||||||||||||
500,000 | Freeport-McMoRan, Inc. | 3.55 | 3/1/2022 | 473,125 | ||||||||
200,000 | Freeport-McMoRan, Inc. | 6.88 | 2/15/2023 | 206,250 | ||||||||
87,000 | Hi-Crush Partners LP (a) | 9.50 | 8/1/2026 | 63,945 | ||||||||
250,000 | Northwest Acquisitions ULC / Dominion Finco, Inc. (a) | 7.13 | 11/1/2022 | 246,950 | ||||||||
990,270 | ||||||||||||
MISCELLANEOUS MANUFACTURING - 0.1% | ||||||||||||
50,000 | LSB Industries, Inc. (a) | 9.63 | 5/1/2023 | 50,750 | ||||||||
OFFICE/BUSINESS EQUIPMENT - 0.5% | ||||||||||||
200,000 | CDW LLC / CDW Finance Corp. | 5.00 | 9/1/2025 | 191,500 | ||||||||
200,000 | CDW LLC / CDW Finance Corp. | 5.50 | 12/1/2024 | 197,500 | ||||||||
389,000 | ||||||||||||
OIL & GAS - 8.4% | ||||||||||||
95,000 | Berry Petroleum Co. LLC (a) | 7.00 | 2/15/2026 | 85,500 | ||||||||
750,000 | California Resources Corp. (a) | 8.00 | 12/15/2022 | 508,125 | ||||||||
80,000 | Chaparral Energy, Inc. (a) | 8.75 | 7/15/2023 | 57,200 | ||||||||
110,000 | Chesapeake Energy Corp. | 7.00 | 10/1/2024 | 95,150 | ||||||||
120,000 | Chesapeake Energy Corp. | 7.50 | 10/1/2026 | 102,600 | ||||||||
125,000 | Comstock Escrow Corp. (a) | 9.75 | 8/15/2026 | 105,625 | ||||||||
55,000 | Covey Park Energy LLC / Covey Park Finance Corp. (a) | 7.50 | 5/15/2025 | 47,300 | ||||||||
500,000 | CVR Refining LLC / Coffeyville Finance, Inc. | 6.50 | 11/1/2022 | 492,500 | ||||||||
30,000 | Denbury Resources, Inc. (a) | 7.50 | 2/15/2024 | 24,150 | ||||||||
500,000 | Denbury Resources, Inc. (a) | 9.00 | 5/15/2021 | 465,000 | ||||||||
265,000 | Ensco PLC | 7.75 | 2/1/2026 | 196,100 | ||||||||
300,000 | EP Energy LLC / Everest Acquisition Finance, Inc. (a) | 8.00 | 11/29/2024 | 223,500 | ||||||||
225,000 | EP Energy LLC / Everest Acquisition Finance, Inc. (a) | 7.75 | 5/15/2026 | 199,125 | ||||||||
65,000 | Extraction Oil & Gas,Inc. (a) | 5.63 | 2/1/2026 | 47,450 | ||||||||
200,000 | Gulfport Energy Corp. | 6.38 | 1/15/2026 | 173,000 | ||||||||
70,000 | Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp. (a) | 5.63 | 2/15/2026 | 67,725 | ||||||||
80,000 | Hilcorp Energy I LP / Hilcorp Finance Co. (a) | 6.25 | 11/1/2028 | 70,400 | ||||||||
105,000 | Indigo Natural Resources LLC (a) | 6.88 | 2/15/2026 | 90,300 | ||||||||
35,000 | Jagged Peak Energy LLC (a) | 5.88 | 5/1/2026 | 32,550 | ||||||||
30,000 | Jones Energy Holdings LLC / Jones Energy Finance Corp. (a) | 9.25 | 3/15/2023 | 26,100 | ||||||||
55,000 | Matador Resources Co. | 5.88 | 9/15/2026 | 50,600 | ||||||||
100,000 | Moss Creek Resources Holdings, Inc. (a) | 7.50 | 1/15/2026 | 86,500 | ||||||||
200,000 | Murphy Oil Corp. | 5.75 | 8/15/2025 | 186,818 | ||||||||
100,000 | Newfield Exploration Co. | 5.38 | 1/1/2026 | 98,000 | ||||||||
80,000 | Noble Holding International Ltd. (a) | 7.88 | 2/1/2026 | 68,200 | ||||||||
80,000 | Northern Oil and Gas, Inc. (b) | 9.50 | 5/15/2023 | 77,000 | ||||||||
85,000 | Oasis Petroleum, Inc. (a) | 6.25 | 5/1/2026 | 71,400 | ||||||||
70,000 | Parkland Fuel Corp. (a) | 6.00 | 4/1/2026 | 65,625 | ||||||||
500,000 | PBF Holding Co. LLC / PBF Finance Corp. | 7.25 | 6/15/2025 | 470,000 | ||||||||
30,000 | PDC Energy, Inc. | 5.75 | 5/15/2026 | 26,700 | ||||||||
250,000 | Precision Drilling Corp. (a) | 7.13 | 1/15/2026 | 215,000 | ||||||||
100,000 | Precision Drilling Corp. | 7.75 | 12/15/2023 | 92,125 | ||||||||
125,000 | QEP Resources, Inc. | 5.63 | 3/1/2026 | 103,750 | ||||||||
100,000 | Rowan Cos, Inc. | 7.38 | 6/15/2025 | 80,250 | ||||||||
105,000 | Shelf Drilling Holdings Ltd. (a) | 8.25 | 2/15/2025 | 89,775 | ||||||||
25,000 | SM Energy Co. | 6.63 | 1/15/2027 | 22,125 | ||||||||
300,000 | Southwestern Energy Co. | 6.20 | 1/23/2025 | 268,125 | ||||||||
200,000 | Sunoco LP / Sunoco Finance Corp. | 5.50 | 2/15/2026 | 189,500 | ||||||||
35,000 | TransoceanGuardian Ltd. (a) | 5.88 | 1/15/2024 | 33,512 | ||||||||
25,000 | Transocean Pontus Ltd. (a) | 6.13 | 8/1/2025 | 24,125 | ||||||||
200,000 | Vine Oil & Gas LP / Vine Oil & Gas Finance Corp. (a) | 9.75 | 4/15/2023 | 160,000 | ||||||||
130,000 | W&T Offshore, Inc. (a) | 9.75 | 11/1/2023 | 113,750 | ||||||||
70,000 | Whiting Petroleum Corp. | 6.63 | 1/15/2026 | 60,025 |
See accompanying notes to financial statements.
120
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
OIL & GAS - 8.4% (Continued) | ||||||||||||
$ | 55,000 | WildHorse Resource Development Corp. | 6.88 | 2/1/2025 | $ | 51,975 | ||||||
100,000 | WPX Energy, Inc. | 8.25 | 8/1/2023 | 104,500 | ||||||||
5,918,780 | ||||||||||||
OIL & GAS SERVICES - 1.1% | ||||||||||||
65,000 | Apergy Corp. | 6.38 | 5/1/2026 | 63,050 | ||||||||
45,000 | Bristow Group, Inc. (a) | 8.75 | 3/1/2023 | 32,175 | ||||||||
125,000 | CSI Compressco LP / CSI Compressco Finance, Inc. (a) | 7.50 | 4/1/2025 | 116,250 | ||||||||
397,000 | McDermott Technology Americas, Inc. / McDermott Technology US, Inc. (a) | 10.63 | 5/1/2024 | 334,969 | ||||||||
35,000 | Nine Energy Service, Inc. (a) | 8.75 | 11/1/2023 | 33,250 | ||||||||
85,000 | USA Compression Partners LP / USA Compression Finance Corp. (a) | 6.88 | 4/1/2026 | 81,600 | ||||||||
200,000 | Weatherford International Ltd. | 9.88 | 2/15/2024 | 122,000 | ||||||||
783,294 | ||||||||||||
PACKAGING & CONTAINERS - 3.2% | ||||||||||||
500,000 | ARD Finance SA (b) | 7.13 | 9/15/2023 | 448,750 | ||||||||
500,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (a) | 7.25 | 5/15/2024 | 498,750 | ||||||||
100,000 | BWAY Holding Co. (a) | 5.50 | 4/15/2024 | 94,000 | ||||||||
100,000 | BWAY Holding Co. (a) | 7.25 | 4/15/2025 | 89,750 | ||||||||
200,000 | Crown Americas LLC / Crown Americas Capital Corp. V | 4.25 | 9/30/2026 | 179,500 | ||||||||
100,000 | Plastipak Holdings, Inc. (a) | 6.25 | 10/15/2025 | 88,500 | ||||||||
500,000 | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (a) | 5.13 | 7/15/2023 | 476,250 | ||||||||
400,000 | Silgan Holdings, Inc. | 4.75 | 3/15/2025 | 373,000 | ||||||||
2,248,500 | ||||||||||||
PHARMARCEUTICALS - 3.0% | ||||||||||||
60,000 | Bausch Health Cos, Inc. (a) | 5.50 | 11/1/2025 | 55,950 | ||||||||
300,000 | Bausch Health Cos, Inc. (a) | 5.88 | 5/15/2023 | 277,500 | ||||||||
600,000 | Bausch Health Cos, Inc. (a) | 6.13 | 4/15/2025 | 523,500 | ||||||||
250,000 | Bausch Health Cos, Inc. (a) | 7.00 | 3/15/2024 | 252,500 | ||||||||
355,000 | Bausch Health Cos, Inc. (a) | 9.00 | 12/15/2025 | 333,970 | ||||||||
300,000 | Endo Finance LLC (a) | 5.75 | 1/15/2022 | 249,750 | ||||||||
500,000 | Endo Doc/Endo Finance LLC/Endo Finco, Inc. | 6.00 | 7/15/2023 | 381,250 | ||||||||
60,000 | Valeant Pharmaceuticals International | 8.50 | 1/31/2027 | 58,200 | ||||||||
2,132,620 | ||||||||||||
PIPELINES - 2.1% | ||||||||||||
220,000 | American Midstream Partners LP / American Midstream Finance Corp. (a) | 9.50 | 12/15/2021 | 206,800 | ||||||||
300,000 | Cheniere Corpus Christi Holdings LLC | 5.13 | 6/30/2027 | 283,215 | ||||||||
100,000 | Cheniere Corpus Christi Holdings LLC | 5.88 | 3/31/2025 | 99,500 | ||||||||
100,000 | Cheniere Energy Partners LP | 5.25 | 10/1/2025 | 93,250 | ||||||||
105,000 | Cheniere Energy Partners LP (a) | 5.63 | 10/1/2026 | 98,175 | ||||||||
100,000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 5.75 | 4/1/2025 | 92,750 | ||||||||
80,000 | DCP Midstream Operating LP | 5.38 | 7/15/2025 | 78,200 | ||||||||
100,000 | Genesis Energy LP / Genesis Energy Finance Corp. | 6.50 | 10/1/2025 | 88,000 | ||||||||
200,000 | Holly Energy Partners LP / Holly Energy Finance Corp. (a) | 6.00 | 8/1/2024 | 196,000 | ||||||||
200,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.00 | 1/15/2028 | 181,000 | ||||||||
70,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. (a) | 5.88 | 4/15/2026 | 68,075 | ||||||||
1,484,965 | ||||||||||||
PRIVATE EQUITY - 0.8% | ||||||||||||
200,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 6.25 | 2/1/2022 | 197,500 | ||||||||
400,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 6.38 | 12/15/2025 | 385,000 | ||||||||
582,500 | ||||||||||||
REAL ESTATE - 0.3% | ||||||||||||
175,000 | Hunt Cos, Inc. (a) | 6.25 | 2/15/2026 | 149,520 | ||||||||
100,000 | Kennedy-Wilson, Inc. | 5.88 | 4/1/2024 | 93,500 | ||||||||
243,020 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS - 2.4% | ||||||||||||
300,000 | CoreCivic, Inc. | 4.75 | 10/15/2027 | 248,250 | ||||||||
600,000 | Iron Mountain, Inc. (a) | 4.88 | 9/15/2027 | 523,500 | ||||||||
400,000 | MPT Operating Partnership LP / MPT Finance Corp. | 5.00 | 10/15/2027 | 365,750 | ||||||||
100,000 | SBA Communications Corp. | 4.00 | 10/1/2022 | 95,250 | ||||||||
100,000 | SBA Communications Corp. | 4.88 | 9/1/2024 | 94,000 |
See accompanying notes to financial statements.
121
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
REAL ESTATE INVESTMENT TRUSTS - 2.4% (Continued) | ||||||||||||
$ | 145,000 | Starwood Property Trust, Inc. | 4.75 | 3/15/2025 | $ | 130,500 | ||||||
250,000 | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC (a) | 6.00 | 4/15/2023 | 226,250 | ||||||||
1,683,500 | ||||||||||||
RETAIL - 3.8% | ||||||||||||
400,000 | New Red Finance, Inc. (a) | 4.63 | 1/15/2022 | 387,000 | ||||||||
500,000 | New Red Finance, Inc. (a) | 5.00 | 10/15/2025 | 460,000 | ||||||||
400,000 | Golden Nugget, Inc. (a) | 8.75 | 10/1/2025 | 384,000 | ||||||||
140,000 | IRB Holding Corp. (a) | 6.75 | 2/15/2026 | 122,500 | ||||||||
100,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a) | 5.25 | 6/1/2026 | 96,750 | ||||||||
200,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a) | 4.75 | 6/1/2027 | 186,000 | ||||||||
200,000 | L Brands, Inc. | 6.88 | 11/1/2035 | 167,040 | ||||||||
100,000 | PetSmart, Inc. (a) | 5.88 | 6/1/2025 | 72,250 | ||||||||
100,000 | QVC, Inc. | 4.45 | 2/15/2025 | 92,156 | ||||||||
300,000 | QVC, Inc. | 5.13 | 7/2/2022 | 303,169 | ||||||||
200,000 | Sally Holdings LLC / Sally Capital, Inc. | 5.63 | 12/1/2025 | 184,000 | ||||||||
200,000 | Suburban Propane Partners LP/Suburban Energy Finance Corp. | 5.50 | 6/1/2024 | 186,000 | ||||||||
2,640,865 | ||||||||||||
SEMICONDUCTORS - 0.5% | ||||||||||||
200,000 | Entegris, Inc. (a) | 4.63 | 2/10/2026 | 184,000 | ||||||||
160,000 | Qorvo, Inc. (a) | 5.50 | 7/15/2026 | 152,800 | ||||||||
336,800 | ||||||||||||
SOFTWARE - 2.7% | ||||||||||||
25,000 | ACI Worldwide, Inc. (a) | 5.75 | 8/15/2026 | 24,562 | ||||||||
100,000 | Camelot Finance SA (a) | 7.88 | 10/15/2024 | 96,500 | ||||||||
50,000 | CDK Global, Inc. | 5.88 | 6/15/2026 | 50,202 | ||||||||
60,000 | Fair Isaac Corp. (a) | 5.25 | 5/15/2026 | 58,050 | ||||||||
200,000 | First Data Corp. (a) | 5.00 | 1/15/2024 | 192,500 | ||||||||
200,000 | First Data Corp. (a) | 5.38 | 8/15/2023 | 196,500 | ||||||||
200,000 | First Data Corp. (a) | 5.75 | 1/15/2024 | 195,000 | ||||||||
200,000 | IQVIA, Inc. (a) | 5.00 | 10/15/2026 | 191,000 | ||||||||
145,000 | MSCI, Inc. (a) | 5.38 | 5/15/2027 | 141,919 | ||||||||
100,000 | PTC, Inc. | 6.00 | 5/15/2024 | 100,500 | ||||||||
200,000 | Rackspace Hosting, Inc. (a) | 8.63 | 11/15/2024 | 156,000 | ||||||||
150,000 | Riverbed Technology, Inc. (a) | 8.88 | 3/1/2023 | 110,437 | ||||||||
350,000 | Solera LLC / Solera Finance, Inc. (a) | 10.50 | 3/1/2024 | 372,750 | ||||||||
1,885,920 | ||||||||||||
STORAGE/WAREHOUSING - 0.3% | ||||||||||||
200,000 | Algeco Global Finance PLC (a) | 8.00 | 2/15/2023 | 186,500 | ||||||||
TELECOMMUNICATIONS - 7.8% | ||||||||||||
200,000 | C&W Senior Financing Plc. (a) | 7.50 | 10/15/2026 | 192,250 | ||||||||
300,000 | CenturyLink, Inc. | 5.63 | 4/1/2025 | 264,000 | ||||||||
500,000 | CenturyLink, Inc. | 5.80 | 3/15/2022 | 481,250 | ||||||||
100,000 | CenturyLink, Inc. | 7.50 | 4/1/2024 | 96,500 | ||||||||
200,000 | CenturyLink, Inc. | 7.60 | 9/15/2039 | 158,000 | ||||||||
100,000 | CommScope, Inc. (a) | 5.50 | 6/15/2024 | 91,500 | ||||||||
200,000 | DKT Finance ApS (a) | 9.38 | 6/17/2023 | 204,500 | ||||||||
300,000 | Frontier Communications Corp. | 11.00 | 9/15/2025 | 186,735 | ||||||||
200,000 | Frontier Communications Corp. | 6.88 | 1/15/2025 | 101,500 | ||||||||
195,000 | Frontier Communications Corp. (a) | 8.50 | 4/1/2026 | 170,625 | ||||||||
400,000 | Hughes Satellite Systems Corp. | 5.25 | 8/1/2026 | 366,500 | ||||||||
150,000 | Hughes Satellite Systems Corp. | 6.63 | 8/1/2026 | 137,437 | ||||||||
40,000 | Intelsat Connect Finance SA (a) | 9.50 | 2/15/2023 | 34,400 | ||||||||
200,000 | Intelsat Jackson Holdings SA | 5.50 | 8/1/2023 | 174,000 | ||||||||
200,000 | Intelsat Jackson Holdings SA (a) | 8.00 | 2/15/2024 | 206,000 | ||||||||
170,000 | Intelsat Jackson Holdings SA (a) | 8.50 | 10/15/2024 | 164,900 | ||||||||
200,000 | Nokia OYJ | 4.38 | 6/12/2027 | 186,000 | ||||||||
100,000 | Sprint Capital Corp. | 6.88 | 11/15/2028 | 94,500 | ||||||||
300,000 | Sprint Communications, Inc. | 6.00 | 11/15/2022 | 294,399 | ||||||||
300,000 | Sprint Corp. | 7.13 | 6/15/2024 | 297,102 | ||||||||
200,000 | Sprint Corp. | 7.25 | 9/15/2021 | 204,700 |
See accompanying notes to financial statements.
122
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal Amount | Coupon Rate (%) | Maturity | Value | |||||||||
TELECOMMUNICATIONS - 7.8% (Continued) | ||||||||||||
$ | 200,000 | Sprint Corp. | 7.63 | 2/15/2025 | $ | 200,000 | ||||||
50,000 | Sprint Corp. | 7.63 | 3/1/2026 | 49,375 | ||||||||
400,000 | Sprint Corp. | 7.88 | 9/15/2023 | 410,500 | ||||||||
100,000 | Telesat Canada / Telesat LLC (a) | 8.88 | 11/15/2024 | 104,000 | ||||||||
40,000 | T-Mobile USA, Inc. | 4.50 | 2/1/2026 | 36,700 | ||||||||
150,000 | T-Mobile USA, Inc. | 4.75 | 2/1/2028 | 135,750 | ||||||||
200,000 | T-Mobile USA, Inc. | 6.38 | 3/1/2025 | 202,000 | ||||||||
200,000 | T-Mobile USA, Inc. | 6.50 | 1/15/2026 | 204,000 | ||||||||
5,449,123 | ||||||||||||
TEXTILES - 0.2% | ||||||||||||
155,000 | Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (a) | 7.50 | 5/1/2025 | 145,002 | ||||||||
TRANSPORTATION - 0.7% | ||||||||||||
100,000 | Teekay Offshore Partners LP/Teekay Offshore Finance Corp. (a) | 8.50 | 7/15/2023 | 97,000 | ||||||||
368,000 | XPO Logistics, Inc. (a) | 6.50 | 6/15/2022 | 364,780 | ||||||||
461,780 | ||||||||||||
TRUCKING & LEASING - 1.5% | ||||||||||||
50,000 | Avolon Holdings Funding Ltd. (a) | 5.13 | 10/1/2023 | 47,750 | ||||||||
145,000 | Fortress Transportation & Infrastructure Investors LLC (a) | 6.75 | 3/15/2022 | 145,363 | ||||||||
85,000 | Fortress Transportation & Infrastructure Investors LLC (a) | 6.50 | 10/1/2025 | 79,475 | ||||||||
400,000 | Park Aerospace Holdings Ltd. (a) | 5.25 | 8/15/2022 | 387,000 | ||||||||
400,000 | Park Aerospace Holdings Ltd. (a) | 5.50 | 2/15/2024 | 386,000 | ||||||||
1,045,588 | ||||||||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $75,336,548) | 68,981,653 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENT - 0.3% | ||||||||||||
MONEY MARKET FUND - 0.3% | ||||||||||||
232,331 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (c) (Cost - $232,331) | 232,331 | ||||||||||
TOTAL INVESTMENTS - 98.4% (Cost - $75,568,879) | $ | 69,213,984 | ||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 1.6% | 1,111,949 | |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 70,325,933 |
^ | - Represents less than 0.05% |
(a) | 144(a) - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of December 31, 2018, these securities amounted to $39,012,916 or 55.5% of net assets. |
(b) | PIK - Pay-in-kind security. |
(c) | Money market rate shown represents the rate at December 31, 2018. |
LP - Limited Partnership
PLC - Public Limited Company
REITS - Real Estate Investment Trusts
See accompanying notes to financial statements.
123
Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
FUTURES CONTRACTS | ||||||||||||||
Unrealized | ||||||||||||||
Number of | Appreciation/ | |||||||||||||
Description | Contracts | Expiration Date | Counterparty | Notional Amount | Depreciation | |||||||||
SHORT | ||||||||||||||
U.S. 10 Year Ultra Bond Future | 6 | March 2019 | Goldman Sachs | $ | 780,469 | $ | (25,219 | ) | ||||||
U.S. 10 Year Note Future | 21 | March 2019 | Goldman Sachs | 2,562,328 | (60,737 | ) | ||||||||
(85,956 | ) | |||||||||||||
LONG | ||||||||||||||
U.S. Long Bond Future | 5 | March 2019 | Goldman Sachs | 730,000 | 33,672 | |||||||||
U.S. Ultra Bond Future | 1 | March 2019 | Goldman Sachs | 160,656 | 8,316 | |||||||||
U.S. 5 Year Ultra Note Future | 9 | March 2019 | Goldman Sachs | 1,032,188 | 17,334 | |||||||||
U.S. 2 Year Note Future | 16 | March 2019 | Goldman Sachs | 3,397,000 | 23,250 | |||||||||
82,572 | ||||||||||||||
TOTAL NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS | $ | (3,384 | ) |
See accompanying notes to financial statements.
124
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
ASSET BACKED SECURITIES - 8.2% | ||||||||||||
$ | 500,000 | ACIS CLO 2014-4 Ltd. 3 Month US LIBOR + 1.42 (a,b) | 3.96 | 5/1/2026 | $ | 499,250 | ||||||
1,500,000 | Assurant CLO 2018-1 Ltd. 3 Month US LIBOR + 1.04 (a,b) | 3.51 | 4/20/2031 | 1,483,711 | ||||||||
400,000 | Catamaran CLO 2013-1 AR 3 Month US LIBOR + 0.85 (a,b) | 3.36 | 1/27/2028 | 393,632 | ||||||||
350,000 | CBAM 2018-5 Ltd. 3 Month US LIBOR + 1.02 (a,b) | 3.47 | 4/17/2031 | 345,824 | ||||||||
116,652 | Harben Finance 2017-1 PLC 3 Month BP LIBOR + 0.80 (b) | 1.69 | 8/20/2056 | 149,323 | ||||||||
890,908 | Kentucky Higher Education Student Loan 2013-2 Corp. 1 Month US LIBOR + 0.60 (b) | 2.95 | 9/1/2028 | 887,812 | ||||||||
310,605 | London Wall Mortgage Capital 2017-FL1 PLC 3 Month BP LIBOR + 0.85 (b) | 1.74 | 11/15/2049 | 394,520 | ||||||||
250,000 | Madison Park Funding 2018-30 Ltd. 3 Month US LIBOR + 0.75 (a,b) | 3.19 | 4/15/2029 | 243,813 | ||||||||
550,000 | OCP CLO 2015-10 Ltd. 3 Month US LIBOR + 0.82 (a,b) | 3.33 | 10/26/2027 | 544,411 | ||||||||
382,260 | Pennsylvania Higher Education 2012-1 PLC 1 Month US LIBOR + 0.55 (a,b) | 3.06 | 5/25/2057 | 381,740 | ||||||||
549,542 | Ripon Mortgages 1X PLC 3 Month BP LIBOR + 0.80 (b) | 1.69 | 8/20/2056 | 699,730 | ||||||||
44,224 | Scholar Funding 2010-A Trust 3 Month US LIBOR + 0.75 (a,b) | 3.26 | 10/28/2041 | 43,659 | ||||||||
1,550,000 | TICP CLO 2018-10 Ltd. 3 Month US LIBOR + 1.00 (a,b) | 3.47 | 4/20/2031 | 1,506,586 | ||||||||
TOTAL ASSET BACKED SECURITIES (Cost - $7,742,287) | 7,574,011 | |||||||||||
CORPORATE BONDS & NOTES - 39.6% | ||||||||||||
AEROSPACE/DEFENSE - 1.6% | ||||||||||||
150,000 | Boeing Co. (The) | 2.60 | 10/30/2025 | 142,314 | ||||||||
100,000 | Boeing Co. (The) | 3.45 | 11/1/2028 | 98,905 | ||||||||
150,000 | General Dynamics Corp. | 2.88 | 5/11/2020 | 150,103 | ||||||||
125,000 | General Dynamics Corp. 3 Month US LIBOR + 0.29 (b) | 2.91 | 5/11/2020 | 124,834 | ||||||||
300,000 | Lockheed Martin Corp. | 3.55 | 1/15/2026 | 297,687 | ||||||||
125,000 | Northrop Grumman Corp. | 2.93 | 1/15/2025 | 118,611 | ||||||||
300,000 | Northrop Grumman Corp. | 3.25 | 1/15/2028 | 279,900 | ||||||||
50,000 | Northrop Grumman Corp. | 4.75 | 6/1/2043 | 50,547 | ||||||||
50,000 | United Technologies Corp. 3 Month US LIBOR + 0.65 (b) | 3.28 | 8/16/2021 | 49,812 | ||||||||
50,000 | United Technologies Corp. | 3.35 | 8/16/2021 | 49,865 | ||||||||
150,000 | United Technologies Corp. | 3.95 | 8/16/2025 | 148,838 | ||||||||
1,511,416 | ||||||||||||
AGRICULTURE - 0.4% | ||||||||||||
200,000 | Reynolds American, Inc. | 3.25 | 6/12/2020 | 198,772 | ||||||||
175,000 | Reynolds American, Inc. | 4.45 | 6/12/2025 | 168,741 | ||||||||
367,513 | ||||||||||||
AUTO MANUFACTURERS - 0.3% | ||||||||||||
200,000 | Ford Motor Credit Co. LLC | 5.88 | 8/2/2021 | 205,114 | ||||||||
75,000 | General Motors Financial Co., Inc. | 2.40 | 5/9/2019 | 74,718 | ||||||||
279,832 | ||||||||||||
BANKS - 12.1% | ||||||||||||
200,000 | Banco Santander SA | 4.25 | 4/11/2027 | 186,860 | ||||||||
200,000 | Banco Santander SA | 4.38 | 4/12/2028 | 186,745 | ||||||||
175,000 | Bank of America Corp. | 3.25 | 10/21/2027 | 161,988 | ||||||||
133,000 | Bank of America Corp. 3 Month US LIBOR + 1.04 (b) | 3.42 | 12/20/2028 | 124,242 | ||||||||
225,000 | Bank of America Corp. 3 Month US LIBOR + 0.94 (b) | 3.86 | 7/23/2024 | 224,464 | ||||||||
149,000 | Bank of America Corp. | 4.00 | 4/1/2024 | 149,826 | ||||||||
25,000 | Bank of America Corp. | 4.18 | 11/25/2027 | 24,029 | ||||||||
125,000 | Bank of America Corp. 3 Month US LIBOR + 1.31 (b) | 4.27 | 7/23/2029 | 124,413 | ||||||||
100,000 | Bank of America Corp. | 6.11 | 1/29/2037 | 109,904 | ||||||||
175,000 | Bank of New York Mellon Corp. (The) | 3.30 | 8/23/2029 | 163,709 | ||||||||
225,000 | Barclays PLC 3 Month US LIBOR + 1.40 (b) | 4.61 | 2/15/2023 | 223,101 | ||||||||
300,000 | BNP Paribas SA (a) | 3.50 | 3/1/2023 | 290,854 | ||||||||
255,000 | BPCE SA | 2.65 | 2/3/2021 | 249,994 | ||||||||
250,000 | BPCE SA (a) | 4.00 | 9/12/2023 | 245,606 | ||||||||
250,000 | Citibank NA | 3.05 | 5/1/2020 | 249,683 | ||||||||
200,000 | Citigroup, Inc. | 2.70 | 10/27/2022 | 192,790 |
See accompanying notes to financial statements.
125
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
BANKS - 12.1% (Continued) | ||||||||||||
$ | 200,000 | Citigroup, Inc. | 3.40 | 5/1/2026 | $ | 188,124 | ||||||
100,000 | Citigroup, Inc. | 4.13 | 7/25/2028 | 93,845 | ||||||||
75,000 | Citigroup, Inc. | 4.60 | 3/9/2026 | 74,021 | ||||||||
250,000 | Cooperatieve Rabobank UA/NY 3 Month US LIBOR + 0.43 (b) | 2.94 | 4/26/2021 | 248,748 | ||||||||
250,000 | Credit Suisse Group Funding Guernsey Ltd. | 2.75 | 3/26/2020 | 247,303 | ||||||||
255,000 | Credit Suisse Group Funding Guernsey Ltd. | 4.55 | 4/17/2026 | 252,472 | ||||||||
325,000 | Deutsche Bank AG | 2.70 | 7/13/2020 | 316,107 | ||||||||
250,000 | HSBC Bank USA NA | 4.88 | 8/24/2020 | 256,145 | ||||||||
150,000 | Huntington Bancshares, Inc. | 4.00 | 5/15/2025 | 150,784 | ||||||||
200,000 | JPMorgan Chase & Co. | 2.95 | 10/1/2026 | 184,706 | ||||||||
275,000 | JPMorgan Chase & Co. | 3.25 | 9/23/2022 | 272,816 | ||||||||
225,000 | JPMorgan Chase & Co. | 3.30 | 4/1/2026 | 214,275 | ||||||||
325,000 | JPMorgan Chase & Co. 3 Month US LIBOR + 0.95 (b) | 3.51 | 1/23/2029 | 307,744 | ||||||||
450,000 | JPMorgan Chase & Co. 3 Month US LIBOR + 1.00 (b) | 4.02 | 12/5/2024 | 453,581 | ||||||||
1,400,000 | KFW | 1.25 | 9/30/2019 | 1,385,767 | ||||||||
275,000 | Lloyds Bank PLC 3 Month US LIBOR + 0.49 (b) | 3.08 | 5/7/2021 | 272,228 | ||||||||
400,000 | Mizuho Financial Group, Inc. | 2.60 | 9/11/2022 | 386,889 | ||||||||
400,000 | Morgan Stanley | 3.63 | 1/20/2027 | 380,159 | ||||||||
400,000 | Morgan Stanley | 3.70 | 10/23/2024 | 393,356 | ||||||||
125,000 | Morgan Stanley 3 Month US LIBOR + 0.85 (b) | 3.74 | 4/24/2024 | 123,936 | ||||||||
250,000 | PNC Bank NA | 4.05 | 7/26/2028 | 251,134 | ||||||||
150,000 | Royal Bank of Canada 3 Month US LIBOR + 0.39 (b) | 2.91 | 4/30/2021 | 148,742 | ||||||||
150,000 | Royal Bank of Canada | 3.20 | 4/30/2021 | 149,985 | ||||||||
300,000 | Royal Bank of Scotland Group PLC 3 Month US LIBOR + 1.55 (b) | 4.52 | 6/25/2024 | 294,369 | ||||||||
375,000 | Standard Chartered PLC 3 Month US LIBOR + 1.15 (a,b) | 4.25 | 1/20/2023 | 371,234 | ||||||||
250,000 | Sumitomo Mitsui Banking Corp. | 2.45 | 1/16/2020 | 248,010 | ||||||||
200,000 | UBS AG (a) | 2.20 | 6/8/2020 | 196,750 | ||||||||
325,000 | Wells Fargo & Co. | 3.00 | 10/23/2026 | 300,860 | ||||||||
125,000 | Wells Fargo & Co. | 3.55 | 9/29/2025 | 121,109 | ||||||||
11,193,407 | ||||||||||||
BEVERAGES - 1.3% | ||||||||||||
200,000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwid, Inc. (a) | 4.70 | 2/1/2036 | 185,480 | ||||||||
175,000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwid, Inc. (a) | 4.90 | 2/1/2046 | 162,292 | ||||||||
175,000 | Anheuser-Busch InBev Finance, Inc. | 3.30 | 2/1/2023 | 170,161 | ||||||||
100,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.00 | 4/13/2028 | 95,653 | ||||||||
175,000 | Constellation Brands, Inc. 3 Month US LIBOR + 0.70 (b) | 3.21 | 11/15/2021 | 172,904 | ||||||||
75,000 | Constellation Brands, Inc. | 4.40 | 11/15/2025 | 75,148 | ||||||||
125,000 | Keurig Dr. Pepper, Inc. (a) | 4.06 | 5/25/2023 | 124,567 | ||||||||
200,000 | Molson Coors Brewing Co. | 3.00 | 7/15/2026 | 178,119 | ||||||||
1,164,324 | ||||||||||||
BIOTECHNOLOGY - 0.4% | ||||||||||||
175,000 | Amgen, Inc. | 3.13 | 5/1/2025 | 167,440 | ||||||||
200,000 | Gilead Sciences, Inc. | 5.65 | 12/1/2041 | 220,958 | ||||||||
388,398 | ||||||||||||
CHEMICALS - 0.5% | ||||||||||||
125,000 | DowDuPont, Inc. | 4.21 | 11/15/2023 | 127,769 | ||||||||
100,000 | DowDuPont, Inc. | 4.49 | 11/15/2025 | 102,958 | ||||||||
75,000 | DowDuPont, Inc. | 4.73 | 11/15/2028 | 77,430 | ||||||||
125,000 | Sherwin-Williams Co. (The) | 4.50 | 6/1/2047 | 112,721 | ||||||||
420,878 | ||||||||||||
COMMERCIAL SERVICES - 0.1% | ||||||||||||
26,000 | Ecolab, Inc. | 3.95 | 12/1/2047 | 24,362 | ||||||||
50,000 | S&P Global, Inc. | 2.95 | 1/22/2027 | 47,034 | ||||||||
71,396 |
See accompanying notes to financial statements.
126
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
COMPUTERS - 0.9% | ||||||||||||
$ | 200,000 | Apple, Inc. | 2.45 | 8/4/2026 | $ | 184,846 | ||||||
175,000 | Apple, Inc. | 2.75 | 1/13/2025 | 168,745 | ||||||||
175,000 | Apple, Inc. | 3.25 | 2/23/2026 | 170,822 | ||||||||
50,000 | Apple, Inc. | 4.65 | 2/23/2046 | 52,927 | ||||||||
225,000 | Dell International LLC / EMC Corp. (a) | 5.45 | 6/15/2023 | 228,969 | ||||||||
806,309 | ||||||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.0% | ||||||||||||
175,000 | American Express Co. | 3.63 | 12/5/2024 | 171,076 | ||||||||
125,000 | Nuveen LLC (a) | 4.00 | 11/1/2028 | 128,803 | ||||||||
90,000 | Synchrony Financial | 4.50 | 7/23/2025 | 82,070 | ||||||||
575,000 | Visa, Inc. | 3.15 | 12/14/2025 | 565,047 | ||||||||
946,996 | ||||||||||||
ELECTRIC - 1.5% | ||||||||||||
50,000 | Alliant Energy Finance LLC (a) | 3.75 | 6/15/2023 | 50,308 | ||||||||
175,000 | Arizona Public Service Co. | 2.95 | 9/15/2027 | 165,721 | ||||||||
100,000 | Berkshire Hathaway Energy Co. | 3.25 | 4/15/2028 | 95,127 | ||||||||
74,000 | Berkshire Hathaway Energy Co. | 6.13 | 4/1/2036 | 88,579 | ||||||||
25,000 | Duke Energy Carolinas LLC | 3.95 | 3/15/2048 | 23,855 | ||||||||
200,000 | Duke Energy Corp. | 3.15 | 8/15/2027 | 186,703 | ||||||||
175,000 | Entergy Corp. | 2.95 | 9/1/2026 | 161,451 | ||||||||
25,000 | Pacific Gas & Electric Co. | 4.00 | 12/1/2046 | 18,855 | ||||||||
50,000 | Sempra Energy 3 Month US LIBOR + 0.50 (b) | 2.94 | 1/15/2021 | 49,160 | ||||||||
125,000 | Sempra Energy | 3.40 | 2/1/2028 | 114,212 | ||||||||
125,000 | Southern California Edison Co. | 4.05 | 3/15/2042 | 117,187 | ||||||||
350,000 | Southern Co. (The) | 3.25 | 7/1/2026 | 327,864 | ||||||||
1,399,022 | ||||||||||||
FOOD - 0.6% | ||||||||||||
100,000 | Conagra Brands, Inc. | 5.40 | 11/1/2048 | 92,097 | ||||||||
375,000 | General Mills, Inc. 3 Month US LIBOR + 0.54 (b) | 2.98 | 4/16/2021 | 369,183 | ||||||||
125,000 | Tyson Foods, Inc. | 3.90 | 9/28/2023 | 124,826 | ||||||||
586,106 | ||||||||||||
GAS - 0.5% | ||||||||||||
400,000 | NiSource, Inc. | 3.49 | 5/15/2027 | 381,698 | ||||||||
125,000 | NiSource, Inc. (a) | 3.65 | 6/15/2023 | 125,212 | ||||||||
506,910 | ||||||||||||
HAND/MACHINE TOOLS - 0.1% | ||||||||||||
125,000 | Stanley Black & Decker, Inc. | 4.25 | 11/15/2028 | 128,580 | ||||||||
HEALTHCARE-PRODUCTS - 0.2% | ||||||||||||
200,000 | Thermo Fisher Scientific, Inc. | 3.65 | 12/15/2025 | 197,061 | ||||||||
HEALTHCARE-SERVICES - 0.4% | ||||||||||||
225,000 | Sutter Health | 4.09 | 8/15/2048 | 214,858 | ||||||||
125,000 | UnitedHealth Group, Inc. | 4.75 | 7/15/2045 | 132,250 | ||||||||
347,108 | ||||||||||||
INSURANCE - 1.2% | ||||||||||||
200,000 | AIA Group Ltd. (a) | 3.20 | 3/11/2025 | 192,627 | ||||||||
175,000 | American International Group, Inc. | 3.90 | 4/1/2026 | 168,362 | ||||||||
75,000 | American International Group, Inc. | 4.20 | 4/1/2028 | 72,252 | ||||||||
150,000 | Arch Capital Finance LLC | 5.03 | 12/15/2046 | 156,636 | ||||||||
50,000 | Great-West Lifeco, Inc. (a) | 4.05 | 5/17/2028 | 50,859 | ||||||||
275,000 | MetLife, Inc. | 3.60 | 11/13/2025 | 271,397 | ||||||||
75,000 | Principal Financial Group, Inc. | 3.10 | 11/15/2026 | 70,037 | ||||||||
100,000 | Prudential Financial, Inc. | 3.88 | 3/27/2028 | 100,495 | ||||||||
50,000 | XLIT Ltd. | 4.45 | 3/31/2025 | 49,689 | ||||||||
1,132,354 |
See accompanying notes to financial statements.
127
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
INTERNET - 0.7% | ||||||||||||
$ | 100,000 | Amazon.com, Inc. | 3.15 | 8/22/2027 | $ | 96,548 | ||||||
75,000 | Amazon.com, Inc. | 3.88 | 8/22/2037 | 72,432 | ||||||||
475,000 | Amazon.com, Inc. | 5.20 | 12/3/2025 | 521,782 | ||||||||
690,762 | ||||||||||||
LODGING - 0.1% | ||||||||||||
100,000 | Marriott International, Inc. | 2.30 | 1/15/2022 | 96,139 | ||||||||
MACHINERY-DIVERSIFIED - 0.1% | ||||||||||||
125,000 | Roper Technologies, Inc. | 4.20 | 9/15/2028 | 123,755 | ||||||||
MEDIA - 1.3% | ||||||||||||
200,000 | 21st Century Fox America, Inc. | 3.70 | 9/15/2024 | 201,841 | ||||||||
25,000 | 21st Century Fox America, Inc. | 6.15 | 3/1/2037 | 30,665 | ||||||||
425,000 | Comcast Corp. | 3.70 | 4/15/2024 | 427,595 | ||||||||
350,000 | Comcast Corp. | 4.15 | 10/15/2028 | 355,401 | ||||||||
200,000 | Comcast Corp. | 4.25 | 10/15/2030 | 202,262 | ||||||||
1,217,764 | ||||||||||||
MINING - 0.3% | ||||||||||||
250,000 | Glencore Funding LLC (a) | 4.63 | 4/29/2024 | 247,810 | ||||||||
OIL & GAS - 1.8% | ||||||||||||
25,000 | BP Capital Markets America, Inc. | 3.22 | 4/14/2024 | 24,477 | ||||||||
100,000 | BP Capital Markets America, Inc. | 4.23 | 11/6/2028 | 102,876 | ||||||||
175,000 | BP Capital Markets PLC | 3.72 | 11/28/2028 | 172,298 | ||||||||
200,000 | Canadian Natural Resources Ltd. | 3.85 | 6/1/2027 | 188,664 | ||||||||
75,000 | Concho Resources, Inc. | 4.30 | 8/15/2028 | 73,365 | ||||||||
75,000 | Marathon Petroleum Corp. | 3.63 | 9/15/2024 | 72,978 | ||||||||
50,000 | Marathon Petroleum Corp. (a) | 3.80 | 4/1/2028 | 46,922 | ||||||||
80,000 | Petroleos Mexicanos | 6.50 | 3/13/2027 | 75,200 | ||||||||
150,000 | Phillips 66 Co. | 3.90 | 3/15/2028 | 144,898 | ||||||||
125,000 | Pioneer Natural Resources Co. | 3.95 | 7/15/2022 | 125,371 | ||||||||
375,000 | Shell International Finance BV | 3.88 | 11/13/2028 | 385,369 | ||||||||
150,000 | Shell International Finance BV | 4.55 | 8/12/2043 | 155,915 | ||||||||
75,000 | Valero Energy Corp. | 4.35 | 6/1/2028 | 74,300 | ||||||||
1,642,633 | ||||||||||||
OIL & GAS SERVICES - 0.1% | ||||||||||||
75,000 | Halliburton Co. | 3.80 | 11/15/2025 | 72,674 | ||||||||
PHARMACEUTICALS - 2.3% | ||||||||||||
200,000 | AbbVie, Inc. | 3.38 | 11/14/2021 | 199,812 | ||||||||
125,000 | AbbVie, Inc. | 3.75 | 11/14/2023 | 124,368 | ||||||||
350,000 | Bayer US Finance LLC (a) | 4.25 | 12/15/2025 | 340,641 | ||||||||
600,000 | Bayer US Finance LLC (a) | 4.38 | 12/15/2028 | 572,851 | ||||||||
400,000 | Cigna Corp. (a) | 3.75 | 7/15/2023 | 398,668 | ||||||||
125,000 | CVS Health Corp. | 3.88 | 7/20/2025 | 121,813 | ||||||||
125,000 | CVS Health Corp. | 4.78 | 3/25/2038 | 119,782 | ||||||||
50,000 | CVS Health Corp. | 5.05 | 3/25/2048 | 48,630 | ||||||||
125,000 | CVS Health Corp. | 5.13 | 7/20/2045 | 121,676 | ||||||||
100,000 | McKesson Corp. | 2.85 | 3/15/2023 | 96,594 | ||||||||
2,144,835 |
See accompanying notes to financial statements.
128
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
PIPELINES - 2.0% | ||||||||||||
$ | 175,000 | Energy Transfer Operating LP | 4.20 | 9/15/2023 | $ | 172,470 | ||||||
25,000 | Energy Transfer Operating LP | 4.95 | 6/15/2028 | 24,460 | ||||||||
50,000 | Energy Transfer Operating LP | 5.30 | 4/15/2047 | 44,069 | ||||||||
25,000 | Energy Transfer Operating LP | 6.00 | 6/15/2048 | 24,345 | ||||||||
300,000 | Enterprise Products Operating LLC | 3.70 | 2/15/2026 | 295,588 | ||||||||
25,000 | Kinder Morgan Energy Partners LP | 5.40 | 9/1/2044 | 23,897 | ||||||||
175,000 | Magellan Midstream Partners LP | 5.00 | 3/1/2026 | 182,924 | ||||||||
125,000 | MPLX LP | 4.50 | 4/15/2038 | 109,168 | ||||||||
25,000 | MPLX LP | 4.70 | 4/15/2048 | 21,713 | ||||||||
50,000 | MPLX LP | 4.80 | 2/15/2029 | 49,877 | ||||||||
100,000 | MPLX LP | 5.50 | 2/15/2049 | 97,271 | ||||||||
150,000 | ONEOK, Inc. | 4.55 | 7/15/2028 | 148,050 | ||||||||
100,000 | Sabine Pass Liquefaction LLC | 5.63 | 4/15/2023 | 105,358 | ||||||||
275,000 | Sabine Pass Liquefaction LLC | 5.63 | 3/1/2025 | 285,576 | ||||||||
100,000 | Sunoco Logistics Partners Operations LP | 5.40 | 10/1/2047 | 90,621 | ||||||||
175,000 | Williams Partners LP | 4.00 | 9/15/2025 | 168,973 | ||||||||
1,844,360 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.0% | ||||||||||||
175,000 | American Tower Corp. | 3.38 | 10/15/2026 | 162,805 | ||||||||
100,000 | Crown Castle International Corp. | 3.15 | 7/15/2023 | 96,128 | ||||||||
75,000 | Crown Castle International Corp. | 3.65 | 9/1/2027 | 69,528 | ||||||||
75,000 | CubeSmart LP | 4.38 | 12/15/2023 | 76,712 | ||||||||
75,000 | Duke Realty LP | 4.00 | 9/15/2028 | 74,450 | ||||||||
150,000 | Federal Realty Investment Trust | 3.25 | 7/15/2027 | 142,118 | ||||||||
100,000 | Kilroy Realty LP | 4.75 | 12/15/2028 | 101,849 | ||||||||
150,000 | VEREIT Operating Partnership LP | 4.63 | 11/1/2025 | 150,280 | ||||||||
75,000 | VEREIT Operating Partnership LP | 4.88 | 6/1/2026 | 74,968 | ||||||||
948,838 | ||||||||||||
RETAIL - 0.6% | ||||||||||||
50,000 | Alimentation Couche-Tard, Inc. (a) | 3.55 | 7/26/2027 | 46,684 | ||||||||
75,000 | Dollar Tree, Inc. | 4.00 | 5/15/2025 | 72,102 | ||||||||
125,000 | Dollar Tree, Inc. | 4.20 | 5/15/2028 | 118,400 | ||||||||
100,000 | Home Depot, Inc. (The) | 3.90 | 12/6/2028 | 102,426 | ||||||||
150,000 | Starbucks Corp. | 3.80 | 8/15/2025 | 148,338 | ||||||||
75,000 | Walmart, Inc. | 4.05 | 6/29/2048 | 74,626 | ||||||||
562,576 | ||||||||||||
SEMICONDUCTORS - 0.5% | ||||||||||||
175,000 | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.13 | 1/15/2025 | 157,983 | ||||||||
200,000 | Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.63 | 1/15/2024 | 189,220 | ||||||||
75,000 | Microchip Technology, Inc. (a) | 3.92 | 6/1/2021 | 74,399 | ||||||||
75,000 | NVIDIA Corp. | 3.20 | 9/16/2026 | 71,134 | ||||||||
492,736 | ||||||||||||
SOFTWARE - 0.7% | ||||||||||||
75,000 | Fidelity National Information Services, Inc. | 3.00 | 8/15/2026 | 68,998 | ||||||||
50,000 | Fiserv, Inc. | 3.80 | 10/1/2023 | 50,311 | ||||||||
100,000 | Fiserv, Inc. | 4.20 | 10/1/2028 | 99,800 | ||||||||
150,000 | Microsoft Corp. | 3.70 | 8/8/2046 | 143,697 | ||||||||
125,000 | Oracle Corp. | 3.25 | 11/15/2027 | 120,560 | ||||||||
125,000 | Oracle Corp. | 4.00 | 7/15/2046 | 116,636 | ||||||||
600,002 |
See accompanying notes to financial statements.
129
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
SOVEREIGN - 2.4% | ||||||||||||
$ | 440,000 | Abu Dhabi Government International Bond | 3.13 | 10/11/2027 | $ | 420,218 | ||||||
200,000 | Indonesia Government International Bond | 4.35 | 1/8/2027 | 197,762 | ||||||||
670,000 | Kuwait Government International Bond (a) | 3.50 | 3/20/2027 | 666,210 | ||||||||
520,000 | Perusahaan Penerbit SBSN Indonesia III | 4.55 | 3/29/2026 | 515,580 | ||||||||
200,000 | Qatar Government International Bond (a) | 4.50 | 4/23/2028 | 208,750 | ||||||||
200,000 | Qatar Government International Bond (a) | 5.10 | 4/23/2048 | 210,050 | ||||||||
2,218,570 | ||||||||||||
TELECOMMUNICATIONS - 2.3% | ||||||||||||
100,000 | AT&T, Inc. | 3.20 | 3/1/2022 | 98,646 | ||||||||
100,000 | AT&T, Inc. | 3.40 | 5/15/2025 | 94,165 | ||||||||
225,000 | AT&T, Inc. | 3.60 | 2/17/2023 | 223,606 | ||||||||
150,000 | AT&T, Inc. | 4.25 | 3/1/2027 | 146,754 | ||||||||
125,000 | AT&T, Inc. | 5.25 | 3/1/2037 | 122,778 | ||||||||
200,000 | British Telecommunications PLC | 5.13 | 12/4/2028 | 201,126 | ||||||||
175,000 | Cisco Systems, Inc. | 2.50 | 9/20/2026 | 163,132 | ||||||||
25,000 | Verizon Communications, Inc. | 2.63 | 8/15/2026 | 22,666 | ||||||||
25,000 | Verizon Communications, Inc. | 3.50 | 11/1/2024 | 24,657 | ||||||||
488,000 | Verizon Communications, Inc. | 4.33 | 9/21/2028 | 490,006 | ||||||||
100,000 | Verizon Communications, Inc. | 5.01 | 4/15/2049 | 99,640 | ||||||||
200,000 | Verizon Communications, Inc. | 5.25 | 3/16/2037 | 208,333 | ||||||||
275,000 | Vodafone Group PLC | 3.75 | 1/16/2024 | 271,049 | ||||||||
2,166,558 | ||||||||||||
TRANSPORTATION - 0.3% | ||||||||||||
75,000 | Burlington Northern Santa Fe LLC | 3.25 | 6/15/2027 | 73,411 | ||||||||
150,000 | Burlington Northern Santa Fe LLC | 4.15 | 4/1/2045 | 145,429 | ||||||||
25,000 | FedEx Corp. | 3.40 | 2/15/2028 | 23,712 | ||||||||
242,552 | ||||||||||||
TOTAL CORPORATE BONDS & NOTES(Cost - $37,545,417) | 36,760,174 | |||||||||||
MUNICIPAL BONDS - 0.6% | ||||||||||||
25,000 | New Jersey Turnpike Authority | 7.10 | 1/1/2041 | 34,152 | ||||||||
175,000 | State of California | 7.60 | 11/1/2040 | 254,836 | ||||||||
325,000 | State of Illinois | 5.10 | 6/1/2033 | 309,865 | ||||||||
TOTAL MUNICIPAL BONDS (Cost - $616,998) | 598,853 | |||||||||||
MORTGAGE BACKED SECURITIES - 27.6% | ||||||||||||
789,385 | Fannie Mae Pool | 4.50 | 6/1/2031 | 825,257 | ||||||||
11,000,000 | Fannie Mae Pool TBA +^ | 4.50 | 6/25/2044 | 11,390,157 | ||||||||
1,000,000 | Ginnie Mae Pool TBA +^ | 4.50 | 7/20/2044 | 1,034,531 | ||||||||
951,148 | Ginnie Mae Pool | 4.50 | 2/20/2048 | 987,015 | ||||||||
2,999,702 | Ginnie Mae Pool | 4.50 | 6/20/2048 | 3,107,048 | ||||||||
1,992,270 | Ginnie Mae Pool | 4.50 | 10/20/2048 | 2,062,778 | ||||||||
1,996,072 | Ginnie Mae Pool | 4.50 | 11/20/2048 | 2,067,326 | ||||||||
2,000,000 | Ginnie Mae Pool | 4.50 | 12/20/2048 | 2,070,968 | ||||||||
2,000,000 | Ginnie Mae Pool TBA +^ | 5.00 | 11/20/2040 | 2,080,625 | ||||||||
TOTAL MORTGAGE BACKED SECURITIES(Cost - $25,471,766) | 25,625,705 |
See accompanying notes to financial statements.
130
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
Principal | ||||||||||||
Amount | Coupon Rate (%) | Maturity | Value | |||||||||
U.S. TREASURY SECURITIES - 21.9% | ||||||||||||
$ | 390,000 | United States Treasury Bond | 2.88 | 11/15/2046 | $ | 379,199 | ||||||
4,930,000 | United States Treasury Bond | 3.00 | 5/15/2047 | 4,908,816 | ||||||||
660,000 | United States Treasury Inflation Indexed Note | 0.75 | 7/15/2028 | 650,812 | ||||||||
7,360,000 | United States Treasury Note | 2.13 | 9/30/2024 | 7,192,100 | ||||||||
200,000 | United States Treasury Note | 2.88 | 8/15/2028 | 203,094 | ||||||||
1,340,000 | United States Treasury Note | 2.25 | 2/15/2027 | 1,301,161 | ||||||||
5,580,000 | United States Treasury Note | 2.75 | 6/30/2025 | 5,636,236 | ||||||||
TOTAL U.S. TREASURY SECURITIES (Cost - $19,947,922) | 20,271,418 | |||||||||||
SHORT-TERM INVESTMENTS - 16.7% | ||||||||||||
CERTIFICATE OF DEPOSIT - 0.9% | ||||||||||||
800,000 | Landesbk Baden-Wurtt NY | 2.50 | 1/8/2019 | 800,005 | ||||||||
COMMERCIAL PAPER - 1.2% | ||||||||||||
286,000 | Bell CDA | 2.79 | 1/22/2019 | 285,520 | ||||||||
500,000 | VW Credit, Inc. | 2.73 | 1/7/2019 | 499,738 | ||||||||
350,000 | VW Credit, Inc. | 3.17 | 3/20/2019 | 347,614 | ||||||||
1,132,872 | ||||||||||||
Shares | ||||||||||||
MONEY MARKET FUND - 14.6% | ||||||||||||
13,521,964 | Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (c) | 13,521,964 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $15,455,199) | 15,454,841 | |||||||||||
TOTAL INVESTMENTS - 114.6% (Cost - $106,779,589) | $ | 106,285,002 | ||||||||||
OTHER ASSETS LESS LIABILITIES - NET - (14.6)% | (13,525,445 | ) | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 92,759,557 |
LIBOR - London Interbank Offered Rate
LP - Limited Partnership
REITS - Real Estate Investments Trusts
TBA - To Be Announced Security
^ | Delayed delivery |
+ | All or a portion of these TBAs are subject to dollar-roll transactions. |
(a) | 144(a) - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of December 31, 2018, these securities amounted to $9,942,962 or 10.7% of net assets. |
(b) | Variable Rate Security - interest rate subject to periodic change. |
Benchmark | Rate | |||
1 Month US LIBOR | 2.51 | % | ||
3 Month US LIBOR | 2.81 | % | ||
3 Month GBP LIBOR | 0.91 | % |
(c) | Money market rate shown represents the rate at December 31, 2018. |
(d) | Zero coupon. |
See accompanying notes to financial statements.
131
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2018
FUTURES CONTRACTS | ||||||||||||||
Number of | Unrealized Appreciation/ | |||||||||||||
Description | Contracts | Expiration Date | Counterparty | Notional Amount | (Depreciation) | |||||||||
SHORT | ||||||||||||||
Euro 3 Month Future | 11 | Dec-19 | Morgan Stanley | $ | 3,151,523 | $ | (1,875 | ) | ||||||
Euro 90 Day Future | 3 | Jun-19 | Morgan Stanley | 729,863 | (1,413 | ) | ||||||||
Euro 90 Day Future | 2 | Sep-19 | Morgan Stanley | 486,700 | (700 | ) | ||||||||
Euro 90 Day Future | 77 | Dec-19 | Morgan Stanley | 18,739,875 | (56,274 | ) | ||||||||
Euro 90 Day Future | 7 | Dec-20 | Morgan Stanley | 1,706,775 | (9,250 | ) | ||||||||
Euro BTP Future | 1 | Mar-19 | Morgan Stanley | 146,117 | (4,603 | ) | ||||||||
Euro Oat Future | 5 | Mar-19 | Morgan Stanley | 861,935 | 772 | |||||||||
Long Gilt Future | 1 | Mar-19 | Morgan Stanley | 156,869 | (1,271 | ) | ||||||||
U.S. 10 Year Note Future | 67 | Mar-19 | Morgan Stanley | 8,175,047 | (195,957 | ) | ||||||||
U.S. 10 Year Ultra Future | 16 | Mar-19 | Morgan Stanley | 2,081,250 | (64,434 | ) | ||||||||
U.S. Ultra Bond Future | 4 | Mar-19 | Morgan Stanley | 642,625 | (7,912 | ) | ||||||||
(342,917 | ) | |||||||||||||
LONG | ||||||||||||||
Euro-Bobl Future | 7 | Mar-19 | Morgan Stanley | 1,060,432 | 2,834 | |||||||||
Euro-Bond Future | 6 | Mar-19 | Morgan Stanley | 1,121,705 | 5,245 | |||||||||
U.S. 2 Year Note Future | 73 | Mar-19 | Morgan Stanley | 15,498,813 | 104,656 | |||||||||
U.S. 5 Year Note Future | 42 | Mar-19 | Morgan Stanley | 4,816,875 | 75,029 | |||||||||
U.S. Long Bond Future | 53 | Mar-19 | Morgan Stanley | 7,738,000 | 329,770 | |||||||||
517,534 | ||||||||||||||
TOTAL NET UNREALIZED APPRECIATION OF FUTURES CONTRACTS | $ | 174,617 |
See accompanying notes to financial statements.
132
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
INTEREST RATE SWAPS | ||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||
Pay/Receive | Expiration | Notional | Paid/ | Appreciation/ | ||||||||||||||||||||
Counterparty | Floating Rate Index | Floating Rate | Fixed Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||
Merrill Lynch | 3 Month EUR LIBOR* | Receive | -0.10% | 1/16/2021 | $ | 1,650,000 | $ | 5,571 | $ | — | $ | 5,571 | ||||||||||||
Morgan Stanley | 3 Month EUR LIBOR* | Pay | -0.09% | 11/22/2020 | 3,970,000 | 5,327 | — | 5,327 | ||||||||||||||||
Danske Bank A/S | 3 Month STIBOR* | Pay | 0.05% | 1/16/2021 | 14,090,000 | (71 | ) | — | (71 | ) | ||||||||||||||
Barclays Bank PLC | 3 Month STIBOR* | Receive | 0.50% | 12/16/2021 | 28,320,000 | (29,317 | ) | — | (29,317 | ) | ||||||||||||||
Barclays Bank PLC | 3 Month STIBOR* | Receive | 0.50% | 3/20/2023 | 8,230,000 | (576 | ) | — | (576 | ) | ||||||||||||||
Danske Bank A/S | 3 Month STIBOR* | Pay | 0.75% | 3/20/2024 | 21,040,000 | (3,486 | ) | — | (3,486 | ) | ||||||||||||||
NatWest Markets PLC | 3 Month STIBOR* | Pay | 1.05% | 7/8/2028 | 600,000 | 2,850 | — | 2,850 | ||||||||||||||||
Deutsche Bank | 3 Month STIBOR* | Pay | 1.10% | 8/1/2023 | 720,000 | 1,417 | — | 1,417 | ||||||||||||||||
Deutsche Bank | 3 Month STIBOR* | Receive | 1.15% | 12/18/2028 | 130,000 | (26 | ) | — | (26 | ) | ||||||||||||||
Morgan Stanley | 3 Month STIBOR* | Receive | 1.25% | 3/20/2029 | 1,780,000 | (626 | ) | — | (626 | ) | ||||||||||||||
Citibank NA | 3 Month USD LIBOR* | Receive | 2.50% | 3/20/2021 | 3,350,000 | (17,581 | ) | — | (17,581 | ) | ||||||||||||||
Citibank NA | 3 Month USD LIBOR* | Receive | 2.75% | 3/20/2024 | 1,860,000 | (18,101 | ) | — | (18,101 | ) | ||||||||||||||
NatWest Markets PLC | 3 Month USD LIBOR* | Pay | 3.00% | 3/20/2029 | 160,000 | 2,932 | — | 2,932 | ||||||||||||||||
Citibank NA | 3 Month USD LIBOR* | Pay | 3.50% | 11/8/2048 | 210,000 | 6,815 | — | 6,815 | ||||||||||||||||
Citibank NA | 6 Month EUR LIBOR** | Pay | 0.35% | 12/16/2021 | 3,460,000 | 49,804 | — | 49,804 | ||||||||||||||||
Barclays Bank PLC | 6 Month EUR LIBOR** | Receive | 0.67% | 3/8/2023 | 970,000 | 7,133 | — | 7,133 | ||||||||||||||||
JPMorgan | 6 Month EUR LIBOR** | Pay | 0.50% | 3/20/2023 | 1,040,000 | 4,555 | — | 4,555 | ||||||||||||||||
Morgan Stanley | 6 Month EUR LIBOR** | Receive | 0.50% | 3/20/2024 | 4,230,000 | 21,190 | — | 21,190 | ||||||||||||||||
Citibank NA | 6 Month EUR LIBOR** | Pay | 0.60% | 9/28/2022 | 1,750,000 | 15,106 | — | 15,106 | ||||||||||||||||
Deutsche Bank | 6 Month EUR LIBOR** | Pay | 1.00% | 3/20/2029 | 540,000 | 3,816 | — | 3,816 | ||||||||||||||||
JPMorgan | 6 Month EUR LIBOR** | Receive | 1.90% | 3/8/2028 | 380,000 | (892 | ) | — | (892 | ) | ||||||||||||||
Citibank NA | 6 Month JPY LIBOR** | Pay | 1.00% | 3/20/2049 | 17,060,000 | (5,110 | ) | — | (5,110 | ) | ||||||||||||||
Morgan Stanley | 6 Month NOK LIBOR** | Pay | 2.00% | 3/20/2024 | 2,050,000 | (888 | ) | — | (888 | ) | ||||||||||||||
Credit Suisse | Canadian Dollar Offerred Rate** | Pay | 2.50% | 3/20/2021 | 840,000 | 2,947 | — | 2,947 | ||||||||||||||||
Royal Bank of Canada | Canadian Dollar Offerred Rate** | Receive | 2.50% | 3/20/2024 | 1,450,000 | 10,258 | — | 10,258 | ||||||||||||||||
Australia New Zealand Banking Group | NZD 3 Month Bank Bill Benchmark Rate* | Pay | 2.25% | 3/20/2021 | 2,490,000 | 4,592 | — | 4,592 | ||||||||||||||||
Deutsche Bank | NZD 3 Month Bank Bill Benchmark Rate* | Pay | 2.75% | 3/20/2024 | 1,960,000 | 13,969 | — | 13,969 | ||||||||||||||||
$ | — | $ | 81,608 |
CREDIT DEFAULT SWAPS* | ||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||
Buy/Sell | Fixed Rate | Fixed Rate | Expiration | Notional | Paid/ | Appreciation/ | ||||||||||||||||||||||||
Counterparty | Index | Protection | Received | Paid | Date | Amount | Value | (Received) | (Depreciation) | |||||||||||||||||||||
North American Investment Grade CDX Index | Sell | 1.00 | % | — | ||||||||||||||||||||||||||
Credit Suisse | Version 30# | 12/20/2023 | $ | 1,890,000 | $ | (10,765 | ) | $ | — | $ | (10,765 | ) | ||||||||||||||||||
Deutsche Bank | ITRAXX Europe Series 29^ | Buy | — | 1.00 | % | 12/20/2023 | 455,000 | 717 | — | 717 | ||||||||||||||||||||
$ | — | $ | (10,048 | ) | ||||||||||||||||||||||||||
$ | — | $ | 71,560 |
* | Pays quarterly. |
** | Pays semiannually. |
# | The underlying holdings of version 30 of this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=cfbb780d206d4b2a8a92a4d358b1f949. |
^ | The underlying holdings of Series 29 this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=d482583edb58464697a2003002728c53. |
Benchmark | Rate | |
3 Month EUR LIBOR | -0.36% | |
3 Month GBP LIBOR | 0.91% | |
3 Month STIBOR | -0.13% | |
3 Month USD LIBOR | 2.81% | |
6 Month EUR EURIBOR | -0.24% | |
6 Month JPY LIBOR | 0.00% | |
6 Month NOK LIBOR | 1.41% | |
Canadian Dollar Offered Rate | 2.31% | |
NZD 3 Month Bank Bill Benchmark Rate | 1.97% |
See accompanying notes to financial statements.
133
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Forward Foreign Currency Contracts | ||||||||||||||||||
Settlement | Currency Units to | Unrealized Appreciation/ | ||||||||||||||||
Date | Counterparty | Receive | In Exchange For | (Depreciation) | ||||||||||||||
1/17/2019 | Morgan Stanley | 115,171 | GBP | 148,319 | USD | $ | (1,529 | ) | ||||||||||
1/17/2019 | Morgan Stanley | 1,419,757 | USD | 1,109,216 | GBP | 6,016 | ||||||||||||
2/8/2019 | Morgan Stanley | 159,493 | EUR | 182,380 | USD | 519 | ||||||||||||
2/8/2019 | Morgan Stanley | 49,840 | EUR | 56,866 | USD | 288 | ||||||||||||
2/8/2019 | Morgan Stanley | 362,299 | USD | 314,610 | EUR | 1,520 | ||||||||||||
3/20/2019 | Morgan Stanley | 89,000 | AUD | 64,946 | USD | (2,207 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 425,318 | AUD | 308,468 | USD | (8,649 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 96,995 | AUD | 71,000 | USD | (2,625 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 215,193 | AUD | 159,055 | USD | (7,359 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 194,012 | AUD | 143,274 | USD | (6,509 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 98,219 | AUD | 71,066 | USD | (1,829 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 197,960 | AUD | 125,009 | EUR | (4,283 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 40,039 | AUD | 3,122,402 | JPY | (411 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 98,041 | AUD | 103,123 | NZD | (131 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 47,794 | CAD | 36,004 | USD | (948 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 94,134 | CAD | 71,016 | USD | (1,971 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 56,424 | CAD | 42,146 | USD | (760 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 94,600 | CAD | 70,995 | USD | (1,607 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 282,785 | CAD | 212,992 | USD | (5,575 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 190,379 | CAD | 141,988 | USD | (2,349 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 87,815 | CAD | 65,325 | USD | (915 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 42,580 | CAD | 31,338 | USD | (106 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 38,175 | CAD | 39,291 | AUD | 303 | ||||||||||||
3/20/2019 | Morgan Stanley | 95,689 | CAD | 62,966 | EUR | (2,260 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 282,850 | CAD | 187,507 | EUR | (8,273 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 96,074 | CAD | 62,938 | EUR | (1,947 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 95,703 | CAD | 63,023 | EUR | (2,315 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 38,183 | CAD | 3,184,118 | JPY | (1,196 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 685,572 | CHF | 608,969 | EUR | (172 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 62,941 | EUR | 72,243 | USD | 175 | ||||||||||||
3/20/2019 | Morgan Stanley | 1,076,226 | EUR | 1,235,481 | USD | 2,781 | ||||||||||||
3/20/2019 | Morgan Stanley | 62,378 | EUR | 71,727 | USD | 43 | ||||||||||||
3/20/2019 | Morgan Stanley | 125,025 | EUR | 193,072 | CAD | 2,235 | ||||||||||||
3/20/2019 | Morgan Stanley | 125,594 | EUR | 142,666 | CHF | (852 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 61,957 | EUR | 69,994 | CHF | (231 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 63,034 | EUR | 57,008 | GBP | (351 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 47,145 | EUR | 460,073 | NOK | 932 |
See accompanying notes to financial statements.
134
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Forward Foreign Currency Contracts | ||||||||||||||||||
Settlement | Currency Units to | Unrealized Appreciation | ||||||||||||||||
Date | Counterparty | Receive | In Exchange For | (Depreciation) | ||||||||||||||
3/20/2019 | Morgan Stanley | 24,449 | EUR | 238,848 | NOK | $ | 453 | |||||||||||
3/20/2019 | Morgan Stanley | 28,017 | EUR | 277,886 | NOK | 35 | ||||||||||||
3/20/2019 | Morgan Stanley | 28,971 | EUR | 297,450 | SEK | (425 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 62,027 | EUR | 629,246 | SEK | (47 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 24,611 | GBP | 31,421 | USD | 41 | ||||||||||||
3/20/2019 | Morgan Stanley | 295,740 | GBP | 379,021 | USD | (960 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 56,027 | GBP | 71,639 | USD | (17 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 56,356 | GBP | 63,055 | EUR | (506 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 56,445 | GBP | 61,968 | EUR | 859 | ||||||||||||
3/20/2019 | Morgan Stanley | 24,625 | GBP | 27,224 | EUR | 158 | ||||||||||||
3/20/2019 | Morgan Stanley | 7,945,164 | JPY | 71,020 | USD | 1,846 | ||||||||||||
3/20/2019 | Morgan Stanley | 7,952,264 | JPY | 71,037 | USD | 1,894 | ||||||||||||
3/20/2019 | Morgan Stanley | 15,946,515 | JPY | 142,036 | USD | 4,211 | ||||||||||||
3/20/2019 | Morgan Stanley | 15,987,263 | JPY | 141,935 | USD | 4,686 | ||||||||||||
3/20/2019 | Morgan Stanley | 15,851,045 | JPY | 142,042 | USD | 3,330 | ||||||||||||
3/20/2019 | Morgan Stanley | 23,612,700 | JPY | 186,000 | EUR | 2,551 | ||||||||||||
3/20/2019 | Morgan Stanley | 241,703 | NOK | 28,548 | USD | (540 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 620,375 | NOK | 70,988 | USD | 899 | ||||||||||||
3/20/2019 | Morgan Stanley | 698,920 | NOK | 71,682 | EUR | (1,487 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 1,216,416 | NOK | 125,047 | EUR | (2,920 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 610,269 | NOK | 62,950 | EUR | (1,712 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 1,949,591 | NOK | 199,981 | EUR | (4,179 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 616,152 | NOK | 63,057 | EUR | (1,154 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 617,303 | NOK | 62,935 | EUR | (880 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 618,372 | NOK | 62,979 | EUR | (807 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 626,284 | NOK | 63,057 | EUR | 21 | ||||||||||||
3/20/2019 | Morgan Stanley | 616,584 | NOK | 61,974 | EUR | 142 | ||||||||||||
3/20/2019 | Morgan Stanley | 1,243,697 | NOK | 124,995 | EUR | 300 | ||||||||||||
3/20/2019 | Morgan Stanley | 245,466 | NOK | 24,694 | EUR | 32 | ||||||||||||
3/20/2019 | Morgan Stanley | 618,394 | NOK | 62,006 | EUR | 316 | ||||||||||||
3/20/2019 | Morgan Stanley | 620,806 | NOK | 61,973 | EUR | 632 | ||||||||||||
3/20/2019 | Morgan Stanley | 106,406 | NZD | 73,119 | USD | (1,672 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 103,004 | NZD | 71,325 | USD | (2,163 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 107,262 | NZD | 73,918 | USD | (1,897 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 103,060 | NZD | 70,886 | USD | (1,686 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 103,059 | NZD | 70,144 | USD | (945 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 105,329 | NZD | 61,990 | EUR | (600 | ) |
See accompanying notes to financial statements.
135
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Forward Foreign Currency Contracts | ||||||||||||||||||
Settlement | Currency Units to | Unrealized Appreciation | ||||||||||||||||
Date | Counterparty | Receive | In Exchange For | (Depreciation) | ||||||||||||||
3/20/2019 | Morgan Stanley | 1,424,669 | SEK | 138,731 | EUR | $ | 2,065 | |||||||||||
3/20/2019 | Morgan Stanley | 1,242,359 | SEK | 121,343 | EUR | 1,381 | ||||||||||||
3/20/2019 | Morgan Stanley | 641,230 | SEK | 62,044 | EUR | 1,387 | ||||||||||||
3/20/2019 | Morgan Stanley | 636,195 | SEK | 61,983 | EUR | 886 | ||||||||||||
3/20/2019 | Morgan Stanley | 143,696 | USD | 196,044 | AUD | 5,499 | ||||||||||||
3/20/2019 | Morgan Stanley | 142,478 | USD | 193,050 | AUD | 6,391 | ||||||||||||
3/20/2019 | Morgan Stanley | 141,662 | USD | 193,929 | AUD | 4,956 | ||||||||||||
3/20/2019 | Morgan Stanley | 71,156 | USD | 98,969 | AUD | 1,390 | ||||||||||||
3/20/2019 | Morgan Stanley | 104,062 | USD | 138,371 | CAD | 2,570 | ||||||||||||
3/20/2019 | Morgan Stanley | 141,986 | USD | 188,437 | CAD | 3,772 | ||||||||||||
3/20/2019 | Morgan Stanley | 537,998 | USD | 714,636 | CAD | 13,828 | ||||||||||||
3/20/2019 | Morgan Stanley | 41,915 | USD | 55,192 | CAD | 1,433 | ||||||||||||
3/20/2019 | Morgan Stanley | 71,063 | USD | 93,657 | CAD | 2,367 | ||||||||||||
3/20/2019 | Morgan Stanley | 143,609 | USD | 124,944 | EUR | (147 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 142,930 | USD | 124,997 | EUR | (887 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 142,552 | USD | 124,961 | EUR | (1,223 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 71,497 | USD | 61,967 | EUR | 201 | ||||||||||||
3/20/2019 | Morgan Stanley | 71,576 | USD | 62,055 | EUR | 178 | ||||||||||||
3/20/2019 | Morgan Stanley | 71,002 | USD | 56,053 | GBP | (654 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 71,238 | USD | 55,994 | GBP | (343 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 70,960 | USD | 7,983,227 | JPY | (2,255 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 70,952 | USD | 7,976,652 | JPY | (2,203 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 70,963 | USD | 7,929,918 | JPY | (1,763 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 240,516 | USD | 26,897,847 | JPY | (6,167 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 71,036 | USD | 7,885,281 | JPY | (1,281 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 71,008 | USD | 7,838,973 | JPY | (884 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 71,052 | USD | 7,831,076 | JPY | (768 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 907,338 | USD | 1,331,871 | NZD | 13,049 | ||||||||||||
3/20/2019 | Morgan Stanley | 71,061 | USD | 626,657 | SEK | (57 | ) | |||||||||||
3/20/2019 | Morgan Stanley | 31,381 | USD | 279,024 | SEK | (285 | ) | |||||||||||
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $ | (12,303 | ) |
See accompanying notes to financial statements.
136
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 99.8% | ||||||||
AEROSPACE/DEFENSE - 1.7% | ||||||||
1,039 | Boeing Co. | $ | 335,078 | |||||
6,000 | CAE, Inc. | 110,221 | ||||||
617 | Kongsberg Gruppen ASA | 8,379 | ||||||
453,678 | ||||||||
AGRICULTURE - 1.6% | ||||||||
5,586 | Imperial Brands PLC | 169,108 | ||||||
2,606 | Philip Morris International, Inc. | 173,977 | ||||||
2,710 | Swedish Match AB | 106,708 | ||||||
449,793 | ||||||||
AIRLINES - 2.7% | ||||||||
1,315 | American Airlines Group, Inc. | 42,225 | ||||||
2,798 | Delta Air Lines, Inc. | 139,620 | ||||||
4,292 | Deutsche Lufthansa AG | 96,656 | ||||||
427 | International Consolidated Airlines Group SA | 3,378 | ||||||
14,421 | International Consolidated Airlines Group SA | 113,506 | ||||||
38,671 | Qantas Airways Ltd. | 157,629 | ||||||
511 | Southwest Airlines Co. | 23,751 | ||||||
1,826 | United Continental Holdings, Inc. * | 152,891 | ||||||
729,656 | ||||||||
APPAREL - 1.2% | ||||||||
667 | adidas AG | 139,077 | ||||||
405 | Kering SA | 190,561 | ||||||
329,638 | ||||||||
AUTO MANUFACTURERS - 2.0% | ||||||||
5,259 | Fiat Chrysler Automobiles NV * | 76,242 | ||||||
5,946 | General Motors Co. | 198,894 | ||||||
4,146 | Peugeot SA | 88,368 | ||||||
900 | Toyota Motor Corp. | 52,549 | ||||||
10,681 | Volvo AB | 139,689 | ||||||
555,742 | ||||||||
AUTO PARTS & EQUIPMENT - 0.2% | ||||||||
744 | Allison Transmission Holdings, Inc. | 32,669 | ||||||
132 | Continental AG | 18,221 | ||||||
653 | Goodyear Tire & Rubber Co. | 13,328 | ||||||
64,218 | ||||||||
BANKS - 7.2% | ||||||||
5,798 | ABN AMRO Group NV | 136,139 | ||||||
26,963 | Banco Bilbao Vizcaya Argentaria SA | 142,879 | ||||||
5,240 | Bank of America Corp. | 129,114 |
See accompanying notes to financial statements.
137
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BANKS (Continued) - 7.2% | ||||||||
4,546 | Citigroup, Inc. | $ | 236,665 | |||||
4,961 | Citizens Financial Group, Inc. | 147,491 | ||||||
2,228 | Comerica, Inc. | 153,041 | ||||||
91 | Erste Group Bank AG | 3,022 | ||||||
26 | First Citizens BancShares, Inc. | 9,803 | ||||||
11,974 | Lloyds Banking Group PLC | 7,907 | ||||||
923 | Macquarie Group Ltd. | 70,600 | ||||||
7,500 | Mitsubishi UFJ Financial Group, Inc. | 36,770 | ||||||
106,600 | Mizuho Financial Group, Inc. | 165,465 | ||||||
2,703 | PacWest Bancorp | 89,956 | ||||||
5,600 | Sumitomo Mitsui Financial Group, Inc. | 186,046 | ||||||
747 | SVB Financial Group * | 141,870 | ||||||
952 | Synovus Financial Corp. | 30,454 | ||||||
400 | Toronto-Dominion Bank | 19,874 | ||||||
3,181 | Western Alliance Bancorp * | 125,618 | ||||||
3,497 | Zions Bancorp NA | 142,468 | ||||||
1,975,182 | ||||||||
BEVERAGES - 0.6% | ||||||||
18,140 | Coca-Cola Amatil Ltd. | 104,591 | ||||||
300 | Cott Corp. | 4,176 | ||||||
881 | Monster Beverage Corp. * | 43,363 | ||||||
152,130 | ||||||||
BIOTECHNOLOGY - 2.3% | ||||||||
461 | Alexion Pharmaceuticals, Inc. * | 44,883 | ||||||
884 | Amgen, Inc. | 172,088 | ||||||
566 | Biogen, Inc. * | 170,321 | ||||||
539 | Gilead Sciences, Inc. | 33,714 | ||||||
1,287 | Vertex Pharmaceuticals, Inc. * | 213,269 | ||||||
634,275 | ||||||||
BUILDING MATERIALS - 0.0% ^ | ||||||||
100 | AGC, Inc. | 3,126 | ||||||
CHEMICALS - 2.9% | ||||||||
462 | Air Liquide SA | 57,276 | ||||||
57 | Arkema SA | 4,884 | ||||||
347 | Axalta Coating Systems Ltd. * | 8,127 | ||||||
210 | BASF SE * | 14,500 | ||||||
3,595 | CF Industries Holdings, Inc. | 156,418 | ||||||
2,177 | Covestro AG | 107,459 | ||||||
656 | Huntsman Corp. | 12,654 | ||||||
1,616 | Koninklijke DSM NV | 131,973 |
See accompanying notes to financial statements.
138
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
CHEMICALS - 2.9% (Continued) | ||||||||
17,300 | Mitsubishi Chemical Holdings Corp. | $ | 131,285 | |||||
443 | Sherwin-Williams Co. | 174,303 | ||||||
156 | Victrex PLC | 4,546 | ||||||
803,425 | ||||||||
COMMERCIAL SERVICES - 2.5% | ||||||||
200 | Benesse Holdings, Inc. | 5,100 | ||||||
46 | Bright Horizons Family Solutions, Inc. * | 5,127 | ||||||
696 | Experian PLC | 16,886 | ||||||
1,937 | Intertek Group PLC | 118,414 | ||||||
679 | ManpowerGroup, Inc. | 43,999 | ||||||
2,825 | PayPal Holdings, Inc. * | 237,554 | ||||||
80 | Randstad NV | 3,666 | ||||||
1,171 | S&P Global, Inc. | 199,000 | ||||||
422 | Wirecard AG | 64,064 | ||||||
693,810 | ||||||||
COMPUTERS - 4.0% | ||||||||
4,198 | Apple, Inc. | 662,193 | ||||||
2,724 | Fortinet, Inc. * | 191,851 | ||||||
1,939 | International Business Machines Corp. | 220,406 | ||||||
200 | NET One Systems Co., Ltd. * | 3,526 | ||||||
200 | Nomura Research Institute Ltd. | 7,428 | ||||||
37 | Teleperformance | 5,905 | ||||||
353 | Teradata Corp. * | 13,541 | ||||||
1,104,850 | ||||||||
COSMETICS/PERSONAL CARE - 0.3% | ||||||||
765 | Colgate-Palmolive Co. | 45,533 | ||||||
690 | Unilever PLC - ADR | 36,053 | ||||||
81,586 | ||||||||
DISTRIBUTION/WHOLESALE - 0.6% | ||||||||
400 | Mitsui & Co. Ltd. | 6,163 | ||||||
9,300 | Sumitomo Corp | 132,361 | ||||||
496 | WESCO International, Inc. * | 23,808 | ||||||
162,332 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.8% | ||||||||
500 | AEON Financial Service Co. Ltd. | 8,905 | ||||||
6,405 | Ally Financial, Inc. | 145,137 | ||||||
2,300 | Hong Kong Exchanges & Clearing Ltd. | 66,567 | ||||||
2,300 | Ichinen Holdings Co., Ltd. * | 24,108 | ||||||
2,600 | Japan Exchange Group, Inc. | 42,158 | ||||||
5,900 | ORIX Corp. | 86,337 |
See accompanying notes to financial statements.
139
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
DIVERSIFIED FINANCIAL SERVICES - 1.8% (Continued) | ||||||||
1,382 | Synchrony Financial | $ | 32,422 | |||||
636 | Visa, Inc. | 83,914 | ||||||
489,548 | ||||||||
ELECTRIC - 3.1% | ||||||||
2,449 | Ameren Corp. | 159,748 | ||||||
758 | American Electric Power Co., Inc. | 56,653 | ||||||
369 | CenterPoint Energy, Inc. | 10,417 | ||||||
1,500 | CLP Holdings Ltd. | 16,955 | ||||||
4,037 | CMS Energy Corp. | 200,437 | ||||||
1,456 | DTE Energy Co. | 160,597 | ||||||
4,835 | Exelon Corp. | 218,059 | ||||||
900 | Kansai Electric Power Co,, Inc. | 13,535 | ||||||
400 | Shikoku Electric Power Co., Inc. | 4,842 | ||||||
1,900 | TransAlta Corp. | 7,776 | ||||||
849,019 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.6% | ||||||||
2,586 | Schneider Electric SE | 176,543 | ||||||
ELECTRONICS - 1.1% | ||||||||
1,994 | Agilent Technologies, Inc. | 134,515 | ||||||
86 | FLIR Systems, Inc. | 3,744 | ||||||
473 | Honeywell International, Inc. | 62,493 | ||||||
343 | Keysight Technologies, Inc. * | 21,293 | ||||||
1,400 | Kyocera Corp. | 70,284 | ||||||
454 | National Instruments Corp. | 20,603 | ||||||
312,932 | ||||||||
ENGINEERING & CONSTRUCTION - 0.3% | ||||||||
2,882 | AECOM * | 76,373 | ||||||
ENTERTAINMENT - 0.4% | ||||||||
1,826 | Cinemark Holdings, Inc. | 65,371 | ||||||
3,300 | Sega Sammy Holdings, Inc. | 46,200 | ||||||
111,571 | ||||||||
FOOD - 4.7% | ||||||||
713 | Austevoll Seafood ASA | 8,794 | ||||||
5,852 | Coles Group Ltd. * | 48,367 | ||||||
5,103 | Conagra Brands, Inc. | 109,000 | ||||||
8,800 | Empire Co., Ltd. | 185,755 | ||||||
334 | Ingredion, Inc. | 30,528 | ||||||
7,509 | Koninklijke Ahold Delhaize NV | 189,490 | ||||||
1,395 | Kroger Co. | 38,363 |
See accompanying notes to financial statements.
140
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
FOOD (Continued) - 4.7% | ||||||||
289 | Lamb Weston Holdings, Inc. | $ | 21,259 | |||||
288 | Mowi ASA | 6,077 | ||||||
400 | Miyoshi Oil & Fat Co. Ltd. * | 3,821 | ||||||
309 | Mondelez International, Inc. | 12,369 | ||||||
3,100 | Seven & i Holdings Co. Ltd. | 135,144 | ||||||
2,754 | Tyson Foods, Inc. | 147,064 | ||||||
1,392 | US Foods Holding Corp. * | 44,043 | ||||||
5,541 | Wesfarmers Ltd. | 125,686 | ||||||
8,879 | Woolworths Group Ltd. | 183,899 | ||||||
1,289,659 | ||||||||
FOREST PRODUCTS & PAPER - 0.3% | ||||||||
1,872 | International Paper Co. | 75,554 | ||||||
GAS - 0.4% | ||||||||
4,000 | Osaka Gas Co, Ltd. | 73,244 | ||||||
522 | UGI Corp. | 27,849 | ||||||
101,093 | ||||||||
HEALTHCARE - PRODUCTS - 2.6% | ||||||||
363 | ABIOMED, Inc. * | 117,990 | ||||||
1,230 | Boston Scientific Corp. * | 43,468 | ||||||
2,600 | Create Medic Co. Ltd. * | 23,508 | ||||||
47 | Hill-Rom Holdings, Inc. | 4,162 | ||||||
770 | IDEXX Laboratories, Inc. * | 143,235 | ||||||
149 | Lonza Group AG | 38,497 | ||||||
2,856 | Medtronic PLC | 259,782 | ||||||
710 | Zimmer Biomet Holdings, Inc. | 73,641 | ||||||
704,283 | ||||||||
HEALTHCARE - SERVICES - 0.8% | ||||||||
419 | Fresenius Medical Care AG & Co. KGaA | 27,129 | ||||||
1,321 | HCA Healthcare, Inc. | 164,398 | ||||||
202 | Universal Health Services, Inc. | 23,545 | ||||||
215,072 | ||||||||
HOME BUILDERS - 1.1% | ||||||||
623 | DR Horton, Inc. | 21,593 | ||||||
5,818 | PulteGroup, Inc. | 151,210 | ||||||
2,237 | Thor Industries, Inc. | 116,324 | ||||||
289,127 | ||||||||
HOME FURNISHINGS - 0.1% | ||||||||
544 | Dolby Laboratories, Inc. | 33,641 |
See accompanying notes to financial statements.
141
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
INSURANCE - 6.5% | ||||||||
23,800 | AIA Group Ltd. | $ | 197,590 | |||||
219 | Allianz SE | 43,846 | ||||||
2,198 | Allstate Corp. | 181,621 | ||||||
182 | American Financial Group, Inc. | 16,476 | ||||||
6,651 | Arch Capital Group Ltd. * | 177,715 | ||||||
452 | Assured Guaranty Ltd. | 17,303 | ||||||
2,381 | First American Financial Corp. | 106,288 | ||||||
7,120 | Insurance Australia Group Ltd. * | 35,087 | ||||||
31,096 | Legal & General Group PLC | 91,485 | ||||||
2,500 | Manulife Financial Corp. | 35,455 | ||||||
1,271 | NN Group NV | 50,562 | ||||||
835 | Old Republic International Corp. | 17,176 | ||||||
3,460 | Progressive Corp. | 208,742 | ||||||
702 | Reinsurance Group of America, Inc. | 98,441 | ||||||
1,504 | Storebrand ASA | 10,706 | ||||||
3,300 | Tokio Marine Holdings, Inc. | 157,488 | ||||||
200 | Torchmark Corp. | 14,906 | ||||||
1,694 | Unum Group | 49,770 | ||||||
3,502 | Voya Financial, Inc. | 140,570 | ||||||
142 | White Mountains Insurance Group Ltd. | 121,792 | ||||||
1,773,019 | ||||||||
INTERNET - 7.5% | ||||||||
250 | Alphabet, Inc. - Class A * | 261,240 | ||||||
248 | Alphabet, Inc. - Class C * | 256,831 | ||||||
354 | Amazon.com, Inc. * | 531,697 | ||||||
48 | Booking Holdings, Inc. * | 82,676 | ||||||
1,818 | CDW Corp. | 147,349 | ||||||
1,902 | Facebook, Inc. * | 249,333 | ||||||
314 | Netflix, Inc. * | 84,045 | ||||||
973 | Palo Alto Networks, Inc. * | 183,265 | ||||||
776 | VeriSign, Inc. * | 115,073 | ||||||
55,300 | Yahoo Japan Corp. | 138,105 | ||||||
2,049,614 | ||||||||
IRON/STEEL - 0.6% | ||||||||
8,200 | JFE Holdings, Inc. | 131,317 | ||||||
658 | Steel Dynamics, Inc. | 34,091 | ||||||
165,408 | ||||||||
LEISURE TIME - 0.2% | ||||||||
174 | Carnival Corp. - ADR | 8,479 | ||||||
200 | Central Sports Co. Ltd. * | 6,380 |
See accompanying notes to financial statements.
142
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
LEISURE TIME (Continued) - 0.2% | ||||||||
2,500 | Yamaha Motor Co. Ltd. | $ | 49,196 | |||||
64,055 | ||||||||
LODGING - 0.0% ^ | ||||||||
1,070 | Crown Resorts Ltd. | 8,934 | ||||||
MACHINERY - CONSTRUCTION & MINING - 0.7% | ||||||||
167 | Caterpillar, Inc. | 21,221 | ||||||
6,000 | Hitachi Ltd. | 160,534 | ||||||
181,755 | ||||||||
MACHINERY - DIVERSIFIED - 0.2% | ||||||||
400 | Makino Milling Machine Co. Ltd. | 14,182 | ||||||
1,300 | Sumitomo Heavy Industries Ltd. | 38,805 | ||||||
52,987 | ||||||||
MEDIA - 3.6% | ||||||||
9,345 | Comcast Corp. | 318,197 | ||||||
9,362 | News Corp. | 106,259 | ||||||
15,179 | Pearson PLC | 181,411 | ||||||
6,320 | Viacom, Inc. | 162,424 | ||||||
5,032 | Vivendi SA | 122,410 | ||||||
1,622 | Wolters Kluwer NV * | 95,787 | ||||||
986,488 | ||||||||
MINING - 0.7% | ||||||||
2,225 | BHP Billiton Ltd. | 46,802 | ||||||
6,937 | Freeport-McMoRan, Inc. | 71,520 | ||||||
1,600 | Kirkland Lake Gold Ltd. | 41,705 | ||||||
471 | Rio Tinto PLC - ADR | 22,834 | ||||||
182,861 | ||||||||
MISCELLANEOUS MANUFACTURER - 1.0% | ||||||||
409 | Illinois Tool Works, Inc. | 51,816 | ||||||
455 | Ingersoll-Rand PLC | 41,510 | ||||||
1,038 | Parker-Hannifin Corp. | 154,807 | ||||||
732 | Textron, Inc. | 33,665 | ||||||
281,798 | ||||||||
OIL & GAS - 7.3% | ||||||||
6,774 | BP PLC - ADR | 256,870 | ||||||
261 | Chevron Corp. | 28,394 | ||||||
631 | CNX Resources Corp. * | 7,206 | ||||||
3,425 | ConocoPhillips | 213,549 | ||||||
2,939 | DNO ASA * | 4,260 | ||||||
16,114 | Eni SpA | 253,248 | ||||||
9,065 | Galp Energia SGPS SA | 142,953 |
See accompanying notes to financial statements.
143
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
OIL & GAS (Continued) - 7.3% | ||||||||
2,462 | HollyFrontier Corp. | $ | 125,857 | |||||
4,800 | JXTG Holdings, Inc. | 25,230 | ||||||
2,651 | Marathon Petroleum Corp. | 156,436 | ||||||
1,951 | OMV AG | 85,308 | ||||||
2,310 | Phillips 66 | 199,007 | ||||||
1,582 | Royal Dutch Shell PLC | 46,492 | ||||||
924 | Royal Dutch Shell PLC | 27,537 | ||||||
6,100 | Suncor Energy, Inc. | 170,298 | ||||||
3,674 | TechnipFMC PLC * | 71,937 | ||||||
534 | TOTAL SA | 28,190 | ||||||
2,132 | Valero Energy Corp. | 159,836 | ||||||
2,002,608 | ||||||||
OIL & GAS SERVICES - 0.0% ^ | ||||||||
482 | TGS NOPEC Geophysical Co. ASA | 11,623 | ||||||
PACKAGING & CONTAINERS - 0.6% | ||||||||
480 | Berry Global Group, Inc. * | 22,814 | ||||||
3,921 | WestRock Co. | 148,057 | ||||||
170,871 | ||||||||
PHARMACEUTICALS - 7.7% | ||||||||
3,160 | AbbVie, Inc. | 291,320 | ||||||
1,223 | Allergan PLC | 163,466 | ||||||
5,700 | Astellas Pharma, Inc. | 72,812 | ||||||
4,239 | Bristol-Myers Squibb Co | 220,343 | ||||||
126 | Grifols SA | 3,298 | ||||||
3,539 | Johnson & Johnson | 456,708 | ||||||
5,259 | Mylan NV * | 144,097 | ||||||
3,515 | Novo Nordisk A/S | 160,405 | ||||||
426 | Roche Holding AG | 105,182 | ||||||
3,000 | Santen Pharmaceutical Co. Ltd. | 43,367 | ||||||
2,600 | Shionogi & Co, Ltd. | 148,609 | ||||||
52 | Siegfried Holding AG | 17,724 | ||||||
1,700 | Takeda Pharmaceutical Co. Ltd. | 57,408 | ||||||
2,594 | Zoetis, Inc. | 221,891 | ||||||
2,106,630 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 2.6% | ||||||||
4,917 | American Homes 4 Rent | 97,602 | ||||||
526 | American Tower Corp. | 83,208 | ||||||
1,140 | Apartment Investment & Management Co. | 50,023 | ||||||
3,179 | Duke Realty Corp. | 82,336 | ||||||
379 | Hospitality Properties Trust | 9,051 |
See accompanying notes to financial statements.
144
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) - 2.6% | ||||||||
10,200 | Host Hotels & Resorts, Inc. | $ | 170,034 | |||||
14 | Japan Retail Fund Investment Corp. | 28,009 | ||||||
8,111 | Kimco Realty Corp. | 118,826 | ||||||
646 | Lamar Advertising Co. | 44,690 | ||||||
548 | Spirit Realty Capital, Inc. | 19,317 | ||||||
232 | Sun Communities, Inc. | 23,597 | ||||||
726,693 | ||||||||
RETAIL - 3.2% | ||||||||
182 | AutoZone, Inc. * | 152,578 | ||||||
1,382 | Best Buy Co, Inc. | 73,191 | ||||||
252 | Chipotle Mexican Grill, Inc. * | 108,811 | ||||||
863 | Darden Restaurants, Inc. | 86,179 | ||||||
400 | Marui Group Co. Ltd. | 7,777 | ||||||
400 | Matsumotokiyoshi Holdings Co. Ltd. | 12,268 | ||||||
25 | O’Reilly Automotive, Inc. * | 8,608 | ||||||
1,500 | Takashimaya Co. Ltd. * | 19,195 | ||||||
2,293 | Target Corp. | 151,544 | ||||||
2,002 | Walmart, Inc. | 186,486 | ||||||
370 | Yum China Holdings, Inc. | 12,406 | ||||||
748 | Yum! Brands, Inc. | 68,756 | ||||||
887,799 | ||||||||
SEMICONDUCTORS - 1.1% | ||||||||
5,186 | Applied Materials, Inc. | 169,790 | ||||||
2,120 | Infineon Technologies AG | 42,084 | ||||||
157 | KLA-Tencor Corp. | 14,050 | ||||||
2,809 | Micron Technology, Inc. * | 89,130 | ||||||
315,054 | ||||||||
SOFTWARE - 4.1% | ||||||||
939 | Adobe Systems, Inc. * | 212,439 | ||||||
341 | Black Knight, Inc. * | 15,365 | ||||||
2,026 | Citrix Systems, Inc. | 207,584 | ||||||
1,049 | Fidelity National Information Services, Inc. | 107,575 | ||||||
973 | Intuit, Inc. | 191,535 | ||||||
1,400 | Konami Holdings Corp. | 61,313 | ||||||
211 | Lectra | 4,385 | ||||||
1,185 | Microsoft Corp. | 120,360 | ||||||
66 | MSCI, Inc. | 9,730 | ||||||
790 | ServiceNow, Inc. * | 140,660 | ||||||
56 | Splunk, Inc. * | 5,872 | ||||||
227 | Temenos AG | 27,149 | ||||||
400 | TIS, Inc. * | 15,768 |
See accompanying notes to financial statements.
145
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
SOFTWARE (Continued) - 4.1% | ||||||||
42 | Ubisoft Entertainment SA * | $ | 3,384 | |||||
1,123,119 | ||||||||
TELECOMMUNICATIONS - 2.2% | ||||||||
927 | AT&T, Inc. | 26,457 | ||||||
326 | EchoStar Corp. * | 11,971 | ||||||
2,771 | Juniper Networks, Inc. | 74,568 | ||||||
2,500 | Nippon Telegraph & Telephone Corp. | 102,128 | ||||||
20,497 | Telefonaktiebolaget LM Ericsson | 180,144 | ||||||
3,987 | Telefonica SA | 33,449 | ||||||
1,329 | Telenor ASA | 25,708 | ||||||
368 | Telephone & Data Systems, Inc. | 11,975 | ||||||
2,333 | Verizon Communications, Inc. | 131,161 | ||||||
597,561 | ||||||||
TRANSPORTATION - 2.9% | ||||||||
5,430 | Aurizon Holdings Ltd. | 16,361 | ||||||
600 | Canadian Pacific Railway Ltd. | 106,417 | ||||||
800 | Central Japan Railway Co. | 168,910 | ||||||
1,878 | CSX Corp. | 116,680 | ||||||
1,800 | East Japan Railway Co. | 159,320 | ||||||
923 | Norfolk Southern Corp. | 138,025 | ||||||
651 | Union Pacific Corp. | 89,990 | ||||||
795,703 | ||||||||
TOTAL COMMON STOCKS (Cost - $30,158,944) | 27,402,436 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
MONEY MARKET FUND - 0.1% | ||||||||
7,087 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $7,087) | 7,087 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost - $30,166,031) | $ | 27,409,523 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1% | 35,150 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 27,444,673 |
* | Non-income producing security. |
^ | Represents less than 0.05% |
(a) | Money market rate shown represents the rate at December 31, 2018. |
ADR - American Depository Receipt
PLC - Public Limited Company
See accompanying notes to financial statements.
146
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 100.1% | ||||||||
ADVERTISING - 0.1% | ||||||||
2,293 | Omnicom Group, Inc. | $ | 167,938 | |||||
AEROSPACE/DEFENSE - 3.0% | ||||||||
5,723 | Boeing Co. | 1,845,668 | ||||||
4,461 | Harris Corp. | 600,673 | ||||||
2,446,341 | ||||||||
AIRLINES - 2.4% | ||||||||
12,733 | Delta Air Lines, Inc. | 635,377 | ||||||
14,804 | Southwest Airlines Co. | 688,090 | ||||||
7,001 | United Continental Holdings, Inc. * | 586,194 | ||||||
1,909,661 | ||||||||
AUTO PARTS & EQUIPMENT - 0.8% | ||||||||
15,077 | Allison Transmission Holdings, Inc. | 662,031 | ||||||
BANKS - 1.9% | ||||||||
9,404 | Comerica, Inc. | 645,961 | ||||||
2,460 | East West Bancorp, Inc. | 107,084 | ||||||
2,380 | SVB Financial Group * | 452,010 | ||||||
1,103 | Synovus Financial Corp | 35,285 | ||||||
6,595 | Western Alliance Bancorp * | 260,437 | ||||||
1,704 | Zions Bancorp NA | 69,421 | ||||||
1,570,198 | ||||||||
BEVERAGES - 2.2% | ||||||||
3,817 | Coca-Cola Co. | 180,735 | ||||||
4,666 | Constellation Brands, Inc. | 750,386 | ||||||
13,644 | Monster Beverage Corp. * | 671,558 | ||||||
1,574 | PepsiCo, Inc. | 173,896 | ||||||
1,776,575 | ||||||||
BIOTECHNOLOGY - 5.6% | ||||||||
2,292 | Alexion Pharmaceuticals, Inc. * | 223,149 | ||||||
7,615 | Amgen, Inc. | 1,482,412 | ||||||
2,659 | Biogen, Inc. * | 800,146 | ||||||
12,604 | Gilead Sciences, Inc. | 788,380 | ||||||
4,772 | Incyte Corp. * | 303,451 | ||||||
5,533 | Vertex Pharmaceuticals, Inc. * | 916,873 | ||||||
4,514,411 | ||||||||
BUILDING MATERIALS - 0.6% | ||||||||
2,212 | Lennox International, Inc. | 484,118 |
See accompanying notes to financial statements.
147
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
CHEMICALS - 1.7% | ||||||||
9,749 | Axalta Coating Systems Ltd. * | $ | 228,322 | |||||
7,513 | CF Industries Holdings, Inc. | 326,891 | ||||||
1,994 | Sherwin-Williams Co. | 784,559 | ||||||
1,339,772 | ||||||||
COMMERCIAL SERVICES - 3.5% | ||||||||
621 | Bright Horizons Family Solutions, Inc. * | 69,210 | ||||||
2,237 | H&R Block, Inc. | 56,753 | ||||||
15,806 | PayPal Holdings, Inc. * | 1,329,127 | ||||||
7,865 | Robert Half International, Inc. | 449,878 | ||||||
1,408 | S&P Global, Inc. | 239,276 | ||||||
4,144 | Verisk Analytics, Inc. * | 451,862 | ||||||
1,532 | WEX, Inc. * | 214,572 | ||||||
2,810,678 | ||||||||
COMPUTERS - 9.0% | ||||||||
35,730 | Apple, Inc. | 5,636,050 | ||||||
1,277 | EPAM Systems, Inc. * | 148,145 | ||||||
9,703 | Fortinet, Inc. * | 683,382 | ||||||
6,250 | International Business Machines Corp. | 710,438 | ||||||
3,384 | Teradata Corp. * | 129,810 | ||||||
7,307,825 | ||||||||
DISTRIBUTION/WHOLESALE - 0.3% | ||||||||
966 | WW Grainger, Inc. | 272,760 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 3.1% | ||||||||
5,269 | Charles Schwab Corp. | 218,822 | ||||||
1,007 | Discover Financial Services | 59,393 | ||||||
8,945 | E*TRADE Financial Corp. | 392,507 | ||||||
2,304 | Mastercard, Inc. | 434,650 | ||||||
10,586 | Visa, Inc. | 1,396,717 | ||||||
2,502,089 | ||||||||
ELECTRIC - 0.7% | ||||||||
11,416 | CMS Energy Corp. | 566,804 | ||||||
ELECTRONICS - 1.3% | ||||||||
3,339 | Agilent Technologies, Inc. | 225,249 | ||||||
5,475 | Honeywell International, Inc. | 723,357 | ||||||
1,735 | National Instruments Corp. | 78,734 | ||||||
1,027,340 |
See accompanying notes to financial statements.
148
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ENTERTAINMENT - 0.5% | ||||||||
1,443 | Madison Square Garden Co. * | $ | 386,291 | |||||
ENVIRONMENTAL CONTROL - 0.8% | ||||||||
8,468 | Republic Services, Inc. | 610,458 | ||||||
FOOD - 1.7% | ||||||||
6,937 | Conagra Brands, Inc. | 148,174 | ||||||
2,427 | General Mills, Inc. | 94,507 | ||||||
1,947 | Ingredion, Inc. | 177,956 | ||||||
6,107 | Tyson Foods, Inc. | 326,114 | ||||||
20,001 | US Foods Holding Corp. * | 632,832 | ||||||
1,379,583 | ||||||||
FOREST PRODUCTS & PAPER - 0.3% | ||||||||
5,807 | International Paper Co. | 234,371 | ||||||
HEALTHCARE PRODUCTS - 3.1% | ||||||||
2,001 | ABIOMED, Inc. * | 650,405 | ||||||
4,199 | Boston Scientific Corp. * | 148,393 | ||||||
4,765 | Hill-Rom Holdings, Inc. | 421,941 | ||||||
3,888 | IDEXX Laboratories, Inc. * | 723,246 | ||||||
446 | Intuitive Surgical, Inc. * | 213,598 | ||||||
1,134 | Medtronic PLC | 103,149 | ||||||
1,562 | Varian Medical Systems, Inc. * | 176,990 | ||||||
565 | Zimmer Biomet Holdings, Inc. | 58,602 | ||||||
2,496,324 | ||||||||
HEALTHCARE - SERVICES - 2.2% | ||||||||
6,371 | HCA Healthcare, Inc. | 792,871 | ||||||
1,115 | Molina Healthcare, Inc. * | 129,585 | ||||||
3,540 | UnitedHealth Group, Inc. | 881,885 | ||||||
1,804,341 | ||||||||
HOME BUILDERS - 1.8% | ||||||||
4,284 | DR Horton, Inc. | 148,483 | ||||||
157 | NVR, Inc. * | 382,607 | ||||||
16,035 | PulteGroup, Inc. | 416,750 | ||||||
9,725 | Thor Industries, Inc. | 505,700 | ||||||
1,453,540 | ||||||||
INSURANCE - 1.9% | ||||||||
2,817 | Arch Capital Group Ltd. * | 75,270 | ||||||
14,667 | Progressive Corp. | 884,860 |
See accompanying notes to financial statements.
149
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
INSURANCE (Continued) - 1.9% | ||||||||
14,538 | Voya Financial, Inc. | $ | 583,555 | |||||
1,543,685 | ||||||||
INTERNET - 18.3% | ||||||||
2,095 | Alphabet, Inc. - Class A * | 2,189,191 | ||||||
2,132 | Alphabet, Inc. - Class C * | 2,207,921 | ||||||
2,913 | Amazon.com, Inc. * | 4,375,239 | ||||||
334 | Booking Holdings, Inc. * | 575,288 | ||||||
7,345 | CDW Corp. | 595,312 | ||||||
16,662 | Facebook, Inc. * | 2,184,222 | ||||||
5,238 | GoDaddy, Inc. * | 343,718 | ||||||
2,915 | Netflix, Inc. * | 780,229 | ||||||
4,086 | Palo Alto Networks, Inc. * | 769,598 | ||||||
1,484 | RingCentral, Inc. * | 122,341 | ||||||
4,639 | Twitter, Inc. * | 133,325 | ||||||
3,823 | VeriSign, Inc. * | 566,913 | ||||||
14,843,297 | ||||||||
IRON/STEEL - 0.0% ^ | ||||||||
775 | Steel Dynamics, Inc. | 23,281 | ||||||
LODGING - 0.4% | ||||||||
4,230 | Hilton Worldwide Holdings, Inc. | 303,714 | ||||||
1,686 | Wyndham Destinations, Inc. | 60,426 | ||||||
364,140 | ||||||||
MACHINERY - CONSTRUCTION & MINING - 0.4% | ||||||||
2,349 | Caterpillar, Inc. | 298,487 | ||||||
MACHINERY - DIVERSIFIED - 0.1% | ||||||||
958 | Cummins, Inc. | 128,026 | ||||||
MEDIA - 0.4% | ||||||||
322 | Cable One, Inc. | 264,072 | ||||||
3,493 | News Corp. | 39,646 | ||||||
303,718 | ||||||||
MISCELLANEOUS MANUFACTURER - 1.7% | ||||||||
2,930 | AO Smith Corp. | 125,111 | ||||||
3,672 | Ingersoll-Rand PLC | 334,997 | ||||||
4,095 | Parker-Hannifin Corp. | 610,728 | ||||||
6,786 | Textron, Inc. | 312,088 | ||||||
1,382,924 |
See accompanying notes to financial statements.
150
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
OFFICE/BUSINESS EQUIPMENT - 0.1% | ||||||||
1,004 | Zebra Technologies Corp. * | $ | 159,866 | |||||
OIL & GAS - 1.7% | ||||||||
2,689 | ConocoPhillips | 167,659 | ||||||
3,604 | HollyFrontier Corp. | 184,236 | ||||||
970 | PBF Energy, Inc. | 31,690 | ||||||
6,648 | Phillips 66 | 572,725 | ||||||
11,310 | TechnipFMC PLC * | 221,450 | ||||||
2,387 | Valero Energy Corp. | 178,953 | ||||||
1,356,713 | ||||||||
PACKAGING & CONTAINERS - 1.6% | ||||||||
11,806 | Berry Global Group, Inc. * | 561,139 | ||||||
3,737 | Sealed Air Corp. | 130,197 | ||||||
15,500 | WestRock Co. | 585,280 | ||||||
1,276,616 | ||||||||
PHARMACEUTICALS - 5.5% | ||||||||
15,065 | AbbVie, Inc. | 1,388,842 | ||||||
2,786 | Allergan PLC | 372,377 | ||||||
8,264 | Bristol-Myers Squibb Co. | 429,563 | ||||||
7,833 | Johnson & Johnson | 1,010,849 | ||||||
10,455 | Mylan NV * | 286,467 | ||||||
924 | Neurocrine Biosciences, Inc. * | 65,983 | ||||||
10,772 | Zoetis, Inc. | 921,437 | ||||||
4,475,518 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.5% | ||||||||
3,951 | Alexandria Real Estate Equities, Inc. | 455,313 | ||||||
5,885 | Kimco Realty Corp. | 86,215 | ||||||
9,576 | Lamar Advertising Co. | 662,468 | ||||||
1,203,996 | ||||||||
RETAIL - 4.5% | ||||||||
898 | AutoZone, Inc. * | 752,829 | ||||||
6,034 | Best Buy Co, Inc. | 319,561 | ||||||
974 | Chipotle Mexican Grill, Inc. * | 420,563 | ||||||
6,439 | Darden Restaurants, Inc. | 642,999 | ||||||
1,971 | Dollar Tree, Inc. * | 178,021 | ||||||
3,202 | Home Depot, Inc. | 550,168 | ||||||
4,324 | Michaels Cos, Inc. * | 58,547 | ||||||
1,248 | Ulta Beauty, Inc. * | 305,560 | ||||||
13,621 | Wendy’s Co. | 212,624 |
See accompanying notes to financial statements.
151
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
RETAIL (Continued) - 4.5% | ||||||||
7,361 | Yum China Holdings, Inc. | $ | 246,814 | |||||
3,687,686 | ||||||||
SEMICONDUCTORS - 2.3% | ||||||||
26,388 | Applied Materials, Inc. | 863,943 | ||||||
12,512 | Micron Technology, Inc. * | 397,006 | ||||||
8,374 | NXP Semiconductors NV | 613,647 | ||||||
1,874,596 | ||||||||
SOFTWARE - 12.4% | ||||||||
3,305 | Adobe, Inc. * | 747,723 | ||||||
14,997 | Black Knight, Inc. * | 675,765 | ||||||
8,602 | Cadence Design Systems, Inc. * | 374,015 | ||||||
7,018 | Citrix Systems, Inc. | 719,064 | ||||||
5,814 | Fidelity National Information Services, Inc. | 596,226 | ||||||
4,415 | Intuit, Inc. | 869,093 | ||||||
42,745 | Microsoft Corp. | 4,341,610 | ||||||
4,938 | MSCI, Inc. | 728,009 | ||||||
2,568 | ServiceNow, Inc. * | 457,232 | ||||||
3,784 | Splunk, Inc. * | 396,752 | ||||||
1,467 | Tableau Software, Inc. * | 176,040 | ||||||
10,081,529 | ||||||||
TRANSPORTATION - 0.7% | ||||||||
3,713 | CSX Corp. | 230,689 | ||||||
177 | Union Pacific Corp. | 24,467 | ||||||
5,259 | XPO Logistics, Inc. * | 299,972 | ||||||
555,128 | ||||||||
TOTAL COMMON STOCKS (Cost - $84,802,813) | 81,282,655 | |||||||
SHORT-TERM INVESTMENT - 0.0% ^ | ||||||||
MONEY MARKET FUND - 0.0%^ | ||||||||
20,700 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $20,700) | 20,700 | ||||||
TOTAL INVESTMENTS - 100.1%(Cost - $84,823,513) | $ | 81,303,355 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.1)% | (118,171 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 81,185,184 |
* | Non-income producing security. |
^ | Represents less than 0.05% |
PLC - Public Limited Company
(a) | Money market rate shown represents the rate at December 31, 2018. |
See accompanying notes to financial statements.
152
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS |
December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS - 99.5% | ||||||||
ADVERTISING - 0.2% | ||||||||
3,486 | Omnicom Group, Inc. | $ | 255,315 | |||||
AEROSPACE/DEFENSE - 1.3% | ||||||||
2,903 | Boeing Co. | 936,218 | ||||||
3,222 | Teledyne Technologies, Inc. * | 667,180 | ||||||
1,603,398 | ||||||||
AIRLINES - 3.5% | ||||||||
10,884 | Alaska Air Group, Inc. | 662,291 | ||||||
23,067 | American Airlines Group, Inc. | 740,681 | ||||||
6,598 | Copa Holdings SA | 519,329 | ||||||
3,458 | Delta Air Lines, Inc. | 172,554 | ||||||
36,844 | JetBlue Airways Corp. * | 591,715 | ||||||
1,093 | Southwest Airlines Co. | 50,803 | ||||||
19,171 | United Continental Holdings, Inc. * | 1,605,188 | ||||||
4,342,561 | ||||||||
AUTO PARTS & EQUIPMENT - 0.4% | ||||||||
22,446 | Goodyear Tire & Rubber Co. | 458,123 | ||||||
BANKS - 7.4% | ||||||||
44,829 | Citizens Financial Group, Inc. | 1,332,766 | ||||||
19,361 | Comerica, Inc. | 1,329,907 | ||||||
9,760 | East West Bancorp, Inc. | 424,853 | ||||||
1,496 | First Citizens BancShares, Inc. | 564,067 | ||||||
22,494 | First Hawaiian, Inc. | 506,340 | ||||||
27,067 | PacWest Bancorp | 900,790 | ||||||
18,092 | Popular, Inc. | 854,304 | ||||||
3,004 | SVB Financial Group * | 570,520 | ||||||
14,735 | Synovus Financial Corp. | 471,373 | ||||||
6,082 | Texas Capital Bancshares, Inc. * | 310,729 | ||||||
19,656 | Western Alliance Bancorp * | 776,215 | ||||||
29,159 | Zions Bancorp NA | 1,187,938 | ||||||
9,229,802 | ||||||||
BIOTECHNOLOGY - 1.6% | ||||||||
2,539 | Amgen, Inc. | 494,267 | ||||||
544 | Biogen, Inc. * | 163,700 | ||||||
3,998 | Gilead Sciences, Inc. | 250,075 | ||||||
2,509 | Incyte Corp. * | 159,547 | ||||||
5,658 | Vertex Pharmaceuticals, Inc. * | 937,587 | ||||||
2,005,176 |
See accompanying notes to financial statements.
153
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
BUILDING MATERIALS - 0.1% | ||||||||
393 | Lennox International, Inc. | $ | 86,012 | |||||
CHEMICALS - 2.5% | ||||||||
2,274 | Ashland Global Holdings, Inc. | 161,363 | ||||||
26,373 | Axalta Coating Systems Ltd. * | 617,656 | ||||||
29,995 | CF Industries Holdings, Inc. | 1,305,082 | ||||||
26,443 | Huntsman Corp. | 510,085 | ||||||
13,428 | Mosaic Co. | 392,232 | ||||||
267 | Sherwin-Williams Co. | 105,054 | ||||||
3,091,472 | ||||||||
COMMERCIAL SERVICES - 1.8% | ||||||||
3,036 | Bright Horizons Family Solutions, Inc. * | 338,362 | ||||||
388 | Graham Holdings Co. | 248,545 | ||||||
20,415 | H&R Block, Inc. | 517,929 | ||||||
15,393 | ManpowerGroup, Inc. | 997,466 | ||||||
1,514 | PayPal Holdings, Inc. * | 127,312 | ||||||
2,229,614 | ||||||||
COMPUTERS - 0.9% | ||||||||
3,355 | Fortinet, Inc. * | 236,293 | ||||||
6,706 | Teradata Corp. * | 257,242 | ||||||
15,449 | Western Digital Corp. | 571,150 | ||||||
1,064,685 | ||||||||
DISTRIBUTION/WHOLESALE - 0.7% | ||||||||
19,352 | WESCO International, Inc. * | 928,896 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 2.1% | ||||||||
53,613 | Ally Financial, Inc. | 1,214,871 | ||||||
22,162 | BGC Partners, Inc. | 114,578 | ||||||
13,845 | E*TRADE Financial Corp. | 607,519 | ||||||
26,729 | Synchrony Financial | 627,062 | ||||||
2,564,030 | ||||||||
ELECTRIC - 8.8% | ||||||||
25,493 | AES Corp. | 368,629 | ||||||
21,867 | Ameren Corp. | 1,426,384 | ||||||
34,647 | CenterPoint Energy, Inc. | 978,085 | ||||||
27,540 | CMS Energy Corp. | 1,367,361 | ||||||
14,093 | DTE Energy Co. | 1,554,458 | ||||||
31,964 | NRG Energy, Inc. | 1,265,774 | ||||||
30,078 | OGE Energy Corp. | 1,178,757 | ||||||
17,991 | PG&E Corp. * | 427,286 |
See accompanying notes to financial statements.
154
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
ELECTRIC (Continued) - 8.8% | ||||||||
55,126 | PPL Corp. | $ | 1,561,720 | |||||
10,030 | Vistra Energy Corp. * | 229,587 | ||||||
5,445 | WEC Energy Group, Inc. | 377,121 | ||||||
4,737 | Xcel Energy, Inc. | 233,392 | ||||||
10,968,554 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2% | ||||||||
3,692 | AMETEK, Inc. | 249,948 | ||||||
ELECTRONICS - 2.6% | ||||||||
20,553 | Agilent Technologies, Inc. | 1,386,505 | ||||||
12,320 | FLIR Systems, Inc. | 536,413 | ||||||
14,539 | Keysight Technologies, Inc. * | 902,581 | ||||||
6,500 | National Instruments Corp. | 294,970 | ||||||
5,676 | nVent Electric PLC | 127,483 | ||||||
3,247,952 | ||||||||
ENGINEERING COMPONENTS & EQUIPMENT - 0.9% | ||||||||
35,796 | AECOM * | 948,594 | ||||||
4,861 | Fluor Corp | 156,524 | ||||||
1,105,118 | ||||||||
ENTERTAINMENT - 1.1% | ||||||||
28,494 | Cinemark Holdings, Inc. | 1,020,085 | ||||||
1,482 | Madison Square Garden Co. * | 396,731 | ||||||
1,416,816 | ||||||||
ENVIRONMENTAL CONTROL - 1.6% | ||||||||
15,694 | Pentair PLC | 592,919 | ||||||
20,060 | Republic Services, Inc. | 1,446,125 | ||||||
2,039,044 | ||||||||
FOOD - 3.8% | ||||||||
40,097 | Conagra Brands, Inc. | 856,472 | ||||||
12,134 | Ingredion, Inc. | 1,109,048 | ||||||
2,122 | Kroger Co. | 58,355 | ||||||
6,935 | Lamb Weston Holdings, Inc. | 510,139 | ||||||
22,754 | Tyson Foods, Inc. | 1,215,064 | ||||||
30,583 | US Foods Holding Corp. * | 967,646 | ||||||
4,716,724 | ||||||||
FOREST PRODUCTS & PAPER - 1.1% | ||||||||
34,789 | International Paper Co. | 1,404,084 | ||||||
GAS - 1.0% | ||||||||
22,545 | UGI Corp. | 1,202,776 |
See accompanying notes to financial statements.
155
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
HEALTHCARE PRODUCTS - 2.4% | ||||||||
1,668 | ABIOMED, Inc. * | $ | 542,167 | |||||
11,117 | Hill-Rom Holdings, Inc. | 984,410 | ||||||
4,983 | IDEXX Laboratories, Inc. * | 926,938 | ||||||
4,745 | Zimmer Biomet Holdings, Inc. | 492,151 | ||||||
2,945,666 | ||||||||
HEALTHCARE - SERVICES - 1.3% | ||||||||
7,198 | HCA Healthcare, Inc. | 895,791 | ||||||
5,734 | Universal Health Services, Inc. | 668,355 | ||||||
1,564,146 | ||||||||
HOME BUILDERS - 1.9% | ||||||||
11,698 | DR Horton, Inc. | 405,453 | ||||||
42,975 | PulteGroup, Inc. | 1,116,920 | ||||||
15,523 | Thor Industries, Inc. | 807,196 | ||||||
2,329,569 | ||||||||
HOME FURNISHINGS - 0.6% | ||||||||
10,336 | Dolby Laboratories, Inc. | 639,178 | ||||||
1,177 | Whirlpool Corp. | 125,786 | ||||||
764,964 | ||||||||
INSURANCE - 8.9% | ||||||||
6,679 | American Financial Group, Inc. | 604,650 | ||||||
47,230 | Arch Capital Group Ltd. * | 1,261,986 | ||||||
27,649 | Assured Guaranty Ltd. | 1,058,404 | ||||||
17,777 | Athene Holding Ltd. * | 708,058 | ||||||
23,925 | First American Financial Corp. | 1,068,012 | ||||||
35,737 | Old Republic International Corp. | 735,110 | ||||||
15,795 | Progressive Corp. | 952,912 | ||||||
2,215 | Reinsurance Group of America, Inc. | 310,609 | ||||||
15,534 | Torchmark Corp. | 1,157,749 | ||||||
26,308 | Unum Group | 772,929 | ||||||
27,708 | Voya Financial, Inc. | 1,112,199 | ||||||
1,218 | White Mountains Insurance Group Ltd. | 1,044,666 | ||||||
3,492 | WR Berkley Corp. | 258,094 | ||||||
11,045,378 | ||||||||
INTERNET - 0.7% | ||||||||
4,285 | Palo Alto Networks, Inc. * | 807,080 | ||||||
IRON/STEEL - 1.1% | ||||||||
16,417 | Nucor Corp. | 850,565 | ||||||
19,174 | Steel Dynamics, Inc. | 575,987 | ||||||
1,426,552 |
See accompanying notes to financial statements.
156
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
MACHINERY - DIVERSIFIED - 0.5% | ||||||||
5,497 | AGCO Corp. | $ | 306,018 | |||||
2,453 | Cummins, Inc. | 327,819 | ||||||
633,837 | ||||||||
MEDIA - 1.7% | ||||||||
83,989 | News Corp. | 953,275 | ||||||
43,852 | Viacom, Inc. | 1,126,996 | ||||||
2,080,271 | ||||||||
MINING - 0.5% | ||||||||
65,760 | Freeport-McMoRan, Inc. | 677,986 | ||||||
MISCELLANEOUS MANUFACTURER - 2.3% | ||||||||
10,946 | Ingersoll-Rand PLC | 998,604 | ||||||
9,681 | Parker-Hannifin Corp. | 1,443,824 | ||||||
9,058 | Textron, Inc. | 416,577 | ||||||
2,859,005 | ||||||||
OIL & GAS - 5.7% | ||||||||
55,452 | CNX Resources Corp. * | 633,262 | ||||||
14,313 | ConocoPhillips | 892,416 | ||||||
7,096 | Continental Resources, Inc. * | 285,188 | ||||||
28,592 | Devon Energy Corp. | 644,464 | ||||||
8,051 | EQT Corp. | 152,083 | ||||||
11,772 | Helmerich & Payne, Inc. | 564,350 | ||||||
20,967 | HollyFrontier Corp. | 1,071,833 | ||||||
5,088 | Marathon Oil Corp. | 72,962 | ||||||
23,417 | PBF Energy, Inc. | 765,033 | ||||||
10,314 | Phillips 66 | 888,551 | ||||||
10,536 | Valero Energy Corp. | 789,884 | ||||||
14,870 | Whiting Petroleum Corp. * | 337,400 | ||||||
7,097,426 | ||||||||
PACKAGING & CONTAINERS - 2.4% | ||||||||
22,895 | Berry Global Group, Inc. * | 1,088,199 | ||||||
27,298 | Owens-Illinois, Inc. * | 470,618 | ||||||
5,462 | Sealed Air Corp. | 190,296 | ||||||
32,024 | WestRock Co. | 1,209,226 | ||||||
2,958,339 | ||||||||
PHARMACEUTICALS - 2.6% | ||||||||
9,088 | AbbVie, Inc. | 837,823 | ||||||
5,847 | Allergan PLC | 781,510 | ||||||
46,604 | Mylan NV * | 1,276,950 | ||||||
4,200 | Zoetis, Inc. | 359,268 | ||||||
3,255,551 |
See accompanying notes to financial statements.
157
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
PIPELINES - 0.6% | ||||||||
2,379 | Cheniere Energy, Inc. * | $ | 140,813 | |||||
26,697 | TechnipFMC PLC * | 522,727 | ||||||
4,176 | Williams Cos, Inc. | 92,081 | ||||||
755,621 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 15.4% | ||||||||
6,962 | Alexandria Real Estate Equities, Inc. | 802,301 | ||||||
42,727 | American Homes 4 Rent | 848,131 | ||||||
25,993 | Apartment Investment & Management Co. | 1,140,573 | ||||||
36,130 | Apple Hospitality REIT, Inc. | 515,214 | ||||||
74,768 | Brandywine Realty Trust | 962,264 | ||||||
42,105 | Brixmor Property Group, Inc. | 618,522 | ||||||
12,996 | Brookfield Property REIT, Inc. | 209,236 | ||||||
13,512 | Camden Property Trust | 1,189,732 | ||||||
20,761 | Columbia Property Trust, Inc. | 401,725 | ||||||
16,725 | Douglas Emmett, Inc. | 570,824 | ||||||
46,699 | Duke Realty Corp. | 1,209,504 | ||||||
70,062 | Empire State Realty Trust, Inc. | 996,982 | ||||||
5,342 | EPR Properties | 342,048 | ||||||
21,062 | Healthcare Trust of America, Inc. | 533,079 | ||||||
1,437 | Highwoods Properties, Inc. | 55,598 | ||||||
43,035 | Hospitality Properties Trust | 1,027,676 | ||||||
78,623 | Host Hotels & Resorts, Inc. | 1,310,645 | ||||||
73,280 | Kimco Realty Corp. | 1,073,552 | ||||||
13,658 | Lamar Advertising Co. | 944,860 | ||||||
55,096 | Paramount Group, Inc. | 692,006 | ||||||
80,096 | Retail Properties of America, Inc. | 869,042 | ||||||
30,470 | Senior Housing Properties Trust | 357,108 | ||||||
33,032 | Spirit Realty Capital, Inc. | 1,164,378 | ||||||
9,507 | STORE Capital Corp. | 269,143 | ||||||
7,997 | Sun Communities, Inc. | 813,375 | ||||||
820 | UDR, Inc. | 32,488 | ||||||
17,397 | VEREIT, Inc. | 124,389 | ||||||
19,074,395 | ||||||||
RETAIL - 3.6% | ||||||||
1,219 | AutoZone, Inc. * | 1,021,936 | ||||||
10,672 | Best Buy Co, Inc. | 565,189 | ||||||
111 | Chipotle Mexican Grill, Inc. * | 47,929 | ||||||
9,398 | Darden Restaurants, Inc. | 938,484 |
See accompanying notes to financial statements.
158
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
PORTFOLIO OF INVESTMENTS (Continued) |
December 31, 2018 |
Shares | Value | |||||||
RETAIL (Continued) - 3.6% | ||||||||
3,995 | Dick’s Sporting Goods, Inc. | $ | 124,644 | |||||
8,550 | Dollar Tree, Inc. * | 772,236 | ||||||
4,951 | Foot Locker, Inc. | 263,393 | ||||||
4,869 | Michaels Cos, Inc. * | 65,926 | ||||||
4,352 | Tapestry, Inc. | 146,880 | ||||||
16,035 | Yum China Holdings, Inc. | 537,654 | ||||||
4,484,271 | ||||||||
SEMICONDUCTORS - 0.5% | ||||||||
2,689 | Applied Materials, Inc. | 88,038 | ||||||
6,738 | NXP Semiconductors NV | 493,761 | ||||||
581,799 | ||||||||
SOFTWARE - 1.0% | ||||||||
1,893 | Citrix Systems, Inc. | 193,957 | ||||||
10,657 | Fidelity National Information Services, Inc. | 1,092,875 | ||||||
1,286,832 | ||||||||
TELECOMMUNICATIONS - 2.2% | ||||||||
31,264 | CommScope Holding Co., Inc. * | 512,417 | ||||||
20,860 | EchoStar Corp. * | 765,979 | ||||||
31,741 | Juniper Networks, Inc. | 854,150 | ||||||
17,679 | Telephone & Data Systems, Inc. | 575,273 | ||||||
2,707,819 | ||||||||
TOTAL COMMON STOCKS (Cost - $138,340,803) | 123,546,607 | |||||||
SHORT-TERM INVESTMENT - 0.4% | ||||||||
MONEY MARKET FUND - 0.4% | ||||||||
533,909 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $533,909) | 533,909 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost - $138,874,712) | $ | 124,080,516 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1% | 83,445 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 124,163,961 |
* | Non-income producing security. |
(a) | Money market rate shown represents the rate at December 31, 2018. |
PLC - Public Limited Company
REIT - Real Estate Investment Trust
See accompanying notes to financial statements.
159
Global Atlantic Portfolios |
Statements of Assets and Liabilities |
December 31, 2018 |
Global Atlantic | Global Atlantic | Global Atlantic | Global Atlantic BlackRock | |||||||||||||
BlackRock Allocation | BlackRock Disciplined | BlackRock Disciplined | Disciplined International | |||||||||||||
Assets: | Portfolio | Core Portfolio | Growth Portfolio | Core Portfolio | ||||||||||||
Investments in securities, at cost | $ | 81,912,927 | $ | 541,127,518 | $ | 16,126,102 | $ | 155,054,483 | ||||||||
Investments in securities, at value | $ | 77,414,693 | $ | 518,176,362 | $ | 15,798,136 | $ | 135,528,221 | ||||||||
Foreign Cash (cost: $-, $-, $- and $3,590,612, respectively) | — | — | — | 3,603,826 | ||||||||||||
Deposits with broker + | — | 729,220 | 14,238 | 497,674 | ||||||||||||
Unrealized appreciation on futures contracts | — | — | 1,682 | — | ||||||||||||
Receivable for securities sold | — | 5,671,206 | — | — | ||||||||||||
Interest and dividends receivable | 24,683 | 855,247 | 18,132 | 436,603 | ||||||||||||
Total Assets | 77,439,376 | 525,432,035 | 15,832,188 | 140,066,324 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | — | 196,158 | — | 106,955 | ||||||||||||
Unrealized depreciation on forward foreign exchange contracts | — | — | — | 120 | ||||||||||||
Payable for Portfolio shares redeemed | 149,269 | 239,329 | 14,689 | 124,328 | ||||||||||||
Payable for securities purchased | — | 5,850,289 | — | — | ||||||||||||
Accrued distribution (12b-1) fees | 3,026 | 7,114 | 3,504 | 8,887 | ||||||||||||
Accrued investment advisory fees - net | 11,353 | 159,808 | 4,414 | 65,747 | ||||||||||||
Administrative service fees payable | 5,986 | 32,769 | 2,466 | 10,207 | ||||||||||||
Accrued expenses and other liabilities | 1,987 | 14,216 | 492 | 3,566 | ||||||||||||
Total Liabilities | 171,621 | 6,499,683 | 25,565 | 319,810 | ||||||||||||
Net Assets | $ | 77,267,755 | $ | 518,932,352 | $ | 15,806,623 | $ | 139,746,514 | ||||||||
Net Assets: | ||||||||||||||||
Paid in capital | $ | 80,429,682 | $ | 543,844,008 | $ | 15,662,212 | $ | 165,601,965 | ||||||||
Accumulated earnings (loss) | (3,161,927 | ) | (24,911,656 | ) | 144,411 | (25,855,451 | ) | |||||||||
Net Assets | 77,267,755 | 518,932,352 | 15,806,623 | 139,746,514 | ||||||||||||
Class I Shares: | ||||||||||||||||
Net assets | $ | 63,461,579 | $ | 486,490,713 | $ | — | $ | 98,694,189 | ||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 6,600,132 | 49,960,921 | — | 11,608,441 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.62 | $ | 9.74 | $ | — | $ | 8.50 | ||||||||
Class II Shares: | ||||||||||||||||
Net assets | $ | 13,806,176 | $ | 32,441,639 | $ | 15,806,623 | $ | 41,052,325 | ||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 1,437,269 | 3,336,107 | 1,604,893 | 4,835,273 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.61 | $ | 9.72 | $ | 9.85 | $ | 8.49 | ||||||||
+ | Collateral for futures contracts and foreign currency contracts. |
See accompanying notes to financial statements.
160
Global Atlantic Portfolios |
Statements of Assets and Liabilities (Continued) |
December 31, 2018 |
Global Atlantic BlackRock | Global Atlantic BlackRock | Global Atlantic BlackRock | Global Atlantic | |||||||||||||
Disciplined Mid Cap | Disciplined Small Cap | Disciplined U.S. Core | BlackRock Disciplined | |||||||||||||
Assets: | Growth Portfolio | Portfolio | Portfolio | Value Portfolio | ||||||||||||
Investments in securities, at cost | $ | 175,345,638 | $ | 18,575,526 | $ | 22,891,226 | 270,765,308 | |||||||||
Investments in securities, at value | $ | 169,204,911 | $ | 16,344,044 | $ | 21,915,284 | 254,620,254 | |||||||||
Cash | 37,478 | — | 3,161 | — | ||||||||||||
Deposits with broker + | 254,839 | 36,231 | 37,902 | 379,228 | ||||||||||||
Receivable for securities sold | 1,808,569 | — | — | 3,065,250 | ||||||||||||
Interest and dividends receivable | 101,146 | 20,529 | 31,676 | 498,273 | ||||||||||||
Total Assets | 171,406,943 | 16,400,804 | 21,988,023 | 258,563,005 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | 86,945 | 9,801 | 15,022 | 106,752 | ||||||||||||
Payable for Portfolio shares redeemed | 96,705 | 34,848 | 35,424 | 349,667 | ||||||||||||
Payable for securities purchased | 1,686,975 | — | — | 2,682,352 | ||||||||||||
Accrued investment advisory fees - net | 72,794 | 5,858 | 5,303 | 97,005 | ||||||||||||
Accrued distribution (12b-1) fees | 9,466 | 1,670 | 670 | 1,684 | ||||||||||||
Administrative service fees payable | 11,645 | 2,483 | 2,776 | 17,024 | ||||||||||||
Accrued expenses and other liabilities | 4,312 | 475 | 822 | 6,671 | ||||||||||||
Total Liabilities | 1,968,842 | 55,135 | 60,017 | 3,261,155 | ||||||||||||
Net Assets | $ | 169,438,101 | $ | 16,345,669 | $ | 21,928,006 | 255,301,850 | |||||||||
Net Assets: | ||||||||||||||||
Paid in capital | $ | 175,453,937 | $ | 18,045,321 | $ | 22,759,105 | 272,513,480 | |||||||||
Accumulated loss | (6,015,836 | ) | (1,699,652 | ) | (831,099 | ) | (17,211,630 | ) | ||||||||
Net Assets | $ | 169,438,101 | $ | 16,345,669 | $ | 21,928,006 | $ | 255,301,850 | ||||||||
Class I Shares: | ||||||||||||||||
Net assets | $ | 126,148,590 | $ | 8,812,685 | $ | 18,963,392 | 248,141,407 | |||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 12,731,789 | 959,352 | 1,963,277 | 26,418,672 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.91 | $ | 9.19 | $ | 9.66 | 9.39 | |||||||||
Class II Shares: | ||||||||||||||||
Net assets | $ | 43,289,511 | $ | 7,532,984 | $ | 2,964,614 | 7,160,443 | |||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 4,371,094 | 820,758 | 307,292 | 761,916 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.90 | $ | 9.18 | $ | 9.65 | 9.40 | |||||||||
+ | Collateral for futures contracts and foreign currency contracts. |
See accompanying notes to financial statements.
161
Global Atlantic Portfolios |
Statements of Assets and Liabilities (Continued) |
December 31, 2018 |
Global Atlantic | Global Atlantic Goldman | Global Atlantic Goldman | Global Atlantic Goldman | |||||||||||||
BlackRock High | Sachs Core Fixed | Sachs Global Equity | Sachs Large Cap Growth | |||||||||||||
Assets: | Yield Portfolio | Income Portfolio | Insights Portfolio | Insights Portfolio | ||||||||||||
Investments in securities, at cost | $ | 75,568,879 | $ | 106,779,589 | $ | 30,166,031 | $ | 84,823,513 | ||||||||
Investments in securities, at value | $ | 69,213,984 | $ | 106,285,002 | $ | 27,409,523 | $ | 81,303,355 | ||||||||
Cash | — | — | — | 6,140 | ||||||||||||
Foreign cash (Cost: $0, $19,660, $21,864, and $0, respectively) | — | 18,667 | 22,025 | — | ||||||||||||
Deposits with broker + | 17,386 | 79,200 | — | — | ||||||||||||
Unrealized appreciation on futures contracts | — | 174,617 | — | — | ||||||||||||
Unrealized appreciation on swap contracts | — | 71,560 | — | — | ||||||||||||
Interest and dividends receivable | 1,252,997 | 553,446 | 40,966 | 38,007 | ||||||||||||
Receivable for Portfolio shares sold | — | 38,432 | — | — | ||||||||||||
Receivable for securities sold | — | 11,291,563 | — | — | ||||||||||||
Due from broker | — | 23,566 | — | — | ||||||||||||
Total Assets | 70,484,367 | 118,536,053 | 27,472,514 | 81,347,502 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | 3,384 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | 12,303 | — | — | ||||||||||||
Payable for securities purchased | — | 25,733,399 | — | — | ||||||||||||
Payable for portfolio shares redeemed | 118,584 | — | 7,582 | 130,351 | ||||||||||||
Accrued investment advisory fees - net | 28,529 | 21,297 | 13,308 | 22,826 | ||||||||||||
Accrued distribution (12b-1) fees | 237 | — | 2,660 | 714 | ||||||||||||
Administrative service fees payable | 5,842 | 7,074 | 3,283 | 6,355 | ||||||||||||
Accrued expenses and other liabilities | 1,858 | 2,423 | 1,008 | 2,072 | ||||||||||||
Total Liabilities | 158,434 | 25,776,496 | 27,841 | 162,318 | ||||||||||||
Net Assets | $ | 70,325,933 | $ | 92,759,557 | $ | 27,444,673 | $ | 81,185,184 | ||||||||
Net Assets: | ||||||||||||||||
Paid in capital | $ | 74,232,224 | $ | 92,099,989 | $ | 30,675,102 | $ | 83,403,609 | ||||||||
Accumulated earnings (loss) | (3,906,291 | ) | 659,568 | (3,230,429 | ) | (2,218,425 | ) | |||||||||
Net Assets | $ | 70,325,933 | $ | 92,759,557 | $ | 27,444,673 | $ | 81,185,184 | ||||||||
Class I Shares: | ||||||||||||||||
Net assets | $ | 69,255,380 | $ | 92,759,547 | $ | 15,290,209 | $ | 77,929,795 | ||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 7,342,847 | 9,347,348 | 1,678,773 | 7,988,051 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.43 | $ | 9.92 | $ | 9.11 | $ | 9.76 | ||||||||
Class II Shares: | ||||||||||||||||
Net assets | $ | 1,070,553 | $ | 10 | $ | 12,154,464 | $ | 3,255,389 | ||||||||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 113,783 | 1 | 1,336,536 | 334,213 | ||||||||||||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.41 | $ | 9.92 | (a) | $ | 9.09 | $ | 9.74 | |||||||
(a) | NAV may not recalculate due to rounding of net assets. |
+ | Collateral for forward foreign currency contracts and futures contracts. |
See accompanying notes to financial statements.
162
Global Atlantic Portfolios |
Statements of Assets and Liabilities (Continued) |
December 31, 2018 |
Global Atlantic Goldman | ||||
Sachs Mid Cap Value | ||||
Assets: | Insights Portfolio | |||
Investments in securities, at cost | $ | 138,874,712 | ||
Investments in securities, at value | $ | 124,080,516 | ||
Interest and dividends receivable | 251,120 | |||
Receivable for Portfolio shares sold | 892 | |||
Total Assets | 124,332,528 | |||
Liabilities: | ||||
Payable for Portfolio shares redeemed | 85,048 | |||
Accrued investment advisory fees - net | 54,622 | |||
Accrued distribution (12b-1) fees | 16,563 | |||
Administrative service fees payable | 9,074 | |||
Accrued expenses and other liabilities | 3,260 | |||
Total Liabilities | 168,567 | |||
Net Assets | $ | 124,163,961 | ||
Net Assets: | ||||
Paid in capital | $ | 138,249,058 | ||
Accumulated loss | (14,085,097 | ) | ||
Net Assets | $ | 124,163,961 | ||
Class I Shares: | ||||
Net assets | $ | 49,080,085 | ||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 5,403,335 | |||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.08 | ||
Class II Shares: | ||||
Net assets | $ | 75,083,876 | ||
Total shares outstanding at end of period ($0 par value, unlimited shares authorized) | 8,281,596 | |||
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $ | 9.07 | ||
See accompanying notes to financial statements.
163
Global Atlantic Portfolios |
Statements of Operations |
For the Year Ended December 31, 2018 |
Global Atlantic | Global Atlantic | Global Atlantic | Global Atlantic BlackRock | |||||||||||||
BlackRock Allocation | BlackRock Disciplined | BlackRock Disciplined | Disciplined International | |||||||||||||
Portfolio | Core Portfolio | Growth Portfolio | Core Portfolio | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 2,069,334 | $ | 10,966,724 | * | $ | 296,578 | ** | $ | 4,383,822 | *** | |||||
Interest income | 1,741 | 152,807 | 5,474 | 40,336 | ||||||||||||
Total Investment Income | 2,071,075 | 11,119,531 | 302,052 | 4,424,158 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 189,924 | 2,180,588 | 88,514 | 871,857 | ||||||||||||
Distribution fees (12b-1) - Class II Shares | 36,019 | 94,485 | 49,174 | 99,045 | ||||||||||||
Administrative service fees | 60,897 | 374,588 | 14,860 | 94,762 | ||||||||||||
Legal fees | 17,175 | 140,690 | 3,866 | 37,010 | ||||||||||||
Trustees fees | 9,256 | 40,404 | 2,201 | 10,285 | ||||||||||||
Custody fees | — | 524 | 5 | 84 | ||||||||||||
Miscellaneous Expense | 24 | 167 | 5 | 43 | ||||||||||||
Total Expenses | 313,295 | 2,831,446 | 158,625 | 1,113,086 | ||||||||||||
Expenses waived | (8,542 | ) | (50,540 | ) | (3,754 | ) | (9,810 | ) | ||||||||
Net Expenses | 304,753 | 2,780,906 | 154,871 | 1,103,276 | ||||||||||||
Net Investment Income | 1,766,322 | 8,338,625 | 147,181 | 3,320,882 | ||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts, Foreign Currency Translations and Payments From Affiliate | ||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||
Investments | (239,566 | ) | (6,173,071 | ) | 446,713 | (6,435,168 | ) | |||||||||
Futures contracts | — | 2,028,327 | (18,646 | ) | (292,932 | ) | ||||||||||
Futures commissions | — | (12,997 | ) | (280 | ) | (2,321 | ) | |||||||||
Foreign currency translations | — | 335 | — | (166,168 | ) | |||||||||||
Forward foreign currency contracts | (249,954 | ) | — | — | 171,649 | |||||||||||
Payments from affiliate | 876 | 53,961 | — | 118,147 | ||||||||||||
(488,644 | ) | (4,103,445 | ) | 427,787 | (6,606,793 | ) | ||||||||||
Net change in unrealized depreciation on: | ||||||||||||||||
Investments | (5,694,631 | ) | (31,887,582 | ) | (794,194 | ) | (21,069,202 | ) | ||||||||
Futures contracts | — | (223,173 | ) | 682 | (112,589 | ) | ||||||||||
Foreign currency translations | 3,940 | (940 | ) | — | (9,829 | ) | ||||||||||
Forward foreign currency contracts | 67,076 | — | — | (120 | ) | |||||||||||
(5,623,615 | ) | (32,111,695 | ) | (793,512 | ) | (21,191,740 | ) | |||||||||
Net Realized and Unrealized Loss on Investments, Futures Contracts, Forward Foreign Currency Contracts, Foreign Currency Translations and Payments From Affiliate | (6,112,259 | ) | (36,215,140 | ) | (365,725 | ) | (27,798,533 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (4,345,937 | ) | $ | (27,876,515 | ) | $ | (218,544 | ) | $ | (24,477,651 | ) | ||||
* | Foreign Taxes Withheld $21,771 |
** | Foreign Taxes Withheld $2 |
*** | Foreign Taxes Withheld $519,683 |
See accompanying notes to financial statements.
164
Global Atlantic Portfolios |
Statements of Operations (Continued) |
For the Year Ended December 31, 2018 |
Global Atlantic BlackRock | Global Atlantic BlackRock | Global Atlantic BlackRock | Global Atlantic | |||||||||||||
Disciplined Mid Cap | Disciplined Small Cap | Disciplined U.S. Core | BlackRock Disciplined | |||||||||||||
Growth Portfolio | Portfolio | Portfolio | Value Portfolio | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 2,949,788 | * | $ | 242,339 | ** | $ | 484,516 | $ | 7,353,203 | *** | |||||
Interest income | 49,233 | 8,093 | 8,119 | 70,215 | ||||||||||||
Total Investment Income | 2,999,021 | 250,432 | 492,635 | 7,423,418 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 1,014,177 | 103,173 | 98,118 | 1,353,298 | ||||||||||||
Distribution fees (12b-1) - Class II Shares | 112,467 | 19,890 | 7,188 | 22,421 | ||||||||||||
Administrative service fees | 124,893 | 14,350 | 18,504 | 203,498 | ||||||||||||
Legal fees | 46,609 | 4,563 | 5,898 | 69,492 | ||||||||||||
Trustees fees | 12,974 | 1,450 | 2,145 | �� | 22,569 | |||||||||||
Miscellaneous Expense | 54 | 5 | 7 | 83 | ||||||||||||
Total Expenses | 1,311,174 | 143,431 | 131,860 | 1,671,361 | ||||||||||||
Expenses waived | (35,854 | ) | (3,138 | ) | (3,915 | ) | (25,935 | ) | ||||||||
Net Expenses | 1,275,320 | 140,293 | 127,945 | 1,645,426 | ||||||||||||
Net Investment Income | 1,723,701 | 110,139 | 364,690 | 5,777,992 | ||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Foreign Currency Translations and Payments from Affiliate | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (834,342 | ) | 514,437 | 89,385 | (2,457,618 | ) | ||||||||||
Futures contracts | 864,911 | (58,115 | ) | (35,565 | ) | (80,828 | ) | |||||||||
Futures commissions | (4,120 | ) | (754 | ) | (297 | ) | (2,051 | ) | ||||||||
Foreign currency translations | 2 | (439 | ) | (2 | ) | 5 | ||||||||||
Payments from affiliate | 19,123 | 1,987 | 678 | 1,058 | ||||||||||||
45,574 | 457,116 | 54,199 | (2,539,434 | ) | ||||||||||||
Net change in unrealized depreciation on: | ||||||||||||||||
Investments | (8,449,340 | ) | (2,433,537 | ) | (1,573,017 | ) | (24,997,951 | ) | ||||||||
Futures contracts | (99,025 | ) | (9,043 | ) | (15,075 | ) | (153,788 | ) | ||||||||
(8,548,365 | ) | (2,442,580 | ) | (1,588,092 | ) | (25,151,739 | ) | |||||||||
Net Realized and Unrealized Loss on Investments, Futures Contracts, Foreign Currency Translations and Payments From Affiliate | (8,502,791 | ) | (1,985,464 | ) | (1,533,893 | ) | (27,691,173 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (6,779,090 | ) | $ | (1,875,325 | ) | $ | (1,169,203 | ) | $ | (21,913,181 | ) | ||||
* | Foreign Taxes Withheld $468 |
** | Foreign Taxes Withheld $26 |
*** | Foreign Taxes Withheld $418 |
See accompanying notes to financial statements.
165
Global Atlantic Portfolios |
Statements of Operations (Continued) |
For the Year Ended December 31, 2018 |
Global Atlantic | Global Atlantic Goldman | Global Atlantic Goldman | Global Atlantic Goldman | |||||||||||||
BlackRock High | Sachs Core Fixed | Sachs Global Equity | Sachs Large Cap Growth | |||||||||||||
Yield Portfolio | Income Portfolio | Insights Portfolio | Insights Portfolio | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 1,433 | $ | — | $ | 651,054 | * | $ | 1,183,704 | |||||||
Interest income | 4,697,500 | 2,539,507 | 917 | 10,957 | ||||||||||||
Total Investment Income | 4,698,933 | 2,539,507 | 651,971 | 1,194,661 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 403,013 | 292,910 | 198,698 | 347,010 | ||||||||||||
Distribution fees (12b-1) - Class II Shares | 3,054 | — | 31,902 | 7,199 | ||||||||||||
Administrative service fees | 55,910 | 59,217 | 22,875 | 65,086 | ||||||||||||
Legal fees | 15,786 | 22,797 | 8,121 | 22,156 | ||||||||||||
Trustees fees | 8,957 | 6,091 | 2,060 | 6,924 | ||||||||||||
Custody fees | 16 | 2,888 | 547 | — | ||||||||||||
Miscellaneous Expense | 22 | 27 | 9 | 26 | ||||||||||||
Total Expenses | 486,758 | 383,930 | 264,212 | 448,401 | ||||||||||||
Expenses waived | (8,365 | ) | (9,926 | ) | (4,573 | ) | (9,822 | ) | ||||||||
Net Expenses | 478,393 | 374,004 | 259,639 | 438,579 | ||||||||||||
Net Investment Income | 4,220,540 | 2,165,503 | 392,332 | 756,082 | ||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Swap Contracts, Foreign Currency Translations, Forward Foreign Currency Contracts and Payments from Affiliate | ||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||
Investments | (1,815,310 | ) | (827,549 | ) | (515,979 | ) | 1,090,119 | |||||||||
Futures contracts | 82,704 | (360,638 | ) | — | 438 | |||||||||||
Futures commissions | (958 | ) | (11,393 | ) | — | — | ||||||||||
Payments from affiliate | — | 695 | 3,240 | 461 | ||||||||||||
Swap Contracts | — | 47,381 | — | — | ||||||||||||
Forward foreign currency contracts | — | 138,625 | — | — | ||||||||||||
Foreign currency translations | — | (216,220 | ) | (24,835 | ) | — | ||||||||||
(1,733,564 | ) | (1,229,099 | ) | (537,574 | ) | 1,091,018 | ||||||||||
Net change in unrealized depreciation on: | ||||||||||||||||
Investments | (5,856,633 | ) | (463,555 | ) | (3,308,265 | ) | (5,347,626 | ) | ||||||||
Futures contracts | (19,929 | ) | 191,546 | — | — | |||||||||||
Swap contracts | — | 71,560 | — | — | ||||||||||||
Forward foreign currency contracts | — | 14,511 | — | — | ||||||||||||
Foreign currency translations | — | (548 | ) | (3,415 | ) | — | ||||||||||
(5,876,562 | ) | (186,486 | ) | (3,311,680 | ) | (5,347,626 | ) | |||||||||
Net Realized and Unrealized Loss on Investments, Futures Contracts, Swap Contracts, Foreign Currency Translations, Forward Foreign Currency Contracts and Payments From Affiliate | (7,610,126 | ) | (1,415,585 | ) | (3,849,254 | ) | (4,256,608 | ) | ||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | (3,389,586 | ) | $ | 749,918 | $ | (3,456,922 | ) | $ | (3,500,526 | ) | |||||
* | Foreign Taxes Withheld $42,849. |
See accompanying notes to financial statements.
166
Global Atlantic Portfolios |
Statements of Operations (Continued) |
For the Year Ended December 31, 2018 |
Global Atlantic Goldman | ||||
Sachs Mid Cap Value | ||||
Insights Portfolio | ||||
Investment Income: | ||||
Dividend income | $ | 2,781,380 | * | |
Interest income | 18,563 | |||
Total Investment Income | 2,799,943 | |||
Expenses: | ||||
Investment advisory fees | 750,608 | |||
Distribution fees (12b-1) - Class II Shares | 188,780 | |||
Administrative service fees | 92,574 | |||
Legal fees | 34,684 | |||
Trustees fees | 9,580 | |||
Miscellaneous expense | 40 | |||
Total Expenses | 1,076,266 | |||
Expenses waived | (12,865 | ) | ||
Net Expenses | 1,063,401 | |||
Net Investment Income | 1,736,542 | |||
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Payments From Affiliate | ||||
Net Realized Gain (Loss) on: | ||||
Investments | 349,347 | |||
Futures contracts | (605,880 | ) | ||
Futures commissions | (1,458 | ) | ||
Payments from affiliate | 5,673 | |||
(252,318 | ) | |||
Net change in unrealized depreciation on: | ||||
Investments | (16,219,628 | ) | ||
(16,219,628 | ) | |||
Net Realized and Unrealized Loss on Investments, Futures Contracts and Payments from Affiliate | (16,471,946 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (14,735,404 | ) | |
* | Foreign Taxes Withheld $357. |
See accompanying notes to financial statements.
167
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic BlackRock | Global Atlantic BlackRock | |||||||||||||||
Allocation Portfolio | Disciplined Core Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 1,766,322 | $ | 492,081 | $ | 8,338,625 | $ | 626,358 | ||||||||
Net realized gain/(loss) on investments, futures contracts, forward foreign currency contracts, foreign currency translations and payments from affiliate | (488,644 | ) | (72,175 | ) | (4,103,445 | ) | 1,636,161 | |||||||||
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations | (5,623,615 | ) | 1,125,381 | (32,111,695 | ) | 8,963,755 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (4,345,937 | ) | 1,545,287 | (27,876,515 | ) | 11,226,274 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (361,277 | ) | — | (8,261,415 | ) | — | ||||||||||
Total distributions to shareholders | (361,277 | ) | — | (8,261,415 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class 1 | 4,710,096 | 75,524,306 | 275,178,625 | 311,998,253 | ||||||||||||
Class II | 8,539,942 | 9,050,156 | 5,280,712 | 36,742,558 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | 319,042 | — | 7,813,964 | — | ||||||||||||
Class 2 | 42,236 | — | 447,452 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class 1 | (12,957,720 | ) | (1,794,566 | ) | (78,346,434 | ) | (6,968,659 | ) | ||||||||
Class II | (2,903,952 | ) | (99,858 | ) | (7,914,091 | ) | (388,372 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (2,250,356 | ) | 82,680,038 | 202,460,228 | 341,383,780 | |||||||||||
Total increase (decrease) in net assets | (6,957,570 | ) | 84,225,325 | 166,322,298 | 352,610,054 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 84,225,325 | — | 352,610,054 | — | ||||||||||||
End of period *** | $ | 77,267,755 | $ | 84,225,325 | $ | 518,932,352 | $ | 352,610,054 | ||||||||
Share Activity: | ||||||||||||||||
Class 1 | ||||||||||||||||
Shares Sold | 458,954 | 7,557,486 | 26,048,710 | 31,127,893 | ||||||||||||
Shares Reinvested | 32,456 | — | 761,595 | — | ||||||||||||
Shares Redeemed | (1,270,339 | ) | (178,425 | ) | (7,300,038 | ) | (677,239 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (778,929 | ) | 7,379,061 | 19,510,267 | 30,450,654 | |||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 831,755 | 896,907 | 489,813 | 3,575,334 | ||||||||||||
Shares Reinvested | 4,301 | — | 43,654 | — | ||||||||||||
Shares Redeemed | (285,815 | ) | (9,879 | ) | (735,161 | ) | (37,533 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 550,241 | 887,028 | (201,694 | ) | 3,537,801 | |||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period include distribution in excess of net investment income of $410,263 and $626,325 as of December 31, 2017 for Global Atlantic BlackRock Allocation Portfolio and Global Atlantic BlackRock Disciplined Core Portfolio, respectively. |
See accompanying notes to financial statements.
168
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic BlackRock | Global Atlantic BlackRock Disciplined | |||||||||||||||
Disciplined Growth Portfolio | International Core Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 147,181 | $ | 35,461 | $ | 3,320,882 | $ | 182,389 | ||||||||
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and payments from affiliate | 427,787 | 143,379 | (6,606,793 | ) | 19,116 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts | (793,512 | ) | 467,228 | (21,191,740 | ) | 1,555,794 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (218,544 | ) | 646,068 | (24,477,651 | ) | 1,757,299 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (283,113 | ) | — | (3,135,099 | ) | — | ||||||||||
Total distributions to shareholders | (283,113 | ) | — | (3,135,099 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class I | — | — | 60,436,711 | 67,121,000 | ||||||||||||
Class II | 701,973 | 20,598,578 | 47,547,508 | 5,062,115 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | — | — | 2,260,346 | — | ||||||||||||
Class 2 | 283,113 | — | 874,754 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class I | — | — | (11,619,140 | ) | (1,676,131 | ) | ||||||||||
Class II | (5,210,960 | ) | (710,492 | ) | (4,308,815 | ) | (96,383 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (4,225,874 | ) | 19,888,086 | 95,191,364 | 70,410,601 | |||||||||||
Total increase (decrease) in net assets | (4,727,531 | ) | 20,534,154 | 67,578,614 | 72,167,900 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 20,534,154 | — | 72,167,900 | — | ||||||||||||
End of period *** | $ | 15,806,623 | $ | 20,534,154 | $ | 139,746,514 | $ | 72,167,900 | ||||||||
Share Activity: | ||||||||||||||||
Class I | ||||||||||||||||
Shares Sold | — | — | 5,956,019 | 6,744,358 | ||||||||||||
Shares Reinvested | — | — | 259,512 | — | ||||||||||||
Shares Redeemed | — | — | (1,184,435 | ) | (167,013 | ) | ||||||||||
Net increase in shares of beneficial interest outstanding | — | — | 5,031,096 | 6,577,345 | ||||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 63,002 | 2,059,777 | 4,680,473 | 509,672 | ||||||||||||
Shares Reinvested | 27,118 | — | 100,546 | — | ||||||||||||
Shares Redeemed | (475,123 | ) | (69,881 | ) | (445,806 | ) | (9,612 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (385,003 | ) | 1,989,896 | 4,335,213 | 500,060 | |||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period include distribution in excess of net investment income of $35,450 and $178,881 as of December 31, 2017 for Global Atlantic BlackRock Disciplined Growth Portfolio and Global Atlantic BlackRock Disciplined International Core Portfolio, respectively. |
See accompanying notes to financial statements.
169
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic BlackRock | Global Atlantic BlackRock | |||||||||||||||
Disciplined Mid Cap Growth Portfolio | Disciplined Small Cap Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 1,723,701 | $ | 100,714 | $ | 110,139 | $ | 17,274 | ||||||||
Net realized gain on investments, futures contracts, foreign currency translations and payments from affiliate | 45,574 | 466,926 | 457,116 | 61,623 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and futures contracts | (8,548,365 | ) | 2,320,693 | (2,442,580 | ) | 201,297 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (6,779,090 | ) | 2,888,333 | (1,875,325 | ) | 280,194 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (2,125,079 | ) | — | (104,521 | ) | — | ||||||||||
Total distributions to shareholders | (2,125,079 | ) | — | (104,521 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class I | 60,544,967 | 92,925,853 | 154,274 | 11,512,090 | ||||||||||||
Class II | 34,653,907 | 17,899,858 | 5,930,065 | 4,076,758 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | 1,648,223 | — | 65,101 | — | ||||||||||||
Class 2 | 476,857 | — | 39,420 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class I | (23,194,442 | ) | (2,095,171 | ) | (1,925,214 | ) | (307,907 | ) | ||||||||
Class II | (7,045,289 | ) | (360,826 | ) | (1,470,068 | ) | (29,198 | ) | ||||||||
Net increase in net assets from share transactions of beneficial interest | 67,084,223 | 108,369,714 | 2,793,578 | 15,251,743 | ||||||||||||
Total increase in net assets | 58,180,054 | 111,258,047 | 813,732 | 15,531,937 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 111,258,047 | — | 15,531,937 | — | ||||||||||||
End of period *** | $ | 169,438,101 | $ | 111,258,047 | $ | 16,345,669 | $ | 15,531,937 | ||||||||
Share Activity: | ||||||||||||||||
Class I | ||||||||||||||||
Shares Sold | 5,651,636 | 9,234,622 | 14,058 | 1,151,343 | ||||||||||||
Shares Reinvested | 160,177 | — | 6,523 | — | ||||||||||||
Shares Redeemed | (2,110,745 | ) | (203,901 | ) | (182,058 | ) | (30,514 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 3,701,068 | 9,030,721 | (161,477 | ) | 1,120,829 | |||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 3,246,172 | 1,755,442 | 556,716 | 401,660 | ||||||||||||
Shares Reinvested | 46,342 | — | 3,950 | — | ||||||||||||
Shares Redeemed | (641,559 | ) | (35,303 | ) | (138,711 | ) | (2,857 | ) | ||||||||
Net increase in shares of beneficial interest outstanding | 2,650,955 | 1,720,139 | 421,955 | 398,803 | ||||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period include distribution in excess of net investment income of $100,681 and $17,274 as of December 31, 2017 for Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio and Global Atlantic BlackRock Disciplined Small Cap Portfolio, respectively. |
See accompanying notes to financial statements.
170
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic BlackRock | Global Atlantic BlackRock | |||||||||||||||
Disciplined U.S. Core Portfolio | Disciplined Value Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 364,690 | $ | 63,301 | $ | 5,777,992 | $ | 665,532 | ||||||||
Net realized gain (loss) on investments, futures contracts, foreign currency translations and payments from affiliate | 54,199 | 198,528 | (2,539,434 | ) | 1,409,299 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and futures contracts | (1,588,092 | ) | 597,127 | (25,151,739 | ) | 8,899,933 | ||||||||||
Net increase(decrease) in net assets resulting from operations | (1,169,203 | ) | 858,956 | (21,913,181 | ) | 10,974,764 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (520,852 | ) | — | (6,273,213 | ) | — | ||||||||||
Total distributions to shareholders | (520,852 | ) | — | (6,273,213 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class I | 464,122 | 23,003,831 | 5,139,697 | 303,786,150 | ||||||||||||
Class II | 3,681,529 | 215,452 | 132,447 | 9,493,700 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | 450,406 | — | 6,102,375 | — | ||||||||||||
Class 2 | 70,446 | — | 170,839 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class I | (3,743,802 | ) | (741,936 | ) | (45,420,543 | ) | (5,035,843 | ) | ||||||||
Class II | (640,775 | ) | (168 | ) | (1,820,772 | ) | (34,570 | ) | ||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 281,926 | 22,477,179 | (35,695,957 | ) | 308,209,437 | |||||||||||
Total increase (decrease) in net assets | (1,408,129 | ) | 23,336,135 | (63,882,351 | ) | 319,184,201 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 23,336,135 | — | 319,184,201 | — | ||||||||||||
End of period *** | $ | 21,928,006 | $ | 23,336,135 | $ | 255,301,850 | $ | 319,184,201 | ||||||||
Share Activity: | ||||||||||||||||
Class I | ||||||||||||||||
Shares Sold | 43,680 | 2,295,486 | 488,141 | 30,144,599 | ||||||||||||
Shares Reinvested | 44,157 | — | 616,402 | — | ||||||||||||
Shares Redeemed | (347,902 | ) | (72,144 | ) | (4,342,073 | ) | (488,397 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (260,065 | ) | 2,223,342 | (3,237,530 | ) | 29,656,202 | ||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 340,460 | 21,015 | 12,505 | 916,694 | ||||||||||||
Shares Reinvested | 6,913 | — | 17,239 | — | ||||||||||||
Shares Redeemed | (61,079 | ) | (17 | ) | (181,213 | ) | (3,309 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 286,294 | 20,998 | (151,469 | ) | 913,385 | |||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period include distribution in excess of net investment income of $63,289 and $665,496 as of December 31, 2017 for Global Atlantic BlackRock Disciplined U.S. Core Portfolio and Global Atlantic BlackRock Disciplined Value Portfolio, respectively. |
See accompanying notes to financial statements.
171
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic BlackRock | Global Atlantic Goldman Sachs | |||||||||||||||
High Yield Portfolio | Core Fixed Income Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 4,220,540 | $ | 475,457 | $ | 2,165,503 | $ | 76,330 | ||||||||
Net realized loss on investments, futures contracts, swap contracts, payments from affiliate, foreign currency translations and forward foreign currency contracts | (1,733,564 | ) | (27,418 | ) | (1,229,099 | ) | (44,627 | ) | ||||||||
Net change in unrealized depreciation on investments, futures contracts, forward foreign currency contracts, foreign currency translations and swap contracts | (5,876,562 | ) | (481,717 | ) | (186,486 | ) | (74,969 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (3,389,586 | ) | (33,678 | ) | 749,918 | (43,266 | ) | |||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (483,027 | ) | — | (47,084 | ) | — | ||||||||||
Total distributions to shareholders | (483,027 | ) | — | (47,084 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class I | 8,510,950 | 87,802,702 | 71,228,815 | 35,878,977 | ||||||||||||
Class II | 43,566 | 1,456,499 | — | 10 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | 475,788 | — | 47,084 | — | ||||||||||||
Class 2 | 7,239 | — | — | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class I | (18,991,102 | ) | (4,692,905 | ) | (14,478,734 | ) | (576,163 | ) | ||||||||
Class II | (322,915 | ) | (57,598 | ) | — | — | ||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (10,276,474 | ) | 84,508,698 | 56,797,165 | 35,302,824 | |||||||||||
Total increase (decrease) in net assets | (14,149,087 | ) | 84,475,020 | 57,499,999 | 35,259,558 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 84,475,020 | — | 35,259,558 | — | ||||||||||||
End of period *** | $ | 70,325,933 | $ | 84,475,020 | $ | 92,759,557 | $ | 35,259,558 | ||||||||
Share Activity: | ||||||||||||||||
Class I | ||||||||||||||||
Shares Sold | 861,033 | 8,846,295 | 7,289,283 | 3,589,454 | ||||||||||||
Shares Reinvested | 48,649 | — | 4,829 | — | ||||||||||||
Shares Redeemed | (1,938,480 | ) | (474,650 | ) | (1,478,494 | ) | (57,724 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (1,028,798 | ) | 8,371,645 | 5,815,618 | 3,531,730 | |||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 4,390 | 147,418 | — | 1 | ||||||||||||
Shares Reinvested | 742 | — | — | — | ||||||||||||
Shares Redeemed | (32,950 | ) | (5,817 | ) | — | — | ||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (27,818 | ) | 141,601 | — | 1 | |||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period included distribution in excess of net investment income of $475,457 and $73,481 as of December 31, 2017 for Global Atlantic BlackRock High Yield Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio, respectively. |
See accompanying notes to financial statements.
172
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic Goldman Sachs | Global Atlantic Goldman Sachs | |||||||||||||||
Global Equity Insights Portfolio | Large Cap Growth Insights Portfolio | |||||||||||||||
Year ended | Period ended | Year ended | Period ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Increase/(Decrease) in Net Assets: | ||||||||||||||||
From Operations: | ||||||||||||||||
Net investment income | $ | 392,332 | $ | 36,615 | $ | 756,082 | $ | 181,650 | ||||||||
Net realized gain (loss) on investments, foreign currency translations, payments from affiliate and futures contracts | (537,574 | ) | 41,964 | 1,091,018 | 498,104 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (3,311,680 | ) | 554,824 | (5,347,626 | ) | 1,827,468 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (3,456,922 | ) | 633,403 | (3,500,526 | ) | 2,507,222 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total distributions paid ** | (406,910 | ) | — | (1,225,121 | ) | — | ||||||||||
Total distributions to shareholders | (406,910 | ) | — | (1,225,121 | ) | — | ||||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | ||||||||||||||||
Class I | 762,193 | 19,993,673 | 11,264,824 | 84,849,029 | ||||||||||||
Class II | 11,946,181 | 4,500,102 | 4,150,216 | 18,286 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Class 1 | 239,600 | — | 1,181,346 | — | ||||||||||||
Class 2 | 167,310 | — | 43,775 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class I | (3,663,162 | ) | (642,326 | ) | (15,403,543 | ) | (2,177,891 | ) | ||||||||
Class II | (2,600,439 | ) | (28,030 | ) | (522,157 | ) | (276 | ) | ||||||||
Net increase in net assets from share transactions of beneficial interest | 6,851,683 | 23,823,419 | 714,461 | 82,689,148 | ||||||||||||
Total increase (decrease) in net assets | 2,987,851 | 24,456,822 | (4,011,186 | ) | 85,196,370 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 24,456,822 | — | 85,196,370 | — | ||||||||||||
End of period *** | $ | 27,444,673 | $ | 24,456,822 | $ | 81,185,184 | $ | 85,196,370 | ||||||||
Share Activity: | ||||||||||||||||
Class I | ||||||||||||||||
Shares Sold | 71,956 | 1,999,307 | 1,025,070 | 8,484,786 | ||||||||||||
Shares Reinvested | 24,881 | — | 115,141 | — | ||||||||||||
Shares Redeemed | (354,007 | ) | (63,364 | ) | (1,423,308 | ) | (213,638 | ) | ||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (257,170 | ) | 1,935,943 | (283,097 | ) | 8,271,148 | ||||||||||
Share Activity: | ||||||||||||||||
Class II | ||||||||||||||||
Shares Sold | 1,129,288 | 444,520 | 376,728 | 1,829 | ||||||||||||
Shares Reinvested | 17,392 | — | 4,271 | — | ||||||||||||
Shares Redeemed | (251,916 | ) | (2,748 | ) | (48,588 | ) | (27 | ) | ||||||||
Net increase in shares of beneficial interest outstanding | 894,764 | 441,772 | 332,411 | 1,802 | ||||||||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period included distribution in excess of net investment income of $27,190 and $179,717 as of December 31, 2017 for Global Atlantic Goldman Sachs Global Equity Insights Portfolio and Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, respectively. |
See accompanying notes to financial statements.
173
Global Atlantic Portfolios |
Statements of Changes in Net Assets |
Global Atlantic Goldman Sachs | ||||||||
Mid Cap Value Insights Portfolio | ||||||||
Year ended | Period ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017* | |||||||
Increase/(Decrease) in Net Assets: | ||||||||
From Operations: | ||||||||
Net investment income | $ | 1,736,542 | $ | 200,949 | ||||
Net realized gain (loss) on investments, futures contracts and payments from affiliate | (252,318 | ) | 181,778 | |||||
Net change in unrealized appreciation (depreciation) on investments | (16,219,628 | ) | 1,425,432 | |||||
Net increase (decrease) in net assets resulting from operations | (14,735,404 | ) | 1,808,159 | |||||
From Distributions to Shareholders: | ||||||||
Total distributions paid ** | (1,157,852 | ) | — | |||||
Total distributions to shareholders | (1,157,852 | ) | — | |||||
From Shares of Beneficial Interest: | ||||||||
Proceeds from shares sold | ||||||||
Class I | 608,534 | 66,563,971 | ||||||
Class II | 79,279,639 | 13,478,826 | ||||||
Reinvestment of distributions | ||||||||
Class 1 | 516,181 | — | ||||||
Class 2 | 641,671 | — | ||||||
Cost of shares redeemed | ||||||||
Class I | (11,691,655 | ) | (1,157,852 | ) | ||||
Class II | (9,860,791 | ) | (129,466 | ) | ||||
Net increase in net assets from share transactions of beneficial interest | 59,493,579 | 78,755,479 | ||||||
Total increase in net assets | 43,600,323 | 80,563,638 | ||||||
Net Assets: | ||||||||
Beginning of period | 80,563,638 | — | ||||||
End of period *** | $ | 124,163,961 | $ | 80,563,638 | ||||
Share Activity: | ||||||||
Class I | ||||||||
Shares Sold | 58,962 | 6,534,241 | ||||||
Shares Reinvested | 53,380 | — | ||||||
Shares Redeemed | (1,130,804 | ) | (112,444 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (1,018,462 | ) | 6,421,797 | |||||
Share Activity: | ||||||||
Class II | ||||||||
Shares Sold | 7,862,414 | 1,315,623 | ||||||
Shares Reinvested | 66,494 | — | ||||||
Shares Redeemed | (950,389 | ) | (12,546 | ) | ||||
Net increase in shares of beneficial interest outstanding | 6,978,519 | 1,303,077 | ||||||
* | The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017. |
** | Distributions from net investment income and net realized capital gains are combined for the year ended December 31, 2018. See “New Accounting Pronouncements” in the Notes To Financial Statements for more information. No distributions were paid during the period ended December 31, 2017. |
*** | Net Assets - End of period included distribution in excess of net investment income of $179,651 as of December 31, 2017. |
See accompanying notes to financial statements.
174
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Allocation Portfolio |
Selected data based on a share outstanding throughout each period indicated.
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.19 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b,c) | 0.21 | 0.06 | ||||||
Net realized and unrealized gain (loss) on investments | (0.73 | ) | 0.13 | |||||
Total income (loss) from investment operations | (0.52 | ) | 0.19 | |||||
Less distributions from: | ||||||||
Net investment income | (0.05 | ) | — | |||||
Net realized gain | (0.00 | ) (j) | — | |||||
Total distributions from net investment income and net realized gains | (0.05 | ) | — | |||||
Net asset value, end of period | $ | 9.62 | $ | 10.19 | ||||
Total return (d, i) | (5.14 | )% | 1.90 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 63,462 | $ | 75,191 | (g) | |||
Ratio of net expenses to average net assets (e) | 0.31 | % | 0.31 | % (g) | ||||
Ratio of gross expenses to average net assets (e,f,) | 0.32 | % | 0.32 | % (g) | ||||
Ratio of net investment income to average net assets (c,e) | 2.06 | % | 4.15 | % (g) | ||||
Portfolio turnover rate | 54 | % | 2 | % (h) | ||||
(a) | Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(e) | Does not include the expenses of the investment companies in which the Portfolio invests. |
(f) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(g) | Annualized. |
(h) | Not annualized. |
(i) | 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. |
(j) | Less than $0.005 per share |
See accompanying notes to financial statements.
175
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Allocation Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.18 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b,c) | 0.20 | 0.14 | ||||||
Net realized and unrealized gain (loss) on investments | (0.74 | ) | 0.04 | |||||
Total income (loss) from investment operations | (0.54 | ) | 0.18 | |||||
Less distributions from: | ||||||||
Net investment income | (0.03 | ) | — | |||||
Net realized gain | (0.00 | ) (j) | — | |||||
Total distributions from net investment income and net realized gains | (0.03 | ) | — | |||||
Net asset value, end of period | $ | 9.61 | $ | 10.18 | ||||
Total return (d, i) | (5.33 | )% | 1.80 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 13,806 | $ | 9,034 | (g) | |||
Ratio of net expenses to average net assets (e) | 0.56 | % | 0.56 | % (g) | ||||
Ratio of gross expenses to average net assets (e,f,) | 0.57 | % | 0.56 | % (g) | ||||
Ratio of net investment income to average net assets (c,e) | 1.99 | % | 9.11 | % (g) | ||||
Portfolio turnover rate | 54 | % | 2 | % (h) | ||||
(a) | Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(e) | Does not include the expenses of the investment companies in which the Portfolio invests. |
(f) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(g) | Annualized. |
(h) | Not annualized. |
(i) | 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. |
(j) | Less than $0.005 per share |
See accompanying notes to financial statements.
176
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.38 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.16 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (0.64 | ) | 0.35 | |||||
Total income (loss) from investment operations | (0.48 | ) | 0.38 | |||||
Less distributions from: | ||||||||
Net investment income | (0.12 | ) | — | |||||
Net realized gain | (0.04 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.16 | ) | — | |||||
Net asset value, end of period | $ | 9.74 | $ | 10.38 | ||||
Total return (c,g) | (4.75 | )% | 3.80 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 486,491 | $ | 315,936 | ||||
Ratio of net expenses to average net assets | 0.48 | % | 0.48 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.49 | % | 0.48 | % (d) | ||||
Ratio of net investment income to average net assets | 1.51 | % | 1.67 | % (d) | ||||
Portfolio turnover rate | 156 | % | 18 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
177
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.37 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.13 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (0.65 | ) | 0.35 | |||||
Total income (loss) from investment operations | (0.52 | ) | 0.37 | |||||
Less distributions from: | ||||||||
Net investment income | (0.09 | ) | — | |||||
Net realized gain | (0.04 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.13 | ) | — | |||||
Net asset value, end of period | $ | 9.72 | $ | 10.37 | ||||
Total return (c,g) | (5.06 | )% | 3.70 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 32,442 | $ | 36,674 | ||||
Ratio of net expenses to average net assets | 0.73 | % | 0.72 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.74 | % | 0.72 | % (d) | ||||
Ratio of net investment income to average net assets | 1.24 | % | 1.00 | % (d) | ||||
Portfolio turnover rate | 156 | % | 18 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
178
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Growth Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.32 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.08 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (0.38 | ) | 0.30 | |||||
Total income (loss) from investment operations | (0.30 | ) | 0.32 | |||||
Less distributions from: | ||||||||
Net investment income | (0.08 | ) | — | |||||
Net realized gain | (0.09 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.17 | ) | — | |||||
Net asset value, end of period | 9.85 | 10.32 | ||||||
Total return (c) | (2.98 | )% | 3.20 | % (g) | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 15,807 | $ | 20,534 | ||||
Ratio of net expenses to average net assets | 0.79 | % | 0.79 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.81 | % | 0.80 | % (d) | ||||
Ratio of net investment income to average net assets | 0.75 | % | 1.14 | % (d) | ||||
Portfolio turnover rate | 156 | % | 23 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | 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. |
See accompanying notes to financial statements.
179
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined International Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.20 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b,c) | 0.23 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (1.74 | ) | 0.17 | |||||
Total income (loss) from investment operations | (1.51 | ) | 0.20 | |||||
Less distributions from: | ||||||||
Net investment income | (0.19 | ) | — | |||||
Net realized gain | 0.00 | — | ||||||
Total distributions from net investment income and net realized gains | (0.19 | ) | — | |||||
Net asset value, end of period | $ | 8.50 | $ | 10.20 | ||||
Total return (d) | (14.80 | )% (j) | 2.00 | % (i) | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 98,694 | $ | 67,071 | ||||
Ratio of net expenses to average net assets (e) | 0.69 | % | 0.69 | % (g) | ||||
Ratio of gross expenses to average net assets (e,f) | 0.70 | % | 0.69 | % (g) | ||||
Ratio of net investment income to average net assets (c,e) | 2.30 | % | 1.99 | % (g) | ||||
Portfolio turnover rate | 67 | % | 4 | % (h) | ||||
(a) | Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(e) | Does not include the expenses of the investment companies in which the Portfolio invests. |
(f) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(g) | Annualized. |
(h) | Not annualized. |
(i) | For the period ended December 31, 2017, 0.13% of the Portfolio’s total return consisted of a reimbursement from an affiliate. Excluding this item, total return would have been 1.87%. |
(j) | For the year ended December 31, 2018, 0.10% of the Portfolio’s total return consisted of a reimbursement from an affiliate. Excluding this item, total return would have been (14.90)%. |
See accompanying notes to financial statements.
180
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined International Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.19 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b,c) | 0.22 | 0.05 | ||||||
Net realized and unrealized gain (loss) on investments | (1.74 | ) | 0.14 | |||||
Total income (loss) from investment operations | (1.52 | ) | 0.19 | |||||
Less distributions from: | ||||||||
Net investment income | (0.18 | ) | — | |||||
Net realized gain | 0.00 | — | ||||||
Total distributions from net investment income and net realized gains | (0.18 | ) | $ | — | ||||
Net asset value, end of period | $ | 8.49 | $ | 10.19 | ||||
Total return (d) | (14.95 | )% (j) | 1.90 | % (i) | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 41,052 | $ | 5,097 | ||||
Ratio of net expenses to average net assets (e) | 0.94 | % | 0.93 | % (g) | ||||
Ratio of gross expenses to average net assets (e,f) | 0.95 | % | 0.93 | % (g) | ||||
Ratio of net investment income to average net assets (c,e) | 2.23 | % | 3.34 | % (g) | ||||
Portfolio turnover rate | 67 | % | 4 | % (h) | ||||
(a) | Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(e) | Does not include the expenses of the investment companies in which the Portfolio invests. |
(f) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(g) | Annualized. |
(h) | Not annualized. |
(i) | For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return. |
(j) | For the year ended December 31, 2018, 0.10% of the Portfolio’s total return consisted of a reimbursement from an affiliate. Excluding this item, total return would have been (15.05)%. |
See accompanying notes to financial statements.
181
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.35 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.11 | 0.01 | ||||||
Net realized and unrealized gain (loss) on investments | (0.43 | ) | 0.34 | |||||
Total income (loss) from investment operations | (0.32 | ) | 0.35 | |||||
Less distributions from: | ||||||||
Net investment income | (0.09 | ) | — | |||||
Net realized gain | (0.03 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.12 | ) | $ | — | ||||
Net asset value, end of period | $ | 9.91 | $ | 10.35 | ||||
Total return (c,g) | (3.07 | )% | 3.50 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 126,149 | $ | 93,457 | ||||
Ratio of net expenses to average net assets | 0.63 | % | 0.63 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.65 | % | 0.64 | % (d) | ||||
Ratio of net investment income to average net assets | 0.99 | % | 0.79 | % (d) | ||||
Portfolio turnover rate | 168 | % | 26 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
182
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.35 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.08 | 0.01 | ||||||
Net realized and unrealized gain (loss) on investments | (0.43 | ) | 0.34 | |||||
Total income (loss) from investment operations | (0.35 | ) | 0.35 | |||||
Less distributions from: | ||||||||
Net investment income | (0.07 | ) | — | |||||
Net realized gain | (0.03 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.10 | ) | $ | — | ||||
Net asset value, end of period | $ | 9.90 | $ | 10.35 | ||||
Total return (c,g) | (3.35 | )% | 3.50 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 43,290 | $ | 17,801 | ||||
Ratio of net expenses to average net assets | 0.88 | % | 0.88 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.90 | % | 0.89 | % (d) | ||||
Ratio of net investment income to average net assets | 0.77 | % | 0.41 | % (d) | ||||
Portfolio turnover rate | 168 | % | 26 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
183
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Small Cap Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.22 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.07 | 0.01 | ||||||
Net realized and unrealized gain (loss) on investments | (1.04 | ) | 0.21 | |||||
Total income from investment operations | (0.97 | ) | 0.22 | |||||
Less distributions from: | ||||||||
Net investment income | (0.03 | ) | — | |||||
Net realized gain | (0.03 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.06 | ) | $ | — | ||||
Net asset value, end of period | $ | 9.19 | $ | 10.22 | ||||
Total return (c,g) | (9.49 | )% | 2.20 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 8,813 | $ | 11,457 | ||||
Ratio of net expenses to average net assets | 0.63 | % | 0.63 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.65 | % | 0.64 | % (d) | ||||
Ratio of net investment income to average net assets | 0.67 | % | 0.89 | % (d) | ||||
Portfolio turnover rate | 40 | % | 15 | % (f) | ||||
(a) | Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
184
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Small Cap Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.22 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.05 | 0.01 | ||||||
Net realized and unrealized gain (loss) on investments | (1.05 | ) | 0.21 | |||||
Total income (loss) from investment operations | (1.00 | ) | 0.22 | |||||
Less distributions from: | ||||||||
Net investment income | (0.01 | ) | — | |||||
Net realized gain | (0.03 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.04 | ) | $ | — | ||||
Net asset value, end of period | $ | 9.18 | $ | 10.22 | ||||
Total return (c,g) | (9.75 | )% | 2.20 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 7,533 | $ | 4,075 | ||||
Ratio of net expenses to average net assets | 0.88 | % | 0.87 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.90 | % | 0.87 | % (d) | ||||
Ratio of net investment income to average net assets | 0.44 | % | 0.75 | % (d) | ||||
Portfolio turnover rate | 40 | % | 15 | % (f) |
(a) | Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
185
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined U.S. Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.40 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.16 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (0.67 | ) | 0.37 | |||||
Total income (loss) from investment operations | (0.51 | ) | 0.40 | |||||
Less distributions from: | ||||||||
Net investment income | (0.14 | ) | — | |||||
Net realized gain | (0.09 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.23 | ) | — | |||||
Net asset value, end of period | $ | 9.66 | $ | 10.40 | ||||
Total return (c,g) | (5.03 | )% | 4.00 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 18,963 | $ | 23,118 | ||||
Ratio of net expenses to average net assets | 0.48 | % | 0.48 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.50 | % | 0.49 | % (d) | ||||
Ratio of net investment income to average net assets | 1.48 | % | 1.88 | % (d) | ||||
Portfolio turnover rate | 172 | % | 24 | % (f) |
(a) | Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
186
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined U.S. Core Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.39 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.14 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (0.67 | ) | 0.37 | |||||
Total income (loss) from investment operations | (0.53 | ) | 0.39 | |||||
Less distributions from: | ||||||||
Net investment income | (0.12 | ) | — | |||||
Net realized gain | (0.09 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.21 | ) | $ | — | ||||
Net asset value, end of period | $ | 9.65 | $ | 10.39 | ||||
Total return (c,g) | (5.17 | )% | 3.90 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 2,965 | $ | 218 | ||||
Ratio of net expenses to average net assets | 0.73 | % | 0.72 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.75 | % | 0.72 | % (d) | ||||
Ratio of net investment income to average net assets | 1.25 | % | 0.98 | % (d) | ||||
Portfolio turnover rate | 172 | % | 24 | % (f) |
(a) | Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
187
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Value Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class I Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.44 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.20 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (1.02 | ) | 0.41 | |||||
Total income (loss) from investment operations | (0.82 | ) | 0.44 | |||||
Less distributions from: | ||||||||
Net investment income | (0.16 | ) | — | |||||
Net realized gain | (0.07 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.23 | ) | — | |||||
Net asset value, end of period | $ | 9.39 | $ | 10.44 | ||||
Total return (c,g) | (7.97 | )% | 4.40 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 248,141 | $ | 309,640 | ||||
Ratio of net expenses to average net assets | 0.54 | % | 0.54 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.55 | % | 0.54 | % (d) | ||||
Ratio of net investment income to average net assets | 1.93 | % | 1.99 | % (d) | ||||
Portfolio turnover rate | 140 | % | 17 | % (f) |
(a) | Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. 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 |
(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 of less than one year are not annualized. Total returns would have been lower absent fees waived by the adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
188
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock Disciplined Value Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class II Shares | ||||||||
Year ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.45 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.18 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (1.02 | ) | 0.43 | |||||
Total income (loss) from investment operations | (0.84 | ) | 0.45 | |||||
Less distributions from: | ||||||||
Net investment income | (0.14 | ) | — | |||||
Net realized gain | (0.07 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.21 | ) | — | |||||
Net asset value, end of period | $ | 9.40 | $ | 10.45 | ||||
Total return (c,g) | (8.16 | )% | 4.50 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 7,160 | $ | 9,545 | ||||
Ratio of net expenses to average net assets | 0.79 | % | 0.78 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.80 | % | 0.78 | % (d) | ||||
Ratio of net investment income to average net assets | 1.68 | % | 1.34 | % (d) | ||||
Portfolio turnover rate | 140 | % | 17 | % (f) |
(a) | Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. 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 |
(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 of less than one year are not annualized. Total returns would have been lower absent fees waived by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
189
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock High Yield Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class I Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 9.92 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.52 | 0.07 | ||||||
Net realized and unrealized loss on investments | (0.95 | ) | (0.15 | ) | ||||
Total loss from investment operations | (0.43 | ) | (0.08 | ) | ||||
Less distributions from: | ||||||||
Net investment income | (0.06 | ) | ||||||
Net realized gain | — | |||||||
Total distributions from net investment income and net realized gains | (0.06 | ) | ||||||
Net asset value, end of period | $ | 9.43 | $ | 9.92 | ||||
Total return (c) | (4.32 | )% | (0.80 | )% (g) | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 69,255 | $ | 83,070 | ||||
Ratio of net expenses to average net assets | 0.59 | % | 0.59 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.60 | % | 0.59 | % (d) | ||||
Ratio of net investment income to average net assets | 5.24 | % | 4.54 | % (d) | ||||
Portfolio turnover rate | 36 | % | 3 | % (f) |
(a) | Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
190
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic BlackRock High Yield Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class II Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 9.92 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.49 | 0.07 | ||||||
Net realized and unrealized loss on investments | (0.94 | ) | (0.15 | ) | ||||
Total loss from investment operations | (0.45 | ) | (0.08 | ) | ||||
Less distributions from: | ||||||||
Net investment income | (0.06 | ) | ||||||
Net realized gain | — | |||||||
Total distributions from net investment income and net realized gains | (0.06 | ) | ||||||
Net asset value, end of period | $ | 9.41 | $ | 9.92 | ||||
Total return (c) | (4.56 | )% | (0.80 | )% (g) | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 1,071 | $ | 1,405 | ||||
Ratio of net expenses to average net assets | 0.84 | % | 0.83 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.85 | % | 0.83 | % (d) | ||||
Ratio of net investment income to average net assets () | 4.99 | % | 4.31 | % (d) | ||||
Portfolio turnover rate | 36 | % | 3 | % (f) |
(a) | Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
191
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class I Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 9.98 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.25 | 0.03 | ||||||
Net realized and unrealized loss on investments | (0.31 | ) | (0.05 | ) | ||||
Total loss from investment operations | (0.06 | ) | (0.02 | ) | ||||
Less distributions from: | ||||||||
Net investment income | (0.00 | ) (h) | — | |||||
Total distributions from net investment income and net realized gains | (0.00 | ) | — | |||||
Net asset value, end of period | $ | 9.92 | $ | 9.98 | ||||
Total return (c,g) | (0.55 | )% | (0.20 | )% | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 92,760 | $ | 35,260 | ||||
Ratio of net expenses to average net assets | 0.43 | % | 0.43 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.44 | % | 0.44 | % (d) | ||||
Ratio of net investment income to average net assets | 2.51 | % | 1.64 | % (d) | ||||
Portfolio turnover rate | 248 | %(i) | 69 | % (f) |
(a) | Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return. |
(h) | Represents less than $0.005 per share. |
(i) | The portfolio turnover rate excludes mortgage dollar roll transactions for the year ended December 31, 2018. If these were included in the calculation, the portfolio turnover would be 486%. See Note 3 in the accompanying notes to financial statements. |
See accompanying notes to financial statements.
192
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class II Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 9.98 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net realized and unrealized loss on investments | (0.06 | ) | (0.02 | ) | ||||
Total loss from investment operations | (0.06 | ) | (0.02 | ) | ||||
Less distributions from: | ||||||||
Net investment income | (0.00 | ) (h) | — | |||||
Net asset value, end of period | $ | 9.92 | $ | 9.98 | ||||
Total return (b,g) | (0.60 | )% | (0.20 | )% | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) (f) | $ | 10 | $ | 10 | ||||
Ratio of net expenses to average net assets (d) | 0.68 | % | 0.68 | % (c) | ||||
Ratio of gross expenses to average net assets | 0.68 | % | 0.68 | % (c) | ||||
Ratio of net investment income to average net assets | 0.00 | % | 0.00 | % (c) | ||||
Portfolio turnover rate | 248 | % (i) | 69 | % (e) |
(a) | Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017. |
(b) | 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(c) | Annualized. |
(d) | Represents the ratio of expenses to average net assets per the April 27, 2018 prospectus and does not represent the operating expense for the period. |
(e) | Not annualized. |
(f) | Represents actual net assets. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return. |
(h) | Represents less than $0.005 per share. |
(i) | The portfolio turnover rate excludes mortgage dollar roll transactions for the year ended December 31, 2018. If these were included in the calculation, the portfolio turnover would be 486%. See Note 3 in the accompanying notes to financial statements. |
See accompanying notes to financial statements.
193
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.29 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.14 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (1.18 | ) | 0.27 | |||||
Total income (loss) from investment operations | (1.04 | ) | 0.29 | |||||
Less distributions from: | ||||||||
Net investment income | (0.12 | ) | — | |||||
Net realized gain | (0.02 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.14 | ) | — | |||||
Net asset value, end of period | $ | 9.11 | $ | 10.29 | ||||
Total return (c,g) | (10.20 | )% | 2.90 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 15,290 | $ | 19,915 | ||||
Ratio of net expenses to average net assets | 0.72 | % | 0.72 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.74 | % | 0.73 | % (d) | ||||
Ratio of net investment income to average net assets | 1.32 | % | 1.15 | % (d) | ||||
Portfolio turnover rate | 138 | % | 11 | % (f) |
(a) | Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
194
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Global Equity Insights Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class II Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.28 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.12 | 0.01 | ||||||
Net realized and unrealized gain (loss) on investments | (1.19 | ) | 0.27 | |||||
Total income (loss) from investment operations | (1.07 | ) | 0.28 | |||||
Less distributions from: | ||||||||
Net investment income | (0.10 | ) | — | |||||
Net realized gain | (0.02 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.12 | ) | — | |||||
Net asset value, end of period | $ | 9.09 | $ | 10.28 | ||||
Total return (c,g) | (10.47 | )% | 2.80 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 12,154 | $ | 4,542 | ||||
Ratio of net expenses to average net assets | 0.97 | % | 0.96 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.99 | % | 0.96 | % (d) | ||||
Ratio of net investment income to average net assets | 1.12 | % | 0.74 | % (d) | ||||
Portfolio turnover rate | 138 | % | 11 | % (f) |
(a) | Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
195
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
Selected data based on a share outstanding throughout each period indicated. |
Class I Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.30 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.09 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (0.48 | ) | 0.28 | |||||
Total income (loss) from investment operations | (0.39 | ) | 0.30 | |||||
Less distributions from: | ||||||||
Net investment income | (0.09 | ) | — | |||||
Net realized gain | (0.06 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.15 | ) | — | |||||
Net asset value, end of period | $ | 9.76 | $ | 10.30 | ||||
Total return (c,g) | (3.89 | )% | 3.00 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 77,930 | $ | 85,178 | ||||
Ratio of net expenses to average net assets | 0.46 | % | 0.46 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.47 | % | 0.47 | % (d) | ||||
Ratio of net investment income to average net assets | 0.81 | % | 1.41 | % (d) | ||||
Portfolio turnover rate | 192 | % | 21 | % (f) |
(a) | Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
196
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class II Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.29 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.06 | 0.02 | ||||||
Net realized and unrealized gain (loss) on investments | (0.48 | ) | 0.27 | |||||
Total income (loss) from investment operations | (0.42 | ) | 0.29 | |||||
Less distributions from: | ||||||||
Net investment income | (0.07 | ) | — | |||||
Net realized gain | (0.06 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.13 | ) | — | |||||
Net asset value, end of period | $ | 9.74 | $ | 10.29 | ||||
Total return (c,g) | (4.13 | )% | 2.90 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 3,255 | $ | 19 | ||||
Ratio of net expenses to average net assets | 0.71 | % | 0.71 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.72 | % | 0.72 | % (d) | ||||
Ratio of net investment income to average net assets | 0.57 | % | 1.16 | % (d) | ||||
Portfolio turnover rate | 192 | % | 21 | % (f) |
(a) | Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
197
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class I Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.43 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.14 | 0.04 | ||||||
Net realized and unrealized gain (loss) on investments | (1.39 | ) | 0.39 | |||||
Total income (loss) from investment operations | (1.25 | ) | 0.43 | |||||
Less distributions from: | ||||||||
Net investment income | (0.08 | ) | — | |||||
Net realized gain | (0.02 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.10 | ) | — | |||||
Net asset value, end of period | $ | 9.08 | $ | 10.43 | ||||
Total return (c,g) | (12.10 | )% | 4.30 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 49,080 | $ | 66,982 | ||||
Ratio of net expenses to average net assets | 0.64 | % | 0.64 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.65 | % | 0.64 | % (d) | ||||
Ratio of net investment income to average net assets | 1.33 | % | 2.56 | % (d) | ||||
Portfolio turnover rate | 205 | % | 12 | % (f) |
(a) | Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
198
Global Atlantic Portfolios |
Financial Highlights |
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio |
Selected data based on a share outstanding throughout the period indicated. |
Class II Shares | ||||||||
Year Ended | Period Ended | |||||||
December 31, | December 31, | |||||||
2018 | 2017 (a) | |||||||
Net asset value, beginning of period | $ | 10.42 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (b) | 0.13 | 0.04 | ||||||
Net realized and unrealized gain (loss) on investments | (1.40 | ) | 0.38 | |||||
Total income (loss) from investment operations | (1.27 | ) | 0.42 | |||||
Less distributions from: | ||||||||
Net investment income | (0.06 | ) | — | |||||
Net realized gain | (0.02 | ) | — | |||||
Total distributions from net investment income and net realized gains | (0.08 | ) | — | |||||
Net asset value, end of period | $ | 9.07 | $ | 10.42 | ||||
Total return (c,g) | (12.26 | )% | 4.20 | % | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in 000’s) | $ | 75,084 | $ | 13,581 | ||||
Ratio of net expenses to average net assets | 0.89 | % | 0.88 | % (d) | ||||
Ratio of gross expenses to average net assets (e) | 0.90 | % | 0.88 | % (d) | ||||
Ratio of net investment income to average net assets | 1.22 | % | 2.69 | % (d) | ||||
Portfolio turnover rate | 205 | % | 12 | % (f) |
(a) | Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser. |
(d) | Annualized. |
(e) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
(f) | Not annualized. |
(g) | For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return. |
See accompanying notes to financial statements.
199
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
1. | ORGANIZATION |
The Global Atlantic Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are comprised of twenty-five 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.
Portfolio Name | 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 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. 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.
200
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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 (“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. 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. Investments in open-end investment companies are valued at net asset value, as discussed in more detail below.
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 values as reported by such investment company. 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 exchange-traded funds (“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 temporarily 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 Securities – The Portfolios may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the valuation procedures approved by the Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Global Atlantic Investment Advisors, LLC (the “Adviser”) and/or Sub-Adviser. The Fair Value Committee may also include the Trust’s Chief Compliance Officer and may enlist third party consultants or advisers (such as an accounting firm or fair value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The Board reviews and approves the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.
201
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Fair Value Committee and Valuation Process – The Fair Value Committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Adviser and/or Sub-Adviser. 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 the following factors: (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. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 –Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolio has the ability to access.
Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolio’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
202
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2018 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 | $ | 77,328,380 | $ | — | $ | — | $ | 77,328,380 | ||||||||
Short-Term Investment | 86,313 | — | — | 86,313 | ||||||||||||
Total | $ | 77,414,693 | $ | — | $ | — | $ | 77,414,693 | ||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 509,898,522 | $ | — | $ | — | $ | 509,898,522 | ||||||||
Short-Term Investment | 8,277,840 | — | — | 8,277,840 | ||||||||||||
Total | $ | 518,176,362 | $ | — | $ | — | $ | 518,176,362 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contract * | $ | 196,158 | $ | — | $ | — | $ | 196,158 | ||||||||
Total | $ | 196,158 | $ | — | $ | — | $ | 196,158 | ||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 15,469,162 | $ | — | $ | — | $ | 15,469,162 | ||||||||
Short-Term Investment | 328,974 | — | — | 328,974 | ||||||||||||
Futures Contract * | 1,682 | — | — | 1,682 | ||||||||||||
Total | $ | 15,799,818 | $ | — | $ | — | $ | 15,799,818 | ||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 126,932,940 | $ | — | $ | — | $ | 126,932,940 | ||||||||
Exchange Traded Funds | 8,558,452 | — | — | 8,558,452 | ||||||||||||
Short-Term Investment | 36,829 | — | — | 36,829 | ||||||||||||
Total | $ | 135,528,221 | $ | — | $ | — | $ | 135,528,221 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 106,955 | $ | — | $ | — | $ | 106,955 | ||||||||
Forward Foreign Exchange Contracts | — | 120 | — | 120 | ||||||||||||
Total | $ | 106,955 | $ | 120 | $ | — | $ | 107,075 | ||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 166,594,134 | $ | — | $ | — | $ | 166,594,134 | ||||||||
Short-Term Investment | 2,610,777 | — | — | 2,610,777 | ||||||||||||
Total | $ | 169,204,911 | $ | — | $ | — | $ | 169,204,911 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | $ | 86,945 | $ | — | $ | — | $ | 86,945 | ||||||||
Total | $ | 86,945 | $ | — | $ | — | $ | 86,945 |
203
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Global Atlantic BlackRock Disciplined Small Cap Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 15,951,816 | $ | — | $ | — | $ | 15,951,816 | ||||||||
Short-Term Investment | 392,228 | — | — | 392,228 | ||||||||||||
Total | $ | 16,344,044 | $ | — | $ | — | $ | 16,344,044 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contract * | $ | 9,801 | $ | — | $ | — | $ | 9,801 | ||||||||
Total | $ | 9,801 | $ | — | $ | — | $ | 9,801 | ||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 21,519,682 | $ | — | $ | — | $ | 21,519,682 | ||||||||
Short-Term Investment | 395,602 | — | — | 395,602 | ||||||||||||
Total | $ | 21,915,284 | $ | — | $ | — | $ | 21,915,284 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 15,022 | $ | — | $ | — | $ | 15,022 | ||||||||
Total | $ | 15,022 | $ | — | $ | — | $ | 15,022 | ||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 250,731,515 | $ | — | $ | — | $ | 250,731,515 | ||||||||
Short-Term Investment | 3,888,739 | — | — | 3,888,739 | ||||||||||||
Total | $ | 254,620,254 | $ | — | $ | — | $ | 254,620,254 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 106,752 | $ | — | $ | — | $ | 106,752 | ||||||||
Total | $ | 106,752 | $ | — | $ | — | $ | 106,752 | ||||||||
Global Atlantic BlackRock High Yield Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds & Notes | $ | — | $ | 68,981,653 | $ | — | $ | 68,981,653 | ||||||||
Short-Term Investment | 232,331 | — | — | 232,331 | ||||||||||||
Total | $ | 232,331 | $ | 68,981,653 | $ | — | $ | 69,213,984 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 3,384 | $ | — | $ | — | $ | 3,384 | ||||||||
Total | $ | 3,384 | $ | — | $ | — | $ | 3,384 |
204
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Backed Securities | $ | — | $ | 7,574,011 | $ | — | $ | 7,574,011 | ||||||||
Corporate Bonds & Notes | — | 36,760,174 | — | 36,760,174 | ||||||||||||
Municipal Bonds | — | 598,853 | — | 598,853 | ||||||||||||
Mortgage Backed Securities | — | 25,625,705 | — | 25,625,705 | ||||||||||||
U.S. Treasury Securities | — | 20,271,418 | — | 20,271,418 | ||||||||||||
Short-Term Investments | 13,521,964 | 1,932,877 | — | 15,454,841 | ||||||||||||
Futures Contracts * | 174,617 | — | — | 174,617 | ||||||||||||
Swap Contracts | — | 71,560 | — | 71,560 | ||||||||||||
Total | $ | 13,696,581 | $ | 92,834,598 | $ | — | $ | 106,531,179 | ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forward Foreign Exchange Contracts * | $ | — | $ | 12,303 | $ | — | $ | 12,303 | ||||||||
Total | $ | — | $ | 12,303 | $ | — | $ | 12,303 | ||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 27,402,436 | $ | — | $ | — | $ | 27,402,436 | ||||||||
Short-Term Investment | 7,087 | — | — | 7,087 | ||||||||||||
Total | $ | 27,409,523 | $ | — | $ | — | $ | 27,409,523 | ||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 81,282,655 | $ | — | $ | — | $ | 81,282,655 | ||||||||
Short-Term Investment | 20,700 | — | — | 20,700 | ||||||||||||
Total | $ | 81,303,355 | $ | — | $ | — | $ | 81,303,355 | ||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 123,546,607 | $ | — | $ | — | $ | 123,546,607 | ||||||||
Short-Term Investment | 533,909 | — | — | 533,909 | ||||||||||||
Total | $ | 124,080,516 | $ | — | $ | — | $ | 124,080,516 |
* | Cumulative net appreciation/(depreciation) on futures contracts and forward foreign exchange contracts is reported in the above table. |
The Portfolios did not hold any Level 3 securities during the period.
There were no transfers between levels for any Portfolio. It is the Portfolios’ policy to record transfers between levels at the end of the reporting 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.
205
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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 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.
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 on returns filed for the open tax year December 31, 2017, or expected to be taken in each Portfolio’s December 31, 2018 tax returns. 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 exchange 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 the Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.
For the year ended December 31, 2018, 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:
Change in Unrealized | ||||||||
Appreciation/ | ||||||||
Realized Gain/(Loss) | Depreciation | |||||||
Global Atlantic BlackRock Allocation Portfolio | $ | (249,954 | ) | $ | 67,076 | |||
Global Atlantic BlackRock Disciplined International Core Portfolio | 171,649 | (120 | ) | |||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 138,625 | 14,511 |
206
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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 year ended December 31, 2018, realized gains/(losses) and the change in unrealized appreciation (depreciation) on futures contracts, as disclosed in the Statements of Operations, is as follows:
Change in | ||||||||||
Unrealized | ||||||||||
Appreciation/ | ||||||||||
Risk Type | Realized Gain/(Loss) | (Depreciation) | ||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | Equity | $ | 2,028,327 | $ | (223,173 | ) | ||||
Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | (18,646 | ) | 682 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | (292,932 | ) | (112,589 | ) | |||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | 864,911 | (99,025 | ) | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | Equity | (58,115 | ) | (9,043 | ) | |||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | Equity | (35,565 | ) | (15,075 | ) | |||||
Global Atlantic BlackRock Disciplined Value Portfolio | Equity | (80,828 | ) | (153,788 | ) | |||||
Global Atlantic BlackRock High Yield Portfolio | Interest Rate | 82,704 | (19,929 | ) | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | (360,638 | ) | 191,546 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | Equity | 438 | — | |||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | Equity | (605,880 | ) | — |
Swap Agreements– The Global Atlantic Goldman Sachs Core Fixed Income Portfolio is subject to equity price risk and/or interest rate risk in the normal course of pursuing its investment objective. The Portfolio 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.
207
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Certain Portfolios may enter into credit default swaps (“CDS”). CDS are two-party contracts that transfer credit exposure between the parties. One party (the “buyer”) receives credit protection and the other party (the “seller”) takes on credit risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller’s commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.
The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statement 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 Statement 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 Statement 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 Statement 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 Statement 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 year ended December 31, 2018, the change in unrealized appreciation/(depreciation) on swap contracts for the Global Atlantic Goldman Sachs Core Fixed Income Portfolio was $71,560. For the year ended December 31, 2018, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio had realized gains of $47,381 from swap contracts.
208
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities
The following tables present certain of the Portfolios’ asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of December 31, 2018.
Global Atlantic BlackRock Disciplined Core Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | ||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 196,158 | (1) | $ | — | (1) | $ | 196,158 | $ | — | $ | 196,158 | (2) | $ | — | |||||||||
Total | $ | 196,158 | $ | — | $ | 196,158 | $ | — | $ | 196,158 | $ | — |
(1) | Gross unrealized depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $533,062. |
Global Atlantic BlackRock Disciplined Growth Portfolio
Assets | ||||||||||||||||||||||||
Gross Amounts Not | ||||||||||||||||||||||||
Offset in the Statement of | ||||||||||||||||||||||||
Assets & Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of Assets | |||||||||||||||||||||||
Gross Amounts | Offset in the | Presented in the | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | Statement of Assets & | Financial | Collateral | ||||||||||||||||||||
Description | Assets | & Liabilities | Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 1,682 | (1) | $ | — | (1) | $ | 1,682 | $ | — | $ | — | (2) | $ | — | |||||||||
Total | $ | 1,682 | $ | — | $ | 1,682 | $ | — | $ | — | $ | — | ||||||||||||
(1) | Gross unrealized appreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $14,238. |
Global Atlantic BlackRock Disciplined International Core Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets | ||||||||||||||||||||||||
& Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 106,955 | (1) | $ | — | (1) | $ | 106,955 | $ | — | $ | 106,955 | (2) | $ | — | |||||||||
Forward Foreign | ||||||||||||||||||||||||
Currency Contracts | 120 | (1) | — | (1) | 120 | — | 120 | (2) | — | |||||||||||||||
Total | $ | 107,075 | $ | — | $ | 107,075 | $ | — | 107,075 | $ | $ | — |
(1) | Gross unrealized depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $390,599. |
209
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 86,945 | (1) | $ | — | (1) | $ | 86,945 | $ | — | $ | 86,945 | (2) | $ | — | |||||||||
Total | $ | 86,945 | $ | — | $ | 86,945 | $ | — | $ | 86,945 | $ | — |
(1) | Gross unrealized depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $167,894. |
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 9,801 | (1) | $ | — | (1) | $ | 9,801 | $ | — | $ | 9,801 | (2) | $ | — | |||||||||
Total | $ | 9,801 | $ | — | $ | 9,801 | $ | — | $ | 9,801 | $ | — | ||||||||||||
(1) | Gross unrealized depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $26,430. |
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 15,022 | (1) | $ | — | (1) | $ | 15,022 | $ | — | $ | 15,022 | (2) | $ | — | |||||||||
Total | $ | 15,022 | $ | — | $ | 15,022 | $ | — | $ | 15,022 | $ | — |
(1) | Gross unrealized depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $22,880. |
210
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Global Atlantic BlackRock Disciplined Value Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $106,752 | (1) | $ | — | (1) | $ | 106,752 | $ | — | $ | 106,752 | (2) | $ | — | ||||||||||
Total | $ | 106,752 | $ | — | $ | 106,752 | $ | — | $ | 106,752 | $ | — |
(1) | Gross unrealized appreciation and depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $272,476. |
Global Atlantic BlackRock High Yield Portfolio
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 85,956 | (1) | $ | (82,572) | (1) | $ | 3,384 | $ | — | $ | 3,384 | (2) | $ | — | |||||||||
Total | $ | 85,956 | $ | (82,572 | ) | $ | 3,384 | $ | — | $ | 3,384 | $ | — |
(1) | Gross unrealized appreciation and depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $14,002. |
211
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Assets | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of Assets | |||||||||||||||||||||||
Gross Amounts | Offset in the | Presented in the | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | Statement of Assets & | Financial | Collateral | ||||||||||||||||||||
Description | Assets | & Liabilities | Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Futures Contracts | $ | 518,306 | (1) | $ | (343,689 | ) (1) | $ | 174,617 | $ | — | $ | — | (2) | $ | — | |||||||||
Swap Contracts | 158,999 | (87,439 | ) | 71,560 | — | — | — | |||||||||||||||||
Total | $ | 677,305 | $ | (431,128 | ) | $ | 246,177 | $ | — | $ | — | $ | — | |||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets & | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented in | Cash | |||||||||||||||||||||
of Recognized | Statement of Assets | the Statement of Assets | Financial | Collateral | ||||||||||||||||||||
Description | Liabilities | & Liabilities | & Liabilities | Instruments | Pledged | Net Amount | ||||||||||||||||||
Forward Exchange Contracts | $ | 125,418 | (1) | $ | (113,115 | ) (1) | $ | 12,303 | $ | — | $ | 12,303 | (2) | $ | — | |||||||||
Total | $ | 125,418 | $ | (113,115 | ) | $ | 12,303 | $ | — | $ | 12,303 | $ | — |
(1) | Gross unrealized appreciation and depreciation as presented in the Portfolio of Investments. |
(2) | The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $79,200 for swap contracts. |
Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations
The following is a summary of the location of derivative investments on the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s Statement of Assets and Liabilities as of December 31, 2018:
Location on the Statements of Assets and Liabilities | |||
Derivatives Investment Type | Liability Derivatives | ||
Interest Rate Contracts | Unrealized appreciation on futures contracts and swap contracts | ||
Currency Contracts | Unrealized depreciation on forward foreign currency contracts | ||
The following table sets forth the fair value of the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s derivative contracts by primary risk exposure as of December 31, 2018:
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Derivatives Investment Fair Value | ||||||||||||||||
Total as of | ||||||||||||||||
Equity | Interest Rate | Currency | December 31, 2018 | |||||||||||||
Futures Contracts | $ | — | $ | 174,617 | $ | — | $ | 174,617 | ||||||||
Swap Contracts | — | 71,560 | — | 71,560 | ||||||||||||
Forward Foreign Currency Contracts | — | — | (12,303 | ) | (12,303 | ) | ||||||||||
Total | $ | — | $ | 246,177 | $ | (12,303 | ) | $ | 233,874 |
212
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
The following is a summary of the location of derivative investments on the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s Statement of Operations for the year ended December 31, 2018:
Derivative Investment Type | Location of Gain/(Loss) on Derivatives | |
Futures Contracts | Net realized loss on: | |
Futures contracts | ||
Net change in unrealized appreciation on: | ||
Futures contracts | ||
Currency Contracts | Net realized loss on: | |
Forward foreign currency contracts | ||
Net change in unrealized appreciation on: | ||
Forward foreign currency contracts | ||
Swap Contracts | Net realized gain on: | |
Swap contracts | ||
Net change in unrealized appreciation on: | ||
Swap contracts | ||
The following is a summary of the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s realized and unrealized gain/(loss) on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the year ended December 31, 2018:
Net change in unrealized appreciation on derivatives recognized in the Statement of Operations | ||||||||||||||||
Total as of | ||||||||||||||||
Equity | Interest Rate | Currency | December 31, 2018 | |||||||||||||
Futures Contracts | $ | — | $ | 191,546 | $ | — | $ | 191,546 | ||||||||
Swap Contracts | — | 71,560 | — | 71,560 | ||||||||||||
Forward Foreign Currency Contracts | — | — | 14,511 | 14,511 | ||||||||||||
Total | $ | — | $ | 263,106 | $ | 14,511 | $ | 277,617 | ||||||||
Realized gain/(loss) on derivatives recognized in the Statement of Operations | ||||||||||||||||
Total as of | ||||||||||||||||
Equity | Interest Rate | Currency | December 31, 2018 | |||||||||||||
Futures Contracts | $ | — | $ | (360,638 | ) | $ | — | $ | (360,638 | ) | ||||||
Swap Contracts | — | 47,381 | — | 47,381 | ||||||||||||
Forward Foreign Currency Contracts | — | — | (216,220 | ) | (216,220 | ) | ||||||||||
Total | $ | — | $ | (313,257 | ) | $ | (216,220 | ) | $ | (529,477 | ) | |||||
The notional value of the derivative instruments outstanding as of December 31, 2018, 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.
213
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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 the 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.
214
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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.
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.
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. In response to the financial crisis, the U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including by keeping interest rates at historically low levels. The Federal Reserve has since reduced its market support activities and has recently started raising interest rates. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental support could negatively affect the markets generally and increase market volatility. These and other changes in market conditions could reduce the value and liquidity of the securities in which a Portfolio invests. This environment could make identifying investment risks and opportunities especially difficult.
215
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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.
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.
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 year ended December 31, 2018, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:
Portfolio | Purchases | Sales | ||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 46,136,207 | $ | 47,111,538 | ||||
Global Atlantic BlackRock Disciplined Core Portfolio | 1,034,284,475 | 833,797,245 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 29,862,329 | 34,118,481 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 183,506,145 | 90,813,608 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 360,726,502 | 294,415,175 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 10,286,264 | 7,299,268 | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 42,192,541 | 42,261,694 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 413,772,735 | 449,650,900 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 28,360,009 | 34,078,843 |
216
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Portfolio | Purchases | Sales | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | 445,089,359 | $ | 384,015,533 | ||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 49,700,079 | 42,769,715 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 177,401,848 | 177,061,075 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 327,057,679 | 267,681,488 |
The aggregate amount of purchases and sales listed above are inclusive of the cost of purchases and proceeds from sales of mortgage dollar roll transactions. The amount of these transactions is listed below.
Portfolio | Purchases | Sales | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | 224,516,992 | $ | 210,080,078 |
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. |
The Portfolios have employed Gemini Fund Services, LLC (“GFS”) to provide administration, fund accounting and transfer agent services. GFS provides a Principal Financial Officer to the Trust.
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.
217
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
The following chart details the annual advisory fee for each Portfolio.
Portfolio | Advisory Fee* | |
Global Atlantic BlackRock Allocation Portfolio | 0.22% of the first $1 billion | |
0.21% of the next $1 billion | ||
0.20% over $2 billion | ||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.39% of the first $1 billion | |
0.37% of the next $1 billion | ||
0.35% over $2 billion | ||
Global Atlantic BlackRock Disciplined Growth Portfolio | 0.45% of the first $1 billion | |
0.43% of the next $1 billion | ||
0.41% over $2 billion | ||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.60% of the first $1 billion | |
0.58% of the next $1 billion | ||
0.56% over $2 billion | ||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.55% of the first $1 billion | |
0.53% of the next $1 billion | ||
0.51% over $2 billion | ||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.54% of the first $1 billion | |
0.52% of the next $1 billion | ||
0.50% over $2 billion | ||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.39% of the first $1 billion | |
0.37% of the next $1 billion | ||
0.35% over $2 billion | ||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.45% of the first $1 billion | |
0.43% of the next $1 billion | ||
0.41% over $2 billion | ||
Global Atlantic BlackRock High Yield Portfolio | 0.50% of the first $1 billion | |
0.48% of the next $1 billion | ||
0.46% over $2 billion | ||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.34% of the first $250 million | |
0.32% of the next $250 million | ||
0.26% over $500 million | ||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.63% of the first $250 million | |
0.61% of the next $250 million | ||
0.58% of the next $500 million | ||
0.55% over $1 billion | ||
218
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
Portfolio | Advisory Fee* | |
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.37% of the first $250 million | |
0.35% of the next $250 million | ||
0.34% of the next $500 million | ||
0.32% over $1 billion | ||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.55% of the first $250 million | |
0.53% of the next $250 million | ||
0.51% of the next $500 million | ||
0.48% over $1 billion |
* | Calculated daily based on the average daily net assets. |
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 Agreement”). 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 Expense Limitation | ||||||
Portfolio | Class I | Class II | Expiration Date | |||
Global Atlantic BlackRock Allocation Portfolio | 0.31% | 0.56% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.48% | 0.73% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined Growth Portfolio | 0.54% | 0.79% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.69% | 0.94% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.63% | 0.88% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.63% | 0.88% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.48% | 0.73% | April 30, 2020 | |||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.54% | 0.79% | April 30, 2020 | |||
Global Atlantic BlackRock High Yield Portfolio | 0.59% | 0.84% | April 30, 2020 | |||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.43% | 0.68% | April 30, 2020 | |||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.72% | 0.97% | April 30, 2020 | |||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.46% | 0.71% | April 30, 2020 | |||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.64% | 0.89% | April 30, 2020 |
219
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
For the year ended December 31, 2018, the Adviser waived fees as follows:
Portfolio | Waiver | |||
Global Atlantic BlackRock Allocation Portfolio | $ | 8,542 | ||
Global Atlantic BlackRock Disciplined Core Portfolio | $ | 50,540 | ||
Global Atlantic BlackRock Disciplined Growth Portfolio | $ | 3,754 | ||
Global Atlantic BlackRock Disciplined International Core Portfolio | $ | 9,810 | ||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | $ | 35,854 | ||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | $ | 3,138 | ||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | $ | 3,915 | ||
Global Atlantic BlackRock Disciplined Value Portfolio | $ | 25,935 | ||
Global Atlantic BlackRock High Yield Portfolio | $ | 8,365 | ||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | 9,926 | ||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | $ | 4,573 | ||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | $ | 9,822 | ||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | $ | 12,865 |
If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Portfolio’s operating expenses are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Portfolio for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Portfolio’s expenses to exceed the amount of the expense limitation. If Portfolio operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended.
The Adviser may recapture the following amounts by the following dates:
Portfolio | December 31, 2020 | December 31, 2021 | ||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 853 | $ | 8,542 | ||||
Global Atlantic BlackRock Disciplined Core Portfolio | $ | — | $ | 50,540 | ||||
Global Atlantic BlackRock Disciplined Growth Portfolio | $ | 310 | $ | 3,754 | ||||
Global Atlantic BlackRock Disciplined International Core Portfolio | $ | 190 | $ | 9,810 | ||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | $ | 1,748 | $ | 35,854 | ||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | $ | 119 | $ | 3,138 | ||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | $ | 307 | $ | 3,915 | ||||
Global Atlantic BlackRock Disciplined Value Portfolio | $ | — | $ | 25,935 | ||||
Global Atlantic BlackRock High Yield Portfolio | $ | 191 | $ | 8,365 | ||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | 378 | $ | 9,926 | ||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | $ | 225 | $ | 4,573 | ||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | $ | 1,279 | $ | 9,822 | ||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | $ | — | $ | 12,865 | ||||
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.
220
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
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. Please refer to the “payments from affiliate” line item on each Portfolio’s Statement of Operations for additional details.
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 year ended December 31, 2018, was paid to Northern Lights Distributors, LLC (“Northern Lights”), 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. Northern Lights is an affiliate of GFS. Effective on or about January 1, 2019, Global Atlantic Distributors, LLC (“GAD”) became the principal underwriter (distributor) for the Portfolios and Northern Lights no longer serves as the Portfolios’ principal underwriter. GAD is an affiliate of the Adviser.
Pursuant to the terms of an administrative servicing agreement with GFS, each Portfolio pays GFS, an annual asset based fee, which is calculated and applied monthly, adjusted upward for any Portfolios with less than $5 million in assets, and subject to an annual minimum fee based on the number of Portfolios in the Trust. In consideration of its receipt of the annual fee, GFS pays all operational expenses of the Portfolios with the exception of legal counsel fees, Trustee fees, certain expenses related to Board meetings and costs associated with the preparation and filing of Forms N-PORT and N-CEN. Certain extraordinary expenses such as expenses incurred in connection with any merger, reorganization or litigation would be borne by the Portfolios.
For the year ended December 31, 2018, the Trustees received fees as follows:
Portfolio | Fees Received | |||
Global Atlantic BlackRock Allocation Portfolio | $ | 9,256 | ||
Global Atlantic BlackRock Disciplined Core Portfolio | $ | 40,404 | ||
Global Atlantic BlackRock Disciplined Growth Portfolio | $ | 2,201 | ||
Global Atlantic BlackRock Disciplined International Core Portfolio | $ | 10,285 | ||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | $ | 12,974 | ||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | $ | 1,450 | ||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | $ | 2,145 | ||
Global Atlantic BlackRock Disciplined Value Portfolio | $ | 22,569 | ||
Global Atlantic BlackRock High Yield Portfolio | $ | 8,957 | ||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $ | 6,091 | ||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | $ | 2,060 | ||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | $ | 6,924 | ||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | $ | 9,580 | ||
Certain affiliates of Northern Lights and GFS provide ancillary services to the Portfolios as follows:
Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS and Northern Lights, provides EDGAR conversion and filing services as well as print management services for the Portfolios on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from GFS under the administrative servicing agreement.
221
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
5. | CONTROL OWNERSHIP |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of December 31, 2018, 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 |
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation/ | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 82,078,163 | $ | 49,133 | $ | (4,712,603 | ) | $ | (4,663,470 | ) | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 544,245,169 | 18,124,154 | (44,389,119 | ) | (26,264,965 | ) | ||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 16,220,735 | 831,594 | (1,252,511 | ) | (420,917 | ) | ||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 156,007,228 | 1,661,929 | (22,247,771 | ) | (20,585,842 | ) | ||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 175,921,549 | 10,627,586 | (17,431,169 | ) | (6,803,583 | ) | ||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 18,563,385 | 1,301,023 | (3,530,165 | ) | (2,229,142 | ) | ||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 23,044,412 | 798,547 | (1,942,698 | ) | (1,144,151 | ) | ||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 272,444,244 | 8,572,567 | (26,503,309 | ) | (17,930,742 | ) | ||||||||||
Global Atlantic BlackRock High Yield Portfolio | 75,576,429 | 40,317 | (6,406,146 | ) | (6,365,829 | ) | ||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 107,147,726 | 620,029 | (1,197,881 | ) | (577,852 | ) | ||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 30,206,440 | 617,829 | (3,414,746 | ) | (2,796,917 | ) | ||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 85,167,444 | 3,271,146 | (7,135,235 | ) | (3,864,089 | ) | ||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 139,945,842 | 2,015,705 | (17,881,031 | ) | (15,865,326 | ) |
7. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the year ended December 31, 2018 was as follows:
For fiscal year ended | Ordinary | Long-Term | Return of | |||||||||||||
12/31/2018 | Income | Capital Gains | 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 | ||||||||||||
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 |
There were no fund distributions for the period ended December 31, 2017.
222
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
As of December 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total | ||||||||||||||||||||||
Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated | ||||||||||||||||||||||
Income | Capital Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) | ||||||||||||||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 1,578,456 | $ | — | $ | — | $ | (76,913 | ) | $ | — | $ | (4,663,470 | ) | $ | (3,161,927 | ) | |||||||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 2,642,419 | — | — | (1,288,484 | ) | — | (26,265,591 | ) | (24,911,656 | ) | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 536,061 | 29,267 | — | — | — | (420,917 | ) | 144,411 | ||||||||||||||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 511,658 | — | — | (5,778,538 | ) | — | (20,588,571 | ) | (25,855,451 | ) | ||||||||||||||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 402,171 | 385,576 | — | — | — | (6,803,583 | ) | (6,015,836 | ) | |||||||||||||||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 529,490 | — | — | — | — | (2,229,142 | ) | (1,699,652 | ) | |||||||||||||||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 313,052 | — | — | — | — | (1,144,151 | ) | (831,099 | ) | |||||||||||||||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 1,876,308 | — | — | (1,157,196 | ) | — | (17,930,742 | ) | (17,211,630 | ) | ||||||||||||||||||
Global Atlantic BlackRock High Yield Portfolio | 4,219,221 | — | — | (1,759,683 | ) | — | (6,365,829 | ) | (3,906,291 | ) | ||||||||||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2,191,473 | — | — | (953,311 | ) | — | (578,594 | ) | 659,568 | |||||||||||||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 42,788 | — | — | (475,952 | ) | — | (2,797,265 | ) | (3,230,429 | ) | ||||||||||||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 1,615,049 | 30,615 | — | — | — | (3,864,089 | ) | (2,218,425 | ) | |||||||||||||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 1,780,229 | — | — | — | — | (15,865,326 | ) | (14,085,097 | ) | |||||||||||||||||||
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 ($626), ($2,729), ($742), and ($348) for BlackRock Disciplined Core Portfolio, BlackRock Disciplined International Core Portfolio, Goldman Sachs Core Fixed Income Portfolio, and Goldman Sachs Global Equity Insights Portfolio, respectively.
At December 31, 2018, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:
Non-Expiring | Non-Expiring | |||||||||||
Short-Term | Long-Term | Total | ||||||||||
Global Atlantic BlackRock Allocation Portfolio | $ | 57,097 | $ | 19,816 | $ | 76,913 | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 1,288,484 | — | 1,288,484 | |||||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | — | — | — | |||||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 5,124,632 | 653,906 | 5,778,538 | |||||||||
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 | 1,087,455 | 69,741 | 1,157,196 | |||||||||
Global Atlantic BlackRock High Yield Portfolio | 1,628,868 | 130,815 | 1,759,683 | |||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 796,660 | 156,651 | 953,311 | |||||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 435,227 | 40,725 | 475,952 | |||||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | — | — | — | |||||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | — | — | — |
8. | NEW ACCOUNTING PRONOUNCEMENTS |
In August 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements under Regulation S-X to conform to US GAAP, including: (i) an amendment to require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities; and (ii) an amendment to require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statement of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statement of Changes in Net Assets. These amendments have been adapted effective with these financial statements.
223
Global Atlantic Portfolios |
NOTES TO FINANCIAL STATEMENTS (Continued) |
December 31, 2018 |
In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is allowed. At this time, management is evaluating the implications of the ASU and any impact on the financial statement disclosures.
9. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following.
Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Services, LLC (“GFS”) sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.
224
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Forethought Variable Interest Trust
and the Shareholders of Each of the Separate Series of Forethought Variable Insurance Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined 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, and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio (collectively, the Portfolios), each a separate series of the Forethought Variable Insurance Trust, as of December 31, 2018, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for the year then ended and for the period from November 6, 2017 (commencement of operations) through December 31, 2017, including the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2018, the results of their operations for the year then ended, and changes in their net assets and the financial highlights for the year then ended and for the period from November 6, 2017 (commencement of operations) through December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of each of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
/s/ RSM US LLP
We have served as the auditor for one or more Forethought Variance Insurance Trust investment companies since 2013.
Denver, Colorado
February 25, 2019
225
Global Atlantic Portfolios |
EXPENSE EXAMPLES |
December 31, 2018 (Unaudited) |
As a shareholder of the Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2018 through December 31, 2018.
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.
Hypothetical | ||||||||||||
(5% return before | ||||||||||||
Actual | expenses) | |||||||||||
Ending | Expenses | Ending | Expenses | |||||||||
Portfolio’s | Beginning | Account | Paid | Account | Paid | |||||||
Annualized | Account Value | Value | During | Value | During | |||||||
Class I Shares | Expense Ratio | 7-1-18 | 12-31-18 | Period* | 12-31-18 | Period* | ||||||
Global Atlantic BlackRock Allocation Portfolio | 0.31% | $1,000.00 | $949.50 | $1.52 | $1,023.64 | $1.58 | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.48% | $1,000.00 | $924.00 | $2.33 | $1,022.79 | $2.45 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.69% | $1,000.00 | $881.40 | $3.27 | $1,021.73 | $3.52 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.63% | $1,000.00 | $908.70 | $3.03 | $1,022.03 | $3.21 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.63% | $1,000.00 | $837.90 | $2.92 | $1,022.03 | $3.21 | ||||||
* | Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365). |
226
Global Atlantic Portfolios |
EXPENSE EXAMPLES (Continued) |
December 31, 2018 (Unaudited) |
Hypothetical | ||||||||||||
(5% return before | ||||||||||||
Actual | expenses) | |||||||||||
Beginning | Ending | Expenses | Ending | Expenses | ||||||||
Portfolio’s | Account | Account | Paid | Account | Paid | |||||||
Annualized | Value | Value | During | Value | During | |||||||
Class I Shares | Expense Ratio | 7-1-18 | 12-31-18 | Period* | 12-31-18 | Period* | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.48% | $1,000.00 | $924.00 | $2.33 | $1,022.79 | $2.45 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.54% | $1,000.00 | $931.00 | $2.63 | $1,022.48 | $2.75 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 0.59% | $1,000.00 | $968.50 | $2.93 | $1,022.23 | $3.01 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.43% | $1,000.00 | $1,010.70 | $2.18 | $1,023.04 | $2.19 | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.72% | $1,000.00 | $882.60 | $3.42 | $1,021.58 | $3.67 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.46% | $1,000.00 | $901.60 | $2.20 | $1,022.89 | $2.35 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.64% | $1,000.00 | $879.80 | $3.03 | $1,021.98 | $3.26 | ||||||
Beginning | Ending | Expenses | Ending | Expenses | ||||||||
Portfolio’s | Account | Account | Paid | Account | Paid | |||||||
Annualized | Value | Value | During | Value | During | |||||||
Class II Shares | Expense Ratio | 7-1-18 | 12-31-18 | Period* | 12-31-18 | Period* | ||||||
Global Atlantic BlackRock Allocation Portfolio | 0.56% | $1,000.00 | $947.70 | $2.75 | $1,022.38 | $2.85 | ||||||
Global Atlantic BlackRock Disciplined Core Portfolio | 0.73% | $1,000.00 | $922.70 | $3.54 | $1,021.53 | $3.72 | ||||||
Global Atlantic BlackRock Disciplined Growth Portfolio | 0.79% | $1,000.00 | $905.30 | $3.79 | $1,021.22 | $4.02 | ||||||
Global Atlantic BlackRock Disciplined International Core Portfolio | 0.94% | $1,000.00 | $879.80 | $4.45 | $1,020.47 | $4.79 | ||||||
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.88% | $1,000.00 | $906.90 | $4.23 | $1,020.77 | $4.48 | ||||||
Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.88% | $1,000.00 | $836.20 | $4.07 | $1,020.77 | $4.48 | ||||||
Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.73% | $1,000.00 | $922.50 | $3.54 | $1,021.53 | $3.72 | ||||||
Global Atlantic BlackRock Disciplined Value Portfolio | 0.79% | $1,000.00 | $929.90 | $3.84 | $1,021.22 | $4.02 | ||||||
Global Atlantic BlackRock High Yield Portfolio | 0.84% | $1,000.00 | $967.10 | $4.16 | $1,020.97 | $4.28 | ||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.68% | $1,000.00 | $1,010.20 | $3.45 | $1,021.78 | $3.47 | ||||||
Global Atlantic Goldman Sachs Global Equity Insights Portfolio | 0.97% | $1,000.00 | $880.80 | $4.60 | $1,020.32 | $4.94 | ||||||
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio | 0.71% | $1,000.00 | $900.10 | $3.40 | $1,021.63 | $3.62 | ||||||
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio | 0.89% | $1,000.00 | $879.00 | $4.22 | $1,020.72 | $4.53 | ||||||
* | Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365). |
227
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION |
December 31, 2018 (Unaudited) |
Approval of Renewal of Investment Advisory Agreement and Sub-Advisory Agreements for Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined 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 and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio.
At an in-person meeting held on November 12, 2018, the Board of Trustees (the “Trustees” or the “Board”) of Forethought Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the renewal of: (i) an investment advisory agreement between Global Atlantic Investment Advisors, LLC (the “Adviser”) and the Trust, on behalf of Global Atlantic BlackRock Allocation Portfolio (“GA BlackRock Allocation”), Global Atlantic BlackRock Disciplined Core Portfolio (“GA BlackRock Core”), Global Atlantic BlackRock Disciplined Growth Portfolio (“GA BlackRock Growth”), Global Atlantic BlackRock Disciplined International Core Portfolio (“GA BlackRock International”), Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (“GA BlackRock Mid Cap Growth”), Global Atlantic BlackRock Disciplined Small Cap Portfolio (“GA BlackRock Small Cap”), Global Atlantic BlackRock Disciplined U.S. Core Portfolio (“GA BlackRock U.S. Core”), Global Atlantic BlackRock Disciplined Value Portfolio (“GA BlackRock Value”), Global Atlantic BlackRock High Yield Portfolio (“GA BlackRock High Yield”), Global Atlantic Goldman Sachs Core Fixed Income Portfolio (“GA Goldman Core Fixed”), Global Atlantic Goldman Sachs Global Equity Insights Portfolio (“GA Goldman Global Equity”), Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio (“GA Goldman Large Cap”) and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio (“GA Goldman Mid Cap”) (each a “Fund” and collectively the “Funds”) (the “Advisory Agreement”); (ii) a sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Allocation, GA BlackRock International, GA BlackRock Growth, GA Blackrock Value, GA BlackRock Mid Cap Growth, GA BlackRock Small Cap, GA BlackRock Core, GA BlackRock U.S. Core and GA BlackRock High Yield, and BlackRock Investment Management, LLC (“BIM”) (the “BIM Sub-Advisory Agreement”); and (iii) a sub-advisory agreement between the Adviser, the Trust, on behalf of GA Goldman Core Fixed, GA Goldman Global Equity, GA Goldman Large Cap and GA Goldman Mid Cap, and Goldman Sachs Asset Management, L.P. (“GSAM” and together with BIM, the “Sub-Advisers”) (the “GSAM Sub-Advisory Agreement” and collectively with the BIM Sub-Advisory Agreement, the “Sub-Advisory Agreements”).
To discuss and review the materials relating to the proposed renewal of the Advisory Agreement and Sub-Advisory Agreements in advance of the November 12, 2018 meeting, the Independent Trustees met in person on October 31, 2018 with independent counsel to the Independent Trustees (“Independent Counsel”) with representatives of the Adviser in attendance and counsel to the Trust (“Trust Counsel”) participating telephonically.
Prior to the meetings, the Trustees requested, received and reviewed written responses from the Adviser and the Sub-Advisers to questions posed to the Adviser and the Sub-Advisers by counsel, on behalf of the Trustees. Following the meeting on October 31, 2018, the Independent Trustees requested additional information on certain items and the Adviser responded to those items and made certain updates, which were discussed during the meeting on November 12, 2018. The Trustees also received a memorandum from Independent Counsel describing the legal standards for their consideration of the approval of the Advisory
228
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION (Continued) |
December 31, 2018 (Unaudited) |
and Sub-Advisory Agreements. During the meetings, the Board and the Adviser discussed information relating to the Board’s consideration of theGartenbergfactors with respect to each Fund. The Trustees also reviewed comparative information relating to advisory fees and total expenses and received in-person presentations concerning the services provided under the Advisory and Sub-Advisory Agreements from personnel of the Adviser at the November 12, 2018 Board meeting. Prior to voting on the renewal of the Advisory and Sub-Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel present.
The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory and Sub-Advisory Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory and Sub-Advisory Agreements.
Nature, Extent, and Quality of Services. The Trustees requested and considered information regarding the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser, as well as their expertise, resources, and capabilities. The Trustees considered, among other things, the terms of the Investment Advisory and Sub-Advisory Agreements and the range of services provided by the Adviser and each Sub-Adviser. The Trustees also considered the financial industry experience as well as portfolio management, compliance, and operations experience of the Adviser’s and Sub-Advisers’ personnel. The Trustees reviewed the Adviser’s practices for monitoring compliance with each Fund’s investment limitations, noting that such practices continue to be adequate. The Trustees also considered information and representations regarding the financial condition of the Adviser and the Sub-Advisers related to their ongoing ability to provide services specified under the Investment Advisory Agreement and Sub-Advisory Agreements, respectively. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Investment Advisory and Sub-Advisory Agreements.
Performance. The Trustees requested and reviewed specific information regarding the investment performance of each Fund as compared to the performance of its benchmark index and peer group for the 1-year and since inception periods. The Board noted that GA BlackRock High Yield and GA Goldman Large Cap had underperformed their respective benchmarks for the 1-year and since-inception periods. The Trustees discussed with the Adviser the steps being taken to improve the Funds’ performance. The Trustees concluded that they were generally satisfied with the Adviser’s and the Sub-Advisers’ investment performance to date.
Fees and Expenses. The Trustees reviewed the Funds’ fees and expenses, including the fees paid to the Adviser and the Sub-Advisers. The Trustees reviewed reports describing both the advisory fees charged by the Adviser and the total net expense ratios of each Fund in comparison to those of peer groups selected by the Adviser that were comprised of similarly situated funds. The Trustees also reviewed information provided by GSAM as to fees it charged to other clients. The Trustees were not provided with information regarding fees BIM charges to other clients, but noted the representations of the Adviser that the fee arrangement with each Sub-Adviser, including BIM, were negotiated by the Adviser on an arm’s length basis. The Trustees considered the complexity of certain managed risk strategies. The Trustees also considered the “spread” between the advisory and sub-advisory fees at various asset levels. The Trustees noted the ongoing efforts of the Adviser to reduce expenses charged to shareholders by voluntarily waiving certain fees payable to the Adviser. The Trustees also considered that the Adviser had agreed to limit each Fund’s total annual operating expenses by waiving a portion of its advisory fee and/or reimbursing a Fund
229
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION (Continued) |
December 31, 2018 (Unaudited) |
to the extent that its expenses exceed a specified amount. Based on their review, the Trustees concluded that the advisory fee charged to each Fund and the sub-advisory fee paid by the Adviser to each Sub-Adviser were not unreasonable in light of the services provided to each respective Fund.
Profitability. The Trustees reviewed information regarding the Adviser’s cost to provide investment advisory and related services to each Fund and the Adviser’s profitability, both overall and with respect to each Fund. The Trustees also reviewed information about the profitability to the Adviser and its affiliates from all services provided to each Fund and all aspects of their relationship with each Fund. The Trustees concluded that the profitability levels for the Adviser were not excessive. The Trustees were not provided with information regarding the Sub-Advisers’ profitability with respect to managing each relevant Fund. The Trustees considered, however, the information provided by the Sub-Advisers, as applicable, regarding fees charged to other clients, the Funds’ advisory and sub-advisory fees and the Funds’ total expense ratios relative to their peer groups.
Economies of Scale.The Trustees considered information regarding the Adviser’s and Sub-Advisers’ realization of economies of scale with respect to each Fund and whether the fee levels reflect these economies of scale for the benefit of each Fund’s shareholders. The Trustees noted the breakpoints in the advisory fee schedule for each Fund which reduce fee rates as the Fund assets grow over time. The Trustees considered the expense limitations and/or fee waivers that reduce each relevant Fund’s overall expenses at all asset levels. Based on this information, the Trustees concluded that they were satisfied with the extent to which economies of scale, if any, would be shared for the benefit of each Fund’s shareholders based on currently available information and the effective advisory fee and expense ratios for each Fund and its current and reasonably anticipated asset levels. The Trustees noted, however, that they would continue to monitor each Fund’s growth and consider any additional opportunities to realize benefits from economies of scale for shareholders in the future.
Other Benefits. The Trustees considered other benefits to the Adviser and its affiliates from their relationships with the Funds, including the role of the Funds in supporting the variable insurance products offered by Forethought Life Insurance Company (“FLIC”) and Commonwealth Annuity and Life Insurance Company (“CWA”) and the fact that FLIC and CWA or their affiliates receive 12b-1 fees from the Funds. The Trustees also considered other benefits to the Sub-Advisers and their affiliates from their relationships with the Funds, noting that BIM and GSAM may receive soft dollar benefits in connection with their sub-advisory relationships with the Funds to which each serves as Sub-Adviser.
Conclusion. Having requested and received such information from the Adviser and Sub-Advisers as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory and Sub-Advisory Agreements, and as assisted by the advice of counsel, the Trustees, including the Independent Trustees voting separately, unanimously concluded that renewing the Advisory and Sub-Advisory Agreements was in the best interests of each Fund and its shareholders. They noted that in considering the Advisory and Sub-Advisory Agreements, the Independent Trustees did not identify any one factor as all important. Moreover, each Trustee may have afforded different weight to the various factors in reaching a conclusion with respect to the Advisory and Sub-Advisory Agreements.
230
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION (Continued) |
December 31, 2018 (Unaudited) |
Trustees and Officers
The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is c/o Global Atlantic Investment Advisors, LLC, 10 West Market Street, Suite 2300, Indianapolis, Indiana 46204.
Independent Trustees
Name, Address and Age | Position/ Term of Office1 | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
Mark Garbin Year of Birth: 1951 | Trustee since 2013 | Managing Principal, Coherent Capital Management LLC (since 2007). | 25 | Altegris KKR Commitments Fund (since 2014); Oak Hill Advisors Mortgage Strategies Fund (Offshore) (2014–2017); Two Roads Shared Trust (since 2012); Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013). |
Mitchell E. Appel Year of Birth: 1970 | Trustee since 2013 | President, Value Line Funds (since 2008); Chief Financial Officer (since 2008), President (since 2009), EULAV Securities LLC; President (since 2009), Treasurer (since 2011), EULAV Asset Management. | 25 | Value Line Funds (since 2010); EULAV Asset Management (since 2010). |
Joseph E. Breslin Year of Birth: 1953 | Trustee since 2013 | Counsel, White Oak Global Advisors, LLC (asset management firm) (since 2016); Counsel, Common fund (asset management firm) (2014–2016); Consultant, Investment Managers (since 2009). | 25 | Kinetics Mutual Funds, Inc. (since 2000); Kinetics Portfolios Trust (since 2000); Northern Lights Fund Trust IV (since 2015); BlueArc Multi- Strategy Fund (2014–2017); Hatteras Trust (2004–2016). |
231
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION (Continued) |
December 31, 2018 (Unaudited) |
Interested Trustees and Officers of the Trust
Name, Address and Age | Position/ Term of Office1 | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
Robert M. Arena, Jr. Year of Birth: 19682 | Trustee and President/Chief Executive Officer since 2013 | Co-President, Head of Life and Retirement, Global Atlantic Financial Group Limited (since 2017), Director, Managing Director, Co-President and Head of Life and Retirement, Global Atlantic Financial Company (since 2017, 2014, 2017 and 2016, respectively); Director, Co-President, Head of Life and Retirement, Global Atlantic (Fin) Company (since 2017); Director and Executive Vice President of Commonwealth Annuity and Life Insurance Company (since 2017); Director and President, Forethought Life Insurance Company (since 2016); Director and Chief Executive Officer of Accordia Life and Annuity Company (since 2017); Member and Chairman of the Board of Managers, Global Atlantic Investment Advisors, LLC (since 2016); Member of Board of Managers and President, Global Atlantic Distributors, LLC (since 2013); Executive Vice President, Forethought Financial Group, Inc. (2013–2014); President, Forethought Annuity, Forethought Financial Group, Inc. (2013- 2015); Director and Co-President, Hartford Securities Distribution Company, Inc. (2010–2013); Executive Vice President, Global Annuity, The Hartford (2010–2013). | 25 | None |
April Galda Year of Birth 19783 | Trustee since 2018 | Managing Director—Head of Enterprise Operations of Global Atlantic Financial Company (since 2018); Managing Director of Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company, Forethought National Life Insurance Company, Accordia Life and Annuity Company and First Allmerica Financial Life Insurance Company (since 2018); Senior Vice President of Global Atlantic Financial Group Limited and Global Atlantic Financial Life Limited (since 2017); Senior Vice President of Commonwealth Re Midco Limited (April 2013-Feb. 2015 and since Oct. 2015); Co-Chief Executive Officer of Global Atlantic Re Limited (2015-2018); Managing Director of Global Atlantic Financial Company (May 2013-Feb. 2015 and Nov. 2015-Jan. 2016); Senior Vice President of Global Atlantic Re Limited (2014-2015); Chief Operating Officer of Ariel Re (2012-2015). | 25 | None |
232
Global Atlantic Portfolios |
SUPPLEMENTAL INFORMATION (Continued) |
December 31, 2018 (Unaudited) |
Name, Address and Age | Position/ Term of Office1 | Principal Occupation During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee During the Past Five Years |
Deborah Schunder Year of Birth: 1967 | Vice President since 2014 | Vice President, Investment Product Management, Forethought Life Insurance Company and Vice President, Global Atlantic Investment Advisors, LLC (since 2013); Director of Investment Management, Forethought Life Insurance Company (2013–2013). | N/A | N/A |
Laura Szalyga Year of Birth: 1978 | Treasurer/Chief Financial Officer since 2013 | Vice President, Gemini Fund Services, LLC (since 2015); Assistant Vice President, Gemini Fund Services, LLC (2011–2014). | N/A | N/A |
Sarah M. Patterson Year of Birth: 1976 | Secretary/Chief Legal Officer since 2013 | Senior Vice President, Associate General Counsel and Assistant Secretary, Global Atlantic Financial Group Limited (since 2014) and Forethought Financial Group, Inc. (since 2013); Secretary, Global Atlantic Investment Advisors, LLC (since 2016); Assistant Secretary, Global Atlantic Distributors, LLC (since 2016). | N/A | N/A |
David Capalbo Year of Birth: 1968 | Chief Compliance Officer since 2018 | Chief Compliance Officer of Forethought Variable Insurance Trust (since 2018); Chief Compliance Officer of Global Atlantic Investment Advisors LLC (since 2018); Assistant Vice President and Senior Compliance Officer of Global Atlantic Financial Group (since 2016); and Senior Director of Asset Management Compliance of Columbia Threadneedle Investments (2006 — 2016). | N/A | N/A |
Elizabeth Constant Year of Birth: 1976 | Assistant Secretary since 2017 | Assistant Vice President, Legal Counsel of Global Atlantic Financial Group (since 2016); Associate Counsel, Global Atlantic Financial Group (2014–2016); Paralegal, Senior Paralegal, and Legal Specialist, The Hartford (2006–2013). | N/A | N/A |
1 | The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed. |
2 | Mr. Arena is an interested person of the Trust because he is an officer of Global Atlantic Financial Group Limited. |
3 | Ms. Galda is an interested person of the Trust because she is a Managing Director of Global Atlantic Financial Company. |
The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-881-7735.
233
PRIVACY NOTICE
FACTS | WHAT DOES FORETHOUGHT VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
● Social Security number and wire transfer instructions
● account transactions and transaction history
● investment experience and purchase history
When you areno longerour 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 |
QUESTIONS? | Call 1-402-493-4603 |
234
What we do: | |
How does Forethought Variable Insurance Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does Forethought Variable Insurance Trust collect my personal information? | We collect your personal information, for example, when you ● open an account or deposit money
● direct us to buy securities or direct us to sell your securities
● seek advice about your investments
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness.
● affiliates from using your information to market to you.
● sharing for nonaffiliates to market to you.
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
● Forethought Variable Insurance Trust has no affiliates. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● Forethought Variable Insurance Trust does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● Forethought Variable Insurance Trust does not jointly market. |
235
PROXY VOTING POLICY
Information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 (disclosed on Form N-PX) as well as information regarding the policies and procedures that the Portfolios use to determine how to vote proxies (disclosed in the Portfolios’ Statement of Additional Information) is available without charge, upon request, by calling 1-877-881-7735 or by referring to the Securities and Exchange Commission’s (“SEC”) 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-Q. The Portfolios’ Form N-Qs are available: (i) on the SEC’s website at http://www.sec.gov; (ii) on the Portfolios’ website at www.geminifund.com/GlobalAtlanticDocuments; and (iii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
INVESTMENT ADVISER | ADMINISTRATOR |
Global Atlantic Investment Advisors, LLC | Gemini Fund Services, LLC |
10 West Market Street, Suite 2300 | 80 Arkay Drive, Suite 110 |
Indianapolis, IN 46204 | Hauppauge, NY 11788 |
INVESTMENT SUB-ADVISERS | |
BlackRock Investment Management, LLC | Goldman Sachs Asset Management, L.P. |
1 University Square | 200 West Street |
Princeton, NJ 08536 | New York, NY 10282 |
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) The Code of Ethics is not posted on the registrant’s website.
(f) A copy of the Code of Ethics is attached as an exhibit.
Item 3. | Audit Committee Financial Expert.(a)(1)(i) The board of trustees of the registrant has determined that the registrant has at least one “audit committee financial expert” as defined by Item 3 of Form N-CSR serving on its audit committee. Joseph E. Breslin is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR). |
Item 4. Principal Accountant Fees and Services.
Fees billed by RSM to the Registrant:
(a) | Audit Fees |
FYE 2018 - $401,500
FYE 2017 - $480,000
Financial statement audits.
(b) | Audit-Related Fees |
FYE 2018 - None
FYE 2017 - None
–
(c) | Tax Fees |
FYE 2018 - $75,000
FYE 2017 - $90,000
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
(d) | All Other Fees |
FYE 2018 - $15,000
FYE 2017 - $10,000
Review of annual registration statement filings.
(e) | (1)Audit Committee’s Pre-Approval Policies |
The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.
(2) | Percentages of Services Approved by the Audit Committee |
2017 | 2018 | |||||||
Audit-Related Fees: | 0.00 | % | 0.00 | % | ||||
Tax Fees: | 0.00 | % | 0.00 | % | ||||
All Other Fees: | 0.00 | % | 0.00 | % |
(f) | During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. |
(g) | The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended December 31, 2018 were $90,000 and $0, respectively and for the fiscal year ended December 31, 2017 were $100,000 and $0, respectively. |
(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Companies.Not applicable to open-end investment companies.
Item 6. Schedule of Investments.(a) Schedule of investments in securities of unaffiliated issuers is included under Item 1; (b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. 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 Funds. Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders. There were no material changes to the procedure by which shareholders 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-X (per item 22(b)(15) of Schedule 14A).
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 that occurred during the last fiscal quarter that have 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) The Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, is filed herewith.
(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 12(a)(2) of Form N-CSR) are filed herewith.
(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 required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 12(b) of Form N-CSR) are filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)Forethought Variable Insurance Trust
By (Signature and Title)
/s/ Robert M. Arena, Jr.
Robert M. Arena, Jr., President
Date2/26/2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Robert M. Arena, Jr.
Robert M. Arena, Jr., President
Date2/26/2019
By (Signature and Title)
/s/ Laura Szalyga
Laura Szalyga, Treasurer
Date2/26/2019