Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Corporate Bonds and Notes - 47.4% | |||
| Aerospace & Defense - 1.4% | |||
| Boeing Co. (The) | |||
| 2.60%, 10/30/25 | $150,000 | $140,514 | |
| 3.45%, 11/1/28 | 100,000 | 92,034 | |
| Lockheed Martin Corp., 5.25%, 1/15/33 | $100,000 | 106,550 | |
| Northrop Grumman Corp. | |||
| 3.25%, 1/15/28 | 150,000 | 142,337 | |
| 4.75%, 6/1/43 | 50,000 | 48,196 | |
| Raytheon Technologies Corp. | |||
| 3.95%, 8/16/25 | 275,000 | 271,642 | |
| 4.05%, 5/4/47 | 50,000 | 43,142 | |
| 844,415 | |||
| Agriculture - 0.3% | |||
| BAT Capital Corp. | |||
| 2.26%, 3/25/28 | 75,000 | 64,018 | |
| 4.76%, 9/6/49 | 25,000 | 19,112 | |
| Philip Morris International, Inc. | |||
| 5.63%, 11/17/29 | 25,000 | 26,072 | |
| 5.75%, 11/17/32 | 50,000 | 52,436 | |
| 161,638 | |||
| Auto Manufacturers - 0.7% | |||
| General Motors Co., 4.00%, 4/1/25 | 50,000 | 48,696 | |
| General Motors Financial Co., Inc. | |||
| 4.30%, 7/13/25 | 125,000 | 121,995 | |
| 1.50%, 6/10/26 | 125,000 | 111,164 | |
| 5.65%, 1/17/29 | 25,000 | 25,239 | |
| 2.35%, 1/8/31 | 125,000 | 98,718 | |
| 405,812 | |||
| Banks - 11.8% | |||
| Banco Santander SA, 2.75%, 5/28/25 | 200,000 | 188,512 | |
| Bank of America Corp. | |||
| 5.08%, (SOFR + 1.29%), 1/20/27(a) | 210,000 | 209,199 | |
| 4.18%, 11/25/27 | 25,000 | 24,103 | |
| 3.42%, (3 Month US Libor + 1.04%), 12/20/28(a) | 108,000 | 100,394 | |
| 4.27%, (3 Month US Libor + 1.31%), 7/23/29(a) | 125,000 | 120,220 | |
| 2.88%, (3 Month US Libor + 1.19%), 10/22/30(a) | 100,000 | 86,878 | |
| 2.50%, (3 Month US Libor + 0.99%), 2/13/31(a) | 25,000 | 21,161 | |
| 2.59%, (SOFR + 2.15%), 4/29/31(a) | 75,000 | 63,445 | |
| 1.90%, (SOFR + 1.53%), 7/23/31(a) | 100,000 | 79,803 | |
| 2.97%, (SOFR + 1.33%), 2/4/33(a) | 50,000 | 42,072 | |
| 4.57%, (SOFR + 1.83%), 4/27/33(a) | 50,000 | 47,632 | |
| 2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36(a) | 75,000 | 56,540 | |
| 6.11%, 1/29/37 | 100,000 | 105,126 | |
| Bank of New York Mellon Corp. (The) | |||
| 4.60%, (SOFR + 1.76%), 7/26/30(a) | 15,000 | 14,651 |
| Shares/ Principal |
Fair Value | ||
| Banks (continued) | |||
| 5.83%, (SOFRINDX + 2.07%), 10/25/33(a) | $25,000 | $26,678 | |
| Barclays PLC, 2.85%, (SOFR + 2.71%), 5/7/26(a) | 200,000 | 186,693 | |
| BNP Paribas SA | |||
| 3.38%, 1/9/25(b) | 252,000 | 241,595 | |
| 1.32%, (SOFR + 1.00%), 1/13/27(a),(b) | 225,000 | 198,755 | |
| BPCE SA, 4.00%, 9/12/23(b) | 250,000 | 247,450 | |
| Citigroup, Inc. | |||
| 4.04%, (3 Month US Libor + 1.02%), 6/1/24(a) | 105,000 | 104,639 | |
| 4.60%, 3/9/26 | 75,000 | 73,369 | |
| 3.40%, 5/1/26 | 200,000 | 190,754 | |
| 4.45%, 9/29/27 | 125,000 | 121,159 | |
| 3.67%, (3 Month Term SOFR + 1.65%), 7/24/28(a) | 50,000 | 47,331 | |
| 2.98%, (SOFR + 1.42%), 11/5/30(a) | 100,000 | 87,451 | |
| 3.06%, (SOFR + 1.35%), 1/25/33(a) | 50,000 | 42,229 | |
| Comerica Bank, 2.50%, 7/23/24 | 300,000 | 276,230 | |
| Credit Suisse Group AG, 4.55%, 4/17/26 | 255,000 | 235,237 | |
| Deutsche Bank AG, 2.22%, (SOFR + 2.16%), 9/18/24(a) | 150,000 | 145,842 | |
| Fifth Third Bancorp, 2.38%, 1/28/25 | 85,000 | 78,791 | |
| HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26(a) | 225,000 | 205,334 | |
| Huntington Bancshares, Inc., 4.00%, 5/15/25 | 150,000 | 141,314 | |
| ING Groep NV, 4.63%, 1/6/26(b) | 225,000 | 220,736 | |
| JPMorgan Chase & Co. | |||
| 3.56%, (3 Month US Libor + 0.73%), 4/23/24(a) | 40,000 | 39,954 | |
| 3.80%, (3 Month US Libor + 0.89%), 7/23/24(a) | 50,000 | 49,736 | |
| 4.02%, (3 Month US Libor + 1.00%), 12/5/24(a) | 125,000 | 123,752 | |
| 2.30%, (SOFR + 1.16%), 10/15/25(a) | 150,000 | 143,376 | |
| 3.30%, 4/1/26 | 225,000 | 216,809 | |
| 3.96%, (3 Month US Libor + 1.25%), 1/29/27(a) | 175,000 | 169,823 | |
| 3.51%, (3 Month US Libor + 0.95%), 1/23/29(a) | 125,000 | 116,975 | |
| 2.96%, (SOFR + 2.52%), 5/13/31(a) | 25,000 | 21,598 | |
| 2.96%, (SOFR + 1.26%), 1/25/33(a) | 150,000 | 128,167 | |
| 4.59%, (SOFR + 1.80%), 4/26/33(a) | 21,000 | 20,306 | |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34(a) | 90,000 | 83,156 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Banks (continued) | |||
| Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27(a),(b) | $75,000 | $66,867 | |
| Morgan Stanley | |||
| 2.72%, (SOFR + 1.15%), 7/22/25(a) | 75,000 | 72,332 | |
| 3.63%, 1/20/27 | 200,000 | 191,835 | |
| 5.05%, (SOFR + 1.30%), 1/28/27(a) | 263,000 | 262,076 | |
| 3.95%, 4/23/27 | 30,000 | 28,934 | |
| 4.43%, (3 Month US Libor + 1.63%), 1/23/30(a) | 50,000 | 48,175 | |
| 2.70%, (SOFR + 1.14%), 1/22/31(a) | 75,000 | 64,554 | |
| 1.79%, (SOFR + 1.03%), 2/13/32(a) | 125,000 | 97,778 | |
| 2.48%, (SOFR + 1.36%), 9/16/36(a) | 125,000 | 94,897 | |
| NatWest Group PLC, 4.52%, (3 Month US Libor + 1.55%), 6/25/24(a) | 300,000 | 298,551 | |
| Toronto-Dominion Bank (The), 4.46%, 6/8/32 | 125,000 | 121,646 | |
| US Bancorp, 5.85%, (SOFR + 2.09%), 10/21/33(a) | 50,000 | 52,190 | |
| Wells Fargo & Co. | |||
| 3.75%, 1/24/24 | 55,000 | 54,336 | |
| 3.55%, 9/29/25 | 125,000 | 120,047 | |
| 3.00%, 10/23/26 | 325,000 | 303,739 | |
| 4.30%, 7/22/27 | 100,000 | 96,808 | |
| 4.15%, 1/24/29 | 25,000 | 23,757 | |
| 4.90%, (SOFR + 2.10%), 7/25/33(a) | 111,000 | 108,274 | |
| Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34(a) | 75,000 | 67,118 | |
| 7,318,889 | |||
| Beverages - 1.8% | |||
| Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc. | |||
| 4.70%, 2/1/36 | 250,000 | 248,691 | |
| 4.90%, 2/1/46 | 181,000 | 176,585 | |
| Constellation Brands, Inc. | |||
| 4.40%, 11/15/25 | 200,000 | 197,160 | |
| 3.60%, 2/15/28 | 100,000 | 95,050 | |
| 3.15%, 8/1/29 | 125,000 | 114,171 | |
| 2.25%, 8/1/31 | 50,000 | 41,038 | |
| 4.75%, 5/9/32 | 39,000 | 38,467 | |
| Keurig Dr Pepper, Inc. | |||
| 4.60%, 5/25/28 | 125,000 | 124,640 | |
| 3.80%, 5/1/50 | 25,000 | 19,877 | |
| 4.50%, 4/15/52 | 75,000 | 66,503 | |
| 1,122,182 | |||
| Biotechnology - 0.9% | |||
| Amgen, Inc. | |||
| 3.13%, 5/1/25 | 175,000 | 169,566 | |
| 5.25%, 3/2/30 | 130,000 | 132,767 | |
| 4.20%, 3/1/33 | 75,000 | 71,831 |
| Shares/ Principal |
Fair Value | ||
| Biotechnology (continued) | |||
| 5.25%, 3/2/33 | $108,000 | $110,883 | |
| Royalty Pharma PLC, 1.20%, 9/2/25 | 100,000 | 90,570 | |
| 575,617 | |||
| Building Materials - 0.2% | |||
| Carrier Global Corp., 2.72%, 2/15/30 | 75,000 | 65,556 | |
| Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 4.90%, 12/1/32 | 25,000 | 25,342 | |
| Masco Corp., 1.50%, 2/15/28 | 50,000 | 42,545 | |
| 133,443 | |||
| Chemicals - 0.1% | |||
| International Flavors & Fragrances, Inc., 1.83%, 10/15/27(b) | 100,000 | 84,710 | |
| Commercial Services - 0.8% | |||
| Emory University, 2.14%, 9/1/30 | 160,000 | 136,376 | |
| Global Payments, Inc., 2.65%, 2/15/25 | 75,000 | 71,148 | |
| PayPal Holdings, Inc., 1.65%, 6/1/25 | 225,000 | 211,112 | |
| S&P Global, Inc., 2.95%, 1/22/27 | 50,000 | 47,928 | |
| 466,564 | |||
| Computers - 1.2% | |||
| Apple, Inc., 3.25%, 2/23/26 | 175,000 | 171,083 | |
| Dell International LLC / EMC Corp. | |||
| 5.45%, 6/15/23 | 54,000 | 53,979 | |
| 5.85%, 7/15/25 | 18,000 | 18,285 | |
| 6.02%, 6/15/26 | 175,000 | 179,471 | |
| 5.30%, 10/1/29 | 25,000 | 25,073 | |
| Hewlett Packard Enterprise Co. | |||
| 4.45%, 10/2/23 | 225,000 | 223,729 | |
| 4.90%, 10/15/25 | 50,000 | 49,888 | |
| 721,508 | |||
| Cosmetics/Personal Care - 0.3% | |||
| Colgate-Palmolive Co., 3.25%, 8/15/32 | 75,000 | 70,198 | |
| Kenvue, Inc. | |||
| 4.90%, 3/22/33(b) | 75,000 | 77,471 | |
| 5.20%, 3/22/63(b) | 50,000 | 51,582 | |
| 199,251 | |||
| Diversified Financial Services - 2.8% | |||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | |||
| 4.88%, 1/16/24 | 175,000 | 173,017 | |
| 2.45%, 10/29/26 | 225,000 | 202,167 | |
| Air Lease Corp. | |||
| 2.30%, 2/1/25 | 175,000 | 165,522 | |
| 3.38%, 7/1/25 | 100,000 | 95,196 | |
| 2.88%, 1/15/26 | 75,000 | 69,884 | |
| 3.75%, 6/1/26 | 175,000 | 165,321 | |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100,000 | 79,545 | |
| American Express Co. | |||
| 2.50%, 7/30/24 | 35,000 | 33,786 | |
| 3.63%, 12/5/24 | 175,000 | 170,455 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Diversified Financial Services (continued) | |||
| Aviation Capital Group LLC, 1.95%, 1/30/26(b) | $75,000 | $66,645 | |
| Avolon Holdings Funding Ltd. | |||
| 3.95%, 7/1/24(b) | 75,000 | 72,950 | |
| 2.88%, 2/15/25(b) | 150,000 | 140,533 | |
| 4.25%, 4/15/26(b) | 25,000 | 23,488 | |
| Capital One Financial Corp. | |||
| 3.50%, 6/15/23 | 75,000 | 74,623 | |
| 3.30%, 10/30/24 | 65,000 | 61,942 | |
| Intercontinental Exchange, Inc., 3.00%, 6/15/50 | 50,000 | 35,158 | |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25,000 | 17,054 | |
| Visa, Inc., 3.15%, 12/14/25 | 100,000 | 97,057 | |
| 1,744,343 | |||
| Electric - 3.0% | |||
| Alliant Energy Finance LLC, 3.75%, 6/15/23(b) | 50,000 | 49,831 | |
| Ameren Corp., 3.50%, 1/15/31 | 25,000 | 22,732 | |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | 50,000 | 42,119 | |
| Avangrid, Inc., 3.20%, 4/15/25 | 50,000 | 47,804 | |
| Berkshire Hathaway Energy Co., 6.13%, 4/1/36 | 74,000 | 81,400 | |
| Dominion Energy, Inc. | |||
| 3.07%, 8/15/24(c) | 175,000 | 169,657 | |
| 3.38%, 4/1/30 | 50,000 | 45,252 | |
| Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 25,000 | 20,736 | |
| Duquesne Light Holdings, Inc., 2.53%, 10/1/30(b) | 100,000 | 81,592 | |
| Entergy Corp., 2.95%, 9/1/26 | 175,000 | 164,267 | |
| Exelon Corp., 4.05%, 4/15/30 | 50,000 | 47,477 | |
| FirstEnergy Corp. | |||
| 2.65%, 3/1/30 | 150,000 | 127,509 | |
| 2.25%, 9/1/30 | 50,000 | 41,260 | |
| Korea Hydro & Nuclear Power Co. Ltd., 4.25%, 7/27/27(b) | 220,000 | 216,154 | |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 80,000 | 70,182 | |
| NRG Energy, Inc., 3.75%, 6/15/24(b) | 150,000 | 145,430 | |
| Pacific Gas and Electric Co. | |||
| 2.10%, 8/1/27 | 25,000 | 21,740 | |
| 2.50%, 2/1/31 | 50,000 | 40,481 | |
| 3.30%, 8/1/40 | 25,000 | 17,575 | |
| 3.50%, 8/1/50 | 50,000 | 32,887 | |
| Sempra Energy, 3.40%, 2/1/28 | 125,000 | 117,293 | |
| Southern California Edison Co., 4.20%, 3/1/29 | 100,000 | 96,587 | |
| Xcel Energy, Inc., 3.35%, 12/1/26 | 150,000 | 142,688 | |
| 1,842,653 |
| Shares/ Principal |
Fair Value | ||
| Engineering & Construction - 0.3% | |||
| Mexico City Airport Trust, 3.88%, 4/30/28(b) | $200,000 | $185,000 | |
| Entertainment - 0.5% | |||
| Warnermedia Holdings, Inc. | |||
| 4.05%, 3/15/29(b) | 200,000 | 185,751 | |
| 4.28%, 3/15/32(b) | 125,000 | 111,416 | |
| 297,167 | |||
| Environmental Control - 0.5% | |||
| Republic Services, Inc. | |||
| 2.50%, 8/15/24 | 150,000 | 145,263 | |
| 4.88%, 4/1/29 | 50,000 | 50,487 | |
| Waste Connections, Inc., 4.20%, 1/15/33 | 42,000 | 40,253 | |
| Waste Management, Inc. | |||
| 3.15%, 11/15/27 | 50,000 | 47,492 | |
| 4.15%, 4/15/32 | 50,000 | 48,440 | |
| 331,935 | |||
| Food - 0.4% | |||
| General Mills, Inc., 4.20%, 4/17/28 | 50,000 | 49,430 | |
| Mars, Inc., 2.70%, 4/1/25(b) | 50,000 | 48,082 | |
| Sysco Corp. | |||
| 4.45%, 3/15/48 | 25,000 | 21,591 | |
| 6.60%, 4/1/50 | 25,000 | 28,379 | |
| Tyson Foods, Inc., 3.90%, 9/28/23 | 125,000 | 123,919 | |
| 271,401 | |||
| Gas - 0.2% | |||
| East Ohio Gas Co. (The), 1.30%, 6/15/25(b) | 50,000 | 45,877 | |
| NiSource, Inc. | |||
| 5.25%, 3/30/28 | 75,000 | 76,228 | |
| 3.60%, 5/1/30 | 25,000 | 23,054 | |
| 145,159 | |||
| Healthcare-Products - 0.3% | |||
| DH Europe Finance II SARL, 2.20%, 11/15/24 | 125,000 | 119,945 | |
| STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | 75,000 | 62,735 | |
| Thermo Fisher Scientific, Inc., 1.75%, 10/15/28 | 25,000 | 21,942 | |
| 204,622 | |||
| Healthcare-Services - 1.9% | |||
| Adventist Health System, 2.95%, 3/1/29 | 25,000 | 22,204 | |
| Banner Health, 2.34%, 1/1/30 | 145,000 | 125,371 | |
| Baylor Scott & White Holdings, 1.78%, 11/15/30 | 50,000 | 40,447 | |
| CommonSpirit Health | |||
| 3.91%, 10/1/50 | 110,000 | 84,908 | |
| 6.46%, 11/1/52 | 105,000 | 120,086 | |
| Humana, Inc., 5.50%, 3/15/53 | 25,000 | 25,334 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Healthcare-Services (continued) | |||
| Rush Obligated Group, 3.92%, 11/15/29 | $60,000 | $55,590 | |
| Stanford Health Care, 3.31%, 8/15/30 | 35,000 | 31,773 | |
| Sutter Health | |||
| 2.29%, 8/15/30 | 25,000 | 20,952 | |
| 4.09%, 8/15/48 | 225,000 | 188,486 | |
| UnitedHealth Group, Inc. | |||
| 5.30%, 2/15/30 | 175,000 | 184,286 | |
| 5.35%, 2/15/33 | 125,000 | 132,643 | |
| 5.88%, 2/15/53 | 50,000 | 56,117 | |
| 5.05%, 4/15/53 | 75,000 | 75,495 | |
| 1,163,692 | |||
| Home Builders - 0.1% | |||
| Lennar Corp., 4.75%, 11/29/27 | 45,000 | 44,457 | |
| Insurance - 0.7% | |||
| AIA Group Ltd., 3.20%, 3/11/25(b) | 200,000 | 193,750 | |
| New York Life Insurance Co., 3.75%, 5/15/50(b) | 50,000 | 40,203 | |
| Principal Financial Group, Inc. | |||
| 3.10%, 11/15/26 | 75,000 | 71,579 | |
| 2.13%, 6/15/30 | 100,000 | 83,346 | |
| Willis North America, Inc., 2.95%, 9/15/29 | 50,000 | 43,799 | |
| 432,677 | |||
| Internet - 0.5% | |||
| Amazon.com, Inc., 3.10%, 5/12/51 | 50,000 | 37,721 | |
| Expedia Group, Inc., 2.95%, 3/15/31 | 14,000 | 11,676 | |
| Meta Platforms, Inc. | |||
| 3.50%, 8/15/27 | 175,000 | 168,818 | |
| 3.85%, 8/15/32 | 66,000 | 61,702 | |
| 279,917 | |||
| Iron & Steel - 0.0%† | |||
| Steel Dynamics, Inc., 2.40%, 6/15/25 | 30,000 | 28,281 | |
| Lodging - 0.3% | |||
| Marriott International, Inc. | |||
| 5.00%, 10/15/27 | 75,000 | 75,093 | |
| 4.90%, 4/15/29 | 50,000 | 49,490 | |
| 2.85%, 4/15/31 | 100,000 | 85,125 | |
| 209,708 | |||
| Media - 1.1% | |||
| Comcast Corp. | |||
| 3.70%, 4/15/24 | 150,000 | 148,224 | |
| 3.95%, 10/15/25 | 125,000 | 123,513 | |
| 3.30%, 4/1/27 | 125,000 | 120,048 | |
| 3.75%, 4/1/40 | 25,000 | 21,466 | |
| Fox Corp., 4.03%, 1/25/24 | 75,000 | 74,186 | |
| Walt Disney Co. (The), 3.70%, 9/15/24 | 200,000 | 197,386 | |
| 684,823 |
| Shares/ Principal |
Fair Value | ||
| Mining - 0.8% | |||
| Glencore Funding LLC | |||
| 4.63%, 4/29/24(b) | $250,000 | $247,069 | |
| 1.63%, 4/27/26(b) | 75,000 | 67,821 | |
| Newcrest Finance Pty Ltd., 3.25%, 5/13/30(b) | 25,000 | 22,091 | |
| Newmont Corp., 2.25%, 10/1/30 | 150,000 | 125,770 | |
| 462,751 | |||
| Miscellaneous Manufacturing - 0.2% | |||
| Eaton Corp., 4.15%, 3/15/33 | 75,000 | 72,344 | |
| General Electric Co., 6.75%, 3/15/32 | 50,000 | 56,697 | |
| 129,041 | |||
| Oil & Gas - 0.5% | |||
| BP Capital Markets America, Inc., 3.41%, 2/11/26 | 50,000 | 48,664 | |
| Marathon Petroleum Corp. | |||
| 3.63%, 9/15/24 | 50,000 | 49,241 | |
| 3.80%, 4/1/28 | 25,000 | 23,784 | |
| Phillips 66 | |||
| 3.85%, 4/9/25 | 25,000 | 24,441 | |
| 1.30%, 2/15/26 | 25,000 | 22,619 | |
| 3.90%, 3/15/28 | 150,000 | 144,048 | |
| 312,797 | |||
| Pharmaceuticals - 0.9% | |||
| AbbVie, Inc. | |||
| 4.05%, 11/21/39 | 125,000 | 111,184 | |
| 4.88%, 11/14/48 | 25,000 | 23,997 | |
| AmerisourceBergen Corp., 3.45%, 12/15/27 | 50,000 | 47,297 | |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 50,000 | 45,095 | |
| Cigna Group (The), 4.80%, 8/15/38 | 75,000 | 72,619 | |
| CVS Health Corp. | |||
| 2.63%, 8/15/24 | 30,000 | 29,082 | |
| 4.78%, 3/25/38 | 200,000 | 190,458 | |
| 5.13%, 7/20/45 | 16,000 | 15,154 | |
| 534,886 | |||
| Pipelines - 2.4% | |||
| Enbridge, Inc., 5.70%, 3/8/33 | 55,000 | 57,153 | |
| Energy Transfer LP | |||
| 4.20%, 9/15/23 | 175,000 | 174,213 | |
| 2.90%, 5/15/25 | 100,000 | 95,246 | |
| 5.25%, 4/15/29 | 100,000 | 99,629 | |
| 5.30%, 4/15/47 | 25,000 | 21,840 | |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40 | 189,970 | 153,683 | |
| MPLX LP | |||
| 4.80%, 2/15/29 | 50,000 | 49,484 | |
| 2.65%, 8/15/30 | 125,000 | 106,079 | |
| 4.50%, 4/15/38 | 75,000 | 66,637 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Pipelines (continued) | |||
| Sabine Pass Liquefaction LLC | |||
| 5.63%, 3/1/25 | $275,000 | $276,663 | |
| 5.00%, 3/15/27 | 100,000 | 99,437 | |
| Targa Resources Corp., 4.20%, 2/1/33 | 40,000 | 35,934 | |
| Williams Cos., Inc. (The) | |||
| 4.00%, 9/15/25 | 175,000 | 170,742 | |
| 5.65%, 3/15/33 | 75,000 | 77,399 | |
| 1,484,139 | |||
| REITS - 2.5% | |||
| Agree LP, 4.80%, 10/1/32 | 110,000 | 104,709 | |
| American Homes 4 Rent LP | |||
| 4.90%, 2/15/29 | 50,000 | 48,074 | |
| 2.38%, 7/15/31 | 30,000 | 23,898 | |
| American Tower Corp. | |||
| 3.38%, 5/15/24 | 200,000 | 195,709 | |
| 2.40%, 3/15/25 | 125,000 | 118,694 | |
| Camden Property Trust, 2.80%, 5/15/30 | 75,000 | 64,869 | |
| Crown Castle, Inc. | |||
| 3.15%, 7/15/23 | 100,000 | 99,382 | |
| 3.65%, 9/1/27 | 75,000 | 71,076 | |
| CubeSmart LP, 2.50%, 2/15/32 | 50,000 | 40,116 | |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75,000 | 64,980 | |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 71,000 | 55,350 | |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 50,000 | 41,938 | |
| Kilroy Realty LP, 4.75%, 12/15/28 | 79,000 | 66,954 | |
| National Retail Properties, Inc., 3.90%, 6/15/24 | 45,000 | 44,292 | |
| Prologis LP, 4.63%, 1/15/33 | 75,000 | 73,962 | |
| Realty Income Corp., 4.88%, 6/1/26 | 75,000 | 74,537 | |
| Regency Centers LP, 2.95%, 9/15/29 | 125,000 | 108,065 | |
| Spirit Realty LP, 3.40%, 1/15/30 | 100,000 | 85,515 | |
| UDR, Inc., 2.10%, 8/1/32 | 25,000 | 19,185 | |
| WP Carey, Inc. | |||
| 4.60%, 4/1/24 | 25,000 | 24,463 | |
| 4.00%, 2/1/25 | 30,000 | 29,039 | |
| 3.85%, 7/15/29 | 75,000 | 68,737 | |
| 2.40%, 2/1/31 | 25,000 | 20,375 | |
| 1,543,919 | |||
| Retail - 1.8% | |||
| 7-Eleven, Inc., 1.30%, 2/10/28(b) | 100,000 | 85,020 | |
| Alimentation Couche-Tard, Inc., 3.55%, 7/26/27(b) | 50,000 | 46,896 | |
| AutoNation, Inc. | |||
| 4.50%, 10/1/25 | 55,000 | 53,717 | |
| 1.95%, 8/1/28 | 25,000 | 20,673 | |
| Dollar Tree, Inc., 4.00%, 5/15/25 | 75,000 | 73,483 |
| Shares/ Principal |
Fair Value | ||
| Retail (continued) | |||
| Home Depot, Inc. (The), 4.50%, 9/15/32 | $75,000 | $75,468 | |
| Lowe's Cos., Inc. | |||
| 3.10%, 5/3/27 | 25,000 | 23,749 | |
| 1.70%, 9/15/28 | 75,000 | 64,825 | |
| 3.75%, 4/1/32 | 225,000 | 207,609 | |
| 5.00%, 4/15/33 | 75,000 | 74,965 | |
| 4.25%, 4/1/52 | 50,000 | 40,894 | |
| McDonald's Corp. | |||
| 4.60%, 9/9/32 | 59,000 | 59,595 | |
| 4.45%, 9/1/48 | 25,000 | 23,049 | |
| Starbucks Corp. | |||
| 3.80%, 8/15/25 | 150,000 | 147,510 | |
| 4.00%, 11/15/28 | 75,000 | 72,901 | |
| 3.00%, 2/14/32 | 51,000 | 45,164 | |
| 1,115,518 | |||
| Semiconductors - 1.1% | |||
| Broadcom, Inc. | |||
| 4.15%, 4/15/32(b) | 53,000 | 48,277 | |
| 3.42%, 4/15/33(b) | 150,000 | 125,260 | |
| 3.47%, 4/15/34(b) | 165,000 | 135,441 | |
| Intel Corp., 5.20%, 2/10/33 | 100,000 | 101,700 | |
| Micron Technology, Inc., 2.70%, 4/15/32 | 50,000 | 40,013 | |
| NXP BV / NXP Funding LLC / NXP USA, Inc. | |||
| 3.40%, 5/1/30 | 50,000 | 44,896 | |
| 2.50%, 5/11/31 | 125,000 | 103,283 | |
| 2.65%, 2/15/32 | 75,000 | 61,458 | |
| 660,328 | |||
| Software - 1.6% | |||
| Fiserv, Inc. | |||
| 2.75%, 7/1/24 | 150,000 | 145,496 | |
| 4.20%, 10/1/28 | 100,000 | 96,741 | |
| Oracle Corp. | |||
| 4.50%, 5/6/28 | 75,000 | 74,088 | |
| 2.95%, 4/1/30 | 25,000 | 22,056 | |
| 4.65%, 5/6/30 | 100,000 | 97,295 | |
| 2.88%, 3/25/31 | 225,000 | 192,454 | |
| 4.90%, 2/6/33 | 91,000 | 89,050 | |
| 3.60%, 4/1/40 | 25,000 | 19,365 | |
| 6.90%, 11/9/52 | 100,000 | 111,600 | |
| VMware, Inc. | |||
| 1.80%, 8/15/28 | 25,000 | 21,102 | |
| 2.20%, 8/15/31 | 75,000 | 59,213 | |
| Workday, Inc. | |||
| 3.50%, 4/1/27 | 50,000 | 47,773 | |
| 3.80%, 4/1/32 | 25,000 | 22,870 | |
| 999,103 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | ||
| Telecommunications - 2.9% | |||
| AT&T, Inc. | |||
| 2.30%, 6/1/27 | $120,000 | $109,987 | |
| 2.55%, 12/1/33 | 175,000 | 140,716 | |
| 4.90%, 8/15/37 | 50,000 | 47,773 | |
| 4.85%, 3/1/39 | 85,000 | 79,689 | |
| 3.50%, 6/1/41 | 100,000 | 78,796 | |
| 3.65%, 6/1/51 | 50,000 | 37,745 | |
| 3.50%, 9/15/53 | 25,000 | 18,050 | |
| T-Mobile USA, Inc. | |||
| 3.50%, 4/15/25 | 82,000 | 79,662 | |
| 1.50%, 2/15/26 | 50,000 | 45,653 | |
| 3.75%, 4/15/27 | 221,000 | 212,299 | |
| 4.75%, 2/1/28 | 25,000 | 24,684 | |
| 2.05%, 2/15/28 | 200,000 | 177,367 | |
| 3.88%, 4/15/30 | 167,000 | 156,607 | |
| 5.20%, 1/15/33 | 150,000 | 152,392 | |
| Verizon Communications, Inc. | |||
| 4.33%, 9/21/28 | 313,000 | 309,179 | |
| 4.02%, 12/3/29 | 25,000 | 23,973 | |
| 3.15%, 3/22/30 | 100,000 | 91,068 | |
| 1,785,640 | |||
| Transportation - 0.6% | |||
| Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | 75,000 | 72,281 | |
| Canadian Pacific Railway Co., 2.45%, 12/2/31 | 50,000 | 43,254 | |
| CSX Corp. | |||
| 3.80%, 3/1/28 | 100,000 | 97,111 | |
| 4.10%, 11/15/32 | 75,000 | 72,191 | |
| FedEx Corp., 3.40%, 2/15/28 | 25,000 | 23,639 | |
| Union Pacific Corp., 2.80%, 2/14/32 | 100,000 | 87,718 | |
| 396,194 | |||
| Total Corporate Bonds and Notes | |||
| (Cost - $31,230,939) | 29,324,180 | ||
| Agency Mortgage Backed Securities - 38.0% | |||
| Federal Home Loan Mortgage Corporation - 4.8% | |||
| Federal Home Loan Mortgage Corporation | |||
| 4.50%, 6/1/52 | 579,974 | 571,816 | |
| 4.50%, 6/1/52 | 355,689 | 351,461 | |
| Freddie Mac Pool | |||
| 4.00%, 1/1/49 | 280,367 | 275,146 | |
| 4.00%, 3/1/50 | 442,104 | 429,127 | |
| 3.00%, 12/1/50 | 656,384 | 597,432 | |
| 2.50%, 9/1/51 | 891,459 | 775,051 | |
| 3,000,033 | |||
| Federal National Mortgage Association - 19.3% | |||
| Fannie Mae Pool | |||
| 4.50%, 6/1/31 | 267,746 | 269,611 |
| Shares/ Principal |
Fair Value | ||
| Federal National Mortgage Association (continued) | |||
| 4.00%, 8/1/45 | $776,371 | $760,799 | |
| 4.00%, 1/1/46 | 443,351 | 433,136 | |
| 4.50%, 7/1/48 | 343,893 | 342,157 | |
| 5.00%, 11/1/48 | 252,744 | 257,210 | |
| 2.00%, 11/1/50 | 1,000,990 | 829,830 | |
| 2.50%, 3/1/51 | 78,861 | 68,938 | |
| 2.50%, 9/1/51 | 99,352 | 86,359 | |
| 2.50%, 10/1/51 | 396,668 | 346,784 | |
| 2.50%, 11/1/51 | 231,670 | 202,516 | |
| 2.50%, 11/1/51 | 179,001 | 156,411 | |
| 5.50%, 11/1/52 | 978,869 | 1,002,377 | |
| 6.00%, 12/1/52 | 977,564 | 1,013,156 | |
| Federal National Mortgage Association | |||
| 2.00%, 4/1/53(d) | 1,000,000 | 825,156 | |
| 2.50%, 4/1/53(d) | 1,000,000 | 861,094 | |
| 5.50%, 4/1/53(d) | 2,000,000 | 2,019,375 | |
| Freddie Mac Pool, 2.00%, 1/1/52 | 2,964,509 | 2,447,489 | |
| 11,922,398 | |||
| Government National Mortgage Association - 13.9% | |||
| Ginnie Mae | |||
| 2.50%, 4/20/53(d) | 1,000,000 | 879,219 | |
| 3.50%, 4/20/53(d) | 1,000,000 | 936,562 | |
| Ginnie Mae II Pool | |||
| 3.50%, 4/20/47 | 193,724 | 184,247 | |
| 3.50%, 12/20/47 | 239,905 | 228,170 | |
| 4.50%, 2/20/48 | 125,755 | 125,856 | |
| 4.50%, 5/20/48 | 126,507 | 126,683 | |
| 4.50%, 8/20/48 | 160,828 | 161,053 | |
| 5.00%, 8/20/48 | 33,110 | 33,616 | |
| 4.50%, 9/20/48 | 559,581 | 560,362 | |
| 5.00%, 10/20/48 | 190,802 | 194,222 | |
| 5.00%, 11/20/48 | 119,989 | 122,137 | |
| 5.00%, 12/20/48 | 62,331 | 63,447 | |
| 5.00%, 1/20/49 | 182,599 | 185,867 | |
| 4.00%, 2/20/49 | 163,738 | 160,321 | |
| 4.50%, 3/20/49 | 5,411 | 5,418 | |
| 5.00%, 3/20/49 | 88,266 | 88,614 | |
| 4.00%, 5/20/49 | 146,100 | 142,693 | |
| 4.50%, 10/20/49 | 130,460 | 130,643 | |
| 3.00%, 3/20/50 | 448,858 | 411,601 | |
| 3.00%, 2/20/52 | 531,473 | 483,799 | |
| 4.50%, 9/20/52 | 987,846 | 972,083 | |
| 4.50%, 10/20/52 | 986,549 | 970,817 | |
| Government National Mortgage Association | |||
| 3.00%, 9/20/49 | 694,310 | 632,500 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | |||
| Government National Mortgage Association (continued) | ||||
| 3.00%, 11/20/51 | $881,152 | $804,539 | ||
| 8,604,469 | ||||
| Total Agency Mortgage Backed Securities | ||||
| (Cost - $24,081,568) | 23,526,900 | |||
| Asset Backed and Commercial Backed Securities - 8.8% | ||||
| 3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/15/54 (e) | 150,000 | 124,022 | ||
| Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd., 6.01%, (SOFR + 1.45%), 1/15/37 (a),(b) | 200,000 | 196,418 | ||
| ASSURANT CLO LTD., 5.85%, (3 Month US Libor + 1.04%), 4/20/31 (a),(b) | 1,500,000 | 1,477,766 | ||
| Benchmark 2018-B1 Mortgage Trust, 2.75%, 1/15/51 (b) | 100,000 | 67,085 | ||
| BX Trust 2021-ARIA, 6.33%, (1 Month US Libor + 1.65%), 10/15/36 (a),(b) | 150,000 | 140,254 | ||
| Cathedral Lake VIII Ltd., 7.43%, (3 Month US Libor + 2.62%), 1/20/35 (a),(b) | 150,000 | 143,410 | ||
| CBAM 2018-5 Ltd., 5.81%, (3 Month US Libor + 1.02%), 4/17/31 (a),(b) | 350,000 | 343,913 | ||
| Connecticut Avenue Securities Trust, 6.21%, (SOFR + 1.65%), 12/25/41 (a),(b) | 34,000 | 32,205 | ||
| DOLP Trust 2021-NYC, 2.96%, 5/10/41 (b) | 200,000 | 160,019 | ||
| Elmwood CLO 22 Ltd., 6.58%, (3 Month Term SOFR + 1.80%), 4/17/36 (a),(b) | 250,000 | 249,211 | ||
| Freddie Mac STACR REMIC Trust 2021-DNA5, 6.21%, (SOFR + 1.65%), 1/25/34 (a),(b) | 23,492 | 23,054 | ||
| Freddie Mac STACR REMIC Trust 2022-DNA1, 5.56%, (SOFR + 1.00%), 1/25/42 (a),(b) | 63,836 | 62,535 | ||
| Freddie Mac STACR REMIC Trust 2022-DNA3, 6.56%, (SOFR + 2.00%), 4/25/42 (a),(b) | 24,710 | 24,601 | ||
| JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (b),(e) | 102,427 | 84,278 | ||
| Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53 | 250,000 | 201,197 | ||
| Morgan Stanley Capital I Trust 2020-L4, 2.70%, 2/15/53 | 500,000 | 428,868 | ||
| Shares/ Principal |
Fair Value | |||
| Asset Backed and Commercial Backed Securities (continued) | ||||
| PHEAA Student Loan Trust 2012-1, 5.40%, (1 Month US Libor + 0.55%), 5/25/57 (a),(b) | $144,537 | $140,227 | ||
| TICP CLO X Ltd., 5.81%, (3 Month US Libor + 1.00%), 4/20/31 (a),(b) | 1,550,000 | 1,530,476 | ||
| Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 (b),(e) | 6,227 | 5,766 | ||
| Total Asset Backed and Commercial Backed Securities | ||||
| (Cost - $5,789,053) | 5,435,305 | |||
| U.S. Treasury Securities and Agency Bonds - 2.5% | ||||
| Federal Farm Credit Banks Funding Corp. | ||||
| 2.90%, 4/12/32 | $600,000 | 547,476 | ||
| 3.30%, 5/19/32 | 170,000 | 160,086 | ||
| 3.50%, 9/1/32 | 40,000 | 37,656 | ||
| 2.85%, 3/28/34 | 370,000 | 327,670 | ||
| 1.70%, 4/23/35 | 540,000 | 415,501 | ||
| Federal Home Loan Banks, 4.75%, 12/10/32 | 80,000 | 83,077 | ||
| Total U.S. Treasury Securities and Agency Bonds | ||||
| (Cost - $1,777,637) | 1,571,466 | |||
| Sovereign Debts - 1.5% | ||||
| Mexico Government International Bond, 3.25%, 4/16/30 | 290,000 | 259,490 | ||
| Perusahaan Penerbit SBSN Indonesia III, 4.55%, 3/29/26 | 520,000 | 519,945 | ||
| Peruvian Government International Bond, 3.23%, 7/28/21 | 20,000 | 11,880 | ||
| Romanian Government International Bond | ||||
| 3.00%, 2/27/27(b) | 30,000 | 27,270 | ||
| 2.12%, 7/16/31 | EUR | 30,000 | 23,644 | |
| 2.00%, 1/28/32(b) | EUR | 70,000 | 53,503 | |
| Total Sovereign Debts | ||||
| (Cost - $977,790) | 895,732 | |||
| Municipal Bonds - 1.3% | ||||
| California Statewide Communities Development Authority, 1.88%, 2/1/31 | 30,000 | 23,821 | ||
| City of Tucson, 1.46%, 7/1/28 | 5,000 | 4,315 | ||
| Metropolitan Transportation Authority | ||||
| 5.99%, 11/15/30(f) | 25,000 | 26,762 | ||
| 5.18%, 11/15/49 | 160,000 | 145,369 | ||
| Municipal Improvement Corp. of Los Angeles, 2.07%, 11/1/30 | 95,000 | 78,877 | ||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Shares/ Principal |
Fair Value | |||
| Municipal Bonds (continued) | ||||
| New Jersey Turnpike Authority | ||||
| 1.48%, 1/1/28 | $5,000 | $4,365 | ||
| 7.10%, 1/1/41 | 25,000 | 30,825 | ||
| San Francisco Municipal Transportation Agency, 1.30%, 3/1/28 | 25,000 | 21,253 | ||
| State of California, 7.60%, 11/1/40 | 175,000 | 230,379 | ||
| State of Illinois, 5.10%, 6/1/33 (f) | 265,000 | 264,355 | ||
| Total Municipal Bonds | ||||
| (Cost - $898,312) | 830,321 | |||
| Short-Term Investments - 8.4% | ||||
| Money Market Funds - 3.5% | ||||
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.72%(g) (Cost - $2,158,957) | 2,158,957 | 2,158,957 | ||
| U.S. Treasury Securities - 2.9% | ||||
| U.S. Treasury Bill, 0.00%, 4/25/23 (Cost - $1,794,424)(h) | 1,800,000 | 1,794,978 | ||
| Certificate of Deposit - 1.6% | ||||
| CITIB, 3.80%, 8/1/23 (Cost - $1,000,000) | 1,000,000 | 994,115 | ||
| Commercial Paper - 0.4% | ||||
| Bank of Montreal, 0.00%, 7/12/23 (Cost - $247,273)(h) | 250,000 | 246,410 | ||
| Total
Short-Term Investments (Cost - $5,200,654) |
5,194,460 | |||
| Total Investments before Securities Sold Short - 107.9% | ||||
| (Cost - $69,955,953) | $66,778,364 | |||
| Other Assets Less Liabilities - Net (7.9)% | (4,912,334) | |||
| Total Net Assets - 100.0% | $61,866,030 | |||
| Shares/ Principal |
Fair Value | |||
| Securities Sold Short - (6.3)% | ||||
| Agency Mortgage Backed Securities - (6.3)% | ||||
| Government National Mortgage Association - (3.2)% | ||||
| Ginnie Mae, 4.50%, 4/20/53(d) | (2,000,000) | $(1,968,438) | ||
| Federal National Mortgage Association - (3.1)% | ||||
| Federal National Mortgage Association | ||||
| 4.00%, 4/1/53(d) | (1,000,000) | (955,469) | ||
| 4.50%, 4/1/53(d) | (1,000,000) | (978,906) | ||
| (1,934,375) | ||||
| Total Securities Sold Short (Proceeds - $(3,875,430)) | $(3,902,813) | |||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| † | Represents less than 0.05%. |
| (a) | Variable rate security. The rate shown is the rate in effect at period end. |
| (b) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of March 31, 2023, these securities amounted to $8,335,734 or 13.5% of net assets. |
| (c) | Step coupon. |
| (d) | When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions. |
| (e) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end. |
| (f) | Sinking bond security. |
| (g) | The rate shown is the annualized seven-day yield at period end. |
| (h) | Rate shown represents discount rate at the time of purchase. |
| CLO | - | Collateralized Loan Obligation |
| CMT | - | Treasury Constant Maturity Rate |
| EUR | - | EURO |
| Libor | - | London Interbank Offer Rate |
| PLC | - | Public Limited Company |
| REMIC | - | Real Estate Mortgage Investment Conduit |
| SOFR | - | Secured Overnight Financing Rate |
| Futures Contracts | |||||||||||
| Counterparty | Number
of Contracts |
Expiration Date | Notional Value | Fair Value/Unrealized Appreciation (Depreciation) | |||||||
| Long Futures Contracts | |||||||||||
| U.S. 10 Year Note Future | Morgan Stanley | 18 | 6/21/2023 | $2,068,594 | $18,438 | ||||||
| U.S. 2 Year Note Future | Morgan Stanley | 21 | 6/30/2023 | 4,335,516 | 14,566 | ||||||
| U.S. 5 Year Note Future | Morgan Stanley | 15 | 6/30/2023 | 1,642,617 | 3,404 | ||||||
| U.S. Long Bond Future | Morgan Stanley | 13 | 6/21/2023 | 1,705,031 | 57,257 | ||||||
| U.S. Ultra Bond Future | Morgan Stanley | 32 | 6/21/2023 | 4,516,000 | 164,779 | ||||||
| 258,444 | |||||||||||
| Short Futures Contracts | |||||||||||
| Euro-Bobl Future | Morgan Stanley | 2 | 6/8/2023 | 256,141 | 413 | ||||||
| Euro-Schatz Future | Morgan Stanley | 2 | 6/8/2023 | 229,665 | (2,303) | ||||||
| Fed Fund 30 Day Future | Morgan Stanley | 2 | 9/29/2023 | 793,688 | 696 | ||||||
| U.S. 10 Year Ultra Future | Morgan Stanley | 5 | 6/21/2023 | 605,703 | (21,053) | ||||||
| (22,247) | |||||||||||
| TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $236,197 | ||||||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Interest Rate Swaptions Written | ||||||||||||||||
| Counterparty | Description* | Floating Rate Index |
Exercise Rate | Expiration Date |
Notional Amount | Fair Value | Premiums Received |
Unrealized Appreciation (Depreciation) | ||||||||
| JP Morgan Chase Bank | Call - IRS SWAPTION | Tokyo Overnight Average Rate | Receives 0.40% | 01/05/24 | 26,000,000 | $(1,808) | $(825) | $(983) | ||||||||
| TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | $(1,808) | $(825) | $(983) | |||||||||||||
|
* |
The Fund may receive or pay a variable rate. |
|
Interest Rate Swaps |
||||||||||||||||
| Counterparty | Payment Frequency |
Fund Receives | Fund Pays | Expiration Date |
Notional Amount |
Fair Value | Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) | ||||||||
| Morgan Stanley | Annually | 3.50% | Euro Short-Term Rate | 03/13/25 | 180,000 | EUR | $990 | $(597) | $1,587 | |||||||
| Morgan Stanley | Annually | 4.54% | SOFR-COMPOUND | 03/17/25 | 250,000 | USD | $2,207 | $2,436 | $(229) | |||||||
| Morgan Stanley | Annually | SOFR-COMPOUND | 4.87% | 09/30/27 | 260,000 | USD | (3,652) | (3,375) | (277) | |||||||
| Morgan Stanley | Semi-Annually | 3.50% | 6 Month Euribor | 04/13/28 | 230,000 | EUR | 5,197 | 714 | 4,483 | |||||||
| Morgan Stanley | Annually | 3.50% | Sterling Overnight Index Average | 06/21/28 | 340,000 | GBP | (4,176) | (8,421) | 4,245 | |||||||
| Morgan Stanley | Semi-Annually | 3 Month Canadian Dollar Offered Rate | 5.03% | 06/21/28 | 110,000 | CAD | (808) | 1,195 | (2,003) | |||||||
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | (0.03)% | 06/21/28 | 299,080,000 | JPY | 11,143 | 23,926 | (12,783) | |||||||
| Morgan Stanley | Quarterly | 3 Month New Zealand Dollar Bank Bill Rate | 5.23% | 06/21/33 | 200,000 | NZD | (4,847) | (3,859) | (988) | |||||||
| Morgan Stanley | Semi-Annually | 3.50% | 6 Month Norway Ibor | 06/21/33 | 1,870,000 | NOK | 6,305 | 4,025 | 2,280 | |||||||
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Interest Rate Swaps (continued) | ||||||||||||||||
| Counterparty | Payment Frequency |
Fund Receives | Fund Pays | Expiration Date |
Notional Amount |
Fair Value | Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) | ||||||||
| Morgan Stanley | Quarterly | 3 Month Stockholm Interbank Offered Rate | 0.22% | 06/21/33 | 5,940,000 | SEK | (19,556) | (16,043) | (3,513) | |||||||
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | (0.03)% | 06/21/33 | 89,380,000 | JPY | 11,450 | 20,973 | (9,523) | |||||||
| Morgan Stanley | Semi-Annually | 4.25% | 6 Month Australian Bill | 06/21/33 | 1,150,000 | AUD | 24,236 | (1,353) | 25,589 | |||||||
| Morgan Stanley | Semi-Annually | 3 Month Canadian Dollar Offered Rate | 5.03% | 06/21/33 | 840,000 | CAD | (12,154) | 2,182 | (14,336) | |||||||
| Morgan Stanley | Annually | 3.25% | Sterling Overnight Index Average | 06/21/33 | 90,000 | GBP | (1,425) | (3,944) | 2,519 | |||||||
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 3.34% | 06/21/33 | 760,000 | EUR | 31,843 | 40,087 | (8,244) | |||||||
| Morgan Stanley | Annually | 2.00% | Swiss Average Rate Overnight | 06/21/33 | 630,000 | CHF | 3,992 | (2,450) | 6,442 | |||||||
| Morgan Stanley | Annually | 3.00% | SOFR-COMPOUND | 06/21/33 | 760,000 | USD | (9,979) | (21,652) | 11,673 | |||||||
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | $40,766 | $33,844 | $6,922 | |||||||||||||
† Unless otherwise indicated, notional amount is shown in USD.
| Credit Default Swaps | ||||||||||||||||||||||
| Counterparty | Reference Obligation/ Index |
Payment Frequency |
Buy/Sell Protection |
Fixed Rate Received |
Fixed Rate Paid |
Credit Rating* |
Expiration Date |
Notional Amount |
Fair Value | Premiums Paid (Received) |
Unrealized Appreciation(Depreciation) | |||||||||||
| Morgan Stanley | CD The Boeing Company | Quarterly | Buy | 1.00% | – | BBB- | 06/20/24 | $100,000 | $658 | $585 | $73 | |||||||||||
| Morgan Stanley | CD General Electric Company | Quarterly | Buy | 1.00% | – | BBB+ | 06/20/26 | 325,000 | 4,161 | 2,844 | 1,317 | |||||||||||
| Morgan Stanley | CD Prudential Financial | Quarterly | Buy | 1.00% | – | A- | 06/21/27 | 175,000 | 505 | 538 | (33) | |||||||||||
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | $5,324 | $3,967 | $1,357 | |||||||||||||||||||
| * | Using S&P's rating of the issuer or the underlying securities of the index. |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
March 31, 2023
| Forward Foreign Currency Contracts | ||||||||||||
| Settlement Date | Counterparty | Currency Units to Receive | In Exchange For | Unrealized Appreciation (Depreciation) | ||||||||
| 04/03/23 | Morgan Stanley | 46,354 | USD | 42,735 | EUR | $(83) | ||||||
| 06/21/23 | Morgan Stanley | 61,829 | USD | 91,532 | AUD | 339 | ||||||
| 06/21/23 | Morgan Stanley | 86,678 | USD | 117,964 | CAD | (604) | ||||||
| 06/21/23 | Morgan Stanley | 168,291 | CHF | 186,029 | USD | (165) | ||||||
| 06/21/23 | Morgan Stanley | 86,055 | USD | 80,248 | EUR | (1,540) | ||||||
| 06/21/23 | Morgan Stanley | 75,283 | USD | 63,398 | GBP | (3,234) | ||||||
| 06/21/23 | Morgan Stanley | 20,823,349 | JPY | 158,124 | USD | 249 | ||||||
| 06/21/23 | Morgan Stanley | 60,221 | USD | 626,533 | NOK | 174 | ||||||
| 06/21/23 | Morgan Stanley | 61,394 | USD | 100,294 | NZD | (1,352) | ||||||
| 06/21/23 | Morgan Stanley | 65,068 | USD | 691,718 | SEK | (1,926) | ||||||
| 06/26/23 | Morgan Stanley | 47,456 | USD | 43,303 | EUR | 176 | ||||||
| TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $(7,966) | |||||||||||
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| EUR | - | Euro |
| GBP | - | Pound Sterling |
| JPY | - | Japanese Yen |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| SEK | - | Swedish Krona |
| USD | - | United States Dollar |