Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited)
September 30, 2023
| Shares/ Principal | Fair Value | |||
| Common Stocks - 69.3% | ||||
| Aerospace & Defense - 2.4% | ||||
| General Dynamics Corp. | 8,712 | $1,925,091 | ||
| RTX Corp. | 37,028 | 2,664,905 | ||
| 4,589,996 | ||||
| Air Freight & Logistics - 1.3% | ||||
| United Parcel Service, Inc., Class B | 16,373 | 2,552,060 | ||
| Banks - 1.1% | ||||
| JPMorgan Chase & Co. | 14,249 | 2,066,390 | ||
| Beverages - 1.3% | ||||
| PepsiCo, Inc. | 15,423 | 2,613,273 | ||
| Biotechnology - 1.1% | ||||
| AbbVie, Inc. | 14,483 | 2,158,836 | ||
| Building Products - 1.8% | ||||
| Carlisle Cos., Inc. | 6,112 | 1,584,597 | ||
| Johnson Controls International PLC | 36,615 | 1,948,284 | ||
| 3,532,881 | ||||
| Capital Markets - 1.0% | ||||
| Nasdaq, Inc. | 38,674 | 1,879,170 | ||
| Chemicals - 6.6% | ||||
| Air Products and Chemicals, Inc. | 12,578 | 3,564,605 | ||
| Albemarle Corp. | 7,897 | 1,342,806 | ||
| Ecolab, Inc. | 10,190 | 1,726,186 | ||
| Linde PLC | 14,175 | 5,278,062 | ||
| Sherwin-Williams Co. (The) | 3,684 | 939,604 | ||
| 12,851,263 | ||||
| Commercial Services & Supplies - 1.2% | ||||
| Cintas Corp. | 4,784 | 2,301,152 | ||
| Consumer Discretionary Services - 0.0%† | ||||
| 24 Hour Fitness Worldwide, Inc. * | 671 | 4 | ||
| Consumer Staples Distribution & Retail - 2.1% | ||||
| Target Corp. | 16,775 | 1,854,812 | ||
| Walmart, Inc. | 14,385 | 2,300,593 | ||
| 4,155,405 | ||||
| Electrical Equipment - 0.7% | ||||
| nVent Electric PLC | 26,760 | 1,418,012 | ||
| Financial Services - 1.9% | ||||
| Visa, Inc., Class A | 15,895 | 3,656,009 | ||
| Food Products - 1.8% | ||||
| McCormick & Co., Inc. | 23,502 | 1,777,691 | ||
| Mondelez International, Inc., Class A | 25,695 | 1,783,233 | ||
| 3,560,924 | ||||
| Ground Transportation - 1.5% | ||||
| JB Hunt Transport Services, Inc. | 7,225 | 1,362,057 | ||
| Norfolk Southern Corp. | 7,507 | 1,478,353 | ||
| 2,840,410 | ||||
| Health Care Equipment & Supplies - 6.9% | ||||
| Abbott Laboratories | 25,414 | 2,461,346 | ||
| Becton Dickinson and Co. | 14,086 | 3,641,653 | ||
| Medtronic PLC | 28,100 | 2,201,916 |
| Shares/ Principal | Fair Value | |||
| Health Care Equipment & Supplies (continued) | ||||
| Stryker Corp. | 18,347 | $5,013,685 | ||
| 13,318,600 | ||||
| Health Care Providers & Services - 2.4% | ||||
| CVS Health Corp. | 3,155 | 220,282 | ||
| UnitedHealth Group, Inc. | 8,759 | 4,416,200 | ||
| 4,636,482 | ||||
| Hotels, Restaurants & Leisure - 1.9% | ||||
| McDonald’s Corp. | 10,563 | 2,782,717 | ||
| Starbucks Corp. | 8,800 | 803,176 | ||
| 3,585,893 | ||||
| Household Products - 2.0% | ||||
| Colgate-Palmolive Co. | 20,145 | 1,432,511 | ||
| Procter & Gamble Co. (The) | 16,262 | 2,371,975 | ||
| 3,804,486 | ||||
| Industrial Conglomerates - 1.6% | ||||
| Honeywell International, Inc. | 16,712 | 3,087,375 | ||
| Insurance - 0.6% | ||||
| Erie Indemnity Co., Class A | 4,034 | 1,185,149 | ||
| IT Services - 2.0% | ||||
| Accenture PLC, Class A | 12,671 | 3,891,391 | ||
| Life Sciences Tools & Services - 2.1% | ||||
| Danaher Corp. | 5,141 | 1,275,482 | ||
| West Pharmaceutical Services, Inc. | 7,378 | 2,768,299 | ||
| 4,043,781 | ||||
| Machinery - 1.3% | ||||
| Donaldson Co., Inc. | 13,466 | 803,112 | ||
| Dover Corp. | 12,801 | 1,785,868 | ||
| 2,588,980 | ||||
| Oil, Gas & Consumable Fuels - 2.5% | ||||
| Chevron Corp. | 12,188 | 2,055,140 | ||
| EOG Resources, Inc. | 11,593 | 1,469,529 | ||
| Exxon Mobil Corp. | 11,998 | 1,410,725 | ||
| 4,935,394 | ||||
| Pharmaceuticals - 1.7% | ||||
| Johnson & Johnson | 15,888 | 2,474,556 | ||
| Pfizer, Inc. | 27,052 | 897,315 | ||
| 3,371,871 | ||||
| Semiconductors & Semiconductor Equipment - 3.7% | ||||
| Analog Devices, Inc. | 21,562 | 3,775,291 | ||
| Texas Instruments, Inc. | 21,321 | 3,390,252 | ||
| 7,165,543 | ||||
| Software - 9.6% | ||||
| Microsoft Corp. | 40,781 | 12,876,601 | ||
| Roper Technologies, Inc. | 11,756 | 5,693,195 | ||
| 18,569,796 | ||||
| Specialty Retail - 2.7% | ||||
| Lowe’s Cos., Inc. | 13,424 | 2,790,044 | ||
| Ross Stores, Inc. | 21,388 | 2,415,775 | ||
| 5,205,819 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Shares/
Principal | Fair Value | |||
| Technology Hardware, Storage & Peripherals - 0.3% | ||||
| Apple, Inc. | 2,900 | $496,509 | ||
| Textiles, Apparel & Luxury Goods - 1.1% | ||||
| NIKE, Inc., Class B | 22,191 | 2,121,903 | ||
| Trading Companies & Distributors - 1.1% | ||||
| WW Grainger, Inc. | 3,140 | 2,172,378 | ||
| Total Common Stocks | ||||
| (Cost - $62,171,033) | 134,357,135 | |||
| Corporate Bonds and Notes - 7.8% | ||||
| Aerospace & Defense - 0.1% | ||||
| Boeing Co. (The) | ||||
| 5.15%, 5/1/30 | $150,000 | 143,425 | ||
| 3.65%, 3/1/47 | 100,000 | 65,806 | ||
| 209,231 | ||||
| Agriculture - 0.2% | ||||
| Altria Group, Inc., 3.40%, 5/6/30 | 100,000 | 85,502 | ||
| Imperial Brands Finance PLC, 4.25%, 7/21/25(a) | 200,000 | 192,664 | ||
| Philip Morris International, Inc., 5.38%, 2/15/33 | 200,000 | 189,627 | ||
| 467,793 | ||||
| Airlines - 0.1% | ||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(a) | 226,000 | 219,531 | ||
| United Airlines 2020-1 Class B Pass-Through Trust, 4.88%, 1/15/26 | 32,325 | 31,113 | ||
| 250,644 | ||||
| Banks - 2.2% | ||||
| ABN AMRO Bank NV, 6.34%, (US 1 Year CMT T-Note + 1.65%), 9/18/27(a),(b) | 200,000 | 199,588 | ||
| Banco Santander SA, 2.75%, 12/3/30 | 200,000 | 149,055 | ||
| Bank of America Corp. | ||||
| 3.50%, 4/19/26 | 500,000 | 472,129 | ||
| 2.59%, (SOFR + 2.15%), 4/29/31(b) | 100,000 | 80,436 | ||
| 1.92%, (SOFR + 1.37%), 10/24/31(b) | 200,000 | 150,989 | ||
| BNP Paribas SA, 2.82%, (3 Month Term SOFR + 1.37%), 11/19/25(a),(b) | 200,000 | 192,093 | ||
| BPCE SA, 2.05%, (SOFR + 1.09%), 10/19/27(a),(b) | 250,000 | 220,225 | ||
| Citigroup, Inc. | ||||
| 2.57%, (SOFR + 2.11%), 6/3/31(b) | 100,000 | 79,767 | ||
| 3.06%, (SOFR + 1.35%), 1/25/33(b) | 200,000 | 158,149 | ||
| Deutsche Bank AG/New York NY, 5.37%, 9/9/27 | 150,000 | 146,497 | ||
| Goldman Sachs Group, Inc. (The) | ||||
| 1.95%, (SOFR + 0.91%), 10/21/27(b) | 50,000 | 44,156 | ||
| 1.99%, (SOFR + 1.09%), 1/27/32(b) | 300,000 | 225,239 |
| Shares/
Principal | Fair Value | |||
| Banks (continued) | ||||
| 2.38%, (SOFR + 1.25%), 7/21/32(b) | $200,000 | $152,356 | ||
| HSBC Holdings PLC | ||||
| 0.98%, (SOFR + 0.71%), 5/24/25(b) | 200,000 | 192,690 | ||
| 1.59%, (SOFR + 1.29%), 5/24/27(b) | 200,000 | 176,710 | ||
| JPMorgan Chase & Co., 4.49%, (3 Month Term SOFR + 3.79%), 3/24/31(b) | 400,000 | 366,410 | ||
| Mitsubishi UFJ Financial Group, Inc., 5.06%, (US 1 Year CMT T-Note + 1.55%), 9/12/25(b) | 200,000 | 197,830 | ||
| Mizuho Financial Group, Inc., 5.78%, (US 1 Year CMT T-Note + 1.65%), 7/6/29(b) | 200,000 | 197,367 | ||
| Morgan Stanley, 2.24%, (SOFR + 1.18%), 7/21/32(b) | 500,000 | 377,339 | ||
| Nordea Bank Abp, 4.75%, 9/22/25(a) | 200,000 | 195,805 | ||
| Societe Generale SA, 1.79%, (US 1 Year CMT T-Note + 1.00%), 6/9/27(a),(b) | 200,000 | 176,323 | ||
| US Bancorp, 5.73%, (SOFR + 1.43%), 10/21/26(b) | 100,000 | 99,176 | ||
| Wells Fargo & Co., 4.54%, (SOFR + 1.56%), 8/15/26(b) | 100,000 | 97,134 | ||
| 4,347,463 | ||||
| Beverages - 0.0%† | ||||
| Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 100,000 | 91,682 | ||
| Biotechnology - 0.3% | ||||
| Amgen, Inc., 5.25%, 3/2/33 | 100,000 | 95,613 | ||
| Biogen, Inc., 2.25%, 5/1/30 | 100,000 | 79,931 | ||
| CSL Finance PLC, 4.25%, 4/27/32(a) | 150,000 | 135,790 | ||
| Royalty Pharma PLC, 2.15%, 9/2/31 | 300,000 | 224,557 | ||
| 535,891 | ||||
| Computers - 0.0%† | ||||
| Apple, Inc., 2.65%, 5/11/50 | 100,000 | 61,172 | ||
| Cosmetics & Personal Care - 0.2% | ||||
| Estee Lauder Cos., Inc. (The), 4.65%, 5/15/33 | 150,000 | 140,129 | ||
| Kenvue, Inc., 5.05%, 3/22/28(a) | 150,000 | 148,040 | ||
| 288,169 | ||||
| Diversified Finanancial Services - 0.1% | ||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | 150,000 | 116,142 | ||
| Electric - 1.2% | ||||
| Comision Federal de Electricidad, 3.35%, 2/9/31(a) | 200,000 | 155,932 | ||
| Constellation Energy Generation LLC, 6.13%, 1/15/34 | 50,000 | 49,939 | ||
| Dominion Energy, Inc., 3.38%, 4/1/30 | 100,000 | 86,045 | ||
| DTE Energy Co., 4.88%, 6/1/28 | 150,000 | 144,989 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Shares/ Principal | Fair Value | |||
| Electric (continued) | ||||
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | $100,000 | $99,286 | ||
| Duke Energy Corp., 3.75%, 9/1/46 | 100,000 | 69,048 | ||
| Duke Energy Ohio, Inc., 5.25%, 4/1/33 | 50,000 | 48,283 | ||
| EDP Finance BV, 1.71%, 1/24/28(a) | 200,000 | 168,712 | ||
| Electricite de France SA, 5.70%, 5/23/28(a) | 200,000 | 198,084 | ||
| Enel Finance International NV, 3.50%, 4/6/28(a) | 200,000 | 179,735 | ||
| Exelon Corp., 4.05%, 4/15/30 | 200,000 | 180,039 | ||
| Florida Power & Light Co., 4.63%, 5/15/30 | 100,000 | 95,424 | ||
| Korea Electric Power Corp., 5.38%, 4/6/26(a) | 200,000 | 199,010 | ||
| NextEra Energy Capital Holdings, Inc., 6.05%, 3/1/25 | 50,000 | 50,079 | ||
| PacifiCorp, 6.10%, 8/1/36 | 100,000 | 98,592 | ||
| Southern Co. (The), 3.70%, 4/30/30 | 50,000 | 44,301 | ||
| Vistra Operations Co. LLC, 4.30%, 7/15/29(a) | 300,000 | 262,358 | ||
| Xcel Energy, Inc., 5.45%, 8/15/33 | 150,000 | 143,192 | ||
| 2,273,048 | ||||
| Food - 0.1% | ||||
| Hershey Co. (The), 4.50%, 5/4/33 | 100,000 | 94,374 | ||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.63%, 1/15/32 | 200,000 | 159,183 | ||
| 253,557 | ||||
| Healthcare-Products - 0.3% | ||||
| Baxter International, Inc., 2.54%, 2/1/32 | 200,000 | 154,929 | ||
| GE Healthcare Technologies, Inc., 5.60%, 11/15/25 | 100,000 | 99,433 | ||
| Revvity, Inc., 2.25%, 9/15/31 | 200,000 | 152,195 | ||
| STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | 100,000 | 81,118 | ||
| 487,675 | ||||
| Healthcare-Services - 0.3% | ||||
| Centene Corp., 3.00%, 10/15/30 | 100,000 | 80,661 | ||
| DaVita, Inc., 4.63%, 6/1/30(a) | 100,000 | 82,117 | ||
| Elevance Health, Inc., 4.65%, 1/15/43 | 100,000 | 83,877 | ||
| Kaiser Foundation Hospitals, 3.27%, 11/1/49 | 140,000 | 93,662 | ||
| Quest Diagnostics, Inc., 2.80%, 6/30/31 | 245,000 | 201,357 | ||
| UnitedHealth Group, Inc., 3.05%, 5/15/41 | 100,000 | 70,506 | ||
| 612,180 | ||||
| Insurance - 0.4% | ||||
| AIA Group Ltd., 4.95%, 4/4/33(a) | 200,000 | 190,038 | ||
| Arch Capital Group Ltd., 3.64%, 6/30/50 | 200,000 | 134,441 |
| Shares/
Principal | Fair Value | |||
| Insurance (continued) | ||||
| Arthur J Gallagher & Co., 3.05%, 3/9/52 | $200,000 | $115,710 | ||
| Corebridge Financial, Inc., 6.05%, 9/15/33(a) | 150,000 | 145,819 | ||
| Metropolitan Life Global Funding I, 4.30%, 8/25/29(a) | 150,000 | 140,298 | ||
| 726,306 | ||||
| Internet - 0.1% | ||||
| Meta Platforms, Inc., 4.95%, 5/15/33 | 150,000 | 143,798 | ||
| Lodging - 0.1% | ||||
| Studio City Finance Ltd., 5.00%, 1/15/29(a) | 200,000 | 150,591 | ||
| Media - 0.3% | ||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, 2.80%, 4/1/31 | 200,000 | 156,105 | ||
| Comcast Corp., 4.80%, 5/15/33 | 100,000 | 93,854 | ||
| Fox Corp., 3.50%, 4/8/30 | 200,000 | 173,427 | ||
| Time Warner Cable LLC, 6.75%, 6/15/39 | 100,000 | 91,506 | ||
| 514,892 | ||||
| Miscellaneous Manufacturing - 0.0%† | ||||
| Eaton Corp., 4.15%, 3/15/33 | 100,000 | 90,425 | ||
| Multi-National - 0.2% | ||||
| African Export-Import Bank (The), 3.99%, 9/21/29(a) | 200,000 | 163,920 | ||
| Banque Ouest Africaine de Developpement, 5.00%, 7/27/27(a) | 200,000 | 177,213 | ||
| 341,133 | ||||
| Oil & Gas - 0.4% | ||||
| Aker BP ASA, 4.00%, 1/15/31(a) | 200,000 | 171,830 | ||
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 4.49%, 5/1/30 | 50,000 | 46,888 | ||
| BP Capital Markets America, Inc., 4.89%, 9/11/33 | 200,000 | 187,842 | ||
| CITGO Petroleum Corp. | ||||
| 6.38%, 6/15/26(a) | 50,000 | 49,379 | ||
| 8.38%, 1/15/29(a) | 100,000 | 99,815 | ||
| Petroleos Mexicanos, 6.63%, 6/15/35 | 80,000 | 53,590 | ||
| Phillips 66, 2.15%, 12/15/30 | 100,000 | 78,758 | ||
| 688,102 | ||||
| Packaging & Containers - 0.0%† | ||||
| Amcor Flexibles North America, Inc., 2.63%, 6/19/30 | 50,000 | 40,375 | ||
| Pharmaceuticals - 0.2% | ||||
| Bayer US Finance II LLC, 4.38%, 12/15/28(a) | 100,000 | 93,357 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Shares/
Principal | Fair Value | |||
| Pharmaceuticals (continued) | ||||
| CVS Health Corp. | ||||
| 5.30%, 6/1/33 | $100,000 | $94,869 | ||
| 4.78%, 3/25/38 | 100,000 | 86,119 | ||
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | 100,000 | 94,738 | ||
| Teva Pharmaceutical Finance Netherlands III BV, 5.13%, 5/9/29 | 100,000 | 90,400 | ||
| 459,483 | ||||
| Pipelines - 0.3% | ||||
| Energy Transfer LP | ||||
| 4.75%, 1/15/26 | 100,000 | 97,309 | ||
| 4.95%, 5/15/28 | 100,000 | 95,831 | ||
| Enterprise Products Operating LLC, 3.13%, 7/31/29 | 100,000 | 87,870 | ||
| Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 200,000 | 194,050 | ||
| TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 100,000 | 93,703 | ||
| Williams Cos., Inc. (The), 3.50%, 11/15/30 | 50,000 | 43,113 | ||
| 611,876 | ||||
| REITS - 0.3% | ||||
| Healthcare Realty Holdings LP, 2.00%, 3/15/31 | 300,000 | 224,937 | ||
| MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 | 100,000 | 62,467 | ||
| Simon Property Group LP, 3.25%, 9/13/49 | 200,000 | 123,717 | ||
| VICI Properties LP / VICI Note Co., Inc., 4.50%, 9/1/26(a) | 100,000 | 93,949 | ||
| 505,070 | ||||
| Retail - 0.1% | ||||
| Target Corp., 2.95%, 1/15/52 | 200,000 | 121,876 | ||
| Software - 0.1% | ||||
| Fiserv, Inc., 2.65%, 6/1/30 | 150,000 | 123,413 | ||
| Telecommunications - 0.3% | ||||
| AT&T, Inc., 2.55%, 12/1/33 | 250,000 | 183,661 | ||
| T-Mobile USA, Inc. | ||||
| 3.88%, 4/15/30 | 200,000 | 177,299 | ||
| 3.30%, 2/15/51 | 100,000 | 62,527 | ||
| Verizon Communications, Inc., 2.36%, 3/15/32 | 150,000 | 114,437 | ||
| 537,924 | ||||
| Transportation - 0.0%† | ||||
| CSX Corp., 4.10%, 3/15/44 | 100,000 | 78,512 | ||
| Total Corporate Bonds and Notes | ||||
| (Cost - $17,099,914) | 15,128,423 |
| Shares/
Principal | Fair Value | |||
| U.S. Treasury Securities and Agency Bonds - 7.2% | ||||
| Federal Farm Credit Banks Funding Corp., 2.10%, 2/25/36 | $140,000 | $97,829 | ||
| U.S. Treasury Bond | ||||
| 1.13%, 5/15/40 | $155,000 | 88,871 | ||
| 1.13%, 8/15/40 | 875,000 | 496,802 | ||
| 1.75%, 8/15/41 | 1,320,000 | 821,391 | ||
| 3.88%, 2/15/43 | 85,000 | 73,910 | ||
| 2.50%, 5/15/46†† | 915,000 | 612,192 | ||
| 2.25%, 8/15/46 | 795,000 | 503,490 | ||
| 2.75%, 8/15/47 | 150,000 | 104,560 | ||
| 2.75%, 11/15/47 | 319,000 | 222,166 | ||
| 3.13%, 5/15/48 | 100,000 | 74,781 | ||
| 3.00%, 8/15/48 | 330,000 | 240,861 | ||
| 2.88%, 5/15/49 | 100,000 | 71,227 | ||
| 1.25%, 5/15/50 | 980,000 | 461,442 | ||
| 2.38%, 5/15/51 | 275,000 | 174,174 | ||
| 1.88%, 11/15/51 | 580,000 | 322,784 | ||
| 3.63%, 5/15/53 | 135,000 | 111,649 | ||
| U.S. Treasury Inflation Indexed Note, 0.63%, 1/15/26 | 623,962 | 593,276 | ||
| U.S. Treasury Note | ||||
| 3.88%, 3/31/25 | 935,000 | 916,482 | ||
| 0.38%, 12/31/25 | 900,000 | 813,691 | ||
| 1.88%, 2/28/27 | 1,580,000 | 1,438,170 | ||
| 2.75%, 4/30/27 | 2,200,000 | 2,057,516 | ||
| 3.25%, 6/30/27 | 1,400,000 | 1,330,383 | ||
| 3.13%, 8/31/27 | 1,520,000 | 1,434,797 | ||
| 3.63%, 3/31/28 | 415,000 | 397,930 | ||
| 4.38%, 8/31/28 | 500,000 | 495,117 | ||
| 1.88%, 2/15/32 | 35,000 | 28,435 | ||
| Total U.S. Treasury Securities and Agency Bonds | ||||
| (Cost - $16,083,240) | 13,983,926 | |||
| Agency Mortgage Backed Securities - 6.1% | ||||
| Federal Home Loan Mortgage Corporation - 3.3% | ||||
| Freddie Mac Pool | ||||
| 2.50%, 10/1/51 | 550,482 | 438,682 | ||
| 2.00%, 1/1/52 | 601,396 | 457,405 | ||
| 2.00%, 3/1/52 | 668,605 | 508,708 | ||
| 2.00%, 4/1/52 | 1,488,851 | 1,132,664 | ||
| 2.50%, 5/1/52 | 933,794 | 741,637 | ||
| 4.00%, 8/1/52 | 749,306 | 668,054 | ||
| 4.50%, 8/1/52 | 2,638,810 | 2,422,558 | ||
| 6,369,708 | ||||
| Federal National Mortgage Association - 2.6% | ||||
| Fannie Mae or Freddie Mac | ||||
| 3.50%, 10/1/53(c) | 550,000 | 473,086 | ||
| 4.00%, 10/1/53(c) | 530,000 | 471,948 | ||
| 5.00%, 10/1/53(c) | 680,000 | 641,537 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Shares/
Principal | Fair Value | |||
| Federal National Mortgage Association (continued) | ||||
| 5.50%, 10/1/53(c) | $1,000,000 | $966,563 | ||
| 6.00%, 10/1/53(c) | 500,000 | 493,516 | ||
| Fannie Mae Pool | ||||
| 3.00%, 11/1/48 | 227,637 | 191,726 | ||
| 3.00%, 11/1/51 | 539,912 | 447,726 | ||
| 2.50%, 4/1/52 | 221,876 | 176,196 | ||
| 3.50%, 12/1/52 | 531,002 | 458,639 | ||
| Freddie Mac Pool, 3.00%, 2/1/52 | 744,633 | 619,140 | ||
| 4,940,077 | ||||
| Government National Mortgage Association - 0.2% | ||||
| Ginnie Mae II Pool | ||||
| 2.00%, 7/20/52 | 297,057 | 234,614 | ||
| 2.50%, 7/20/52 | 291,437 | 238,861 | ||
| 473,475 | ||||
| Total Agency Mortgage Backed Securities | ||||
| (Cost - $12,722,227) | 11,783,260 | |||
| Asset Backed and Commercial Backed Securities - 2.9% | ||||
| Antares CLO 2018-1 Ltd., 7.24%, (3 Month Term SOFR + 1.91%), 4/20/31 (a),(b) | 250,000 | 246,151 | ||
| Benchmark 2023-V3 Mortgage Trust, 6.36%, 7/15/56 (d) | 20,000 | 20,177 | ||
| BRAVO Residential Funding Trust 2019-1, 3.50%, 3/25/58 (a) | 11,648 | 11,385 | ||
| BRAVO Residential Funding Trust 2019-NQM2, 3.50%, 10/25/44 (a),(d) | 51,838 | 46,229 | ||
| BX 2021-LBA3 Mortgage Trust, 6.35%, (1 Month Term SOFR + 1.01%), 10/15/36 (a),(b) | 130,000 | 126,308 | ||
| BX Commercial Mortgage Trust 2021-VOLT, 6.40%, (1 Month Term SOFR + 1.06%), 9/15/36 (a),(b) | 130,000 | 125,649 | ||
| BX Trust 2022-IND, 6.82%, (1 Month Term SOFR + 1.49%), 4/15/37 (a),(b) | 176,470 | 174,414 | ||
| Carlyle Direct Lending CLO 2015-1R LLC, 7.77%, (3 Month Term SOFR + 2.46%), 10/15/31 (a),(b) | 250,000 | 242,751 | ||
| CIFC Funding 2022-II Ltd., 6.64%, (3 Month Term SOFR + 1.32%), 4/19/35 (a),(b) | 310,000 | 307,883 | ||
| CIM Trust 2018-INV1, 4.00%, 8/25/48 (a),(d) | 18,480 | 16,166 | ||
| CIM Trust 2019-INV1, 4.00%, 2/25/49 (a),(d) | 11,411 | 10,598 |
| Shares/
Principal | Fair Value | |||
| Asset Backed and Commercial Backed Securities (continued) | ||||
| COLT 2022-4 Mortgage Loan Trust, 4.30%, 3/25/67 (a),(d) | $87,009 | $78,165 | ||
| Dryden 97 CLO Ltd., 6.63%, (3 Month Term SOFR + 1.30%), 4/20/35 (a),(b) | 250,000 | 246,526 | ||
| Eleven Madison Trust 2015-11MD Mortgage Trust, 3.67%, 9/10/35 (a),(d) | 250,000 | 218,284 | ||
| Ellington CLO III Ltd., 7.24%, (3 Month Term SOFR + 1.91%), 7/20/30 (a),(b) | 191,066 | 190,816 | ||
| Fannie Mae Connecticut Avenue Securities | ||||
| 10.68%, (SOFR + 5.36%), 10/25/23(b) | 42,905 | 43,000 | ||
| 9.83%, (SOFR + 4.51%), 1/25/24(b) | 70,411 | 71,082 | ||
| 8.03%, (SOFR + 2.71%), 5/25/24(b) | 51,777 | 52,151 | ||
| 8.33%, (SOFR + 3.01%), 7/25/24(b) | 33,600 | 33,986 | ||
| 10.73%, (SOFR + 5.41%), 10/25/28(b) | 141,922 | 149,951 | ||
| FirstKey Homes 2020-SFR2 Trust, 1.27%, 10/19/37 (a) | 147,413 | 133,698 | ||
| Freddie Mac STACR REMIC Trust 2022-DNA3, 7.31%, (SOFR + 2.00%), 4/25/42 (a),(b) | 76,615 | 77,158 | ||
| Freddie Mac Structured Agency Credit Risk Debt Notes, 10.58%, (SOFR + 5.26%), 11/25/28 (b) | 88,423 | 93,628 | ||
| Home Partners of America 2021-3 Trust, 2.65%, 1/17/41 (a) | 73,649 | 60,155 | ||
| Home Partners of America Trust 2021-2, 2.30%, 12/17/26 (a) | 202,157 | 176,449 | ||
| JP Morgan Mortgage Trust, 2.50%, 6/25/52 (a),(d) | 99,056 | 81,954 | ||
| JP Morgan Mortgage Trust 2021-13, 2.50%, 4/25/52 (a),(d) | 202,735 | 167,732 | ||
| JP Morgan Mortgage Trust 2021-14, 2.50%, 5/25/52 (a),(d) | 153,396 | 126,912 | ||
| Mill City Mortgage Loan Trust 2018-4, 3.50%, 4/25/66 (a),(d) | 81,689 | 76,915 | ||
| Neuberger Berman Loan Advisers CLO 27 Ltd., 6.67%, (3 Month Term SOFR + 1.36%), 1/15/30 (a),(b) | 649,000 | 641,466 | ||
| New Economy Assets Phase 1 Sponsor LLC, 1.91%, 10/20/61 (a) | 260,000 | 223,935 | ||
| OBX 2021-J3 Trust, 2.50%, 10/25/51 (a),(d) | 77,651 | 64,729 | ||
| Octagon Investment Partners 35 Ltd., 6.69%, (3 Month Term SOFR + 1.36%), 1/20/31 (a),(b) | 500,000 | 491,690 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Shares/
Principal | Fair Value | |||
| Asset Backed and Commercial Backed Securities (continued) | ||||
| Provident Funding Mortgage Trust 2019-1, 3.00%, 12/25/49 (a),(d) | $22,797 | $18,649 | ||
| Provident Funding Mortgage Trust 2021-J1, 2.50%, 10/25/51 (a),(d) | 139,899 | 117,743 | ||
| PSMC 2021-3 Trust, 2.50%, 8/25/51 (a),(d) | 260,460 | 215,490 | ||
| Strata CLO I Ltd., 7.77%, (3 Month Term SOFR + 2.46%), 1/15/31 (a),(b) | 200,000 | 199,559 | ||
| TICP CLO VI Ltd., 6.69%, (3 Month Term SOFR + 1.38%), 1/15/34 (a),(b) | 300,000 | 298,363 | ||
| Towd Point Mortgage Trust 2017-1, 2.75%, 10/25/56 (a),(d) | 5,955 | 5,883 | ||
| Towd Point Mortgage Trust 2017-2, 2.75%, 4/25/57 (a),(d) | 5,307 | 5,263 | ||
| Towd Point Mortgage Trust 2017-3, 2.75%, 7/25/57 (a),(d) | 15,152 | 14,760 | ||
| Total Asset Backed and Commercial Backed Securities | ||||
| (Cost - $6,061,978) | 5,703,803 | |||
| Mutual Funds - 0.8% | ||||
| Debt Funds - 0.8% | ||||
| Franklin Floating Rate Daily Access Fund (Cost - $1,495,000) | 198,803 | 1,532,773 | ||
| Municipal Bonds - 0.4% | ||||
| California Health Facilities Financing Authority, 2.93%, 6/1/32 | 45,000 | 37,367 | ||
| City of Salt Lake City UT Sales and Excise Tax Revenue, 3.10%, 4/1/38 | 40,000 | 30,228 | ||
| Golden State Tobacco Securitization Corp., 3.85%, 6/1/50 | 275,000 | 249,440 | ||
| Greenville City School District, 3.54%, 1/1/51 | 110,000 | 76,633 | ||
| Massachusetts School Building Authority, 3.40%, 10/15/40 | 85,000 | 64,510 | ||
| Regents of The University of California Medical Center Pooled Revenue, 4.56%, 5/15/53 | 100,000 | 84,336 | ||
| San Bernardino Community College District | ||||
| 2.69%, 8/1/41 | 250,000 | 166,741 | ||
| 2.86%, 8/1/49 | 150,000 | 90,160 | ||
| Texas State University System, 2.94%, 3/15/33 | 35,000 | 29,003 | ||
| Total Municipal Bonds | ||||
| (Cost - $1,081,747) | 828,418 |
| Shares/
Principal | Fair Value | |||
| Sovereign Debts - 0.3% | ||||
| Colombia Government International Bond, 5.00%, 6/15/45 | $200,000 | $131,624 | ||
| Panama Government International Bond, 3.75%, 4/17/26 (a) | 70,000 | 63,645 | ||
| Peruvian Government International Bond, 2.78%, 1/23/31 | 200,000 | 164,294 | ||
| Romanian Government International Bond, 6.13%, 1/22/44 (a) | 130,000 | 115,983 | ||
| Total Sovereign Debts | ||||
| (Cost - $653,126) | 475,546 | |||
| Term Loans - 0.0%† | ||||
| CSC Holdings LLC, 9.83%, 1/18/28 | 35,716 | 33,781 | ||
| Osmosis Buyer Ltd., 9.08%, 7/31/28 | 18 | 18 | ||
| Total Term Loans | ||||
| (Cost - $35,675) | 33,799 | |||
| Preferred Stocks - 0.0%† | ||||
| Consumer Discretionary Services - 0.0%† | ||||
| 24 Hour Fitness Worldwide, Inc., 0.00% (Cost - $2,145)* | 1,589 | – | ||
| Short-Term Investments - 6.3% | ||||
| Money Market Funds - 6.3% | ||||
| Dreyfus Government Cash Management, 5.22%(e) | 6,431,774 | 6,431,774 | ||
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.23%(e) | 5,808,455 | 5,808,455 | ||
| Total Short-Term Investments | ||||
| (Cost - $12,240,229) | 12,240,229 | |||
| Total Investments - 101.1% | ||||
| (Cost - $129,646,314) | $196,067,312 | |||
| Other Assets Less Liabilities - Net (1.1)% | (2,149,979) | |||
| Total Net Assets - 100.0% | $193,917,333 |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| * | Non-income producing security. |
| † | Represents less than 0.05%. |
| †† | A portion of this investment is held as collateral for derivative investments. |
| (a) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of September 30, 2023, these securities amounted to $9,821,672 or 5.1% of net assets. |
| (b) | Variable rate security. The rate shown is the rate in effect at period end. |
| (c) | When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions. |
| (d) | 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. |
| (e) | The rate shown is the annualized seven-day yield at period end. |
| CLO | - | Collateralized Loan Obligation |
| CMT | - | Treasury Constant Maturity Rate |
| PLC | - | Public Limited Company |
| REMIC | - | Real Estate Mortgage Investment Conduit |
| SOFR | - | Secured Overnight Financing Rate |
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| Futures Contracts | ||||||||||
| Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/Unrealized Appreciation (Depreciation) | ||||||
| Long Futures Contracts | ||||||||||
| U.S. 2 Year Note Future | J. P. Morgan Securities LLC | 29 | 12/29/2023 | $5,878,617 | $(13,036) | |||||
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 12 | 12/29/2023 | 1,264,313 | (7,755) | |||||
| U.S. Long Bond Future | J. P. Morgan Securities LLC | 1 | 12/19/2023 | 113,781 | (4,688) | |||||
| (25,479) | ||||||||||
| Short Futures Contracts | ||||||||||
| MSCI EAFE Future | Goldman Sachs & Co. | 9 | 12/15/2023 | 918,675 | (1,135) | |||||
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 28 | 12/15/2023 | 6,055,700 | (7,963) | |||||
| S&P MID 400 E-Mini Future | Goldman Sachs & Co. | 2 | 12/15/2023 | 504,080 | (1,130) | |||||
| U.S. 10 Year Ultra Future | J. P. Morgan Securities LLC | 12 | 12/19/2023 | 1,338,750 | 30,145 | |||||
| U.S. Ultra Bond Future | J. P. Morgan Securities LLC | 1 | 12/19/2023 | 118,688 | 5,969 | |||||
| 25,886 | ||||||||||
| TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $407 | |||||||||
| Interest Rate Swaps | ||||||||||||||||
| Counterparty | Payment Frequency | Fund Receives | Fund Pays | Expiration Date | Notional Amount | Fair Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||
| Citibank NA | At Maturity | SOFR | 1.924% | 08/12/27 | 500,000 | $47,286 | $41 | $47,245 | ||||||||
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | $47,286 | $41 | $47,245 | |||||||||||||
† Unless otherwise indicated, notional amount is shown in USD.
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
| 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) | |||||||||||
| Citibank NA | MCDX.NA.31 | Quarterly | Buy | 1.00% | – | NR | 12/20/23 | $1,050,000 | $1,481 | $465 | $1,016 | |||||||||||
| Citibank NA | Carnival Corp. | Quarterly | Buy | 1.00% | – | B- | 06/21/27 | 200,000 | (25,689) | (26,967) | 1,278 | |||||||||||
| Citibank NA | CDX.EM.38 | Quarterly | Sell | 1.00% | NR | 12/20/27 | 285,000 | 10,811 | 19,209 | (8,398) | ||||||||||||
| Citibank NA | CDX.NA.HY.40 | Quarterly | Sell | 5.00% | NR | 06/20/28 | 305,000 | (5,061) | 33 | (5,094) | ||||||||||||
| Citibank NA | CDX.NA.HY.40 | Quarterly | Sell | 5.00% | NR | 06/20/28 | 200,000 | (3,440) | (2,543) | (897) | ||||||||||||
| Citibank NA | CDX.NA.HY.40 | Quarterly | Sell | 5.00% | NR | 06/20/28 | 170,000 | (2,821) | (3,893) | 1,072 | ||||||||||||
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | $(24,719) | $(13,696) | $(11,023) | |||||||||||||||||||
| * | Credit ratings for the underlying securities in the index are assigned based on the higher ratings of either Moody’s or S&P. If both are unrated, then Fitch is used. If all three agencies are unrated, a credit rating is assigned using an internal credit analyst rating. |
| ** | The maximum potential amount the Portfolio may pay should a negative credit event take place as defined under the terms of the agreement. |
| NR | - | Not Rated |
| Forward Foreign Currency Contracts | ||||||||||
| Settlement Date | Counterparty | Currency Units to Receive | In Exchange For | Unrealized Appreciation (Depreciation) | ||||||
| 10/10/23 | JP Morgan Chase Bank | 17,000,000 | JPY | 119,484 | USD | $(5,350) | ||||
| 02/26/24 | JP Morgan Chase Bank | 280,299 | USD | 256,000 | EUR | 7,276 | ||||
| 02/26/24 | JP Morgan Chase Bank | 247,000 | EUR | 261,380 | USD | 2,044 | ||||
| TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | $3,970 | |||||||||
| EUR | - | Euro |
| JPY | - | Japanese Yen |
| USD | - | United States Dollar |