Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited)
September 30, 2023
Shares/ Principal | Fair Value | |||
Common Stocks - 87.0% | ||||
Aerospace & Defense - 1.4% | ||||
Airbus SE | 2,324 | $312,439 | ||
BAE Systems PLC | 25,261 | 307,645 | ||
CAE, Inc. * | 3,667 | 86,006 | ||
Dassault Aviation SA | 523 | 98,785 | ||
Elbit Systems Ltd. | 89 | 17,723 | ||
Embraer SA * | 9,191 | 31,694 | ||
Kongsberg Gruppen ASA | 1,489 | 61,738 | ||
Leonardo SpA | 2,287 | 33,076 | ||
Rolls-Royce Holdings PLC * | 54,158 | 146,021 | ||
Saab AB, Class B | 2,913 | 149,294 | ||
Safran SA | 2,180 | 343,072 | ||
Thales SA | 1,674 | 235,899 | ||
1,823,392 | ||||
Air Freight & Logistics - 0.6% | ||||
CJ Logistics Corp. | 69 | 4,132 | ||
Deutsche Post AG | 2,649 | 108,076 | ||
DSV A/S | 1,902 | 356,193 | ||
JD Logistics, Inc. *,(a) | 4,000 | 5,082 | ||
NIPPON EXPRESS HOLDINGS, Inc. | 2,400 | 125,496 | ||
SF Holding Co. Ltd., Class A | 2,600 | 14,524 | ||
ZTO Express Cayman, Inc., ADR | 4,120 | 99,580 | ||
713,083 | ||||
Automobile Components - 0.3% | ||||
Denso Corp. | 7,200 | 115,847 | ||
HL Mando Co. Ltd. | 497 | 15,469 | ||
Hyundai Mobis Co. Ltd. | 743 | 132,423 | ||
Pirelli & C SpA (a) | 26,219 | 126,610 | ||
Valeo SE | 1,969 | 34,043 | ||
424,392 | ||||
Automobiles - 3.7% | ||||
Bayerische Motoren Werke AG | 5,612 | 572,662 | ||
BYD Co. Ltd., Class A | 15,017 | 486,651 | ||
BYD Co. Ltd., Class H | 10,500 | 324,444 | ||
Ferrari NV | 661 | 195,744 | ||
Geely Automobile Holdings Ltd. | 73,000 | 86,125 | ||
Great Wall Motor Co. Ltd., Class H | 55,000 | 65,591 | ||
Honda Motor Co. Ltd. | 18,900 | 213,033 | ||
Kia Corp. | 1,428 | 86,141 | ||
Li Auto, Inc., Class A * | 5,300 | 93,591 | ||
Mercedes-Benz Group AG | 15,654 | 1,092,039 | ||
NIO, Inc., ADR * | 5,867 | 53,038 | ||
NIO, Inc., Class A * | 1,700 | 15,509 | ||
Nissan Motor Co. Ltd. | 37,300 | 165,047 | ||
Renault SA | 962 | 39,595 | ||
SAIC Motor Corp. Ltd., Class A | 19,800 | 40,120 | ||
Stellantis NV | 8,728 | 168,274 | ||
Subaru Corp. | 4,500 | 87,633 | ||
Suzuki Motor Corp. | 2,200 | 88,693 | ||
Toyota Motor Corp. | 48,000 | 861,250 | ||
Volkswagen AG | 163 | 21,520 |
Shares/ Principal | Fair Value | |||
Automobiles (continued) | ||||
XPeng, Inc., Class A * | 1,200 | $10,718 | ||
4,767,418 | ||||
Banks - 9.9% | ||||
ABN AMRO Bank NV, CVA (a) | 2,674 | 38,050 | ||
Absa Group Ltd. | 8,658 | 80,346 | ||
Agricultural Bank of China Ltd., Class H | 47,000 | 17,523 | ||
ANZ Group Holdings Ltd. | 7,230 | 119,736 | ||
Banco Bilbao Vizcaya Argentaria SA | 48,432 | 395,349 | ||
Banco Bradesco SA | 14,933 | 37,682 | ||
Banco de Sabadell SA | 62,179 | 72,448 | ||
Banco do Brasil SA | 2,346 | 22,147 | ||
Banco Santander Brasil SA | 9,764 | 50,857 | ||
Banco Santander SA | 189,514 | 726,045 | ||
Bank Central Asia TBK PT | 656,000 | 374,584 | ||
Bank Hapoalim BM | 19,173 | 170,678 | ||
Bank Leumi Le-Israel BM | 2,459 | 20,353 | ||
Bank Mandiri Persero TBK PT | 230,600 | 89,897 | ||
Bank Negara Indonesia Persero Tbk PT | 43,900 | 29,328 | ||
Bank of China Ltd., Class H | 229,000 | 80,116 | ||
Bank of Nova Scotia (The) | 9,320 | 419,676 | ||
Bank Rakyat Indonesia Persero TBK PT | 438,800 | 148,349 | ||
Bankinter SA | 7,501 | 48,000 | ||
Barclays PLC | 92,358 | 179,169 | ||
BAWAG Group AG *,(a) | 427 | 19,648 | ||
BNP Paribas SA | 5,896 | 377,228 | ||
BOC Hong Kong Holdings Ltd. | 48,000 | 131,463 | ||
CaixaBank SA | 62,097 | 248,911 | ||
Canadian Imperial Bank of Commerce | 14,259 | 552,958 | ||
Capitec Bank Holdings Ltd. | 595 | 54,206 | ||
China CITIC Bank Corp. Ltd., Class H | 119,000 | 55,307 | ||
China Construction Bank Corp., Class H | 581,000 | 327,894 | ||
China Merchants Bank Co. Ltd., Class A | 36,800 | 166,113 | ||
China Merchants Bank Co. Ltd., Class H | 41,500 | 173,273 | ||
CIMB Group Holdings BHD | 53,200 | 61,525 | ||
Commerzbank AG | 7,814 | 89,266 | ||
Commonwealth Bank of Australia | 5,946 | 383,640 | ||
Credit Agricole SA | 4,515 | 55,891 | ||
DNB Bank ASA | 6,845 | 138,690 | ||
Erste Group Bank AG | 1,858 | 64,562 | ||
Grupo Financiero Banorte SAB de CV, Class O | 19,000 | 159,699 | ||
Hana Financial Group, Inc. | 697 | 21,927 | ||
Hong Leong Bank BHD | 4,200 | 17,443 | ||
HSBC Holdings PLC | 83,895 | 660,365 | ||
Industrial & Commercial Bank of China Ltd., Class H | 355,000 | 170,886 | ||
Industrial Bank Co., Ltd., Class A | 15,600 | 34,792 | ||
ING Groep NV | 48,458 | 643,877 | ||
Intesa Sanpaolo SpA | 90,094 | 232,744 | ||
Israel Discount Bank Ltd., Class A | 9,794 | 52,970 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Banks (continued) | ||||
Japan Post Bank Co. Ltd. | 12,400 | $108,108 | ||
Jyske Bank A/S * | 209 | 15,347 | ||
KakaoBank Corp. | 1,396 | 24,156 | ||
KB Financial Group, Inc. | 1,199 | 49,136 | ||
KBC Group NV | 1,549 | 96,990 | ||
Lloyds Banking Group PLC | 501,088 | 271,368 | ||
Malayan Banking BHD | 108,000 | 202,187 | ||
Mediobanca Banca di Credito Finanziario SpA | 21,236 | 281,720 | ||
Mitsubishi UFJ Financial Group, Inc. | 93,300 | 793,105 | ||
Mizrahi Tefahot Bank Ltd. | 1,969 | 71,426 | ||
Mizuho Financial Group, Inc. | 25,100 | 427,402 | ||
National Australia Bank Ltd. | 4,769 | 89,475 | ||
Nedbank Group Ltd. | 2,444 | 26,248 | ||
OTP Bank Nyrt | 4,889 | 177,284 | ||
Ping An Bank Co., Ltd., Class A | 84,500 | 129,572 | ||
Postal Savings Bank of China Co. Ltd., Class H (a) | 40,000 | 20,225 | ||
Public Bank BHD | 211,900 | 183,231 | ||
Resona Holdings, Inc. | 27,500 | 152,644 | ||
RHB Bank BHD | 85,700 | 99,111 | ||
Royal Bank of Canada | 1,246 | 109,394 | ||
Shinhan Financial Group Co. Ltd. | 2,179 | 57,487 | ||
Societe Generale SA | 9,544 | 232,863 | ||
Standard Bank Group Ltd. | 19,329 | 188,495 | ||
Standard Chartered PLC | 12,625 | 116,804 | ||
Sumitomo Mitsui Financial Group, Inc. | 7,300 | 359,411 | ||
Sumitomo Mitsui Trust Holdings, Inc. | 2,500 | 94,337 | ||
Swedbank AB, Class A | 2,284 | 42,320 | ||
TMBThanachart Bank PCL, NVDR | 488,400 | 23,070 | ||
UniCredit SpA | 10,071 | 242,363 | ||
Westpac Banking Corp. | 8,173 | 111,563 | ||
12,812,453 | ||||
Beverages - 1.4% | ||||
Ambev SA | 65,559 | 171,848 | ||
Arca Continental SAB de CV | 5,506 | 50,303 | ||
Budweiser Brewing Co. APAC Ltd. (a) | 5,700 | 11,252 | ||
China Resources Beer Holdings Co. Ltd. | 4,000 | 21,936 | ||
Coca-Cola Femsa SAB de CV | 6,091 | 47,709 | ||
Davide Campari-Milano NV | 2,350 | 27,779 | ||
Diageo PLC | 19,581 | 725,113 | ||
Fomento Economico Mexicano SAB de CV | 13,849 | 151,396 | ||
Kirin Holdings Co. Ltd. | 2,700 | 37,870 | ||
Kweichow Moutai Co. Ltd., Class A | 400 | 98,496 | ||
Luzhou Laojiao Co. Ltd., Class A | 500 | 14,831 | ||
Pernod Ricard SA | 1,771 | 295,976 | ||
Remy Cointreau SA | 179 | 21,918 | ||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 2,990 | 98,042 |
Shares/ Principal | Fair Value | |||
Beverages (continued) | ||||
Suntory Beverage & Food Ltd. | 400 | $12,196 | ||
Treasury Wine Estates Ltd. | 4,522 | 35,985 | ||
1,822,650 | ||||
Biotechnology - 0.8% | ||||
3SBio, Inc. *,(a) | 7,500 | 6,272 | ||
Akeso, Inc. *,(a) | 3,000 | 13,790 | ||
Argenx SE * | 162 | 79,001 | ||
BeiGene Ltd. * | 1,600 | 21,982 | ||
Bloomage Biotechnology Corp. Ltd., Class A | 2,119 | 25,164 | ||
Celltrion, Inc. | 758 | 78,193 | ||
CSL Ltd. | 2,993 | 484,466 | ||
Genmab A/S * | 552 | 196,561 | ||
Grifols SA * | 5,600 | 72,897 | ||
Innovent Biologics, Inc. *,(a) | 7,000 | 34,187 | ||
SK Bioscience Co. Ltd. * | 79 | 3,964 | ||
Swedish Orphan Biovitrum AB * | 2,364 | 48,611 | ||
Zai Lab Ltd. * | 4,030 | 9,746 | ||
1,074,834 | ||||
Broadline Retail - 1.7% | ||||
Alibaba Group Holding Ltd. * | 90,600 | 990,233 | ||
Dollarama, Inc. | 4,780 | 330,852 | ||
J Front Retailing Co. Ltd. | 1,600 | 16,394 | ||
JD.com, Inc., Class A | 14,800 | 217,507 | ||
Naspers Ltd., Class N | 1,190 | 191,110 | ||
PDD Holdings, Inc., ADR * | 803 | 78,750 | ||
Prosus NV * | 7,522 | 222,353 | ||
Rakuten Group, Inc. | 4,600 | 18,899 | ||
Vipshop Holdings Ltd., ADR * | 3,955 | 63,320 | ||
Woolworths Holdings Ltd. | 22,801 | 82,094 | ||
2,211,512 | ||||
Building Products - 0.5% | ||||
Assa Abloy AB, Class B | 19,016 | 416,930 | ||
Belimo Holding AG | 32 | 15,244 | ||
Cie de Saint-Gobain SA | 658 | 39,626 | ||
Kingspan Group PLC | 1,598 | 120,056 | ||
591,856 | ||||
Capital Markets - 1.3% | ||||
Amundi SA (a) | 1,875 | 105,908 | ||
B3 SA - Brasil Bolsa Balcao | 55,849 | 136,911 | ||
Brookfield Corp. | 1,583 | 49,726 | ||
China International Capital Corp. Ltd., Class H (a) | 20,000 | 36,671 | ||
Deutsche Bank AG | 19,961 | 220,847 | ||
Deutsche Boerse AG | 805 | 139,521 | ||
Hong Kong Exchanges & Clearing Ltd. | 2,400 | 89,665 | ||
IG Group Holdings PLC | 5,344 | 41,973 | ||
IGM Financial, Inc. | 862 | 21,964 | ||
London Stock Exchange Group PLC | 564 | 56,682 | ||
Macquarie Group Ltd. | 5,668 | 613,578 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Capital Markets (continued) | ||||
Nomura Holdings, Inc. | 6,000 | $24,088 | ||
Reinet Investments SCA | 690 | 15,226 | ||
SBI Holdings, Inc. | 1,000 | 21,096 | ||
UBS Group AG | 1,829 | 45,365 | ||
1,619,221 | ||||
Chemicals - 1.5% | ||||
Air Liquide SA | 2,918 | 493,815 | ||
Arkema SA | 351 | 34,769 | ||
Asahi Kasei Corp. | 7,500 | 47,239 | ||
BASF SE | 5,501 | 250,149 | ||
Covestro AG *,(a) | 2,775 | 150,016 | ||
Dongyue Group Ltd. | 6,000 | 4,512 | ||
Ecopro Co. Ltd. | 33 | 22,034 | ||
Ganfeng Lithium Group Co. Ltd., Class H (a) | 5,600 | 22,988 | ||
Hyosung Advanced Materials Corp. | 30 | 8,726 | ||
Johnson Matthey PLC | 1,862 | 36,999 | ||
Kansai Paint Co. Ltd. | 1,300 | 18,621 | ||
LG Chem Ltd. | 352 | 129,516 | ||
Mitsubishi Chemical Group Corp. | 21,300 | 134,559 | ||
Mitsubishi Gas Chemical Co., Inc. | 5,500 | 74,175 | ||
Nippon Paint Holdings Co. Ltd. | 2,200 | 14,831 | ||
Nitto Denko Corp. | 1,000 | 65,726 | ||
Solvay SA | 2,647 | 293,843 | ||
Sumitomo Chemical Co. Ltd. | 64,300 | 175,374 | ||
1,977,892 | ||||
Commercial Services & Supplies - 0.1% | ||||
Brambles Ltd. | 20,591 | 190,305 | ||
Communications Equipment - 0.1% | ||||
Zhongji Innolight Co. Ltd., Class A | 1,400 | 22,196 | ||
ZTE Corp., Class A | 27,900 | 124,831 | ||
147,027 | ||||
Construction & Engineering - 0.4% | ||||
China Railway Group Ltd., Class A | 24,600 | 22,970 | ||
Ferrovial SE | 844 | 25,887 | ||
JGC Holdings Corp. | 1,600 | 22,297 | ||
Kajima Corp. | 5,700 | 92,953 | ||
Metallurgical Corp. of China Ltd., Class A | 34,100 | 17,134 | ||
Obayashi Corp. | 2,900 | 25,584 | ||
Stantec, Inc. | 1,638 | 106,773 | ||
Vinci SA | 1,035 | 115,082 | ||
Worley Ltd. | 11,540 | 129,668 | ||
558,348 | ||||
Construction Materials - 0.3% | ||||
Cemex SAB de CV, Series CPO * | 113,453 | 74,097 | ||
Holcim AG * | 4,139 | 265,949 | ||
James Hardie Industries PLC * | 603 | 15,875 | ||
355,921 |
Shares/ Principal | Fair Value | |||
Consumer Finance - 0.1% | ||||
JMT Network Services PCL, NVDR | 11,800 | $15,474 | ||
Marui Group Co. Ltd. | 4,700 | 76,536 | ||
Muangthai Capital PCL, NVDR | 8,800 | 8,700 | ||
100,710 | ||||
Consumer Staples Distribution & Retail - 1.4% | ||||
Aeon Co., Ltd. | 800 | 15,882 | ||
Alimentation Couche-Tard, Inc. | 4,890 | 249,491 | ||
Carrefour SA | 3,275 | 56,467 | ||
Clicks Group Ltd. | 2,219 | 30,465 | ||
Cosmos Pharmaceutical Corp. | 100 | 10,250 | ||
Empire Co. Ltd., Class A | 5,873 | 160,508 | ||
George Weston Ltd. | 193 | 21,503 | ||
JD Health International, Inc. *,(a) | 1,550 | 8,035 | ||
Lawson, Inc. | 9,000 | 414,461 | ||
Loblaw Cos., Ltd. | 1,002 | 85,526 | ||
Metro, Inc. | 1,029 | 53,688 | ||
Raia Drogasil SA | 5,338 | 29,444 | ||
Sendas Distribuidora SA | 11,898 | 28,977 | ||
Seven & i Holdings Co. Ltd. | 2,600 | 102,014 | ||
Tesco PLC | 125,232 | 403,835 | ||
Tsuruha Holdings, Inc. | 300 | 20,194 | ||
Wal-Mart de Mexico SAB de CV | 16,686 | 63,159 | ||
Woolworths Group Ltd. | 3,676 | 88,541 | ||
1,842,440 | ||||
Containers & Packaging - 0.0%† | ||||
Smurfit Kappa Group PLC | 767 | 25,629 | ||
Diversified Consumer Services - 0.0%† | ||||
Cogna Educacao SA * | 29,080 | 15,512 | ||
New Oriental Education
& Technology Group, Inc. * | 3,200 | 19,490 | ||
YDUQS Participacoes SA | 6,220 | 24,618 | ||
59,620 | ||||
Diversified REITs - 0.1% | ||||
Charter Hall Group | 1,883 | 11,533 | ||
GPT Group (The) | 14,419 | 36,294 | ||
Mirvac Group | 22,830 | 31,384 | ||
79,211 | ||||
Diversified Telecommunication Services - 1.3% | ||||
BT Group PLC | 93,421 | 133,067 | ||
China Tower Corp. Ltd., Class H (a) | 112,000 | 10,725 | ||
Deutsche Telekom AG | 23,359 | 491,362 | ||
KT Corp. | 2,015 | 49,501 | ||
Nippon Telegraph & Telephone Corp. | 499,100 | 590,659 | ||
Singapore Telecommunications Ltd. | 73,700 | 130,672 | ||
Telecom Italia SpA * | 55,289 | 17,333 | ||
Telefonica SA | 22,338 | 91,480 | ||
Telekom Malaysia BHD | 38,800 | 40,492 | ||
Telenor ASA | 3,662 | 41,814 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Diversified Telecommunication Services (continued) | ||||
Telstra Group Ltd. | 14,658 | $36,422 | ||
1,633,527 | ||||
Electric Utilities - 1.1% | ||||
Acciona SA | 1,443 | 184,403 | ||
CLP Holdings Ltd. | 3,500 | 25,897 | ||
CPFL Energia SA | 16,341 | 110,448 | ||
EDP - Energias de Portugal SA | 11,624 | 48,440 | ||
Enel SpA | 103,252 | 636,231 | ||
Energisa SA | 4,781 | 44,742 | ||
Iberdrola SA | 13,371 | 149,989 | ||
Light SA * | 4,100 | 4,767 | ||
SSE PLC | 4,595 | 90,296 | ||
Tenaga Nasional BHD | 63,200 | 134,470 | ||
1,429,683 | ||||
Electrical Equipment - 2.3% | ||||
ABB Ltd. | 30,888 | 1,107,484 | ||
Contemporary Amperex Technology Co. Ltd., Class A | 4,703 | 130,729 | ||
Ecopro BM Co. Ltd. | 80 | 14,999 | ||
Goldwind Science & Technology Co., Ltd. | 6,200 | 3,127 | ||
Legrand SA | 296 | 27,359 | ||
Mitsubishi Electric Corp. | 8,000 | 99,125 | ||
Nidec Corp. | 7,300 | 339,060 | ||
Schneider Electric SE | 4,777 | 793,950 | ||
Siemens Energy AG * | 2,462 | 32,270 | ||
Signify NV (a) | 3,987 | 107,684 | ||
Sunwoda Electronic Co. Ltd., Class A | 18,400 | 42,574 | ||
Vestas Wind Systems A/S * | 3,335 | 71,765 | ||
WEG SA | 21,229 | 154,132 | ||
2,924,258 | ||||
Electronic Equipment, Instruments & Components - 1.0% | ||||
AAC Technologies Holdings, Inc. | 3,500 | 5,988 | ||
Avary Holding Shenzhen Co. Ltd., Class A | 4,900 | 13,659 | ||
BOE Technology Group Co. Ltd., Class A | 719,600 | 380,290 | ||
Celestica, Inc. * | 708 | 17,407 | ||
Delta Electronics Thailand PCL, NVDR | 23,000 | 52,269 | ||
Halma PLC | 1,002 | 23,708 | ||
Hana Microelectronics PCL, NVDR | 8,400 | 13,726 | ||
LG Innotek Co. Ltd. | 177 | 32,071 | ||
Murata Manufacturing Co. Ltd. | 1,500 | 27,482 | ||
Omron Corp. | 4,900 | 218,920 | ||
Samsung Electro-Mechanics Co. Ltd. | 893 | 90,928 | ||
Samsung SDI Co. Ltd. | 378 | 143,424 | ||
Shimadzu Corp. | 3,000 | 79,852 | ||
Spectris PLC | 636 | 26,347 |
Shares/ Principal | Fair Value | |||
Electronic Equipment, Instruments & Components (continued) | ||||
Sunny Optical Technology Group Co. Ltd. | 5,400 | $37,715 | ||
TDK Corp. | 4,600 | 170,837 | ||
1,334,623 | ||||
Energy Equipment & Services - 0.0%† | ||||
Dialog Group BHD | 15,700 | 7,089 | ||
Entertainment - 0.7% | ||||
Bilibili, Inc., Class Z * | 660 | 9,127 | ||
Krafton, Inc. * | 54 | 6,027 | ||
NCSoft Corp. | 161 | 26,547 | ||
NetEase, Inc. | 17,060 | 347,436 | ||
Netmarble Corp. *,(a) | 287 | 8,954 | ||
Nexon Co. Ltd. | 1,200 | 21,499 | ||
Nintendo Co. Ltd. | 6,500 | 271,369 | ||
Sea Ltd., ADR * | 462 | 20,305 | ||
Tencent Music Entertainment Group, ADR * | 3,441 | 21,953 | ||
Toho Co. Ltd. | 2,900 | 99,151 | ||
Ubisoft Entertainment SA * | 2,677 | 87,182 | ||
919,550 | ||||
Financial Services - 1.1% | ||||
Adyen NV *,(a) | 46 | 34,369 | ||
Cielo SA | 53,228 | 37,540 | ||
Element Fleet Management Corp. | 980 | 14,127 | ||
FirstRand Ltd. | 37,438 | 126,904 | ||
Groupe Bruxelles Lambert NV | 1,045 | 78,067 | ||
Industrivarden AB, Class A | 2,951 | 78,446 | ||
Industrivarden AB, Class C | 8,139 | 216,207 | ||
Investor AB, Class B | 12,669 | 244,653 | ||
Mitsubishi HC Capital, Inc. | 33,400 | 222,928 | ||
ORIX Corp. | 14,500 | 271,392 | ||
Sofina SA | 85 | 17,261 | ||
Wendel SE | 227 | 18,037 | ||
1,359,931 | ||||
Food Products - 2.2% | ||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 89,112 | ||
Grupo Bimbo SAB de CV, Series A | 20,598 | 99,301 | ||
Kerry Group PLC, Class A | 559 | 46,862 | ||
Kuala Lumpur Kepong BHD | 6,300 | 28,714 | ||
Minerva SA | 8,446 | 13,668 | ||
Nestle SA | 21,862 | 2,479,191 | ||
QL Resources BHD | 10,350 | 12,036 | ||
Uni-President China Holdings Ltd. | 21,000 | 14,748 | ||
2,783,632 | ||||
Gas Utilities - 0.3% | ||||
Beijing Enterprises Holdings Ltd. | 10,000 | 34,475 | ||
China Resources Gas Group Ltd. | 4,000 | 11,721 | ||
ENN Energy Holdings Ltd. | 6,200 | 51,457 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Gas Utilities (continued) | ||||
Korea Gas Corp. * | 1,943 | $34,414 | ||
Kunlun Energy Co. Ltd. | 22,000 | 18,961 | ||
Perusahaan Gas Negara TBK PT | 194,400 | 17,295 | ||
Snam SpA | 40,289 | 189,776 | ||
358,099 | ||||
Ground Transportation - 0.8% | ||||
Canadian National Railway Co. | 2,537 | 276,011 | ||
Central Japan Railway Co. | 20,000 | 487,184 | ||
Localiza Rent a Car SA | 6,973 | 81,778 | ||
TFI International, Inc. | 1,943 | 250,693 | ||
1,095,666 | ||||
Health Care Equipment & Supplies - 0.8% | ||||
Cochlear Ltd. | 1,244 | 204,991 | ||
Demant A/S * | 353 | 14,665 | ||
Elekta AB, Class B | 16,941 | 116,046 | ||
Fisher & Paykel Healthcare Corp. Ltd. | 3,264 | 42,322 | ||
Hartalega Holdings BHD * | 31,600 | 13,393 | ||
Hoya Corp. | 900 | 92,427 | ||
Koninklijke Philips NV * | 5,960 | 119,678 | ||
Olympus Corp. | 4,900 | 63,752 | ||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 4,500 | 166,229 | ||
Terumo Corp. | 6,200 | 164,655 | ||
998,158 | ||||
Health Care Providers & Services - 0.2% | ||||
Amplifon SpA | 935 | 27,837 | ||
Celltrion Healthcare Co. Ltd. | 414 | 19,328 | ||
Fleury SA | 5,220 | 15,748 | ||
IHH Healthcare BHD | 81,600 | 101,669 | ||
Ramsay Health Care Ltd. | 1,711 | 57,279 | ||
Sonic Healthcare Ltd. | 2,121 | 40,793 | ||
262,654 | ||||
Health Care Technology - 0.0%† | ||||
M3, Inc. | 1,400 | 25,481 | ||
Hotels, Restaurants & Leisure - 1.9% | ||||
Accor SA | 662 | 22,386 | ||
Amadeus IT Group SA | 2,858 | 173,324 | ||
Aristocrat Leisure Ltd. | 24,465 | 645,010 | ||
Compass Group PLC | 3,776 | 92,176 | ||
Delivery Hero SE *,(a) | 1,606 | 46,199 | ||
Evolution AB (a) | 1,606 | 163,554 | ||
Flight Centre Travel Group Ltd. | 11,841 | 148,105 | ||
Jiumaojiu International Holdings Ltd. (a) | 10,000 | 13,611 | ||
Just Eat Takeaway.com NV *,(a) | 2,851 | 35,528 | ||
Meituan, Class B *,(a) | 30,610 | 447,903 | ||
Oriental Land Co. Ltd. | 3,300 | 108,559 | ||
Restaurant Brands International, Inc. | 4,145 | 277,304 | ||
Skylark Holdings Co., Ltd. * | 7,700 | 105,496 | ||
Trip.com Group Ltd. * | 2,645 | 94,292 |
Shares/ Principal | Fair Value | |||
Hotels, Restaurants & Leisure (continued) | ||||
Wynn Macau Ltd. * | 38,400 | $36,773 | ||
2,410,220 | ||||
Household Durables - 0.8% | ||||
Barratt Developments PLC | 1,752 | 9,432 | ||
Bellway PLC | 1,378 | 38,415 | ||
Electrolux AB, Class B * | 4,544 | 47,284 | ||
Gree Electric Appliances Inc of Zhuhai, Class A | 31,800 | 158,041 | ||
LG Electronics, Inc. | 378 | 28,265 | ||
Nikon Corp. | 5,400 | 57,049 | ||
Panasonic Holdings Corp. | 22,000 | 247,975 | ||
Sekisui House Ltd. | 9,700 | 193,512 | ||
Sony Group Corp. | 2,200 | 180,452 | ||
Taylor Wimpey PLC | 26,811 | 38,385 | ||
998,810 | ||||
Household Products - 0.1% | ||||
Reckitt Benckiser Group PLC | 1,595 | 112,796 | ||
Independent Power and Renewable Electricity Producers - 0.2% | ||||
B Grimm Power PCL | 10,800 | 8,527 | ||
China Longyuan Power Group Corp. Ltd., Class H | 28,000 | 24,383 | ||
Energy Absolute PCL, NVDR | 50,800 | 71,151 | ||
RWE AG | 2,747 | 102,230 | ||
206,291 | ||||
Industrial Conglomerates - 2.1% | ||||
Alfa SAB de CV, Class A | 18,300 | 11,962 | ||
CK Hutchison Holdings Ltd. | 40,000 | 213,998 | ||
GS Holdings Corp. | 764 | 22,591 | ||
Hikari Tsushin, Inc. | 300 | 45,787 | ||
Hitachi Ltd. | 8,800 | 546,959 | ||
Jardine Cycle & Carriage Ltd. | 13,200 | 308,796 | ||
Jardine Matheson Holdings Ltd. | 4,600 | 213,532 | ||
Samsung C&T Corp. | 646 | 51,512 | ||
Siemens AG | 6,762 | 971,226 | ||
SM Investments Corp. | 920 | 13,716 | ||
Smiths Group PLC | 12,369 | 244,496 | ||
2,644,575 | ||||
Industrial REITs - 0.0%† | ||||
Goodman Group | 1,176 | 16,280 | ||
Insurance - 3.9% | ||||
Ageas SA/NV | 681 | 28,141 | ||
AIA Group Ltd. | 106,000 | 864,176 | ||
ASR Nederland NV | 2,518 | 94,694 | ||
Assicurazioni Generali SpA | 787 | 16,136 | ||
Aviva PLC | 2,568 | 12,218 | ||
AXA SA | 5,418 | 161,649 | ||
BB Seguridade Participacoes SA | 6,880 | 42,997 | ||
China Life Insurance Co. Ltd., Class H | 64,000 | 99,695 | ||
Dai-ichi Life Holdings, Inc. | 7,200 | 149,428 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Insurance (continued) | ||||
Fairfax Financial Holdings Ltd. | 571 | $468,275 | ||
Japan Post Holdings Co., Ltd. | 28,700 | 230,312 | ||
Legal & General Group PLC | 15,393 | 41,803 | ||
Manulife Financial Corp. | 30,212 | 554,632 | ||
MS&AD Insurance Group Holdings, Inc. | 13,200 | 486,071 | ||
NN Group NV | 2,736 | 88,177 | ||
Old Mutual Ltd. | 29,187 | 18,684 | ||
Phoenix Group Holdings PLC | 3,233 | 19,028 | ||
PICC Property & Casualty Co. Ltd., Class H | 8,000 | 10,276 | ||
Ping An Insurance Group Co. of China Ltd., Class A | 18,200 | 120,352 | ||
Ping An Insurance Group Co. of China Ltd., Class H | 62,000 | 355,050 | ||
Porto Seguro SA | 3,608 | 18,987 | ||
Poste Italiane SpA (a) | 4,171 | 44,019 | ||
QBE Insurance Group Ltd. | 14,951 | 151,592 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 77 | 14,865 | ||
Samsung Life Insurance Co. Ltd. | 645 | 33,603 | ||
Sanlam Ltd. | 25,363 | 88,410 | ||
Sompo Holdings, Inc. | 1,500 | 64,664 | ||
T&D Holdings, Inc. | 5,500 | 90,963 | ||
Tokio Marine Holdings, Inc. | 22,200 | 515,483 | ||
Tryg A/S | 7,051 | 129,493 | ||
5,013,873 | ||||
Interactive Media & Services - 2.0% | ||||
Auto Trader Group PLC (a) | 2,686 | 20,248 | ||
Autohome, Inc., ADR | 1,485 | 45,070 | ||
Baidu, Inc., Class A * | 16,338 | 278,285 | ||
JOYY, Inc., ADR | 348 | 13,262 | ||
Kakaku.com, Inc. | 2,200 | 22,365 | ||
Kakao Corp. | 2,067 | 67,322 | ||
Kuaishou Technology *,(a) | 12,400 | 99,509 | ||
NAVER Corp. | 1,204 | 179,788 | ||
REA Group Ltd. | 1,323 | 131,768 | ||
Rightmove PLC | 9,331 | 64,029 | ||
Scout24 SE (a) | 1,657 | 115,191 | ||
Tencent Holdings Ltd. | 41,100 | 1,606,877 | ||
2,643,714 | ||||
IT Services - 1.1% | ||||
Capgemini SE | 1,156 | 202,925 | ||
CGI, Inc. * | 5,154 | 510,368 | ||
GDS Holdings Ltd., Class A * | 3,100 | 4,275 | ||
Nomura Research Institute Ltd. | 3,300 | 86,091 | ||
Obic Co. Ltd. | 200 | 30,404 | ||
Samsung SDS Co. Ltd. | 746 | 74,743 | ||
Shopify, Inc., Class A * | 9,981 | 547,331 | ||
1,456,137 |
Shares/ Principal | Fair Value | |||
Leisure Products - 0.4% | ||||
BRP, Inc. | 3,675 | $279,458 | ||
Sega Sammy Holdings, Inc. | 10,500 | 194,133 | ||
473,591 | ||||
Life Sciences Tools & Services - 0.3% | ||||
Pharmaron Beijing Co. Ltd., Class H (a) | 8,550 | 20,349 | ||
Samsung Biologics Co. Ltd. *,(a) | 154 | 77,719 | ||
WuXi AppTec Co. Ltd., Class H (a) | 11,400 | 136,462 | ||
Wuxi Biologics Cayman, Inc. *,(a) | 29,000 | 169,034 | ||
403,564 | ||||
Machinery - 1.1% | ||||
Amada Co. Ltd. | 20,500 | 206,683 | ||
DMG Mori Co. Ltd. | 10,800 | 184,047 | ||
Ebara Corp. | 500 | 23,485 | ||
Fluidra SA | 799 | 16,386 | ||
GEA Group AG | 3,334 | 123,404 | ||
IHI Corp. | 400 | 8,403 | ||
IMI PLC | 3,274 | 62,659 | ||
Kone Oyj, Class B | 375 | 15,849 | ||
Kubota Corp. | 14,200 | 209,729 | ||
Mitsubishi Heavy Industries Ltd. | 200 | 11,186 | ||
NSK Ltd. | 9,700 | 54,680 | ||
Shenzhen Inovance Technology Co. Ltd., Class A | 5,300 | 48,247 | ||
SKF AB, Class B | 4,093 | 68,624 | ||
Spirax-Sarco Engineering PLC | 82 | 9,534 | ||
Toyota Industries Corp. | 1,600 | 126,252 | ||
Trelleborg AB, Class B | 5,722 | 143,363 | ||
Wartsila OYJ Abp | 1,300 | 14,803 | ||
Weichai Power Co. Ltd., Class A | 21,600 | 37,054 | ||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 15,200 | 8,268 | ||
1,372,656 | ||||
Marine Transportation - 0.2% | ||||
AP Moller - Maersk A/S, Class B | 11 | 19,889 | ||
COSCO SHIPPING Holdings Co. Ltd., Class H | 58,550 | 60,031 | ||
Kuehne + Nagel International AG | 709 | 202,284 | ||
Precious Shipping PCL, NVDR | 37,300 | 9,937 | ||
SITC International Holdings Co. Ltd. | 4,000 | 6,721 | ||
298,862 | ||||
Media - 0.2% | ||||
MultiChoice Group * | 1,493 | 5,868 | ||
Publicis Groupe SA | 2,156 | 163,804 | ||
WPP PLC | 13,713 | 122,685 | ||
292,357 | ||||
Metals & Mining - 3.6% | ||||
Alamos Gold, Inc., Class A | 8,249 | 93,472 | ||
Aluminum Corp. of China Ltd., Class H | 146,000 | 81,651 | ||
Anglo American Platinum Ltd. | 982 | 36,798 | ||
Anglo American PLC, ADR | 8,508 | 235,259 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Metals & Mining (continued) | ||||
Anglo American PLC | 6,705 | $186,945 | ||
Anglogold Ashanti PLC | 5,485 | 88,718 | ||
ArcelorMittal SA | 26,954 | 678,480 | ||
B2Gold Corp. | 5,484 | 15,819 | ||
Barrick Gold Corp. | 1,920 | 28,019 | ||
BHP Group Ltd. | 2,965 | 84,665 | ||
BHP Group Ltd., ADR | 24,406 | 697,010 | ||
CMOC Group Ltd., Class H | 51,000 | 32,755 | ||
CSN Mineracao SA | 25,133 | 24,404 | ||
Endeavour Mining PLC | 707 | 13,920 | ||
First Quantum Minerals Ltd. | 2,437 | 57,843 | ||
Fortescue Metals Group Ltd. | 7,724 | 104,288 | ||
Franco-Nevada Corp. | 1,433 | 192,194 | ||
Glencore PLC | 31,214 | 179,024 | ||
Gold Fields Ltd. | 8,302 | 90,474 | ||
Grupo Mexico SAB de CV, Series B | 25,451 | 120,617 | ||
Impala Platinum Holdings Ltd. | 6,903 | 36,223 | ||
Mineral Resources Ltd. | 538 | 23,483 | ||
MMG Ltd. * | 40,000 | 12,258 | ||
Pan American Silver Corp. | 1,278 | 18,584 | ||
Pilbara Minerals Ltd. | 1,240 | 3,441 | ||
POSCO Holdings, Inc. | 610 | 241,848 | ||
Press Metal Aluminium Holdings BHD | 102,200 | 102,521 | ||
Rio Tinto Ltd. | 406 | 29,754 | ||
Rio Tinto PLC | 4,255 | 268,709 | ||
Shandong Nanshan Aluminum Co. Ltd., Class A | 29,400 | 12,639 | ||
Sibanye Stillwater Ltd. | 10,987 | 17,047 | ||
Teck Resources Ltd., Class B | 1,677 | 72,513 | ||
thyssenkrupp AG | 6,736 | 51,534 | ||
Vale SA | 19,035 | 256,667 | ||
Wheaton Precious Metals Corp. | 6,595 | 268,873 | ||
Zhaojin Mining Industry Co. Ltd., Class H | 15,000 | 20,915 | ||
Zijin Mining Group Co. Ltd., Class H | 88,000 | 134,609 | ||
4,613,973 | ||||
Multi-Utilities - 0.9% | ||||
A2A SpA | 14,391 | 25,689 | ||
AGL Energy Ltd. | 5,948 | 41,191 | ||
Canadian Utilities Ltd., Class A | 3,546 | 75,274 | ||
Centrica PLC | 25,587 | 48,235 | ||
E.ON SE | 29,018 | 344,095 | ||
Engie SA | 35,345 | 543,735 | ||
National Grid PLC | 3,990 | 47,726 | ||
Veolia Environnement SA | 2,411 | 70,019 | ||
1,195,964 | ||||
Oil, Gas & Consumable Fuels - 5.6% | ||||
Aker BP ASA | 2,610 | 72,603 | ||
Ampol Ltd. | 3,842 | 83,811 | ||
ARC Resources Ltd. | 11,558 | 185,338 |
Shares/ Principal | Fair Value | |||
Oil, Gas & Consumable Fuels (continued) | ||||
BP PLC | 173,200 | $1,123,376 | ||
Canadian Natural Resources Ltd. | 8,138 | 528,729 | ||
Cenovus Energy, Inc. | 9,242 | 193,316 | ||
China Petroleum & Chemical Corp., Class H | 144,000 | 78,694 | ||
China Suntien Green Energy Corp. Ltd., Class H | 31,000 | 10,727 | ||
Crescent Point Energy Corp. | 10,429 | 86,857 | ||
Enbridge, Inc. | 28,625 | 953,814 | ||
Enerplus Corp. | 1,829 | 32,332 | ||
Equinor ASA | 12,421 | 409,895 | ||
Imperial Oil Ltd. | 4,143 | 256,363 | ||
MEG Energy Corp. * | 2,254 | 44,063 | ||
Parex Resources, Inc. | 1,344 | 25,339 | ||
Pembina Pipeline Corp. | 1,817 | 54,886 | ||
PetroChina Co. Ltd., Class A | 14,900 | 16,279 | ||
PetroChina Co. Ltd., Class H | 296,000 | 222,987 | ||
Petroleo Brasileiro SA | 2,330 | 17,564 | ||
Petronas Dagangan BHD | 10,400 | 49,572 | ||
PTT Exploration & Production PCL, NVDR | 18,900 | 88,758 | ||
PTT PCL, NVDR | 117,700 | 108,286 | ||
Repsol SA | 16,522 | 272,361 | ||
Shell PLC | 44,503 | 1,415,531 | ||
SK Innovation Co. Ltd. * | 636 | 70,133 | ||
S-Oil Corp. | 753 | 44,196 | ||
Star Petroleum Refining PCL, NVDR | 47,400 | 11,846 | ||
TotalEnergies SE | 3,962 | 261,376 | ||
Tourmaline Oil Corp. | 5,186 | 262,177 | ||
Ultrapar Participacoes SA | 30,797 | 115,553 | ||
Var Energi ASA | 4,360 | 12,792 | ||
Whitecap Resources, Inc. | 4,497 | 38,151 | ||
Woodside Energy Group Ltd. | 5,068 | 119,355 | ||
7,267,060 | ||||
Paper & Forest Products - 0.1% | ||||
West Fraser Timber Co. Ltd. | 1,051 | 76,656 | ||
Passenger Airlines - 0.4% | ||||
Air China Ltd., Class H * | 20,000 | 13,509 | ||
ANA Holdings, Inc. * | 3,100 | 65,085 | ||
China Eastern Airlines Corp. Ltd., Class A * | 18,600 | 11,205 | ||
Korean Air Lines Co. Ltd. | 1,051 | 16,940 | ||
Qantas Airways Ltd. * | 20,780 | 69,471 | ||
Singapore Airlines Ltd. | 69,900 | 330,833 | ||
507,043 | ||||
Personal Care Products - 1.5% | ||||
Beiersdorf AG | 297 | 38,410 | ||
Kao Corp. | 1,300 | 48,359 | ||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 13,419 | ||
LG H&H Co. Ltd. | 67 | 22,169 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Personal Care Products (continued) | ||||
L'Oreal SA | 2,248 | $935,844 | ||
Shiseido Co. Ltd. | 3,200 | 112,582 | ||
Unilever PLC | 8,507 | 422,283 | ||
Unilever PLC, ADR | 7,220 | 357,958 | ||
1,951,024 | ||||
Pharmaceuticals - 7.3% | ||||
Aspen Pharmacare Holdings Ltd. | 3,918 | 35,733 | ||
Astellas Pharma, Inc. | 32,400 | 450,311 | ||
AstraZeneca PLC | 8,854 | 1,199,765 | ||
Bayer AG | 606 | 29,161 | ||
CSPC Pharmaceutical Group Ltd. | 153,040 | 112,164 | ||
Daiichi Sankyo Co. Ltd. | 4,500 | 123,820 | ||
GSK PLC | 32,734 | 596,106 | ||
Hansoh Pharmaceutical Group Co. Ltd. (a) | 4,000 | 5,444 | ||
Kyowa Kirin Co. Ltd. | 900 | 15,705 | ||
Novartis AG | 18,664 | 1,915,161 | ||
Novo Nordisk A/S, Class B | 22,088 | 2,019,318 | ||
Ono Pharmaceutical Co. Ltd. | 1,800 | 34,595 | ||
Otsuka Holdings Co., Ltd. | 3,700 | 131,735 | ||
Recordati Industria Chimica e Farmaceutica SpA | 376 | 17,799 | ||
Roche Holding AG (Common share) | 318 | 93,648 | ||
Roche Holding AG (Common share, participation certificates) | 4,147 | 1,135,348 | ||
Sanofi | 9,572 | 1,028,434 | ||
Santen Pharmaceutical Co. Ltd. | 9,300 | 85,599 | ||
Shionogi & Co., Ltd. | 3,300 | 147,856 | ||
Sino Biopharmaceutical Ltd. | 84,000 | 30,353 | ||
Takeda Pharmaceutical Co. Ltd. | 5,200 | 161,724 | ||
Teva Pharmaceutical Industries Ltd. * | 2,584 | 26,220 | ||
UCB SA | 909 | 74,625 | ||
9,470,624 | ||||
Professional Services - 2.1% | ||||
Bureau Veritas SA | 1,586 | 39,477 | ||
Experian PLC | 9,417 | 309,301 | ||
Intertek Group PLC | 6,792 | 340,884 | ||
Recruit Holdings Co. Ltd. | 14,400 | 444,762 | ||
RELX PLC | 20,106 | 680,996 | ||
Teleperformance SE | 483 | 61,058 | ||
Thomson Reuters Corp. | 1,287 | 158,172 | ||
Wolters Kluwer NV | 5,719 | 694,205 | ||
2,728,855 | ||||
Real Estate Management & Development - 1.1% | ||||
China Overseas Land & Investment Ltd. | 25,000 | 51,840 | ||
China Resources Land Ltd. | 12,000 | 47,805 | ||
CK Asset Holdings Ltd. | 17,000 | 89,538 | ||
Country Garden Services Holdings Co. Ltd. | 11,000 | 11,348 |
Shares/ Principal | Fair Value | |||
Real Estate Management & Development (continued) | ||||
Daito Trust Construction Co. Ltd. | 500 | $52,773 | ||
Daiwa House Industry Co. Ltd. | 3,900 | 104,932 | ||
FirstService Corp. | 2,461 | 359,612 | ||
KE Holdings, Inc., ADR | 3,238 | 50,254 | ||
Longfor Group Holdings Ltd. (a) | 2,500 | 4,494 | ||
Mitsubishi Estate Co. Ltd. | 4,600 | 60,265 | ||
Mitsui Fudosan Co. Ltd. | 6,900 | 152,311 | ||
New World Development Co. Ltd. | 40,000 | 77,836 | ||
Poly Property Services Co. Ltd., Class H | 3,000 | 12,124 | ||
Sino Land Co. Ltd. | 14,000 | 15,784 | ||
SM Prime Holdings, Inc. | 21,800 | 11,675 | ||
Sun Hung Kai Properties Ltd. | 9,500 | 101,649 | ||
Swire Properties Ltd. | 73,400 | 153,138 | ||
Wharf Real Estate Investment Co. Ltd. | 7,000 | 27,037 | ||
1,384,415 | ||||
Retail REITs - 0.0%† | ||||
Link REIT | 6,400 | 31,380 | ||
Semiconductors & Semiconductor Equipment - 2.3% | ||||
ams-OSRAM AG * | 8,976 | 42,348 | ||
ASML Holding NV | 1,974 | 1,168,504 | ||
Daqo New Energy Corp., ADR * | 586 | 17,738 | ||
Disco Corp. | 100 | 18,482 | ||
Inari Amertron BHD | 82,400 | 50,894 | ||
Infineon Technologies AG | 20,190 | 670,249 | ||
JA Solar Technology Co. Ltd., Class A | 2,240 | 7,845 | ||
NAURA Technology Group Co. Ltd., Class A | 900 | 29,733 | ||
Renesas Electronics Corp. * | 9,100 | 139,374 | ||
Shenzhen SC New Energy Technology Corp., Class A | 1,000 | 10,398 | ||
SK Hynix, Inc. | 2,494 | 211,992 | ||
STMicroelectronics NV | 2,595 | 112,604 | ||
Tokyo Electron Ltd. | 2,900 | 397,226 | ||
Xinyi Solar Holdings Ltd. | 12,000 | 8,979 | ||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 4,900 | 32,007 | ||
2,918,373 | ||||
Software - 2.2% | ||||
Constellation Software, Inc. | 104 | 215,698 | ||
Dassault Systemes SE | 9,344 | 349,172 | ||
Kingdee International Software Group Co. Ltd. * | 25,000 | 30,772 | ||
Nemetschek SE | 1,339 | 82,055 | ||
Nice Ltd. * | 282 | 47,785 | ||
Open Text Corp. | 1,767 | 62,302 | ||
Oracle Corp. Japan | 200 | 14,877 | ||
Sangfor Technologies, Inc., Class A * | 4,200 | 53,655 | ||
SAP SE | 11,831 | 1,538,452 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Software (continued) | ||||
TeamViewer SE *,(a) | 4,918 | $83,103 | ||
Temenos AG | 1,615 | 113,728 | ||
TOTVS SA | 4,800 | 25,816 | ||
Trend Micro, Inc. | 1,100 | 41,781 | ||
WiseTech Global Ltd. | 1,713 | 71,917 | ||
Xero Ltd. * | 1,358 | 98,540 | ||
2,829,653 | ||||
Specialty Retail - 0.8% | ||||
Dufry AG * | 3,871 | 147,722 | ||
Fast Retailing Co. Ltd. | 1,600 | 349,432 | ||
Foschini Group Ltd. (The) | 1,691 | 8,876 | ||
Industria de Diseno Textil SA | 5,976 | 223,283 | ||
Lojas Renner SA | 4,495 | 12,034 | ||
Pepkor Holdings Ltd. (a) | 15,484 | 14,178 | ||
Yamada Holdings Co. Ltd. | 34,200 | 105,310 | ||
Zalando SE *,(a) | 3,206 | 71,723 | ||
ZOZO, Inc. | 3,000 | 55,135 | ||
987,693 | ||||
Technology Hardware, Storage & Peripherals - 1.6% | ||||
FUJIFILM Holdings Corp. | 2,200 | 127,643 | ||
Lenovo Group Ltd. | 120,000 | 123,649 | ||
Logitech International SA | 4,627 | 320,066 | ||
Ricoh Co. Ltd. | 5,200 | 44,970 | ||
Samsung Electronics Co. Ltd. | 26,581 | 1,347,369 | ||
Xiaomi Corp., Class B *,(a) | 88,400 | 139,285 | ||
2,102,982 | ||||
Textiles, Apparel & Luxury Goods - 2.4% | ||||
adidas AG | 215 | 37,928 | ||
ANTA Sports Products Ltd. | 14,200 | 159,826 | ||
Cie Financiere Richemont SA, Class A | 2,968 | 363,376 | ||
Gildan Activewear, Inc. | 2,667 | 75,098 | ||
Hermes International SCA | 447 | 818,647 | ||
HUGO BOSS AG | 736 | 46,692 | ||
Li Ning Co. Ltd. | 11,500 | 48,383 | ||
LVMH Moet Hennessy Louis Vuitton SE | 1,754 | 1,330,389 | ||
Moncler SpA | 650 | 37,905 | ||
Pandora A/S | 1,045 | 108,547 | ||
Shenzhou International Group Holdings Ltd. | 1,300 | 12,449 | ||
Swatch Group AG (The) | 31 | 7,977 | ||
Xtep International Holdings Ltd. | 22,000 | 20,394 | ||
3,067,611 | ||||
Tobacco - 0.9% | ||||
British American Tobacco PLC | 18,787 | 590,918 | ||
Imperial Brands PLC | 4,942 | 100,553 | ||
Japan Tobacco, Inc. | 19,400 | 447,217 | ||
1,138,688 | ||||
Trading Companies & Distributors - 1.6% | ||||
Ashtead Group PLC | 3,218 | 196,465 |
Shares/ Principal | Fair Value | |||
Trading Companies & Distributors (continued) | ||||
ITOCHU Corp. | 7,500 | $271,704 | ||
Marubeni Corp. | 3,300 | 51,570 | ||
Mitsubishi Corp. | 20,500 | 979,219 | ||
Mitsui & Co. Ltd. | 11,700 | 425,191 | ||
MonotaRO Co. Ltd. | 1,500 | 16,088 | ||
Rexel SA | 1,450 | 32,700 | ||
Sumitomo Corp. | 2,000 | 39,993 | ||
2,012,930 | ||||
Transportation Infrastructure - 0.1% | ||||
Flughafen Zurich AG | 582 | 111,209 | ||
Grupo Aeroportuario del Centro Norte SAB de CV | 1,800 | 19,622 | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,161 | 35,580 | ||
Transurban Group | 2,757 | 22,580 | ||
188,991 | ||||
Water Utilities - 0.0%† | ||||
Cia de Saneamento de Minas Gerais Copasa MG | 6,708 | 23,239 | ||
Wireless Telecommunication Services - 0.8% | ||||
KDDI Corp. | 12,400 | 380,330 | ||
MTN Group Ltd. | 10,247 | 61,381 | ||
SK Telecom Co. Ltd. | 749 | 28,863 | ||
SoftBank Corp. | 16,900 | 191,452 | ||
SoftBank Group Corp. | 5,800 | 246,226 | ||
Vodacom Group Ltd. | 2,599 | 14,590 | ||
Vodafone Group PLC | 104,950 | 98,404 | ||
1,021,246 | ||||
Total Common Stocks | ||||
(Cost - $106,757,091) | 112,192,391 | |||
Exchange Traded Funds - 9.6% | ||||
Equity Funds - 9.6% | ||||
iShares MSCI India ETF | 123,207 | 5,448,213 | ||
iShares MSCI Saudi Arabia ETF | 41,246 | 1,597,870 | ||
iShares MSCI Taiwan ETF | 119,883 | 5,340,788 | ||
Total Exchange Traded Funds | ||||
(Cost - $10,386,716) | 12,386,871 | |||
Preferred Stocks - 0.7% | ||||
Automobiles - 0.1% | ||||
Bayerische Motoren Werke AG | 309 | 28,887 | ||
Volkswagen AG | 1,263 | 145,675 | ||
174,562 | ||||
Banks - 0.4% | ||||
Banco Bradesco SA | 72,731 | 207,068 | ||
Bancolombia SA | 1,950 | 13,085 | ||
Itau Unibanco Holding SA | 41,705 | 226,390 | ||
446,543 |
Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Preferred Stocks (continued) | ||||
Chemicals - 0.0%† | ||||
Braskem SA, Class A * | 2,638 | $10,868 | ||
Metals & Mining - 0.0%† | ||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A | 17,187 | 22,801 | ||
Oil, Gas & Consumable Fuels - 0.0%† | ||||
Petroleo Brasileiro SA | 7,890 | 54,353 | ||
Passenger Airlines - 0.1% | ||||
Azul SA * | 20,517 | 59,273 | ||
Gol Linhas Aereas Inteligentes SA * | 9,948 | 13,118 | ||
72,391 | ||||
Technology Hardware, Storage & Peripherals - 0.1% | ||||
Samsung Electronics Co. Ltd. | 3,956 | 159,776 | ||
Total Preferred Stocks | ||||
(Cost - $1,199,865) | 941,294 | |||
Rights - 0.0%† | ||||
Gol Linhas Aereas Inteligentes SA, expires 10/6/23* | 44,991 | 6,921 | ||
Localiza Rent a Car SA, expires 11/17/23* | 51 | 183 | ||
Total Rights | ||||
(Cost - $6,303) | 7,104 | |||
Warrants - 0.0%† | ||||
Constellation Software, Inc., expires 3/31/40* (Cost - $0) | 104 | 0 | ||
Short-Term Investments - 1.4% | ||||
Money Market Funds - 1.4% | ||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.23%(b) (Cost - $1,828,454) | 1,828,454 | 1,828,454 | ||
Total Investments - 98.7% | ||||
(Cost - $120,178,429) | $127,356,114 | |||
Other Assets Less Liabilities - Net 1.3% | 1,616,649 | |||
Total Net Assets - 100.0% | $128,972,763 |
* | Non-income producing security. |
† | Represents less than 0.05%. |
(a) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of September 30, 2023, these securities amounted to $2,468,019 or 1.9% of net assets. |
(b) | The rate shown is the annualized seven-day yield at period end. |
ADR | - | American Depositary Receipt |
CVA | - | Certificate Van Aandelen (Bearer) |
NVDR | - | Non-Voting Depositary Receipt |
PLC | - | Public Limited Company |
REIT | - | Real Estate Investment Trust |
Global Atlantic BlackRock Disciplined International Core 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 | |||||||||||
MSCI EAFE Future | Goldman Sachs & Co. | 16 | 12/15/2023 | $1,633,200 | $(51,490) | ||||||
MSCI Emerging Market Index Future | Goldman Sachs & Co. | 15 | 12/15/2023 | 716,625 | (22,775) | ||||||
S&P/TSX 60 Index Future | Goldman Sachs & Co. | 1 | 12/14/2023 | 174,009 | (533) | ||||||
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(74,798) | ||||||||||