ThZeal - The Zeal

Forethought Variable Insurance Trust
(Exact name of registrant as specified in charter)

The Corporation Trust Company
1209 Orange Street Wilmington, DE 19801
(Name and address of agent for service)

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Similar to the first half of 2020, which saw one of the most volatile periods in financial markets history, the six months ending June 30, 2022 (the "Period") were volatile as well, albeit for different reasons. The 2020 period marked the start of the COVID-19 pandemic (the "Pandemic"), whereas the Period was driven primarily by concerns over inflation, interest rates, the Russian invasion of Ukraine, and to a lesser extent, the lingering Pandemic. From an inflation perspective, global prices are increasing at the fastest rate seen in decades, particularly in food and energy. The two main drivers of this are, one, the Russia/Ukraine conflict, where Russia is one of the largest energy suppliers, while Ukraine is one of the world's largest producers and exporters of wheat, and two, supply chain disruptions. The latter has been exacerbated by sporadic resurgences of COVID-19, particularly in China where entire cities have been shut down for weeks.

Given the significant and swift rise in inflation, central banks are changing their years long accommodative and stimulative policies, forced to raise interest rates quickly in an attempt to lower inflation. In the U.S., the Federal Reserve (the "Fed") raised the interest rates by 25 basis points in March, another 50 basis points in May, a further 75 basis points in June, and indicated that several more increases were likely over the remainder of 2022. With these central bank moves, government bond yields have risen substantially as illustrated by the U.S. 10-year Treasury, which has doubled during the Period from 1.51% at the end of 2021 to 3.02% as of June 30, 2022, a level not seen since 2011. In conjunction with the rise in interest rates, economic growth expectations have come down, with U.S. GDP now estimated to be 1.5%-2.0% for the year versus prior estimates of 2.5%-3.0%.

These aforementioned factors have led to increased volatility in the financial markets. While spikes in volatility, as measured by the CBOE Volatility Index ("VIX"), have occurred persistently over the past 2 years, more recent increases have lasted longer. Furthermore, the normalized range to which the VIX subsequently declines following these spikes has also risen to 20-25, up from 15-20 in recent years.

As shown in the chart, the 6-month periods ending June 30, 2022 and June 30, 2021 stand in stark contrast to one another. Whereas markets were very strong during the 2021 period, concerns over inflation, interest rates, the Ukraine/Russia conflict and as a result, the possibility of a recession, weighed heavily in the first half of 2022 with many global equity indices in or near a bear market, which is defined as down 20%. Not only have equity markets struggled, but the rapid rise in interest rates has led to negative returns across much of fixed income, as evidenced by the Bbg US Agg, which was down 10.35% during the Period.

We expect inflation, interest rates, the Ukraine/Russia conflict and economic growth to be the primary concerns for the remainder of 2022 and likely into 2023. In addition, while the Pandemic has eased somewhat with the greater adoption of vaccines globally, COVID-19 has not been eliminated and may continue to pose a risk as new variants emerge.

Given the hardships endured in recent years, we hope this shareholder letter finds you healthy and wish you all the best for the remainder of 2022 and beyond.

Thank you for investing in the Global Atlantic Portfolios.

Sincerely,

Eric D. Todd, CFA				Cameron Jeffreys, CFA
President				Senior Vice President
Global Atlantic Investment Advisors, LLC				Global Atlantic Investment Advisors, LLC

Portfolio				Benchmark
Global Atlantic American Funds^® Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Moderate Conservative
Global Atlantic Balanced Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Conservative
Global Atlantic BlackRock Selects Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Moderate Conservative
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio				S&P 500 Managed Risk Index – Moderate
Global Atlantic Growth Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Moderate Aggressive
Global Atlantic Moderate Growth Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Moderate Conservative
Global Atlantic Select Advisor Managed Risk Portfolio				S&P Global Managed Risk LargeMidCap Index – Moderate
Global Atlantic Wellington Research Managed Risk Portfolio				S&P 500 Managed Risk Index – Moderate Conservative

The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest directly in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Past performance is no guarantee of future results.

This report contains the current opinions of Global Atlantic Investment Advisors, LLC and/or sub-advisers at the time of its publication and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, a Portfolio's portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

Index Definitions:

Bloomberg U.S. Aggregate Bond Index ("Bbg US Agg"). An index weighted according to market capitalization and includes, among other categories, Treasury securities, mortgage-backed securities, government agency bonds and corporate bonds. To be included in the index, bonds must be rated investment grade by Moody's and S&P Global Ratings.

CBOE Volatility Index ("VIX"). An index that reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes.

MSCI EAFE Total Return Index ("MSCI EAFE"). An index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major developed international equity markets as represented by 21 major MSCI indexes from Europe, Australasia and the Far East.

Russell 2000^® Index ("Russell 2000"). An index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

S&P 500 Managed Risk Index – Moderate. An index that is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 30% to the underlying bond index.

S&P 500 Managed Risk Index – Moderate Conservative. An index that is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 40% to the underlying bond index.

S&P 500 Index ("S&P 500"). A market capitalization weighted price index composed of 500 widely held U.S. common stocks. Frequently used as a measure of U.S. stock market performance.

S&P Global Managed Risk LargeMidCap Index – Conservative. An index that is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 50% to the underlying bond index.

The Portfolio's performance figures for the periods ended June 30, 2022 as compared to its benchmarks:

					Annualized												Operating Expenses*
	Inception Date	Six Months Ended 6/30/22			One Year Ended 6/30/22			Three Years Ended 6/30/22			Five Years Ended 6/30/22			Since Inception 6/30/22			Gross Ratios			Net Ratios
Global Atlantic American Funds^® Managed Risk Portfolio^
Class II	10/31/13		(14.85	)%		(11.42	)%		3.61	%		4.37	%		4.76	%		1.63	%		1.23	%
S&P Global Managed Risk LargeMidCap Index - Moderate Conservative¹			(14.12	)%		(11.18	)%		2.62	%		4.03	%		4.17	%
Global Atlantic Balanced Managed Risk Portfolio^^
Class II	10/31/13		(13.11	)%		(10.17	)%		2.54	%		3.25	%		3.76	%		1.00	%		1.00	%
S&P Global Managed Risk LargeMidCap Index - Conservative²			(13.18	)%		(10.70	)%		2.07	%		3.54	%		3.85	%
Global Atlantic BlackRock Selects Managed Risk Portfolio^^^
Class II	10/31/13		(13.72	)%		(10.68	)%		3.73	%		3.35	%		2.65	%		1.17	%		1.17	%
S&P Global Managed Risk LargeMidCap Index - Moderate Conservative¹			(14.12	)%		(11.18	)%		2.62	%		4.03	%		4.17	%
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio^^^^
Class II	4/30/14		(14.04	)%		(6.56	)%		4.65	%		5.87	%		5.24	%		1.21	%		1.20	%
S&P 500 Managed Risk Index - Moderate³			(13.22	)%		(6.26	)%		5.48	%		6.66	%		6.68	%
Global Atlantic Growth Managed Risk Portfolio^^
Class II	4/30/14		(13.34	)%		(8.69	)%		4.16	%		4.63	%		4.02	%		1.01	%		0.99	%
S&P Global Managed Risk LargeMidCap Index - Moderate Agressive⁴			(15.78	)%		(11.97	)%		3.64	%		4.95	%		4.47	%
Global Atlantic Moderate Growth Managed Risk Portfolio^^
Class II	4/30/14		(13.72	)%		(9.93	)%		3.26	%		3.90	%		4.01	%		1.01	%		1.01	%
S&P Global Managed Risk LargeMidCap Index - Moderate Conservative¹			(14.12	)%		(11.18	)%		2.62	%		4.03	%		3.93	%
Global Atlantic Select Advisor Managed Risk Portfolio^
Class II	10/31/13		(14.64	)%		(11.00	)%		3.35	%		4.49	%		4.78	%		1.78	%		1.17	%
S&P Global Managed Risk LargeMidCap Index - Moderate⁵			(14.84	)%		(11.46	)%		3.18	%		4.52	%		4.47	%
Global Atlantic Wellington Research Managed Risk Portfolio^^^^^
Class II	10/31/13		(15.02	)%		(10.66	)%		4.15	%		4.91	%		5.79	%		1.21	%		1.20	%
S&P 500 Managed Risk Index - Moderate Conservative⁶			(12.74	)%		(6.70	)%		4.76	%		5.97	%		6.46	%

^ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser's asset allocation decisions.

^^ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to October 1, 2016, the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser's asset allocation decisions. From October 1, 2016 to May 1, 2021, BlackRock Financial Management, Inc. served as a sub-adviser to the Capital Appreciation and Income Component of the Portfolio. In addition, effective May 1, 2021 the sub-adviser to the Capital Appreciation and Income Component of the Portfolio changed from BlackRock Financial Management, Inc. to BlackRock Investment Management, LLC. No changes were made to the Portfolio's principal investment strategies or to the portfolio management team as a result of the change in sub-adviser.

^^^ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to May 1, 2019, the Capital Appreciation and Income Component of the Portfolio was managed pursuant to a different investment strategy by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser and the prior investment strategy.

^^^^ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Prior to July 5, 2017, the fixed-income sleeve of the Capital Appreciation and Income Component of the Portfolio was managed by the Adviser without the use of a sub-adviser. The performance prior to that date is attributable to the Adviser's asset allocation decisions. The sub-adviser to the equity sleeve of the Capital Appreciation and Income Component of the Portfolio changed effective March 1, 2018 due to an organizational restructuring whereby all of the investment personnel responsible for the management of the equity sleeve transitioned from Franklin Advisory Services, LLC to Franklin Advisers.

^^^^^ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account.

* The estimated operating expense ratios for Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio, if applicable. Gross operating expense ratio reflects the ratio of expenses absent waivers and/or reimbursements by the Adviser. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

¹ The S&P Global Managed Risk LargeMidCap Index - Moderate Conservative is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 40% to the underlying bond index.

² The S&P Global Managed Risk LargeMidCap Index - Conservative is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 50% to the underlying bond index.

³ The S&P 500 Managed Risk Index - Moderate is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 30% to the underlying bond index.

⁴ The S&P Global Managed Risk LargeMidCap Index - Moderate Aggressive is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 20% to the underlying bond index.

⁵ The S&P Global Managed Risk LargeMidCap Index - Moderate is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 30% to the underlying bond index.

⁶ The S&P 500 Managed Risk Index - Moderate Conservative is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation of 40% to the underlying bond index.

Holdings by Asset Class	% of Net Assets
Variable Insurance Trusts		84.9	%
Mutual Funds		8.3	%
Short-Term Investments		4.7	%
Other Assets less Liabilities - Net		2.1	%
		100.0	%

FUTURES CONTRACTS
SHORT FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Future	Goldman Sachs & Co.		37	9/16/2022	$	3,159,800	$	175,553
MSCI EAFE Future	Goldman Sachs & Co.		183	9/16/2022		16,987,890		178,715
MSCI Emerging Markets Index Futures	Goldman Sachs & Co.		107	9/16/2022		5,364,445		12,480
S&P 500 E-Mini Future	Goldman Sachs & Co.		182	9/16/2022		34,484,450		987,587
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		25	9/16/2022		5,670,000		275,255
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	1,629,590

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 93.9%
DEBT FUNDS - 46.3%
iShares 10+ Year Investment Grade Corporate Bond ETF		46,927	$	2,501,678
iShares 10-20 Year Treasury Bond ETF		19,045		2,288,257
iShares 1-3 Year Treasury Bond ETF		67,838		5,616,308
iShares 1-5 Year Investment Grade Corporate Bond ETF		50,641		2,559,903
iShares 20+ Year Treasury Bond ETF		11,046		1,268,854
iShares 3-7 Year Treasury Bond ETF		31,699		3,782,959
iShares 5-10 Year Investment Grade Corporate Bond ETF		39,022		1,992,463
iShares 7-10 Year Treasury Bond ETF		7,595		776,968
iShares Broad USD High Yield Corporate Bond ETF		24,795		858,403
iShares Core Total USD Bond Market ETF		220,887		10,341,929
iShares Core U.S. Aggregate Bond ETF		71,006		7,219,890
iShares Fallen Angels USD Bond ETF		49,939		1,229,498
iShares TIPS Bond ETF		43,927		5,003,725
TOTAL DEBT FUNDS				45,440,835
EQUITY FUNDS - 47.6%
iShares Core High Dividend ETF		17,923		1,800,007
iShares Core MSCI EAFE ETF		90,620		5,332,987
iShares Core S&P 500 ETF		60,779		23,044,358
iShares Core S&P Mid-Cap ETF		15,965		3,611,762
iShares Core S&P Small-Cap ETF		20,596		1,903,276
iShares ESG Aware MSCI USA ETF		79,274		6,651,089

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds		93.9	%
Short-Term Investments		4.2	%
Other Assets less Liabilities - Net		1.9	%
		100.0	%

FUTURES CONTRACTS
SHORT FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Future	Goldman Sachs & Co.		23	9/16/2022	$	1,964,200	$	115,570
MSCI EAFE Future	Goldman Sachs & Co.		52	9/16/2022		4,827,160		36,815
MSCI Emerging Market Index Future	Goldman Sachs & Co.		6	9/16/2022		300,810		5,290
S&P 500 E-Mini Future	Goldman Sachs & Co.		97	9/16/2022		18,379,075		502,903
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		16	9/16/2022		3,628,800		201,980
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	862,558

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 72.3%
DEBT FUNDS - 30.1%
iShares 1-3 Year Treasury Bond ETF		175,434	$	14,524,181
iShares 20+ Year Treasury Bond ETF		16,616		1,908,680
iShares 3-7 Year Treasury Bond ETF		97,240		11,604,621
iShares 7-10 Year Treasury Bond ETF		47,129		4,821,297
iShares iBoxx $ Investment Grade Corporate Bond ETF		42,393		4,664,502
iShares iBoxx High Yield Corporate Bond ETF		24,556		1,807,567
iShares MBS ETF		39,364		3,837,596
iShares Short Treasury Bond ETF		132,546		14,593,315
TOTAL DEBT FUNDS				57,761,759
EQUITY FUNDS - 42.2%
iShares Core Dividend Growth ETF		113,958		5,428,959
iShares Core MSCI EAFE ETF		147,207		8,663,132
iShares Core MSCI Emerging Markets ETF		36,816		1,806,193
iShares Core S&P U.S. Growth ETF		315,751		26,428,359
iShares Core S&P U.S. Value ETF		199,872		13,367,439
iShares Global Healthcare ETF		34,724		2,817,506
iShares MSCI Eurozone ETF		186,235		6,769,642
iShares MSCI Global Min Vol Factor ETF		58,898		5,565,861
iShares U.S. Basic Materials ETF		13,786		1,623,026
iShares U.S. Consumer Discretionary ETF		30,407		1,725,293
iShares U.S. Energy ETF		125,030		4,766,144

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds		72.3	%
Variable Insurance Trusts		22.0	%
Short-Term Investments		3.8	%
Other Assets less Liabilities - Net		1.9	%
		100.0	%

FUTURES CONTRACTS
SHORT FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Future	Goldman Sachs & Co.		32	9/16/2022	$	2,732,800	$	142,063
MSCI EAFE Future	Goldman Sachs & Co.		166	9/16/2022		15,409,780		148,630
MSCI Emerging Market Index Future	Goldman Sachs & Co.		80	9/16/2022		4,010,800		6,485
S&P 500 E-Mini Future	Goldman Sachs & Co.		168	9/16/2022		31,831,800		895,275
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		28	9/16/2022		6,350,400		311,490
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	1,503,943

	Shares/ Principal		Fair Value
COMMON STOCKS - 68.1%
AEROSPACE & DEFENSE - 3.1%
General Dynamics Corp.		10,665	$	2,359,631
Raytheon Technologies Corp.		48,545		4,665,660
				7,025,291
AIR FREIGHT & LOGISTICS - 1.6%
United Parcel Service, Inc., Class B		19,720		3,599,689
BANKS - 0.8%
JPMorgan Chase & Co.		16,950		1,908,740
BEVERAGES - 1.3%
PepsiCo, Inc.		18,500		3,083,210
BIOTECHNOLOGY - 1.2%
AbbVie, Inc.		17,795		2,725,482
BUILDING PRODUCTS - 1.8%
Carlisle Cos., Inc.		7,677		1,831,809
Johnson Controls International PLC		45,915		2,198,410
				4,030,219
CAPITAL MARKETS - 0.8%
Nasdaq, Inc.		12,166		1,855,802
CHEMICALS - 6.6%
Air Products and Chemicals, Inc.		16,000		3,847,680
Albemarle Corp.		14,815		3,096,039
Ecolab, Inc.		12,100		1,860,496
Linde PLC		18,375		5,283,364
Sherwin-Williams Co. (The)		4,500		1,007,595
				15,095,174
COMMERCIAL SERVICES & SUPPLIES - 1.4%
Cintas Corp.		8,388		3,133,170
CONSUMER DISCRETIONARY SERVICES - 0.0%†
24 Hour Fitness Worldwide, Inc.*		671		253
ELECTRICAL EQUIPMENT - 0.4%
nVent Electric PLC		32,860		1,029,504
ENERGY EQUIPMENT & SERVICES - 0.0%†
Weatherford International PLC*		1,897		40,160
FOOD & STAPLES RETAILING - 0.9%
Walmart, Inc.		17,280		2,100,902
FOOD PRODUCTS - 1.4%
McCormick & Co., Inc.		28,640		2,384,280
Mondelez International, Inc., Class A		11,900		738,871
				3,123,151

	Shares/ Principal		Fair Value
HEALTH CARE EQUIPMENT & SUPPLIES - 6.6%
Abbott Laboratories		30,543	$	3,318,497
Becton Dickinson and Co.		16,300		4,018,439
Medtronic PLC		36,800		3,302,800
Stryker Corp.		22,775		4,530,631
				15,170,367
HEALTH CARE PROVIDERS & SERVICES - 2.5%
CVS Health Corp.		8,530		790,390
UnitedHealth Group, Inc.		9,450		4,853,803
				5,644,193
HOTELS, RESTAURANTS & LEISURE - 1.7%
McDonald's Corp.		12,788		3,157,101
Starbucks Corp.		8,800		672,232
				3,829,333
HOUSEHOLD PRODUCTS - 2.1%
Colgate-Palmolive Co.		24,416		1,956,698
Procter & Gamble Co. (The)		19,600		2,818,284
				4,774,982
INDUSTRIAL CONGLOMERATES - 1.5%
Honeywell International, Inc.		20,303		3,528,864
INSURANCE - 0.5%
Erie Indemnity Co., Class A		6,300		1,210,797
IT SERVICES - 4.1%
Accenture PLC, Class A		20,171		5,600,478
Visa, Inc., Class A		19,510		3,841,324
				9,441,802
LIFE SCIENCES TOOLS & SERVICES - 1.6%
Danaher Corp.		1,700		430,984
West Pharmaceutical Services, Inc.		11,060		3,344,212
				3,775,196
MACHINERY - 1.9%
Donaldson Co., Inc.		17,929		863,102
Dover Corp.		17,765		2,155,250
Pentair PLC		28,670		1,312,226
				4,330,578
MULTILINE RETAIL - 1.3%
Target Corp.		20,830		2,941,821
OIL, GAS & CONSUMABLE FUELS - 2.2%
Chevron Corp.		13,700		1,983,486
EOG Resources, Inc.		15,905		1,756,548
Exxon Mobil Corp.		14,330		1,227,221
				4,967,255

	Shares/ Principal		Fair Value
PHARMACEUTICALS - 2.2%
Johnson & Johnson		19,100	$	3,390,441
Pfizer, Inc.		32,985		1,729,404
				5,119,845
ROAD & RAIL - 1.4%
JB Hunt Transport Services, Inc.		7,400		1,165,278
Norfolk Southern Corp.		9,328		2,120,161
				3,285,439
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
Analog Devices, Inc.		33,771		4,933,605
Texas Instruments, Inc.		30,800		4,732,420
				9,666,025
SOFTWARE - 8.6%
Microsoft Corp.		54,293		13,944,071
Roper Technologies, Inc.		14,615		5,767,810
				19,711,881
SPECIALTY RETAIL - 2.2%
Lowe's Cos., Inc.		18,695		3,265,456
Ross Stores, Inc.		26,115		1,834,056
				5,099,512
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%
Apple, Inc.		2,900		396,488
TEXTILES, APPAREL & LUXURY GOODS - 1.2%
NIKE, Inc., Class B		27,425		2,802,835
TRADING COMPANIES & DISTRIBUTORS - 0.8%
WW Grainger, Inc.		4,068		1,848,621
TOTAL COMMON STOCKS (Cost - $78,102,968)				156,296,581
U.S. TREASURY SECURITIES AND AGENCY BONDS - 8.8%
U.S. Treasury Bond 1.13%, 5/15/40	$	465,000		325,627
1.13%, 8/15/40		1,160,000		806,291
1.75%, 8/15/41		280,000		214,255
3.13%, 11/15/41		28,000		27,022
2.50%, 5/15/46††		915,000		781,253
2.25%, 8/15/46		795,000		645,875
2.75%, 8/15/47		150,000		135,129
2.75%, 11/15/47		319,000		287,910
3.13%, 5/15/48		100,000		97,488
3.00%, 8/15/48		330,000		314,183
2.88%, 5/15/49		100,000		93,969
1.25%, 5/15/50		875,000		561,743
2.38%, 5/15/51		275,000		234,072
1.88%, 11/15/51		140,000		105,963

	Shares/ Principal		Fair Value
U.S. TREASURY SECURITIES AND AGENCY BONDS - 8.8% (Continued)
U.S. Treasury Inflation Indexed Note, 0.63%, 1/15/26	$	590,114	$	597,600
U.S. Treasury Note 2.50%, 4/30/24		540,000		535,739
1.75%, 3/15/25		1,298,000		1,256,220
0.25%, 6/30/25		900,000		829,547
0.25%, 7/31/25		300,000		275,754
0.25%, 9/30/25		1,900,000		1,737,832
0.38%, 11/30/25		2,065,000		1,888,265
0.38%, 12/31/25		3,050,000		2,783,006
1.88%, 2/28/27		1,580,000		1,502,111
2.75%, 4/30/27		2,200,000		2,173,531
1.88%, 2/15/32		2,100,000		1,907,719
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $21,495,477)				20,118,104
CORPORATE BONDS AND NOTES - 6.4%
AEROSPACE & DEFENSE - 0.1%
Boeing Co. (The), 5.15%, 5/1/30		150,000		144,382
AGRICULTURE - 0.1%
Altria Group, Inc., 3.40%, 5/6/30		300,000		255,133
AIRLINES - 0.2%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25 (a)		300,000		291,674
International Consolidated Airlines Group SA, 3.75%, 3/25/29	EUR	200,000		147,618
United Airlines 2020-1 Class B Pass-Through Trust, 4.88%, 1/15/26		41,500		39,217
United Airlines, Inc., 4.38%, 4/15/26 (a)		100,000		89,250
				567,759
BANKS - 1.1%
Banco de Chile, 2.99%, 12/9/31 (a)		200,000		167,000
Banco Santander SA, 2.75%, 12/3/30		200,000		159,236
Bank of America Corp.
3.86%, (3 Month US Libor + 0.94%), 7/23/24 (b)		200,000		199,326
3.50%, 4/19/26		500,000		487,703
2.59%, (SOFR + 2.15%), 4/29/31 (b)		100,000		85,048
Citigroup, Inc.
4.04%, (3 Month US Libor + 1.02%), 6/1/24 (b)		200,000		199,436
2.57%, (SOFR + 2.11%), 6/3/31 (b)		100,000		84,265
3.06%, (SOFR + 1.35%), 1/25/33 (b)		200,000		170,249
Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 1/27/32 (b)		300,000		237,617
JPMorgan Chase & Co., 4.49%, (SOFR + 3.79%), 3/24/31 (b)		400,000		390,355
Morgan Stanley, 3.88%, 1/27/26		400,000		394,370
				2,574,605

	Shares/ Principal		Fair Value
BEVERAGES - 0.0%†
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36	$	100,000	$	96,135
BIOTECHNOLOGY - 0.1%
Royalty Pharma PLC, 2.15%, 9/2/31		300,000		234,746
BUILDING MATERIALS - 0.0%†
Mohawk Industries, Inc., 3.63%, 5/15/30		125,000		111,798
CHEMICALS - 0.1%
Sasol Financing USA LLC, 6.50%, 9/27/28		200,000		181,100
COSMETICS & PERSONAL CARE - 0.1%
Oriflame Investment Holding PLC, 5.13%, 5/4/26 (a)		200,000		126,500
DIVERSIFIED FINANCIAL SERVICES - 0.0%†
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33		150,000		118,814
ELECTRIC - 1.1%
Colbun SA, 3.15%, 3/6/30 (a)		200,000		166,948
Comision Federal de Electricidad, 3.35%, 2/9/31 (a)		200,000		152,352
Dominion Energy, Inc., 3.38%, 4/1/30		100,000		91,675
Duke Energy Carolinas LLC, 6.10%, 6/1/37		100,000		110,356
Duke Energy Corp., 3.75%, 9/1/46		100,000		79,227
EDP Finance BV, 1.71%, 1/24/28 (a)		200,000		171,682
Electricite de France SA, 5.25%, (USD 10 Year Swap + 3.71%), 7/29/70 (a),(b)		400,000		376,360
Enel Finance International NV, 3.50%, 4/6/28 (a)		200,000		185,165
Exelon Corp., 4.05%, 4/15/30		200,000		192,361
InterGen NV, 7.00%, 6/30/23 (a)		200,000		192,350
Israel Electric Corp. Ltd., 4.25%, 8/14/28 (a)		200,000		192,200
Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (a)		100,000		79,739
PacifiCorp, 6.10%, 8/1/36		100,000		109,815
Southern Co. (The), 3.70%, 4/30/30		50,000		46,503
Talen Energy Supply LLC, 7.25%, 5/15/27 (a)		100,000		98,465
Vistra Operations Co. LLC, 4.30%, 7/15/29 (a)		300,000		272,252
				2,517,450
FOOD - 0.1%
JBS Finance Luxembourg Sarl
2.50%, 1/15/27 (a)		200,000		173,548
3.63%, 1/15/32 (a)		200,000		161,500
				335,048

	Shares/ Principal		Fair Value
HEALTHCARE-PRODUCTS - 0.1%
PerkinElmer, Inc., 2.25%, 9/15/31	$	200,000	$	158,484
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31		100,000		84,300
				242,784
HEALTHCARE-SERVICES - 0.3%
Anthem, Inc., 4.65%, 1/15/43		100,000		95,971
Centene Corp., 3.00%, 10/15/30		100,000		82,875
CHS/Community Health Systems, Inc., 5.63%, 3/15/27 (a)		100,000		84,625
DaVita, Inc., 4.63%, 6/1/30 (a)		100,000		77,986
Kaiser Foundation Hospitals, 3.27%, 11/1/49		140,000		111,784
Orlando Health Obligated Group, 3.78%, 10/1/28		35,000		33,464
Quest Diagnostics, Inc., 2.80%, 6/30/31		245,000		210,454
				697,159
INSURANCE - 0.1%
Arch Capital Group Ltd., 3.64%, 6/30/50		200,000		156,528
LODGING - 0.2%
Las Vegas Sands Corp., 3.90%, 8/8/29		100,000		82,647
Melco Resorts Finance Ltd., 5.75%, 7/21/28 (a)		200,000		128,000
Studio City Finance Ltd., 5.00%, 1/15/29 (a)		200,000		103,056
Wynn Macau Ltd., 5.63%, 8/26/28 (a)		200,000		123,200
				436,903
MACHINERY-CONSTRUCTION & MINING - 0.0%†
Caterpillar, Inc., 2.60%, 4/9/30		50,000		45,363
MEDIA - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital, 2.80%, 4/1/31		200,000		160,592
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26 (a)		200,000		50,000
Fox Corp., 3.50%, 4/8/30		200,000		181,921
Time Warner Cable LLC, 6.75%, 6/15/39		100,000		99,794
				492,307
MULTI-NATIONAL - 0.2%
African Export-Import Bank (The), 3.99%, 9/21/29 (a)		200,000		171,816
Banque Ouest Africaine de Developpement, 5.00%, 7/27/27 (a)		200,000		181,752
				353,568
OIL & GAS - 0.4%
Aker BP ASA, 4.00%, 1/15/31 (a)		200,000		180,093
Ecopetrol SA
5.38%, 6/26/26		100,000		92,695

	Shares/ Principal		Fair Value
OIL & GAS - 0.4% (Continued)
4.63%, 11/2/31	$	100,000	$	75,749
Harvest Operations Corp., 4.20%, 6/1/23 (a)		100,000		100,727
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 4/15/30^(a)		100,000		87,000
Occidental Petroleum Corp., 6.20%, 3/15/40		200,000		197,000
Petroleos Mexicanos, 6.63%, 6/15/35		80,000		54,611
Phillips 66, 2.15%, 12/15/30		100,000		81,899
				869,774
OIL & GAS SERVICES - 0.1%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 4.49%, 5/1/30		50,000		49,400
Schlumberger Holdings Corp., 3.90%, 5/17/28^(a)		150,000		141,853
				191,253
PACKAGING & CONTAINERS - 0.0%†
Amcor Flexibles North America, Inc., 2.63%, 6/19/30		50,000		41,098
PHARMACEUTICALS - 0.2%
AbbVie, Inc., 4.55%, 3/15/35		100,000		97,882
Bayer US Finance II LLC, 4.38%, 12/15/28 (a)		100,000		97,551
CVS Health Corp., 4.78%, 3/25/38		100,000		94,957
Teva Pharmaceutical Finance Netherlands III BV, 5.13%, 5/9/29		100,000		82,375
				372,765
PIPELINES - 0.6%
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29 (a)		100,000		87,258
Energy Transfer LP
4.75%, 1/15/26		100,000		99,732
4.95%, 5/15/28		100,000		97,909
Enterprise Products Operating LLC
3.13%, 7/31/29		100,000		90,190
4.45%, 2/15/43		100,000		87,526
EQM Midstream Partners LP, 7.50%, 6/1/27 (a)		100,000		96,665
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27		400,000		401,098
TransCanada PipeLines Ltd.
4.25%, 5/15/28		100,000		97,471
4.88%, 5/15/48		200,000		192,006
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 (a)		100,000		85,729
Williams Cos., Inc. (The), 3.50%, 11/15/30		50,000		45,177
				1,380,761

	Shares/ Principal		Fair Value
REAL ESTATE - 0.0%†
Country Garden Holdings Co. Ltd., 7.25%, 4/8/26	$	200,000	$	108,100
REITS - 0.3%
Equinix, Inc., 1.45%, 5/15/26		50,000		44,437
Healthcare Trust of America Holdings LP, 2.00%, 3/15/31		300,000		233,165
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31		100,000		78,000
National Retail Properties, Inc., 4.30%, 10/15/28		300,000		292,049
				647,651
RETAIL - 0.1%
Kohl's Corp., 3.38%, 5/1/31		200,000		173,896
SEMICONDUCTORS - 0.1%
SK Hynix, Inc., 2.38%, 1/19/31 (a)		200,000		157,932
TELECOMMUNICATIONS - 0.3%
America Movil SAB de CV, 5.38%, 4/4/32 (a)		200,000		177,500
AT&T, Inc., 3.50%, 6/1/41		100,000		80,347
CommScope Technologies LLC, 5.00%, 3/15/27 (a)		100,000		73,848
T-Mobile USA, Inc.
3.88%, 4/15/30		300,000		280,741
3.30%, 2/15/51		100,000		73,266
				685,702
TRANSPORTATION - 0.1%
CSX Corp., 4.10%, 3/15/44		100,000		88,254
FedEx Corp., 4.05%, 2/15/48		100,000		84,206
				172,460
TRUCKING & LEASING - 0.1%
DAE Funding LLC, 1.55%, 8/1/24 (a)		200,000		187,499
TOTAL CORPORATE BONDS AND NOTES (Cost - $17,246,405)				14,676,973
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 5.2%
Adagio CLO VIII DAC, 1.65%, (3 Month EUR Libor + 1.65%), 4/15/32 (a),(b)	EUR	250,000		242,132
AMMC CLO 21 Ltd., 3.39%, (3 Month US Libor + 2.10%), 11/2/30 (a),(b)		300,000		283,431
AMMC CLO XI Ltd., 3.19%, (3 Month US Libor + 1.90%), 4/30/31 (a),(b)		400,000		371,881
Antares CLO 2018-1 Ltd., 2.71%, (3 Month US Libor + 1.65%), 4/20/31 (a),(b)		250,000		239,584

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 5.2% (Continued)
BlueMountain CLO 34 Ltd., 3.36%, (3 Month Term SOFR + 2.40%), 4/20/35 (a),(b)	$	250,000	$	236,577
BlueMountain Fuji Eur CLO V DAC, 1.55%, (3 Month EUR Libor + 1.55%), 1/15/33 (a),(b)	EUR	250,000		240,156
BRAVO Residential Funding Trust 2019-1, 3.50%, 3/25/58 (a)		25,557		25,802
BRAVO Residential Funding Trust 2019-NQM2, 3.50%, 10/25/44 (a),(c)		70,941		68,490
BX 2021-LBA3 Mortgage Trust, 2.22%, (1 Month US Libor + 0.90%), 10/15/36 (a),(b)		130,000		122,452
BX Commercial Mortgage Trust 2021-VOLT, 2.27%, (1 Month US Libor + 0.95%), 9/15/36 (a),(b)		130,000		122,157
BX Trust 2022-IND, 2.82%, (1 Month Term SOFR + 1.49%), 4/15/37 (a),(b)		220,000		214,060
Carlyle Global Market Strategies, 3.07%, (3 Month Term SOFR + 2.15%), 4/15/35 (a),(b)		250,000		232,472
Carlyle GMS Finance MM CLO 2015-1 LLC, 3.24%, (3 Month US Libor + 2.20%), 10/15/31 (a),(b)		250,000		240,785
CARLYLE US CLO 2017-4 Ltd., 3.84%, (3 Month US Libor + 2.80%), 1/15/30 (a),(b)		200,000		174,077
Cent CLO 21 Ltd., 4.42%, (3 Month US Libor + 3.20%), 7/27/30 (a),(b)		250,000		221,523
CIFC Funding 2022-II Ltd., 2.06%, (3 Month Term SOFR + 1.32%), 4/19/35 (a),(b)		310,000		298,254
CIM Trust 2018-INV1, 4.00%, 8/25/48 (a),(c)		23,824		23,389
CIM Trust 2019-INV1, 4.00%, 2/25/49 (a),(c)		16,277		16,508
COLT 2022-4 Mortgage Loan Trust, 4.30%, 3/25/67 (a),(c)		97,824		96,684
DBCG Mortgage Trust 2017-BBG, 2.03%, (1 Month US Libor + 0.70%), 6/15/34 (a),(b)		160,000		156,947
Dryden 97 CLO Ltd., 2.12%, (3 Month Term SOFR + 1.30%), 4/20/35 (a),(b)		250,000		239,720
Dryden Senior Loan Fund, 3.38%, (3 Month Term SOFR + 2.35%), 4/20/35 (a),(b)		250,000		236,005
Eleven Madison Trust 2015-11MD Mortgage Trust, 3.67%, 9/10/35 (a),(c)		250,000		243,865
Ellington CLO III Ltd., 2.71%, (3 Month US Libor + 1.65%), 7/20/30 (a),(b)		237,220		234,715
Fannie Mae Connecticut Avenue Securities
6.87%, (1 Month US Libor + 5.25%), 10/25/23 (b)		53,386		54,308

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 5.2% (Continued)
6.02%, (1 Month US Libor + 4.40%), 1/25/24 (b)	$	84,191	$	85,134
4.22%, (1 Month US Libor + 2.60%), 5/25/24 (b)		75,417		75,512
4.52%, (1 Month US Libor + 2.90%), 7/25/24 (b)		53,259		53,318
6.52%, (1 Month US Libor + 4.90%), 11/25/24 (b)		102,909		105,403
7.62%, (1 Month US Libor + 6.00%), 9/25/28 (b)		195,974		203,713
6.92%, (1 Month US Libor + 5.30%), 10/25/28 (b)		210,115		217,417
6.07%, (1 Month US Libor + 4.45%), 1/25/29 (b)		71,394		74,408
FirstKey Homes 2020-SFR2 Trust, 1.27%, 10/19/37 (a)		148,939		137,294
Freddie Mac STACR REMIC Trust 2022-DNA3, 2.93%, (SOFR + 2.00%), 4/25/42 (a),(b)		104,804		104,539
Freddie Mac Structured Agency Credit Risk Debt Notes
5.62%, (1 Month US Libor + 4.00%), 8/25/24 (b)		85,235		86,489
5.52%, (1 Month US Libor + 3.90%), 12/25/27 (b)		6,678		6,691
6.32%, (1 Month US Libor + 4.70%), 4/25/28 (b)		112,203		116,463
6.22%, (1 Month US Libor + 5.55%), 7/25/28 (b)		272,528		288,079
6.27%, (1 Month US Libor + 4.65%), 10/25/28 (b)		208,070		216,397
6.77%, (1 Month US Libor + 5.15%), 11/25/28 (b)		121,664		127,841
Halcyon Loan Advisors Funding 2018-1 Ltd., 2.86%, (3 Month US Libor + 1.80%), 7/21/31 (a),(b)		170,000		160,359
Holland Park CLO DAC, 0.92%, (3 Month EUR Libor + 0.92%), 11/14/32 (a),(b)	EUR	500,000		501,541
Home Partners of America 2021-3 Trust, 2.65%, 1/17/41 (a)		76,785		69,960
Home Partners of America Trust 2021-2, 2.30%, 12/17/26 (a)		206,177		183,334
JP Morgan Mortgage Trust, 2.50%, 6/25/52 (a),(c)		109,573		100,680
JP Morgan Mortgage Trust 2021-13, 2.50%, 4/25/52 (a),(c)		230,829		211,636
JP Morgan Mortgage Trust 2021-14, 2.50%, 5/25/52 (a),(c)		172,267		160,480
LCM XXV Ltd., 3.36%, (3 Month US Libor + 2.30%), 7/20/30 (a),(b)		440,000		418,731
Madison Park Euro Funding VIII DAC, 0.82%, (3 Month EUR Libor + 0.82%), 4/15/32 (a),(b)		600,000		600,526

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 5.2% (Continued)
Madison Park Funding XXII Ltd., 3.04%, (3 Month US Libor + 2.00%), 1/15/33 (a),(b)	$	250,000	$	232,968
Mill City Mortgage Loan Trust 2018-4, 3.50%, 4/25/66 (a),(c)		106,210		104,346
Neuberger Berman Loan Advisers CLO 27 Ltd., 2.14%, (3 Month US Libor + 1.10%), 1/15/30 (a),(b)		649,000		625,540
New Economy Assets Phase 1 Sponsor LLC, 1.91%, 10/20/61 (a)		260,000		227,056
OBX 2021-J3 Trust, 2.50%, 10/25/51 (a),(c)		86,808		78,676
Octagon Investment Partners 33 Ltd., 3.81%, (3 Month US Libor + 2.75%), 1/20/31 (a),(b)		100,000		88,717
Octagon Investment Partners 35 Ltd., 2.16%, (3 Month US Libor + 1.10%), 1/20/31 (a),(b)		500,000		479,598
Provident Funding Mortgage Trust 2019-1, 3.00%, 12/25/49 (a),(c)		25,947		26,332
Provident Funding Mortgage Trust 2021-J1, 2.50%, 10/25/51 (a),(c)		152,843		139,004
PSMC 2021-3 Trust, 2.50%, 8/25/51 (a),(c)		297,252		267,716
Strata CLO I Ltd., 3.24%, (3 Month US Libor + 2.20%), 1/15/31 (a),(b)		200,000		196,058
TICP CLO VI Ltd., 2.16%, (3 Month US Libor + 1.12%), 1/15/34 (a),(b)		300,000		291,363
Towd Point Mortgage Trust 2017-1, 2.75%, 10/25/56 (a),(c)		24,458		24,277
Towd Point Mortgage Trust 2017-2, 2.75%, 4/25/57 (a),(c)		32,974		32,934
Towd Point Mortgage Trust 2017-3, 2.75%, 7/25/57 (a),(c)		31,750		31,489
Voya CLO 2014-1 Ltd., 3.84%, (3 Month US Libor + 2.80%), 4/18/31 (a),(b)		200,000		163,483
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $12,726,473)				11,951,476
AGENCY MORTGAGE BACKED SECURITIES - 4.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.2%
Fannie Mae Pool, 3.00%, 11/1/48		258,290		244,283
Federal National Mortgage Association
3.50%, 7/1/52 (d)		2,600,000		2,500,875
4.00%, 7/1/52 (d)		3,497,000		3,450,009
4.50%, 7/1/52 (d)		3,441,000		3,455,517
				9,650,684
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $9,644,700)				9,650,684

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 1.0%
DEBT FUNDS - 1.0%
SPDR Blackstone Senior Loan ETF (Cost - $2,496,711)	$	54,600	$	2,273,544
TERM LOANS - 1.0%
24 Hour Fitness Worldwide, Inc., 3.50%, (3 Month US Libor + 1.00%), 12/29/25 (b)		31,368		9,724
Acrisure LLC
5.42%, (1 Month US Libor + 3.75%), 2/15/27 (b)		5,826		5,439
5.92%, (1 Month US Libor + 4.25%), 2/15/27 (b)		3,397		3,199
Adient US LLC, 4.92%, (1 Month US Libor + 3.25%), 4/10/28 (b)		29,700		27,571
ADMI Corp.
5.04%, (1 Month US Libor + 3.38%), 12/23/27 (b)		4,045		3,677
5.17%, (1 Month US Libor + 3.50%), 12/23/27 (b)		5,392		4,929
AI Convoy (Luxembourg) Sarl, 0.00%, 1/18/27 (e)		51		49
Air Canada, 4.25%, (3 Month US Libor + 3.50%), 8/11/28 (b)		86,114		79,010
Alliant Holdings Intermediate LLC
4.92%, (1 Month US Libor + 3.25%), 5/9/25 (b)		38,017		35,709
5.01%, (1 Month US Libor + 3.50%), 11/5/27 (b)		11,332		10,513
Allied Universal Holdco LLC, 5.42%, (1 Month US Libor + 3.75%), 5/12/28 (b)		7,146		6,536
Amentum Government Services Holdings LLC, 4.78%, (3 Month US Libor + 4.00%), 2/15/29 (b)		12,952		12,297
American Airlines, Inc., 5.81%, (3 Month US Libor + 4.75%), 4/20/28 (b)		6,131		5,838
American Trailer World Corp., 5.38%, (1 Month US Libor + 3.75%), 3/3/28 (b)		33,867		28,928
Aptean, Inc., 5.92%, (1 Month US Libor + 4.25%), 4/23/26 (b)		11,878		11,215
Apx Group, Inc., 5.01%, (1 Month US Libor + 3.50%), 7/10/28 (b)		3,003		2,829
Arches Buyer, Inc., 4.92%, (1 Month US Libor + 3.25%), 12/6/27 (b)		6,357		5,785
ASP Blade Holdings, Inc, 5.67%, (1 Month US Libor + 4.00%), 10/13/28 (b)		12,085		10,554
ASP Unifrax Holdings, Inc., 6.00%, (3 Month US Libor + 3.75%), 12/12/25 (b)		9,948		8,755
AssuredPartners, Inc.
5.03%, (1 Month SOFR + 3.50%), 2/12/27 (b)		9,975		9,277
5.17%, (1 Month US Libor + 3.50%), 2/12/27 (b)		29,299		27,394

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
5.17%, (1 Month US Libor + 3.50%), 2/12/27 (b)	$	2,526	$	2,362
Astoria Energy LLC, 5.17%, (3 Month US Libor + 3.50%), 12/10/27 (b)		1,213		1,140
Astro One Acquisition Corp., 7.75%, (3 Month US Libor + 5.50%), 9/15/28 (b)		4,498		3,947
Asurion LLC
4.79%, (1 Month US Libor + 3.13%), 11/3/23 (b)		13,480		12,923
4.92%, (1 Month US Libor + 3.25%), 12/23/26 (b)		9,047		8,182
4.92%, (1 Month US Libor + 3.25%), 7/31/27 (b)		8,357		7,543
6.92%, (1 Month US Libor + 5.25%), 1/31/28 (b)		354		301
6.92%, (1 Month US Libor + 5.25%), 1/20/29 (b)		26,001		21,971
AthenaHealth Group, Inc.
0.00%, 2/15/29 (e)		2,562		2,352
5.01%, (1 Month US Libor + 3.50%), 2/15/29 (b)		15,115		13,878
Atlas Purchaser, Inc., 6.62%, (1 Month US Libor + 5.25%), 5/8/28 (b)		22,040		18,072
Aveanna Healthcare LLC
0.00%, 7/17/28 (e)		1,145		1,003
5.35%, (1 Month US Libor + 3.75%), 7/17/28 (b)		4,885		4,281
Avis Budget Car Rental LLC, 3.42%, (1 Month US Libor + 1.75%), 8/6/27 (b)		84,213		79,541
AZZ, Inc., 5.88%, (1 Month US Libor + 4.35%), 5/11/29 (b)		6,693		6,375
Bally's Corp., 4.37%, (1 Month US Libor + 3.25%), 10/2/28 (b)		20,398		18,884
Banijay Entertainment SAS, 4.87%, (1 Month US Libor + 3.75%), 3/1/25 (b)		18,634		17,632
Barracuda Networks, Inc.
5.98%, (3 Month US Libor + 3.75%), 2/12/25 (b)		11,061		10,942
0.00%, 5/17/29 (e)		12,693		12,137
Bausch Health Companies, Inc., 6.55%, (1 Month US Libor + 5.35%), 2/1/27 (b)		13,127		11,222
BWay Holding Co., 4.31%, (1 Month US Libor + 3.25%), 4/3/24 (b)		19,895		18,673
Caesars Resort Collection LLC, 4.42%, (1 Month US Libor + 2.75%), 12/23/24 (b)		28,788		27,666
CCI Buyer, Inc., 6.05%, (3 Month US Libor + 4.00%), 12/17/27 (b)		20,435		18,596
CCRR Parent, Inc., 6.01%, (3 Month US Libor + 3.75%), 3/6/28 (b)		1,782		1,687

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Cengage Learning, Inc., 5.75%, (3 Month US Libor + 4.75%), 7/14/26 (b)	$	19,823	$	17,831
Charter Next Generation, Inc., 5.42%, (1 Month US Libor + 3.75%), 12/1/27 (b)		1,744		1,637
CHG Healthcare Services, Inc., 4.75%, (3 Month US Libor + 3.25%), 9/29/28 (b)		2,098		1,980
Citadel Securities LP, 4.14%, (1 Month US Libor + 2.61%), 2/2/28 (b)		9,875		9,477
City Brewing Co., LLC, 4.47%, (3 Month US Libor + 3.50%), 4/5/28 (b)		7,352		6,506
Clarios Global LP, 4.92%, (1 Month US Libor + 3.25%), 4/30/26 (b)		16,947		15,781
Clear Channel Outdoor Holdings, Inc., 4.74%, (3 Month US Libor + 3.50%), 8/21/26 (b)		4,279		3,664
Cloudera, Inc.
5.42%, (1 Month US Libor + 3.75%), 10/8/28 (b)		4,353		3,993
7.67%, (1 Month US Libor + 6.00%), 10/8/29 (b)		1,860		1,618
CNT Holdings I Corp., 4.69%, (1 Month US Libor + 3.50%), 11/8/27 (b)		1,730		1,639
Cobham Ultra US Co. Borrower LLC, 0.00%, 11/17/28 (e)		2,410		2,288
Commscope, Inc., 4.92%, (1 Month US Libor + 3.25%), 4/6/26 (b)		29,248		26,196
Conair Holdings LLC, 6.00%, (3 Month US Libor + 3.75%), 5/17/28 (b)		5,330		4,442
Cornerstone OnDemand, Inc., 5.42%, (1 Month US Libor + 3.75%), 10/16/28 (b)		8,051		7,179
Coty, Inc., 3.41%, (1 Month US Libor + 2.25%), 4/7/25 (b)		18,386		17,510
CPC Acquisition Corp., 6.00%, (3 Month US Libor + 3.75%), 12/29/27 (b)		13,071		11,383
CSC Holdings LLC, 3.57%, (1 Month US Libor + 2.25%), 7/17/25 (b)		36,085		33,487
Cushman & Wakefield U.S. Borrower, LLC., 4.42%, (1 Month US Libor + 2.75%), 8/21/25 (b)		9,849		9,251
Cyanco Intermediate 2 Corp., 5.17%, (1 Month US Libor + 3.50%), 3/16/25 (b)		11,743		11,035
DCert Buyer, Inc., 5.67%, (1 Month US Libor + 4.00%), 10/16/26 (b)		19,550		18,635

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Dermatology Intermediate Holdings III, Inc.
0.00%, 4/2/29 (e)	$	540	$	502
5.33%, (1 Month SOFR + 4.25%), 4/2/29 (b)		2,888		2,686
DexKo Global, Inc.
0.00%, 10/4/28 (e)		343		315
4.76%, (3 Month US Libor + 3.75%), 10/4/28 (b)		1,800		1,654
Diamond Sports Group LLC, 9.18%, (1 Month US Libor + 8.00%), 5/25/26 (b)		55,045		54,678
Dynasty Acquisition Co., Inc.
5.17%, (1 Month US Libor + 3.50%), 4/6/26 (b)		46,172		42,455
5.17%, (1 Month US Libor + 3.50%), 4/6/26 (b)		24,824		22,826
ECI Macola/Max Holding LLC, 6.00%, (3 Month US Libor + 3.75%), 11/9/27 (b)		7,034		6,607
Edelman Financial Engines Center LLC, (The), 5.17%, (1 Month US Libor + 3.50%), 4/7/28 (b)		19,800		18,280
Epicor Software Corp., 4.92%, (1 Month US Libor + 3.25%), 7/30/27 (b)		9,949		9,369
eResearch Technology, Inc., 6.17%, (1 Month US Libor + 4.50%), 2/4/27 (b)		22,060		20,323
Evergreen AcqCo 1 LP, 7.75%, (3 Month US Libor + 5.50%), 4/26/28 (b)		18,100		17,029
FINThrive Software Intermediate Holdings, Inc., 5.67%, (3 Month US Libor + 4.00%), 12/18/28 (b)		4,033		3,731
First Brands Group, LLC, 6.29%, (3 Month US Libor + 5.00%), 3/30/27 (b)		18,382		17,389
First Student Bidco, Inc.
5.23%, (3 Month US Libor + 3.00%), 7/21/28 (b)		2,464		2,196
5.23%, (3 Month US Libor + 3.00%), 7/21/28 (b)		914		815
Flynn Restaurant Group LP, 5.92%, (1 Month US Libor + 4.25%), 12/1/28 (b)		4,532		4,212
Gainwell Acquisition Corp., 6.25%, (1 Month US Libor + 4.00%), 10/1/27 (b)		28,327		26,733
Global Medical Response, Inc., 5.92%, (1 Month US Libor + 4.25%), 3/14/25 (b)		3,745		3,476
Global Tel Link Corp., 5.92%, (1 Month US Libor + 4.25%), 11/29/25 (b)		38,693		35,846
Golden Nugget LLC, 3.25%, (3 Month US Libor + 3.25%), 10/4/23 (b)		2,873		2,642

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Gray Television, Inc., 4.06%, (1 Month US Libor + 3.00%), 12/1/28 (b)	$	9,950	$	9,502
Great Outdoors Group LLC, 5.42%, (1 Month US Libor + 3.75%), 3/6/28 (b)		24,301		22,089
Greeneden US Holdings II LLC, 5.67%, (1 Month US Libor + 4.00%), 12/1/27 (b)		9,557		9,113
Hexion Holdings Corp., 5.92%, (3 Month US Libor + 4.65%), 3/15/29 (b)		10,787		9,627
Highline AfterMarket Acquisition LLC, 6.17%, (1 Month US Libor + 4.50%), 11/9/27 (b)		16,785		14,687
Hilton Grand Vacations Borrower LLC, 4.67%, (1 Month US Libor + 3.00%), 8/2/28 (b)		17,865		16,693
Hunter Holdco 3 Limited, 6.50%, (3 Month US Libor + 4.25%), 8/19/28 (b)		16,867		15,981
Hyland Software, Inc., 5.17%, (1 Month US Libor + 3.50%), 7/1/24 (b)		7,329		7,056
ICON Luxembourg SARL, 4.56%, (3 Month US Libor + 2.25%), 7/3/28 (b)		3,351		3,233
Idera, Inc., 4.82%, (1 Month US Libor + 3.75%), 3/2/28 (b)		12,856		11,820
IGT Holding IV AB, 5.65%, (3 Month US Libor + 3.40%), 3/31/28 (b)		16,277		15,138
Ineos US Petrochem, LLC, 4.42%, (1 Month US Libor + 2.75%), 1/29/26 (b)		17,405		16,387
IRB Holding Corp., 3.37%, (3 Month US Libor + 4.25%), 12/15/27 (b)		6,523		6,110
Ivanti Software, Inc., 5.85%, (3 Month US Libor + 4.25%), 12/1/27 (b)		19,900		17,048
Jane Street Group, LLC, 4.42%, (1 Month US Libor + 2.75%), 1/26/28 (b)		8,510		8,163
Jazz Financing Lux SARL, 5.17%, (1 Month US Libor + 3.50%), 5/5/28 (b)		23,688		22,551
Kenan Advantage Group, Inc. (The), 5.38%, (1 Month US Libor + 3.75%), 3/24/26 (b)		51,741		48,297
Klockner Pentaplast of America, Inc., 5.55%, (3 Month US Libor + 4.75%), 2/12/26 (b)		19,899		16,765
Knot Worldwide, Inc. (The), 4.67%, (1 Month US Libor + 4.50%), 12/19/25 (b)		2,346		2,241
KUEHG Corp., 6.00%, (3 Month US Libor + 3.75%), 2/21/25 (b)		39,385		36,557

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
LaserShip, Inc, 7.38%, (3 Month US Libor + 4.50%), 5/8/28 (b)	$	4,161	$	3,693
LogMein, Inc., 6.35%, (1 Month US Libor + 4.75%), 8/31/27 (b)		32,373		24,523
LSF11 AS Holdco LLC, 5.14%, (1 Month US Libor + 3.61%), 10/15/28 (b)		971		906
Lucid Energy Group II Borrower LLC, 5.87%, (1 Month US Libor + 4.25%), 11/24/28 (b)		4,521		4,455
LUMMUS TECHNOLOGY HOLDINGS V LLC, 5.17%, (1 Month US Libor + 3.50%), 6/30/27 (b)		3,372		3,108
Madison IAQ LLC, 4.52%, (3 Month US Libor + 3.25%), 6/21/28 (b)		4,362		3,962
Magenta Buyer LLC, 5.98%, (3 Month US Libor + 4.75%), 7/27/28 (b)		16,859		15,107
McAfee Corp., 5.15%, (1 Month US Libor + 4.00%), 3/1/29 (b)		2,658		2,412
McGraw-Hill Education, Inc., 5.55%, (3 Month US Libor + 4.75%), 7/28/28 (b)		23,978		21,660
Medical Solutions Holdings, Inc.
0.00%, 11/1/28 (e)		555		520
6.38%, (3 Month US Libor + 3.50%), 11/1/28 (b)		2,909		2,721
Medline Borrower, LP, 4.92%, (1 Month US Libor + 3.25%), 10/23/28 (b)		4,726		4,375
Mercury Borrower, Inc., 5.81%, (3 Month US Libor + 3.50%), 8/2/28 (b)		9,034		8,402
MH Sub I, LLC, 5.42%, (1 Month US Libor + 3.75%), 9/13/24 (b)		8,265		7,767
Michaels Companies, Inc. (The), 6.50%, (3 Month US Libor + 4.25%), 4/15/28 (b)		9,900		8,129
Mitchell International, Inc., 5.35%, (1 Month US Libor + 3.75%), 10/16/28 (b)		9,275		8,431
Motion Finco, LLC
0.00%, 11/12/26 (e)		12,353		11,380
5.50%, (3 Month US Libor + 3.25%), 11/12/26 (b)		86,651		79,827
MPH Acquisition Holdings LLC, 5.82%, (3 Month US Libor + 4.25%), 9/1/28 (b)		6,267		5,753
Numericable U.S. LLC, 5.41%, (3 Month US Libor + 4.00%), 8/14/26 (b)		19,717		17,973
Organon & Co., 4.63%, (3 Month US Libor + 3.00%), 6/2/28 (b)		19,309		18,544

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Osmosis Buyer Ltd., 4.83%, (1 Month US Libor + 3.75%), 7/31/28 (b)	$	8,539	$	7,760
Osmosis Debt Merger Sub, Inc.
0.00%, 7/31/28 (e)		9,447		8,565
0.00%, 7/31/28 (e)		2,147		1,947
Owens & Minor, Inc., 5.38%, (1 Month SOFR + 3.85%), 3/29/29 (b)		3,560		3,524
Pacific Dental Services, 4.76%, (1 Month US Libor + 3.25%), 5/5/28 (b)		11,276		10,684
Pathway Vet Alliance LLC, 6.00%, (3 Month US Libor + 3.75%), 3/31/27 (b)		19,230		17,812
PECF USS Intermediate Holding Corp., 5.92%, (1 Month US Libor + 4.25%), 12/15/28 (b)		2,397		2,158
Penn National Gaming, Inc., 4.38%, (1 Month US Libor + 2.85%), 5/3/29 (b)		2,613		2,500
Peraton Corp., 5.42%, (1 Month US Libor + 3.75%), 2/1/28 (b)		13,076		12,252
Perrigo Investments, LLC, 3.65%, (1 Month US Libor + 2.50%), 4/20/29 (b)		4,517		4,336
PetsMart, LLC, 4.50%, (3 Month US Libor + 3.75%), 2/11/28 (b)		3,518		3,301
PetVet Care Centers LLC, 5.17%, (1 Month US Libor + 3.50%), 2/14/25 (b)		2,001		1,883
Phoenix Guarantor, Inc., 4.92%, (1 Month US Libor + 3.25%), 3/5/26 (b)		22,226		20,735
Phoenix Newco, Inc., 4.92%, (1 Month US Libor + 3.25%), 11/15/28 (b)		2,317		2,171
Pitney Bowes, Inc., 5.67%, (1 Month US Libor + 4.00%), 3/17/28 (b)		37,108		35,345
PMHC II, Inc., 5.29%, (3 Month US Libor + 4.25%), 4/20/29 (b)		6,711		5,825
Polaris Newco, LLC, 5.67%, (1 Month US Libor + 4.00%), 6/2/28 (b)		14,459		13,323
PRA Health Sciences, Inc., 4.56%, (3 Month US Libor + 2.25%), 7/3/28 (b)		835		805
Pre Paid Legal Services, Inc., 5.42%, (1 Month US Libor + 3.75%), 12/15/28 (b)		5,075		4,727
Precisely Software, Inc., 5.18%, (3 Month US Libor + 4.00%), 4/24/28 (b)		9,611		8,669
Primary Products Finance LLC, 4.50%, (3 Month US Libor + 4.00%), 4/2/29 (b)		3,081		2,990

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Prime Security Services Borrower, LLC, 3.50%, (3 Month US Libor + 2.75%), 9/23/26 (b)	$	17,736	$	16,520
Quest Software U.S. Holdings, Inc., 5.47%, (3 Month US Libor + 4.40%), 2/1/29 (b)		16,331		14,479
Quikrete Holdings, Inc., 3.76%, (1 Month US Libor + 3.00%), 6/11/28 (b)		10,000		9,413
Radiate Holdco LLC, 4.01%, (1 Month US Libor + 3.25%), 9/25/26 (b)		10,835		10,050
Radiology Partners, Inc., 5.89%, (1 Month US Libor + 4.25%), 7/9/25 (b)		5,069		4,529
Raptor Acquisition Corp., 6.10%, (1 Month US Libor + 4.00%), 11/1/26 (b)		3,709		3,480
Red Planet Borrower LLC, 5.42%, (3 Month US Libor + 3.75%), 10/2/28 (b)		4,425		3,867
Restoration Hardware, Inc., 4.17%, (1 Month US Libor + 2.50%), 10/20/28 (b)		6,633		5,791
Rocket Software, Inc., 5.92%, (1 Month US Libor + 4.25%), 11/28/25 (b)		9,181		8,516
Russell Investments U.S. Institutional Holdco, Inc., 5.00%, (3 Month US Libor + 3.50%), 5/30/25 (b)		14,879		13,856
Scientific Games, 4.36%, (1 Month US Libor + 3.00%), 4/13/29 (b)		3,849		3,647
Scientific Games Holdings LP, 4.18%, (1 Month SOFR + 3.50%), 4/4/29 (b)		15,180		14,022
SCIH Salt Holdings, Inc., 4.75%, (3 Month US Libor + 4.00%), 3/16/27 (b)		18,611		16,564
Sedgwick Claims Management Services, Inc., 4.92%, (1 Month US Libor + 3.25%), 12/31/25 (b)		9,847		9,227
Sovos Compliance LLC
0.00%, 8/11/28 (e)		333		312
6.17%, (1 Month US Libor + 4.50%), 8/11/28 (b)		1,917		1,801
Sparta U.S. HoldCo LLC, 4.37%, (1 Month US Libor + 3.25%), 8/2/28 (b)		4,676		4,454
Staples, Inc., 6.29%, (3 Month US Libor + 5.00%), 4/16/26 (b)		19,359		16,783
Thor Industries, Inc., 4.69%, (1 Month US Libor + 3.00%), 2/1/26 (b)		41,442		40,336
Tiger Acquisition LLC, 4.92%, (1 Month US Libor + 3.25%), 6/1/28 (b)		22,331		19,919

	Shares/ Principal		Fair Value
TERM LOANS - 1.0% (Continued)
Tory Burch LLC, 4.67%, (1 Month US Libor + 3.00%), 4/16/28 (b)	$	2,487	$	2,222
Triton Water Holdings, Inc., 5.75%, (3 Month US Libor + 3.50%), 3/31/28 (b)		48,587		42,844
Truck Hero, Inc., 5.17%, (1 Month US Libor + 3.50%), 1/31/28 (b)		2,154		1,921
U.S. Anesthesia Partners, Inc., 5.31%, (1 Month US Libor + 4.25%), 10/1/28 (b)		3,652		3,400
U.S. Renal Care, Inc., 6.69%, (1 Month US Libor + 5.00%), 6/26/26 (b)		15,205		10,355
U.S. Silica Co., 5.69%, (1 Month US Libor + 4.00%), 5/1/25 (b)		9,869		9,476
UKG, Inc., 4.21%, (1 Month US Libor + 3.25%), 5/4/26 (b)		5,175		4,835
United AirLines Inc, 5.39%, (1 Month US Libor + 3.75%), 4/21/28 (b)		29,724		27,551
Univision Communications, Inc., 4.92%, (1 Month US Libor + 3.25%), 3/15/26 (b)		14,521		13,692
US Radiology Specialists, Inc., 0.00%, 12/15/27 (e)		4,893		4,306
USIC Holdings, Inc., 5.17%, (1 Month US Libor + 3.50%), 5/12/28 (b)		7,691		7,137
Varsity Brands Holdings, 5.17%, (1 Month US Libor + 3.50%), 12/16/24 (b)		20,636		19,284
Verscend Holding Corp., 5.67%, (1 Month US Libor + 4.00%), 8/27/25 (b)		9,774		9,334
Vertex Aerospace Services Corp., 5.67%, (1 Month US Libor + 4.00%), 12/6/28 (b)		4,124		3,905
Vertical Midco GMBH, 4.02%, (3 Month US Libor + 3.50%), 7/30/27 (b)		15,544		14,524
Vision Solutions, Inc., 5.00%, (3 Months US Libor + 4.25%), 4/24/28 (b)		3,703		3,340
Waystar Technologies, Inc., 5.67%, (1 Month US Libor + 4.00%), 10/22/26 (b)		19,550		18,499
TOTAL TERM LOANS (Cost - $2,463,597)				2,278,043
MUNICIPAL BONDS - 0.9%
California Health Facilities Financing Authority
2.93%, 6/1/32		45,000		39,999
2.98%, 6/1/33		40,000		35,143
3.03%, 6/1/34		30,000		26,034
California State University, 2.72%, 11/1/52		90,000		66,940
City of Austin TX Electric Utility Revenue, 6.26%, 11/15/32		150,000		170,049

	Shares/ Principal		Fair Value
MUNICIPAL BONDS - 0.9% (Continued)
Commonwealth Financing Authority, 2.99%, 6/1/42	$	325,000	$	258,964
County of Broward FL Airport System Revenue, 3.48%, 10/1/43		50,000		42,129
Foothill-Eastern Transportation Corridor Agency, 4.09%, 1/15/49		135,000		117,980
Gilroy Unified School District, 3.36%, 8/1/47		100,000		79,365
Golden State Tobacco Securitization Corp., 3.85%, 6/1/50		305,000		274,842
Greenville City School District, 3.54%, 1/1/51		110,000		92,055
Massachusetts School Building Authority, 3.40%, 10/15/40		85,000		71,791
Metropolitan Transportation Authority, 4.00%, 11/15/45		95,000		85,253
New York State Dormitory Authority, 3.14%, 7/1/43		45,000		38,019
Regents of The University of California Medical Center Pooled Revenue, 4.56%, 5/15/53		100,000		98,199
Salt Lake City Corp., 3.10%, 4/1/38		40,000		34,858
San Bernardino Community College District
2.69%, 8/1/41		250,000		193,785
2.86%, 8/1/49		150,000		107,573
San Jose Redevelopment Agency Successor Agency, 3.23%, 8/1/27		90,000		87,277
State of Illinois, 5.10%, 6/1/33		120,000		120,731
Texas State University System
2.94%, 3/15/33		35,000		31,108
3.29%, 3/15/40		30,000		25,412
University of Pittsburgh-of the Commonwealth System of Higher Education, 3.01%, 9/15/41		80,000		64,719
Utah Transit Authority, 3.44%, 12/15/42		60,000		50,300
TOTAL MUNICIPAL BONDS (Cost - $2,590,020)				2,212,525
SOVEREIGN DEBTS - 0.3%
Colombia Government International Bond, 5.00%, 6/15/45		200,000		133,660
Dominican Republic International Bond, 8.90%, 2/15/23 (a)	DOP	8,000,000		145,215
Panama Government International Bond, 3.75%, 4/17/26 (a)		70,000		67,900
Peruvian Government International Bond, 2.78%, 1/23/31		200,000		170,030
Romanian Government International Bond, 6.13%, 1/22/44 ^(a)		130,000		113,919
Turkey Government International Bond, 5.25%, 3/13/30		200,000		142,498
TOTAL SOVEREIGN DEBTS (Cost - $1,005,161)				773,222

	Shares/ Principal		Fair Value
PREFERRED STOCKS - 0.0%†
CONSUMER DISCRETIONARY SERVICES - 0.0%†
24 Hour Fitness Worldwide, Inc., 0.00% (Cost - $2,145)	$	1,589	$	1,589

Contracts

Notional
Amount

Fair
Value

PURCHASED OPTIONS - 0.0%†

EUR/NOK, Citibank,
October 2022,
Call @ 9.37 NOK
(Cost - $3,313)

227,000

2,126,990,000

NOK

159

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 5.6%
MONEY MARKET FUNDS - 5.6%
Dreyfus Government Cash Management, 1.35% (f)		7,590,710		7,590,710
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (f)		5,212,875		5,212,875
TOTAL SHORT-TERM INVESTMENTS (Cost - $12,803,585)				12,803,585
TOTAL INVESTMENTS - 101.5% (Cost - $160,580,555)			$	233,036,485
OTHER ASSETS LESS LIABILITIES - NET (1.5)%				(3,489,422	)
TOTAL NET ASSETS - 100.0%			$	229,547,063

* 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 June 30, 2022, these securities amounted to $15,858,412 or 6.9% of net assets.

(b) Variable rate security. The rate shown is the rate in effect at period end.

(c) 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.

(d) When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions.

(e) The loan will settle after June 30, 2022. The interest rate, based on the LIBOR and the agreed upon spread on trade date, will be determined at the time of settlement.

(f) The rate shown is the annualized seven-day yield at period end.

CLO - Collateralized Loan Obligation

DOP - Dominican Peso

EUR - EURO

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

Holdings by Asset Class	% of Net Assets
Common Stocks		68.1	%
U.S. Treasury Securities and Agency Bonds		8.8	%
Corporate Bonds and Notes		6.4	%
Short-Term Investments		5.6	%
Asset Backed and Commercial Backed Securities		5.2	%
Agency Mortgage Backed Securities		4.2	%
Exchange Traded Funds		1.0	%
Term Loans		1.0	%
Municipal Bonds		0.9	%
Sovereign Debts		0.3	%
Preferred Stocks		0.0	%
Purchased Options		0.0	%
Other Assets less Liabilities - Net		(1.5	)%
		100.0	%

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 2 Year Note Future	J. P. Morgan Securities LLC		8	9/30/2022	$	1,680,125	$	(9,408	)
U.S. Ultra Bond Future	J. P. Morgan Securities LLC		12	9/21/2022		1,852,125		(36,000	)
								(45,408	)
SHORT FUTURES CONTRACTS
MSCI EAFE Future	Goldman Sachs & Co.		75	9/16/2022		6,962,250		70,370
S&P 500 E-Mini Future	Goldman Sachs & Co.		384	9/16/2022		72,758,400		2,205,027
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		27	9/16/2022		6,123,600		327,275
								2,602,672
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	2,557,264

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	$	19,853	$	41	$	19,812
TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS									$	19,853	$	41	$	19,812

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	Avon Products, Inc.	Quarterly	Sell		-			5.00	%	BB-	03/20/23	$	135,000	$	(4,011	)	$	(2,821	)	$	(1,190	)
Citibank NA	Nabors Industries, Inc.	Quarterly	Buy		1.00	%		-		CCC	12/20/23		170,000		(8,631	)		(7,480	)		(1,151	)
Citibank NA	MCDX.NA.31	Quarterly	Buy		1.00	%		-		NR	12/20/23		1,050,000		7,501			3,131			4,370
JP Morgan	Air France-KLM	Quarterly	Buy		5.00	%		-		NR	06/20/26		80,000		(6,625	)		1,127			(7,752	)
Citibank NA	Carnival Corp.	Quarterly	Buy		1.00	%		-		B-	06/21/27		200,000		(72,710	)		(36,036	)		(36,674	)
Citibank NA	CDX.NA.HY.38	Quarterly	Sell		-			5.00	%	NR	06/21/27		217,800		6,056			(9,660	)		15,716
Citibank NA	CDX.NA.HY.38	Quarterly	Sell		-			5.00	%	NR	06/21/27		237,600		6,826			(4,182	)		11,008
Citibank NA	CDX.EM.37	Quarterly	Sell		-			1.00	%	NR	06/21/27		285,000		28,497			27,162			1,335
Citibank NA	CDX.EM.37	Quarterly	Sell		-			1.00	%	NR	06/21/27		285,000		28,497			26,594			1,903
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS														$	(14,600	)	$	(2,165	)	$	(12,435	)

* 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)
07/21/22	JP Morgan Chase Bank		213,000	AUD		155,283	USD	$	(8,793	)
07/21/22	JP Morgan Chase Bank		182,500,000	KRW		153,811	USD		(13,214	)
07/21/22	JP Morgan Chase Bank		160,267	USD		213,000	AUD		13,776
07/21/22	JP Morgan Chase Bank		143,735	USD		182,500,000	KRW		3,138
09/16/22	JP Morgan Chase Bank		736,446	USD		667,660	EUR		34,502
12/06/22	JP Morgan Chase Bank		1,241,198	USD		1,142,684	EUR		31,534
TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	60,943

AUD - Australian Dollar

EUR - Euro

KRW - South Korean Won

USD - United States Dollar

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 91.9%
DEBT FUNDS - 15.0%
iShares 10+ Year Investment Grade Corporate Bond ETF		56,617	$	3,018,252
iShares 10-20 Year Treasury Bond ETF		59,225		7,115,884
iShares 1-3 Year Treasury Bond ETF		140,053		11,594,988
iShares 1-5 Year Investment Grade Corporate Bond ETF		60,301		3,048,216
iShares 20+ Year Treasury Bond ETF		13,800		1,585,206
iShares 3-7 Year Treasury Bond ETF		36,104		4,308,651
iShares 5-10 Year Investment Grade Corporate Bond ETF		45,986		2,348,045
iShares 7-10 Year Treasury Bond ETF		10,080		1,031,184
iShares Core Total USD Bond Market ETF		6,012		281,482
iShares Core U.S. Aggregate Bond ETF		78,719		8,004,148
iShares TIPS Bond ETF		70,569		8,038,515
TOTAL DEBT FUNDS				50,374,571
EQUITY FUNDS - 76.9%
iShares Core High Dividend ETF		109,474		10,994,474
iShares Core MSCI EAFE ETF		492,766		28,999,279
iShares Core S&P 500 ETF		324,626		123,081,948
iShares Core S&P Mid-Cap ETF		88,334		19,983,801
iShares Core S&P Small-Cap ETF		116,616		10,776,484
iShares ESG Aware MSCI USA ETF		448,223		37,605,910
iShares MSCI EAFE Growth ETF		52,781		4,248,343

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds		91.9	%
Short-Term Investments		5.1	%
Other Assets less Liabilities - Net		3.0	%
		100.0	%

FUTURES CONTRACTS
SHORT FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Future	Goldman Sachs & Co.		125	9/16/2022	$	10,675,000	$	582,948
MSCI EAFE Future	Goldman Sachs & Co.		287	9/16/2022		26,642,210		287,755
MSCI Emerging Market Index Future	Goldman Sachs & Co.		13	9/16/2022		651,755		5,200
S&P 500 E-Mini Future	Goldman Sachs & Co.		541	9/16/2022		102,505,975		3,445,017
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		78	9/16/2022		17,690,400		1,018,815
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	5,339,735

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 93.0%
DEBT FUNDS - 31.7%
iShares 10+ Year Investment Grade Corporate Bond ETF		37,404	$	1,994,007
iShares 10-20 Year Treasury Bond ETF		20,394		2,450,339
iShares 1-3 Year Treasury Bond ETF		63,576		5,263,457
iShares 1-5 Year Investment Grade Corporate Bond ETF		40,813		2,063,097
iShares 20+ Year Treasury Bond ETF		8,877		1,019,701
iShares 3-7 Year Treasury Bond ETF		24,956		2,978,249
iShares 5-10 Year Investment Grade Corporate Bond ETF		30,542		1,559,475
iShares 7-10 Year Treasury Bond ETF		6,973		713,338
iShares Broad USD High Yield Corporate Bond ETF		8,133		281,564
iShares Core Total USD Bond Market ETF		140,225		6,565,335
iShares Core U.S. Aggregate Bond ETF		56,579		5,752,953
iShares Fallen Angels USD Bond ETF		19,249		473,910
iShares TIPS Bond ETF		39,808		4,534,529
TOTAL DEBT FUNDS				35,649,954
EQUITY FUNDS - 61.3%
iShares Core High Dividend ETF		27,592		2,771,065
iShares Core MSCI EAFE ETF		128,110		7,539,273
iShares Core S&P 500 ETF		86,999		32,985,671
iShares Core S&P Mid-Cap ETF		23,582		5,334,956
iShares Core S&P Small-Cap ETF		30,645		2,831,904
iShares ESG Aware MSCI USA ETF		120,671		10,124,297

	Shares/ Principal		Fair Value
COMMON STOCKS - 57.1%
AEROSPACE & DEFENSE - 1.3%
Boeing Co. (The)*		5,473	$	748,269
General Dynamics Corp.		5,805		1,284,356
L3Harris Technologies, Inc.		3,939		952,056
Raytheon Technologies Corp.		20,152		1,936,809
				4,921,490
AIR FREIGHT & LOGISTICS - 0.2%
FedEx Corp.		3,181		721,164
AIRLINES - 0.2%
JetBlue Airways Corp.*		80,931		677,392
AUTOMOBILES - 0.5%
Ford Motor Co.		34,238		381,069
Tesla, Inc.*		2,527		1,701,732
				2,082,801
BANKS - 0.5%
PNC Financial Services Group, Inc. (The)		12,015		1,895,607
BEVERAGES - 1.1%
Constellation Brands, Inc., Class A		12,597		2,935,857
Monster Beverage Corp.*		13,716		1,271,473
				4,207,330
BIOTECHNOLOGY - 1.0%
Alnylam Pharmaceuticals, Inc.*		769		112,159
Apellis Pharmaceuticals, Inc.*		1,756		79,406
Ascendis Pharma A/S, ADR*		1,473		136,930
Biogen, Inc.*		1,684		343,435
Blueprint Medicines Corp.*		965		48,742
Celldex Therapeutics, Inc.*		1,697		45,751
Exact Sciences Corp.*		2,191		86,303
Genmab A/S, ADR*		4,197		136,361
Horizon Therapeutics PLC*		1,627		129,770
Incyte Corp.*		2,210		167,894
Kymera Therapeutics, Inc.*		1,410		27,763
Mirati Therapeutics, Inc.*		995		66,794
Moderna, Inc.*		633		90,424
Myovant Sciences Ltd.*		23,803		295,871
Neurocrine Biosciences, Inc.*		901		87,829
PTC Therapeutics, Inc.*		1,581		63,335
Regeneron Pharmaceuticals, Inc.*		867		512,510
REVOLUTION Medicines, Inc.*		2,323		45,275
Sarepta Therapeutics, Inc.*		793		59,443
Seagen, Inc.*		1,671		295,667
United Therapeutics Corp.*		536		126,303
Vertex Pharmaceuticals, Inc.*		3,316		934,416
				3,892,381
BUILDING PRODUCTS - 0.4%
Builders FirstSource, Inc.*		12,116		650,629
Fortune Brands Home & Security, Inc.		4,037		241,736

	Shares/ Principal		Fair Value
BUILDING PRODUCTS - 0.4% (Continued)
Johnson Controls International PLC		16,760	$	802,469
				1,694,834
CAPITAL MARKETS - 3.1%
Ares Management Corp., Class A		33,596		1,910,269
Charles Schwab Corp. (The)		48,225		3,046,856
CME Group, Inc.		9,316		1,906,985
Morgan Stanley		35,267		2,682,408
S&P Global, Inc.		8,056		2,715,355
				12,261,873
CHEMICALS - 1.7%
Cabot Corp.		15,951		1,017,514
Celanese Corp.		7,374		867,256
FMC Corp.		10,701		1,145,114
Ingevity Corp.*		6,213		392,289
Linde PLC		6,020		1,730,931
Livent Corp.*		13,687		310,558
PPG Industries, Inc.		8,768		1,002,533
				6,466,195
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Aurora Innovation, Inc.*		29,736		56,796
Clean Harbors, Inc.*		2,093		183,493
Waste Connections, Inc.		4,650		576,414
				816,703
COMMUNICATIONS EQUIPMENT - 0.3%
Arista Networks, Inc.*		10,757		1,008,361
CONSTRUCTION & ENGINEERING - 0.1%
Fluor Corp.*		20,367		495,733
CONSUMER FINANCE - 0.1%
OneMain Holdings, Inc.		8,659		323,673
CONTAINERS & PACKAGING - 0.1%
Ball Corp.		5,338		367,094
DIVERSIFIED FINANCIAL SERVICES - 0.4%
Equitable Holdings, Inc.		49,765		1,297,373
Voya Financial, Inc.		5,864		349,084
				1,646,457
DIVERSIFIED TELECOMMUNICATION - 0.3%
AT&T, Inc.		59,559		1,248,357
ELECTRIC UTILITIES - 2.0%
Constellation Energy Corp.		12,173		697,026
Duke Energy Corp.		21,743		2,331,067
Edison International		24,740		1,564,557
Exelon Corp.		36,121		1,637,004
FirstEnergy Corp.		45,526		1,747,743
				7,977,397

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 0.0%†
Emerson Electric Co.		2,428	$	193,123
ENERGY EQUIPMENT & SERVICES - 0.2%
Schlumberger NV		25,704		919,175
ENTERTAINMENT - 0.3%
Electronic Arts, Inc.		2,605		316,898
Roku, Inc.*		9,221		757,413
				1,074,311
EQUITY REAL ESTATE INVESTMENT - 1.3%
American Tower Corp.		5,112		1,306,576
AvalonBay Communities, Inc.		2,930		569,153
Rexford Industrial Realty, Inc.		19,311		1,112,121
Ryman Hospitality Properties, Inc.*		10,540		801,356
Welltower, Inc.		16,267		1,339,587
				5,128,793
FOOD & STAPLES RETAILING - 1.8%
Performance Food Group Co.*		103,041		4,737,825
Sysco Corp.		25,094		2,125,713
				6,863,538
FOOD PRODUCTS - 1.2%
Hershey Co. (The)		7,007		1,507,626
Mondelez International, Inc., Class A		49,936		3,100,526
				4,608,152
HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%
Align Technology, Inc.*		2,165		512,391
Baxter International, Inc.		17,615		1,131,411
Boston Scientific Corp.*		33,187		1,236,880
Dexcom, Inc.*		4,044		301,399
Edwards Lifesciences Corp.*		9,341		888,236
Inari Medical, Inc.*		4,897		332,947
Insulet Corp.*		2,305		502,352
Stryker Corp.		6,126		1,218,645
Teleflex, Inc.		2,631		646,831
				6,771,092
HEALTH CARE PROVIDERS & SERVICES - 2.4%
agilon health, Inc.*		38,148		832,771
Centene Corp.*		15,165		1,283,110
Elevance Health, Inc.		3,119		1,505,167
HCA Healthcare, Inc.		5,379		903,995
Humana, Inc.		5,438		2,545,364
Laboratory Corp. of America Holdings		1,488		348,728
McKesson Corp.		2,346		765,289
UnitedHealth Group, Inc.		2,643		1,357,524
				9,541,948
HOTELS, RESTAURANTS & LEISURE - 1.0%
Airbnb, Inc., Class A*		21,794		1,941,409
Hyatt Hotels Corp., Class A*		7,791		575,833

	Shares/ Principal		Fair Value
HOTELS, RESTAURANTS & LEISURE - 1.0% (Continued)
Starbucks Corp.		17,856	$	1,364,020
				3,881,262
INDUSTRIAL CONGLOMERATES - 0.3%
Honeywell International, Inc.		6,637		1,153,577
INSURANCE - 2.0%
American International Group, Inc.		25,416		1,299,520
Assurant, Inc.		3,054		527,884
Assured Guaranty Ltd.		13,795		769,623
Chubb Ltd.		8,769		1,723,810
Hartford Financial Services Group, Inc. (The)		12,775		835,868
Marsh & McLennan Cos., Inc.		7,794		1,210,019
MetLife, Inc.		11,188		702,495
Trupanion, Inc.*		10,870		655,026
				7,724,245
INTERACTIVE MEDIA & SERVICES - 4.2%
Alphabet, Inc., Class A*		4,283		9,333,770
Bumble, Inc., Class A*		44,379		1,249,269
Cargurus, Inc.*		34,273		736,527
Match Group, Inc.*		8,390		584,699
Meta Platforms, Inc., Class A*		25,646		4,135,417
Snap, Inc., Class A*		35,136		461,336
				16,501,018
INTERNET & DIRECT MARKETING RETAIL - 2.8%
Amazon.com, Inc.*		85,100		9,038,471
Etsy, Inc.*		27,398		2,005,808
				11,044,279
IT SERVICES - 1.9%
Block, Inc.*		8,218		505,078
FleetCor Technologies, Inc.*		3,400		714,374
Genpact Ltd.		13,464		570,335
Global Payments, Inc.		17,766		1,965,630
GoDaddy, Inc., Class A*		12,798		890,229
Nuvei Corp.*		789		28,538
Okta, Inc.*		1,011		91,394
PayPal Holdings, Inc.*		1,720		120,125
Snowflake, Inc., Class A*		526		73,146
Visa, Inc., Class A		7,731		1,522,157
WEX, Inc.*		4,855		755,244
				7,236,250
LIFE SCIENCES TOOLS & SERVICES - 1.5%
Agilent Technologies, Inc.		10,318		1,225,469
Danaher Corp.		9,893		2,508,073
ICON PLC*		1,946		421,698
NanoString Technologies, Inc.*		18,842		239,294
Syneos Health, Inc.*		9,632		690,422
Waters Corp.*		1,739		575,574
				5,660,530

	Shares/ Principal		Fair Value
MACHINERY - 1.2%
Caterpillar, Inc.		3,407	$	609,035
Flowserve Corp.		17,761		508,497
Fortive Corp.		8,485		461,414
Ingersoll Rand, Inc.		13,744		578,348
Kennametal, Inc.		9,554		221,939
Middleby Corp. (The)*		2,661		333,583
PACCAR, Inc.		8,281		681,858
Westinghouse Air Brake Technologies Corp.		14,445		1,185,646
				4,580,320
MEDIA - 1.2%
Charter Communications, Inc., Class A*		4,175		1,956,113
New York Times Co. (The), Class A		17,086		476,699
Omnicom Group, Inc.		34,008		2,163,249
				4,596,061
OIL, GAS & CONSUMABLE FUELS - 2.6%
ConocoPhillips		24,060		2,160,829
Marathon Petroleum Corp.		12,883		1,059,111
Pioneer Natural Resources Co.		4,218		940,951
Shell PLC, ADR		116,255		6,078,974
				10,239,865
PHARMACEUTICALS - 3.7%
Aclaris Therapeutics, Inc.*		3,352		46,794
AstraZeneca PLC, ADR		19,511		1,289,092
Bristol-Myers Squibb Co.		29,188		2,247,476
Elanco Animal Health, Inc.*		23,043		452,334
Eli Lilly and Co.		12,138		3,935,504
Intra-Cellular Therapies, Inc.*		3,867		220,728
Novartis AG, ADR		12,862		1,087,225
Pfizer, Inc.		68,543		3,593,709
Royalty Pharma PLC, Class A		2,083		87,569
Zoetis, Inc.		7,995		1,374,261
				14,334,692
PROFESSIONAL SERVICES - 0.3%
Science Applications International Corp.		6,171		574,520
TriNet Group, Inc.*		5,959		462,538
				1,037,058
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
Advanced Micro Devices, Inc.*		21,978		1,680,671
KLA Corp.		3,454		1,102,102
Marvell Technology, Inc.		19,870		864,941
Micron Technology, Inc.		22,438		1,240,373
NVIDIA Corp.		4,916		745,217
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,869		234,541
Teradyne, Inc.		10,976		982,901
Texas Instruments, Inc.		16,679		2,562,728
				9,413,474

	Shares/ Principal		Fair Value
SOFTWARE - 5.2%
Adobe, Inc.*		1,573	$	575,812
Avalara, Inc.*		1,329		93,827
Ceridian HCM Holding, Inc.*		11,912		560,817
Guidewire Software, Inc.*		3,101		220,140
HashiCorp, Inc., Class A*		9,297		273,704
Microsoft Corp.		57,375		14,735,621
Palo Alto Networks, Inc.*		477		235,609
Qualtrics International, Inc., Class A*		9,329		116,706
Rapid7, Inc.*		1,340		89,512
salesforce, Inc.*		9,424		1,555,337
SentinelOne, Inc., Class A*		4,093		95,490
ServiceNow, Inc.*		2,103		1,000,019
UiPath, Inc., Class A*		7,198		130,932
Varonis Systems, Inc.*		5,123		150,206
Workday, Inc., Class A*		3,507		489,507
				20,323,239
SPECIALTY RETAIL - 1.1%
TJX Cos., Inc. (The)		38,109		2,128,388
Ulta Beauty, Inc.*		6,086		2,346,031
				4,474,419
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.8%
Apple, Inc.		50,801		6,945,513
TOBACCO - 0.7%
Philip Morris International, Inc.		27,653		2,730,457
TRADING COMPANIES & DISTRIBUTORS - 0.1%
WESCO International, Inc.*		3,770		403,767
WIRELESS TELECOMMUNICATION SERVICES - 0.7%
T-Mobile US, Inc.*		19,279		2,593,797
TOTAL COMMON STOCKS (Cost - $166,831,111)				222,678,797
U.S. TREASURY SECURITIES AND AGENCY BONDS - 12.5%
U.S. Treasury Bond
1.75%, 8/15/41	$	125,000		95,649
2.38%, 2/15/42		330,000		281,377
3.25%, 5/15/42		5,650,000		5,544,062
3.00%, 11/15/44		610,000		568,754
2.50%, 2/15/45		2,695,000		2,300,856
2.88%, 8/15/45		545,000		498,483
2.50%, 5/15/46		805,000		687,332
3.00%, 5/15/47		470,000		442,534
2.75%, 8/15/47		320,000		288,275
3.13%, 5/15/48		140,000		136,484
2.25%, 2/15/52		1,325,000		1,099,750
2.88%, 5/15/52		4,680,000		4,456,969
U.S. Treasury Note
0.38%, 10/31/23		175,000		169,224
0.13%, 1/15/24		500,000		479,004

	Shares/ Principal		Fair Value
U.S. TREASURY SECURITIES AND AGENCY BONDS - 12.5% (Continued)
0.88%, 1/31/24	$	1,330,000	$	1,287,866
1.50%, 2/29/24		250,000		244,287
0.25%, 3/15/24		2,315,000		2,212,091
2.50%, 4/30/24		180,000		178,580
0.25%, 5/15/24		260,000		247,315
0.75%, 11/15/24		755,000		716,483
1.00%, 12/15/24		85,000		81,019
1.13%, 1/15/25		1,400,000		1,336,344
1.50%, 2/15/25		350,000		336,752
1.75%, 3/15/25		725,000		701,664
2.63%, 4/15/25		1,625,000		1,609,004
2.75%, 5/15/25		355,000		352,615
2.88%, 6/15/25		625,000		623,096
0.25%, 9/30/25		260,000		237,809
0.38%, 12/31/25		1,550,000		1,414,314
0.38%, 1/31/26		515,000		468,851
0.75%, 3/31/26		475,000		436,833
0.75%, 4/30/26		275,000		252,420
0.75%, 5/31/26		260,000		238,194
0.88%, 6/30/26		1,125,000		1,034,165
0.63%, 7/31/26		2,215,000		2,011,497
0.75%, 8/31/26		505,000		460,319
0.88%, 9/30/26		1,715,000		1,568,555
1.13%, 10/31/26		510,000		470,774
1.25%, 11/30/26		140,000		129,812
1.25%, 12/31/26		4,100,000		3,795,223
1.50%, 1/31/27		445,000		416,092
1.88%, 2/28/27		1,835,000		1,744,540
2.50%, 3/31/27††		1,905,000		1,861,393
2.75%, 4/30/27		575,000		568,082
2.63%, 5/31/27		410,000		402,857
3.25%, 6/30/27		520,000		525,891
1.25%, 3/31/28		440,000		398,148
1.25%, 6/30/28		265,000		238,810
1.50%, 11/30/28		195,000		177,389
2.38%, 3/31/29		210,000		201,403
2.75%, 5/31/29		255,000		250,498
1.38%, 11/15/31		70,000		60,889
1.88%, 2/15/32		185,000		168,061
2.88%, 5/15/32		2,210,000		2,191,698
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $50,794,850)				48,700,386
CORPORATE BONDS AND NOTES - 9.8%
AEROSPACE & DEFENSE - 0.1%
BAE Systems Holdings, Inc., 3.85%, 12/15/25 (a)		100,000		98,303
Lockheed Martin Corp., 4.85%, 9/15/41		50,000		50,161
Raytheon Technologies Corp., 3.95%, 8/16/25		150,000		150,453
				298,917

	Shares/ Principal		Fair Value
AGRICULTURE - 0.2%
BAT Capital Corp., 3.56%, 8/15/27	$	895,000	$	820,020
AIRLINES - 0.0%†
United Airlines 2016-1 Class AA Pass-Through Trust, 3.10%, 7/7/28		76,255		69,665
United Airlines 2018-1 Class B Pass Through Trust, 4.60%, 3/1/26		23,815		22,601
				92,266
AUTO MANUFACTURERS - 0.3%
General Motors Financial Co., Inc., 3.70%, 5/9/23		600,000		599,862
Hyundai Capital America, 0.80%, 4/3/23 (a)		375,000		365,926
Volkswagen Group of America Finance LLC, 3.35%, 5/13/25 (a)		225,000		217,660
				1,183,448
BANKS - 3.0%
Banco Santander SA, 3.13%, 2/23/23		200,000		199,177
Bank of America Corp.
4.20%, 8/26/24		160,000		160,305
1.73%, (SOFR + 0.96%), 7/22/27 (b)		435,000		388,053
3.42%, (3 Month US Libor + 1.04%), 12/20/28 (b)		11,000		10,260
3.97%, (3 Month US Libor + 1.21%), 2/7/30 (b)		225,000		212,868
3.19%, (3 Month US Libor + 1.18%), 7/23/30 (b)		180,000		161,735
2.65%, (SOFR + 1.22%), 3/11/32 (b)		290,000		244,377
2.30%, (SOFR + 1.22%), 7/21/32 (b)		45,000		36,466
Barclays PLC, 3.93%, (3 Month US Libor + 1.61%), 5/7/25 (b)		355,000		349,613
BNP Paribas SA
3.38%, 1/9/25 (a)		200,000		195,485
2.82%, (3 Month US Libor + 1.11%), 11/19/25 (a),(b)		200,000		191,248
BPCE SA
5.70%, 10/22/23 (a)		275,000		279,173
5.15%, 7/21/24 (a)		600,000		600,356
Citigroup, Inc.
4.05%, 7/30/22		50,000		50,048
3.50%, 5/15/23		300,000		299,888
Cooperatieve Rabobank UA, 1.11%, (US 1 Year CMT T-Note + 0.55%), 2/24/27 (a),(b)		250,000		220,777
Credit Agricole SA
3.75%, 4/24/23 (a)		250,000		249,805
3.25%, 10/4/24 (a)		250,000		243,576
4.38%, 3/17/25 (a)		200,000		196,612
Credit Suisse Group AG
2.96%, (3 Month US Libor + 1.24%), 6/12/24 (a),(b)		260,000		260,388
3.09%, (SOFR + 1.73%), 5/14/32 (a),(b)		925,000		738,034

	Shares/ Principal		Fair Value
BANKS - 3.0% (Continued)
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 9/15/22	$	395,000	$	395,315
Danske Bank A/S
3.88%, 9/12/23 (a)		200,000		199,234
5.38%, 1/12/24 (a)		200,000		201,901
1.62%, (US 1 Year CMT T-Note + 1.35%), 9/11/26 (a),(b)		435,000		389,705
Goldman Sachs Group, Inc. (The)
3.50%, 1/23/25		200,000		197,191
3.27%, (3 Month US Libor + 1.20%), 9/29/25 (b)		460,000		447,345
1.43%, (SOFR + 0.80%), 3/9/27 (b)		495,000		439,283
2.62%, (SOFR + 1.28%), 4/22/32 (b)		550,000		457,855
6.75%, 10/1/37		50,000		55,562
3.21%, (SOFR + 1.51%), 4/22/42 (b)		30,000		23,022
HSBC Holdings PLC
3.60%, 5/25/23		200,000		200,453
1.59%, (SOFR + 1.29%), 5/24/27 (b)		495,000		435,270
2.21%, (SOFR + 1.29%), 8/17/29 (b)		425,000		357,970
JPMorgan Chase & Co.
2.95%, 10/1/26		400,000		381,069
2.07%, (SOFR + 1.02%), 6/1/29 (b)		10,000		8,609
2.58%, (SOFR + 1.25%), 4/22/32 (b)		325,000		273,528
Morgan Stanley
4.35%, 9/8/26		455,000		450,860
1.93%, (SOFR + 1.02%), 4/28/32 (b)		210,000		166,984
2.51%, (SOFR + 1.20%), 10/20/32 (b)		625,000		517,782
PNC Financial Services Group, Inc. (The), 3.90%, 4/29/24		50,000		50,159
Santander Holdings USA, Inc., 3.40%, 1/18/23		75,000		74,771
Standard Chartered PLC, 0.99%, (US 1 Year CMT T-Note + 0.78%), 1/12/25 (a),(b)		260,000		245,452
UniCredit SpA, 1.98%, (US 1 Year CMT T-Note + 1.20%), 6/3/27 (a),(b)		250,000		216,230
US Bancorp, 2.49%, (US 5 Year CMT T-Note + 0.95%), 11/3/36 (b)		263,000		214,904
Wells Fargo & Co., 3.00%, 2/19/25		150,000		146,662
				11,835,360
BIOTECHNOLOGY - 0.1%
CSL Finance PLC, 4.25%, 4/27/32 (a)		275,000		269,622
COMMERCIAL SERVICES - 0.2%
ERAC USA Finance LLC, 3.30%, 10/15/22 (a)		500,000		499,729
S&P Global, Inc.
2.70%, 3/1/29 (a)		170,000		154,991
2.90%, 3/1/32 (a)		170,000		151,946
				806,666
COMPUTERS - 0.1%
Kyndryl Holdings, Inc., 3.15%, 10/15/31 (a)		580,000		430,570

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 0.5%
Aviation Capital Group LLC, 1.95%, 9/20/26 (a)	$	410,000	$	348,827
Avolon Holdings Funding Ltd.
2.13%, 2/21/26 (a)		184,000		159,292
2.53%, 11/18/27 (a)		558,000		456,541
Capital One Financial Corp., 4.20%, 10/29/25		105,000		103,704
Intercontinental Exchange, Inc.
4.35%, 6/15/29		100,000		98,795
1.85%, 9/15/32		715,000		562,441
4.60%, 3/15/33		190,000		189,438
4.95%, 6/15/52		85,000		84,173
				2,003,211
ELECTRIC - 1.8%
Alabama Power Co., 1.45%, 9/15/30		30,000		24,410
American Transmission Systems, Inc., 2.65%, 1/15/32 (a)		290,000		246,279
Appalachian Power Co., 3.40%, 6/1/25		200,000		197,632
CMS Energy Corp., 4.75%, (US 5 Year CMT T-Note + 4.12%), 6/1/50 (b)		297,000		260,237
Consolidated Edison Co. of New York, Inc.
3.20%, 12/1/51		610,000		465,581
4.50%, 5/15/58		75,000		67,866
Dominion Energy South Carolina, Inc., 6.63%, 2/1/32		80,000		93,314
Duke Energy Corp.
3.75%, 4/15/24		225,000		224,934
2.65%, 9/1/26		70,000		65,642
Enel Finance International NV
2.25%, 7/12/31 (a)		200,000		157,421
5.00%, 6/15/32 (a)		885,000		856,724
Georgia Power Co.
4.70%, 5/15/32		315,000		316,688
4.75%, 9/1/40		65,000		59,813
Mid-Atlantic Interstate Transmission LLC, 4.10%, 5/15/28 (a)		400,000		390,946
NextEra Energy Capital Holdings, Inc.
1.90%, 6/15/28		295,000		256,975
5.00%, 7/15/32		105,000		107,864
Niagara Mohawk Power Corp., 1.96%, 6/27/30 (a)		335,000		277,764
Oglethorpe Power Corp., 6.19%, 1/1/31 (a)		100,000		105,018
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28		295,000		287,566
Pacific Gas and Electric Co., 5.90%, 6/15/32		200,000		192,886
Pennsylvania Electric Co., 3.60%, 6/1/29 (a)		57,000		53,802
San Diego Gas & Electric Co., 1.70%, 10/1/30		1,175,000		967,065
SCE Recovery Funding LLC
0.86%, 11/15/31		109,723		96,340
1.94%, 5/15/38		50,000		38,899

	Shares/ Principal		Fair Value
ELECTRIC - 1.8% (Continued)
2.51%, 11/15/43	$	30,000	$	22,943
Sempra Energy, 4.13%, (US 5 Year CMT T-Note + 2.87%), 4/1/52 (b)		95,000		76,659
Southern California Edison Co.
3.70%, 8/1/25		45,000		44,305
4.65%, 10/1/43		20,000		18,247
4.00%, 4/1/47		50,000		40,802
Southern Co. (The)
2.95%, 7/1/23		290,000		287,379
4.00%, (US 5 Year CMT T-Note + 3.73%), 1/15/51 (b)		575,000		515,476
Texas Electric Market Stabilization Funding N LLC, 4.27%, 8/1/34 (a)		370,000		367,898
				7,185,375
FOOD - 0.1%
Conagra Brands, Inc.
4.60%, 11/1/25		100,000		100,709
1.38%, 11/1/27		210,000		175,574
Sigma Alimentos SA de CV, 4.13%, 5/2/26 (a)		240,000		226,121
				502,404
GAS - 0.2%
Boston Gas Co., 3.15%, 8/1/27 (a)		60,000		55,817
CenterPoint Energy Resources Corp., 2.11%, (3 Month US Libor + 0.50%), 3/2/23 (b)		6,000		5,983
Eastern Energy Gas Holdings LLC, 3.60%, 12/15/24		84,000		83,276
KeySpan Gas East Corp., 2.74%, 8/15/26 (a)		275,000		259,639
Southern California Gas Co., 2.95%, 4/15/27		280,000		265,401
				670,116
HEALTHCARE-PRODUCTS - 0.0%†
Boston Scientific Corp., 2.65%, 6/1/30		30,000		26,241
HEALTHCARE-SERVICES - 0.6%
Aetna, Inc., 2.80%, 6/15/23		210,000		207,936
Bon Secours Mercy Health, Inc., 2.10%, 6/1/31		135,000		113,118
Children's Hospital/DC, 2.93%, 7/15/50		140,000		100,138
CommonSpirit Health
4.20%, 8/1/23		105,000		106,113
2.78%, 10/1/30		191,000		165,484
4.35%, 11/1/42		95,000		86,214
4.19%, 10/1/49		20,000		16,900
Dignity Health
3.81%, 11/1/24		92,000		91,333
4.50%, 11/1/42		270,000		249,280
Elevance Health, Inc., 3.50%, 8/15/24		75,000		74,798
Memorial Sloan-Kettering Cancer Center, 2.96%, 1/1/50		20,000		15,373
Mercy Health, 3.56%, 8/1/27		270,000		259,373

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 0.6% (Continued)
Ochsner LSU Health System of North Louisiana, 2.51%, 5/15/31	$	240,000	$	194,745
Sutter Health, 2.29%, 8/15/30		75,000		64,551
Toledo Hospital (The)
5.33%, 11/15/28		190,000		179,951
5.75%, 11/15/38		75,000		77,515
UnitedHealth Group, Inc.
4.20%, 5/15/32		135,000		135,568
4.75%, 5/15/52		20,000		20,121
				2,158,511
INSURANCE - 0.6%
Athene Global Funding, 2.50%, 3/24/28 (a)		650,000		559,248
CNO Global Funding, 2.65%, 1/6/29 (a)		530,000		462,731
Corebridge Financial, Inc., 3.90%, 4/5/32 (a)		380,000		341,853
Equitable Financial Life Global Funding, 1.40%, 8/27/27 (a)		275,000		237,069
Five Corners Funding Trust II, 2.85%, 5/15/30 (a)		225,000		196,218
Liberty Mutual Group, Inc., 5.50%, 6/15/52 (a)		380,000		362,453
Northwestern Mutual Life Insurance Co. (The), 3.63%, 9/30/59 (a)		30,000		22,488
Principal Financial Group, Inc., 3.40%, 5/15/25		150,000		146,962
				2,329,022
LODGING - 0.1%
Genting New York LLC / GENNY Capital, Inc., 3.30%, 2/15/26 (a)		600,000		538,369
OIL & GAS - 0.4%
Equinor ASA
3.00%, 4/6/27		610,000		587,708
3.13%, 4/6/30		40,000		37,017
Hess Corp.
7.30%, 8/15/31		460,000		516,046
5.60%, 2/15/41		145,000		141,771
Qatar Energy, 3.13%, 7/12/41 (a)		200,000		156,700
				1,439,242
PIPELINES - 0.2%
Eastern Gas Transmission & Storage, Inc., 3.60%, 12/15/24 (a)		41,000		40,647
EIG Pearl Holdings Sarl, 3.55%, 8/31/36 (a)		365,000		311,163
Energy Transfer LP
7.60%, 2/1/24		90,000		93,790
4.95%, 6/15/28		20,000		19,741
Enterprise Products Operating LLC, 3.20%, 2/15/52		50,000		36,157
Gray Oak Pipeline LLC
2.60%, 10/15/25 (a)		144,000		134,590
3.45%, 10/15/27 (a)		25,000		22,904
				658,992

	Shares/ Principal		Fair Value
REITS - 0.2%
CubeSmart LP, 2.25%, 12/15/28	$	265,000	$	226,867
EPR Properties, 4.75%, 12/15/26		60,000		56,448
SBA Tower Trust
3.45%, 3/15/23 (a)		155,000		153,500
2.84%, 1/15/25 (a)		100,000		96,901
1.88%, 1/15/26 (a)		95,000		87,889
1.63%, 11/15/26 (a)		115,000		102,761
				724,366
RETAIL - 0.1%
Lowe's Cos., Inc., 3.75%, 4/1/32		180,000		167,468
SEMICONDUCTORS - 0.2%
Broadcom, Inc.
4.30%, 11/15/32		50,000		45,542
2.60%, 2/15/33 (a)		170,000		131,276
3.42%, 4/15/33 (a)		300,000		248,780
Microchip Technology, Inc., 0.97%, 2/15/24		530,000		503,569
				929,167
SOFTWARE - 0.1%
Oracle Corp.
3.25%, 11/15/27		140,000		129,324
3.60%, 4/1/50		200,000		140,110
3.95%, 3/25/51		250,000		184,770
3.85%, 4/1/60		70,000		48,442
				502,646
TELECOMMUNICATIONS - 0.4%
AT&T, Inc.
2.55%, 12/1/33		266,000		216,486
4.30%, 12/15/42		45,000		39,419
3.65%, 6/1/51		37,000		29,133
3.85%, 6/1/60		33,000		25,691
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 3/20/25 (a)		281,875		282,053
Verizon Communications, Inc., 2.36%, 3/15/32		1,254,000		1,042,819
				1,635,601
TRUCKING & LEASING - 0.3%
DAE Funding LLC, 1.55%, 8/1/24 (a)		500,000		468,746
Penske Truck Leasing Co. LP / PTL Finance Corp.
4.88%, 7/11/22 (a)		50,000		50,012
2.70%, 11/1/24 (a)		110,000		105,697
3.95%, 3/10/25 (a)		345,000		339,981
				964,436
TOTAL CORPORATE BONDS AND NOTES (Cost - $41,514,588)				38,172,036

	Shares/ Principal		Fair Value
AGENCY MORTGAGE BACKED SECURITIES - 9.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 0.2%
Freddie Mac Gold Pool
3.00%, 9/1/28	$	2,942	$	2,890
2.50%, 10/1/28		6,098		5,863
2.50%, 12/1/31		33,354		32,442
3.50%, 11/1/34		33,738		33,171
3.00%, 2/1/43		20,262		19,277
3.50%, 10/1/43		10,067		9,905
4.00%, 8/1/44		5,693		5,745
3.00%, 11/1/46		587,303		550,306
3.00%, 12/1/46		163,863		153,528
				813,127
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.7%
Fannie Mae Pool
2.50%, 4/1/28		8,582		8,386
3.00%, 10/1/28		5,053		4,960
2.50%, 2/1/30		17,757		17,308
2.50%, 6/1/30		46,491		45,313
2.50%, 10/1/31		91,925		89,302
2.50%, 12/1/31		33,438		32,500
2.50%, 2/1/41		75,318		68,517
2.00%, 4/1/41		158,793		141,045
2.00%, 5/1/41		178,170		158,278
2.00%, 7/1/41		339,580		297,776
2.00%, 10/1/41		160,855		143,057
2.00%, 10/1/41		145,762		129,654
1.50%, 11/1/41		359,442		305,635
3.00%, 7/1/43		31,031		29,574
4.00%, 11/1/43		11,753		12,075
3.00%, 1/1/46		776,265		725,093
4.00%, 1/1/46		162,708		163,741
4.00%, 2/1/46		174,539		175,644
3.00%, 10/1/46		811,983		760,162
2.50%, 7/1/50		360,150		325,093
3.00%, 7/1/50		319,782		299,730
2.00%, 4/1/51		192,795		167,547
2.50%, 5/1/51		1,562,005		1,410,475
3.50%, 7/1/51		1,074,958		1,042,890
2.50%, 8/1/51		1,091,476		990,128
2.00%, 9/1/51		777,087		675,385
3.00%, 10/1/51		700,146		656,205
2.50%, 11/1/51		739,928		674,541
2.50%, 12/1/51		389,616		351,067
Federal National Mortgage Association
2.50%, 7/1/37 (c)		700,000		669,375
3.00%, 7/1/37 (c)		325,000		317,637
3.50%, 7/1/37 (c)		2,350,000		2,336,781
2.00%, 7/1/52 (c)		2,590,000		2,248,039
2.50%, 7/1/52 (c)		1,153,000		1,038,060
3.50%, 7/1/52 (c)		2,500,000		2,404,687

	Shares/ Principal		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.7% (Continued)
4.00%, 7/1/52 (c)	$	1,425,000	$	1,405,852
4.50%, 7/1/52 (c)		825,000		828,481
5.00%, 7/1/52 (c)		325,000		331,855
2.00%, 8/1/52 (c)		3,985,000		3,454,497
2.50%, 8/1/52 (c)		1,145,000		1,029,606
Freddie Mac Pool
2.50%, 7/1/41		241,996		218,176
2.00%, 11/1/41		282,885		251,621
2.50%, 2/1/42		541,460		487,938
2.50%, 1/1/51		287,127		259,059
2.00%, 3/1/51		622,674		541,078
2.00%, 5/1/51		141,729		123,157
3.00%, 10/1/51		586,017		554,283
2.50%, 12/1/51		388,475		350,190
2.00%, 4/1/52		1,400,000		1,218,498
				29,969,951
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.3%
Ginnie Mae
2.00%, 7/20/52 (c)		1,175,000		1,042,078
2.50%, 7/20/52 (c)		1,837,000		1,682,577
3.00%, 7/20/52 (c)		1,400,000		1,321,250
4.00%, 7/20/52 (c)		510,000		507,769
4.50%, 7/20/52 (c)		350,000		355,141
Ginnie Mae II Pool
3.00%, 12/20/42		15,829		15,173
4.00%, 12/20/44		5,538		5,618
4.00%, 8/20/48		14,824		15,034
4.00%, 10/20/48		14,287		14,300
Government National Mortgage Association
3.50%, 7/20/43		16,913		16,688
4.00%, 9/20/48		32,885		33,039
				5,008,667
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $36,469,596)				35,791,745
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.1%
Affirm Asset Securitization Trust 2020-Z1, 1.07%, 8/15/25 (a)		98,450		95,937
Affirm Asset Securitization Trust 2021-A, 0.88%, 8/15/25 (a)		140,000		138,718
Affirm Asset Securitization Trust 2021-B, 1.03%, 8/17/26 (a)		195,000		186,957
Angel Oak Mortgage Trust 2019-6, 2.62%, 11/25/59 (a),(d)		19,962		19,986
Angel Oak Mortgage Trust I LLC, 3.63%, 3/25/49 (a),(d)		5,566		5,563
Arbor Multifamily Mortgage Securities Trust 2021-MF3, 2.57%, 10/15/54 (a)		300,000		258,327

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.1% (Continued)
Banc of America Commercial Mortgage Trust 2015-UBS7, 3.71%, 9/15/48	$	155,000	$	152,604
Bayview Koitere Fund Trust 2017-RT4, 3.50%, 7/28/57 (a),(d)		77,824		78,550
Bayview Opportunity Master Fund IVa Trust 2017-SPL5, 3.50%, 6/28/57 (a),(d)		47,466		47,795
BFLD Trust 2020-OBRK, 3.37%, (1 Month US Libor + 2.05%), 11/15/28 (a),(b)		180,000		173,770
BX Trust 2021-ARIA, 2.62%, (1 Month US Libor + 1.30%), 10/15/36 (a),(b)		360,000		336,650
BX Trust 2021-LGCY, 1.83%, (1 Month US Libor + 0.51%), 10/15/23 (a),(b)		815,000		767,502
BXHPP Trust 2021-FILM
1.97%, (1 Month US Libor + 0.65%), 8/15/36 (a),(b)		185,000		178,301
2.22%, (1 Month US Libor + 0.90%), 8/15/36 (a),(b)		155,000		146,157
Castlelake Aircraft Structured Trust 2019-1, 3.97%, 4/15/39 (a)		154,182		136,013
CF Hippolyta Issuer LLC, 1.53%, 3/15/61 (a)		96,451		85,160
CFMT 2021-AL1 LLC, 1.39%, 9/22/31 (a)		543,522		527,144
Citigroup Commercial Mortgage Trust 2019-SMRT, 4.15%, 1/10/36 (a)		100,000		99,250
COMM 2013-CCRE8 Mortgage Trust, 3.33%, 6/10/46		11,187		11,118
Connecticut Avenue Security Trust, 2.48%, (SOFR + 1.55%), 10/25/41 (a),(b)		70,000		68,389
Credit Suisse First Boston Mortgage Securities Corp., 4.50%, 7/25/20		4,743		5,076
Domino's Pizza Master Issuer LLC, 3.15%, 4/25/51 (a)		198,000		173,497
Fannie Mae Connecticut Avenue Securities
6.52%, (1 Month US Libor + 4.90%), 11/25/24 (b)		44,352		45,427
3.82%, (1 Month US Libor + 2.20%), 1/25/30 (b)		99,700		100,380
Fannie Mae REMICS
3.00%, 4/25/43		224,847		214,506
3.50%, 6/25/44		67,911		66,771
3.00%, 1/25/45		226,362		216,607
3.00%, 1/25/45		118,937		110,711
3.00%, 12/25/45		257,618		246,629
3.00%, 12/25/54		420,782		414,448
Fannie Mae-Aces
1.33%, (1 Month US Libor + 0.40%), 10/25/24 (b)		17,600		17,600
2.39%, 10/25/36 (d)		383,390		330,271

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.1% (Continued)
FBR Securitization Trust, 2.30%, (1 Month US Libor + 0.68%), 10/25/35 (b)	$	393	$	392
Flagstar Mortgage Trust 2018-3, 4.00%, 5/25/48 (a),(d)		86,819		89,857
Flagstar Mortgage Trust 2021-9INV, 2.00%, 9/25/41 (a),(d)		174,626		154,210
Ford Credit Auto Lease Trust 2021-A, 0.78%, 9/15/25		130,000		126,032
Ford Credit Auto Owner Trust 2021-REV1, 1.61%, 10/17/33 (a)		100,000		91,115
Freddie Mac Multifamily Structured Pass Through Certificates
2.40%, 3/25/32		280,000		252,330
2.36%, 10/25/36		245,000		204,007
Freddie Mac REMICS
4.00%, 9/15/41		200,010		202,178
1.75%, 9/15/42		297,459		280,561
1.50%, 10/15/42		23,134		21,189
3.00%, 6/15/45		304,003		293,955
3.00%, 7/15/47		199,886		191,013
4.00%, 7/15/48		140,784		139,460
Freddie Mac STACR REMIC Trust 2020-DNA5, 3.73%, (SOFR + 2.80%), 10/25/50 (a),(b)		130,526		131,825
Freddie Mac Structured Agency Credit Risk Debt Notes
6.62%, (1 Month US Libor + 5.00%), 12/25/28 (b)		121,228		127,486
4.12%, (1 Month US Libor + 2.50%), 3/25/30 (b)		237,683		239,145
1.73%, (SOFR + 0.80%), 8/25/33 (a),(b)		48,368		48,108
Government National Mortgage Association
1.40%, (1 Month US Libor + 0.60%), 5/20/65 (b)		49,702		49,470
1.42%, (1 Month US Libor + 0.62%), 8/20/65 (b)		54,963		54,782
1.50%, (1 Month US Libor + 0.70%), 10/20/65 (b)		130		130
1.80%, (1 Month US Libor + 1.00%), 12/20/65 (b)		49,312		49,375
GSR Mortgage Loan Trust 2005-AR6, 2.94%, 9/25/35 (d)		4,335		4,348
Home Partners of America Trust 2021-2, 2.30%, 12/17/26 (a)		333,810		296,827
Horizon Aircraft Finance III Ltd., 3.43%, 11/15/39 (a)		226,384		193,223
Life 2021-BMR Mortgage Trust, 2.02%, (1 Month US Libor + 0.70%), 3/15/38 (a),(b)		98,297		94,235
Mercury Financial Credit Card Master Trust, 1.54%, 3/20/26 (a)		135,000		128,532
METLIFE SECURITIZATION TRUST, 3.00%, 4/25/55 (a),(d)		54,135		53,181

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.1% (Continued)
Mill City Mortgage Loan Trust 2017-3, 2.75%, 1/25/61 (a),(d)	$	36,428	$	36,511
New Economy Assets Phase 1 Sponsor, LLC, 2.41%, 10/20/61 (a)		120,000		104,008
New Residential Mortgage Loan Trust 2019-RPL3, 2.75%, 7/25/59 (a),(d)		56,495		54,923
SCF Equipment Leasing 2021-1 LLC, 0.83%, 8/21/28 (a)		455,000		448,398
Seasoned Credit Risk Transfer Trust Series 2019-3, 3.50%, 10/25/58		113,065		111,814
Seasoned Credit Risk Transfer Trust Series 2021-1, 2.50%, 9/25/60		606,342		565,893
SFAVE Commercial Mortgage Securities Trust 2015-5AVE, 4.14%, 1/5/43 (a),(d)		100,000		84,206
SoFi Consumer Loan Program 2021-1 Trust, 0.49%, 9/25/30 (a)		69,834		68,201
Sonic Capital LLC, 2.19%, 8/20/51 (a)		168,725		144,611
SREIT Trust 2021-MFP, 2.40%, (1 Month US Libor + 1.08%), 11/15/38 (a),(b)		415,000		391,067
Structured Adjustable Rate Mortgage Loan Trust
2.54%, 2/25/34 (d)		2,852		2,462
2.79%, 9/25/34 (d)		2,516		2,395
Structured Adjustable Rate Mortgage Loan Trust Series, 1.92%, (1 Month US Libor + 0.30%), 10/25/35 (b)		1,340		1,305
Taco Bell Funding LLC
1.95%, 8/25/51 (a)		149,250		129,418
2.29%, 8/25/51 (a)		139,300		118,416
Towd Point Mortgage Trust 2017-2, 2.75%, 4/25/57 (a),(d)		10,146		10,134
Towd Point Mortgage Trust 2017-4, 2.75%, 6/25/57 (a),(d)		63,793		62,747
Towd Point Mortgage Trust 2018-1, 3.00%, 1/25/58 (a),(d)		25,718		25,498
Vantage Data Centers Issuer LLC
3.19%, 7/15/44 (a)		184,617		179,743
1.65%, 9/15/45 (a)		265,000		240,997
Wells Fargo Commercial Mortgage Trust 2015-NXS1, 3.15%, 5/15/48		250,000		243,710
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $12,766,573)				11,999,237
MUNICIPAL BONDS - 0.9%
California Health Facilities Financing Authority, 4.35%, 6/1/41		185,000		173,309
Chicago O'Hare International Airport, 6.40%, 1/1/40		30,000		36,997
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, 6.90%, 12/1/40		80,000		95,935

	Shares/ Principal		Fair Value
MUNICIPAL BONDS - 0.9% (Continued)
Chicago Transit Authority Sales Tax Receipts Fund, 1.84%, 12/1/23	$	100,000	$	97,818
County of Sacramento CA, 5.73%, 8/15/23		315,000		318,097
Dallas Fort Worth International Airport
4.09%, 11/1/51		15,000		14,630
4.51%, 11/1/51		85,000		82,617
Foothill-Eastern Transportation Corridor Agency
4.09%, 1/15/49		15,000		13,109
3.92%, 1/15/53		155,000		135,001
Golden State Tobacco Securitization Corp.
2.75%, 6/1/34		10,000		8,620
3.29%, 6/1/42		20,000		16,132
3.00%, 6/1/46		40,000		35,151
Illinois Municipal Electric Agency, 6.83%, 2/1/35		195,000		222,728
Kansas Development Finance Authority, 5.37%, 5/1/26		75,000		78,168
Metropolitan Transportation Authority
6.20%, 11/15/26		10,000		10,450
6.81%, 11/15/40		180,000		217,615
5.18%, 11/15/49		65,000		67,067
Municipal Electric Authority of Georgia, 6.64%, 4/1/57		232,000		272,299
New Jersey Transportation Trust Fund Authority, 2.55%, 6/15/23		30,000		29,695
New York State Urban Development Corp., 1.83%, 3/15/29		40,000		34,897
Philadelphia Authority for Industrial Development, 6.55%, 10/15/28		270,000		306,782
Sales Tax Securitization Corp., 4.79%, 1/1/48		130,000		132,155
State of Illinois, 5.10%, 6/1/33		1,130,000		1,136,881
University of California, 1.61%, 5/15/30		20,000		16,783
TOTAL MUNICIPAL BONDS (Cost - $3,764,081)				3,552,936
EXCHANGE TRADED FUNDS - 0.3%
EQUITY FUNDS - 0.3%
SPDR S&P 500 ETF Trust (Cost - $1,186,863)		3,089		1,165,325
SOVEREIGN DEBTS - 0.1%
Qatar Government International Bond, 3.38%, 3/14/24 (a)		200,000		199,133
Saudi Government International Bond, 2.88%, 3/4/23 (a)		330,000		329,138
TOTAL SOVEREIGN DEBTS (Cost - $533,649)				528,271

	Shares/ Principal		Fair Value
SHORT-TERM INVESTMENTS - 10.9%
MONEY MARKET FUNDS - 10.9%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (e)	$	27,976,248	$	27,976,248
Dreyfus Government Cash Management, 1.35% (e)		14,420,286		14,420,286
TOTAL MONEY MARKET FUNDS (Cost - $42,396,534)				42,396,534
U.S. TREASURY SECURITIES - 0.0%†
United States Treasury Bill, 0.00%, 3/23/23 (Cost - $108,679) (f)		110,000		108,110
TOTAL SHORT-TERM INVESTMENTS (Cost - $42,505,213)				42,504,644
TOTAL INVESTMENTS - 103.9%
(Cost - $356,366,524)			$	405,093,377
OTHER ASSETS LESS LIABILITIES - NET (3.9)%				(15,128,653)
TOTAL NET ASSETS - 100.0%			$	389,964,724

* Non-income producing security.

† Represents less than 0.05%.

†† A portion of this investment is held as collateral for derivative investments.

(b) Variable rate security. The rate shown is the rate in effect at period end.

(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.

(f) Rate shown represents discount rate at the time of purchase.

ADR - American Depositary Receipt

CMT - Treasury Constant Maturity Rate

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation/ (Depreciation)
U.S. 2 Year Note Future	JP Morgan Chase Bank		19	9/30/2022	$	3,990,297	$	(24,674	)
U.S. 5 Year Note Future	JP Morgan Chase Bank		37	9/30/2022		4,153,250		(31,219	)
								(55,893	)
SHORT FUTURES CONTRACTS
E-Mini Russell 2000 Future	Goldman Sachs & Co.		116	9/16/2022		9,906,400		473,955
S&P 500 E-Mini Future	Goldman Sachs & Co.		566	9/16/2022		107,242,850		3,410,502
S&P MID 400 E-Mini Future	Goldman Sachs & Co.		70	9/16/2022		15,876,000		856,455
U.S. 10 Year Ultra Future	JP Morgan Chase Bank		4	9/21/2022		509,500		8,436
								4,749,348
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	4,693,455

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	CDX.NA.IG.38	Quarterly	Sell		1.00	%		-	NR	06/20/27	$	1,515,000	$	(17	)	$	12,781	$	(12,798	)
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS													$	(17	)	$	12,781	$	(12,798	)

Assets:	Global Atlantic American Funds^®Managed Risk Portfolio		Global Atlantic Balanced Managed Risk Portfolio		Global Atlantic BlackRock Selects Managed Risk Portfolio		Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Investments in securities, at cost	$	189,410,242	$	93,413,864	$	185,669,060	$	160,580,555
Investments in securities, at fair value	$	182,061,248	$	96,304,198	$	187,762,833	$	233,036,485
Cash		-		11,425		11,442		-
Foreign cash (cost $-, $-, $- and $1,078, respectively)		-		-		-		847
Deposit with broker		2,531,680		1,060,771		2,304,348		3,069,800
Segregated cash for derivatives		-		-		-		80,306
Unrealized appreciation on forward foreign currency contracts		-		-		-		82,950
Unrealized appreciation on futures contracts		1,629,590		862,558		1,503,943		2,557,264
Unrealized appreciation on swap contracts		-		-		-		7,377
Receivable for securities sold		-		-		-		5,480
Interest and dividends receivable		7,744		3,596		6,465		497,010
Prepaid expenses		3,972		2,027		4,027		4,813
Total Assets		186,234,234		98,244,575		191,593,058		239,342,332
Liabilities:
Premiums received on open swap contracts		-		-		-		2,123
Unrealized depreciation on forward foreign currency contracts		-		-		-		22,007
Due to custodian		11,389		-		-		20,107
Due to foreign custodian (cost $-, $135, $- and $-, respectively)		-		110		-		-
Payable for securities purchased		-		-		-		9,457,493
Payable for portfolio shares redeemed		39,463		36,849		61,102		50,803
Accrued distribution (12b-1) fees		38,884		20,463		40,110		48,015
Accrued investment advisory fees		77,766		45,018		88,241		157,462
Administrative service fees payable		4,291		2,331		4,490		5,393
Accrued expenses and other liabilities		19,376		10,519		19,563		31,866
Total Liabilities		191,169		115,290		213,506		9,795,269
Net Assets	$	186,043,065	$	98,129,285	$	191,379,552	$	229,547,063
Composition of Net Assets:
Paid-in capital	$	159,637,544	$	90,249,195	$	178,425,618	$	139,992,860
Total distributable earnings		26,405,521		7,880,090		12,953,934		89,554,203
Net Assets	$	186,043,065	$	98,129,285	$	191,379,552	$	229,547,063
Class II Shares:
Net Assets	$	186,043,065	$	98,129,285	$	191,379,552	$	229,547,063
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		15,756,820		8,135,016		17,808,436		16,167,722
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.81	$	12.06	$	10.75	$	14.20

Assets:	Global Atlantic Growth Managed Risk Portfolio		Global Atlantic Moderate Growth Managed Risk Portfolio		Global Atlantic Select Advisor Managed Risk Portfolio		Global Atlantic Wellington Research Managed Risk Portfolio
Investments in securities, at cost	$	265,336,095	$	96,350,024	$	77,943,002	$	356,366,524
Investments in securities, at fair value	$	326,121,225	$	109,868,621	$	83,123,669	$	405,093,377
Premiums paid on open swap contracts, net		-		-		-		12,781
Cash		7,260		5,713		-		-
Foreign cash (cost $-, $-, $- and $4, respectively)		-		-		-		3
Deposit with broker		4,956,513		1,402,263		1,235,259		4,371,543
Unrealized appreciation on futures contracts		5,339,735		1,294,410		1,068,708		4,693,455
Receivable for securities sold		-		-		-		11,322,724
Interest and dividends receivable		14,720		4,254		3,696		837,340
Prepaid expenses		7,097		2,412		1,817		8,292
Total Assets		336,446,550		112,577,673		85,433,149		426,339,515
Liabilities:
Unrealized depreciation on swap contracts		-		-		-		12,798
Due to custodian		-		-		5,711		50,459
Payable for securities purchased		-		-		-		35,842,191
Payable for portfolio shares redeemed		110,934		20,410		19,898		78,902
Accrued distribution (12b-1) fees		70,448		23,455		17,837		81,282
Accrued investment advisory fees		145,027		51,601		19,645		265,092
Administrative service fees payable		7,863		2,579		1,979		9,008
Accrued expenses and other liabilities		36,425		11,153		8,804		35,059
Total Liabilities		370,697		109,198		73,874		36,374,791
Net Assets	$	336,075,853	$	112,468,475	$	85,359,275	$	389,964,724
Composition of Net Assets:
Paid-in capital	$	237,593,925	$	83,316,925	$	66,989,767	$	292,801,190
Total distributable earnings		98,481,928		29,151,550		18,369,508		97,163,534
Net Assets	$	336,075,853	$	112,468,475	$	85,359,275	$	389,964,724
Class II Shares:
Net Assets	$	336,075,853	$	112,468,475	$	85,359,275	$	389,964,724
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		26,263,580		8,985,442		6,907,367		27,888,425
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.80	$	12.52	$	12.36	$	13.98

	Global Atlantic American Funds^® Managed Risk Portfolio			Global Atlantic Balanced Managed Risk Portfolio			Global Atlantic BlackRock Selects Managed Risk Portfolio			Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
Investment Income:
Dividend income	$	3,674,008		$	937,902		$	1,182,785		$	1,583,567
Interest income**		15,157			7,359			13,391			871,083
Total Investment Income		3,689,165			945,261			1,196,176			2,454,650
Expenses:
Investment advisory fee		923,057			293,612			576,236			1,063,373
Distribution fees (12b-1) - Class II Shares		256,405			133,460			261,926			312,757
Administrative service fees		32,907			17,130			33,617			40,143
Legal fees		25,507			13,262			25,960			31,021
Trustees fees		10,193			5,288			10,367			12,406
Custody fees		1,474			1,561			1,707			9,152
Miscellaneous expenses		38,710			20,011			39,406			47,196
Total Expenses		1,288,253			484,324			949,219			1,516,048
Expenses waived		(410,248	)		-			-			(27,326	)
Net Expenses		878,005			484,324			949,219			1,488,722
Net Investment Income		2,811,160			460,937			246,957			965,928
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		5,700,601			(848,143	)		952,582			6,310,173
Futures contracts		1,466,848			1,428,321			759,037			1,565,901
Swap contracts		-			-			-			23,456
Swaptions		-			-			-			(1,848	)
Forward foreign currency contracts		-			-			-			83,166
Foreign currency translations		-			-			-			(5,460	)
Capital gain distributions from underlying funds		15,581,837			-			-			-
		22,749,286			580,178			1,711,619			7,975,388
Net change in unrealized appreciation/(depreciation) on:
Investments		(60,922,516	)		(17,157,672	)		(35,026,631	)		(50,622,056	)
Futures contracts		1,629,590			862,558			1,503,943			2,511,704
Swap contracts		-			-			-			9,894
Swaptions		-			-			-			(4,879	)
Forward foreign currency contracts		-			-			-			92,421
Foreign currency translations		-			19			-			332
		(59,292,926	)		(16,295,095	)		(33,522,688	)		(48,012,584	)
Net Realized and Change in Unrealized (Loss)		(36,543,640	)		(15,714,917	)		(31,811,069	)		(40,037,196	)
Net Decrease in Net Assets Resulting from Operations	$	(33,732,480	)	$	(15,253,980	)	$	(31,564,112	)	$	(39,071,268	)
** Foreign taxes withheld	$	-		$	-		$	-		$	215

	Global Atlantic Growth Managed Risk Portfolio			Global Atlantic Moderate Growth Managed Risk Portfolio			Global Atlantic Select Advisor Managed Risk Portfolio			Global Atlantic Wellington Research Managed Risk Portfolio
Investment Income:
Dividend income*	$	3,111,780		$	1,058,637		$	967,259		$	1,666,323
Interest income		28,003			8,075			7,420			1,574,606
Total Investment Income		3,139,783			1,066,712			974,679			3,240,929
Expenses:
Investment advisory fee		1,014,969			340,522			420,783			1,816,600
Distribution fees (12b-1) - Class II Shares		461,349			154,783			116,884			534,294
Administrative service fees		59,213			19,865			15,002			68,573
Legal fees		45,670			15,422			11,603			53,156
Trustees fees		18,223			6,167			4,635			21,253
Custody fees		3,769			1,617			696			20,415
Miscellaneous expenses		69,319			23,409			17,634			80,998
Total Expenses		1,672,512			561,785			587,237			2,595,289
Expenses waived		(48,562	)		-			(288,015	)		(52,049	)
Net Expenses		1,623,950			561,785			299,222			2,543,240
Net Investment Income		1,515,833			504,927			675,457			697,689
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		11,369,194			2,943,273			1,331,310			(746,644	)
Futures contracts		9,010,155			1,851,198			838,054			2,892,999
Swap contracts		-			-			-			1,589
Foreign currency translations		-			-			-			(130	)
Capital gain distributions from underlying funds		-			-			2,209,785			-
		20,379,349			4,794,471			4,379,149			2,147,814
Net change in unrealized appreciation/(depreciation) on:
Investments		(82,065,402	)		(25,432,554	)		(21,253,957	)		(78,812,343	)
Futures contracts		6,343,217			1,410,510			1,068,708			4,711,267
Swap contracts		-			-			-			(12,798	)
Foreign currency translations		-			-			-			(421	)
		(75,722,185	)		(24,022,044	)		(20,185,249	)		(74,114,295	)
Net Realized and Change in Unrealized (Loss)		(55,342,836	)		(19,227,573	)		(15,806,100	)		(71,966,481	)
Net Decrease in Net Assets Resulting from Operations	$	(53,827,003	)	$	(18,722,646	)	$	(15,130,643	)	$	(71,268,792	)
* Foreign taxes withheld	$	-		$	-		$	-		$	6,587

	Global Atlantic American Funds^® Managed Risk Portfolio						Global Atlantic Balanced Managed Risk Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	2,811,160		$	3,637,629		$	460,937		$	869,711
Net realized gain		22,749,286			10,838,245			580,178			7,870,990
Net change in unrealized appreciation (depreciation)		(59,292,926	)		10,258,753			(16,295,095	)		(602,922	)
Net increase (decrease) in net assets resulting from operations		(33,732,480	)		24,734,627			(15,253,980	)		8,137,779
From Distributions to Shareholders:
Total distributions paid		-			(2,588,253	)		-			(3,352,759	)
From Shares of Beneficial Interest:
Proceeds from shares sold		285,636			2,542,369			783,492			40,138,168	*
Reinvestment of distributions		-			2,588,253			-			3,352,759
Cost of shares redeemed		(13,041,410	)		(26,498,814	)		(6,776,365	)		(11,674,154	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(12,755,774	)		(21,368,192	)		(5,992,873	)		31,816,773
Total increase (decrease) in net assets		(46,488,254	)		778,182			(21,246,853	)		36,601,793
Net Assets:
Beginning of period		232,531,319			231,753,137			119,376,138			82,774,345
End of period	$	186,043,065		$	232,531,319		$	98,129,285		$	119,376,138
Share Activity:
Class II
Shares sold		21,590			194,559			60,309			2,893,630	**
Shares reinvested		-			188,373			-			244,548
Shares redeemed		(1,033,038	)		(1,980,985	)		(528,161	)		(854,658	)
Net increase (decrease) in shares of beneficial interest outstanding		(1,011,448	)		(1,598,053	)		(467,852	)		2,283,520

* Includes the value received from shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio into Global Atlantic Balanced Managed Risk Portfolio on August 20, 2021.

** Includes shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio into Global Atlantic Balanced Managed Risk Portfolio on August 20, 2021.

	Global Atlantic BlackRock Selects Managed Risk Portfolio						Global Atlantic Franklin Dividend and Income Managed Risk Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	246,957		$	6,564,088		$	965,928		$	1,567,345
Net realized gain		1,711,619			21,263,270			7,975,388			20,713,548
Net change in unrealized appreciation (depreciation)		(33,522,688	)		(4,091,875	)		(48,012,584	)		21,203,790
Net increase (decrease) in net assets resulting from operations		(31,564,112	)		23,735,483			(39,071,268	)		43,484,683
From Distributions to Shareholders:
Total distributions paid		-			(3,232,570	)		-			(2,279,680	)
From Shares of Beneficial Interest:
Proceeds from shares sold		-			579,780			125,460			2,120,219
Reinvestment of distributions		-			3,232,570			-			2,279,680
Cost of shares redeemed		(12,599,860	)		(30,606,891	)		(16,104,602	)		(36,223,378	)
Net decrease in net assets from share transactions of beneficial interest		(12,599,860	)		(26,794,541	)		(15,979,142	)		(31,823,479	)
Total increase (decrease) in net assets		(44,163,972	)		(6,291,628	)		(55,050,410	)		9,381,524
Net Assets:
Beginning of period		235,543,524			241,835,152			284,597,473			275,215,949
End of period	$	191,379,552		$	235,543,524		$	229,547,063		$	284,597,473
Share Activity:
Class II
Shares sold		-			47,191			8,264			136,965
Shares reinvested		-			261,535			-			142,036
Shares redeemed		(1,101,234	)		(2,535,018	)		(1,071,604	)		(2,354,879	)
Net decrease in shares of beneficial interest outstanding		(1,101,234	)		(2,226,292	)		(1,063,340	)		(2,075,878	)

	Global Atlantic Growth Managed Risk Portfolio						Global Atlantic Moderate Growth Managed Risk Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,515,833		$	3,054,487		$	504,927		$	1,115,202
Net realized gain		20,379,349			26,622,761			4,794,471			9,012,816
Net change in unrealized appreciation (depreciation)		(75,722,185	)		27,882,211			(24,022,044	)		5,970,529
Net increase (decrease) in net assets resulting from operations		(53,827,003	)		57,559,459			(18,722,646	)		16,098,547
From Distributions to Shareholders:
Total distributions paid		-			(3,307,515	)		-			(2,321,936	)
From Shares of Beneficial Interest:
Proceeds from shares sold		-			3,493,684			279,238			495,371
Reinvestment of distributions		-			3,307,515			-			2,321,936
Cost of shares redeemed		(24,357,097	)		(58,918,955	)		(10,270,225	)		(16,598,040	)
Net decrease in net assets from share transactions of beneficial interest		(24,357,097	)		(52,117,756	)		(9,990,987	)		(13,780,733	)
Total increase (decrease) in net assets		(78,184,100	)		2,134,188			(28,713,633	)		(4,122	)
Net Assets:
Beginning of period		414,259,953			412,125,765			141,182,108			141,186,230
End of period	$	336,075,853		$	414,259,953		$	112,468,475		$	141,182,108
Share Activity:
Class II
Shares sold		-			251,577			22,270			36,302
Shares reinvested		-			227,165			-			162,260
Shares redeemed		(1,783,403	)		(4,192,259	)		(765,674	)		(1,180,641	)
Net decrease in shares of beneficial interest outstanding		(1,783,403	)		(3,713,517	)		(743,404	)		(982,079	)

	Global Atlantic Select Advisor Managed Risk Portfolio						Global Atlantic Wellington Research Managed Risk Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	675,457		$	976,065		$	697,689		$	425,368
Net realized gain		4,379,149			7,160,931			2,147,814			45,900,418
Net change in unrealized appreciation (depreciation)		(20,185,249	)		5,422,242			(74,114,295	)		8,246,431
Net increase (decrease) in net assets resulting from operations		(15,130,643	)		13,559,238			(71,268,792	)		54,572,217
From Distributions to Shareholders:
Total distributions paid		-			(4,843,261	)		-			(19,065,724	)
From Shares of Beneficial Interest:
Proceeds from shares sold		427,856			232,268			-			31,704,858	*
Reinvestment of distributions		-			4,843,261			-			19,065,724
Cost of shares redeemed		(5,469,573	)		(16,371,977	)		(24,240,269	)		(56,645,530	)
Net decrease in net assets from share transactions of beneficial interest		(5,041,717	)		(11,296,448	)		(24,240,269	)		(5,874,948	)
Total increase (decrease) in net assets		(20,172,360	)		(2,580,471	)		(95,509,061	)		29,631,545
Net Assets:
Beginning of period		105,531,635			108,112,106			485,473,785			455,842,240
End of period	$	85,359,275		$	105,531,635		$	389,964,724		$	485,473,785
Share Activity:
Class II
Shares sold		32,763			16,317			-			1,922,530	**
Shares reinvested		-			337,275			-			1,178,351
Shares redeemed		(413,397	)		(1,143,850	)		(1,615,596	)		(3,526,877	)
Net decrease in shares of beneficial interest outstanding		(380,634	)		(790,258	)		(1,615,596	)		(425,996	)

* Includes the value received from shares issued in connection with the reorganization of Global Atlantic PIMCO Tactical Allocation Portfolio into Global Atlantic Wellington Research Managed Risk Portfolio on August 20, 2021.

** Includes shares issued in connection with the reorganization of Global Atlantic PIMCO Tactical Allocation Portfolio into Global Atlantic Wellington Research Managed Risk Portfolio on August 20, 2021.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	13.87		$	12.62		$	12.04		$	10.93		$	11.98		$	10.64
Income from investment operations:
Net investment income (a,b)		0.17			0.21			0.14			0.17			0.20			0.15
Net realized and unrealized gain (loss) (c)		(2.23	)		1.19			1.06			1.62			(0.76	)		1.35
Total income (loss) from investment operations		(2.06	)		1.40			1.20			1.79			(0.56	)		1.50
Less distributions from:
Net investment income		-			(0.15	)		(0.18	)		(0.21	)		(0.15	)		(0.14	)
Net realized gains		-			-			(0.44	)		(0.47	)		(0.34	)		(0.02	)
Total distributions from net investment income and net realized gains		-			(0.15	)		(0.62	)		(0.68	)		(0.49	)		(0.16	)
Net asset value, end of period	$	11.81		$	13.87		$	12.62		$	12.04		$	10.93		$	11.98
Total return (d)		(14.85	)%		11.12	%		10.49	%		16.72	%		(4.75	)%		14.16	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	186,043		$	232,531		$	231,753		$	230,916		$	216,902		$	240,415
Ratio of net expenses to average net assets (e)		0.86	% (f)		0.85	%		0.86	%		0.86	%		0.86	%		0.86	%
Ratio of gross expenses to average net assets (e,g)		1.26	% (f)		1.25	%		1.26	%		1.26	%		1.24	%		1.27	%
Ratio of net investment income to average net assets (b,e)		2.74	% (f)		1.55	%		1.18	%		1.41	%		1.66	%		1.29	%
Portfolio turnover rate		30	% (h)		18	%		35	%		30	%		34	%		43	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	13.88		$	13.10		$	12.51		$	11.26		$	12.09		$	10.95
Income from investment operations:
Net investment income (a,b)		0.06			0.12			0.13			0.19			0.17			0.13
Net realized and unrealized gain (loss) (c)		(1.88	)		1.05			0.93			1.42			(0.85	)		1.16
Total income (loss) from investment operations		(1.82	)		1.17			1.06			1.61			(0.68	)		1.29
Less distributions from:
Net investment income		-			(0.10	)		(0.21	)		(0.20	)		(0.15	)		(0.15	)
Net realized gains		-			(0.29	)		(0.26	)		(0.16	)		-			-
Total distributions from net investment income and net realized gains		-			(0.39	)		(0.47	)		(0.36	)		(0.15	)		(0.15	)
Net asset value, end of period	$	12.06		$	13.88		$	13.10		$	12.51		$	11.26		$	12.09
Total return (d)		(13.11	)%		8.99	%		8.78	%		14.34	%		(5.66	)%		11.80	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	98,129		$	119,376		$	82,774		$	83,411		$	81,748		$	95,893
Ratio of net expenses to average net assets (e)		0.91	% (f)		0.90	%		0.92	% (g)		0.91	%		0.91	% (g)		0.91	%
Ratio of gross expenses to average net assets (e,h)		0.91	% (f)		0.90	%		0.92	%		0.91	% (h)		0.91	%		0.91	% (h)
Ratio of net investment income to average net assets (b,e)		0.86	% (f)		0.90	%		1.06	%		1.54	%		1.42	%		1.14	%
Portfolio turnover rate		35	% (i)		82	% (j)		119	%		107	%		75	%		49	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets inclusive of the Adviser's recapture of waived/reimbursed fees from prior periods.

(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(i) Not annualized.

(j) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the Portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	12.46		$	11.44		$	10.49		$	9.15		$	10.11		$	9.04
Income from investment operations:
Net investment income (a,b)		0.01			0.33			0.15			0.15			0.04			0.16
Net realized and unrealized gain (loss) (c)		(1.72	)		0.86			0.97			1.24			(0.82	)		0.97
Total income (loss) from investment operations		(1.71	)		1.19			1.12			1.39			(0.78	)		1.13
Less distributions from:
Net investment income		-			(0.17	)		(0.17	)		(0.05	)		(0.18	)		(0.06	)
Net asset value, end of period	$	10.75		$	12.46		$	11.44		$	10.49		$	9.15		$	10.11
Total return (d)		(13.72	)%		10.41	%		10.82	%		15.22	%		(7.78	)%		12.54	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	191,380		$	235,544		$	241,835		$	243,853		$	241,801		$	285,869
Ratio of net expenses to average net assets (e)		0.91	% (f)		0.90	%		0.91	%		0.80	%		0.57	%		0.57	%
Ratio of gross expenses to average net assets (e)		0.91	% (f)		0.90	%		0.91	%		1.02	%		1.24	%		1.26	%
Ratio of net investment income to average net assets (b,e)		0.24	% (f)		2.73	%		1.39	%		1.47	%		3.87	%		1.66	%
Portfolio turnover rate		36	% (g)		93	%		110	%		154	%		7	%		1	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Not annualized.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	16.52		$	14.25		$	13.45		$	11.31		$	12.13		$	10.64
Income from investment operations:
Net investment income (a,b)		0.06			0.09			0.12			0.16			0.15			0.12
Net realized and unrealized gain (loss) (c)		(2.38	)		2.31			0.87			2.14			(0.85	)		1.48
Total income (loss) from investment operations		(2.32	)		2.40			0.99			2.30			(0.70	)		1.60
Less distributions from:
Net investment income		-			(0.13	)		(0.19	)		(0.16	)		(0.12	)		(0.11	)
Net asset value, end of period	$	14.20		$	16.52		$	14.25		$	13.45		$	11.31		$	12.13
Total return (d)		(14.04	)%		16.87	%		7.50	%		20.40	%		(5.82	)%		15.14	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	229,547		$	284,598		$	275,216		$	292,240		$	264,283		$	302,607
Ratio of net expenses to average net assets (e)		1.19	% (f)		1.18	%		1.16	%		1.16	%		1.15	%		1.13	%
Ratio of gross expenses to average net assets (e,g)		1.21	% (f)		1.20	%		1.22	%		1.21	%		1.19	%		1.24	%
Ratio of net investment income to average net assets (b,e)		0.77	% (f)		0.56	%		0.91	%		1.24	%		1.24	%		1.04	%
Portfolio turnover rate		9	% (h,i)		18	% (i)		24	% (i)		20	% (i)		24	% (i)		43	% (i)

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies or fees on swaps in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for six months ended June 30, 2022 and the years ended December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017. If these were included in the calculation, the turnover percentage would be 31%, 59%, 77%, 55%, 48% and 55%, respectively.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	14.77		$	12.98		$	12.32		$	10.67		$	11.64		$	10.03
Income from investment operations:
Net investment income (a,b)		0.06			0.10			0.10			0.16			0.14			0.11
Net realized and unrealized gain (loss) (c)		(2.03	)		1.81			0.74			1.66			(0.99	)		1.65
Total income (loss) from investment operations		(1.97	)		1.91			0.84			1.82			(0.85	)		1.76
Less distributions from:
Net investment income		-			(0.12	)		(0.18	)		(0.17	)		(0.12	)		(0.15	)
Net asset value, end of period	$	12.80		$	14.77		$	12.98		$	12.32		$	10.67		$	11.64
Total return (d)		(13.34	)%		14.69	%		7.00	%		17.11	%		(7.33	)%		17.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	336,076		$	414,260		$	412,126		$	431,557		$	423,635		$	489,447
Ratio of net expenses to average net assets (e)		0.88	% (f)		0.88	%		0.88	%		0.89	%		0.91	% (g)		0.91	%
Ratio of gross expenses to average net assets (e)		0.91	% (f)		0.90	%		0.91	% (h)		0.91	% (h)		0.89	%		0.91	% (h)
Ratio of net investment income to average net assets (b,e)		0.82	% (f)		0.73	%		0.82	%		1.38	%		1.24	%		1.04	%
Portfolio turnover rate		28	% (i)		32	%		102	%		69	%		53	%		51	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets inclusive of the Adviser's recapture of waived/reimbursed fees from prior periods.

(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(i) Not annualized.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	14.51		$	13.18		$	12.57		$	11.00		$	11.90		$	10.52
Income from investment operations:
Net investment income (a,b)		0.05			0.11			0.12			0.17			0.16			0.12
Net realized and unrealized gain (loss) (c)		(2.04	)		1.46			0.86			1.58			(0.93	)		1.40
Total income (loss) from investment operations		(1.99	)		1.57			0.98			1.75			(0.77	)		1.52
Less distributions from:
Net investment income		-			(0.13	)		(0.19	)		(0.18	)		(0.13	)		(0.14	)
Net realized gains		-			(0.11	)		(0.18	)		-			-			-
Total distributions from net investment income and net realized gains		-			(0.24	)		(0.37	)		(0.18	)		(0.13	)		(0.14	)
Net asset value, end of period	$	12.52		$	14.51		$	13.18		$	12.57		$	11.00		$	11.90
Total return (d)		(13.72	)%		11.91	%		8.08	%		15.94	%		(6.50	)%		14.47	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	112,468		$	141,182		$	141,186		$	143,221		$	135,945		$	153,178
Ratio of net expenses to average net assets (e)		0.91	% (f)		0.90	%		0.91	%		0.91	%		0.91	% (g)		0.91	%
Ratio of gross expenses to average net assets (e)		0.91	% (f)		0.90	%		0.91	% (h)		0.91	% (h)		0.89	%		0.91	% (h)
Ratio of net investment income to average net assets (b,e)		0.82	% (f)		0.78	%		0.94	%		1.46	%		1.35	%		1.09	%
Portfolio turnover rate		32	% (i)		44	%		110	%		91	%		65	%		52	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets inclusive of the Adviser's recapture of waived/reimbursed fees from prior periods.

(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(i) Not annualized.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	14.48		$	13.38		$	13.23		$	11.53		$	12.55		$	11.04
Income from investment operations:
Net investment income (a,b)		0.10			0.13			0.16			0.21			0.13			0.11
Net realized and unrealized gain (loss) (c)		(2.22	)		1.64			0.65			2.05			(0.87	)		1.55
Total income (loss) from investment operations		(2.12	)		1.77			0.81			2.26			(0.74	)		1.66
Less distributions from:
Net investment income		-			(0.18	)		(0.24	)		(0.15	)		(0.12	)		(0.15	)
Net realized gains		-			(0.49	)		(0.42	)		(0.41	)		(0.16	)		-
Total distributions from net investment income and net realized gains		-			(0.67	)		(0.66	)		(0.56	)		(0.28	)		(0.15	)
Net asset value, end of period	$	12.36		$	14.48		$	13.38		$	13.23		$	11.53		$	12.55
Total return (d)		(14.64	)%		13.31	%		6.61	%		19.96	%		(5.99	)%		15.06	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	85,359		$	105,532		$	108,112		$	114,371		$	107,874		$	119,955
Ratio of net expenses to average net assets (e)		0.64	% (f)		0.64	%		0.64	%		0.64	%		0.63	%		0.63	%
Ratio of gross expenses to average net assets (e,g)		1.26	% (f)		1.25	%		1.26	%		1.27	%		1.24	%		1.26	%
Ratio of net investment income to average net assets (b,e)		1.44	% (f)		0.90	%		1.24	%		1.68	%		1.07	%		0.95	%
Portfolio turnover rate		22	% (h)		17	%		54	%		22	%		32	%		36	%

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

Selected data for a Class II share outstanding throughout each period indicated

	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Net asset value, beginning of period	$	16.45		$	15.23		$	14.00		$	12.38		$	13.40		$	11.82
Income from investment operations:
Net investment income (a,b)		0.02			0.01			0.08			0.13			0.12			0.09
Net realized and unrealized gain (loss) (c)		(2.49	)		1.86			1.46			2.23			(0.79	)		1.56
Total income (loss) from investment operations		(2.47	)		1.87			1.54			2.36			(0.67	)		1.65
Less distributions from:
Net investment income		-			(0.09	)		(0.14	)		(0.13	)		(0.09	)		(0.07	)
Net realized gains		-			(0.56	)		(0.17	)		(0.61	)		(0.26	)		-
Total distributions from net investment income and net realized gains		-			(0.65	)		(0.31	)		(0.74	)		(0.35	)		(0.07	)
Net asset value, end of period	$	13.98		$	16.45		$	15.23		$	14.00		$	12.38		$	13.40
Total return (d)		(15.02	)%		12.38	%		11.16	%		19.32	%		(5.07	)%		13.99	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	389,965		$	485,474		$	455,842		$	448,554		$	414,731		$	478,812
Ratio of net expenses to average net assets (e)		1.19	% (f)		1.20	%		1.21	%		1.20	%		1.20	% (g)		1.20	%
Ratio of gross expenses to average net assets (e)		1.21	% (f)		1.20	%		1.22	% (h)		1.21	% (h)		1.19	%		1.21	% (h)
Ratio of net investment income to average net assets (b,e)		0.33	% (f)		0.09	%		0.54	%		0.93	%		0.89	%		0.68	%
Portfolio turnover rate		39	% (i,j)		91	% (j,k)		85	% (j)		53	% (j)		66	% (j)		67	% (j)

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets inclusive of the Adviser's recapture of waived/reimbursed fees from prior periods.

(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(i) Not annualized.

(j) The portfolio turnover rates excludes mortgage dollar roll transactions for the six months ended June 30, 2022 and the years ended December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017. If these were included in the calculation the turnover percentage would be 82%, 162%, 116%, 70%, 92%, and 106%, respectively.

(k) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic PIMCO Tactical Allocation Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the Portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

1. ORGANIZATION

As of June 30, 2022, the Global Atlantic Portfolios were comprised of sixteen different actively managed portfolios, eight of which are discussed in this report (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Portfolio	Commencement Date	Investment Objective
Global Atlantic American Funds^® Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Balanced Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic BlackRock Selects Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Growth Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Moderate Growth Managed Risk Portfolio	April 30, 2014	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Select Advisor Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.
Global Atlantic Wellington Research Managed Risk Portfolio	October 31, 2013	Capital appreciation and income while seeking to manage volatility.

Each Portfolio is diversified. Certain of the Portfolios operate as "fund of funds." A "fund of funds" typically invests in multiple underlying funds and the level of its interest in any particular underlying fund may fluctuate. The Portfolios are intended to be funding vehicles for variable annuity contracts offered by the separate accounts of Forethought Life Insurance Company. The assets of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses.

As of June 30, 2022, the Portfolios offered Class II shares at net asset value.

References herein to a Portfolio's investment in a particular instrument include direct investments and indirect investments through investment companies such as open-end funds (mutual funds), exchange-traded funds and closed-end funds, as applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Portfolios in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("US GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Debt securities are valued on the basis of

valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value.

Valuation of Investment Companies – The Portfolios may invest in one or more portfolios of open-end investment companies (the "Underlying Fund" or "Underlying Funds"). Each Underlying Fund is valued at its respective net asset value as reported by such investment company (except exchange-traded funds ("ETFs")). ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Each Underlying Fund values securities in its portfolio for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by each Underlying Fund's board(s) of trustees.

Illiquid Investments – Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees ("Board") has approved the designation of the Adviser to administer the Trust's liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers).

These investments will be valued at their fair market value as determined using the valuation procedures approved by the Board. The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Global Atlantic Investment Advisors, LLC (the "Adviser") and/or Sub-Adviser. The Fair Value Committee at its discretion may also include a representative from The Bank of New York Mellon (the "Administrator") and third party consultants or advisers (such as an accounting firm or fair value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The Board reviews and approves the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Value Committee and Valuation Process – The Fair Value Committee is composed of one or more of the following: (i) Chief Compliance Officer of the Trust, (ii) Principal Financial Officer, and (iii) representative of the Adviser and/or Sub- Adviser. The Fair Value Committee at its discretion may also include a representative from the Administrator and third party consultants or advisers (such as an accounting firm or fair value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are not readily available on a particular business day (including without limitation securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the opinion of the Adviser or relevant Sub-Adviser, the prices or values available do not represent the fair value of the instrument (factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: the availability of only a bid price or an ask price; the spread between bid and ask prices; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets or regulators, such as the suspension or limitation of trading); (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") subsequent to the determination of the closing price reported on the principal exchange on which the securities are traded, but prior to the relevant Portfolio's calculation of its net asset value ("NAV"); and (v) mutual funds that do not provide timely NAV information. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser or Sub-Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who

should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser or Sub- Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of restricted or illiquid securities using certain factors, such as, but not limited to: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security's embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.

Each Portfolio utilizes various methods to measure the fair value of all of its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolio has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolio's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2022 for each Portfolio's investments measured at fair value:

Global Atlantic American Funds^® Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Variable Insurance Trusts	$	157,948,588	$	-	$	-	$	157,948,588
Mutual Funds		15,414,398		-		-		15,414,398
Short-Term Investments		8,698,262		-		-		8,698,262
Futures Contracts*		1,629,590						1,629,590
Total	$	183,690,838	$	-	$	-	$	183,690,838

Global Atlantic Balanced Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	92,227,932	$	-	$	-	$	92,227,932
Short-Term Investments		4,076,266		-		-		4,076,266
Futures Contracts*		862,558						862,558
Total	$	97,166,756	$	-	$	-	$	97,166,756

Global Atlantic BlackRock Selects Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	138,489,526	$	-	$	-	$	138,489,526
Variable Insurance Trusts		42,052,902		-		-		42,052,902
Short-Term Investments		7,220,405		-		-		7,220,405
Futures Contracts*		1,503,943		-		-		1,503,943
Total	$	189,266,776	$	-	$	-	$	189,266,776

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	156,296,328	$	253	$	-	$	156,296,581
U.S. Treasury Securities and Agency Bonds		-		20,118,104		-		20,118,104
Corporate Bonds and Notes		-		14,676,973		-		14,676,973
Asset Backed and Commercial Backed Securities		-		11,951,476		-		11,951,476
Agency Mortgage Backed Securities		-		9,650,684		-		9,650,684
Exchange Traded Funds		2,273,544		-		-		2,273,544
Term Loans		-		2,278,043		-		2,278,043
Municipal Bonds		-		2,212,525		-		2,212,525
Sovereign Debts		-		773,222		-		773,222
Preferred Stocks		-		1,589		-		1,589
Purchased Options		-		159		-		159
Short-Term Investments		12,803,585		-		-		12,803,585
Futures Contracts*		2,602,672		-		-		2,602,672
Swap Contracts		-		54,144		-		54,144
Forward Foreign Currency Contracts		-		82,950		-		82,950
Total	$	173,976,129	$	61,800,122	$	-	$	235,776,251
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	45,408	$	-	$	-	$	45,408
Swap Contracts		-		46,767		-		46,767
Forward Foreign Currency Contracts		-		22,007		-		22,007
Total	$	45,408	$	68,774	$	-	$	114,182

Global Atlantic Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	309,088,853	$	-	$	-	$	309,088,853
Short-Term Investments		17,032,372		-		-		17,032,372
Futures Contracts*		5,339,735		-		-		5,339,735
Total	$	331,460,960	$	-	$	-	$	331,460,960

Global Atlantic Moderate Growth Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	104,606,197	$	-	$	-	$	104,606,197
Short-Term Investments		5,262,424		-		-		5,262,424
Futures Contracts*		1,294,410		-		-		1,294,410
Total	$	111,163,031	$	-	$	-	$	111,163,031

Global Atlantic Select Advisor Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Variable Insurance Trusts	$	64,738,109	$	-	$	-	$	64,738,109
Exchange Traded Funds		14,101,280		-		-		14,101,280
Short-Term Investments		4,284,280		-		-		4,284,280
Futures Contracts*		1,068,708		-		-		1,068,708
Total	$	84,192,377	$	-	$	-	$	84,192,377

Global Atlantic Wellington Research Managed Risk Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	222,678,797	$	-	$	-	$	222,678,797
U.S. Treasury Securities and Agency Bonds				48,700,386				48,700,386
Corporate Bonds & Notes		-		38,172,036		-		38,172,036
Agency and Mortgage Backed Securities		-		35,791,745		-		35,791,745
Asset Backed and Commercial Backed Securities		-		11,999,237		-		11,999,237
Municipal Bonds		-		3,552,936		-		3,552,936
Exchange Traded Funds		1,165,325		-		-		1,165,325
Sovereign Debts		-		528,271		-		528,271
Short-Term Investments		42,396,534		108,110		-		42,504,644
Futures Contracts		4,749,348		-		-		4,749,348
Total	$	270,990,004	$	138,852,721	$	-	$	409,842,725
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	55,893	$	-	$	-	$	55,893
Swap Contracts*		-		12,798		-		12,798
Total	$	55,893	$	12,798	$	-	$	68,691

* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

The Portfolios did not hold any Level 3 securities during the period.

Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities over the lesser of the lives of the respective securities or to the call date, for any callable securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on ex-date and are determined in accordance with Federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios maintain deposits with a financial institution which are generally an amount that is in excess of federally insured limits. The Portfolios have not experienced any losses on their accounts.

Federal Income Tax – It is each Portfolio's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no Federal income tax provision is required.

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2019 and 2020 tax returns, or is expected to be taken in each Portfolio's 2021 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Foreign Currency Translation – The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and change in unrealized gain or loss on foreign currency translations.

Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio				$	83,166			$	92,421

Options Transactions – Certain Portfolios are subject to equity price risk, interest rate risk and foreign currency risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

A Portfolio may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or securities indices, including ETFs, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A call option for a particular security gives the purchaser of the option, in return for a premium, the right, but not the obligation, to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to

the expiration of the option for American options or only at expiration for European options, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right, but not the obligation, to sell the security at the stated exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.

Securities index options are put options and call options on various securities indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the securities index and the exercise price of the option expressed in dollars times a specified multiple. A securities index fluctuates with changes in the market value of the securities included in the index.

The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, but not the obligation, to buy in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Futures Contracts – The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may sell futures contracts to hedge against market risk, foreign currency exchange rate risks, and to reduce return volatility. Futures are standardized, exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Portfolios may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Portfolios' volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Portfolio's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio's basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Portfolio segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic American Funds^® Managed Risk Portfolio	Equity	$	1,466,848		$	1,629,590
Global Atlantic Balanced Managed Risk Portfolio	Equity		1,428,321			862,558
Global Atlantic BlackRock Selects Managed Risk Portfolio	Equity		759,037			1,503,943
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	Equity		2,076,757			2,602,672
	Interest Rate		(510,856	)		(90,968	)
Global Atlantic Growth Managed Risk Portfolio	Equity		9,010,155			6,343,217
Global Atlantic Moderate Growth Managed Risk Portfolio	Equity		1,851,198			1,410,510
Global Atlantic Select Advisor Managed Risk Portfolio	Equity		838,054			1,068,708
Global Atlantic Wellington Research Managed Risk Portfolio	Equity		3,303,684			(47,457	)
	Interest Rate		(410,685	)		4,758,724

Swap Agreements – Certain Portfolios are subject to equity price risk and/or interest rate risk in the normal course of pursuing their investment objectives. These Portfolios may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. In a standard over-the-counter ("OTC") swap, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" (i.e., the return or increase in value of a particular dollar amount invested in a "basket" of securities, representing a particular index or industry sectors) of predetermined investments or instruments.

Certain Portfolios may enter into credit default swaps ("CDS"). CDS are two-party contracts that transfer credit exposure between the parties. One party (the "buyer") receives credit protection and the other party (the "seller") takes on credit risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller's commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.

The swaps in which a Portfolio may invest may be centrally-cleared or bi-laterally traded. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Portfolio amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. A Portfolio segregates cash or liquid securities having a value at least equal to the amount of its current obligation under any swap transaction. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Portfolio's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract's remaining life, to be the extent that amount is positive.

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It

may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

The Portfolios use cash and certain securities as collateral to swap agreements as indicated on the Portfolio of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Portfolios. If the counterparty defaults, a Portfolio may seek return of this collateral and incur certain costs exercising their rights to the collateral.

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)		Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	Credit	$	518	$	(9,918	)
	Interest Rate		22,938		19,812
Global Atlantic Wellington Research Managed Risk Portfolio	Credit		1,589		(12,798	)

For the six months ended June 30, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swaptions, as disclosed in the Statements of Operations, is as follows:

				Risk Type				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio				Interest Rate				$	(1,848	)		$	(4,879	)

Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities – The following tables present certain of the Portfolios' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2022.

Global Atlantic American Funds^® Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	1,629,590	$	-	$	1,629,590	$	-	$	1,629,590	$	-	$	-	$	-	$	-	$	-
	$	1,629,590	$	-	$	1,629,590	$	-	$	1,629,590	$	-	$	-	$	-	$	-	$	-

Global Atlantic Balanced Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	862,558	$	-	$	862,558	$	-	$	862,558	$	-	$	-	$	-	$	-	$	-
	$	862,558	$	-	$	862,558	$	-	$	862,558	$	-	$	-	$	-	$	-	$	-

Global Atlantic BlackRock Selects Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	1,503,943	$	-	$	1,503,943	$	-	$	1,503,943	$	-	$	-	$	-	$	-	$	-
	$	1,503,943	$	-	$	1,503,943	$	-	$	1,503,943	$	-	$	-	$	-	$	-	$	-

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Citibank NA	$	54,144	$	(39,015	)	$	15,129	$	-	$	15,129	$	39,015	$	(39,015	)	$	-	$	-		$	-
Goldman Sachs & Co.		2,602,672		-			2,602,672		-		2,602,672		-		-			-		-			-
JP Morgan		-		-			-		-		-		7,752		-			7,752		-			7,752
JP Morgan Chase Bank		82,950		(22,007	)		60,943		-		60,943		22,007		(22,007	)		-		-			-
JP Morgan Securities LLC		-		-			-		-		-		45,408		-			45,408		(45,408	)		-
Total	$	2,739,766	$	(61,022	)	$	2,678,744	$	-	$	2,678,744	$	114,182	$	(61,022	)	$	53,160	$	(45,408	)	$	7,752

Global Atlantic Growth Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	5,339,735	$	-	$	5,339,735	$	-	$	5,339,735	$	-	$	-	$	-	$	-	$	-
Total	$	5,339,735	$	-	$	5,339,735	$	-	$	5,339,735	$	-	$	-	$	-	$	-	$	-

Global Atlantic Moderate Growth Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	1,294,410	$	-	$	1,294,410	$	-	$	1,294,410	$	-	$	-	$	-	$	-	$	-
Total	$	1,294,410	$	-	$	1,294,410	$	-	$	1,294,410	$	-	$	-	$	-	$	-	$	-

Global Atlantic Select Advisor Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	1,068,708	$	-	$	1,068,708	$	-	$	1,068,708	$	-	$	-	$	-	$	-	$	-
Total	$	1,068,708	$	-	$	1,068,708	$	-	$	1,068,708	$	-	$	-	$	-	$	-	$	-

Global Atlantic Wellington Research Managed Risk Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	4,740,912	$	-		$	4,740,912	$	-	$	4,740,912	$	-	$	-		$	-	$	-		$	-
JP Morgan Chase Bank		8,436		(8,436	)		-		-		-		55,893		(8,436	)		47,457		(47,457	)		-
Citibank		-		-			-		-		-		12,798		-			12,798		-			12,798
Total	$	4,749,348	$	(8,436	)	$	4,740,912	$	-	$	4,740,912	$	68,691	$	(8,436	)	$	60,255	$	(47,457	)	$	12,798

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

Impact of Derivatives on the Statements of Assets and Liabilities – The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of June 30, 2022:

Global Atlantic American Funds^® Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	1,629,590	$	-	$	-	$	-	$	1,629,590
Total	$	1,629,590	$	-	$	-	$	-	$	1,629,590

Global Atlantic Balanced Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	862,558	$	-	$	-	$	-	$	862,558
Total	$	862,558	$	-	$	-	$	-	$	862,558

Global Atlantic BlackRock Selects Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	1,503,943	$	-	$	-	$	-	$	1,503,943
Total	$	1,503,943	$	-	$	-	$	-	$	1,503,943

Global Atlantic Franklin Dividend and Income Managed Risk Portfolio

	Equity		Interest Rate Contracts			Credit Contracts			Currency Contracts			Total
Assets
Unrealized appreciation on Futures Contracts	$	2,602,672	$	-		$	-		$	-		$	2,602,672
Unrealized appreciation on Swap Contracts		-		19,812			-			-			19,812
Unrealized appreciation on Forward Foreign Exchange Contracts		-		-			-			82,950			82,950
Liabilities
Unrealized depreciation on Futures Contracts		-		(45,408	)		-			-			(45,408	)
Unrealized depreciation on Swap Contracts		-		-			(12,435	)		-			(12,435	)
Unrealized depreciation on Forward Foreign Exchange Contracts		-		-			-			(22,007	)		(22,007	)
Total	$	2,602,672	$	(25,596	)	$	(12,435	)	$	60,943		$	2,625,584

Global Atlantic Growth Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	5,339,735	$	-	$	-	$	-	$	5,339,735
Total	$	5,339,735	$	-	$	-	$	-	$	5,339,735

Global Atlantic Moderate Growth Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	1,294,410	$	-	$	-	$	-	$	1,294,410
Total	$	1,294,410	$	-	$	-	$	-	$	1,294,410

Global Atlantic Select Advisor Managed Risk Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	1,068,708	$	-	$	-	$	-	$	1,068,708
Total	$	1,068,708	$	-	$	-	$	-	$	1,068,708

Global Atlantic Wellington Research Managed Risk Portfolio

	Equity		Interest Rate Contracts			Credit Contracts			Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	4,740,912	$	8,436		$	-		$	-	$	4,749,348
Liabilities
Unrealized depreciation on Futures Contracts		-		(55,893	)		-			-		(55,893	)
Unrealized depreciation on Swap Contracts		-		-			(12,798	)		-		(12,798	)
Total	$	4,740,912	$	(47,457	)	$	(12,798	)	$	-	$	4,680,657

The notional value of the derivative instruments outstanding as of June 30, 2022, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

Short Sales – A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Portfolio; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time a Portfolio covers its short position, the Portfolio will incur a loss; conversely, if the price declines, the Portfolio will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Portfolio sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A Portfolio does not intend to enter into short sales (other than short sales "against the box") if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 10% of the value of the Portfolio's net assets. This percentage may be varied by action of the Board of Trustees. A short sale is "against the box" to the extent a Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The SEC adopted a final rule related to the use of derivatives, reverse repurchase

agreements and certain other transactions, which may include short sales in some cases, by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions.

When-Issued and Delayed-Delivery Transactions – The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Real Estate Investment Trusts – Certain Portfolios may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.

Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio may estimate the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.

Mortgage Dollar Roll Transactions – A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolio to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.

Expenses – Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.

3. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:

	Purchases		Sales
Global Atlantic American Funds^® Managed Risk Portfolio	$	64,001,537	$	59,087,318
Global Atlantic Balanced Managed Risk Portfolio		36,399,607		41,041,509
Global Atlantic BlackRock Selects Managed Risk Portfolio		73,331,326		79,215,526
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		76,336,186		88,584,243
Global Atlantic Growth Managed Risk Portfolio		97,860,414		117,779,594

	Purchases		Sales
Global Atlantic Moderate Growth Managed Risk Portfolio	$	38,662,577	$	47,270,254
Global Atlantic Select Advisor Managed Risk Portfolio		19,540,221		22,238,707
Global Atlantic Wellington Research Managed Risk Portfolio		336,483,679		358,532,062

4. AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES

The Adviser serves as the Portfolios' investment adviser. The Adviser has engaged the following sub-advisers for the Portfolios:

Portfolio				Sub-Adviser
Global Atlantic American Funds^® Managed Risk Portfolio				Wilshire Advisors, LLC Milliman Financial Risk Management, LLC
Global Atlantic Balanced Managed Risk Portfolio				BlackRock Investment Management, LLC Milliman Financial Risk Management, LLC
Global Atlantic BlackRock Selects Managed Risk Portfolio				BlackRock Investment Management, LLC Milliman Financial Risk Management, LLC
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio				Franklin Advisers, Inc. Milliman Financial Risk Management, LLC
Global Atlantic Growth Managed Risk Portfolio				BlackRock Investment Management, LLC Milliman Financial Risk Management, LLC
Global Atlantic Moderate Growth Managed Risk Portfolio				BlackRock Investment Management, LLC Milliman Financial Risk Management, LLC
Global Atlantic Select Advisor Managed Risk Portfolio				Wilshire Advisors, LLC Milliman Financial Risk Management, LLC
Global Atlantic Wellington Research Managed Risk Portfolio				Wellington Management Company LLP Milliman Financial Risk Management, LLC

The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios and BNY Mellon Investment Servicing (US) Inc. (together with The Bank of New York Mellon, "BNYM") serves as the Transfer Agent for the Portfolios.

Pursuant to an Investment Advisory Agreement with the Trust, on behalf of the Portfolios, the Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Portfolios pay the Adviser an advisory fee, computed on average daily net assets and accrued daily and paid monthly.

The following chart details the annual advisory fee for each Portfolio for the six months ended June 30, 2022.

Portfolio				Advisory Fee*
Global Atlantic American Funds^® Managed Risk Portfolio				0.900% on first $500 million
				0.875% on next $500 million
				0.850% over $1 billion
Global Atlantic Balanced Managed Risk Portfolio				0.550% on first $500 million
				0.525% on next $500 million
				0.500% over $1 billion
Global Atlantic BlackRock Selects Managed Risk Portfolio				0.550% on first $500 million
				0.525% on next $500 million
				0.500% over $1 billion

Portfolio				Advisory Fee*
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio				0.850% on first $500 million
				0.825% on next $500 million
				0.800% over $1 billion
Global Atlantic Growth Managed Risk Portfolio				0.550% on first $500 million
				0.525% on next $500 million
				0.500% over $1 billion
Global Atlantic Moderate Growth Managed Risk Portfolio				0.550% on first $500 million
				0.525% on next $500 million
				0.500% over $1 billion
Global Atlantic Select Advisor Managed Risk Portfolio				0.900% on first $500 million
				0.875% on next $500 million
				0.850% over $1 billion
Global Atlantic Wellington Research Managed Risk Portfolio				0.850% on first $500 million
				0.825% on next $500 million
				0.800% over $1 billion

* Calculated daily based on the average daily net assets.

During the six months ended June 30, 2022, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

Portfolio	Operating Expense Limitation			Expiration Date
Global Atlantic American Funds^® Managed Risk Portfolio		0.87	%	May 1, 2023
Global Atlantic Balanced Managed Risk Portfolio		0.92	%	May 1, 2023
Global Atlantic BlackRock Selects Managed Risk Portfolio		0.94	%	May 1, 2023
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		1.19	%	May 1, 2023
Global Atlantic Growth Managed Risk Portfolio		0.88	%	May 1, 2023
Global Atlantic Moderate Growth Managed Risk Portfolio		0.92	%	May 1, 2023
Global Atlantic Select Advisor Managed Risk Portfolio		0.64	%	May 1, 2023
Global Atlantic Wellington Research Managed Risk Portfolio*		1.19	%	May 1, 2023

* The Portfolio is also subject to a Total Expense Limit of 1.20%, which includes Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, effective through August 31, 2022.

In addition, the Adviser has agreed to waive 0.40% of its fees for Global Atlantic American Funds^® Managed Risk Portfolio and Global Atlantic Select Advisor Managed Risk Portfolio for as long as each Portfolio relies primarily on investments in underlying funds to achieve its principal investment strategy. These waivers are not subject to recoupment.

The Adviser or its affiliates may receive compensation from managers of underlying funds in which certain Portfolios invest. This compensation may create a conflict of interest for the Adviser in the selection of underlying funds for investment by the Portfolio. However, the Adviser will voluntarily reduce the amount of its compensation under its Advisory Agreement with the Portfolio by the amount of compensation received from managers of underlying funds. The minimum amount of this waiver, until at least April 30, 2023 for each Portfolio is based on estimated amounts expected to be received during the current fiscal year. The actual amount of each waiver may be higher to the extent the payments exceed the Adviser's estimates, but it will not be lower. These waivers are not subject to recoupment by the Adviser. The waivers may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

For the six months ended June 30, 2022, the Adviser waived, reimbursed, or recaptured fees as follows:

	Investment Advisory Fee Waiver		Investment Advisory Fee Reimbursed		Investment Advisory Fee Recaptured		Total
Global Atlantic American Funds^® Managed Risk Portfolio	$	410,248	$	-	$	-	$	410,248
Global Atlantic Balanced Managed Risk Portfolio		-		-		-		-
Global Atlantic BlackRock Selects Managed Risk Portfolio		-		-		-		-
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		27,326		-		-		27,326
Global Atlantic Growth Managed Risk Portfolio		48,562		-		-		48,562
Global Atlantic Moderate Growth Managed Risk Portfolio		-		-		-		-
Global Atlantic Select Advisor Managed Risk Portfolio		288,015		-		-		288,015
Global Atlantic Wellington Research Managed Risk Portfolio		52,049		-		-		52,049

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreements, and the Portfolio's operating expenses are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Portfolio for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Portfolio's expenses to exceed the amount of the expense limitation. If Portfolio operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended.

The Adviser may recapture the following amounts by the following dates:

	December 31, 2022		December 31, 2023		December 31, 2024		December 31, 2025
Global Atlantic American Funds^® Managed Risk Portfolio	$	-	$	-	$	-	$	-
Global Atlantic Balanced Managed Risk Portfolio		-		-		-		-
Global Atlantic BlackRock Selects Managed Risk Portfolio		35,171		-		-		-
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		143,809		156,982		61,783		27,326
Global Atlantic Growth Managed Risk Portfolio		76,229		118,163		73,227		48,562
Global Atlantic Moderate Growth Managed Risk Portfolio		-		-		-		-
Global Atlantic Select Advisor Managed Risk Portfolio		38,360		27,191		12,758		10,531
Global Atlantic Wellington Research Managed Risk Portfolio		13,260		31,810		8,719		52,049

The following amounts expired unrecouped as of the date listed below:

	December 31, 2021
Global Atlantic American Funds^® Managed Risk Portfolio	$	-
Global Atlantic Balanced Managed Risk Portfolio		-
Global Atlantic BlackRock Selects Managed Risk Portfolio		99,190
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		105,768
Global Atlantic Growth Managed Risk Portfolio		-
Global Atlantic Moderate Growth Managed Risk Portfolio		-
Global Atlantic Select Advisor Managed Risk Portfolio		15,417
Global Atlantic Wellington Research Managed Risk Portfolio		-

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio's Class II shares and, for the six months ended June 30, 2022, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

For the six months ended June 30, 2022, the Portfolios expensed the following distribution fees:

	Fees Paid
Global Atlantic American Funds^® Managed Risk Portfolio	$	256,405
Global Atlantic Balanced Managed Risk Portfolio		133,460
Global Atlantic BlackRock Selects Managed Risk Portfolio		261,926
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		312,757
Global Atlantic Growth Managed Risk Portfolio		461,349
Global Atlantic Moderate Growth Managed Risk Portfolio		154,783
Global Atlantic Select Advisor Managed Risk Portfolio		116,884
Global Atlantic Wellington Research Managed Risk Portfolio		534,294

For the six months ended June 30, 2022, the trustees received fees in the amounts as follows:

	Fees Received
Global Atlantic American Funds^® Managed Risk Portfolio	$	10,193
Global Atlantic Balanced Managed Risk Portfolio		5,288
Global Atlantic BlackRock Selects Managed Risk Portfolio		10,367
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		12,406
Global Atlantic Growth Managed Risk Portfolio		18,223
Global Atlantic Moderate Growth Managed Risk Portfolio		6,167
Global Atlantic Select Advisor Managed Risk Portfolio		4,635
Global Atlantic Wellington Research Managed Risk Portfolio		21,253

5. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2022, Forethought Life Insurance Company Separate Account A owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

Shareholder Concentration Risk – Forethought Life Insurance Company, certain accounts, or the Adviser's affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Portfolio's shares. Redemptions by these entities of their holdings in a Portfolio may impact the Portfolio's liquidity and NAV. These redemptions may also force a Portfolio to sell securities.

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

As of December 31, 2021, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic American Funds^® Managed Risk Portfolio	$	184,908,211	$	54,214,262	$	(6,174,497	)	$	48,039,765
Global Atlantic Balanced Managed Risk Portfolio		99,855,875		20,450,514		(5,962,860	)		14,487,654
Global Atlantic BlackRock Selects Managed Risk Portfolio		197,998,846		37,416,979		(4,394,426	)		33,022,553
Global Atlantic Franklin Dividend and Income Managed
Risk Portfolio		170,359,543		124,442,914		(1,420,929	)		123,021,985
Global Atlantic Growth Managed Risk Portfolio		270,229,814		143,208,403		(1,960,197	)		141,248,206
Global Atlantic Moderate Growth Managed Risk Portfolio		102,828,493		39,293,743		(1,225,674	)		38,068,069
Global Atlantic Select Advisor Managed Risk Portfolio		80,056,818		26,519,071		(1,066,272	)		25,452,799
Global Atlantic Wellington Research Managed Risk Portfolio		385,823,027		131,219,188		(8,495,929	)		122,723,259

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended December 31, 2021 and 2020 were as follows:

For fiscal year ended 12/31/2021	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic American Funds^® Managed Risk Portfolio	$	2,588,253	$	-	$	-	$	2,588,253
Global Atlantic Balanced Managed Risk Portfolio		2,007,723		1,345,036		-		3,352,759
Global Atlantic BlackRock Selects Managed Risk Portfolio		3,232,570		-		-		3,232,570
Global Atlantic Franklin Dividend and Income Managed
Risk Portfolio		2,279,680		-		-		2,279,680
Global Atlantic Growth Managed Risk Portfolio		3,307,515		-		-		3,307,515
Global Atlantic Moderate Growth Managed Risk Portfolio		1,805,831		516,105		-		2,321,936
Global Atlantic Select Advisor Managed Risk Portfolio		1,303,856		3,539,405		-		4,843,261
Global Atlantic Wellington Research Managed
Risk Portfolio		4,391,614		14,674,109		-		19,065,723
For fiscal year ended 12/31/2020	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic American Funds^® Managed Risk Portfolio	$	3,161,617	$	7,784,961	$	-	$	10,946,578
Global Atlantic Balanced Managed Risk Portfolio		2,932,502		-		-		2,932,502
Global Atlantic BlackRock Selects Managed Risk Portfolio		3,599,871		-		-		3,599,871
Global Atlantic Franklin Dividend and Income Managed
Risk Portfolio		3,749,479		-		-		3,749,479
Global Atlantic Growth Managed Risk Portfolio		5,912,075		-		-		5,912,075
Global Atlantic Moderate Growth Managed Risk Portfolio		3,975,331		-		-		3,975,331
Global Atlantic Select Advisor Managed Risk Portfolio		1,879,214		3,291,782		-		5,170,996
Global Atlantic Wellington Research Managed Risk Portfolio		4,701,709		4,458,988		-		9,160,697

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Global Atlantic American Funds^® Managed Risk Portfolio	$	3,636,632	$	8,461,604	$	-	$	-	$	48,039,765	$	60,138,001
Global Atlantic Balanced Managed Risk Portfolio		2,739,543		5,906,873		-		-		14,487,654		23,134,070
Global Atlantic BlackRock Selects Managed Risk Portfolio		11,495,493		-		-		-		33,022,553		44,518,046
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		1,665,070		3,938,416		-		-		123,021,985		128,625,471
Global Atlantic Growth Managed Risk Portfolio		3,053,494		8,007,231		-		-		141,248,206		152,308,931
Global Atlantic Moderate Growth Managed
Risk Portfolio		2,843,893		6,962,234		-		-		38,068,069		47,874,196
Global Atlantic Select Advisor Managed Risk Portfolio		1,363,374		6,683,978		-		-		25,452,799		33,500,151
Global Atlantic Wellington Research Managed Risk Portfolio		13,137,460		32,571,607		-		-		122,723,259		168,432,326

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, and the mark-to-market on passive foreign investment companies and open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains of $4,187 for Global Atlantic Franklin Dividend and Income Managed Risk Portfolio.

At December 31, 2021, the Portfolios did not have capital loss carry forwards for federal income tax purposes available to offset future capital gains.

During the year ended December 31, 2021, the following Portfolios utilized capital loss carryforwards.

	Utilized
Global Atlantic American Funds^® Managed Risk Portfolio	$	1,985,436
Global Atlantic BlackRock Selects Managed Risk Portfolio		15,343,336
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		16,965,213
Global Atlantic Growth Managed Risk Portfolio		17,267,902

8. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

9. OTHER RISKS

The Portfolios' risks include, but are not limited to, the following:

Credit Risk – There is a risk that security issuers will not make interest and/or principal payments on their securities. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality will lead to greater volatility in the price of a security and in shares of a Portfolio. Lower credit quality also will affect liquidity and make it difficult to sell the security. This means that, compared to issuers of higher rated securities, issuers of lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. Default, or the perception (whether by market participants, rating agencies, pricing services or otherwise) that an issuer is likely to default, tends to reduce the value and liquidity of fixed income securities, thereby reducing the value of your investment in Portfolio shares. In addition, default may cause a Portfolio to directly or indirectly incur expenses in seeking recovery of principal or interest.

A Portfolio could lose money on a debt security if an issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. A Portfolio may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Sub-Adviser and/or Underlying Fund manager or the rating agencies than such securities actually do.

Derivatives Risk – The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio's use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of many standardized over-the-counter ("OTC") derivative instruments deemed to be "swaps." The Commodity Futures Trading Commission ("CFTC") has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that

are being implemented on a phase-in basis. In addition, the SEC recently adopted Rule 18f-4 under the 1940 Act which will regulate the use of derivatives for certain investment companies (the "Derivatives Rule"). The Derivatives Rule will require, among other things, that certain entities adopt a derivatives risk management program, comply with limitations on leveraged-related risk based on a relative "value-at-risk" test and update reporting and disclosure procedures. Although the full impact of the Derivatives Rule on the Portfolios remains uncertain, these requirements may limit the ability of a Portfolio to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies, as well as increase a Portfolio's expenses. Compliance with Rule 18f-4 will be required by August 2022. The regulation of the derivatives markets has increased over the past several years, and there can be no assurance that any new governmental regulation will not adversely affect a Portfolio's ability to achieve its investment result.

Exchange-Traded Funds Risk – The Portfolios may invest in ETFs. Disruptions to the creations and redemptions process through which market makers directly purchase and sell ETF shares, the existence of extreme market volatility or potential lack of an active trading market, or changes in the liquidity of the market for an ETF's underlying portfolio holdings, may result in the ETF's shares trading at significantly above (at a premium to) or below (at a discount to) net asset value, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant ETF's underlying holdings. An ETF's shares could also trade at a premium or discount to net asset value when an ETF's underlying securities trade on a foreign exchange that is closed when the securities exchange on which the ETF trades is open. The current price of the ETF's underlying securities and the last quoted price for the underlying security are likely to deviate in such circumstances. There can be no assurance that an active trading market for an ETF's shares will develop or be maintained. Trading may be halted, for example, due to market conditions. Because the value of ETF shares depends on the demand in the market, a Portfolio's holdings may not be able to be liquidated at the most optimal time, adversely affecting performance.

There can be no assurance that an ETF's investment objectives will be achieved. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with real estate investments and natural resources. ETFs in which a Portfolio invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Portfolio invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed.

Market Risk – The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, limited dealer capacity, lack of liquidity in the markets or adverse investor sentiment. Each Portfolio has exposure to instruments that may be more volatile and carry more risk than some other forms of investment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, natural disasters, recessions, or other events could also have a significant impact on the Portfolio and its investments. The market prices of securities may also be negatively impacted by trading activity and investor interest, including interest driven by factors unrelated to market conditions or financial performance. In these circumstances, the value of the Portfolio's investments, particularly any short positions or exposures, may fluctuate dramatically.

A Portfolio may experience a substantial or complete loss on any individual security.

Policy and legislative changes in the U.S. and abroad affect many aspects of financial regulation and may, in some cases, contribute to decreased liquidity and increased volatility in the financial markets. Economies and financial markets around the world are becoming increasingly interconnected. As a result, whether or not a Portfolio has exposure to securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets. The spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as "COVID-19") has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

10. OTHER RECENT DEVELOPMENTS

Ongoing concerns regarding the economies of certain countries in Europe, as well as the possibility that one or more countries could leave the European Union (the "EU"), create risks for investing in the European markets. For example, the United Kingdom ("UK") withdrew from the EU in January 2020 (commonly known as "Brexit"). This commenced a transition period that lasted until December 31, 2020. On December 30, 2020, the EU and UK signed the EU-UK Trade and Cooperation Agreement ("TCA"), an agreement on the terms governing certain aspects of the EU's and the UK's relationship following the end of the transition period. Notwithstanding the TCA, there continues to be considerable uncertainty as to the UK's post-transition framework. Although the full impact of Brexit is not yet known, the impact on the UK, EU and global markets could include increased volatility and illiquidity, potentially lower economic growth and decreased asset valuations. Brexit may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union. Brexit may also have a negative impact on the economy and currency of the UK as a result of anticipated, or actual changes to the UK's economic and political relations with the EU. Any or all of these challenges may affect the value of a Portfolio's investments economically tied to the UK or the EU.

On March 5, 2021, the United Kingdom's Financial Conduct Authority ("FCA") and ICE Benchmark Authority formally announced the dates after which the LIBORs will no longer be representative and subsequently cease publication. Certain LIBORs ceased publication on December 31, 2021, and others will cease publication after June 30, 2023. However, the FCA, the LIBOR administrator and other regulators also announced that certain sterling and yen LIBOR settings would be calculated on a "synthetic" basis through the end of 2022. In connection with supervisory guidance from regulators, certain regulated entities have ceased to enter into certain new LIBOR contracts after January 1, 2022. The unavailability or replacement of LIBOR presents risks to applicable Portfolios, including the risk that any pricing adjustments to a Portfolio's investments resulting from a substitute reference rate may adversely affect the Portfolio's performance and/or NAV. The impact of a substitute reference rate, if any, will vary on an investment-by-investment basis. The Adviser or Sub- Adviser may have discretion to determine a substitute reference rate, including any price or other adjustments to account for differences between the substitute reference rate and the previous rate. The substitute reference rate and any adjustments selected could negatively impact a Portfolio's investment performance or financial condition, including in ways unforeseen by the Adviser or Sub-Adviser.

In addition, the outbreak of COVID-19, a respiratory illness caused by a novel strain of coronavirus, has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place and greater overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the

entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. The COVID-19 crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

11. BOARD REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the "Commission") adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. This Rule requires every registered open-end management company to establish a liquidity risk management program (the "LRMP") that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund's portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments and periodic reporting to the Trust's Board of Trustees (the "Board"). Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Board previously approved the LRMP for the Trust and the appointment of the FVIT Liquidity Risk Management Program Committee (the "Committee") as the Program Administrator of the LRMP for the Trust. The Committee is comprised of the Trust's Chief Compliance Officer and other officers of the Trust and the Adviser. At the Board's regular meeting on May 5, 2022, the Trust's Chief Compliance Officer provided a report to the Board (the "Report") on the operation and effectiveness of the LRMP for the period April 1, 2021 through March 31, 2022 (the "Reporting Period"). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Portfolios' investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every portfolio investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of portfolio investments, the Adviser utilizes a third party provider for liquidity monitoring services.

The Report stated that during this period, each Portfolio operated as a Primarily Highly Liquid Fund. Because each Portfolio consisted primarily of highly liquid investments that exceeded the 50% SEC threshold for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Portfolios, and each Portfolio was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred. The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Portfolios' liquidity risks for the Reporting Period.

12. SUBSEQUENT EVENTS

The Portfolios evaluated subsequent events from June 30, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements.

As a shareholder of the Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022.

Actual Expenses

The "Actual" expenses set of columns in the table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The "Hypothetical" expenses set of columns in the table below provides information about hypothetical account values and hypothetical expenses based on each Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example for a specific Portfolio with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees or other expenses charged by your insurance contract or separate account. Therefore, the Hypothetical columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

							*Actual*				*Hypothetical* (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 1-1-22		Ending Account Value 6-30-22		Expenses Paid During Period*		Ending Account Value 6-30-22		Expenses Paid During Period*
Global Atlantic American Funds^® Managed Risk Portfolio	II		0.86	%	$	1,000	$	851.50	$	3.95	$	1,020.53	$	4.31
Global Atlantic Balanced Managed Risk Portfolio	II		0.91	%	$	1,000	$	868.90	$	4.22	$	1,020.28	$	4.56
Global Atlantic BlackRock Selects Managed Risk Portfolio	II		0.91	%	$	1,000	$	862.80	$	4.20	$	1,020.28	$	4.56
Global Atlantic Franklin Dividend and Income Managed Risk Portfolio	II		1.19	%	$	1,000	$	859.60	$	5.49	$	1,018.89	$	5.96
Global Atlantic Growth Managed Risk Portfolio	II		0.88	%	$	1,000	$	866.60	$	4.07	$	1,020.43	$	4.41
Global Atlantic Moderate Growth Managed Risk Portfolio	II		0.91	%	$	1,000	$	862.80	$	4.20	$	1,020.28	$	4.56

* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees since the date of the registrant’s prior report on Form N-CSR or, as applicable, in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)).

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Shares/ Principal		Fair Value
VARIABLE INSURANCE TRUSTS - 84.9%
DEBT FUNDS - 33.8%
American Funds Insurance Series - American High-Income Trust, Class 1		587,365	$	5,186,437
American Funds Insurance Series - The Bond Fund of America, Class 1		4,904,202		48,649,684
American Funds Insurance Series - U.S. Government Securities Fund, Class 1		839,049		9,053,342
TOTAL DEBT FUNDS				62,889,463
EQUITY FUNDS - 51.1%
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1		1,469,241		16,646,497
American Funds Insurance Series - Global Small Capitalization Fund, Class 1*		211,450		3,302,848
American Funds Insurance Series - Washington Mutual Investors Fund, Class 1		2,102,963		25,782,328
American Funds Insurance Series Growth Fund, Class 1		333,862		25,577,181
American Funds Insurance Series Growth-Income Fund, Class 1		486,786		23,750,271
TOTAL EQUITY FUNDS				95,059,125
TOTAL VARIABLE INSURANCE TRUSTS (Cost - $162,294,437)				157,948,588

	Shares/ Principal		Fair Value
MUTUAL FUNDS - 8.3%
EQUITY FUNDS - 8.3%
International Growth and Income Fund (Cost - $18,417,543)		492,001	$	15,414,398
SHORT-TERM INVESTMENTS - 4.7%
MONEY MARKET FUNDS - 4.7%
Dreyfus Government Cash Management, 1.35% (a)		8,414,562		8,414,562
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		283,700		283,700
TOTAL SHORT-TERM INVESTMENTS (Cost - $8,698,262)				8,698,262
TOTAL INVESTMENTS - 97.9% (Cost - $189,410,242)			$	182,061,248
OTHER ASSETS LESS LIABILITIES - NET 2.1%				3,981,817
TOTAL NET ASSETS - 100.0%			$	186,043,065

	Shares/ Principal		Fair Value
EQUITY FUNDS - 47.6% (Continued)
iShares MSCI EAFE Growth ETF		9,166	$	737,771
iShares MSCI EAFE Value ETF		45,517		1,975,438
iShares MSCI Emerging Markets Min Vol Factor ETF		3,460		191,788
iShares S&P Small-Cap 600 Value ETF		7,543		671,553
iShares U.S. Energy ETF		15,627		595,701
iShares U.S. Infrastructure ETF		7,972		271,367
TOTAL EQUITY FUNDS				46,787,097
TOTAL EXCHANGE TRADED FUNDS (Cost - $89,337,598)				92,227,932
SHORT-TERM INVESTMENTS - 4.2%
MONEY MARKET FUNDS - 4.2%
Dreyfus Government Cash Management, 1.35% (a)		3,171,030		3,171,030
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		905,236		905,236
TOTAL SHORT-TERM INVESTMENTS (Cost - $4,076,266)				4,076,266
TOTAL INVESTMENTS - 98.1% (Cost - $93,413,864)			$	96,304,198
OTHER ASSETS LESS LIABILITIES - NET 1.9%				1,825,087
TOTAL NET ASSETS - 100.0%			$	98,129,285

	Shares/ Principal		Fair Value
EQUITY FUNDS - 42.2% (Continued)
iShares U.S. Industrials ETF		20,041	$	1,766,213
TOTAL EQUITY FUNDS				80,727,767
TOTAL EXCHANGE TRADED FUNDS (Cost - $135,549,804)				138,489,526
VARIABLE INSURANCE TRUSTS - 22.0%
ASSET ALLOCATION FUND - 22.0%
BlackRock Global Allocation VI Fund, Class I (Cost - $42,898,851)*		2,826,136		42,052,902
SHORT-TERM INVESTMENTS - 3.8%
MONEY MARKET FUNDS - 3.8%
Dreyfus Government Cash Management, 1.35% (a)		5,761,675		5,761,675
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		1,458,730		1,458,730
TOTAL SHORT-TERM INVESTMENTS (Cost - $7,220,405)				7,220,405
TOTAL INVESTMENTS - 98.1% (Cost - $185,669,060)			$	187,762,833
OTHER ASSETS LESS LIABILITIES - NET 1.9%				3,616,719
TOTAL NET ASSETS - 100.0%			$	191,379,552

	Shares/ Principal		Fair Value
EQUITY FUNDS - 76.9% (Continued)
iShares MSCI EAFE Value ETF		229,514	$	9,960,907
iShares MSCI Emerging Markets Min Vol Factor ETF		26,441		1,465,624
iShares MSCI USA Min Vol Factor ETF		40,113		2,816,334
iShares S&P Small-Cap 600 Value ETF		43,929		3,910,999
iShares U.S. Energy ETF		83,425		3,180,161
iShares U.S. Infrastructure ETF		49,648		1,690,018
TOTAL EQUITY FUNDS				258,714,282
TOTAL EXCHANGE TRADED FUNDS (Cost - $248,303,723)				309,088,853
SHORT-TERM INVESTMENTS - 5.1%
MONEY MARKET FUNDS - 5.1%
Dreyfus Government Cash Management, 1.35% (a)		13,969,127		13,969,127
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		3,063,245		3,063,245
TOTAL SHORT-TERM INVESTMENTS (Cost - $17,032,372)				17,032,372
TOTAL INVESTMENTS - 97.0% (Cost - $265,336,095)			$	326,121,225
OTHER ASSETS LESS LIABILITIES - NET 3.0%				9,954,628
TOTAL NET ASSETS - 100.0%			$	336,075,853

		Page
•	Global Atlantic Portfolio Performance		5
•	Global Atlantic Portfolio of Investments
	Global Atlantic American Funds^® Managed Risk Portfolio		7
	Global Atlantic Balanced Managed Risk Portfolio		8
	Global Atlantic BlackRock Selects Managed Risk Portfolio		9
	Global Atlantic Franklin Dividend and Income Managed Risk Portfolio		10
	Global Atlantic Growth Managed Risk Portfolio		23
	Global Atlantic Moderate Growth Managed Risk Portfolio		24
	Global Atlantic Select Advisor Managed Risk Portfolio		25
	Global Atlantic Wellington Research Managed Risk Portfolio		26
•	Financial Statements:
	Statements of Assets and Liabilities		37
	Statements of Operations		39
	Statements of Changes in Net Assets		41
	Financial Highlights		45
•	Notes to Financial Statements		53
•	Expense Examples		76
•	Privacy Notice		78
•	Proxy Voting Policy	Back Cover
•	Portfolio Holdings	Back Cover

	Shares/ Principal		Fair Value
EQUITY FUNDS - 61.3% (Continued)
iShares MSCI EAFE Growth ETF		14,799	$	1,191,172
iShares MSCI EAFE Value ETF		62,850		2,727,690
iShares MSCI Emerging Markets Min Vol Factor ETF		4,933		273,436
iShares MSCI USA Min Vol Factor ETF		13,547		951,135
iShares S&P Small-Cap 600 Value ETF		11,356		1,011,025
iShares U.S. Energy ETF		22,369		852,706
iShares U.S. Infrastructure ETF		10,632		361,913
TOTAL EQUITY FUNDS				68,956,243
TOTAL EXCHANGE TRADED FUNDS (Cost - $91,087,600)				104,606,197
SHORT-TERM INVESTMENTS - 4.7%
MONEY MARKET FUNDS - 4.7%
Dreyfus Government Cash Management, 1.35% (a)		4,117,311		4,117,311
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		1,145,113		1,145,113
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,262,424)				5,262,424
TOTAL INVESTMENTS - 97.7% (Cost - $96,350,024)			$	109,868,621
OTHER ASSETS LESS LIABILITIES - NET 2.3%				2,599,854
TOTAL NET ASSETS - 100.0%			$	112,468,475

	Shares/ Principal		Fair Value
VARIABLE INSURANCE TRUSTS - 75.9%
DEBT FUNDS - 19.4%
MFS High Yield Portfolio*		339,272	$	1,631,900
MFS Total Return Bond Series, Class I*		1,238,870		14,940,771
TOTAL DEBT FUNDS				16,572,671
EQUITY FUNDS - 56.5%
American Century VP Mid Cap Value, Class I		116,500		2,319,510
American Century VP Value Fund, Class I		605,944		7,016,828
MFS Growth Series*		225,220		12,612,340
MFS VIT II - International Intrinsic Value Portfolio, Class I*		196,850		5,419,280
MFS VIT II Blended Research Core Equity Portfolio, Class I*		69,083		3,889,385
MFS VIT Mid Cap Growth Series*		279,002		2,276,659
Putnam VT Growth Opportunities*		438,520		4,385,204
Putnam VT Large Cap Value Fund		403,236		10,246,232
TOTAL EQUITY FUNDS				48,165,438
TOTAL VARIABLE INSURANCE TRUSTS (Cost - $58,835,366)				64,738,109
EXCHANGE TRADED FUNDS - 16.5%
DEBT FUNDS - 4.7%
iShares 1-5 Year Investment Grade Corporate Bond ETF		48,641		2,458,803
iShares Core Total USD Bond Market ETF		33,037		1,546,792
TOTAL DEBT FUNDS				4,005,595

	Shares/ Principal		Fair Value
EQUITY FUNDS - 11.8%
iShares Core MSCI EAFE ETF		104,514	$	6,150,649
iShares Core MSCI Emerging Markets ETF		32,678		1,603,182
iShares Core S&P Small-Cap ETF		25,342		2,341,854
TOTAL EQUITY FUNDS				10,095,685
TOTAL EXCHANGE TRADED FUNDS (Cost - $14,823,356)				14,101,280
SHORT-TERM INVESTMENTS - 5.0%
MONEY MARKET FUNDS - 5.0%
Dreyfus Government Cash Management, 1.35% (a)		3,985,416		3,985,416
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 1.21% (a)		298,864		298,864
TOTAL SHORT-TERM INVESTMENTS (Cost - $4,284,280)				4,284,280
TOTAL INVESTMENTS - 97.4% (Cost - $77,943,002)			$	83,123,669
OTHER ASSETS LESS LIABILITIES - NET 2.6%				2,235,606
TOTAL NET ASSETS - 100.0%			$	85,359,275

FACTS				WHAT DOES FORETHOUGHT VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?
WHY?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?				The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ◼ Social Security number and wire transfer instructions ◼ account transactions and transaction history ◼ investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.
HOW?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Forethought Variable Insurance Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Forethought Variable Insurance Trust share information?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes – to offer our products and services to you.	No	We don't share
For joint marketing with other financial companies.	No	We don't share
For our affiliates' everyday business purposes – information about your transactions and records.	No	We don't share
For our affiliates' everyday business purposes – information about your credit worthiness.	No	We don't share
For nonaffiliates to market to you	No	We don't share

How does Forethought Variable Insurance Trust protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Forethought Variable Insurance Trust collect my personal information?				We collect your personal information, for example, when you ◼ open an account or deposit money ◼ direct us to buy securities or direct us to sell your securities ◼ seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only: ◼ sharing for affiliates' everyday business purposes – information about your creditworthiness. ◼ affiliates from using your information to market to you. ◼ sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. ◼ Forethought Variable Insurance Trust has no affiliates.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◼ Forethought Variable Insurance Trust does not share with nonaffiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◼ Forethought Variable Insurance Trust does not jointly market.

	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

	(a)(2)(1)	Not applicable.