Global Atlantic Select Advisor Managed
(formerly FVIT Select Advisor Managed
Class II shares
Summary Prospectus April 29, 2016
Before you invest, you may want to review the
Portfolio’s prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s prospectus
and Statement of Additional Information, both dated April 29, 2016, are incorporated by reference into this Summary Prospectus.
You can obtain these documents and other information about the Portfolio online at www.geminifund.com/GlobalAtlanticDocuments.
You can also obtain these documents at no cost by calling 1-877-881-7735 or by sending an email request to orderGlobalAtlantic@thegeminicompanies.com.
Investment Objectives: The Portfolio
seeks to provide capital appreciation and income while seeking to manage volatility.
Fees and Expenses of the Portfolio: This
table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do
not include any fees or sales charges imposed by your variable annuity contract. If they were included, your costs would be higher.
Please refer to your variable annuity prospectus for information on the separate account fees and expenses associated with your
(fees paid directly from your investment)
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value
of your investment)
The Portfolio’s adviser has
contractually agreed, until at least April 30, 2017, to waive 0.54% of its advisory fee. This waiver is not subject to recoupment
by the adviser. The waiver may be terminated only by the Portfolio's Board of Trustees, on 60 days’ written notice to the
Example: This Example is intended
to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000
in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. You would pay the
same expenses if you did not redeem your shares. However, each variable annuity contract and separate account involves fees and
expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would
be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses
remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
Portfolio Turnover: The Portfolio
pays transaction costs, such as commissions, when it buys and sells securities or instruments (or "turns over" its portfolio).
These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance.
A higher portfolio turnover rate may indicate higher transaction costs. During the most recent fiscal year ended December 31,
2015, the Portfolio’s portfolio turnover rate was 21% of the average value of its portfolio.
Principal Investment Strategies: Global
Atlantic Investment Advisors, LLC (“Adviser”) allocates a portion of the Portfolio to a Capital Appreciation and Income
Component and a portion to a Managed Risk Component. The Capital Appreciation and Income Component uses a “fund of funds”
strategy, which seeks to achieve its objective by investing in a combination of several unaffiliated mutual funds and unaffiliated
exchange-traded funds (“ETFs”), which include but are not limited to funds of American Century Investments Variable
Portfolios, Inc., American Century Variable Portfolios II, Inc., AIM Variable Insurance Funds (offered by Invesco), Putnam Variable
Trust, MFS® Variable Insurance Trust and MFS® Variable Insurance Trust II (collectively, the “Underlying
Funds”) offered by different prospectuses. This strategy of investing in a combination of Underlying Funds is intended to
result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.
The Managed Risk Component is managed pursuant to a strategy that seeks to manage portfolio volatility and provide downside risk
The Adviser seeks to achieve the Portfolio’s
investment objective by allocating, under normal circumstances, at least 80% of the Portfolio’s net assets, plus any borrowings
for investment purposes, to the Capital Appreciation and Income Component and up to 20% of the Portfolio’s net assets to
the Managed Risk Component. The Adviser expects to further allocate approximately 75% of the Portfolio’s Capital Appreciation
and Income Component to Underlying Funds that hold primarily equity securities and 25% to Underlying Funds that hold primarily
fixed income securities. The Adviser may modify the target allocations from time to time. The mix of Underlying Funds will vary
with market conditions and the investment adviser’s assessment of the Underlying Funds’ relative attractiveness as
investment opportunities. The Underlying Funds may invest up to 20% of net assets in unaffiliated ETFs. Modifications in the allocations
to the Underlying Funds are based on techniques that may include technical, qualitative, quantitative and momentum analysis of
the market. The Portfolio will include, but is not limited to, Underlying Funds that also employ an active investment style.
The Underlying Funds’ investments will
focus on investments in medium to large capitalization companies; however, its investments are not limited to a particular capitalization
size. As a result of its investments in the Underlying Funds, the Portfolio indirectly invests principally in U.S. and non-U.S.
equity and fixed income securities and derivatives. In addition, the Underlying Funds may invest in debt assets in lower quality
debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the
Underlying Funds’ adviser or unrated but determined to be of equivalent quality by the Underlying Funds’ adviser).
Such securities are sometimes referred to as “junk bonds.”
In the Managed Risk Component, the Portfolio's
Adviser seeks to manage return volatility by employing a sub-adviser, Milliman Financial Risk Management LLC (“Milliman”),
to execute a managed risk strategy, which consists of using hedge instruments to reduce the downside risk of the Portfolio's securities.
The sub-adviser may use hedge instruments to accomplish this goal, which may include: equity futures contracts, treasury futures
contracts, currency futures contracts, and other hedge instruments judged by the sub-adviser to be necessary to achieve the goals
of the managed risk strategy. The sub-adviser may also buy or sell hedge instruments based on one or more market indices in an
attempt to maintain the Portfolio’s volatility at the targeted level in an environment in which the sub-adviser expects market
volatility to decrease or increase, respectively. The sub-adviser selects individual hedge instruments that it believes will have
prices that are highly correlated to the Portfolio's positions. The sub-adviser adjusts hedge instruments to manage overall net
Portfolio risk exposure, in an attempt to stabilize the volatility of the Portfolio around a predetermined target level and reduce
the potential for portfolio losses during periods of significant and sustained market decline. The sub-adviser seeks to monitor
and forecast volatility in the markets using a proprietary model, and adjust the Portfolio’s hedge instruments accordingly.
In addition, the sub-adviser will monitor liquidity levels of relevant hedge instruments and transparency provided by exchanges
or the counterparties in hedging transactions. The sub-adviser adjusts futures positions to manage overall net Portfolio risk exposure.
The sub-adviser may, during periods of rising security prices, implement strategies to preserve gains on the Portfolio’s
positions. The sub-adviser may, during periods of falling security prices, implement additional strategies to reduce losses in
adverse market conditions. In these situations, the sub-adviser’s activity could significantly reduce the Portfolio’s
net economic exposure to equity securities. Following market declines, a downside rebalancing strategy will be used to decrease
the amount of hedge instruments used to hedge the Portfolio. The sub-adviser also adjusts hedge instruments to realign individual
hedges when the Adviser rebalances the Portfolio's asset allocation profile.
Depending on market conditions, scenarios may
occur where the Portfolio has no positions in any hedge instruments.
The Portfolio is non-diversified, which allows
it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the Underlying
Funds, the Portfolio owns a diversified mix of equity and fixed-income securities.
Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio's
net asset value and performance. The following is a summary description of principal risks of investing in the Portfolio.
Because the Portfolio’s investments
include shares of the ETFs, the Portfolio’s risks include the risks of each ETF. For this reason, the risks associated with
investing in the Portfolio include the risks of investing in each ETF. The ETFs in which the Portfolio invests will not be able
to replicate exactly the performance of the indices they track.
Performance: The bar chart and performance
table below show the variability of the Portfolio's returns, which is some indication of the risks of investing in the Portfolio.
The bar chart shows performance of the Portfolio’s Class II shares for each full calendar year since the Portfolio's inception
as compared with the returns of an index that measures broad market performance. You should be aware that the Portfolio's past
performance may not be an indication of how the Portfolio will perform in the future. Updated performance information is available
at no cost by calling the Portfolio toll-free at 1-877-881-7735.
Class II Annual Total Return by Calendar
Average Annual Total Returns
(For periods ended December 31, 2015)
S&P Target Risk Moderate Index (Total Return)
(reflects no deduction for fees, expenses or taxes) (1)
Management: The Portfolio’s investment
adviser is Global Atlantic Investment Advisors, LLC. The Portfolio’s sub-adviser is Milliman Financial Risk Management, LLC
Purchase and Sale of Portfolio Shares: Shares
of the Portfolio are intended to be sold to certain separate accounts of Forethought Life Insurance Company. You and other purchasers
of variable annuity contracts will not own shares of the Portfolio directly. Rather, all shares will be held by the separate account
for your benefit and the benefit of other purchasers. You may purchase and redeem shares of the Portfolio on any day that the New
York Stock Exchange is open, or as permitted under your variable annuity contract.
Tax Information: It is the Portfolio's
intention to distribute income and gains to the separate accounts. Generally, owners of variable annuity contracts are not taxed
currently on income or gains realized by the separate accounts with respect to such contracts. However, some distributions from
such contracts may be taxable at ordinary income tax rates. In addition, distributions made to a contract owner who is younger
than 59 1/2 may be subject to a 10% penalty tax. Investors should ask their own tax advisors for more information on their own
tax situation, including possible state or local taxes. Please refer to your variable annuity contract prospectus for additional
information on taxes.
to Other Financial Intermediaries: The Portfolio or the Adviser may pay Forethought Life Insurance Company (“FLIC”)
for the sale of Portfolio shares and/or other services. These payments may create a conflict of interest by influencing FLIC and
your salesperson to recommend a variable contract and the Portfolio over another investment. Ask your salesperson or visit your
financial intermediary’s website for more information.