Global Atlantic Wilshire Dynamic Moderate Allocation Portfolio
Class II shares
1-877-881-7735
www.globalatlantic.com
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 long-term capital appreciation and current income.
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 contract.
Shareholder Fees
(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)
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. As the Portfolio is new and has no shares outstanding, it does not have a portfolio turnover rate at this time.
Principal Investment Strategies: The Portfolio is a “fund of funds” that seeks to achieve its investment objectives by investing in a combination of actively managed unaffiliated equity, fixed income and alternative mutual funds (“Underlying Funds”) and unaffiliated passively managed index exchange-traded funds (“ETFs”). The Underlying Funds and ETFs, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The Underlying Funds are expected to include funds with both growth and income objectives. The Portfolio will allocate a portion of its assets to Underlying Funds utilizing alternative or nontraditional investment strategies, such as flexible income and credit opportunities strategies that invest in a broadly diversified portfolio of fixed income investments and attempt to exploit pricing anomalies throughout the global fixed income and currency markets. The Portfolio may invest in Underlying Funds and ETFs that invest, without limitation, in securities of issuers located outside the United States, including non-U.S. dollar denominated securities. As a result, the Portfolio may have exposure to foreign markets, including emerging markets.
Through its investment in Underlying Funds and ETFs, the Portfolio may also be exposed to equity securities of companies of all market capitalizations, including small-, mid-, and large-cap companies. The Portfolio may also have exposure to fixed income securities, including short-, intermediate- and long-term U.S. government securities, non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. The Portfolio, through its investment in Underlying Funds and ETFs, may gain exposure to additional instruments, including: commodities-related investments, derivatives (such as futures contracts and options), and real estate investments (such as real estate-linked derivatives, real estate investment trusts (“REITs”), and equity and fixed income securities of issuers in real estate-related industries).The Portfolio may also engage in currency hedging strategies through the use of derivatives, including, but not limited to, currency forward contracts. The Portfolio’s strategy of investing in a combination of Underlying Funds and ETFs is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.
Under normal circumstances, the Portfolio generally expects to allocate its assets among equity, fixed income and alternative Underlying Funds and ETFs according to the target allocations set forth in the table below.
The Portfolio’s sub-adviser, Wilshire Associates Incorporated (“Wilshire”) seeks to develop target allocations that provide long-term capital appreciation and current income through global exposure to a broad array of asset classes and investment strategies. Wilshire utilizes both qualitative and quantitative components to develop the target allocations. The process seeks to generate target allocations that integrate Wilshire’s macroeconomic views, strategy insights, and robust analytics to develop a portfolio that is designed to perform in a variety of market environments.
Although Wilshire selects the Portfolio’s investments, the Portfolio’s investment adviser, Global Atlantic Investment Advisors, LLC (the “Adviser”), is responsible for all trading and investment execution activities. On at least a quarterly basis, Wilshire will direct the Adviser to trade the Portfolio to align with target Underlying Fund and ETF allocations. The target allocations are subject to change through dynamic tilts (a percentage overweight or underweight relative to long-term strategic asset allocation targets) that emphasize asset classes and strategies that appear attractive and undervalued and de-emphasize asset classes and strategies that appear less attractive. Under normal conditions, dynamic tilts are reflected in Wilshire’s quarterly target allocations, but Wilshire will make ad-hoc changes intra-quarter if its dynamic views deem them appropriate. The basis for such dynamic tilts is developed in Wilshire’s Investment Strategy Committee, which is comprised of senior investment professionals across Wilshire’s portfolio management and manager research groups. The Adviser is responsible for rebalancing the Portfolio as frequently as daily based on, among other things, Wilshire’s investment selections and target allocations and market price movements of individual investments, cash flows into and out of the Portfolio and transaction costs.
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.
Performance: Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to contract holders semi-annually. Updated performance information will be available at no cost by calling the Portfolio toll-free at 1-877-881-7735.
Management: The Portfolio’s investment adviser is Global Atlantic Investment Advisors, LLC. The Portfolio’s sub-adviser is Wilshire Associates Incorporated.
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 a 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.
Payments 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.