Semi-Annual Report for the GPS Funds I

N-CSRS 1 d55259dncsrs.htm SEMI-ANNUAL REPORT FOR THE GPS FUNDS I Semi-Annual Report for the GPS Funds I

As filed with the Securities and Exchange Commission on 12/01/2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Name and address of agent for service)

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2016

Date of reporting period: April 1, 2015 through September 30, 2015

Item 1. Reports to Stockholders.

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

SEMI-ANNUAL REPORT

September 30, 2015

GUIDEMARK^® LARGE CAP CORE FUND (formerly, GUIDEMARK^® LARGE CAP GROWTH FUND)

GUIDEMARK^® EMERGING MARKETS FUND (formerly, GUIDEMARK^® LARGE CAP VALUE FUND)

GUIDEMARK^® SMALL/MID CAP CORE FUND

GUIDEMARK^® WORLD EX-US FUND

GUIDEMARK^® OPPORTUNISTIC EQUITY FUND

GUIDEMARK^® GLOBAL REAL RETURN FUND

GUIDEMARK^® CORE FIXED INCOME FUND

GUIDEMARK^® TAX-EXEMPT FIXED INCOME FUND

GUIDEMARK^® OPPORTUNISTIC FIXED INCOME FUND

GUIDEPATH^® STRATEGIC ASSET ALLOCATION FUND

GUIDEPATH^® TACTICAL CONSTRAINED^® ASSET ALLOCATION FUND

GUIDEPATH^® TACTICAL UNCONSTRAINED^® ASSET ALLOCATION FUND

GUIDEPATH^® ABSOLUTE RETURN ASSET ALLOCATION FUND

GUIDEPATH^® MULTI-ASSET INCOME ASSET ALLOCATION FUND

GUIDEPATH^® FIXED INCOME ALLOCATION FUND

GUIDEPATH^® ALTEGRIS^® DIVERSIFIED ALTERNATIVES ALLOCATION FUND

November 25, 2015

Dear Shareholder:

Enclosed is the Semi-Annual Report for the GuideMark^® and GuidePath^® Funds covering the period from April 1, 2015 to September 30, 2015.

Market Review

Uncertainty and volatility returned to the markets during the summer of 2015 causing investors to seek safer havens. For the six-month period ended September 30, 2015, US stocks fell 6.2%, while international developed and emerging market stocks fell 9.4% and 17.1% respectively.¹

China was the first to experience a spike in volatility, as the slowing construction boom and lower demand for commodities raised concerns about China’s ability to bolster global economic growth. Volatility also peaked in Europe with headlines on Greece regarding its debt woes and potential exit from the eurozone serving as the catalyst. In an effort to strengthen its market, the Chinese government devalued its currency in August of 2015, causing a decline in the global stock markets.

As the second largest economy in the world China contributes approximately 15% to global gross domestic product (GDP) and consumes over 50% of the world’s production of industrial metals.² With many countries exporting their goods to China, especially those in the Asia-Pacific region, any drop in China’s demand for materials can significantly impact other countries’ economies. The Commodities and Natural Resources sectors were hit particularly hard by the slowdown in China, and returned -10.5% and -22.4%, respectively, for the six-month period ending September 30, 2015.³

With fear gripping the markets, investors turned defensive and shifted to government bonds in the third quarter, especially US Treasuries, which saw yields fall with the increased demand. But it wasn’t all smooth sailing in the bond market, as volatility was spurred by uncertainty surrounding whether the Federal Reserve (the Fed) would raise interest rates.

The US bond market returned -0.5% for the six-month period ending September 30, 2015.⁴ Mortgage-backed securities and Treasuries performed strongest, showing positive returns, while the credit or publically-issued debt markets declined 2.4% for the period.⁵ International bond markets returned -0.2% for the period, slowed by a drop in the emerging market bond markets during the third quarter, which were weighed down by sluggish economic growth and currency depreciation.⁶

GuideMark^® and GuidePath^® Fund Review

The GuideMark^® Large Cap Growth, GuideMark^® Large Cap Value and GuideMark^® World ex-US Funds outperformed their benchmarks over the relevant period due to their emphasis on slower, high-quality growth companies which buoyed the Funds amid market uncertainty.⁷ In contrast, the exposure to higher-growth companies, including some smaller cap stocks, hindered the performance of the GuideMark^® Small / Mid Cap Core and GuideMark^® Opportunistic Equity Funds. The GuideMark^® Tax-Exempt Fixed Income, GuideMark^® Core Fixed Income and GuideMark^® Opportunistic Fixed Income Funds maintained a lower exposure to Treasuries in favor of credit, which detracted from returns for all three Funds. A continued overweight exposure to global natural resources was the major driver of poor returns in the GuideMark^® Global Real Return Fund.⁸

The GuidePath^® Funds saw mixed performance due to elevated market uncertainty over the relevant period. While most Funds held a lower exposure to equities, biases towards international markets, including sizeable exposure to emerging markets, impeded returns. The GuidePath^® Absolute Return Asset Allocation Fund’s sensitivity to stocks was a driver of weaker returns relative to cash, as stocks declined and volatility increased during the period. In the GuidePath^® Fixed Income Allocation Fund, emphasis on credit, including high yield or lower-rated bond exposure, led to sluggish returns when compared to the Fund’s benchmark, the Barclays US Aggregate Bond Index. The GuidePath^® Altegris^® Diversified Alternatives Allocation Fund benefited from exposure to managed futures which tend to exhibit less correlation and positive returns during stock market declines. However, the strategy faced headwinds from the emphasis on credit within its underlying fixed income long/short strategy.

Looking Ahead

Market uncertainty and volatility is part of a normal, functioning market. After four years, the S&P 500^® Index corrected by over 10% between May and August, reminding us that markets can shift quickly. Since 1990, the average intra-year decline on the S&P 500 was 13.2%, while the average full-year return was 8.9%.⁹ With the continued uncertainty around global growth and central bank actions, we will likely see continued market volatility. However, volatility can provide investment opportunities, especially as we see growing gaps in valuations that can highlight areas of interest across the global stock and bond markets.

Returns for: US stocks are represented by the S&P 500^® Index, international developed stocks are represented by the MSCI EAFE Index and emerging market stocks are represented by the MSCI Emerging Markets Index. Source: Morningstar, Inc., as of September 30, 2015.

Source: J.P. Morgan Asset Management. Guide to the Markets^®. 4Q 2015.

Commodity sector returns are represented by the Bloomberg Commodity Index. Natural Resources sector returns are represented by S&P Global Natural Resources Index. Source: Morningstar Inc., as of September 30, 2015.

⁴

US bond market returns are represented by the Barclays US Aggregate Bond Index. Source: Morningstar, Inc., as of September 30, 2015.

⁵

Credit market returns are represented by the Barclays US Credit Index. Source: Morningstar, Inc., as of September 30, 2015.

⁶

International bond returns are represented by the Barclays Capital Global Aggregate ex-US Index. Source: Morningstar, Inc., as of September 30, 2015.

⁷

Effective October 9, 2015, the GuideMark^® Large Cap Growth Fund was renamed the GuideMark^® Large Cap Core Fund and the GuideMark^® Large Cap Value Fund was renamed the GuideMark^® Emerging Markets Fund.

⁸

The GuideMark^® Global Real Return Fund (the “Fund”) has been liquidated and terminated and shares of the Fund are no longer available for purchase or exchange.

⁹

Source: J.P. Morgan Asset Management. Guide to the Markets^®. 4Q 2015.

At the beginning of October, we restructured four of our equity funds to provide better building blocks for client portfolios. This included a change in subadvisor to Goldman Sachs Asset Management (GSAM). GSAM’s investment approach is designed to control portfolio tracking error, provide a more consistent investment experience and improve risk-adjusted returns.

Please contact your financial advisor to discuss any questions about your investment strategy or changes in your financial goals. We thank you for including the Funds in your portfolio and appreciate the trust you have placed in us.

Sincerely,

LOGO

Carrie E. Hansen

Trustee, Chairperson and President of the Funds

Important Information

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. Altegris Advisors, LLC is an affiliate of AssetMark. AssetMark Brokerage^™, LLC, a member of the Financial Industry Regulatory Authority, is an affiliate of AssetMark, Inc. and shares its address. ^©2015 AssetMark, Inc. All rights reserved.

Mutual funds are sold by prospectus. The prospectus contains information on the investment objectives, risk factors, fees and charges as well as other important information about the product and investment company that should be carefully read and considered before investing. You can obtain a prospectus by contacting your registered representative.

The AssetMark platform provides fee-based investment advisory programs. For more complete information about the various investment solutions available and the fees associated with them, please refer to the Disclosure Brochure.

Investment Terms

Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced by a country in a given year. GDP is a common method for measuring the size and activity of a country’s economy.

Mortgage-backed security (MBS) is an asset-backed security whose cash flows are secured by a mortgage or collection of mortgages.

Tracking error is a divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark.

Valuation is the process of determining the value of an asset or company.

Volatility is a statistical measure of the dispersion of returns for a given security or market index.

Index Definitions

Barclays Capital Credit Index (formerly Barclays Capital Corporate Index) is composed of all publicly issued, fixed-rate, nonconvertible, and investment-grade corporate debt. Issues are rated at least Baa by Moody’s Investors Service or BBB by Standard & Poor’s, if unrated by Moody’s. Collateralized Mortgage Obligations (CMOs) are not included. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

Barclays Capital Global Aggregate ex-US Bond Index is designed to be a broad-based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States.

Barclays US Aggregate Bond Index is a broad-based index that measures the investment-grade, US dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities. All securities contained in the Barclays US Aggregate Bond Index have a minimum term to maturity of one year.

Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that is representative of 20 commodities and comprised of 22 exchange-traded futures on physical commodities.

MSCI EAFE (Europe, Australasia, Far East) Index measures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.

MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets.

S&P 500^® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the US economy, capturing approximately 75% coverage of US equities.

S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses across three primary commodity-related sectors: agribusiness, energy, and metals & mining that meet specific investability requirements.

FX 2015-1111-0354/E

GuideMark^® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2005. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 1000^® GROWTH INDEX – The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth rates.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® Large Cap Core Fund
Service Shares		2.81	%		11.88	%		5.09	%		3.25	%
Institutional Shares		3.40	%		N/A			N/A			8.85	%
Russell 1000^® Growth Index		3.17	%		14.47	%		8.09	%		5.18	%⁽²⁾

⁽¹⁾

Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Russell 1000^® Growth Index is from the inception date of the Service Shares. The Russell 1000^® Growth Index return from the inception date of the Institutional Shares is 11.28%.

GuideMark^® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -3.90%, outperforming the Russell 1000^® Growth Index at -5.18%.

•

Favorable security selection and sector allocation, which is the result of bottom-up stock selection contributed to the relative return for the period. Exposure to higher quality stocks was additive in the latter part of the period as volatility spiked up in August.

•

Security selection in the consumer discretionary, financials, industrials, and health care sectors contributed to the relative return. Auto retailers, Advance Auto Parts, surged higher as consumers are expected to spend more on auto parts as cars age.

•

Although an underweight to the materials, industrials and energy sectors benefited returns, an underweight to the consumer staples sector dampened absolute returns. Consumer Staples stocks rallied as investors sought more defensive sectors.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Apple, Inc.		5.90
	2	Google, Inc. – Class C		4.32
	3	Amazon.com, Inc.		3.16
	4	Oracle Corp.		3.07
	5	Microsoft Corp.		2.91
	6	Home Depot, Inc.		2.88
	7	Facebook, Inc. – Class A		2.67
	8	Gilead Sciences, Inc.		2.16
	9	Visa, Inc. – Class A		2.06
	10	Comcast Corp. – Class A		1.81

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P, and has been licensed for use by U.S. Bancorp Fund Services, LLC.

GuideMark^® Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

RUSSELL 1000^® VALUE INDEX – The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® Emerging Markets Fund
Service Shares		-2.06	%		11.31	%		3.38	%		3.75	%
Institutional Shares		-1.39	%		N/A			N/A			9.09	%
Russell 1000^® Value Index		-4.42	%		12.29	%		5.71	%		5.87	%⁽²⁾

⁽¹⁾

Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Russell 1000^® Value Index is from the inception date of the Service Shares. The Russell 1000^® Value Index return from the inception date of the Institutional Shares is 9.23%.

GuideMark^® Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -7.16%, outperforming the Russell 1000^® Value Index at -8.30%.

•

Security selection was a significant contributor to the relative return. Sector positioning, which is the result of bottom-up security selection, was also modestly positive for the period.

•

Security selection within the consumer discretionary sector was additive to returns. Holding cruiseliners, Royal Caribbean Cruises, Carnival, and Norwegian Cruise Line, was beneficial as they posted double-digit gains.

•

Underweight exposure to the energy sector contributed to the relative returns but within energy, exposure to Fairmount Santrol, a supplier of hydraulic fracking, dampened returns. Lower oil prices with the demand/supply imbalance continued to create a headwind for energy related stocks.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Citigroup, Inc.		2.47
	2	JPMorgan Chase & Co.		2.22
	3	Capital One Financial Corp.		2.19
	4	Wells Fargo & Co.		2.19
	5	Carnival Corp. – ADR		2.12
	6	Altria Group, Inc.		2.09
	7	Bank of America Corp.		2.06
	8	Medtronic Plc		1.97
	9	Reynolds American, Inc.		1.96
	10	NVR, Inc.		1.94

GuideMark^® Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

RUSSELL 2500^TM INDEX – The Russell 2500^TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500^TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® Small/Mid Cap Core Fund
Service Shares		0.25	%		12.05	%		5.47	%		6.62	%
Institutional Shares		0.93	%		N/A			N/A			8.10	%
Russell 2500^TM Index		0.38	%		12.69	%		7.40	%		7.99	%⁽²⁾

⁽¹⁾

Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Russell 2500^TM Index is from the inception date of the Service Shares. The Russell 2500^TM Index return from the inception date of the Institutional Shares is 8.17%.

GuideMark^® Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -11.03%, underperforming the Russell 2500^TM Index at -10.60%.

•

Sector allocation, which is the result of bottom-up security selection, was a primary contributor for the relative weakness over the period. Security selection was more mixed.

•

Overweight exposure to commodities related sectors, materials and energy, detracted from returns. Lower oil prices largely due to oversupply was a headwind for energy related stocks while fears of a global slowdown created a challenge for materials related stocks.

•

Security selection hurt in select sectors like technology, but was beneficial in others like consumer discretionary, financials and materials. Within the consumer discretionary sector, exposure to Wayfair, an online furniture retailer, was additive to returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Assured Guaranty Ltd.		1.42
	2	Clean Harbors, Inc.		1.34
	3	XL Group Plc		1.21
	4	United Community Banks, Inc.		1.20
	5	Argo Group International Holdings Ltd.		1.13
	6	Federal Realty Investment Trust		1.13
	7	Douglas Emmett, Inc.		1.10
	8	iShares Russell 2000 Index Fund		1.06
	9	Signet Jewelers Ltd.		1.03
	10	Graphic Packaging Holding Co.		1.00

GuideMark^® World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

MSCI ALL COUNTRY WORLD EX-US INDEX – The MSCI All Country World ex-US Index measures the equity market performance of developed and emerging markets excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Columbia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Phillippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® World ex-US Fund
Service Shares		-10.39	%		1.00	%		-0.47	%		1.74	%
Institutional Shares		-9.77	%		N/A			N/A			-1.11	%
MSCI All Country World ex-US Index		-11.78	%		2.27	%		3.49	%		5.51	%⁽²⁾

⁽¹⁾

Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the MSCI All Country World ex-US Index is from the inception date of the Service Shares. The MSCI All Country World ex-US Index return from the inception date of the Institutional Shares is -0.91%.

GuideMark^® World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -10.69%, outperforming the MSCI ACWI ex-US Index at -11.46%.

•

Security selection in multiple sectors was a primary driver of the relative returns for the period. Currency movements negatively impacted returns as the portfolio does not hedge currency exposure.

•

Underweight exposure to banking and financial services providers including Banco Santander and Hong Kong Exchanges & Clearing was additive to returns particularly in the second half of the period. Santander reported disappointing earnings while Hong Kong Exchanges & Clearing fell under pressure due to its exposure to China.

•

While security selection was generally additive to returns, exposure to Volkswagen detracted from returns. Its share price fell following its admittance of false emission testing results.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Novartis AG		1.65
	2	Nestle SA		1.37
	3	Toyota Motor Corp.		1.19
	4	Total SA		1.11
	5	Sanofi-Aventis SA		1.08
	6	Mitsubishi UFJ Financial Group, Inc.		0.96
	7	Vodafone Group Plc		0.95
	8	Imperial Tobacco Group Plc		0.89
	9	Anheuser-Busch InBev SA		0.89
	10	Royal Dutch Shell Plc – Class A		0.86

GuideMark^® Opportunistic Equity Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on April 1, 2011. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 3000^® INDEX – The Russell 3000^® Index is an unmanaged index which measures the performance of the 3,000 largest U.S. Companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuideMark^® Opportunistic Equity Fund
Service Shares		-0.38	%		8.57	%
Institutional Shares		0.15	%		8.82	%
Russell 3000^® Index		-0.49	%		10.44	%⁽²⁾

⁽¹⁾

Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Russell 3000^® Index is from the inception date of the Service Shares. The Russell 3000^® Index return from the inception date of the Institutional Shares is 10.03%.

GuideMark^® Opportunistic Equity Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -9.10%, underperforming the Russell 3000^® Index at -7.12%.

•

Security selection within the consumer discretionary and health care sectors were the largest detractors to relative returns over the period.

•

Within the consumer discretionary sector, exposure to Whirlpool was a detractor as the company sold off amid concerns it would be negatively impacted by a slowdown in global growth. Within the health care sector, Jazz Pharmaceuticals declined sharply following downward revision in earnings.

•

Underweight exposure to the energy sector was additive to returns as the sector continued to face challenges from lower oil prices.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Apple, Inc.		3.49
	2	Twenty-First Century Fox, Inc. – Class B		2.54
	3	Willis Group Holdings Plc		2.44
	4	Google, Inc. – Class A		2.40
	5	Whirlpool Corp.		2.26
	6	Jarden Corp.		2.22
	7	Hub Group, Inc. – Class A		2.02
	8	Valeant Pharmaceuticals International, Inc.		1.92
	9	Microsoft Corp.		1.92
	10	Franklin Resources, Inc.		1.80

GuideMark^® Global Real Return Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

BARCLAYS U.S. TIPS INDEX – The Barclays U.S. TIPS Index includes all publicly-issued, U.S. Treasury inflation protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

GLOBAL REAL RETURN BLENDED INDEX – The Global Real Return Blended Index is a weighted combination of 20% of the total return from the Bloomberg Commodity Index, 35% of the total return from the S&P Global Natural Resources Index, 15% of the total return from the Dow Jones Global Select RESI Index and 30% of the total return from the Barclays Global Inflation Linked Bond Index. Returns are weighted on a 20/35/15/30 basis for each historical month and then the longer-term returns are geometrically combined from these historical monthly returns to create aggregate returns (1-year, 3-years, 5-years, etc.) for the Global Real Return Blended Index.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuideMark^® Global Real Return Fund
Service Shares		-19.28	%		-6.40	%
Institutional Shares		-18.87	%		-6.62	%
Barclays U.S. TIPS Index		-0.83	%		2.43	%⁽²⁾
Global Real Return Blended Index		-16.68	%		-2.98	%⁽³⁾

⁽¹⁾

Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Barclays U.S. TIPS Index is from the inception date of the Service Shares. The Barclays U.S. TIPS Index return from the inception date of the Institutional Shares is 1.98%.

⁽³⁾	The return shown for the Global Real Return Blended Index is from the inception date of the Service Shares. The Global Real Return Blended Index return from the inception date of the Institutional Shares is (3.67)%.

GuideMark^® Global Real Return Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -12.99%, underperforming both the Barclays U.S. TIPS Index at -2.20% and the Blended Index at -11.46%, respectively.

•

An overweight allocation to global natural resources combined with an underweight allocation to TIPS contributed to the weak returns against both indices.

•

A tactical bias to natural resources was a large driver of the negative returns. Lower oil prices due to the supply/demand imbalance and fears of a hard landing in China created a significant challenge for global natural resources.

•

TIPS were the strongest performing real asset due to the uncertainty concerning global growth leading to a flight to quality in the second half of the period.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR S&P Global Natural Resources ETF		23.59
	2	SPDR Barclays TIPS ETF		18.19
	3	PowerShares DB Commodity Index Tracking Fund		15.50
	4	SPDR Dow Jones International Real Estate ETF		9.00
	5	SPDR Dow Jones REIT ETF		8.98
	6	SPDR DB International Government Inflation-Protected Bond ETF		6.46
	7	Energy Select Sector SPDR Fund		4.47
	8	PowerShares Global Agriculture Portfolio		2.87
	9	SPDR S&P International Energy Sector ETF		2.03
	10	SPDR S&P Metals and Mining ETF		0.41

GuideMark^® Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

BARCLAYS U.S. AGGREGATE BOND INDEX – The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® Core Fixed Income Fund
Service Shares		1.84	%		2.24	%		3.68	%		4.16	%
Institutional Shares		2.43	%		N/A			N/A			2.97	%
Barclays U.S. Aggregate Bond Index		2.94	%		3.10	%		4.64	%		5.01	%⁽²⁾

⁽¹⁾

Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 3.42%.

GuideMark^® Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -1.19%, underperforming the Barclays U.S. Aggregate Bond Index at -0.47%.

•

An underweight exposure to long Treasury Bonds detracted from returns. The longer end of the yield curve continued to perform well as rates remained range bound and the Fed held steadfast to its current rate policy.

•

A bias to investment grade corporate credit also detracted from returns during the period. Higher volatility in the market led investors to favor Treasury bonds relative to investment grade corporate.

•

Underweight to agency MBS pass-through and exposure to ABS contributed modestly to returns, but it was not enough to offset the negative impact from the overweight to investment grade corporate.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	U.S. Treasury Bond, 3.125%, 11/15/2041		2.94
	2	U.S. Treasury Note, 2.000%, 02/15/2022		2.38
	3	U.S. Treasury Note, 2.375%, 08/15/2024		1.93
	4	Federal National Mortgage Association, Pool # TBA, 3.500%, 10/01/2040		1.93
	5	U.S. Treasury Note, 2.000%, 11/15/2021		1.60
	6	U.S. Treasury Bond, 0.375%, 07/15/2025		1.34
	7	Federal Home Loan Mortgage Corp., Pool # TBA, 3.500%, 10/15/2042		1.19
	8	Federal National Mortgage Association, Pool # AL6270, 3.500%, 10/01/2034		1.13
	9	Federal Home Loan Mortgage Corp., Pool # U8-9032, 3.000%, 07/01/2033		1.10
	10	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-A4, 5.540%, 09/11/2041		0.97

GuideMark^® Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

BARCLAYS MUNICIPAL BOND INDEX – The Barclays Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark^® Tax-Exempt Fixed Income Fund		2.55	%		3.21	%		3.53	%		3.64	%
Barclays Municipal Bond Index		3.16	%		4.14	%		4.64	%		4.95	%

⁽¹⁾

Inception date is 6/29/01.

GuideMark^® Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned 0.27%, underperforming the Barclays Municipal Bond Index at 0.75%.

•

A lower duration resulting from an underweight exposure to the longest end of maturity range detracted from returns. Long bonds rallied over the period as rates remained low.

•

Security selection within the short to intermediate end of the maturity range (4-8 years) and selection within the BBB/Baa credits detracted from returns.

•

Although security selection was mixed during the period, gains continued to be generated from security selection within below-investment grade.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	California, GO, 6.500%, 04/01/2033		2.01
	2	Wisconsin, Series A, Refunding, Revenue Bond, 6.000%, 05/01/2033		1.95
	3	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029		1.92
	4	Henry County Public Service Authority Water & Sewer, Refunding, Revenue Bond, AGM Insured, 5.500%, 11/15/2019		1.90
	5	New York City, GO, 5.375%, 04/01/2036		1.71
	6	Louisiana Citizens Property, Revenue Bond, AGM Insured, 6.750%, 06/01/2026		1.54
	7	Massachusetts Health & Educational Facilities Auhority, Series A, Refunding, Revenue Bond, 5.500%, 11/15/2036		1.51
	8	Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027		1.50
	9	Regional Transportation District, Revenue Bond, 6.000%, 01/15/2026		1.34
	10	North Texas Tollway Authority, Series E, Prerefunded, Revenue Bond, 5.750%, 01/01/2038		1.32

GuideMark^® Opportunistic Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

BARCLAYS MULTIVERSE INDEX – The Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuideMark^® Opportunistic Fixed Income Fund
Service Shares		-4.69	%		1.25	%
Institutional Shares		-4.19	%		1.65	%
Barclays Multiverse Index		-3.56	%		1.12	%⁽²⁾

⁽¹⁾

Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾	The return shown for the Barclays Multiverse Index is from the inception date of the Service Shares. The Barclays Multiverse Index return from the inception date of the Institutional Shares is 0.36%.

GuideMark^® Opportunistic Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -3.70%, underperforming the Barclays Multiverse Index at -0.55%.

•

An emphasis towards credit and currencies detracted from returns. Concerns of a slowdown in global growth, particularly in China, and prolonged war within Syria, created a flight to quality and out of risk assets.

•

A short duration positioning resulting from a pronounced underweight to the U.S. Treasury and an overweight allocation to a select basket of emerging markets currencies hurt returns.

•

Exposure to sovereign bonds and mortgage backed securities proved beneficial over the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Korea Monetary Stabilization Bond, 2.900%, 12/02/2015		2.52
	2	Singapore Government Bond, 1.125%, 04/01/2016		2.21
	3	U.S. Treasury Bond, 04/15/2020, 0.125%		1.36
	4	Portugal Government International Bond, 5.125%, 10/15/2024		1.24
	5	Federal National Mortgage Association, Pool # 2011-131, 4.500%, 12/25/2041		1.21
	6	Federal Home Loan Mortgage Corp., Pool #4097, 3.500%, 08/15/2042		1.19
	7	Korea Treasury Bond, 2.750%, 12/10/2015		1.18
	8	Federal National Mortgage Association, Pool # 1200, 3.000%, 10/01/2032		1.18
	9	Federal Home Loan Mortgage Corp., Pool # 284, 3.000%, 10/15/2042		1.10
	10	Federal Home Loan Mortgage Corp., Pool # T60853, 3.500%, 09/01/2042		1.06

GuidePath^® Strategic Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

MSCI ALL COUNTRY WORLD INDEX – The MSCI All Country World Index measures the equity market performance of developed and emerging markets. The MSCI consists of 46 country indices comprising 23 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Strategic Asset Allocation Fund
Service Shares		-6.15	%		2.82	%
Institutional Shares		-5.59	%		5.65	%
MSCI All Country World Index		-6.16	%		4.32	%⁽²⁾

⁽¹⁾

Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	The return shown for the MSCI All Country World Index is annualized from the inception date of the Service Shares. The MSCI All Country World Index cumulative return from the inception date of the Institutional Shares is 7.12%.

GuidePath^® Strategic Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -9.38% trailing the MSCI ACWI Index at -8.87%.

•

Returns were hindered by exposure to natural resources and commodities as prices fell during the third quarter on fears of a global slowdown, particularly exacerbated by China.

•

Security selection and sector allocation within the actively managed funds of domestic large cap and international equity benefited returns.

•

Exposure to alternative investments proved beneficial during the period as they specifically benefited from the fall in commodities in the third quarter.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	GuideMark^® World ex-US Fund – Institutional Shares		18.20
	2	Vanguard FTSE All-World ex-US Fund		17.46
	3	SPDR S&P 500 ETF Trust		14.47
	4	GuideMark^® Small/Mid Cap Core Fund – Institutional Shares		9.16
	5	GuideMark^® Emerging Markets Fund – Institutional Shares		7.68
	6	GuideMark^® Large Cap Core Fund – Institutional Shares		7.46
	7	GuideMark^® Opportunistic Equity Fund – Institutional Shares		5.35
	8	GuideMark^® Global Real Return Fund – Institutional Shares		3.87
	9	SPDR S&P 600 Small Cap Growth ETF		2.25
	10	Altegris^® Multi-Strategy Alternatives Fund – Institutional Shares		2.15

GuidePath^® Tactical Constrained^® Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

TACTICAL CONSTRAINED BLENDED INDEX – The Tactical Constrained Blended Index is a weighted combination of 75% of the total return from the MSCI All Country World Index with 25% of the total return from the BofA Merrill Lynch Global Broad Market Index. Returns are weighted on a 75/25 basis for each historical month and then the longer-term returns are geometrically combined from these historical monthly returns to create aggregate returns (1-year, 3-years, 5-years, etc.) for the Tactical Constrained Blended Benchmark Index


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Tactical Constrained^® Asset Allocation Fund
Service Shares		-3.86	%		3.20	%
Institutional Shares		-3.23	%		5.06	%
MSCI All Country World Index		-6.16	%		4.32	%⁽²⁾
Tactical Constrained Blended Index		-5.13	%		3.53	%⁽³⁾

⁽¹⁾

Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	The return shown for the MSCI All Country World Index is annualized from the inception date of the Service Shares. The MSCI All Country World Index cumulative return from the inception date of the Institutional Shares is 7.12%.

⁽³⁾	The return shown for the Tactical Constrained Blended Index is annualized from the inception date of the Service Shares. The Tactical Constrained Blended Index cumulative return from the inception date of the Institutional Shares is 5.10%.

GuidePath^® Tactical Constrained^® Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -7.44% outperforming the MSCI ACWI Index at -8.87%. The Fund trailed the blended benchmark at -6.68%.

•

Security selection and sector allocation within the actively managed funds of domestic large cap and international equity benefited returns. A bias to US equity helped.

•

Small and mid cap exposure, while decreasing over the period, dragged on returns as investors fled to larger cap companies in the market volatility. Small regional specific exposure to Europe and country specific exposure to Japan dampened performance on sensitivity to China.

•

Exposure to MBS and municipal bonds was additive to returns while exposure to high yield bonds and credit dragged with the flight to safety in the third quarter. The exposure to emerging market currencies within opportunistic fixed income was a headwind with the US dollar rallying.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	GuideMark^® World ex-US Fund – Institutional Shares		19.34
	2	GuideMark^® Core Fixed Income Fund – Institutional Shares		11.69
	3	SPDR S&P 500 ETF Trust		10.52
	4	GuideMark^® Opportunistic Equity Fund – Institutional Shares		9.73
	5	GuideMark^® Emerging Markets Fund – Institutional Shares		7.22
	6	GuideMark^® Large Cap Core Fund – Institutional Shares		5.25
	7	GuideMark^® Opportunistic Fixed Income Fund – Institutional Shares		5.00
	8	Vanguard REIT ETF		4.60
	9	GuideMark^® Small/Mid Cap Core Fund – Institutional Shares		3.59
	10	Vanguard FTSE All-World ex-US Fund		3.09

GuidePath^® Tactical Unconstrained^® Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

S&P 500^® INDEX – The S&P 500^® Index focuses on the large-cap segment of the U.S. equities market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.

TACTICAL UNCONSTRAINED BLENDED INDEX – The Tactical Unconstrained Blended Index is a weighted combination of 90% of the total return from the MSCI All Country World Index with 10% of the total return from the Barclays Multiverse Index. Returns are weighted on a 90/10 basis for each historical month and then the longer-term Blended Index returns are geometrically combined from these historical monthly returns to create aggregate returns (1-year, 3-years, 5-years, etc.) for the Tactical Unconstrained Blended Benchmark Index.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Tactical Unconstrained^® Asset Allocation Fund
Service Shares		-5.92	%		1.40	%
Institutional Shares		-5.27	%		3.33	%
S&P 500^® Index		-0.61	%		10.39	%⁽²⁾
Tactical Unconstrained Blended Index		-5.85	%		3.98	%⁽³⁾

⁽¹⁾

Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	The return shown for the S&P 500^® Index is annualized from the inception date of the Service Shares. The S&P 500^® Index cumulative return from the inception date of the Institutional Shares is 11.74%.

⁽³⁾	The return shown for the Tactical Unconstrained Blended Index is annualized from the inception date of the Service Shares. The Tactical Unconstrained Blended Index cumulative return from the inception date of the Institutional Shares is 6.28%.

GuidePath^® Tactical Unconstrained^® Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -8.14% underperforming the S&P 500 Index at -6.18%. The Fund trailed the blended benchmark at -8.03%.

•

Global positioning and exposure to commodities was the main driver of the trailing returns. Weakness was seen in the international markets and commodities as a result of slowing growth and demand in China.

•

Security selection and sector allocation within the actively managed funds of domestic large cap and international equity benefited returns.

•

Exposure to government bonds and MBS was additive to returns, but exposure to credit, international bonds and floating rate notes detracted from returns. The exposure to emerging market currencies within opportunistic fixed income was a headwind with the US dollar rallying.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR S&P 500 ETF Trust		12.40
	2	GuideMark^® Opportunistic Equity Fund – Institutional Shares		6.00
	3	William Blair Macro Allocation Fund – Class I		5.54
	4	GuideMark^® World ex-US Fund – Institutional Shares		5.33
	5	GuideMark^® Emerging Markets Fund – Institutional Shares		4.91
	6	iShares Core U.S. Credit Bond ETF		4.83
	7	Vanguard Short-Term Bond Index Fund		4.64
	8	GuideMark^® Opportunistic Fixed Income Fund – Institutional Shares		3.89
	9	iShares TIPS Bond ETF		3.47
	10	iShares Floating Rate Bond ETF		3.09

GuidePath^® Absolute Return Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 3-month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Absolute Return Asset Allocation Fund
Service Shares		-0.86	%		1.01	%
Institutional Shares		-0.20	%		1.28	%
Citigroup 3-Month Treasury Bill Index		0.02	%		0.05	%⁽²⁾

⁽¹⁾

Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	The return shown for the Citigroup 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The Citigroup 3-Month Treasury Bill Index cumulative return from the inception date of the Institutional Shares is 0.04%.

GuidePath^® Absolute Return Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -2.09% underperforming the Citi 3-Month Treasury Bill Index at 0.01%.

•

Fixed income exposure to high yield, credit and emerging market debt detracted from returns due to rising market uncertainty and depreciating international currencies. Absolute return strategies which also held emerging market debt dragged on returns.

•

A small, although decreasing, exposure to global equities tempered returns as global markets fell on economic concerns.

•

Exposure to MBS, short duration bonds, and agency bonds helped returns as investors sought safer investments in the market uncertainty. Higher cash positioning was beneficial.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Pioneer Strategic Income Fund – Class Y		12.83
	2	Vanguard Mortgage-Backed Securities ETF		7.82
	3	John Hancock Funds II – Alternative Asset Allocation Fund – Institutional Shares		6.61
	4	Vanguard Total Bond Market ETF		6.41
	5	Vanguard Intermediate-Term Corporate Bond ETF		5.71
	6	DoubleLine Total Return Bond Fund – Institutional Shares		5.15
	7	iShares 1-3 Year Treasury Bond ETF		3.61
	8	GuideMark^® Core Fixed Income Fund – Institutional Shares		3.41
	9	JPMorgan Unconstrained Debt Fund – Select Shares		3.00
	10	SPDR Barclays High Yield Bond ETF		2.95

GuidePath^® Multi-Asset Income Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

MSCI WORLD HIGH DIVIDEND YIELD INDEX – The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 developed market countries. The Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent.

MULTI-ASSET INCOME BLENDED INDEX – The Multi-Asset Income Blended Index is a weighted combination of 60% of the total return from the MSCI World High Dividend Yield Index with 40% of the total return from the Barclays U.S. Aggregate Bond Index. Returns are weighted on a 60/40 basis for each historical month and then the longer-term Blended Index returns are geometrically combined from these historical monthly returns to create aggregate returns (1-year, 3-years, 5-years, etc.) for the Blended Index.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Multi-Asset Income Asset Allocation Fund		-4.67	%		3.04	%
MSCI World High Dividend Yield Index		-8.24	%		7.16	%
Multi-Asset Income Blended Index		-3.78	%		5.07	%

⁽¹⁾

Inception date is 8/31/12.

GuidePath^® Multi-Asset Income Asset Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -6.29% outperforming the MSCI World High Dividend Yield Index at -7.22%. The Fund lagged the blended benchmark at -4.50%.

•

Exposure to international dividend equities, including emerging markets, were the larger detractors to returns. A small exposure to Australia which was impacted by the slowdown in China and lower commodity prices hindered returns.

•

Shifting exposure from equity to fixed income and holding a modest overweight exposure to fixed income was beneficial to returns given the downturn in global equities. Exposure to preferred securities helped over the period.

•

Exposure to high yield, credit and emerging market debt detracted from returns due to rising market uncertainty and depreciating international currencies.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	BlackRock Multi-Asset Income Fund – Institutional Shares		24.59
	2	WisdomTree High Dividend Fund		9.86
	3	iShares iBoxx $ High Yield Corporate Bond ETF		7.57
	4	Forward Select Income Fund – Institutional Shares		5.04
	5	iShares JPMorgan USD Emerging Markets Bond ETF		4.54
	6	JPMorgan International Equity Income Fund – Select Shares		4.02
	7	JPMorgan Income Builder Fund – Select Shares		3.77
	8	JPMorgan High Yield Fund – Select Shares		3.21
	9	Vanguard REIT ETF		2.87
	10	iShares International Select Dividend ETF		2.52

GuidePath^® Fixed Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

BARCLAYS U.S. AGGREGATE BOND INDEX – The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, and mortgage- and asset-backed securities. All securities contained in the Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Fixed Income Allocation Fund
Service Shares		-0.31	%		0.08	%
Institutional Shares		0.30	%		0.63	%
Barclays U.S. Aggregate Bond Index		2.94	%		1.71	%⁽²⁾

⁽¹⁾

Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	The return shown for the Barclays US Aggregate Bond Index is from the inception date of the Service Shares. The Barclays US Aggregate Bond Index return from the inception date of the Institutional Shares is 1.86%.

GuidePath^® Fixed Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -2.11% underperforming the Barclays U.S. Aggregate Bond Index at -0.47%.

•

Fixed income exposure to high yield, credit and emerging market debt detracted from returns due to rising market uncertainty and depreciating international currencies.

•

In addition to dedicated exposure to emerging market debt, exposure to emerging market currencies within opportunistic fixed income was a headwind with the dollar rallying.

•

Exposure to mortgage-backed securities and short to intermediate-term Treasuries helped returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	GuideMark^® Core Fixed Income Fund – Institutional Shares		21.31
	2	Vanguard Total Bond Market ETF		21.22
	3	GuideMark^® Opportunistic Fixed Income Fund – Institutional Shares		13.69
	4	Vanguard Mortgage-Backed Securities ETF		7.09
	5	iShares 1-3 Year Treasury Bond ETF		6.14
	6	iShares 7-10 Year Treasury Bond ETF		4.44
	7	SPDR Barclays High Yield Bond ETF		3.16
	8	iShares Core U.S. Credit Bond ETF		2.96
	9	Loomis Sayles Bond Fund – Institutional Shares		2.84
	10	DoubleLine Total Return Bond Fund – Institutional Shares		2.77

GuidePath^® Altegris^® Diversified Alternatives Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

HFRI FUND OF FUNDS COMPOSITE INDEX – The HFRI Fund of Funds Composite Index is an equally weighted hedge fund index including over 650 domestic and off-shore funds of funds.

CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 3-month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Since Inception⁽¹⁾
GuidePath^® Altegris^® Diversifed Alternatives Allocation Fund
Service Shares		2.23	%		2.02	%
Institutional Shares		2.55	%		2.14	%
HFRI Fund of Funds Composite Index		0.27	%		4.44	%⁽²⁾
Citigroup 3-Month Treasury Bill Index		0.02	%		0.04	%⁽³⁾

⁽¹⁾

Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾	Reflects index performance since the date closest to the Class’ inception for which data is available. The HFRI Fund of Funds Composite Index is calculated from August 31, 2012, the inception date of the Service Shares.

⁽²⁾	The return shown for the Citigroup 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The Citigroup 3-Month Treasury Bill Index cumulative return from the inception date of the Institutional Shares is 0.04%.

GuidePath^® Altegris^® Diversified Alternatives Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 2015, the Fund returned -3.15% performing in-line with the HFRI Fund of Funds Composite Index at -3.09%.

•

Low net exposure and short specific equity security positions helped returns given the fall in the market with growing uncertainty.

•

The significant fall in oil prices allowed gains to be garnered from short energy futures. Short non-dollar currencies were additive to returns with the US dollar rallying.

•

Low interest rate duration in fixed income exposure and a credit-focused sector allocation detracted from returns amid a declining interest rate and widening spread environment.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Altegris^® Equity Long Short Fund – Institutional Shares		46.22
	2	Altegris^® Fixed Income Long Short Fund – Institutional Shares		24.29
	3	Altegris^® Futures Evolution Strategy Fund – Institutional Shares		15.10
	4	Altegris^® Managed Futures Strategy Fund – Institutional Shares		5.04
	5	Altegris^® Macro Strategy Fund – Institutional Shares		5.00
	6	Altegris^®/AACA Real Estate Long Short Fund – Institutional Shares		2.33

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Unaudited)

September 30, 2015

As a shareholder of the GuideMark^® & GuidePath^® Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from April 1, 2015 to September 30, 2015.

Actual Expenses

The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, 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 first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by a Fund and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2015


Fund		Beginning Account Value April 1, 2015		Ending Account Value September 30, 2015		Annualized Expense Ratio¹ based on the period April 1, 2015 – September 30, 2015		Expenses Paid During Period²April 1, 2015 – September 30, 2015
INSTITUTIONAL SHARES
GuideMark^® Large Cap	Actual	$	1,000.00	$	964.00		0.64%	$	3.14
Core Fund	Hypothetical³	$	1,000.00	$	1,021.80		0.64%	$	3.23
GuideMark^® Emerging	Actual	$	1,000.00	$	931.00		1.05%	$	5.07
Markets Fund	Hypothetical³	$	1,000.00	$	1,019.75		1.05%	$	5.30
GuideMark^® Small/Mid Cap	Actual	$	1,000.00	$	892.20		0.85%	$	4.02
Core Fund	Hypothetical³	$	1,000.00	$	1,020.75		0.85%	$	4.29
GuideMark^® World	Actual	$	1,000.00	$	897.10		0.79%	$	3.75
ex-US Fund	Hypothetical³	$	1,000.00	$	1,021.05		0.79%	$	3.99
GuideMark^® Opportunistic	Actual	$	1,000.00	$	911.10		1.00%	$	4.78
Equity Fund	Hypothetical³	$	1,000.00	$	1,020.00		1.00%	$	5.05
GuideMark^® Global	Actual	$	1,000.00	$	872.40		0.86%	$	4.03
Real Return Fund⁴	Hypothetical³	$	1,000.00	$	1,020.70		0.86%	$	4.34
GuideMark^® Core	Actual	$	1,000.00	$	990.90		0.69%	$	3.43
Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,021.55		0.69%	$	3.49
GuideMark^® Opportunistic	Actual	$	1,000.00	$	965.20		0.95%	$	4.67
Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,020.25		0.95%	$	4.80
GuidePath^® Strategic	Actual	$	1,000.00	$	909.00		0.40%	$	1.91
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.00		0.40%	$	2.02
GuidePath^® Tactical Constrained^®	Actual	$	1,000.00	$	928.10		0.40%	$	1.93
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.00		0.40%	$	2.02
GuidePath^® Tactical Unconstrained^®	Actual	$	1,000.00	$	921.70		0.50%	$	2.40
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.50		0.50%	$	2.53
GuidePath^® Absolute Return	Actual	$	1,000.00	$	983.00		0.50%	$	2.48
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.50		0.50%	$	2.53
GuidePath^® Fixed Income	Actual	$	1,000.00	$	981.90		0.44%	$	2.18
Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.80		0.44%	$	2.23
GuidePath^® Altegris^® Diversified	Actual	$	1,000.00	$	969.50		0.22%	$	1.08
Alternatives Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.90		0.22%	$	1.11

The expense ratio excludes the securities lending credit.

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

5% return before expenses.

⁴

Excluding voluntary waiver.

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2015


Fund		Beginning Account Value April 1, 2015		Ending Account Value September 30, 2015		Annualized Expense Ratio¹ based on the period April 1, 2015 – September 30, 2015		Expenses Paid During Period² April 1, 2015 – September 30, 2015
SERVICE SHARES
GuideMark^® Large Cap	Actual	$	1,000.00	$	961.00		1.24%	$	6.08
Core Fund	Hypothetical³	$	1,000.00	$	1,018.80		1.24%	$	6.26
GuideMark^® Emerging	Actual	$	1,000.00	$	928.40		1.65%	$	7.95
Markets Fund	Hypothetical³	$	1,000.00	$	1,016.75		1.65%	$	8.32
GuideMark^® Small/Mid Cap	Actual	$	1,000.00	$	889.70		1.45%	$	6.85
Core Fund	Hypothetical³	$	1,000.00	$	1,017.75		1.45%	$	7.31
GuideMark^® World	Actual	$	1,000.00	$	893.10		1.39%	$	6.58
ex-US Fund	Hypothetical³	$	1,000.00	$	1,018.05		1.39%	$	7.01
GuideMark^® Opportunistic	Actual	$	1,000.00	$	909.00		1.58%	$	7.54
Equity Fund	Hypothetical³	$	1,000.00	$	1,017.10		1.58%	$	7.97
GuideMark^® Global	Actual	$	1,000.00	$	870.10		1.43%	$	6.69
Real Return Fund⁴	Hypothetical³	$	1,000.00	$	1,017.85		1.43%	$	7.21
GuideMark^® Core	Actual	$	1,000.00	$	988.10		1.28%	$	6.36
Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,018.60		1.28%	$	6.46
GuideMark^® Tax-Exempt	Actual	$	1,000.00	$	1,002.70		1.27%	$	6.36
Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,018.65		1.27%	$	6.41
GuideMark^® Opportunistic	Actual	$	1,000.00	$	963.00		1.55%	$	7.61
Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,017.25		1.55%	$	7.82
GuidePath^® Strategic	Actual	$	1,000.00	$	906.20		1.01%	$	4.81
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.95		1.01%	$	5.10
GuidePath^® Tactical Constrained^®	Actual	$	1,000.00	$	925.60		1.07%	$	5.15
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.65		1.07%	$	5.40
GuidePath^® Tactical Unconstrained^®	Actual	$	1,000.00	$	918.60		1.10%	$	5.28
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.50		1.10%	$	5.55
GuidePath^® Absolute Return	Actual	$	1,000.00	$	979.10		1.12%	$	5.54
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.40		1.12%	$	5.65
GuidePath^® Multi-Asset Income	Actual	$	1,000.00	$	937.10		1.16%	$	5.62
Asset Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.20		1.16%	$	5.86
GuidePath^® Fixed Income	Actual	$	1,000.00	$	978.90		1.04%	$	5.15
Allocation Fund	Hypothetical³	$	1,000.00	$	1,019.80		1.04%	$	5.25
GuidePath^® Altegris^® Diversified	Actual	$	1,000.00	$	968.50		0.56%	$	2.76
Alternatives Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.20		0.56%	$	2.83

The expense ratio excludes the securities lending credit.

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

5% return before expenses.

⁴

Excluding voluntary waiver.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS - 98.90%
		Aerospace & Defense - 2.28%
	14,194	Boeing Co.	$	1,858,704
	21,431	Honeywell International, Inc.		2,029,302

				3,888,006

		Air Freight & Logistics - 0.80%
	13,773	United Parcel Service, Inc. - Class B		1,359,257

		Banks - 1.67%
	102,321	Bank of America Corp.		1,594,161
	20,708	JPMorgan Chase & Co.		1,262,567

				2,856,728

		Beverages - 0.95%
	1,540	Anheuser-Busch InBev NV - ADR		163,733
	10,808	Monster Beverage Corp. (a)		1,460,593

				1,624,326

		Biotechnology - 6.84%
	21,314	Amgen, Inc.		2,948,153
	3,602	Biogen, Inc. (a)		1,051,100
	22,926	Celgene Corp. (a)		2,479,905
	37,523	Gilead Sciences, Inc.		3,684,383
	14,344	Vertex Pharmaceuticals, Inc. (a)		1,493,784

				11,657,325

		Capital Markets - 0.95%
	9,333	Goldman Sachs Group, Inc.		1,621,702

		Communications Equipment - 2.73%
	103,279	Cisco Systems, Inc.		2,711,074
	9,511	F5 Networks, Inc. (a)		1,101,374
	15,602	QUALCOMM, Inc.		838,295

				4,650,743

		Diversified Financial Services - 1.85%
	7,426	Intercontinental Exchange, Inc.		1,745,036
	14,304	Moody’s Corp.		1,404,653

				3,149,689

		Diversified Telecommunication Services - 1.11%
	43,418	Verizon Communications, Inc.		1,889,117

		Electrical Equipment - 0.96%
	20,310	Agilent Technologies, Inc. (a)		697,242
	9,199	Rockwell Automation, Inc.		933,423

				1,630,665

		Electronic Equipment, Instruments & Components - 0.37%
	15,372	CDW Corp.		628,100

		Food & Staples Retailing - 3.15%
	16,043	Costco Wholesale Corp.		2,319,336
	31,706	CVS Caremark Corp.		3,058,995

				5,378,331

		Food Products - 1.10%
	45,013	Mondelez International, Inc. - Class A		1,884,694

		Health Care Equipment & Supplies - 4.05%
	13,368	Becton, Dickinson & Co.		1,773,399
	10,014	C.R. Bard, Inc.		1,865,708
	22,376	Medtronic Plc		1,497,850
	9,576	Varian Medical Systems, Inc. (a)		706,517
	11,292	Zimmer Biomet Holdings, Inc.		1,060,658

				6,904,132


Number of Shares			Value
		Health Care Providers & Services - 3.17%
	19,863	Aetna, Inc.	$	2,173,211
	6,108	Anthem, Inc.		855,120
	21,886	Cardinal Health, Inc.		1,681,282
	8,935	HCA Holdings, Inc. (a)		691,212

				5,400,825

		Hotels, Restaurants & Leisure - 3.00%
	3,006	Chipotle Mexican Grill, Inc. (a)		2,165,072
	18,225	Dunkin’ Brands Group, Inc.		893,025
	43,262	Hilton Worldwide Holdings, Inc.		992,430
	14,898	Wyndham Worldwide Corp.		1,071,166

				5,121,693

		Household Durables - 0.75%
	67,596	Pulte Homes, Inc.		1,275,537

		Household Products - 0.54%
	14,456	Colgate-Palmolive Co.		917,378

		Insurance - 0.72%
	21,555	American International Group, Inc.		1,224,755

		Internet & Catalog Retail - 5.43%
	10,511	Amazon.com, Inc. (a)		5,380,476
	12,099	Expedia, Inc.		1,423,810
	1,987	The Priceline Group, Inc. (a)		2,457,641

				9,261,927

		Internet Software & Services - 8.08%
	11,067	Alibaba Group Holding Ltd. - ADR (a)		652,621
	3,623	Baidu, Inc. - ADR (a)		497,837
	28,909	eBay, Inc. (a)		706,536
	50,688	Facebook, Inc. - Class A (a)		4,556,851
	12,108	Google, Inc. - Class C (a)		7,366,749

				13,780,594

		IT Services - 7.43%
	5,195	Alliance Data Systems Corp. (a)		1,345,401
	16,950	Amdocs Ltd.		964,116
	14,240	Fiserv, Inc. (a)		1,233,326
	19,673	MasterCard, Inc. - Class A		1,772,931
	37,797	Paychex, Inc.		1,800,271
	35,609	PayPal Holdings, Inc. (a)		1,105,303
	20,680	Vantiv, Inc. - Class A (a)		928,946
	50,415	Visa, Inc. - Class A		3,511,909

				12,662,203

		Machinery - 0.75%
	14,970	Danaher Corp.		1,275,594

		Media - 2.29%
	54,375	Comcast Corp. - Class A		3,092,850
	11,079	Discovery Communications, Inc. - Series A (a)		288,387
	10,685	Scripps Networks Interactive, Inc. - Class A		525,595

				3,906,832

		Personal Products - 1.03%
	21,736	The Estee Lauder Cos., Inc. - Class A		1,753,661

		Pharmaceuticals - 5.78%
	5,463	Allergan Plc (a)		1,484,898
	28,009	AstraZeneca Plc - ADR		891,246
	51,187	Bristol-Myers Squibb Co.		3,030,270
	26,959	Eli Lilly & Co.		2,256,199
	7,175	Johnson & Johnson		669,786
	30,963	Merck & Co., Inc.		1,529,263

				9,861,662

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Professional Services - 1.54%
	8,524	IHS, Inc. - Class A (a)	$	988,784
	7,793	Nielsen Holdings Plc		346,555
	17,371	Verisk Analytics, Inc. - Class A (a)		1,283,890

				2,619,229

		Semiconductor & Semiconductor Equipment - 2.41%
	23,669	Altera Corp.		1,185,343
	9,451	Broadcom Corp. - Class A		486,065
	27,178	Linear Technology Corp.		1,096,632
	40,069	Maxim Integrated Products, Inc.		1,338,305

				4,106,345

		Software - 10.24%
	31,283	Activision Blizzard, Inc.		966,332
	32,351	Check Point Software Technologies Ltd. (a)		2,566,405
	4,241	FactSet Research Systems, Inc.		677,754
	15,572	Intuit, Inc.		1,382,015
	1,231	Jack Henry & Associates, Inc.		85,690
	112,254	Microsoft Corp.		4,968,362
	145,148	Oracle Corp.		5,242,746
	22,627	salesforce.com, Inc. (a)		1,570,992

				17,460,296

		Specialty Retail - 11.02%
	11,356	Advance Auto Parts, Inc.		2,152,303
	42,519	Home Depot, Inc.		4,910,519
	44,277	Lowe’s Companies, Inc.		3,051,571
	9,728	O’Reilly Automotive, Inc. (a)		2,432,000
	45,358	Ross Stores, Inc.		2,198,502
	4,618	Sherwin-Williams Co.		1,028,798
	42,203	The TJX Companies, Inc.		3,014,138

				18,787,831


Number of Shares			Value
		Technology Hardware, Storage & Peripherals - 5.91%
	91,139	Apple, Inc.	$	10,052,632
	290	Western Digital Corp.		23,037

				10,075,669

		Total Common Stocks (Cost $126,864,365)		168,614,846

		REAL ESTATE INVESTMENT TRUSTS - 0.98%
		Real Estate Investment Trusts - 0.98%
	7,854	Public Storage		1,662,142

		Total Real Estate Investment Trusts (Cost $1,441,697)		1,662,142

		SHORT TERM INVESTMENTS - 0.15%
		Money Market Funds - 0.15%
	255,122	Federated Prime Obligations Fund Effective Yield, 0.10% (b)		255,122

		Total Short Term Investments (Cost $255,122)		255,122

		Total Investments (Cost $128,561,184) - 100.03%		170,532,110
		Liabilities in Excess of Other Assets - (0.03)%		(43,703	)

		TOTAL NET ASSETS - 100.00%	$	170,488,407

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)

Non-income producing security.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS - 98.81%
		Aerospace & Defense - 6.83%
	15,800	General Dynamics Corp.	$	2,179,610
	20,100	Honeywell International, Inc.		1,903,269
	17,800	Raytheon Co.		1,944,828
	157,500	Rolls Royce Holdings Plc - ADR		1,607,288
	62,900	Spirit AeroSystems Holdings, Inc. - Class A (a)		3,040,586
	20,700	United Technologies Corp.		1,842,093

				12,517,674

		Auto Components - 3.44%
	46,300	Delphi Automotive Plc		3,520,652
	67,200	Johnson Controls, Inc.		2,779,392

				6,300,044

		Banks - 12.20%
	241,900	Bank of America Corp.		3,768,802
	91,280	Citigroup, Inc.		4,528,401
	126,000	Fifth Third Bancorp		2,382,660
	57,100	First Niagara Financial Group, Inc.		582,991
	66,600	JPMorgan Chase & Co.		4,060,602
	33,800	PNC Financial Services Group, Inc.		3,014,960
	78,300	Wells Fargo & Co.		4,020,705

				22,359,121

		Building Products - 1.86%
	81,500	Owens Corning, Inc.		3,415,665

		Capital Markets - 3.65%
	25,600	Ameriprise Financial, Inc.		2,793,728
	43,500	E*TRADE Financial Corp. (a)		1,145,355
	40,900	State Street Corp.		2,748,889

				6,687,972

		Chemicals - 1.93%
	22,200	Air Products & Chemicals, Inc.		2,832,276
	20,900	FMC Corp.		708,719

				3,540,995

		Communications Equipment - 1.30%
	44,300	QUALCOMM, Inc.		2,380,239

		Construction & Engineering - 0.83%
	91,100	KBR, Inc.		1,517,726

		Construction Materials - 1.69%
	117,000	CRH Plc - ADR		3,105,180

		Consumer Finance - 6.95%
	37,500	American Express Co.		2,779,875
	55,500	Capital One Financial Corp.		4,024,860
	40,800	Discover Financial Services		2,121,192
	165,900	Navient Corp.		1,864,716
	261,800	SLM Corp. (a)		1,937,320

				12,727,963

		Diversified Telecommunication Services - 1.04%
	43,670	Verizon Communications, Inc.		1,900,082

		Electrical Equipment - 0.89%
	31,700	Eaton Corp. Plc		1,626,210

		Energy Equipment & Services - 0.45%
	141,100	Fairmount Santrol Holdings, Inc. (a)		380,970
	75,200	Seadrill Ltd. (a)		443,680

				824,650


Number of Shares			Value
		Food & Staples Retailing - 2.14%
	15,500	CVS Caremark Corp.	$	1,495,440
	37,500	Wal-Mart Stores, Inc.		2,431,500

				3,926,940

		Health Care Equipment & Supplies - 1.96%
	53,800	Medtronic Plc		3,601,372

		Health Care Providers & Services - 6.10%
	20,000	Anthem, Inc.		2,800,000
	38,800	Cardinal Health, Inc.		2,980,616
	20,000	CIGNA Corp.		2,700,400
	23,200	UnitedHealth Group, Inc.		2,691,432

				11,172,448

		Hotels, Restaurants & Leisure - 6.88%
	78,300	Carnival Corp. - ADR		3,891,510
	52,300	Norwegian Cruise Line Holdings Ltd. (a)		2,996,790
	36,300	Royal Caribbean Cruises Ltd.		3,233,967
	139,600	SeaWorld Entertainment, Inc.		2,486,276

				12,608,543

		Household Durables - 1.94%
	2,337	NVR, Inc. (a)		3,564,439

		Insurance - 1.43%
	46,000	American International Group, Inc.		2,613,720

		Machinery - 3.46%
	22,500	Deere & Co.		1,665,000
	37,300	Joy Global, Inc.		556,889
	20,900	SPX Corp.		249,128
	20,900	SPX FLOW, Inc. (a)		719,587
	32,500	Stanley Black & Decker, Inc.		3,151,850

				6,342,454

		Multiline Retail - 1.08%
	25,077	Target Corp.		1,972,557

		Oil & Gas - 3.42%
	55,700	BP Plc - ADR		1,702,192
	27,500	ConocoPhillips		1,318,900
	20,800	Occidental Petroleum Corp.		1,375,920
	24,300	Phillips 66		1,867,212

				6,264,224

		Pharmaceuticals - 7.03%
	24,300	Johnson & Johnson		2,268,405
	43,400	Merck & Co., Inc.		2,143,526
	79,500	Pfizer, Inc.		2,497,095
	63,600	Sanofi Aventis - ADR		3,019,092
	52,200	Teva Pharmaceutical Industries Ltd. - ADR		2,947,212

				12,875,330

		Professional Services - 1.27%
	52,500	Nielsen Holdings Plc		2,334,675

		Semiconductor & Semiconductor Equipment - 5.54%
	210,000	Fairchild Semiconductor International, Inc. (a)		2,948,400
	50,900	Intel Corp.		1,534,126
	59,100	Microchip Technology, Inc.		2,546,619
	62,900	Texas Instruments, Inc.		3,114,808

				10,143,953

		Software - 3.03%
	71,200	Microsoft Corp.		3,151,312
	66,600	Oracle Corp.		2,405,592

				5,556,904

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Textiles, Apparel & Luxury Goods - 1.78%
	113,000	Hanesbrands, Inc.	$	3,270,220

		Thrifts & Mortgage Finance - 2.52%
	109,500	New York Community Bancorp, Inc.		1,977,570
	167,800	People’s United Financial, Inc.		2,639,494

				4,617,064

		Tobacco - 5.43%
	70,600	Altria Group, Inc.		3,840,640
	31,800	Philip Morris International, Inc.		2,522,694
	81,086	Reynolds American, Inc.		3,589,677

				9,953,011

		Wireless Telecommunication Services - 0.74%
	42,818	Vodafone Group Plc - ADR		1,359,043

		Total Common Stocks (Cost $140,435,645)		181,080,418


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.10%
		Money Market Funds - 1.10%
	2,005,732	Federated Prime Obligations Fund Effective Yield, 0.10% (b)	$	2,005,732

		Total Short Term Investments (Cost $2,005,732)		2,005,732

		Total Investments (Cost $142,441,377) - 99.91%		183,086,150
		Other Assets in Excess of Liabilities - 0.09%		169,872

		TOTAL NET ASSETS - 100.00%	$	183,256,022

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)

Non-income producing security.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS - 90.24%
		Aerospace & Defense - 1.58%
	2,220	Astronics Corp. (a)	$	89,755
	3,565	Curtiss-Wright Corp.		222,527
	2,440	Esterline Technologies Corp. (a)		175,412
	3,595	HEICO Corp. - Class A		163,249
	1,943	Moog, Inc. - Class A (a)		105,058
	3,055	Teledyne Technologies, Inc. (a)		275,866

				1,031,867

		Air Freight & Logistics - 0.24%
	6,575	XPO Logistics, Inc. (a)		156,682

		Airlines - 0.34%
	8,545	JetBlue Airways Corp. (a)		220,205

		Banks - 9.56%
	4,310	BOK Financial Corp.		278,900
	26,300	Cascade Bancorp (a)		142,283
	28,640	CoBiz Financial, Inc.		372,606
	18,431	First Busey Corp.		366,224
	9,600	First Foundation, Inc. (a)		218,592
	9,755	FirstMerit Corp.		172,371
	10,000	Great Western Bancorp, Inc.		253,700
	9,495	Hilltop Holdings, Inc. (a)		188,096
	4,680	IBERIABANK Corp.		272,423
	10,405	International Bancshares Corp.		260,437
	41,578	Lakeland Bancorp, Inc.		461,931
	14,750	Metro Bancorp, Inc.		433,502
	1,900	National Commerce Corp. (a)		45,562
	8,970	PacWest Bancorp		384,006
	5,400	Peapack-Gladstone Financial Corp.		114,318
	12,930	PrivateBancorp, Inc.		495,607
	6,600	QCR Holdings, Inc.		144,342
	8,230	South State Corp.		632,640
	38,320	United Community Banks, Inc.		783,261
	7,605	Zions Bancorporation		209,442

				6,230,243

		Biotechnology - 3.84%
	10,806	Achillion Pharmaceuticals, Inc. (a)		74,669
	10,065	Affimed Therapeutics B.V. (a)		62,101
	1,035	Agios Pharmaceuticals, Inc. (a)		73,061
	3,675	Alkermes Plc (a)		215,612
	2,300	Alnylam Pharmaceuticals, Inc. (a)		184,828
	1,606	Anacor Pharmaceuticals, Inc. (a)		189,042
	18,095	BioCryst Pharmaceuticals, Inc. (a)		206,283
	700	Blueprint Medicines Corp. (a)		14,938
	6,230	Cepheid, Inc. (a)		281,596
	500	Chiasma, Inc. (a)		9,940
	6,565	Dicerna Pharmaceuticals, Inc. (a)		53,899
	4,935	Five Prime Therapeutics, Inc. (a)		75,950
	9,230	GlycoMimetics, Inc. (a)		51,688
	5,295	Ironwood Pharmaceuticals, Inc. - Class A (a)		55,174
	4,200	Nivalis Therapeutics, Inc. (a)		54,474
	17,060	Novavax, Inc. (a)		120,614
	5,373	Otonomy, Inc. (a)		95,693
	4,210	Portola Pharmaceuticals, Inc. (a)		179,430
	1,940	PTC Therapeutics, Inc. (a)		51,798
	345	Puma Biotechnology, Inc. (a)		25,999
	7,165	Regulus Therapeutics, Inc. (a)		46,859
	4,355	TESARO, Inc. (a)		174,636
	9,700	Trevena, Inc. (a)		100,395


Number of Shares			Value
		Biotechnology (Continued)
	1,080	Ultragenyx Pharmaceutical, Inc. (a)	$	104,015

				2,502,694

		Building Products - 2.17%
	3,475	A. O. Smith Corp.		226,535
	11,999	Advanced Drainage Systems, Inc.		347,131
	4,290	Masonite International Corp. (a)		259,888
	12,520	NCI Building Systems, Inc. (a)		132,337
	10,648	Owens Corning, Inc.		446,258

				1,412,149

		Capital Markets - 0.87%
	1,635	Evercore Partners, Inc.		82,142
	2,800	Financial Engines, Inc.		82,516
	10,710	Janus Capital Group, Inc.		145,656
	3,585	Raymond James Financial, Inc.		177,924
	4,980	WisdomTree Investments, Inc.		80,327

				568,565

		Chemicals - 2.24%
	16,400	Advanced Emissions Solutions, Inc. (a)		108,240
	9,565	Cabot Corp.		301,872
	8,070	Celanese Corp. - Series A		477,502
	4,405	International Flavors & Fragrances, Inc.		454,860
	1,870	Sensient Technologies Corp.		114,631

				1,457,105

		Commercial Services & Supplies - 1.47%
	19,810	Clean Harbors, Inc. (a)		871,046
	8,235	Heritage-Crystal Clean, Inc. (a)		84,573

				955,619

		Communications Equipment - 1.84%
	1,749	Arista Networks, Inc. (a)		107,022
	6,490	ARRIS Group, Inc. (a)		168,545
	17,335	Ciena Corp. (a)		359,181
	8,370	NetScout Systems, Inc. (a)		296,047
	22,600	Ruckus Wireless, Inc. (a)		268,488

				1,199,283

		Construction Materials - 1.45%
	23,877	Headwaters, Inc. (a)		448,888
	2,370	Martin Marietta Materials, Inc.		360,121
	7,210	Summit Materials, Inc. - Class A (a)		135,332

				944,341

		Consumer Finance - 0.22%
	3,300	Springleaf Holdings, Inc. (a)		144,276

		Containers & Packaging - 2.87%
	5,870	Ball Corp.		365,114
	9,300	Crown Holdings, Inc. (a)		425,475
	50,975	Graphic Packaging Holding Co.		651,970
	11,600	Owens-Illinois, Inc. (a)		240,352
	3,115	Packaging Corp. of America		187,399

				1,870,310

		Diversified Financial Services - 0.58%
	1,585	MarketAxess Holdings, Inc.		147,215
	3,835	MSCI, Inc.		228,029

				375,244

		Electric Utilities - 2.47%
	17,330	OGE Energy Corp.		474,149

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities (Continued)
	6,385	Pinnacle West Capital Corp.	$	409,534
	15,505	PNM Resources, Inc.		434,915
	5,810	UIL Holdings Corp.		292,069

				1,610,667

		Electrical Equipment - 1.82%
	2,761	Acuity Brands, Inc.		484,776
	13,467	Generac Holdings, Inc. (a)		405,222
	3,465	Hubbell, Inc. - Class B		294,352

				1,184,350

		Electronic Equipment & Instruments - 1.39%
	5,475	FEI Co.		399,894
	9,470	Rogers Corp. (a)		503,615

				903,509

		Energy Equipment & Services - 1.84%
	46,050	Aspen Aerogels, Inc. (a)		345,375
	12,080	Ensco Plc - Class A		170,086
	31,805	Patterson-UTI Energy, Inc.		417,918
	37,390	Tesco Corp.		266,965

				1,200,344

		Food & Staples Retailing - 0.38%
	41,260	Rite Aid Corp. (a)		250,448

		Food Products - 1.49%
	19,035	Freshpet, Inc. (a)		199,867
	11,500	Inventure Foods, Inc. (a)		102,120
	1,475	John B. Sanfilippo & Son, Inc.		75,609
	6,977	Post Holdings, Inc. (a)		412,341
	500	Sanderson Farms, Inc.		34,285
	30,055	SunOpta, Inc. (a)		146,067

				970,289

		Gas Utilities - 0.75%
	5,465	South Jersey Industries, Inc.		137,991
	3,750	Southwest Gas Corp.		218,700
	2,440	The Laclede Group, Inc.		133,053

				489,744

		Health Care Equipment & Supplies - 3.26%
	15,550	AtriCure, Inc. (a)		340,700
	2,760	DexCom, Inc. (a)		236,973
	7,285	EndoChoice Holdings, Inc. (a)		82,757
	11,250	Endologix, Inc. (a)		137,925
	13,115	Globus Medical, Inc. - Class A (a)		270,956
	4,280	HeartWare International, Inc. (a)		223,887
	5,010	Ocular Therapeutix, Inc. (a)		70,441
	16,010	Quidel Corp. (a)		302,269
	3,065	Teleflex, Inc.		380,704
	16,115	TriVascular Technologies, Inc. (a)		80,575

				2,127,187

		Health Care Providers & Services - 2.44%
	4,923	Acadia Healthcare Co., Inc. (a)		326,247
	14,050	Envision Healthcare Holdings, Inc. (a)		516,900
	3,859	LifePoint Hospitals, Inc. (a)		273,603
	6,200	Teladoc, Inc. (a)		138,198
	3,910	WellCare Health Plans, Inc. (a)		336,964

				1,591,912


Number of Shares			Value
		Health Care Technology - 1.62%
	25,672	Allscripts Healthcare Solutions, Inc. (a)	$	318,333
	4,005	athenahealth, Inc. (a)		534,066
	9,630	Inovalon Holdings, Inc. (a)		200,593

				1,052,992

		Hotels, Restaurants & Leisure - 2.66%
	1,510	Buffalo Wild Wings, Inc. (a)		292,080
	1,320	Churchill Downs, Inc.		176,629
	12,730	Del Taco Restaurants, Inc. (a)		178,220
	2,130	DineEquity, Inc.		195,236
	6,963	Dunkin’ Brands Group, Inc.		341,187
	27,230	Lindblad Expeditions Holdings, Inc. (a)		266,037
	6,590	Monarch Casino & Resort, Inc. (a)		118,422
	6,900	Wingstop, Inc. (a)		165,462

				1,733,273

		Household Durables - 0.45%
	5,205	M/I Homes, Inc. (a)		122,734
	7,209	Standard Pacific Corp. (a)		57,672
	6,004	Taylor Morrison Home Corp. - Class A (a)		112,034

				292,440

		Independent Power and Renewable Electricity Producers - 0.23%
	1,300	8point3 Energy Partners LP (a)		13,793
	7,260	Pattern Energy Group, Inc. - Class A		138,593

				152,386

		Insurance - 6.30%
	1,320	Alleghany Corp. (a)		617,905
	12,971	Argo Group International Holdings Ltd.		734,029
	8,820	Arthur J. Gallagher & Co.		364,090
	37,049	Assured Guaranty Ltd.		926,225
	8,265	James River Group Holdings Ltd.		222,246
	10,065	Primerica, Inc.		453,629
	21,655	XL Group Plc		786,510

				4,104,634

		Internet & Catalog Retail - 1.88%
	8,350	HSN, Inc.		477,954
	12,730	Wayfair, Inc. - Class A (a)		446,314
	17,383	zulily, Inc. - Class A (a)		302,464

				1,226,732

		Internet Software & Services - 1.70%
	6,125	Benefitfocus, Inc. (a)		191,406
	1,200	Demandware, Inc. (a)		62,016
	2,190	Envestnet, Inc. (a)		65,635
	8,840	GrubHub, Inc. (a)		215,166
	5,915	Marketo, Inc. (a)		168,104
	4,870	Zillow Group, Inc. - Class A (a)		139,915
	9,740	Zillow Group, Inc. - Class C (a)		262,980

				1,105,222

		IT Services - 4.80%
	3,638	CACI International, Inc. - Class A (a)		269,103
	2,799	Cardtronics, Inc. (a)		91,527
	7,790	ExlService Holdings, Inc. (a)		287,685
	25,645	Genpact Ltd. (a)		605,478
	3,755	Global Payments, Inc.		430,811
	9,500	Heartland Payment Systems, Inc.		598,595
	12,250	VeriFone Holdings, Inc. (a)		339,693
	5,800	WEX, Inc. (a)		503,672

				3,126,564

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Leisure Products - 0.05%
	666	Vista Outdoor, Inc. (a)	$	29,590

		Life Sciences Tools & Services - 1.17%
	2,700	Bio-Techne Corp.		249,642
	6,650	PRA Health Sciences, Inc. (a)		258,220
	9,925	VWR Corp. (a)		254,973

				762,835

		Machinery - 1.55%
	5,055	Colfax Corp. (a)		151,195
	4,745	IDEX Corp.		338,319
	9,605	Luxfer Holdings Plc - ADR		103,638
	2,295	Middleby Corp. (a)		241,411
	3,260	Watts Water Technologies, Inc. - Class A		172,193

				1,006,756

		Media - 2.19%
	18,250	DreamWorks Animation SKG, Inc. - Class A (a)		318,463
	10,866	IMAX Corp. (a)		367,162
	23,695	Interpublic Group of Cos., Inc.		453,285
	4,485	Markit Ltd. (a)		130,065
	11,947	National CineMedia, Inc.		160,329

				1,429,304

		Metals & Mining - 0.75%
	10,875	Commercial Metals Co.		147,356
	2,075	Reliance Steel & Aluminum Co.		112,071
	13,350	Steel Dynamics, Inc.		229,353

				488,780

		Multiline Retail - 0.14%
	1,790	Burlington Stores, Inc. (a)		91,362

		Oil & Gas - 2.22%
	20,540	Callon Petroleum Co. (a)		149,737
	7,975	CONSOL Energy, Inc.		78,155
	4,240	Diamondback Energy, Inc. (a)		273,904
	4,230	Energen Corp.		210,908
	11,720	Laredo Petroleum, Inc. (a)		110,520
	6,630	Newfield Exploration Co. (a)		218,127
	6,525	QEP Resources, Inc.		81,758
	8,915	Rice Energy, Inc. (a)		144,066
	2,905	SemGroup Corp. - Class A		125,612
	1,025	Targa Resources Corp.		52,808

				1,445,595

		Paper & Forest Products - 0.53%
	13,775	Boise Cascade Co. (a)		347,405

		Personal Products - 1.00%
	77,061	Avon Products, Inc.		250,448
	6,555	Coty, Inc. - Class A		177,378
	5,432	Nu Skin Enterprises, Inc. - Class A		224,233

				652,059

		Pharmaceuticals - 0.39%
	6,936	Aerie Pharmaceuticals, Inc. (a)		123,045
	4,390	Relypsa, Inc. (a)		81,259
	6,385	Tetraphase Pharmaceuticals, Inc. (a)		47,632

				251,936

		Professional Services - 2.90%
	1,750	Equifax, Inc.		170,065
	6,985	Huron Consulting Group, Inc. (a)		436,772


Number of Shares			Value
		Professional Services (Continued)
	6,440	ManpowerGroup, Inc.	$	527,372
	2,545	Robert Half International, Inc.		130,202
	1,645	Towers Watson & Co.		193,090
	1,800	TransUnion (a)		45,216
	8,750	TriNet Group, Inc. (a)		147,000
	5,305	WageWorks, Inc. (a)		239,149

				1,888,866

		Real Estate Management & Development - 1.25%
	3,310	Jones Lang LaSalle, Inc.		475,879
	15,300	Kennedy-Wilson Holdings, Inc.		339,201

				815,080

		Road & Rail - 1.13%
	2,895	Genesee & Wyoming, Inc. - Class A (a)		171,036
	810	J.B. Hunt Transport Services, Inc.		57,834
	15,030	Knight Transportation, Inc.		360,720
	955	Landstar System, Inc.		60,614
	5,785	Swift Transportation Co. - Class A (a)		86,891

				737,095

		Semiconductor & Semiconductor Equipment - 1.84%
	8,175	Cypress Semiconductor Corp.		69,651
	3,610	First Solar, Inc. (a)		154,327
	6,400	Lattice Semiconductor Corp. (a)		24,640
	2,430	Microsemi Corp. (a)		79,753
	12,195	MKS Instrument, Inc.		408,898
	6,070	Power Integrations, Inc.		255,972
	6,400	SunEdison Semiconductor Ltd. (a)		67,456
	2,165	SunPower Corp. (a)		43,387
	5,855	Ultratech, Inc. (a)		93,797

				1,197,881

		Software - 1.87%
	6,305	Fleetmatics Group Plc (a)		309,512
	2,400	Globant SA (a)		73,416
	5,415	HubSpot, Inc. (a)		251,094
	4,100	Paylocity Holdings Corp. (a)		122,959
	3,320	SS&C Technologies Holdings, Inc.		232,533
	5,305	Verint Systems, Inc. (a)		228,911

				1,218,425

		Specialty Retail - 2.39%
	12,295	Chico’s FAS, Inc.		193,400
	9,708	DSW, Inc. - Class A		245,709
	10,888	Five Below, Inc. (a)		365,619
	5,235	Party City Holdco, Inc. (a)		83,603
	4,920	Signet Jewelers Ltd.		669,760

				1,558,091

		Textiles, Apparel & Luxury Goods - 2.17%
	750	Carter’s, Inc.		67,980
	570	Deckers Outdoor Corp. (a)		33,094
	5,490	Gildan Activewear, Inc.		165,578
	12,310	Kate Spade & Co. (a)		235,244
	11,865	Lululemon Athletica, Inc. (a)		600,962
	1,295	Skechers U.S.A., Inc. - Class A (a)		173,634
	7,987	Tumi Holdings, Inc. (a)		140,731

				1,417,223

		Trading Companies & Distributors - 1.09%
	6,440	Air Lease Corp.		199,125
	6,280	HD Supply Holdings, Inc. (a)		179,733

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Trading Companies & Distributors (Continued)
	25,855	Houston Wire & Cable Co.	$	163,921
	3,655	WESCO International, Inc. (a)		169,848

				712,627

		Water Utilities - 0.86%
	10,225	American Water Works Co., Inc.		563,193

		Total Common Stocks (Cost $59,821,774)		58,805,379

		INVESTMENT COMPANIES - 1.06%
		Exchange Traded Funds - 1.06%
	6,350	iShares Russell 2000 Index Fund		693,420

		Total Investment Companies (Cost $733,321)		693,420

		REAL ESTATE INVESTMENT TRUSTS - 8.15%
		Real Estate Investment Trusts - 8.15%
	870	Alexander’s, Inc.		325,380
	10,650	CoreSite Realty Corp.		547,836
	25,035	Douglas Emmett, Inc.		719,005
	10,790	Equity LifeStyle Properties, Inc.		631,970
	7,975	Extra Space Storage, Inc.		615,351
	5,370	Federal Realty Investment Trust		732,737
	6,080	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		104,698


Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	7,240	InfraREIT, Inc.	$	171,443
	12,240	Kite Realty Group Trust		291,434
	18,425	Paramount Group, Inc.		309,540
	12,765	Pebblebrook Hotel Trust		452,519
	26,955	Physicians Realty Trust		406,751

		Total Real Estate Investment Trusts (Cost $4,440,878)		5,308,664

		SHORT TERM INVESTMENTS - 0.61%
		Money Market Funds - 0.61%
	394,950	Federated Prime Obligations Fund Effective Yield, 0.10% (b)		394,950

		Total Short Term Investments (Cost $394,950)		394,950

		Total Investments (Cost $65,390,923) - 100.06%		65,202,413
		Liabilities in Excess of Other Assets - (0.06)%		(39,077	)

		TOTAL NET ASSETS - 100.00%	$	65,163,336

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)

Non-income producing security.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS - 96.31%
		Australia - 3.48%
	300,667	AMP Ltd.	$	1,180,899
	30,606	Ansell Ltd.		405,275
	42,965	Australia and New Zealand Banking Group Ltd.		820,897
	32,584	Flight Centre Travel Group Ltd.		829,937
	316,979	Incitec Pivot Ltd.		873,673
	36,373	Macquarie Group Ltd.		1,971,245
	8,827	Rio Tinto Ltd.		303,689
	243,369	Santos Ltd.		688,698
	55,362	Seek Ltd.		469,185
	476,244	Telstra Corp. Ltd.		1,882,930
	104,743	Westpac Banking Corp.		2,200,331

				11,626,759

		Austria - 0.18%
	13,011	ANDRITZ AG		586,291

		Belgium - 1.19%
	28,034	Anheuser-Busch InBev SA		2,981,587
	15,992	KBC Groep NV		1,011,371

				3,992,958

		Brazil - 0.77%
	108,800	Ambev SA		534,601
	50,900	BB Seguridade Participacoes SA		316,993
	52,116	CETIP SA		432,361
	47,640	Cielo SA		442,934
	57,700	Cosan SA Industria e Comercio		290,356
	210,900	Petroleo Brasileiro SA (a)		455,367
	13,900	Smiles SA		105,429

				2,578,041

		Canada - 6.47%
	6,800	Agrium, Inc.		609,427
	20,300	Alimentation Couche-Tard, Inc.		933,541
	21,000	ARC Resources Ltd.		277,587
	35,250	Brookfield Asset Management, Inc. - Class A		1,109,140
	37,200	Canadian Natural Resources Ltd.		724,487
	2,100	Constellation Software, Inc.		880,206
	138,700	Eldorado Gold Corp.		444,838
	23,200	Gildan Activewear, Inc.		700,259
	12,000	Imperial Oil Ltd.		380,187
	15,100	Intact Financial Corp.		1,060,451
	25,200	Keyera Corp.		693,968
	9,500	Loblaw Cos., Ltd.		489,131
	17,600	Magna International, Inc.		844,193
	6,400	Onex Corp.		369,421
	33,100	Peyto Exploration & Development Corp.		688,292
	40,200	Potash Corp. of Saskatchewan, Inc.		826,292
	24,000	Quebecor, Inc. - Class B		525,320
	20,500	Rogers Communications, Inc. - Class B		706,325
	42,800	Royal Bank of Canada		2,366,588
	39,200	Sun Life Financial, Inc.		1,264,270
	55,200	Suncor Energy, Inc.		1,476,274
	57,000	Toronto-Dominion Bank		2,246,684
	11,000	Tourmaline Oil Corp. (a)		256,103
	9,900	Valeant Pharmaceuticals International, Inc. (a)		1,767,089

				21,640,073

		Cayman Islands - 1.51%
	4,000	58.com, Inc. - ADR (a)		188,200
	7,500	Alibaba Group Holding Ltd. - ADR (a)		442,275
	99,636	Cheung Kong Property Holdings Ltd.		729,966
	112,136	CK Hutchison Holdings Ltd.		1,458,624
	1,000	Ctrip.com International, Ltd. - ADR (a)		63,180
	97,000	ENN Energy Holdings Ltd.		467,127


Number of Shares			Value
		Cayman Islands (Continued)
	21,397	Eurasia Drilling Co., Ltd.	$	196,852
	6,300	Qunar Cayman Islands Ltd. - Class B - ADR (a)		189,441
	168,000	Sino Biopharmaceutical		208,045
	7,000	TAL Education Group - ADR (a)		225,050
	52,000	Vipshop Holdings Ltd. - ADR (a)		873,600

				5,042,360

		Chile - 0.16%
	202,025	Empresas CMPC SA		519,956

		China - 1.43%
	1,838,000	Bank of China Ltd.		792,606
	456,500	BBMG Corp.		315,018
	490,000	Beijing Jingneng Clean Energy Co., Ltd.		150,484
	1,506,000	China Construction Bank Corp.		1,005,003
	274,400	China Pacific Insurance Group Co., Ltd.		1,023,607
	315,700	China Vanke Co., Ltd.		678,232
	306,000	Great Wall Motor Co., Ltd.		341,431
	44,000	Legend Holdings Corp. (a)		152,754
	284,400	MGM China Holdings Ltd.		331,303

				4,790,438

		Czech Republic - 0.19%
	2,915	Komercni Banka AS		631,802

		Denmark - 1.40%
	55,729	Danske Bank AS		1,684,150
	43,222	Novo Nordisk AS - Series B		2,332,457
	12,728	Vestas Wind Systems AS		661,716

				4,678,323

		Egypt - 0.13%
	71,210	Commercial International Bank Egypt SAE		436,631

		Finland - 0.31%
	21,100	Sampo OYJ - Series A		1,021,185

		France - 8.04%
	17,999	Accor SA		843,928
	77,400	AXA SA		1,879,202
	12,907	Cap Gemini SA		1,152,637
	30,762	Compagnie de Saint-Gobain SA		1,335,089
	23,034	Danone SA		1,453,986
	2,578	Iliad SA		521,512
	7,891	L’Oreal SA		1,371,574
	7,105	LVMH Moet Hennessy Louis Vuitton SA		1,209,583
	86,000	Orange SA		1,303,703
	12,604	Renault SA		909,418
	48,938	Rexel SA		602,457
	22,583	Safran SA		1,698,062
	37,986	Sanofi-Aventis SA		3,616,290
	41,364	Societe Generale SA		1,848,608
	71,321	Suez Environnement Co. SA		1,281,601
	82,504	Total SA		3,711,287
	3,359	Valeo SA		456,078
	43,068	Vivendi SA		1,020,360
	29,324	Zodiac SA		673,290

				26,888,665

		Germany - 5.78%
	7,609	adidas AG		613,497
	9,225	Axel Springer SE		515,876
	20,913	Bayer AG		2,683,119
	10,873	Beiersdorf AG		963,799
	7,855	Continental AG		1,677,726
	33,820	Deutsche Annington Immobilien SE		1,088,537
	8,351	Deutsche Boerse AG		720,228
	129,844	Deutsche Telekom AG		2,311,433

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Germany (Continued)
	26,936	Fresenius SE & Co. KGaA	$	1,808,164
	45,589	K&S AG		1,529,675
	27,845	OSRAM Licht AG		1,442,612
	20,047	ProSiebenSat.1 Media AG		984,024
	9,992	Rocket Internet AG (a)		321,689
	11,174	Symrise AG		673,273
	103,720	Telefonica Deutsch Holding AG		634,248
	26,900	United Internet AG		1,363,794

				19,331,694

		Greece - 0.15%
	56,507	OPAP SA (b)		512,202

		Hong Kong - 4.67%
	408,800	AIA Group Ltd.		2,126,067
	464,000	Brilliance China Automotive Holdings Ltd.		551,625
	241,000	BYD Electronic International Co., Ltd. (a)		150,578
	70,500	China Mobile Ltd.		843,868
	128,000	China Resources Enterprise Ltd.		238,155
	1,281,000	CNOOC Ltd.		1,318,953
	330,000	Cosmo Lady China Holdings Co., Ltd.		350,554
	3,096,000	CT Environmental Group Ltd.		972,861
	43,400	Hang Seng Bank Ltd.		782,869
	461,380	HKT Trust and HKT Ltd.		548,295
	105,000	Hongkong Land Holdings Ltd.		695,289
	73,000	Hysan Development Co., Ltd.		303,963
	1,245,000	Industrial & Commercial Bank of China Ltd.		719,241
	537,000	Lenovo Group Ltd.		453,973
	233,500	Longfor Properties Co., Ltd.		295,657
	358,000	PAX Global Technology Ltd.		373,240
	244,000	Sino Land Co.		371,517
	56,000	Sun Hung Kai Properties Ltd.		730,426
	160,000	Sunny Optical Technology Group Co., Ltd.		320,530
	275,000	Techtronic Industries Co., Ltd.		1,025,215
	144,600	Tencent Holdings, Ltd.		2,437,463

				15,610,339

		India - 1.68%
	136,723	Adani Port & Special Economic Zone Ltd.		624,585
	176,456	Bharti Infratel, Ltd.		956,124
	17,507	HDFC Bank Ltd.		285,996
	32,374	Housing Development Finance Corp. Ltd.		599,810
	174,000	ITC Ltd.		872,482
	184,374	Oil & Natural Gas Corp. Ltd.		645,749
	228,395	Petronet LNG Ltd.		623,312
	89,043	YES BANK Ltd.		994,317

				5,602,375

		Indonesia - 0.41%
	953,500	PT Astra International Tbk		341,533
	1,734,900	PT Bank Rakyat Indonesia (Persero) Tbk		1,027,227

				1,368,760

		Ireland - 0.58%
	1,355,500	Bank of Ireland (a)		527,063
	116,844	James Hardie Industries Plc		1,410,437

				1,937,500

		Israel - 0.85%
	198,635	Bezeq the Israel Telecommunication Corp. Ltd.		380,148
	1,300	Teva Pharmaceutical Industries Ltd.		73,468
	42,098	Teva Pharmaceutical Industries Ltd. - ADR		2,376,853

				2,830,469


Number of Shares			Value
		Italy - 2.00%
	59,439	Assicurazioni Generali SpA	$	1,087,514
	122,100	Finmeccanica SpA (a)		1,529,042
	699,573	Intesa Sanpaolo SpA		2,471,395
	882,112	Telecom Italia SpA (a)		1,087,055
	70,647	UBI Banca SpA		501,278

				6,676,284

		Japan - 15.82%
	88,600	Acom Co., Ltd.		453,356
	18,410	AEON Mall Co., Ltd.		282,802
	28,200	Asahi Group Holdings Ltd.		914,900
	138,200	Astellas Pharma, Inc.		1,788,872
	28,600	Bridgestone Corp.		989,736
	49,200	Daicel Corporation		603,970
	10,200	Denso Corp.		432,061
	12,900	Dentsu, Inc.		662,030
	11,600	Don Quijote Co., Ltd.		437,038
	24,000	East Japan Railway Co.		2,022,376
	1,100	Fast Retailing Co.		447,435
	19,600	Fuji Heavy Industries Ltd.		705,296
	7,800	Hamamatsu Photonics KK		176,523
	255,000	Hitachi Ltd.		1,286,738
	45,000	Hitachi Metals Ltd.		522,581
	42,500	Hoya Corp.		1,391,956
	223,000	IHI Corp.		573,029
	44,400	Isuzu Motors		445,866
	65,900	ITOCHU Corp.		696,644
	54,100	Japan Tobacco, Inc.		1,678,192
	38,500	JSR Corp.		554,974
	86,400	KDDI Corp.		1,933,900
	1,200	Keyence Corp.		535,894
	57,200	Konica Minolta Holdings, Inc.		602,588
	102,900	Leopalace21 Corp.		480,156
	16,500	Makita Corp.		877,683
	46,000	Minebea Co.		488,308
	13,800	Miraca Holdings, Inc.		585,235
	47,600	MISUMI Group, Inc.		491,229
	21,000	Mitsubishi Corp.		344,223
	151,000	Mitsubishi Heavy Industries Ltd.		675,308
	533,100	Mitsubishi UFJ Financial Group, Inc.		3,221,118
	76,600	Mitsubishi UFJ Lease & Finance Co., Ltd.		337,457
	38,000	Mitsui Fudosan Co., Ltd.		1,041,633
	4,200	Murata Manufacturing Co., Ltd.		542,533
	44,000	NGK Insulators Ltd.		841,958
	14,000	Nidec Corp.		962,724
	4,900	Nintendo Co., Ltd.		825,904
	6,900	Nitori Holdings Co., Ltd.		540,299
	9,800	Nitto Denko Corp.		586,949
	10,780	Nomura Research Institute Ltd.		413,814
	32,200	Olympus Corp.		1,004,586
	144,700	ORIX Corp.		1,866,535
	33,200	Seven & I Holdings Co., Ltd.		1,515,021
	184,800	Seven Bank Ltd.		799,828
	245,000	Shinsei Bank		503,633
	33,900	SoftBank Corp.		1,567,530
	65,300	Sony Corp.		1,600,642
	42,200	Sony Financial Holdings, Inc.		692,626
	188,000	Sumitomo Chemical Co., Ltd.		950,665
	16,400	Sumitomo Mitsui Financial Group, Inc.		621,893
	186,000	Sumitomo Mitsui Trust Holdings, Inc.		681,698
	33,400	Suzuki Motor Corp.		1,027,048
	74,000	TAISEI Corp.		482,413

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	10,100	TDK Corp.	$	571,234
	12,100	Tokio Marine Holdings, Inc.		452,056
	67,800	Toyota Motor Corp.		3,969,549
	22,100	Trend Micro, Inc.		780,665
	20,900	Yamaha Motor Co., Ltd.		420,472

				52,903,382

		Jersey - 1.15%
	10,672	Randgold Resources Ltd.		628,847
	34,845	Shire Plc		2,382,065
	14,431	Wolseley Plc		844,124

				3,855,036

		Malaysia - 0.30%
	538,500	Gamuda Bhd		537,734
	1,255,400	YTL Corp.		457,189

				994,923

		Mexico - 1.28%
	512,000	America Movil SAB de CV - Series L		425,533
	303,100	Bolsa Mexicana de Valores SA - Series A		475,496
	37,600	Fomento Economico Mexicano SAB de CV		336,167
	53,400	Gruma SAB de CV - Series B		734,432
	86,300	Grupo Aeroportuario del Pacifico SAB de CV - Series B		750,439
	97,000	Grupo Financiero Banorte SAB de CV - Series O		475,793
	180,000	Grupo Mexico SAB de CV - Series B		435,389
	35,900	Grupo Televisa SAB		186,966
	41,700	Infraestructura Energetica Nova SAB de CV		170,698
	79,000	Megacable Holdings SAB de CV		287,402

				4,278,315

		Netherlands - 2.19%
	34,072	Altice NV - Class A (a)		712,903
	23,768	Altice NV - Class B (a)		530,240
	145,051	ING Groep NV		2,055,024
	56,972	Koninklijke Ahold NV		1,111,418
	33,298	Reed Elsevier NV		543,987
	59,268	Unilever NV		2,375,770

				7,329,342

		Norway - 0.55%
	59,673	Statoil ASA		869,978
	24,459	Yara International ASA		975,734

				1,845,712

		Panama - 0.07%
	5,300	Copa Holdings SA - Class A		222,229

		Philippines - 0.25%
	1,800,900	Alliance Global Group, Inc.		591,674
	142,099	Metropolitan Bank & Trust Co.		248,248

				839,922

		Poland - 0.09%
	14,847	Bank Handlowy w Warszawie SA		316,374

		Republic of Korea - 3.04%
	2,899	Amorepacific Corp.		944,693
	17,078	Daewoo International Corp.		300,455
	11,623	Dongbu Insurance Co., Ltd.		602,813
	4,601	Hyundai Motor Co.		639,356
	7,062	KEPCO Plant Service & Engineering Co., Ltd.		722,819
	4,670	LG Chemical Ltd.		1,132,001
	560	LG Household & Health Care Ltd.		405,266
	2,738	Medy-Tox, Inc.		990,436


Number of Shares			Value
		Republic of Korea (Continued)
	1,902	NCsoft Corp.	$	304,097
	3,963	POSCO		560,348
	2,633	Samsung Electronics Co., Ltd.		2,526,242
	10,079	Shinhan Financial Group Co. Ltd.		352,483
	6,278	SK Hynix, Inc.		179,052
	2,319	SK Telecom Co., Ltd.		514,437

				10,174,498

		Russian Federation - 0.73%
	1,335	Magnit		237,459
	22,120	MMC Norilsk Nickel		317,842
	12,895	NovaTek OAO		1,196,328
	609,920	Sberbank Of Russia		705,289

				2,456,918

		Singapore - 0.67%
	170,500	CapitaLand Ltd.		321,941
	112,300	DBS Group Holdings Ltd.		1,281,831
	48,081	United Overseas Bank Ltd.		627,799

				2,231,571

		South Africa - 1.44%
	38,509	Barclays Africa Group Ltd.		473,497
	20,162	Capitec Bank Holdings Ltd.		729,702
	39,987	MTN Group Ltd.		514,205
	143,100	Nampak Ltd.		266,097
	13,290	Naspers Ltd.		1,665,598
	62,823	Netcare Ltd.		164,955
	8,962	Sasol Ltd.		251,050
	156,900	Telkom SA SOC Ltd.		754,357

				4,819,461

		Spain - 1.40%
	24,258	Amadeus IT Holding SA		1,039,344
	197,260	Iberdrola SA		1,314,394
	34,090	Inditex de Diseno Textil SA		1,143,094
	7,483	Red Electrica Corporacion SA		621,360
	46,696	Telefonica SA		566,518

				4,684,710

		Sweden - 3.07%
	91,671	Alfa Laval AB		1,500,733
	45,747	Hennes & Mauritz AB - Series B		1,671,430
	40,039	Lundin Petroleum AB (a)		516,741
	210,971	Nordea Bank AB		2,353,702
	120,121	Sandvik AB		1,023,234
	44,000	Svenska Cellulosa AB - Series B		1,231,214
	60,372	Swedbank AB - Series A		1,335,450
	116,506	TeliaSonera AB		628,874

				10,261,378

		Switzerland - 6.52%
	9,593	Adecco SA		702,549
	55,172	Clariant AG		929,211
	21,848	Julius Baer Group Ltd.		992,161
	60,918	Nestle SA		4,581,380
	59,935	Novartis AG		5,508,739
	1,883	Partners Group Holding AG		638,222
	7,632	Roche Holding AG		2,026,079
	4,426	Sulzer AG		433,687
	6,662	Syngenta AG		2,134,577
	93,630	UBS Group AG		1,731,044
	8,668	Zurich Financial Services AG		2,128,048

				21,805,697

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Taiwan - 2.31%
	106,000	Advantech Co., Ltd.	$	727,918
	883,056	Cathay Financial Holding Co., Ltd.		1,209,477
	939,000	E.SUN Financial Holdings Co., Ltd.		553,471
	28,000	Eclat Textile Co., Ltd.		444,602
	151,000	Far EasTone Telecommunications Co., Ltd.		325,660
	334,000	Fubon Financial Holding Co., Ltd.		522,857
	15,000	Hermes Microvision, Inc.		571,785
	3,000	Largan Precision Co., Ltd.		234,135
	45,750	Merida Industry Co., Ltd.		247,054
	635,000	Taiwan Semiconductor Manufacturing Co., Ltd.		2,544,875
	287,000	Vanguard International Semiconductor Corp.		326,872

				7,708,706

		Thailand - 0.32%
	149,800	CP ALL PCL		197,852
	168,800	Intouch Holdings Plc		338,655
	113,100	Kasikornbank Public Co., Ltd.		532,210

				1,068,717

		Turkey - 0.28%
	74,811	Aygaz AS		241,034
	27,841	Tupras Turkiye Petroleum Rafinerileri AS (a)		682,381

				923,415

		United Kingdom - 13.45%
	53,717	AMEC Foster Wheeler Plc		583,512
	169,320	Aviva Plc		1,158,072
	13,199	Babcock International Group Plc		182,597
	300,594	Barclays Plc		1,112,432
	148,332	BG Group Plc		2,139,813
	7,661	British American Tobacco Plc		422,700
	38,221	Capita Plc		694,167
	294,271	Centrica Plc		1,022,302
	13,791	Croda International Plc		565,894
	97,053	Diageo Plc		2,607,506
	95,449	Direct Line Insurance Group Plc		541,591
	61,442	GlaxoSmithKline Plc		1,179,308
	25,946	Hikma Pharmaceuticals Plc		896,269
	362,644	HSBC Holdings Plc		2,735,675
	57,691	Imperial Tobacco Group Plc		2,982,547
	15,124	InterContinental Hotels Group Plc		523,960
	107,087	International Consolidated Airlines Group SA (a)		959,394
	564,300	ITV Plc		2,102,831
	12,864	Johnson Matthey Plc		476,942
	2,404,062	Lloyds Banking Group Plc		2,736,921
	26,053	London Stock Exchange Group Plc		954,950
	46,042	Meggitt Plc		332,152
	38,730	Mondi Plc		811,747
	63,784	Prudential Plc		1,345,617
	29,440	Rio Tinto Plc		987,802
	65,345	Rolls-Royce Holdings Plc (a)		670,318
	121,985	Royal Dutch Shell Plc - Class A		2,879,696
	33,364	SABMiller Plc		1,889,325
	15,960	Schroders Plc		678,172
	31,246	St. James’s Place Plc		402,139
	642,754	Taylor Wimpey Plc		1,904,331
	402,708	Tesco Plc		1,118,556
	27,148	Unilever Plc		1,105,729
	1,002,963	Vodafone Group Plc		3,163,420
	26,485	Weir Group Plc		469,881


Number of Shares			Value
		United Kingdom (Continued)
	8,861	Whitbread Plc	$	627,768

				44,966,036

		Total Common Stocks (Cost $325,208,641)		321,989,447

		INVESTMENT COMPANIES - 0.30%
		United States - 0.30%
	31,000	Deutsche X-trackers Harvest CSI 300 China A - Shares ETF		1,002,540

		Total Investment Companies (Cost $1,651,615)		1,002,540

		PREFERRED STOCKS - 0.21%
		Brazil - 0.21%
	45,300	Braskem SA		191,507
	13,500	Cia Brasileira de Distribuicao Grupo Pao de Acucar		169,750
	50,598	Itau Unibanco Holding SA		336,044

		Total Preferred Stocks (Cost $1,417,637)		697,301

		REAL ESTATE INVESTMENT TRUSTS - 0.71%
		Australia - 0.29%
	1	SCA Property Group		1
	136,587	Westfield Corp.		961,125

				961,126

		Japan - 0.08%
	150	Nippon Prologis REIT, Inc.		272,173

		United Kingdom - 0.34%
	89,794	British Land Co. Plc		1,140,347

		Total Real Estate Investment Trusts (Cost $1,794,671)		2,373,646

		SHORT TERM INVESTMENTS - 1.99%
		Money Market Funds - 1.81%
	6,040,431	Federated Prime Obligations Fund Effective Yield, 0.10% (c)		6,040,431


Principal Amount
		U.S. Treasury Bills
		United States Treasury Bills
$	280,000	(0.018)%, 10/22/2015		279,994
	280,000	(0.018)%, 10/29/2015		279,987
	30,000	(0.023)%, 11/19/2015		29,997

				589,978

		Total Short Term Investments (Cost $6,630,409)		6,630,409

		Total Investments (Cost $336,702,973) - 99.52%		332,693,343
		Other Assets in Excess of Liabilities - 0.48%		1,617,537

		TOTAL NET ASSETS - 100.00%	$	334,310,880

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)

Non-income producing security.

(b)

These securities have been deemed illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $512,202, which represents 0.15% of total net assets.

(c)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2015


COMMON STOCKS
Aerospace & Defense			1.47%
Airlines			0.35%
Auto Components			1.32%
Automobiles			2.80%
Banks			13.38%
Beverages			2.77%
Biotechnology			0.30%
Building Products			0.40%
Capital Markets			1.93%
Chemicals			4.82%
Commercial Services & Supplies			0.27%
Communications Equipment			0.05%
Construction & Engineering			0.31%
Construction Materials			0.52%
Consumer Finance			0.69%
Containers & Packaging			0.08%
Diversified Consumer Services			0.07%
Diversified Financial Services			1.63%
Diversified Telecommunication Services			3.75%
Electric Utilities			0.58%
Electrical Equipment			0.92%
Electronic Equipment, Instruments & Components			1.81%
Energy Equipment & Services			0.23%
Food & Staples Retailing			1.32%
Food Products			3.22%
Gas Utilities			0.26%
Health Care Equipment & Supplies			0.42%
Health Care Providers & Services			0.77%
Hotels, Restaurants & Leisure			1.12%
Household Durables			1.36%
Household Products			0.12%
Independent Power & Renewable Electricity Producers			0.05%
Industrial Conglomerates			0.61%
Insurance			5.82%
Internet & Catalog Retail			0.32%
Internet Software & Services			1.42%
IT Services			0.91%
Leisure Products			0.07%
Machinery			2.23%
Media			2.94%
Metals & Mining			1.26%
Multiline Retail			0.13%



Multi-Utilities			0.83%
Oil & Gas			6.20%
Paper & Forest Products			0.77%
Personal Products			0.98%
Pharmaceuticals			7.22%
Professional Services			0.56%
Real Estate Management & Development			2.43%
Road & Rail			0.60%
Semiconductor & Semiconductor Equipment			1.84%
Software			0.83%
Specialty Retail			1.42%
Technology Hardware, Storage & Peripherals			0.40%
Textiles, Apparel & Luxury Goods			0.99%
Thrifts & Mortgage Finance			0.18%
Tobacco			1.78%
Trading Companies & Distributors			0.98%
Transportation Infrastructure			0.41%
Water Utilities			0.29%
Wireless Telecommunication Services			2.80%

TOTAL COMMON STOCKS			96.31%

INVESTMENT COMPANIES
Exchange Traded Funds			0.30%

TOTAL INVESTMENT COMPANIES			0.30%

PREFERRED STOCKS
Banks			0.10%
Chemicals			0.06%
Food & Staples Retailing			0.05%

TOTAL PREFERRED STOCKS			0.21%

REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts			0.71%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.71%

SHORT TERM INVESTMENTS
Money Market Funds			1.81%
U.S. Treasury Bill			0.18%

TOTAL SHORT TERM INVESTMENTS			1.99%

TOTAL INVESTMENTS			99.52%
Other Assets in Excess of Liabilities			0.48%

TOTAL NET ASSETS			100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

GuideMark^® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS - 93.27%
		Aerospace & Defense - 1.57%
	2,285	TransDigm Group, Inc. (a)	$	485,357
	13,426	United Technologies Corp.		1,194,780

				1,680,137

		Air Freight & Logistics - 2.60%
	59,420	Hub Group, Inc. - Class A (a)		2,163,482
	6,246	United Parcel Service, Inc. - Class B		616,418

				2,779,900

		Airlines - 0.28%
	5,690	United Continental Holdings, Inc. (a)		301,855

		Auto Components - 2.07%
	37,650	BorgWarner, Inc.		1,565,863
	8,490	Delphi Automotive Plc (b)		645,580

				2,211,443

		Automobiles - 0.26%
	20,339	Ford Motor Co.		276,000

		Banks - 5.79%
	42,630	BankUnited, Inc.		1,524,023
	25,610	Citigroup, Inc.		1,270,512
	10,789	PNC Financial Services Group, Inc.		962,379
	32,040	Popular, Inc.		968,569
	17,546	U.S. Bancorp (b)		719,561
	14,363	Wells Fargo & Co.		737,540

				6,182,584

		Beverages - 2.12%
	15,940	Coca-Cola Enterprises, Inc.		770,699
	3,800	Constellation Brands, Inc.		475,798
	8,197	Molson Coors Brewing Co. - Class B		680,515
	3,567	PepsiCo, Inc.		336,368

				2,263,380

		Biotechnology - 2.33%
	23,720	ARIAD Pharmaceuticals, Inc. (a)		138,525
	9,500	Celgene Corp. (a)		1,027,615
	17,510	Merrimack Pharmaceuticals, Inc. (a)(b)		149,010
	6,750	PTC Therapeutics, Inc. (a)(b)		180,225
	3,990	United Therapeutics Corp. (a)		523,647
	4,505	Vertex Pharmaceuticals, Inc. (a)		469,151

				2,488,173

		Capital Markets - 1.80%
	51,515	Franklin Resources, Inc. (b)		1,919,449

		Chemicals - 1.03%
	6,190	Eastman Chemical Co.		400,617
	2,532	Innophos Holdings, Inc.		100,368
	1,495	Praxair, Inc.		152,281
	10,620	The Dow Chemical Co. (b)		450,288

				1,103,554

		Commercial Services & Supplies - 1.20%
	13,203	Republic Services, Inc.		543,964
	24,466	The ADT Corp. (b)		731,533

				1,275,497

		Communications Equipment - 2.07%
	11,083	Motorola Solutions, Inc.		757,855
	5,210	Palo Alto Networks, Inc. (a)		896,120
	10,408	QUALCOMM, Inc.		559,222

				2,213,197


Number of Shares			Value
		Construction Materials - 0.39%
	4,650	Vulcan Materials Co.	$	414,780

		Containers & Packaging - 0.23%
	6,161	Bemis Company, Inc.		243,791

		Diversified Consumer Services - 0.44%
	17,250	Service Corp. International		467,475

		Diversified Financial Services - 0.42%
	4,840	CME Group, Inc.		448,862

		Diversified Telecommunication Services - 0.74%
	18,177	Verizon Communications, Inc. (b)		790,881

		Electrical Equipment - 0.37%
	8,832	Emerson Electric Co.		390,109

		Food & Staples Retailing - 1.30%
	19,866	SYSCO Corp.		774,178
	9,418	Wal-Mart Stores, Inc.		610,663

				1,384,841

		Food Products - 1.74%
	23,775	Post Holdings, Inc. (a)		1,405,102
	10,984	Unilever Plc - ADR		447,928

				1,853,030

		Gas Utilities - 0.86%
	8,918	AmeriGas Partners, L.P. (b)		370,365
	10,988	National Fuel Gas Co. (b)		549,180

				919,545

		Health Care Equipment & Supplies - 1.20%
	10,670	Steris Corp. (b)		693,230
	3,950	The Cooper Companies, Inc.		587,997

				1,281,227

		Health Care Providers & Services - 2.43%
	22,490	LifePoint Hospitals, Inc. (a)		1,594,541
	12,031	Owens & Minor, Inc. (b)		384,270
	9,975	Quest Diagnostics, Inc.		613,163

				2,591,974

		Hotels, Restaurants & Leisure - 0.69%
	5,610	Starbucks Corp.		318,872
	5,265	Yum Brands, Inc.		420,937

				739,809

		Household Durables - 4.48%
	48,612	Jarden Corp. (a)(b)		2,376,154
	16,360	Whirlpool Corp.		2,409,174

				4,785,328

		Household Products - 0.54%
	5,302	Kimberly-Clark Corp.		578,130

		Insurance - 6.54%
	39,025	Brown & Brown, Inc.		1,208,604
	3,679	CNA Financial Corp.		128,507
	41,315	Loews Corp.		1,493,124
	32,780	MetLife, Inc.		1,545,577
	63,450	Willis Group Holdings Plc (b)		2,599,547

				6,975,359

		Internet & Catalog Retail - 1.42%
	1,521	Amazon.com, Inc. (a)		778,585
	599	The Priceline Group, Inc. (a)		740,879

				1,519,464

See notes to financial statements.

GuideMark^® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		COMMON STOCKS (Continued)
		Internet Software & Services - 4.38%
	10,225	Facebook, Inc. - Class A (a)	$	919,227
	4,009	Google, Inc. - Class A (a)		2,559,225
	1,187	Google, Inc. - Class C (a)(b)		722,195
	6,641	j2 Global, Inc. (b)		470,515

				4,671,162

		IT Services - 3.28%
	2,010	Alliance Data Systems Corp. (a)(b)		520,549
	6,190	MasterCard, Inc. - Class A (b)		557,843
	31,481	The Western Union Co. (b)		577,991
	27,490	Vantiv, Inc. - Class A (a)		1,234,851
	8,680	Visa, Inc. - Class A (b)		604,649

				3,495,883

		Leisure Products - 0.30%
	6,610	Brunswick Corp. (b)		316,553

		Machinery - 4.83%
	2,090	Caterpillar, Inc.		136,602
	57,660	Colfax Corp. (a)(b)		1,724,611
	19,485	Deere & Co. (b)		1,441,890
	18,971	Parker Hannifin Corp. (b)		1,845,878

				5,148,981

		Media - 4.75%
	8,605	Cinemark Holdings, Inc.		279,577
	12,910	Comcast Corp. - Class A		734,321
	10,147	Omnicom Group, Inc.		668,687
	5,841	Shaw Communications, Inc. - Class B		113,315
	13,825	Thomson Reuters Corp.		556,595
	100,305	Twenty-First Century Fox, Inc. - Class B		2,715,256

				5,067,751

		Metals & Mining - 0.66%
	6,027	Compass Minerals International, Inc.		472,336
	6,124	Nucor Corp. (b)		229,956

				702,292

		Multiline Retail - 1.21%
	10,978	Kohl’s Corp. (b)		508,391
	4,999	Macy’s, Inc.		256,549
	6,726	Target Corp.		529,067

				1,294,007

		Multi-Utilities - 0.44%
	11,200	Vectren Corp.		470,512

		Oil & Gas - 4.32%
	3,948	Chevron Corp. (b)		311,418
	13,065	Cimarex Energy Co.		1,338,901
	36,690	CONSOL Energy, Inc. (b)		359,562
	6,450	Exxon Mobil Corp. (b)		479,558
	6,282	Martin Midstream Partners LP		153,281
	10,580	Occidental Petroleum Corp.		699,867
	8,035	Tesoro Corp. (b)		781,323
	8,160	Valero Energy Corp.		490,416

				4,614,326

		Pharmaceuticals - 4.91%
	4,880	Allergan Plc (a)		1,326,433
	5,140	Jazz Pharmaceuticals Plc (a)		682,643
	20,950	Teva Pharmaceutical Industries Ltd. - ADR		1,182,837
	11,495	Valeant Pharmaceuticals International, Inc. (a)		2,050,478

				5,242,391


Number of Shares			Value
		Professional Services - 0.45%
	5,830	ManpowerGroup, Inc.	$	477,419

		Real Estate Management & Development - 0.37%
	12,300	CBRE Group, Inc. - Class A (a)		393,600

		Road & Rail - 0.65%
	7,790	Union Pacific Corp.		688,714

		Semiconductor & Semiconductor Equipment - 2.31%
	8,290	Analog Devices, Inc.		467,639
	26,080	Intel Corp. (b)		786,051
	18,930	Linear Technology Corp.		763,826
	47,870	ON Semiconductor Corp. (a)		449,978

				2,467,494

		Software - 3.60%
	46,189	Microsoft Corp. (b)		2,044,325
	7,000	Red Hat, Inc. (a)(b)		503,160
	9,750	salesforce.com, Inc. (a)		676,942
	2,310	ServiceNow, Inc. (a)(b)		160,430
	8,290	Splunk, Inc. (a)		458,852

				3,843,709

		Specialty Retail - 2.84%
	9,120	Five Below, Inc. (a)		306,250
	5,290	Home Depot, Inc.		610,942
	9,920	Lowe’s Companies, Inc.		683,686
	2,800	Signet Jewelers Ltd. (b)		381,164
	14,645	The TJX Companies, Inc.		1,045,946

				3,027,988

		Technology Hardware, Storage & Peripherals - 3.49%
	33,740	Apple, Inc.		3,721,522

		Textiles, Apparel & Luxury Goods - 0.61%
	9,520	VF Corp.		649,359

		Thrifts & Mortgage Finance - 1.49%
	114,960	Nationstar Mortgage Holdings, Inc. (a)(b)		1,594,495

		Trading Companies & Distributors - 1.17%
	13,890	Aircastle Ltd. (b)		286,273
	17,190	Fastenal Co. (b)		629,326
	5,428	MSC Industrial Direct Co., Inc.		331,271

				1,246,870

		Wireless Telecommunication Services - 0.30%
	9,247	Rogers Communications, Inc. - Class B (b)		318,837

		Total Common Stocks (Cost $90,654,775)		99,533,639

		REAL ESTATE INVESTMENT TRUSTS - 3.87%
		Real Estate Investment Trusts - 3.87%
	12,217	Communications Sales & Leasing, Inc. (b)		218,684
	10,782	CyrusOne, Inc.		352,140
	28,877	Iron Mountain, Inc.		895,765
	63,475	iStar Financial, Inc. (a)		798,516
	25,520	Starwood Property Trust, Inc. (b)		523,670
	15,833	The Geo Group, Inc.		470,874
	8,140	Ventas, Inc.		456,328
	15,000	Weyerhaeuser Co.		410,100

		Total Real Estate Investment Trusts (Cost $3,946,558)		4,126,077

See notes to financial statements.

GuideMark^® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Number of Shares			Value
		SHORT TERM INVESTMENTS - 2.12%
		Money Market Funds - 2.12%
	2,264,168	Federated Prime Obligations Fund Effective Yield, 0.10% (c)	$	2,264,168

		Total Short Term Investments (Cost $2,264,168)		2,264,168

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 15.13%
		Money Market Funds - 15.13%
	16,141,334	Mount Vernon Prime Portfolio Effective Yield, 0.24% (c)		16,141,334

		Total Investments Purchased as Securities Lending Collateral (Cost $16,141,334)		16,141,334

		Total Investments (Cost $113,006,835) - 114.39%		122,065,218
		Liabilities in Excess of Other Assets - (14.39)%		(15,351,794	)

		TOTAL NET ASSETS - 100.00%	$	106,713,424

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Global Real Return Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 91.50%
		Exchange Traded Funds - 91.50%
	36,881	Energy Select Sector SPDR Fund	$	2,257,117
	516,413	PowerShares DB Commodity Index Tracking Fund (a)		7,823,657
	61,482	PowerShares Global Agriculture Portfolio		1,447,286
	166,292	SPDR Barclays TIPS ETF (a)		9,182,644
	62,618	SPDR DB International Government Inflation-Protected Bond ETF		3,258,641
	115,507	SPDR Dow Jones International Real Estate ETF		4,544,046
	52,614	SPDR Dow Jones REIT ETF		4,533,748
	366,801	SPDR S&P Global Natural Resources ETF		11,910,029
	65,857	SPDR S&P International Energy Sector ETF		1,024,076
	12,345	SPDR S&P Metals and Mining ETF		206,409

				46,187,653

		Total Investment Companies (Cost $55,462,178)		46,187,653

		SHORT TERM INVESTMENTS - 8.66%
		Money Market Funds - 8.66%
	4,374,087	Federated Prime Obligations Fund Effective Yield, 0.10% (b)		4,374,087

		Total Short Term Investments (Cost $4,374,087)		4,374,087

		Total Investments (Cost $59,836,265) - 100.16%		50,561,740
		Liabilities in Excess of Other Assets - (0.16)%		(80,263	)

		TOTAL NET ASSETS - 100.00%	$	50,481,477

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Principal Amount			Value
		ASSET BACKED SECURITIES - 10.50%
	22,760	Accredited Mortgage Loan Trust Series 2005-A1, 0.440%, 09/25/2035 (a)	$	22,782
	895,000	Ally Auto Receivables Trust Series 2015-A3, 1.390%, 09/16/2019		897,902
	305,000	Ally Master Owner Trust Series 2014-A2, 1.600%, 10/15/2019		306,860
	21,526	American Credit Acceptance Receivables Trust Series 2013-A, 1.450%, 04/16/2018 (Acquired 03/20/2013 and 02/27/2014, Cost $21,525) (b)		21,527
	1,125,000	American Express Credit Account Master Trust Series 2014-A, 1.260%, 01/15/2020		1,129,678
		AmeriCredit Automobile Receivables Trust
	220,967	Series 2012-B, 1.120%, 11/08/2017		221,026
	845,000	Series 2014-A3, 1.150%, 06/10/2019		846,420
	305,000	AMMC CDO Series 2014-A1L, 1.745%, 07/27/2026 (Acquired 06/12/2014, Cost $304,372) (a)(b)		303,017
	500,000	Apidos CLO XII Series 2013-A, 1.274%, 04/15/2025 (Acquired 03/15/2013, Cost $500,000) (a)(b)		490,750
	257,536	Ares XXX CLO Ltd. Series 2014-A2, 1.137%, 04/20/2023 (Acquired 05/08/2014, Cost $255,321) (a)(b)		256,532
		ARI Fleet Lease Trust
	48,787	Series 2012-A, 0.507%, 01/15/2021 (Acquired 10/16/2012, Cost $48,787) (a)(b)		48,711
	260,000	Series 2014-A3, 1.550%, 11/15/2022 (Acquired 04/01/2014, Cost $259,928) (b)		261,793
	270,000	Atlas Senior Loan Fund Ltd. Series 2014-A, 1.829%, 10/15/2026 (Acquired 08/28/2014, Cost $269,865) (a)(b)		268,515
	232,189	Atrium VII Series AR, 1.421%, 11/16/2022 (Acquired 08/06/2014, Cost $232,189) (a)(b)		231,702
	500,000	Atrium IX Series A, 1.498%, 02/28/2024 (Acquired 01/24/2013, Cost $500,000) (a)(b)		495,050
	500,000	Atrium X Series A, 1.409%, 07/16/2025 (Acquired 04/25/2013, Cost $499,250) (a)(b)		489,900
	235,328	Avalon IV Capital Ltd. Series 2012-AR, 1.459%, 04/17/2023 (Acquired 04/02/2014, Cost $235,328) (a)(b)		234,952
	825,000	Babson CLO Ltd. Series 2013-A, 1.274%, 04/20/2025 (Acquired 05/03/2013, Cost $825,000) (a)(b)		811,387
		Capital Auto Receivables Asset Trust
	1,240,000	Series 2013-A3, 1.090%, 03/20/2018		1,239,316
	315,000	Series 2014-A3, 1.320%, 06/20/2018		315,615
	1,225,000	Capital One Multi-Asset Execution Trust Series 2014-A5, 1.480%, 07/15/2020		1,233,814
		Carlyle Global Market Strategies
	555,000	Series 2013-A1A, 1.409%, 07/15/2025 (Acquired 06/10/2013, Cost $553,834) (a)(b)		545,010
	250,000	Series 2014-B, 2.624%, 10/15/2026 (Acquired 03/05/2015, Cost $251,326) (a)(b)		250,650
	320,000	Series 2015-A1, 1.744%, 04/27/2027 (Acquired 04/01/2015, Cost $320,000) (a)(b)		318,016


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	235,000	CarMax Auto Owner Trust Series 2013-A4, 1.490%, 01/15/2019	$	236,072
		Cent CLO LP
	325,000	Series 2013-A, 1.724%, 01/25/2026 (Acquired 12/18/2013, Cost $325,000) (a)(b)		323,700
	325,000	Series 2015-A1, 1.760%, 04/17/2026 (Acquired 03/19/2015, Cost $325,000) (a)(b)		321,880
	345,000	Chase Issuance Trust Series 2007-B1, 0.457%, 04/15/2019 (a)		343,419
		CIFC Funding Ltd.
	365,000	Series 2013-A1, 1.324%, 04/16/2025 (Acquired 02/22/2013, Cost $365,000) (a)(b)		358,904
	295,000	Series 2014-A1L, 1.809%, 05/24/2026 (Acquired 07/02/2014, Cost $294,911) (a)(b)		292,876
	63,710	Conseco Finance Securitizations Corp. Series 2000-A6, 8.310%, 05/01/2032 (a)		41,752
		CPS Auto Receivables Trust
	110,889	Series 2013-A, 1.640%, 04/16/2018 (Acquired 09/24/2013, Cost $110,876) (b)		110,764
	42,747	Series 2013-A, 1.540%, 07/16/2018 (Acquired 12/10/2013, Cost $42,743) (b)		42,659
	48,476	Series 2014-A, 1.210%, 08/15/2018 (Acquired 03/10/2014, Cost $48,471) (b)		48,383
	40,165	Series 2012-A, 1.820%, 12/16/2019 (Acquired 09/11/2012, Cost $40,164) (b)		40,114
	63,009	Series 2012-A, 1.480%, 03/16/2020 (Acquired 12/07/2012, Cost $63,001) (b)		62,918
	85,015	Series 2013-A, 1.310%, 06/15/2020 (Acquired 03/12/2013, Cost $85,004) (b)		84,436
	250,000	Credit Acceptance Auto Loan Trust Series 2014-A, 1.880%, 03/15/2022 (Acquired 09/18/2014, Cost $249,955) (b)		250,100
	195,000	Drive Auto Receivables Trust Series 2015-B, 2.120%, 06/17/2019 (Acquired 05/20/2015, Cost $194,984) (b)		195,359
	425,000	Dryden XXVI Senior Loan Fund Series 2013-A, 1.389%, 07/15/2025 (Acquired 02/20/2013, Cost $425,000) (a)(b)		417,095
	390,000	Dryden 33 Senior Loan Fund Series 2014-A, 1.769%, 07/15/2026 (Acquired 04/09/2014, Cost $390,000) (a)(b)		388,713
	270,000	Dryden 38 Senior Loan Fund Series 2015-A, 1.730%, 07/15/2027 (Acquired 03/25/2015, Cost $270,000) (b)		267,462
	213,013	DT Auto Owner Trust Series 2015-A, 1.060%, 09/17/2018 (Acquired 02/18/2015, Cost $213,011) (b)		212,906
	114,250	First Investors Auto Owner Trust Series 2013-A2, 1.230%, 03/15/2019 (Acquired 06/13/2013, Cost $114,236) (b)		114,283
	415,000	Flatiron CLO Ltd. Series 2014-A1, 1.669%, 07/17/2026 (Acquired 06/05/2014, Cost $414,585) (a)(b)		412,095
	580,000	Ford Credit Auto Lease Trust Series 2014-A4, 0.900%, 06/15/2017		580,395
	965,000	Ford Credit Auto Owner Trust Series 2015-B, 2.030%, 08/15/2020		973,478
	790,000	Ford Credit Floorplan Master Owner Trust A Series 2014-A1, 1.400%, 08/15/2019		791,906

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	370,000	Galaxy XIX, CLO Ltd. Series 2015-A1A, 1.843%, 01/24/2027 (Acquired 01/29/2015, Cost $369,441) (a)(b)	$	369,186
	100,000	GCO Education Loan Funding Trust Series 2006-A11L, 0.559%, 05/25/2036 (a)		89,428
	300,000	GTP Acquisition Partners I LLC Series 2015-1-2, 3.482%, 06/16/2025 (Acquired 05/20/2015, Cost $300,000) (b)		300,072
		HLSS Servicer Advance Receivables Backed Note
	370,000	Series 2013-A2, 1.495%, 01/16/2046 (Acquired 01/16/2013 through 01/29/2014, Cost $370,733) (b)		369,659
	435,000	Series 2013-A3, 1.793%, 05/15/2046 (Acquired 05/17/2013 and 08/28/2013, Cost $431,753) (b)		430,768
	175,000	Series 2013-A3, 2.289%, 01/15/2048 (Acquired 01/16/2013, Cost $175,000) (a)(b)		174,047
	585,000	Hyundai Auto Receivables Trust Series 2014-A3, 0.790%, 07/16/2018		585,093
	390,000	Limerock CLO Series 2014-A, 1.681%, 04/18/2026 (Acquired 02/26/2014, Cost $389,581) (a)(b)		387,894
	130,592	M&T Bank Auto Receivables Trust Series 2013-A3, 1.060%, 11/15/2017 (Acquired 06/10/2014, Cost $130,830) (b)		130,759
	575,000	Madison Park Funding XI Ltd. Series 2013-A2, 1.594%, 10/23/2025 (Acquired 08/16/2013, Cost $574,425) (a)(b)		567,582
	250,000	Madison Park Funding XII Ltd. Series 2014-A, 1.787%, 07/20/2026 (Acquired 05/08/2014, Cost $250,000) (a)(b)		248,475
	280,000	Magnetite CLO Ltd. Series 2014-A1, 1.601%, 07/25/2026 (Acquired 06/13/2014, Cost $279,857) (a)(b)		277,676
		Mercedes Benz Auto Lease Trust
	525,000	Series 2013-A4, 0.760%, 07/15/2019		525,210
	710,000	Series 2014-A4, 0.900%, 12/16/2019		710,119
	366,414	Morgan Stanley Capital I, Inc. Trust Series 2003-M1, 1.214%, 10/25/2033 (a)		348,233
		Neuberger Berman CLO Ltd.
	275,000	Series 2014-A, 1.779%, 08/04/2025 (Acquired 06/19/2014, Cost $275,000) (a)(b)		273,322
	285,000	Series 2014-A1, 1.759%, 04/15/2026 (Acquired 02/11/2014, Cost $283,803) (a)(b)		283,490
	560,000	NRZ Advance Receivables Trust Series 2015-AT2, 3.302%, 08/17/2048 (Acquired 08/25/2015, Cost $559,999) (b)		560,828
	280,000	Oak Hill Credit Partners Series 2013-A, 1.294%, 04/20/2025 (Acquired 04/17/2013, Cost $280,000) (a)(b)		275,492
	325,000	Oaktree EIF II Series A1 Ltd. Series 2015-A, 1.871%, 02/15/2026 (Acquired 02/20/2015, Cost $325,000) (a)(b)		323,603
	275,000	OCP CLO Ltd. Series 2015-A1, 1.804%, 04/17/2027 (Acquired 04/10/2015, Cost $274,725) (a)(b)		273,240
	410,000	Octagon Investment Partners XVI Ltd. Series 2013-A, 1.294%, 07/17/2025 (Acquired 05/15/2013, Cost $409,344) (a)(b)		402,538
	450,000	OZLM Funding Ltd. Series 2013-A1, 1.789%, 01/20/2026 (Acquired 11/22/2013, Cost $449,775) (a)(b)		447,885


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	300,000	OZLM XII Ltd. Series 2015-A1, 0.000%, 04/30/2027 (Acquired 04/24/2015, Cost $299,130) (a)(b)	$	298,350
		Prestige Auto Receivables Trust
	219,117	Series 2013-A3, 1.330%, 05/15/2019 (Acquired 04/03/2013, Cost $219,065) (b)		219,621
	135,000	Series 2014-B, 1.910%, 04/15/2020 (Acquired 06/25/2014, Cost $135,026) (b)		135,995
	695,000	Race Point VIII CLO Ltd. Series 2013-A, 1.583%, 02/20/2025 (Acquired 02/06/2013, Cost $695,000) (a)(b)		684,019
	81,643	Residential Asset Mortgage Products, Inc. Series 2004-AII, 0.674%, 03/25/2034 (a)		81,590
		Santander Drive Auto Receivables Trust
	705	Series 2012-B, 1.560%, 08/15/2018		705
	300,000	Series 2015-B, 1.830%, 01/15/2020		301,058
	250,000	Seneca Park CLO Ltd.
		Series 2014-A, 1.654%, 07/17/2026 (Acquired 05/09/2014, Cost $249,866) (a)(b)		248,375
	250,000	Shackleton CLO Ltd. Series 2014-A2, 1.654%, 07/17/2026 (Acquired 06/12/2014, Cost $248,475) (a)(b)		248,575
	257,000	Sound Point CLO IV Ltd.
		Series 2013-A, 1.646%, 01/21/2026 (Acquired 03/27/2015, Cost $255,587) (a)(b)		253,453
	315,000	Sound Point CLO VIII Ltd. Series 2015-A, 1.819%, 03/13/2027 (Acquired 03/05/2015, Cost $314,213) (a)(b)		312,151
	225,000	Springleaf Funding Trust Series 2014-A, 2.410%, 12/15/2022 (Acquired 03/19/2014, Cost $224,963) (b)		225,184
	315,000	Symphony CLO Ltd. Series 2012-AR, 1.564%, 07/23/2023 (Acquired 04/08/2015, Cost $314,780) (a)(b)		314,399
	325,000	Treman Park CLO LLC Series 2015-A, 1.761%, 04/20/2027 (Acquired 03/05/2015, Cost $325,000) (a)(b)		322,400
	620,000	Volkswagen Auto Lease Trust Series 2015-A3, 1.250%, 12/20/2017		618,149
	305,000	Voya CLO Ltd. Series 2015-A1, 1.755%, 04/18/2027 (Acquired 03/03/2015, Cost $304,688) (a)(b)		302,560
	25,639	Westlake Automobile Receivables Trust Series 2014-A2, 0.700%, 05/15/2017 (Acquired 05/20/2014, Cost $25,637) (b)		25,631

		Total Asset Backed Securities (Cost $31,211,932)		31,099,408

		COLLATERALIZED MORTGAGE OBLIGATIONS - 7.00%
	160,000	Aventura Mall Trust Series 2013-A, 3.743%, 12/07/2032 (Acquired 12/10/2013, Cost $164,333) (a)(b)		171,219
	184,052	Banc of America Commercial Mortgage Trust Series 2006-A4, 5.948%, 05/10/2045 (a)		185,884
	150,000	BB-UBS Trust Series 2012-A, 3.430%, 11/07/2036 (Acquired 12/05/2012, Cost $155,017) (b)		153,767
		Bear Stearns Commercial Mortgage Securities Trust
	154,801	Series 2006-A4, 5.201%, 12/11/2038		159,896
	66,845	Series 2005-A4, 5.405%, 12/11/2040 (a)		66,854
	2,820,559	Series 2006-A4, 5.540%, 09/11/2041		2,877,877
	176,816	Series 2007-A4, 5.331%, 02/11/2044		184,641

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	295,000	CD Commercial Mortgage Trust Series 2007-A4, 5.322%, 12/11/2049	$	304,797
	95,224	Chase Mortgage Financial Trust Series 2007-4A1, 2.581%, 02/25/2037 (a)		91,918
		Citigroup Commercial Mortgage Trust
	150,000	Series 2014-A4, 4.023%, 03/12/2047		162,308
	145,000	Series 2014-A5, 3.855%, 05/10/2047		154,994
	70,596	Series 2006-A3, 5.973%, 03/17/2049 (a)		71,344
	83,078	COBALT CMBS Commercial Mortgage Trust Series 2007-A3, 5.484%, 04/15/2047 (a)		87,168
		COMM Mortgage Trust
	120,000	Series 2013-A1, 4.353%, 08/12/2030 (Acquired 08/15/2013, Cost $122,200) (b)		131,278
	110,000	Series 2013-A4, 4.376%, 07/12/2045 (a)		122,013
	110,000	Series 2013-A4, 2.941%, 01/12/2046 (a)		112,383
	95,000	Series 2013-A5, 3.612%, 06/12/2046 (a)		100,317
	160,000	Series 2014-A5, 3.961%, 03/10/2047		172,286
	115,000	Series 2014-A4, 4.006%, 04/12/2047		124,302
	145,000	Series 2014-A5, 3.977%, 05/10/2047		156,433
	235,000	Series 2014-A5, 3.828%, 07/17/2047		250,205
	120,000	Series 2014-A5, 3.694%, 08/12/2047		126,313
	240,000	Series 2015-A4, 3.630%, 10/10/2048 (h)		247,197
	202,333	Commercial Mortgage Loan Trust Series 2008-A4B, 15.913%, 12/10/2049 (a)		210,655
		Countrywide Home Loans, Inc.
	22,925	Series 2004-A2, 2.553%, 11/20/2034 (a)		22,068
	109,724	Series 2005-6A1, 0.794%, 03/25/2035 (a)		99,364
	103,418	Credit Suisse Commercial Mortgage Trust Series 2006-A3, 5.467%, 09/15/2039		105,686
	301,000	CSAIL Commercial Mortage Trust Series 2015-A4, 3.718%, 08/17/2048 (a)		314,967
	140,000	DBUBS Mortgage Trust Series 2011-A4, 4.537%, 07/12/2044 (Acquired 06/16/2014, Cost $152,307) (b)		156,170
	400,000	Four Times Square Trust Series 2006-A, 5.401%, 12/13/2028 (Acquired 11/06/2012, Cost $446,748) (b)		452,995
	145,000	GS Mortgage Securities Corp. II Series 2012-A, 2.954%, 11/07/2034 (Acquired 12/11/2012, Cost $147,553) (b)		146,939
	145,000	GS Mortgage Securities Corp. Trust Series 2012-A, 3.551%, 04/12/2034 (Acquired 03/08/2013, Cost $149,606) (b)		152,656
		GS Mortgage Securities Trust
	865,000	Series 2013-A2, 3.033%, 11/13/2046		896,829
	250,000	Series 2014-A5, 3.998%, 04/12/2047		269,888
	175,000	Series 2014-A5, 3.862%, 06/10/2047		186,879
	300,000	Hilton USA Trust Series 2013-AFX, 2.662%, 11/07/2030 (Acquired 11/22/2013 and 07/22/2014, Cost $301,534) (b)		301,276
		JP Morgan Chase Commercial Mortgage Securities Trust
	144,110	Series 2012-A, 3.905%, 05/07/2030 (Acquired 05/07/2013 and 06/25/2013, Cost $145,016) (b)		152,565
	166,864	Series 2006-A4, 6.100%, 04/15/2045 (a)		169,469
	155,000	Series 2013-A4, 4.166%, 12/17/2046		169,612
	334,456	Series 2006-A3, 5.336%, 05/15/2047		345,871
	233,624	Series 2007-A4, 5.883%, 02/12/2049 (a)		245,241


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		JPMBB Commercial Mortgage Securities Trust
	1,205,000	Series 2013-ASB, 3.157%, 07/17/2045	$	1,253,786
	145,000	Series 2014-A4, 3.997%, 04/17/2047		156,550
	120,000	Series 2014-A5, 3.775%, 08/16/2047		127,365
	295,000	Series 2014-A4, 3.801%, 09/17/2047		312,304
	265,000	Series 2014-A4, 3.494%, 01/17/2048		274,560
	180,058	JPMorgan Commercial Mortgage Securities Corp. Series 2012-A5, 2.840%, 12/17/2047		182,794
		Lehman Brothers-UBS Commercial Mortgage Trust
	220,807	Series 2006-A4, 6.029%, 06/15/2038 (a)		224,884
	284,878	Series 2007-A3, 5.430%, 02/15/2040		297,070
	594,890	Series 2007-A4, 5.424%, 02/15/2040		618,584
	192,556	Series 2007-A4, 5.858%, 07/15/2040 (a)		200,977
	280,000	Merrill Lynch Mortgage Trust Series 2006-A4, 5.865%, 05/12/2039 (a)		282,897
		ML-CFC Commercial Mortgage Trust
	277,623	Series 2007-A4, 5.378%, 08/14/2048		288,138
	165,000	Series 2007-A4, 5.700%, 09/12/2049		174,717
		Morgan Stanley Bank of America Merrill Lynch Trust
	35,000	Series 2014-A5, 4.064%, 02/15/2047		37,851
	175,000	Series 2014-A5, 3.741%, 08/16/2047		184,635
	167,000	Series 2015-A4, 3.249%, 02/15/2048		169,345
	246,000	Series 2015-A4, 3.306%, 04/17/2048		250,021
		Morgan Stanley Capital I Trust
	185,000	Series 2014-A, 3.469%, 08/11/2033 (Acquired 11/13/2014, Cost $189,941) (b)		192,844
	220,000	Series 2007-A4, 5.692%, 04/15/2049 (a)		229,761
	154,093	Series 2007-A4, 5.809%, 12/12/2049		164,068
	130,000	OBP Depositor LLC Trust Series 2010-A, 4.646%, 07/17/2045 (Acquired 08/15/2012, Cost $146,037) (b)		144,238
	155,000	Ocwen Master Advance Receivables Trust Series 2015-AT1, 0.000%, 09/17/2046 (Acquired 09/11/2015, Cost $155,000) (a)(b)(h)		155,000
		Springleaf Mortgage Loan Trust
	101,213	Series 2013-A, 1.270%, 06/25/2058 (Acquired 04/03/2013, Cost $101,205) (a)(b)		101,374
	215,919	Series 2013-A, 1.780%, 12/25/2065 (Acquired 07/03/2013, Cost $213,729) (a)(b)		216,605
	155,171	Series 2013-M1, 3.520%, 12/25/2065 (Acquired 07/03/2013, Cost $149,465) (b)		157,354
	295,000	Symphony CLO XIV Ltd.
		Series 2014-A2, 1.766%, 07/14/2026 (Acquired 05/06/2014, Cost $295,000) (a)(b)		294,410
	365,000	UBS-Barclays Commercial Mortgage Trust 2012-c3 A-4 Series 2012-A4, 3.091%, 08/12/2049 (a)		375,958
	223,879	Wachovia Bank Commercial Mortgage Trust Series 2006-A4, 5.308%, 11/15/2048		230,418
	1,225,000	Wells Fargo Commercial Mortgage Trust Series 2015-ASB, 3.412%, 09/17/2058		1,276,702
		Wells Fargo-RBS Commercial Mortgage Trust
	805,000	Series 2014-A3, 3.660%, 03/15/2047		850,548
	175,000	Series 2014-A5, 4.045%, 03/15/2047		189,150
	175,000	Series 2014-A5, 3.995%, 05/17/2047		188,409
	175,000	Series 2014-A5, 3.678%, 08/16/2047		183,885
	120,000	Series 2014-A5, 3.817%, 08/17/2050		127,220

		Total Collateralized Mortgage Obligations (Cost $20,734,287)		20,728,946

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS - 37.78%
		Aerospace & Defense - 0.21%
	625,000	Northrop Grumman Corp. 3.850%, 04/15/2045	$	564,859
	70,000	Raytheon Co. 3.150%, 12/15/2024		70,837

				635,696

		Air Freight & Logistics - 0.02%
		FedEx Corp.
	25,000	3.200%, 02/01/2025		24,300
	50,000	4.100%, 02/01/2045		45,476

				69,776

		Auto Parts & Equipment - 0.21%
	610,000	Delphi Corp. 4.150%, 03/15/2024		616,202

		Automobiles - 0.09%
	275,000	General Motors Co. 5.000%, 04/01/2035		255,508

		Banks - 6.40%
	275,000	Abbey National Treasury Services PLC/London 2.350%, 09/10/2019		278,599
	415,000	ABN AMRO Bank NV 2.450%, 06/04/2020 (Acquired 05/28/2015, Cost $414,087) (b)		414,953
		Bank of America Corp.
	1,170,000	2.600%, 01/15/2019		1,182,812
	215,000	4.100%, 07/24/2023		223,755
	115,000	4.200%, 08/26/2024		115,129
	350,000	4.000%, 01/22/2025		343,682
	200,000	6.110%, 01/29/2037		230,770
	110,000	7.750%, 05/14/2038		150,868
	935,000	5.000%, 01/21/2044		988,434
	860,000	Bank of New York Mellon Corp. 1.300%, 01/25/2018		858,394
	200,000	Barclays Bank Plc 3.750%, 05/15/2024		202,406
	220,000	BPCE SA 5.150%, 07/21/2024 (Acquired 01/13/2014, Cost $219,593) (b)		223,997
		Branch Banking & Trust Co.
	805,000	1.450%, 10/03/2016		808,802
	445,000	3.625%, 09/16/2025		445,038
		Citigroup, Inc.
	105,000	4.450%, 01/10/2017		109,217
	25,000	8.500%, 05/22/2019		30,208
	1,540,000	4.400%, 06/10/2025 (c)		1,551,866
	550,000	4.300%, 11/20/2026		545,854
	230,000	4.450%, 09/29/2027		228,222
	175,000	4.650%, 07/30/2045		175,255
	385,000	Deutsche Bank AG 1.350%, 05/30/2017		382,962
	375,000	Fifth Third Bancorp 2.875%, 07/27/2020		378,505
	760,000	Glitnir Bank 6.693%, 06/15/2016 (Acquired 06/14/2006 and 06/21/2006, Cost $758,848) (a)(d)(e)		15,329
		HSBC Holdings Plc
	200,000	4.250%, 08/18/2025		197,472
	200,000	6.800%, 06/01/2038		245,456
	250,000	HSBC USA, Inc. 2.750%, 08/07/2020		251,330


Principal Amount			Value
		Banks (Continued)
		JPMorgan Chase & Co.
	125,000	2.750%, 06/23/2020	$	126,152
	135,000	4.250%, 10/15/2020		144,805
	350,000	4.500%, 01/24/2022		377,951
	70,000	3.625%, 05/13/2024		71,050
	580,000	3.875%, 09/10/2024		575,533
	415,000	4.250%, 10/01/2027		414,265
	30,000	5.600%, 07/15/2041		34,407
	180,000	5.625%, 08/16/2043		198,784
	250,000	Kaupthing Bank Hf 7.125%, 05/19/2016 (Acquired 05/12/2006, Cost $248,680) (d)(e)		5,003
	230,000	KeyCorp 5.100%, 03/24/2021		254,795
	300,000	PNC Bank NA 2.400%, 10/18/2019		302,824
	535,000	PNC Funding Corp. 3.300%, 03/08/2022		551,383
	625,000	SunTrust Banks, Inc. 3.500%, 01/20/2017		640,533
	380,000	The Huntington National Bank 1.700%, 02/26/2018		378,439
	875,000	Toronto-Dominion Bank 2.625%, 09/10/2018		898,794
	1,410,000	U.S. Bancorp 1.950%, 11/15/2018		1,425,335
		Wells Fargo & Co.
	400,000	2.150%, 01/15/2019		403,342
	260,000	2.150%, 01/30/2020		259,522
	100,000	2.600%, 07/22/2020		101,077
	175,000	3.300%, 09/09/2024		173,872
	300,000	3.550%, 09/29/2025		300,489
	80,000	4.100%, 06/03/2026		80,810
	295,000	4.300%, 07/22/2027		301,062
	326,000	5.606%, 01/15/2044		365,501

				18,965,043

		Beverages - 0.07%
	150,000	Anheuser-Busch InBev Worldwide, Inc. 8.200%, 01/15/2039		211,379

		Biotechnology - 0.64%
	200,000	AbbVie, Inc. 1.800%, 05/14/2018		199,571
		Amgen, Inc.
	150,000	3.625%, 05/22/2024		150,710
	200,000	4.950%, 10/01/2041		201,709
	345,000	Baxalta, Inc. 4.000%, 06/23/2025 (Acquired 06/18/2015, Cost $342,668) (b)(c)		346,225
	270,000	Celgene Corp. 5.250%, 08/15/2043		275,683
	230,000	Genzyme Corp. 5.000%, 06/15/2020		258,876
		Gilead Sciences, Inc.
	145,000	1.850%, 09/04/2018		146,075
	115,000	3.250%, 09/01/2022		116,006
	45,000	4.600%, 09/01/2035		45,125
	70,000	4.500%, 02/01/2045		67,434
	85,000	4.750%, 03/01/2046		85,596

				1,893,010

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Capital Markets - 2.76%
	880,000	Bear Stearns Companies, Inc. 7.250%, 02/01/2018	$	985,518
		Goldman Sachs Group, Inc.
	835,000	5.950%, 01/18/2018		912,539
	145,000	2.600%, 04/23/2020		145,486
	85,000	2.750%, 09/15/2020		85,491
	460,000	4.000%, 03/03/2024		473,967
	55,000	3.850%, 07/08/2024		56,127
	290,000	3.500%, 01/23/2025		285,743
	290,000	6.750%, 10/01/2037		347,012
	100,000	6.250%, 02/01/2041		120,834
	115,000	5.150%, 05/22/2045		113,303
		Morgan Stanley
	350,000	5.950%, 12/28/2017		381,536
	200,000	1.875%, 01/05/2018		200,582
	275,000	2.500%, 01/24/2019		278,886
	880,000	2.650%, 01/27/2020		884,698
	10,000	4.875%, 11/01/2022		10,670
	125,000	3.700%, 10/23/2024		125,740
	770,000	4.350%, 09/08/2026		775,636
	160,000	3.950%, 04/23/2027		154,445
	160,000	4.300%, 01/27/2045		152,431
	295,000	State Street Corp. 2.550%, 08/18/2020		299,102
		The Bank of New York Mellon Corp.
	880,000	2.200%, 03/04/2019		889,132
	485,000	2.150%, 02/24/2020		485,746

				8,164,624

		Chemicals - 0.81%
	40,000	CF Industries, Inc. 5.375%, 03/15/2044		38,975
	445,000	Dow Chemical Co. 4.125%, 11/15/2021		465,483
	595,000	LYB International Finance BV 4.000%, 07/15/2023		598,758
		Monsanto Co.
	915,000	1.150%, 06/30/2017		912,432
	430,000	4.400%, 07/15/2044		373,953

				2,389,601

		Commercial Services & Supplies - 0.24%
	210,000	Republic Services, Inc. 4.750%, 05/15/2023		231,398
		Waste Management, Inc.
	475,000	2.900%, 09/15/2022		471,320
	20,000	3.125%, 03/01/2025		19,619

				722,337

		Communications Equipment - 0.17%
		QUALCOMM, Inc.
	420,000	3.000%, 05/20/2022		414,500
	100,000	4.650%, 05/20/2035		91,447

				505,947

		Construction Materials - 0.07%
	200,000	CRH America, Inc. 5.125%, 05/18/2045 (Acquired 05/12/2015, Cost $197,554) (b)		199,477


Principal Amount			Value
		Consumer Finance - 2.48%
		American Express Co.
	325,000	3.625%, 12/05/2024	$	322,174
	457,000	4.050%, 12/03/2042		437,962
		American Express Credit Corp.
	520,000	2.375%, 03/24/2017		528,283
	775,000	2.125%, 03/18/2019		780,648
	580,000	Capital One Financial Corp. 2.450%, 04/24/2019		578,648
		Capital One NA
	250,000	1.500%, 09/05/2017		248,951
	400,000	1.650%, 02/05/2018		396,262
		Caterpillar Financial Services Corp.
	715,000	1.625%, 06/01/2017		721,590
	140,000	2.250%, 12/01/2019 (c)		140,602
	425,000	Ford Motor Credit Co. LLC 3.157%, 08/04/2020		424,985
		John Deere Capital Corp.
	565,000	1.050%, 10/11/2016		566,986
	675,000	1.300%, 03/12/2018		674,024
	280,000	PACCAR Financial Corp. 2.200%, 09/15/2019		283,220
	1,220,000	Toyota Motor Credit Corp. 2.125%, 07/18/2019		1,224,673

				7,329,008

		Diversified Financial Services - 1.42%
	105,000	BAT International Finance Plc 2.750%, 06/15/2020 (Acquired 06/10/2015, Cost $104,834) (b)		107,136
	380,000	Credit Suisse 1.375%, 05/26/2017		379,746
	325,000	Daimler Finance North America LLC 2.450%, 05/18/2020 (Acquired 05/11/2015, Cost $324,363) (b)		317,908
		Ford Motor Credit Co. LLC
	200,000	1.461%, 03/27/2017		198,933
	200,000	5.875%, 08/02/2021		226,684
		General Electric Capital Corp.
	575,000	0.563%, 01/09/2017 (a)		575,248
	225,000	5.875%, 01/14/2038		281,159
	450,000	Hutchison Whampoa International Ltd. 3.500%, 01/13/2017 (Acquired 09/06/2012, Cost $457,702) (b)		461,786
	200,000	1.625%, 10/31/2017 (Acquired 10/28/2014, Cost $199,540) (b)		199,428
	200,000	Imperial Tobacco Finance Plc 3.750%, 07/21/2022 (Acquired 07/16/2015, Cost $197,886) (b)		202,189
	585,000	National Rural Utilities Cooperative Finance Corp. 5.450%, 04/10/2017		625,268
	300,000	NCUA Guaranteed Notes 3.000%, 06/12/2019		319,299
	315,000	UBS Group Funding Jersey Ltd. 4.125%, 09/24/2025 (Acquired 09/21/2015, Cost $314,411) (b)		313,197

				4,207,981

		Diversified Manufacturing - 0.21%
	575,000	Cooper U.S., Inc. 3.875%, 12/15/2020		610,188

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Diversified Telecommunication Services - 1.02%
		AT&T, Inc.
	295,000	2.450%, 06/30/2020	$	290,776
	485,000	4.500%, 05/15/2035		445,084
	125,000	4.750%, 05/15/2046		114,979
		Verizon Communications, Inc.
	300,000	5.150%, 09/15/2023 (c)		331,953
	250,000	3.500%, 11/01/2024		246,276
	780,000	6.400%, 09/15/2033		896,054
	375,000	4.272%, 01/15/2036		341,196
	410,000	4.672%, 03/15/2055		354,506

				3,020,824

		Electric Utilities - 1.50%
		Consolidated Edison Company of New York, Inc.
	85,000	3.300%, 12/01/2024		85,825
	300,000	4.625%, 12/01/2054		301,870
	1,055,000	Duke Energy Corp. 3.550%, 09/15/2021		1,099,142
	160,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043		176,380
	125,000	Duke Energy Progress LLC 3.250%, 08/15/2025		127,243
	460,000	Duke Energy Progress, Inc. 4.150%, 12/01/2044		463,969
	225,000	Edison International 3.750%, 09/15/2017		234,481
	100,000	Massachusetts Electric Co. 5.900%, 11/15/2039 (Acquired 07/09/2013, Cost $114,003) (b)		121,772
	325,000	Northeast Utilities 2.800%, 05/01/2023		312,501
	115,000	Pacific Gas & Electric Co. 4.750%, 02/15/2044		121,550
	150,000	Progress Energy, Inc. 3.150%, 04/01/2022		149,926
	285,000	Sierra Pacific Power Co. 3.375%, 08/15/2023		290,030
	395,000	The Southern Co. 2.150%, 09/01/2019		390,887
	485,000	Union Electric Co. 6.700%, 02/01/2019		560,024

				4,435,600

		Energy Equipment & Services - 0.26%
	770,000	Halliburton Co. 3.250%, 11/15/2021		782,567

		Engineering Construction - 0.13%
	400,000	ABB Finance USA, Inc. 2.875%, 05/08/2022		396,769

		Food & Staples Retailing - 0.77%
		CVS Health Corp.
	440,000	1.900%, 07/20/2018		443,234
	305,000	2.800%, 07/20/2020		310,222
	250,000	2.750%, 12/01/2022		246,289
	235,000	3.875%, 07/20/2025		242,722
	155,000	5.125%, 07/20/2045		167,269
	580,000	Walgreens Boots Alliance, Inc. 2.700%, 11/18/2019		588,388


Principal Amount			Value
		Food & Staples Retailing (Continued)
		Wal-Mart Stores, Inc.
	175,000	6.500%, 08/15/2037	$	230,205
	50,000	4.300%, 04/22/2044		51,239

				2,279,568

		Food Products - 0.50%
		HJ Heinz Co.
	525,000	2.000%, 07/02/2018 (Acquired 06/23/2015, Cost $523,950) (b)		526,080
	150,000	2.800%, 07/02/2020 (Acquired 06/23/2015, Cost $149,660) (b)		151,147
	350,000	3.500%, 07/15/2022 (Acquired 06/23/2015, Cost $349,174) (b)		358,057
	350,000	5.000%, 07/15/2035 (Acquired 06/23/2015, Cost $346,671) (b)		366,748
	80,000	The J.M. Smucker Co. 3.500%, 03/15/2025		79,661

				1,481,693

		Health Care Equipment & Supplies - 1.03%
	630,000	Baxter International, Inc. 1.850%, 06/15/2018		630,214
		Becton Dickinson & Co.
	390,000	3.125%, 11/08/2021		393,217
	465,000	3.875%, 05/15/2024		479,784
		Medtronic, Inc.
	195,000	2.500%, 03/15/2020 (c)		197,751
	175,000	3.150%, 03/15/2022		177,655
	115,000	3.500%, 03/15/2025 (c)		117,480
	475,000	4.375%, 03/15/2035		481,115
	85,000	4.625%, 03/15/2045 (c)		87,857
	185,000	St. Jude Medical, Inc. 2.800%, 09/15/2020		186,198
	295,000	Zimmer Holdings, Inc. 3.550%, 04/01/2025		289,447

				3,040,718

		Health Care Providers & Services - 1.64%
	445,000	Aetna, Inc. 4.750%, 03/15/2044		453,643
		Anthem, Inc.
	150,000	5.850%, 01/15/2036		164,926
	25,000	4.625%, 05/15/2042		24,726
	125,000	5.100%, 01/15/2044		130,413
		Cardinal Health, Inc.
	60,000	1.950%, 06/15/2018		60,104
	240,000	2.400%, 11/15/2019		243,155
	550,000	3.200%, 03/15/2023		545,694
	325,000	Express Scripts Holding Co. 3.125%, 05/15/2016		328,748
		Humana, Inc.
	730,000	3.150%, 12/01/2022		721,019
	375,000	3.850%, 10/01/2024		377,958
	120,000	Laboratory Corp. of America Holdings 2.625%, 02/01/2020		120,492
	160,000	McKesson Corp. 1.400%, 03/15/2018		158,664
	200,000	Roche Holdings, Inc. 3.350%, 09/30/2024 (Acquired 02/09/2015, Cost $210,021) (b)(c)		204,780

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Health Care Providers & Services (Continued)
		UnitedHealth Group, Inc.
	125,000	1.400%, 10/15/2017	$	125,740
	150,000	1.900%, 07/16/2018		151,617
	490,000	1.625%, 03/15/2019		486,893
	115,000	3.350%, 07/15/2022 (c)		118,799
	105,000	3.750%, 07/15/2025		108,665
	305,000	3.950%, 10/15/2042		288,060
	40,000	4.750%, 07/15/2045		42,328

				4,856,424

		Industrial - 0.13%
	420,000	Pentair Finance SA 3.150%, 09/15/2022		397,693

		Industrial Conglomerates - 0.43%
		Danaher Corp.
	80,000	2.400%, 09/15/2020		80,800
	45,000	3.350%, 09/15/2025		45,960
		General Electric Co.
	380,000	5.250%, 12/06/2017		411,827
	125,000	4.500%, 03/11/2044		129,852
	555,000	Koninklijke Philips Electronics NV 5.750%, 03/11/2018		602,504

				1,270,943

		Insurance - 0.87%
		American International Group, Inc.
	225,000	4.125%, 02/15/2024		236,799
	400,000	4.500%, 07/16/2044		394,328
	605,000	CNA Financial Corp. 7.350%, 11/15/2019		717,713
	420,000	Liberty Mutual Group, Inc. 4.250%, 06/15/2023 (Acquired 07/22/2014, Cost $433,617) (b)		435,087
		Marsh & McLennan Cos., Inc.
	100,000	2.300%, 04/01/2017		101,582
	200,000	4.050%, 10/15/2023		211,114
	95,000	3.500%, 03/10/2025		95,110
	400,000	New York Life Global Funding 1.950%, 02/11/2020 (Acquired 02/04/2015, Cost $399,924) (b)		398,331

				2,590,064

		Internet Software & Services - 0.17%
	520,000	eBay, Inc. 1.350%, 07/15/2017		517,266

		IT Services - 0.17%
	495,000	MasterCard, Inc. 3.375%, 04/01/2024		506,573

		Machinery - 0.35%
	255,000	Cummins, Inc. 3.650%, 10/01/2023		266,746
		Eaton Corp.
	450,000	5.600%, 05/15/2018		490,569
	290,000	2.750%, 11/02/2022		282,685

				1,040,000

		Media - 1.46%
		21st Century Fox America, Inc.
	175,000	4.500%, 02/15/2021		189,416
	100,000	6.150%, 02/15/2041		114,435


Principal Amount			Value
		Media (Continued)
		CCO Safari II LLC
	135,000	3.579%, 07/23/2020 (Acquired 07/09/2015, Cost $135,000) (b)	$	134,123
	185,000	4.908%, 07/23/2025 (Acquired 07/09/2015, Cost $184,974) (b)(c)		184,396
	130,000	6.484%, 10/23/2045 (Acquired 07/09/2015 through 07/10/2015, Cost $129,971) (b)		131,496
		Comcast Corp.
	900,000	5.875%, 02/15/2018		990,187
	245,000	3.375%, 08/15/2025		247,187
	115,000	4.750%, 03/01/2044		120,277
		Cox Communications, Inc.
	45,000	3.250%, 12/15/2022 (Acquired 09/17/2015, Cost $42,180) (b)		42,820
	195,000	2.950%, 06/30/2023 (Acquired 04/24/2013, Cost $194,142) (b)		178,361
	90,000	3.850%, 02/01/2025 (Acquired 12/01/2014, Cost $89,844) (b)		85,418
		DIRECTV Holdings, LLC
	325,000	1.750%, 01/15/2018		324,148
	285,000	6.350%, 03/15/2040		307,217
	200,000	Sky PLC 2.625%, 09/16/2019 (Acquired 06/17/2015, Cost $199,010) (b)		201,443
		Time Warner Cable, Inc.
	246,000	5.850%, 05/01/2017		260,451
	250,000	6.750%, 07/01/2018		278,362
	50,000	5.500%, 09/01/2041		44,927
	75,000	4.500%, 09/15/2042		59,505
		Time Warner, Inc.
	225,000	7.625%, 04/15/2031		288,024
	110,000	6.500%, 11/15/2036		128,203

				4,310,396

		Metals & Mining - 0.64%
	420,000	BHP Billiton Finance USA Ltd. 1.625%, 02/24/2017		422,434
	70,000	Freeport-McMoRan Copper & Gold, Inc. 3.550%, 03/01/2022 (c)		52,850
	220,000	Nacional del Cobre de Chile Corp. 4.500%, 09/16/2025 (Acquired 09/09/2015, Cost $216,608) (b)		211,754
		Nucor Corp.
	285,000	4.125%, 09/15/2022		296,606
	285,000	4.000%, 08/01/2023		290,896
	575,000	Rio Tinto Finance USA Ltd. 3.750%, 06/15/2025		561,983
	70,000	Xstrata Finance Canada Ltd. 2.700%, 10/25/2017 (Acquired 10/18/2012, Cost $69,882) (a)(b)		62,996

				1,899,519

		Multi-Utilities - 0.90%
	430,000	Delmarva Power & Light Co. 3.500%, 11/15/2023		445,382
	550,000	Dominion Resources, Inc. 1.400%, 09/15/2017		548,292
	405,000	WEC Energy Group, Inc. 3.550%, 06/15/2025		412,164
	1,175,000	Xcel Energy, Inc. 5.613%, 04/01/2017		1,245,109

				2,650,947

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Oil & Gas - 2.55%
	150,000	Anadarko Petroleum Corp. 8.700%, 03/15/2019	$	177,053
	85,000	BP Capital Markets Plc 2.521%, 01/15/2020		86,206
	290,000	Buckeye Partners LP 4.875%, 02/01/2021		296,541
		Canadian Natural Resources Ltd.
	690,000	3.450%, 11/15/2021 (c)		660,368
	105,000	3.800%, 04/15/2024		97,273
	100,000	Cenovus Energy, Inc. 5.200%, 09/15/2043		87,546
	395,000	Chevron Corp. 1.365%, 03/02/2018		395,498
	465,000	Columbia Pipeline Group, Inc. 4.500%, 06/01/2025 (Acquired 05/19/2015, Cost $464,288) (b)		452,252
		ConocoPhillips Co.
	125,000	3.350%, 11/15/2024		122,257
	25,000	3.350%, 05/15/2025		24,391
	55,000	Continental Resources, Inc. 5.000%, 09/15/2022		48,194
	125,000	Encana Corp. 5.150%, 11/15/2041		98,946
		Energy Transfer Partners LP
	425,000	4.650%, 06/01/2021		424,910
	175,000	5.200%, 02/01/2022		176,044
	35,000	4.750%, 01/15/2026		32,267
		Hess Corp.
	120,000	1.300%, 06/15/2017		119,057
	45,000	5.600%, 02/15/2041		42,072
	690,000	Husky Energy, Inc. 3.950%, 04/15/2022		667,336
	125,000	Kerr-McGee Corp. 6.950%, 07/01/2024		146,576
		Kinder Morgan, Inc.
	75,000	6.000%, 01/15/2018 (Acquired 01/08/2015, Cost $80,103) (b)		79,412
	35,000	3.050%, 12/01/2019		34,397
	100,000	5.050%, 02/15/2046		79,617
	120,000	Marathon Oil Corp. 2.700%, 06/01/2020		116,411
	295,000	Marathon Petroleum Corp. 3.625%, 09/15/2024		285,629
	230,000	Occidental Petroleum Corp.
		4.625%, 06/15/2045		232,123
		Petroleos Mexicanos
	220,000	5.500%, 06/27/2044		177,650
	50,000	5.625%, 01/23/2046 (Acquired 06/17/2015, Cost $46,218) (b)		40,880
		Phillips 66
	480,000	2.950%, 05/01/2017		491,249
	265,000	4.300%, 04/01/2022		278,064
	240,000	Schlumberger Investment SA 3.650%, 12/01/2023		247,908
	435,000	Shell International Finance BV 1.125%, 08/21/2017 (c)		435,682
	230,000	Spectra Energy Partners LP 4.600%, 06/15/2021		243,013


Principal Amount			Value
		Oil & Gas (Continued)
	125,000	Statoil ASA 3.950%, 05/15/2043	$	117,179
		Williams Partners LP
	250,000	3.600%, 03/15/2022		231,136
	100,000	4.300%, 03/04/2024		90,884
	260,000	3.900%, 01/15/2025		224,303

				7,560,324

		Pharmaceuticals - 1.42%
		AbbVie, Inc.
	455,000	1.750%, 11/06/2017		456,585
	330,000	2.900%, 11/06/2022		322,034
	95,000	4.500%, 05/14/2035 (c)		91,998
		Actavis Funding SCS
	500,000	2.350%, 03/12/2018		502,286
	295,000	3.000%, 03/12/2020		295,996
	175,000	4.550%, 03/15/2035		161,514
	150,000	EMD Finance LLC 2.950%, 03/19/2022 (Acquired 03/16/2015, Cost $149,736) (b)		148,431
	895,000	GlaxoSmithKline Capital Plc 1.500%, 05/08/2017		902,150
	375,000	Merck & Co., Inc. 0.686%, 02/10/2020 (a)		372,413
	260,000	Perrigo Co. PLC 1.300%, 11/08/2016		258,113
		Sanofi-Aventis SA
	200,000	1.250%, 04/10/2018 (c)		199,673
	445,000	4.000%, 03/29/2021 (c)		480,666

				4,191,859

		Pipelines - 0.48%
	490,000	Enterprise Products Operating LLC 6.125%, 10/15/2039		517,248
		Plains All American Pipeline L.P. / PAA Finance Corp.
	300,000	2.600%, 12/15/2019		296,673
	300,000	4.700%, 06/15/2044		264,403
	75,000	Regency Energy Partners LP 5.875%, 03/01/2022		76,957
	305,000	Sunoco Logistics Partners Operations LP 4.250%, 04/01/2024		277,903

				1,433,184

		Real Estate - 1.82%
		American Tower Corp.
	70,000	3.400%, 02/15/2019		72,113
	170,000	3.450%, 09/15/2021 (c)		170,996
	60,000	5.000%, 02/15/2024		63,147
	325,000	AvalonBay Communities, Inc. 3.450%, 06/01/2025		320,990
	135,000	Brandywine Operating Partnership LP 4.100%, 10/01/2024		132,428
	145,000	Duke Realty LP 3.875%, 02/15/2021		150,670
	285,000	ERP Operating LP 3.000%, 04/15/2023		280,179
		HCP, Inc.
	75,000	6.000%, 01/30/2017		79,065
	150,000	4.000%, 06/01/2025		147,252

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Real Estate (Continued)
		Health Care REIT, Inc.
	440,000	4.125%, 04/01/2019	$	465,443
	455,000	5.250%, 01/15/2022		499,299
	75,000	4.000%, 06/01/2025		75,127
	190,000	Kimco Realty Corp. 3.200%, 05/01/2021		192,574
		Liberty Property LP
	275,000	5.500%, 12/15/2016		287,917
	25,000	4.125%, 06/15/2022		25,650
	25,000	3.375%, 06/15/2023		24,363
	500,000	ProLogis LP 4.250%, 08/15/2023 (c)		518,767
	161,000	Realty Income Corp. 3.250%, 10/15/2022		157,481
	950,000	Simon Property Group LP 2.200%, 02/01/2019		961,108
	65,000	UDR, Inc.
		3.700%, 10/01/2020		68,051
		Ventas Realty LP
	260,000	2.000%, 02/15/2018		261,071
	150,000	2.700%, 04/01/2020		149,523
	250,000	5.700%, 09/30/2043		277,656

				5,380,870

		Road & Rail - 0.56%
		Burlington Northern Santa Fe LLC
	295,000	3.650%, 09/01/2025		298,932
	425,000	7.950%, 08/15/2030		602,985
	309,000	Canadian Pacific Railway Ltd. 4.500%, 01/15/2022		333,091
	175,000	CSX Corp. 6.150%, 05/01/2037		207,680
	235,000	Union Pacific Corp. 3.375%, 02/01/2035		214,275

				1,656,963

		Semiconductor & Semiconductor Equipment - 0.27%
	140,000	Altera Corp. 2.500%, 11/15/2018		142,537
	400,000	Intel Corp. 3.300%, 10/01/2021		420,498
	225,000	TSMC Global Ltd. 1.625%, 04/03/2018 (Acquired 03/27/2013, Cost $224,849) (b)		223,096

				786,131

		Software - 0.76%
		Microsoft Corp.
	210,000	2.375%, 02/12/2022		209,655
	585,000	3.750%, 02/12/2045		541,926
		Oracle Corp.
	600,000	2.250%, 10/08/2019 (c)		607,267
	120,000	2.800%, 07/08/2021		121,766
	600,000	4.300%, 07/08/2034		602,697
	175,000	3.900%, 05/15/2035		166,372

				2,249,683

		Specialty Retail - 0.43%
	260,000	AutoZone, Inc. 4.000%, 11/15/2020		276,509


Principal Amount			Value
		Specialty Retail (Continued)
		Home Depot, Inc.
	285,000	2.700%, 04/01/2023 (c)	$	283,375
	310,000	3.350%, 09/15/2025		316,084
	200,000	5.875%, 12/16/2036		246,294
	20,000	4.250%, 04/01/2046		20,195
		Lowe’s Cos., Inc.
	85,000	3.375%, 09/15/2025		85,985
	30,000	4.375%, 09/15/2045		30,422

				1,258,864

		Technology Hardware, Storage & Peripherals - 0.98%
		Apple, Inc.
	1,075,000	2.400%, 05/03/2023		1,042,947
	105,000	2.500%, 02/09/2025		99,860
	275,000	3.450%, 02/09/2045		233,414
	800,000	EMC Corp. 1.875%, 06/01/2018		802,295
		Hewlett-Packard Co.
	200,000	3.000%, 09/15/2016		203,779
	150,000	3.300%, 12/09/2016		153,106
	180,000	2.450%, 10/05/2017 (Acquired 09/30/2015, Cost $179,899) (b)		179,899
	180,000	2.850%, 10/05/2018 (Acquired 09/30/2015, Cost $179,770) (b)		179,770

				2,895,070

		Telecommunications - 0.12%
		SBA Tower Trust
	210,000	3.598%, 04/15/2043 (Acquired 04/04/2013, Cost $210,000) (b)		211,348
	155,000	2.898%, 10/15/2044 (Acquired 10/07/2014, Cost $155,000) (b)		155,878

				367,226

		Thrifts & Mortgage Finance - 0.02%
	60,000	Santander Holdings USA, Inc. 4.625%, 04/19/2016		61,147

		Tobacco - 0.18%
	125,000	Altria Group, Inc. 4.250%, 08/09/2042		115,997
		Reynolds American, Inc.
	210,000	2.300%, 06/12/2018		212,397
	190,000	5.850%, 08/15/2045		212,169

				540,563

		Transportation - 0.18%
	275,000	Kansas City Southern de Mexico SA de CV 3.000%, 05/15/2023		266,516
	250,000	Ryder Systems, Inc. 2.450%, 09/03/2019		250,991

				517,507

		Trucking - 0.01%
	35,000	Penske Truck Leasing Co., L.P. 4.875%, 07/11/2022 (Acquired 07/16/2013, Cost $35,794) (b)		37,246

		Wireless Telecommunication Services - 0.23%
	680,000	Rogers Communications, Inc. 5.000%, 03/15/2044		691,612

		Total Corporate Obligations (Cost $112,066,216)		111,881,590

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.23%
		Mexico Government International Bond
	96,000	4.750%, 03/08/2044	$	87,840
	300,000	5.750%, 10/12/2110		282,000
	65,000	Peruvian Government International Bond 4.125%, 08/25/2027		64,025
	250,000	Republic of Colombia 4.375%, 07/12/2021		255,250

		Total Foreign Government Debt Obligations (Cost $663,741)		689,115

		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 32.88%
		Federal Home Loan Mortgage Corp.
	187,899	Series NV, 5.000%, 03/15/2018		195,002
	800,000	Series A2, 2.699%, 05/25/2018 (a)		828,133
	3,127	Pool #E9-9763 4.500%, 09/01/2018		3,241
	2,982	Pool #E9-9764 4.500%, 09/01/2018		3,090
	600,000	Series A2, 2.303%, 09/25/2018 (a)		616,200
	900,000	Series A2, 2.323%, 10/25/2018		925,002
	600,000	Series A2, 2.086%, 03/25/2019		612,557
	153,901	Series 2013-M1, 3.594%, 07/25/2023 (a)		158,145
	88,556	Pool #D9-6291 4.500%, 09/01/2023		95,846
	214,618	Pool #G1-3624 5.000%, 08/01/2024		231,543
	250,000	Series 2014-M2, 2.594%, 08/26/2024 (a)		253,004
	500,000	Series 2014-M2, 2.694%, 08/26/2024 (a)		507,218
	500,000	Series 2014-M2, 2.594%, 10/25/2024 (a)		504,021
	500,000	Series 2014-M2, 2.844%, 10/25/2024 (a)		510,215
	250,000	Series 2015-M2, 2.394%, 03/25/2025 (a)		250,220
	260,000	Series 2015-M2, 2.044%, 10/25/2027 (a)		256,775
	255,000	Series 2015-M2, 2.844%, 03/25/2028 (a)		255,637
	301,451	Series ZA, 6.500%, 06/15/2031		347,980
	150,238	Series ZC, 6.500%, 07/15/2031		177,067
	264,049	Pool #78-0447 2.493%, 04/01/2033 (a)		280,563
	3,151,637	Pool #U8-9032 3.000%, 07/01/2033		3,253,942
	527,024	Pool #MA1870 4.500%, 04/01/2034		575,969
	190	Pool #A4-3129 5.500%, 02/01/2036		211
	1,007,591	Pool #C0-3815 3.500%, 03/01/2042		1,053,183
	808,428	Pool #U9-0688 4.000%, 05/01/2042		872,332
	1,817,741	Pool #Q0-9949 3.000%, 08/01/2042		1,839,510
	1,600,000	Pool #TBA 3.000%, 10/15/2042 (g)		1,616,538
	3,400,000	Pool #TBA 3.500%, 10/15/2042 (g)		3,537,860
		Federal National Mortgage Association
	528,000	Pool #468123 3.840%, 05/01/2018		562,978
	905	Pool #685505 5.000%, 05/01/2018		941
	934	Pool #705709 5.000%, 05/01/2018		971
	151,981	Series 2013-M1, 2.194%, 10/25/2023 (a)		153,436
	169,163	Series 2014-M1, 1.794%, 01/25/2024 (a)		169,809
	346,377	Series 2014-2M1, 1.144%, 05/28/2024 (a)		344,428
	120,377	Series 2014-1M1, 1.394%, 07/25/2024 (a)		120,142
	109,588	Series 2014-1M1, 2.144%, 11/25/2024 (a)		110,343
	105,329	Series 2014-2M1, 2.294%, 11/25/2024 (a)		106,071
	65,507	Series 2015-2M1, 1.694%, 02/25/2025 (a)		65,581
	1,110,348	Pool #AI4868 4.000%, 06/01/2026		1,182,812
	944,506	Pool #AJ8325 3.000%, 12/01/2026		988,325
	305,000	Pool #AM8035 2.660%, 03/01/2027		299,262
	310,000	Pool #AM8036 2.660%, 03/01/2027		304,168
	142,000	Pool #AM8141 2.780%, 03/01/2027		141,244
	245,000	Pool #AM9024 2.970%, 06/01/2027		247,660
	1,056,027	Pool #AB5907 3.000%, 08/01/2027		1,105,032
	1,309,352	Pool #AQ5095 3.000%, 11/01/2027		1,370,130


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	772,432	Pool #AL2877 3.500%, 01/01/2028	$	817,854
	300,000	Pool #TBA 2.500%, 10/15/2028 (g)		305,864
	95,941	Pool #544859 2.410%, 08/01/2029 (a)		97,457
	279,000	Pool #AM8958 2.970%, 06/01/2030		278,409
	217,737	Pool #786848 7.000%, 10/01/2031		253,628
	7,688	Pool #727181 5.000%, 08/01/2033		8,587
	3,461	Pool #730727 5.000%, 08/01/2033		3,866
	1,033	Pool #741862 5.500%, 09/01/2033		1,165
	1,407	Pool #766197 5.500%, 02/01/2034		1,592
	245	Pool #776974 5.500%, 04/01/2034		279
	219,701	Pool #888504 2.308%, 04/01/2034 (a)		234,366
	9,885	Pool #775776 5.500%, 05/01/2034		11,185
	216,741	Pool #802783 2.185%, 10/01/2034 (a)		229,943
	3,172,072	Pool #AL6270 3.500%, 10/01/2034		3,359,937
	8,873	Pool #781629 5.500%, 12/01/2034		10,024
	9,963	Pool #822815 5.500%, 04/01/2035		11,269
	8,304	Pool #357850 5.500%, 07/01/2035		9,371
	6,677	Pool #820242 5.000%, 07/01/2035		7,373
	1,654	Pool #838452 5.500%, 09/01/2035		1,863
	8,311	Pool #865854 6.000%, 03/01/2036		9,485
	13,198	Pool #891474 6.000%, 04/01/2036		14,965
	11,723	Pool #906000 6.000%, 01/01/2037		13,263
	113	Pool #928062 5.500%, 02/01/2037		128
	205	Pool #899119 5.500%, 04/01/2037		231
	63	Pool #938488 5.500%, 05/01/2037		71
	305	Pool #970131 5.500%, 03/01/2038		344
	226	Pool #981313 5.500%, 06/01/2038		254
	252	Pool #985108 5.500%, 07/01/2038		285
	118	Pool #964930 5.500%, 08/01/2038		131
	167	Pool #987032 5.500%, 08/01/2038		189
	255	Pool #968371 5.500%, 09/01/2038		289
	84	Pool #993050 5.500%, 12/01/2038		93
	36,643	Pool #993579 4.000%, 05/01/2039		39,130
	8,328	Pool #AA5840 4.000%, 06/01/2039		8,893
	109,075	Pool #AA7670 4.500%, 06/01/2039		118,426
	91,424	Pool #AA8715 4.000%, 06/01/2039		99,261
	10,931	Pool #AA9133 4.500%, 08/01/2039		12,062
	23,970	Pool #AC2861 4.500%, 08/01/2039		26,447
	52,128	Pool #AC6121 4.500%, 11/01/2039		57,514
	10,321	Pool #AC8372 4.500%, 12/01/2039		11,345
	354,269	Pool #AD0586 4.500%, 12/01/2039		390,895
	312,059	Pool #AD5574 5.000%, 04/01/2040		344,723
	1,066,529	Pool #AD4062 5.000%, 05/01/2040		1,180,884
	1,970,517	Pool #AD6929 5.000%, 06/01/2040		2,175,843
	61,144	Pool #AD7793 4.500%, 07/01/2040		66,493
	21,929	Pool #AD9896 4.000%, 08/01/2040		23,417
	673,014	Pool #AE0217 4.500%, 08/01/2040		731,722
	27,145	Pool #AB1500 4.000%, 09/01/2040		29,023
	23,704	Pool #AD9856 4.000%, 09/01/2040		25,345
	18,884	Pool #AE2559 4.000%, 09/01/2040		20,166
	6,463	Pool #AE2562 4.000%, 09/01/2040		6,905
	8,204	Pool #AE2566 4.000%, 09/01/2040		8,760
	54,592	Pool #AE4124 4.000%, 10/01/2040		58,372
	29,691	Pool #AE4888 4.000%, 10/01/2040		31,706
	5,471,000	Pool #TBA 3.500%, 10/01/2040 (g)		5,707,535
	39,669	Pool #AE3916 4.000%, 11/01/2040		42,415
	5,711	Pool #AE5147 4.000%, 11/01/2040		6,103
	68,837	Pool #AE8715 4.000%, 11/01/2040		73,615
	709,142	Pool #AE0698 4.500%, 12/01/2040		771,371

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	7,536	Pool #AH0006 4.000%, 12/01/2040	$	8,055
	21,881	Pool #AH0020 4.000%, 12/01/2040		23,397
	45,040	Pool #AH0599 4.000%, 12/01/2040		48,158
	16,915	Pool #AH0601 4.000%, 12/01/2040		18,087
	29,132	Pool #AH1263 4.000%, 01/01/2041		31,153
	122,981	Pool #AL5233 4.000%, 01/01/2041		131,326
	9,401	Pool #AH4659 4.000%, 02/01/2041		10,051
	134,447	Pool #AH5653 4.000%, 02/01/2041		143,885
	214,127	Pool #AL0934 5.000%, 02/01/2041		236,446
	1,089,737	Pool #AB2537 5.000%, 03/01/2041		1,204,318
	354,623	Pool #AD1889 4.500%, 03/01/2041		385,742
	14,834	Pool #AH6150 4.000%, 03/01/2041		15,866
	1,015,967	Pool #AH8854 4.500%, 04/01/2041		1,104,205
	166,977	Pool #AL0215 4.500%, 04/01/2041		181,661
	159,990	Pool #AL0187 5.000%, 05/01/2041		176,616
	1,895,630	Pool #AL0208 4.500%, 05/01/2041		2,062,666
	26,210	Pool #AL0456 5.000%, 06/01/2041		28,937
	964,837	Pool #AB3395 4.500%, 08/01/2041		1,049,755
	127,875	Pool #AI8842 4.500%, 08/01/2041		139,073
	35,545	Pool #AJ1080 4.500%, 09/01/2041		38,638
	51,236	Pool #AL0815 4.000%, 09/01/2041		55,652
	17,584	Pool #AJ1562 4.000%, 10/01/2041		18,790
	18,620	Pool #AJ1972 4.000%, 10/01/2041		20,224
	2,499,494	Pool #AJ2212 4.500%, 10/01/2041		2,740,183
	31,645	Pool #AJ3146 4.500%, 10/01/2041		34,432
	26,636	Pool #AJ4756 4.000%, 10/01/2041		28,925
	1,036,859	Pool #AB3876 4.000%, 11/01/2041		1,110,228
	22,337	Pool #AJ3330 4.000%, 11/01/2041		24,262
	24,252	Pool #AJ4549 4.000%, 11/01/2041		26,342
	17,804	Pool #AJ4698 4.000%, 11/01/2041		19,338
	36,849	Pool #AJ5424 4.000%, 11/01/2041		40,022
	17,825	Pool #AJ7840 4.000%, 11/01/2041		19,358
	23,133	Pool #AB3995 4.000%, 12/01/2041		25,127
	22,321	Pool #AI0848 4.000%, 12/01/2041		24,245
	21,765	Pool #AJ4187 4.000%, 12/01/2041		23,641
	25,810	Pool #AJ5736 4.000%, 12/01/2041		28,034
	18,600	Pool #AJ5968 4.000%, 12/01/2041		19,891
	29,979	Pool #AJ6061 4.000%, 12/01/2041		32,562
	18,992	Pool #AJ7868 4.000%, 12/01/2041		20,295
	40,648	Pool #AJ8104 4.000%, 12/01/2041		44,151
	24,091	Pool #AJ8109 4.000%, 12/01/2041		26,168
	18,206	Pool #AJ8171 4.000%, 12/01/2041		19,775
	29,307	Pool #AJ8341 4.000%, 12/01/2041		31,832
	45,663	Pool #AJ8436 4.000%, 12/01/2041		49,598
	19,876	Pool #AJ8912 4.000%, 12/01/2041		21,589
	24,036	Pool #AJ9248 4.000%, 12/01/2041		26,107
	29,232	Pool #AJ2446 4.000%, 01/01/2042		31,298
	28,459	Pool #AJ7538 4.000%, 01/01/2042		30,912
	11,707	Pool #AJ8001 4.000%, 01/01/2042		12,527
	27,354	Pool #AJ8369 4.000%, 01/01/2042		29,711
	26,819	Pool #AJ9162 4.000%, 01/01/2042		29,132
	146,844	Pool #AJ9330 4.000%, 01/01/2042		159,510
	17,469	Pool #AJ9779 4.000%, 01/01/2042		18,782
	23,480	Pool #AK0170 4.000%, 01/01/2042		25,505
	50,637	Pool #AK0543 4.000%, 01/01/2042		54,999
	19,216	Pool #AK0563 4.000%, 01/01/2042		20,872
	43,553	Pool #AK1827 4.000%, 01/01/2042		47,310
	705,369	Pool #AL2752 5.000%, 03/01/2042		781,714
	148,088	Pool #AB5529 4.000%, 07/01/2042		159,683


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	272,993	Pool #AB6228 3.500%, 09/01/2042	$	285,581
	1,200,000	Pool #TBA 3.000%, 10/15/2042 (g)		1,216,219
	227,261	Pool #AL3896 4.500%, 01/01/2043		247,327
	517,184	Pool #AQ9316 2.500%, 01/01/2043		507,418
	1,873,946	Pool #AQ9345 3.500%, 01/01/2043		1,960,072
	1,524,532	Pool #AT2720 3.000%, 05/01/2043		1,550,342
	1,125,488	Pool #AT5900 3.000%, 06/01/2043		1,144,434
	609,648	Pool #AU1625 3.500%, 07/01/2043		637,738
	1,649,415	Pool #AS3135 3.500%, 08/01/2044		1,722,729
	2,123,646	Pool #AL5844 4.000%, 09/01/2044		2,287,669
	1,540,154	Pool #AY1363 4.000%, 04/01/2045		1,647,239
	2,518,399	Pool #AS5469 4.000%, 07/01/2045		2,701,261
	2,071,658	Pool #AZ0832 4.000%, 07/01/2045		2,215,110
		Government National Mortgage Association
	29,766	Pool #614436 5.000%, 08/15/2033		32,754
	363,198	Pool #618907 5.000%, 09/15/2033		405,559
	42,470	Pool #605098 5.000%, 03/15/2034		47,388
	57,213	Pool #520279 5.000%, 11/15/2034		63,759
	59,659	Pool #736686 5.000%, 02/15/2039		66,281
	1,055,630	Pool #723248 5.000%, 10/15/2039		1,187,161
	229,574	Pool #782916 5.500%, 02/15/2040		257,661
	621,175	Pool #733724 4.500%, 06/15/2040		682,292
	854,524	Pool #752599 4.000%, 10/20/2040		917,587
	1,283,566	Pool #752631 4.500%, 10/20/2040		1,405,958
	1,240,746	Pool #783403 3.500%, 09/15/2041		1,304,344
	1,100,000	Pool #TBA 3.500%, 10/15/2041 (g)		1,151,150
	2,600,000	Pool #TBA 4.000%, 10/15/2041 (g)		2,770,270
	1,600,000	Pool #TBA 3.500%, 10/15/2042 (g)		1,676,562
	1,781,497	Pool #AD8801 3.500%, 03/15/2043		1,878,104
	2,608,474	Pool #AL9364 3.500%, 03/20/2045		2,743,516
	1,586,617	Pool #MA2681M 5.000%, 03/20/2045		1,733,763
	732,770	Pool #MA2892 3.500%, 06/20/2045		769,272
	598,329	Pool #MA2960M 3.000%, 07/20/2045		611,651
	1,659,321	Pool #MA2962M 4.000%, 07/20/2045		1,773,662

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $95,459,989)		97,359,062

		MUNICIPAL DEBT OBLIGATIONS - 0.55%
		California, GO,
	175,000	7.950%, 03/01/2036		209,941
	300,000	7.550%, 04/01/2039		432,420
	175,000	7.350%, 11/01/2039		243,939
	125,000	7.600%, 11/01/2040		183,061
	160,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, 6.899%, 12/01/2040		179,410
	75,000	Illinois, GO, 5.100%, 06/01/2033		70,335
	70,000	New Jersey State Turnpike Authority, Series F, Revenue, 7.414%, 01/01/2040		97,418
	205,000	University of California, Refunding, Revenue Bond, 4.601%, 05/15/2031		219,975

		Total Municipal Debt Obligations (Cost $1,599,488)		1,636,499

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		U.S. TREASURY OBLIGATIONS - 10.51%
		U.S. Treasury Bonds - 2.94%
	8,240,000	3.125%, 11/15/2041	$	8,691,643
		U.S. Treasury Notes - 7.57%
	950,000	0.875%, 01/31/2017		955,034
	4,645,000	2.000%, 11/15/2021		4,741,077
	6,905,000	2.000%, 02/15/2022		7,045,033
	5,545,000	2.375%, 08/15/2024		5,712,326
	4,070,767	0.375%, 07/15/2025 (f)(i)		3,968,468

		Total U.S. Treasury Obligations (Cost $29,735,722)		31,113,581


Number of Shares
		SHORT TERM INVESTMENTS - 6.44%
		Money Market Funds - 6.44%
	19,058,210	Federated Prime Obligations Fund Effective Yield, 0.10% (j)		19,058,210

		Total Short Term Investments (Cost $19,058,210)		19,058,210

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.41%
		Money Market Funds - 1.41%
	4,186,880	Mount Vernon Prime Portfolio Effective Yield, 0.24% (j)		4,186,880

		Total Investments Purchased as Securities Lending Collateral (Cost $4,186,880)		4,186,880

		Total Investments (Cost $314,716,465) - 107.30%		317,753,291
		Liabilities in Excess of Other Assets - (7.30)%		(21,609,314	)

		TOTAL NET ASSETS - 100.00%	$	296,143,977

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

(a)

Variable Rate Security. The rate shown is the rate in effect on September 30, 2015.

(b)

Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $30,029,395, which represents 10.14% of total net assets.

(c)

All or portion of this security is on loan.

(d)

Non-income producing. Item identified as in default as to payment of interest.

(e)

Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $20,332, which represents 0.01% of total net assets.

(f)

Represents a U.S. Treasury Inflation Protected Security.

(g)

Security purchased on a when-issued basis. On September 30, 2015, the total value of investments purchased on a when-issued basis was $17,981,998 or 6.07% of total net assets.

(h)

As of September 30, 2015, the Fund has fair valued these securities. The value of these securities were $402,197, which represents 0.14% of total net assets.

(i)

Partially assigned as collateral for certain swap contracts.

(j)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2015


Description	Number of Contracts Purchased / (Sold)			Notional Value			Settlement Month	Unrealized Appreciation (Depreciation)
U.S. Treasury 2 - Year Note Futures		15			3,285,469		Dec-15	$	5,600
U.S. Treasury 5 - Year Note Futures		173			20,849,203		Dec-15		132,388
U.S. Treasury 10 - Year Note Futures		(99	)		(12,744,703	)	Dec-15		(110,673	)
U.S. Treasury Long Bond Futures		(6	)		(944,063	)	Dec-15		(19,072	)
U.S. Treasury Ultra Bond Futures		35			5,614,219		Dec-15		67,249

								$	75,492

GuideMark^® Core Fixed Income Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION⁽¹⁾ (Unaudited)

September 30, 2015


Reference Obligation	Implied Credit Spread at September 30, 2015⁽²⁾		Fixed Pay Rate		Maturity Date	Clearing Agent	Notional Amount⁽³⁾		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.IG.25 Index		0.93%		1.000%	12/20/2020	Morgan Stanley		7,930,000	$	(28,093	)	$	(30,357	)	$	2,264

									$	(28,093	)	$	(30,357	)	$	2,264

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS - 96.90%
		Arizona - 2.90%
$	590,000	Arizona University System Board of Regents, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2028	$	689,303
	450,000	Phoenix Civic Improvement Wastewater System, Refunding, Revenue Bond, NATL-RE Insured, 5.000%, 07/01/2020		484,034
	500,000	Salt River Project, Series A, Revenue Bond, 5.000%, 01/01/2021		546,615

				1,719,952

		Arkansas - 0.90%
	500,000	University of Arkansas, Series A, Revenue Bond, 4.125%, 11/01/2030		530,720

		California - 11.33%
	285,000	California Economic Recovery Bonds, Series A, Prerefunded, GO, 5.250%, 07/01/2021		330,364
	160,000	California Economic Recovery Bonds, Series A, Refunding, GO, 5.250%, 07/01/2021		185,467
	385,000	California Municipal Finance Authority, Mobile Home Park, Series A, Refunding, Revenue Bond, 6.400%, 08/15/2045		419,396
	500,000	California State University, Series A, Refunding, Revenue Bond, 5.000%, 11/01/2031		585,830
	350,000	California Statewide Community Development Authority, Refunding, Revenue Bond, 6.125%, 07/01/2046		364,259
	160,000	California Statewide Community Development Authority, Series A, Revenue Bond, 6.125%, 11/01/2033		173,486
	500,000	California Statewide Community Development Authority, Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034		564,115
	1,000,000	California, GO, 6.500%, 04/01/2033		1,190,390
	500,000	California, Refunding, GO, 5.000%, 11/01/2043		565,465
	100,000	Golden State Tobacco Securitization Corp., Series A, Revenue Bond, 4.000%, 06/01/2031		102,495
	1,000,000	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029		1,138,130
	500,000	San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond, 5.250%, 07/15/2025		574,485
	250,000	Southern California Public Power Authority, Revenue Bond, 5.250%, 07/01/2028		295,175
	200,000	University of California, Series G, Refunding, Revenue Bond, 5.000%, 05/15/2037		225,738

				6,714,795

		Colorado - 4.21%
	350,000	Castle Pines North Metropolitan District, Refunding, Revenue Bond, 4.000%, 12/01/2044		346,416


Principal Amount			Value
		Colorado (Continued)
$	130,000	Colorado Health Facilities Authority, Revenue Bond, 8.000%, 08/01/2043	$	150,046
	125,000	Colorado Health Facilities Authority, Series A, Revenue Bond, 5.750%, 02/01/2044		137,468
	160,000	E-470 Public Highway Authority, Series A, Refunding, Revenue Bond, 5.000%, 09/01/2020		179,928
	700,000	Regional Transportation District, Revenue Bond, 6.000%, 01/15/2026		791,126
	750,000	Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027		887,910

				2,492,894

		Connecticut - 0.94%
	500,000	Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2025		554,470

		Florida - 1.85%
	300,000	Brevard County Health Facilities Authority, Prerefunded, Revenue Bond, 7.000%, 04/01/2039		361,452
	120,000	Celebration Pointe Community Development District No. 1, Special Assessment, Revenue Bond, 5.000%, 05/01/2034		119,995
	500,000	Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond, 5.250%, 08/01/2021		557,945
	10,000	Palm Beach County Florida Health Facilities Authority, Revenue Bond, 7.250%, 06/01/2034		11,496
	40,000	Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond, 7.500%, 06/01/2049		46,150

				1,097,038

		Georgia - 1.29%
	350,000	Atlanta Water & Wastewater, Revenue Bond, 6.250%, 11/01/2039		422,986
	325,000	Marietta Development Authority, Revenue Bond, 7.000%, 06/15/2039		341,162

				764,148

		Hawaii - 0.94%
	85,000	Hawaii, Series DJ, Prerefunded, GO, AMBAC Insured, 5.000%, 04/01/2024		90,772
	400,000	Hawaii, Series DZ, GO, 5.000%, 12/01/2030		466,140

				556,912

		Illinois - 2.92%
	100,000	Chicago, Series A, GO, 5.500%, 01/01/2039		98,444
	225,000	Illinois Finance Authority, Revenue Bond, 7.000%, 08/15/2044		274,471
	200,000	Illinois State Toll Highway Authority, Series D, Refunding, Revenue Bond, 5.000%, 01/01/2025		241,746

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Illinois (Continued)
$	250,000	Metropolitan Pier & Exposition Authority, Series B, Refunding, Revenue Bond, 5.000%, 06/15/2023	$	281,725
	150,000	O’Hare International Airport, Series D, Refunding, Revenue Bond, 5.250%, 01/01/2030		169,515
	500,000	Railsplitter Tobacco Settlement Authority, Revenue Bond, 6.250%, 06/01/2024		517,305
	120,000	Southwestern Illinois Development Authority Health Care Facilities, Refunding, Revenue Bond, 7.125%, 11/01/2043		149,685

				1,732,891

		Indiana - 3.64%
	500,000	Fishers Industry Redevelopment District, Revenue Bond, 5.250%, 07/15/2034		572,700
	250,000	Indiana Municipal Power Agency, Series A, Refunding, Revenue Bond, 5.250%, 01/01/2032		287,648
	400,000	Sheridan Community School’s Building Corporation, Revenue Bond, AGM Insured, 5.500%, 07/15/2020		451,776
	125,000	Shoals Exempt Facilities, Revenue Bond, 7.250%, 11/01/2043		143,486
	500,000	Tri-Creek Middle School Building Corp., Revenue Bond, AGM Insured, 5.250%, 07/15/2021		558,210
	115,000	Valparaiso Exempt Facilities, Revenue Bond, 7.000%, 01/01/2044		139,995

				2,153,815

		Kansas - 1.88%
	500,000	Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond, 5.000%, 09/01/2029		597,910
	350,000	Kansas Development Finance Authority, Series A, Revenue Bond, 5.000%, 05/01/2026		409,752
	145,000	Wyandotte County/Kansas City Unified Government, Series B, Refunding, Revenue Bond, 4.579%, 06/01/2021 (a)		104,146

				1,111,808

		Kentucky - 0.18%
	100,000	Kentucky Public Transportation Infrastructure Authority, Series A, Revenue Bond, 5.000%, 07/01/2017		106,841

		Louisiana - 2.40%
	800,000	Louisiana Citizens Property, Revenue Bond, AGM Insured, 6.750%, 06/01/2026		913,648
	200,000	Louisiana Highway Improvement, Series A, Revenue Bond, 5.000%, 06/15/2029		234,920
	125,000	Louisiana Public Facilities Authority, Series A, Revenue Bond, 8.375%, 12/15/2043		147,350


Principal Amount			Value
		Louisiana (Continued)
$	125,000	Saint John Baptist Parish Louisiana Revenue Marathon Oil Corp., Series A, Revenue Bond, 5.125%, 06/01/2037	$	127,365

				1,423,283

		Maryland - 2.69%
	325,000	Anne Arundel County, Tax Allocation, 6.100%, 07/01/2040		345,374
	400,000	Maryland Department of Transportation, Revenue Bond, 5.000%, 02/15/2026		465,796
	150,000	Maryland Economic Development Corporation, Refunding, Revenue Bond, 5.750%, 09/01/2025		153,393
	400,000	Maryland Student Housing Economic Development, Revenue Bond, 5.750%, 06/01/2033		417,960
	200,000	Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond, 6.000%, 07/01/2034		211,104

				1,593,627

		Massachusetts - 2.42%
	785,000	Massachusetts Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond, 5.500%, 11/15/2036		894,233
	500,000	Massachusetts Health & Educational Facilities Authority, Series B, Revenue Bond, 5.000%, 10/01/2038		538,980

				1,433,213

		Michigan - 0.79%
	100,000	Grand Valley State University, Series B, Refunding, Revenue Bond, 5.000%, 12/01/2024		120,888
	300,000	Michigan Hospital Finance Authority, Series A, Refunding, Revenue Bond, 5.000%, 06/01/2021		348,240

				469,128

		Minnesota - 1.68%
	160,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2030		183,198
	150,000	Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond, 6.875%, 12/01/2048		164,738
	560,000	Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond, 4.500%, 11/15/2038 (b)		649,930

				997,866

		Missouri - 1.62%
	500,000	Missouri Health & Educational Facilities Authority, Series A, Revenue Bond, 5.375%, 03/15/2039		548,480
	350,000	St. Louis Airport, Revenue Bond, 6.625%, 07/01/2034		411,201

				959,681

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Nebraska - 1.23%
$	130,000	Douglas County Hospital Authority No. 3, Refunding, Revenue Bond, 5.000%, 11/01/2024	$	151,863
	500,000	Omaha Public Power Distributors, Series B, Revenue Bond, 5.000%, 02/01/2027		579,745

				731,608

		Nevada - 0.11%
	60,000	Henderson Nevada Public Improvement Trust, Refunding, Revenue Bond, 5.500%, 01/01/2039		64,426

		New Hampshire - 0.22%
	120,000	New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond, 5.000%, 07/01/2027		130,792

		New Jersey - 2.44%
	55,000	Gloucester County New Jersey Pollution Authority, Series A, Refunding, Revenue Bond, 5.000%, 12/01/2024		61,321
	150,000	New Jersey Economic Development Authority, Series WW, Revenue Bond 5.250%, 06/15/2030		156,950
	90,000	New Jersey Economic Development Authority, Series B, Revenue Bond, 5.625%, 11/15/2030		101,006
	500,000	New Jersey Turnpike Authority, Series A, Revenue Bond, 5.000%, 01/01/2032		571,805
	300,000	New Jersey Turnpike Authority, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2022		356,406
	255,000	Tobacco Settlement Financing Corp., Series 1A, Refunding, Revenue Bond, 5.000%, 06/01/2041		200,904

				1,448,392

		New York - 9.59%
	325,000	Brooklyn Arena Local Development Corp., Revenue Bond, 6.500%, 07/15/2030		381,017
	100,000	Nassau County Tobacco Settlement Corp., Series A-2, Revenue Bond, 5.250%, 06/01/2026 (b)		99,713
	40,000	New York City Industrial Development Agency, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2022		43,597
	250,000	New York City Municipal Water Finance Authority, Series BB, Refunding, Revenue Bond 5.000%, 06/15/2046		278,480
		New York City Transitional Finance Authority, Series A-1, Revenue Bond,
	470,000	5.000%, 08/01/2031		547,517
	500,000	5.000%, 11/01/2042		559,415
	900,000	New York City, GO, 5.375%, 04/01/2036		1,012,554
	250,000	New York City, Series F, Refunding, GO, 5.000%, 08/01/2025		293,193


Principal Amount			Value
		New York (Continued)
$	325,000	New York Dormitory Authority, Revenue Bond, 6.125%, 12/01/2029	$	357,360
	170,000	New York Dormitory Authority, Series A, Revenue Bond, 5.500%, 01/01/2039		182,539
	250,000	New York Dormitory Authority, Series B, Refunding, Revenue Bond, 5.000%, 07/01/2038		283,060
	500,000	New York Environmental Facilities Corporation, Revenue Bond, 5.500%, 10/15/2027		656,955
	500,000	New York Environmental Facilities Corporation, Series A, Revenue Bond, 5.000%, 06/15/2034		564,580
	200,000	New York, Series E, GO, 4.000%, 12/15/2027		221,102
	200,000	Niagara Tobacco Asset Securitization Corporation, Asset Backed Bonds, Refunding, Revenue Bond, 4.000%, 05/15/2029		200,258

				5,681,340

		North Carolina - 1.79%
	115,000	Gaston County Industrial Facilities & Pollution Control Financing Authority, Revenue Bond, 5.750%, 08/01/2035		114,050
	500,000	North Carolina Capital Facilities Finance Agency, Series B, Refunding, Revenue Bond, 5.000%, 10/01/2038		559,085
	320,000	North Carolina Eastern Municipal Power Agency Power Systems, Series A, Revenue Bond, 5.000%, 01/01/2025		386,509

				1,059,644

		North Dakota - 0.19%
	110,000	Williston Multi-Family Housing, Revenue Bond, 7.750%, 09/01/2038		114,865

		Ohio - 3.19%
	925,000	Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047		765,919
	500,000	Ohio Air Quality Development Authority, Series A, Revenue Bond, 5.700%, 08/01/2020		546,075
	500,000	Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, 5.000%, 01/01/2026		578,340

				1,890,334

		Oregon - 1.10%
	175,000	Oregon Department Administrative Lottery Services, Series A, Prerefunded, Revenue Bond, 5.250%, 04/01/2024		209,965
	25,000	Oregon Department Administrative Lottery Services, Series A, Unrefunded, Revenue Bond, 5.250%, 04/01/2024		29,646
	350,000	Oregon Facilities Authority Peacehealth Project, Series A, Refunding, Revenue Bond, 5.000%, 11/15/2021		413,424

				653,035

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Pennsylvania - 5.97%
$	350,000	Butler County Hospital Authority, Revenue Bond, 7.125%, 07/01/2029	$	427,605
	250,000	Chester County, GO, 5.000%, 11/15/2033		290,127
	250,000	Delaware Valley Pennsylvania Regional Finance Authority, Series A, Revenue Bond, AMBAC Insured, 5.500%, 08/01/2028		297,575
	400,000	Pennsylvania Economic Development Financing Authority, Series A, Refunding, Revenue Bond, 6.250%, 10/15/2023		465,916
		Pennsylvania Higher Educational Facilities Authority, Revenue Bond,
	500,000	5.250%, 07/01/2019		538,770
	400,000	5.800%, 07/01/2030		424,568
	350,000	Pennsylvania Turnpike Commission, Series A-1, Revenue Bond, 5.000%, 12/01/2038		383,338
	500,000	Philadelphia Gas Works, Refunding, Revenue Bond, 5.250%, 08/01/2017		538,175
	150,000	University of Pittsburgh of the Commonwealth System of Higher Education, Series B, Revenue Bond, 5.000%, 09/15/2028		168,581

				3,534,655

		Rhode Island - 0.98%
	500,000	Narragansett Commission Wastewater System, Series B, Refunding, Revenue Bond, 5.000%, 09/01/2030		583,155

		South Carolina - 0.81%
	400,000	Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025		479,884

		Texas - 12.32%
	430,000	Central Texas Regional Mobility Authority, Series A, Refunding, Revenue Bond, 6.000%, 01/01/2041		500,924
	325,000	Clifton Texas Higher Education Finance Corp., Series A, Refunding, Revenue Bond, 4.000%, 12/01/2015		325,708
	200,000	Dallas-Fort Worth International Airport, Series B, Revenue Bond, 5.000%, 11/01/2026		233,636
	515,000	Frisco Texas Independent School District, Series A, GO, PSF-GTD Insured, 6.000%, 08/15/2038		581,049
	425,000	Harris County Industrial Development, Revenue Bond, 5.000%, 02/01/2023		473,429
	100,000	Harris County-Houston Sports Authority, Refunding, Revenue Bond, 5.000%, 11/15/2027		114,636
	250,000	Houston Texas Airport System, Refunding, Revenue Bond, 5.000%, 07/01/2029		264,112
	500,000	Houston, GO, 5.250%, 03/01/2028		549,875
	350,000	North Texas Tollway Authority, Series A, Refunding, Revenue Bond, 4.000%, 01/01/2038		348,450


Principal Amount			Value
		Texas (Continued)
$	250,000	North Texas Tollway Authority, Series A, Revenue Bond, 5.000%, 09/01/2020	$	291,617
	100,000	North Texas Tollway Authority, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2029		115,245
	770,000	North Texas Tollway Authority, Series E, Prerefunded, Revenue Bond, 5.750%, 01/01/2038 (b)		780,426
	300,000	Texas A & M Permanent University Fund, Series A, Revenue Bond, 5.250%, 07/01/2030		365,691
	260,000	Texas Municipal Gas Acquisition, Series D, Revenue Bond, 6.250%, 12/15/2026		313,927
		Texas Private Activity Surface Transportation Corp., Revenue Bond,
	445,000	7.500%, 12/31/2031		533,738
	400,000	7.500%, 06/30/2033		484,600
	85,000	7.000%, 12/31/2038		105,188
	115,000	6.750%, 06/30/2043		139,373
	100,000	Texas Transportation Commission Turnpike, Second Tier, Series C, Refunding Bond, 5.000%, 08/15/2029		112,393
	200,000	Texas, GO, 5.000%, 04/01/2029		236,686
	400,000	Texas, Series A, Prerefunded, GO, 5.000%, 04/01/2022		426,852

				7,297,555

		Utah - 1.26%
	500,000	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022		587,860
	155,000	Utah Transit Authority Sales Tax, Series B, Refunding, Revenue Bond, 1.600%, 06/15/2018		157,317

				745,177

		Virginia - 2.80%
	1,000,000	Henry County Public Service Authority Water & Sewer, Refunding, Revenue Bond, AGM Insured, 5.500%, 11/15/2019		1,128,510
	400,000	Virginia College Building Authority Educational Facilities, Revenue Bond, 5.750%, 01/01/2034		529,584

				1,658,094

		Washington - 2.98%
	325,000	Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027		379,889
	300,000	Energy Northwest Washington Electric, Series D, Revenue Bond, 5.000%, 07/01/2035		338,496
	500,000	King County Hospital, Refunding, GO, NATL-RE Insured, 5.000%, 12/01/2021		526,605
	210,000	King County Washington Sewer, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2031		239,833

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Washington (Continued)
$	250,000	Washington Health Care Facilities Authority, Refunding, Revenue Bond, 6.375%, 10/01/2036	$	283,057

				1,767,880

		Wisconsin - 5.34%
	500,000	Southeast Wisconsin Professional Baseball Park Sales Tax, Series A, Revenue Bond, NATL-RE Insured, 5.500%, 12/15/2026		615,895
		Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,
	100,000	5.000%, 05/01/2025		110,167
	200,000	5.000%, 08/15/2030		225,112
	100,000	Wisconsin Health & Educational Facilities Authority, Series B-1, Revenue Bond, 1.250%, 08/15/2025 (b)		100,386
		Wisconsin Public Finance Authority, Refunding, Revenue Bond,
	195,000	5.000%, 07/01/2022		205,986
	150,000	5.750%, 10/01/2031		153,459
	500,000	Wisconsin, Series 2, Refunding, GO, 5.000%, 05/01/2025		593,975
	1,000,000	Wisconsin, Series A, Refunding, Revenue Bond, 6.000%, 05/01/2033		1,157,450

				3,162,430

		Total Municipal Debt Obligations (Cost $53,248,948)		57,416,348


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.66%
		Money Market Funds - 1.66%
$	981,242	Fidelity Tax Exempt Portfolio Effective Yield, 0.01% (c)	$	981,242

		Total Short Term Investments (Cost $981,242)		981,242

		Total Investments (Cost $54,230,190) - 98.56%		58,397,590
		Other Assets in Excess of Liabilities - 1.44%		851,803

		TOTAL NET ASSETS - 100.00%	$	59,249,393

Percentages are stated as a percent of net assets.

(a)

Zero coupon bond. The effective yield is listed.

(b)

Variable Rate Security. The rate shown is the rate in effect on September 30, 2015.

(c)

Seven-day yield as of September 30, 2015.

Glossary of Terms


AGM	-	Assured Guaranty Municipal Corp.
AMBAC	-	Ambac Financial Group, Inc.
CMI	-	California Mortgage Insurance
GO	-	General Obligation
NATL-RE	-	National Public Finance Guarantee Corp.
PSF-GTD	-	Texas Permanent School Fund

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Principal Amount			Value
		ASSET BACKED SECURITIES - 1.47%
	239,583	AIM Aviation Finance Ltd. Series 2015-1A, 5.072%, 02/15/2040 (Acquired 02/13/2015, Cost $239,583) (a)	$	241,177
		American Express Credit Account Master Trust
	100,000	Series 2013-3A, 0.980%, 05/15/2019		100,221
	200,000	Series 2013-1A, 0.627%, 02/16/2021 (b)		200,475
	95,000	BMW Vehicle Owner Trust Series 2014-A, 0.970%, 11/26/2018		95,124
		Capital One Multi-Asset Execution Trust
	125,000	Series 2013-A3, 0.960%, 09/16/2019		125,169
	115,000	Series 2014-A5, 1.480%, 07/15/2020		115,827
	150,000	Chase Issuance Trust Series 2015-A2, 1.590%, 02/18/2020		151,416
		Colony American Homes
	100,000	Series 2014-1A, 2.100%, 05/17/2031 (Acquired 04/02/2014, Cost $99,268) (a)(b)		98,033
	100,000	Series 2015-1A, 2.357%, 07/17/2032 (Acquired 05/27/2015, Cost $100,000) (a)(b)		96,497
	125,000	Invitation Homes Trust Series 2014-SFR1, 1.707%, 06/17/2031 (Acquired 05/22/2014, Cost $125,000) (a)(b)		122,443
	80,000	Nissan Auto Lease Trust Series 2014-B, 1.120%, 09/15/2017		80,170
		OneMain Financial Issuance Trust
	100,000	Series 2014-1A, 2.430%, 06/18/2024 (Acquired 04/09/2014, Cost $99,998) (a)		100,036
	260,000	Series 2014-2A, 5.310%, 09/18/2024 (Acquired 09/12/2014, Cost $261,016) (a)		258,383
	125,000	Series 2015-1A, 3.190%, 03/18/2026 (Acquired 03/17/2015, Cost $125,511) (a)		126,260
	100,000	Series 2015-3A, 4.160%, 11/20/2028 (Acquired 09/24/2015, Cost $99,979) (a)(c)		99,979
		Sierra Receivables Funding Co. LLC
	25,819	Series 2013-1A, 1.590%, 11/20/2029 (Acquired 10/22/2013, Cost $25,762) (a)		25,644
	103,683	Series 2013-3A, 2.200%, 10/20/2030 (Acquired 10/29/2013 and 03/12/2014, Cost $103,821) (a)		104,225
	100,000	Springleaf Funding Trust Series 2014-A, 2.410%, 12/15/2022 (Acquired 03/19/2014, Cost $99,984) (a)		100,082
	142,917	TAL Advantage V LLC Series 2013-2A, 3.550%, 11/20/2038 (Acquired 10/31/2013, Cost $142,855) (a)		143,468
	95,000	Toyota Auto Receivables Owner Trust Series 2015-C, 1.340%, 06/17/2019		95,185
	90,739	U.S. Residential Opportunity Fund Trust Series 2015-1III, 3.721%, 01/27/2035 (Acquired 02/06/2015, Cost $90,739) (a)		90,827
	102,906	VOLT XXII LLC Series 2015-NPL4, 3.500%, 02/25/2055 (Acquired 02/25/2015, Cost $102,797) (a)		102,939
	150,000	World Financial Network Credit Card Master Trust Series 2015-A, 0.687%, 02/15/2022 (b)		149,641

		Total Asset Backed Securities (Cost $2,826,531)		2,823,221


Principal Amount			Value
		BANK LOANS - 2.90%
	128,363	American Builders & Contractors Supply Co., Inc. 3.500%, 04/16/2020 (b)	$	127,814
	97,722	Amneal Pharmaceuticals, LLC 4.503%, 11/01/2019 (b)		98,027
	123,125	Aptean Holdings, Inc. 5.250%, 02/26/2020 (b)		121,586
	37,469	Awas Aviation Capital Ltd. 3.500%, 07/16/2018 (b)		37,375
	69,717	Axalta Coatings Systems, LLC 3.750%, 02/01/2020 (b)		69,359
	15,000	Beacon Roofing Supply, Inc. 3.484%, 09/10/2022 (b)		15,000
	105,000	Berry Plastics Group, Inc. 3.234%, 09/09/2022 (b)		104,972
	74,813	Calpine Corp. 3.500%, 05/27/2022 (b)		73,831
	99,750	Communications Sales & Leasing, Inc. 5.000%, 10/24/2022 (b)		93,640
	91,489	Continental Building Products, Inc. 4.000%, 08/28/2020 (b)		91,222
	98,250	Crosby Worldwide Ltd. 3.750%, 11/23/2020 (b)		85,969
	44,888	Dell, Inc. 4.000%, 04/29/2020 (b)		44,814
	23,201	Dematic Corp. 4.250%, 12/28/2019 (b)		23,201
	25,214	Doncasters Group Ltd. 4.500%, 04/09/2020 (b)		25,182
	17,820	Emerald Performance Materials, LLC 4.500%, 08/01/2021 (b)		17,798
	61,802	Endo Pharmaceuticals Plc 3.750%, 06/24/2022 (b)		61,720
		Energy Transfer Equity, LP
	66,254	3.250%, 12/02/2019 (b)		64,184
	28,570	4.000%, 12/02/2019 (b)		28,183
	36,928	Entegris, Inc. 3.500%, 04/30/2021 (b)		36,824
	68,075	FleetPride Corp. 5.250%, 11/19/2019 (b)		65,863
	66,330	Gates Global LLC 4.250%, 07/05/2021 (b)		63,117
	111,077	Generac Power Systems, Inc. 3.500%, 05/31/2020 (b)		108,611
	95,335	Goodpack Ltd. 4.750%, 09/09/2021 (b)		92,475
	48,513	Grosvenor Capital Management, LP 3.750%, 01/04/2021 (b)		48,331
	24,540	HarbourVest Partners, LLC 3.250%, 02/04/2021 (b)		24,479
	75,000	HD Supply Holdings, Inc. 3.750%, 08/13/2021 (b)		74,766
	128,050	HUB International Ltd. 4.000%, 10/02/2020 (b)		125,436
	49,750	Hyperion Insurance Group Limited 5.500%, 04/29/2022 (b)		49,957
	39,400	IMS Health Holdings, Inc. 3.500%, 03/17/2021 (b)		39,273
	137,142	Infor Global Solutions, Inc. 3.750%, 06/03/2020 (b)		133,285
	124,375	Integra Telecom, Inc. 5.250%, 08/14/2020 (b)		123,805

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		BANK LOANS (Continued)
	131,912	iQor, Inc. 6.000%, 04/01/2021 (b)	$	107,178
	83,916	Level 3 Communications, Inc. 3.500%, 05/31/2022 (b)		83,461
	17,998	Libbey, Inc. 3.750%, 04/09/2021 (b)		17,931
	90,395	Lightower Fiber Networks, LLC 4.000%, 04/13/2020 (b)		88,963
	128,050	Mallinckrodt, LLC 3.250%, 03/19/2021 (b)		126,103
	124,665	Micro Focus International Plc 5.250%, 11/19/2021 (b)		124,833
	19,808	Milacron Holdings Corp. 4.500%, 09/28/2020 (b)		19,957
	58,800	NXP Semiconductors N.V. 3.250%, 01/11/2020 (b)		58,763
	59,250	Ortho-Clinical Diagnostics, Inc. 4.750%, 06/30/2021 (b)		58,571
	20,692	Overseas Shipholding Group, Inc. 5.250%, 08/05/2019 (b)		20,511
	27,352	Performance Sports Group Ltd. 4.000%, 04/15/2021 (b)		27,327
	111,083	PetSmart, Inc. 4.250%, 03/11/2022 (b)		111,071
	124,688	Pharmaceutical Product Development, LLC 4.250%, 08/18/2022 (b)		123,895
	116,415	Pinnacle Agriculture Holdings, LLC 4.750%, 11/15/2018 (b)		116,269
	87,975	Platform Specialty Products Corporation 4.500%, 06/07/2020 (b)		85,391
	49,850	Ply Gem Holdings, Inc. 4.000%, 02/01/2021 (b)		49,470
	128,403	PowerTeam Services, LLC 4.250%, 05/06/2020 (b)		127,319
	16,985	Reddy Ice Holdings, Inc. 6.750%, 05/01/2019 (b)		14,239
	73,060	Renaissance Learning 4.500%, 04/09/2021 (b)		71,112
	29,925	Royal Adhesives and Sealants, LLC 4.500%, 06/19/2022 (b)		29,850
	59,250	SBA Communications Corp. 3.250%, 03/24/2021 (b)		58,713
	133,214	Sedgwick CMS Holdings, Inc. 3.750%, 03/01/2021 (b)		131,341
	94,930	Signode Packaging Systems 3.750%, 05/01/2021 (b)		93,996
	34,736	Southcross Energy Partners, LP 5.250%, 08/04/2021 (b)		31,870
	20,186	Staples, Inc. 2.984%, 04/21/2021 (b)		20,137
	45,000	Sterigenics International, Inc. 4.250%, 05/15/2022 (b)		44,944
	80,592	Talbots, Inc. 5.500%, 03/19/2020 (b)		79,248
	49,126	The Brickman Group, Ltd. 4.000%, 12/18/2020 (b)		48,553
	77,338	The Hillman Group, Inc. 4.500%, 06/30/2021 (b)		77,290
	133,635	The QUIKRETE Companies, Inc. 4.000%, 09/28/2020 (b)		133,434
	205,142	The ServiceMaster Company 4.250%, 07/01/2021 (b)		205,545


Principal Amount			Value
		BANK LOANS (Continued)
	79,000	Time, Inc. 4.250%, 04/26/2021 (b)	$	78,704
		TransDigm, Inc.
	84,672	3.750%, 02/28/2020 (b)		83,989
	224,405	3.750%, 06/04/2021 (b)		222,512
	95,471	3.500%, 05/14/2022 (b)		94,308
		USAGM HoldCo, LLC
	6,257	0.609%, 07/28/2022 (b)		6,192
	88,743	4.750%, 07/28/2022 (b)		87,828
	129,425	Vertafore, Inc. 4.250%, 10/03/2019 (b)		129,466
	76,034	Visteon Corporation 3.500%, 04/09/2021 (b)		75,796
	12,482	WESCO International, Inc. 3.750%, 12/12/2019 (b)		12,494
	89,331	Western Refining, Inc. 4.250%, 11/12/2020 (b)		88,870
	131,486	Zayo Group, LLC 3.750%, 05/06/2021 (b)		130,894

		Total Bank Loans (Cost $5,621,629)		5,568,437

		COLLATERALIZED MORTGAGE OBLIGATIONS - 13.77%
		Adjustable Rate Mortgage
	41,380	Series 2004-4, 2.716%, 03/25/2035 (b)		40,561
	87,596	Series 2004-5, 2.565%, 04/25/2035 (b)		86,866
	53,104	Series 2004-5, 2.598%, 04/25/2035 (b)		51,909
		Alternative Loan Trust
	75,792	Series 2005-J1, 5.500%, 02/25/2025		78,010
	32,449	Series 2003-9T1, 5.500%, 07/25/2033		32,735
	41,563	Series 2003-20CB, 5.750%, 10/25/2033		43,516
	70,353	Series 2004-14T2, 5.500%, 08/25/2034		74,893
	23,612	Series 2004-28CB, 5.750%, 01/25/2035		23,991
	69,094	Series 2006-4CB, 5.500%, 04/25/2036		67,489
	167,489	Series 2007-4CB, 5.750%, 04/25/2037		152,795
	1,064,454	Series 2007-15CB, 6.000%, 07/25/2037		1,000,156
		Banc of America Alternative Loan Trust
	50,960	Series 2003-8, 5.500%, 10/25/2033		53,674
	108,555	Series 2003-10, 5.500%, 12/25/2033		111,488
	66,449	Series 2013-10, 5.500%, 12/25/2033		68,622
	59,270	Series 2005-6, 5.250%, 07/25/2035		54,850
		Banc of America Funding Corp.
	167,269	Series 2004-B, 2.545%, 11/20/2034 (b)		162,246
	32,602	Series 2005-5, 5.500%, 09/25/2035		34,219
	1,448,427	Series 2006-3, 5.750%, 03/25/2036		1,368,092
	1,094,338	Series 2007-3, 5.831%, 04/25/2037 (b)		990,493
	92,850	Banc of America Mortgage Trust Series 2005-A, 2.646%, 02/25/2035 (b)		90,989
	163,067	Bear Stearns Commercial Mortgage Securities Trust Series 2003-PWR2, 6.931%, 05/11/2039 (Acquired 03/06/2012, Cost $166,421) (a)(b)		166,722
	100,000	BLCP Hotel Trust Series 2014-CLRN, 3.877%, 08/15/2029 (Acquired 10/01/2014, Cost $99,625) (a)(b)		100,403
	835,000	CFCRE Commercial Mortgage Trust Series 2011-C1, 5.723%, 04/15/2044 (Acquired 04/19/2011 and 05/17/2011, Cost $828,011) (a)(b)		891,441

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	1,039,327	Chase Mortgage Finance Trust Series 2007-S3, 6.000%, 05/25/2037	$	885,315
		CHL Mortgage Pass-Through Trust
	51,340	Series 2004-12, 2.880%, 08/25/2034 (b)		45,450
	51,878	Series 2004-HYB4, 2.575%, 09/20/2034 (b)		49,881
	234,878	Series 2004-HYB8, 3.247%, 01/20/2035 (b)		230,065
	81,480	Series 2005-11, 0.464%, 04/25/2035 (b)		71,381
	58,114	Series 2005-21, 5.500%, 10/25/2035		54,806
	74,262	Citicorp Mortgage Securities Trust Series 2006-4, 6.000%, 08/25/2036		75,179
		Citigroup Mortgage Loan Trust
	37,371	Series 2005-2, 2.617%, 05/25/2035 (b)		36,554
	91,862	Series 2014-11, 0.339%, 08/25/2036 (Acquired 04/10/2015, Cost $85,718) (a)(b)		85,508
	208,665	Series 2010-8, 4.000%, 11/25/2036 (Acquired 11/01/2012, Cost $212,269) (a)		211,609
	106,003	CitiMortgage Alternative Loan Trust Series 2006-A4, 6.000%, 09/25/2036		95,835
	100,000	COMM Mortgage Trust Series 2014-SAVA, 2.607%, 06/15/2034 (Acquired 06/26/2014, Cost $100,000) (a)(b)		99,406
		Credit Suisse First Boston Mortgage Securities Corp.
	36,882	Series 2003-AR26, 2.577%, 11/25/2033 (b)		35,668
	23,640	Series 2003-AR28, 2.598%, 12/25/2033 (b)		23,493
	99,577	Series 2004-AR4, 2.661%, 05/25/2034 (b)		97,357
	129,723	Series 2005-10, 5.500%, 11/25/2035		120,333
		Credit Suisse Mortgage Capital Mortgage-Backed Securities
	148,871	Series 2006-8, 6.500%, 10/25/2021		127,851
	513,421	Series 2006-9, 6.000%, 11/25/2036		495,235
	572,970	Series 2007-1, 6.000%, 02/25/2037		507,765
	100,000	Del Coronado Trust Series 2013-HDMZ, 5.207%, 03/15/2018 (Acquired 04/01/2013, Cost $100,000) (a)(b)		99,500
		Deutsche Alt-A Securities, Inc.
	21,673	Series 2005-3, 5.250%, 06/25/2035		21,833
	45,732	Series 2005-5, 5.500%, 11/25/2035 (b)		43,998
	482,120	Series 2006-AR1, 4.388%, 02/25/2036 (b)		393,314
	381,000	Extended Stay America Trust Series 2013-ESH, 4.171%, 12/05/2031 (Acquired 01/31/2013, Cost $393,983) (a)(b)		385,931
	18,406	FDIC Trust Series 2013-N1, 4.500%, 10/25/2018 (Acquired 11/8/2013, Cost $18,474) (a)(b)		18,489
	514,298	First Horizon Alternative Mortgage Securities Series 2007-FA4, 6.250%, 08/25/2037		410,514
	580,659	First Horizon Mortgage Pass-Through Trust Series 2007-4, 6.000%, 08/25/2037		508,230
	12,401	GMAC Mortgage Loan Trust Series 2003-J7, 5.000%, 11/25/2033		12,491


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		GSR Mortgage Loan Trust
	47,315	Series 2004-14, 2.842%, 12/25/2034 (b)	$	45,891
	116,215	Series 2004-14, 2.858%, 12/25/2034 (b)		115,591
	120,097	Series 2005-AR4, 2.602%, 07/25/2035 (b)		114,236
	193,388	Series 2006-8F, 6.000%, 09/25/2036		162,279
	953,785	Series 2006-9F, 6.500%, 10/25/2036		839,436
	452,354	Series 2007-4F, 6.000%, 07/25/2037		415,333
		Hilton USA Trust
	100,000	Series 2013-HLT, 3.714%, 11/05/2030 (Acquired 11/22/2013, Cost $100,384) (a)		100,540
	100,000	Series 2013-HLT, 4.407%, 11/05/2030 (Acquired 11/22/2013, Cost $100,385) (a)		100,822
	100,000	Series 2013-HLT, 4.602%, 11/05/2030 (Acquired 11/22/2013, Cost $100,387) (a)(b)		101,279
	800,269	IndyMac IMJA Mortgage Loan Trust Series 2007-A3, 6.250%, 11/25/2037		680,782
		IndyMac INDX Mortgage Loan Trust
	681,800	Series 2005-AR1, 2.475%, 03/25/2035 (b)		681,272
	44,090	Series 2005-AR16IP, 0.834%, 07/25/2045 (b)		38,463
	123,973	JPMorgan Alternative Loan Trust Series 2006-A1, 2.479%, 03/25/2036 (b)		108,177
		JPMorgan Chase Commercial Mortgage Securities Trust
	115,000	Series 2015-SGP, 4.694%, 07/15/2036 (Acquired 09/28/2015, Cost $115,000) (a)(b)		115,286
	8,391,243	Series 2012-C8, 2.251%, 10/17/2045 (b)(d)		746,565
		JPMorgan Mortgage Trust
	42,766	Series 2003-A2, 1.994%, 11/25/2033 (b)		42,784
	28,405	Series 2005-A3, 2.719%, 06/25/2035 (b)		28,753
	60,160	Series 2006-A1, 2.536%, 02/25/2036 (b)		53,609
	128,128	Series 2006-A7, 2.617%, 01/25/2037 (b)		113,357
	146,657	Series 2007-S1, 5.750%, 03/25/2037		121,656
	789,218	Lehman Mortgage Trust Series 2006-2, 5.750%, 04/25/2036		791,688
		MASTR Adjustable Rate Mortgages Trust
	103,812	Series 2004-7, 2.527%, 07/25/2034 (b)		101,229
	693,120	Series 2006-2, 2.568%, 01/25/2036 (b)		690,670
		MASTR Alternative Loan Trust
	47,415	Series 2003-9, 5.250%, 11/25/2033		49,464
	49,703	Series 2004-5, 5.500%, 06/25/2034		52,159
	59,760	Series 2004-5, 6.000%, 06/25/2034		62,406
	128,294	Series 2004-8, 6.000%, 09/25/2034		135,516
	6,705	Series 2004-12, 5.250%, 12/25/2034		6,725
	93,987	Merrill Lynch Mortgage Investors Trust Series 2006-2, 2.171%, 05/25/2036 (b)		93,407
	400,000	Morgan Stanley Capital I Trust Series 2011-C2, 5.479%, 06/15/2044 (Acquired 06/22/2011, Cost $354,798) (a)(b)		419,104
		Morgan Stanley Mortgage Loan Trust
	1,211,763	Series 2005-10, 6.000%, 12/25/2035		1,011,675
	916,306	Series 2007-12, 6.250%, 08/25/2037		853,787
	86,685	New York Mortgage Trust Series 2006-1, 2.619%, 05/25/2036 (b)		79,068

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Residential Asset Securitization Trust
	1,010,562	Series 2007-A2, 6.000%, 04/25/2037	$	843,642
	812,331	Series 2007-A6, 6.000%, 06/25/2037		730,397
	1,098,053	Series 2007-A7, 6.000%, 07/25/2037		800,337
	119,940	Residential Funding Mortgage Securities I Series 2006-S1, 5.750%, 01/25/2036		123,779
		SCG Trust
	100,000	Series 2013-SRP1, 2.707%, 11/15/2026 (Acquired 05/02/2014, Cost $100,224) (a)(b)		100,071
	100,000	Series 2013-SRP1, 3.457%, 11/15/2026 (Acquired 05/05/2014, Cost $100,254) (a)(b)		100,402
	1,159,233	Sequoia Mortgage Trust Series 2013-3, 2.500%, 03/25/2043 (b)		1,107,698
		Structured Adjustable Rate Mortgage Loan Trust
	68,070	Series 2004-6, 2.362%, 06/25/2034 (b)		66,693
	82,436	Series 2005-14, 0.504%, 07/25/2035 (b)		60,081
	22,621	Structured Asset Securities Corp. Trust Series 2005-1, 5.500%, 02/25/2035		23,165
	1,106,165	TBW Mortgage-Backed Trust Series 2006-6, 5.630%, 01/25/2037 (b)		725,093
		Washington Mutual Mortgage Pass-Through Certificates
	35,782	Series 2004-CB2, 5.500%, 07/25/2034		37,395
	215,111	Series 2005-AR7, 2.485%, 08/25/2035 (b)		215,324
	74,477	Series 2005-AR10, 2.503%, 09/25/2035 (b)		72,343
	305,097	Series 2006-5, 6.000%, 07/25/2036		264,811
	66,841	Series 2007-HY5, 2.043%, 05/25/2037 (b)		58,326
	222,698	Series 2006-AR19, 1.909%, 01/25/2047 (b)		202,369
	78,593	Series 2007-OA3, 0.959%, 04/25/2047 (b)		66,854
	383,538	Wells Fargo Alternative Loan Trust Series 2007-PA1, 6.000%, 03/25/2037		350,267
		Wells Fargo Mortgage Backed Securities Trust
	38,604	Series 2003-J, 2.739%, 10/25/2033 (b)		38,915
	90,443	Series 2004-A, 2.654%, 02/25/2034 (b)		90,736
	22,104	Series 2004-O, 2.737%, 08/25/2034 (b)		22,083
	34,560	Series 2005-AR10, 2.685%, 06/25/2035 (b)		34,885
	100,082	Series 2005-11, 5.500%, 11/25/2035		104,446
	66,722	Series 2005-17, 5.500%, 01/25/2036		68,162
	72,900	Series 2005-16, 6.000%, 01/25/2036		74,866

		Total Collateralized Mortgage Obligations (Cost $27,105,479)		26,445,300


Number of Shares
		COMMON STOCKS - 0.03%
		Energy Equipment & Services - 0.02%
	1,224	Halliburton Co.		43,268

		Transportation - 0.01%
	22	CEVA Holdings LLC (e)		18,505

		Total Common Stocks (Cost $82,095)		61,773


Principal Amount			Value
		CONVERTIBLE OBLIGATIONS - 0.90%
		Biotechnology - 0.03%
	50,000	BioMarin Pharmaceutical, Inc. 1.500%, 10/15/2020	$	67,437

		Household Durables - 0.06%
	95,000	Jarden Corp. 1.125%, 03/15/2034		109,131

		Metals & Mining - 0.36%
	780,000	B2Gold Corp. 3.250%, 10/01/2018		663,234
	30,000	RTI International Metals, Inc. 1.625%, 10/15/2019		31,688

				694,922

		Oil & Gas - 0.23%
	135,000	Chesapeake Energy Corp. 2.500%, 05/15/2037		116,775
	400,000	Whiting Petroleum Corp. 1.250%, 04/01/2020 (Acquired 03/24/2015 through 07/16/2015, Cost $416,117) (a)		327,750

				444,525

		Real Estate - 0.01%
	15,000	Redwood Trust, Inc. 4.625%, 04/15/2018		14,466

		Semiconductor & Semiconductor Equipment - 0.04%
	140,000	SunEdison, Inc. 2.625%, 06/01/2023 (Acquired 05/13/2015, Cost $140,000) (a)		71,225

		Software - 0.15%
	93,000	Nuance Communications, Inc. 1.500%, 11/01/2035		96,197
	250,000	Rovi Corp. 0.500%, 03/01/2020 (Acquired 02/27/2015 through 05/14/2015, Cost $243,783) (a)		194,062

				290,259

		Textiles, Apparel & Luxury Goods - 0.02%
	55,000	Iconix Brand Group, Inc. 1.500%, 03/15/2018		43,863

		Total Convertible Obligations (Cost $2,048,394)		1,735,828


Number of Shares
		CONVERTIBLE PREFERRED STOCKS - 0.22%
		Food Products - 0.07%
	2,422	Tyson Foods, Inc. 4.750%		124,152

		Metals & Mining - 0.10%
	5,911	Alcoa, Inc. 5.375%		197,427

		Multi-Utilities - 0.05%
	466	Dominion Resources, Inc. 6.125%		23,118
	698	Dominion Resources, Inc. - Series A 6.375%		38,607
	547	Dominion Resources, Inc. - Series B 6.000%		30,621

				92,346

		Total Convertible Preferred Stocks (Cost $450,584)		413,925

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS - 12.62%
		Aerospace & Defense - 0.22%
	90,000	KLX, Inc. 5.875%, 12/01/2022 (Acquired 11/21/2014, Cost $90,000) (a)	$	88,003
	305,000	Meccanica Holdings USA, Inc. 6.250%, 01/15/2040 (Acquired 11/29/2012 and 12/07/2012, Cost $269,044) (a)		295,088
	35,000	Rockwell Collins, Inc. 0.687%, 12/15/2016 (b)		34,950

				418,041

		Airlines - 0.50%
	1,000,000	Latam Airlines Group SA 4.500%, 08/15/2025 (Acquired 05/14/2015, Cost $1,000,000) (a)		952,500

		Auto Components - 0.08%
	150,000	ZF North America Capital, Inc. 4.500%, 04/29/2022 (Acquired 04/24/2015, Cost $148,890) (a)		142,313

		Banks - 1.54%
		Bank of America Corp.
	280,000	4.200%, 08/26/2024		280,315
	170,000	3.950%, 04/21/2025		165,707
	100,000	CIT Group, Inc. 5.000%, 08/15/2022		100,125
	100,000	Citigroup, Inc. 6.300%, 12/29/2049 (b)		96,340
	375,000	Intesa Sanpaolo SpA 5.017%, 06/26/2024 (Acquired 06/19/2014, Cost $375,000) (a)		370,696
	100,000	JPMorgan Chase & Co. 5.000%, 12/29/2049 (b)		97,375
	500,000	Royal Bank of Scotland Group Plc 6.125%, 12/15/2022		541,895
	435,000	Santander Holdings USA, Inc. 4.500%, 07/17/2025		437,830
	200,000	Santander UK Group Holdings PLC 4.750%, 09/15/2025 (Acquired 09/08/2015, Cost $199,448) (a)		198,716
		Societe Generale SA
	200,000	7.875%, 12/29/2049 (b)(h)		195,750
	250,000	7.875%, 12/31/2049 (Acquired 04/09/2015, Cost $263,837) (a)(b)		244,688
	230,000	The Bank of Tokyo-Mitsubishi UFJ Ltd. 1.356%, 09/14/2018 (Acquired 09/08/2015, Cost $230,000) (a)(b)		230,701

				2,960,138

		Biotechnology - 0.26%
	360,000	Celgene Corp. 3.875%, 08/15/2025		360,800
	140,000	Gilead Sciences, Inc. 4.750%, 03/01/2046		140,982

				501,782


Principal Amount			Value
		Building Products - 0.11%
	155,000	Atrium Windows & Doors, Inc. 7.750%, 05/01/2019 (Acquired 04/11/2014, Cost $153,410) (a)	$	114,312
	33,000	NCI Building Systems, Inc. 8.250%, 01/15/2023 (Acquired 01/09/2015, Cost $33,000) (a)		34,733
	70,000	Owens Corning 4.200%, 12/01/2024		69,669

				218,714

		Capital Markets - 0.15%
	285,000	Morgan Stanley 4.350%, 09/08/2026		287,086

		Chemicals - 0.37%
	100,000	Albemarle Corp. 4.150%, 12/01/2024		100,500
	660,000	Hercules, Inc. 6.500%, 06/30/2029		612,150

				712,650

		Construction Materials - 0.11%
	220,000	Cemex SAB de CV 6.125%, 05/05/2025 (Acquired 02/26/2015, Cost $219,956) (a)		200,750

		Consumer Finance - 0.32%
	370,000	Ally Financial, Inc. 4.125%, 03/30/2020		366,762
	150,000	Caterpillar Financial Services Corp. 0.564%, 03/03/2017 (b)		149,821
	100,000	SLM Corp. 5.500%, 01/15/2019		93,188

				609,771

		Diversified Financial Services - 0.55%
	200,000	Corporacion Financiera de Desarrollo SA 5.250%, 07/15/2029 (Acquired 07/08/2014, Cost $199,732) (a)(b)		197,000
	750,000,000	Financiera de Desarrollo Territorial SA Findeter 7.875%, 08/12/2024 (Acquired 08/06/2014, Cost $389,710) (a)		217,387
	440,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.875%, 08/01/2021 (Acquired 07/29/2014, Cost $440,000) (a)		413,050
	245,000	Quicken Loans, Inc. 5.750%, 05/01/2025 (Acquired 05/01/2015 through 09/28/2015, Cost $242,075) (a)		230,913

				1,058,350

		Diversified Telecommunication Services - 0.15%
	250,000	Level 3 Financing, Inc. 5.125%, 05/01/2023 (Acquired 04/14/2015, Cost $250,000) (a)		235,625
	300,000	Oi SA 9.750%, 09/15/2016 (Acquired 09/09/2014, Cost $125,297) (a)		51,290

				286,915

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities - 0.60%
	580,000	Cia de Eletricidade do Estado da Bahia 11.750%, 04/27/2016 (Acquired 04/19/2011, Cost $367,321) (a)	$	134,126
	60,000	Duke Energy Progress, Inc. 0.534%, 03/06/2017 (b)		59,818
	200,000	EDP Finance BV 4.125%, 01/15/2020 (Acquired 11/13/2014, Cost $199,578) (a)		203,149
	500,000	Enel SpA 8.750%, 09/24/2073 (Acquired 09/17/2013 and 01/27/2014, Cost $513,731) (a)		575,485
	200,000	InterGen NV 7.000%, 06/30/2023 (Acquired 06/07/2013, Cost $196,463) (a)		171,000

				1,143,578

		Electronic Equipment, Instruments & Components - 0.22%
	430,000	Keysight Technologies, Inc. 4.550%, 10/30/2024 (Acquired 10/06/2014, Cost $429,854) (a)		419,593

		Energy Equipment & Services - 0.00%
	10,000	Diamond Offshore Drilling, Inc. 4.875%, 11/01/2043		6,579

		Food Products - 0.05%
	445,000	BRF SA 7.750%, 05/22/2018 (Acquired 05/15/2013, Cost $219,889) (a)		92,042

		Health Care Providers & Services - 0.16%
	100,000	CHS/Community Health Systems, Inc. 8.000%, 11/15/2019		104,313
	100,000	HCA, Inc. 5.000%, 03/15/2024		100,500
	100,000	Tenet Healthcare Corp. 8.125%, 04/01/2022		106,540

				311,353

		Hotels, Restaurants & Leisure - 0.38%
	100,000	Caesars Entertainment Operating Co., Inc. 11.250%, 06/01/2017 (f)		80,500
	115,000	Interval Acquisition Corp. 5.625%, 04/15/2023 (Acquired 04/02/2015, Cost $115,000) (a)		113,850
	395,000	MGM Resorts International 6.000%, 03/15/2023		384,631
	155,000	Wyndham Worldwide Corp. 5.100%, 10/01/2025		157,446

				736,427

		Household Products - 0.08%
	150,000	Reynolds Group Issuer LLC 8.250%, 02/15/2021		150,375

		Independent Power & Renewable Electricity Producers - 0.07%
	100,000	Calpine Corp. 5.875%, 01/15/2024 (Acquired 10/29/2013, Cost $100,000) (a)		103,500


Principal Amount			Value
		Independent Power & Renewable Electricity Producers (Continued)
	45,000	Talen Energy Supply LLC 6.500%, 06/01/2025 (Acquired 05/14/2015, Cost $45,000) (a)	$	38,756

				142,256

		Insurance - 0.60%
	700,000	Assicurazioni Generali SpA 7.750%, 12/12/2042 (b)(h)		921,022
	215,000	Old Republic International Corp. 4.875%, 10/01/2024		226,202

				1,147,224

		Media - 0.62%
		CCO Holdings LLC / CCO Holdings Capital Corp.
	100,000	5.250%, 09/30/2022		94,000
	130,000	5.125%, 05/01/2023 (Acquired 04/13/2015, Cost $130,000) (a)		120,172
	140,000	CCO Safari II, LLC 6.484%, 10/23/2045 (Acquired 07/09/2015, Cost $140,000) (a)		141,611
	100,000	Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/2022		100,750
		CSC Holdings LLC
	75,000	6.750%, 11/15/2021		67,312
	40,000	5.250%, 06/01/2024		31,650
		DISH DBS Corp.
	105,000	6.750%, 06/01/2021		101,390
	130,000	5.875%, 07/15/2022		115,375
	220,000	5.875%, 11/15/2024		187,413
	100,000	iHeartCommunications, Inc. 9.000%, 03/01/2021		84,400
	100,000	Sirius XM Radio, Inc. 5.375%, 04/15/2025 (Acquired 03/03/2015, Cost $100,000) (a)		95,750
	65,000	Time Warner Cable, Inc. 4.500%, 09/15/2042		51,571

				1,191,394

		Metals & Mining - 0.22%
		ArcelorMittal SA
	100,000	6.250%, 03/01/2021		90,562
	70,000	7.750%, 10/15/2039		57,400
		First Quantum Minerals Ltd.
	50,000	6.750%, 02/15/2020 (Acquired 05/15/2012, Cost $44,423) (a)		33,750
	100,000	7.000%, 02/15/2021 (Acquired 05/15/2012, Cost $88,270) (a)		65,250
	85,000	Flextronics International Ltd. 4.750%, 06/15/2025 (Acquired 06/03/2015, Cost $84,331) (a)		82,554
	100,000	FMG Resources Ltd. 9.750%, 03/01/2022 (Acquired 04/22/2015, Cost $97,690) (a)		93,375

				422,891

		Multi-Utilities - 0.04%
	200,000	Texas Competitive Electric Holdings Co., LLC 11.500%, 10/01/2020 (Acquired 04/14/2011 and 11/09/2011, Cost $193,097) (a)(f)		78,000

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Oil & Gas - 1.66%
	35,000	Antero Resources Corp. 5.125%, 12/01/2022	$	30,275
		Baytex Energy Corp.
	5,000	5.125%, 06/01/2021 (Acquired 11/06/2014, Cost $4,780) (a)		4,000
	20,000	5.625%, 06/01/2024 (Acquired 11/19/2014 and 09/16/2015, Cost $17,251) (a)		15,900
		Bonanza Creek Energy, Inc.
	10,000	6.750%, 04/15/2021		7,025
	35,000	5.750%, 02/01/2023		22,925
	265,000	California Resources Corp. 6.000%, 11/15/2024		158,834
	100,000	Chaparral Energy, Inc. 8.250%, 09/01/2021		30,940
		Chesapeake Energy Corp.
	5,000	6.625%, 08/15/2020		3,741
	200,000	6.125%, 02/15/2021		140,375
	115,000	4.875%, 04/15/2022		75,612
		Concho Resources, Inc.
	30,000	5.500%, 10/01/2022		28,725
	155,000	5.500%, 04/01/2023		148,412
		Continental Resources, Inc.
	380,000	5.000%, 09/15/2022		332,975
	5,000	4.500%, 04/15/2023		4,348
	15,000	3.800%, 06/01/2024		12,188
	115,000	Diamondback Energy, Inc. 7.625%, 10/01/2021		121,325
	155,000	Energy Transfer Partners LP 6.125%, 12/15/2045		138,052
		Halcon Resources Corp.
	40,000	8.625%, 02/01/2020 (Acquired 04/21/2015, Cost $40,000) (a)		33,400
	65,000	13.000%, 02/15/2022 (Acquired 08/08/2013, Cost $99,720) (a)		42,006
		Linn Energy LLC / Linn Energy Finance Corp.
	150,000	7.750%, 02/01/2021		35,250
	50,000	6.500%, 09/15/2021		10,625
	156,000	Matador Resources Co. 6.875%, 04/15/2023 (Acquired 04/09/2015 through 08/13/2015, Cost $156,948) (a)		150,540
		MEG Energy Corp.
	5,000	6.500%, 03/15/2021 (Acquired 12/02/2014, Cost $4,464) (a)		4,125
	30,000	6.375%, 01/30/2023 (Acquired 11/04/2014 through 12/08/2014, Cost $28,230) (a)		23,625
	25,000	7.000%, 03/31/2024 (Acquired 11/17/2014 through 12/08/2014, Cost $22,879) (a)		20,000
		Noble Energy, Inc.
	90,000	5.625%, 05/01/2021		90,647
	45,000	5.875%, 06/01/2022		44,976
	10,000	5.875%, 06/01/2024		9,967
	50,000	Oasis Petroleum, Inc. 6.875%, 03/15/2022		39,865


Principal Amount			Value
		Oil & Gas (Continued)
		OGX Austria GmbH
	200,000	8.500%, 06/01/2018 (Acquired 04/17/2013, Cost $117,896) (a)(f)	$	20
	800,000	8.375%, 04/01/2022 (Acquired 03/27/2012 through 06/29/2012, Cost $770,692) (a)(f)		49
	350,000	Pacific Rubiales Energy Corp. 5.125%, 03/28/2023 (Acquired 03/19/2015 through 07/09/2015, Cost $233,786) (a)		122,500
	100,000	Penn Virginia Corporation 8.500%, 05/01/2020		26,375
		Petrobras Global Finance BV
	100,000	6.875%, 01/20/2040		65,500
	55,000	6.750%, 01/27/2041		36,163
	500,000	5.625%, 05/20/2043		308,750
	10,000	7.250%, 03/17/2044		6,682
	43,000	Petroleos Mexicanos 7.650%, 11/24/2021 (Acquired 12/01/2011, Cost $316,078) (a)		258,458
		RSP Permian, Inc.
	110,000	6.625%, 10/01/2022		106,150
	135,000	6.625%, 10/01/2022 (Acquired 08/05/2015, Cost $133,987) (a)		130,275
	40,000	SM Energy Co. 5.000%, 01/15/2024		34,050
	25,000	Ultra Petroleum Corp. 6.125%, 10/01/2024 (Acquired 11/06/2014 through 11/18/2014, Cost $23,269) (a)		14,375
	50,000	Western Refining Logistics LP 7.500%, 02/15/2023		49,875
		Whiting Petroleum Corp.
	125,000	6.500%, 10/01/2018		117,813
	15,000	5.000%, 03/15/2019		13,125
	150,000	Williams Partners LP 4.000%, 09/15/2025		130,176

				3,201,014

		Pharmaceuticals - 0.35%
	265,000	AbbVie, Inc. 3.600%, 05/14/2025		261,887
		Valeant Pharmaceuticals International, Inc.
	100,000	7.500%, 07/15/2021 (Acquired 06/27/2013, Cost $100,000) (a)		103,250
	75,000	5.500%, 03/01/2023 (Acquired 01/15/2015, Cost $75,000) (a)		71,437
	240,000	VRX Escrow Corp. 4.500%, 05/15/2023 (Acquired 03/13/2015 and 03/17/2015, Cost $253,027) (a)		240,991

				677,565

		Pipelines - 0.49%
	180,000	MarkWest Energy Partners LP / MarkWest Energy Finance Corp. 4.875%, 12/01/2024		165,600
		Regency Energy Partners LP / Regency Energy Finance Corp.
	65,000	5.750%, 09/01/2020		69,838

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Pipelines (Continued)
	100,000	5.000%, 10/01/2022	$	97,777
		Sabine Pass Liquefaction LLC
	100,000	5.625%, 02/01/2021 (b)		93,250
	100,000	5.625%, 04/15/2023		89,250
	180,000	5.625%, 03/01/2025 (Acquired 02/26/2015, Cost $180,000) (a)		159,300
		Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	45,000	6.375%, 08/01/2022		43,256
	30,000	5.250%, 05/01/2023		26,775
	5,000	4.250%, 11/15/2023		4,187
	190,000	6.750%, 03/15/2024 (Acquired 09/09/2015, Cost $190,000) (a)		181,688

				930,921

		Professional Services - 0.11%
	215,000	Verisk Analytics, Inc. 5.500%, 06/15/2045		212,063

		Publishing - 0.04%
	100,000	Visant Corp. 10.000%, 10/01/2017		82,250

		Real Estate - 0.38%
	105,000	Brixmor Operating Partnership LP 3.850%, 02/01/2025		102,159
	90,000	Healthcare Realty Trust, Inc. 3.875%, 05/01/2025		87,617
	150,000	Host Hotels & Resorts LP 5.250%, 03/15/2022		163,095
	100,000	iStar Financial, Inc. 4.000%, 11/01/2017		96,500
	280,000	Rialto Holdings LLC / Rialto Corp. 7.000%, 12/01/2018 (Acquired 11/08/2013 through 12/18/2013, Cost $280,524) (a)		285,600

				734,971

		Semiconductor & Semiconductor Equipment - 0.33%
	299,000	KLA-Tencor Corp. 4.650%, 11/01/2024		299,334
		Micron Technology, Inc.
	125,000	5.250%, 01/15/2024 (Acquired 04/27/2015, Cost $125,000) (a)		115,000
	145,000	5.625%, 01/15/2026 (Acquired 04/27/2015 and 07/10/2015, Cost $143,546) (a)		130,862
	40,000	Novellus Systems, Inc. 2.625%, 05/15/2041		78,525

				623,721

		Software - 0.19%
		First Data Corp.
	100,000	8.250%, 01/15/2021 (Acquired 02/17/2012, Cost $98,291) (a)		104,000
	100,000	12.625%, 01/15/2021		113,875
	145,000	Open Text Corp. 5.625%, 01/15/2023 (Acquired 01/12/2015, Cost $145,000) (a)		144,184

				362,059


Principal Amount			Value
		Specialty Retail - 0.09%
	175,000	Lowe’s Cos., Inc. 0.936%, 09/14/2018 (b)	$	175,742

		Technology Hardware, Storage & Peripherals - 0.18%
	355,000	Hewlett Packard Enterprise Co. 4.900%, 10/15/2025 (Acquired 09/30/2015, Cost $354,024) (a)		354,024

		Telecommunication Services - 0.48%
		Alcatel-Lucent USA, Inc.
	40,000	6.450%, 03/15/2029		39,750
	45,000	6.500%, 01/15/2028		45,169
	200,000	Digicel Group Ltd. 8.250%, 09/30/2020 (Acquired 09/05/2012, Cost $200,000) (a)		186,000
		Frontier Communications Corp.
	135,000	11.000%, 09/15/2025 (Acquired 09/11/2015, Cost $135,000) (a)		130,950
	100,000	7.875%, 01/15/2027		82,500
	150,000	Intelsat Jackson Holdings SA 7.500%, 04/01/2021		138,937
	100,000	T Mobile USA, Inc. 6.500%, 01/15/2024		97,188
	200,000	Wind Acquisition Finance SA 7.375%, 04/23/2021 (Acquired 04/08/2014, Cost $200,000) (a)		198,000

				918,494

		Textiles, Apparel & Luxury Goods - 0.56%
	917,512	Edcon Holdings Ltd. 13.375%, 06/30/2019 (Acquired 11/08/2013 through 03/10/2015, Cost $458,127) (a)		143,533
		Edcon Limited
	1,120,000	9.500%, 03/01/2018 (Acquired 04/05/2011 and 04/12/2011, Cost $1,121,864) (a)		685,888
	300,000	9.500%, 03/01/2018 (Acquired 08/18/2011 through 08/24/2011, Cost $401,916) (a)		206,966
	45,875	8.000%, 06/30/2019 (Acquired 11/08/2013 through 03/10/2015, Cost $23,009) (a)		44,853

				1,081,240

		Trading Companies & Distributors - 0.25%
	80,000	Aircastle Ltd. 5.500%, 02/15/2022		81,000
		Air Lease Corp.
	75,000	3.750%, 02/01/2022		74,709
	330,000	4.250%, 09/15/2024		324,225

				479,934

		Transportation - 0.05%
	180,000	CHC Helicopter SA 9.250%, 10/15/2020		101,700

		Wireless Telecommunication Services - 0.06%
	100,000	Sprint Communications, Inc. 9.000%, 11/15/2018 (Acquired 11/04/2011, Cost $100,000) (a)		105,180

		Total Corporate Obligations (Cost $28,199,536)		24,231,600

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 28.36%
		Bank Negara Malaysia Monetary Notes
	130,000	3.042%, 11/03/2015 (g)	$	29,491
	120,000	3.048%, 11/24/2015 (g)		27,172
	1,210,000	2.994%, 03/01/2016 (g)		271,763
		Brazil Letras do Tesouro Nacional
	590,000	14.842%, 10/01/2015 (g)		148,821
	1,470,000	14.635%, 01/01/2016 (g)		358,355
	180,000	15.405%, 07/01/2016 (g)		40,824
	560,000	15.565%, 10/01/2016 (g)		122,030
		Financing of Infrastructural Projects State Enterprise
	100,000	8.375%, 11/03/2017 (Acquired 05/10/2011, Cost $102,252) (a)		78,770
	1,180,000	7.400%, 04/20/2018 (Acquired 04/15/2011, Cost $1,180,000) (a)		932,436
		Ghana Government Bond
	100,000	21.000%, 10/26/2015		26,714
	60,000	16.900%, 03/07/2016		15,365
	85,000	19.240%, 05/30/2016		21,611
	1,630,000	23.000%, 02/13/2017		419,698
	30,000	25.480%, 04/24/2017		7,989
	2,220,000	24.440%, 05/29/2017		577,674
	50,000	26.000%, 06/05/2017		13,226
	520,000	25.400%, 07/31/2017		137,358
	616,000	23.000%, 08/21/2017		156,622
	1,610,000	23.230%, 02/19/2018		426,875
	150,000	22.490%, 04/23/2018		39,075
	1,810,000	23.470%, 05/21/2018		479,915
	990,000	19.040%, 09/24/2018		239,978
		Hungary Government Bond
	188,620,000	6.750%, 11/24/2017		758,069
	32,890,000	4.000%, 04/25/2018		124,713
	15,370,000	5.500%, 12/20/2018		61,276
	95,770,000	6.500%, 06/24/2019		395,467
	2,370,000	7.500%, 11/12/2020		10,490
	23,840,000	7.000%, 06/24/2022		104,993
	73,790,000	6.000%, 11/24/2023		315,790
	56,540,000	5.500%, 06/24/2025		238,038
		Hungary Government International Bond
	130,000	4.375%, 07/04/2017 (h)		154,796
	150,000	5.750%, 06/11/2018 (h)		188,604
	1,100,000	6.375%, 03/29/2021		1,258,396
	100,000	Iceland Government International Bond 5.875%, 05/11/2022 (Acquired 05/03/2012, Cost $99,070) (a)		114,043
	1,454,000,000	Indonesia Treasury Bill 6.617%, 02/04/2016 (g)		96,614
		Indonesia Treasury Bond
	10,120,000,000	8.375%, 03/15/2024		641,000
	7,580,000,000	8.375%, 03/15/2034		450,595
	1,324,390	Ireland Government Bond 5.400%, 03/13/2025		2,027,378
		Korea Monetary Stabilization Bond
	5,714,800,000	2.900%, 12/02/2015		4,833,218
	92,000,000	2.800%, 04/02/2016		78,132
	239,800,000	2.790%, 06/02/2016		204,066
	325,800,000	2.460%, 08/02/2016		277,089


Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
		Korea Treasury Bond
	2,684,400,000	2.750%, 12/10/2015	$	2,270,283
	2,058,200,000	2.750%, 06/10/2016		1,751,503
	1,846,100,000	3.000%, 12/10/2016		1,584,487
		Malaysia Government Bond
	3,610,000	3.197%, 10/15/2015		821,272
	3,021,000	3.172%, 07/15/2016		687,255
	1,690,000	4.262%, 09/15/2016		388,393
	870,000	3.814%, 02/15/2017		199,324
	4,360,000	3.394%, 03/15/2017		992,363
	30,000	Malaysia Treasury Bill 3.118%, 05/27/2016 (g)		6,688
		Mexican Bonos
	23,460	8.000%, 12/17/2015		140,048
	72,700	6.250%, 06/16/2016		438,788
	229,260	7.250%, 12/15/2016		1,414,207
		Mexican Cetes
	255,110	3.157%, 01/21/2016 (g)		149,413
	1,021,290	3.291%, 05/26/2016 (g)		590,938
		Mexican Udibonos
	27,404	5.000%, 06/16/2016 (i)		167,970
	23,421	3.500%, 12/14/2017 (i)		147,420
	14,074	4.000%, 06/13/2019 (i)		90,154
	11,631	2.500%, 12/10/2020 (i)		69,755
	47,800,000	Philippine Government Bond 1.625%, 04/25/2016		1,018,797
	6,783,000	Poland Government Bond 2.010%, 01/25/2021 (b)		1,749,052
	2,240,000	Portugal Government International Bond 5.125%, 10/15/2024		2,384,749
	700,000	Republic of Ecuador 7.950%, 06/20/2024 (Acquired 06/17/2014, Cost $700,000) (a)		497,000
		Republic of Serbia
	760,000	10.000%, 05/08/2017		7,437
	890,000	10.000%, 11/21/2018		8,943
	1,800,000	10.000%, 03/20/2021		18,626
	1,060,000	7.250%, 09/28/2021 (Acquired 09/21/2011, Cost $1,041,588) (a)		1,191,175
		Serbia Treasury Bonds
	2,320,000	10.000%, 01/30/2016		22,019
	2,090,000	10.000%, 05/22/2016		20,251
	4,330,000	10.000%, 06/27/2016		41,969
	1,700,000	10.000%, 08/15/2016		16,528
	990,000	10.000%, 10/17/2016		9,691
	10,400,000	10.000%, 12/19/2016		101,936
	1,110,000	8.000%, 01/12/2017		10,717
	3,290,000	8.000%, 03/23/2017		31,810
	130,000	8.000%, 04/06/2017		1,257
	61,290,000	10.000%, 07/10/2017		604,136
	18,170,000	10.000%, 11/08/2017		180,481
	54,350,000	10.000%, 03/02/2018		543,004
	100,510,000	10.000%, 08/21/2019		1,018,208
	5,860,000	10.000%, 09/11/2021		61,089
	62,780,000	10.000%, 02/05/2022		656,118
	6,040,000	Singapore Government Bond 1.125%, 04/01/2016		4,240,160

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
	610,000	Slovenia Government International Bond 5.850%, 05/10/2023 (Acquired 05/02/2013 and 08/02/2013, Cost $595,974) (a)	$	700,024
		Sri Lanka Government Bonds
	1,900,000	8.500%, 11/01/2015		13,457
	132,300,000	8.000%, 06/01/2016		940,972
	430,000	8.000%, 06/15/2017		3,039
	16,500,000	5.800%, 07/15/2017		112,187
	11,550,000	8.500%, 04/01/2018		81,910
	140,000	8.500%, 06/01/2018		990
	2,750,000	7.500%, 08/15/2018		18,906
	8,660,000	8.000%, 11/15/2018		59,962
	8,660,000	10.600%, 07/01/2019		64,205
	3,160,000	10.600%, 09/15/2019		23,506
	430,000	8.000%, 11/01/2019		2,940
	340,000	9.000%, 05/01/2021		2,348
	1,900,000	11.200%, 07/01/2022		14,330
		Ukraine Government International Bond
	200,000	9.250%, 07/24/2017		158,676
	620,000	9.250%, 07/24/2017 (Acquired 07/17/2012, Cost $620,000) (a)		491,894
	2,300,000	7.950%, 02/23/2021 (Acquired 04/05/2011 and 04/11/2011, Cost $2,373,794) (a)		1,834,250
	1,200,000	7.500%, 04/17/2023 (Acquired 07/18/2013 through 07/29/2013, Cost $1,086,894) (a)		961,572
		Uruguay Government International Bond
	6,120,949	5.000%, 09/14/2018 (i)		206,102
	6,737,949	4.250%, 04/05/2027 (i)		190,377
	43,725,880	4.375%, 12/15/2028 (i)		1,218,911
	2,511,510	4.000%, 07/10/2030 (i)		68,241
	1,134,287	3.700%, 06/26/2037 (i)		26,528
		Uruguay Notas del Tesoro
	282,000	9.500%, 01/27/2016		9,577
	3,745,207	2.750%, 06/16/2016 (i)		126,938
	2,866,230	4.250%, 01/05/2017 (i)		92,773
	2,330,000	11.000%, 03/21/2017		77,538
	21,063,606	2.250%, 08/23/2017 (i)		655,801
	15,470,000	13.250%, 04/08/2018		509,489
	19,108	3.250%, 01/27/2019 (i)		625
	11,382,118	4.000%, 06/10/2020 (i)		348,949
	13,890,000	13.900%, 07/29/2020		471,748
	1,394,899	2.500%, 09/27/2022 (i)		39,423
	2,515,913	4.000%, 05/25/2025 (i)		73,182
		Uruguay Treasury Bills
	2,850,000	11.804%, 10/08/2015 (g)		97,765
	1,070,000	13.850%, 11/26/2015 (g)		36,081
	457,000	14.720%, 01/14/2016 (g)		15,028
	10,009,000	15.050%, 03/03/2016 (g)		324,798
	7,392,000	12.962%, 04/21/2016 (g)		235,565
	8,002,000	14.767%, 06/09/2016 (g)		246,657
	5,606,000	14.950%, 07/28/2016 (g)		169,188
	2,870,000	15.080%, 09/15/2016 (g)		86,514
	4,520,000	15.290%, 11/03/2016 (g)		130,908
	860,000	15.880%, 02/10/2017 (g)		24,620
	3,539,000	11.930%, 04/03/2017 (g)		99,494
	5,220,000	13.469%, 05/19/2017 (g)		139,433

		Total Foreign Government Debt Obligations (Cost $61,495,998)		54,457,364


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 13.93%
		Federal Home Loan Mortgage Corp.
	697,000	Pool #4050, 3.500%, 05/15/2032	$	717,214
	963,446	Pool #4062, 3.500%, 06/15/2042		985,652
	1,651,971	Pool #274, 3.000%, 08/15/2042		1,685,157
	2,227,560	Pool #4097, 3.500%, 08/15/2042		2,274,564
	1,975,101	Pool #T60853, 3.500%, 09/01/2042		2,034,650
	1,710,310	Pool #T60854, 3.500%, 09/01/2042		1,761,431
	2,063,315	Pool #284, 3.000%, 10/15/2042		2,103,166
	962,926	Pool #4171, 3.000%, 02/15/2043		907,706
	1,151,237	Pool #4413, 3.500%, 11/15/2044		1,179,213
		Federal National Mortgage Association
	2,183,532	Pool #1200, 3.000%, 10/01/2032		2,266,698
	1,004,478	Pool #1201, 3.500%, 10/01/2032		1,063,610
	609,944	Pool #2005-56, 6.000%, 08/25/2033 (b)		666,008
	366,292	Pool #2011-113, 4.000%, 03/25/2040		382,534
	1,118,594	Pool #2012-63, 2.000%, 08/25/2040		1,107,126
	1,798,016	Pool #2014-95, 3.000%, 04/25/2041		1,861,834
	2,000,000	Pool #2011-131, 4.500%, 12/25/2041		2,329,008
	1,666,835	Pool #2012-125, 3.000%, 11/25/2042		1,685,976
		Government National Mortgage Association
	1,274,679	Pool #2010-62, 5.534%, 05/20/2040 (b)(d)		208,729
	1,331,722	Pool #2011-72, 5.164%, 05/20/2041 (b)(d)		186,384
	700,000	Pool #2012-40, 4.000%, 01/20/2042		763,573
	2,707,208	Pool #2013-113, 6.034%, 03/20/2043 (b)(d)		393,966
	3,161,762	Pool #2012-135, 0.688%, 01/16/2053 (b)(d)		181,068

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $26,469,218)		26,745,267


Number of Shares
		PREFERRED STOCKS - 0.09%
		Consumer Finance - 0.08%
	145	Ally Financial, Inc. 7.000%, (Acquired 05/30/2012 through 06/11/2012, Cost $123,563) (a)		146,183

		Transportation - 0.01%
	49	CEVA Holdings LLC (e)		29,130

		Total Preferred Stocks (Cost $188,045)		175,313


Notional Amount
		PURCHASED OPTIONS - 0.12%
		Options on Currency Contracts
		Call Options
	1,600,000	U.S. Dollar - Japanese Yen Expiration: December, 2015 Exercise Price: $117.000		18,262
	2,100,000	U.S. Dollar - Chinese Yuan Expiration: July, 2016 Exercise Price: $6.212		3,144
		Put Options
	1,600,000	U.S. Dollar - Taiwan Dollar Expiration: January, 2016 Exercise Price: $31.100		101,154

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015


Notional Amount			Value
		PURCHASED OPTIONS (Continued)
		Interest Rate Swaptions
	54,000,000	1-Year Interest Rate Swap, 28 Day TIIE (Equilibrium Interbank Interest Rate), Pay Floating Rate Expiration: October 23, 2015 Exercise Rate: 4.260%	$	9,551
	37,500,000	1-Year Interest Rate Swap, 28 Day TIIE (Equilibrium Interbank Interest Rate), Pay Floating Rate Expiration: August 17, 2016 Exercise Rate: 4.890%		8,141
	10,900,000	1-Year Interest Rate Swap, 28 Day TIIE (Equilibrium Interbank Interest Rate), Pay Floating Rate Expiration: August 16, 2016 Exercise Rate: 4.900%		2,263
	4,200,000	10-Year Interest Rate Swap, 3-Month USD-LIBOR, Receive Floating Rate Expiration: September 09, 2016 Exercise Rate: 2.570%		79,439

		Total Purchased Options (Cost $205,606)		221,954


Principal Amount
		U.S. TREASURY OBLIGATIONS - 1.36%
		U.S. Treasury Bond - 1.36%
	2,619,087	0.125%, 04/15/2020 (k)		2,604,150

		Total U.S. Treasury Obligations (Cost $2,593,613)		2,604,150

		SHORT TERM INVESTMENTS - 17.82%
		Foreign Government Debt Obligation - 5.40%
		Bank Negara Malaysia Monetary Notes
	260,000	3.057%, 11/12/2015 (g)		58,948
	420,000	3.109%, 05/03/2016 (g)		93,825
	950,000	3.126%, 06/07/2016 (g)		211,597
	5,350,000	3.182%, 09/15/2016 (g)		1,181,512
	6,180,000	3.186%, 09/22/2016 (g)		1,363,985
	2,360,000,000	Indonesia Treasury Bill 6.583%, 01/07/2016 (g)		151,800
		Malaysia Treasury Bill
	80,000	2.593%, 10/09/2015 (g)		18,188
	90,000	2.744%, 10/23/2015 (g)		20,438
	860,000	3.048%, 12/04/2015 (g)		194,603
	180,000	3.050%, 12/11/2015 (g)		40,706
	340,000	3.064%, 01/22/2016 (g)		76,620
	90,000	3.085%, 03/18/2016 (g)		20,184
	40,000	3.099%, 04/29/2016 (g)		8,939
	390,000	3.156%, 08/05/2016 (g)		86,421
		Mexico Cetes
	185,600	0.001%, 10/01/2015 (g)		109,791
	44,750	3.255%, 10/15/2015 (g)		26,440
	61,700	3.349%, 11/12/2015 (g)		36,365
	418,240	2.987%, 11/26/2015 (g)		246,197
	858,200	3.209%, 12/10/2015 (g)		504,546
	534,950	3.125%, 12/24/2015 (g)		314,111
	9,210	3.171%, 01/07/2016 (g)		5,401
	2,014,650	3.244%, 02/04/2016 (g)		1,178,659
	661,930	3.274%, 02/18/2016 (g)(c)		386,669
	2,513,520	3.302%, 03/03/2016 (g)		1,466,221


Principal Amount			Value
		Foreign Government Debt Obligation (Continued)
	230,830	3.328%, 03/17/2016 (g)	$	134,482
	1,216,920	3.172%, 03/31/2016 (g)		708,254
	24,770	3.231%, 04/14/2016 (g)		14,393
	424,970	3.398%, 04/28/2016 (g)		246,600
	921,630	3.482%, 06/23/2016 (g)		531,225
	789,430	3.482%, 06/23/2016 (g)		455,444
	711,730	3.560%, 08/18/2016 (g)		408,132
		Philippine Treasury Bill
	340,000	1.231%, 02/03/2016 (g)		7,141
	190,000	1.263%, 03/02/2016 (g)		4,043
	90,000	1.516%, 08/03/2016 (g)		1,910
		Uruguay Treasury Bills
	430,000	11.746%, 10/23/2015 (g)		14,678
	440,000	14.570%, 01/04/2016 (g)		14,604
	540,000	14.500%, 04/11/2016 (g)		17,270

				10,360,342


Number of Shares
		Money Market Funds - 11.85%
	22,759,150	Federated Prime Obligations Fund Effective Yield, 0.10% (l)		22,759,150


Principal Amount
		U.S. Government Agency Issue - 0.05%
	100,000	Federal Home Loan Bank Discount Note 0.000%, 10/01/2015 (g)		100,000

		U.S. Treasury Bill - 0.52%
	1,000,000	United States Treasury Bill 0.003%, 01/14/2016 (g)(j)		999,993

		Total Short Term Investments (Cost $34,906,899)		34,219,485

		Total Investments (Cost $192,193,627) - 93.59%		179,703,617
		Other Assets in Excess of Liabilities - 6.41%		12,313,739

		TOTAL NET ASSETS - 100.00%	$	192,017,356

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

(a)

Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $23,537,597 , which represents 12.26% of total net assets.

(b)

Variable Rate Security. The rate shown is the rate in effect on September 30, 2015.

(c)

As of September 30, 2015, the Fund has fair valued these securities. The value of these securities was $486,648, which represents 0.25% of total net assets.

(d)

Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at September 30, 2015. The securities are liquid and the value of these securities total $1,716,712, which represents 0.89% of total net assets.

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2015

(e)

Non-income producing.

(f)

Non-income producing. Item identified as in default as to payment of interest.

(g)

Zero coupon bond. The effective yield is listed.

(h)

Restricted securities as defined in Regulation S under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $1,460,172 which represents 0.76% of total net assets.

(i)

Represents an inflation protected security.

(j)

Partially assigned as collateral for certain futures contracts.

(k)

Represents a U.S. Treasury Inflation Protected Security.

(l)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)

September 30, 2015


Forward expiration date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
10/6/2015	Merrill Lynch	Australian Dollar		980,000	Canadian Dollar		951,475	$	(25,327	)
3/29/2016	Citibank	Brazilian Real		3,300,000	Euro		866,233		(187,859	)
11/20/2015	HSBC	Brazilian Real		1,440,000	U.S. Dollars		504,520		(147,909	)
11/6/2015	Citibank	British Pound		610,000	Swiss Franc		924,635		(27,353	)
10/6/2015	Merrill Lynch	Canadian Dollar		905,716	Australian Dollar		980,000		(8,961	)
10/15/2015	Deutsche Bank	Chilean Peso		328,293,750	U.S. Dollars		507,331		(36,326	)
10/30/2015	Merrill Lynch	Chilean Peso		325,000,000	U.S. Dollars		459,494		6,106
11/16/2015	Deutsche Bank	Chilean Peso		328,293,750	U.S. Dollars		478,109		(8,557	)
10/30/2015	Credit Suisse	Columbian Peso		1,500,000,000	U.S. Dollars		474,984		9,073
10/21/2015	Merrill Lynch	Euro		850,000	Canadian Dollar		1,270,376		(1,753	)
4/8/2016	Barclays	Ghanaian Cedi		484,117	U.S. Dollars		102,567		11,144
6/10/2016	Barclays	Ghanaian Cedi		120,000	U.S. Dollars		23,011		4,154
10/5/2015	Deutsche Bank	Hungarian Forint		35,900,000	U.S. Dollars		144,887		(16,938	)
10/30/2015	Merrill Lynch	Hungarian Forint		279,000,000	U.S. Dollars		993,590		503
10/26/2015	JP Morgan Chase	Indian Rupee		96,000,000	Euro		1,310,315		(9,345	)
10/19/2015	JP Morgan Chase	Indian Rupee		117,200,000	U.S. Dollars		1,795,866		(16,833	)
10/20/2015	HSBC	Indian Rupee		117,575,000	U.S. Dollars		1,827,813		(43,412	)
10/15/2015	Deutsche Bank	Malaysian Ringgit		2,108,500	Euro		532,969		(116,522	)
10/15/2015	HSBC	Malaysian Ringgit		1,652,011	Euro		389,947		(60,409	)
1/14/2016	JP Morgan Chase	Malaysian Ringgit		612,600	Euro		143,463		(22,204	)
3/29/2016	JP Morgan Chase	Malaysian Ringgit		13,200,000	Euro		3,180,723		(596,588	)
10/8/2015	JP Morgan Chase	Malaysian Ringgit		4,732,700	Japanese Yen		154,505,144		(212,005	)
10/13/2015	JP Morgan Chase	Malaysian Ringgit		5,242,029	Japanese Yen		169,190,260		(219,141	)
10/5/2015	Deutsche Bank	Malaysian Ringgit		1,845,500	U.S. Dollars		551,472		(131,788	)
10/14/2015	Deutsche Bank	Mexican Peso		18,798,000	U.S. Dollars		1,374,525		(263,866	)
10/30/2015	Merrill Lynch	Mexican Peso		3,400,000	U.S. Dollars		199,787		812
12/18/2015	Citibank	Mexican Peso		9,598,100	U.S. Dollars		632,078		(67,960	)
2/16/2016	Citibank	Mexican Peso		67,745,080	U.S. Dollars		4,396,319		(434,157	)
3/11/2016	HSBC	Mexican Peso		11,784,520	U.S. Dollars		740,885		(53,000	)
8/8/2016	Morgan Stanley	Mexican Peso		3,202,890	U.S. Dollars		191,603		(7,082	)
10/8/2015	Deutsche Bank	Polish Zloty		963,300	Euro		226,574		221
11/16/2015	Deutsche Bank	Polish Zloty		5,298,362	Euro		1,244,448		683
12/10/2015	Deutsche Bank	Polish Zloty		2,950,000	Euro		692,050		406
10/30/2015	Deutsche Bank	Serbian Dinar		31,310,564	Euro		260,444		(375	)
11/27/2015	Barclays	Singapore Dollar		1,411,379	U.S. Dollars		1,054,015		(64,154	)
12/8/2015	Citibank	Singapore Dollar		1,387,980	U.S. Dollars		981,165		(8,098	)
12/14/2015	JP Morgan Chase	Singapore Dollar		405,248	U.S. Dollars		298,415		(14,372	)
2/10/2016	Deutsche Bank	Singapore Dollar		917,603	U.S. Dollars		662,434		(20,355	)
2/12/2016	Barclays	Singapore Dollar		917,160	U.S. Dollars		659,590		(17,855	)
10/14/2015	JP Morgan Chase	South Korea Won		1,173,599,120	Euro		907,025		(24,205	)
3/29/2016	Deutsche Bank	South Korea Won		606,000,000	Euro		485,966		(35,653	)
3/31/2016	HSBC	South Korea Won		1,244,720,000	Euro		926,441		7,158
10/14/2015	JP Morgan Chase	South Korea Won		536,797,500	U.S. Dollars		496,483		(43,886	)
11/18/2015	JP Morgan Chase	U.S. Dollars		1,294,280	Australian Dollar		1,609,000		167,939
11/19/2015	Citibank	U.S. Dollars		295,217	Australian Dollar		370,000		36,222
11/19/2015	JP Morgan Chase	U.S. Dollars		938,866	Australian Dollar		1,178,000		114,280
6/22/2016	JP Morgan Chase	U.S. Dollars		2,577,462	Australian Dollar		3,399,000		221,689
10/8/2015	Merrill Lynch	U.S. Dollars		383,111	Brazilian Real		1,450,000		18,485
10/28/2015	Merrill Lynch	U.S. Dollars		661,250	Brazilian Real		2,710,000		(15,548	)
9/19/2016	Merrill Lynch	U.S. Dollars		1,121,892	Chinese Yuan		7,400,000		(8,000	)
10/21/2015	Credit Suisse	U.S. Dollars		244,210	Columbian Peso		735,000,000		6,765
10/21/2015	Deutsche Bank	U.S. Dollars		271,842	Euro		240,000		3,581
10/28/2015	Credit Suisse	U.S. Dollars		903,955	Euro		802,000		7,418
10/30/2015	Deutsche Bank	U.S. Dollars		97,811	Euro		76,597		12,182
10/30/2015	Merrill Lynch	U.S. Dollars		1,042,893	Euro		930,000		3,235
11/12/2015	Deutsche Bank	U.S. Dollars		165,751	Euro		133,000		17,037
11/16/2015	Barclays	U.S. Dollars		187,730	Euro		150,000		19,995
11/16/2015	Deutsche Bank	U.S. Dollars		125,145	Euro		100,000		13,322
12/9/2015	Deutsche Bank	U.S. Dollars		1,025,231	Euro		826,000		101,149

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)

September 30, 2015


Forward expiration date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
12/15/2015	Citibank	U.S. Dollars		170,366	Euro		137,000	$	17,076
1/7/2016	Deutsche Bank	U.S. Dollars		409,372	Euro		341,308		27,272
1/13/2016	Deutsche Bank	U.S. Dollars		34,309	Euro		31,000		(400	)
1/15/2016	JP Morgan Chase	U.S. Dollars		2,043,704	Euro		1,728,000		108,845
1/19/2016	Barclays	U.S. Dollars		2,045,041	Euro		1,728,000		110,014
1/19/2016	JP Morgan Chase	U.S. Dollars		2,033,620	Euro		1,721,000		106,431
1/20/2016	Barclays	U.S. Dollars		329,385	Euro		302,000		(8,804	)
1/20/2016	Citibank	U.S. Dollars		77,844	Euro		66,791		3,050
1/20/2016	Deutsche Bank	U.S. Dollars		380,600	Euro		348,950		(10,166	)
1/21/2016	Barclays	U.S. Dollars		145,888	Euro		125,000		5,905
1/22/2016	Deutsche Bank	U.S. Dollars		130,362	Euro		119,730		(3,721	)
1/25/2016	JP Morgan Chase	U.S. Dollars		2,033,383	Euro		1,737,000		88,022
1/27/2016	Deutsche Bank	U.S. Dollars		201,812	Euro		183,000		(3,148	)
1/27/2016	Goldman Sachs	U.S. Dollars		201,208	Euro		183,000		(3,753	)
2/4/2016	Deutsche Bank	U.S. Dollars		236,600	Euro		208,000		3,599
2/5/2016	Deutsche Bank	U.S. Dollars		299,628	Euro		261,000		7,250
2/8/2016	Barclays	U.S. Dollars		224,082	Euro		204,000		(4,459	)
2/8/2016	Goldman Sachs	U.S. Dollars		614,117	Euro		559,081		(12,220	)
2/22/2016	Barclays	U.S. Dollars		324,366	Euro		283,000		7,225
2/22/2016	Deutsche Bank	U.S. Dollars		281,627	Euro		252,533		(1,372	)
2/29/2016	Deutsche Bank	U.S. Dollars		75,349	Euro		65,866		1,525
3/4/2016	Deutsche Bank	U.S. Dollars		489,730	Euro		434,350		2,863
3/9/2016	Barclays	U.S. Dollars		703,096	Euro		631,123		(4,413	)
3/16/2016	Barclays	U.S. Dollars		131,499	Euro		122,880		(6,275	)
3/16/2016	Citibank	U.S. Dollars		87,428	Euro		81,594		(4,055	)
3/23/2016	Barclays	U.S. Dollars		78,008	Euro		72,605		(3,410	)
3/23/2016	Deutsche Bank	U.S. Dollars		215,314	Euro		191,000		1,132
3/29/2016	Deutsche Bank	U.S. Dollars		7,248,395	Euro		6,581,000		(132,381	)
4/29/2016	Deutsche Bank	U.S. Dollars		447,629	Euro		408,000		(10,340	)
5/5/2016	Barclays	U.S. Dollars		229,745	Euro		204,295		391
5/9/2016	Deutsche Bank	U.S. Dollars		112,787	Euro		100,331		137
5/18/2016	Barclays	U.S. Dollars		325,054	Euro		283,000		7,229
5/23/2016	Deutsche Bank	U.S. Dollars		196,091	Euro		175,000		(470	)
5/26/2016	Barclays	U.S. Dollars		270,327	Euro		232,085		9,626
6/13/2016	Deutsche Bank	U.S. Dollars		492,075	Euro		434,350		3,931
6/15/2016	Deutsche Bank	U.S. Dollars		534,444	Euro		469,000		7,329
7/18/2016	Morgan Stanley	U.S. Dollars		126,960	Euro		115,000		(2,406	)
7/22/2016	Morgan Stanley	U.S. Dollars		141,016	Euro		129,000		(4,115	)
7/25/2016	Deutsche Bank	U.S. Dollars		197,109	Euro		178,745		(4,004	)
7/29/2016	Barclays	U.S. Dollars		771,072	Euro		691,917		(7,515	)
7/29/2016	JP Morgan Chase	U.S. Dollars		293,321	Euro		263,000		(2,622	)
8/5/2016	Citibank	U.S. Dollars		452,415	Euro		409,000		(7,905	)
8/5/2016	Deutsche Bank	U.S. Dollars		172,613	Euro		155,000		(1,836	)
8/5/2016	HSBC	U.S. Dollars		18,766	Euro		17,000		(367	)
8/5/2016	Morgan Stanley	U.S. Dollars		789,114	Euro		715,023		(15,628	)
8/11/2016	Deutsche Bank	U.S. Dollars		88,316	Euro		80,000		(1,737	)
8/15/2016	Morgan Stanley	U.S. Dollars		99,922	Euro		88,500		290
8/17/2016	Morgan Stanley	U.S. Dollars		99,225	Euro		88,500		(412	)
8/18/2016	Barclays	U.S. Dollars		357,113	Euro		319,000		(2,042	)
8/22/2016	JP Morgan Chase	U.S. Dollars		394,308	Euro		354,000		(4,295	)
8/31/2016	HSBC	U.S. Dollars		38,585	Euro		34,118		158
10/15/2015	Deutsche Bank	U.S. Dollars		5,893,226	Japanese Yen		706,185,270		5,587
10/22/2015	Barclays	U.S. Dollars		184,193	Japanese Yen		19,600,000		20,769
12/9/2015	HSBC	U.S. Dollars		307,496	Japanese Yen		38,500,000		(13,800	)
12/21/2015	Deutsche Bank	U.S. Dollars		758,945	Japanese Yen		88,660,000		18,681
12/21/2015	HSBC	U.S. Dollars		759,299	Japanese Yen		88,800,000		17,866
12/22/2015	Barclays	U.S. Dollars		316,554	Japanese Yen		37,430,000		4,021
12/22/2015	Citibank	U.S. Dollars		494,495	Japanese Yen		58,390,000		6,950
1/8/2016	Goldman Sachs	U.S. Dollars		166,634	Japanese Yen		19,732,000		1,792

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)

September 30, 2015


Forward expiration date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
1/15/2016	Barclays	U.S. Dollars		584,120	Japanese Yen		68,630,000	$	10,696
1/15/2016	JP Morgan Chase	U.S. Dollars		378,256	Japanese Yen		44,610,000		5,526
1/27/2016	JP Morgan Chase	U.S. Dollars		157,679	Japanese Yen		19,500,000		(5,292	)
2/12/2016	Citibank	U.S. Dollars		94,859	Japanese Yen		11,790,000		(3,710	)
2/12/2016	HSBC	U.S. Dollars		151,275	Japanese Yen		17,820,000		2,293
2/12/2016	JP Morgan Chase	U.S. Dollars		151,218	Japanese Yen		17,813,000		2,295
2/16/2016	Citibank	U.S. Dollars		198,589	Japanese Yen		23,610,000		1,183
2/16/2016	JP Morgan Chase	U.S. Dollars		99,749	Japanese Yen		11,820,000		921
2/17/2016	Goldman Sachs	U.S. Dollars		100,399	Japanese Yen		11,840,000		1,402
2/17/2016	JP Morgan Chase	U.S. Dollars		100,137	Japanese Yen		11,830,000		1,223
2/25/2016	Barclays	U.S. Dollars		50,075	Japanese Yen		5,910,000		652
2/26/2016	Barclays	U.S. Dollars		99,499	Japanese Yen		11,810,000		733
2/29/2016	Deutsche Bank	U.S. Dollars		33,316	Japanese Yen		3,936,000		398
3/9/2016	Barclays	U.S. Dollars		269,577	Japanese Yen		32,151,400		628
3/22/2016	Citibank	U.S. Dollars		296,568	Japanese Yen		35,670,000		(1,899	)
3/24/2016	Deutsche Bank	U.S. Dollars		147,689	Japanese Yen		17,733,000		(698	)
3/28/2016	Barclays	U.S. Dollars		152,884	Japanese Yen		18,110,000		1,329
4/11/2016	Deutsche Bank	U.S. Dollars		2,784,756	Japanese Yen		331,608,750		8,529
4/18/2016	Barclays	U.S. Dollars		253,600	Japanese Yen		30,030,000		2,137
4/21/2016	JP Morgan Chase	U.S. Dollars		327,436	Japanese Yen		38,610,000		4,098
6/3/2016	Deutsche Bank	U.S. Dollars		654,366	Japanese Yen		80,680,000		(22,141	)
6/3/2016	JP Morgan Chase	U.S. Dollars		278,731	Japanese Yen		34,284,478		(8,746	)
6/8/2016	Citibank	U.S. Dollars		208,611	Japanese Yen		25,700,000		(6,916	)
6/10/2016	Barclays	U.S. Dollars		358,846	Japanese Yen		44,560,000		(14,870	)
6/10/2016	Citibank	U.S. Dollars		467,298	Japanese Yen		57,980,000		(18,968	)
6/10/2016	HSBC	U.S. Dollars		382,850	Japanese Yen		47,460,000		(15,187	)
6/13/2016	Deutsche Bank	U.S. Dollars		127,491	Japanese Yen		15,700,000		(4,193	)
6/13/2016	JP Morgan Chase	U.S. Dollars		356,707	Japanese Yen		43,970,000		(12,093	)
6/16/2016	JP Morgan Chase	U.S. Dollars		150,765	Japanese Yen		18,500,000		(4,418	)
6/22/2016	Deutsche Bank	U.S. Dollars		726,841	Japanese Yen		88,820,000		(18,336	)
7/25/2016	Citibank	U.S. Dollars		295,200	Japanese Yen		36,309,000		(9,720	)
7/25/2016	JP Morgan Chase	U.S. Dollars		455,211	Japanese Yen		56,000,000		(15,073	)
10/5/2015	Deutsche Bank	U.S. Dollars		507,535	Malaysian Ringgit		1,845,500		87,851
10/21/2015	Morgan Stanley	U.S. Dollars		14,065	Mexican Peso		233,257		292
10/28/2015	Credit Suisse	U.S. Dollars		11,873	Mexican Peso		205,200		(236	)
12/18/2015	Citibank	U.S. Dollars		631,143	Mexican Peso		9,598,100		67,025
2/16/2016	Citibank	U.S. Dollars		261,866	Mexican Peso		4,000,000		27,920
11/27/2015	Barclays	U.S. Dollars		1,004,970	Singapore Dollar		1,411,379		15,108
2/12/2016	Barclays	U.S. Dollars		651,508	Singapore Dollar		917,160		9,772
10/28/2015	Credit Suisse	U.S. Dollars		655,959	South African Rand		9,250,000		(8,208	)
10/14/2015	JP Morgan Chase	U.S. Dollars		492,610	South Korea Won		536,797,500		40,013
11/12/2015	Citibank	U.S. Dollars		74,576	Uruguayan Peso		2,200,000		671
11/20/2015	Citibank	U.S. Dollars		74,425	Uruguayan Peso		2,200,000		838
12/1/2015	Citibank	U.S. Dollars		108,871	Uruguayan Peso		3,240,000		1,136
11/12/2015	Citibank	Uruguayan Peso		2,200,000	U.S. Dollars		84,227		(10,321	)
11/20/2015	Citibank	Uruguayan Peso		2,200,000	U.S. Dollars		83,873		(10,287	)
12/1/2015	Citibank	Uruguayan Peso		3,240,000	U.S. Dollars		125,972		(18,237	)

								$	(1,782,222	)

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2015


Description	Number of Contracts Purchased (Sold)			Notional Value			Settlement Month	Unrealized Appreciation (Depreciation)
Eurodollar 90 Day Futures		(51	)		(12,629,513	)	Dec-16	$	(49,377	)
Eurodollar 90 Day Futures		(51	)		(12,565,763	)	Dec-17		(56,000	)

								$	(105,377	)

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPTIONS WRITTEN (Unaudited)

September 30, 2015


Notional Amount			Value
		Interest Rate Swaptions
	4,200,000	10-Year Interest Rate Swap, 3-Month USD-LIBOR, Receive Floating Rate, Expiration: September, 19, 2016 Exercise Price: $3.07	$	343,161

		Total Options Written (Premiums Received $57,540)	$	343,161

GuideMark^® Opportunistic Fixed Income Fund

CREDIT DEFAULT SWAPS ON CORPORATE, INDICES, AND SOVEREIGN — BUY PROTECTION⁽¹⁾ (Unaudited)

September 30, 2015


Reference Obligation	Implied Credit Spread at September 30, 2015⁽³⁾		Fixed Pay Rate		Maturity Date	Counterparty	Notional Amount⁽⁴⁾		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.EM.24 Index		3.86%		1.000%	12/20/2020	Barclays / Deutsche Bank		1,885,000	$	243,328	$	255,647	$	(12,319	)
Sovran Self Storage, Inc.		3.05%		1.000%	9/20/2020	Barclays		250,000		23,088		19,892		3,196

									$	266,416	$	275,539	$	(9,123	)

GuideMark^® Opportunistic Fixed Income Fund

CREDIT DEFAULT SWAPS ON CORPORATE, INDICES, AND SOVEREIGN — SELL PROTECTION⁽²⁾ (Unaudited)

September 30, 2015


Reference Obligation	Implied Credit Spread at September 30, 2015⁽³⁾		Fixed Pay Rate		Maturity Date	Counterparty	Notional Amount⁽⁴⁾		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.25		5.03%		5.000%	12/20/2020	Morgan Stanley		950,000	$	(109	)	$	(2,800	)	$	2,691

									$	(109	)	$	(2,800	)	$	2,691

GuideMark^® Opportunistic Fixed Income Fund

OVER-THE-COUNTER INTEREST RATE SWAPS (Unaudited)

September 30, 2015


Pay/Receive Floating Rate	Floating Rate Index		Fixed Pay Rate		Maturity Date	Counterparty	Notional Amount⁽⁴⁾		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Receive		3-MO-USD-LIBOR		0.926%	10/17/2017	Citibank		5,190,000	$	(16,403	)	$	0	$	(16,403	)
Receive		3-MO-USD-LIBOR		3.018%	8/22/2023	JP Morgan Chase		7,290,000		(660,927	)		0		(660,927	)
Receive		3-MO-USD-LIBOR		1.914%	1/22/2025	Citibank		490,000		1,811			0		1,811
Receive		3-MO-USD-LIBOR		1.970%	1/23/2025	Citibank		610,000		(681	)		0		(681	)
Receive		3-MO-USD-LIBOR		1.973%	1/27/2025	Citibank		360,000		(483	)		0		(483	)
Receive		3-MO-USD-LIBOR		1.937%	1/29/2025	Citibank		90,000		164			0		164
Receive		3-MO-USD-LIBOR		1.942%	1/30/2025	Citibank		80,000		119			0		119
Receive		3-MO-USD-LIBOR		1.817%	2/3/2025	Citibank		120,000		1,506			0		1,506
Receive		3-MO-USD-LIBOR		1.978%	3/27/2025	Citibank		1,200,000		(680	)		0		(680	)
Receive		3-MO-USD-LIBOR		1.985%	3/27/2025	Citibank		1,200,000		(1,458	)		0		(1,458	)
Receive		3-MO-USD-LIBOR		3.848%	8/22/2043	JP Morgan Chase		4,170,000		(1,170,791	)		0		(1,170,791	)

									$	(1,847,823	)	$	0	$	(1,847,823	)

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

OVER-THE-COUNTER INTEREST RATE SWAPS (Continued) (Unaudited)

September 30, 2015

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See notes to financial statements.

GuidePath^® Strategic Asset Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 97.86%
		Affiliated Mutual Funds - 54.96%
	287,820	Altegris^® Macro Strategy Fund - Institutional Shares (a)	$	2,483,884
	480,766	Altegris^® Multi-Strategy Alternatives Fund - Institutional Shares		4,879,775
	1,507,077	GuideMark^® Emerging Markets Fund - Institutional Shares		17,482,090
	1,225,273	GuideMark^® Global Real Return Fund - Institutional Shares		8,797,461
	1,151,629	GuideMark^® Large Cap Core Fund - Institutional Shares		16,975,013
	1,042,237	GuideMark^® Opportunistic Equity Fund - Institutional Shares		12,183,754
	1,326,647	GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		20,854,885
	5,276,183	GuideMark^® World ex-US Fund - Institutional Shares		41,418,039

				125,074,901

		Exchange Traded Funds - 42.90%
	111,291	iShares Core MSCI Emerging Markets ETF (b)		4,439,398
	148,263	iShares MSCI Canada ETF (b)		3,410,049
	116,242	iShares MSCI Switzerland Capped ETF (b)		3,555,843
	171,776	SPDR S&P 500 ETF Trust (b)		32,917,435
	29,386	SPDR S&P 600 Small Cap Growth ETF (b)		5,127,857
	54,248	SPDR S&P China ETF		3,740,399
	932,268	Vanguard FTSE All-World ex-US Fund		39,742,585
	25,680	Vanguard Global ex-U.S. Real Estate ETF		1,308,910
	44,789	Vanguard REIT ETF (b)		3,383,361

				97,625,837

		Total Investment Companies (Cost $187,532,922)		222,700,738


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.86%
		Money Market Funds - 1.86%
	4,226,513	Federated Prime Obligations Fund Effective Yield, 0.10% (c)	$	4,226,513

		Total Short Term Investments (Cost $4,226,513)		4,226,513

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 22.10%
		Money Market Funds - 22.10%
	50,286,040	Mount Vernon Prime Portfolio Effective Yield, 0.24% (c)		50,286,040

		Total Investments Purchased as Securities Lending Collateral (Cost $50,286,040)		50,286,040

		Total Investments (Cost $242,045,475) - 121.82%		277,213,291
		Liabilities in Excess of Other Assets - (21.82)%		(49,641,905	)

		TOTAL NET ASSETS - 100.00%	$	227,571,386

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Tactical Constrained^® Asset Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 95.73%
		Affiliated Mutual Funds - 61.82%
	1,953,517	GuideMark^® Core Fixed Income Fund - Institutional Shares	$	18,538,874
	987,220	GuideMark^® Emerging Markets Fund - Institutional Shares		11,451,752
	565,312	GuideMark^® Large Cap Core Fund - Institutional Shares		8,332,700
	1,319,892	GuideMark^® Opportunistic Equity Fund - Institutional Shares		15,429,541
	869,008	GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		7,925,350
	362,081	GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		5,691,908
	3,906,396	GuideMark^® World ex-US Fund - Institutional Shares		30,665,211

				98,035,336

		Exchange Traded Funds - 30.52%
	14,433	iShares 10+ Year Credit Bond ETF		823,114
	6,812	iShares 20+ Year Treasury Bond ETF (a)		841,554
	70,894	iShares Core MSCI Emerging Markets ETF (a)		2,827,962
	9,472	iShares Core U.S. Credit Bond ETF		1,027,333
	31,955	iShares Global Infrastructure ETF (a)		1,205,662
	45,185	iShares International Select Dividend ETF (a)		1,271,054
	77,756	SPDR Barclays High Yield Bond ETF (a)		2,772,779
	34,592	SPDR Nuveen S&P High Yield Municipal Bond ETF (a)		1,958,253
	87,017	SPDR S&P 500 ETF Trust (a)		16,675,068
	14,949	SPDR S&P Dividend ETF		1,078,720
	114,773	Vanguard FTSE All-World ex-US Fund		4,892,773
	23,555	Vanguard FTSE Europe ETF (a)		1,158,435
	39,860	Vanguard Global ex-U.S. Real Estate ETF		2,031,664
	96,616	Vanguard REIT ETF (a)		7,298,373
	25,082	WisdomTree Europe Hedged Equity Fund		1,370,731
	23,945	WisdomTree Japan Hedged Equity Fund (a)		1,165,164

				48,398,639

		Mutual Funds - 3.39%
	61,656	AQR Diversified Arbitrage Fund - Institutional Shares		611,626
	66,097	Arbitrage Event Driven Fund - Institutional Shares		596,853
	269,284	ASG Managed Futures Strategy Fund		2,927,116
	112,967	DoubleLine Total Return Bond Fund - Institutional Shares		1,235,860

				5,371,455

		Total Investment Companies (Cost $131,420,096)		151,805,430


Number of Shares			Value
		SHORT TERM INVESTMENTS - 4.12%
		Money Market Funds - 4.12%
	6,536,116	Federated Prime Obligations Fund Effective Yield, 0.10% (b)	$	6,536,116

		Total Short Term Investments (Cost $6,536,116)		6,536,116

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 20.21%
		Money Market Funds - 20.21%
	32,047,019	Mount Vernon Prime Portfolio Effective Yield, 0.24% (b)		32,047,019

		Total Investments Purchased as Securities Lending Collateral (Cost $32,047,019)		32,047,019

		Total Investments (Cost $170,003,231) - 120.06%		190,388,565
		Liabilities in Excess of Other Assets - (20.06)%		(31,813,949	)

		TOTAL NET ASSETS - 100.00%	$	158,574,616

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Tactical Unconstrained^® Asset Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 95.31%
		Affiliated Mutual Funds - 25.60%
	824,233	GuideMark^® Core Fixed Income Fund - Institutional Shares	$	7,821,972
	1,875,338	GuideMark^® Emerging Markets Fund - Institutional Shares		21,753,916
	844,395	GuideMark^® Large Cap Core Fund - Institutional Shares		12,446,388
	2,273,100	GuideMark^® Opportunistic Equity Fund - Institutional Shares		26,572,536
	1,891,765	GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		17,252,894
	250,023	GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		3,930,356
	3,009,909	GuideMark^® World ex-US Fund - Institutional Shares		23,627,783

				113,405,845

		Exchange Traded Funds - 57.89%
	75,244	iShares Agency Bond Fund (a)		8,580,826
	110,242	iShares Asia 50 ETF (a)		4,586,067
	25,304	iShares CMBS ETF		1,307,458
	15,380	iShares Core MSCI EAFE ETF (a)		812,218
	92,633	iShares Core MSCI Emerging Markets ETF (a)		3,695,130
	197,121	iShares Core U.S. Credit Bond ETF		21,379,744
	271,001	iShares Floating Rate Bond ETF (a)		13,672,000
	31,815	iShares JPMorgan USD Emerging Markets Bond ETF (a)		3,385,116
	157,267	iShares MSCI ACWI ETF (a)		8,482,982
	7,485	iShares MSCI Emerging Markets Minimum Volatility ETF (a)		372,903
	14,553	iShares MSCI Eurozone ETF (a)		499,750
	38,394	iShares MSCI India ETF (a)		1,096,917
	66,606	iShares MSCI Japan ETF		761,306
	139,073	iShares TIPS Bond ETF		15,393,990
	43,582	PowerShares DB Gold Fund (b)		1,594,230
	147,777	PowerShares Senior Loan Portfolio (a)		3,404,782
	114,963	SPDR Barclays International Treasury Bond ETF		5,986,123
	284,850	SPDR EURO STOXX 50 ETF (a)		9,642,173
	286,675	SPDR S&P 500 ETF Trust (a)		54,935,530
	73,242	SPDR S&P Emerging Asia Pacific ETF (a)		5,323,229
	172,958	Vanguard FTSE Europe ETF		8,506,074
	89,518	Vanguard FTSE Pacific ETF (a)		4,806,221
	135,107	Vanguard High Dividend Yield ETF		8,464,454
	154,331	Vanguard Intermediate-Term Government Bond ETF		10,111,767
	160,662	Vanguard Mortgage-Backed Securities ETF		8,572,924
	57,483	Vanguard REIT ETF (a)		4,342,266
	255,911	Vanguard Short-Term Bond Index Fund		20,572,685
	140,073	Vanguard Short-Term Government Bond ETF		8,575,269
	73,418	Vanguard Total Bond Market ETF (a)		6,015,137
	161,540	Vanguard Total International Bond ETF (a)		8,550,312
	21,009	WisdomTree Europe Hedged Equity Fund		1,148,142
	38,103	WisdomTree Japan Hedged Equity Fund		1,854,092

				256,431,817


Number of Shares			Value
		Mutual Funds - 11.82%
	1,100,834	Eaton Vance Floating-Rate Fund - Institutional Shares	$	9,577,256
	857,005	Eaton Vance Global Macro Absolute Return Advantage Fund - Institutional Shares		8,527,196
	391,508	Eaton Vance Income Fund of Boston - Institutional Shares		2,172,870
	29,593	Eaton Vance Multi-Strategy Absolute Return Fund - Institutional Shares		252,425
	29,956	Gateway Fund - Class Y		868,112
	344,572	Parametric Absolute Return Fund - Institutional Shares (b)		3,497,410
	59,642	Parametric Emerging Markets Fund - Institutional Shares		699,002
	215,025	Pioneer Strategic Income Fund - Class Y		2,227,656
	2,097,601	William Blair Macro Allocation Fund - Class I (c)		24,541,936

				52,363,863

		Total Investment Companies (Cost $416,538,024)		422,201,525

		SHORT TERM INVESTMENTS - 2.55%
		Money Market Funds - 2.55%
	11,317,384	Federated Prime Obligations Fund Effective Yield, 0.10% (d)		11,317,384

		Total Short Term Investments (Cost $11,317,384)		11,317,384

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 20.24%
		Money Market Funds - 20.24%
	89,649,554	Mount Vernon Prime Portfolio Effective Yield, 0.24% (d)		89,649,554

		Total Investments Purchased as Securities Lending Collateral (Cost $89,649,554)		89,649,554

		Total Investments (Cost $517,504,962) - 118.10%		523,168,463
		Liabilities in Excess of Other Assets - (18.10)%		(80,164,102	)

		TOTAL NET ASSETS - 100.00%	$	443,004,361

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Certain GPS Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to 1.85% of total net assets as of September 30, 2015.

(d)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Absolute Return Asset Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 98.00%
		Affiliated Mutual Funds - 4.51%
	1,244,233	GuideMark^® Core Fixed Income Fund - Institutional Shares	$	11,807,772
	329,339	GuideMark^® Emerging Markets Fund - Institutional Shares		3,820,330

				15,628,102

		Exchange Traded Funds - 48.83%
	136,851	Guggenheim Enhanced Short Duration ETF (a)		6,849,393
	147,357	iShares 1-3 Year Treasury Bond ETF (a)		12,523,871
	21,497	iShares 20+ Year Treasury Bond ETF (a)		2,655,739
	60,334	iShares Agency Bond Fund (a)		6,880,489
	25,276	iShares Core MSCI Emerging Markets ETF (a)		1,008,260
	63,258	iShares Core U.S. Credit Bond ETF		6,860,963
	63,156	iShares JPMorgan USD Emerging Markets Bond ETF (a)		6,719,798
	31,932	iShares MBS ETF (a)		3,500,386
	62,090	iShares Short Treasury Bond ETF (a)		6,849,148
	10,372	PowerShares DB Agriculture Fund (a)(b)		216,567
	6,868	PowerShares DB Base Metals Fund (a)(b)		87,361
	15,662	PowerShares DB Energy Fund (a)(b)		213,630
	9,028	PowerShares DB Precious Metals Fund (a)(b)		307,494
	19,091	PowerShares International Corporate Bond Portfolio		489,493
	123,524	SPDR Barclays 1-3 Month T-Bill ETF (a)(b)		5,643,812
	287,500	SPDR Barclays High Yield Bond ETF (a)		10,252,250
	45,758	SPDR Barclays Short Term Corporate Bond ETF		1,396,534
	51,443	SPDR S&P 500 ETF Trust (a)		9,858,022
	60,753	Vanguard FTSE All-World ex-US Fund		2,589,900
	232,068	Vanguard Intermediate-Term Corporate Bond ETF (a)		19,825,569
	73,356	Vanguard Long-Term Corporate Bond ETF		6,310,817
	21,771	Vanguard Mid-Cap Value ETF (a)		1,812,218
	508,865	Vanguard Mortgage-Backed Securities ETF		27,153,036
	112,054	Vanguard Short-Term Government Bond ETF		6,859,946
	3,658	Vanguard Small-Cap Value ETF (a)		354,277
	271,304	Vanguard Total Bond Market ETF		22,227,937

				169,446,910

		Mutual Funds - 44.66%
	159,945	Aberdeen Equity Long-Short Fund - Institutional Shares		1,629,837
	361,172	BlackRock Low Duration Bond Portfolio - Institutional Shares		3,496,147
	226,670	DoubleLine Core Fixed Income Fund - Institutional Shares		2,459,369
	530,693	DoubleLine Emerging Markets Fixed Income Bond Fund - Institutional Shares		5,147,726
	694,337	DoubleLine Low Duration Bond Fund - Institutional Shares		6,978,088
	255,806	DoubleLine Multi-Asset Growth Fund - Institutional Shares		2,253,649
	1,633,830	DoubleLine Total Return Bond Fund - Institutional Shares		17,874,097
	876,124	Eaton Vance Floating-Rate Fund - Institutional Shares		7,622,279


Number of Shares			Value
	762,237	Eaton Vance Global Macro Absolute Return Advantage Fund - Institutional Shares	$	7,584,263
	224,665	Eaton Vance Multi-Strategy Absolute Return Fund - Institutional Shares		1,916,394
	1,649,974	John Hancock Funds II - Alternative Asset Allocation Fund - Institutional Shares (c)		22,951,140
	458,981	JPMorgan Research Equity Long/Short Fund - Select Shares		7,495,154
	74,359	JPMorgan Systematic Alpha Fund - Institutional Shares		1,127,290
	1,072,423	JPMorgan Unconstrained Debt Fund - Select Shares		10,402,507
	173,763	Parametric Absolute Return Fund - Institutional Shares (b)		1,763,697
	4,295,784	Pioneer Strategic Income Fund - Class Y		44,504,326
	72,872	Robeco Boston Partners Long/Short Research Fund - Institutional Shares		1,089,442
	871,392	T. Rowe Price Institutional Floating Rate Fund		8,670,346

				154,965,751

		Total Investment Companies (Cost $343,282,746)		340,040,763

		SHORT TERM INVESTMENTS - 1.84%
		Money Market Funds - 1.84%
	6,389,223	Federated Prime Obligations Fund Effective Yield, 0.10% (d)		6,389,223

		Total Short Term Investments (Cost $6,389,223)		6,389,223

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 14.05%
		Money Market Funds - 14.05%
	48,763,638	Mount Vernon Prime Portfolio Effective Yield, 0.24% (d)		48,763,638

		Total Investments Purchased as Securities Lending Collateral (Cost $48,763,638)		48,763,638

		Total Investments (Cost $398,435,607) - 113.89%		395,193,624
		Liabilities in Excess of Other Assets - (13.89)%		(48,192,440	)

		TOTAL NET ASSETS - 100.00%	$	347,001,184

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Certain GPS Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to 4.01% of total net assets as of September 30, 2015.

(d)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Multi-Asset Income Asset Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 97.78%
		Affiliated Mutual Funds - 1.22%
	151,717	GuideMark^® Core Fixed Income Fund - Institutional Shares	$	1,439,795

		Exchange Traded Funds - 45.71%
	10,653	iShares 7-10 Year Treasury Bond ETF		1,149,139
	19,410	iShares 10+ Year Credit Bond ETF		1,106,952
	20,511	iShares 20+ Year Treasury Bond ETF (a)		2,533,929
	51,710	iShares Global Infrastructure ETF (a)		1,951,018
	107,330	iShares iBoxx $ High Yield Corporate Bond ETF (a)		8,939,516
	2,528	iShares iBoxx $ Investment Grade Corporate Bond ETF		293,476
	105,831	iShares International Select Dividend ETF		2,977,026
	50,380	iShares JPMorgan USD Emerging Markets Bond ETF (a)		5,360,432
	94,991	iShares MSCI Australia ETF (a)		1,702,239
	50,985	iShares U.S. Preferred Stock ETF (a)		1,968,021
	2,290	iShares U.S. Real Estate ETF (a)		162,476
	32,740	SPDR Barclays High Yield Bond ETF (a)		1,167,508
	54,201	SPDR Barclays Short Term High Yield Bond ETF		1,460,175
	13,435	SPDR Dow Jones International Real Estate ETF		528,533
	5,877	Vanguard Global ex-U.S. Real Estate ETF		299,551
	44,768	Vanguard REIT ETF (a)		3,381,775
	44,407	WisdomTree Emerging Markets Equity Income Fund		1,486,746
	37,075	WisdomTree Emerging Markets SmallCap Dividend Fund (a)		1,320,982
	209,547	WisdomTree High Dividend Fund (a)		11,634,049
	52,204	WisdomTree International SmallCap Dividend Fund		2,880,095
	25,962	WisdomTree SmallCap Dividend Fund		1,636,904

				53,940,542

		Mutual Funds - 50.85%
	2,752,870	BlackRock Multi-Asset Income Fund - Institutional Shares		29,015,246
	306,279	Forward EM Corporate Debt Fund - Institutional Shares		2,413,475
	436,624	Forward International Dividend Fund - Institutional Shares		2,881,719


Number of Shares			Value
	303,901	Forward Long/Short Credit Analysis Fund - Institutional Shares	$	2,254,946
	84,313	Forward Select EM Dividend Fund - Institutional Shares		1,362,492
	248,623	Forward Select Income Fund - Institutional Shares		5,949,548
	533,025	JPMorgan High Yield Fund - Select Shares		3,784,477
	461,815	JPMorgan Income Builder Fund - Select Shares		4,442,656
	315,424	JPMorgan International Equity Income Fund - Select Shares		4,743,972
	247,503	JPMorgan Unconstrained Debt Fund - Select Shares		2,400,782
	75,687	T. Rowe Price Institutional Floating Rate Fund		753,084

				60,002,397

		Total Investment Companies (Cost $120,272,667)		115,382,734

		SHORT TERM INVESTMENTS - 2.31%
		Money Market Funds - 2.31%
	2,730,602	Federated Prime Obligations Fund Effective Yield, 0.10% (b)		2,730,602

		Total Short Term Investments (Cost $2,730,602)		2,730,602

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 23.09%
		Money Market Funds - 23.09%
	27,244,114	Mount Vernon Prime Portfolio Effective Yield, 0.24% (b)		27,244,114

		Total Investments Purchased as Securities Lending Collateral (Cost $27,244,114)		27,244,114

		Total Investments (Cost $150,247,383) - 123.18%		145,357,450
		Liabilities in Excess of Other Assets - (23.18)%		(27,351,507	)

		TOTAL NET ASSETS - 100.00%	$	118,005,943

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Fixed Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 95.87%
		Affiliated Mutual Funds - 35.00%
	3,004,822	GuideMark^® Core Fixed Income Fund - Institutional Shares	$	28,515,761
	2,008,132	GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		18,314,168

				46,829,929

		Exchange Traded Funds - 55.26%
	96,722	iShares 1-3 Year Treasury Bond ETF (a)		8,220,403
	55,015	iShares 7-10 Year Treasury Bond ETF		5,934,468
	16,465	iShares 10+ Year Credit Bond ETF (a)		938,999
	17,064	iShares 20+ Year Treasury Bond ETF (a)		2,108,087
	36,542	iShares Core U.S. Credit Bond ETF		3,963,345
	6,266	iShares JPMorgan USD Emerging Markets Bond ETF (a)		666,702
	143,720	PowerShares Senior Loan Portfolio (a)		3,311,309
	118,460	SPDR Barclays High Yield Bond ETF (a)		4,224,284
	95,519	SPDR Barclays Short Term High Yield Bond ETF		2,573,282
	55,910	SPDR Barclays TIPS ETF (a)(b)		3,087,350
	11,742	SPDR DB International Government Inflation-Protected Bond ETF		611,054
	177,741	Vanguard Mortgage-Backed Securities ETF		9,484,260
	346,478	Vanguard Total Bond Market ETF		28,386,942
	11,988	WisdomTree Emerging Markets Local Debt Fund (a)		415,384

				73,925,869

		Mutual Funds - 5.61%
	339,257	DoubleLine Total Return Bond Fund - Institutional Shares		3,711,474
	278,184	Loomis Sayles Bond Fund - Institutional Shares		3,797,205

				7,508,679

		Total Investment Companies (Cost $129,911,202)		128,264,477


Number of Shares			Value
		SHORT TERM INVESTMENTS - 3.88%
		Money Market Funds - 3.88%
	5,184,681	Federated Prime Obligations Fund Effective Yield, 0.10% (c)	$	5,184,681

		Total Short Term Investments (Cost $5,184,681)		5,184,681

		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 11.25%
		Money Market Funds - 11.25%
	15,050,813	Mount Vernon Prime Portfolio Effective Yield, 0.24% (c)		15,050,813

		Total Investments Purchased as Securities Lending Collateral (Cost $15,050,813)		15,050,813

		Total Investments (Cost $150,146,696) - 111.00%		148,499,971
		Liabilities in Excess of Other Assets - (11.00)%		(14,714,148	)

		TOTAL NET ASSETS - 100.00%	$	133,785,823

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuidePath^® Altegris^® Diversified Alternatives Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2015


Number of Shares			Value
		INVESTMENT COMPANIES - 97.98%
		Affiliated Mutual Funds - 97.98%
	178,444	Altegris^®/AACA Real Estate Long Short Fund - Institutional Shares	$	2,082,439
	3,777,247	Altegris^® Equity Long Short Fund - Institutional Shares (a)		41,285,314
	2,175,813	Altegris^® Fixed Income Long Short Fund - Institutional Shares		21,692,856
	1,208,089	Altegris^® Futures Evolution Strategy Fund - Institutional Shares		13,482,269
	517,734	Altegris^® Macro Strategy Fund - Institutional Shares (b)		4,468,043
	455,960	Altegris^® Managed Futures Strategy Fund - Institutional Shares (b)		4,504,885

				87,515,806

		Total Investment Companies (Cost $82,659,660)		87,515,806


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.87%
		Money Market Funds - 1.87%
	1,670,070	Federated Prime Obligations Fund Effective Yield, 0.10% (c)	$	1,670,070

		Total Short Term Investments (Cost $1,670,070)		1,670,070

		Total Investments (Cost $84,329,730) - 99.85%		89,185,876
		Other Assets in Excess of Liabilities - 0.15%		134,553

		TOTAL NET ASSETS - 100.00%	$	89,320,429

Percentages are stated as a percent of net assets.

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

Non-income producing security.

(c)

Seven-day yield as of September 30, 2015.

See notes to financial statements.

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2015 (Unaudited)


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $128,561,184, $142,441,377, and $65,390,923, respectively)¹	$	170,532,110		$	183,086,150		$	65,202,413
Cash		—			—			5,653
Income receivable		71,351			321,098			60,206
Receivable for dividend reclaims		5,320			31,384			—
Receivable for investment securities sold		206,303			—			858,363
Receivable for fund shares sold		252,178			260,205			138,517
Other assets		33,804			40,431			30,659

Total Assets		171,101,066			183,739,268			66,295,811

LIABILITIES:
Payable for collateral on securities loaned		—			—			—
Payable for investment securities purchased		154,201			—			944,699
Payable for fund shares redeemed		185,953			198,419			72,369
Payable to Investment Advisor		126,674			134,340			49,251
Other accrued expenses		145,831			150,487			66,156

Total Liabilities		612,659			483,246			1,132,475

NET ASSETS	$	170,488,407		$	183,256,022		$	65,163,336

NET ASSETS CONSIST OF:
Capital stock		140,680,764			268,991,884			62,701,803
Unrealized appreciation (depreciation) on investments		41,970,926			40,644,773			(188,510	)
Accumulated undistributed net investment income (loss)		297,289			1,540,410			(56,736	)
Accumulated undistributed net realized gain (loss)		(12,460,572	)		(127,921,045	)		2,706,779

Total Net Assets	$	170,488,407		$	183,256,022		$	65,163,336

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		2,561,337			4,698,973			1,938,750
Net assets		37,744,390			54,497,367			30,483,062
Net asset value, offering and redemption price per share	$	14.74		$	11.60		$	15.72

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		9,124,754			11,030,419			2,252,111
Net assets		132,744,017			128,758,655			34,680,274
Net asset value, offering and redemption price per share	$	14.55		$	11.67		$	15.40

¹Includes loaned securities with a value of:	$	—		$	—		$	—

See notes to financial statements.

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2015 (Unaudited)


	World ex-US Fund			Opportunistic Equity Fund			Global Real Return Fund
ASSETS:
Investments, at value (cost $336,702,973, $113,006,835, and $59,836,265, respectively)¹	$	332,693,343		$	122,065,218		$	50,561,740
Foreign currencies (cost $461,417, $367, and $0, respectively)		458,054			367			—
Cash		62,633			—			—
Income receivable		929,144			145,284			298
Receivable for dividend reclaims		642,995			333			—
Receivable for investment securities and foreign currencies sold		—			2,765,069			—
Receivable for fund shares sold		421,522			60,672			49,184
Other assets		66,608			28,916			8,647

Total Assets		335,274,299			125,065,859			50,619,869

LIABILITIES:
Payable for collateral on securities loaned		—			16,141,334			—
Payable for investment securities and foreign currencies purchased		—			1,963,598			—
Payable for fund shares redeemed		383,271			65,463			49,806
Payable to Investment Advisor		250,375			83,223			32,121
Payable to Custodian		—			3,615			—
Other accrued expenses		329,773			95,202			56,465

Total Liabilities		963,419			18,352,435			138,392

NET ASSETS	$	334,310,880		$	106,713,424		$	50,481,477

NET ASSETS CONSIST OF:
Capital stock		538,780,643			82,252,955			76,837,894
Unrealized appreciation (depreciation) on:
Investments		(4,009,630	)		9,058,383			(9,274,525	)
Foreign currencies		(61,146	)		(30	)		—
Accumulated undistributed net investment income		7,738,049			124,917			263,253
Accumulated undistributed net realized gain (loss)		(208,137,036	)		15,277,199			(17,345,145	)

Total Net Assets	$	334,310,880		$	106,713,424		$	50,481,477

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		12,192,488			4,635,229			1,225,273
Net assets		95,658,476			54,197,250			8,801,759
Net asset value, offering and redemption price per share	$	7.85		$	11.69		$	7.18

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		30,696,027			4,530,253			5,809,752
Net assets		238,652,404			52,516,174			41,679,718
Net asset value, offering and redemption price per share	$	7.77		$	11.59		$	7.17

¹Includes loaned securities with a value of:	$	89,300		$	15,754,557		$	—

See notes to financial statements.

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2015 (Unaudited)


	Core Fixed Income Fund			Tax-Exempt Fixed Income Fund			Opportunistic Fixed Income Fund
ASSETS:
Investments, at value (cost $314,716,465, $54,230,190, and $195,853,452, respectively)¹	$	317,753,291		$	58,397,590		$	179,703,617
Foreign currencies (cost $0, $0, and $1,458,482, respectively)		—			—			2,317,412
Cash		—			—			125,028
Variation margin on futures		—			—			3,825
Variation margin on swaps		28,350			—			275,986
Income receivable		1,512,843			823,058			1,511,067
Receivable for dividend reclaims		—			—			325
Receivable for investment securities and foreign currencies sold		4,972,298			52,230			549,191
Receivable for fund shares sold		484,397			94,209			9,323,542
Swap premiums paid		—			—			275,539
Deposits with brokers for forwards and swaps		218,087			—			3,120,000
Appreciation of forward foreign currency contracts		—			—			1,673,194
Appreciation of swap agreements		2,264			—			9,487
Other assets		50,802			28,693			21,603

Total Assets		325,022,332			59,395,780			198,909,816

LIABILITIES:
Options written at value (Premium received $0, $0 and $, respectively)		—			—			343,161
Depreciation of forward foreign currency contracts		—			—			3,455,416
Depreciation on swap agreements		—			—			1,863,742
Payable for collateral on securities loaned		4,186,880			—			—
Payable for investment securities and foreign currencies purchased		23,674,198			—			593,587
Payable for fund shares redeemed		514,762			54,854			309,460
Payable to Investment Advisor		160,965			28,278			111,422
Payable to Custodian		14,350			—			—
Swap premiums received		30,357			—			2,800
Variation margin on futures contracts		19,297			—			—
Other accrued expenses		277,546			63,255			212,872

Total Liabilities		28,878,355			146,387			6,892,460

NET ASSETS	$	296,143,977		$	59,249,393		$	192,017,356

NET ASSETS CONSIST OF:
Capital stock		291,876,882			58,799,982			210,958,901
Unrealized appreciation (depreciation) on:
Investments		3,036,835			4,167,400			(12,490,010	)
Foreign currencies		—			—			542
Swaps		2,264			—			(1,854,255	)
Forward currency exchange contracts		—			—			(1,782,222	)
Futures contracts		75,492			—			(105,377	)
Written options		—			—			(285,621	)
Accumulated undistributed net investment income (loss)		(92,297	)		64,546			(1,356,964	)
Accumulated undistributed net realized gain (loss)		1,244,801			(3,782,535	)		(1,067,638	)

Total Net Assets	$	296,143,977		$	59,249,393		$	192,017,356

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		7,182,673			—			4,810,141
Net assets		68,163,232			—			43,846,189
Net asset value, offering and redemption price per share	$	9.49		$	—		$	9.12

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		23,968,874			5,176,318			16,254,258
Net assets		227,980,745			59,249,393			148,171,167
Net asset value, offering and redemption price per share	$	9.51		$	11.45		$	9.12

¹Includes loaned securities with a value of:	$	4,074,026		$	—		$	—

See notes to financial statements.

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2015 (Unaudited)


	Strategic Asset Allocation Fund		Tactical Constrained^® Asset Allocation Fund		Tactical Unconstrained^® Asset Allocation Fund			Absolute Return Asset Allocation Fund
ASSETS:
Investments, at value (cost $139,678,140, $87,669,661 $415,740,999, and $383,731,502, respectively)	$	152,138,390	$	92,353,229	$	409,762,618		$	379,565,522
Investments in affiliates, at value (cost $102,367,335, $82,333,570, $101,763,963 and $14,704,105, respectively)		125,074,901		98,035,336		113,405,845			15,628,102
Cash		—		4,125		83,339			220,292
Income receivable		396,965		147,547		355,620			70,694
Receivable for investment securities sold		243,600		116,901		271,844			532,299
Receivable for fund shares sold		525,593		366,176		9,990,424			663,292
Other assets		43,122		29,711		57,800			59,451

Total Assets		278,422,571		191,053,025		533,927,490			396,739,652

LIABILITIES:
Payable for collateral on securities loaned		50,286,040		32,047,019		89,649,554			48,763,638
Payable for investment securities purchased		9,252		16,388		3,510			—
Payable for fund shares redeemed		233,618		164,403		638,789			459,257
Payable to Investment Advisor		94,000		85,302		214,859			170,925
Other accrued expenses		228,275		165,297		416,417			344,648

Total Liabilities		50,851,185		32,478,409		90,923,129			49,738,468

NET ASSETS	$	227,571,386	$	158,574,616	$	443,004,361		$	347,001,184

NET ASSETS CONSIST OF:
Capital stock		188,986,168		130,694,099		455,903,888			352,910,357
Unrealized appreciation (depreciation) on:
Investments		12,460,250		4,683,568		(5,978,381	)		(4,165,980	)
Investments in affiliates		22,707,566		15,701,766		11,641,882			923,997
Accumulated undistributed net investment income		98,737		113,687		1,378,725			4,186,649
Accumulated undistributed net realized gain (loss)		3,318,665		7,381,496		(19,941,753	)		(6,853,839	)

Total Net Assets	$	227,571,386	$	158,574,616	$	443,004,361		$	347,001,184

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		709,332		585,583		630,022			258,874
Net assets		7,508,704		6,121,803		6,002,853			2,548,947
Net asset value, offering and redemption price per share	$	10.59	$	10.45	$	9.53		$	9.85

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		20,903,446		14,585,158		46,083,317			35,034,417
Net assets		220,062,682		152,452,813		437,001,508			344,452,237
Net asset value, offering and redemption price per share	$	10.53	$	10.45	$	9.48		$	9.83

¹Includes loaned securities with a value of:	$	50,063,854	$	31,702,479	$	89,036,601		$	47,647,420

See notes to financial statements.

100

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2015 (Unaudited)


	Multi-Asset Income Asset Allocation Fund			Fixed Income Allocation Fund			Altegris^® Diversified Alternatives Allocation Fund
ASSETS:
Investments, at value (cost $148,811,215, $102,120,055, and $1,670,070, respectively)¹	$	143,917,655		$	101,670,042		$	1,670,070
Investments in affiliates, at value (cost $1,436,168, $48,026,641, and $82,659,660, respectively)		1,439,795			46,829,929			87,515,806
Cash		117,204			23,947			—
Income receivable		47,654			378			131
Receivable for investment securities sold		—			292,201			105,101
Receivable for fund shares sold		56,935			286,269			199,654
Other assets		47,677			35,103			21,428

Total Assets		145,626,920			149,137,869			89,512,190

LIABILITIES:
Payable for collateral on securities loaned		27,244,114			15,050,813			—
Payable for investment securities purchased		120,498			12,397			—
Payable for fund shares redeemed		67,788			85,751			79,625
Payable to Investment Advisor		59,469			54,883			—
Other accrued expenses		129,108			148,202			112,136

Total Liabilities		27,620,977			15,352,046			191,761

NET ASSETS	$	118,005,943		$	133,785,823		$	89,320,429

NET ASSETS CONSIST OF:
Capital stock		124,983,879			143,742,716			88,030,384
Unrealized appreciation (depreciation) on:
Investments		(4,893,560	)		(450,013	)		—
Investments in affiliates		3,627			(1,196,712	)		4,856,146
Accumulated undistributed net investment income		430,339			119,572			397,575
Accumulated undistributed net realized loss		(2,518,342	)		(8,429,740	)		(3,963,676	)

Total Net Assets	$	118,005,943		$	133,785,823		$	89,320,429

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—			220,556			190,491
Net assets		—			2,093,179			1,935,863
Net asset value, offering and redemption price per share	$	—		$	9.49		$	10.16

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		12,060,024			13,869,285			8,613,291
Net assets		118,005,943			131,692,644			87,384,566
Net asset value, offering and redemption price per share	$	9.78		$	9.50		$	10.15

¹Includes loaned securities with a value of:	$	26,723,807		$	14,590,202		$	—

See notes to financial statements.

101

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS

For the Period Ended September 30, 2015 (Unaudited)


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $5,294, $34,802, and $741, respectively)	$	1,270,291		$	2,235,458		$	399,445
Interest income		74			1,295			187

Total investment income		1,270,365			2,236,753			399,632

EXPENSES:
Investment advisory fees		666,191			716,242			281,572
Distribution (12b-1) fees – Service Shares		184,216			180,977			47,218
Administrative service fees – Service Shares		175,112			177,228			45,653
Shareholder servicing fees – Service Shares		61,491			59,817			15,358
Administration fees		39,520			42,085			16,134
Legal fees		26,098			28,112			14,014
Custody fees		24,661			12,021			10,722
Fund accounting fees		20,130			20,526			13,112
Federal and state registration fees		16,776			17,325			16,136
Directors’ fees and expenses		11,556			12,991			4,881
Reports to shareholders		9,604			10,215			3,721
Audit and tax fees		9,516			9,516			9,516
Transfer agent fees and expenses		6,984			7,198			4,484
Insurance fees		4,056			4,578			1,584
Compliance fees		3,994			4,300			1,556
Miscellaneous expenses		915			915			1,191

Total expenses		1,260,820			1,304,046			486,852

Net expense recapture by Advisor (See Note 3)		—			—			17,564
Less securities lending credit (See Note 6)		(7,591	)		(42,358	)		(54,176	)

Net expenses		1,253,229			1,261,688			450,240

Net investment income (loss)		17,136			975,065			(50,608	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized gain on investments		9,229,587			6,894,519			2,101,677
Net change in unrealized depreciation on investments		(15,490,956	)		(21,544,356	)		(10,116,213	)

Net realized and unrealized loss		(6,261,369	)		(14,649,837	)		(8,014,536	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,244,233	)	$	(13,674,772	)	$	(8,065,144	)

See notes to financial statements.

102

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2015 (Unaudited)


	World ex-US Fund			Opportunistic Equity Fund			Global Real Return Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $645,809, $6,666, and $0), respectively)	$	5,404,368		$	917,689		$	618,986
Interest income		6,564			1,053			1,172

Total investment income		5,410,932			918,742			620,158

EXPENSES:
Investment advisory fees		1,325,665			488,957			197,115
Distribution (12b-1) fees – Service Shares		332,961			76,152			63,112
Administrative service fees – Service Shares		326,126			73,778			61,133
Shareholder servicing fees – Service Shares		104,285			21,627			19,944
Administration fees		85,390			26,012			12,066
Legal fees		43,773			25,250			11,740
Custody fees		226,028			14,330			4,645
Fund accounting fees		82,369			14,854			5,578
Federal and state registration fees		21,177			17,660			36,425
Directors’ fees and expenses		23,772			8,050			3,950
Reports to shareholders		18,430			5,274			2,329
Audit and tax fees		12,169			10,462			5,548
Transfer agent fees and expenses		10,371			5,582			6,366
Insurance fees		7,808			2,867			2,188
Compliance fees		7,721			2,561			939
Miscellaneous expenses		915			915			1,475

Total expenses		2,628,960			794,331			434,553

Net expense recapture (reimbursement) by Advisor (See Note 3)		82,338			(199	)		—
Fees waived by Advisor (See Note 3)		—			—			(30,325	)
Less securities lending credit (See Note 6)		(64,629	)		(9,886	)		(56,586	)

Net expenses		2,646,669			784,246			347,642

Net investment income		2,764,263			134,496			272,516

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(3,285,902	)		10,062,136			(2,461,529	)
Foreign currencies		(11,435	)		(7	)		—
Futures contracts		(1,638,187	)		—			—

Total		(4,935,524	)		10,062,129			(2,461,529	)

Net change in unrealized apperciation (depreciation) on:
Investments		(40,928,989	)		(20,518,990	)		(5,662,759	)
Foreign currencies		8,297			—			—
Futures contracts		14,902			—			—

Total		(40,905,790	)		(20,518,990	)		(5,662,759	)

Net realized and unrealized gain (loss)		(45,841,314	)		(10,456,861	)		(8,124,288	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(43,077,051	)	$	(10,322,365	)	$	(7,851,772	)

See notes to financial statements.

103

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2015 (Unaudited)


	Core Fixed Income Fund			Tax-Exempt Fixed Income Fund			Opportunistic Fixed Income Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $0, $0, $3,094)	$	—		$	—		$	67,277
Interest income (net of withholding tax of $0, $0, $31,322)		3,741,248			1,248,778			4,690,401

Total investment income		3,741,248			1,248,778			4,757,678

EXPENSES:
Investment advisory fees		760,601			156,105			684,190
Distribution (12b-1) fees – Service Shares		289,709			78,053			184,818
Administrative service fees – Service Shares		276,076			69,540			182,024
Shareholder servicing fees – Service Shares		95,025			28,151			59,257
Administration fees		62,217			12,749			40,566
Legal fees		54,278			24,034			28,547
Custody fees		27,514			3,506			114,848
Fund accounting fees		110,461			21,162			136,989
Federal and state registration fees		18,514			17,416			17,963
Directors’ fees and expenses		19,612			4,026			12,721
Reports to shareholders		14,882			1,647			9,669
Audit and tax fees		11,987			12,017			14,853
Transfer agent fees and expenses		9,058			3,325			6,862
Insurance fees		7,565			1,525			2,774
Compliance fees		6,161			1,312			2,990
Miscellaneous Expense		915			915			915

Total expenses		1,764,575			435,483			1,499,986

Net expense reimbursement by Advisor (See Note 3)		(22,255	)		(40,332	)		(113,752	)
Less securities lending credit (See Note 6)		(1,818	)		—			—

Net expenses		1,740,502			395,151			1,386,234

Net investment income		2,000,746			853,627			3,371,444

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized gain (loss) on:
Investments		797,587			139,057			(3,924,562	)
Foreign currencies		—			—			(307,575	)
Forward currency exchange contracts		—			—			5,180,973
Swaps		(67,448	)		—			(323,420	)
Futures contracts		(166,072	)		—			136,787
Written Options		—			—			70,357

Total		564,067			139,057			832,560

Net change in unrealized appreciation (depreciation) on:
Investments		(6,034,474	)		(906,684	)		(3,183,390	)
Foreign currencies		—			—			86,094
Forward currency contracts		—			—			(7,926,757	)
Swaps		2,321			—			107,724
Futures contracts		99,137			—			(126,439	)
Written Options		—			—			(328,406	)

Total		(5,933,016	)		(906,684	)		(11,371,174	)

Net realized and unrealized loss		(5,368,949	)		(767,627	)		(10,538,614	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,368,203	)	$	86,000		$	(7,167,170	)

See notes to financial statements.

104

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2015 (Unaudited)


	Strategic Asset Allocation Fund			Tactical Constrained^® Asset Allocation Fund			Tactical Unconstrained^® Asset Allocation Fund			Absolute Return Asset Allocation Fund
INVESTMENT INCOME:
Dividend income	$	1,438,873		$	737,893		$	3,501,920		$	4,490,389
Dividends from affiliate investments		—			256,703			248,770			114,193
Interest income		1,797			2,105			4,322			2,519

Total investment income		1,440,670			996,701			3,755,012			4,607,101

EXPENSES:
Investment advisory fees		324,614			219,242			833,931			626,974
Distribution (12b-1) fees – Service Shares		314,804			211,412			588,145			444,624
Administrative service fees – Service Shares		314,574			211,257			587,906			444,416
Shareholder servicing fees – Service Shares		122,144			81,182			228,554			172,798
Administration fees		52,374			35,169			95,135			71,159
Legal fees		33,419			23,477			57,317			49,215
Custody fees		29,420			30,537			67,886			64,205
Fund accounting fees		23,456			16,013			43,158			32,512
Federal and state registration fees		18,757			17,476			18,967			18,116
Directors’ fees and expenses		16,962			11,500			29,497			23,762
Reports to shareholders		12,811			8,632			23,363			17,446
Audit and tax fees		6,954			6,954			6,954			6,954
Transfer agent fees and expenses		8,205			6,496			12,535			10,125
Insurance fees		3,935			2,593			6,863			5,585
Compliance fees		4,026			2,715			7,351			5,460
Miscellaneous expenses		915			915			915			915

Total expenses		1,287,370			885,570			2,608,477			1,994,266

Net expense recapture by Advisor (See Note 3)		—			36,155			—			—
Less securities lending credit (See Note 6)		(123,348	)		(64,932	)		(185,993	)		(224,122	)

Net expenses		1,164,022			856,793			2,422,484			1,770,144

Net investment income		276,648			139,908			1,332,528			2,836,957

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized gain (loss) on:
Investments		824,957			1,030,891			(18,065,012	)		(1,655,853	)
Investments in affiliates		845,231			2,994,398			(833,614	)		(5,239	)

Total		1,670,188			4,025,289			(18,898,626	)		(1,661,092	)

Net change in unrealized depreciation on:
Investments		(12,822,386	)		(6,403,927	)		(13,394,959	)		(7,854,945	)
Investments in affiliates		(12,858,927	)		(10,616,751	)		(8,014,178	)		(691,649	)

Total		(25,681,313	)		(17,020,678	)		(21,409,137	)		(8,546,594	)

Net realized and unrealized loss		(24,011,125	)		(12,995,389	)		(40,307,763	)		(10,207,686	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(23,734,477	)	$	(12,855,481	)	$	(38,975,235	)	$	(7,370,729	)

See notes to financial statements.

105

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2015 (Unaudited)


	Multi-Asset Income Asset Allocation Fund			Fixed Income Allocation Fund			Altegris^® Diversified Alternatives Allocation Fund
INVESTMENT INCOME:
Dividend income	$	2,900,038		$	1,068,119		$	—
Dividends from affiliate investments		19,638			449,825			507,430
Interest income		907			1,615			669

Total investment income		2,920,583			1,519,559			508,099

EXPENSES:
Investment advisory fees		232,027			174,279			72,333
Distribution (12b-1) fees – Service Shares		165,734			171,633			118,196
Administrative service fees – Service Shares		165,667			171,541			118,148
Shareholder servicing fees – Service Shares		62,979			67,280			46,406
Administration fees		27,025			27,877			19,337
Legal fees		16,905			19,445			16,645
Custody fees		36,632			21,208			13,263
Fund accounting fees		10,553			15,759			8,662
Federal and state registration fees		17,720			16,930			19,172
Directors’ fees and expenses		8,358			9,669			6,558
Reports to shareholders		6,558			6,466			4,758
Audit and tax fees		6,954			6,954			5,814
Transfer agent fees and expenses		3,843			5,734			4,940
Insurance fees		2,015			2,289			2,011
Compliance fees		2,074			2,105			1,464
Miscellaneous expenses		915			915			915

Total expenses		765,959			720,084			458,622

Fees waived by Advisor (See Note 3)		—			—			(190,481	)
Less securities lending credit (See Note 6)		(143,646	)		(56,756	)		—

Net expenses		622,313			663,328			268,141

Net investment income		2,298,270			856,231			239,958

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(1,518,732	)		(365,740	)		—
Investments in affiliates		181,548			(217,897	)		883,991

Total		(1,337,184	)		(583,637	)		883,991

Net change in unrealized depreciation on:
Investments		(8,905,486	)		(2,093,784	)		—
Investments in affiliates		(172,480	)		(1,166,286	)		(4,170,066	)

Total		(9,077,966	)		(3,260,070	)		(4,170,066	)

Net realized and unrealized loss		(10,415,150	)		(3,843,707	)		(3,286,075	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,116,880	)	$	(2,987,476	)	$	(3,046,117	)

See notes to financial statements.

106

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STATEMENTS OF CHANGES IN NET ASSETS


	Large Cap Core Fund						Emerging Markets Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	17,136		$	885,980		$	975,065		$	3,102,210
Net realized gain on investment transactions		9,229,587			19,070,457			6,894,519			15,657,616
Net change in unrealized appreciation (depreciation) on investments		(15,490,956	)		3,081,794			(21,544,356	)		(3,081,642	)

Net increase (decrease) in net assets resulting from operations		(6,244,233	)		23,038,231			(13,674,772	)		15,678,184

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,704,452			12,995,189			5,655,117			20,224,717
Shares issued to holders in reinvestment of dividends		—			269,226			—			1,084,756
Shares redeemed		(7,305,452	)		(18,111,679	)		(7,769,208	)		(26,104,631	)

Net decrease		(5,601,000	)		(4,847,264	)		(2,114,091	)		(4,795,158	)

Service Shares
Shares sold		17,252,350			57,876,616			18,751,161			58,097,132
Shares issued to holders in reinvestment of dividends		—			173,764			—			977,308
Shares redeemed		(48,063,026	)		(46,214,878	)		(41,546,068	)		(44,879,756	)

Net increase (decrease)		(30,810,676	)		11,835,502			(22,794,907	)		14,194,684

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(269,226	)		—			(1,084,756	)
Net investment income – Service Shares		—			(343,474	)		—			(1,996,865	)

Total dividends and distributions		—			(612,700	)		—			(3,081,621	)

INCREASE (DECREASE) IN NET ASSETS		(42,655,909	)		29,413,769			(38,583,770	)		21,996,089
NET ASSETS:
Beginning of year		213,144,316			183,730,547			221,839,792			199,843,703

End of year (including accumulated undistributed net investment income of $297,289, $280,153, $1,540,410 and $565,345, respectively)	$	170,488,407		$	213,144,316		$	183,256,022		$	221,839,792

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		111,094			899,178			451,818			1,665,154
Shares issued to holders in reinvestment of dividends		—			17,724			—			87,199
Shares redeemed		(471,895	)		(1,274,596	)		(617,269	)		(2,175,147	)

Net decrease		(360,801	)		(357,694	)		(165,451	)		(422,794	)

Service Shares
Shares sold		1,126,720			4,056,642			1,480,269			4,768,938
Shares issued to holders in reinvestment of dividends		—			11,538			—			77,749
Shares redeemed		(3,128,523	)		(3,186,451	)		(3,272,556	)		(3,661,928	)

Net increase (decrease)		(2,001,803	)		881,729			(1,792,287	)		1,184,759

See notes to financial statements.

107

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Small/Mid Cap Core Fund						World ex-US Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income (loss)	$	(50,608	)	$	(204,536	)	$	2,764,263		$	7,828,500
Net realized gain (loss) on investment transactions		2,101,677			2,154,490			(4,935,524	)		6,517,011
Net change in unrealized appreciation (depreciation) on investments		(10,116,213	)		6,204,595			(40,905,790	)		(15,771,208	)

Net increase (decrease) in net assets resulting from operations		(8,065,144	)		8,154,549			(43,077,051	)		(1,425,697	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,294,416			8,982,059			13,960,978			30,662,054
Shares issued to holders in reinvestment of dividends		—			2,599,477			—			2,286,480
Shares redeemed		(7,124,584	)		(17,923,650	)		(20,256,679	)		(47,962,031	)

Net decrease		(5,830,168	)		(6,342,114	)		(6,295,701	)		(15,013,497	)

Service Shares
Shares sold		6,858,469			12,569,491			83,024,291			70,956,132
Shares issued to holders in reinvestment of dividends		—			2,310,740			—			1,887,436
Shares redeemed		(5,853,862	)		(11,014,799	)		(41,489,319	)		(77,276,368	)

Net increase (decrease)		1,004,607			3,865,432			41,534,972			(4,432,800	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			—			—			(2,286,480	)
Net investment income – Service Shares		—			—			—			(3,379,936	)
Net realized gains – Institutional Shares		—			(2,599,476	)		—			—
Net realized gains – Service Shares		—			(2,311,353	)		—			—

Total dividends and distributions		—			(4,910,829	)		—			(5,666,416	)

INCREASE (DECREASE) IN NET ASSETS		(12,890,705	)		767,038			(7,837,780	)		(26,538,410	)
NET ASSETS:
Beginning of year		78,054,041			77,287,003			342,148,660			368,687,070

End of year (including accumulated undistributed net investment income (loss) of $(56,736), $(6,128), $7,738,049 and $4,973,786, respectively)	$	65,163,336		$	78,054,041		$	334,310,880		$	342,148,660

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		74,268			525,839			1,584,929			3,469,455
Shares issued to holders in reinvestment of dividends		—			152,731			—			269,315
Shares redeemed		(410,356	)		(1,068,600	)		(2,335,614	)		(5,395,194	)

Net decrease		(336,088	)		(390,030	)		(750,685	)		(1,656,424	)

Service Shares
Shares sold		404,739			749,912			9,183,938			8,073,448
Shares issued to holders in reinvestment of dividends		—			137,954			—			223,101
Shares redeemed		(346,426	)		(656,431	)		(4,782,200	)		(8,786,736	)

Net increase (decrease)		58,313			231,435			4,401,738			(490,187	)

See notes to financial statements.

108

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Opportunistic Equity Fund						Global Real Return Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	134,496		$	644,953		$	272,516		$	788,404
Net realized gain (loss) on investment transactions		10,062,129			14,849,050			(2,461,529	)		(1,880,184	)
Net change in unrealized appreciation (depreciation) on investments		(20,518,990	)		711,689			(5,662,759	)		(6,154,898	)

Net increase (decrease) in net assets resulting from operations		(10,322,365	)		16,205,692			(7,851,772	)		(7,246,678	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		3,247,889			20,661,131			171,403			909,494
Shares issued to holders in reinvestment of dividends		—			10,335,439			—			162,317
Shares redeemed		(7,425,779	)		(24,275,124	)		(772,976	)		(2,291,470	)

Net increase (decrease)		(4,177,890	)		6,721,446			(601,573	)		(1,219,659	)

Service Shares
Shares sold		6,288,037			18,008,040			5,000,179			16,250,482
Shares issued to holders in reinvestment of dividends		—			11,942,760			—			354,979
Shares redeemed		(22,500,599	)		(25,292,833	)		(10,666,658	)		(20,402,867	)

Net increase (decrease)		(16,212,562	)		4,657,967			(5,666,479	)		(3,797,406	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(612,215	)		—			(143,792	)
Net investment income – Service Shares		—			(326,935	)		—			(456,154	)
Net realized gains – Institutional Shares		—			(9,723,224	)		—			—
Net realized gains – Service Shares		—			(11,725,936	)		—			—
Return of capital – Institutional Shares		—			—			—			(18,525	)
Return of capital – Service Shares		—			—			—			(93,398	)

Total dividends and distributions		—			(22,388,310	)		—			(711,869	)

INCREASE (DECREASE) IN NET ASSETS		(30,712,817	)		5,196,795			(14,119,824	)		(12,975,612	)
NET ASSETS:
Beginning of year		137,426,241			132,229,446			64,601,301			77,576,913

End of year (including accumulated undistributed net investment income (loss) of $124,917, $(9,579), $263,253, and $(9,263), respectively)	$	106,713,424		$	137,426,241		$	50,481,477		$	64,601,301

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		255,772			1,499,655			21,254			102,358
Shares issued to holders in reinvestment of dividends		—			826,835			—			19,278
Shares redeemed		(579,788	)		(1,806,654	)		(97,355	)		(252,691	)

Net increase (decrease)		(324,016	)		519,836			(76,101	)		(131,055	)

Service Shares
Shares sold		494,586			1,352,423			621,365			1,835,721
Shares issued to holders in reinvestment of dividends		—			959,258			—			42,059
Shares redeemed		(1,750,674	)		(1,916,041	)		(1,351,112	)		(2,303,651	)

Net increase (decrease)		(1,256,088	)		395,640			(729,747	)		(425,871	)

See notes to financial statements.

109

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Core Fixed Income Fund						Tax-Exempt Fixed Income Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	2,000,746		$	3,848,917		$	853,627		$	1,870,855
Net realized gain on investment transactions		564,067			4,565,725			139,057			527,118
Net change in unrealized appreciation (depreciation) on investments		(5,933,016	)		5,814,054			(906,684	)		1,897,086

Net increase (decrease) in net assets resulting from operations		(3,368,203	)		14,228,696			86,000			4,295,059

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		5,786,264			29,269,274			—			—
Shares issued to holders in reinvestment of dividends		674,577			1,443,335			—			—
Shares redeemed		(12,787,947	)		(45,960,884	)		—			—

Net decrease		(6,327,106	)		(15,248,275	)		—			—

Service Shares
Shares sold		33,511,653			76,679,121			4,821,684			21,259,677
Shares issued to holders in reinvestment of dividends		1,161,316			1,891,851			687,614			1,197,171
Shares redeemed		(39,257,038	)		(80,224,850	)		(11,180,793	)		(22,627,865	)

Net decrease		(4,584,069	)		(1,653,878	)		(5,671,495	)		(171,017	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(674,577	)		(1,340,513	)		—			—
Net investment income – Service Shares		(1,554,538	)		(2,879,875	)		(847,281	)		(1,871,450	)
Net realized gains – Institutional Shares		—			(102,823	)		—			—
Net realized gains – Service Shares		—			(338,606	)		—			—

Total dividends and distributions		(2,229,115	)		(4,661,817	)		(847,281	)		(1,871,450	)

INCREASE (DECREASE) IN NET ASSETS		(16,508,493	)		(7,335,274	)		(6,432,776	)		2,252,592
NET ASSETS:
Beginning of year		312,652,470			319,987,744			65,682,169			63,429,577

End of year (including accumulated undistributed net investment income (loss) of $(92,297), $(1,950), $64,546 and $58,200, respectively)	$	296,143,977		$	312,652,470		$	59,249,393		$	65,682,169

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		610,054			3,056,805			—			—
Shares issued to holders in reinvestment of dividends		71,459			151,867			—			—
Shares redeemed		(1,344,671	)		(4,831,019	)		—			—

Net decrease		(663,158	)		(1,622,347	)		—			—

Service Shares
Shares sold		3,515,063			8,012,446			420,743			1,853,681
Shares issued to holders in reinvestment of dividends		122,671			198,540			60,497			104,386
Shares redeemed		(4,116,122	)		(8,389,708	)		(976,383	)		(1,962,618	)

Net decrease		(478,388	)		(178,722	)		(495,143	)		(4,551	)

See notes to financial statements.

110

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Opportunistic Fixed Income Fund						Strategic Asset Allocation Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	3,371,444		$	7,234,785		$	276,648		$	2,807,882
Net realized gain (loss) on investment transactions		832,560			(2,247,306	)		1,670,188			7,387,416
Net change in unrealized appreciation (depreciation) on investments		(11,371,174	)		(3,866,544	)		(25,681,313	)		1,922,842

Net increase (decrease) in net assets resulting from operations		(7,167,170	)		1,120,935			(23,734,477	)		12,118,140

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		5,295,086			22,406,610			1,548,407			5,544,617
Shares issued to holders in reinvestment of dividends		417,968			2,616,279			—			180,659
Shares redeemed		(10,427,829	)		(37,551,593	)		(1,027,495	)		(1,635,806	)

Net increase (decrease)		(4,714,775	)		(12,528,704	)		520,912			4,089,470

Service Shares
Shares sold		32,431,089			61,731,494			27,045,132			96,769,485
Shares issued to holders in reinvestment of dividends		600,010			3,574,928			—			4,551,419
Shares redeemed		(29,937,041	)		(54,949,826	)		(43,836,552	)		(134,652,525	)

Net increase (decrease)		3,094,058			10,356,596			(16,791,420	)		(33,331,621	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(417,968	)		(2,616,279	)		—			(92,168	)
Net investment income – Service Shares		(1,253,003	)		(6,531,339	)		—			(2,997,989	)
From net realized gains – Institutional Shares		—			—			—			(88,491	)
From net realized gains – Service Shares		—			—			—			(4,056,584	)

Total dividends and distributions		(1,670,971	)		(9,147,618	)		—			(7,235,232	)

DECREASE IN NET ASSETS		(10,458,858	)		(10,198,791	)		(40,004,985	)		(24,359,243	)
NET ASSETS:
Beginning of year		202,476,214			212,675,005			267,576,371			291,935,614

End of year (including undistributed net investment income of $798,077, $2,378,876, $98,737, and $(177,911), respectively)	$	192,017,356		$	202,476,214		$	227,571,386		$	267,576,371

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		566,183			2,288,907			132,666			480,347
Shares issued to holders in reinvestment of dividends		44,276			268,451			—			15,861
Shares redeemed		(1,108,141	)		(3,809,619	)		(87,820	)		(140,505	)

Net increase (decrease)		(497,682	)		(1,252,261	)		44,846			355,703

Service Shares
Shares sold		3,463,162			6,280,659			2,340,685			8,378,419
Shares issued to holders in reinvestment of dividends		63,426			365,905			—			400,301
Shares redeemed		(3,167,803	)		(5,611,798	)		(3,806,220	)		(11,641,467	)

Net increase (decrease)		358,785			1,034,766			(1,465,535	)		(2,862,747	)

See notes to financial statements.

111

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Tactical Constrained^® Asset Allocation Fund						Tactical Unconstrained^® Asset Allocation Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	139,908		$	2,241,133		$	1,332,528		$	6,734,313
Net realized gain (loss) on investment transactions		4,025,289			8,654,598			(18,898,626	)		23,770,501
Net change in unrealized depreciation on investments		(17,020,678	)		(1,209,146	)		(21,409,137	)		(16,148,997	)

Net increase (decrease) in net assets resulting from operations		(12,855,481	)		9,686,585			(38,975,235	)		14,355,817

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,228,177			4,357,046			1,348,173			5,157,199
Shares issued to holders in reinvestment of dividends		—			311,379			—			335,851
Shares redeemed		(812,058	)		(1,129,481	)		(819,219	)		(821,300	)

Net increase		416,119			3,538,944			528,954			4,671,750

Service Shares
Shares sold		19,932,963			64,025,958			76,753,037			268,621,196
Shares issued to holders in reinvestment of dividends		—			8,647,854			—			28,737,599
Shares redeemed		(29,230,570	)		(92,851,692	)		(81,772,054	)		(174,474,930	)

Net increase (decrease)		(9,297,607	)		(20,177,880	)		(5,019,017	)		122,883,865

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(97,053	)		—			(80,235	)
Net investment income – Service Shares		—			(2,331,588	)		—			(6,572,570	)
Net realized gains – Institutional Shares		—			(214,326	)		—			(255,617	)
Net realized gains – Service Shares		—			(8,272,419	)		—			(27,498,611	)

Total dividends and distributions		—			(10,915,386	)		—			(34,407,033	)

INCREASE (DECREASE) IN NET ASSETS		(21,736,969	)		(17,867,737	)		(43,465,298	)		107,504,399
NET ASSETS:
Beginning of year		180,311,585			198,179,322			486,469,655			378,965,256

End of year (including undistributed net investment income of $113,687, $(26,221), $1,378,725, and $46,193, respectively)	$	158,574,616		$	180,311,585		$	443,004,357		$	486,469,655

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		109,352			382,632			131,649			482,233
Shares issued to holders in reinvestment of dividends		—			28,179			—			33,089
Shares redeemed		(72,228	)		(97,745	)		(79,595	)		(75,898	)

Net increase		37,124			313,066			52,054			439,424

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		1,778,567			5,577,951			7,610,960			25,032,796
Shares issued to holders in reinvestment of dividends		—			779,086			—			2,831,291
Shares redeemed		(2,618,119	)		(8,089,460	)		(8,068,857	)		(16,291,449	)

Net increase (decrease)		(839,552	)		(1,732,423	)		(457,897	)		11,572,638

See notes to financial statements.

112

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Absolute Return Asset Allocation Fund						Multi-Asset Income Asset Allocation Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	2,836,957		$	8,227,112		$	2,298,270		$	4,747,301
Net realized gain (loss) on investment transactions		(1,661,092	)		4,523,721			(1,337,184	)		450,775
Net change in unrealized depreciation on investments		(8,546,594	)		(2,836,287	)		(9,077,966	)		(1,367,793	)

Net increase (decrease) in net assets resulting from operations		(7,370,729	)		9,914,546			(8,116,880	)		3,830,283

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		373,338			2,263,376			—			—
Shares issued to holders in reinvestment of dividends		—			58,698			—			—
Shares redeemed		(452,985	)		(658,627	)		—			—

Net increase (decrease)		(79,647	)		1,663,447			—			—

Service Shares
Shares sold		55,782,173			124,982,977			15,018,770			76,836,223
Shares issued to holders in reinvestment of dividends		—			1,363,844			1,360,198			1,869,462
Shares redeemed		(70,974,825	)		(210,436,216	)		(28,529,269	)		(51,749,737	)

Net increase (decrease)		(15,192,652	)		(84,089,395	)		(12,150,301	)		26,955,948

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(58,698	)		—			—
Net investment income – Service Shares		—			(7,986,974	)		(2,224,813	)		(4,820,654	)
Net realized gains – Service Shares		—			—			—			(945,416	)

Total dividends and distributions		—			(8,045,672	)		(2,224,813	)		(5,766,070	)

INCREASE (DECREASE) IN NET ASSETS		(22,643,028	)		(80,557,074	)		(22,491,994	)		25,020,161
NET ASSETS:
Beginning of year		369,644,212			450,201,286			140,497,937			115,477,776

End of year (including undistributed accumulated net investment income of $4,186,649, $1,349,692, $430,339, and $356,882, respectively)	$	347,001,184		$	369,644,212		$	118,005,943		$	140,497,937

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		37,443			224,543			—			—
Shares issued to holders in reinvestment of dividends		—			5,929			—			—
Shares redeemed		(45,242	)		(65,305	)		—			—

Net increase (decrease)		(7,799	)		165,167			—			—

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		5,591,553			12,383,339			1,443,316			7,089,209
Shares issued to holders in reinvestment of dividends		—			137,346			134,961			175,834
Shares redeemed		(7,108,683	)		(20,851,688	)		(2,749,759	)		(4,770,244	)

Net increase (decrease)		(1,517,130	)		(8,331,003	)		(1,171,482	)		2,494,799

See notes to financial statements.

113

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Fixed Income Allocation Fund						Altegris^® Diversified Alternatives Allocation Fund
	Period Ended September 30, 2015			Year Ended March 31, 2015			Period Ended September 30, 2015			Year Ended March 31, 2015
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income (loss)	$	856,231		$	2,985,050		$	239,958		$	2,048,812
Net realized gain (loss) on investment transactions		(583,637	)		(2,264,441	)		883,991			(735,324	)
Net change in unrealized appreciation (depreciation) on investments		(3,260,070	)		4,681,029			(4,170,066	)		6,895,502

Net increase (decrease) in net assets resulting from operations		(2,987,476	)		5,401,638			(3,046,117	)		8,208,990

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		287,659			1,891,627			376,814			1,417,500
Shares issued to holders in reinvestment of dividends		20,503			40,268			—			31,117
Shares redeemed		(414,060	)		(647,991	)		(306,411	)		(353,220	)

Net increase (decrease)		(105,898	)		1,283,904			70,403			1,095,397

Service Shares
Shares sold		16,703,530			53,014,274			7,067,648			21,398,303
Shares issued to holders in reinvestment of dividends		561,906			448,807			—			322,069
Shares redeemed		(25,623,425	)		(125,427,632	)		(16,974,677	)		(56,163,401	)

Net decrease		(8,357,989	)		(71,964,551	)		(9,907,029	)		(34,443,029	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(20,503	)		(40,268	)		—			(31,117	)
Net investment income – Service Shares		(904,142	)		(2,978,470	)		—			(1,885,195	)

Total dividends and distributions		(924,645	)		(3,018,738	)		—			(1,916,312	)

DECREASE IN NET ASSETS		(12,376,008	)		(68,297,747	)		(12,882,743	)		(27,054,954	)
NET ASSETS:
Beginning of year		146,161,831			214,459,578			102,203,172			129,258,126

End of year (including accumulated undistributed net investment income of $119,572, $187,986, $397,575, and $157,617, respectively)	$	133,785,823		$	146,161,831		$	89,320,429		$	102,203,172

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		29,979			194,201			36,387			140,819
Shares issued to holders in reinvestment of dividends		2,151			4,150			—			3,072
Shares redeemed		(42,828	)		(66,643	)		(29,458	)		(34,864	)

Net increase (decrease)		(10,698	)		131,708			6,929			109,027

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		1,738,624			5,444,190			683,614			2,134,237
Shares issued to holders in reinvestment of dividends		59,035			46,242			—			31,762
Shares redeemed		(2,664,166	)		(12,893,404	)		(1,642,820	)		(5,590,790	)

Net decrease		(866,507	)		(7,402,972	)		(959,206	)		(3,424,791	)

See notes to financial statements.

114

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$15.29			$13.67			$11.20			$10.68			$10.32
Income from investment operations:
Net investment income		0.05			0.14			0.09			0.08			0.01
Net realized and unrealized gains on investments		(0.60	)		1.57			2.46			0.51			0.35

Total from investment operations		(0.55	)		1.71			2.55			0.59			0.36

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.08	)		(0.07	)		—

Total distributions		—			(0.09	)		(0.08	)		(0.07	)		—

Net asset value, end of period		$14.74			$15.29			$13.67			$11.20			$10.68

Total return		-3.60%²			12.51%			22.81%			5.54%			3.49%²
Supplemental data and ratios:
Net assets, end of period		$37,744,390			$44,686,597			$44,827,864			$44,994,114			$31,330,264
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.88%³			0.87%			0.90%			0.92%			0.93%³
After expense reimbursement (recapture) and securities lending credit		0.87%³			0.85%			0.89%			0.89%			0.92%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.46%³			0.88%			0.63%			0.81%			0.33%³
After expense reimbursement (recapture) and securities lending credit		0.47%³			0.90%			0.64%			0.84%			0.34%³
Portfolio turnover rate		19.97%²			53.23%			55.81%			60.92%			126.61%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

115

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$15.14			$13.56			$11.12			$10.61			$9.99			$8.41
Income from investment operations:
Net investment income (loss)		(0.01	)		0.05			—			0.02			(0.03	)		(0.01	)
Net realized and unrealized gains on investments		(0.58	)		1.56			2.45			0.51			0.65			1.59

Total from investment operations		(0.59	)		1.61			2.45			0.53			0.62			1.58

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.01	)		(0.02	)		—			—

Total distributions		—			(0.03	)		(0.01	)		(0.02	)		—			—

Net asset value, end of period		$14.55			$15.14			$13.56			$11.12			$10.61			$9.99

Total return		-3.90%¹			11.87%			22.04%			5.00%			6.21%			18.79%
Supplemental data and ratios:
Net assets, end of period		$132,744,017			$168,457,719			$138,902,683			$136,196,479			$168,654,404			$211,129,188
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.45%²			1.44%			1.48%			1.52%			1.54%			1.45%
After expense reimbursement (recapture) and securities lending credit		1.45%²			1.45%			1.49%			1.49%			1.49%			1.43%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		-0.12%²			0.32%			0.05%			0.18%			-0.32%			-0.13%
After expense reimbursement (recapture) and securities lending credit		-0.12%²			0.31%			0.04%			0.21%			-0.27%			-0.11%
Portfolio turnover rate		19.97%¹			53.23%			55.81%			60.92%			126.61%			63.33%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

116

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Emerging Markets Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$12.46			$11.73			$9.43			$8.39			$8.54
Income from investment operations:
Net investment income		0.09			0.21			0.17			0.18			0.13
Net realized and unrealized gains (losses) on investments		(0.95	)		0.74			2.31			1.03			(0.09	)

Total from investment operations		(0.86	)		0.95			2.48			1.21			0.04

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.18	)		(0.17	)		(0.19	)

Total distributions		—			(0.22	)		(0.18	)		(0.17	)		(0.19	)

Net asset value, end of period		$11.60			$12.46			$11.73			$9.43			$8.39

Total return		-6.90%²			8.08%			26.38%			14.70%			0.70%²
Supplemental data and ratios:
Net assets, end of period		$54,497,367			$60,596,893			$62,007,800			$60,452,681			$39,721,680
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.87%³			0.86%			0.89%			0.92%			0.93%³
After expense reimbursement (recapture) and securities lending credit		0.83%³			0.84%			0.88%			0.91%			0.92%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.35%³			1.87%			1.57%			1.89%			1.89%³
After expense reimbursement (recapture) and securities lending credit		1.39%³			1.89%			1.58%			1.90%			1.90%³
Portfolio turnover rate		7.82%²			31.33%			29.10%			27.02%			95.12%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

117

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Emerging Markets Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$12.57			$11.84			$9.52			$8.47			$8.32			$7.44
Income from investment operations:
Net investment income		0.06			0.15			0.13			0.14			0.10			0.09
Net realized and unrealized gains on investments		(0.96	)		0.73			2.31			1.03			0.13			0.88

Total from investment operations		(0.90	)		0.88			2.44			1.17			0.23			0.97

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.12	)		(0.12	)		(0.08	)		(0.09	)

Total distributions		—			(0.15	)		(0.12	)		(0.12	)		(0.08	)		(0.09	)

Net asset value, end of period		$11.67			$12.57			$11.84			$9.52			$8.47			$8.32

Total return		-7.16%¹			7.46%			25.63%			13.96%			2.87%			13.15%
Supplemental data and ratios:
Net assets, end of period		$128,758,655			$161,242,899			$137,835,903			$139,072,035			$163,077,098			$200,132,341
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.44%²			1.43%			1.46%			1.49%			1.51%			1.44%
After expense reimbursement (recapture) and securities lending credit		1.40%²			1.41%			1.45%			1.49%			1.49%			1.42%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.73%²			1.30%			1.01%			1.33%			1.13%			1.13%
After expense reimbursement (recapture) and securities lending credit		0.77%²			1.32%			1.02%			1.33%			1.15%			1.15%
Portfolio turnover rate		7.82%¹			31.33%			29.10%			27.02%			95.12%			16.35%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

118

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Small/Mid Cap Core Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$17.62			$16.77			$13.51			$11.56			$11.99
Income from investment operations:
Net investment income		0.04			0.01			—			0.07			—
Net realized and unrealized gains (losses) on investments		(1.94	)		1.96			3.27			1.99			(0.43	)

Total from investment operations		(1.90	)		1.97			3.27			2.06			(0.43	)

Less distributions:
Dividends from net investment income		—			—			(0.01	)		(0.11	)		—
Dividends from net realized gains		—			(1.12	)		—			—			—

Total distributions		—			(1.12	)		(0.01	)		(0.11	)		—

Net asset value, end of period		$15.72			$17.62			$16.77			$13.51			$11.56

Total return		-10.78%²			11.99%			24.19%			17.95%			-3.59%²
Supplemental data and ratios:
Net assets, end of period		$30,483,062			$40,075,963			$44,695,002			$44,361,656			$30,106,471
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.01%³			1.02%			1.05%			1.09%			1.22%³
After expense reimbursement (recapture) and securities lending credit		0.86%³			0.91%			1.02%			1.05%			1.09%³
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.05%³			-0.08%			-0.04%			0.61%			-0.10%³
After expense reimbursement (recapture) and securities lending credit		0.20%³			0.03%			-0.01%			0.65%			0.03%³
Portfolio turnover rate		40.88%²			96.24%			241.55%			143.14%			245.95%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

119

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Small/Mid Cap Core Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$17.31			$16.61			$13.45			$11.50			$11.61			$9.46
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.09	)		(0.12	)		—			(0.09	)		(0.05	)
Net realized and unrealized loss on investments		(1.87	)		1.91			3.28			1.99			(0.02	)		2.20

Total from investment operations		(1.91	)		1.82			3.16			1.99			(0.11	)		2.15

Less distributions:
Dividends from net investment income		—			—			—			(0.04	)		—			—
Dividends from net realized gains		—			(1.12	)		—			—			—			—

Total distributions		—			(1.12	)		—			(0.04	)		—			—

Net asset value, end of period		$15.40			$17.31			$16.61			$13.45			$11.50			$11.61

Total return		-11.03%¹			11.19%			23.49%			17.32%			-0.95%			22.73%
Supplemental data and ratios:
Net assets, end of period		$34,680,274			$37,978,078			$32,592,001			$40,621,412			$47,944,286			$42,748,789
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.58%²			1.58%			1.60%			1.66%			1.74%			1.71%
After expense reimbursement (recapture) and securities lending credit		1.53%²			1.59%			1.59%			1.59%			1.59%			1.59%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		-0.51%²			-0.62%			-0.62%			0.01%			-0.82%			-0.66%
After expense reimbursement (recapture) and securities lending credit		-0.46%²			-0.63%			-0.61%			0.08%			-0.67%			-0.54%
Portfolio turnover rate		40.88%¹			96.24%			241.55%			143.14%			245.95%			44.75%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

120

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.75			$8.94			$8.06			$7.52			$8.75
Income from investment operations:
Net investment income		0.09			0.24			0.11			0.13			0.07
Net realized and unrealized gains (losses) on investments		(0.99	)		(0.25	)		0.86			0.48			(1.17	)

Total from investment operations		(0.90	)		(0.01	)		0.97			0.61			(1.10	)

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.09	)		(0.07	)		(0.13	)

Total distributions		—			(0.18	)		(0.09	)		(0.07	)		(0.13	)

Net asset value, end of period		$7.85			$8.75			$8.94			$8.06			$7.52

Total return		-10.29%²			-0.10%			12.09%			8.09%			-12.34%²
Supplemental data and ratios:
Net assets, end of period		$95,658,476			$113,316,485			$130,537,695			$85,157,441			$40,623,156
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.99%³			0.98%			1.03%			1.09%			1.08%³
After expense reimbursement (recapture) and securities lending credit		0.95%³			0.98%			1.03%			1.09%			1.08%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.87%³			2.60%			1.44%			1.44%			1.13%³
After expense reimbursement (recapture) and securities lending credit		1.91%³			2.60%			1.44%			1.44%			1.13%³
Portfolio turnover rate		25.13%²			61.84%			75.22%			75.34%			164.90%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

121

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.70			$8.89			$8.05			$7.54			$8.39			$8.01
Income from investment operations:
Net investment income		0.03			0.17			0.07			0.08			0.12			0.11
Net realized and unrealized gains (losses) on investments		(0.96	)		(0.23	)		0.85			0.49			(0.88	)		0.40

Total from investment operations		(0.93	)		(0.06	)		0.92			0.57			(0.76	)		0.51

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.08	)		(0.06	)		(0.09	)		(0.13	)

Total distributions		—			(0.13	)		(0.08	)		(0.06	)		(0.09	)		(0.13	)

Net asset value, end of period		$7.77			$8.70			$8.89			$8.05			$7.54			$8.39

Total return		-10.69%¹			-0.68%			11.47%			7.53%			-8.92%			6.48%
Supplemental data and ratios:
Net assets, end of period		$238,652,404			$228,832,175			$238,149,375			$197,252,920			$185,300,082			$269,702,069
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.56%²			1.55%			1.60%			1.66%			1.66%			1.50%
After expense reimbursement (recapture) and securities lending credit		1.59%²			1.59%			1.59%			1.59%			1.59%			1.50%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.30%²			1.96%			0.94%			0.93%			1.11%			1.34%
After expense reimbursement (recapture) and securities lending credit		1.27%²			1.92%			0.95%			1.00%			1.18%			1.34%
Portfolio turnover rate		25.13%¹			61.84%			75.22%			75.34%			164.90%			47.34%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

122

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Opportunistic Equity Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$12.83			$13.49			$11.34			$9.91			$10.21
Income from investment operations:
Net investment income		0.03			0.11			0.13			0.08			0.02
Net realized and unrealized gains (losses) on investments		(1.17	)		1.62			2.79			1.42			(0.32	)

Total from investment operations		(1.14	)		1.73			2.92			1.50			(0.30	)

Less distributions:
Dividends from net investment income		—			(0.14	)		(0.12	)		(0.07	)		—
Dividends from net realized gains		—			(2.25	)		(0.65	)		—			—

Total distributions		—			(2.39	)		(0.77	)		(0.07	)		—

Net asset value, end of period		$11.69			$12.83			$13.49			$11.34			$9.91

Total return		-8.89%²			13.26%			25.92%			15.22%			-2.94%²
Supplemental data and ratios:
Net assets, end of period		$54,197,250			$63,622,473			$59,877,468			$67,574,510			$46,233,165
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.02%³			1.01%			1.02%			1.06%			1.05%³
After expense reimbursement (recapture) and securities lending credit		1.00%³			0.99%			1.01%			1.05%			1.03%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.50%³			0.78%			0.82%			0.86%			0.45%³
After expense reimbursement (recapture) and securities lending credit		0.52%³			0.80%			0.83%			0.87%			0.47%³
Portfolio turnover rate		39.29%²			59.70%			59.12%			78.58%			91.59%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

123

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Opportunistic Equity Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$12.75			$13.42			$11.27			$9.86			$10.00
Income from investment operations:
Net investment income (loss)		(0.01	)		0.04			0.04			0.03			(0.02	)
Net realized and unrealized gains (losses) on investments		(1.15	)		1.60			2.79			1.40			(0.12	)

Total from investment operations		(1.16	)		1.64			2.83			1.43			(0.14	)

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.03	)		(0.02	)		—
Dividends from net realized gains		—			(2.25	)		(0.65	)		—			—

Total distributions		—			(2.31	)		(0.68	)		(0.02	)		—

Net asset value, end of period		$11.59			$12.75			$13.42			$11.27			$9.86

Total return		-9.10%¹			12.61%			25.20%			14.56%			-1.40%
Supplemental data and ratios:
Net assets, end of period		$52,516,174			$73,803,768			$72,351,978			$87,142,873			$114,222,234
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.58%²			1.57%			1.58%			1.63%			1.63%
After expense reimbursement (recapture) and securities lending credit		1.57%²			1.56%			1.59%			1.60%			1.60%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		-0.09%²			0.25%			0.27%			0.26%			-0.19%
After expense reimbursement (recapture) and securities lending credit		-0.08%²			0.26%			0.26%			0.29%			-0.16%
Portfolio turnover rate		39.29%¹			59.70%			59.12%			78.58%			91.59%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

124

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Global Real Return Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.23			$9.22			$9.39			$9.35			$10.31
Income from investment operations:
Net investment income		0.06			0.14			0.14			0.14			0.10
Net realized and unrealized gains (losses) on investments		(1.11	)		(1.01	)		(0.20	)		0.02			(0.88	)

Total from investment operations		(1.05	)		(0.87	)		(0.06	)		0.16			(0.78	)

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.11	)		(0.12	)		(0.17	)
Return of capital		—			(0.01	)		—			—			(0.01	)

Total distributions		—			(0.12	)		(0.11	)		(0.12	)		(0.18	)

Net asset value, end of period		$7.18			$8.23			$9.22			$9.39			$9.35

Total return		-12.76%²			-9.43%			-0.66%			1.73%			-7.48%²
Supplemental data and ratios:
Net assets, end of period		$8,801,759			$10,708,053			$13,204,913			$11,681,383			$10,423,221
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.96%³			0.86%			0.85%			0.88%			0.89%³
After expense reimbursement (recapture) and securities lending credit		0.67%³			0.37%			0.61%			0.80%			0.82%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		1.07%³			1.06%			1.30%			1.22%			1.08%³
After expense reimbursement (recapture) and securities lending credit		1.36%³			1.55%			1.54%			1.30%			1.15%³
Portfolio turnover rate		10.07%²			33.46%			36.72%			35.26%			55.11%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

125

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Global Real Return Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.24			$9.24			$9.42			$9.40			$10.00
Income from investment operations:
Net investment income		0.04			0.09			0.09			0.08			0.07
Net realized and unrealized gains (losses) on investments		(1.11	)		(1.01	)		(0.20	)		0.02			(0.59	)

Total from investment operations		(1.07	)		(0.92	)		(0.11	)		0.10			(0.52	)

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.07	)		(0.08	)		(0.08	)
Return of capital		—			(0.01	)		—			—			—	*

Total distributions		—			(0.08	)		(0.07	)		(0.08	)		(0.08	)

Net asset value, end of period		$7.17			$8.24			$9.24			$9.42			$9.40

Total return		-12.99%¹			-9.95%			-1.19%			1.05%			-5.09%
Supplemental data and ratios:
Net assets, end of period		$41,679,718			$53,893,248			$64,372,000			$70,779,787			$103,580,116
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit		1.53%²			1.44%			1.41%			1.45%			1.47%
After expense reimbursement (recapture) and securities lending credit		1.24%²			0.94%			1.18%			1.37%			1.44%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.52%²			0.48%			0.75%			0.76%			0.72%
After expense reimbursement (recapture) and securities lending credit		0.81%²			0.98%			0.98%			0.84%			0.75%
Portfolio turnover rate		10.07%¹			33.46%			36.72%			35.26%			55.11%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁴

Amount represents less than $0.01 per share.

See notes to financial statements.

126

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Core Fixed Income Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.67			$9.37			$9.86			$9.77			$9.48
Income from investment operations:
Net investment income		0.08			0.15			0.16			0.17			0.21
Net realized and unrealized gains (losses) on investments		(0.17	)		0.33			(0.24	)		0.23			0.31

Total from investment operations		(0.09	)		0.48			(0.08	)		0.40			0.52

Less distributions:
Dividends from net investment income		(0.09	)		(0.17	)		(0.20	)		(0.21	)		(0.23	)
Dividends from net realized gains		—			(0.01	)		(0.03	)		(0.10	)		—
Return of capital		—			—			(0.18	)		—			—

Total distributions		(0.09	)		(0.18	)		(0.41	)		(0.31	)		(0.23	)

Net asset value, end of period		$9.49			$9.67			$9.37			$9.86			$9.77

Total return		-0.91%²			5.25%			-0.72%			4.12%			5.56%²
Supplemental data and ratios:
Net assets, end of period		$68,163,232			$75,832,786			$88,702,582			$134,362,492			$31,999,581
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.73%³			0.70%			0.70%			0.72%			0.70%³
After expense reimbursement (recapture) and securities lending credit		0.71%³			0.69%			0.70%			0.72%			0.69%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.73%³			1.71%			1.68%			1.53%			2.14%³
After expense reimbursement (recapture) and securities lending credit		1.75%³			1.72%			1.68%			1.53%			2.15%³
Portfolio turnover rate		75.32%²			185.11%			112.86%			213.80%			427.36%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

127

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Core Fixed Income Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.69			$9.39			$9.88			$9.78			$9.36			$9.10
Income from investment operations:
Net investment income		0.05			0.10			0.11			0.11			0.17			0.21
Net realized and unrealized gains (losses) on investments		(0.17	)		0.33			(0.25	)		0.24			0.42			0.29

Total from investment operations		(0.12	)		0.43			(0.14	)		0.35			0.59			0.50

Less distributions:
Dividends from net investment income		(0.06	)		(0.12	)		(0.14	)		(0.15	)		(0.17	)		(0.24	)
Dividends from net realized gains		—			(0.01	)		(0.03	)		(0.10	)		—			—
Return of capital		—			—			(0.18	)		—			—			—

Total distributions		(0.06	)		(0.13	)		(0.35	)		(0.25	)		(0.17	)		(0.24	)

Net asset value, end of period		$9.51			$9.69			$9.39			$9.88			$9.78			$9.36

Total return		-1.19%¹			4.64%			-1.33%			3.55%			6.35%			5.58%
Supplemental data and ratios:
Net assets, end of period		$227,980,745			$236,819,684			$231,285,162			$281,180,497			$435,281,520			$581,940,962
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.30%²			1.29%			1.29%			1.30%			1.28%			1.25%
After expense reimbursement (recapture) and securities lending credit		1.28%²			1.29%			1.29%			1.29%			1.26%			1.24%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.16%²			1.11%			1.10%			1.02%			1.68%			2.23%
After expense reimbursement (recapture) and securities lending credit		1.18%²			1.11%			1.10%			1.03%			1.70%			2.24%
Portfolio turnover rate		75.32%¹			185.11%			112.86%			213.80%			427.36%			485.40%

Portfolio Turnover is calculated for the Fund as a whole.

Not annualized.

Annualized.

See notes to financial statements.

128

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Tax-Exempt Fixed Income Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.58			$11.18			$11.70			$11.47			$10.67			$10.94
Income from investment operations:
Net investment income		0.16			0.32			0.34			0.33			0.37			0.36
Net realized and unrealized gains (losses) on investments		(0.13	)		0.40			(0.52	)		0.23			0.80			(0.26	)

Total from investment operations		0.03			0.72			(0.18	)		0.56			1.17			0.10

Less distributions:
Dividends from net investment income		(0.16	)		(0.32	)		(0.34	)		(0.33	)		(0.37	)		(0.37	)

Total distributions		(0.16	)		(0.32	)		(0.34	)		(0.33	)		(0.37	)		(0.37	)

Net asset value, end of period		$11.45			$11.58			$11.18			$11.70			$11.47			$10.67

Total return		0.27%¹			6.45%			-1.48%			4.93%			11.10%			0.89%
Supplemental data and ratios:
Net assets, end of period		$59,249,393			$65,682,169			$63,429,577			$75,739,873			$81,408,890			$170,330,144
Ratio of expenses to average net assets
Before expense reimbursement (recapture)		1.40%²			1.38%			1.38%			1.36%			1.31%			1.29%
After expense reimbursement (recapture)		1.27%²			1.29%			1.29%			1.29%			1.29%			1.29%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		2.60%²			2.64%			2.90%			2.72%			3.16%			3.25%
After expense reimbursement (recapture)		2.73%²			2.73%			2.99%			2.79%			3.18%			3.25%
Portfolio turnover rate		4.32%¹			33.29%			35.08%			30.36%			38.80%			38.01%

Not annualized.

Annualized.

See notes to financial statements.

129

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Opportunistic Fixed Income Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.53			$9.94			$10.27			$9.70			$10.07
Income from investment operations:
Net investment income		0.17			0.41			0.34			0.42			0.35
Net realized and unrealized gains (losses) on investments		(0.50	)		(0.32	)		(0.37	)		0.57			(0.34	)

Total from investment operations		(0.33	)		0.09			(0.03	)		0.99			0.01

Less distributions:
Dividends from net investment income		(0.08	)		(0.50	)		(0.28	)		(0.42	)		(0.38	)
Dividends from net realized gains		—			—			(0.02	)		—			—

Total distributions		(0.08	)		(0.50	)		(0.30	)		(0.42	)		(0.38	)

Net asset value, end of period		$9.12			$9.53			$9.94			$10.27			$9.70

Total return		-3.48%²			0.88%			-0.21%			10.33%			0.29%²
Supplemental data and ratios:
Net assets, end of period		$43,846,189			$50,593,107			$65,181,311			$104,141,739			$38,403,168
Ratio of expenses to average net assets
Before expense reimbursement (recapture)		1.10%³			1.08%			1.01%			1.03%			1.13%³
After expense reimbursement (recapture)		1.02%³			1.05%			1.01%			1.05%			1.05%³
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		3.77%³			3.84%			4.10%			4.17%			4.20%³
After expense reimbursement (recapture)		3.85%³			3.87%			4.10%			4.15%			4.28%³
Portfolio turnover rate		18.40%²			39.66%			66.49%			101.49%			86.54%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

See notes to financial statements.

130

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Opportunistic Fixed Income Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.55			$9.93			$10.28			$9.70			$10.00
Income from investment operations:
Net investment income		0.16			0.33			0.35			0.36			0.34
Net realized and unrealized gains (losses) on investments		(0.51	)		(0.29	)		(0.43	)		0.58			(0.31	)

Total from investment operations		(0.35	)		0.04			(0.08	)		0.94			0.03

Less distributions:
Dividends from net investment income		(0.08	)		(0.42	)		(0.25	)		(0.36	)		(0.33	)
Dividends from net realized gains		—			—			(0.02	)		—			—

Total distributions		(0.08	)		(0.42	)		(0.27	)		(0.36	)		(0.33	)

Net asset value, end of period		$9.12			$9.55			$9.93			$10.28			$9.70

Total return		-3.70%¹			0.33%			-0.71%			9.64%			0.56%
Supplemental data and ratios:
Net assets, end of period		$148,171,167			$151,883,107			$147,493,694			$150,493,389			$204,104,609
Ratio of expenses to average net assets
Before expense reimbursement (recapture)		1.68%²			1.66%			1.59%			1.61%			1.63%
After expense reimbursement (recapture)		1.55%²			1.55%			1.55%			1.55%			1.55%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		3.19%²			3.28%			3.51%			3.52%			3.49%
After expense reimbursement (recapture)		3.32%²			3.39%			3.55%			3.58%			3.57%
Portfolio turnover rate		18.40%¹			39.66%			66.49%			101.49%			86.54%

Portfolio Turnover is calculated for the Fund as a whole.

See notes to financial statements.

131

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Strategic Asset Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.65			$11.45			$10.25			$9.63
Income from investment operations:
Net investment income (loss)		0.04			0.16			(0.03	)		0.11
Net realized and unrealized gains on investments		(1.10	)		0.41			1.56			0.62

Total from investment operations		(1.06	)		0.57			1.53			0.73

Less distributions:
Dividends from net investment income		—			(0.19	)		(0.11	)		(0.11	)
Dividends from net realized gains		—			(0.18	)		(0.22	)		—

Total distributions		—			(0.37	)		(0.33	)		(0.11	)

Net asset value, end of period		$10.59			$11.65			$11.45			$10.25

Total return		-9.10%²			5.04%			15.00%			7.68%²
Supplemental data and ratios:
Net assets, end of period		$7,508,704			$7,737,997			$3,534,178			$884,658
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.41%³			0.41%			0.40%			0.42%³
After expense reimbursement (recapture) and securities lending credit		0.31%³			0.34%			0.36%			0.40%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		0.71%³			1.63%			1.42%			1.84%³
After expense reimbursement (recapture) and securities lending credit		0.81%³			1.70%			1.46%			1.86%³
Portfolio turnover rate		1.70%²			11.96%			30.35%			18.44%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

132

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Strategic Asset Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.62			$11.43			$10.26			$9.46			$10.00
Income from investment operations:
Net investment income		0.01			0.12			0.07			0.07			0.08
Net realized and unrealized gains (losses) on investments		(1.10	)		0.38			1.38			0.80			(0.52	)

Total from investment operations		(1.09	)		0.50			1.45			0.87			(0.44	)

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.06	)		(0.07	)		(0.10	)
Dividends from net realized gains		—			(0.18	)		(0.22	)		—			—
Return of capital		—			—			—			—			—	*

Total distributions		—			(0.31	)		(0.28	)		(0.07	)		(0.10	)

Net asset value, end of period		$10.53			$11.62			$11.43			$10.26			$9.46

Total return		-9.38%²			4.47%			14.20%			9.30%			-4.30%²
Supplemental data and ratios:
Net assets, end of period		$220,062,682			$259,838,374			$288,401,436			$248,122,395			$144,649,234
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.01%³			1.00%			1.00%			1.04%			1.22%³
After expense reimbursement (recapture) and securities lending credit		0.92%³			0.95%			1.00%			1.00%			1.00%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		0.10%³			0.94%			0.61%			0.76%			1.12%³
After expense reimbursement (recapture) and securities lending credit		0.19%³			0.99%			0.61%			0.80%			1.34%³
Portfolio turnover rate		1.70%²			11.96%			30.35%			18.44%			14.40%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Amount represents less than $0.01 per share.

See notes to financial statements.

133

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Tactical Constrained^® Asset Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.26			$11.39			$10.43			$9.98
Income from investment operations:
Net investment income		0.04			0.26			0.18			0.14
Net realized and unrealized gains on investments		(0.85	)		0.41			0.98			0.48

Total from investment operations		(0.81	)		0.67			1.16			0.62

Less distributions:
Dividends from net investment income		—			(0.25	)		(0.14	)		(0.14	)
Dividends from net realized gains		—			(0.55	)		(0.06	)		(0.03	)

Total distributions		—			(0.80	)		(0.20	)		(0.17	)

Net asset value, end of period		$10.45			$11.26			$11.39			$10.43

Total return		-7.19%²			6.01%			11.13%			6.29%²
Supplemental data and ratios:
Net assets, end of period		$6,121,803			$6,173,168			$2,680,327			$879,348
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.44%³			0.42%			0.43%			0.43%³
After expense reimbursement (recapture) and securities lending credit		0.36%³			0.37%			0.38%			0.38%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		0.72%³			1.96%			1.42%			2.10%³
After expense reimbursement (recapture) and securities lending credit		0.80%³			2.01%			1.47%			2.15%³
Portfolio turnover rate		26.07%²			38.36%			69.17%			67.22%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

134

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Tactical Constrained^® Asset Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.29			$11.39			$10.44			$9.76			$10.00
Income from investment operations:
Net investment income		0.01			0.15			0.08			0.09			0.09
Net realized and unrealized gains (losses) on investments		(0.85	)		0.46			1.01			0.71			(0.24	)

Total from investment operations		(0.84	)		0.61			1.09			0.80			(0.15	)

Less distributions:
Dividends from net investment income		—			(0.16	)		(0.08	)		(0.09	)		(0.09	)
Dividends from net realized gains		—			(0.55	)		(0.06	)		(0.03	)		—

Total distributions		—			(0.71	)		(0.14	)		(0.12	)		(0.09	)

Net asset value, end of period		$10.45			$11.29			$11.39			$10.44			$9.76

Total return		-7.44%²			5.42%			10.40%			8.25%			-1.43%²
Supplemental data and ratios:
Net assets, end of period		$152,452,813			$174,138,417			$195,498,995			$228,905,423			$143,145,114
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.03%³			1.01%			1.02%			1.05%			1.25%³
After expense reimbursement (recapture) and securities lending credit		1.00%³			1.00%			1.00%			1.00%			1.00%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		0.10%³			1.17%			0.67%			0.94%			1.33%³
After expense reimbursement (recapture) and securities lending credit		0.13%³			1.18%			0.69%			0.99%			1.58%³
Portfolio turnover rate		26.07%²			38.36%			69.17%			67.22%			50.86%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

135

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Tactical Unconstrained^® Asset Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.34			$10.80			$10.25			$9.75
Income from investment operations:
Net investment income		0.05			0.17			0.07			0.13
Net realized and unrealized gains on investments		(0.86	)		0.21			0.75			0.55

Total from investment operations		(0.81	)		0.38			0.82			0.68

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.09	)		(0.14	)
Dividends from net realized gains		—			(0.64	)		(0.18	)		(0.04	)

Total distributions		—			(0.84	)		(0.27	)		(0.18	)

Net asset value, end of period		$9.53			$10.34			$10.80			$10.25

Total return		-7.83%²			3.63%			8.01%			7.11%²
Supplemental data and ratios:
Net assets, end of period		$6,002,853			$5,977,217			$1,496,066			$810,333
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.51%³			0.51%			0.51%			0.52%³
After expense reimbursement (recapture) and securities lending credit		0.43%³			0.36%			0.46%			0.46%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		1.06%³			2.01%			1.14%			1.89%³
After expense reimbursement (recapture) and securities lending credit		1.14%³			2.16%			1.19%			1.95%³
Portfolio turnover rate		96.27%²			214.84%			244.90%			195.89%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

136

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Tactical Unconstrained^® Asset Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.32			$10.79			$10.27			$9.54			$10.00
Income from investment operations:
Net investment income		0.03			0.15			0.05			0.09			0.06
Net realized and unrealized gains (losses) on investments		(0.87	)		0.17			0.70			0.78			(0.47	)

Total from investment operations		(0.84	)		0.32			0.75			0.87			(0.41	)

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.05	)		(0.10	)		(0.05	)
Dividends from net realized gains		—			(0.64	)		(0.18	)		(0.04	)		—

Total distributions		—			(0.79	)		(0.23	)		(0.14	)		(0.05	)

Net asset value, end of period		$9.48			$10.32			$10.79			$10.27			$9.54

Total return		-8.14%²			3.08%			7.27%			9.15%			-4.09%²
Supplemental data and ratios:
Net assets, end of period		$437,001,508			$480,492,438			$377,469,190			$310,316,243			$184,703,438
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.10%³			1.10%			1.10%			1.15%			1.32%³
After expense reimbursement (recapture) and securities lending credit		1.02%³			0.97%			1.10%			1.10%			1.10%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		0.47%³			1.00%			0.51%			0.90%			0.90%³
After expense reimbursement (recapture) and securities lending credit		0.55%³			1.43%			0.51%			0.95%			1.12%³
Portfolio turnover rate		96.27%²			214.84%			244.90%			195.89%			293.90%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

137

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Asset Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.02			$10.00			$10.16			$10.19
Income from investment operations:
Net investment income		0.10			0.40			0.41			0.18
Net realized and unrealized losses on investments		(0.27	)		(0.10	)⁶		(0.31	)		(0.02	)

Total from investment operations		(0.17	)		0.30			0.10			0.16

Less distributions:
Dividends from net investment income		—			(0.28	)		(0.26	)		(0.18	)
Dividends from net realized gains		—			—			—			(0.01	)

Total distributions		—			(0.28	)		(0.26	)		(0.19	)

Net asset value, end of period		$9.85			$10.02			$10.00			$10.16

Total return		-1.70%²			3.05%			1.08%			1.53%²
Supplemental data and ratios:
Net assets, end of period		$2,548,947			$2,673,347			$1,014,889			$569,773
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.52%³			0.51%			0.51%			0.51%³
After expense reimbursement (recapture) and securities lending credit		0.40%³			0.34%			0.36%			0.47%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		2.05%³			2.64%			2.24%			2.59%³
After expense reimbursement (recapture) and securities lending credit		2.17%³			2.81%			2.39%			2.63%³
Portfolio turnover rate		50.88%²			91.93%			134.44%			64.86%

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

⁶

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

See notes to financial statements.

138

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Asset Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			April 29, 2011¹ Through March 31, 2012
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.04			$10.01			$10.17			$10.04			$10.00
Income from investment operations:
Net investment income		0.08			0.23			0.19			0.14			0.09
Net realized and unrealized gains (losses) on investments		(0.29	)		0.02			(0.15	)		0.13			0.01

Total from investment operations		(0.21	)		0.25			0.04			0.27			0.10

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.20	)		(0.13	)		(0.06	)
Dividends from net realized gains		—			—			—			(0.01	)		—

Total distributions		—			(0.22	)		(0.20	)		(0.14	)		(0.06	)

Net asset value, end of period		$9.83			$10.04			$10.01			$10.17			$10.04

Total return		-2.09%²			2.47%			0.43%			2.71%			1.01%²
Supplemental data and ratios:
Net assets, end of period		$344,452,237			$366,970,865			$449,186,398			$509,704,884			$238,654,697
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.12%³			1.11%			1.10%			1.13%			1.28%³
After expense reimbursement (recapture) and securities lending credit		0.99%³			0.93%			1.00%			1.10%			1.10%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		1.45%³			1.92%			1.64%			1.80%			1.54%³
After expense reimbursement (recapture) and securities lending credit		1.58%³			2.10%			1.74%			1.83%			1.72%³
Portfolio turnover rate		50.88%²			91.93%			134.44%			64.86%			136.33%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

139

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Multi-Asset Income Asset Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			August 31, 2012¹Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.62			$10.76			$10.58			$10.00
Income from investment operations:
Net investment income		0.19			0.36			0.38			0.22
Net realized and unrealized gains (losses) on investments		(0.85	)		(0.05	)		0.21			0.53

Total from investment operations		(0.66	)		0.31			0.59			0.75

Less distributions:
Dividends from net investment income		(0.18	)		(0.38	)		(0.40	)		(0.17	)
Dividends from net realized gains		—			(0.07	)		(0.01	)		—

Total distributions		(0.18	)		(0.45	)		(0.41	)		(0.17	)

Net asset value, end of period		$9.78			$10.62			$10.76			$10.58

Total return		-6.29%²			3.01%			5.63%			7.55%²
Supplemental data and ratios:
Net assets, end of period		$118,005,943			$140,497,937			$115,477,776			$73,269,622
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.16%³			1.14%			1.18%			1.33%³
After expense reimbursement (recapture) and securities lending credit		0.94%³			0.88%			0.88%			1.10%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.25%³			3.23%			3.66%			3.66%³
After expense reimbursement (recapture) and securities lending credit		3.47%³			3.49%			3.96%			3.89%³
Portfolio turnover rate		26.57%²			66.76%			100.40%			21.35%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

See notes to financial statements.

140

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Fixed Income Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.76			$9.65			$10.00			$10.01
Income from investment operations:
Net investment income		0.09			0.25			0.19			0.13
Net realized and unrealized gains (losses) on investments		(0.27	)		0.11			(0.27	)		(0.04	)

Total from investment operations		(0.18	)		0.36			(0.08	)		0.09

Less distributions:
Dividends from net investment income		(0.09	)		(0.25	)		(0.24	)		(0.10	)
Dividends from net realized gains		—			—			(0.03	)		—	*

Total distributions		(0.09	)		(0.25	)		(0.27	)		(0.10	)

Net asset value, end of period		$9.49			$9.76			$9.65			$10.00

Total return		-1.81%²			3.75%			-0.83%			0.88%²
Supplemental data and ratios:
Net assets, end of period		$2,093,179			$2,257,327			$960,185			$503,918
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.44%³			0.42%			0.41%			0.50%³
After expense reimbursement (recapture) and securities lending credit		0.36%³			0.31%			0.32%			0.43%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		1.74%³			2.66%			1.98%			2.44%³
After expense reimbursement (recapture) and securities lending credit		1.82%³			2.77%			2.07%			2.51%³
Portfolio turnover rate		9.54%²			22.67%			67.82%			18.75%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Amount represents less than $0.01 per share.

See notes to financial statements.

141

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Fixed Income Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			August 31, 2012¹Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.77			$9.64			$9.98			$10.00
Income from investment operations:
Net investment income		0.06			0.19			0.15			0.10
Net realized and unrealized gains (losses) on investments		(0.27	)		0.13			(0.30	)		(0.04	)

Total from investment operations		(0.21	)		0.32			(0.15	)		0.06

Less distributions:
Dividends from net investment income		(0.06	)		(0.19	)		(0.16	)		(0.08	)
Dividends from net realized gains		—			—			(0.03	)		—	*

Total distributions		(0.06	)		(0.19	)		(0.19	)		(0.08	)

Net asset value, end of period		$9.50			$9.77			$9.64			$9.98

Total return		-2.11%²			3.32%			-1.47%			0.59%²
Supplemental data and ratios:
Net assets, end of period		$131,692,644			$143,904,504			$213,499,393			$227,815,865
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.04%³			1.02%			1.01%			1.09%³
After expense reimbursement (recapture) and securities lending credit		0.96%³			0.92%			0.92%			1.03%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		1.14%³			1.72%			1.40%			1.78%³
After expense reimbursement (recapture) and securities lending credit		1.22%³			1.82%			1.49%			1.84%³
Portfolio turnover rate		9.54%²			22.67%			67.82%			18.75%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Amount represents less than $0.01 per share.

See notes to financial statements.

142

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Altegris^® Diversified Alternatives Allocation Fund
	Institutional
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			September 13, 2012¹ Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.48			$9.89			$10.01			$10.07
Income from investment operations:
Net investment income		0.04			0.24			0.28			0.05
Net realized and unrealized gains (losses) on investments		(0.36	)		0.58			(0.11	)		(0.07	)

Total from investment operations		(0.32	)		0.82			0.17			(0.02	)

Less distributions:
Dividends from net investment income		—			(0.23	)		(0.29	)		(0.04	)
Dividends from net realized gains		—			—			—	*		—

Total distributions		—			(0.23	)		(0.29	)		(0.04	)

Net asset value, end of period		$10.16			$10.48			$9.89			$10.01

Total return		-3.05%²			8.34%			1.76%			-0.19%²
Supplemental data and ratios:
Net assets, end of period		$1,935,863			$1,922,961			$737,302			$514,104
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture), fees waived and securities lending credit		0.36%³			0.34%			0.33%			0.30%³
After expense reimbursement (recapture), fees waived and securities lending credit		0.21%³			0.19%			0.18%			0.30%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture), fees waived and securities lending credit		0.72%³			2.30%			3.10%			0.84%³
After expense reimbursement (recapture), fees waived and securities lending credit		0.87%³			2.45%			3.25%			0.84%³
Portfolio turnover rate		7.81%²			19.66%			40.26%			16.16%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Amount represents less than $0.01 per share.

See notes to financial statements.

143

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS


	Altegris^® Diversified Alternatives Allocation Fund
	Service
	Period Ended September 30, 2015			Year Ended March 31, 2015			Year Ended March 31, 2014			August 31, 2012¹Through March 31, 2013
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.48			$9.89			$10.00			$10.00
Income from investment operations:
Net investment income		0.03			0.20			0.26			0.03
Net realized and unrealized gains (losses) on investments		(0.36	)		0.58			(0.11	)		—

Total from investment operations		(0.33	)		0.78			0.15			0.03

Less distributions:
Dividends from net investment income		—			(0.19	)		(0.26	)		(0.03	)
Dividends from net realized gains		—			—			—	*		—

Total distributions		—			(0.19	)		(0.26	)		(0.03	)

Net asset value, end of period		$10.15			$10.48			$9.89			$10.00

Total return		-3.15%²			7.91%			1.50%			0.26%²
Supplemental data and ratios:
Net assets, end of period		$87,384,566			$100,280,211			$128,520,824			$161,223,450
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture), fees waived and securities lending credit		0.96%³			0.94%			0.93%			0.72%³
After expense reimbursement (recapture), fees waived and securities lending credit		0.56%³			0.54%			0.53%			0.72%³
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture), fees waived and securities lending credit		0.09%³			1.40%			2.18%			0.47%³
After expense reimbursement (recapture), fees waived and securities lending credit		0.49%³			1.80%			2.58%			0.47%³
Portfolio turnover rate		7.81%²			19.66%			40.26%			16.16%²

Portfolio Turnover is calculated for the Fund as a whole.

Commencement of operations.

Not annualized.

Annualized.

⁴

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

Amount represents less than $0.01 per share.

See notes to financial statements.

144

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

September 30, 2015

Organization

GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trust dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. GPS Funds I is comprised of the following 7 funds: GuideMark^® Large Cap Core Fund, GuideMark^® Emerging Markets Fund, GuideMark^® Small/Mid Cap Core Fund, GuideMark^® World ex-US Fund, GuideMark^® Opportunistic Equity Fund, GuideMark^® Core Fixed Income Fund, and GuideMark^® Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 9 funds: GuideMark^® Global Real Return Fund, GuideMark^® Opportunistic Fixed Income Fund, GuidePath^® Strategic Asset Allocation Fund, GuidePath^® Tactical Constrained^® Asset Allocation Fund, GuidePath^® Tactical Unconstrained^® Asset Allocation Fund, GuidePath^® Absolute Return Asset Allocation Fund, GuidePath^® Multi-Asset Income Asset Allocation Fund, GuidePath^® Fixed Income Allocation Fund and GuidePath^® Altegris^® Diversified Alternatives Allocation Fund (collectively, the “Funds”). All of the Funds, except for the GuideMark^® Opportunistic Equity Fund and GuideMark^® Opportunistic Fixed Income Fund are classified and operate as diversified funds under the 1940 Act. The GuideMark^® Opportunistic Equity Fund and GuideMark^® Opportunistic Fixed Income Fund are classified as non-diversified. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The GuideMark^® Global Real Return Fund, GuideMark^® Opportunistic Fixed Income Fund, GuidePath^® Strategic Asset Allocation Fund, GuidePath^® Tactical Constrained^® Asset Allocation Fund, GuidePath^® Tactical Unconstrained^® Asset Allocation Fund and GuidePath^® Absolute Return Asset Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark^® Opportunistic Equity Fund, GuideMark^® Global Real Return Fund and GuideMark^® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath^® Strategic Asset Allocation Fund, GuidePath^® Tactical Constrained^® Asset Allocation Fund, GuidePath^® Tactical Unconstrained^® Asset Allocation Fund and GuidePath^® Absolute Return Asset Allocation Fund commenced operations on April 29, 2011. The GuidePath^® Multi-Asset Income Asset Allocation Fund, GuidePath^® Fixed Income Allocation Fund and GuidePath^® Altegris^® Diversified Alternatives Allocation Fund commenced operations on August 31, 2012. Each Fund offers two classes of shares: Service Shares and Institutional Shares.

Effective October 9, 2015 the name of the GuideMark^® Large Cap Growth Fund was changed to the GuideMark^® Large Cap Core Fund, the name of the GuideMark^® Large Cap Value Fund was changed to the GuideMark^® Emerging Markets Fund, and the GuideMark^® Global Real Return Fund has been liquidated and terminated and shares are no longer available for purchase or exchange.

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principals (“GAAP”).

(a)

Investment Valuation

Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market

quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) on each business day. If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation.

To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

145

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

During the period, certain of the securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, bank loans, collateralized mortgage obligations, convertible obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain common stocks, convertible preferred stocks, preferred stocks, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, futures, swaps and options.

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

Foreign currency contracts, futures, swaps and options derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.

Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2015:

GuideMark^® Large Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

168,614,846

—

168,614,846

Real Estate Investment Trusts

1,662,142

—

1,662,142

Short Term Investments

255,122

—

255,122

Total Investments in Securities

170,532,110

—

170,532,110

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.

GuideMark^® Emerging Markets Fund

Level 1

Level 2

Level 3

Total

Common Stocks

181,080,418

—

181,080,418

Short Term Investments

2,005,732

—

2,005,732

Total Investments in Securities

183,086,150

—

183,086,150

146

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

GuideMark^® Small/Mid Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

58,805,379

—

58,805,379

Investment Companies

693,420

—

693,420

Real Estate Investment Trusts

5,308,664

—

5,308,664

Short Term Investments

394,950

—

394,950

Total Investments in Securities

65,202,413

—

65,202,413

GuideMark^® World ex-US Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	6,177,525	$	35,705,774	$	—	$	41,883,299
Consumer Staples		2,094,330		31,969,897		—		34,064,227
Energy		5,439,474		16,107,499		—		21,546,973
Financials		10,117,198		77,056,131		—		87,173,329
Health Care		4,143,942		24,970,242		—		29,114,184
Industrials		972,668		29,502,365		—		30,475,033
Information Technology		1,953,615		22,308,827		—		24,262,442
Materials		2,835,901		22,026,278		—		24,862,179
Telecommunication Services		1,680,152		20,228,579		—		21,908,731
Utilities		170,698		6,528,352		—		6,699,050

Total Common Stocks		35,585,503		286,403,944		—		321,989,447
Investment Companies		1,002,540		—		—		1,002,540
Preferred Stocks		697,301		—		—		697,301
Real Estate Investment Trusts		—		2,373,646		—		2,373,646
Short Term Investments		6,040,431		589,978		—		6,630,409

Total Investments in Securities	$	43,325,775	$	289,367,568	$	—	$	332,693,343

For further information regarding security characteristics, see the Schedule of Investments.

Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:


Description	Investments in Securities
Transfers into Level 1	$	548,295
Transfers out of Level 1		(1,879,434	)

Net Transfers into/(out of) Level 1	$	(1,331,139	)

Transfers into Level 2	$	1,879,434
Transfers out of Level 2		(548,295	)

Net Transfers into/(out of) Level 2	$	1,331,139

Transfers between Level 1 and Level 2 were made due to an increase or decrease in the level of inputs utilized for such securities in accordance with the fair value hierarchy.

There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.

GuideMark^® Opportunistic Equity Fund

Level 1

Level 2

Level 3

Total

Common Stocks

99,533,639

—

99,533,639

Real Estate Investment Trusts

4,126,077

—

4,126,077

Short Term Investments

2,264,168

—

2,264,168

Investments Purchased as Securities Lending Collateral

16,141,334

—

16,141,334

Total Investments in Securities

122,065,218

—

122,065,218

147

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

GuideMark^® Global Real Return Fund

Level 1

Level 2

Level 3

Total

Investment Companies

46,187,653

—

46,187,653

Short Term Investments

4,374,087

—

4,374,087

Total Investments in Securities

50,561,740

—

50,561,740

GuideMark^® Core Fixed Income Fund


	Level 1		Level 2		Level 3		Total
Fixed Income
Asset Backed Securities	$	—	$	31,099,408	$	—	$	31,099,408
Collateralized Mortgage Obligations		—		20,728,946		—		20,728,946
Corporate Obligations		—		111,881,590		—		111,881,590
Foreign Government Debt Obligations		—		689,115		—		689,115
Mortgage Backed Securities		—		97,359,062		—		97,359,062
Municipal Debt Obligations		—		1,636,499		—		1,636,499
U.S. Treasury Obligations		—		31,113,581		—		31,113,581

Total Fixed Income		—		294,508,201		—		294,508,201
Short Term Investments		19,058,210		—		—		19,058,210
Investments Purchased as Securities Lending Collateral		4,186,880		—		—		4,186,880

Total Investments in Securities	$	23,245,090	$	294,508,201	$	—	$	317,753,291

Other Financial Instruments*
Futures	$	75,492	$	—	$	—	$	75,492

Swaps	$	—	$	2,264	$	—	$	2,264

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument.

GuideMark^® Tax-Exempt Fixed Income Fund

Level 1

Level 2

Level 3

Total

Municipal Obligations

—

57,416,348

—

57,416,348

Short Term Investments

981,242

—

981,242

Total Investments in Securities

981,242

57,416,348

—

58,397,590

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

GuideMark^® Opportunistic Fixed Income Fund


	Level 1			Level 2			Level 3		Total
Equity
Common Stock	$	43,268		$	18,505		$	—	$	61,773
Convertible Preferred Stock		413,925			—			—		413,925
Preferred Stock		—			175,313			—		175,313

Total Equity		457,193			193,818			—		651,011
Fixed Income
Asset Backed Securities		—			2,823,221			—		2,823,221
Bank Loans		—			5,568,437			—		5,568,437
Collateralized Mortgage Obligations		—			26,445,300			—		26,445,300
Convertible Obligations		—			1,735,828			—		1,735,828
Corporate Obligations		—			24,231,600			—		24,231,600
Foreign Government Obligations		—			54,457,364			—		54,457,364
Mortgage Backed Securities		—			26,745,267			—		26,745,267
U.S. Treasury Obligations					2,604,150			—		2,604,150

Total Fixed Income		—			144,611,167			—		144,611,167
Purchased Options		—			221,954			—		221,954
Short Term Investments		22,759,150			11,460,335			—		34,219,485

Total Investments in Securities	$	23,216,343		$	156,487,274		$	—	$	179,703,617

Other Financial Instruments*
Forward Currency Contracts	$	—		$	(1,782,222	)	$	—	$	(1,782,222	)
Futures		(105,377	)		—			—		(105,377	)
Options Written		343,161			—			—		343,161
Swaps		—			(1,854,255	)		—		(1,854,255	)

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts, futures, swaps and written options. Forward currency contracts, futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument, while written options are reflected at value.

GuidePath^® Strategic Asset Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

222,700,738

—

222,700,738

Short Term Investments

4,226,513

—

4,226,513

Investments Purchased as Securities Lending Collateral

50,286,040

—

50,286,040

Total Investments in Securities

277,213,291

—

277,213,291

GuidePath^® Tactical Constrained^® Asset Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

151,805,430

—

151,805,430

Short Term Investments

6,536,116

—

6,536,116

Investments Purchased as Securities Lending Collateral

32,047,019

—

32,047,019

Total Investments in Securities

190,388,565

—

190,388,565

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

GuidePath^® Tactical Unconstrained^® Asset Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

422,201,525

—

422,201,525

Short Term Investments

11,317,384

—

11,317,384

Investments Purchased as Securities Lending Collateral

89,649,554

—

89,649,554

Total Investments in Securities

523,168,463

—

523,168,463

GuidePath^® Absolute Return Asset Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

340,040,763

—

340,040,763

Short Term Investments

6,389,223

—

6,389,223

Investments Purchased as Securities Lending Collateral

48,763,638

—

48,763,638

Total Investments in Securities

395,193,624

—

395,193,624

GuidePath^® Multi-Asset Income Asset Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

115,382,734

—

115,382,734

Short Term Investments

2,730,602

—

2,730,602

Investments Purchased as Securities Lending Collateral

27,244,114

—

27,244,114

Total Investments in Securities

145,357,450

—

145,357,450

GuidePath^® Fixed Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

128,264,477

—

128,264,477

Short Term Investments

5,184,681

—

5,184,681

Investments Purchased as Securities Lending Collateral

15,050,813

—

15,050,813

Total Investments in Securities

148,499,971

—

148,499,971

GuidePath^® Altegris^® Diversified Alternatives Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

87,515,806

—

87,515,806

Short Term Investments

1,670,070

—

1,670,070

Total Investments in Securities

89,185,876

—

89,185,876

(b)

Subsequent Events Evaluation.

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

(c)

Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.

(d)

Federal Income Taxes

The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2015, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds are not subject to examination for tax years prior to 2011.

(e)

Use of Estimates

The preparation of financial statements in conformity with GAAP 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 revenues and expenses during the reported period. Actual results could differ from those estimates.

(f)

Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

(g)

Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.

(h)

Organization and Offering Costs

Organization costs consist of costs incurred to establish a Trust and enable it legally to do business. The Fund expenses organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 3). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.

(i)

Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

(j)

Distributions to Shareholders

The Funds, with the exception of the Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Asset Allocation Fund, and Fixed Income Allocation Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Asset Allocation Fund, and Fixed Income Allocation Fund will distribute any net investment income quarterly. All of the Funds will distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

(k)

Derivatives

Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.

Forward Currency Contracts

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

Options

Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange.

The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Futures

Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at

which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The World ex-US Fund, Core Fixed Income Fund and each of the GPS Funds II portfolios may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Core Fixed Income Fund and each of the GPS Funds II portfolios may also purchase and write call and put options on such future contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.

Futures contracts are valued at the daily quoted settlement prices.

Swaps

The Core Fixed Income Fund and each of the GPS Funds II portfolios may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Core Fixed Income Fund and each of the GPS Funds II portfolios may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

Derivative Instruments and Hedging Activities

Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

In general, the use of derivatives may increase the risk within the Fund. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Fund may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Fund was pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as a Fund may receive returns (or suffer losses) exceeding the initial amounts the Fund committed in connection with the derivatives. The use of derivatives can result in losses or gains to a Fund exceeding the amount the Fund would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Fund.

GuideMark^® World ex-US Fund

During the period the Fund utilized exchange traded equity index futures in order to equitize cash. At period end the portfolio was not invested in these instruments.

152

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

The Effect of Derivative Instruments on the Statement of Operations for the Period Ended September 30, 2015


Amount of Realized Loss on Derivatives Recognized in Income				Change in Unrealized Appreciation on Derivatives Recognized in Income
	Futures Contracts				Futures Contracts
Equity Contracts	$	(1,638,187	)	Equity Contracts	$	14,902
Total	$	(1,638,187	)	Total	$	14,902

GuideMark^® Core Fixed Income Fund

During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX to efficiently manage investment grade credit exposure.

Balance Sheet – Values of Derivative Instruments as of September 30, 2015


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value

Credit Contracts – Swaps	Appreciation on Swap Agreements	$	2,264	Depreciation on Swap Agreements	$	—

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		205,237	Unrealized depreciation on futures contracts		129,745

Total		$	207,501		$	129,745

Includes cumulative appreciation/depreciation as reported on the Schedule of Investments.


The Effect of Derivative Instruments on the Statement of Operations for the Period Ended September 30, 2015
Amount of Realized Loss on Derivatives Recognized in Income							Change in Unrealized Depreciation on Derivatives Recognized in Income
	Futures Contracts			Swaps				Futures Contracts		Swaps
Interest Rate Contracts	$	(166,072	)	$	—		Interest Rate Contracts	$	99,137	$	—
Credit Contracts		—			(67,448	)	Credit Contracts		—		2,321
Total	$	(166,072	)	$	(67,448	)	Total	$	99,137	$	2,321

GuideMark^® Opportunistic Fixed Income Fund

The Fund invested in derivatives in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks, including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses.

The Fund seeks to maximize total investment returns through exposure to investments in fixed-income securities, equity securities, and currency instruments. The Fund expects that its exposure to these asset classes will often be obtained substantially through the use of swap agreements. The Fund entered into swap agreements to manage and/or gain exposures to credit risk. The Fund entered into financial futures contracts primarily to manage interest rate risk. The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund entered into option contracts to gain investment exposures in accordance with its objective.

The Fund used currency forwards during the period for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

Balance Sheet – Values of Derivative Instruments as of September 30, 2015


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value

Credit Contracts – Swaps	Appreciation on Swap Agreements	$	5,887	Depreciation on Swap Agreements	$	12,319

Interest Rate Contracts – Swaps	Appreciation on Swap Agreements		3,600	Depreciation on Swap Agreements		1,851,423

Foreign Exchange Contracts – Forward Currency Contracts	Appreciation of forward currency contracts		1,673,194	Depreciation of forward currency contracts		3,455,416

Foreign Exchange Contracts – Options	Investments, at Value		122,560	Options Written, at Value		—

Interest Rate Contracts – Options	Investments, at Value		99,394	Options Written, at Value		343,161

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		—	Unrealized depreciation on futures contracts		(105,377	)

Total		$	1,904,635		$	5,556,942

Includes cumulative appreciation/depreciation as reported on the Schedule of Investments.


The Effect of Derivative Instruments on the Statement of Operations for the Period Ended September 30, 2015

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts		Forward Currency Contracts		Written Options		Purchased Options*			Swaps			Total
Interest Rate Contracts	$	25,030	$	—	$	—	$	6,672		$	(230,622	)	$	(198,920	)
Foreign Exchange Contracts		—		5,180,973		—		(28,851	)		—			5,152,122
Equity Contracts		111,757		—		70,357		(201,697	)		—			(19,583	)
Credit Contracts		—		—		—		—			(92,798	)		(92,798	)
Total	$	136,787	$	5,180,973	$	70,357	$	(223,876	)	$	(323,420	)	$	4,840,821

Included in net realized gain (loss) on investments as reported on the Statement of Operations.


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures			Forward Currency Contracts			Written Options			Purchased Options*			Swaps		Total
Interest Rate Contracts	$	(109,280	)	$	—		$	(285,621	)	$	(9,273	)	$	62,755	$	(341,419	)
Foreign Exchange Contracts		—			(7,926,757	)		—			90,991			—		(7,835,766	)
Equity Contracts		(17,159	)		—			(42,785	)		87,858			—		27,914
Credit Contracts		—			—			—			—			44,969		44,969
Total	$	(126,439	)	$	(7,926,757	)	$	(328,406	)	$	169,576		$	107,724	$	(8,104,302	)

Included in net change in unrealized appreciation (depreciation) on investments as reported on the Statement of Operations.

The average monthly value outstanding of purchased and written options during the period ended September 30, 2015 were as follows:



	GuideMark^® World ex-US Fund		GuideMark^® Core Fixed Income Fund		GuideMark^® Opportunistic Fixed Income Fund
Purchased Options	$	—	$	—	$	103,205
Written Options	$	—	$	—	$	(52,934	)

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

The average monthly notional amount outstanding of futures, forwards, and swaps during the period ended September 30, 2015 were as follows:



Long Positions	GuideMark^® World ex-US Fund		GuideMark^® Core Fixed Income Fund		GuideMark^® Opportunistic Fixed Income Fund
Futures	$	10,464,623	$	19,280,308	$	1,767,045
Forwards	$	—	$	—	$	73,177,814
Swaps	$	—	$	6,487,857	$	23,389,379



Short Positions	GuideMark^® World ex-US Fund		GuideMark^® Core Fixed Income Fund			GuideMark^® Opportunistic Fixed Income Fund
Futures	$	—	$	(11,232,391	)	$	(27,166,765	)
Forwards	$	—	$	—		$	(31,049,552	)



Cross	GuideMark^® World ex-US Fund		GuideMark^® Core Fixed Income Fund		GuideMark^® Opportunistic Fixed Income Fund
Forwards	$	—	$	—	$	20,189,825

Derivative Risks

The risks of using the various types of derivatives in which the Funds may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Fund; the risk that there may not be a liquid secondary market for the derivative at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Fund may induce leverage in the Fund, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund.

Offsetting Assets and Liabilities

GuideMark^® Core Fixed Income Fund

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of September 30, 2015, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities’ and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.


Assets								Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Received		Net Amount
Description / Counterparty
Futures
Credit Suisse	$	205,237	$	(129,745	)	$	75,492	$	—	$	—	$	75,492
Swaps
Morgan Stanley		2,264		—			2,264		—		—		2,264

	$	207,501	$	(129,745	)	$	77,756	$	—	$	—	$	77,756

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015


Liabilities								Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Description / Counterparty
Futures
Credit Suisse	$	129,745	$	(129,745	)	$	—	$	—	$	—	$	—
Swaps
Morgan Stanley		—		—			—		—		—		—

	$	129,745	$	(129,745	)	$	—	$	—	$	—	$	—

GuideMark^® Opportunistic Fixed Income Fund

The Fund attempts to reduce its exposure to counterparty credit risk on over-the counter (“OTC”) derivatives, whenever possible, by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) agreements with certain counterparties. These agreements typically contain various provisions, including but not limited to, collateral requirements and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. The Fund is required to deposit financial collateral in the form of cash and/or securities at the clearing brokers and counterparties to continually meet the original and maintenance requirement established by the clearing brokers and counterparties. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.


Assets							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount
Description / Counterparty
Forward Currency Contracts
Barclays	$	241,528	$	—	$	241,528	$	(133,797	)	$	—	$	107,731
Citibank		162,071		—		162,071		(162,071	)		—		—
Credit Suisse		23,256		—		23,256		(8,444	)		—		14,812
Deutsche Bank		324,665		—		324,665		(324,665	)		—		—
Goldman Sachs		3,194		—		3,194		(3,194	)		—		—
HSBC		27,475		—		27,475		(27,475	)		—		—
JP Morgan Chase		861,282		—		861,282		(861,282	)		—		—
Merrill Lynch		29,141		—		29,141		(29,141	)		—		—
Morgan Stanley		582		—		582		(582	)		—		—
Futures
JP Morgan Chase		—		—		—		—			—		—
Options Written
Morgan Stanley		—		—		—		—			—		—
Swaps
Barclays		3,196		—		3,196		(3,196	)		—		—
Citibank		3,600		—		3,600		(3,600	)		—		—
Deutsche Bank		—		—		—		—			—		—
JP Morgan Chase		—		—		—		—			—		—
Morgan Stanley		2,691		—		2,691		—			—		—

	$	1,682,681	$	—	$	1,682,681	$	(1,557,447	)	$	—	$	122,543

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GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015


Liabilities							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged			Net Amount
Description / Counterparty
Forward Currency Contracts
Barclays	$	133,797	$	—	$	133,797	$	(133,797	)	$	—		$	—
Citibank		817,445		—		817,445		(162,071	)		(550,000	)		105,374
Credit Suisse		8,444		—		8,444		(8,444	)		—			—
Deutsche Bank		845,323		—		845,323		(324,665	)		—			520,658
Goldman Sachs		15,973		—		15,973		(3,194	)		—			12,779
HSBC		334,084		—		334,084		(27,475	)		(260,000	)		46,609
JP Morgan Chase		1,211,118		—		1,211,118		(861,282	)		(88,282	)		261,554
Merrill Lynch		59,589		—		59,589		(29,141	)		—			30,448
Morgan Stanley		29,643		—		29,643		(582	)		—			29,061
Futures
JP Morgan Chase		105,377		—		105,377		(105,377	)		—			—
Options Written
Morgan Stanley		343,161		—		343,161		—			(343,161	)		—
Swaps
Barclays		6,737		—		6,737		(3,196	)		—			3,541
Citibank		19,705		—		19,705		(3,600	)		—			16,105
Deutsche Bank		5,582		—		5,582		—			(5,582	)		—
JP Morgan Chase		1,831,718		—		1,831,718		—			(1,831,718	)		—
Morgan Stanley		—		—		—		—			—			—

	$	5,767,696	$	—	$	5,767,696	$	(1,662,824	)	$	(3,078,743	)	$	1,026,129

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 6 for collateral related to securities on loan.

(l)

Securities Purchased or Sold on a Forward-Commitment Basis

The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

(m)

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such

fluctuations are included with the net realized and unrealized gain or loss from investments.

(n)

Restricted and Illiquid Securities

Each Fund may invest up to 15% of its net assets in securities that are illiquid, which includes securities with legal or contractual restrictions on their disposition, and securities for which there are no readily available market quotations. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under procedures adopted by the Board of Trustees.

(o)

Auction Rate Securities

The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.

(p)

Short Sales

Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

(q)

Trustee Compensation

Effective July 11, 2013, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I and GPS Funds II, the Independent Trustees receive a retainer fee of $65,000 per year, $4,500 per in-person meeting attended, and $2,000 per telephonic meeting attended, as well as reimbursement for expenses incurred in connection with attendance at such meetings. Effective April 1, 2015, the Independent Trustees will also receive $4,500 per annual agreement renewal review meeting, whether it is held in-person or telephonically. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

The “interested persons” who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

(r)

Pending Litigation

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company, which included the GuideMark^® Emerging Markets Fund, who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Investment Advisor

Each Trust has an Investment Advisory Agreement (the “Agreement”) with AssetMark, Inc. (the “Advisor” or “AssetMark”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the

Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:


Large Cap Core Fund			0.70%
Emerging Markets Fund			0.70%
Small/Mid Cap Core Fund			0.75%
World ex-US Fund			0.70%
Opportunistic Equity Fund			0.80%
Global Real Return Fund			0.65%
Core Fixed Income Fund			0.50%
Tax-Exempt Fixed Income Fund			0.50%
Opportunistic Fixed Income Fund			0.70%
Strategic Asset Allocation Fund			0.25%
Tactical Constrained^® Asset Allocation Fund			0.25%
Tactical Unconstrained^® Asset Allocation Fund			0.35%
Absolute Return Asset Allocation Fund			0.35%
Multi-Asset Income Asset Allocation Fund			0.35%
Fixed Income Allocation Fund			0.25%
Altegris^® Diversified Alternatives Allocation Fund			0.15%

AssetMark also provides certain administrative services to the Service Shares of the Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a fee of 0.25% of the average daily net assets of the Service Shares of the Funds. The GuidePath^® Altegris^® Diversified Alternatives Allocation Fund and the Advisor have entered into a Fee Waiver Agreement under which the Advisor has agreed to waive, through July 31, 2016, the Investment Advisory Fee and Administrative Services Fee. These waived fees are not subject to recovery. Additionally, the Advisor voluntarily waived 0.10% of the Investment Advisory Fee for the GuideMark^® Global Real Return Fund for a portion of the period ended September 30, 2015. Due to this waiver not being contractual, the waived Advisory Fees cannot later be recouped and the Advisory Fees stated in the prospectus will not be changed. The administrative services may include development and maintenance of a web-based software platform for both investment advisers and shareholders; creation of a customized full-color client quarterly performance review for each individual client; facilitating the initiation and setup of new account and related asset transfers; reviewing and following up on custodial paperwork; attending to shareholder correspondence, requests and inquiries, and other communications with shareholders and their representatives; assisting with the processing of purchases and redemptions of shares; and monitoring and overseeing non-advisory relationships with entities providing services to the Service Shares; including the transfer agent and custodian.

Effective October 9, 2015 the Investment Advisory Fee for the GuideMark^® Large Cap Core Fund is 0.45%, the GuideMark^® Emerging Markets Fund is 0.59%, the GuideMark^® Small/Mid Cap Core Fund is 0.57%, and the GuideMark^® World ex-US Fund is 0.50%.

In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $6 billion, and an additional 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $12 billion.

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GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

Each Fund and the Advisor have also entered into an Expense Waiver and Reimbursement Agreement under which the Advisor has agreed to waive, through July 31, 2016, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s net annual operating expenses (taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not exceed the following rates, based on each Fund’s average daily net assets:


	Service Shares			Institutional Shares
Large Cap Core Fund		1.49	%		0.89	%
Emerging Markets Fund		1.49	%		0.89	%
Small/Mid Cap Core Fund		1.59	%		0.99	%
World ex-US Fund		1.59	%		0.99	%
Opportunistic Equity Fund		1.60	%		1.00	%
Global Real Return Fund		1.55	%		0.95	%
Core Fixed Income Fund		1.29	%		0.69	%
Tax-Exempt Fixed Income Fund		1.29	%		0.69	%
Opportunistic Fixed Income Fund		1.55	%		0.95	%
Strategic Asset Allocation Fund		1.00	%		0.40	%
Tactical Constrained^® Asset Allocation Fund		1.00	%		0.40	%
Tactical Unconstrained^® Asset Allocation Fund		1.10	%		0.50	%
Absolute Return Asset Allocation Fund		1.10	%		0.50	%
Multi-Asset Income Asset Allocation Fund		1.10	%		0.50	%
Fixed Income Allocation Fund		1.05	%		0.45	%
Altegris^® Diversified Alternatives Allocation Fund		1.00	%		0.40	%

Effective October 9, 2015 the Expense Waiver and Reimbursement for the GuideMark^® Large Cap Core Fund is 1.24% (Service Shares) and 0.64% (Institutional Shares), the GuideMark^® Emerging Markets Fund is 1.65% (Service Shares) and 1.05% (Institutional Shares), the GuideMark^® Small/Mid Cap Core Fund is 1.45% (Service Shares) and 0.85% (Institutional Shares), and the GuideMark^® World ex-US Fund is 1.39% (Service Shares) and 0.79% (Institutional Shares).

Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s expense limitation cap at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the fiscal year in which the fee or expense was waived or reimbursed. As of September 30, 2015, Large Cap Core Fund, Emerging Markets Fund, Opportunistic Equity Fund, Global Real Return Fund, Strategic Asset Allocation Fund, Tactical Unconstrained^® Asset Allocation Fund, Absolute Return Asset Allocation Fund, Multi-Asset Income Asset Allocation Fund, Fixed Income Allocation Fund and Altegris^® Diversified Alternatives Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.

The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their expense cap. Waived expenses subject to potential recovery are as follows:


	Year of Expiration 03/31/2016		Year of Expiration 03/31/2017		Year of Expiration 03/31/2018		Year of Expiration 03/31/2019
Small/Mid Cap Core Fund	$	—	$	—	$	—	$	285
World ex-US Fund		58,830		64,077		—		—
Opportunistic Equity Fund		—		—		—		199
Core Fixed Income Fund		—		—		—		22,851
Tax-Exempt Fixed Income Fund		53,717		66,988		58,715		40,332
Opportunistic Fixed Income Fund		100,926		77,167		188,562		113,752
Tactical Constrained^® Asset Allocation Fund		—		4,421		—		—

Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.

Distribution Plan

Each Trust, on behalf of the Service Shares class of its Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark

Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark Brokerage^TM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent period ended September 30, 2015.

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GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

Service and Custody Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“USBFS”) and a Custody Agreement with U.S. Bank, N.A., an affiliate of USBFS. Under these agreements, USBFS and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.

Additionally, the Opportunistic Fixed Income Fund has entered into a Custody Agreement with the Bank of New York Mellon for certain custody services.

Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. (the “Custodian”). Under the term of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in short

term instruments as noted in the Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against custody costs and other charges incurred by the Funds. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.

During the period ended September 30, 2015, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund and Altegris^® Diversified Alternatives Allocation Fund) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.

Secured Borrowings


Securities Lending Transactions
Overnight and Continuous	Money Market Funds^*
Large Cap Core Fund	$	—
Emerging Markets Fund		—
Small/Mid Cap Core Fund		—
World ex-US Fund		—
Opportunistic Equity Fund		16,141,334
Global Real Return Fund		—
Core Fixed Income Fund		4,186,880
Tax-Exempt Fixed Income Fund		—
Opportunistic Fixed Income Fund		—
Strategic Asset Allocation Fund		50,286,040
Tactical Constrained^® Asset Allocation Fund		32,047,019
Tactical Unconstrained^® Asset Allocation Fund		89,649,554
Absolute Return Asset Allocation Fund		48,763,638
Multi-Asset Income Asset Allocation Fund		27,244,114
Fixed Income Allocation Fund		15,050,813
Altegris^® Diversified Alternatives Allocation Fund		—

Amounts related to agreements not included in offsetting disclosure in footnote 2 (Offsetting Assets and Liabilities).	$	283,369,392

Proceeds from securities lending (MM collateral).

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2015 are summarized below.


	Purchases		Sales
Large Cap Core Fund	$	37,492,025	$	74,318,280
Emerging Markets Fund		15,464,471		32,728,126
Small/Mid Cap Core Fund		30,143,757		34,731,891
World ex-US Fund		131,359,485		89,380,741
Opportunistic Equity Fund		46,066,454		64,816,214
Global Real Return Fund		5,718,794		12,563,630
Core Fixed Income Fund*		227,786,023		232,278,355
Tax-Exempt Fixed Income Fund		2,617,408		8,197,352
Opportunistic Fixed Income Fund**		28,125,226		42,990,744
Strategic Asset Allocation Fund		4,265,963		19,400,565
Tactical Constrained^® Asset Allocation Fund		43,819,731		53,793,854


	Purchases		Sales
Tactical Unconstrained^® Asset Allocation Fund	$	443,295,365	$	457,141,305
Absolute Return Asset Allocation Fund		178,298,796		190,350,572
Multi-Asset Income Asset Allocation Fund		34,285,620		45,976,893
Fixed Income Allocation Fund		12,891,150		22,691,941
Altegris^® Diversified Alternatives Allocation Fund		7,386,722		16,844,307

Included in these amounts were $14,837,818 of purchases and $12,289,447 of sales of U.S. Government Securities.

Included in these amounts were $2,593,536 of purchases and $0 of sales of U.S. Government Securities.

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GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

Transactions with Affiliates

The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.

The GuidePath^® Funds had the following transactions during the period ended September 30, 2015, with affiliates:


	Share Activity								Period Ended September 30, 2015
Security Name	Balance March 31, 2015		Purchases		Sales		Balance September 30, 2015		Fair Value		Dividends Credited to Income		Amount of Gain (Loss) realized on Sale of Shares
Strategic Asset Allocation Fund
Altegris^® Macro Strategy Fund - Institutional Shares		305,699		4,987		22,866		287,820	$	2,483,884	$	—	$	355
Altegris^® Multi-Strategy Alternatives Fund - Institutional Shares		510,598		8,329		38,161		480,766		4,879,775		—		11,530
GuideMark^® Emerging Markets Fund - Institutional Shares		1,600,622		26,155		119,700		1,507,077		17,482,090		—		405,668
GuideMark^® Global Real Return Fund - Institutional Shares		1,301,374		21,254		97,355		1,225,273		8,797,461		—		(134,644	)
GuideMark^® Large Cap Core Fund - Institutional Shares		1,223,084		19,979		91,434		1,151,629		16,975,013		—		372,458
GuideMark^® Opportunistic Equity Fund - Institutional Shares		1,106,932		18,084		82,779		1,042,237		12,183,754		—		13,015
GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		1,408,994		23,047		105,394		1,326,647		20,854,885		—		12,618
GuideMark^® World ex-US Fund - Institutional Shares		5,603,058		91,711		418,586		5,276,183		41,418,039		—		164,231

									$	125,074,901	$	—	$	845,231


Tactical Constrained^® Asset Allocation Fund
GuideMark^® Core Fixed Income Fund - Institutional Shares		2,124,697		305,350		476,530		1,953,517	$	18,538,874	$	179,482	$	(75,711	)
GuideMark^® Emerging Markets Fund - Institutional Shares		968,299		201,648		182,727		987,220		11,451,752		—		440,074
GuideMark^® Large Cap Core Fund - Institutional Shares		784,709		21,892		241,289		565,312		8,332,700		—		1,280,583
GuideMark^® Opportunistic Equity Fund - Institutional Shares		1,494,135		65,892		240,135		1,319,892		15,429,541		—		135,316
GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		966,806		219,708		317,506		869,008		7,925,350		77,221		(86,402	)
GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		606,851		28,639		273,409		362,081		5,691,908		—		1,376,800
GuideMark^® World ex-US Fund - Institutional Shares		3,813,221		571,897		478,722		3,906,396		30,665,211		—		(76,262	)

									$	98,035,336	$	256,703	$	2,994,398


Tactical Unconstrained^® Asset Allocation Fund
GuideMark^® Core Fixed Income Fund - Institutional Shares		906,090		128,716		206,423		828,383	$	7,821,972	$	80,387	$	(19,360	)
GuideMark^® Emerging Markets Fund - Institutional Shares		1,957,974		178,612		261,248		1,875,338		21,753,916		—		(20,859	)
GuideMark^® Large Cap Core Fund - Institutional Shares		914,346		69,222		139,173		844,395		12,446,388		—		21,645
GuideMark^® Opportunistic Equity Fund - Institutional Shares		2,358,179		171,796		256,875		2,273,100		26,572,536		—		(420,790	)
GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		2,150,569		225,806		488,761		1,887,614		17,252,894		168,383		(186,909	)
GuideMark^® Small/Mid Cap Core Fund - Institutional Shares		258,994		22,581		31,552		250,023		3,930,356		—		2,288
GuideMark^® World ex-US Fund - Institutional Shares		2,749,603		833,478		573,172		3,009,909		23,627,783		—		(209,629	)

									$	113,405,845	$	248,770	$	(833,614	)

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015


	Share Activity								Period Ended September 30, 2015
Security Name	Balance March 31, 2015		Purchases		Sales		Balance September 30, 2015		Fair Value		Dividends Credited to Income		Amount of Gain (Loss) realized on Sale of Shares
Absolute Return Asset Allocation Fund
GuideMark^® Core Fixed Income Fund - Institutional Shares		1,283,660		86,184		125,611		1,244,233	$	11,807,772	$	114,193	$	(12,840	)
GuideMark^® Emerging Markets Fund - Institutional Shares		337,528		45,404		53,593		329,339		3,820,330		—		53,245
GuideMark^® World ex-US Fund - Institutional Shares		340,049		58,506		398,555		—		—		—		(45,644	)

									$	15,628,102	$	114,193	$	(5,239	)


Multi-Asset Income Asset Allocation Fund
GuideMark^® Core Fixed Income Fund - Institutional Shares		241,699		18,380		108,362		151,717	$	1,439,795	$	17,486	$	(12,950	)
GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		27,612		1,361		28,973		—		—		2,152		(13,565	)
GuideMark^® World ex-US Fund - Institutional Shares		437,242		29,336		466,578		—		—		—		208,063

									$	1,439,795	$	19,638	$	181,548


Fixed Income Allocation Fund
GuideMark^® Core Fixed Income Fund - Institutional Shares		3,289,684		142,883		427,745		3,004,822	$	28,515,761	$	283,029	$	(106,793	)
GuideMark^® Opportunistic Fixed Income Fund - Institutional Shares		2,129,846		147,657		269,371		2,008,132		18,314,168		166,796		(111,104	)

									$	46,829,929	$	449,825	$	(217,897	)


Altegris^® Diversified Alternatives Allocation Fund
Altegris^®/AACA Real Estate Long Short Fund - Institutional Shares		208,908		1,042		31,506		178,444	$	2,082,439	$	5,845	$	53,183
Altegris^® Equity Long Short Fund - Institutional Shares		4,324,270		11,405		558,428		3,777,247		41,285,314		—		642,406
Altegris^® Fixed Income Long Short Fund - Institutional Shares		2,682,567		44,724		551,478		2,175,813		21,692,856		386,074		102,671
Altegris^® Futures Evolution Strategy Fund - Institutional Shares		702,874		599,075		93,860		1,208,089		13,482,269		115,511		1,158
Altegris^® Macro Strategy Fund - Institutional Shares		854,143		2,163		338,572		517,734		4,468,043		—		74,392
Altegris^® Managed Futures Strategy Fund - Institutional Shares		496,702		10,560		51,302		455,960		4,504,885		—		10,181

									$	87,515,806	$	507,430	$	883,991

Option Contracts Written

The premium amount and number of option contracts written during the period ended September 30, 2015 in the Opportunistic Fixed Income Fund, were as follows:


	Amount of Premiums			Number of Contracts			Notional Amount
Outstanding at 3/31/15	$	59,769			411			—
Options written		75,314			598			4,200,000
Options expired		(68,247	)		(726	)		—
Options exercised		—			—			—
Options closed		(9,296	)		(283	)		—

Outstanding at 9/30/15	$	57,540			—			4,200,000

No other Fund held written option contracts at any time during the period ended September 30, 2015.

162

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

10.

New Accounting Pronouncements

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 “Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)”. The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient. The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Fund’s financial statements and related disclosures.

11.

Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to foreign currency, Passive Foreign Investment Companies, Partnerships and paydown reclassifications. On the Statement of Assets and Liabilities, the following adjustments were made:


	Accumulated Net Investment Income or (Loss)			Accumulated Realized Gain or (Loss)			Capital Stock
Large Cap Core Fund	$	—		$	—		$	—
Emerging Markets Fund		—			—			—
Small/Mid Cap Core Fund		287,043			(287,043	)		—
World ex-US Fund		(338,900	)		338,713			187
Opportunistic Equity Fund		115,484			(115,475	)		(9	)
Global Real Return Fund		(331,119	)		443,932			(112,813	)
Core Fixed Income Fund		509,493			(509,493	)		—
Tax-Exempt Fixed Income Fund		—			—			—
Opportunistic Fixed Income Fund		(3,523,480	)		3,523,480			—
Strategic Asset Allocation Fund		132,951			(132,951	)		—
Tactical Constrained^® Asset Allocation Fund		143,614			(143,614	)		—
Tactical Unconstrained^® Asset Allocation Fund		(6,728	)		6,728			—
Absolute Return Asset Allocation Fund		(15,038	)		15,038			—
Multi-Asset Income Asset Allocation Fund		—			—			—
Fixed Income Allocation Fund		—			—			—
Altegris^® Diversified Alternatives Allocation Fund		—			—			—

The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Indefinite carryovers must be used first, resulting in a greater likelihood that pre-enactment losses may expire. Capital loss carryforwards available for Federal income tax purposes are as follows:


	Capital losses expiring:								Utilized
					Indefinite*
	3/31/2017		3/31/2018		Short Term		Long Term
Large Cap Core Fund	$	—	$	20,896,224	$	—	$	—		18,545,829
Emerging Markets Fund		—		133,344,461		—		—		15,184,865
Small/Mid Cap Core Fund		—		—		—		—		—
World ex-US Fund		62,607,085		139,582,037		—		—		5,736,571
Opportunistic Equity Fund		—		—		—		—		—
Global Real Return Fund		—		—		2,876,650		6,633,937		—
Core Fixed Income Fund		—		—		—		—		2,005,368
Tax-Exempt Fixed Income Fund		1,566,807		2,354,785		—		—		527,118
Opportunistic Fixed Income Fund		—		—		1,877,343		—		1,193,355
Strategic Asset Allocation Fund		—		—		—		—		—
Tactical Constrained^® Asset Allocation Fund		—		—		—		—		—
Tactical Unconstrained^® Asset Allocation Fund		—		—		—		—		—
Absolute Return Asset Allocation Fund		—		—		—		—		6,373,055
Multi-Asset Income Asset Allocation Fund		—		—		—		—		—
Fixed Income Allocation Fund		—		—		68,541		2,435,785		—
Altegris^® Diversified Alternatives Allocation Fund		—		—		—		4,012,889		—

The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses and their character is retained as short-term or long-term losses.

163

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

Additionally, at March 31, 2015, the Funds deferred on a tax basis losses as follows:


	Ordinary Late Year Loss*		Capital Loss
Large Cap Core Fund	$	—	$	—
Emerging Markets Fund		—		—
Small/Mid Cap Core Fund		—		—
World ex-US Fund		—		—
Opportunistic Equity Fund		—		—
Global Real Return Fund		76,721		3,012,139
Core Fixed Income Fund		—		—
Tax-Exempt Fixed Income Fund		—		—
Opportunistic Fixed Income Fund		—		—
Strategic Asset Allocation Fund		151,690		—
Tactical Constrained^® Asset Allocation Fund		—		—
Tactical Unconstrained^® Asset Allocation Fund		—		—
Absolute Return Asset Allocation Fund		—		2,102,472
Multi-Asset Income Asset Allocation Fund		—		229,954
Fixed Income Allocation Fund		—		2,337,494
Altegris^® Diversified Alternatives Allocation Fund		—		—

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.

The tax components of distributions paid during the fiscal years ended March 31, 2015 and March 31, 2014 are as follows:


	Year Ended March 31, 2015
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	612,700	$	—	$	—
Emerging Markets Fund		3,081,621		—		—
Small/Mid Cap Core Fund		806,119		4,104,710		—
World ex-US Fund		5,666,416		—		—
Opportunistic Equity Fund		4,581,200		17,807,110		—
Global Real Return Fund		599,946		—		111,923
Core Fixed Income Fund		4,220,388		441,429		—
Tax-Exempt Fixed Income Fund*		1,871,450		—		—
Opportunistic Fixed Income Fund		9,147,618		—		—
Strategic Asset Allocation Fund		4,680,370		2,554,862		—
Tactical Constrained^® Asset Allocation Fund		2,728,561		8,186,825		—
Tactical Unconstrained^® Asset Allocation Fund		8,230,196		26,176,837		—
Absolute Return Asset Allocation Fund		8,045,672		—		—
Multi-Asset Income Asset Allocation Fund		5,287,667		478,403		—
Fixed Income Allocation Fund		3,018,738		—		—
Altegris^® Diversified Alternatives Allocation Fund		1,916,312		—		—

Contains $1,812,715 of tax-exempt income for year ended 3/31/2015.


	Year Ended March 31, 2014
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	407,732	$	—	$	—
Emerging Markets Fund		2,355,777		—		—
Small/Mid Cap Core Fund		—		23,111		—
World ex-US Fund		3,464,000		—		—
Opportunistic Equity Fund		692,277		6,381,694		—
Global Real Return Fund		601,351		—		15,012
Core Fixed Income Fund		5,638,679		1,135,333		6,193,886
Tax-Exempt Fixed Income Fund*		1,932,202		—		—

164

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015


	Year Ended March 31, 2014
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Opportunistic Fixed Income Fund	$	7,025,818	$	323,275	$	—
Strategic Asset Allocation Fund		3,262,576		3,206,215		—
Tactical Constrained^® Asset Allocation Fund		2,608,371		317,868		—
Tactical Unconstrained^® Asset Allocation Fund		7,263,491		377,506		—
Absolute Return Asset Allocation Fund		9,127,398		—		—
Multi-Asset Income Asset Allocation Fund		3,768,827		14,033		—
Fixed Income Allocation Fund		3,801,218		396,609		—
Altegris^® Diversified Alternatives Allocation Fund		4,140,786		—		—

Contains $1,880,729 of tax-exempt income for year ended 3/31/2014.

At March 31, 2015, the components of accumulated earnings (losses) on a tax basis were as follows:


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund			World ex-US Fund			Opportunistic Equity Fund			Global Real Return Fund
Cost of Investments	$	167,524,135		$	167,253,012		$	80,105,516		$	305,938,893		$	120,157,693		$	89,207,777
Gross Unrealized Appreciation		59,105,108			70,335,703			12,584,155			52,719,678			30,962,617			3,893,760
Gross Unrealized Depreciation		(2,437,161	)		(9,617,677	)		(2,994,951	)		(17,693,720	)		(2,430,580	)		(9,769,013	)

Net Unrealized Appreciation/(Depreciation)		56,667,947			60,718,026			9,589,204			35,025,958			28,532,037			(5,875,253	)

Undistributed Tax-Exempt Ordinary Income		—			—			—			—			—			—
Undistributed Ordinary Income		280,153			565,345			224,202			5,839,895			514,141			—
Undistributed Long-Term Cap Gains		—			—			713,271			—			5,736,650			—

Total Distributable Earnings		280,153			565,345			937,473			5,839,895			6,250,791			—

Other Accumulated Gains/(Losses)		(20,896,224	)		(133,344,461	)		—			(202,258,565	)		6			(12,629,392	)

Total Accumulated Earnings/(Losses)		36,051,876			(72,061,090	)		10,526,677			(161,392,712	)		34,782,834			(18,504,645	)

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.


	Core Fixed Income Fund			Tax-Exempt Fixed Income Fund			Opportunistic Fixed Income Fund			Strategic Asset Allocation Fund			Tactical Constrained^® Asset Allocation Fund			Tactical Unconstrained^® Asset Allocation Fund
Cost of Investments	$	341,278,260		$	59,889,230		$	202,035,813		$	271,412,569		$	161,419,709		$	525,180,754
Gross Unrealized Appreciation		10,563,077			5,121,498			5,111,121			62,160,115			38,353,390			31,354,149
Gross Unrealized Depreciation		(2,300,886	)		(47,414	)		(14,455,934	)		(3,965,379	)		(3,387,321	)		(9,679,214	)

Net Unrealized Appreciation/(Depreciation)		8,262,191			5,074,084			(9,344,813	)		58,194,736			34,966,069			21,674,935

Undistributed Tax-Exempt Ordinary Income		—			27,243			—			—			—			—
Undistributed Ordinary Income		743,574			30,957			1,670,971			—			119,107			658,294
Undistributed Long-Term Cap Gains		858,639			—			—			4,302,870			5,677,043			3,768,696

Total Distributable Earnings		1,602,213			58,200			1,670,971			4,302,870			5,796,150			4,426,990

Other Accumulated Gains/(Losses)		9			(3,921,592	)		(2,429,562	)		(177,911	)		(26,221	)		(26,221	)

Total Accumulated Earnings/(Losses)		9,864,413			1,210,692			(10,103,404	)		62,319,695			40,735,998			26,075,704

165

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2015

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.


	Absolute Return Asset Allocation Fund			Multi-Asset Income Asset Allocation Fund			Fixed Income Allocation Fund			Altegris^® Diversified Alternatives Allocation Fund
Cost of Investments	$	402,047,167		$	155,274,910		$	172,450,407		$	93,941,624
Gross Unrealized Appreciation		7,546,452			5,545,613			2,955,361			9,026,212
Gross Unrealized Depreciation		(5,332,116	)		(2,743,023	)		(4,346,299	)		(834,778	)

Net Unrealized Appreciation/(Depreciation)		2,214,336			2,802,590			(1,390,938	)		8,191,434

Undistributed Tax-Exempt Ordinary Income		—			—			—			—
Undistributed Ordinary Income		1,375,913			356,882			187,986			157,617
Undistributed Long-Term Cap Gains					434,239			—			—

Total Distributable Earnings		1,375,913			791,121			187,986			157,617

Other Accumulated Gains/(Losses)		(2,128,693	)		(229,954	)		(4,841,820	)		(4,012,889	)

Total Accumulated Earnings/(Losses)		1,461,556			3,363,757			(6,044,772	)		4,336,162

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.

166

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION

September 30, 2015

Additional Information

Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year 2015 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:


	Dividends received deduction % for corporate shareholders		% of dividends as qualified income
Large Cap Core Fund		100.00%		100.00%
Emerging Markets Fund		100.00%		100.00%
Small/Mid Cap Core Fund		46.35%		48.31%
World ex-US Fund		0.29%		84.09%
Opportunistic Equity Fund		57.23%		61.66%
Global Real Return Fund		33.17%		93.19%
Core Fixed Income Fund		0.00%		0.00%
Tax-Exempt Fixed Income Fund		0.00%		0.00%
Opportunistic Fixed Income Fund		1.32%		2.67%
Strategic Asset Allocation Fund		37.27%		93.18%
Tactical Constrained^® Asset Allocation Fund		58.59%		75.81%
Tactical Unconstrained^® Asset Allocation Fund		30.00%		59.15%
Absolute Return Asset Allocation Fund		4.82%		8.71%
Multi-Asset Income Asset Allocation Fund		3.19%		26.96%
Fixed Income Allocation Fund		0.74%		1.26%
Altegris^® Diversified Alternatives Allocation Fund		0.01%		0.01%

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2015. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.


	Creditable Foreign Taxes Paid		Per Share Amount		Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
World ex-US Fund	$	663,487	$	0.0169		99.44	%
Strategic Asset Allocation Fund		95,165		0.0041		2.16	%
Tactical Constrained^® Asset Allocation Fund		64,944		0.0041		2.36	%
Tactical Unconstrained^® Asset Allocation Fund		45,806		0.0010		0.55	%
Absolute Return Asset Allocation Fund		7,341		0.0002		0.11	%
Multi-Asset Income Asset Allocation Fund		6,489		0.0005		0.13	%

The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.

167

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2015

Disclosure Regarding Fund Trustees and Officers (Unaudited)


Name, Address and Year of Birth	Position(s) Held with the Trusts	Term of Office and Length of Time Served	Principal Occupation During Past Five Years	# of Portfolios in Fund Complex Overseen by Trustee	Other Director/ Trustee Positions
GPS Funds I and GPS Funds II

Independent Trustees

David M. Dunford Year of Birth: 1949 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Lead Independent Trustee	Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II)	Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001).	17	Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-present); Trustee, Genworth Variable Insurance Trust (“GVIT”) (2008-2012); Director, Hospice and Palliative Care of Cape Cod (2006-2011).

Paul S. Feinberg Year of Birth: 1942 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Independent Trustee	Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II)	Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker-dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005).	17	Trustee, Savos Investments Trust (2015-present); Trustee, GVIT (2008-2012).

Dennis G. Schmal Year of Birth: 1947 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Independent Trustee	Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II)	Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999).	17	Trustee, Savos Investments Trust (2015-present); Director, Blue Calypso, Inc. (2015-present); Director, Owens Realty Mortgage Inc. (2013-present); Director, Cambria ETF Series Trust (2013-present) Director, Sitoa Global Inc. (2011- 2013); Director, Wells Fargo ASGI Hedge Funds (closed-end hedge funds) (2008- present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005- 2014); Director, Merriman Holdings, Inc. (financial services) (2003-present); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007).

Interested Trustee

Carrie E. Hansen* Year of Birth: 1970 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Interested Trustee and Chairperson President	Indefinite Term since 2014 Renewed 1-Year Term since 2007	President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); and President, GVIT (2008-2012); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present).	17	Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Director, Lamorinda Soccer Club (2011-2013).

168

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2015


Name, Address and Year of Birth	Position(s) Held with the Trusts	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
Officers of the Trusts**

John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Chief Compliance Officer and AML Compliance Officer	Renewed 1-Year Term since 2013	Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009).

Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Treasurer	Renewed 1-Year Term since 2014	Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Manager of Fund Administration, AssetMark (May 2014-present); Senior Fund Administration Officer, AssetMark (2008-2014).

Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Secretary	Renewed 1-Year Term since 2014	Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014-present), Savos (2009-2010 and May 2014-present) and GVIT (2008-2010); Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009).

Ms. Hansen is a Trustee who is an “interested person” of the Trust as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.

Each Officer of the Trust serves at the pleasure of the Board.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Holdings Schedules (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Once filed, the Funds’ Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, D.C. 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

Statement Regarding the Basis for Approval of Investment and Sub-Advisory Agreements (Unaudited)

GPS FUNDS I

At the meeting of the Board of Trustees held on July 24, 2015 (the “July Meeting”), the Board approved a new sub-advisory agreement (the “New Sub-Advisory Agreement”) between Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark on behalf of the GSAM Sub-Advised Funds.

The GSAM Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of each GSAM Sub-Advised Fund’s portfolio. Under this structure, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year and, under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, and are subject to replacement, at all times.

The Board – including a majority of the independent Trustees – determined to approve the New Sub-Advisory Agreement. The material factors considered and the conclusions that formed the basis of the Board’s approval of the agreement are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. In preparation for their meeting, the Trustees requested, received, and reviewed information relevant to their consideration of the New Sub-Advisory Agreement. The Trustees also received assistance and advice regarding legal and industry standards from independent counsel to the independent Trustees. In deciding to approve the agreement, the Board did not identify any particular information or any single factor or conclusion that was controlling.

169

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2015

Materials Reviewed and the Review Process

In considering the New Sub-Advisory Agreement, the Trustees considered various materials requested by counsel on behalf of the independent Trustees related to the New Sub-Advisory Agreement, including (1) a copy of the proposed form of sub-advisory agreement between GSAM and AssetMark, on behalf of the GSAM Sub-Advised Funds; (2) GSAM’s responses to AssetMark’s due diligence questionnaire, including information on GSAM’s business, operations and the investment team, including biographical information for the investment professionals that would be responsible for the day-to-day management of each GSAM Sub-Advised Fund’s portfolio investment process; (3) information regarding GSAM’s financial condition; (4) hypothetical investment performance data for GSAM’s proposed investment strategies; (5) AssetMark’s evaluation of the nature, extent and quality of the services to be provided by GSAM; (6) information regarding GSAM’s compliance policies and other internal procedures; and (7) other information relevant to an evaluation of the nature, extent and quality of the services proposed to be provided by GSAM.

The Trustees also considered the recommendations of AssetMark with respect to GSAM and the methods and resources AssetMark utilizes in its efforts to identify and engage sub-advisors for the Funds.

The independent Trustees were assisted by independent counsel throughout the review process. The independent Trustees relied upon the advice of independent counsel and their own business judgment in determining the material factors to be considered in evaluating the New Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the New Sub-Advisory Agreement.

Factors Considered

In considering the New Sub-Advisory Agreement, the Trustees considered the following factors, to the extent they were applicable: (1) the nature, quality and extent of the services to be provided to each GSAM Sub-Advised Fund by GSAM; (2) the anticipated costs of the services and profits to be realized by GSAM and its affiliates from the relationship with the GSAM Sub-Advised Funds, including any “fall-out” or ancillary benefits; (3) the potential effects of asset growth and related economies of scale on each GSAM Sub-Advised Fund’s expenses; and (4) the fees charged by investment advisors of other comparable funds.

Nature, Quality and Extent of Services

The Trustees considered the nature, quality and extent of the services which will be provided by GSAM to each GSAM Sub-Advised Fund. The Trustees considered GSAM’s investment management process, including (a) the experience, capability of GSAM’s management, investment professionals and other personnel who are expected to be responsible for the day-to-day management of each of the GSAM Sub-Advised Funds; (b) the financial position of GSAM; (c) the quality and commitment of GSAM’s regulatory and legal compliance policies, procedures and systems; (d) GSAM’s brokerage and trading practices; and (e) AssetMark’s evaluation of the nature, quality and extent of services to be performed by GSAM.

Based on their consideration and review of the foregoing factors, the Trustees concluded that the nature, extent and quality of the services proposed to be provided by GSAM to the GSAM Sub-Advised Funds supported a decision to approve the New Sub-Advisory Agreement.

Investment Performance

The Trustees considered hypothetical investment performance data for GSAM’s proposed investment strategies relative to benchmark indices, and concluded that GSAM’s performance data, as described in the July Meeting materials, supported a decision to approve the New Sub-Advisory Agreement.

Sub-Advisory Fees

The Trustees considered GSAM’s proposed fee schedule for providing services to each GSAM Sub-Advised Fund. The Trustees considered management’s representation that Advisor’s focus in negotiating sub-advisory arrangements is on negotiating the best possible fee structures for each GSAM Sub-Advised Fund. The Trustees noted that the fees to be paid to GSAM by each GSAM Sub-Advised Fund would be lower than the sub-advisory fees currently paid by AssetMark to each GSAM Sub-Advised Fund’s current sub-advisor. The Trustees acknowledged that AssetMark was proposing that the Board approve at the July Meeting a reduction in AssetMark’s advisory fee for each GSAM Sub-Advised Fund such that each GSAM Sub-Advised Fund would realize the benefits of the lower sub-advisory fees to be paid by AssetMark under the New Sub-Advisory Agreement.

The Trustees concluded that, in light of the quality and extent of the services to be provided, the fees to be paid to GSAM by AssetMark are reasonable.

Profitability; Economies of Scale and Ancillary Benefits

The Trustees did not consider the profitability of GSAM to be a material factor based on representations from AssetMark that it negotiated sub-advisory fees with GSAM on an arm’s-length basis.

The Trustees considered GSAM’s proposed fee schedule, the anticipated effect of asset growth on each GSAM Sub-Advised Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with each GSAM Sub-Advised Fund’s shareholders. The Board concluded that the economies of scale that may be realized by GSAM, if any, do not warrant the implementation of additional breakpoints or other changes in the fee structure for any GSAM Sub-Advised Fund.

170

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2015

The Trustees considered the potential allocation of GSAM Sub-Advised Fund brokerage to brokers affiliated with GSAM, and benefits to GSAM from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that may accrue to GSAM or any affiliate by virtue of GSAM’s relationship with each GSAM Sub-Advised Fund, and concluded that such benefits, if any, were reasonable.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees – including a majority of the independent Trustees, with the assistance of independent counsel – concluded to approve the New Sub-Advisory Agreement, including the fees payable thereunder, with GSAM for the GSAM Sub-Advised Funds.

171

GuideMark^® Funds

GuidePath^® Funds

GUIDEMARK^® FUNDS & GUIDEPATH^® FUNDS

GuideMark^® Large Cap Core Fund (formerly, GuideMark^® Large Cap Growth Fund)

GuideMark^® Emerging Markets Fund (formerly, GuideMark^® Large Cap Value Fund)

GuideMark^® Small/Mid Cap Core Fund

GuideMark^® World ex-US Fund

GuideMark^® Opportunistic Equity Fund

GuideMark^® Global Real Return Fund

GuideMark^® Core Fixed Income Fund

GuideMark^® Tax-Exempt Fixed Income Fund

GuideMark^® Opportunistic Fixed Income Fund

GuidePath^® Strategic Asset Allocation Fund

GuidePath^® Tactical Constrained^® Asset Allocation Fund

GuidePath^® Tactical Unconstrained^® Asset Allocation Fund

GuidePath^® Absolute Return Asset Allocation Fund

GuidePath^® Multi-Asset Income Asset Allocation Fund

GuidePath^® Fixed Income Allocation Fund

GuidePath^® Altegris^® Diversified Alternatives Allocation Fund

Investment Advisor

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

Legal Counsel

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

Independent Registered Public Accounting Firm

Cohen Fund Audit Services, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Custodians

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

BNY Mellon Asset Servicing

One Wall Street

New York, NY 10286

Distributor

AssetMark Brokerage^TM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

This document must be preceded or accompanied by a free prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before you invest or send money.

Semi-Annual Report

September 30, 2015

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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.


(Registrant)	GPS Funds I

By (Signature and Title)		/s/ Carrie E. Hansen
	Carrie E. Hansen, Principal Executive Officer/President

Date	11/25/2015

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.


By (Signature and Title)		/s/ Carrie E. Hansen
		Carrie E. Hansen, Principal Executive Officer/President

Date	11/25/2015

By (Signature and Title)		/s/ Patrick R. Young
		Patrick R Young, Principal Financial Officer/Treasurer

Date	11/17/2015