N-CSR 1 d387524dncsr.htm ANNUAL REPORT FOR THE GPS FUNDS I Annual Report for the GPS Funds I

As filed with the Securities and Exchange Commission on 06/01/17

 

 

 

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, 10th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

 

 

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10th 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, 2017

Date of reporting period: April 1, 2016 through March 31, 2017

 

 

 

Item 1. Reports to Stockholders.

GuideMark® Funds

GuidePath® Funds

 

Investment Advisor

AssetMark, Inc.

 

ANNUAL REPORT

 

March 31, 2017

 

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

GUIDEMARK® TAX-EXEMPT FIXED INCOME FUND

GUIDEMARK® OPPORTUNISTIC FIXED INCOME FUND

GUIDEPATH® GROWTH ALLOCATION FUND

GUIDEPATH® CONSERVATIVE ALLOCATION FUND

GUIDEPATH® TACTICAL ALLOCATION FUND

GUIDEPATH® ABSOLUTE RETURN ALLOCATION FUND

GUIDEPATH® MULTI-ASSET INCOME ALLOCATION FUND

GUIDEPATH® FLEXIBLE INCOME ALLOCATION FUND

GUIDEPATH® MANAGED FUTURES STRATEGY FUND

May 26, 2017

Dear Shareholder:

Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2016 to March 31, 2017.

Market Review

Apart from short-lived periods of market reversals, the global equity markets generally maintained a steady upward march throughout the 12-month period ended March 31, 2017. Over the period, the U.S. equity market outperformed the international developed equity markets but marginally trailed the emerging equity markets, returning 17.2%, 12.3% and 17.7%, respectively.1

During the 12-month period, U.S. stocks rallied alongside an increasingly positive market environment. The risk of recession, according to leading economic indicators, plummeted in the fourth quarter of 2016, GDP growth in the third quarter was strong at 3.5%2, unemployment continued to fall and the number of unfilled jobs rose throughout the period, and investor sentiment jumped in December to the highest level since 2001. President Trump’s promise of infrastructure spending, de-regulation and corporate tax cuts made an already positive environment even more fertile.

Internationally, political uncertainty in Europe, including Brexit and other potential populist actions in elections, weighed down returns in the developed equity markets. However, as the uncertainty lessened and expectations for stronger economic growth and supportive policy from central banks grew, international developed equity markets gained positive traction. Currency movements impacted international returns over the period and eroded returns for U.S. investors. In local currency terms, international developed equity markets outperformed the U.S. equity market with a return of 18.6%3.

Bond markets experienced weaker relative returns over the 12-month period, primarily driven by negative returns in the fourth quarter of 2016, when the U.S. bond market hit a 35-year low4. During the fourth quarter, the U.S. Federal Reserve increased the Fed Funds Rate, only the second increase in the last 10 years, and committed to future increases in 2017. This announcement and general investor anxiety around inflation impacted bond returns and resulted in foreign investors liquidating treasury positons. For the 12-month period ended March 31, 2017, U.S. bonds returned 0.4% while global bonds returned 1.9%. The differential between U.S. and global bonds widened in the fourth quarter of 2016 as the dollar rallied significantly and U.S. bonds returned -2.9% while global bonds returned -7.1%.

GuideMark® and GuidePath® Fund Review

Over the 12-month period ended March 31, 2017, the GuideMark® Funds generally trailed their respective benchmarks. The multi-factor investment approach and industry neutrality were headwinds within developed markets as the quality and momentum factors became highly correlated and negatively impacted the returns of the GuideMark® Large Cap Core, GuideMark® Small/Mid Cap Core and GuideMark® World ex-US Funds. Within emerging markets, both the value and momentum factors lifted returns allowing the GuideMark® Emerging Markets Fund to outperform its benchmark. Security selection within the healthcare sector was a headwind early in the period for the GuideMark® Opportunistic Equity Fund and while these positions rallied in the second half of the period, it wasn’t enough to erase prior losses. Credit selection and duration positioning drove the GuideMark® Core Fixed Income and GuideMark® Tax-Exempt Fixed Income Funds’ weaker relative returns. The GuideMark® Opportunistic Fixed Income Fund outperformed its benchmark due to currency and duration positioning.

The GuidePath® Funds experienced mixed results, with the lower risk funds (i.e., the GuidePath® Absolute Return Allocation and GuidePath® Flexible Income Allocation Funds) producing the strongest relative returns primarily from small equity exposures and a credit emphasis. The GuidePath® Growth Allocation and GuidePath® Conservative Allocation Funds’ returns nearly tracked their respective benchmarks, the biggest headwind being larger exposures to international markets. The GuidePath® Tactical Allocation and GuidePath® Multi-Asset Income Allocation Funds experienced the weakest relative returns and trailed their respective benchmarks. The low volatility environment created a headwind for the GuidePath® Tactical Allocation Fund, which at times had less than 100% of its assets allocated to equities. The GuidePath® Multi-Asset Income Allocation Fund trailed its benchmark due to more diversified exposures across sectors and lower exposure to high yield securities, which outperformed core bonds by approximately 16%.

Looking Ahead

The outlook for the market is highly dependent on future policy initiatives. Taking into account the number of simmering political and geopolitical issues with the potential to impact the market, this is the wrong environment to take positions dependent on the adoption of a highly specific policy agenda. Broad-based portfolio diversification across assets, strategies and geographies is prudent and appropriate.

 

1   

Returns for: U.S. 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 March 31, 2017.

 

2   

Bureau of Economic Analysis, as of February 28, 2017

 

3   

Morningstar, as of March 31, 2017

 

4   

Zephyr Style Advisor, as of December 31, 2016

 

1

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

All index returns are sourced from Morningstar. It is not possible to make an investment in any index.

The AssetMark platform provides fee-based investment advisory programs. Investors are advised to refer to the appropriate Disclosure Brochure, which can be obtained from your financial advisor, for a full description of services provided, including all applicable fees.

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. Principal Underwriter GuideMark® and GuidePath® Funds: AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority, is an affiliate of AssetMark, Inc. and shares its address. ©2016 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.

Past performance is no guarantee of future results.

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.

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

Index Definitions

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 U.S. equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.

FX 2017-0504-0488/E

 

2

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 March 31, 2007. 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® INDEX – The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. As of May 27, 2016, the market capitalization of the companies in the Russell 1000® Index ranged from $2.0 billion to $549.7 billion.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® Large Cap Core Fund

                                    

Service Shares

      11.74 %       9.87 %       6.38 %       3.92 % 

Institutional Shares

      12.46 %       10.50 %       N/A        9.43 % 

Russell 1000® Index

      17.43 %       13.26 %       7.58 %       6.64 %(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® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 11.95%.

 

3

GuideMark® Large Cap Core Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 11.74%, underperforming the Russell 1000® Index at 17.43%.

 

•  

High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

 

•  

Maintaining equal exposure across the quality, value, and momentum factors was a detractor to relative performance as all three factors underperformed.

 

•  

Security selection within the Industrials and Materials sectors contributed to performance. Security selection is purely driven from a systematic factor based process.

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      Apple, Inc.     3.21  
  2      Microsoft Corp.     1.92  
  3      Vanguard S&P 500 ETF     1.59  
  4      JPMorgan Chase & Co.     1.55  
  5      Johnson & Johnson     1.40  
  6      Amazon.com, Inc.     1.24  
  7      Berkshire Hathaway, Inc. – Class B     1.13  
  8      Facebook, Inc. – Class A     1.05  
  9      AT&T, Inc.     0.97  
  10      Alphabet, Inc. – Class A     0.90  

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.

 

4

GuideMark® Emerging Markets 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 March 31, 2007. 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 EMERGING MARKETS INDEX – The MSCI Emerging Markets Index measures the equity market performance of global emerging markets. As of July 31, 2016 the MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: 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 the United Arab Emirates.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® Emerging Markets Fund

                                    

Service Shares

      18.78 %       11.10 %       3.23 %       4.51 % 

Institutional Shares

      19.61 %       11.76 %       N/A        9.97 % 

MSCI Emerging Markets Index

      17.65 %       1.17 %       3.05 %       10.06 %(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 Emerging Markets Index is from the inception date of the Service Shares. The MSCI Emerging Markets Index return from the inception date of the Institutional Shares is -1.04%.

 

5

GuideMark® Emerging Markets Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 18.78%, outperforming the MSCI Emerging Markets Index at 17.65%.

 

•  

Emerging markets experienced positive momentum over the past 12 months and greater differentiation between the value, quality and momentum factors.

 

•  

Exposure to the value factor benefited returns and offset the negative impact from exposure to the quality factor.

 

•  

Security selection within the Utilities and Technology sectors and China lifted returns. All three factors helped security selection within Technology and China, while momentum drove the positive security selection within Utilities.

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      iShares MSCI India ETF     8.92  
  2      Samsung Electronics Co., Ltd.     4.15  
  3      iShares Core MSCI Emerging Markets ETF     3.54  
  4      Tencent Holdings Ltd.     3.49  
  5      Taiwan Semiconductor Manufacturing Co., Ltd.     3.16  
  6      Alibaba Group Holding Ltd. – ADR     2.13  
  7      China Construction Bank Corp. – Series H     1.56  
  8      China Mobile Ltd.     1.34  
  9      Industrial & Commercial Bank of China Ltd. – Series H     1.05  
  10      Naspers Ltd. – N Shares     1.01  

 

6

GuideMark® Small/Mid 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 March 31, 2007. 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 2500TM INDEX – The Russell 2500TM 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 2500TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 27, 2016, the market capitalization of the companies in the Russell 2500TM Index ranged from $133 million to $9.9 billion.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)                
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® Small/Mid Cap Core Fund

                                    

Service Shares

      19.71 %       11.37 %       5.71 %       7.18 % 

Institutional Shares

      20.45 %       12.05 %       N/A        9.40 % 

Russell 2500TM Index

      21.53 %       12.60 %       7.71 %       8.79 %(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 2500TM Index is from the inception date of the Service Shares. The Russell 2500TM Index return from the inception date of the Institutional Shares is 10.25%.

 

7

GuideMark® Small/Mid Cap Core Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 19.71%, underperforming the Russell 2500™ Index at 21.53%.

 

•  

High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

 

•  

While exposure to the momentum and quality factors was the dominant detractor from returns, some of the weakness was offset by the value factor which positively contributed to returns.

 

•  

Security selection within the Real Estate and Technology sectors was additive to returns; however, performance was dampened by security selection and overweight positions within the Consumer Discretionary sector.

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      Vanguard Extended Market ETF     3.14  
  2      IDEXX Laboratories, Inc.     0.30  
  3      Synopsys, Inc.     0.27  
  4      Foot Locker, Inc.     0.24  
  5      Domino’s Pizza, Inc.     0.23  
  6      Cadence Design System, Inc.     0.22  
  7      Torchmark Corp.     0.22  
  8      Quintiles Transnational Holdings, Inc.     0.22  
  9      Advanced Micro Devices, Inc.     0.22  
  10      MSCI, Inc.     0.21  

 

8

GuideMark® World ex-US 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 March 31, 2007. 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 EX-US INDEX – The MSCI World ex-US Index measures the equity market performance of developed markets excluding the United States. As of July 31, 2016 the MSCI World ex-US Index consisted of 45 country indices comprising 22 developed 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.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)                
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® World ex-US Fund

                                    

Service Shares

      9.85 %       3.41 %       -2.52 %       2.26 % 

Institutional Shares

      10.48 %       4.01 %       N/A        1.10 % 

MSCI World ex-US Index

      12.52 %       5.89 %       1.63 %       5.54 %(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 World ex-US Index is from the inception date of the Service Shares. The MSCI World ex-US Index return from the inception date of the Institutional Shares is 2.89%.

 

9

GuideMark® World ex-US Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 9.85%, underperforming the MSCI World ex-US Index at 12.52%.

 

•  

High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

 

•  

While exposure to the momentum and quality factors was the dominant detractor from returns, some of the weakness was offset by the value factor which positively contributed to returns.

 

•  

Overweight exposure to the Consumer Staples sector and underweight exposure to the Financials sector, driven by the quality and momentum factors, detracted from 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      iShares MSCI EAFE ETF     1.68  
  2      Nestle SA     1.46  
  3      Roche Holding AG     1.06  
  4      Glencore Plc     0.82  
  5      Novartis AG     0.82  
  6      Atos SA     0.81  
  7      HSBC Holdings Plc     0.79  
  8      adidas AG     0.72  
  9      Bayer AG     0.66  
  10      British American Tobacco Plc     0.60  

 

10

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 March 31)  
     One Year
      Five Year
      Since Inception(1)
  

GuideMark® Opportunistic Equity Fund

                           

Service Shares

      17.01 %       11.60 %       9.32 % 

Russell 3000® Index

      18.07 %       13.18 %       12.06 % 

 

(1)  

Inception date is 4/1/11.

 

11

GuideMark® Opportunistic Equity Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 17.01%, underperforming the Russell 3000® Index at 18.07%.

 

•  

Sector positioning, which results from bottom-up security selection, was the dominant driver of the underperformance as security selection positively contributed to returns.

 

•  

Underweight exposure to the Technology and Consumer Staples sectors detracted from relative performance. Cyclical stocks mounted a strong rally based on an improving economic outlook in the U.S., including a reflationary environment post election of the U.S. President.

 

•  

Security selection within the Industrials and Financials sectors was beneficial to returns. A higher interest rate environment created a tailwind for Financials and an improving infrastructure and construction environment lifted Industrials.

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      Apple, Inc.     4.43  
  2      Abbott Laboratories     3.15  
  3      Alphabet, Inc. – Class A     3.09  
  4      United Continental Holdings, Inc.     2.75  
  5      Twenty-First Century Fox, Inc. – Class B     2.58  
  6      Berkshire Hathaway, Inc. – Class B     2.06  
  7      MetLife, Inc.     1.86  
  8      Vail Resorts, Inc.     1.85  
  9      Hub Group, Inc. – Class A     1.73  
  10      Microsoft Corp.     1.70  

 

12

GuideMark® Core 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 March 31, 2007. 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.

BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg 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 Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® Core Fixed Income Fund

                                    

Service Shares

      0.02 %       1.55 %       3.32 %       3.90 % 

Institutional Shares

      0.74 %       2.05 %       N/A        2.66 % 

Bloomberg Barclays U.S. Aggregate Bond Index

      0.44 %       2.34 %       4.27 %       4.71 %(2)  

 

(1)  

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

 

(2)  

The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 3.04%.

 

13

GuideMark® Core Fixed Income Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 0.02%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.44%.

 

•  

Bias to corporate credit was additive to returns but preference for higher quality holdings tempered return potential as, for much of the period, lower quality credit outperformed higher quality corporate bonds.

 

•  

Maintaining a more neutral duration position tempered returns for much of the year with the Federal Reserve System’s more dovish interest rate stance.

 

•  

Overweight exposure to commercial mortgage-backed securities, agency mortgage-backed securities and mortgage passthroughs were headwinds as the mortgage sector was a laggard for the period.

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     2.76  
  2      Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 04/15/2042     2.58  
  3      U.S. Treasury Note, 2.000%, 11/15/2021     2.34  
  4      U.S. Treasury Note, 2.000%, 02/15/2022     2.16  
  5      Federal Home Loan Mortgage Corp., Pool #TBA, 3.000%, 04/15/2043     1.83  
  6      U.S. Treasury Bond, 0.125%, 07/15/2024     1.79  
  7      U.S. Treasury Note, 2.375%, 08/15/2024     1.45  
  8      Federal National Mortgage Association, Pool #TBA, 2.500%, 04/15/2028     1.37  
  9      U.S. Treasury Bond, 2.500%, 05/15/2046     1.25  
  10      U.S. Treasury Note, 0.750%, 07/15/2019     1.23  

 

14

GuideMark® Tax-Exempt 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 March 31, 2007. 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.

BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX – The Bloomberg 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 March 31)  
     One Year
      Five Year
      Ten Year
      Since Inception(1)
  

GuideMark® Tax-Exempt Fixed Income Fund

                                    

Service Shares

      -0.82 %       2.41 %       3.35 %       3.43 % 

Bloomberg Barclays Municipal Bond Index

      0.15 %       3.24 %       4.33 %       4.69 % 

 

(1)  

Inception date is 6/29/01.

 

15

GuideMark® Tax-Exempt Fixed Income Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned -0.82%, underperforming the Bloomberg Barclays Municipal Bond Index at 0.15%.

 

•  

The Fund’s exposure to A-rated securities and relative curve positioning detracted from returns.

 

•  

Exposure to BBB-rated bonds and below investment grade bonds was generally additive to overall returns.

 

•  

Security selection within 5-year maturities created some performance lag relative to the Fund’s benchmark.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      New York Environmental Facilities Corporation, Series B, Revenue Bond, 5.500%, 10/15/2027     2.11  
  2      Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond, 5.000%, 09/01/2029     1.94  
  3      Wisconsin, Series 2, Refunding, GO, 5.000%, 05/01/2025     1.90  
  4      Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027     1.90  
  5      California Statewide Community Development Authority, Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034     1.90  
  6      Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022     1.89  
  7      Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, 5.000%, 01/01/2026     1.88  
  8      Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027     1.87  
  9      California, GO, 6.500%, 04/01/2033     1.82  
  10      Fishers Industry Redevelopment District, Revenue Bond, 5.250%, 07/15/2034     1.82  

 

16

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.

BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg 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 March 31)  
     One Year
      Five Year
      Since Inception(1)
  

GuideMark® Opportunistic Fixed Income Fund

                           

Service Shares

      8.20 %       2.46 %       2.14 % 

Institutional Shares

      8.77 %       2.96 %       2.54 % 

Bloomberg Barclays Multiverse Index

      -1.02 %       0.65 %       1.48 %(2)  

 

(1)  

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

 

(2)  

The return shown for the Bloomberg Barclays Multiverse Index is from the inception date of the Service Shares. The Bloomberg Barclays Multiverse Index return from the inception date of the Institutional Shares is 0.91%.

 

17

GuideMark® Opportunistic Fixed Income Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 8.20%, outperforming the Bloomberg Barclays Multiverse Index at -1.02%.

 

•  

Strong performance resulted from currency positioning and defensive duration positioning in the second half of the period.

 

•  

Net long exposure to select Latin American currencies including the Brazilian Real and the Uruguayan Peso along with an underweight exposure to the Euro benefited returns over the period.

 

•  

A significant underweight exposure in longer-dated U.S. Treasury bonds was rewarded as rates moved higher in the second half of the period after being a headwind for the first six months of the period.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Brazil Letras do Tesouro Nacional, 0.000% (yielding 9.538%), 01/01/2019     7.29  
  2      Indonesia Treasury Bond, 8.375%, 09/15/2026     5.04  
  3      Mexican Bonos, 4.750%, 06/14/2018     3.89  
  4      Argentine Bonos del Tesoro, 15.500%, 10/17/2026     3.28  
  5      Mexican Bonos, 5.000%, 12/11/2019     2.87  
  6      Colombian TES, 7.750%, 09/18/2030     2.50  
  7      India Government Bond, 8.125%, 09/21/2022     2.17  
  8      Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041     2.08  
  9      Philippine Government Bond, 3.875%, 11/22/2019     1.89  
  10      Indonesia Treasury Bond, 8.375%, 03/15/2024     1.82  

 

18

GuidePath® Growth 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.

S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Since Inception(1)
  

GuidePath® Growth Allocation Fund

                           

Service Shares

      12.91 %       6.33 %       4.54 % 

Institutional Shares

      13.54 %       N/A        7.20 % 

S&P® Target Risk Aggressive Index

      13.22 %       9.16 %       7.76 %(2)  

 

(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® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 9.25%.

 

19

GuidePath® Growth Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 12.91% performing mostly inline with the S&P® Target Risk Aggressive Index at 13.22%.

 

•  

Returns benefited from exposure to small and mid cap equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. Emerging market equities added to gains helped by higher commodity prices.

 

•  

Small exposures to both global REITs and to long-dated Treasuries tempered performance as yields rose over the period.

 

•  

Exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening commodity prices.

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      Vanguard S&P 500 ETF     22.85  
  2      GuideMark®  World ex-US Fund – Institutional Shares     12.43  
  3      Vanguard FTSE Developed Markets ETF     12.37  
  4      GuideMark®  Small/Mid Cap Core Fund – Institutional Shares     10.29  
  5      GuideMark®  Large Cap Core Fund – Institutional Shares     7.05  
  6      iShares Core MSCI Emerging Markets ETF     6.14  
  7      SPDR S&P China ETF     3.93  
  8      Vanguard REIT ETF     3.21  
  9      iShares 20+ Year Treasury Bond ETF     2.59  
  10      SPDR S&P 600 Small Cap Growth ETF     2.40  

 

20

GuidePath® Conservative 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.

S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Since Inception(1)
  

GuidePath® Conservative Allocation Fund

                           

Service Shares

      5.44 %       4.28 %       3.35 % 

Institutional Shares

      6.09 %       N/A        4.85 % 

S&P® Target Risk Conservative Index

      5.73 %       4.42 %       4.42 %(2)  

 

(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® Target Risk Conservative Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Conservative Index average annual return from the inception date of the Institutional Shares is 4.21%.

 

21

GuidePath® Conservative Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 5.44% performing mostly inline with the S&P® Target Risk Conservative Index at 5.73%.

 

•  

Returns benefited from exposure to small and mid cap equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. A small exposure to emerging market equities added to gains helped by higher commodity prices.

 

•  

Exposure to long-dated Treasuries tempered performance as yields rose over the period. A small exposure to international Treasury bonds also dragged on returns.

 

•  

Exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening commodity prices.

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      iShares 7-10 Year Treasury Bond ETF     12.37  
  2      Vanguard Mortgage-Backed Securities ETF     9.21  
  3      iShares 20+ Year Treasury Bond ETF     8.25  
  4      Vanguard S&P 500 ETF     8.03  
  5      Vanguard FTSE Developed Markets ETF     7.21  
  6      SPDR Bloomberg Barclays High Yield Bond ETF     6.12  
  7      GuideMark®  Small/Mid Cap Core Fund – Institutional Shares     5.84  
  8      iShares 1-3 Year Treasury Bond ETF     5.03  
  9      iShares Edge MSCI Min Vol USA ETF     5.00  
  10      GuideMark®  World ex-US Fund – Institutional Shares     4.42  

 

22

GuidePath® Tactical 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.

S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Five Year
      Since Inception(1)
  

GuidePath® Tactical Allocation Fund

                           

Service Shares

      10.05 %       3.92 %       2.57 % 

Institutional Shares

      10.63 %       N/A        4.43 % 

S&P 500® Daily Risk Control 10% Index

      14.40 %       8.39 %       6.58 %(2)  

 

(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® Daily Risk Control 10% Index is annualized from the inception date of the Service Shares. The S&P 500® Daily Risk Control 10% Index average annual return from the inception date of the Institutional Shares is 8.66%.

 

23

GuidePath® Tactical Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 10.05% underperforming the S&P 500 Daily Risk Control 10% Index at 14.40%.

 

•  

Lower relative equity exposure was a key driver of the underperformance during a time when equities were strong.

 

•  

Exposure to international developed markets, particularly Europe, dampened performance on the strength of the U.S. dollar. Exposure to global REITs and global infrastructure equity also tempered returns.

 

•  

Positioning in U.S. value oriented equities across capitalizations proved beneficial to returns as value stocks were favored and outperformed growth stocks during the period. Exposure to floating rate notes helped performance.

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      Vanguard S&P 500 ETF     53.81  
  2      iShares TIPS Bond ETF     13.08  
  3      Vanguard Extended Market ETF     9.84  
  4      Vanguard Value ETF     5.28  
  5      Vanguard Growth ETF     4.04  
  6      Vanguard Mid-Cap Value ETF     3.78  
  7      Technology Select Sector SPDR Fund     3.40  
  8      Vanguard Small-Cap Value ETF     2.88  
  9      Vanguard Small-Cap Growth ETF     2.80  

 

24

GuidePath® Absolute Return 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.

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 March 31)                     
     One Year
      Five Year
      Since Inception(1)
  

GuidePath® Absolute Return Allocation Fund

                           

Service Shares

      8.54 %       2.75 %       2.49 % 

Institutional Shares

      9.14 %       N/A        3.33 % 

Citigroup 3-Month Treasury Bill Index

      0.34 %       0.11 %       0.10 %(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 average annual return from the inception date of the Institutional Shares is 0.12%.

 

25

GuidePath® Absolute Return Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 8.54% outperforming the Citigroup 3-Month Treasury Bill Index at 0.34%.

 

•  

The primary driver of outperformance was a sizable allocation to high yield bonds which benefited from tightening credit spreads.

 

•  

The flexibility to diversify beyond fixed income proved beneficial. A small exposure to U.S. value equities lifted returns as value stocks were favored and led the strong gains seen in the broader equity markets.

 

•  

Exposure to opportunistic fixed income added to returns helped by the rise of emerging market debt on strengthening commodity prices.

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 Bloomberg Barclays High Yield Bond ETF     22.74  
  2      BlackRock High Yield Portfolio – Institutional Shares     14.60  
  3      JPMorgan Unconstrained Debt Fund – Select Shares     8.22  
  4      Oppenheimer Fundamental Alternatives Fund – Institutional Shares     8.14  
  5      JPMorgan Systematic Alpha Fund – Institutional Shares     5.46  
  6      Vanguard High – Yield Corporate Fund – Admiral Shares     5.42  
  7      Navigator Tactical Fixed Income Fund – Institutional Shares     4.96  
  8      GuideMark®  Core Fixed Income Fund – Institutional Shares     4.40  
  9      T. Rowe Price Institutional Floating Rate Fund     4.38  
  10      Gateway Fund – Class Y     3.74  

 

26

GuidePath® Multi-Asset 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 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.

MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Since Inception(1)
  

GuidePath® Multi-Asset Income Allocation Fund

                  

Service Shares

      8.24 %       4.72 % 

Morningstar Multi-Asset High Income Index

      9.45 %       4.32 % 

 

(1)  

Inception date is 8/31/12.

 

27

GuidePath® Multi-Asset Income Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 8.24% underperforming the Morningstar Multi-Asset High Income Index at 9.45%.

 

•  

Lower relative exposure to high yield bonds which saw double digit returns on tightening credit spreads dampened performance. Small exposures to both global REITs and to long-dated Treasuries tempered performance as yields rose over the period.

 

•  

Returns benefited from exposure to small cap dividend equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. Emerging market dividend equities added to gains, along with a country specific exposure to Australian equity, both helped by strengthening commodity prices.

 

•  

Exposure to preferred stocks which lagged the broader markets tempered 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      WisdomTree High Dividend Fund     12.56  
  2      BlackRock Global Dividend Portfolio – Institutional Shares     10.42  
  3      T. Rowe Price Institutional Floating Rate Fund     9.52  
  4      Vanguard High-Yield Corporate Fund – Admiral Shares     8.05  
  5      iShares International Select Dividend ETF     8.02  
  6      iShares U.S. Preferred Stock ETF     6.91  
  7      SPDR Bloomberg Barclays Short Term Corporate Bond ETF     6.10  
  8      Loomis Sayles Global Equity and Income Fund – Institutional Shares     5.45  
  9      GuideMark® Opportunistic Fixed Income Fund – Institutional Shares     3.50  
  10      Vanguard Total Bond Market ETF     2.65  

 

28

GuidePath® Flexible 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.

BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg 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 Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)              
     One Year
      Since Inception(1)
  

GuidePath® Flexible Income Allocation Fund

                  

Service Shares

      2.73 %       0.95 % 

Institutional Shares

      3.23 %       1.69 % 

Bloomberg Barclays U.S. Aggregate Bond Index

      0.44 %       1.78 %(2)  

 

(1)  

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

 

(2)  

The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 1.88%.

 

29

GuidePath® Flexible Income Allocation Fund

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

 

 

•  

For the 12 months ended March 2017, the Fund’s Service Shares returned 2.73% outperforming the Bloomberg Barclays US Aggregate Bond Index at 0.44%.

 

•  

Fixed income exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening commodity prices. Exposure to floating rate notes also added to performance.

 

•  

Exposure to mortgage-backed securities and positioning in short-to-intermediate term Treasury securities tempered performance as yields rose over the period.

 

•  

The flexibility to diversify beyond traditional fixed income proved beneficial. Modest exposure to broad market global equities lifted performance on strong 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      DoubleLine Total Return Bond Fund – Institutional Shares     12.00  
  2      iShares 7-10 Year Treasury Bond ETF     9.88  
  3      Vanguard Intermediate-Term Corporate Bond ETF     9.87  
  4      T. Rowe Price Institutional Floating Rate Fund     8.86  
  5      Vanguard High-Yield Corporate Fund – Admiral Shares     7.40  
  6      Vanguard Mortgage-Backed Securities ETF     7.38  
  7      iShares 3-7 Year Treasury Bond ETF     7.36  
  8      iShares J.P. Morgan USD Emerging Markets Bond ETF     5.58  
  9      DoubleLine Low Duration Bond Fund – Institutional Shares     5.07  
  10      BlackRock Low Duration Bond Portfolio – Institutional Shares     3.80  

 

30

GuidePath® Managed Futures Strategy 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 January 19, 2016 (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.

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.

SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)  
     One Year
      Since Inception(1)
  

GuidePath® Managed Futures Strategy Fund

                  

Service Shares

      -9.70 %       -10.25 % 

Institutional Shares

      -9.17 %       -9.65 % 

Citigroup 3-Month Treasury Bill Index

      0.34 %       0.32 % 

SG Trend Index

      -9.82 %       -9.93 % 

 

(1)  

Inception date is 1/19/16 for Service Shares and Institutional Shares.

 

31

GuidePath® Managed Futures Strategy Fund

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

 

 

•  

For the 12 months ended March 31, 2017, the Fund’s Service Shares returned -9.70%, underperforming the Citigroup 3-Month Treasury Bill Index at 0.34% and outperforming the SG Trend Index at -9.82%.

 

•  

Long exposure to global equities contributed positively as pro-growth policies in the U.S. helped lift the performance of global equities.

 

•  

Long positions in longer dated Treasuries dampened returns as the trends in interest rates reversed and rose in the second half of the period.

 

•  

Long positions in commodities combined with short positions in currencies including the Mexican Peso hurt returns as shorter term trends reversed over the period.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank    Security/Holding   % of Net
Assets		  
     The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2017.        

 

32

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2017

 

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 October 1, 2016 to March 31, 2017.

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.

 

33

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2017

 

Fund         Beginning
Account Value
October 1, 2016		      Ending
Account Value
March 31, 2017		      Annualized
Expense Ratio1
based on the period
October 1, 2016 –
March 31, 2017		      Expenses Paid
During Period2
October 1, 2016  –
March 31, 2017		  
INSTITUTIONAL SHARES                                         

GuideMark® Large Cap

Core Fund

    Actual    $ 1,000.00      $ 1,076.10        0.67%      $ 3.47  
   Hypothetical3    $ 1,000.00      $ 1,021.59        0.67%      $ 3.38  

GuideMark® Emerging

Markets Fund

    Actual    $ 1,000.00      $ 1,071.60        1.07%      $ 5.53  
   Hypothetical3    $ 1,000.00      $ 1,019.60        1.07%      $ 5.39  

GuideMark® Small/Mid Cap

Core Fund

    Actual    $ 1,000.00      $ 1,097.10        0.90%      $ 4.71  
   Hypothetical3    $ 1,000.00      $ 1,020.44        0.90%      $ 4.53  

GuideMark® World

ex-US Fund

    Actual    $ 1,000.00      $ 1,054.40        0.81%      $ 4.15  
   Hypothetical3    $ 1,000.00      $ 1,020.89        0.81%      $ 4.08  

GuideMark® Core

Fixed Income Fund

    Actual    $ 1,000.00      $ 979.40        0.71%      $ 3.50  
   Hypothetical3    $ 1,000.00      $ 1,021.39        0.71%      $ 3.58  

GuideMark® Opportunistic

Fixed Income Fund

    Actual    $ 1,000.00      $ 1,089.60        0.95%      $ 4.95  
   Hypothetical3    $ 1,000.00      $ 1,020.19        0.95%      $ 4.78  

GuidePath® Growth

Allocation Fund

    Actual    $ 1,000.00      $ 1,064.20        0.42%      $ 2.16  
   Hypothetical3    $ 1,000.00      $ 1,022.84        0.42%      $ 2.12  

GuidePath® Conservative

Allocation Fund

    Actual    $ 1,000.00      $ 1,007.90        0.50%      $ 2.50  
   Hypothetical3    $ 1,000.00      $ 1,022.44        0.50%      $ 2.52  

GuidePath® Tactical

Allocation Fund

    Actual    $ 1,000.00      $ 1,068.70        0.53%      $ 2.73  
   Hypothetical3    $ 1,000.00      $ 1,022.29        0.53%      $ 2.67  

GuidePath® Absolute Return

Allocation Fund

    Actual    $ 1,000.00      $ 1,029.40        0.62%      $ 3.14  
   Hypothetical3    $ 1,000.00      $ 1,021.84        0.62%      $ 3.13  

GuidePath® Flexible Income

Allocation Fund

    Actual    $ 1,000.00      $ 996.70        0.49%      $ 2.44  
   Hypothetical3    $ 1,000.00      $ 1,022.49        0.49%      $ 2.47  

GuidePath® Managed Futures

Strategy Fund

    Actual    $ 1,000.00      $ 962.60        1.30%      $ 6.36  
   Hypothetical3    $ 1,000.00      $ 1,018.45        1.30%      $ 6.54  
1   

The expense ratio excludes the securities lending credit.

 

2   

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

 

3   

5% annualized return before expenses.

 

34

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2017

 

Fund         Beginning
Account Value
October 1, 2016		      Ending
Account Value
March 31, 2017		      Annualized
Expense Ratio1
based on the period
October 1, 2016 –
March 31, 2017		      Expenses Paid
During Period2
October 1, 2016  –
March 31, 2017		  
SERVICE SHARES                                         
GuideMark® Large Cap    Actual    $ 1,000.00      $ 1,072.90        1.24%      $ 6.41  
Core Fund    Hypothetical3    $ 1,000.00      $ 1,018.75        1.24%      $ 6.24  
GuideMark® Emerging    Actual    $ 1,000.00      $ 1,067.90        1.65%      $ 8.51  
Markets Fund    Hypothetical3    $ 1,000.00      $ 1,016.70        1.65%      $ 8.30  
GuideMark® Small/Mid Cap    Actual    $ 1,000.00      $ 1,094.00        1.48%      $ 7.73  
Core Fund    Hypothetical3    $ 1,000.00      $ 1,017.55        1.48%      $ 7.44  
GuideMark® World    Actual    $ 1,000.00      $ 1,051.80        1.41%      $ 7.21  
ex-US Fund    Hypothetical3    $ 1,000.00      $ 1,017.90        1.41%      $ 7.09  
GuideMark® Opportunistic    Actual    $ 1,000.00      $ 1,110.10        1.64%      $ 8.63  
Equity Fund    Hypothetical3    $ 1,000.00      $ 1,016.75        1.64%      $ 8.25  
GuideMark® Core    Actual    $ 1,000.00      $ 975.50        1.31%      $ 6.45  
Fixed Income Fund    Hypothetical3    $ 1,000.00      $ 1,018.40        1.31%      $ 6.59  
GuideMark® Tax-Exempt    Actual    $ 1,000.00      $ 975.50        1.29%      $ 6.35  
Fixed Income Fund    Hypothetical3    $ 1,000.00      $ 1,018.50        1.29%      $ 6.49  
GuideMark® Opportunistic    Actual    $ 1,000.00      $ 1,086.90        1.55%      $ 8.06  
Fixed Income Fund    Hypothetical3    $ 1,000.00      $ 1,017.20        1.55%      $ 7.80  
GuidePath® Growth    Actual    $ 1,000.00      $ 1,060.90        1.02%      $ 5.24  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,019.85        1.02%      $ 5.14  
GuidePath® Conservative    Actual    $ 1,000.00      $ 1,005.80        1.09%      $ 5.45  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,019.50        1.09%      $ 5.49  
GuidePath® Tactical    Actual    $ 1,000.00      $ 1,066.20        1.12%      $ 5.77  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,019.35        1.12%      $ 5.64  
GuidePath® Absolute Return    Actual    $ 1,000.00      $ 1,026.70        1.22%      $ 6.16  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,018.85        1.22%      $ 6.14  
GuidePath® Multi-Asset Income    Actual    $ 1,000.00      $ 1,024.30        1.16%      $ 5.85  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,019.15        1.16%      $ 5.84  
GuidePath® Flexible Income    Actual    $ 1,000.00      $ 993.60        1.09%      $ 5.42  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,019.50        1.09%      $ 5.49  
GuidePath® Managed Futures    Actual    $ 1,000.00      $ 959.20        1.90%      $ 9.28  
Strategy Fund    Hypothetical3    $ 1,000.00      $ 1,015.46        1.90%      $ 9.55  
1   

The expense ratio excludes the securities lending credit.

 

2   

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

 

3   

5% annualized return before expenses.

 

35

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 95.17%

 

       

Aerospace & Defense - 1.41%

 

  2,489    

BE Aerospace, Inc.

   $ 159,570  
  1,805    

Boeing Co.

     319,232  
  1,017    

BWX Technologies, Inc.

     48,409  
  980    

General Dynamics Corp.

     183,456  
  2,635    

HEICO Corp. (a)

     229,772  
  3,151    

HEICO Corp. - Class A

     236,325  
  3,322    

Honeywell International, Inc.

     414,818  
  1,496    

Huntington Ingalls Industries, Inc.

     299,559  
  1,399    

L3 Technologies, Inc.

     231,241  
  314    

Lockheed Martin Corp.

     84,026  
  962    

Northrop Grumman Corp.

     228,802  
  767    

Raytheon Co.

     116,968  
  2,265    

Spirit AeroSystems Holdings, Inc. - Class A

     131,189  
  1,488    

United Technologies Corp.

     166,968  
           
              2,850,335  
           
       

Air Freight & Logistics - 0.35%

 

  4,512    

C.H. Robinson Worldwide, Inc. (a)

     348,732  
  1,887    

Expeditors International of Washington (a)

     106,597  
  541    

FedEx Corp.

     105,576  
  1,424    

United Parcel Service, Inc. - Class B

     152,795  
           
              713,700  
           
       

Airlines - 0.91%

 

  607    

Alaska Air Group, Inc.

     55,978  
  2,401    

Copa Holdings SA - Class A (a)

     269,512  
  7,787    

Delta Air Lines, Inc.

     357,890  
  20,080    

JetBlue Airways Corp. (b)

     413,849  
  2,866    

Southwest Airlines Co. (a)

     154,076  
  8,405    

United Continental Holdings, Inc. (b)

     593,729  
           
              1,845,034  
           
       

Auto Components - 0.07%

 

  936    

Lear Corp.

     132,519  
           
       

Automobiles - 0.36%

 

  39,503    

Ford Motor Co.

     459,815  
  2,781    

Thor Industries, Inc.

     267,337  
           
              727,152  
           
       

Banks - 4.74%

 

  646    

Bank Hawaii Corp.

     53,205  
  73,731    

Bank of America Corp.

     1,739,314  
  2,588    

BB&T Corp. (a)

     115,684  
  6,100    

CIT Group, Inc.

     261,873  
  18,563    

Citigroup, Inc.

     1,110,439  
  3,447    

Citizens Financial Group, Inc.

     119,094  
  978    

Commerce Bancshares, Inc. (a)

     54,924  
  639    

Cullen Frost Bankers, Inc. (a)

     56,852  
  1,149    

East West Bancorp, Inc. (a)

     59,300  
  8,301    

Fifth Third Bancorp

     210,845  
  35,811    

JPMorgan Chase & Co.

     3,145,638  
  6,646    

KeyCorp

     118,166  
  790    

M&T Bank Corp.

     122,237  
  1,849    

PNC Financial Services Group, Inc.

     222,324  
  6,121    

Popular, Inc.

     249,308  
  11,489    

Regions Financial Corp.

     166,935  
  2,485    

SunTrust Banks, Inc.

     137,420  
  258    

SVB Financial Group (b)

     48,011  
  5,421    

U.S. Bancorp (a)

     279,182  

Number of
Shares

        

Value

  
       

Banks (Continued)

 

  24,059    

Wells Fargo & Co.

   $ 1,339,124  
           
              9,609,875  
           
       

Beverages - 1.13%

 

  2,127    

Brown-Forman Corp. - Class A

     100,118  
  2,484    

Brown-Forman Corp. - Class B

     114,711  
  1,656    

Dr. Pepper Snapple Group, Inc.

     162,155  
  3,169    

Monster Beverage Corp. (b)

     146,313  
  11,081    

PepsiCo, Inc.

     1,239,521  
  12,516    

The Coca-Cola Co.

     531,179  
           
              2,293,997  
           
       

Biotechnology - 1.53%

 

  2,782    

Amgen, Inc.

     456,443  
  2,366    

Biogen, Inc. (b)

     646,912  
  3,662    

Celgene Corp. (b)

     455,663  
  11,221    

Gilead Sciences, Inc.

     762,130  
  1,745    

Seattle Genetics, Inc. (b)

     109,691  
  2,859    

United Therapeutics Corp. (b)

     387,051  
  2,506    

Vertex Pharmaceuticals, Inc. (b)

     274,031  
           
              3,091,921  
           
       

Building Products - 0.81%

 

  4,746    

A. O. Smith Corp. (a)

     242,805  
  1,407    

Allegion Plc

     106,510  
  1,377    

Fortune Brands Home & Security, Inc.

     83,790  
  2,250    

Lennox International, Inc. (a)

     376,425  
  4,731    

Masco Corp.

     160,807  
  7,591    

Owens Corning, Inc.

     465,860  
  6,552    

USG Corp. (a)(b)

     208,354  
           
              1,644,551  
           
       

Capital Markets - 0.93%

 

  362    

Ameriprise Financial, Inc.

     46,944  
  7,543    

Artisan Partners Asset Management, Inc. - Class A

     208,187  
  11,907    

Donnelley Financial Solutions, Inc. (b)

     229,686  
  5,735    

Eaton Vance Corp.

     257,846  
  4,177    

Federated Investors, Inc. - Class B

     110,022  
  3,866    

Lazard Ltd. - Class A - ADR

     177,797  
  1,703    

LPL Financial Holdings, Inc.

     67,830  
  7,664    

Morgan Stanley

     328,326  
  838    

Raymond James Financial, Inc.

     63,906  
  1,590    

SEI Investments Co.

     80,200  
  1,520    

T. Rowe Price Group, Inc.

     103,588  
  1,748    

The Bank of New York Mellon Corp.

     82,558  
  3,111    

The Charles Schwab Corp.

     126,960  
           
              1,883,850  
           
       

Chemicals - 1.64%

 

  3,566    

AdvanSix, Inc. (b)

     97,423  
  2,508    

Albemarle Corp. (a)

     264,945  
  3,923    

Cabot Corp.

     235,027  
  1,731    

E.I. du Pont de Nemours & Co.

     139,051  
  2,008    

Eastman Chemical Co.

     162,247  
  882    

Ecolab, Inc.

     110,550  
  778    

FMC Corp.

     54,141  
  27,974    

Huntsman Corp. (a)

     686,482  
  357    

International Flavors & Fragrances, Inc. (a)

     47,313  
  465    

LyondellBasell Industries NV - Class A

     42,403  
  1,331    

Monsanto Co.

     150,669  
  367    

NewMarket Corp. (a)

     166,336  
 

 

See notes to financial statements.

 

36

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Chemicals (Continued)

 

  10,258    

Platform Specialty Products Corp. (b)

   $ 133,559  
  1,924    

PPG Industries, Inc.

     202,174  
  3,943    

RPM International, Inc.

     216,983  
  3,386    

The Dow Chemical Co.

     215,147  
  2,394    

The Scotts Miracle-Gro Co. - Class A (a)

     223,576  
  1,627    

Valspar Corp.

     180,499  
           
              3,328,525  
           
       

Commercial Services & Supplies - 1.02%

 

  578    

Avery Dennison Corp.

     46,587  
  2,921    

Cintas Corp.

     369,623  
  3,988    

Copart, Inc. (b)

     246,977  
  16,501    

LSC Communications, Inc.

     415,165  
  4,905    

Republic Services, Inc.

     308,083  
  8,373    

Rollins, Inc. (a)

     310,890  
  5,194    

Waste Management, Inc.

     378,746  
           
              2,076,071  
           
       

Communications Equipment - 1.38%

 

  1,756    

Arista Networks, Inc. (a)(b)

     232,266  
  12,290    

ARRIS International Plc (b)

     325,070  
  12,107    

Brocade Communications Systems, Inc.

     151,095  
  27,846    

Cisco Systems, Inc.

     941,195  
  2,194    

F5 Networks, Inc. (b)

     312,799  
  1,221    

Harris Corp.

     135,861  
  1,496    

Juniper Networks, Inc.

     41,634  
  1,008    

Motorola Solutions, Inc.

     86,910  
  9,945    

QUALCOMM, Inc.

     570,246  
           
              2,797,076  
           
       

Construction & Engineering - 1.17%

 

  15,074    

AECOM (a)(b)

     536,484  
  17,554    

Chicago Bridge & Iron Co. NV

     539,785  
  3,746    

Fluor Corp.

     197,115  
  11,618    

Jacobs Engineering Group, Inc. (a)

     642,243  
  12,325    

Quanta Services, Inc. (b)

     457,381  
           
              2,373,008  
           
       

Construction Materials - 0.13%

 

  554    

Eagle Materials, Inc.

     53,816  
  993    

Martin Marietta Materials, Inc.

     216,722  
           
              270,538  
           
       

Consumer Finance - 1.47%

 

  25,107    

Ally Financial, Inc.

     510,425  
  5,505    

American Express Co.

     435,501  
  7,093    

Capital One Financial Corp.

     614,679  
  540    

Credit Acceptance Corp. (a)(b)

     107,682  
  2,540    

Discover Financial Services

     173,711  
  35,754    

Navient Corp.

     527,729  
  41,182    

Santander Consumer USA Holdings, Inc. (a)(b)

     548,544  
  1,658    

Synchrony Financial

     56,869  
           
              2,975,140  
           
       

Containers & Packaging - 0.34%

 

  840    

Bemis Co., Inc. (a)

     41,043  
  1,308    

Berry Plastics Group, Inc. (b)

     63,530  
  4,436    

Graphic Packaging Holding Co.

     57,091  
  3,914    

Owens-Illinois, Inc. (b)

     79,767  
  2,636    

Packaging Corp. of America

     241,510  
  775    

Sonoco Products Co. (a)

     41,013  

Number of
Shares

        

Value

  
       

Containers & Packaging (Continued)

 

  3,241    

WestRock Co.

   $ 168,629  
           
              692,583  
           
       

Distributors - 0.16%

 

  2,101    

Genuine Parts Co.

     194,153  
  4,615    

LKQ Corp. (b)

     135,081  
           
              329,234  
           
       

Diversified Consumer Services - 0.28%

 

  492    

Graham Holdings Co. - Class B

     294,979  
  9,286    

H&R Block, Inc.

     215,899  
  1,224    

ServiceMaster Global Holdings, Inc. (b)

     51,102  
           
              561,980  
           
       

Diversified Financial Services - 0.82%

 

  4,610    

CBOE Holdings, Inc.

     373,733  
  1,483    

CME Group, Inc.

     176,180  
  1,992    

Leucadia National Corp.

     51,792  
  2,097    

MarketAxess Holdings, Inc.

     393,166  
  2,778    

MSCI, Inc.

     269,994  
  3,108    

S&P Global, Inc.

     406,340  
           
              1,671,205  
           
       

Diversified Telecommunication Services - 1.71%

 

  47,108    

AT&T, Inc. (a)

     1,957,338  
  13,707    

CenturyLink, Inc. (a)

     323,074  
  2,279    

Level 3 Communications, Inc. (b)

     130,404  
  19,648    

Verizon Communications, Inc.

     957,840  
  3,048    

Zayo Group Holdings, Inc. (b)

     100,279  
           
              3,468,935  
           
       

Electric Utilities - 0.92%

 

  9,631    

AES Corp.

     107,675  
  659    

American Electric Power Co., Inc.

     44,239  
  1,603    

Avangrid, Inc.

     68,512  
  540    

Duke Energy Corp.

     44,285  
  2,356    

Edison International

     187,561  
  582    

Entergy Corp. (a)

     44,209  
  5,973    

Exelon Corp.

     214,909  
  2,025    

FirstEnergy Corp. (a)

     64,435  
  2,713    

Hawaiian Electric Industries, Inc.

     90,370  
  1,970    

NextEra Energy, Inc.

     252,889  
  5,966    

OGE Energy Corp.

     208,691  
  2,127    

Pinnacle West Capital Corp.

     177,349  
  854    

Southern Co.

     42,512  
  3,982    

Westar Energy, Inc.

     216,103  
  2,382    

Xcel Energy, Inc. (a)

     105,880  
           
              1,869,619  
           
       

Electrical Equipment - 0.63%

 

  844    

Acuity Brands, Inc. (a)

     172,176  
  856    

Agilent Technologies, Inc. (a)

     45,257  
  2,056    

Eaton Corp. Plc

     152,452  
  730    

Emerson Electric Co.

     43,698  
  7,905    

Regal Beloit Corp. (a)

     598,013  
  1,653    

Rockwell Automation, Inc.

     257,389  
           
              1,268,985  
           
       

Electronic Equipment, Instruments & Components - 0.92%

 

  3,783    

Amphenol Corp. - Class A

     269,236  
  2,162    

Arrow Electronics, Inc. (b)

     158,712  
  1,476    

CDW Corp. (a)

     85,180  
  3,706    

Cognex Corp.

     311,119  
 

 

See notes to financial statements.

 

37

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Electronic Equipment, Instruments & Components (Continued)

 

  12,337    

Corning, Inc. (a)

   $ 333,099  
  3,019    

Dolby Laboratories, Inc. - Class A

     158,226  
  14,937    

Fitbit, Inc. - Class A (a)(b)

     88,427  
  3,391    

Keysight Technologies, Inc. (b)

     122,551  
  6,720    

National Instruments Corp.

     218,803  
  1,914    

Trimble Navigation Ltd. (b)

     61,267  
  685    

Zebra Technologies Corp. - Class A (b)

     62,506  
           
              1,869,126  
           
       

Energy Equipment & Services - 1.33%

 

  3,683    

Baker Hughes, Inc.

     220,317  
  42,486    

Ensco Plc - Class A

     380,250  
  5,204    

Halliburton Co.

     256,089  
  69,651    

Noble Corp. Plc (a)

     431,140  
  12,292    

Oceaneering International, Inc. (a)

     332,867  
  4,891    

Patterson-UTI Energy, Inc. (a)

     118,704  
  33,778    

Rowan Cos., Inc. - Class A (a)(b)

     526,261  
  2,615    

RPC, Inc. (a)

     47,881  
  649    

Schlumberger Ltd. - ADR

     50,687  
  26,525    

Transocean, Ltd. - ADR (a)(b)

     330,236  
           
              2,694,432  
           
       

Food & Staples Retailing - 2.52%

 

  1,448    

Casey’s General Stores, Inc. (a)

     162,538  
  3,261    

Costco Wholesale Corp.

     546,837  
  10,893    

CVS Caremark Corp.

     855,101  
  9,562    

Kroger Co.

     281,983  
  27,628    

Rite Aid Corp. (b)

     117,419  
  13,209    

Sprouts Farmers Market, Inc. (a)(b)

     305,392  
  8,790    

SYSCO Corp.

     456,377  
  3,897    

US Foods Holding Corp. (b)

     109,038  
  7,499    

Walgreens Boots Alliance, Inc.

     622,792  
  18,941    

Wal-Mart Stores, Inc.

     1,365,267  
  9,622    

Whole Foods Market, Inc. (a)

     285,966  
           
              5,108,710  
           
       

Food Products - 2.72%

 

  5,406    

Archer Daniels Midland Co.

     248,892  
  10,209    

Blue Buffalo Pet Products, Inc. (a)(b)

     234,807  
  7,220    

Bunge Ltd.

     572,257  
  967    

Campbell Soup Co. (a)

     55,351  
  6,256    

ConAgra Foods, Inc.

     252,367  
  24,165    

Flowers Foods, Inc. (a)

     469,043  
  683    

General Mills, Inc. (a)

     40,304  
  2,152    

Hershey Co.

     235,106  
  3,066    

Ingredion, Inc.

     369,238  
  584    

Kellogg Co.

     42,404  
  1,120    

Lamb Weston Holdings, Inc.

     47,107  
  771    

McCormick & Co, Inc. - Non Voting

     75,211  
  1,315    

Mondelez International, Inc. - Class A

     56,650  
  3,648    

Pinnacle Foods, Inc.

     211,110  
  4,402    

Post Holdings, Inc. (a)(b)

     385,263  
  6,282    

The Hain Celestial Group, Inc. (b)

     233,690  
  1,843    

The J.M. Smucker Co.

     241,581  
  1,425    

The Kraft Heinz Co.

     129,404  
  2,663    

The WhiteWave Foods Co. (b)

     149,528  
  7,916    

TreeHouse Foods, Inc. (a)(b)

     670,169  
  12,929    

Tyson Foods, Inc. - Class A (a)

     797,849  
           
              5,517,331  
           

Number of
Shares

        

Value

  
       

Gas Utilities - 0.42%

 

  2,383    

National Fuel Gas Co.

   $ 142,075  
  5,614    

ONEOK, Inc. (a)

     311,240  
  7,870    

UGI Corp.

     388,778  
           
              842,093  
           
       

Health Care Equipment & Supplies - 1.65%

 

  2,443    

ABIOMED, Inc. (a)(b)

     305,863  
  4,115    

Align Technology, Inc. (b)

     472,032  
  898    

Baxter International, Inc. (a)

     46,570  
  240    

Becton, Dickinson & Co.

     44,026  
  1,750    

Boston Scientific Corp. (b)

     43,522  
  879    

C.R. Bard, Inc.

     218,467  
  3,434    

DexCom, Inc. (a)(b)

     290,963  
  2,059    

Edwards Lifesciences Corp. (b)

     193,690  
  691    

Hill-Rom Holdings, Inc.

     48,785  
  4,193    

IDEXX Laboratories, Inc. (a)(b)

     648,280  
  63    

Intuitive Surgical, Inc. (a)(b)

     48,288  
  555    

Medtronic Plc

     44,711  
  3,512    

Stryker Corp.

     462,355  
  246    

Teleflex, Inc.

     47,657  
  978    

The Cooper Companies, Inc. (a)

     195,492  
  2,769    

West Pharmaceutical Services, Inc. (a)

     225,978  
           
              3,336,679  
           
       

Health Care Providers & Services - 2.70%

 

  3,553    

Aetna, Inc. (a)

     453,185  
  2,345    

Anthem, Inc.

     387,816  
  1,734    

Cardinal Health, Inc. (a)

     141,408  
  5,237    

Centene Corp. (b)

     373,189  
  812    

Cerner Corp. (a)(b)

     47,786  
  2,462    

CIGNA Corp.

     360,658  
  2,921    

Davita, Inc. (b)

     198,540  
  5,419    

Express Scripts Holding Co. (a)(b)

     357,166  
  525    

HCA Holdings, Inc. (a)(b)

     46,720  
  1,152    

Henry Schein, Inc. (b)

     195,805  
  614    

Laboratory Corporation of America Holdings (a)(b)

     88,091  
  1,990    

McKesson Corp.

     295,037  
  1,385    

Patterson Cos., Inc. (a)

     62,644  
  1,157    

PerkinElmer, Inc.

     67,175  
  1,439    

Premier, Inc. - Class A (b)

     45,803  
  1,720    

Quest Diagnostics, Inc. (a)

     168,887  
  9,446    

UnitedHealth Group, Inc.

     1,549,239  
  1,051    

VCA, Inc. (b)

     96,167  
  3,825    

WellCare Health Plans, Inc. (b)

     536,303  
           
              5,471,619  
           
       

Health Care Technology - 0.42%

 

  18,859    

Allscripts Healthcare Solutions, Inc. (a)(b)

     239,132  
  2,823    

athenahealth, Inc. (a)(b)

     318,124  
  5,638    

Veeva Systems, Inc. - Class A (a)(b)

     289,117  
           
              846,373  
           
       

Hotels, Restaurants & Leisure - 1.79%

 

  2,246    

Aramark

     82,810  
  3,814    

Brinker International, Inc. (a)

     167,663  
  2,935    

Carnival Corp. - ADR

     172,901  
  2,476    

Choice Hotels International, Inc.

     154,998  
  1,386    

Darden Restaurants, Inc. (a)

     115,967  
  3,233    

Domino’s Pizza, Inc.

     595,842  
  1,046    

Dunkin’ Brands Group, Inc.

     57,195  
 

 

See notes to financial statements.

 

38

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hotels, Restaurants & Leisure (Continued)

 

  2,669    

Extended Stay America, Inc.

   $ 42,544  
  931    

Hilton Worldwide Holdings, Inc.

     54,426  
  3,600    

Hyatt Hotels Corp. - Class A (a)(b)

     194,328  
  17,547    

International Game Technology Plc

     415,864  
  749    

Las Vegas Sands Corp.

     42,745  
  989    

Marriott International, Inc. - Class A (a)

     93,144  
  3,964    

McDonald’s Corp.

     513,774  
  530    

Panera Bread Co. - Class A (a)(b)

     138,791  
  5,697    

Starbucks Corp.

     332,648  
  3,951    

The Wendy’s Co.

     53,773  
  253    

Vail Resorts, Inc.

     48,551  
  1,443    

Wyndham Worldwide Corp.

     121,630  
  2,320    

Yum Brands, Inc.

     148,248  
  2,839    

Yum China Holdings, Inc. (a)(b)

     77,221  
           
              3,625,063  
           
       

Household Durables - 0.28%

 

  1,086    

Garmin Ltd. (a)

     55,506  
  38    

NVR, Inc. (a)(b)

     80,061  
  2,174    

Tempur Sealy International, Inc. (a)(b)

     101,004  
  5,182    

Tupperware Brands Corp. (a)

     325,015  
           
              561,586  
           
       

Household Products - 1.35%

 

  1,833    

Church & Dwight, Inc. (a)

     91,412  
  2,013    

Clorox Co. (a)

     271,413  
  6,329    

Colgate-Palmolive Co.

     463,219  
  1,918    

Energizer Holdings, Inc. (a)

     106,928  
  2,690    

Kimberly-Clark Corp.

     354,085  
  14,775    

Procter & Gamble Co.

     1,327,534  
  862    

Spectrum Brands Holdings, Inc. (a)

     119,827  
           
              2,734,418  
           
       

Independent Power and Renewable Electricity Producers - 0.76%

 

  66,146    

Calpine Corp. (a)(b)

     730,913  
  43,277    

NRG Energy, Inc. (a)

     809,280  
           
              1,540,193  
           
       

Industrial Conglomerates - 0.90%

 

  4,571    

3M Co.

     874,569  
  858    

Carlisle Companies, Inc. (a)

     91,300  
  29,097    

General Electric Co.

     867,091  
           
              1,832,960  
           
       

Insurance - 3.66%

 

  2,734    

Aflac, Inc.

     197,996  
  3,587    

Allied World Assurance Co. Holdings, Ltd.

     190,470  
  643    

Allstate Corp.

     52,398  
  474    

American Financial Group, Inc.

     45,229  
  1,991    

Aon Plc

     236,312  
  463    

Arch Capital Group, Ltd. - ADR (b)

     43,878  
  1,688    

Arthur J. Gallagher & Co.

     95,439  
  2,515    

Aspen Insurance Holdings, Ltd.

     130,906  
  2,533    

Assurant, Inc.

     242,332  
  4,441    

Assured Guaranty, Ltd.

     164,805  
  1,395    

Axis Capital Holdings, Ltd.

     93,507  
  13,742    

Berkshire Hathaway, Inc. - Class B (b)

     2,290,516  
  2,479    

Brown & Brown, Inc.

     103,424  
  320    

Chubb Limited (a)

     43,600  
  2,216    

Erie Indemnity Co. - Class A

     271,903  

Number of
Shares

        

Value

  
       

Insurance (Continued)

 

  614    

Everest Re Group, Ltd.

   $ 143,559  
  3,277    

First American Financial Corp.

     128,721  
  4,137    

Lincoln National Corp.

     270,767  
  8,685    

Marsh & McLennan Cos., Inc.

     641,735  
  3,028    

MetLife, Inc.

     159,939  
  6,137    

Old Republic International Corp.

     125,686  
  2,213    

Principal Financial Group, Inc. (a)

     139,662  
  5,126    

Prudential Financial, Inc.

     546,842  
  3,567    

Reinsurance Group of America

     452,938  
  584    

RenaissanceRe Holdings, Ltd.

     84,476  
  1,506    

The Travelers Cos., Inc.

     181,533  
  1,266    

Torchmark Corp.

     97,533  
  5,299    

Unum Group

     248,470  
           
              7,424,576  
           
       

Internet & Direct Marketing Retail - 2.21%

 

  2,842    

Amazon.com, Inc. (b)

     2,519,547  
  830    

Expedia, Inc.

     104,721  
  84,532    

Groupon, Inc. (a)(b)

     332,211  
  5,855    

Liberty Expedia Holdings, Inc. - Class A (b)

     266,285  
  3,108    

Netflix, Inc. (b)

     459,394  
  353    

The Priceline Group, Inc. (b)

     628,329  
  3,725    

TripAdvisor, Inc. (b)

     160,771  
           
              4,471,258  
           
       

Internet Software & Services - 3.91%

 

  1,565    

Akamai Technologies, Inc. (b)

     93,431  
  2,163    

Alphabet, Inc. - Class A (b)

     1,833,791  
  2,186    

Alphabet, Inc. - Class C (b)

     1,813,418  
  12,957    

CommerceHub, Inc. - Series A (b)

     200,574  
  18,059    

CommerceHub, Inc. - Series C (b)

     280,456  
  9,070    

eBay, Inc. (b)

     304,480  
  14,974    

Facebook, Inc. - Class A (b)

     2,127,057  
  5,024    

IAC/InterActiveCorp (b)

     370,369  
  9,534    

Match Group, Inc. (a)(b)

     155,690  
  9,629    

Pandora Media, Inc. (a)(b)

     113,719  
  1,990    

Twilio, Inc. - Class A (a)(b)

     57,451  
  951    

VeriSign, Inc. (a)(b)

     82,842  
  986    

Yahoo!, Inc. (b)

     45,760  
  9,544    

Yelp, Inc. - Class A (a)(b)

     312,566  
  1,469    

Zillow Group, Inc. - Class A (b)

     49,667  
  2,243    

Zillow Group, Inc. - Class C (a)(b)

     75,522  
           
              7,916,793  
           
       

IT Services - 2.83%

 

  5,137    

Accenture Plc - Class A - ADR (a)

     615,824  
  906    

Alliance Data Systems Corp.

     225,594  
  2,670    

Amdocs Ltd.

     162,843  
  4,723    

Booz Allen Hamilton Holding Corp. - Class A

     167,147  
  2,275    

Broadridge Financial Solutions, Inc.

     154,586  
  4,973    

Cognizant Technology Solutions Corp. - Class A (b)

     295,993  
  3,987    

Computer Sciences Corp.

     275,143  
  2,984    

Conduent, Inc. (b)

     50,072  
  6,591    

CoreLogic, Inc. (b)

     268,386  
  1,782    

CSRA, Inc.

     52,195  
  1,035    

DST Systems, Inc.

     126,787  
  571    

Euronet Worldwide, Inc. (a)(b)

     48,832  
  2,909    

Fidelity National Information Services, Inc.

     231,615  
  12,388    

First Data Corp. - Class A (b)

     192,014  
  583    

Fiserv, Inc. (a)(b)

     67,226  
 

 

See notes to financial statements.

 

39

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

IT Services (Continued)

 

  2,741    

Gartner, Inc. (b)

   $ 296,001  
  9,715    

Genpact, Ltd.

     240,543  
  988    

Leidos Holdings, Inc.

     50,526  
  2,513    

MasterCard, Inc. - Class A

     282,637  
  2,690    

Paychex, Inc.

     158,441  
  4,970    

PayPal Holdings, Inc. (a)(b)

     213,809  
  15,447    

Square, Inc. - Class A (b)

     266,924  
  6,080    

The Western Union Co. (a)

     123,728  
  3,396    

T-Mobile USA, Inc. (a)(b)

     219,348  
  2,435    

Total System Services, Inc.

     130,175  
  5,650    

VeriFone Holdings, Inc. (a)(b)

     105,824  
  1,639    

Visa, Inc. - Class A (a)

     145,658  
  458    

WEX, Inc. (a)(b)

     47,403  
  69,783    

Xerox Corp.

     512,207  
           
              5,727,481  
           
       

Leisure Products - 0.52%

 

  745    

Brunswick Corp.

     45,594  
  2,226    

Hasbro, Inc. (a)

     222,199  
  3,592    

Mattel, Inc.

     91,991  
  1,228    

Polaris Industries, Inc. (a)

     102,907  
  3,659    

Pool Corp. (a)

     436,629  
  7,709    

Vista Outdoor, Inc. (b)

     158,728  
           
              1,058,048  
           
       

Life Sciences Tools & Services - 0.83%

 

  313    

Bio-Rad Laboratories, Inc. - Class A (b)

     62,393  
  11,030    

Bruker Corp.

     257,330  
  1,060    

Charles River Laboratories (b)

     95,347  
  738    

Illumina, Inc. (b)

     125,932  
  611    

Mettler-Toledo International, Inc. (b)

     292,614  
  1,417    

QIAGEN NV

     41,037  
  1,525    

Quintiles Transnational Holdings, Inc. (a)(b)

     122,808  
  1,398    

Thermo Fisher Scientific, Inc.

     214,733  
  15,295    

VWR Corp. (b)

     431,319  
  295    

Waters Corp. (b)

     46,112  
           
              1,689,625  
           
       

Machinery - 2.76%

 

  1,274    

Allison Transmission Holdings, Inc.

     45,940  
  3,110    

Caterpillar, Inc.

     288,484  
  5,158    

Colfax Corp. (a)(b)

     202,503  
  1,073    

Crane Co.

     80,293  
  2,334    

Cummins, Inc.

     352,901  
  512    

Danaher Corp. (a)

     43,791  
  4,784    

Donaldson Co., Inc.

     217,768  
  2,099    

Fortive Corp.

     126,402  
  1,861    

Graco, Inc. (a)

     175,194  
  445    

IDEX Corp.

     41,612  
  3,838    

Illinois Tool Works, Inc.

     508,420  
  4,077    

Ingersoll-Rand Plc

     331,542  
  3,641    

Lincoln Electric Holdings, Inc.

     316,257  
  2,501    

Nordson Corp.

     307,223  
  5,952    

Oshkosh Corp.

     408,248  
  1,990    

PACCAR, Inc.

     133,728  
  2,286    

Parker-Hannifin Corp.

     366,491  
  646    

Snap On, Inc. (a)

     108,961  
  349    

Stanley Black & Decker, Inc.

     46,372  
  16,887    

Terex Corp. (a)

     530,252  
  4,872    

The Timken Co.

     220,214  

Number of
Shares

        

Value

  
       

Machinery (Continued)

 

  9,286    

Toro Co.

   $ 580,003  
  3,309    

Xylem, Inc.

     166,178  
           
              5,598,777  
           
       

Marine - 0.03%

 

  929    

Kirby Corp. (a)(b)

     65,541  
           
       

Media - 2.39%

 

  406    

Cable One, Inc.

     253,535  
  898    

Charter Communications, Inc. - Class A (b)

     293,933  
  8,596    

Clear Channel Outdoor Holdings, Inc. - Class A

     52,006  
  22,108    

Comcast Corp. - Class A

     831,040  
  2,069    

Discovery Communications, Inc. - Series C (b)

     58,573  
  1,963    

John Wiley & Sons, Inc. - Class A

     105,609  
  1,193    

Liberty Broadband Corp. - Class A (b)

     101,512  
  2,324    

Liberty Broadband Corp. - Class C (a)(b)

     200,794  
  14,293    

Liberty Interactive Corp. QVC Group - Class A (b)

     286,146  
  6,728    

Liberty Media Corp. - Class A (b)

     261,854  
  8,854    

Liberty Media Corp. - Class C (b)

     343,358  
  2,387    

Lions Gate Entertainment Corp. - Class A (b)

     63,399  
  2,739    

Lions Gate Entertainment Corp. - Class B (b)

     66,777  
  557    

Morningstar, Inc.

     43,780  
  14,276    

News Corp. - Class A

     185,588  
  13,070    

News Corp. - Class B

     176,445  
  1,919    

Regal Entertainment Group - Class A (a)

     43,331  
  533    

Scripps Networks Interactive, Inc. - Class A (a)

     41,771  
  3,465    

TEGNA, Inc.

     88,773  
  7,737    

The Walt Disney Co.

     877,299  
  4,089    

Time Warner, Inc.

     399,536  
  2,357    

Twenty-First Century Fox, Inc. - Class A

     76,343  
           
              4,851,402  
           
       

Metals & Mining - 1.07%

 

  12,320    

Freeport-McMoRan, Inc. (a)(b)

     164,595  
  11,603    

Newmont Mining Corp.

     382,435  
  2,641    

Nucor Corp.

     157,721  
  7,123    

Reliance Steel & Aluminum Co.

     569,982  
  1,868    

Royal Gold, Inc. (a)

     130,853  
  13,522    

Steel Dynamics, Inc.

     470,025  
  8,942    

United States Steel Corp.

     302,329  
           
              2,177,940  
           
       

Multiline Retail - 1.62%

 

  5,237    

Burlington Stores, Inc. (a)(b)

     509,508  
  10,696    

Dillard’s, Inc. - Class A (a)

     558,759  
  3,360    

Dollar General Corp. (a)

     234,293  
  1,909    

Dollar Tree, Inc. (a)(b)

     149,780  
  17,382    

J.C. Penney Co., Inc. (a)(b)

     107,073  
  15,708    

Kohl’s Corp.

     625,336  
  15,127    

Macy’s, Inc.

     448,364  
  5,425    

Nordstrom, Inc. (a)

     252,642  
  7,189    

Target Corp. (a)

     396,761  
           
              3,282,516  
           
       

Multi-Utilities - 0.88%

 

  3,039    

Alliant Energy Corp.

     120,375  
  3,248    

Ameren Corp.

     177,308  
  10,610    

CenterPoint Energy, Inc. (a)

     292,518  
  3,170    

CMS Energy Corp.

     141,826  
  1,576    

Consolidated Edison, Inc. (a)

     122,392  
  629    

Dominion Resources, Inc.

     48,791  
 

 

See notes to financial statements.

 

40

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Multi-Utilities (Continued)

 

  1,880    

DTE Energy Co.

   $ 191,967  
  10,168    

MDU Resources Group, Inc. (a)

     278,298  
  2,641    

PG&E Corp.

     175,257  
  410    

Sempra Energy

     45,305  
  2,555    

Vectren Corp.

     149,749  
  710    

WEC Energy Group, Inc. (a)

     43,047  
           
              1,786,833  
           
       

Oil, Gas & Consumable Fuels - 2.61%

 

  1,654    

Anadarko Petroleum Corp.

     102,548  
  7,658    

Chevron Corp.

     822,239  
  431    

Concho Resources, Inc. (b)

     55,315  
  12,600    

CONSOL Energy, Inc. (a)(b)

     211,428  
  1,049    

EOG Resources, Inc.

     102,330  
  18,668    

Exxon Mobil Corp.

     1,530,963  
  3,844    

Laredo Petroleum, Inc. (b)

     56,122  
  3,333    

Parsley Energy, Inc. - Class A (b)

     108,356  
  24,661    

PBF Energy, Inc. - Class A (a)

     546,734  
  639    

Pioneer Natural Resources Co. (a)

     119,001  
  11,172    

Rice Energy, Inc. (a)(b)

     264,776  
  4,878    

Targa Resources Corp.

     292,192  
  3,435    

The Williams Companies, Inc.

     101,642  
  6,955    

Valero Energy Corp.

     461,047  
  9,969    

World Fuel Services Corp.

     361,376  
  11,076    

WPX Energy, Inc. (a)(b)

     148,308  
           
              5,284,377  
           
       

Paper & Forest Products - 0.10%

 

  4,012    

International Paper Co. (a)

     203,729  
           
       

Personal Products - 0.82%

 

  8,516    

Herbalife, Ltd. (a)(b)

     495,120  
  3,217    

Mead Johnson Nutrition Co.

     286,570  
  9,583    

Nu Skin Enterprises, Inc. - Class A (a)

     532,240  
  4,077    

The Estee Lauder Cos., Inc. - Class A

     345,689  
           
              1,659,619  
           
       

Pharmaceuticals - 3.87%

 

  908    

Abbott Laboratories

     40,324  
  4,696    

AbbVie, Inc.

     305,991  
  846    

Allergan Plc

     202,126  
  7,738    

Bristol-Myers Squibb Co.

     420,793  
  3,947    

Eli Lilly & Co.

     331,982  
  62,343    

Endo International Plc (b)

     695,748  
  22,830    

Johnson & Johnson

     2,843,477  
  13,292    

Mallinckrodt Plc (a)(b)

     592,425  
  14,337    

Merck & Co., Inc.

     910,973  
  10,905    

Mylan NV (a)(b)

     425,186  
  27,009    

Pfizer, Inc.

     923,978  
  2,817    

Zoetis, Inc.

     150,343  
           
              7,843,346  
           
       

Professional Services - 0.47%

 

  347    

Equifax, Inc.

     47,449  
  2,533    

ManpowerGroup, Inc.

     259,810  
  8,386    

Robert Half International, Inc. (a)

     409,488  
  2,101    

The Dun & Bradstreet Corp.

     226,782  
           
              943,529  
           
       

Real Estate Management & Development - 0.51%

 

  3,269    

CBRE Group, Inc. - Class A (b)

     113,729  
  390    

Jones Lang LaSalle, Inc. (a)

     43,465  

Number of
Shares

        

Value

  
       

Real Estate Management & Development (Continued)

 

  29,608    

Realogy Holdings Corp. (a)

   $ 882,022  
           
              1,039,216  
           
       

Road & Rail - 0.60%

 

  6,996    

CSX Corp.

     325,664  
  434    

J.B. Hunt Transport Services, Inc.

     39,815  
  3,458    

Landstar System, Inc.

     296,178  
  773    

Norfolk Southern Corp.

     86,553  
  969    

Old Dominion Freight Line, Inc. (a)

     82,917  
  3,729    

Union Pacific Corp.

     394,976  
           
              1,226,103  
           
       

Semiconductors & Semiconductor Equipment - 3.20%

 

  2,494    

Analog Devices, Inc.

     204,407  
  16,344    

Applied Materials, Inc.

     635,782  
  869    

Broadcom Ltd.

     190,276  
  8,449    

Cree, Inc. (a)(b)

     225,842  
  40,159    

Intel Corp. (a)

     1,448,535  
  3,623    

KLA-Tencor Corp. (a)

     344,439  
  1,498    

Lam Research Corp. (a)

     192,283  
  7,708    

Marvell Technology Group, Ltd. - ADR

     117,624  
  1,005    

Maxim Integrated Products, Inc.

     45,185  
  4,505    

Microchip Technology, Inc. (a)

     332,379  
  2,521    

Micron Technology, Inc. (a)(b)

     72,857  
  6,016    

NVIDIA Corp.

     655,323  
  17,521    

ON Semiconductor Corp. (b)

     271,400  
  2,707    

Qorvo, Inc. (a)(b)

     185,592  
  2,503    

Skyworks Solutions, Inc.

     245,244  
  8,941    

Teradyne, Inc.

     278,065  
  11,938    

Texas Instruments, Inc. (a)

     961,725  
  1,218    

Xilinx, Inc. (a)

     70,510  
           
              6,477,468  
           
       

Software - 5.26%

 

  4,122    

Activision Blizzard, Inc.

     205,523  
  2,058    

Adobe Systems, Inc. (b)

     267,808  
  1,987    

Atlassian Corp. Plc (a)(b)

     59,511  
  1,433    

Autodesk, Inc. (b)

     123,912  
  16,498    

Cadence Design System, Inc. (a)(b)

     518,037  
  3,820    

CDK Global, Inc.

     248,338  
  2,980    

Citrix Systems, Inc. (b)

     248,502  
  1,353    

Dell Technologies, Inc. - Class V (b)

     86,700  
  2,624    

Electronic Arts, Inc. (a)(b)

     234,901  
  1,474    

FactSet Research Systems, Inc. (a)

     243,077  
  6,571    

Fortinet, Inc. (a)(b)

     251,998  
  3,434    

Intuit, Inc.

     398,310  
  775    

Jack Henry & Associates, Inc.

     72,153  
  5,077    

Manhattan Associates, Inc. (b)

     264,258  
  59,141    

Microsoft Corp.

     3,895,026  
  22,687    

Nuance Communications, Inc. (b)

     392,712  
  13,121    

Oracle Corp. (a)

     585,328  
  2,441    

PTC, Inc. (b)

     128,275  
  2,519    

Red Hat, Inc. (b)

     217,894  
  2,856    

salesforce.com, Inc. (b)

     235,591  
  2,311    

ServiceNow, Inc. (a)(b)

     202,143  
  2,212    

Splunk, Inc. (a)(b)

     137,785  
  1,931    

SS&C Technologies Holdings, Inc.

     68,357  
  10,246    

Symantec Corp.

     314,347  
  7,617    

Synopsys, Inc. (b)

     549,414  
  4,186    

Tableau Software, Inc. - Class A (b)

     207,416  
  508    

Ultimate Software Group, Inc. (b)

     99,167  
 

 

See notes to financial statements.

 

41

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Software (Continued)

 

  3,796    

VMware, Inc. (a)(b)

   $ 349,763  
  761    

Workday, Inc. - Class A (a)(b)

     63,376  
           
              10,669,622  
           
       

Specialty Retail - 4.49%

 

  1,524    

Advance Auto Parts, Inc. (a)

     225,948  
  357    

AutoZone, Inc. (a)(b)

     258,129  
  13,437    

Bed Bath & Beyond, Inc. (a)

     530,224  
  12,547    

Best Buy Co., Inc. (a)

     616,685  
  4,019    

Cabela’s, Inc. (b)

     213,449  
  6,203    

Dick’s Sporting Goods, Inc.

     301,838  
  4,100    

Foot Locker, Inc.

     306,721  
  13,334    

GameStop Corp. - Class A (a)

     300,682  
  8,169    

Home Depot, Inc.

     1,199,454  
  5,446    

L Brands, Inc. (a)

     256,507  
  5,979    

Lowe’s Cos., Inc.

     491,534  
  1,116    

O’Reilly Automotive, Inc. (a)(b)

     301,141  
  7,810    

Ross Stores, Inc.

     514,445  
  14,276    

Sally Beauty Holdings, Inc. (b)

     291,801  
  1,590    

Sherwin-Williams Co.

     493,202  
  1,421    

Signet Jewelers Ltd.

     98,433  
  41,133    

Staples, Inc.

     360,736  
  12,604    

The Gap, Inc.

     306,151  
  12,726    

The Michaels Cos., Inc. (a)(b)

     284,935  
  5,157    

The TJX Companies, Inc. (a)

     407,816  
  1,988    

Tiffany & Co. (a)

     189,456  
  3,589    

Tractor Supply Co. (a)

     247,533  
  1,058    

Ulta Salon, Cosmetics & Fragrance, Inc. (b)

     301,773  
  13,772    

Urban Outfitters, Inc. (b)

     327,223  
  5,122    

Williams Sonoma, Inc. (a)

     274,642  
           
              9,100,458  
           
       

Technology Hardware, Storage & Peripherals - 4.72%

 

  45,316    

Apple, Inc.

     6,510,096  
  19,064    

Hewlett Packard Enterprise Co.

     451,817  
  12,120    

HP, Inc.

     216,706  
  9,527    

International Business Machines Corp. (a)

     1,659,032  
  2,038    

NCR Corp. (b)

     93,096  
  2,873    

NetApp, Inc. (a)

     120,235  
  15,293    

Teradata Corp. (a)(b)

     475,918  
  587    

Western Digital Corp.

     48,445  
           
              9,575,345  
           
       

Textiles, Apparel & Luxury Goods - 1.74%

 

  3,364    

Carter’s, Inc. (a)

     302,087  
  6,842    

Coach, Inc.

     282,780  
  12,829    

Kate Spade & Co. (b)

     298,018  
  4,070    

lululemon athletica, Inc. (b)

     211,111  
  6,915    

Michael Kors Holdings Ltd. (b)

     263,531  
  8,168    

NIKE, Inc. - Class B (a)

     455,202  
  4,383    

PVH Corp.

     453,509  
  4,774    

Ralph Lauren Corp. (a)

     389,654  
  9,976    

Skechers U.S.A., Inc. - Class A (a)(b)

     273,841  
  7,081    

Under Armour, Inc. - Class A (a)(b)

     140,062  
  11,151    

Under Armour, Inc. - Class C (a)(b)

     204,063  
  4,471    

VF Corp. (a)

     245,771  
           
              3,519,629  
           
       

Tobacco - 1.04%

 

  13,643    

Altria Group, Inc.

     974,383  
  8,163    

Philip Morris International, Inc. (a)

     921,603  

Number of
Shares

        

Value

  
       

Tobacco (Continued)

 

  3,321    

Reynolds American, Inc.

   $ 209,289  
           
              2,105,275  
           
       

Trading Companies & Distributors - 1.11%

 

  6,874    

Fastenal Co. (a)

     354,011  
  2,875    

HD Supply Holdings, Inc. (b)

     118,234  
  5,321    

MSC Industrial Direct Co., Inc. - Class A (a)

     546,786  
  1,448    

W.W. Grainger, Inc. (a)

     337,037  
  1,641    

Watsco, Inc.

     234,958  
  9,436    

WESCO International, Inc. (b)

     656,274  
           
              2,247,300  
           
       

Water Utilities - 0.03%

 

  904    

American Water Works Co., Inc.

     70,304  
           
       

Wireless Telecommunication Services - 0.22%

 

  6,846    

Sprint Corp. (a)(b)

     59,423  
  14,812    

Telephone & Data Systems, Inc.

     392,666  
           
              452,089  
           
       

Total Common Stocks
(Cost $153,929,445)

     192,924,615  
           
       

INVESTMENT COMPANIES - 1.59%

 

       

Exchange Traded Funds - 1.59%

 

  14,890    

Vanguard S&P 500 ETF

     3,221,451  
           
       

Total Investment Companies
(Cost $3,084,780)

     3,221,451  
           
       

REAL ESTATE INVESTMENT TRUSTS - 2.59%

 

       

Real Estate Investment Trusts - 2.59%

 

  6,835    

AGNC Investment Corp.

     135,948  
  1,873    

Alexandria Real Estate Equities, Inc. (a)

     207,004  
  1,179    

American Campus Communities, Inc.

     56,109  
  17,549    

American Homes 4 Rent - Class A

     402,925  
  403    

American Tower Corp.

     48,981  
  24,992    

Annaly Capital Management, Inc.

     277,661  
  2,609    

Brandywine Realty Trust

     42,344  
  2,071    

Camden Property Trust

     166,633  
  26,673    

Chimera Investment Corp.

     538,261  
  9,347    

Corporate Office Properties Trust

     309,386  
  852    

CyrusOne, Inc.

     43,852  
  3,685    

DCT Industrial Trust, Inc.

     177,322  
  1,765    

Digital Realty Trust, Inc. (a)

     187,778  
  1,129    

Douglas Emmett, Inc.

     43,354  
  8,719    

Duke Realty Corp.

     229,048  
  5,766    

Empire State Realty Trust, Inc. - Class A (a)

     119,010  
  2,452    

EPR Properties

     180,541  
  111    

Equinix, Inc.

     44,441  
  2,215    

Equity Commonwealth (b)

     69,152  
  6,451    

Hospitality Property Trust (a)

     203,400  
  15,827    

Host Hotels & Resorts, Inc. (a)

     295,332  
  3,375    

Iron Mountain, Inc. (a)

     120,386  
  1,078    

Lamar Advertising Co. - Class A

     80,570  
  4,045    

Liberty Property Trust

     155,935  
  27,628    

MFA Financial, Inc. (a)

     223,234  
  2,916    

Omega Healthcare Investors, Inc.

     96,199  
  7,520    

Piedmont Office Realty Trust, Inc. - Class A (a)

     160,778  
  3,123    

Prologis, Inc.

     162,021  
  2,602    

Quality Care Properties, Inc. (b)

     49,074  
  2,170    

Senior Housing Properties Trust

     43,942  
  510    

SL Green Realty Corp.

     54,376  
  2,951    

Starwood Property Trust, Inc.

     66,634  
 

 

See notes to financial statements.

 

42

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

REAL ESTATE INVESTMENT TRUSTS (Continued)

 

       

Real Estate Investment Trusts (Continued)

 

  535    

Sun Communities, Inc.

   $ 42,977  
  6,356    

Two Harbors Investment Corp. (a)

     60,954  
  3,278    

Uniti Group, Inc.

     84,736  
  9,898    

VEREIT, Inc.

     84,034  
           
       

Total Real Estate Investment Trusts
(Cost $4,856,391)

     5,264,332  
           
       

SHORT TERM INVESTMENTS - 0.68%

 

       

Money Market Funds - 0.68%

 

  1,373,130    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (c)

     1,373,130  
           
       

Total Short Term Investments
(Cost $1,373,130)

     1,373,130  
           

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 24.60%

 

       

Investment Companies - 24.60%

 

  49,865,866    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)

   $ 49,865,866  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $49,865,866)

     49,865,866  
           
       

Total Investments
(Cost $213,109,612) - 124.63%

     252,649,394  
       

Liabilities in Excess of
Other Assets - (24.63)%

     (49,935,547 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 202,713,847  
           

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

43

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 81.15%

 

       

Brazil - 4.91%

 

  72,007    

Ambev SA

   $ 418,158  
  20,170    

Banco Bradesco SA

     207,138  
  50,652    

Banco do Brasil SA

     545,416  
  32,630    

Banco Santander Brasil SA

     289,653  
  38,220    

BB Seguridade Participacoes SA

     357,954  
  23,510    

BM&F Bovespa SA

     144,864  
  52,664    

Centrais Eletricas Brasileiras SA (a)

     289,512  
  26,532    

Cia de Saneamento Basico do Estado de Sao Paulo

     277,219  
  11,274    

Cosan SA Industria e Comercio

     139,548  
  22,451    

CPFL Energia SA

     185,024  
  39,371    

EDP - Energias do Brasil SA

     174,809  
  19,444    

Equatorial Energia SA

     365,204  
  39,191    

Lojas Renner SA

     348,019  
  6,653    

M Dias Branco SA

     271,042  
  19,736    

Natura Cosmeticos SA

     183,705  
  32,551    

Odontoprev SA

     117,286  
  48,493    

Petroleo Brasileiro SA (a)

     236,068  
  23,394    

Raia Drogasil SA

     440,665  
  81,318    

Sul America SA (b)

     433,785  
  6,841    

Ultrapar Participacoes SA

     156,242  
  22,966    

Vale SA

     218,539  
           
              5,799,850  
           
       

Chile - 1.00%

 

  1,193,542    

Banco de Chile

     143,994  
  4,560    

Banco de Credito e Inversiones

     250,889  
  76,387    

Cencosud SA

     234,738  
  25,380    

Cia Cervecerias Unidas SA

     319,945  
  9,679    

Empresa Nacional de Telecomunicaciones SA (a)

     116,994  
  557,470    

Enel Americas SA

     115,807  
           
              1,182,367  
           
       

China - 15.62%

 

  1,095,251    

Agricultural Bank of China Ltd. - Series H

     505,106  
  23,299    

Alibaba Group Holding Ltd. - ADR (a)

     2,512,331  
  244,807    

Aluminum Corp. of China Ltd. - Series H (a)

     119,702  
  113,209    

ANTA Sports Products Ltd.

     313,215  
  5,264    

Baidu, Inc. - ADR (a)

     908,145  
  2,068,656    

Bank of China Ltd. - Series H

     1,028,705  
  384,000    

Bank of Communications Co., Ltd. - Series H

     298,912  
  569,672    

China Cinda Asset Management Co., Ltd. - Series H

     221,558  
  420,000    

China CITIC Bank Corp. Ltd. - Series H

     278,665  
  886,000    

China Communications Services Corp. Ltd. - Series H

     580,248  
  2,291,110    

China Construction Bank Corp. - Series H

     1,845,965  
  347,000    

China Everbright Bank Co., Ltd. - Series H

     169,712  
  288,414    

China Huarong Asset Management Co., Ltd. - Series H (a)

     118,015  
  38,375    

China Life Insurance Company Ltd. - Series H

     117,769  
  82,346    

China Mengniu Dairy Co., Ltd.

     170,754  
  124,289    

China Merchants Bank Co., Ltd. - Series H

     328,915  
  191,873    

China Minsheng Banking Corp., Ltd. - Series H

     205,106  
  835,981    

China Petroleum & Chemical Corp. - Series H

     680,460  
  325,187    

China Southern Airlines Co., Ltd. - Series H

     225,223  
  592,413    

Chongqing Rural Commercial Bank Co., Ltd. - Series H

     400,227  
  619,647    

Country Garden Holdings Co., Ltd.

     557,229  
  143,566    

Great Wall Motor Co., Ltd. - Series H

     163,490  

Number of
Shares

        

Value

  
       

China (Continued)

 

  143,501    

Guangzhou Automobile Group Co., Ltd. - Series H

   $ 229,832  
  114,484    

Haier Electronics Group Co., Ltd.

     262,392  
  3,394    

NetEase.com, Inc. - ADR

     963,896  
  25,079    

New China Life Insurance Co., Ltd. - Series H

     119,401  
  10,528    

New Oriental Education & Technology Group, Inc. - ADR (a)

     635,681  
  879,049    

People’s Insurance Co. of China, Ltd. - Series H

     364,595  
  306,000    

PetroChina Co. - Series H

     224,169  
  193,025    

PICC Property & Casualty Co., Ltd. - Series H

     297,921  
  108,097    

Ping An Insurance Group Co. of China, Ltd. - Series H

     605,825  
  92,849    

Semiconductor Manufacturing International Corp. (a)

     114,934  
  236,647    

Shanghai Electric Group Co., Ltd. - Series H

     117,235  
  20,768    

Shenzhou International Group Holdings Ltd.

     131,071  
  1,615    

Sina Corp. (a)

     116,474  
  376,500    

Sino-Ocean Land Holdings Ltd.

     176,894  
  378,622    

Sinopec Shanghai Petrochemical Co., Ltd. - Series H

     210,135  
  377,072    

Sun Art Retail Group Ltd.

     353,516  
  4,302    

TAL Education Group - ADR (a)

     458,464  
  23,886    

Vipshop Holdings Ltd. - ADR (a)

     318,639  
  283,799    

Want Want China Holdings, Ltd.

     196,541  
  8,245    

Weibo Corp. - ADR (a)(c)

     430,224  
  12,894    

Yum China Holdings, Inc. (a)(c)

     350,717  
           
              18,428,008  
           
       

Colombia - 0.20%

 

  57,026    

Interconexion Electrica SA ESP

     230,089  
           
       

Czech Republic - 0.15%

 

  15,385    

O2 Czech Republic AS

     171,890  
           
       

Egypt - 0.15%

 

  43,369    

Commercial International Bank Egypt SAE (b)

     181,516  
           
       

Hong Kong - 10.24%

 

  44,239    

AAC Technologies Holdings, Inc.

     517,996  
  658,079    

Belle International Holdings Ltd.

     428,021  
  143,979    

China Mobile Ltd.

     1,583,410  
  66,466    

China Overseas Land & Investment Ltd.

     189,958  
  81,360    

China Resources Land Ltd.

     220,050  
  346,338    

China Telecom Corp. Ltd. - Series H

     169,178  
  89,911    

China Unicom Hong Kong Ltd.

     120,762  
  234,800    

CSPC Pharmaceutical Group Ltd.

     307,615  
  674,178    

Fullshare Holdings Ltd.

     298,617  
  398,461    

Geely Automobile Holdings Ltd.

     610,664  
  1,894,492    

Industrial & Commercial Bank of China Ltd. - Series H

     1,239,658  
  310,000    

Kunlun Energy Co., Ltd.

     287,255  
  110,331    

Longfor Properties Co., Ltd.

     181,640  
  261,609    

Nine Dragons Paper Holdings Ltd.

     281,450  
  503,592    

Sino Biopharmaceutical Ltd.

     414,709  
  320,144    

Sinotrans Ltd. - Series H

     149,604  
  329,548    

Sunac China Holdings Ltd.

     427,760  
  49,479    

Sunny Optical Technology Group Co., Ltd.

     362,106  
  142,873    

Tencent Holdings Ltd.

     4,116,103  
  136,824    

Tingyi Holding Corp.

     171,827  
           
              12,078,383  
           
 

 

See notes to financial statements.

 

44

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hungary - 0.47%

 

  5,335    

MOL Hungarian Oil and Gas Plc

   $ 365,294  
  6,747    

OTP Bank Plc

     188,507  
           
              553,801  
           
       

Indonesia - 2.03%

 

  4,919,951    

Adaro Energy Tbk PT

     646,247  
  94,701    

Bank Central Asia Tbk PT

     117,617  
  52,072    

Gudang Garam Tbk PT

     256,078  
  441,599    

Hanjaya Mandala Sampoerna Tbk PT

     129,285  
  1,215,482    

Kalbe Farma Tbk PT

     140,468  
  177,812    

Matahari Department Store Tbk PT

     175,833  
  656,400    

Surya Citra Media Tbk PT

     133,035  
  1,167,838    

Telekomunikasi Indonesia Persero Tbk PT

     363,016  
  80,879    

Unilever Indonesia Tbk PT

     262,968  
  87,110    

United Tractors Tbk PT

     173,233  
           
              2,397,780  
           
       

Malaysia - 1.89%

 

  482,887    

AirAsia Bhd

     342,585  
  289,307    

Astro Malaysia Holdings Bhd

     179,064  
  27,976    

British American Tobacco Malaysia Bhd

     288,131  
  293,412    

DiGi.Com Bhd

     340,120  
  290,520    

Felda Global Ventures Holdings Bhd

     137,190  
  67,006    

Genting Bhd

     145,238  
  65,123    

HAP Seng Consolidated Bhd

     132,233  
  100,451    

Maxis Communications Bhd

     146,151  
  51,145    

Public Bank Bhd

     229,922  
  691,771    

SapuraKencana Petroleum Bhd

     284,524  
           
              2,225,158  
           
       

Mexico - 3.62%

 

  86,522    

Alfa SAB de CV - Series A

     126,394  
  570,545    

America Movil SAB de CV - Series L

     405,002  
  22,075    

Arca Continental SAB de CV

     153,280  
  449,294    

Cemex SAB de CV (a)

     407,003  
  17,078    

Coca-Cola Femsa SAB de CV - Series L

     122,378  
  46,848    

Fomento Economico Mexicano SAB de CV

     415,976  
  102,459    

Gentera SAB de CV

     169,212  
  25,451    

Gruma SAB de CV - Series B

     359,643  
  14,058    

Grupo Aeroportuario del Pacifico SAB de CV - Series B

     136,523  
  7,131    

Grupo Aeroportuario del Sureste SAB de CV - Series B

     123,544  
  168,733    

Grupo Bimbo SAB de CV - Series A

     419,529  
  39,714    

Grupo Financiero Banorte SAB de CV - Series O

     228,540  
  74,876    

Grupo Mexico SAB de CV - Series B

     224,641  
  11,969    

Industrias Penoles SAB de CV

     308,146  
  25,369    

Infraestructura Energetica Nova SAB de CV

     120,895  
  86,163    

Kimberly-Clark de Mexico SAB de CV - Series A

     187,078  
  158,916    

Wal-Mart de Mexico SAB de CV

     366,685  
           
              4,274,469  
           
       

Peru - 0.43%

 

  16,556    

Cia de Minas Buenaventura SAA - ADR

     199,334  
  1,882    

CREDICORP Ltd.

     307,331  
           
              506,665  
           
       

Philippines - 0.22%

 

  6,395    

Globe Telecom, Inc.

     258,959  
           
       

Poland - 1.80%

 

  4,779    

CCC SA

     286,597  

Number of
Shares

        

Value

  
       

Poland (Continued)

 

  15,043    

Eurocash SA

   $ 121,019  
  38,396    

Grupa Lotos SA (a)

     529,421  
  15,005    

Jastrzebska Spolka Weglowa SA (a)

     237,616  
  5,124    

KGHM Polska Miedz SA

     149,623  
  174    

LPP SA

     297,988  
  11,140    

Polski Koncern Naftowy Orlen SA

     280,973  
  99,348    

Polskie Gornictwo Naftowe i Gazownictwo SA

     148,238  
  55,469    

Synthos SA

     73,433  
           
              2,124,908  
           
       

Qatar - 0.16%

 

  7,211    

Ooredoo QSC

     191,453  
           
       

Republic of Korea - 13.78%

 

  1,263    

Amorepacific Corp.

     317,042  
  2,112    

AMOREPACIFIC Group

     225,773  
  2,200    

BGF retail Co., Ltd.

     206,630  
  31,898    

BNK Financial Group, Inc.

     261,703  
  11,244    

Cheil Worldwide, Inc.

     191,084  
  4,346    

Coway Co., Ltd.

     374,157  
  10,113    

Daewoo International Corp.

     215,746  
  35,743    

DGB Financial Group, Inc.

     346,508  
  2,158    

Dongbu Insurance Co., Ltd.

     123,530  
  10,988    

Hana Financial Group, Inc.

     362,582  
  <1    

Hanmi Pharm Co., Ltd.

     24  
  1,449    

Hanssem Co., Ltd.

     285,071  
  5,061    

Hanwha Chemical Corp.

     119,476  
  8,478    

Hanwha Corp.

     272,201  
  24,749    

Hanwha Life Insurance Co., Ltd.

     133,666  
  3,430    

Hanwha Techwin Co., Ltd.

     144,423  
  991    

Hyosung Corp.

     120,076  
  4,203    

Hyundai Engineering & Construction Co., Ltd.

     186,200  
  1,041    

Hyundai Heavy Industries Co., Ltd. (a)(b)

     153,546  
  3,916    

Hyundai Marine & Fire Insurance Co., Ltd.

     122,561  
  2,843    

Hyundai Steel Co.

     148,722  
  20,385    

Industrial Bank of Korea

     222,214  
  10,053    

KB Financial Group, Inc.

     440,587  
  5,817    

Kia Motors Corp.

     192,791  
  8,759    

Korea Electric Power Corp.

     364,596  
  10,976    

Korea Gas Corp.

     441,714  
  10,058    

Korean Air Lines Co., Ltd. (a)

     283,886  
  4,092    

KT Corp.

     116,804  
  4,150    

LG Electronics, Inc.

     252,111  
  531    

LG Household & Health Care Ltd.

     385,220  
  952    

LG Innotek Co., Ltd.

     116,201  
  47,914    

LG Uplus Corp.

     613,221  
  438    

Lotte Chemical Co.

     145,140  
  899    

Naver Corp.

     687,432  
  2,736    

POSCO

     710,610  
  2,412    

S-1 Corp.

     193,522  
  2,664    

Samsung Electronics Co., Ltd.

     4,902,866  
  949    

Samsung SDI Co., Ltd.

     117,108  
  4,764    

Shinhan Financial Group Co., Ltd.

     198,502  
  10,119    

SK Hynix, Inc.

     457,045  
  3,011    

SK Innovation Co., Ltd.

     448,660  
  981    

SK Telecom Co., Ltd.

     221,657  
  37,917    

Woori Bank

     440,483  
           
              16,263,091  
           
       

Russian Federation - 3.12%

 

  83,146    

Gazprom PAO - ADR (c)

     372,227  
  12,133    

Lukoil PJSC - ADR

     643,777  
 

 

See notes to financial statements.

 

45

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Russian Federation (Continued)

 

  3,985    

Magnit PJSC - GDR

   $ 152,227  
  29,266    

Mobile TeleSystems PJSC - ADR

     322,804  
  2,077    

NovaTek PJSC - ADR
(Acquired 03/31/2017, Cost $265,022) (d)

     259,856  
  73,101    

RusHydro PJSC - ADR

     121,041  
  90,824    

Sberbank of Russia PJSC - ADR (c)

     1,049,254  
  14,293    

Severstal PJSC - GDR
(Acquired 10/05/2015, Cost $151,957) (d)

     205,723  
  23,404    

Sistema PJSC FC - GDR
(Acquired 11/30/2016 and 03/31/2017, Cost $199,510) (d)

     209,466  
  8,915    

Tatneft PAO

     328,254  
  507    

Tatneft PAO - ADR

     19,007  
           
              3,683,636  
           
       

South Africa - 5.64%

 

  18,731    

AngloGold Ashanti Ltd.

     200,159  
  16,466    

Barclays Africa Group Ltd.

     171,237  
  2,639    

Capitec Bank Holdings Ltd.

     149,817  
  54,617    

Coronation Fund Managers Ltd.

     257,640  
  35,359    

Exxaro Resources Ltd.

     310,567  
  54,410    

FirstRand Ltd.

     188,263  
  102,306    

Gold Fields Ltd.

     356,498  
  16,826    

Liberty Holdings Ltd.

     135,334  
  19,915    

Massmart Holdings Ltd.

     202,130  
  25,646    

Mr. Price Group Ltd.

     305,270  
  6,932    

Naspers Ltd. - N Shares

     1,194,469  
  8,316    

Nedbank Group Ltd.

     149,423  
  57,012    

Pick n Pay Stores Ltd.

     282,738  
  10,980    

Pioneer Foods Group Ltd.

     144,539  
  5,815    

PSG Group Ltd.

     107,057  
  48,768    

Sappi Ltd.

     330,362  
  15,975    

Shoprite Holdings Ltd.

     231,043  
  20,668    

Standard Bank Group Ltd.

     221,634  
  26,291    

Steinhoff International Holdings NV

     125,766  
  46,929    

Telkom SA SOC Ltd.

     262,601  
  24,851    

The Bidvest Group Ltd.

     284,843  
  14,064    

The SPAR Group Ltd.

     182,461  
  6,241    

Tiger Brands Ltd.

     186,200  
  27,942    

Truworths International Ltd.

     180,352  
  23,315    

Vodacom Group Ltd.

     263,919  
  43,825    

Woolworths Holdings Ltd.

     228,594  
           
              6,652,916  
           
       

Taiwan - 11.76%

 

  625,399    

Acer, Inc.

     296,784  
  40,671    

Advantech Co., Ltd.

     340,468  
  21,840    

Asustek Computer, Inc.

     215,935  
  17,632    

Catcher Technology Co., Ltd.

     174,259  
  94,186    

Cathay Financial Holding Co., Ltd.

     151,169  
  1,085,261    

China Airlines Ltd.

     377,306  
  50,969    

Chunghwa Telecom Co., Ltd.

     173,085  
  191,657    

CTBC Financial Holding Co., Ltd.

     118,433  
  31,079    

Delta Electronics, Inc.

     166,454  
  19,985    

Eclat Textile Co., Ltd.

     200,318  
  448,589    

Eva Airways Corp.

     238,012  
  71,617    

Far EasTone Telecommunications Co., Ltd.

     175,838  
  69,847    

Feng TAY Enterprise Co., Ltd.

     278,332  
  494,273    

First Financial Holding Co., Ltd.

     301,360  
  68,729    

Formosa Chemicals & Fibre Corp.

     213,819  
  45,887    

Formosa Petrochemical Corp.

     160,285  

Number of
Shares

        

Value

  
       

Taiwan (Continued)

 

  38,807    

Formosa Plastics Corp.

   $ 115,746  
  40,978    

Foxconn Technology Co., Ltd.

     124,939  
  103,394    

Fubon Financial Holding Co., Ltd.

     168,640  
  353,550    

Hon Hai Precision Industry Co., Ltd.

     1,060,327  
  172,059    

Inventec Corp.

     129,012  
  2,964    

Largan Precision Co., Ltd.

     466,830  
  135,042    

Lite-On Technology Corp.

     232,767  
  18,648    

MediaTek, Inc.

     132,135  
  82,003    

Micro-Star International Co., Ltd.

     190,832  
  80,091    

Nan Ya Plastics Corp.

     189,750  
  44,520    

Nien Made Enterprise Co., Ltd.

     415,243  
  41,878    

Novatek Microelectronics Corp.

     162,183  
  64,216    

Pegatron Corp.

     190,101  
  107,426    

Pou Chen Corp.

     148,678  
  57,781    

Powertech Technology, Inc.

     168,146  
  65,925    

President Chain Store Corp.

     543,091  
  61,632    

Quanta Computer, Inc.

     125,310  
  69,764    

Realtek Semiconductor Corp.

     249,443  
  74,937    

Standard Foods Corp.

     186,223  
  130,691    

Synnex Technology International Corp.

     140,630  
  48,927    

Taiwan Mobile Co.

     179,750  
  595,555    

Taiwan Semiconductor Manufacturing Co., Ltd.

     3,734,507  
  241,433    

Uni-President Enterprises Corp.

     452,625  
  74,239    

Vanguard International Semiconductor Corp.

     141,374  
  584,870    

Wistron Corp.

     535,909  
  93,097    

WPG Holdings, Ltd.

     116,899  
           
              13,882,947  
           
       

Thailand - 2.39%

 

  27,971    

Advanced Info Service PCL - NVDR

     144,891  
  380,886    

Banpu PCL - NVDR

     219,470  
  270,672    

BEC World PCL - NVDR

     137,068  
  86,117    

Berli Jucker PCL - NVDR

     116,535  
  25,077    

Bumrungrad Hospital PCL - NVDR

     133,545  
  97,065    

CP ALL PCL - NVDR

     166,659  
  20,961    

Electricity Generating PCL - NVDR

     130,513  
  808,815    

Home Product Center PCL - NVDR

     227,098  
  127,649    

Indorama Ventures PCL - NVDR

     130,946  
  55,228    

KCE Electronics PCL - NVDR

     167,970  
  150,459    

Minor International PCL - NVDR

     160,933  
  66,750    

PTT Exploration & Production PCL - NVDR

     180,673  
  81,744    

PTT Global Chemical PCL - NVDR

     174,240  
  35,675    

PTT PCL - NVDR

     401,769  
  97,635    

Robinson Department Store PCL - NVDR

     181,768  
  65,998    

Thai Oil PCL - NVDR

     145,024  
           
              2,819,102  
           
       

Turkey - 1.38%

 

  21,806    

BIM Birlesik Magazalar AS

     335,291  
  82,905    

Eregli Demir ve Celik Fabrikalari TAS

     134,630  
  48,716    

Turkiye Garanti Bankasi AS

     118,759  
  76,198    

Turkiye Halk Bankasi AS

     217,456  
  177,923    

Turkiye Is Bankasi - Series C

     324,720  
  165,783    

Turkiye Vakiflar Bankasi TAO

     244,609  
  236,618    

Yapi ve Kredi Bankasi AS (a)

     247,283  
           
              1,622,748  
           
       

United Arab Emirates - 0.19%

 

  46,658    

Emirates Telecommunications Group Co. PJSC

     229,413  
           
       

Total Common Stocks
(Cost $79,266,222)

     95,759,149  
           
 

 

See notes to financial statements.

 

46

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 12.46%

 

       

China - 3.54%

 

  87,388    

iShares Core MSCI Emerging Markets ETF

   $ 4,176,273  
           
       

India - 8.92%

 

  334,201    

iShares MSCI India ETF

     10,522,318  
           
       

Total Investment Companies
(Cost $13,855,158)

     14,698,591  
           
       

PREFERRED STOCKS - 4.77%

 

       

Brazil - 3.27%

 

  59,365    

Banco Bradesco SA - Preference Shares

     612,120  
  81,555    

Centrais Eletricas Brasileiras SA - Preference Shares (a)

     579,633  
  96,522    

Cia Energetica de Minas Gerais - Preference Shares

     320,651  
  15,942    

Cia Paranaense de Energia - Series B - Preference Shares

     165,093  
  98,706    

Gerdau SA - Preference Shares

     343,671  
  73,638    

Itau Unibanco Holding SA - Preference Shares

     893,836  
  41,705    

Itausa - Investimentos Itau SA - Preference Shares

     126,556  
  97,539    

Petroleo Brasileiro SA - Preference Shares (a)

     453,952  
  40,217    

Vale SA - Preference Shares

     363,810  
           
              3,859,322  
           
       

Chile - 0.23%

 

  8,067    

Sociedad Quimica y Minera de Chile SA - Preference Shares

     276,644  
           
       

Colombia - 0.15%

 

  426,265    

Grupo Aval Acciones y Valores SA - Preference Shares

     173,473  
           
       

Republic of Korea - 1.12%

 

  1,691    

Amorepacific Corp. - Preference Shares

     252,539  
  812    

LG Household & Health Care Ltd. - Preference Shares

     370,442  
  485    

Samsung Electronics Co., Ltd. - Preference Shares

     694,709  
           
              1,317,690  
           
       

Total Preferred Stocks
(Cost $3,810,304)

     5,627,129  
           
       

REAL ESTATE INVESTMENT TRUSTS - 0.10%

 

       

South Africa - 0.10%

 

  91,405    

Fortress Income Fund Ltd. - Class A

     114,390  
           
       

Total Real Estate Investment Trusts
(Cost $113,393)

     114,390  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 5.87%

 

       

Money Market Funds - 5.87%

 

  6,930,284    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (e)

   $ 6,930,284  
           
       

Total Short Term Investments
(Cost $6,930,284)

     6,930,284  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING
COLLATERAL - 0.71%

 

       

Investment Companies - 0.71%

 

  838,995    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (e)

     838,995  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $838,995)

     838,995  
           
       

Total Investments
(Cost $104,814,356) - 105.06%

     123,968,538  
       

Liabilities in Excess of
Other Assets - (5.06)%

     (5,965,210 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 118,003,328  
           

Percentages are stated as a percent of net assets.

ADR       American Depositary Receipt
GDR       Global Depositary Receipt
NVDR       Non-Voting Depositary Receipt
(a)   Non-income producing security.
(b)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $768,847, which represents 0.65% of total net assets.
(c)   All or portion of this security is on loan.
(d)   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 $675,045, which represents 0.57% of total net assets.
(e)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

47

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2017

 

COMMON STOCKS

         

Aerospace & Defense

      0.12%  

Air Freight & Logistics

      0.13%  

Airlines

      1.24%  

Automobiles

      1.01%  

Banks

      12.35%  

Beverages

      1.21%  

Capital Markets

      0.51%  

Chemicals

      1.26%  

Commercial Services & Supplies

      0.16%  

Construction & Engineering

      0.16%  

Construction Materials

      0.35%  

Consumer Finance

      0.14%  

Diversified Consumer Services

      0.93%  

Diversified Financial Services

      0.52%  

Diversified Telecommunication Services

      2.42%  

Electric Utilities

      1.56%  

Electrical Equipment

      0.10%  

Electronic Equipment, Instruments & Components

      2.74%  

Energy Equipment & Services

      0.24%  

Food & Staples Retailing

      3.24%  

Food Products

      2.29%  

Gas Utilities

      0.10%  

Health Care Providers & Services

      0.21%  

Hotels, Restaurants & Leisure

      0.56%  

Household Durables

      1.83%  

Household Products

      0.33%  

Independent Power and Renewable Electricity Producers

      0.11%  

Industrial Conglomerates

      0.79%  

Insurance

      2.51%  

Internet & Direct Marketing Retail

      0.27%  

Internet Software & Services

      8.25%  

Machinery

      0.13%  

Media

      1.55%  

Metals & Mining

      2.72%  

Multiline Retail

      0.79%  

Oil, Gas & Consumable Fuels

      6.61%  

Paper & Forest Products

      0.52%  

Personal Products

      0.62%  

Pharmaceuticals

      0.73%  

Real Estate Management & Development

      1.74%  

Semiconductors & Semiconductor Equipment

      8.53%  

Specialty Retail

      1.21%  

 

Technology Hardware, Storage & Peripherals

      2.17%  

Textiles, Apparel & Luxury Goods

      1.16%  

Thrifts & Mortgage

      0.24%  

Tobacco

      0.33%  

Trading Companies & Distributors

      0.18%  

Transportation Infrastructure

      0.22%  

Water Utilities

      0.24%  

Wireless Telecommunication Services

      3.82%  
    

TOTAL COMMON STOCKS

      81.15%  
    

INVESTMENT COMPANIES

         

Exchange Traded Funds

      12.46%  
    

TOTAL INVESTMENT COMPANIES

      12.46%  
    

PREFERRED STOCKS

         

Banks

      1.53%  

Chemicals

      0.23%  

Electric Utilities

      0.90%  

Metals & Mining

      0.60%  

Oil, Gas & Consumable Fuels

      0.39%  

Personal Products

      0.53%  

Semiconductors & Semiconductor Equipment

      0.59%  
    

TOTAL PREFERRED STOCKS

      4.77%  
    

REAL ESTATE INVESTMENT TRUSTS

         

Real Estate Investment Trusts

      0.10%  
    

TOTAL REAL ESTATE INVESTMENT TRUSTS

      0.10%  
    

SHORT TERM INVESTMENTS

         

Money Market Funds

      5.87%  
    

TOTAL SHORT TERM INVESTMENTS

      5.87%  
    

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

         

Investment Companies

      0.71%  
    

TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

      0.71%  
    

TOTAL INVESTMENTS

      105.06%  

Liabilities in Excess of Other Assets

      (5.06)%  
    

TOTAL NET ASSETS

      100.00%  
    

Percentages are stated as a percent of net assets.

 

 

GuideMark® Emerging Markets Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2017

 

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)

  
4/5/2017  

Bank of America

  

South African Rand

     3,762,358     U.S. Dollars     282,083     $ (1,885 ) 
                               
                                $ (1,885 ) 
                               

 

See notes to financial statements.

 

48

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 87.61%

 

       

Aerospace & Defense - 1.28%

 

  709    

AAR Corp.

   $ 23,844  
  595    

Astronics Corp. (a)

     18,879  
  1,770    

BE Aerospace, Inc.

     113,475  
  1,992    

BWX Technologies, Inc.

     94,819  
  500    

Cubic Corp.

     26,400  
  988    

Curtiss-Wright Corp.

     90,165  
  1,748    

DigitalGlobe, Inc. (a)

     57,247  
  1,244    

Ducommun, Inc. (a)

     35,815  
  1,837    

Engility Holdings, Inc. (a)(b)

     53,163  
  598    

Esterline Technologies Corp. (a)(b)

     51,458  
  437    

HEICO Corp. (b)

     38,106  
  532    

HEICO Corp. - Class A

     39,900  
  899    

Huntington Ingalls Industries, Inc.

     180,016  
  1,251    

KLX, Inc. (a)(b)

     55,920  
  6,936    

Kratos Defense & Security Solutions, Inc. (a)

     53,962  
  693    

Moog, Inc. - Class A (a)

     46,673  
  1,195    

Orbital ATK, Inc.

     117,110  
  1,057    

Sparton Corp. (a)

     22,186  
  2,259    

Spirit AeroSystems Holdings, Inc. - Class A

     130,841  
  2,318    

TASER International, Inc. (a)(b)

     52,827  
  886    

Teledyne Technologies, Inc. (a)

     112,044  
  947    

Triumph Group, Inc. (b)

     24,385  
  1,673    

Vectrus, Inc. (a)

     37,392  
           
              1,476,627  
           
       

Air Freight & Logistics - 0.31%

 

  2,400    

Air Transport Services Group, Inc. (a)

     38,520  
  2,482    

Echo Global Logistics, Inc. (a)

     52,991  
  778    

Forward Air Corp.

     37,009  
  1,141    

Hub Group, Inc. - Class A (a)

     52,942  
  1,026    

Park-Ohio Holdings Corp.

     36,885  
  16,504    

Radiant Logistics, Inc. (a)

     82,520  
  1,150    

XPO Logistics, Inc. (a)(b)

     55,074  
           
              355,941  
           
       

Airlines - 0.40%

 

  1,635    

Alaska Air Group, Inc.

     150,780  
  184    

Allegiant Travel Co. (b)

     29,486  
  581    

Copa Holdings SA - Class A (b)

     65,217  
  1,770    

Hawaiian Holdings, Inc. (a)

     82,216  
  4,308    

JetBlue Airways Corp. (a)

     88,788  
  1,200    

SkyWest, Inc.

     41,100  
           
              457,587  
           
       

Auto Components - 1.00%

 

  1,700    

American Axle & Manufacturing Holdings, Inc. (a)

     31,926  
  1,065    

Cooper Tire & Rubber Co.

     47,233  
  567    

Cooper-Standard Holding, Inc. (a)

     62,897  
  1,754    

Dana Holding Corp.

     33,870  
  1,075    

Dorman Products, Inc. (a)(b)

     88,290  
  1,166    

Fox Factory Holding Corp. (a)

     33,464  
  3,185    

Gentex Corp. (b)

     67,936  
  985    

Gentherm, Inc. (a)(b)

     38,661  
  3,240    

Goodyear Tire & Rubber Co.

     116,640  
  2,222    

Horizon Global Corp. (a)

     30,841  
  1,042    

LCI Industries (b)

     103,992  
  1,439    

Lear Corp.

     203,734  
  1,305    

Metaldyne Performance Group, Inc.

     29,819  
  6,368    

Spartan Motors, Inc.

     50,944  

Number of
Shares

        

Value

  
       

Auto Components (Continued)

 

  1,181    

Standard Motor Products, Inc.

   $ 58,034  
  2,913    

Stoneridge, Inc. (a)

     52,842  
  948    

Superior Industries International, Inc.

     24,032  
  704    

Tenneco, Inc. (b)

     43,944  
  337    

WABCO Holdings, Inc. (a)

     39,570  
           
              1,158,669  
           
       

Automobiles - 0.15%

 

  1,522    

Thor Industries, Inc.

     146,310  
  1,006    

Winnebago Industries, Inc. (b)

     29,425  
           
              175,735  
           
       

Banks - 6.58%

 

  726    

1st Source Corp.

     34,086  
  1,035    

Access National Corp. (b)

     31,071  
  833    

ACNB Corp.

     24,032  
  786    

Allegiance Bancshares, Inc. (a)

     29,239  
  665    

American National Bankshares, Inc.

     24,771  
  784    

Ameris Bancorp

     36,142  
  1,124    

Arrow Financial Corp.

     38,104  
  2,775    

Associated Banc-Corp.

     67,710  
  2,750    

Banc of California, Inc. (b)

     56,925  
  246    

BancFirst Corp.

     22,115  
  1,100    

Banco Latinoamericano de Comercio Exterior SA - Class E

     30,514  
  929    

BancorpSouth, Inc.

     28,102  
  1,192    

Bank of Hawaii Corp. (b)

     98,173  
  439    

Bank of the Ozarks, Inc.

     22,832  
  2,467    

BankUnited, Inc.

     92,044  
  1,089    

Bankwell Financial Group, Inc.

     37,451  
  1,800    

Bar Harbor Bankshares

     59,544  
  373    

BOK Financial Corp. (b)

     29,195  
  623    

Bridge Bancorp, Inc.

     21,805  
  571    

Bryn Mawr Bank Corp.

     22,554  
  701    

C&F Financial Corp.

     32,456  
  1,011    

Camden National Corp.

     44,524  
  680    

Capital Bank Financial Corp. - Class A

     29,512  
  1,621    

Capital City Bank Group, Inc.

     34,673  
  1,618    

Cardinal Financial Corp.

     48,443  
  1,089    

Carolina Financial Corp.

     32,670  
  2,872    

Cascade Bancorp (a)

     22,143  
  806    

Cathay General Bancorp

     30,370  
  1,300    

CenterState Banks, Inc. (b)

     33,670  
  881    

Central Pacific Financial Corp.

     26,906  
  1,445    

Central Valley Community Bancorp

     29,622  
  497    

Century Bancorp, Inc. - Class A

     30,230  
  1,322    

Chemical Financial Corp.

     67,620  
  683    

Chemung Financial Corp.

     26,978  
  1,222    

Citizens & Northern Corp.

     28,448  
  587    

City Holding Co.

     37,850  
  1,400    

CNB Financial Corp.

     33,446  
  1,090    

Codorus Valley Bancorp, Inc.

     28,242  
  668    

Columbia Banking System, Inc. (b)

     26,045  
  2,443    

Commerce Bancshares, Inc.

     137,199  
  632    

Community Bank Systems, Inc.

     34,747  
  800    

Community Trust Bancorp, Inc.

     36,600  
  1,280    

ConnectOne Bancorp, Inc.

     31,040  
  1,066    

CU Bancorp (a)

     42,267  
  827    

Cullen Frost Bankers, Inc.

     73,578  
  1,666    

Customers Bancorp, Inc. (a)(b)

     52,529  
  1,000    

CVB Financial Corp.

     22,090  
 

 

See notes to financial statements.

 

49

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Banks (Continued)

 

  503    

Eagle Bancorp, Inc. (a)

   $ 30,029  
  2,785    

East West Bancorp, Inc. (b)

     143,734  
  1,279    

Enterprise Financial Services Corp.

     54,230  
  701    

Equity Bancshares, Inc. - Class A (a)

     22,271  
  6,661    

F.N.B. Corp.

     99,044  
  800    

Farmers Capital Bank Corp.

     32,320  
  2,033    

Farmers National Banc Corp.

     29,174  
  800    

FCB Financial Holdings, Inc. - Class A (a)(b)

     39,640  
  1,216    

Fidelity Southern Corp.

     27,214  
  1,064    

Financial Institutions, Inc.

     35,059  
  1,382    

First Bancorp

     40,479  
  6,534    

First BanCorp. (a)

     36,917  
  1,236    

First Busey Corp. (b)

     36,338  
  1,459    

First Business Financial Services, Inc.

     37,876  
  161    

First Citizens BancShares, Inc. - Class A

     53,995  
  2,248    

First Commonwealth Financial Corp.

     29,808  
  1,300    

First Community Bancshares, Inc.

     32,461  
  2,145    

First Community Financial Partners, Inc. (a)

     27,349  
  1,635    

First Financial Bancorp

     44,881  
  1,552    

First Financial Bankshares

     62,235  
  532    

First Financial Corp.

     25,270  
  698    

First Hawaiian, Inc.

     20,884  
  3,357    

First Horizon National Corp.

     62,104  
  904    

First Internet Bancorp

     26,668  
  980    

First Interstate BancSystem, Inc. - Class A (b)

     38,857  
  805    

First Merchants Corp.

     31,653  
  816    

First Mid-Illinois Bancshares, Inc.

     27,613  
  1,084    

First Midwest Bancorp, Inc.

     25,669  
  700    

Franklin Financial Network, Inc. (a)

     27,125  
  3,916    

Fulton Financial Corp.

     69,901  
  708    

German American Bancorp, Inc.

     33,517  
  957    

Glacier Bancorp, Inc. (b)

     32,471  
  541    

Great Southern Bancorp, Inc.

     27,320  
  1,000    

Hancock Holding Co.

     45,550  
  1,199    

Hanmi Financial Corp.

     36,869  
  844    

Heartland Financial U.S.A., Inc.

     42,158  
  2,719    

Heritage Commerce Corp.

     38,338  
  1,495    

Hilltop Holdings, Inc.

     41,068  
  3,562    

Home Bancshares, Inc.

     96,423  
  859    

Horizon Bancorp

     22,523  
  17,203    

Huntington Bancshares, Inc.

     230,348  
  780    

IBERIABANK Corp.

     61,698  
  1,941    

Independent Bank Corp.

     40,179  
  373    

Independent Bank Group, Inc.

     23,984  
  1,540    

International Bancshares Corp.

     54,516  
  2,615    

Investors Bancorp, Inc.

     37,604  
  2,249    

Lakeland Bancorp, Inc. (b)

     44,080  
  1,050    

Lakeland Financial Corp. (b)

     45,276  
  1,210    

LCNB Corp.

     28,859  
  545    

LegacyTexas Financial Group, Inc.

     21,745  
  1,216    

Live Oak Bancshares, Inc.

     26,326  
  2,819    

Macatawa Bank Corp.

     27,852  
  1,100    

MainSource Financial Group, Inc.

     36,223  
  4,057    

MBT Financial Corp.

     46,047  
  1,152    

Mercantile Bank Corp.

     39,629  
  447    

Merchants Bancshares, Inc.

     21,769  
  625    

Middleburg Financial Corp.

     25,025  
  720    

MidWestOne Financial Group, Inc.

     24,689  
  776    

MutualFirst Financial, Inc.

     24,483  

Number of
Shares

        

Value

  
       

Banks (Continued)

 

  744    

National Bank Holdings Corp. - Class A

   $ 24,180  
  798    

National Bankshares, Inc.

     29,965  
  625    

National Commerce Corp. (a)

     22,875  
  1,135    

NBT Bancorp, Inc.

     42,074  
  1,144    

NorthRim Bancorp, Inc.

     34,377  
  2,093    

OFG Bancorp

     24,697  
  1,155    

Old Line Bancshares, Inc.

     32,894  
  2,454    

Old National Bancorp

     42,577  
  2,325    

Old Second Bancorp, Inc.

     26,156  
  1,064    

Orrstown Financial Services, Inc.

     23,780  
  1,267    

Pacific Continental Corp.

     31,042  
  917    

Pacific Premier Bancorp, Inc. (a)

     35,350  
  1,378    

PacWest Bancorp

     73,392  
  502    

Park National Corp.

     52,810  
  2,696    

Park Sterling Corp. (b)

     33,188  
  1,098    

Peapack-Gladstone Financial Corp.

     32,490  
  889    

Peoples Bancorp, Inc. (b)

     28,146  
  1,110    

People’s Utah Bancorp

     29,360  
  3,359    

Popular, Inc.

     136,812  
  790    

Preferred Bank

     42,391  
  1,713    

Premier Financial Bancorp, Inc.

     36,024  
  1,232    

PrivateBancorp, Inc.

     73,144  
  879    

Prosperity Bancshares, Inc.

     61,275  
  1,076    

QCR Holdings, Inc.

     45,569  
  517    

Renasant Corp.

     20,520  
  756    

Republic Bancorp, Inc. - Class A

     25,999  
  785    

S&T Bancorp, Inc.

     27,161  
  952    

Sandy Spring Bancorp, Inc.

     39,022  
  1,068    

Seacoast Banking Corp. of Florida (a)

     25,611  
  2,420    

ServisFirst Bancshares, Inc. (b)

     88,040  
  1,465    

Shore Bancshares, Inc.

     24,480  
  1,493    

Sierra Bancorp

     40,953  
  792    

Signature Bank (a)

     117,525  
  479    

Simmons First National Corp. - Class A

     26,417  
  1,216    

Southern First Bancshares, Inc. (a)

     39,702  
  654    

Southside Bancshares, Inc.

     21,955  
  1,428    

Southwest Bancorp, Inc.

     37,342  
  2,098    

Sterling Bancorp

     49,723  
  1,261    

Stock Yards Bancorp, Inc.

     51,260  
  758    

Stonegate Bank

     35,694  
  1,820    

Summit Financial Group, Inc.

     39,203  
  800    

SVB Financial Group (a)(b)

     148,872  
  2,289    

Synovus Financial Corp.

     93,895  
  2,951    

TCF Financial Corp.

     50,226  
  611    

Texas Capital Bancshares, Inc. (a)(b)

     50,988  
  722    

The Bank of N.T. Butterfield & Son Ltd.

     23,039  
  1,473    

The First Bancorp, Inc.

     40,139  
  1,014    

The First of Long Island Corp.

     27,429  
  500    

Tompkins Financial Corp.

     40,275  
  1,300    

TowneBank

     42,120  
  930    

TriCo Bancshares

     33,043  
  1,410    

TriState Capital Holdings, Inc. (a)

     32,924  
  1,224    

Triumph Bancorp, Inc. (a)

     31,579  
  1,715    

Trustmark Corp.

     54,520  
  562    

UMB Financial Corp.

     42,324  
  2,276    

Umpqua Holdings Corp. (b)

     40,376  
  1,661    

Union Bankshares Corp.

     58,434  
  981    

Union Bankshares, Inc. (b)

     42,134  
  514    

United Bankshares, Inc. (b)

     21,717  
  1,281    

United Community Banks, Inc.

     35,471  
 

 

See notes to financial statements.

 

50

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Banks (Continued)

 

  1,351    

Univest Corp. of Pennsylvania

   $ 34,991  
  2,243    

Valley National Bancorp

     26,467  
  880    

Veritex Holdings, Inc. (a)

     24,746  
  600    

Washington Trust Bancorp

     29,580  
  995    

WashingtonFirst Bankshares, Inc.

     27,860  
  547    

Wesbanco, Inc.

     20,846  
  1,523    

West Bancorporation, Inc.

     34,953  
  608    

WestAmerica Bancorporation

     33,945  
  1,555    

Western Alliance Bancorp (a)

     76,335  
  979    

Wintrust Financial Corp. (b)

     67,668  
  1,897    

Xenith Bankshares, Inc. (a)

     48,127  
  2,646    

Zions Bancorporation (b)

     111,132  
           
              7,599,004  
           
       

Beverages - 0.33%

 

  432    

Boston Beer Co., Inc. - Class A (a)(b)

     62,489  
  351    

Coca-Cola Bottling Co.

     72,313  
  790    

MGP Ingredients, Inc. (b)

     42,842  
  1,597    

National Beverage Corp. (b)

     134,994  
  5,412    

Primo Water Corp. (a)

     73,495  
           
              386,133  
           
       

Biotechnology - 1.61%

 

  2,347    

Acorda Therapeutics, Inc. (a)(b)

     49,287  
  1,699    

Alkermes Plc (a)

     99,391  
  3,243    

AMAG Pharmaceuticals, Inc. (a)(b)

     73,130  
  389    

ANI Pharmaceuticals, Inc. (a)

     19,259  
  9,500    

Array BioPharma, Inc. (a)(b)

     84,930  
  5,224    

BioCryst Pharmaceuticals, Inc. (a)

     43,882  
  396    

Bluebird Bio, Inc. (a)(b)

     35,996  
  3,000    

ChemoCentryx, Inc. (a)

     21,840  
  484    

Eagle Pharmaceuticals, Inc. (a)(b)

     40,143  
  3,200    

Emergent BioSolutions, Inc. (a)

     92,928  
  1,170    

Enanta Pharmaceuticals, Inc. (a)

     36,036  
  1,592    

Exact Sciences Corp. (a)(b)

     37,603  
  3,034    

Exelixis, Inc. (a)(b)

     65,747  
  3,037    

Five Prime Therapeutics, Inc. (a)

     109,787  
  2,375    

Genomic Health, Inc. (a)(b)

     74,789  
  8,484    

Insys Therapeutics, Inc. (a)(b)

     89,167  
  1,502    

Ironwood Pharmaceuticals, Inc. - Class A (a)

     25,624  
  1,639    

Lexicon Pharmaceuticals, Inc. (a)(b)

     23,503  
  2,960    

MediciNova, Inc. (a)(b)

     17,730  
  9,079    

MiMedx Group, Inc. (a)(b)

     86,523  
  6,530    

Myriad Genetics, Inc. (a)

     125,376  
  32,430    

PDL BioPharma, Inc. (b)

     73,616  
  21,335    

PharmAthene, Inc.

     17,313  
  1,055    

Sarepta Therapeutics, Inc. (a)

     31,228  
  2,088    

Seattle Genetics, Inc. (a)(b)

     131,252  
  2,118    

Seres Therapeutics, Inc. (a)

     23,870  
  192    

TESARO, Inc. (a)(b)

     29,543  
  1,491    

United Therapeutics Corp. (a)

     201,852  
  2,913    

Vanda Pharmaceuticals, Inc. (a)

     40,782  
  3,009    

Veracyte, Inc. (a)

     27,623  
  1,051    

Xencor, Inc. (a)

     25,140  
           
              1,854,890  
           
       

Building Products - 1.51%

 

  3,417    

A. O. Smith Corp. (b)

     174,814  
  2,327    

AAON, Inc.

     82,259  
  2,157    

Allegion Plc

     163,285  

Number of
Shares

        

Value

  
       

Building Products (Continued)

 

  781    

American Woodmark Corp. (a)

   $ 71,696  
  688    

Apogee Enterprises, Inc. (b)

     41,012  
  544    

Armstrong World Industries, Inc. (a)

     25,051  
  4,743    

Builders FirstSource, Inc. (a)(b)

     70,671  
  787    

Caesarstone Ltd. (a)

     28,529  
  1,143    

Continental Building Products, Inc. (a)

     28,003  
  3,124    

Fortune Brands Home & Security, Inc. (b)

     190,095  
  900    

Insteel Industries, Inc.

     32,526  
  1,083    

Lennox International, Inc. (b)

     181,186  
  400    

Masonite International Corp. (a)(b)

     31,700  
  2,376    

NCI Building Systems, Inc. (a)

     40,748  
  2,404    

Owens Corning, Inc.

     147,533  
  745    

Patrick Industries, Inc. (a)

     52,821  
  1,942    

Ply Gem Holdings, Inc. (a)

     38,257  
  1,492    

Quanex Building Products Corp.

     30,213  
  1,408    

Simpson Manufacturing Co., Inc.

     60,671  
  1,527    

Trex Co., Inc. (a)

     105,959  
  848    

Universal Forest Products, Inc.

     83,562  
  1,925    

USG Corp. (a)(b)

     61,215  
           
              1,741,806  
           
       

Capital Markets - 2.01%

 

  1,521    

Arlington Asset Investment Corp. - Class A (b)

     21,492  
  2,256    

Artisan Partners Asset Management, Inc. - Class A

     62,266  
  1,201    

B. Riley Financial, Inc.

     18,015  
  8,124    

BGC Partners, Inc. - Class A

     92,289  
  1,654    

Cohen & Steers, Inc. (b)

     66,110  
  1,771    

Cowen Group, Inc. - Class A (a)(b)

     26,476  
  300    

Diamond Hill Investment Group, Inc.

     58,365  
  2,561    

Donnelley Financial Solutions, Inc. (a)

     49,402  
  3,469    

E*TRADE Financial Corp. (a)

     121,033  
  3,120    

Eaton Vance Corp.

     140,275  
  1,140    

Evercore Partners, Inc. - Class A

     88,806  
  3,177    

Federated Investors, Inc. - Class B

     83,682  
  904    

Greenhill & Co., Inc.

     26,487  
  2,512    

Hennessy Advisors, Inc.

     42,227  
  1,882    

INTL. FCStone, Inc. (a)

     71,441  
  3,462    

Investment Technology Group

     70,105  
  2,166    

Janus Capital Group, Inc. (b)

     28,591  
  3,214    

KCG Holdings, Inc. - Class A (a)

     57,306  
  4,184    

Lazard Ltd. - Class A - ADR

     192,422  
  3,112    

LPL Financial Holdings, Inc.

     123,951  
  1,379    

Moelis & Co. - Class A

     53,092  
  3,770    

OM Asset Management Plc

     57,002  
  600    

Piper Jaffray Cos.

     38,310  
  2,417    

PJT Partners, Inc. - Class A

     84,813  
  5,786    

Pzena Investment Management, Inc. - Class A

     56,934  
  2,965    

Raymond James Financial, Inc.

     226,111  
  2,232    

SEI Investments Co.

     112,582  
  433    

Stifel Financial Corp. (a)(b)

     21,732  
  3,641    

Virtu Financial, Inc. - Class A (b)

     61,897  
  4,874    

Waddell & Reed Financial, Inc. - Class A (b)

     82,858  
  593    

Westwood Holdings Group, Inc.

     31,672  
  99    

Wins Finance Holdings, Inc. (a)(b)

     14,354  
  4,912    

WisdomTree Investments, Inc. (b)

     44,601  
           
              2,326,699  
           
       

Chemicals - 2.28%

 

  775    

A. Schulman, Inc.

     24,374  
  8,334    

AgroFresh Solutions, Inc. (a)

     36,420  
 

 

See notes to financial statements.

 

51

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Chemicals (Continued)

 

  1,355    

Albemarle Corp. (b)

   $ 143,142  
  2,491    

American Vanguard Corp.

     41,351  
  1,053    

Ashland Global Holdings, Inc.

     130,372  
  1,876    

Axalta Coating Systems, Ltd. (a)

     60,407  
  277    

Balchem Corp.

     22,830  
  1,650    

Cabot Corp.

     98,851  
  633    

Chase Corp.

     60,388  
  666    

Chemtura Corp. (a)

     22,244  
  4,673    

Codexis, Inc. (a)

     22,430  
  1,858    

FutureFuel Corp. (b)

     26,346  
  2,925    

GCP Applied Technologies, Inc. (a)

     95,501  
  1,290    

H.B. Fuller Co. (b)

     66,512  
  4,661    

Huntsman Corp. (b)

     114,381  
  713    

Ingevity Corp. (a)

     43,386  
  745    

Innophos Holdings, Inc.

     40,208  
  974    

Innospec, Inc.

     63,066  
  1,910    

KMG Chemicals, Inc.

     87,994  
  1,206    

Koppers Holdings, Inc. (a)

     51,074  
  1,229    

Kraton Corp. (a)

     38,001  
  1,785    

Kronos Worldwide, Inc.

     29,328  
  821    

Minerals Technologies, Inc.

     62,889  
  205    

NewMarket Corp. (b)

     92,912  
  3,320    

Olin Corp.

     109,128  
  3,500    

OMNOVA Solutions, Inc. (a)

     34,650  
  4,384    

Platform Specialty Products Corp. (a)

     57,080  
  1,162    

PolyOne Corp.

     39,613  
  404    

Quaker Chemical Corp.

     53,191  
  2,300    

Rayonier Advanced Materials, Inc.

     30,935  
  3,421    

RPM International, Inc.

     188,258  
  460    

Sensient Technologies Corp.

     36,460  
  400    

Stepan Co.

     31,524  
  3,470    

The Chemours Company

     133,595  
  767    

The Scotts Miracle-Gro Co. - Class A (b)

     71,630  
  1,560    

Trinseo SA

     104,676  
  3,430    

Tronox, Ltd. - Class A

     63,284  
  1,663    

Valspar Corp.

     184,493  
  333    

W.R. Grace & Co.

     23,213  
           
              2,636,137  
           
       

Commercial Services & Supplies - 1.94%

 

  1,528    

ABM Industries, Inc.

     66,621  
  4,285    

ACCO Brands Corp. (a)

     56,348  
  2,309    

Aqua Metals, Inc. (a)(b)

     45,118  
  12,575    

ARC Document Solutions, Inc. (a)

     43,384  
  2,243    

Avery Dennison Corp.

     180,786  
  920    

Barrett Business Services, Inc.

     50,250  
  3,491    

Casella Waste Systems, Inc. - Class A (a)

     49,258  
  2,396    

CECO Environmental Corp. (b)

     25,182  
  510    

Clean Harbors, Inc. (a)

     28,366  
  2,222    

Comfort Systems U.S.A., Inc.

     81,436  
  1,706    

Copart, Inc. (a)

     105,653  
  1,680    

Deluxe Corp.

     121,246  
  2,143    

Ennis, Inc.

     36,431  
  1,123    

Essendant, Inc.

     17,013  
  2,013    

Healthcare Services Group, Inc. (b)

     86,740  
  1,912    

HNI Corp.

     88,124  
  3,731    

InnerWorkings, Inc. (a)

     37,161  
  3,464    

Interface, Inc.

     65,989  
  885    

KAR Auction Services, Inc. (b)

     38,648  

Number of
Shares

        

Value

  
       

Commercial Services & Supplies (Continued)

 

  4,861    

Kimball International, Inc. - Class B

   $ 80,207  
  2,509    

Knoll, Inc.

     59,739  
  847    

LSC Communications, Inc.

     21,311  
  713    

McGrath RentCorp

     23,935  
  3,123    

Miller Herman, Inc.

     98,531  
  802    

MSA Safety, Inc.

     56,693  
  292    

Multi-Color Corp.

     20,732  
  2,792    

NL Industries, Inc. (a)

     18,008  
  2,857    

Pitney Bowes, Inc.

     37,455  
  2,463    

Quad/Graphics, Inc.

     62,166  
  3,285    

Rollins, Inc. (b)

     121,972  
  1,208    

SP Plus Corp. (a)

     40,770  
  3,814    

Steelcase, Inc. - Class A

     63,885  
  3,075    

Sykes Enterprises, Inc. (a)

     90,405  
  1,551    

Tetra Tech, Inc. (b)

     63,358  
  761    

The Brinks Co. (b)

     40,675  
  2,805    

TRC Cos., Inc. (a)

     48,947  
  610    

Viad Corp.

     27,572  
  1,456    

West Corp.

     35,556  
           
              2,235,671  
           
       

Communications Equipment - 1.67%

 

  2,839    

ADTRAN, Inc.

     58,909  
  1,084    

Applied Optoelectronics, Inc. (a)(b)

     60,867  
  883    

Arista Networks, Inc. (a)(b)

     116,794  
  2,694    

ARRIS International Plc (a)

     71,256  
  1,584    

Bel Fuse, Inc. - Class B

     40,471  
  5,789    

Black Box Corp. (b)

     51,812  
  10,151    

Brocade Communications Systems, Inc.

     126,684  
  6,352    

Calix, Inc. (a)

     46,052  
  3,967    

Ciena Corp. (a)(b)

     93,661  
  2,568    

Clearfield, Inc. (a)

     42,244  
  1,805    

CommScope Holding Co., Inc. (a)

     75,287  
  3,015    

Digi International, Inc. (a)

     35,878  
  438    

EchoStar Corp. - Class A (a)

     24,944  
  22,488    

Extreme Networks, Inc. (a)

     168,885  
  1,722    

Finisar Corp. (a)

     47,079  
  4,628    

Harmonic, Inc. (a)

     27,537  
  3,753    

Infinera Corp. (a)(b)

     38,393  
  502    

InterDigital, Inc.

     43,323  
  4,240    

Ixia (a)

     83,316  
  4,359    

KVH Industries, Inc. (a)

     36,616  
  2,090    

Lumentum Holdings, Inc. (a)

     111,502  
  1,506    

NETGEAR, Inc. (a)

     74,622  
  1,216    

NetScout Systems, Inc. (a)

     46,147  
  6,300    

Oclaro, Inc. (a)(b)

     61,866  
  1,204    

Plantronics, Inc.

     65,148  
  2,365    

Quantenna Communications, Inc. (a)(b)

     49,263  
  8,419    

ShoreTel, Inc. (a)

     51,777  
  9,381    

Sonus Networks, Inc. (a)

     61,821  
  1,274    

Ubiquiti Networks, Inc. (a)(b)

     64,031  
  4,465    

Viavi Solutions, Inc. (a)

     47,865  
           
              1,924,050  
           
       

Construction & Engineering - 0.96%

 

  2,451    

AECOM (a)(b)

     87,231  
  2,006    

Aegion Corp. (a)(b)

     45,958  
  563    

Argan, Inc.

     37,242  
  1,563    

Chicago Bridge & Iron Co. NV

     48,062  
  1,586    

EMCOR Group, Inc.

     99,839  
  718    

Granite Construction, Inc. (b)

     36,036  
 

 

See notes to financial statements.

 

52

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Construction & Engineering (Continued)

 

  4,826    

HC2 Holdings, Inc. (a)

   $ 29,921  
  4,545    

IES Holdings, Inc. (a)

     82,265  
  2,680    

Jacobs Engineering Group, Inc. (b)

     148,150  
  1,997    

KBR, Inc.

     30,015  
  2,182    

Layne Christensen Co. (a)

     19,289  
  2,253    

MasTec, Inc. (a)

     90,233  
  1,109    

MYR Group, Inc. (a)

     45,469  
  2,183    

NV5 Global, Inc. (a)

     82,081  
  3,930    

Orion Group Holdings, Inc. (a)

     29,357  
  4,122    

Quanta Services, Inc. (a)

     152,967  
  1,284    

Tutor Perini Corp. (a)

     40,831  
           
              1,104,946  
           
       

Construction Materials - 0.08%

 

  489    

Eagle Materials, Inc.

     47,501  
  700    

US Concrete, Inc. (a)(b)

     45,185  
           
              92,686  
           
       

Consumer Finance - 0.80%

 

  343    

Credit Acceptance Corp. (a)(b)

     68,398  
  6,753    

Enova International, Inc. (a)

     100,282  
  1,995    

EZCORP, Inc. - Class A (a)(b)

     16,259  
  1,111    

FirstCash, Inc.

     54,606  
  1,340    

Green Dot Corp. - Class A (a)(b)

     44,702  
  13,376    

Navient Corp.

     197,430  
  1,688    

Nelnet, Inc. - Class A

     74,036  
  2,566    

PRA Group, Inc. (a)(b)

     85,063  
  2,727    

Regional Management Corp. (a)

     52,985  
  6,432    

Santander Consumer USA Holdings, Inc. (a)(b)

     85,674  
  12,062    

SLM Corp. (a)

     145,950  
           
              925,385  
           
       

Containers & Packaging - 0.80%

 

  308    

AptarGroup, Inc. (b)

     23,713  
  1,567    

Bemis Co., Inc.

     76,564  
  2,399    

Berry Plastics Group, Inc. (a)

     116,519  
  2,274    

Crown Holdings, Inc. (a)(b)

     120,408  
  4,158    

Graphic Packaging Holding Co.

     53,514  
  804    

Greif, Inc. - Class A

     44,292  
  363    

Greif, Inc. - Class B

     23,704  
  1,608    

Multi Packaging Solutions International Ltd. (a)

     28,864  
  2,215    

Myers Industries, Inc.

     35,108  
  2,144    

Owens-Illinois, Inc. (a)(b)

     43,695  
  1,695    

Packaging Corp. of America

     155,296  
  2,873    

Sealed Air Corp.

     125,205  
  1,483    

Sonoco Products Co. (b)

     78,480  
           
              925,362  
           
       

Distributors - 0.04%

 

  1,536    

Core-Mark Holding Co., Inc.

     47,908  
           
       

Diversified Consumer Services - 1.19%

 

  4,057    

American Public Education, Inc. (a)

     92,905  
  5,636    

Bridgepoint Education, Inc. (a)

     60,136  
  5,937    

Cambium Learning Group, Inc. (a)

     29,091  
  1,149    

Capella Education Co.

     97,694  
  11,200    

Career Education Corp. (a)(b)

     97,440  
  7,874    

Chegg, Inc. (a)(b)

     66,457  
  3,069    

Collectors Universe, Inc.

     80,101  
  3,599    

DeVry Education Group, Inc. (b)

     127,585  
  1,100    

Grand Canyon Ed, Inc. (a)

     78,771  

Number of
Shares

        

Value

  
       

Diversified Consumer Services (Continued)

 

  3,931    

H&R Block, Inc.

   $ 91,396  
  1,275    

Hillenbrand, Inc.

     45,709  
  2,289    

Houghton Mifflin Harcourt Co. (a)

     23,233  
  5,526    

K12, Inc. (a)

     105,823  
  1,747    

Liberty Tax, Inc.

     24,895  
  305    

Matthews International Corp. - Class A

     20,633  
  2,300    

Regis Corp. (a)

     26,956  
  856    

Service Corp. International

     26,433  
  2,023    

ServiceMaster Global Holdings, Inc. (a)

     84,460  
  751    

Sotheby’s (a)

     34,155  
  1,024    

Strayer Education, Inc.

     82,422  
  4,753    

Weight Watchers International, Inc. (a)(b)

     74,004  
           
              1,370,299  
           
       

Diversified Financial Services - 0.72%

 

  1,967    

CBOE Holdings, Inc.

     159,465  
  1,400    

Encore Capital Group, Inc. (a)

     43,120  
  2,143    

Fidelity National Financial, Inc. (a)

     28,395  
  4,284    

GAIN Capital Holdings, Inc.

     35,686  
  1,084    

MarketAxess Holdings, Inc.

     203,239  
  2,507    

MSCI, Inc.

     243,655  
  3,683    

Tiptree Financial, Inc. - Class A

     26,886  
  1,726    

World Acceptance Corp. (a)

     89,372  
           
              829,818  
           
       

Diversified Telecommunication Services - 0.53%

 

  4,975    

8x8, Inc. (a)

     75,869  
  1,123    

Cincinnati Bell, Inc. (a)

     19,877  
  1,318    

Cogent Communications Group, Inc.

     56,740  
  1,146    

Consolidated Communications Holdings, Inc. (b)

     26,839  
  2,154    

FairPoint Communications, Inc. (a)

     35,757  
  6,224    

Frontier Communications Corp. (b)

     13,319  
  1,789    

General Communication, Inc. - Class A (a)

     37,211  
  976    

Hawaiian Telcom Holdco, Inc. (a)

     22,360  
  3,119    

IDT Corp. - Class B

     39,674  
  995    

Straight Path Communications, Inc. -
Class B (a)(b)

     35,790  
  18,694    

Vonage Holdings Corp. (a)(b)

     118,146  
  13,916    

Windstream Holdings, Inc. (b)

     75,842  
  1,773    

Zayo Group Holdings, Inc. (a)

     58,332  
           
              615,756  
           
       

Electric Utilities - 0.91%

 

  1,165    

ALLETE, Inc.

     78,882  
  642    

El Paso Electric Co.

     32,421  
  9,218    

Genie Energy Ltd. - Class B

     66,738  
  4,063    

Great Plains Energy, Inc.

     118,721  
  3,162    

Hawaiian Electric Industries, Inc.

     105,326  
  700    

IDACORP, Inc.

     58,072  
  538    

MGE Energy, Inc.

     34,970  
  3,626    

OGE Energy Corp.

     126,838  
  1,352    

Pinnacle West Capital Corp.

     112,730  
  1,116    

PNM Resources, Inc.

     41,292  
  1,198    

Portland General Electric Co.

     53,215  
  2,712    

Spark Energy, Inc. - Class A (b)

     86,648  
  600    

Unitil Corp.

     27,018  
  1,984    

Westar Energy, Inc.

     107,672  
           
              1,050,543  
           
       

Electrical Equipment - 0.79%

 

  1,581    

Allied Motion Technologies, Inc.

     31,778  
  771    

AZZ, Inc.

     45,875  
 

 

See notes to financial statements.

 

53

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Electrical Equipment (Continued)

 

  1,418    

Babcock & Wilcox Enterprises, Inc. (a)

   $ 13,244  
  622    

Belden, Inc. (b)

     43,036  
  2,440    

Brady Corp. - Class A

     94,306  
  767    

Encore Wire Corp.

     35,282  
  1,776    

Energous Corp. (a)(b)

     27,706  
  722    

EnerSys

     56,995  
  680    

Franklin Electric Co., Inc.

     29,274  
  630    

Generac Holdings, Inc. (a)(b)

     23,486  
  2,151    

General Cable Corp.

     38,610  
  981    

Hubbell, Inc.

     117,769  
  1,216    

II-VI, Inc. (a)

     43,837  
  3,169    

InvenSense, Inc. (a)

     40,024  
  3,702    

LSI Industries, Inc.

     37,353  
  908    

Powell Industries, Inc.

     31,272  
  945    

Regal Beloit Corp. (b)

     71,489  
  3,600    

Vicor Corp. (a)

     57,960  
  1,102    

Woodward Governor Co.

     74,848  
           
              914,144  
           
       

Electronic Equipment, Instruments & Components - 2.57%

 

  1,019    

Anixter International, Inc. (a)

     80,807  
  1,979    

Arrow Electronics, Inc. (a)

     145,278  
  1,658    

Avnet, Inc.

     75,870  
  1,544    

AVX Corp.

     25,291  
  2,294    

Benchmark Electronics, Inc. (a)

     72,949  
  4,104    

CDW Corp. (b)

     236,842  
  1,963    

Cognex Corp. (b)

     164,794  
  577    

Coherent, Inc. (a)

     118,654  
  5,417    

Control4 Corp. (a)

     85,534  
  3,790    

Daktronics, Inc.

     35,816  
  1,694    

Dolby Laboratories, Inc. - Class A

     88,783  
  6,787    

Electro Scientific Industries (a)

     47,305  
  800    

Fabrinet (a)

     33,624  
  968    

FARO Technologies, Inc. (a)

     34,606  
  5,164    

Fitbit, Inc. - Class A (a)(b)

     30,571  
  1,302    

FLIR Systems, Inc.

     47,237  
  2,648    

Insight Enterprises, Inc. (a)

     108,806  
  408    

IPG Photonics Corp. (a)(b)

     49,246  
  1,050    

Itron, Inc. (a)

     63,735  
  1,288    

Jabil Circuit, Inc. (b)

     37,249  
  3,258    

Keysight Technologies, Inc. (a)

     117,744  
  1,936    

Kimball Electronics, Inc. (a)

     32,815  
  1,326    

Knowles Corp. (a)(b)

     25,128  
  306    

Littelfuse, Inc.

     48,933  
  1,100    

Mercury Computer Systems (a)

     42,955  
  774    

Methode Electronics, Inc. (b)

     35,294  
  460    

MTS Systems Corp.

     25,323  
  2,699    

National Instruments Corp.

     87,880  
  2,000    

Novanta, Inc. (a)

     53,100  
  1,500    

PC Connection, Inc. (b)

     44,685  
  1,135    

Plexus Corp. (a)

     65,603  
  10,273    

Radisys Corp. (a)

     41,092  
  375    

Rogers Corp. (a)

     32,201  
  2,444    

Sanmina Corp. (a)

     99,226  
  929    

ScanSource, Inc. (a)

     36,463  
  813    

SYNNEX Corp.

     91,007  
  1,030    

Tech Data Corp. (a)

     96,717  
  5,123    

Trimble Navigation Ltd. (a)

     163,987  
  3,500    

TTM Technologies, Inc. (a)(b)

     56,455  

Number of
Shares

        

Value

  
       

Electronic Equipment, Instruments & Components (Continued)

 

  394    

Universal Display Corp. (b)

   $ 33,923  
  3,404    

Vishay Intertechnology, Inc. (b)

     55,996  
  1,577    

Vishay Precision Group, Inc. (a)

     24,917  
  747    

Zebra Technologies Corp. - Class A (a)

     68,164  
           
              2,962,605  
           
       

Energy Equipment & Services - 1.12%

 

  3,792    

Archrock, Inc.

     47,021  
  4,176    

Atwood Oceanics, Inc. (a)(b)

     39,797  
  6,756    

Dawson Geophysical Co. (a)(b)

     37,563  
  1,833    

Diamond Offshore Drilling, Inc. (a)(b)

     30,629  
  605    

Dril-Quip, Inc. (a)(b)

     33,003  
  7,202    

Ensco Plc - Class A (b)

     64,458  
  4,550    

Era Group, Inc. (a)

     60,333  
  1,111    

Exterran Corp. (a)

     34,941  
  2,948    

Fairmount Santrol Holdings, Inc. (a)

     21,609  
  2,300    

Forum Energy Technologies, Inc. (a)

     47,610  
  1,073    

Geospace Technologies Corp. (a)

     17,415  
  2,280    

Helix Energy Solutions Group, Inc. (a)

     17,716  
  1,213    

Matrix Service Co. (a)

     20,014  
  4,812    

Nabors Industries, Ltd.

     62,893  
  1,371    

Natural Gas Services Group, Inc. (a)

     35,715  
  2,817    

Newpark Resources, Inc. (a)(b)

     22,818  
  7,378    

Noble Corp. Plc (b)

     45,670  
  1,900    

Oceaneering International, Inc. (b)

     51,452  
  1,300    

Oil States International, Inc. (a)

     43,095  
  13,682    

Parker Drilling Co. (a)

     23,943  
  2,968    

Patterson-UTI Energy, Inc. (b)

     72,033  
  3,798    

Pioneer Energy Services Corp. (a)

     15,192  
  1,826    

RigNet, Inc. (a)

     39,168  
  3,414    

Rowan Cos., Inc. - Class A (a)(b)

     53,190  
  2,044    

RPC Energy Services, Inc. (b)

     37,426  
  15,976    

Seadrill, Ltd. (a)(b)

     26,360  
  2,900    

Superior Energy Services, Inc. (a)

     41,354  
  2,561    

TechnipFMC Plc (a)

     83,232  
  5,479    

Tetra Technologies, Inc. (a)(b)

     22,300  
  11,009    

Tidewater, Inc. (a)(b)

     12,660  
  5,469    

Transocean, Ltd. - ADR (a)(b)

     68,089  
  873    

Unit Corp. (a)

     21,092  
  958    

US Silica Holdings, Inc. (b)

     45,974  
           
              1,295,765  
           
       

Food & Staples Retailing - 0.90%

 

  1,070    

Casey’s General Stores, Inc. (b)

     120,107  
  2,472    

Diplomat Pharmacy, Inc. (a)

     39,428  
  1,135    

Ingles Markets, Inc. - Class A

     48,975  
  4,287    

Natural Grocers by Vitamin Cottage, Inc. (a)(b)

     44,542  
  2,457    

Performance Food Group Co. (a)(b)

     58,477  
  528    

PriceSmart, Inc.

     48,682  
  21,245    

Rite Aid Corp. (a)

     90,291  
  2,848    

SpartanNash Co.

     99,652  
  4,759    

Sprouts Farmers Market, Inc. (a)(b)

     110,028  
  13,897    

SUPERVALU, Inc. (a)

     53,642  
  3,825    

The Chefs’ Warehouse, Inc. (a)

     53,168  
  2,234    

United Natural Foods, Inc. (a)(b)

     96,576  
  1,281    

US Foods Holding Corp. (a)

     35,842  
  2,428    

Village Super Market, Inc. - Class A

     64,342  
  1,200    

Weis Markets, Inc.

     71,580  
           
              1,035,332  
           
 

 

See notes to financial statements.

 

54

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Food Products - 1.54%

 

  1,003    

Alico, Inc.

   $ 26,479  
  503    

B&G Foods, Inc.

     20,246  
  2,923    

Blue Buffalo Pet Products, Inc. (a)(b)

     67,229  
  708    

Cal Maine Foods, Inc. (b)

     26,054  
  3,474    

Darling International, Inc. (a)

     50,442  
  6,617    

Dean Foods Co.

     130,090  
  1,493    

Farmer Brothers Co. (a)

     52,778  
  5,415    

Flowers Foods, Inc. (b)

     105,105  
  1,214    

Fresh Del Monte Produce, Inc. (b)

     71,905  
  2,944    

Freshpet, Inc. (a)(b)

     32,384  
  1,692    

Ingredion, Inc.

     203,768  
  3,643    

Inventure Foods, Inc. (a)

     16,102  
  389    

J&J Snack Foods Corp.

     52,733  
  660    

John B. Sanfilippo & Son, Inc. (b)

     48,305  
  722    

Lancaster Colony Corp.

     93,022  
  2,686    

Lifeway Foods, Inc. (a)

     28,821  
  1,767    

Omega Protein Corp.

     35,428  
  1,227    

Pilgrim’s Pride Corp. (b)

     27,614  
  1,303    

Pinnacle Foods, Inc.

     75,405  
  1,549    

Post Holdings, Inc. (a)(b)

     135,568  
  900    

Sanderson Farms, Inc. (b)

     93,456  
  1,208    

Seneca Foods Corp. - Class A (a)

     43,609  
  1,087    

Snyder’s-Lance, Inc. (b)

     43,817  
  1,019    

The Hain Celestial Group, Inc. (a)

     37,907  
  2,472    

The WhiteWave Foods Co. (a)

     138,803  
  851    

Tootsie Roll Industries, Inc.

     31,777  
  1,010    

TreeHouse Foods, Inc. (a)(b)

     85,507  
           
              1,774,354  
           
       

Gas Utilities - 0.78%

 

  1,334    

Atmos Energy Corp.

     105,373  
  1,235    

Delta Natural Gas Co., Inc.

     37,482  
  750    

National Fuel Gas Co.

     44,715  
  1,390    

New Jersey Resources Corp. (b)

     55,044  
  1,328    

Northwest Natural Gas Co.

     78,485  
  1,261    

ONE Gas, Inc.

     85,243  
  989    

South Jersey Industries, Inc.

     35,258  
  1,269    

Southwest Gas Corp.

     105,213  
  953    

Spire, Inc.

     64,327  
  4,875    

UGI Corp.

     240,825  
  600    

WGL Holdings, Inc.

     49,518  
           
              901,483  
           
       

Health Care Equipment & Supplies - 3.95%

 

  909    

Abaxis, Inc.

     44,086  
  1,296    

ABIOMED, Inc. (a)(b)

     162,259  
  1,262    

Alere, Inc. (a)

     50,139  
  2,007    

Align Technology, Inc. (a)(b)

     230,223  
  303    

Analogic Corp.

     22,998  
  3,112    

AngioDynamics, Inc. (a)

     53,993  
  511    

Anika Therapeutics, Inc. (a)(b)

     22,198  
  1,564    

AtriCure, Inc. (a)

     29,951  
  100    

Atrion Corp.

     46,820  
  3,077    

AxoGen, Inc. (a)

     32,155  
  1,192    

Cantel Medical Corp.

     95,479  
  3,459    

Cardiovascular Systems, Inc. (a)

     97,803  
  2,300    

CryoLife, Inc. (a)

     38,295  
  3,910    

Cutera, Inc. (a)

     80,937  
  2,192    

DexCom, Inc. (a)(b)

     185,728  
  2,230    

Entellus Medical, Inc. (a)

     30,774  

Number of
Shares

        

Value

  
       

Health Care Equipment & Supplies (Continued)

 

  2,680    

Exactech, Inc. (a)

   $ 67,536  
  3,536    

GenMark Diagnostics, Inc. (a)

     45,332  
  1,898    

Glaukos Corp. (a)(b)

     97,367  
  1,993    

Globus Medical, Inc. - Class A (a)(b)

     59,033  
  1,166    

Haemonetics Corp. (a)

     47,305  
  1,628    

Halyard Health, Inc. (a)

     62,011  
  1,294    

Hill-Rom Holdings, Inc.

     91,356  
  4,264    

Hologic, Inc. (a)

     181,433  
  200    

ICU Med, Inc. (a)

     30,540  
  2,250    

IDEXX Laboratories, Inc. (a)(b)

     347,873  
  1,135    

Inogen, Inc. (a)

     88,031  
  2,553    

Insulet Corp. (a)(b)

     110,009  
  1,184    

Integra Lifesciences Holdings Corp. (a)(b)

     49,882  
  7,210    

iRadimed Corp. (a)(b)

     64,169  
  4,197    

IRIDEX Corp. (a)

     49,818  
  1,652    

K2M Group Holdings, Inc. (a)

     33,883  
  3,800    

LeMaitre Vascular, Inc.

     93,594  
  2,041    

Masimo Corp. (a)

     190,344  
  2,917    

Meridian Bioscience, Inc.

     40,255  
  1,179    

Merit Medical Systems, Inc. (a)

     34,073  
  1,424    

Natus Medical, Inc. (a)

     55,892  
  391    

Neogen Corp. (a)

     25,630  
  1,472    

NuVasive, Inc. (a)(b)

     109,929  
  3,356    

NxStage Medical, Inc. (a)

     90,041  
  9,635    

OraSure Technologies, Inc. (a)

     124,581  
  2,392    

Orthofix International NV (a)

     91,255  
  1,754    

Oxford Immunotec Global Plc (a)

     27,169  
  1,078    

Penumbra, Inc. (a)

     89,959  
  2,724    

ResMed, Inc. (b)

     196,046  
  11,041    

RTI Surgical, Inc. (a)

     44,164  
  8,212    

STAAR Surgical Co. (a)(b)

     80,478  
  1,468    

SurModics, Inc. (a)

     35,305  
  2,855    

Tactile Systems Technology, Inc. (a)

     54,102  
  565    

Teleflex, Inc. (b)

     109,457  
  583    

The Cooper Companies, Inc. (b)

     116,536  
  2,123    

The Spectranetics Corp. (a)

     61,832  
  444    

Utah Medical Products, Inc.

     27,661  
  1,115    

West Pharmaceutical Services, Inc. (b)

     90,995  
  2,125    

Zeltiq Aesthetics, Inc. (a)

     118,171  
           
              4,556,885  
           
       

Health Care Providers & Services - 2.50%

 

  1,042    

Addus HomeCare Corp. (a)

     33,344  
  664    

Air Methods Corp. (a)

     28,552  
  2,086    

Almost Family, Inc. (a)

     101,380  
  2,409    

Amedisys, Inc. (a)

     123,076  
  1,262    

American Renal Associates Holdings, Inc. (a)

     21,303  
  2,010    

AMN Healthcare Services, Inc. (a)(b)

     81,606  
  14,215    

BioScrip, Inc. (a)

     24,165  
  4,533    

BioTelemetry, Inc. (a)(b)

     131,230  
  1,466    

Brookdale Senior Living, Inc. (a)

     19,688  
  577    

Chemed Corp.

     105,412  
  1,870    

Civitas Solutions, Inc. (a)

     34,314  
  6,875    

Community Health Systems, Inc. (a)

     60,981  
  1,448    

CorVel Corp. (a)

     62,988  
  6,563    

Cross Country Healthcare, Inc. (a)

     94,245  
  1,864    

Envision Healthcare Corp. (a)(b)

     114,300  
  1,020    

HealthEquity, Inc. (a)

     43,299  
  1,527    

HealthSouth Corp. (b)

     65,371  
  2,244    

HMS Holdings Corp. (a)

     45,621  
 

 

See notes to financial statements.

 

55

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Health Care Providers & Services (Continued)

 

  3,194    

Kindred Healthcare, Inc. (b)

   $ 26,670  
  820    

Landauer, Inc.

     39,975  
  1,900    

LHC Group, Inc. (a)

     102,410  
  1,191    

LifePoint Hospitals, Inc. (a)

     78,011  
  799    

Magellan Health Services, Inc. (a)

     55,171  
  1,302    

MEDNAX, Inc. (a)(b)

     90,333  
  1,457    

Molina Healthcare, Inc. (a)(b)

     66,439  
  303    

National Healthcare Corp.

     21,604  
  1,763    

National Research Corp. - Class A

     34,731  
  25,993    

Nobilis Health Corp. (a)(b)

     44,188  
  2,539    

Owens & Minor, Inc. (b)

     87,849  
  1,418    

Patterson Cos., Inc. (b)

     64,136  
  2,473    

PerkinElmer, Inc.

     143,582  
  1,519    

PharMerica Corp. (a)

     35,545  
  815    

Premier, Inc. - Class A (a)

     25,941  
  8,486    

Quorum Health Corp. (a)

     46,164  
  6,707    

RadNet, Inc. (a)

     39,571  
  4,735    

Select Medical Holdings Corp. (a)(b)

     63,212  
  1,273    

Surgery Partners, Inc. (a)

     24,824  
  2,635    

Tenet Healthcare Corp. (a)

     46,666  
  1,627    

Tivity Health, Inc. (a)

     47,346  
  2,522    

Triple-S Management Corp. - Class B (a)

     44,312  
  2,065    

Trupanion, Inc. (a)(b)

     29,364  
  327    

UnitedHealth Group, Inc.

     53,644  
  3,500    

Universal American Corp. (a)

     34,895  
  372    

US Physical Therapy, Inc.

     24,292  
  1,192    

VCA, Inc. (a)

     109,068  
  1,536    

WellCare Health Plans, Inc. (a)

     215,363  
           
              2,886,181  
           
       

Health Care Technology - 0.44%

 

  4,680    

Allscripts Healthcare Solutions, Inc. (a)(b)

     59,342  
  834    

athenahealth, Inc. (a)(b)

     93,983  
  1,388    

Medidata Solutions, Inc. (a)(b)

     80,074  
  869    

Omnicell, Inc. (a)

     35,325  
  3,700    

Quality Systems, Inc. (a)

     56,388  
  2,350    

Veeva Systems, Inc. - Class A (a)(b)

     120,508  
  2,347    

Vocera Communications, Inc. (a)

     58,276  
           
              503,896  
           
       

Hotels, Restaurants & Leisure - 2.16%

 

  4,002    

Aramark

     147,554  
  75    

Biglari Holdings, Inc. (a)

     32,398  
  614    

BJ’s Restaurants, Inc. (a)

     24,806  
  2,135    

Bloomin’ Brands, Inc. (b)

     42,123  
  478    

Bob Evans Farms, Inc.

     31,008  
  2,440    

Boyd Gaming Corp. (a)

     53,704  
  1,253    

Brinker International, Inc. (b)

     55,082  
  397    

Buffalo Wild Wings, Inc. (a)(b)

     60,642  
  2,918    

Caesars Acquisition Co. - Class A (a)

     44,937  
  3,818    

Caesars Entertainment Corp. (a)(b)

     36,462  
  5,900    

Callaway Golf Co.

     65,313  
  1,700    

Carrols Restaurant Group, Inc. (a)

     24,055  
  3,294    

Century Casinos, Inc. (a)

     24,903  
  504    

Cheesecake Factory, Inc. (b)

     31,933  
  801    

Choice Hotels International, Inc.

     50,143  
  208    

Churchill Downs, Inc.

     33,041  
  186    

Cracker Barrel Old Country Store, Inc. (b)

     29,620  
  421    

Dave & Buster’s Entertainment, Inc. (a)(b)

     25,719  
  1,563    

Del Frisco’s Restaurant Group, Inc. (a)

     28,212  

Number of
Shares

        

Value

  
       

Hotels, Restaurants & Leisure (Continued)

 

  1,582    

Del Taco Restaurants, Inc. (a)(b)

   $ 20,977  
  3,398    

Denny’s Corp. (a)

     42,033  
  1,417    

Domino’s Pizza, Inc.

     261,153  
  853    

Dunkin’ Brands Group, Inc.

     46,642  
  2,525    

Eldorado Resorts, Inc. (a)(b)

     47,786  
  978    

Fiesta Restaurant Group, Inc. (a)

     23,668  
  1,906    

Fogo De Chao, Inc. (a)

     30,972  
  2,022    

Golden Entertainment, Inc.

     26,751  
  626    

Hyatt Hotels Corp. - Class A (a)(b)

     33,791  
  628    

International Speedway Corp. - Class A

     23,205  
  1,502    

Intrawest Resorts Holdings, Inc. (a)

     37,565  
  2,100    

Isle of Capri Casinos, Inc. (a)

     55,356  
  736    

Jack in the Box, Inc.

     74,866  
  3,356    

Jamba, Inc. (a)(b)

     30,372  
  2,240    

La Quinta Holdings, Inc. (a)

     30,285  
  1,259    

Marcus Corp.

     40,414  
  330    

Marriott Vacations Worldwide Corp.

     32,977  
  1,143    

Nathan’s Famous, Inc. (a)

     71,609  
  431    

Panera Bread Co. - Class A (a)(b)

     112,866  
  1,092    

Papa John’s International, Inc.

     87,404  
  2,120    

Penn National Gaming, Inc. (a)

     39,072  
  1,882    

Pinnacle Entertainment, Inc. (a)

     36,737  
  4,980    

Potbelly Corp. (a)

     69,222  
  7,492    

Ruby Tuesday, Inc. (a)

     21,052  
  2,500    

Ruth’s Hospitality Group, Inc.

     50,125  
  875    

Six Flags Entertainment Corp.

     52,054  
  1,187    

Sonic Corp.

     30,102  
  1,800    

Speedway Motorsports, Inc.

     33,912  
  800    

Texas Roadhouse, Inc.

     35,624  
  1,941    

The Wendy’s Co.

     26,417  
  442    

Vail Resorts, Inc.

     84,820  
  1,398    

Wingstop, Inc. (b)

     39,535  
           
              2,491,019  
           
       

Household Durables - 1.68%

 

  2,898    

Bassett Furniture Industries, Inc.

     77,956  
  3,163    

Beazer Homes USA, Inc. (a)

     38,367  
  686    

CalAtlantic Group, Inc.

     25,691  
  300    

Cavco Industries, Inc. (a)

     34,920  
  1,045    

CSS Industries, Inc.

     27,086  
  2,290    

Ethan Allen Interiors, Inc.

     70,188  
  1,189    

Flexsteel Industries, Inc.

     59,926  
  5,378    

GoPro, Inc. - Class A (a)(b)

     46,789  
  899    

Helen of Troy, Ltd. (a)

     84,686  
  1,300    

Hooker Furniture Corp.

     40,365  
  12,219    

Hovnanian Enterprises, Inc. (a)

     27,737  
  2,076    

Installed Building Products, Inc. (a)

     109,509  
  2,355    

iRobot Corp. (a)(b)

     155,760  
  3,255    

KB Home (b)

     64,709  
  3,618    

La-Z-Boy, Inc. (b)

     97,686  
  2,036    

Leggett & Platt, Inc. (b)

     102,452  
  2,027    

Lennar Corp. - Class A (b)

     103,762  
  638    

Lennar Corp. - Class B

     26,668  
  809    

LGI Homes, Inc. (a)(b)

     27,433  
  1,643    

Libbey, Inc.

     23,955  
  4,145    

Lifetime Brands, Inc.

     83,314  
  216    

National Presto Industries, Inc.

     22,075  
  74    

NVR, Inc. (a)(b)

     155,909  
  1,330    

Pulte Homes, Inc. (b)

     31,321  
  1,180    

Tempur Sealy International, Inc. (a)(b)

     54,823  
 

 

See notes to financial statements.

 

56

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Household Durables (Continued)

 

  1,016    

Toll Brothers, Inc. (a)

   $ 36,688  
  623    

TopBuild Corp. (a)

     29,281  
  2,777    

Tri Pointe Group, Inc. (a)(b)

     34,824  
  2,112    

Tupperware Brands Corp. (b)

     132,465  
  2,814    

UCP, Inc. - Class A (a)

     28,562  
  400    

Universal Electronics, Inc. (a)

     27,400  
  7,538    

ZAGG, Inc. (a)

     54,274  
           
              1,936,581  
           
       

Household Products - 0.51%

 

  2,211    

Central Garden & Pet Co. (a)(b)

     81,962  
  3,759    

Central Garden & Pet Co. - Class A (a)

     130,513  
  1,804    

Energizer Holdings, Inc. (b)

     100,573  
  4,272    

HRG Group, Inc. (a)

     82,535  
  1,034    

Oil-Dri Corp. of America

     38,537  
  537    

Spectrum Brands Holdings, Inc. (b)

     74,648  
  776    

WD-40 Co.

     84,545  
           
              593,313  
           
       

Independent Power and Renewable Electricity Producers - 0.60%

 

  38,845    

Atlantic Power Corp. (a)

     102,939  
  9,447    

Calpine Corp. (a)(b)

     104,390  
  8,498    

Dynegy, Inc. (a)

     66,794  
  9,757    

NRG Energy, Inc. (b)

     182,456  
  5,052    

NRG Yield, Inc. - Class A

     87,854  
  6,300    

NRG Yield, Inc. - Class C

     111,510  
  747    

Ormat Technologies, Inc.

     42,639  
           
              698,582  
           
       

Industrial Conglomerates - 0.28%

 

  1,218    

Carlisle Companies, Inc. (b)

     129,607  
  6,240    

McDermott International, Inc. (a)(b)

     42,120  
  650    

Otter Tail Corp.

     24,635  
  1,060    

Raven Industries, Inc. (b)

     30,793  
  9    

Seaboard Corp.

     37,525  
  430    

Standex International Corp.

     43,065  
  1,183    

Tredegar Corp.

     20,762  
           
              328,507  
           
       

Insurance - 3.99%

 

  254    

Alleghany Corp. (a)

     156,124  
  1,249    

Allied World Assurance Co. Holdings, Ltd.

     66,322  
  2,870    

Ambac Financial Group, Inc. (a)

     54,128  
  1,252    

American Equity Investment Life Holding Co.

     29,585  
  1,326    

American Financial Group, Inc.

     126,527  
  290    

American National Insurance Co.

     34,229  
  1,119    

AMERISAFE, Inc. (b)

     72,623  
  3,604    

AmTrust Financial Services, Inc. (b)

     66,530  
  2,458    

Arch Capital Group, Ltd. - ADR (a)

     232,945  
  962    

Argo Group International Holdings, Ltd.

     65,224  
  4,261    

Arthur J. Gallagher & Co.

     240,917  
  1,146    

Aspen Insurance Holdings, Ltd.

     59,649  
  1,462    

Assurant, Inc.

     139,870  
  5,412    

Assured Guaranty, Ltd.

     200,839  
  1,685    

Atlas Financial Holdings, Inc. (a)

     23,000  
  1,935    

Axis Capital Holdings, Ltd.

     129,703  
  854    

Baldwin & Lyons, Inc. - Class B

     20,880  
  1,201    

Blue Capital Reinsurance Holdings Ltd.

     23,179  
  2,715    

Brown & Brown, Inc.

     113,270  
  2,083    

CNO Financial Group, Inc.

     42,701  

Number of
Shares

        

Value

  
       

Insurance (Continued)

 

  1,909    

Crawford & Co. - Class B

   $ 19,147  
  1,360    

Donegal Group, Inc. - Class A

     23,963  
  2,116    

eHealth, Inc. (a)

     25,477  
  960    

EMC Insurance Group, Inc.

     26,938  
  1,373    

Employers Holdings, Inc.

     52,105  
  988    

Erie Indemnity Co. - Class A

     121,228  
  1,014    

Everest Re Group, Ltd.

     237,083  
  457    

FBL Financial Group, Inc. - Class A

     29,911  
  2,163    

Federated National Holding Co. - Class C

     37,701  
  2,655    

First American Financial Corp.

     104,288  
  716    

Global Indemnity Ltd. (a)

     27,559  
  1,574    

HCI Group, Inc. (b)

     71,743  
  3,882    

Heritage Insurance Holdings, Inc.

     49,573  
  574    

Horace Mann Educators Corp.

     23,563  
  300    

Infinity Property & Casualty Corp.

     28,650  
  245    

Investors Title Co.

     38,747  
  600    

James River Group Holdings, Ltd.

     25,716  
  521    

Kemper Corp.

     20,788  
  3,500    

Maiden Holdings, Ltd. (b)

     49,000  
  3,083    

MBIA, Inc. (a)(b)

     26,113  
  1,434    

National General Holdings Corp. (b)

     34,072  
  101    

National Western Life Group, Inc. - Class A (b)

     30,720  
  800    

Navigators Group, Inc.

     43,440  
  4,213    

Old Republic International Corp.

     86,282  
  4,868    

Patriot National, Inc. (a)(b)

     13,728  
  1,933    

Primerica, Inc. (b)

     158,893  
  590    

ProAssurance Corp. (b)

     35,548  
  1,299    

Reinsurance Group of America

     164,947  
  1,013    

RenaissanceRe Holdings, Ltd.

     146,530  
  1,339    

RLI Corp.

     80,367  
  319    

Safety Insurance Group, Inc.

     22,362  
  2,100    

Selective Insurance Group, Inc. (b)

     99,015  
  2,571    

State National Cos., Inc.

     37,022  
  523    

Stewart Information Services Corp. (b)

     23,106  
  555    

The Hanover Insurance Group, Inc.

     49,983  
  3,336    

Torchmark Corp. (b)

     257,005  
  469    

United Fire Group, Inc.

     20,059  
  2,370    

United Insurance Holdings Corp.

     37,802  
  3,166    

Universal Insurance Holdings, Inc. (b)

     77,567  
  2,369    

W.R. Berkley Corp. (b)

     167,322  
  99    

White Mountains Insurance Group, Ltd. - ADR

     87,108  
           
              4,610,416  
           
       

Internet & Direct Marketing Retail - 0.80%

 

  7,579    

1-800-Flowers.Com, Inc. - Class A (a)

     77,306  
  2,926    

Etsy, Inc. (a)

     31,103  
  2,443    

FTD Cos., Inc. (a)(b)

     49,202  
  17,469    

Groupon, Inc. (a)(b)

     68,653  
  1,850    

HSN, Inc.

     68,635  
  2,234    

Lands’ End, Inc. (a)

     47,919  
  1,364    

Liberty Expedia Holdings, Inc. - Class A (a)

     62,035  
  1,252    

Liberty TripAdvisor Holdings, Inc. - Class A (a)

     17,653  
  2,470    

Nutrisystem, Inc.

     137,085  
  3,295    

Overstock.com, Inc. (a)

     56,674  
  3,690    

PetMed Express, Inc.

     74,317  
  1,775    

Shutterfly, Inc. (a)

     85,715  
  342    

Stamps.com, Inc. (a)(b)

     40,476  
  3,200    

Travelport Worldwide, Ltd.

     37,664  
  1,796    

Wayfair, Inc. - Class A (a)(b)

     72,720  
           
              927,157  
           
 

 

See notes to financial statements.

 

57

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Internet Software & Services - 2.63%

 

  1,771    

2U, Inc. (a)(b)

   $ 70,238  
  10,117    

Aerohive Networks, Inc. (a)

     42,593  
  2,306    

Alarm.com Holdings, Inc. (a)

     70,886  
  2,212    

Amber Road, Inc. (a)

     17,077  
  10,776    

Angie’s List, Inc. (a)

     61,423  
  2,250    

Appfolio, Inc. - Class A (a)

     61,200  
  3,483    

Autobytel, Inc. (a)

     43,642  
  5,618    

Bankrate, Inc. (a)

     54,214  
  5,242    

Bazaarvoice, Inc. (a)

     22,541  
  4,181    

Blucora, Inc. (a)

     72,331  
  3,881    

Box, Inc. - Class A (a)(b)

     63,299  
  7,536    

Brightcove, Inc. (a)

     67,070  
  924    

BroadSoft, Inc. (a)(b)

     37,145  
  5,633    

Carbonite, Inc. (a)

     114,350  
  8,239    

Care.com, Inc. (a)

     103,070  
  3,925    

ChannelAdvisor Corp. (a)

     43,764  
  1,204    

Cimpress NV (a)

     103,773  
  3,187    

CommerceHub, Inc. - Series A (a)

     49,335  
  3,205    

CommerceHub, Inc. - Series C (a)

     49,774  
  1,355    

comScore, Inc. (a)

     29,254  
  2,064    

Cornerstone OnDemand, Inc. (a)

     80,269  
  117    

CoStar Group, Inc. (a)(b)

     24,245  
  12,468    

DHI Group, Inc. (a)

     49,249  
  7,700    

Five9, Inc. (a)(b)

     126,742  
  751    

GrubHub, Inc. (a)(b)

     24,700  
  812    

GTT Communications, Inc. (a)

     19,772  
  2,489    

Hortonworks, Inc. (a)

     24,417  
  1,900    

IAC InterActive Corp. (a)

     140,068  
  1,654    

Instructure, Inc. (a)

     38,704  
  782    

j2 Global, Inc. (b)

     65,618  
  7,350    

Liquidity Services, Inc. (a)

     58,800  
  5,702    

LivePerson, Inc. (a)

     39,059  
  894    

LogMeIn, Inc.

     87,165  
  10,174    

Marchex, Inc. - Class B (a)

     27,673  
  1,583    

Match Group, Inc. (a)(b)

     25,850  
  6,052    

MeetMe, Inc. (a)

     35,646  
  2,056    

MINDBODY, Inc. - Class A (a)(b)

     56,437  
  1,507    

New Relic, Inc. (a)

     55,864  
  3,276    

NIC, Inc.

     66,175  
  761    

Nutanix, Inc. - Class A (a)(b)

     14,284  
  5,816    

Pandora Media, Inc. (a)(b)

     68,687  
  4,749    

Quotient Technology, Inc. (a)

     45,353  
  4,525    

RealNetworks, Inc. (a)

     21,901  
  6,622    

RetailMeNot, Inc. (a)

     53,638  
  3,389    

Rightside Group Ltd. (a)

     33,619  
  1,237    

Shutterstock, Inc. (a)(b)

     51,150  
  518    

SPS Commerce, Inc. (a)

     30,298  
  6,343    

TechTarget, Inc. (a)

     57,277  
  6,500    

TrueCar, Inc. (a)(b)

     100,555  
  829    

Twilio, Inc. - Class A (a)(b)

     23,933  
  2,469    

Web.com Group, Inc. (a)(b)

     47,652  
  560    

WebMD Health Corp. (a)

     29,501  
  4,616    

Xactly Corp. (a)

     54,930  
  2,769    

XO Group, Inc. (a)

     47,654  
  2,570    

Yelp, Inc. - Class A (a)(b)

     84,167  
  610    

Zillow Group, Inc. - Class A (a)

     20,624  
  913    

Zillow Group, Inc. - Class C (a)(b)

     30,741  
           
              3,039,396  
           

Number of
Shares

        

Value

  
       

IT Services - 2.23%

 

  2,658    

Acxiom Corp. (a)

   $ 75,673  
  10,543    

ALJ Regional Holdings, Inc. (a)

     39,220  
  833    

Black Knight Financial Services, Inc. - Class A (a)

     31,904  
  3,176    

Blackhawk Network Holdings, Inc. (a)(b)

     128,946  
  2,453    

Booz Allen Hamilton Holding Corp. - Class A

     86,812  
  2,475    

Broadridge Financial Solutions, Inc.

     168,176  
  903    

CACI International, Inc. - Class A (a)(b)

     105,922  
  1,277    

Cardtronics Plc - Class A (a)(b)

     59,700  
  4,400    

Convergys Corp.

     93,060  
  1,646    

CoreLogic, Inc. (a)

     67,025  
  2,167    

CSG Systems International, Inc.

     81,934  
  400    

DST Systems, Inc.

     49,000  
  952    

EPAM Systems, Inc. (a)

     71,895  
  933    

Euronet Worldwide, Inc. (a)(b)

     79,790  
  1,315    

EVERTEC, Inc.

     20,909  
  800    

ExlService Holdings, Inc. (a)

     37,888  
  1,489    

Forrester Research, Inc.

     59,188  
  1,360    

Gartner, Inc. (a)

     146,866  
  3,660    

Genpact, Ltd.

     90,622  
  20,083    

Information Services Group, Inc. (a)

     63,261  
  1,482    

Leidos Holdings, Inc.

     75,790  
  1,980    

ManTech International Corp. - Class A

     68,567  
  1,500    

Maximus, Inc. (b)

     93,300  
  3,075    

NCI, Inc. - Class A (a)

     46,279  
  3,007    

NeuStar, Inc. - Class A (a)

     99,682  
  2,675    

Perficient, Inc. (a)(b)

     46,438  
  5,355    

PFSweb, Inc. (a)

     34,968  
  19,183    

Planet Payment, Inc. (a)

     76,348  
  1,400    

Science Applications International Corp. (b)

     104,160  
  3,623    

Square, Inc. - Class A (a)

     62,605  
  1,727    

Teletech Holdings, Inc.

     51,119  
  4,946    

The Hackett Group, Inc.

     96,398  
  3,754    

Unisys Corp. (a)

     52,368  
  1,399    

VeriFone Holdings, Inc. (a)(b)

     26,203  
  839    

Virtusa Corp. (a)

     25,355  
  617    

WEX, Inc. (a)(b)

     63,860  
           
              2,581,231  
           
       

Leisure Products - 0.73%

 

  3,523    

American Outdoor Brands Corp. (a)(b)

     69,791  
  1,644    

Brunswick Corp.

     100,613  
  8,356    

JAKKS Pacific, Inc. (a)(b)

     45,958  
  2,512    

Johnson Outdoors, Inc. - Class A

     91,688  
  1,342    

Malibu Boats, Inc. - Class A (a)

     30,128  
  2,523    

Marine Products Corp.

     27,425  
  4,608    

MCBC Holdings, Inc.

     74,511  
  3,504    

Nautilus, Inc. (a)(b)

     63,948  
  1,018    

Polaris Industries, Inc. (b)

     85,308  
  1,342    

Pool Corp. (b)

     160,141  
  1,241    

Sturm, Ruger & Company, Inc. (b)

     66,456  
  1,314    

Vista Outdoor, Inc. (a)

     27,055  
           
              843,022  
           
       

Life Sciences Tools & Services - 1.11%

 

  261    

Bio-Rad Laboratories, Inc. - Class A (a)

     52,028  
  387    

Bio-Techne Corp.

     39,338  
  4,070    

Bruker Corp.

     94,953  
  613    

Cambrex Corp. (a)(b)

     33,746  
  1,282    

Charles River Laboratories (a)(d)

     115,316  
  18,816    

ChromaDex Corp. (a)(b)

     50,615  
 

 

See notes to financial statements.

 

58

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Life Sciences Tools & Services (Continued)

 

  18,974    

Enzo Biochem, Inc. (a)

   $ 158,812  
  957    

INC Research Holdings, Inc. - Class A (a)

     43,878  
  3,447    

Luminex Corp.

     63,321  
  1,062    

Medpace Holdings, Inc. (a)

     31,701  
  1,765    

NanoString Technologies, Inc. (a)

     35,071  
  1,076    

PAREXEL International Corp. (a)

     67,906  
  1,225    

PRA Health Sciences, Inc. (a)(b)

     79,907  
  2,543    

QIAGEN NV

     73,676  
  3,124    

Quintiles Transnational Holdings, Inc. (a)(b)

     251,576  
  3,014    

VWR Corp. (a)

     84,995  
           
              1,276,839  
           
       

Machinery - 3.52%

 

  1,580    

Actuant Corp. - Class A

     41,633  
  1,232    

AGCO Corp.

     74,142  
  335    

Alamo Group, Inc.

     25,524  
  1,888    

Allison Transmission Holdings, Inc.

     68,081  
  1,187    

Altra Industrial Motion Corp. (b)

     46,234  
  539    

American Railcar Industries, Inc. (b)

     22,153  
  478    

Astec Industries, Inc.

     29,395  
  1,282    

Badger Meter, Inc.

     47,113  
  1,013    

Barnes Group, Inc. (b)

     52,007  
  2,617    

Blue Bird Corp. (a)(b)

     44,882  
  2,469    

Briggs & Stratton Corp. (b)

     55,429  
  1,570    

Chart Industries, Inc. (a)

     54,856  
  360    

CIRCOR International, Inc.

     21,398  
  1,721    

Colfax Corp. (a)(b)

     67,566  
  1,434    

Columbus McKinnon Corp. (b)

     35,592  
  569    

Crane Co.

     42,578  
  1,600    

DMC Global, Inc.

     19,840  
  3,256    

Donaldson Co., Inc.

     148,213  
  840    

Douglas Dynamics, Inc.

     25,746  
  2,261    

Energy Recovery, Inc. (a)

     18,812  
  372    

EnPro Industries, Inc.

     26,472  
  514    

ESCO Technologies, Inc.

     29,863  
  1,354    

Federal Signal Corp.

     18,699  
  968    

Flowserve Corp.

     46,871  
  1,939    

Gencor Industries, Inc. (a)

     28,988  
  1,932    

Global Brass & Copper Holdings, Inc.

     66,461  
  1,010    

Gorman Rupp Co.

     31,714  
  1,400    

Graco, Inc. (b)

     131,796  
  4,130    

Hardinge, Inc.

     46,421  
  2,353    

Harsco Corp. (a)

     30,001  
  500    

Hyster-Yale Materials Handling, Inc.

     28,195  
  996    

IDEX Corp.

     93,136  
  766    

ITT, Inc. (b)

     31,421  
  895    

John Bean Technologies Corp.

     78,715  
  2,325    

Joy Global, Inc.

     65,681  
  1,000    

Kadant, Inc.

     59,350  
  1,705    

Kennametal, Inc. (b)

     66,887  
  1,574    

Lincoln Electric Holdings, Inc.

     136,718  
  687    

Lydall, Inc. (a)

     36,823  
  4,253    

Manitowoc, Inc. (a)

     24,242  
  1,696    

Meritor, Inc. (a)(b)

     29,052  
  606    

Middleby Corp. (a)(b)

     82,689  
  1,153    

Mueller Industries, Inc.

     39,467  
  3,270    

Mueller Water Products, Inc. - Class A

     38,651  
  700    

NACCO Industries, Inc. - Class A

     48,860  
  972    

Navistar International Corp. (a)

     23,931  
  1,301    

Nordson Corp.

     159,815  

Number of
Shares

        

Value

  
       

Machinery (Continued)

 

  1,269    

Omega Flex, Inc.

   $ 60,646  
  1,464    

Oshkosh Corp.

     100,416  
  804    

Proto Labs, Inc. (a)

     41,084  
  253    

RBC Bearings, Inc. (a)(b)

     24,564  
  1,400    

Rexnord Corp. (a)

     32,312  
  986    

Snap On, Inc. (b)

     166,309  
  1,100    

SPX Corp. (a)

     26,675  
  1,274    

SPX FLOW, Inc. (a)

     44,221  
  3,727    

Supreme Industries, Inc. - Class A

     75,509  
  1,336    

Tennant Co.

     97,060  
  2,162    

Terex Corp.

     67,887  
  1,133    

The Greenbrier Companies, Inc. (b)

     48,832  
  1,360    

The Timken Co.

     61,472  
  5,652    

Titan International, Inc.

     58,442  
  3,364    

Toro Co.

     210,115  
  1,720    

TriMas Corp. (a)

     35,690  
  2,504    

Trinity Industries, Inc. (b)

     66,481  
  431    

Valmont Industries, Inc.

     67,020  
  3,102    

Wabash National Corp. (b)

     64,180  
  810    

Wabtec Corp. (b)

     63,180  
  483    

Watts Water Technologies, Inc. - Class A

     30,115  
  1,266    

Welbilt, Inc. (a)

     24,852  
  3,020    

Xylem, Inc.

     151,664  
           
              4,060,839  
           
       

Marine - 0.08%

 

  5,439    

Costamare, Inc. (b)

     36,224  
  849    

Kirby Corp. (a)(b)

     59,897  
           
              96,121  
           
       

Media - 1.27%

 

  524    

AMC Networks, Inc. - Class A (a)(b)

     30,748  
  2,455    

Ascent Capital Group, Inc. - Class A (a)

     34,689  
  98    

Cable One, Inc.

     61,198  
  12,454    

Central European Media Enterprises Ltd. - Class A (a)

     38,607  
  818    

Cinemark Holdings, Inc. (b)

     36,270  
  3,300    

Entercom Communications Corp. - Class A (b)

     47,190  
  1,686    

Eros International Plc (a)(b)

     17,366  
  5,607    

Gannett Co., Inc.

     46,987  
  2,916    

Global Sources, Ltd. (a)

     24,057  
  2,625    

Gray Television, Inc. (a)

     38,063  
  1,708    

John Wiley & Sons, Inc. - Class A

     91,890  
  1,047    

Liberty Media Group - Class A (a)

     34,237  
  1,056    

Liberty Media Group - Class C (a)

     36,062  
  1,298    

Live Nation, Inc. (a)(b)

     39,420  
  978    

Meredith Corp. (b)

     63,179  
  835    

Morningstar, Inc.

     65,631  
  2,151    

MSG Networks, Inc. - Class A (a)

     50,226  
  3,120    

New Media Investment Group, Inc. (b)

     44,335  
  2,915    

New York Times Co. - Class A

     41,976  
  1,379    

Regal Entertainment Group - Class A (b)

     31,138  
  4,768    

Salem Media Group, Inc.

     35,522  
  1,473    

Scholastic Corp. (b)

     62,706  
  1,152    

Sinclair Broadcast Group, Inc. - Class A (b)

     46,656  
  3,383    

TEGNA, Inc.

     86,673  
  1,330    

The E.W. Scripps Co. - Class A (a)

     31,175  
  5,983    

The Interpublic Group of Companies, Inc. (b)

     147,002  
  1,928    

Time, Inc.

     37,307  
  2,294    

Townsquare Media, Inc. - Class A (a)(b)

     27,941  
  890    

Tribune Media Co. - Class A

     33,170  
 

 

See notes to financial statements.

 

59

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Media (Continued)

 

  1,709    

tronc, Inc. (a)

   $ 23,789  
  2,903    

World Wrestling Entertainment, Inc. - Class A

     64,505  
           
              1,469,715  
           
       

Metals & Mining - 1.25%

 

  10,451    

AK Steel Holding Corp. (a)(b)

     75,143  
  1,134    

Carpenter Technology Corp. (b)

     42,298  
  3,761    

Century Aluminum Co. (a)

     47,727  
  5,944    

Cliffs Natural Resources, Inc. (a)

     48,800  
  3,610    

Coeur D’Alene Mines Corp. (a)

     29,169  
  3,698    

Commercial Metals Co.

     70,743  
  3,195    

Ferroglobe Plc (b)

     33,004  
  3,195    

Ferroglobe Representation & Warranty Insurance Trust (a)(c)

     0  
  1,200    

Gibraltar Industries, Inc. (a)

     49,440  
  4,372    

Gold Resource Corp.

     19,762  
  1,036    

Handy & Harman Ltd. (a)

     28,179  
  588    

Haynes International, Inc.

     22,415  
  6,752    

Hecla Mining Co.

     35,718  
  1,069    

Materion Corp.

     35,865  
  3,197    

Olympic Steel, Inc.

     59,336  
  4,327    

Real Industry, Inc. (a)

     12,332  
  1,849    

Reliance Steel & Aluminum Co.

     147,957  
  825    

Royal Gold, Inc. (b)

     57,791  
  3,788    

Ryerson Holding Corp. (a)

     47,729  
  2,404    

Schnitzer Steel Industries, Inc. - Class A

     49,643  
  5,674    

Steel Dynamics, Inc. (b)

     197,228  
  1,601    

Stillwater Mining Co. (a)

     27,649  
  5,282    

SunCoke Energy, Inc. (a)

     47,327  
  3,105    

Tahoe Resources, Inc.

     24,933  
  3,182    

TimkenSteel Corp. (a)

     60,172  
  3,224    

United States Steel Corp.

     109,003  
  1,538    

Worthington Industries, Inc.

     69,348  
           
              1,448,711  
           
       

Multiline Retail - 0.56%

 

  2,738    

Big Lots, Inc. (b)

     133,286  
  2,063    

Burlington Stores, Inc. (a)(b)

     200,709  
  1,415    

Dillard’s, Inc. - Class A (b)

     73,920  
  5,710    

Fred’s, Inc. - Class A (b)

     74,801  
  8,786    

J.C. Penney Co., Inc. (a)(b)

     54,122  
  969    

Ollie’s Bargain Outlet Holdings, Inc. (a)(b)

     32,461  
  2,983    

Sears Holdings Corp. (a)(b)

     34,275  
  10,234    

Tuesday Morning Corp. (a)

     38,377  
           
              641,951  
           
       

Multi-Utilities - 0.35%

 

  3,109    

Alliant Energy Corp.

     123,148  
  944    

Avista Corp.

     36,863  
  715    

Black Hills Corp. (b)

     47,526  
  3,474    

MDU Resources Group, Inc.

     95,083  
  751    

Northwestern Corp.

     44,084  
  981    

Vectren Corp.

     57,496  
           
              404,200  
           
       

Oil, Gas & Consumable Fuels - 1.29%

 

  579    

Adams Resources & Energy, Inc.

     21,626  
  2,766    

Callon Petroleum Co. (a)(b)

     36,401  
  3,333    

Chesapeake Energy Corp. (a)(b)

     19,798  
  223    

Clayton Williams Energy, Inc. (a)

     29,454  
  5,400    

CONSOL Energy, Inc. (a)(b)

     90,612  

Number of
Shares

        

Value

  
       

Oil, Gas & Consumable Fuels (Continued)

 

  1,487    

Delek U.S. Holdings, Inc.

   $ 36,090  
  11,433    

Denbury Resources, Inc. (a)

     29,497  
  745    

Diamondback Energy, Inc. (a)(b)

     77,268  
  611    

Energen Corp. (a)(b)

     33,263  
  8,168    

EP Energy Corp. - Class A (a)(b)

     38,798  
  2,491    

Evolution Petroleum Corp.

     19,928  
  4,895    

Frontline Ltd. (b)

     32,992  
  1,608    

GasLog, Ltd.

     24,683  
  834    

Green Plains, Inc.

     20,642  
  1,200    

HollyFrontier Corp. (b)

     34,008  
  1,844    

Laredo Petroleum, Inc. (a)

     26,922  
  1,178    

Murphy Oil Corp. (b)

     33,679  
  16,709    

Navios Maritime Acquisition Corp.

     28,739  
  1,846    

Newfield Exploration Co. (a)(b)

     68,136  
  9,054    

Northern Oil and Gas, Inc. (a)

     23,540  
  2,355    

Oasis Petroleum, Inc. (a)(b)

     33,582  
  7,211    

Overseas Shipholding Group, Inc. -
Class A (a)(b)

     27,834  
  2,037    

Parsley Energy, Inc. - Class A (a)

     66,223  
  1,907    

PBF Energy, Inc. - Class A (b)

     42,278  
  468    

PDC Energy, Inc. (a)

     29,180  
  1,563    

QEP Resources, Inc. (a)(b)

     19,866  
  3,241    

Renewable Energy Group, Inc. (a)(b)

     33,868  
  1,597    

Rice Energy, Inc. (a)(b)

     37,849  
  1,745    

Ring Energy, Inc. (a)

     18,881  
  870    

RSP Permian, Inc. (a)(b)

     36,044  
  2,061    

Sanchez Energy Corp. (a)(b)

     19,662  
  5,059    

Scorpio Tankers, Inc. (b)

     22,462  
  578    

SemGroup Corp. - Class A

     20,808  
  699    

SM Energy Co.

     16,790  
  3,796    

Southwestern Energy Co. (a)(b)

     31,013  
  1,816    

Targa Resources Corp.

     108,778  
  15,243    

Teekay Tankers Ltd. - Class A

     31,248  
  575    

Western Refining, Inc.

     20,165  
  2,343    

Westmoreland Coal Co. (a)

     34,020  
  1,893    

Whiting Petroleum Corp. (a)

     17,908  
  1,344    

World Fuel Services Corp.

     48,720  
  3,709    

WPX Energy, Inc. (a)

     49,664  
           
              1,492,919  
           
       

Paper & Forest Products - 0.21%

 

  935    

Boise Cascade Co. (a)

     24,964  
  398    

Clearwater Paper Corp. (a)

     22,288  
  911    

Domtar Corp.

     33,270  
  3,055    

KapStone Paper and Packaging Corp.

     70,571  
  1,200    

Louisiana-Pacific Corp. (a)

     29,784  
  300    

Neenah Paper, Inc.

     22,410  
  942    

P.H. Glatfelter Co.

     20,479  
  605    

Schweitzer-Mauduit International, Inc.

     25,059  
           
              248,825  
           
       

Personal Products - 0.78%

 

  17,920    

Avon Products, Inc. (a)

     78,848  
  4,451    

Coty, Inc. - Class A (b)

     80,697  
  2,356    

Herbalife, Ltd. (a)(b)

     136,978  
  1,073    

Inter Parfums, Inc.

     39,218  
  9,178    

Lifevantage Corp. (a)

     49,286  
  1,800    

Medifast, Inc.

     79,866  
  3,184    

Natural Health Trends Corp. (b)

     92,017  
  3,398    

Nature’s Sunshine Products, Inc.

     33,980  
  2,440    

Nu Skin Enterprises, Inc. - Class A (b)

     135,518  
 

 

See notes to financial statements.

 

60

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Personal Products (Continued)

 

  2,643    

Nutraceutical International Corp.

   $ 82,329  
  1,118    

Revlon, Inc. - Class A (a)

     31,136  
  1,000    

USANA Health Sciences, Inc. (a)

     57,600  
           
              897,473  
           
       

Pharmaceuticals - 0.95%

 

  845    

Aclaris Therapeutics, Inc. (a)(b)

     25,198  
  595    

Aerie Pharmaceuticals, Inc. (a)(b)

     26,983  
  1,319    

Akorn, Inc. (a)

     31,762  
  12,374    

Corcept Therapeutics, Inc. (a)

     135,619  
  3,086    

Depomed, Inc. (a)(b)

     38,729  
  941    

Dermira, Inc. (a)

     32,097  
  6,781    

Endo International Plc (a)

     75,676  
  800    

Heska Corp. (a)

     83,984  
  4,769    

Horizon Pharma Plc (a)

     70,486  
  5,727    

Impax Laboratories, Inc. (a)

     72,447  
  1,736    

Intersect ENT, Inc. (a)

     29,772  
  3,599    

Lannett Co., Inc. (a)(b)

     80,438  
  959    

Pacira Pharmaceuticals, Inc. (a)(b)

     43,730  
  1,300    

Phibro Animal Health Corp. - Class A

     36,530  
  1,739    

Prestige Brands Holdings, Inc. (a)

     96,619  
  9,525    

SciClone Pharmaceuticals, Inc. (a)

     93,345  
  2,932    

Supernus Pharmaceuticals, Inc. (a)

     91,772  
  943    

Theravance Biopharma, Inc. (a)

     34,721  
           
              1,099,908  
           
       

Professional Services - 1.41%

 

  3,737    

Acacia Research Corp. (a)

     21,488  
  2,929    

CBIZ, Inc. (a)

     39,688  
  653    

CEB, Inc.

     51,326  
  816    

CRA International, Inc.

     28,829  
  483    

Exponent, Inc.

     28,763  
  4,102    

Franklin Covey Co. (a)

     82,860  
  1,438    

FTI Consulting, Inc. (a)(b)

     59,202  
  954    

GP Strategies Corp. (a)

     24,136  
  1,155    

Heidrick & Struggles International, Inc.

     30,434  
  9,244    

Hill International, Inc. (a)

     38,363  
  455    

Huron Consulting Group, Inc. (a)

     19,156  
  1,202    

ICF International, Inc. (a)

     49,643  
  1,034    

Insperity, Inc.

     91,664  
  3,982    

Kelly Services, Inc. - Class A

     87,047  
  3,644    

Kforce, Inc.

     86,545  
  2,002    

ManpowerGroup, Inc.

     205,345  
  1,730    

Mistras Group, Inc. (a)

     36,987  
  1,639    

Navigant Consulting, Inc. (a)

     37,468  
  1,511    

On Assignment, Inc. (a)

     73,329  
  3,293    

Resources Connection, Inc.

     55,158  
  3,403    

Robert Half International, Inc. (b)

     166,168  
  3,580    

RPX Corp. (a)

     42,960  
  947    

The Dun & Bradstreet Corp.

     102,219  
  3,729    

TrueBlue, Inc. (a)

     101,988  
  724    

VSE Corp.

     29,539  
  503    

WageWorks, Inc. (a)

     36,367  
           
              1,626,672  
           
       

Real Estate Management & Development - 0.80%

 

  4,526    

Altisource Portfolio Solutions SA (a)(b)

     166,557  
  5,468    

AV Homes, Inc. (a)

     89,949  
  1,022    

Community Healthcare Trust, Inc.

     24,426  
  6,764    

Forestar Group, Inc. (a)

     92,329  

Number of
Shares

        

Value

  
       

Real Estate Management & Development (Continued)

 

  765    

Jones Lang LaSalle, Inc. (b)

   $ 85,259  
  4,478    

Marcus & Millichap, Inc. (a)

     110,069  
  1,472    

RE/MAX Holdings, Inc. - Class A

     87,510  
  4,422    

Realogy Holdings Corp. (b)

     131,731  
  1,090    

Stratus Properties, Inc. (a)

     29,866  
  1,774    

The RMR Group, Inc. - Class A

     87,813  
  2,224    

Trinity Place Holdings, Inc. (a)(b)

     16,258  
           
              921,767  
           
       

Road & Rail - 0.48%

 

  1,825    

ArcBest Corp. (b)

     47,450  
  757    

Genesee & Wyoming, Inc. - Class A (a)

     51,370  
  1,228    

Hertz Global Holdings, Inc. (a)(b)

     21,539  
  798    

Knight Transportation, Inc. (b)

     25,017  
  1,736    

Landstar System, Inc.

     148,689  
  1,112    

Marten Transport, Ltd.

     26,076  
  729    

Old Dominion Freight Line, Inc. (b)

     62,381  
  3,597    

Roadrunner Transportation Systems, Inc. (a)

     24,711  
  301    

Ryder System, Inc.

     22,708  
  948    

Saia, Inc. (a)

     41,996  
  1,476    

Swift Transportation Co. (a)(b)

     30,317  
  1,790    

Universal Truckload Services, Inc.

     25,687  
  2,093    

YRC Worldwide, Inc. (a)(b)

     23,044  
           
              550,985  
           
       

Semiconductors & Semiconductor Equipment - 2.66%

 

  1,096    

Acacia Communications, Inc. (a)(b)

     64,248  
  2,192    

Advanced Energy Industries, Inc. (a)

     150,284  
  17,207    

Advanced Micro Devices, Inc. (a)(b)

     250,362  
  2,744    

Alpha & Omega Semiconductor, Ltd. (a)

     47,169  
  860    

Ambarella, Inc. (a)(b)

     47,051  
  3,987    

Amkor Technology, Inc. (a)(b)

     46,209  
  1,340    

Brooks Automation, Inc.

     30,016  
  612    

Cabot Microelectronics Corp.

     46,885  
  900    

CEVA, Inc. (a)

     31,950  
  2,604    

Cirrus Logic, Inc. (a)(b)

     158,037  
  2,673    

Cohu, Inc.

     49,344  
  2,614    

Cree, Inc. (a)(b)

     69,872  
  2,808    

Cypress Semiconductor Corp. (b)

     38,638  
  3,927    

DSP Group, Inc. (a)

     47,124  
  3,435    

Entegris, Inc. (a)

     80,379  
  2,325    

Exar Corp. (a)

     30,248  
  900    

First Solar, Inc. (a)(b)

     24,390  
  2,596    

FormFactor, Inc. (a)

     30,763  
  1,554    

Impinj, Inc. (a)(b)

     47,040  
  1,038    

Inphi Corp. (a)(b)

     50,675  
  4,274    

Integrated Device Technology, Inc. (a)

     101,166  
  3,167    

IXYS Corp.

     46,080  
  1,341    

MACOM Technology Solutions Holdings, Inc. (a)

     64,770  
  4,800    

Marvell Technology Group, Ltd. - ADR

     73,248  
  4,138    

MaxLinear, Inc. - Class A (a)

     116,071  
  1,685    

Microsemi Corp. (a)(b)

     86,828  
  1,266    

MKS Instrument, Inc. (b)

     87,037  
  1,199    

Monolithic Power Systems, Inc. (b)

     110,428  
  1,241    

Nanometrics, Inc. (a)(b)

     37,801  
  2,938    

NeoPhotonics Corp. (a)

     26,471  
  322    

NVE Corp.

     26,658  
  9,074    

ON Semiconductor Corp. (a)(b)

     140,556  
  1,203    

PDF Solutions, Inc. (a)

     27,212  
  5,223    

Photronics, Inc. (a)(b)

     55,886  
 

 

See notes to financial statements.

 

61

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Semiconductors & Semiconductor Equipment (Continued)

 

  755    

Power Integrations, Inc.

   $ 49,641  
  3,807    

Rambus, Inc. (a)

     50,024  
  2,535    

Rudolph Technologies, Inc. (a)

     56,784  
  1,971    

Semtech Corp. (a)

     66,620  
  6,800    

Sigma Designs, Inc. (a)

     42,500  
  1,194    

Silicon Laboratories, Inc. (a)

     87,819  
  6,974    

Teradyne, Inc.

     216,891  
  3,800    

Ultra Clean Holdings, Inc. (a)(b)

     64,106  
  846    

Veeco Instruments, Inc. (a)(b)

     25,253  
  5,500    

Xcerra Corp. (a)

     48,895  
  526    

Xperi Corp.

     17,858  
           
              3,067,287  
           
       

Software - 4.24%

 

  8,585    

A10 Networks, Inc. (a)

     78,553  
  1,454    

ACI Worldwide, Inc. (a)

     31,101  
  3,332    

American Software, Inc. - Class A (b)

     34,253  
  1,080    

ANSYS, Inc. (a)(b)

     115,420  
  2,583    

Aspen Technology, Inc. (a)(b)

     152,190  
  861    

Atlassian Corp. Plc (a)

     25,787  
  2,443    

Barracuda Networks, Inc. (a)

     56,458  
  926    

Blackbaud, Inc. (b)

     70,996  
  8,261    

Cadence Design System, Inc. (a)(b)

     259,395  
  2,631    

Callidus Software, Inc. (a)

     56,172  
  2,014    

CommVault Systems, Inc. (a)

     102,311  
  561    

Ebix, Inc. (b)

     34,361  
  1,007    

Ellie Mae, Inc. (a)

     100,972  
  8,315    

EnerNOC, Inc. (a)

     49,890  
  381    

ePlus, Inc. (a)

     51,454  
  4,937    

Exa Corp. (a)

     62,700  
  811    

FactSet Research Systems, Inc. (b)

     133,742  
  899    

Fair Isaac Corp.

     115,926  
  2,007    

Fortinet, Inc. (a)(b)

     76,968  
  2,247    

Gigamon, Inc. (a)

     79,881  
  1,163    

Globant SA (a)

     42,333  
  9,426    

Guidance Software, Inc. (a)

     55,613  
  764    

Guidewire Software, Inc. (a)(b)

     43,036  
  1,380    

HubSpot, Inc. (a)

     83,559  
  929    

Imperva, Inc. (a)(b)

     38,135  
  1,678    

Jack Henry & Associates, Inc.

     156,222  
  12,815    

Jive Software, Inc. (a)

     55,104  
  2,260    

Manhattan Associates, Inc. (a)(b)

     117,633  
  359    

MicroStrategy, Inc. - Class A (a)(b)

     67,420  
  9,489    

Mitek Systems, Inc. (a)

     63,102  
  17,785    

MobileIron, Inc. (a)

     77,365  
  4,345    

Model N, Inc. (a)

     45,405  
  1,129    

Monotype Imaging Holdings, Inc.

     22,693  
  4,435    

Nuance Communications, Inc. (a)

     76,770  
  600    

Paycom Software, Inc. (a)

     34,506  
  2,749    

Pegasystems, Inc.

     120,544  
  2,476    

Progress Software Corp.

     71,928  
  500    

Proofpoint, Inc. (a)(b)

     37,180  
  1,164    

PROS Holdings, Inc. (a)

     28,157  
  2,180    

PTC, Inc. (a)(b)

     114,559  
  1,710    

QAD, Inc. - Class A

     47,623  
  1,100    

Qualys, Inc. (a)(b)

     41,690  
  1,767    

Rapid7, Inc. (a)

     26,470  
  2,118    

RealPage, Inc. (a)

     73,918  
  3,781    

RingCentral, Inc. - Class A (a)(b)

     107,002  
  7,676    

Rosetta Stone, Inc. (a)

     74,841  

Number of
Shares

        

Value

  
       

Software (Continued)

 

  2,266    

Sapiens International Corp. NV

   $ 29,186  
  2,257    

Silver Spring Networks, Inc. (a)

     25,482  
  2,706    

Splunk, Inc. (a)(b)

     168,557  
  1,271    

SS&C Technologies Holdings, Inc.

     44,993  
  516    

Synchronoss Technologies, Inc. (a)(b)

     12,590  
  4,383    

Synopsys, Inc. (a)

     316,146  
  1,285    

Tableau Software, Inc. - Class A (a)

     63,672  
  1,708    

Take-Two Interactive Software, Inc. (a)(b)

     101,233  
  7,182    

Tangoe, Inc. (a)

     38,065  
  3,715    

Telenav, Inc. (a)

     32,135  
  9,455    

The Rubicon Project, Inc. (a)

     55,690  
  3,360    

TiVo Corp. (b)

     63,000  
  357    

Tyler Technologies, Inc. (a)

     55,178  
  337    

Ultimate Software Group, Inc. (a)(b)

     65,786  
  2,681    

Varonis Systems, Inc. (a)

     85,256  
  3,245    

VASCO Data Security International, Inc. (a)(b)

     43,807  
  1,124    

Verint Systems, Inc. (a)

     48,754  
  4,387    

Workiva, Inc. (a)

     68,657  
  2,722    

Zendesk, Inc. (a)

     76,325  
  11,848    

Zix Corp. (a)

     56,989  
  10,254    

Zynga, Inc. - Class A (a)

     29,224  
           
              4,892,063  
           
       

Specialty Retail - 3.91%

 

  4,603    

Aaron’s, Inc. (b)

     136,893  
  6,753    

Abercrombie & Fitch Co. - Class A (b)

     80,563  
  6,830    

American Eagle Outfitters (b)

     95,825  
  1,358    

America’s Car-Mart, Inc. (a)

     49,499  
  600    

Asbury Automotive Group, Inc. (a)

     36,060  
  16,498    

Ascena Retail Group, Inc. (a)(b)

     70,281  
  838    

AutoNation, Inc. (a)

     35,439  
  2,337    

Barnes & Noble Education, Inc. (a)(b)

     22,412  
  4,112    

Barnes & Noble, Inc.

     38,036  
  5,219    

Big 5 Sporting Goods Corp. (b)

     78,807  
  4,640    

Build-A-Bear Workshop, Inc. (a)

     41,064  
  586    

Cabela’s, Inc. (a)

     31,122  
  3,502    

Caleres, Inc.

     92,523  
  1,505    

Camping World Holdings, Inc. - Class A

     48,521  
  1,637    

Cato Corp. - Class A

     35,949  
  7,388    

Chico’s FAS, Inc.

     104,910  
  3,705    

Citi Trends, Inc. (b)

     62,985  
  1,837    

Conns, Inc. (a)

     16,074  
  667    

CST Brands, Inc.

     32,076  
  11,247    

Destination XL Group, Inc. (a)

     32,054  
  2,598    

Dick’s Sporting Goods, Inc.

     126,419  
  1,998    

DSW, Inc. - Class A (b)

     41,319  
  2,379    

Duluth Holdings, Inc. - Class B (a)(b)

     50,649  
  7,716    

Express, Inc. (a)(b)

     70,293  
  2,313    

Five Below, Inc. (a)(b)

     100,176  
  3,644    

Foot Locker, Inc.

     272,608  
  5,734    

Francesca’s Holdings Corp. (a)

     88,017  
  3,502    

GameStop Corp. - Class A (b)

     78,970  
  1,725    

Genesco, Inc. (a)(b)

     95,651  
  2,520    

GNC Holdings, Inc. - Class A (b)

     18,547  
  487    

Group 1 Automotive, Inc. (b)

     36,077  
  2,447    

Guess?, Inc.

     27,284  
  3,374    

Haverty Furniture Cos., Inc.

     82,157  
  1,883    

Hibbett Sports, Inc. (a)(b)

     55,549  
  4,086    

KirkLands, Inc. (a)

     50,666  
  300    

Lithia Motors, Inc. - Class A (b)

     25,695  
 

 

See notes to financial statements.

 

62

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Specialty Retail (Continued)

 

  2,939    

Lumber Liquidators Holdings, Inc. (a)(b)

   $ 61,690  
  1,239    

MarineMax, Inc. (a)

     26,824  
  644    

Monro Muffler Brake, Inc. (b)

     33,552  
  25,465    

Office Depot, Inc. (b)

     118,794  
  1,478    

Party City Holdco, Inc. (a)(b)

     20,766  
  570    

Penske Automotive Group, Inc.

     26,682  
  16,191    

Pier 1 Imports, Inc.

     115,928  
  8,089    

Rent-A-Center, Inc. (b)

     71,749  
  579    

REX American Resourses Corp. (a)(b)

     52,394  
  798    

RH (a)(b)

     36,915  
  3,794    

Sally Beauty Holdings, Inc. (a)

     77,549  
  10,362    

Sears Hometown and Outlet Stores, Inc. (a)

     40,412  
  3,100    

Select Comfort Corp. (a)

     76,849  
  2,300    

Shoe Carnival, Inc.

     56,511  
  1,189    

Sonic Automotive, Inc. - Class A

     23,839  
  5,493    

Sportsman’s Warehouse Holdings, Inc. (a)(b)

     26,257  
  16,403    

Staples, Inc.

     143,854  
  7,892    

Stein Mart, Inc.

     23,755  
  4,630    

Systemax, Inc.

     51,347  
  3,749    

Tailored Brands, Inc. (b)

     56,010  
  2,515    

The Buckle, Inc. (b)

     46,779  
  1,324    

The Children’s Place Retail Stores, Inc. (b)

     158,946  
  8,748    

The Container Store Group, Inc. (a)

     37,004  
  3,163    

The Finish Line, Inc. - Class A

     45,009  
  3,720    

The Michaels Cos., Inc. (a)(b)

     83,291  
  3,714    

Tile Shop Holdings, Inc.

     71,495  
  8,166    

Tilly’s, Inc. - Class A

     73,657  
  3,525    

Urban Outfitters, Inc. (a)

     83,754  
  2,609    

Vitamin Shoppe, Inc. (a)(b)

     52,571  
  7,208    

West Marine, Inc. (a)

     68,764  
  2,651    

Williams Sonoma, Inc. (b)

     142,147  
  600    

Winmark Corp.

     67,800  
  4,291    

Zumiez, Inc. (a)(b)

     78,525  
           
              4,512,589  
           
       

Technology Hardware, Storage & Peripherals - 0.54%

 

  2,305    

3D Systems Corp. (a)(b)

     34,483  
  11,028    

Avid Technology, Inc. (a)

     51,391  
  5,326    

CPI Card Group, Inc. (b)

     22,369  
  608    

Electronics for Imaging, Inc. (a)(b)

     29,689  
  2,527    

NCR Corp. (a)

     115,433  
  5,914    

Nimble Storage, Inc. (a)

     73,925  
  2,519    

Pure Storage, Inc. - Class A (a)(b)

     24,762  
  895    

Super Micro Computer, Inc. (a)

     22,688  
  1,936    

Synaptics, Inc. (a)

     95,851  
  4,850    

Teradata Corp. (a)(b)

     150,932  
           
              621,523  
           
       

Textiles, Apparel & Luxury Goods - 1.21%

 

  1,128    

Carter’s, Inc. (b)

     101,295  
  935    

Columbia Sportswear Co.

     54,931  
  6,303    

Crocs, Inc. (a)

     44,562  
  980    

Culp, Inc.

     30,576  
  1,266    

Deckers Outdoor Corp. (a)(b)

     75,618  
  2,200    

Delta Apparel, Inc. (a)

     38,786  
  3,611    

Fossil Group, Inc. (a)(b)

     63,012  
  2,790    

G-III Apparel Group, Ltd. (a)(b)

     61,073  
  3,965    

Kate Spade & Co. (a)

     92,107  
  2,834    

lululemon athletica, Inc. (a)

     147,000  
  2,797    

Movado Group, Inc. (b)

     69,785  

Number of
Shares

        

Value

  
       

Textiles, Apparel & Luxury Goods (Continued)

 

  980    

Oxford Industries, Inc.

   $ 56,115  
  3,194    

Perry Ellis International, Inc. (a)(b)

     68,607  
  4,438    

Skechers U.S.A., Inc. - Class A (a)(b)

     121,823  
  2,243    

Steven Madden, Ltd. (a)(b)

     86,468  
  1,536    

Superior Uniform Group, Inc.

     28,570  
  759    

Unifi, Inc. (a)

     21,548  
  312    

UniFirst Corp.

     44,132  
  5,258    

Vera Bradley, Inc. (a)

     48,952  
  5,355    

Vince Holding Corp. (a)(b)

     8,300  
  1,663    

Weyco Group, Inc.

     46,697  
  3,535    

Wolverine World Wide, Inc.

     88,269  
           
              1,398,226  
           
       

Thrifts & Mortgage Finance - 1.51%

 

  3,146    

Bank Mutual Corp.

     29,572  
  1,664    

Beneficial Bancorp, Inc.

     26,624  
  1,016    

Berkshire Hills Bancorp, Inc.

     36,627  
  3,256    

BofI Holding, Inc. (a)(b)

     85,079  
  2,400    

Brookline Bancorp, Inc.

     37,560  
  1,080    

BSB Bancorp, Inc. (a)

     30,510  
  2,557    

Capitol Federal Financial, Inc.

     37,409  
  3,082    

Dime Community Bancshares

     62,565  
  1,992    

Federal Agricultural Mortgage Corp. - Class C

     114,679  
  700    

First Defiance Financial Corp.

     34,657  
  1,514    

First Financial Northwest, Inc.

     26,752  
  2,357    

Flagstar Bancorp, Inc. (a)(b)

     66,444  
  1,762    

Flushing Financial Corp.

     47,345  
  271    

Hingham Institution for Savings

     47,926  
  648    

Home Bancorp, Inc.

     21,870  
  1,272    

HomeStreet, Inc. (a)

     35,552  
  2,018    

Kearny Financial Corp.

     30,371  
  574    

LendingTree, Inc. (a)(b)

     71,951  
  1,934    

Meridian Bancorp, Inc.

     35,392  
  375    

Meta Financial Group, Inc.

     33,188  
  2,239    

NMI Holdings, Inc. - Class A (a)

     25,525  
  1,220    

Northfield Bancorp, Inc.

     21,984  
  2,085    

Northwest Bancshares, Inc.

     35,111  
  1,266    

OceanFirst Financial Corp.

     35,670  
  1,285    

Oritani Financial Corp.

     21,845  
  1,900    

PennyMac Financial Services, Inc. - Class A (a)

     32,395  
  6,045    

People’s United Financial, Inc. (b)

     110,019  
  1,127    

Provident Financial Holdings, Inc.

     21,019  
  1,869    

Provident Financial Services, Inc.

     48,314  
  4,463    

Radian Group, Inc. (b)

     80,156  
  1,149    

Southern Missouri Bancorp, Inc.

     40,812  
  682    

Territorial Bancorp, Inc.

     21,258  
  4,174    

TrustCo Bank Corp.

     32,766  
  4,748    

United Community Financial Corp.

     39,598  
  2,679    

United Financial Bancorp, Inc.

     45,570  
  2,143    

Walker & Dunlop, Inc. (a)

     89,342  
  2,194    

Washington Federal, Inc. (b)

     72,621  
  1,715    

Waterstone Financial, Inc.

     31,299  
  497    

WSFS Financial Corp.

     22,837  
           
              1,740,214  
           
       

Tobacco - 0.14%

 

  2,124    

Alliance One International, Inc. (a)

     27,293  
  1,740    

Turning Point Brands, Inc. (a)

     27,144  
  974    

Universal Corp. (b)

     68,911  
  2,069    

Vector Group, Ltd.

     43,035  
           
              166,383  
           
 

 

See notes to financial statements.

 

63

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Trading Companies & Distributors - 1.62%

 

  1,652    

Aceto Corp.

   $ 26,118  
  2,301    

Applied Industrial Technologies, Inc. (b)

     142,317  
  1,618    

Beacon Roofing Supply, Inc. (a)

     79,541  
  1,651    

BMC Stock Holdings, Inc. (a)

     37,313  
  2,458    

DXP Enterprises, Inc. (a)

     93,085  
  401    

GATX Corp. (b)

     24,445  
  785    

GMS, Inc. (a)

     27,506  
  1,318    

H&E Equipment Services, Inc. (b)

     32,317  
  5,302    

HD Supply Holdings, Inc. (a)

     218,045  
  2,322    

Lawson Products, Inc. (a)

     52,129  
  2,700    

MRC Global, Inc. (a)

     49,491  
  1,782    

MSC Industrial Direct Co., Inc. - Class A (b)

     183,118  
  3,461    

Neff Corp. - Class A (a)

     67,316  
  2,525    

NOW, Inc. (a)

     42,824  
  1,346    

Rush Enterprises, Inc. - Class A (a)

     44,526  
  1,390    

Rush Enterprises, Inc. - Class B (a)

     43,340  
  1,499    

SiteOne Landscape Supply, Inc. (a)

     72,567  
  2,989    

Titan Machinery, Inc. (a)(b)

     45,851  
  1,215    

Triton International Ltd.

     31,335  
  1,645    

United Rentals, Inc. (a)

     205,707  
  1,078    

Univar, Inc. (a)

     33,052  
  2,008    

Veritiv Corp. (a)

     104,014  
  827    

Watsco, Inc.

     118,410  
  1,153    

WESCO International, Inc. (a)

     80,191  
  989    

Willis Lease Finance Corp. (a)

     22,104  
           
              1,876,662  
           
       

Transportation Infrastructure - 0.07%

 

  734    

Macquarie Infrastructure Corp.

     59,146  
  2,400    

Wesco Aircraft Holdings, Inc. (a)(b)

     27,360  
           
              86,506  
           
       

Water Utilities - 0.21%

 

  1,332    

Aqua America, Inc.

     42,824  
  1,069    

California Water Service Group

     38,324  
  427    

Connecticut Water Service, Inc.

     22,695  
  3,544    

Consolidated Water Co., Ltd. - Ordinary Shares

     41,288  
  992    

Middlesex Water Co.

     36,654  
  559    

SJW Corp.

     26,955  
  960    

The York Water Co.

     33,648  
           
              242,388  
           
       

Wireless Telecommunication Services - 0.14%

 

  1,876    

Boingo Wireless, Inc. (a)

     24,369  
  1,209    

Shenandoah Telecommunications Co.

     33,913  
  1,631    

Spok Holdings, Inc.

     30,989  
  1,994    

Telephone & Data Systems, Inc.

     52,861  
  521    

United States Cellular Corp. (a)

     19,449  
           
              161,581  
           
       

Total Common Stocks
(Cost $81,828,260)

     101,173,868  
           

Principal
Amount

            
       

CORPORATE OBLIGATIONS - 0.00%

 

       

Machinery - 0.00%

 

  5,000    

Mueller Industries, Inc.
6.000%, 03/01/2027

     4,988  
           
       

Total Corporate Obligations
(Cost $5,000)

     4,988  
           

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 3.14%

 

       

Exchange Traded Funds - 3.14%

 

  36,339    

Vanguard Extended Market ETF (b)

   $ 3,629,903  
           
       

Total Investment Companies
(Cost $3,349,404)

     3,629,903  
           
       

REAL ESTATE INVESTMENT TRUSTS - 8.02%

 

       

Real Estate Investment Trusts - 8.02%

 

  662    

Acadia Realty Trust

     19,900  
  1,996    

AG Mortgage Investment Trust, Inc.

     36,028  
  4,171    

AGNC Investment Corp.

     82,961  
  676    

Agree Realty Corp.

     32,421  
  861    

Alexandria Real Estate Equities, Inc. (b)

     95,158  
  1,586    

American Campus Communities, Inc.

     75,478  
  4,513    

American Homes 4 Rent - Class A

     103,618  
  4,405    

Anworth Mortgage Asset Corp.

     24,448  
  3,195    

Apartment Investment & Management Co. - Class A (b)

     141,698  
  4,424    

Apollo Commercial Real Estate Finance, Inc.

     83,215  
  2,661    

Apple Hospitality REIT, Inc.

     50,825  
  3,860    

Ares Commercial Real Estate Corp.

     51,647  
  5,216    

Armada Hoffler Properties, Inc.

     72,450  
  4,848    

Ashford Hospitality Prime, Inc.

     51,437  
  12,590    

Ashford Hospitality Trust, Inc.

     80,198  
  2,475    

Brandywine Realty Trust

     40,169  
  1,871    

Camden Property Trust

     150,541  
  6,987    

Capstead Mortgage Corp.

     73,643  
  886    

Care Capital Properties, Inc. (b)

     23,807  
  1,500    

CareTrust REIT, Inc. (b)

     25,230  
  3,713    

CatchMark Timber Trust, Inc. - Class A

     42,774  
  7,096    

CBL & Associates Properties, Inc.

     67,696  
  3,176    

Chatham Lodging Trust

     62,726  
  2,362    

Chesapeake Lodging Trust

     56,594  
  7,441    

Chimera Investment Corp.

     150,159  
  13,889    

Colony NorthStar, Inc. - Class A

     179,307  
  986    

Colony Starwood Homes

     33,475  
  1,103    

Columbia Property Trust, Inc. (b)

     24,542  
  1,660    

CoreCivic, Inc.

     52,157  
  2,771    

CorEnergy Infrastructure Trust, Inc. (b)

     93,604  
  850    

CoreSite Realty Corp. (b)

     76,542  
  3,711    

Corporate Office Properties Trust

     122,834  
  9,164    

Cousins Properties, Inc. (b)

     75,786  
  993    

CyrusOne, Inc.

     51,110  
  6,061    

CYS Investments, Inc. (b)

     48,185  
  1,154    

DCT Industrial Trust, Inc.

     55,530  
  3,896    

DDR Corp.

     48,817  
  8,148    

DiamondRock Hospitality Co. (b)

     90,850  
  1,704    

Douglas Emmett, Inc.

     65,434  
  4,018    

Duke Realty Corp.

     105,553  
  1,210    

DuPont Fabros Technology, Inc. (b)

     60,004  
  4,017    

Dynex Capital, Inc. (b)

     28,481  
  1,552    

Easterly Government Properties, Inc. (b)

     30,714  
  749    

EastGroup Properties, Inc.

     55,074  
  875    

Education Realty Trust, Inc.

     35,744  
  2,098    

Empire State Realty Trust, Inc. - Class A (b)

     43,303  
  925    

EPR Properties

     68,108  
  2,579    

Equity Commonwealth (a)

     80,516  
  1,162    

Equity LifeStyle Properties, Inc. (b)

     89,544  
  9,201    

Felcor Lodging Trust, Inc. (b)

     69,100  
  1,762    

First Industrial Realty Trust

     46,922  
  6,096    

First Potomac Realty Trust

     62,667  
 

 

See notes to financial statements.

 

64

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

REAL ESTATE INVESTMENT TRUSTS (Continued)

 

       

Real Estate Investment Trusts (Continued)

 

  3,584    

Forest City Realty Trust, Inc. - Class A

   $ 78,060  
  3,863    

Four Corners Property Trust, Inc.

     88,192  
  1,798    

Franklin Street Properties Corp. (b)

     21,828  
  1,896    

Gaming and Leisure Properties, Inc.

     63,364  
  1,948    

Getty Realty Corp.

     49,226  
  1,194    

Gladstone Commercial Corp. (b)

     24,680  
  1,499    

Government Properties Income Trust

     31,374  
  1,945    

Gramercy Property Trust (b)

     51,153  
  5,660    

Great Ajax Corp.

     73,863  
  1,498    

Health Care Realty Trust

     48,685  
  1,572    

Healthcare Trust of America, Inc. - Class A

     49,455  
  3,622    

Hersha Hospitality Trust

     68,057  
  1,082    

Highwoods Properties, Inc.

     53,159  
  3,924    

Hospitality Property Trust (b)

     123,724  
  682    

Hudson Pacific Properties, Inc.

     23,624  
  5,465    

Independence Realty Trust, Inc.

     51,207  
  3,470    

InfraREIT, Inc.

     62,460  
  4,804    

Impac Mortgage Holdings, Inc. (a)

     59,858  
  3,972    

Invesco Mortgage Capital, Inc.

     61,248  
  3,276    

Iron Mountain, Inc. (b)

     116,855  
  2,046    

iStar Financial, Inc. (a)

     24,143  
  1,450    

Kilroy Realty Corp. (b)

     104,516  
  1,337    

Kite Realty Group Trust

     28,745  
  1,235    

Lamar Advertising Co. - Class A (b)

     92,304  
  3,216    

LaSalle Hotel Properties

     93,103  
  6,304    

Lexington Realty Trust

     62,914  
  2,684    

Liberty Property Trust

     103,468  
  860    

LTC Properties, Inc.

     41,194  
  3,513    

Mack-Cali Realty Corp.

     94,640  
  4,242    

Medical Properties Trust, Inc.

     54,679  
  18,281    

MFA Financial, Inc. (b)

     147,710  
  1,621    

Mid-American Apartment Communities, Inc.

     164,921  
  1,583    

Monmouth Real Estate Investment Corp. - Class A

     22,589  
  2,519    

Monogram Residential Trust, Inc.

     25,114  
  2,081    

MTGE Investment Corp.

     34,857  
  800    

National Health Investors, Inc.

     58,104  
  1,617    

National Retail Properties, Inc. (b)

     70,534  
  2,426    

National Storage Affiliates Trust (b)

     57,981  
  10,694    

New Residential Investment Corp.

     181,584  
  2,827    

New Senior Investment Group, Inc. (b)

     28,835  
  12,689    

New York Mortgage Trust, Inc. (b)

     78,291  
  1,582    

NexPoint Residential Trust, Inc.

     38,221  
  2,025    

Omega Healthcare Investors, Inc.

     66,805  
  1,354    

One Liberty Properties, Inc.

     31,629  
  2,926    

Orchid Island Capital, Inc. (b)

     29,231  
  906    

Outfront Media, Inc.

     24,054  
  4,424    

Owens Realty Mortgage, Inc.

     78,747  
  1,312    

Parkway, Inc.

     26,096  
  2,188    

Pebblebrook Hotel Trust

     63,911  
  2,544    

Pennsylvania Real Estate Investment Trust

     38,516  
  5,165    

PennyMac Mortgage Investment Trust

     91,679  
  2,040    

Physicians Realty Trust (b)

     40,535  
  4,176    

Piedmont Office Realty Trust, Inc. - Class A (b)

     89,283  
  1,112    

Potlatch Corp.

     50,818  
  3,695    

Preferred Apartment Communities, Inc. - Class A

     48,811  
  723    

PS Business Parks, Inc.

     82,971  
  676    

QTS Realty Trust, Inc. - Class A

     32,955  
  21,947    

RAIT Financial Trust

     70,230  

Number of
Shares

        

Value

  
       

Real Estate Investment Trusts (Continued)

 

  1,570    

Ramco-Gershenson Properties Trust

   $ 22,011  
  1,116    

Rayonier, Inc.

     31,627  
  5,067    

Redwood Trust, Inc.

     84,163  
  2,221    

Regency Centers Corp. (b)

     147,452  
  4,040    

Resource Capital Corp.

     39,471  
  1,895    

Retail Opportunity Investments Corp.

     39,852  
  4,152    

Retail Properties of America, Inc. - Class A

     59,872  
  1,554    

Rexford Industrial Realty, Inc.

     34,996  
  3,772    

RLJ Lodging Trust (b)

     88,680  
  1,325    

Ryman Hospitality Properties, Inc.

     81,925  
  906    

Sabra Health Care REIT, Inc. (b)

     25,305  
  577    

Saul Centers, Inc.

     35,555  
  2,544    

Select Income REIT

     65,610  
  3,167    

Senior Housing Properties Trust

     64,132  
  468    

Seritage Growth Properties (b)

     20,194  
  1,900    

Silver Bay Realty Trust Corp.

     40,793  
  5,795    

Spirit Realty Capital, Inc.

     58,703  
  970    

STAG Industrial, Inc.

     24,269  
  6,400    

Starwood Property Trust, Inc.

     144,512  
  1,832    

STORE Capital Corp.

     43,748  
  7,842    

Summit Hotel Properties, Inc. (b)

     125,315  
  769    

Sun Communities, Inc.

     61,774  
  6,101    

Sunstone Hotel Investors, Inc.

     93,528  
  1,430    

Tanger Factory Outlet Centers, Inc. (b)

     46,861  
  829    

Terreno Realty Corp.

     23,212  
  596    

The Geo Group, Inc.

     27,637  
  2,060    

Tier REIT, Inc.

     35,762  
  5,859    

Two Harbors Investment Corp. (b)

     56,188  
  1,813    

UMH Properties, Inc.

     27,576  
  1,816    

Uniti Group, Inc.

     46,944  
  476    

Universal Health Realty Income Trust

     30,702  
  1,653    

Urban Edge Properties

     43,474  
  1,151    

Urstadt Biddle Properties, Inc. - Class A

     23,665  
  2,473    

Washington Prime Group, Inc. (b)

     21,490  
  977    

Washington Real Estate Investment Trust

     30,561  
  1,550    

Weingarten Realty Investors

     51,755  
  2,034    

Whitestone REIT

     28,151  
  1,309    

WP Carey, Inc.

     81,446  
  4,970    

Xenia Hotels & Resorts, Inc.

     84,838  
           
       

Total Real Estate Investment Trusts
(Cost $8,150,582)

     9,257,263  
           
       

RIGHTS - 0.00%

 

       

Biotechnology - 0.00%

 

  1,600    

Dyax Corp. (c)(d)

     0  
           
       

Real Estate Management & Development - 0.00%

 

  280    

Trinity Place Holdings, Inc. (c)(d)

     0  
           
       

Total Rights
(Cost $604)

     0  
           
       

SHORT TERM INVESTMENTS - 1.11%

 

       

Money Market Funds - 1.11%

 

  1,276,523    

Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (e)

     1,276,523  
           
       

Total Short Term Investments
(Cost $1,276,523)

     1,276,523  
           
 

 

See notes to financial statements.

 

65

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 28.33%

 

       

Investment Companies - 28.33%

 

  32,709,937    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (e)

   $ 32,709,937  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $32,709,937)

     32,709,937  
           
       

Total Investments
(Cost $127,320,310) - 128.21%

     148,052,482  
       

Liabilities in Excess of
Other Assets - (28.21)%

     (32,575,908 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 115,476,574  
           

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)   As of March 31, 2017, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets.
(d)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $115,316, which represents 0.10% of total net assets.
(e)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

66

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 96.24%

 

       

Australia - 5.38%

 

  10,137    

AGL Energy, Ltd.

   $ 204,191  
  58,676    

Alumina Ltd.

     80,281  
  21,624    

Aristocrat Leisure, Ltd.

     296,823  
  3,716    

ASX, Ltd.

     143,308  
  41,116    

Aurizon Holdings Ltd.

     164,872  
  43,149    

AusNet Services

     55,545  
  21,186    

Australia and New Zealand Banking Group, Ltd.

     514,411  
  28,330    

Bendigo & Adelaide Bank, Ltd.

     262,474  
  14,211    

BHP Billiton Ltd.

     258,444  
  13,920    

BHP Billiton Plc

     214,700  
  27,456    

Challenger, Ltd./Australia

     263,152  
  12,572    

CIMIC Group, Ltd.

     344,959  
  7,230    

Cochlear, Ltd.

     746,877  
  14,515    

Commonwealth Bank of Australia

     951,822  
  3,547    

Computershare Ltd.

     38,094  
  5,820    

CSL, Ltd.

     557,241  
  48,347    

DUET Group

     103,032  
  17,168    

Flight Centre Travel Group, Ltd.

     378,703  
  131,168    

Fortescue Metals Group, Ltd.

     624,775  
  37,984    

Harvey Norman Holdings Ltd.

     131,379  
  22,348    

Insurance Australia Group, Ltd.

     103,262  
  3,120    

Macquarie Group, Ltd.

     214,958  
  79,341    

Medibank Private, Ltd.

     170,892  
  10,434    

National Australia Bank Ltd.

     265,674  
  12,128    

Newcrest Mining, Ltd.

     206,728  
  5,250    

Orica Ltd.

     70,566  
  8,925    

Origin Energy Ltd. (a)

     48,009  
  110,587    

Qantas Airways, Ltd.

     328,649  
  2,718    

REA Group Ltd.

     123,256  
  189,611    

South32, Ltd.

     399,731  
  17,044    

Suncorp Group, Ltd.

     172,000  
  46,014    

Telstra Corp., Ltd.

     163,734  
  11,579    

Wesfarmers Ltd.

     398,641  
  18,270    

Westpac Banking Corp.

     488,400  
  30,456    

Woolworths, Ltd.

     616,613  
           
              10,106,196  
           
       

Austria - 0.53%

 

  3,328    

ANDRITZ AG

     166,445  
  4,072    

Erste Group Bank AG

     132,592  
  4,025    

Mondi Plc

     97,249  
  3,035    

OMV AG

     119,608  
  18,876    

Raiffeisen Bank International AG (a)

     425,688  
  1,288    

voestalpine AG

     50,655  
           
              992,237  
           
       

Belgium - 0.16%

 

  905    

KBC Group NV

     59,995  
  605    

Solvay SA

     73,817  
  3,067    

Umicore SA

     174,663  
           
              308,475  
           
       

Canada - 7.83%

 

  1,840    

Agnico Eagle Mines, Ltd.

     78,063  
  7,266    

Alimentation Couche-Tard, Inc. - Series B

     328,264  
  4,607    

Bank of Montreal

     344,109  
  9,300    

Barrick Gold Corp.

     176,650  
  2,641    

BCE, Inc.

     116,932  
  28,553    

Bombardier, Inc. - Class B (a)

     43,800  
  3,720    

Brookfield Asset Management, Inc. - Class A

     135,530  

Number of
Shares

        

Value

  
       

Canada (Continued)

 

  7,495    

CAE, Inc.

   $ 114,523  
  12,532    

Cameco Corp.

     138,716  
  4,058    

Canadian Imperial Bank of Commerce

     349,912  
  2,442    

Canadian National Railway Co.

     180,251  
  3,331    

Canadian Natural Resources, Ltd.

     109,059  
  200    

CCL Industries, Inc. - Class B

     43,635  
  1,324    

CGI Group, Inc. - Class A (a)

     63,440  
  22,188    

CI Financial Corp. (b)

     440,974  
  1,765    

Constellation Software, Inc.

     867,336  
  11,501    

Crescent Point Energy Corp.

     124,277  
  8,434    

Dollarama, Inc.

     698,959  
  31,235    

Empire Co., Ltd. - Series A

     477,268  
  3,530    

Enbridge, Inc.

     147,879  
  13,232    

Encana Corp.

     155,021  
  20,473    

Finning International, Inc.

     382,411  
  7,252    

First Capital Realty, Inc.

     109,228  
  9,365    

First Quantum Minerals Ltd.

     99,506  
  1,746    

Fortis, Inc.

     57,861  
  6,292    

George Weston, Ltd.

     548,980  
  2,900    

Great-West Lifeco, Inc.

     80,359  
  5,742    

Husky Energy, Inc. (a)

     64,810  
  2,000    

IGM Financial, Inc.

     59,646  
  8,022    

Industrial Alliance Insurance & Financial Services, Inc.

     347,639  
  48,741    

Kinross Gold Corp. (a)

     171,895  
  3,744    

Linamar Corp.

     170,301  
  6,193    

Loblaw Cos., Ltd.

     336,043  
  10,206    

Manulife Financial Corp.

     181,043  
  9,958    

Metro, Inc.

     305,887  
  3,300    

National Bank of Canada

     138,566  
  8,827    

Onex Corp.

     633,558  
  4,224    

Open Text Corp.

     143,569  
  2,168    

Pembina Pipeline Corp.

     68,699  
  15,610    

Power Corp. of Canada

     366,700  
  10,727    

Power Financial Corp.

     283,693  
  1,612    

PrairieSky Royalty Ltd.

     34,013  
  888    

Restaurant Brands International, Inc.

     49,466  
  1,229    

Rogers Communications, Inc. - Class B

     54,341  
  15,074    

Royal Bank of Canada

     1,098,259  
  9,233    

Saputo, Inc.

     318,609  
  8,153    

Seven Generations Energy, Ltd. - Class A (a)

     148,978  
  4,294    

Shaw Communications, Inc.

     89,022  
  6,225    

Silver Wheaton Corp.

     129,710  
  2,306    

SNC-Lavalin Group, Inc.

     90,482  
  4,114    

Sun Life Financial, Inc.

     150,224  
  4,580    

Suncor Energy, Inc.

     140,618  
  8,568    

Teck Resources. Ltd. - Class B

     187,358  
  9,576    

The Bank of Nova Scotia (b)

     560,223  
  14,457    

The Jean Coutu Group PJC, Inc. - Class A

     227,533  
  16,434    

The Toronto-Dominion Bank

     823,152  
  2,357    

Thomson Reuters Corp.

     101,930  
  6,372    

TransCanada Corp.

     294,055  
  20,676    

Valeant Pharmaceuticals International, Inc. (a)

     228,394  
  20,249    

Veresen, Inc.

     223,830  
  915    

Vermilion Energy, Inc.

     34,313  
  21,929    

Yamana Gold, Inc.

     60,518  
           
              14,730,020  
           
       

Cayman Islands - 0.28%

 

  13,000    

Cheung Kong Property Holdings, Ltd.

     87,696  
 

 

See notes to financial statements.

 

67

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Cayman Islands (Continued)

 

  499,980    

WH Group, Ltd.

   $ 431,143  
           
              518,839  
           
       

Denmark - 1.33%

 

  5,027    

Carlsberg AS - Series B

     464,206  
  2,774    

Coloplast AS - Series B

     216,637  
  1,618    

Danske Bank AS

     55,167  
  1,366    

Genmab AS (a)

     262,859  
  21,569    

Novo Nordisk AS - Series B

     740,657  
  2,460    

Pandora AS

     272,269  
  29,800    

TDC AS

     153,478  
  3,165    

Vestas Wind Systems AS

     257,442  
  3,826    

William Demant Holding A/S (a)

     79,951  
           
              2,502,666  
           
       

Finland - 0.84%

 

  5,796    

Fortum OYJ

     91,740  
  2,020    

Metso OYJ

     61,128  
  7,795    

Neste OYJ (b)

     304,807  
  9,633    

Orion OYJ - Class B

     502,501  
  889    

Sampo OYJ - Series A

     42,184  
  5,137    

Stora Enso OYJ

     60,741  
  22,132    

UPM-Kymmene OYJ

     519,640  
           
              1,582,741  
           
       

France - 9.96%

 

  8,927    

Accor SA

     371,312  
  2,335    

Arkema SA

     229,860  
  12,259    

Atos SA

     1,514,980  
  23,621    

AXA SA

     610,269  
  16,676    

BNP Paribas SA

     1,109,692  
  4,717    

Cap Gemini SA

     435,407  
  11,954    

Carrefour SA

     281,651  
  773    

Casino Guichard Perrachon SA

     43,190  
  2,861    

Christian Dior SA

     664,118  
  24,666    

CNP Assurances

     501,596  
  4,976    

Compagnie de Saint-Gobain SA

     255,304  
  39,710    

Credit Agricole SA

     536,749  
  8,439    

Danone SA

     574,064  
  2,826    

Dassault Systemes SA

     244,426  
  5,140    

Eiffage SA

     402,254  
  2,333    

Essilor International SA

     283,253  
  1,656    

Etablissements Michelin

     201,234  
  1,711    

Hermes International SA

     809,964  
  2,215    

Imerys SA

     187,859  
  717    

Ingenico Group SA

     67,625  
  579    

Kering SA

     149,652  
  3,604    

Legrand SA

     216,953  
  4,269    

L’Oreal SA

     821,092  
  3,516    

LVMH Moet Hennessy Louis Vuitton SA

     772,793  
  20,260    

Natixis SA

     124,724  
  349    

Pernod-Ricard SA

     41,259  
  47,823    

Peugeot SA

     961,126  
  1,495    

Publicis Groupe SA

     104,382  
  417    

Remy Cointreau SA

     40,795  
  39,267    

Rexel SA

     711,427  
  2,145    

Safran SA

     160,090  
  12,131    

Sanofi-Aventis SA

     1,096,589  
  4,510    

Schneider Electric SA

     331,345  
  12,777    

SCOR SE

     482,883  

Number of
Shares

        

Value

  
       

France (Continued)

 

  3,238    

SEB SA

   $ 452,276  
  1,324    

Societe BIC SA

     164,952  
  17,871    

Societe Generale SA

     905,443  
  458    

Sodexo SA

     53,813  
  2,680    

Suez Environnement Co. SA

     42,296  
  4,036    

Thales SA

     389,863  
  12,021    

Total SA

     607,825  
  1,575    

Valeo SA

     104,772  
  2,899    

Veolia Environnement SA

     54,362  
  5,822    

Vinci SA

     462,318  
  1,247    

Wendel SA

     157,905  
           
              18,735,742  
           
       

Germany - 7.03%

 

  7,153    

adidas AG

     1,360,734  
  4,557    

Allianz SE

     845,082  
  6,008    

BASF SE

     594,876  
  10,832    

Bayer AG

     1,247,997  
  4,886    

Beiersdorf AG

     462,359  
  1,875    

Brenntag AG

     105,088  
  560    

Continental AG

     122,781  
  4,234    

Covestro AG

     326,183  
  2,719    

Deutsche Boerse AG

     249,160  
  35,793    

Deutsche Lufthansa AG

     580,667  
  24,894    

Deutsche Post AG

     851,963  
  29,449    

Deutsche Telekom AG

     516,026  
  4,636    

Deutsche Wohnen AG

     152,671  
  26,813    

E.ON SE

     213,167  
  2,490    

Evonik Industries AG

     81,160  
  706    

Fresenius Medical Care AG & Co. KGaA

     59,531  
  3,772    

Fresenius SE & Co. KGaA

     303,104  
  452    

Hannover Rueck SE

     52,085  
  2,949    

HeidelbergCement AG

     276,169  
  849    

Henkel AG & Co. KGaA

     94,416  
  1,907    

HOCHTIEF AG

     315,148  
  8,951    

HUGO BOSS AG

     652,739  
  13,254    

Infineon Technologies AG

     271,275  
  3,056    

LANXESS AG

     205,005  
  1,247    

MAN SE

     128,538  
  2,955    

Merck KGaA

     336,733  
  2,827    

Metro AG

     90,330  
  2,558    

Muenchener Rueckversicherungs-Gesellschaft AG

     500,736  
  843    

OSRAM Licht AG

     52,866  
  1,098    

ProSiebenSat.1 Media AG

     48,620  
  7,601    

SAP AG

     745,721  
  5,290    

Siemens AG

     724,585  
  1,519    

thyssenkrupp AG

     37,212  
  4,751    

TUI AG

     65,793  
  2,150    

United Internet AG

     95,098  
  11,422    

Zalando SE (a)

     461,647  
           
              13,227,265  
           
       

Hong Kong - 2.87%

 

  61,519    

AIA Group, Ltd.

     388,305  
  6,800    

ASM Pacific Technology, Ltd.

     92,506  
  126,513    

BOC Hong Kong Holdings, Ltd.

     517,099  
  202,195    

Cathay Pacific Airways Ltd.

     293,535  
  14,852    

CLP Holdings, Ltd.

     155,478  
  18,251    

Hang Lung Group Ltd.

     77,848  
  7,715    

Hang Seng Bank, Ltd.

     156,510  
  315,212    

HK Electric Investments & HK Electric Investments Ltd.

     290,511  
 

 

See notes to financial statements.

 

68

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hong Kong (Continued)

 

  104,312    

HKT Trust and HKT, Ltd.

   $ 134,498  
  15,674    

Hong Kong Exchange & Clearing, Ltd.

     395,517  
  1,440    

Jardine Strategic Holdings Ltd.

     60,495  
  28,844    

MTR Corp. Ltd.

     162,058  
  163,180    

New World Development Co., Ltd.

     201,066  
  105,731    

NWS Holdings, Ltd.

     193,037  
  174,388    

PCCW, Ltd.

     102,876  
  62,000    

Sino Land Co., Ltd.

     108,726  
  891,933    

SJM Holdings, Ltd.

     725,949  
  5,000    

Sun Hung Kai Properties, Ltd.

     73,501  
  38,960    

Techtronic Industries Co., Ltd.

     157,721  
  24,566    

The Wharf Holdings, Ltd.

     211,121  
  113,614    

Wheelock & Co., Ltd.

     898,721  
           
              5,397,078  
           
       

Ireland - 0.35%

 

  521,786    

Bank of Ireland (a)

     130,527  
  10,066    

CRH Plc

     354,718  
  3,831    

James Hardie Industries Plc

     60,190  
  1,316    

Kerry Group Plc - Series A

     104,341  
           
              649,776  
           
       

Israel - 0.83%

 

  45,934    

Bank Hapoalim BM

     279,930  
  48,098    

Bank Leumi Le-Israel BM (a)

     212,342  
  126,258    

Bezeq the Israel Telecommunication Corp., Ltd.

     226,752  
  316    

Elbit Systems Ltd.

     36,145  
  5,523    

Mizrahi Tefahot Bank, Ltd.

     93,613  
  2,883    

NICE-Systems, Ltd.

     195,716  
  701    

Taro Pharmaceutical Industries Ltd. (a)(b)

     81,751  
  13,690    

Teva Pharmaceutical Industries, Ltd. - ADR

     439,312  
           
              1,565,561  
           
       

Italy - 2.39%

 

  9,747    

Assicurazioni Generali SpA

     154,648  
  82,769    

Enel SpA

     389,468  
  4,350    

Eni SpA

     71,224  
  3,081    

Ferrari NV

     229,631  
  35,598    

Intesa Sanpaolo SpA

     96,831  
  25,855    

Leonardo SpA

     366,638  
  11,173    

Luxottica Group SpA

     616,600  
  11,561    

Poste Italiane SpA

     77,006  
  29,574    

Prysmian SpA

     781,862  
  1,049,037    

Saipem SpA (a)

     476,474  
  27,403    

Snam SpA

     118,434  
  431,567    

Telecom Italia SpA (a)

     388,492  
  498,456    

Telecom Italia SpA - Savings Share

     363,915  
  1    

UniCredit SpA

     12  
  168,010    

UnipolSai SpA

     371,122  
           
              4,502,357  
           
       

Japan - 22.10%

 

  3,800    

ABC-Mart, Inc.

     222,724  
  2,620    

Aeon Co., Ltd.

     38,363  
  13,532    

Alfresa Holdings Corp.

     235,241  
  16,998    

Asahi Glass Co., Ltd.

     137,915  
  20,610    

Asahi Kasei Corp.

     200,256  
  7,664    

Asics Corp.

     123,311  
  35,044    

Astellas Pharma, Inc.

     462,193  
  12,338    

Bandai Namco Holdings, Inc.

     369,840  

Number of
Shares

        

Value

  
       

Japan (Continued)

 

  4,117    

Benesse Holdings, Inc.

   $ 128,871  
  1,600    

Bridgestone Corp.

     64,949  
  22,900    

Brother Industries, Ltd.

     478,889  
  10,181    

Calbee, Inc.

     347,744  
  4,980    

Canon, Inc.

     155,519  
  700    

Central Japan Railway Co.

     114,338  
  34,268    

Chubu Electric Power Co., Inc.

     460,320  
  5,072    

Dai-ichi Life Insurance Co., Ltd.

     90,786  
  6,939    

Daiichi Sankyo Co., Ltd.

     156,551  
  2,034    

Daikin Industries Ltd.

     205,105  
  1,025    

Daito Trust Construction Co., Ltd.

     140,934  
  8,147    

DeNA Co., Ltd.

     165,857  
  2,857    

FamilyMart Co., Ltd.

     170,469  
  281    

FANUC Corp.

     57,850  
  1,399    

Fast Retailing Co., Ltd.

     440,242  
  16,810    

Fuji Electric Co., Ltd.

     100,105  
  3,324    

Fuji Heavy Industries, Ltd.

     121,919  
  6,396    

FUJIFILM Holdings Corp.

     250,709  
  50,805    

Fujitsu, Ltd.

     311,860  
  6,241    

Hikari Tsushin, Inc.

     609,380  
  1,218    

Hisamitsu Pharmaceutical Co., Inc.

     69,734  
  5,819    

Hitachi Chemical Co., Ltd.

     161,644  
  18,586    

Hitachi Construction Machinery Co., Ltd.

     465,064  
  5,063    

Hitachi High-Technologies Corp.

     206,822  
  19,252    

Honda Motor Co., Ltd.

     581,199  
  1,176    

Hoshizaki Electric Co., Ltd.

     92,953  
  11,060    

Hoya Corp.

     534,317  
  24,131    

Idemitsu Kosan Co., Ltd.

     839,983  
  21,701    

Iida Group Holdings Co., Ltd.

     333,949  
  35,672    

ITOCHU Corp.

     507,839  
  1,786    

Japan Tobacco, Inc.

     58,130  
  3,357    

JTEKT Corp.

     52,225  
  114,045    

JX Holdings, Inc.

     561,506  
  23,285    

Kajima Corp.

     152,308  
  33,378    

Kakaku.com, Inc.

     455,662  
  6,753    

Kansai Paint Co., Ltd.

     144,118  
  12,894    

Kao Corp.

     708,094  
  2,959    

KDDI Corp.

     77,824  
  5,137    

Keikyu Corp.

     56,511  
  874    

Keyence Corp.

     350,625  
  6,954    

Kikkoman Corp.

     207,832  
  1,421    

Koito Manufacturing Co., Ltd.

     74,060  
  5,770    

Komatsu Ltd.

     151,135  
  5,930    

Konami Corp.

     251,874  
  43,571    

Konica Minolta, Inc.

     390,814  
  6,203    

Kose Corp.

     563,734  
  8,183    

Kuraray Co., Ltd.

     124,485  
  3,748    

Lawson, Inc.

     254,848  
  4,242    

LINE Corp.

     163,501  
  29,591    

Lion Corp.

     533,290  
  11,210    

M3, Inc.

     279,381  
  31,285    

Marubeni Corp.

     193,246  
  3,216    

Maruichi Steel Tube, Ltd.

     91,779  
  25,532    

Mazda Motor Corp.

     368,552  
  6,236    

McDonald’s Holdings Co. Japan, Ltd.

     182,114  
  6,265    

MEIJI Holdings Co., Ltd.

     522,779  
  3,753    

MISUMI Group, Inc.

     68,133  
  44,800    

Mitsubishi Chemical Holdings Corp.

     347,824  
  27,726    

Mitsubishi Corp.

     600,894  
  14,982    

Mitsubishi Electric Corp.

     215,865  
 

 

See notes to financial statements.

 

69

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Japan (Continued)

 

  15,647    

Mitsubishi Gas Chemical Co., Inc.

   $ 325,891  
  5,900    

Mitsubishi Materials Corp.

     179,082  
  83,096    

Mitsubishi UFJ Financial Group, Inc.

     523,436  
  74,423    

Mitsubishi UFJ Lease & Finance Co., Ltd.

     371,923  
  21,343    

Mitsui & Co., Ltd.

     309,944  
  19,458    

Mitsui Chemicals, Inc.

     96,400  
  187,913    

Mitsui OSK Lines, Ltd.

     590,546  
  16,543    

Mixi, Inc.

     800,212  
  312,391    

Mizuho Financial Group, Inc.

     573,418  
  2,797    

MS & AD Insurance Group Holdings

     89,338  
  326    

Murata Manufacturing Co., Ltd.

     46,444  
  18,343    

Nagoya Railroad Co., Ltd.

     82,721  
  1,614    

NH Foods Ltd.

     43,359  
  1,288    

Nidec Corp.

     123,010  
  25,707    

Nikon Corp.

     373,571  
  513    

Nintendo Co., Ltd.

     119,036  
  8,919    

Nippon Electric Glass Co., Ltd.

     54,029  
  27,681    

Nippon Express Co., Ltd.

     142,482  
  1,423    

Nippon Paint Holdings Co., Ltd.

     49,701  
  15,800    

Nippon Steel & Sumitomo Metal Corp.

     365,033  
  10,165    

Nippon Telegraph & Telephone Corp.

     434,587  
  3,884    

Nissan Chemical Industries, Ltd.

     113,304  
  6,885    

Nisshin Seifun Group, Inc.

     102,931  
  5,220    

Nitori Holdings Co., Ltd.

     662,936  
  1,456    

NKSJ Holdings, Inc.

     53,491  
  3,075    

NOK Corp.

     71,824  
  6,686    

Nomura Holdings, Inc.

     41,389  
  2,980    

NTT Data Corp.

     141,510  
  9,641    

NTT DoCoMo, Inc.

     225,139  
  19,000    

Obayashi Corp.

     178,159  
  27,521    

Oji Holdings Corp.

     129,069  
  8,121    

Olympus Corp.

     313,443  
  7,079    

OMRON Corp.

     311,043  
  2,061    

Oracle Corp.

     118,155  
  30,558    

ORIX Corp.

     453,558  
  10,220    

Osaka Gas Co., Ltd.

     38,969  
  1,710    

Otsuka Holdings Co., Ltd.

     77,395  
  7,278    

Panasonic Corp.

     82,367  
  11,845    

Park24 Co., Ltd.

     311,218  
  20,744    

Pola Orbis Holdings, Inc.

     501,228  
  13,344    

Recruit Holdings Co., Ltd.

     682,487  
  52,200    

Resona Holdings, Inc.

     280,621  
  845    

Rohm Co. Ltd.

     56,256  
  2,445    

Ryohin Keikaku Co., Ltd.

     537,474  
  28,693    

SBI Holdings, Inc.

     400,926  
  10,679    

Sega Sammy Holdings, Inc.

     143,633  
  9,869    

Seiko Epson Corp.

     208,226  
  13,055    

Sekisui Chemical Co., Ltd.

     220,082  
  5,200    

Seven & I Holdings Co., Ltd. - Series A

     204,275  
  42,184    

Sharp Corp. (b)

     177,450  
  2,911    

Shimadzu Corp.

     46,328  
  1,630    

Shimamura Co., Ltd.

     216,080  
  3,093    

Shin-Etsu Chemical Co., Ltd.

     268,842  
  3,592    

Shionogi & Co., Ltd.

     185,949  
  13,363    

Shiseido Co., Ltd.

     351,723  
  5,359    

SoftBank Group Corp.

     380,034  
  17,361    

Sony Corp.

     585,907  
  37,242    

Start Today Co., Ltd.

     827,657  
  24,982    

Sumitomo Chemical Co., Ltd.

     139,927  

Number of
Shares

        

Value

  
       

Japan (Continued)

 

  29,980    

Sumitomo Corp.

   $ 404,456  
  11,455    

Sumitomo Dainippon Pharma Co., Ltd.

     189,550  
  5,116    

Sumitomo Heavy Industries, Ltd.

     35,767  
  15,012    

Sumitomo Mitsui Financial Group, Inc.

     546,418  
  5,500    

Sumitomo Mitsui Trust Holdings, Inc.

     190,586  
  15,389    

Sumitomo Rubber Industries, Ltd.

     262,568  
  7,968    

Sundrug Co., Ltd.

     268,082  
  8,383    

Suntory Beverage & Food Ltd.

     354,142  
  6,157    

Suzuken Co., Ltd.

     202,326  
  3,497    

Suzuki Motor Corp.

     145,243  
  7,997    

Sysmex Corp.

     486,547  
  13,185    

T&D Holdings, Inc.

     191,112  
  25,960    

Taiheiyo Cement Corp.

     87,114  
  7,745    

Takashimaya Co., Ltd.

     67,888  
  6,647    

Teijin, Ltd.

     125,512  
  16,379    

The Kansai Electric Power Co., Inc.

     201,539  
  11,444    

The Yokohama Rubber Co., Ltd.

     224,289  
  11,354    

Toho Gas Co., Ltd.

     80,530  
  1,030    

Tokio Marine Holdings, Inc.

     43,532  
  3,777    

Tokyo Electron, Ltd.

     413,492  
  9,609    

Tokyo Gas Co., Ltd.

     43,885  
  16,000    

TonenGeneral Sekiyu KK

     187,080  
  10,324    

Toppan Printing Co., Ltd.

     105,523  
  60,768    

Toshiba Corp.

     130,987  
  2,462    

TOTO Ltd.

     93,136  
  6,500    

Toyo Seikan Group Holdings, Ltd.

     105,771  
  5,422    

Toyoda Gosei Co., Ltd.

     138,289  
  8,081    

Toyota Motor Corp.

     438,619  
  11,054    

Toyota Tsusho Corp.

     335,518  
  988    

Trend Micro, Inc.

     43,976  
  1,696    

Tsuruha Holdings, Inc.

     157,303  
  5,062    

Unicharm Corp.

     121,653  
  60,846    

Yamada Denki Co., Ltd.

     304,176  
  31,775    

Yamazaki Baking Co., Ltd.

     654,235  
  4,705    

Yaskawa Electric Corp.

     94,751  
  11,287    

Yokogawa Electric Corp.

     178,005  
           
              41,547,655  
           
       

Jersey - 1.85%

 

  392,047    

Glencore Plc

     1,538,213  
  18,870    

Petrofac, Ltd.

     217,973  
  1,262    

Randgold Resources, Ltd.

     110,274  
  6,637    

Shire Plc

     386,718  
  10,356    

Wolseley Plc

     652,028  
  25,823    

WPP Plc

     566,015  
           
              3,471,221  
           
       

Luxembourg - 0.39%

 

  27,956    

ArcelorMittal SA (a)

     233,883  
  1,330    

Millicom International Cellular SA

     74,162  
  3,490    

RTL Group SA

     280,805  
  8,287    

Tenaris SA

     143,302  
           
              732,152  
           
       

Macau - 0.02%

 

  21,015    

MGM China Holdings Ltd.

     43,822  
           
       

Mexico - 0.06%

 

  6,090    

Fresnillo Plc

     118,660  
           
       

Netherlands - 3.73%

 

  1,604    

ABN AMRO Group NV

     38,895  
  702    

Akzo Nobel NV

     58,114  
 

 

See notes to financial statements.

 

70

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Netherlands (Continued)

 

  2,264    

ASML Holding NV

   $ 300,418  
  4,777    

Boskalis Westminster

     164,581  
  15,690    

CNH Industrial NV

     151,018  
  9,142    

EXOR NV

     472,714  
  75,293    

Fiat Chrysler Automobiles NV (a)

     822,603  
  1,565    

Gemalto NV

     87,305  
  4,567    

Heineken Holding NV

     362,757  
  1,033    

Heineken NV

     87,907  
  39,932    

ING Groep NV

     603,146  
  25,274    

Koninklijke Ahold Delhaize NV

     540,103  
  2,953    

Koninklijke DSM NV

     199,710  
  5,050    

Koninklijke Philips Electronics NV

     162,228  
  12,614    

NN Group NV

     409,668  
  7,895    

QIAGEN NV

     229,185  
  9,810    

Randstad Holding NV

     565,529  
  12,469    

Reed Elsevier NV

     231,315  
  26,661    

STMicroelectronics NV

     410,250  
  16,555    

Unilever NV

     822,469  
  6,906    

Wolters Kluwer NV

     286,616  
           
              7,006,531  
           
       

New Zealand - 0.21%

 

  26,671    

Fletcher Building Ltd.

     155,373  
  25,501    

Mercury NZ Ltd.

     56,312  
  32,102    

Meridian Energy, Ltd.

     62,995  
  46,868    

Telecom Corp.

     114,889  
           
              389,569  
           
       

Norway - 0.61%

 

  4,791    

DNB ASA

     76,074  
  9,022    

Gjensidige Forsikring ASA

     137,442  
  15,316    

Marine Harvest ASA

     233,637  
  30,997    

Norsk Hydro ASA

     180,642  
  9,469    

Schibsted ASA - Class A

     243,752  
  10,053    

Schibsted ASA - Class B

     230,342  
  2,858    

Telenor ASA

     47,544  
           
              1,149,433  
           
       

Portugal - 0.46%

 

  95,208    

EDP - Energias de Portugal SA

     321,915  
  8,919    

Galp Energia SGPS SA

     135,278  
  22,926    

Jeronimo Martins SGPS SA

     409,672  
           
              866,865  
           
       

Singapore - 1.30%

 

  20,900    

DBS Group Holdings, Ltd.

     289,505  
  3,212    

Jardine Cycle & Carriage, Ltd.

     100,606  
  46,400    

Oversea-Chinese Banking Corp. Ltd.

     322,295  
  44,343    

SATS Ltd.

     154,694  
  76,800    

Singapore Exchange, Ltd.

     422,738  
  144,287    

StarHub Ltd.

     297,042  
  14,936    

United Overseas Bank, Ltd.

     235,918  
  84,597    

Wilmar International, Ltd.

     213,482  
  504,600    

Yangzijiang Shipbuilding Holdings, Ltd.

     407,387  
           
              2,443,667  
           
       

Spain - 2.99%

 

  17,899    

ACS, Actividades de Construccion y Servicios SA

     608,436  
  1,929    

Aena SA

     304,898  
  8,569    

Amadeus IT Holding SA - Class A

     434,181  
  37,441    

Banco Bilbao Vizcaya Argentaria SA

     290,643  

Number of
Shares

        

Value

  
       

Spain (Continued)

 

  196,350    

Banco de Sabadell SA

   $ 359,767  
  143,280    

Banco Santander Central Hispano SA

     877,064  
  48,998    

Bankia SA

     55,775  
  4,868    

Bankinter SA

     40,819  
  15,537    

CaixaBank SA

     66,801  
  66,709    

Distribuidora Internacional de Alimentación SA

     385,586  
  7,509    

Endesa SA

     176,234  
  50,287    

Iberdrola SA

     359,296  
  14,627    

Inditex de Diseno Textil SA

     515,114  
  108,785    

Mapfre SA

     372,601  
  42,363    

Repsol SA

     656,328  
  9,828    

Telefonica SA

     110,009  
           
              5,613,552  
           
       

Sweden - 1.86%

 

  4,196    

Assa Abloy AB - Series B

     86,260  
  6,326    

Atlas Copco AB - Class A

     222,986  
  3,625    

Atlas Copco AB - Class B

     115,151  
  10,055    

Boliden AB

     299,290  
  5,760    

Electrolux AB - Series B

     159,908  
  23,405    

Hennes & Mauritz AB - Series B

     597,314  
  4,466    

Hexagon AB - Class B

     179,242  
  18,887    

Husqvarna AB - Class B (b)

     165,596  
  1,855    

Industrivarden AB

     40,142  
  919    

Investor AB - B Shares

     38,641  
  2,481    

L E Lundbergforetagen AB - Series B

     168,155  
  7,933    

Nordea Bank AB

     90,506  
  16,467    

Sandvik AB

     245,967  
  12,166    

Securitas AB - Series B

     189,926  
  9,323    

Skanska AB - Class B (b)

     219,420  
  3,267    

Svenska Handelsbanken AB - Class A

     44,771  
  5,475    

Swedbank AB - A Shares

     126,683  
  6,179    

Swedish Match AB

     200,811  
  11,966    

Telefonaktiebolaget LM Ericsson - Series B

     79,889  
  15,566    

Volvo AB - Class B (b)

     229,630  
           
              3,500,288  
           
       

Switzerland - 7.93%

 

  17,412    

ABB, Ltd.

     407,537  
  3,584    

Actelion, Ltd.

     1,011,215  
  3,510    

Adecco SA

     249,225  
  19,061    

Aryzta AG

     612,029  
  306    

Baloise Holding AG

     42,048  
  105    

Barry Callebaut AG

     137,289  
  819    

Cie Financiere Richemont SA

     64,752  
  255    

Dufry AG (a)

     38,826  
  934    

EMS-Chemie Holding AG

     543,951  
  189    

Galenica AG

     199,253  
  484    

Geberit AG

     208,561  
  31    

Givaudan SA

     55,832  
  4,042    

Kuehne & Nagel International AG

     570,743  
  978    

LafargeHolcim Ltd.

     57,701  
  1,688    

Lonza Group AG

     319,068  
  35,735    

Nestle SA

     2,742,724  
  20,654    

Novartis AG

     1,533,716  
  1,869    

Partners Group Holding AG

     1,004,425  
  7,775    

Roche Holding AG

     1,988,330  
  467    

Schindler Holding AG

     88,603  
  227    

SGS SA

     484,105  
  51    

Sika AG

     305,883  
  885    

Sonova Holding AG

     122,763  
 

 

See notes to financial statements.

 

71

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Switzerland (Continued)

 

  1,628    

Swiss Life Holding AG

   $ 524,970  
  4,572    

Swiss Re AG

     410,639  
  467    

Syngenta AG

     206,246  
  587    

The Swatch Group AG - Group I

     210,162  
  2,717    

The Swatch Group AG - Group N

     189,202  
  14,819    

UBS Group AG

     236,876  
  1,308    

Zurich Insurance Group AG

     349,054  
           
              14,915,728  
           
       

United Kingdom - 12.95%

 

  61,623    

3i Group Plc

     578,581  
  32,776    

Admiral Group Plc

     816,676  
  15,220    

Anglo American Plc (a)

     232,546  
  9,641    

Ashtead Group Plc

     199,561  
  2,039    

Associated British Foods Plc

     66,605  
  12,172    

AstraZeneca Plc

     748,419  
  96,003    

Auto Trader Group Plc

     471,169  
  13,927    

BAE Systems Plc

     112,087  
  113,716    

Barclays Plc

     320,995  
  44,151    

Barratt Developments Plc

     302,435  
  114,200    

BP Plc

     657,347  
  16,957    

British American Tobacco Plc

     1,125,028  
  26,654    

British Sky Broadcasting Group Plc

     325,972  
  37,236    

BT Group Plc

     148,688  
  3,612    

Bunzl Plc

     104,984  
  34,058    

Burberry Group Plc

     734,994  
  3,940    

Carnival Plc

     225,831  
  21,321    

Coca-Cola HBC AG

     550,424  
  16,048    

Compass Group Plc

     302,989  
  914    

Croda International Plc

     40,825  
  1,575    

DCC Plc

     138,651  
  12,021    

Diageo Plc

     344,223  
  28,300    

Direct Line Insurance Group Plc

     123,128  
  11,522    

Experian Plc

     235,063  
  45,041    

GlaxoSmithKline Plc

     936,533  
  39,918    

Hargreaves Lansdown Plc

     650,229  
  181,971    

HSBC Holdings Plc

     1,484,307  
  7,622    

Imperial Tobacco Group Plc

     369,389  
  3,973    

InterContinental Hotels Group Plc

     194,593  
  36,574    

International Consolidated Airlines Group SA

     241,582  
  2,674    

Intertek Group

     131,621  
  35,456    

J. Sainsbury Plc

     117,437  
  1,345    

Johnson Matthey Plc

     51,893  
  83,189    

Kingfisher Plc

     340,375  
  38,937    

Legal & General Group Plc

     120,566  
  3,953    

London Stock Exchange Group Plc

     157,268  
  71,969    

Marks & Spencer Group Plc

     303,987  
  19,262    

Mediclinic International Plc

     172,042  
  26,161    

Meggitt Plc

     146,012  
  16,812    

Merlin Entertainments Plc

     101,057  
  7,394    

Next Plc

     399,991  
  7,150    

Persimmon Plc

     187,591  
  11,806    

Provident Financial Plc

     443,597  
  15,618    

Prudential Plc

     329,903  
  5,555    

Reckitt Benckiser Group Plc

     507,124  
  13,922    

Reed Elsevier Plc

     272,566  
  2,457    

Rio Tinto Ltd.

     113,446  
  10,503    

Rio Tinto Plc

     422,931  
  7,516    

Rolls-Royce Holdings Plc (a)

     71,004  

Number of
Shares

        

Value

  
       

United Kingdom (Continued)

 

  24,586    

Royal Dutch Shell Plc - Class A

   $ 648,043  
  20,639    

Royal Dutch Shell Plc - Class B

     567,353  
  134,880    

Royal Mail Plc

     718,375  
  11,948    

RSA Insurance Group Plc

     87,745  
  1,486    

Schroders Plc

     56,396  
  23,711    

Smith & Nephew Plc

     361,018  
  10,632    

Smiths Group Plc

     216,025  
  15,840    

St. James’s Place Plc

     210,845  
  15,830    

Standard Chartered Plc (a)

     151,412  
  19,213    

Tate & Lyle

     184,111  
  237,231    

Tesco Plc (a)

     552,122  
  71,369    

The Sage Group Plc

     563,774  
  7,839    

The Weir Group Plc

     188,568  
  17,477    

Unilever Plc

     862,091  
  156,416    

Vodafone Group Plc

     407,617  
  136,239    

William Hill Plc

     496,839  
  276,283    

Wm Morrison Supermarkets Plc

     831,411  
  17,451    

Worldpay Group Plc

     64,520  
           
              24,342,530  
           
       

Total Common Stocks
(Cost $157,613,324)

     180,960,626  
           
       

INVESTMENT COMPANIES - 1.84%

 

       

Canada - 0.16%

 

  11,001    

iShares MSCI Canada ETF

     295,707  
           
       

Japan - 1.68%

 

  50,731    

iShares MSCI EAFE ETF (b)

     3,160,034  
           
       

Total Investment Companies
(Cost $3,296,830)

     3,455,741  
           
       

PARTICIPATORY NOTES - 0.06%

 

       

Switzerland - 0.06%

 

  549    

Schindler Holding AG (c)

     106,197  
           
       

Total Participatory Notes
(Cost $80,980)

     106,197  
           
       

PREFERRED STOCKS - 0.40%

 

       

Germany - 0.40%

 

  10,451    

FUCHS PETROLUB SE - Preference Shares

     509,487  
  1,474    

Henkel AG & Co. KGaA - Preference Shares

     188,931  
  408    

Volkswagen AG - Preference Shares

     59,478  
           
       

Total Preferred Stocks
(Cost $693,595)

     757,896  
           
       

REAL ESTATE INVESTMENT TRUSTS - 0.34%

 

       

Australia - 0.06%

 

  14,868    

Dexus Property Group

     110,969  
           
       

Canada - 0.04%

 

  4,188    

H&R Real Estate Investment Trust (a)

     72,653  
           
       

Hong Kong - 0.09%

        
  24,764    

Link REIT

     173,565  
           
       

Japan - 0.13%

 

  60    

Daiwa House REIT Investment Corp.

     156,250  
  55    

Nomura Real Estate Master Fund, Inc.

     85,542  
           
              241,792  
           
       

United Kingdom - 0.02%

 

  3,361    

Land Securities Group Plc

     44,638  
           
       

Total Real Estate Investment Trusts
(Cost $648,906)

     643,617  
           
 

 

See notes to financial statements.

 

72

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 0.40%

 

       

Money Market Funds - 0.40%

 

  760,253    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (d)

   $ 760,253  
           
       

Total Short Term Investments
(Cost $760,253)

     760,253  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.59%

 

       

Investment Companies - 1.59%

 

  2,977,876    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (d)

     2,977,876  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $2,977,876)

     2,977,876  
           
       

Total Investments
(Cost $166,071,764) - 100.87%

     189,662,206  
       

Liabilities in Excess of
Other Assets - (0.87)%

     (1,628,775 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 188,033,431  
           

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)   Represents the value of the underlying security. See note 3t of the Notes to Financial Statements.
(d)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

73

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2017

 

COMMON STOCKS

         

Aerospace & Defense

      0.77%  

Air Freight & Logistics

      0.84%  

Airlines

      0.77%  

Auto Components

      0.76%  

Automobiles

      1.95%  

Banks

      9.70%  

Beverages

      1.19%  

Biotechnology

      0.97%  

Building Products

      0.52%  

Capital Markets

      2.61%  

Chemicals

      3.49%  

Commercial Services & Supplies

      0.54%  

Communications Equipment

      0.04%  

Construction & Engineering

      1.56%  

Construction Materials

      0.63%  

Consumer Finance

      0.48%  

Containers & Packaging

      0.08%  

Distributors

      0.05%  

Diversified Consumer Services

      0.07%  

Diversified Financial Services

      1.22%  

Diversified Telecommunication Services

      1.65%  

Electric Utilities

      1.50%  

Electrical Equipment

      1.32%  

Electronic Equipment, Instruments & Components

      1.23%  

Energy Equipment & Services

      0.45%  

Food & Staples Retailing

      3.86%  

Food Products

      4.88%  

Gas Utilities

      0.15%  

Health Care Equipment & Supplies

      1.39%  

Health Care Providers & Services

      0.52%  

Health Care Technology

      0.15%  

Hotels, Restaurants & Leisure

      1.86%  

Household Durables

      1.50%  

Household Products

      1.04%  

Independent Power and Renewable Electricity Producers

      0.03%  

Industrial Conglomerates

      0.86%  

Insurance

      5.47%  

Internet & Direct Marketing Retail

      0.69%  

Internet Software & Services

      1.06%  

IT Services

      1.60%  

Leisure Products

      0.47%  

Life Sciences Tools & Services

      0.29%  

Machinery

      1.52%  

Marine

      0.62%  

Media

      1.39%  

Metals & Mining

      3.54%  

Multiline Retail

      0.77%  

Multi-Utilities

      0.21%  

 

Oil, Gas & Consumable Fuels

      3.77%  

Paper & Forest Products

      0.43%  

Personal Products

      1.44%  

Pharmaceuticals

      5.52%  

Professional Services

      1.28%  

Real Estate Management & Development

      1.17%  

Road & Rail

      0.48%  

Semiconductors & Semiconductor Equipment

      0.82%  

Software

      1.88%  

Specialty Retail

      2.65%  

Technology Hardware, Storage & Peripherals

      0.66%  

Textiles, Apparel & Luxury Goods

      3.52%  

Tobacco

      0.93%  

Trading Companies & Distributors

      2.43%  

Transportation Infrastructure

      0.24%  

Wireless Telecommunication Services

      0.76%  
    

TOTAL COMMON STOCKS

      96.24%  
    

INVESTMENT COMPANIES

         

Exchange Traded Funds

      1.84%  
    

TOTAL INVESTMENT COMPANIES

      1.84%  
    

PARTICIPATORY NOTES

         

Machinery

      0.06%  
    

TOTAL PARTICIPATORY NOTES

      0.06%  
    

PREFERRED STOCKS

         

Automobiles

      0.03%  

Chemicals

      0.27%  

Household Products

      0.10%  
    

TOTAL PREFERRED STOCKS

      0.40%  
    

REAL ESTATE INVESTMENT TRUSTS

         

Real Estate Investment Trusts

      0.34%  
    

TOTAL REAL ESTATE INVESTMENT TRUSTS

      0.34%  
    

SHORT TERM INVESTMENTS

         

Money Market Funds

      0.40%  
    

TOTAL SHORT TERM INVESTMENTS

      0.40%  
    

INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL

         

Investment Companies

      1.59%  
    

TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

      1.59%  
    

TOTAL INVESTMENTS

      100.87%  

Liabilities in Excess of Other Assets

      (0.87)%  
    

TOTAL NET ASSETS

      100.00%  
    

Percentages are stated as a percent of net assets.

 

 

See notes to financial statements.

 

74

GuideMark® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 94.94%

 

       

Aerospace & Defense - 1.55%

 

  1,604    

TransDigm Group, Inc. (a)

   $ 353,137  
  6,036    

United Technologies Corp.

     677,299  
           
              1,030,436  
           
       

Air Freight & Logistics - 2.76%

 

  24,714    

Hub Group, Inc. - Class A (b)

     1,146,730  
  6,370    

United Parcel Service, Inc. - Class B

     683,501  
           
              1,830,231  
           
       

Airlines - 2.75%

 

  25,828    

United Continental Holdings, Inc. (b)

     1,824,490  
           
       

Auto Components - 2.13%

 

  23,294    

BorgWarner, Inc. (a)

     973,456  
  5,480    

Delphi Automotive Plc (a)

     441,085  
           
              1,414,541  
           
       

Automobiles - 1.06%

 

  60,133    

Ford Motor Co.

     699,948  
           
       

Banks - 3.66%

 

  28,884    

BankUnited, Inc.

     1,077,662  
  17,257    

Citigroup, Inc.

     1,032,314  
  6,160    

East West Bancorp, Inc. (a)

     317,917  
           
              2,427,893  
           
       

Beverages - 1.97%

 

  3,125    

Constellation Brands, Inc. - Class A (a)

     506,469  
  7,156    

PepsiCo, Inc.

     800,470  
           
              1,306,939  
           
       

Biotechnology - 3.25%

 

  2,099    

Biogen, Inc. (b)

     573,909  
  3,400    

Bioverativ, Inc. (b)

     185,164  
  7,980    

Celgene Corp. (b)

     992,951  
  3,700    

Vertex Pharmaceuticals, Inc. (b)

     404,595  
           
              2,156,619  
           
       

Capital Markets - 0.87%

 

  14,160    

The Charles Schwab Corp. (a)

     577,870  
           
       

Chemicals - 2.68%

 

  31,037    

Axalta Coating Systems, Ltd. (b)

     999,391  
  12,190    

The Dow Chemical Co. (a)

     774,553  
           
              1,773,944  
           
       

Communications Equipment - 0.50%

 

  6,150    

Lumentum Holdings, Inc. (b)

     328,102  
           
       

Consumer Finance - 1.35%

 

  13,045    

Discover Financial Services

     892,148  
           
       

Containers & Packaging - 0.76%

 

  10,370    

Berry Plastics Group, Inc. (b)

     503,671  
           
       

Diversified Financial Services - 1.26%

 

  3,915    

CME Group, Inc.

     465,102  
  2,810    

S&P Global, Inc.

     367,379  
           
              832,481  
           
       

Electrical Equipment - 0.90%

 

  11,010    

AMETEK, Inc. (a)

     595,421  
           
       

Energy Equipment & Services - 0.50%

 

  5,550    

Baker Hughes, Inc. (a)

     332,001  
           
       

Food Products - 1.42%

 

  6,330    

Kellogg Co. (a)

     459,621  

Number of
Shares

        

Value

  
       

Food Products (Continued)

 

  5,470    

Post Holdings, Inc. (a)(b)

   $ 478,735  
           
              938,356  
           
       

Health Care Equipment & Supplies - 1.91%

 

  8,700    

Hill-Rom Holdings, Inc.

     614,220  
  9,370    

STERIS Plc (a)

     650,840  
           
              1,265,060  
           
       

Health Care Providers & Services - 0.98%

 

  5,088    

Aetna, Inc. (a)

     648,974  
           
       

Hotels, Restaurants & Leisure - 4.10%

 

  5,420    

Marriott International, Inc. - Class A (a)

     510,455  
  3,900    

McDonald’s Corp.

     505,479  
  21,445    

Red Rock Resorts, Inc. - Class A

     475,650  
  6,394    

Vail Resorts, Inc.

     1,227,009  
           
              2,718,593  
           
       

Household Durables - 4.19%

 

  9,720    

Installed Building Products, Inc. (b)

     512,730  
  14,790    

Newell Rubbermaid, Inc. (a)

     697,645  
  391    

NVR, Inc. (a)(b)

     823,790  
  4,352    

Whirlpool Corp. (a)

     745,628  
           
              2,779,793  
           
       

Industrial Conglomerates - 0.61%

 

  13,620    

General Electric Co. (a)

     405,876  
           
       

Insurance - 6.52%

 

  8,186    

Berkshire Hathaway, Inc. - Class B (b)

     1,364,442  
  22,402    

Loews Corp.

     1,047,742  
  23,320    

MetLife, Inc. (a)

     1,231,762  
  5,203    

Willis Towers Watson Plc

     681,021  
           
              4,324,967  
           
       

Internet & Direct Marketing Retail - 1.64%

 

  1,225    

Amazon.com, Inc. (b)

     1,086,011  
           
       

Internet Software & Services - 6.10%

 

  2,416    

Alphabet, Inc. - Class A (b)

     2,048,285  
  1,171    

Alphabet, Inc. - Class C (b)

     971,415  
  7,220    

Facebook, Inc. - Class A (b)

     1,025,601  
           
              4,045,301  
           
       

IT Services - 3.28%

 

  1,804    

Alliance Data Systems Corp.

     449,196  
  11,290    

PayPal Holdings, Inc. (a)(b)

     485,696  
  5,700    

Vantiv, Inc. - Class A (a)(b)

     365,484  
  9,840    

Visa, Inc. - Class A (a)

     874,481  
           
              2,174,857  
           
       

Life Sciences Tools & Services - 0.85%

 

  1,175    

Mettler-Toledo International, Inc. (b)

     562,719  
           
       

Machinery - 2.55%

 

  8,691    

Colfax Corp. (a)(b)

     341,209  
  5,840    

Danaher Corp. (a)

     499,495  
  7,780    

Deere & Co. (a)

     846,931  
           
              1,687,635  
           
       

Media - 7.40%

 

  2,180    

Charter Communications, Inc. - Class A (a)(b)

     713,558  
  27,543    

Liberty Global Plc - Class A (b)

     987,967  
  12,310    

Lions Gate Entertainment Corp. - Class B (b)

     300,118  
  7,530    

The Walt Disney Co.

     853,827  
  10,460    

Twenty-First Century Fox, Inc. - Class A

     338,799  
 

 

See notes to financial statements.

 

75

GuideMark® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Media (Continued)

 

  53,904    

Twenty-First Century Fox, Inc. - Class B

   $ 1,713,069  
           
              4,907,338  
           
       

Multiline Retail - 1.45%

 

  13,760    

Dollar General Corp.

     959,485  
           
       

Oil, Gas & Consumable Fuels - 1.12%

 

  3,421    

Cimarex Energy Co. (a)

     408,775  
  4,150    

Tesoro Corp.

     336,399  
           
              745,174  
           
       

Pharmaceuticals - 5.20%

 

  47,053    

Abbott Laboratories (a)

     2,089,624  
  6,450    

Bristol-Myers Squibb Co.

     350,751  
  3,345    

Jazz Pharmaceuticals Plc (a)(b)

     485,460  
  14,690    

Nektar Therapeutics (b)

     344,774  
  3,870    

Pacira Pharmaceuticals, Inc. (a)(b)

     176,472  
           
              3,447,081  
           
       

Road & Rail - 2.14%

 

  34,177    

Avis Budget Group (a)(b)

     1,010,956  
  5,380    

Ryder System, Inc.

     405,867  
           
              1,416,823  
           
       

Semiconductors & Semiconductor Equipment - 1.08%

 

  7,240    

Applied Materials, Inc.

     281,636  
  6,050    

Cavium, Inc. (a)(b)

     433,543  
           
              715,179  
           
       

Software - 4.68%

 

  2,810    

Adobe Systems, Inc. (b)

     365,665  
  17,110    

Microsoft Corp.

     1,126,865  
  6,120    

Red Hat, Inc. (a)(b)

     529,380  
  8,690    

salesforce.com, Inc. (a)(b)

     716,838  
  4,190    

ServiceNow, Inc. (b)

     366,499  
           
              3,105,247  
           
       

Specialty Retail - 1.05%

 

  8,773    

The TJX Companies, Inc. (a)

     693,769  
           
       

Technology Hardware, Storage & Peripherals - 4.43%

 

  20,455    

Apple, Inc.

     2,938,565  
           
       

Textiles, Apparel & Luxury Goods - 0.49%

 

  5,800    

NIKE, Inc. - Class B

     323,234  
           

Number of
Shares

        

Value

  
       

Thrifts & Mortgage - 1.69%

 

  71,067    

Nationstar Mortgage Holdings, Inc. (a)(b)

   $ 1,120,016  
           
       

Trading Companies & Distributors - 2.11%

 

  10,395    

Fastenal Co. (a)

     535,342  
  10,350    

HD Supply Holdings, Inc. (b)

     425,644  
  69,540    

Wolseley Plc - ADR (a)

     440,884  
           
              1,401,870  
           
       

Total Common Stocks
(Cost $48,077,697)

     62,938,658  
           
       

REAL ESTATE INVESTMENT TRUSTS - 1.44%

 

       

Real Estate Investment Trusts - 1.44%

 

  20,253    

CubeSmart (a)

     525,768  
  17,220    

STAG Industrial, Inc.

     430,845  
           
       

Total Real Estate Investment Trusts
(Cost $902,788)

     956,613  
           
       

SHORT TERM INVESTMENTS - 3.36%

 

       

Money Market Funds - 3.36%

 

  2,228,609    

Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)

     2,228,609  
           
       

Total Short Term Investments
(Cost $2,228,609)

     2,228,609  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 29.17%

 

       

Investment Companies - 29.17%

 

  19,335,822    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)

     19,335,822  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $19,335,822)

     19,335,822  
           
       

Total Investments
(Cost $70,544,916) - 128.91%

     85,459,702  
       

Liabilities in Excess of
Other Assets - (28.91)%

     (19,166,167 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 66,293,535  
           

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

76

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES - 10.19%

 

       

Ally Master Owner Trust

        
  795,000    

Series 2012-5, 1.540%, 09/15/2019

   $ 795,640  
  305,000    

Series 2014-5, 1.600%, 10/15/2019

     305,312  
  250,000    

Americredit Automobile Receivables Trust
Series 2016-4, 1.530%, 07/08/2021

     248,726  
  305,000    

AMMC CLO XIV Ltd.

        
       

Series 2014-14A, 2.488%, 07/27/2026 (Acquired 06/12/2014, Cost $304,372) (a)(b)

     305,032  
  47,802    

Angel Oak Mortgage Trust LLC

        
       

Series 2017-1, 2.810%, 01/25/2047 (Acquired 03/03/2017, Cost $47,801) (a)(b)

     47,801  
  500,000    

Apidos CLO XII

        
       

Series 2013-12A, 2.123%, 04/15/2025 (Acquired 03/15/2013, Cost $500,000) (a)(b)

     500,811  
  260,000    

ARI Fleet Lease Trust

        
       

Series 2014-A, 1.550%, 11/15/2022 (Acquired 04/01/2014, Cost $259,928) (b)

     259,889  
  270,000    

Atlas Senior Loan Fund Ltd.

        
       

Series 2014-6A, 2.284%, 10/15/2026 (Acquired 02/02/2017, Cost $270,000) (a)(b)

     270,040  
  575,000    

Babson CLO Ltd.

        
       

Series 2013-IA, 2.130%, 04/20/2025 (Acquired 05/03/2013, Cost $575,000) (a)(b)

     575,489  
  120,000    

Bayview Opportunity Master Fund IVa Trust

        
       

Series 2017-SPL1, 4.000%, 10/28/2064 (Acquired 03/22/2017, Cost $124,060) (a)(b)

     124,063  
  735,000    

Capital One Multi-Asset Execution Trust

        
       

Series 2016-3A, 1.340%, 04/15/2022

     728,637  
  555,000    

Carlyle Global Market Strategies CLO

        
       

Series 2013-3A, 2.143%, 07/15/2025 (Acquired 06/10/2013, Cost $553,834) (a)(b)

     555,106  
  169,018    

CarMax Auto Owner Trust

        
       

Series 2013-3, 1.490%, 01/15/2019

     169,127  
  325,000    

Cent CLO 23 Ltd.

        
       

Series 2015-23A, 2.513%, 04/17/2026 (Acquired 03/19/2015, Cost $325,000) (a)(b)

     325,030  
  645,000    

Chase Issuance Trust

        
       

Series 2016-2, 1.370%, 06/15/2021

     640,861  
  365,000    

CIFC Funding Ltd.

        
       

Series 2013-1A, 2.173%, 04/16/2025 (Acquired 02/22/2013, Cost $365,000) (a)(b)

     365,628  
  61,840    

Conseco Finance Securitizations Corp.

        
       

Series 2000-4, 8.310%, 05/01/2032 (a)

     35,617  
       

CPS Auto Receivables Trust

        
  22,462    

Series 2012-D, 1.480%, 03/16/2020 (Acquired 12/07/2012, Cost $22,459) (b)

     22,458  
  33,021    

Series 2013-A, 1.310%, 06/15/2020 (Acquired 03/12/2013, Cost $33,016) (b)

     32,951  
  105,642    

Credit Acceptance Auto Loan Trust

        
       

Series 2014-2A, 1.880%, 03/15/2022 (Acquired 09/18/2014, Cost $105,623) (b)

     105,773  
  1,143    

Drive Auto Receivables Trust

        
       

Series 2015-BA, 2.120%, 06/17/2019 (Acquired 05/20/2015, Cost $1,143) (b)

     1,143  
  270,000    

Dryden 38 Senior Loan Fund

        
       

Series 2015-38A, 2.453%, 07/15/2027 (Acquired 03/25/2015, Cost $270,000) (a)(b)

     270,926  
  485,000    

Ford Credit Auto Owner Trust

        
       

Series 2015-A, 2.030%, 08/15/2020

     487,952  

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES (Continued)

 

  400,000    

Galaxy XV CLO, Ltd.

        
       

Series 2013-15A, 2.273%, 04/15/2025 (Acquired 01/29/2016, Cost $392,600) (a)(b)

   $ 400,679  
  370,000    

Galaxy XIX CLO, Ltd.

        
       

Series 2015-19A, 2.593%, 01/24/2027 (Acquired 01/29/2015, Cost $369,441) (a)(b)

     370,035  
  295,000    

Galaxy XXII CLO, Ltd.

        
       

Series 2016-22A, 2.800%, 07/16/2028 (Acquired 06/13/2016, Cost $295,000) (b)

     287,424  
  100,000    

GCO Education Loan Funding Trust

        
       

Series 2006-1, 1.282%, 05/25/2036 (a)

     91,006  
  570,000    

GM Financial Automobile Leasing Trust

        
       

Series 2017-1, 2.060%, 05/20/2020

     570,662  
  300,000    

GTP Acquisition Partners I LLC

        
       

Series 2015-2, 3.482%, 06/15/2050 (Acquired 05/20/2015, Cost $300,000) (b)

     300,489  
  515,000    

Honda Auto Receivables Owner Trust

        
       

Series 2016-2, 1.390%, 04/15/2020

     513,795  
  100,000    

Lendmark Funding Trust

        
       

Series 2016-A, 3.260%, 04/21/2025 (Acquired 10/26/2016, Cost $99,989) (c)

     99,640  
  261,165    

Madison Park Funding XI Ltd.

        
       

Series 2013-11A, 2.321%, 10/23/2025 (Acquired 10/29/2015, Cost $256,542) (a)(b)

     261,375  
  288,473    

Morgan Stanley ABS Capital I, Inc. Trust

        
       

Series 2003-NC10, 2.002%, 10/25/2033 (a)

     277,497  
       

NRZ Advance Receivables Trust

        
  147,000    

Series 2016-T2, 2.575%, 10/15/2049 (Acquired 10/14/2016, Cost $147,000) (b)

     146,598  
  136,000    

Series 2015-ON1, 3.107%, 12/15/2050 (Acquired 11/22/2016, Cost $136,000) (b)

     134,852  
  120,000    

Series 2017-T1, 3.214%, 02/15/2051 (Acquired 02/01/2017, Cost $119,999) (a)(b)

     119,352  
  325,000    

Oaktree EIF II Ltd.

        
       

Series 2015-B1A, 2.589%, 02/15/2026 (Acquired 02/20/2015, Cost $325,000) (a)(b)

     325,123  
  275,000    

OCP CLO Ltd.

        
       

Series 2015-8A, 2.553%, 04/17/2027 (Acquired 04/10/2015, Cost $274,725) (a)(b)

     275,019  
  410,000    

Octagon Investment Partners XVI Ltd.

        
       

Series 2013-1A, 2.143%, 07/17/2025 (Acquired 05/15/2013, Cost $409,344) (a)(b)

     410,364  
  280,000    

OHA Credit Partners VIII, Ltd.

        
       

Series 2013-8A, 2.150%, 04/20/2025 (Acquired 04/17/2013, Cost $280,000) (a)(b)

     280,288  
  450,000    

OZLM Funding V Ltd.

        
       

Series 2013-5A, 2.673%, 01/17/2026 (Acquired 02/23/2017, Cost $450,000) (a)(b)

     450,207  
  300,000    

OZLM XII Ltd.

        
       

Series 2015-12A, 2.489%, 04/30/2027 (Acquired 04/24/2015, Cost $299,130) (a)(b)

     300,584  
  135,000    

Prestige Auto Receivables Trust

        
       

Series 2014-1A, 1.910%, 04/15/2020 (Acquired 06/25/2014, Cost $135,009) (b)

     135,105  
  300,000    

Santander Drive Auto Receivables Trust

        
       

Series 2015-2, 1.830%, 01/15/2020

     300,462  
  250,000    

Shackleton 2014-VI CLO Ltd.

        
       

Series 2014-6A, 2.503%, 07/17/2026 (Acquired 06/12/2014, Cost $248,475) (a)(b)

     250,018  
 

 

See notes to financial statements.

 

77

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES (Continued)

 

  83,672    

SoFi Consumer Loan Program LLC

        
       

Series 2016-2, 3.090%, 10/27/2025 (Acquired 07/26/2016, Cost $83,659) (c)

   $ 83,669  
  257,000    

Sound Point CLO IV Ltd.

        
       

Series 2013-3A, 2.411%, 01/21/2026 (Acquired 03/27/2015, Cost $255,587) (a)(b)

     257,490  
  315,000    

Sound Point CLO VIII Ltd.

        
       

Series 2015-1A, 2.553%, 03/13/2027 (Acquired 03/05/2015, Cost $314,213) (a)(b)

     316,933  
       

Towd Point Mortgage Trust

        
  108,128    

Series 2016-2, 2.750%, 08/25/2055 (Acquired 05/20/2016, Cost $108,127) (a)(b)

     107,850  
  123,883    

Series 2016-3, 2.250%, 08/25/2055 (Acquired 07/22/2016, Cost $123,705) (a)(b)

     122,985  
  236,497    

Series 2017-1, 2.750%, 10/25/2056 (Acquired 02/07/2017, Cost $236,808) (a)(b)

     236,756  
  324,219    

Volkswagen Auto Lease Trust

        
       

Series 2015-A, 1.250%, 12/20/2017

     324,177  
           
       

Total Asset Backed Securities
(Cost $14,937,143)

     14,924,446  
           
       

COLLATERALIZED MORTGAGE OBLIGATIONS - 4.58%

 

  160,000    

Aventura Mall Trust

        
       

Series 2013-AVM, 3.743%, 12/07/2032 (Acquired 12/10/2013, Cost $163,485) (a)(b)

     168,437  
  96,000    

BBCMS Mortgage Trust

        
       

Series 2017-C1, 3.674%, 02/17/2050

     98,750  
  150,000    

BB-UBS Trust

        
       

Series 2012-SHOW, 3.430%, 11/07/2036 (Acquired 12/05/2012, Cost $154,171) (b)

     153,720  
  61,560    

Chase Mortgage Finance Trust

        
       

Series 2007-A1, 3.409%, 02/25/2037 (a)

     59,754  
  145,000    

Citigroup Commercial Mortgage Trust

        
       

Series 2014-GC21, 3.855%, 05/10/2047

     152,281  
  2,733    

COBALT CMBS Commercial Mortgage Trust

        
       

Series 2007-C2, 5.484%, 04/15/2047 (a)

     2,730  
       

COMM Mortgage Trust

        
  120,000    

Series 2013-300P, 4.353%, 08/12/2030 (Acquired 08/15/2013, Cost $121,728) (b)

     130,207  
  295,267    

Series 2014-CR21, 3.528%, 12/10/2047

     303,003  
  300,000    

Series 2015-CR26, 3.630%, 10/13/2048

     308,535  
  130,000    

Series 2016-CR28, 3.762%, 02/12/2049

     134,557  
  134,776    

Commercial Mortgage Loan Trust

        
       

Series 2008-LS1, 6.101%, 12/10/2049 (a)

     136,126  
       

Countrywide Home Loans, Inc.

        
  15,622    

Series 2004-HYB6, 3.124%, 11/20/2034 (a)

     15,413  
  90,211    

Series 2005-11, 1.582%, 03/25/2035 (a)

     78,021  
  396,998    

Four Times Square Trust

        
       

Series 2006-4TS, 5.401%, 12/13/2028 (Acquired 11/06/2012, Cost $432,561) (b)

     436,354  
       

GS Mortgage Securities Trust

        
  145,000    

Series 2012-ALOH, 3.551%, 04/12/2034 (Acquired 03/08/2013, Cost $148,758) (b)

     151,884  
  145,000    

Series 2012-BWTR, 2.954%, 11/07/2034 (Acquired 12/11/2012, Cost $147,082) (b)

     146,705  
  580,000    

Series 2013-GC16, 3.033%, 11/13/2046

     589,911  
       

JP Morgan Chase Commercial Mortgage Securities Trust

        
  236,190    

Series 2012-WLDN, 3.905%, 05/07/2030 (Acquired 05/07/2013 through 01/04/2017, Cost $240,737) (b)

     245,981  

Principal
Amount

        

Value

  
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  48,555    

Series 2007-CB19, 5.829%, 02/12/2049 (a)

   $ 48,511  
  705,000    

JPMBB Commercial Mortgage Securities Trust

        
       

Series 2013-C12, 3.157%, 07/17/2045

     725,557  
  102,849    

Lehman Brothers-UBS Commercial Mortgage Trust

        
       

Series 2007-C6, 5.858%, 07/15/2040 (a)

     103,101  
  124,031    

ML-CFC Commercial Mortgage Trust

        
       

Series 2007-9, 5.700%, 09/12/2049

     125,180  
  195,000    

Morgan Stanley Bank of America Merrill Lynch Trust

        
       

Series 2015-C24, 3.732%, 08/15/2047

     202,605  
       

Morgan Stanley Capital I Trust

        
  185,000    

Series 2014-MP, 3.469%, 08/11/2033 (Acquired 11/13/2014, Cost $188,995) (b)

     192,002  
  98,292    

Series 2007-IQ16, 5.809%, 12/12/2049

     98,886  
       

New Residential Mortgage Loan Trust

        
  149,491    

Series 2016-2, 3.750%, 11/25/2035 (Acquired 05/25/2016, Cost $153,857) (a)(b)

     151,433  
  120,576    

Series 2016-4, 3.750%, 11/25/2056 (Acquired 12/01/2016, Cost $124,118) (a)(b)

     124,704  
  212,290    

Series 2017-1, 4.000%, 02/25/2057 (Acquired 03/06/2017, Cost $218,499) (a)(b)

     220,013  
  130,000    

OBP Depositor LLC Trust

        
       

Series 2010-OBP, 4.646%, 07/17/2045 (Acquired 08/15/2012, Cost $143,921) (b)

     138,583  
       

SBA Tower Trust

        
  210,000    

Series 2013-1-2, 3.598%, 04/15/2043 (Acquired 04/04/2013, Cost $210,000) (b)

     210,126  
  155,000    

Series 2014-1-2, 2.898%, 10/15/2044 (Acquired 10/07/2014, Cost $155,000) (b)

     155,577  
  75,000    

SG Commercial Mortgage Securities Trust

        
       

Series 2016-C5, 3.055%, 10/13/2048

     73,002  
       

Springleaf Mortgage Loan Trust

        
  102,792    

Series 2013-2A, 1.780%, 12/25/2065 (Acquired 07/03/2013, Cost $101,749) (a)(b)

     103,135  
  155,171    

Series 2013-2A, 3.520%, 12/25/2065 (Acquired 07/03/2013, Cost $149,465) (a)(b)

     155,441  
  540,000    

Wells Fargo-RBS Commercial Mortgage Trust

        
       

Series 2014-C19, 3.660%, 03/15/2047

     561,626  
           
       

Total Collateralized Mortgage Obligations
(Cost $6,721,023)

     6,701,851  
           
       

CORPORATE OBLIGATIONS - 38.35%

 

       

Aerospace & Defense - 0.42%

 

  85,000    

Embraer Netherlands Finance BV

        
       

5.400%, 02/01/2027

     87,782  
  185,000    

Hexcel Corp.

        
       

3.950%, 02/15/2027

     187,087  
       

Lockheed Martin Corp.

        
  20,000    

2.500%, 11/23/2020

     20,155  
  45,000    

4.700%, 05/15/2046

     48,940  
  285,000    

Northrop Grumman Corp.

        
       

3.850%, 04/15/2045

     269,420  
           
              613,384  
           
       

Air Freight & Logistics - 0.07%

 

       

FedEx Corp.

        
  50,000    

4.100%, 02/01/2045

     46,494  
  30,000    

4.550%, 04/01/2046

     30,098  
  20,000    

4.400%, 01/15/2047

     19,524  
           
              96,116  
           
 

 

See notes to financial statements.

 

78

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Airlines - 0.09%

 

  130,000    

Delta Air Lines, Inc.

        
       

3.625%, 03/15/2022

   $ 132,852  
           
       

Auto Components - 0.21%

 

  300,000    

Delphi Corp.

        
       

4.150%, 03/15/2024

     313,724  
           
       

Automobiles - 0.15%

 

       

Ford Motor Co.

        
  10,000    

4.346%, 12/08/2026

     10,217  
  85,000    

5.291%, 12/08/2046

     85,120  
       

General Motors Co.

        
  110,000    

5.000%, 04/01/2035

     109,164  
  15,000    

6.250%, 10/02/2043

     16,576  
           
              221,077  
           
       

Banks - 5.91%

 

       

Bank of America Corp.

        
  565,000    

2.250%, 04/21/2020

     563,915  
  20,000    

2.625%, 04/19/2021

     19,970  
  175,000    

2.503%, 10/21/2022

     170,808  
  65,000    

3.124%, 01/20/2023 (a)

     65,406  
  190,000    

4.100%, 07/24/2023

     199,296  
  135,000    

4.000%, 01/22/2025 (d)

     135,082  
  85,000    

4.183%, 11/25/2027

     85,477  
  100,000    

6.110%, 01/29/2037

     117,181  
  545,000    

5.000%, 01/21/2044

     596,208  
  200,000    

Barclays Plc

        
       

3.684%, 01/10/2023

     201,166  
  405,000    

BB&T Corp.
2.750%, 04/01/2022

     407,759  
       

Citigroup, Inc.

        
  335,000    

4.400%, 06/10/2025

     341,921  
  360,000    

3.700%, 01/12/2026

     361,004  
  45,000    

3.200%, 10/21/2026

     43,133  
  310,000    

4.300%, 11/20/2026

     313,585  
  175,000    

4.450%, 09/29/2027

     177,177  
  180,000    

Fifth Third Bancorp
2.875%, 07/27/2020

     183,314  
  480,000    

HSBC Holdings Plc
3.262%, 03/13/2023 (a)

     483,000  
       

JPMorgan Chase & Co.

        
  25,000    

2.295%, 08/15/2021

     24,756  
  130,000    

4.500%, 01/24/2022

     140,191  
  80,000    

2.273%, 10/24/2023 (a)

     81,907  
  170,000    

3.300%, 04/01/2026

     166,531  
  90,000    

2.950%, 10/01/2026

     85,674  
  105,000    

4.250%, 10/01/2027

     107,802  
  310,000    

3.782%, 02/01/2028 (a)

     313,308  
  5,000    

5.600%, 07/15/2041

     5,976  
  170,000    

KeyCorp
5.100%, 03/24/2021 (d)

     185,687  
  290,000    

PNC Funding Corp.
3.300%, 03/08/2022

     298,846  
  350,000    

Royal Bank of Canada
2.125%, 03/02/2020

     350,162  
  100,000    

Santander Holdings USA, Inc.
3.700%, 03/28/2022
(Acquired 03/22/2017, Cost $99,842) (b)

     100,457  
  55,000    

Santander UK Plc
2.350%, 09/10/2019

     55,317  

Principal
Amount

        

Value

  
       

Banks (Continued)

 

  405,000    

Toronto-Dominion Bank
2.625%, 09/10/2018

   $ 410,686  
  625,000    

U.S. Bancorp
1.950%, 11/15/2018

     628,886  
       

Wells Fargo & Co.

        
  195,000    

2.150%, 01/30/2020

     195,492  
  240,000    

2.550%, 12/07/2020

     241,343  
  120,000    

3.000%, 04/22/2026

     115,302  
  135,000    

3.000%, 10/23/2026

     129,415  
  55,000    

4.300%, 07/22/2027

     57,224  
  206,000    

5.606%, 01/15/2044

     236,510  
  35,000    

4.900%, 11/17/2045

     36,577  
  35,000    

4.400%, 06/14/2046

     33,979  
  180,000    

4.750%, 12/07/2046

     184,333  
           
              8,651,763  
           
       

Beverages - 0.34%

 

  150,000    

Anheuser-Busch InBev Worldwide, Inc.
8.200%, 01/15/2039

     228,676  
  275,000    

Molson Coors Brewing Co.
3.000%, 07/15/2026

     262,030  
           
              490,706  
           
       

Biotechnology - 0.62%

 

       

AbbVie, Inc.

        
  155,000    

2.900%, 11/06/2022

     154,617  
  40,000    

3.200%, 05/14/2026

     38,526  
  180,000    

4.300%, 05/14/2036

     175,005  
  200,000    

Amgen, Inc.
4.400%, 05/01/2045

     194,899  
  115,000    

Celgene Corp.
5.250%, 08/15/2043

     121,297  
  180,000    

Genzyme Corp.
5.000%, 06/15/2020

     195,901  
  35,000    

Gilead Sciences, Inc.
2.500%, 09/01/2023

     33,892  
           
              914,137  
           
       

Building Products - 0.12%

 

  165,000    

Johnson Controls International Plc
4.500%, 02/15/2047

     168,154  
           
       

Capital Markets - 3.49%

 

  545,000    

Bear Stearns Companies, Inc.
7.250%, 02/01/2018

     569,661  
  245,000    

CBOE Holdings, Inc.
3.650%, 01/12/2027

     246,804  
       

Morgan Stanley

        
  150,000    

5.950%, 12/28/2017

     154,701  
  55,000    

2.500%, 01/24/2019

     55,567  
  75,000    

2.625%, 11/17/2021

     74,586  
  10,000    

4.875%, 11/01/2022

     10,826  
  430,000    

3.700%, 10/23/2024

     436,895  
  540,000    

3.125%, 07/27/2026

     516,445  
  135,000    

4.350%, 09/08/2026

     138,544  
  50,000    

3.950%, 04/23/2027

     49,621  
  275,000    

Raymond James Financial, Inc.
3.625%, 09/15/2026

     271,270  
  130,000    

State Street Corp.
2.550%, 08/18/2020

     131,809  
       

The Bank of New York Mellon Corp.

        
  415,000    

1.300%, 01/25/2018

     414,638  
  410,000    

2.200%, 03/04/2019

     413,150  
 

 

See notes to financial statements.

 

79

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Capital Markets (Continued)

 

       

The Goldman Sachs Group, Inc.

        
  375,000    

5.950%, 01/18/2018

   $ 387,327  
  95,000    

2.750%, 09/15/2020

     95,864  
  80,000    

2.600%, 12/27/2020

     80,065  
  305,000    

2.875%, 02/25/2021

     307,251  
  90,000    

2.350%, 11/15/2021

     88,240  
  155,000    

4.000%, 03/03/2024

     160,944  
  140,000    

3.500%, 01/23/2025

     139,697  
  140,000    

6.750%, 10/01/2037

     173,271  
  55,000    

6.250%, 02/01/2041

     69,306  
  115,000    

5.150%, 05/22/2045

     121,292  
  5,000    

4.750%, 10/21/2045

     5,289  
           
              5,113,063  
           
       

Chemicals - 0.59%

 

  250,000    

LYB International Finance BV
4.000%, 07/15/2023

     260,922  
  180,000    

Monsanto Co.
1.150%, 06/30/2017

     179,862  
  185,000    

Potash Corp. of Saskatchewan, Inc.
4.000%, 12/15/2026 (d)

     189,768  
  225,000    

The Dow Chemical Co.
3.500%, 10/01/2024

     229,057  
           
              859,609  
           
       

Commercial Services & Supplies - 0.07%

 

       

ERAC USA Finance LLC

        
  40,000    

2.600%, 12/01/2021
(Acquired 05/23/2016, Cost $39,945) (b)

     39,367  
  55,000    

7.000%, 10/15/2037
(Acquired 10/09/2015, Cost $67,048) (b)

     69,722  
           
              109,089  
           
       

Communications Equipment - 0.08%

 

  120,000    

QUALCOMM, Inc.
3.000%, 05/20/2022

     121,524  
           
       

Consumer Finance - 1.66%

 

  217,000    

American Express Co.
4.050%, 12/03/2042

     213,613  
       

American Express Credit Corp.

        
  440,000    

2.125%, 03/18/2019

     442,284  
  130,000    

2.200%, 03/03/2020

     130,250  
  285,000    

Capital One Financial Corp.
2.450%, 04/24/2019

     286,778  
  400,000    

Capital One NA
1.650%, 02/05/2018

     400,015  
  250,000    

Caterpillar Financial Services Corp.
1.350%, 05/18/2019

     247,055  
       

PACCAR Financial Corp.

        
  140,000    

1.300%, 05/10/2019

     138,868  
  165,000    

2.200%, 09/15/2019

     166,296  
       

Toyota Motor Credit Corp.

        
  275,000    

2.125%, 07/18/2019

     277,275  
  130,000    

2.600%, 01/11/2022 (d)

     130,724  
           
              2,433,158  
           
       

Diversified Financial Services - 2.61%

 

       

American Honda Finance Corp.

        
  290,000    

1.700%, 02/22/2019

     289,764  
  95,000    

1.700%, 09/09/2021

     92,104  

Principal
Amount

        

Value

  
       

Diversified Financial Services (Continued)

 

       

Anheuser-Busch InBev Finance, Inc.

        
  50,000    

1.900%, 02/01/2019

   $ 50,095  
  355,000    

2.650%, 02/01/2021

     357,986  
  410,000    

3.650%, 02/01/2026 (d)

     415,351  
  120,000    

4.700%, 02/01/2036

     127,350  
  230,000    

4.900%, 02/01/2046 (d)

     249,548  
  65,000    

BAT International Finance Plc
2.750%, 06/15/2020
(Acquired 06/10/2015, Cost $64,897) (b)

     65,610  
  380,000    

Credit Suisse
1.375%, 05/26/2017

     379,890  
  175,000    

Daimler Finance North America LLC
2.450%, 05/18/2020
(Acquired 05/11/2015, Cost $174,657) (b)

     175,299  
  180,000    

Ford Motor Credit Co. LLC
3.810%, 01/09/2024

     180,836  
       

General Motors Financial Co., Inc.

        
  35,000    

3.100%, 01/15/2019

     35,580  
  90,000    

4.300%, 07/13/2025

     91,555  
  200,000    

Hutchison Whampoa International Ltd.
1.625%, 10/31/2017
(Acquired 10/28/2014, Cost $199,540) (b)

     199,935  
  155,000    

Intercontinental Exchange, Inc.
2.750%, 12/01/2020

     157,651  
  30,000    

Kinder Morgan Finance Co. LLC
6.000%, 01/15/2018
(Acquired 01/08/2015, Cost $30,720) (b)

     30,943  
  20,000    

Nasdaq, Inc.
3.850%, 06/30/2026

     19,931  
       

National Rural Utilities Cooperative Finance Corp.

        
  190,000    

1.650%, 02/08/2019

     189,961  
  170,000    

2.950%, 02/07/2024

     170,506  
       

Shell International Finance BV

        
  320,000    

1.625%, 11/10/2018

     319,721  
  50,000    

4.375%, 05/11/2045

     50,828  
  180,000    

4.000%, 05/10/2046

     172,735  
           
              3,823,179  
           
       

Diversified Telecommunication Services - 1.15%

 

       

AT&T, Inc.

        
  70,000    

1.750%, 01/15/2018

     70,039  
  175,000    

4.450%, 04/01/2024

     183,669  
  235,000    

4.500%, 05/15/2035

     222,519  
  125,000    

6.350%, 03/15/2040

     142,435  
  210,000    

4.750%, 05/15/2046

     196,695  
  215,000    

TELUS Corp.
2.800%, 02/16/2027

     202,172  
       

Verizon Communications, Inc.

        
  25,000    

2.946%, 03/15/2022
(Acquired 02/15/2017, Cost $24,757) (b)(d)

     24,929  
  385,000    

4.125%, 03/16/2027 (d)

     392,318  
  20,000    

4.812%, 03/15/2039
(Acquired 02/14/2017, Cost $19,556) (b)

     19,544  
  120,000    

4.862%, 08/21/2046

     115,810  
  5,000    

5.500%, 03/16/2047

     5,260  
  125,000    

4.672%, 03/15/2055

     112,090  
           
              1,687,480  
           
       

Electric Utilities - 2.51%

 

  90,000    

Alabama Power Co.
2.450%, 03/30/2022

     89,135  
 

 

See notes to financial statements.

 

80

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Electric Utilities (Continued)

 

  190,000    

Consolidated Edison Company of New York, Inc.
4.625%, 12/01/2054

   $ 202,718  
  45,000    

Duke Energy Carolinas LLC
2.500%, 03/15/2023

     44,590  
  375,000    

Duke Energy Corp.
3.550%, 09/15/2021

     389,179  
  60,000    

Duke Energy Florida LLC
3.400%, 10/01/2046

     54,072  
  60,000    

Duke Energy Indiana, Inc.
4.900%, 07/15/2043

     67,486  
  235,000    

Duke Energy Progress LLC
4.150%, 12/01/2044

     239,220  
       

Edison International

        
  35,000    

3.750%, 09/15/2017

     35,352  
  160,000    

2.950%, 03/15/2023

     160,020  
  80,000    

Electricite de France SA
4.950%, 10/13/2045
(Acquired 10/07/2015, Cost $79,802) (b)

     81,062  
       

Emera US Finance LP

        
  15,000    

2.700%, 06/15/2021

     14,930  
  20,000    

4.750%, 06/15/2046

     20,260  
  65,000    

Exelon Corp.
2.450%, 04/15/2021

     64,283  
       

Fortis, Inc.

        
  30,000    

2.100%, 10/04/2021
(Acquired 09/29/2016, Cost $29,924) (b)

     29,099  
  40,000    

3.055%, 10/04/2026
(Acquired 09/29/2016 and 10/19/2016,
Cost $39,665) (b)

     37,493  
       

Georgia Power Co.

        
  120,000    

1.950%, 12/01/2018

     120,241  
  85,000    

2.400%, 04/01/2021

     84,762  
       

Great Plains Energy, Inc.

        
  30,000    

3.150%, 04/01/2022

     30,326  
  25,000    

3.900%, 04/01/2027

     25,294  
  245,000    

MidAmerican Energy Co.
3.100%, 05/01/2027

     244,691  
  30,000    

NextEra Energy Capital Holdings, Inc.
1.649%, 09/01/2018

     29,921  
  100,000    

Northeast Utilities
2.800%, 05/01/2023

     99,138  
  20,000    

Oncor Electric Delivery Co. LLC
7.000%, 09/01/2022

     24,155  
       

Pacific Gas & Electric Co.

        
  60,000    

4.750%, 02/15/2044

     66,162  
  225,000    

4.250%, 03/15/2046

     231,272  
  150,000    

Progress Energy, Inc.
3.150%, 04/01/2022

     151,765  
  66,000    

South Carolina Electric & Gas Co.
5.100%, 06/01/2065

     68,493  
       

Southern Power Co.

        
  180,000    

4.150%, 12/01/2025

     186,347  
  180,000    

4.950%, 12/15/2046

     178,668  
       

The Southern Co.

        
  30,000    

1.850%, 07/01/2019

     29,853  
  260,000    

2.150%, 09/01/2019

     260,109  
  20,000    

2.950%, 07/01/2023

     19,496  
  25,000    

4.400%, 07/01/2046

     23,991  

Principal
Amount

        

Value

  
       

Electric Utilities (Continued)

 

  245,000    

Union Electric Co.
6.700%, 02/01/2019

   $ 265,518  
           
              3,669,101  
           
       

Food & Staples Retailing - 0.65%

 

       

CVS Health Corp.

        
  220,000    

2.125%, 06/01/2021

     216,007  
  59,000    

3.875%, 07/20/2025

     60,895  
  100,000    

2.875%, 06/01/2026

     95,558  
  105,000    

5.125%, 07/20/2045

     116,293  
  70,000    

Sysco Corp.
2.500%, 07/15/2021

     69,837  
       

The Kroger Co.

        
  25,000    

2.650%, 10/15/2026 (d)

     23,077  
  5,000    

3.875%, 10/15/2046

     4,506  
  325,000    

Walgreens Boots Alliance, Inc.
2.600%, 06/01/2021

     325,705  
  30,000    

Wal-Mart Stores, Inc.
6.500%, 08/15/2037

     40,290  
           
              952,168  
           
       

Food Products - 0.34%

 

       

Kraft Heinz Foods Co.

        
  55,000    

2.000%, 07/02/2018

     55,154  
  40,000    

2.800%, 07/02/2020

     40,575  
  175,000    

3.500%, 07/15/2022 (d)

     179,017  
  185,000    

5.000%, 07/15/2035

     192,706  
  35,000    

4.375%, 06/01/2046

     32,975  
           
              500,427  
           
       

Gas Utilities - 0.01%

 

  10,000    

Southern Co. Gas Capital Corp.
2.450%, 10/01/2023

     9,606  
           
       

Health Care Equipment & Supplies - 1.07%

 

       

Abbott Laboratories

        
  180,000    

2.350%, 11/22/2019

     180,861  
  75,000    

2.800%, 09/15/2020

     75,713  
  180,000    

4.900%, 11/30/2046 (d)

     187,189  
  205,000    

Becton Dickinson & Co.
3.125%, 11/08/2021

     209,316  
       

Medtronic, Inc.

        
  105,000    

2.500%, 03/15/2020

     106,558  
  56,000    

4.375%, 03/15/2035

     58,816  
  170,000    

4.625%, 03/15/2045

     182,971  
       

Shire Acquisitions Investments Ireland Designated Activity Co.

        
  90,000    

2.400%, 09/23/2021

     88,105  
  220,000    

2.875%, 09/23/2023

     213,783  
  260,000    

Zimmer Holdings, Inc.

        
       

3.550%, 04/01/2025

     257,534  
           
              1,560,846  
           
       

Health Care Providers & Services - 0.99%

 

  100,000    

Anthem, Inc.
5.850%, 01/15/2036

     116,194  
       

Cardinal Health, Inc.

        
  20,000    

1.950%, 06/15/2018

     20,067  
  280,000    

3.200%, 03/15/2023

     283,644  
       

Catholic Health Initiatives

        
  45,000    

1.600%, 11/01/2017

     44,960  
  95,000    

2.600%, 08/01/2018

     95,604  
  275,000    

Humana, Inc.
3.150%, 12/01/2022

     276,550  
 

 

See notes to financial statements.

 

81

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Health Care Providers & Services (Continued)

 

       

UnitedHealth Group, Inc.

        
  95,000    

1.700%, 02/15/2019

   $ 95,033  
  240,000    

1.625%, 03/15/2019

     239,318  
  70,000    

3.350%, 07/15/2022

     72,477  
  135,000    

3.950%, 10/15/2042

     131,569  
  55,000    

4.750%, 07/15/2045 (d)

     60,419  
  10,000    

4.250%, 04/15/2047

     10,236  
           
              1,446,071  
           
       

Hotels, Restaurants & Leisure - 0.25%

 

       

McDonald’s Corp.

        
  315,000    

3.700%, 01/30/2026

     322,771  
  25,000    

4.600%, 05/26/2045

     25,511  
  20,000    

4.875%, 12/09/2045

     21,355  
           
              369,637  
           
       

Household Durables - 0.14%

 

  180,000    

Newell Rubbermaid, Inc.
5.500%, 04/01/2046 (d)

     204,750  
           
       

Insurance - 0.97%

 

       

American International Group, Inc.

        
  105,000    

4.125%, 02/15/2024

     107,866  
  120,000    

4.500%, 07/16/2044

     114,953  
  140,000    

Chubb INA Holdings, Inc.
3.350%, 05/03/2026

     141,836  
  265,000    

CNA Financial Corp.
7.350%, 11/15/2019

     299,255  
  235,000    

Liberty Mutual Group, Inc.
4.250%, 06/15/2023
(Acquired 11/18/2016, Cost $247,112) (b)

     247,136  
       

Marsh & McLennan Cos., Inc.

        
  80,000    

2.300%, 04/01/2017

     80,000  
  20,000    

4.050%, 10/15/2023

     21,140  
  13,000    

Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/2039
(Acquired 04/06/2016, Cost $18,925) (b)

     21,147  
       

New York Life Global Funding

        
  160,000    

1.950%, 02/11/2020
(Acquired 02/04/2015, Cost $159,970) (b)

     159,446  
  40,000    

2.000%, 04/13/2021
(Acquired 04/06/2016, Cost $39,941) (b)

     39,394  
  180,000    

Trinity Acquisition Plc
4.400%, 03/15/2026

     184,836  
           
              1,417,009  
           
       

Internet & Direct Marketing Retail - 0.05%

 

  65,000    

Amazon.com, Inc.
4.950%, 12/05/2044

     73,715  
           
       

IT Services - 0.98%

 

  205,000    

Broadridge Financial Solutions, Inc.
3.400%, 06/27/2026

     200,227  
  230,000    

MasterCard, Inc.
3.375%, 04/01/2024

     238,059  
       

Visa, Inc.

        
  410,000    

1.200%, 12/14/2017

     409,658  
  245,000    

2.800%, 12/14/2022

     247,319  
  285,000    

3.150%, 12/14/2025

     286,301  
  55,000    

4.300%, 12/14/2045

     57,863  
           
              1,439,427  
           

Principal
Amount

        

Value

  
       

Life Sciences Tools & Services - 0.06%

 

       

Thermo Fisher Scientific, Inc.

        
  80,000    

3.000%, 04/15/2023

   $ 79,383  
  10,000    

2.950%, 09/19/2026

     9,541  
           
              88,924  
           
       

Machinery - 0.54%

 

       

Eaton Corp.

        
  175,000    

5.600%, 05/15/2018

     182,337  
  230,000    

2.750%, 11/02/2022

     228,691  
  50,000    

Fortive Corp.
2.350%, 06/15/2021
(Acquired 06/06/2016, Cost $49,989) (b)

     49,437  
  330,000    

Stanley Black & Decker, Inc.
2.451%, 11/17/2018

     333,570  
           
              794,035  
           
       

Media - 1.30%

 

       

21st Century Fox America, Inc.

        
  175,000    

4.500%, 02/15/2021

     186,845  
  10,000    

3.375%, 11/15/2026
(Acquired 11/15/2016, Cost $9,981) (b)

     9,814  
  90,000    

6.150%, 02/15/2041

     107,829  
  10,000    

4.950%, 10/15/2045

     10,390  
  5,000    

4.750%, 11/15/2046

     5,032  
  10,000    

CBS Corp.
4.000%, 01/15/2026

     10,258  
       

Charter Communications Operating LLC / Charter Communications Operating Capital

        
  50,000    

3.579%, 07/23/2020

     51,471  
  115,000    

4.464%, 07/23/2022 (d)

     121,410  
  5,000    

4.908%, 07/23/2025

     5,292  
  85,000    

6.484%, 10/23/2045

     98,203  
       

Comcast Corp.

        
  345,000    

5.875%, 02/15/2018

     358,149  
  75,000    

2.750%, 03/01/2023

     74,788  
  15,000    

3.375%, 08/15/2025

     15,151  
  295,000    

3.150%, 03/01/2026

     290,583  
  65,000    

4.750%, 03/01/2044

     68,734  
  50,000    

3.400%, 07/15/2046

     42,894  
       

Cox Communications, Inc.

        
  50,000    

3.250%, 12/15/2022
(Acquired 09/17/2015 and 10/06/2015,
Cost $47,392) (b)(d)

     49,171  
  140,000    

2.950%, 06/30/2023
(Acquired 04/24/2013, Cost $139,384) (b)

     133,850  
  5,000    

3.350%, 09/15/2026
(Acquired 09/08/2016, Cost $4,992) (b)

     4,847  
       

Time Warner Cable, Inc.

        
  81,000    

5.850%, 05/01/2017

     81,170  
  50,000    

5.500%, 09/01/2041

     51,449  
  50,000    

4.500%, 09/15/2042

     45,478  
  60,000    

Time Warner, Inc.
2.950%, 07/15/2026

     55,982  
  30,000    

Viacom, Inc.
4.375%, 03/15/2043

     26,098  
           
              1,904,888  
           
       

Metals & Mining - 0.39%

 

       

Nucor Corp.

        
  195,000    

4.125%, 09/15/2022

     209,427  
  125,000    

4.000%, 08/01/2023

     132,319  
 

 

See notes to financial statements.

 

82

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Metals & Mining (Continued)

 

  195,000    

Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025

   $ 202,924  
       

Vale Overseas Ltd.

        
  15,000    

6.250%, 08/10/2026

     16,331  
  15,000    

6.875%, 11/10/2039

     16,116  
           
              577,117  
           
       

Multi-Utilities - 0.71%

 

  105,000    

Berkshire Hathaway Energy Co.
6.125%, 04/01/2036

     131,481  
  285,000    

Delmarva Power & Light Co.
3.500%, 11/15/2023

     295,192  
       

Dominion Resources, Inc.

        
  240,000    

1.400%, 09/15/2017

     239,792  
  35,000    

2.850%, 08/15/2026

     32,748  
  60,000    

DTE Energy Co.
1.500%, 10/01/2019

     59,029  
  270,000    

WEC Energy Group, Inc.
3.550%, 06/15/2025

     275,511  
           
              1,033,753  
           
       

Oil, Gas & Consumable Fuels - 3.23%

 

       

Anadarko Petroleum Corp.

        
  80,000    

8.700%, 03/15/2019

     89,780  
  15,000    

6.950%, 06/15/2019

     16,504  
  20,000    

3.450%, 07/15/2024

     19,532  
  45,000    

4.500%, 07/15/2044

     42,611  
  50,000    

6.600%, 03/15/2046

     60,700  
  5,000    

Apache Corp.
4.250%, 01/15/2044

     4,708  
       

BP Capital Markets Plc

        
  20,000    

2.521%, 01/15/2020

     20,264  
  60,000    

2.112%, 09/16/2021

     58,961  
  70,000    

3.062%, 03/17/2022

     71,014  
  60,000    

3.588%, 04/14/2027

     60,478  
  170,000    

Buckeye Partners LP
4.875%, 02/01/2021

     180,501  
       

Canadian Natural Resources Ltd.

        
  80,000    

3.800%, 04/15/2024

     80,658  
  170,000    

3.900%, 02/01/2025

     171,661  
  30,000    

6.500%, 02/15/2037

     34,618  
  160,000    

Chevron Corp.
1.790%, 11/16/2018

     160,486  
  225,000    

Columbia Pipeline Group, Inc.
4.500%, 06/01/2025

     236,123  
  80,000    

ConocoPhillips Co.
4.950%, 03/15/2026

     88,953  
  35,000    

Devon Energy Corp.
3.250%, 05/15/2022

     34,713  
  20,000    

Devon Financing Co. LLC
7.875%, 09/30/2031

     25,892  
  50,000    

Encana Corp.
3.900%, 11/15/2021 (d)

     51,132  
       

Energy Transfer Partners LP

        
  20,000    

5.200%, 02/01/2022

     21,452  
  25,000    

3.600%, 02/01/2023

     24,881  
  15,000    

5.950%, 10/01/2043

     15,583  
  105,000    

5.300%, 04/15/2047

     100,846  
       

Enterprise Products Operating LLC

        
  40,000    

3.950%, 02/15/2027

     40,868  
  155,000    

6.125%, 10/15/2039

     180,668  

Principal
Amount

        

Value

  
       

Oil, Gas & Consumable Fuels (Continued)

 

  20,000    

EOG Resources, Inc.
4.150%, 01/15/2026

   $ 20,931  
       

Hess Corp.

        
  75,000    

5.600%, 02/15/2041

     75,362  
  60,000    

5.800%, 04/01/2047

     62,230  
  270,000    

Husky Energy, Inc.
3.950%, 04/15/2022

     279,999  
  85,000    

Kinder Morgan, Inc.
5.050%, 02/15/2046

     82,820  
  140,000    

Magellan Midstream Partners LP
5.000%, 03/01/2026

     154,386  
       

Marathon Oil Corp.

        
  35,000    

2.700%, 06/01/2020

     34,780  
  45,000    

2.800%, 11/01/2022

     43,292  
  25,000    

3.850%, 06/01/2025 (d)

     24,621  
  175,000    

Marathon Petroleum Corp.
3.625%, 09/15/2024

     172,570  
       

MPLX LP

        
  180,000    

4.875%, 12/01/2024

     189,643  
  30,000    

4.125%, 03/01/2027

     29,930  
  100,000    

5.200%, 03/01/2047 (d)

     101,006  
       

Petroleos Mexicanos

        
  45,000    

6.375%, 02/04/2021

     48,925  
  45,000    

5.500%, 06/27/2044

     39,940  
  42,000    

6.750%, 09/21/2047

     42,710  
       

Phillips 66

        
  230,000    

2.950%, 05/01/2017

     230,318  
  120,000    

4.300%, 04/01/2022

     127,367  
  115,000    

Phillips 66 Partners LP
3.550%, 10/01/2026

     110,061  
       

Pioneer Natural Resources Co.

        
  145,000    

3.450%, 01/15/2021

     148,561  
  35,000    

4.450%, 01/15/2026

     36,969  
  25,000    

Plains All American Pipeline LP
4.500%, 12/15/2026

     25,543  
       

Regency Energy Partners LP

        
  15,000    

5.875%, 03/01/2022

     16,503  
  40,000    

4.500%, 11/01/2023

     41,101  
  130,000    

Spectra Energy Partners LP
3.375%, 10/15/2026 (d)

     123,998  
  65,000    

Statoil ASA
3.950%, 05/15/2043

     63,017  
  130,000    

Suncor Energy, Inc.
6.100%, 06/01/2018

     136,870  
       

Sunoco Logistics Partners Operations LP

        
  135,000    

4.250%, 04/01/2024

     137,630  
  5,000    

3.900%, 07/15/2026

     4,840  
  105,000    

Valero Energy Corp.
3.400%, 09/15/2026

     100,506  
  125,000    

Williams Partners LP
3.600%, 03/15/2022

     126,936  
           
              4,726,952  
           
       

Pharmaceuticals - 1.18%

 

       

Actavis Funding SCS

        
  150,000    

2.350%, 03/12/2018

     150,689  
  80,000    

3.000%, 03/12/2020

     81,421  
  55,000    

3.450%, 03/15/2022

     56,221  
  35,000    

4.550%, 03/15/2035

     35,200  
  180,000    

Baxalta, Inc.
4.000%, 06/23/2025

     183,714  
 

 

See notes to financial statements.

 

83

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Pharmaceuticals (Continued)

 

       

EMD Finance LLC

        
  110,000    

2.950%, 03/19/2022
(Acquired 03/16/2015, Cost $109,806) (b)

   $ 110,430  
  85,000    

3.250%, 03/19/2025
(Acquired 10/13/2015, Cost $83,246) (b)

     84,144  
       

Johnson & Johnson

        
  25,000    

3.550%, 03/01/2036

     24,856  
  55,000    

3.625%, 03/03/2037

     54,657  
       

Mylan NV

        
  55,000    

3.000%, 12/15/2018

     55,661  
  60,000    

3.750%, 12/15/2020

     61,599  
  45,000    

3.150%, 06/15/2021

     45,209  
       

Sanofi-Aventis SA

        
  155,000    

1.250%, 04/10/2018

     154,829  
  210,000    

4.000%, 03/29/2021

     222,752  
       

Teva Pharmaceutical Finance Netherlands III BV

        
  85,000    

1.700%, 07/19/2019

     84,078  
  120,000    

2.200%, 07/21/2021

     115,925  
  225,000    

3.150%, 10/01/2026 (d)

     207,758  
           
              1,729,143  
           
       

Real Estate Management & Development - 1.16%

 

       

American Tower Corp.

        
  25,000    

3.450%, 09/15/2021

     25,477  
  75,000    

2.250%, 01/15/2022

     72,459  
  320,000    

Boston Properties LP
3.650%, 02/01/2026

     319,347  
  90,000    

Brandywine Operating Partnership LP
4.100%, 10/01/2024

     89,913  
  180,000    

Crown Castle International Corp.
3.400%, 02/15/2021

     183,259  
  170,000    

ERP Operating LP
3.000%, 04/15/2023

     168,510  
  40,000    

HCP, Inc.
4.000%, 12/01/2022

     41,311  
  55,000    

Kimco Realty Corp.
3.200%, 05/01/2021

     55,666  
  495,000    

Simon Property Group LP
2.200%, 02/01/2019

     498,102  
       

Ventas Realty LP

        
  5,000    

2.000%, 02/15/2018

     5,008  
  90,000    

2.700%, 04/01/2020

     90,809  
  125,000    

5.700%, 09/30/2043

     142,109  
           
              1,691,970  
           
       

Road & Rail - 0.38%

 

       

Burlington Northern Santa Fe, LLC

        
  135,000    

3.650%, 09/01/2025

     140,773  
  10,000    

3.250%, 06/15/2027

     10,087  
  20,000    

3.900%, 08/01/2046

     19,246  
  55,000    

4.125%, 06/15/2047

     54,987  
  120,000    

Penske Truck Leasing Co., LP
4.875%, 07/11/2022
(Acquired 07/16/2013 and 10/14/2015,
Cost $124,954) (b)

     129,693  
  100,000    

Ryder Systems, Inc.
2.450%, 09/03/2019

     100,580  
  110,000    

Union Pacific Corp.
3.375%, 02/01/2035

     106,287  
           
              561,653  
           

Principal
Amount

        

Value

  
       

Semiconductors & Semiconductor Equipment - 1.01%

 

  200,000    

Analog Devices, Inc.
3.900%, 12/15/2025

   $ 205,232  
       

Applied Materials, Inc.

        
  15,000    

3.300%, 04/01/2027

     15,079  
  10,000    

4.350%, 04/01/2047

     10,149  
       

Broadcom Corp. / Broadcom Cayman Finance Ltd.

        
  80,000    

2.375%, 01/15/2020
(Acquired 01/11/2017, Cost $79,819) (b)

     80,044  
  190,000    

3.000%, 01/15/2022
(Acquired 01/11/2017, Cost $189,225) (b)

     189,968  
  570,000    

3.625%, 01/15/2024
(Acquired 01/11/2017, Cost $569,407) (b)

     575,040  
       

Intel Corp.

        
  40,000    

1.700%, 05/19/2021

     39,182  
  185,000    

3.300%, 10/01/2021

     192,451  
  75,000    

4.900%, 07/29/2045

     84,297  
  10,000    

4.100%, 05/19/2046

     9,998  
  80,000    

Lam Research Corp.
2.800%, 06/15/2021

     80,369  
           
              1,481,809  
           
       

Software - 0.82%

 

       

Microsoft Corp.

        
  70,000    

1.550%, 08/08/2021

     68,253  
  65,000    

2.375%, 02/12/2022

     65,219  
  20,000    

2.650%, 11/03/2022

     20,191  
  15,000    

3.300%, 02/06/2027

     15,249  
  295,000    

4.450%, 11/03/2045

     312,105  
  90,000    

3.700%, 08/08/2046

     84,705  
       

Oracle Corp.

        
  310,000    

2.500%, 05/15/2022

     309,362  
  280,000    

4.300%, 07/08/2034

     291,154  
  40,000    

3.900%, 05/15/2035

     39,577  
           
              1,205,815  
           
       

Specialty Retail - 0.40%

 

  85,000    

AutoZone, Inc.
4.000%, 11/15/2020

     89,451  
       

Home Depot, Inc.

        
  185,000    

2.700%, 04/01/2023

     186,881  
  140,000    

3.350%, 09/15/2025

     144,136  
  80,000    

5.875%, 12/16/2036

     101,402  
  5,000    

3.500%, 09/15/2056

     4,378  
       

Lowe’s Cos., Inc.

        
  5,000    

4.375%, 09/15/2045

     5,194  
  60,000    

3.700%, 04/15/2046

     55,903  
           
              587,345  
           
       

Technology Hardware, Storage & Peripherals - 0.87%

 

       

Apple, Inc.

        
  470,000    

2.400%, 05/03/2023

     462,532  
  10,000    

3.000%, 02/09/2024

     10,095  
  20,000    

3.350%, 02/09/2027

     20,264  
  95,000    

3.450%, 02/09/2045

     84,895  
  5,000    

3.850%, 08/04/2046

     4,782  
       

Diamond 1 Finance Corp / Diamond 2 Finance Corp.

        
  255,000    

3.480%, 06/01/2019
(Acquired 05/17/2016, Cost $254,936) (b)

     261,437  
  245,000    

4.420%, 06/15/2021
(Acquired 05/17/2016 and 12/01/2016, Cost $250,947) (b)

     256,448  
 

 

See notes to financial statements.

 

84

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Technology Hardware, Storage & Peripherals (Continued)

 

       

Hewlett Packard Enterprise Co.

        
  65,000    

2.850%, 10/05/2018

   $ 65,807  
  110,000    

3.600%, 10/15/2020 (d)

     113,213  
           
              1,279,473  
           
       

Tobacco - 0.36%

 

       

Altria Group, Inc.

        
  40,000    

4.250%, 08/09/2042

     39,146  
  30,000    

3.875%, 09/16/2046

     27,928  
  220,000    

Philip Morris International, Inc.
2.750%, 02/25/2026 (d)

     211,719  
       

Reynolds American, Inc.

        
  65,000    

2.300%, 06/12/2018

     65,409  
  160,000    

5.850%, 08/15/2045

     188,600  
           
              532,802  
           
       

Wireless Telecommunication Services - 0.40%

 

  255,000    

Rogers Communications, Inc.
2.900%, 11/15/2026

     240,667  
  200,000    

Sprint Spectrum Co. LLC
3.360%, 03/20/2023
(Acquired 10/20/2016, Cost $199,997) (b)

     199,510  
  150,000    

Telefonica Emisiones SAU
4.103%, 03/08/2027

     151,365  
           
              591,542  
           
       

Total Corporate Obligations
(Cost $55,442,643)

     56,178,993  
           
       

FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.95%

 

  280,000    

European Investment Bank
2.375%, 06/15/2022

     282,699  
  200,000    

Kuwait International Government Bond
3.500%, 03/20/2027
(Acquired 03/13/2017, Cost $198,052) (b)

     202,395  
  100,000    

Mexico Government International Bond
5.750%, 10/12/2110

     100,000  
  230,000    

Oman Government International Bond
5.375%, 03/08/2027
(Acquired 03/01/2017, Cost $229,121) (b)

     240,874  
  325,000    

Province of Ontario Canada
2.500%, 04/27/2026

     317,989  
  240,000    

Province of Quebec Canada
2.375%, 01/31/2022

     241,473  
           
       

Total Foreign Government Debt Obligations
(Cost $1,372,484)

     1,385,430  
           
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 31.35%

 

       

Federal Home Loan Mortgage Corp.

        
  49,130    

Series 2590, 5.000%, 03/15/2018

     49,704  
  786,333    

Series K703, 2.699%, 05/25/2018

     795,402  
  1,283    

Pool #E9-9763 4.500%, 09/01/2018

     1,315  
  763    

Pool #E9-9764 4.500%, 09/01/2018

     782  
  600,000    

Series K705, 2.303%, 09/25/2018

     605,147  
  893,069    

Series K706, 2.323%, 10/25/2018

     901,818  
  600,000    

Series K709, 2.086%, 03/25/2019

     603,807  
  57,222    

Pool #D9-6291 4.500%, 09/01/2023

     61,285  
  133,116    

Pool #G1-3624 5.000%, 08/01/2024

     142,673  
  218,818    

Series 2329, 6.500%, 06/15/2031

     247,027  
  109,809    

Series 2338, 6.500%, 07/15/2031

     128,188  

Principal
Amount

        

Value

  
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  165,301    

Pool #78-0447 2.828%, 04/01/2033 (a)

   $ 174,462  
  824,571    

Pool #U8-9032 3.000%, 07/01/2033

     835,160  
  1,204,404    

Pool #C9-1849 3.500%, 09/01/2035

     1,250,196  
  135    

Pool #A4-3129 5.500%, 02/01/2036

     151  
  400,000    

Pool #TBA 4.000%, 05/15/2041 (e)

     418,687  
  3,700,000    

Pool #TBA 3.500%, 04/15/2042 (e)

     3,784,117  
  634,305    

Pool #U9-0688 4.000%, 05/01/2042

     671,340  
  2,700,000    

Pool #TBA 3.000%, 04/15/2043 (e)

     2,675,320  
  776,610    

Pool #G0-8635 3.000%, 04/01/2045

     770,236  
       

Federal National Mortgage Association

        
  248    

Pool #685505 5.000%, 05/01/2018

     255  
  256    

Pool #705709 5.000%, 05/01/2018

     263  
  86,551    

Series 2014-C01, 2.582%, 01/25/2024 (a)

     87,443  
  85,611    

Series 2014-C02, 1.932%, 05/28/2024 (a)

     85,692  
  795,580    

Pool #AI4868 4.000%, 06/01/2026

     838,479  
  704,505    

Pool #AJ8325 3.000%, 12/01/2026

     725,102  
  200,000    

Pool #TBA 3.000%, 04/15/2027 (e)

     205,081  
  200,000    

Pool #TBA 3.000%, 05/15/2027 (e)

     204,784  
  314,914    

Pool #AB5907 3.000%, 08/01/2027

     324,107  
  581,793    

Pool #AL2877 3.500%, 01/01/2028

     606,760  
  2,000,000    

Pool #TBA 2.500%, 04/15/2028 (e)

     2,001,094  
  21,616    

Pool #544859 2.391%, 08/01/2029 (a)

     22,007  
  95,369    

Pool #BC4938 2.500%, 04/01/2031

     95,507  
  162,896    

Pool #786848 7.000%, 10/01/2031

     188,727  
  98,268    

Pool #MA2868 2.500%, 01/01/2032

     98,479  
  5,114    

Pool #727181 5.000%, 08/01/2033

     5,663  
  2,602    

Pool #730727 5.000%, 08/01/2033

     2,882  
  730    

Pool #741862 5.500%, 09/01/2033

     820  
  853    

Pool #766197 5.500%, 02/01/2034

     956  
  171    

Pool #776974 5.500%, 04/01/2034

     194  
  178,675    

Pool #888504 2.600%, 04/01/2034 (a)

     188,156  
  402,103    

Pool #MA1870 4.500%, 04/01/2034

     433,818  
  8,084    

Pool #775776 5.500%, 05/01/2034

     9,065  
  158,065    

Pool #802783 3.021%, 10/01/2034 (a)

     166,514  
  6,095    

Pool #781629 5.500%, 12/01/2034

     6,819  
  7,148    

Pool #822815 5.500%, 04/01/2035

     8,014  
  6,267    

Pool #357850 5.500%, 07/01/2035

     7,041  
  3,815    

Pool #820242 5.000%, 07/01/2035

     4,221  
  1,145    

Pool #838452 5.500%, 09/01/2035

     1,292  
  7,048    

Pool #865854 6.000%, 03/01/2036

     8,035  
  9,371    

Pool #891474 6.000%, 04/01/2036

     10,657  
  8,281    

Pool #906000 6.000%, 01/01/2037

     9,362  
  74    

Pool #928062 5.500%, 02/01/2037

     82  
  159    

Pool #899119 5.500%, 04/01/2037

     177  
  230    

Pool #970131 5.500%, 03/01/2038

     258  
  219    

Pool #981313 5.500%, 06/01/2038

     244  
  169    

Pool #985108 5.500%, 07/01/2038

     189  
  55    

Pool #964930 5.500%, 08/01/2038

     61  
  105    

Pool #987032 5.500%, 08/01/2038

     117  
  120    

Pool #968371 5.500%, 09/01/2038

     134  
  56    

Pool #993050 5.500%, 12/01/2038

     63  
  25,274    

Pool #993579 4.000%, 05/01/2039

     26,559  
  5,027    

Pool #AA5840 4.000%, 06/01/2039

     5,284  
  70,963    

Pool #AA8715 4.000%, 06/01/2039

     75,434  
  259,403    

Pool #AD0586 4.500%, 12/01/2039

     280,700  
  758,000    

Pool #AD4062 5.000%, 05/01/2040

     830,407  
  641,942    

Pool #AD6929 5.000%, 06/01/2040

     705,285  
  15,201    

Pool #AD9896 4.000%, 08/01/2040

     16,006  
  18,744    

Pool #AB1500 4.000%, 09/01/2040

     19,733  
 

 

See notes to financial statements.

 

85

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  14,910    

Pool #AD9856 4.000%, 09/01/2040

   $ 15,678  
  11,165    

Pool #AE2559 4.000%, 09/01/2040

     11,753  
  4,036    

Pool #AE2562 4.000%, 09/01/2040

     4,244  
  5,538    

Pool #AE2566 4.000%, 09/01/2040

     5,830  
  35,409    

Pool #AE4124 4.000%, 10/01/2040

     37,227  
  18,726    

Pool #AE4888 4.000%, 10/01/2040

     19,689  
  30,637    

Pool #AE3916 4.000%, 11/01/2040

     32,226  
  3,899    

Pool #AE5147 4.000%, 11/01/2040

     4,105  
  48,715    

Pool #AE8715 4.000%, 11/01/2040

     51,293  
  5,576    

Pool #AH0006 4.000%, 12/01/2040

     5,871  
  15,008    

Pool #AH0020 4.000%, 12/01/2040

     15,803  
  30,567    

Pool #AH0599 4.000%, 12/01/2040

     32,170  
  10,352    

Pool #AH0601 4.000%, 12/01/2040

     10,901  
  22,349    

Pool #AH1263 4.000%, 01/01/2041

     23,537  
  86,283    

Pool #AL5233 4.000%, 01/01/2041

     90,599  
  6,670    

Pool #AH4659 4.000%, 02/01/2041

     7,024  
  93,915    

Pool #AH5653 4.000%, 02/01/2041

     98,902  
  142,196    

Pool #AL0934 5.000%, 02/01/2041

     155,647  
  201,206    

Pool #AD1889 4.500%, 03/01/2041

     215,993  
  11,585    

Pool #AH6150 4.000%, 03/01/2041

     12,201  
  121,368    

Pool #AL0215 4.500%, 04/01/2041

     130,708  
  700,000    

Pool #TBA 3.500%, 04/15/2041 (e)

     716,078  
  400,000    

Pool #TBA 4.500%, 04/15/2041 (e)

     428,938  
  108,146    

Pool #AL0187 5.000%, 05/01/2041

     118,323  
  18,731    

Pool #AL0456 5.000%, 06/01/2041

     20,499  
  683,673    

Pool #AB3395 4.500%, 08/01/2041

     736,380  
  93,086    

Pool #AI8842 4.500%, 08/01/2041

     100,261  
  42,003    

Pool #AL0815 4.000%, 09/01/2041

     44,670  
  15,014    

Pool #AJ1562 4.000%, 10/01/2041

     15,967  
  14,309    

Pool #AJ1972 4.000%, 10/01/2041

     15,217  
  790,360    

Pool #AJ2212 4.500%, 10/01/2041

     852,599  
  22,627    

Pool #AJ4756 4.000%, 10/01/2041

     24,062  
  19,169    

Pool #AJ3330 4.000%, 11/01/2041

     20,381  
  19,931    

Pool #AJ4549 4.000%, 11/01/2041

     21,194  
  14,123    

Pool #AJ4698 4.000%, 11/01/2041

     15,019  
  29,292    

Pool #AJ5424 4.000%, 11/01/2041

     31,148  
  11,843    

Pool #AJ7840 4.000%, 11/01/2041

     12,589  
  19,442    

Pool #AB3995 4.000%, 12/01/2041

     20,669  
  18,741    

Pool #AI0848 4.000%, 12/01/2041

     19,925  
  16,728    

Pool #AJ4187 4.000%, 12/01/2041

     17,791  
  20,523    

Pool #AJ5736 4.000%, 12/01/2041

     21,826  
  12,564    

Pool #AJ5968 4.000%, 12/01/2041

     13,236  
  23,770    

Pool #AJ6061 4.000%, 12/01/2041

     25,266  
  15,546    

Pool #AJ7868 4.000%, 12/01/2041

     16,527  
  34,188    

Pool #AJ8104 4.000%, 12/01/2041

     36,356  
  21,237    

Pool #AJ8109 4.000%, 12/01/2041

     22,582  
  13,810    

Pool #AJ8171 4.000%, 12/01/2041

     14,680  
  24,220    

Pool #AJ8341 4.000%, 12/01/2041

     25,752  
  37,616    

Pool #AJ8436 4.000%, 12/01/2041

     40,001  
  14,713    

Pool #AJ8912 4.000%, 12/01/2041

     15,627  
  20,572    

Pool #AJ9248 4.000%, 12/01/2041

     21,872  
  18,894    

Pool #AJ2446 4.000%, 01/01/2042

     19,902  
  22,789    

Pool #AJ7538 4.000%, 01/01/2042

     24,205  
  8,135    

Pool #AJ8001 4.000%, 01/01/2042

     8,564  
  22,095    

Pool #AJ8369 4.000%, 01/01/2042

     23,500  
  21,082    

Pool #AJ9162 4.000%, 01/01/2042

     22,414  
  115,918    

Pool #AJ9330 4.000%, 01/01/2042

     123,247  
  13,387    

Pool #AJ9779 4.000%, 01/01/2042

     14,144  
  20,604    

Pool #AK0170 4.000%, 01/01/2042

     21,905  

Principal
Amount

        

Value

  
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  41,012    

Pool #AK0543 4.000%, 01/01/2042

   $ 43,585  
  15,895    

Pool #AK0563 4.000%, 01/01/2042

     16,897  
  35,250    

Pool #AK1827 4.000%, 01/01/2042

     37,476  
  483,668    

Pool #AL2752 5.000%, 03/01/2042

     530,214  
  105,334    

Pool #AB5529 4.000%, 07/01/2042

     111,385  
  228,207    

Pool #AB6228 3.500%, 09/01/2042

     234,618  
  447,453    

Pool #AQ9316 2.500%, 01/01/2043

     428,671  
  1,256,060    

Pool #AT2720 3.000%, 05/01/2043

     1,252,567  
  930,367    

Pool #AT5900 3.000%, 06/01/2043

     927,679  
  528,869    

Pool #AU1625 3.500%, 07/01/2043

     544,039  
  870,020    

Pool #AS5469 4.000%, 07/01/2045

     916,742  
  1,678,460    

Pool #AZ0832 4.000%, 07/01/2045

     1,761,874  
  182,387    

Pool #AS5597 3.500%, 08/01/2045

     186,788  
  767,854    

Pool #AS6196 3.500%, 11/01/2045

     786,131  
  1,069,609    

Pool #AS7170 3.500%, 05/01/2046

     1,095,068  
  1,085,601    

Pool #AS7242 3.500%, 05/01/2046

     1,111,441  
  776,846    

Pool #BC9468 3.000%, 06/01/2046

     770,825  
  1,028,529    

Pool #AS7492 4.000%, 07/01/2046

     1,080,795  
  918,889    

Pool #AS8299 3.000%, 11/01/2046

     913,620  
  197,874    

Pool #BD2377 4.500%, 12/01/2046

     212,728  
       

Government National Mortgage Association

        
  12,808    

Pool #614436 5.000%, 08/15/2033

     14,001  
  38,879    

Pool #736686 5.000%, 02/15/2039

     42,909  
  816,564    

Pool #723248 5.000%, 10/15/2039

     912,182  
  456,168    

Pool #733724 4.500%, 06/15/2040

     492,898  
  443,968    

Pool #752631 4.500%, 10/20/2040

     483,709  
  500,000    

Pool #TBA 3.500%, 04/15/2041 (e)

     518,080  
  443,324    

Pool #783403 3.500%, 09/15/2041

     459,979  
  778,288    

Pool #AD8801 3.500%, 03/15/2043

     811,093  
  357,684    

Pool #AL9364 3.500%, 03/20/2045

     371,923  
  400,000    

Pool #TBA 3.500%, 04/15/2045 (e)

     414,781  
  607,391    

Pool #AQ0562X 4.000%, 12/15/2046

     642,376  
  179,156    

Pool #MA4197 4.000%, 01/20/2047

     189,484  
  423,781    

Pool #MA4264 4.500%, 02/20/2047

     453,541  
           
       

Total Mortgage Backed Securities - U.S. Government Agency
(Cost $45,448,341)

     45,919,655  
           
       

MUNICIPAL DEBT OBLIGATIONS - 0.48%

 

       

California, GO,

        
  95,000    

7.550%, 04/01/2039

     139,421  
  80,000    

7.350%, 11/01/2039

     112,954  
  75,000    

7.600%, 11/01/2040

     111,870  
  160,000    

Chicago Transit Authority Sales & Transfer Tax Receipts,
Series B, Revenue Bond, 6.899%, 12/01/2040

     199,536  
  45,000    

Illinois, GO,
5.100%, 06/01/2033

     41,104  
  70,000    

New Jersey State Turnpike Authority,
Series F, Revenue Bond, 7.414%, 01/01/2040

     100,772  
           
       

Total Municipal Debt Obligations
(Cost $697,072)

     705,657  
           
       

U.S. TREASURY OBLIGATIONS - 17.78%

 

       

U.S. Treasury Bonds - 5.80%

 

  2,646,773    

0.125%, 07/15/2024 (f)(g)

     2,624,300  
  3,945,000    

3.125%, 11/15/2041

     4,038,153  
  2,040,000    

2.500%, 05/15/2046

     1,827,075  
 

 

See notes to financial statements.

 

86

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

U.S. TREASURY OBLIGATIONS (Continued)

 

       

U.S. Treasury Notes - 11.98%

 

  1,360,000    

0.750%, 02/28/2018

   $ 1,356,282  
  1,825,000    

0.750%, 07/15/2019

     1,801,189  
  975,000    

1.625%, 03/15/2020

     978,599  
  841,000    

1.125%, 09/30/2021

     813,668  
  3,405,000    

2.000%, 11/15/2021

     3,421,160  
  3,145,000    

2.000%, 02/15/2022

     3,158,697  
  2,105,000    

2.375%, 08/15/2024 (d)

     2,122,227  
  1,603,000    

2.000%, 08/15/2025 (d)(g)

     1,561,234  
  801,000    

1.625%, 05/15/2026 (d)(g)

     751,485  
  810,000    

1.500%, 08/15/2026 (d)

     749,535  
  455,000    

2.000%, 11/15/2026 (d)

     439,608  
  400,000    

2.250%, 02/15/2027

     394,945  
           
       

Total U.S. Treasury Obligations
(Cost $26,199,930)

     26,038,157  
           

Number of
Shares

            
       

SHORT TERM INVESTMENTS - 3.48%

 

       

Money Market Funds - 3.48%

 

  5,098,863    

Deutsche Government Money Market
Series - Institutional Shares
Effective Yield, 0.63% (h)

     5,098,863  
           
       

Total Short Term Investments
(Cost $5,098,863)

     5,098,863  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 4.88%

 

       

Investment Companies - 4.88%

 

  7,147,649    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (h)

     7,147,649  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $7,147,649)

     7,147,649  
           
       

Total Investments
(Cost $163,065,148) - 112.04%

     164,100,701  
       

Liabilities in Excess of
Other Assets - (12.04)%

     (17,631,874 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 146,468,827  
           

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 March 31, 2017.
(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 $16,053,653, which represents 10.96% of total net assets.
(c)   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 $183,309, which represents 0.13% of total net assets.
(d)   All or portion of this security is on loan.
(e)   Security purchased on a when-issued basis. On March 31, 2017, the total value of investments purchased on a when-issued basis was $11,366,960 or 7.76% of total net assets.
(f)   Represents a U.S. Treasury Inflation Protected Security.
(g)   All or a portion of this security is held as collateral for certain swap and futures contracts.
(h)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

87

GuideMark® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2017

 

Description

      Number of
Contracts
Purchased / (Sold)
        Notional
Value
        Settlement
Month
      Unrealized
Appreciation
(Depreciation)
  

U.S. Treasury 2 - Year Note Futures

        (1 )       $ (216,453 )       Jun-17      $ (96 ) 

U.S. Treasury 5 - Year Note Futures

        42          4,944,516        Jun-17        10,342  

U.S. Treasury 10 - Year Note Futures

        (30 )         (3,736,875 )       Jun-17        (12,476 ) 

U.S. Treasury Ultra 10 - Year Note Futures

        8          1,071,125        Jun-17        4,153  

U.S. Treasury Ultra Bond Futures

        12          1,927,500        Jun-17        18,414  
                                   
                                    $ 20,337  
                                   

GuideMark® Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)

March 31, 2017

 

Reference Obligation

    Implied
Credit
Spread at
March 31,  2017(2)
      Fixed
Pay
Rate
      Maturity
Date
   

Counterparty

    Notional
Amount(3)
      Fair
Value
      Upfront
Premiums
Paid
(Received)
      Unrealized
Appreciation
(Depreciation)
  

CDX.NA.IG.27 Index*

      0.59%        1.000%      12/20/2021    Morgan Stanley    $ 4,030,000      $ 74,618      $ 60,439      $ 14,179  
                                         
  
  
                                          $ 74,618      $ 60,439      $ 14,179  
                                         
  
  

GuideMark® Core Fixed Income Fund

INTEREST RATE SWAPS

March 31, 2017

 

Pay/Receive Floating Rate

    Floating
Rate Index
      Fixed
Pay
Rate
      Maturity
Date
   

Counterparty

    Notional
Amount
      Fair
Value
      Upfront
Premiums
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
  

Pay

      3-MO-USD-LIBOR **       2.250%      9/21/2026    Morgan Stanley    $ 4,143,000      $ 39,973      $ (181,289 )    $ 221,262  
                                         
  
 
                                          $ 39,973      $ (181,289 )    $ 221,262  
                                         
  
 

 

1)   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.
2)   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.
3)   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.
*   Centrally cleared swap, clearing agent: Intercontinental Exchange
**   Centrally cleared swap, clearing agent: Clearnet

 

See notes to financial statements.

 

88

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS - 98.11%

 

       

Alabama - 0.38%

 

$ 100,000    

The Lower Alabama Gas District,
Series A, Revenue Bond,

        
       

5.000%, 09/01/2034

   $ 115,175  
           
       

Arizona - 2.08%

 

  400,000    

Arizona University System Board of Regents,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 07/01/2028

     456,612  
  150,000    

Salt Verde Financial Corp., Revenue Bond,

        
       

5.000%, 12/01/2037

     173,947  
           
              630,559  
           
       

Arkansas - 1.76%

 

  500,000    

University of Arkansas,
Series A, Revenue Bond,

        
       

4.125%, 11/01/2030

     534,000  
           
       

California - 16.38%

 

  500,000    

California, GO,

        
       

6.500%, 04/01/2033

     553,180  
  400,000    

California, Refunding, GO,

        
       

5.000%, 11/01/2043

     447,388  
  100,000    

California Health Facilities Financing Authority, Series A, Revenue Bond,

        
       

4.000%, 10/01/2047

     100,471  
  100,000    

California Municipal Finance Authority, Community Medical Centers,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 02/01/2042

     109,070  
  200,000    

California Municipal Finance Authority, Mobile Home Park,
Series A, Refunding, Revenue Bond,

        
       

6.400%, 08/15/2045

     218,230  
       

California State University,
Series A, Refunding, Revenue Bond,

        
  400,000    

5.000%, 11/01/2031

     462,616  
  100,000    

5.000%, 11/01/2042

     114,927  
  200,000    

California Statewide Communities Development Authority, Prerefunded, Revenue Bond,

        
       

6.125%, 07/01/2046

     217,258  
       

California Statewide Communities Development Authority,
Series A, Revenue Bond,

        
  160,000    

6.125%, 11/01/2033

     168,560  
  150,000    

5.250%, 12/01/2056

     157,782  
  500,000    

California Statewide Communities Development Authority,
Series A, Revenue Bond, CMI Insured,

        
       

5.000%, 08/01/2034

     575,285  
  100,000    

Golden State Tobacco Securitization Corp.,
Series A, Revenue Bond,

        
       

4.000%, 06/01/2031

     104,311  
  300,000    

Golden State Tobacco Securitization Corp.,
Series A-1, Refunding, Revenue Bond,

        
       

5.000%, 06/01/2024

     348,927  
  500,000    

Los Angeles Department of Airports,
Series A, Refunding, Revenue Bond,

        
       

5.250%, 05/15/2029

     542,520  
  300,000    

San Mateo Joint Powers Financing Authority,
Series A, Refunding, Revenue Bond,

        
       

5.250%, 07/15/2025

     331,179  

Principal
Amount

        

Value

  
       

California (Continued)

 

$ 250,000    

Southern California Public Power Authority,
Revenue Bond,

        
       

5.250%, 07/01/2028

   $ 287,135  
  200,000    

University of California,
Series G, Refunding, Revenue Bond,

        
       

5.000%, 05/15/2037

     227,550  
           
              4,966,389  
           
       

Colorado - 3.57%

 

  350,000    

Castle Pines North Metropolitan District, Refunding, Revenue Bond,

        
       

4.000%, 12/01/2044

     361,245  
  130,000    

Colorado Health Facilities Authority, Revenue Bond,

        
       

8.000%, 08/01/2043

     144,749  
  500,000    

Regional Transportation District,
Series A, Revenue Bond,

        
       

5.000%, 11/01/2027

     575,580  
           
              1,081,574  
           
       

Connecticut - 1.73%

 

  500,000    

Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,

        
       

5.000%, 07/01/2025

     524,685  
           
       

Florida - 3.64%

 

  300,000    

Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,

        
       

7.000%, 04/01/2039

     334,473  
  225,000    

Miami-Dade County Educational Facilities,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 04/01/2040

     246,047  
  430,000    

Miami-Dade County Health Facilities,
Series A, Refunding, Revenue Bond,

        
       

5.250%, 08/01/2021

     463,845  
  40,000    

Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond,

        
       

7.500%, 06/01/2049

     46,542  
  10,000    

Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,

        
       

7.250%, 06/01/2034

     11,556  
           
              1,102,463  
           
       

Georgia - 1.92%

 

  300,000    

Atlanta Water & Wastewater, Refunding, Revenue Bond,

        
       

5.000%, 11/01/2040

     338,595  
  125,000    

Atlanta Water & Wastewater,
Series A, Prerefunded, Revenue Bond,

        
       

6.250%, 11/01/2039

     140,975  
  100,000    

Marietta Development Authority, Revenue Bond,

        
       

7.000%, 06/15/2039

     102,281  
           
              581,851  
           
       

Hawaii - 0.96%

 

  250,000    

Hawaii,
Series A, Revenue Bond,

        
       

5.000%, 01/01/2033

     290,065  
           
       

Illinois - 5.18%

 

  65,000    

Chicago,
Series A, Refunding, GO,

        
       

5.250%, 01/01/2029

     64,545  
  70,000    

Chicago Waterworks, Revenue Bond,

        
       

5.000%, 11/01/2028

     78,054  
 

 

See notes to financial statements.

 

89

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

Illinois (Continued)

 

$ 225,000    

Illinois Finance Authority, Prerefunded, Revenue Bond,

        
       

7.000%, 08/15/2044

   $ 255,060  
  200,000    

Illinois Toll Highway Authority,
Series D, Refunding, Revenue Bond,

        
       

5.000%, 01/01/2025

     235,746  
  100,000    

O’Hare International Airport,
Series B, Refunding, Revenue Bond,

        
       

5.000%, 01/01/2032

     112,030  
  150,000    

O’Hare International Airport,
Series D, Refunding, Revenue Bond,

        
       

5.250%, 01/01/2030

     170,459  
  500,000    

Railsplitter Tobacco Settlement Authority, Revenue Bond,

        
       

6.250%, 06/01/2024

     501,165  
  120,000    

Southwestern Illinois Development Authority Health Care Facilities, Refunding, Revenue Bond,

        
       

7.125%, 11/01/2043

     152,358  
           
              1,569,417  
           
       

Indiana - 4.06%

 

  500,000    

Fishers Industry Redevelopment District, Revenue Bond,

        
       

5.250%, 07/15/2034

     550,525  
  100,000    

Indiana Health Facility Financing Authority,
Series 2001A-1, Revenue Bond,

        
       

5.000%, 11/15/2034

     112,969  
  250,000    

Indiana Municipal Power Agency,
Series A, Refunding, Revenue Bond,

        
       

5.250%, 01/01/2032

     288,853  
  125,000    

Shoals Exempt Facilities, Revenue Bond,

        
       

7.250%, 11/01/2043

     142,156  
  115,000    

Valparaiso Exempt Facilities, Revenue Bond,

        
       

7.000%, 01/01/2044

     135,640  
           
              1,230,143  
           
       

Kansas - 1.94%

 

  500,000    

Kansas Department of Transportation Highway Revenue,
Series A, Revenue Bond,

        
       

5.000%, 09/01/2029

     587,340  
           
       

Kentucky - 0.33%

 

  100,000    

Kentucky Public Transportation Infrastructure Authority,
Series A, Revenue Bond,

        
       

5.000%, 07/01/2017

     100,809  
           
       

Louisiana - 2.03%

 

  200,000    

Louisiana Highway Improvement,
Series A, Revenue Bond,

        
       

5.000%, 06/15/2029

     231,162  
  360,000    

Louisiana State Citizens Property Insurance Corp., Prerefunded, Revenue Bond, AGC Insured,

        
       

6.750%, 06/01/2026

     383,933  
           
              615,095  
           
       

Maryland - 0.69%

 

  200,000    

Westminster Project Revenue, Lutheran Village at Miller’s Grant,
Series A, Revenue Bond,

        
       

6.000%, 07/01/2034

     210,146  
           

Principal
Amount

        

Value

  
       

Massachusetts - 0.67%

 

$ 190,000    

Massachusetts Development Finance Agency,
Series A, Prerefunded, Revenue Bond,

        
       

5.500%, 11/15/2036

   $ 203,724  
           
       

Michigan - 0.72%

 

  100,000    

Michigan Finance Authority, Revenue Bond,

        
       

5.000%, 11/15/2041

     107,910  
  100,000    

Royal Oak Hospital Finance Authority,
Series D, Refunding, Revenue Bond,

        
       

5.000%, 09/01/2033

     109,642  
           
              217,552  
           
       

Minnesota - 2.99%

 

  100,000    

Apple Valley Senior Living,
Series D, Revenue Bond,

        
       

7.250%, 01/01/2052

     99,356  
  160,000    

Minneapolis-St. Paul Metropolitan Airports Commission,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 01/01/2030

     183,803  
  100,000    

Minnesota,
Series A, GO,

        
       

5.000%, 08/01/2023

     118,973  
  150,000    

Rochester Health Care & Housing Facility,
Series A, Refunding, Revenue Bond,

        
       

6.875%, 12/01/2048

     168,632  
  300,000    

Rochester Health Care Facilities Mayo Clinic,
Series C, Revenue Bond,

        
       

4.500%, 11/15/2038 (a)

     337,383  
           
              908,147  
           
       

Missouri - 1.27%

 

  350,000    

St. Louis Airport, Revenue Bond,

        
       

6.625%, 07/01/2034

     385,907  
           
       

Nebraska - 2.36%

 

  130,000    

Douglas County Hospital Authority No. 3,
Refunding, Revenue Bond,

        
       

5.000%, 11/01/2024

     149,582  
  500,000    

Omaha Public Power District,
Series B, Prerefunded, Revenue Bond,

        
       

5.000%, 02/01/2027

     566,555  
           
              716,137  
           
       

New Hampshire - 0.43%

 

  120,000    

New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,

        
       

5.000%, 07/01/2027

     129,976  
           
       

New Jersey - 0.83%

 

  150,000    

New Jersey Economic Development Authority, Refunding, Revenue Bond,

        
       

5.250%, 06/15/2030

     155,237  
  100,000    

Tobacco Settlement Financing Corp.,
Series 1A, Refunding, Revenue Bond,

        
       

5.000%, 06/01/2041

     97,529  
           
              252,766  
           
       

New York - 10.48%

 

  325,000    

Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,

        
       

6.500%, 07/15/2030

     372,008  
  200,000    

New York,
Series E, GO,

        
       

4.000%, 12/15/2027

     217,366  
 

 

See notes to financial statements.

 

90

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

New York (Continued)

 

$ 270,000    

New York City,
Series I, Unrefunded, GO,

        
       

5.375%, 04/01/2036

   $ 291,254  
  40,000    

New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 07/01/2022

     44,197  
  325,000    

New York Dormitory Authority, Prerefunded, Revenue Bond,

        
       

6.125%, 12/01/2029

     351,995  
  100,000    

New York Dormitory Authority, Refunding, Revenue Bond,

        
       

5.000%, 12/01/2035

     106,980  
  250,000    

New York Dormitory Authority,
Series B, Refunding, Revenue Bond,

        
       

5.000%, 07/01/2038

     283,920  
  250,000    

New York Environmental Facilities Corp.,
Series A, Revenue Bond,

        
       

5.000%, 06/15/2034

     269,265  
  500,000    

New York Environmental Facilities Corp.,
Series B, Revenue Bond,

        
       

5.500%, 10/15/2027

     638,675  
  175,000    

New York Liberty Development Corp., Refunding, Revenue Bond,

        
       

5.250%, 10/01/2035

     210,563  
  100,000    

New York Transportation Development Corp.,
Series A, Revenue Bond,

        
       

5.250%, 01/01/2050

     107,523  
  250,000    

Port Authority of New York and New Jersey, Refunding, Revenue Bond,

        
       

5.000%, 10/15/2041

     282,158  
           
              3,175,904  
           
       

North Carolina - 1.23%

 

  320,000    

North Carolina Eastern Municipal Power Agency Power Systems,
Series A, Prerefunded, Revenue Bond,

        
       

5.000%, 01/01/2025

     372,358  
           
       

Ohio - 3.46%

 

  500,000    

Buckeye Tobacco Settlement Financial Authority,
Series A, Revenue Bond,

        
       

5.875%, 06/01/2047

     479,215  
  500,000    

Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,

        
       

5.000%, 01/01/2026

     571,130  
           
              1,050,345  
           
       

Pennsylvania - 3.41%

 

  350,000    

Butler County Hospital Authority, Prerefunded, Revenue Bond,

        
       

7.125%, 07/01/2029

     394,999  
  250,000    

Delaware Valley Pennsylvania Regional Finance Authority,
Series A, Revenue Bond, AMBAC Insured,

        
       

5.500%, 08/01/2028

     298,205  
  100,000    

Lancaster County Hospital Authority, Refunding, Revenue Bond,

        
       

5.000%, 08/15/2033

     112,903  

Principal
Amount

        

Value

  
       

Pennsylvania (Continued)

 

$ 200,000    

Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,

        
       

5.800%, 07/01/2030

   $ 228,108  
           
              1,034,215  
           
       

South Carolina - 1.53%

 

  400,000    

Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,

        
       

5.000%, 12/01/2025

     462,808  
           
       

South Dakota - 0.36%

 

  100,000    

South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement,
Series B, Refunding, Revenue Bond,

        
       

5.000%, 06/01/2026

     110,687  
           
       

Texas - 10.50%

 

  200,000    

Central Texas Regional Mobility Authority,
Series A, Prerefunded, Revenue Bond,

        
       

6.000%, 01/01/2041

     232,282  
  100,000    

Central Texas Turnpike System,
Series C, Refunding, Revenue Bond,

        
       

5.000%, 08/15/2029

     112,136  
  200,000    

Dallas-Fort Worth International Airport,
Series B, Revenue Bond,

        
       

5.000%, 11/01/2026

     228,536  
  515,000    

Frisco Texas Independent School District,
Series A, GO, PSF-GTD Insured,

        
       

6.000%, 08/15/2038

     548,918  
  150,000    

Harris County Industrial Development, Revenue Bond,

        
       

5.000%, 02/01/2023

     161,335  
  200,000    

New Hope Cultural Education Facilities Corp.,
Series A-1, Revenue Bond,

        
       

5.000%, 07/01/2046

     216,596  
  350,000    

North Texas Tollway Authority,
Series A, Refunding, Revenue Bond,

        
       

4.000%, 01/01/2038

     351,141  
  100,000    

North Texas Tollway Authority,
Series B, Refunding, Revenue Bond,

        
       

5.000%, 01/01/2029

     115,208  
  150,000    

San Antonio Water System,
Series A, Refunding, Revenue Bond,

        
       

5.000%, 05/15/2037

     173,162  
  300,000    

Texas A & M Permanent University Fund,
Series A, Revenue Bond,

        
       

5.250%, 07/01/2030

     356,646  
       

Texas Private Activity Surface Transportation Corp., Revenue Bond,

        
  200,000    

7.500%, 12/31/2031

     228,418  
  200,000    

7.500%, 06/30/2033

     231,364  
  85,000    

7.000%, 12/31/2038

     97,113  
  115,000    

6.750%, 06/30/2043

     129,119  
           
              3,181,974  
           
       

Utah - 2.26%

 

  100,000    

Salt Lake City Corp. Airport,
Series B, Revenue Bond,

        
       

5.000%, 07/01/2042

     113,918  
  500,000    

Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,

        
       

5.500%, 06/01/2022

     571,800  
           
              685,718  
           
 

 

See notes to financial statements.

 

91

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

Virginia - 1.71%

 

$ 400,000    

Virginia College Building Authority Educational Facilities, Revenue Bond,

        
       

5.750%, 01/01/2034

   $ 519,556  
           
       

Washington - 2.10%

 

  325,000    

Central Puget Sound Regional Transit Authority,
Series P-1, Refunding, Revenue Bond,

        
       

5.000%, 02/01/2027

     372,336  
  250,000    

Washington Health Care Facilities Authority, Refunding, Revenue Bond,

        
       

6.375%, 10/01/2036

     263,995  
           
              636,331  
           
       

Wisconsin - 5.15%

 

  500,000    

Wisconsin,
Series 2, Refunding, GO,

        
       

5.000%, 05/01/2025

     576,700  
  50,000    

Wisconsin,
Series A, Prerefunded, Revenue Bond,

        
       

6.000%, 05/01/2033

     54,951  
  450,000    

Wisconsin,
Series A, Unrefunded, Revenue Bond,

        
       

6.000%, 05/01/2033

     493,781  
  100,000    

Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,

        
       

5.000%, 05/01/2025

     109,651  
       

Wisconsin Public Finance Authority, Refunding, Revenue Bond,

        
  165,000    

5.000%, 07/01/2022

     175,372  
  150,000    

5.750%, 10/01/2031

     150,979  
           
              1,561,434  
           
       

Total Municipal Debt Obligations
(Cost $27,929,344)

     29,745,250  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.85%

        
       

Money Market Funds - 1.85%

        
  559,642    

Treasury Obligations Portfolio - Institutional Shares Effective Yield, 0.50% (b)

   $ 559,642  
           
       

Total Short Term Investments
(Cost $559,642)

     559,642  
           
       

Total Investments
(Cost $28,488,986) - 99.96%

     30,304,892  
       

Other Assets in Excess of Liabilities - 0.04%

     12,369  
           
       

TOTAL NET ASSETS - 100.00%

   $ 30,317,261  
           

Percentages are stated as a percent of net assets.

(a)   Variable Rate Security. The rate shown is the rate in effect on March 31, 2017.
(b)   Seven-day yield as of March 31, 2017.

Glossary of Terms

AGC       Assured Guaranty Corp.
AMBAC       Ambac Financial Group, Inc.
CMI       California Mortgage Insurance
GO       General Obligation
PSF-GTD       Texas Permanent School Fund
 

 

See notes to financial statements.

 

92

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Principal
Amount

        

Value

  
       

COLLATERALIZED MORTGAGE OBLIGATIONS - 18.49%

 

  844,226    

Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037

   $ 750,419  
  833,873    

Banc of America Funding Corp.
Series 2007-3, 5.831%, 04/25/2037 (a)

     722,357  
  831,150    

Chase Mortgage Finance Trust
Series 2007-S3, 6.000%, 05/25/2037

     657,268  
       

Credit Suisse Mortgage Capital Mortgage-Backed Trust

        
  316,969    

Series 2006-9, 6.000%, 11/25/2036

     308,350  
  426,296    

Series 2007-1, 6.000%, 02/25/2037

     364,482  
  399,075    

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR1, 3.376%, 02/25/2036 (a)

     325,493  
  402,797    

First Horizon Alternative Mortgage Securities Trust
Series 2007-FA4, 6.250%, 08/25/2037

     321,204  
  437,124    

First Horizon Mortgage Pass-Through Trust
Series 2007-4, 6.000%, 08/25/2037

     365,245  
       

GSR Mortgage Loan Trust

        
  720,853    

Series 2006-9F, 6.500%, 10/25/2036

     604,346  
  321,627    

Series 2007-4F, 6.000%, 07/25/2037

     290,556  
  586,187    

IndyMac IMJA Mortgage Loan Trust
Series 2007-A3, 6.250%, 11/25/2037

     470,665  
  441,430    

IndyMac INDX Mortgage Loan Trust
Series 2005-AR1, 3.182%, 03/25/2035 (a)

     442,397  
       

JP Morgan Chase Commercial Mortgage Securities Trust

        
  6,473,258    

Series 2012-C8, 1.930%, 10/17/2045 (a)(g)

     490,897  
  23,711    

Series 2007-LDP10,
5.464%, 01/15/2049 (a)

     23,692  
  540,528    

Lehman Mortgage Trust
Series 2006-2, 5.750%, 04/25/2036

     546,961  
  486,923    

MASTR Adjustable Rate Mortgages Trust
Series 2006-2, 3.215%, 01/25/2036 (a)

     483,010  
       

Morgan Stanley Mortgage Loan Trust

        
  943,863    

Series 2005-10, 6.000%, 12/25/2035

     744,138  
  704,639    

Series 2007-12, 6.250%, 08/25/2037

     609,025  
       

Residential Asset Securitization Trust

        
  807,356    

Series 2007-A2, 6.000%, 04/25/2037

     711,662  
  623,081    

Series 2007-A6, 6.000%, 06/25/2037

     567,599  
  964,737    

Series 2007-A7, 6.000%, 07/25/2037

     657,183  
  893,296    

Sequoia Mortgage Trust
Series 2013-3, 2.500%, 03/25/2043 (a)

     859,015  
  949,607    

TBW Mortgage-Backed Trust
Series 2006-6, 5.630%, 01/25/2037 (a)

     569,515  
  234,691    

Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-5, 6.000%, 07/25/2036

     202,352  
  276,036    

Wells Fargo Alternative Loan Trust
Series 2007-PA1, 6.000%, 03/25/2037

     245,578  
           
       

Total Collateralized Mortgage Obligations
(Cost $13,841,307)

     12,333,409  
           

Number of
Shares

            
       

COMMON STOCKS - 0.01%

        
       

Metals & Mining - 0.00%

        
  12,305,675    

K2016470219 - Class A (b)(c)(f)

     0  
  1,336,186    

K2016470219 - Class B (b)(c)(f)

     0  
           
              0  
           

Number of
Shares

        

Value

  
       

Transportation - 0.01%

        
  22    

CEVA Holdings LLC (b)(c)

   $ 4,486  
           
       

Total Common Stocks
(Cost $29,791)

     4,486  
           

Principal
Amount

            
       

CONVERTIBLE OBLIGATIONS - 1.25%

 

       

Metals & Mining - 1.25%

        
  780,000    

B2Gold Corp.
3.250%, 10/01/2018

     833,633  
           
       

Total Convertible Obligations
(Cost $780,000)

     833,633  
           
       

CORPORATE OBLIGATIONS - 0.56%

 

       

Specialty Retail - 0.56%

        
       

K2016470219 South Africa, Ltd.

        
  907,612    

0.000% Cash or 3.000% PIK, 12/31/2022 (Acquired 02/01/2017, Cost $1,113,684) (d)

     116,492  
  155,835    

0.000% Cash or 8.000% PIK, 12/31/2022 (Acquired 12/30/2016, Cost $862,073) (d)

     62,239  
  143,046    

K2016470260 South Africa, Ltd.
0.000% Cash or 25.000% PIK, 12/31/2022
(Acquired 02/01/2017, Cost $143,046) (d)

     197,582  
           
              376,313  
           
       

Total Corporate Obligations
(Cost $2,118,803)

     376,313  
           
       

FOREIGN GOVERNMENT DEBT OBLIGATIONS - 47.19%

 

       

Argentine Bonos del Tesoro

        
  5,738,000    

18.200%, 10/03/2021

     400,868  
  1,743,900    

16.000%, 10/17/2023

     128,632  
  30,130,100    

15.500%, 10/17/2026

     2,212,641  
       

Brazil Letras do Tesouro Nacional

        
  18,000,000    

9.538%, 01/01/2019 (e)

     4,912,425  
  334,000    

9.865%, 07/01/2020 (e)

     78,863  
       

Brazil Notas do Tesouro Nacional - Serie F

        
  2,065,000    

9.839%, 01/01/2021 (e)

     680,950  
  120,000    

10.000%, 01/01/2023

     39,452  
  70,000    

10.000%, 01/01/2025

     22,943  
  160,000,000    

Colombia Government International Bond

        
       

7.750%, 04/14/2021

     59,259  
       

Colombian TES

        
  583,000,000    

10.000%, 07/24/2024

     243,727  
  296,500,000    

7.500%, 08/26/2026

     109,334  
  342,500,000    

6.000%, 04/28/2028

     112,635  
  4,455,000,000    

7.750%, 09/18/2030

     1,682,407  
       

Ghana Government Bond

        
  30,000    

25.480%, 04/24/2017

     6,997  
  50,000    

26.000%, 06/05/2017

     11,779  
  520,000    

25.400%, 07/31/2017

     123,982  
  1,610,000    

23.230%, 02/19/2018

     387,137  
  150,000    

22.490%, 04/23/2018

     36,023  
  1,810,000    

23.470%, 05/21/2018

     439,326  
  990,000    

19.040%, 09/24/2018

     229,644  
  99,000    

24.500%, 10/22/2018

     24,338  
  50,000    

24.500%, 06/21/2021

     13,352  
  250,000    

24.750%, 07/19/2021

     67,273  
       

Ghana Treasury Note

        
  170,000    

22.500%, 12/10/2018

     40,712  
  340,000    

21.000%, 01/07/2019

     80,213  
 

 

See notes to financial statements.

 

93

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)

 

  90,000,000    

India Government Bond
8.130%, 09/21/2022

   $ 1,465,224  
       

Indonesia Treasury Bond

        
  232,000,000    

7.875%, 04/15/2019

     17,837  
  209,000,000    

12.800%, 06/15/2021

     19,009  
  218,000,000    

8.250%, 07/15/2021

     17,218  
  209,000,000    

7.000%, 05/15/2022

     15,818  
  37,000,000    

12.900%, 06/15/2022

     3,491  
  104,000,000    

10.250%, 07/15/2022

     9,010  
  78,000,000    

5.625%, 05/15/2023

     5,491  
  15,288,000,000    

8.375%, 03/15/2024

     1,224,043  
  41,591,000,000    

8.375%, 09/15/2026

     3,397,381  
  937,000,000    

7.000%, 05/15/2027

     70,316  
  606,000,000    

9.000%, 03/15/2029

     50,533  
  140,000,000    

10.500%, 08/15/2030

     13,133  
  1,689,000,000    

8.750%, 05/15/2031

     140,850  
  7,580,000,000    

8.375%, 03/15/2034

     604,102  
  469,600,000    

Korea Monetary Stabilization Bond
1.560%, 10/02/2017

     420,285  
       

Korea Treasury Bond

        
  1,300,400,000    

2.000%, 12/10/2017

     1,167,488  
  437,200,000    

1.500%, 06/10/2019

     390,077  
  98,700,000    

1.375%, 09/10/2021

     86,688  
       

Mexican Bonos

        
  501,000    

4.750%, 06/14/2018

     2,622,602  
  27,100    

8.500%, 12/13/2018

     148,957  
  378,200    

5.000%, 12/11/2019

     1,936,688  
       

Mexican Udibonos

        
  25,245    

3.500%, 12/14/2017 (h)

     134,924  
  15,170    

4.000%, 06/13/2019 (h)

     82,733  
  12,536    

2.500%, 12/10/2020 (h)

     65,433  
       

Philippine Government Bond

        
  70,000    

2.875%, 05/22/2017

     1,396  
  1,990,000    

2.125%, 05/23/2018

     39,256  
  64,400,000    

3.875%, 11/22/2019

     1,276,311  
  15,690,000    

3.375%, 08/20/2020

     305,394  
  802,000    

Portugal Government International Bond
5.125%, 10/15/2024
(Acquired 07/02/2014, Cost $795,752) (d)

     779,037  
       

Republic of South Africa Government Bond

        
  2,206,000    

10.500%, 12/21/2026

     181,972  
  1,707,000    

8.000%, 01/31/2030

     115,568  
  390,000    

7.000%, 02/28/2031

     23,959  
  1,154,000    

8.250%, 03/31/2032

     78,123  
  1,119,000    

8.875%, 02/28/2035

     78,602  
  237,000    

6.250%, 03/31/2036

     12,587  
  220,000    

8.500%, 01/31/2037

     14,716  
       

Serbia Treasury Bonds

        
  38,510,000    

10.000%, 08/21/2019

     371,466  
  5,860,000    

10.000%, 09/11/2021

     59,871  
  62,780,000    

10.000%, 02/05/2022

     648,009  
       

Ukraine Government International Bond

        
  265,000    

7.750%, 09/01/2025
(Acquired 04/15/2011 through 02/06/2014,
Cost $273,520) (d)

     245,785  
  359,000    

7.750%, 09/01/2026
(Acquired 04/05/2011 through 07/29/2013,
Cost $381,711) (d)

     330,379  

Principal
Amount

        

Value

  
       

FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)

 

  259,000    

7.750%, 09/01/2027
(Acquired 04/11/2011 through 07/29/2013,
Cost $264,768) (d)

   $ 238,153  
  1,120,000    

2.661%, 05/31/2040
(Acquired 04/05/2011 through 02/06/2014,
Cost $643,978) (a)(d)(e)

     419,440  
           
       

Total Foreign Government Debt Obligations
(Cost $29,829,190)

     31,474,267  
           
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 12.55%

 

       

Federal Home Loan Mortgage Corp.

        
  697,000    

Pool #4050, 3.500%, 05/15/2032

     717,728  
  1,015,301    

Pool #4062, 3.500%, 06/15/2042

     1,011,649  
  775,996    

Pool #4171, 3.000%, 02/15/2043

     725,444  
  1,213,199    

Pool #4413, 3.500%, 11/15/2044

     1,221,733  
       

Federal National Mortgage Association

        
  751,692    

Pool #1201, 3.500%, 10/01/2032

     785,243  
  417,441    

Pool #2005-56, 6.000%, 08/25/2033 (a)

     457,705  
  131,350    

Pool #2011-113, 4.000%, 03/25/2040

     133,609  
  682,865    

Pool #2012-63, 2.000%, 08/25/2040

     684,020  
  1,382,822    

Pool #2014-95, 3.000%, 04/25/2041

     1,404,230  
       

Government National Mortgage Association

        
  836,758    

Pool #2010-62, 4.772%, 05/20/2040 (a)(g)

     126,204  
  853,842    

Pool #2011-72, 4.402%, 05/20/2041 (a)(g)

     115,579  
  700,000    

Pool #2012-40, 4.000%, 01/20/2042

     743,192  
  1,700,970    

Pool #2013-113, 5.272%, 03/20/2043 (a)(g)

     245,759  
           
       

Total Mortgage Backed Securities - U.S. Government Agency
(Cost $8,213,976)

     8,372,095  
           

Number of
Shares

            
       

PREFERRED STOCKS - 0.02%

        
       

Transportation - 0.02%

        
  49    

CEVA Holdings LLC (b)(c)

     12,138  
           
       

Total Preferred Stocks
(Cost $64,483)

     12,138  
           
       

WARRANTS - 0.00%

        
       

Textiles, Apparel & Luxury Goods - 0.00%

        
       

Edcon Holdings, Ltd.

        
  361    

F - Expiration: December, 2049 (b)(c)(f)

     0  
  6,464,770    

F1 - Expiration: December, 2049 (b)(c)(f)

     0  
  523,517    

F2 - Expiration: December, 2049 (b)(c)(f)

     0  
           
       

Total Warrants
(Cost $0)

     0  
           

Principal
Amount

            
       

SHORT TERM INVESTMENTS - 11.04%

        
       

Foreign Government Debt Obligation - 2.34%

 

  8,910,000    

Philippine Treasury Bill
2.705%, 09/27/2017 (e)

     175,177  
       

Mexico Cetes

        
  344,150    

7.058%, 05/25/2017 (e)

     182,568  
  91,720    

6.509%, 06/01/2017 (e)

     48,441  
  329,370    

6.895%, 07/06/2017 (e)

     172,819  
  563,800    

6.564%, 07/20/2017 (e)

     295,044  
  112,280    

6.472%, 08/17/2017 (e)

     58,473  
 

 

See notes to financial statements.

 

94

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

 

Principal
Amount

        

Value

  
       

SHORT TERM INVESTMENTS (Continued)

 

       

Foreign Government Debt Obligation (Continued)

 

  10,180    

6.572%, 08/31/2017 (e)

   $ 5,286  
  570,620    

6.854%, 09/14/2017 (e)

     295,449  
  643,730    

6.553%, 11/09/2017 (e)

     329,875  
           
              1,563,132  
           

Number of
Shares

            
       

Money Market Funds - 8.32%

        
  5,547,102    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (i)

     5,547,102  
           

Principal
Amount

            
       

U.S. Government Agency Issue - 0.38%

        
  255,000    

Federal Home Loan Bank Discount Note
0.450%, 04/03/2017 (e)

     254,994  
           
       

Total Short Term Investments
(Cost $7,345,312)

     7,365,228  
           
       

Total Investments
(Cost $62,222,862) - 91.11%

     60,771,569  
       

Other Assets in Excess of
Liabilities - 8.89%

     5,930,139  
           
       

TOTAL NET ASSETS - 100.00%

   $ 66,701,708  
           

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 March 31, 2017.
(b)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $16,624, which represents 0.02% of total net assets.
(c)   Non-income producing.
(d)   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 $2,389,107, which represents 3.58% of total net assets.
(e)   Zero coupon bond. The effective yield is listed.
(f)   As of March 31, 2017, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets.
(g)   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 underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2017. The securities are liquid and the value of these securities total $978,439 which represents 1.47% of total net assets.
(h)   Represents an inflation protected security.
(i)   Seven-day yield as of March 31, 2017.

Glossary of Terms

PIK       Payment-in-Kind
 

 

See notes to financial statements.

 

95

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2017

 

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)

  
9/27/2017  

Citibank

  

Brazilian Real

     3,300,000     Euro     930,757     $ 11,154  
4/17/2017  

Deutsche Bank

  

Chilean Peso

     164,147,000     U.S. Dollars     244,813       3,727  
4/20/2017  

Deutsche Bank

  

Chilean Peso

     162,131,000     U.S. Dollars     244,449       1,001  
4/24/2017  

Deutsche Bank

  

Chilean Peso

     166,162,750     U.S. Dollars     251,762       (259 ) 
5/18/2017  

Deutsche Bank

  

Chilean Peso

     164,146,750     U.S. Dollars     254,136       (5,962 ) 
4/3/2017  

Deutsche Bank

  

Euro

     65,866     U.S. Dollars     70,318       (44 ) 
4/13/2017  

Barclays

  

Ghanaian Cedi

     484,117     U.S. Dollars     102,828       8,842  
4/25/2017  

JP Morgan Chase

  

Indian Rupee

     96,000,000     Euro     1,292,773       92,593  
4/7/2017  

JP Morgan Chase

  

Japanese Yen

     253,557,611     Malaysian Ringgit     9,974,729       24,784  
4/17/2017  

Deutsche Bank

  

Japanese Yen

     266,043,000     U.S. Dollars     2,337,237       54,011  
4/18/2017  

HSBC

  

Malaysian Ringgit

     1,652,011     Euro     352,234       (3,032 ) 
4/7/2017  

JP Morgan Chase

  

Malaysian Ringgit

     9,974,729     Japanese Yen     244,982,635       52,257  
4/18/2017  

Citibank

  

Mexican Peso

     46,884,480     Euro     2,250,892       94,046  
7/13/2017  

Citibank

  

Mexican Peso

     7,476,600     Euro     310,426       60,111  
1/16/2018  

Citibank

  

Mexican Peso

     9,384,000     Euro     377,663       70,500  
4/25/2017  

HSBC

  

South Korean Won

     1,099,000,000     U.S. Dollars     939,662       43,413  
4/26/2017  

HSBC

  

South Korean Won

     306,000,000     U.S. Dollars     278,220       (4,494 ) 
5/15/2017  

JP Morgan Chase

  

U.S. Dollars

     901,270     Australian Dollar     1,178,000       2,018  
5/22/2017  

Citibank

  

U.S. Dollars

     283,094     Australian Dollar     370,000       685  
6/13/2017  

Citibank

  

U.S. Dollars

     495,994     Australian Dollar     654,000       (2,973 ) 
6/13/2017  

JP Morgan Chase

  

U.S. Dollars

     741,023     Australian Dollar     982,000       (8,189 ) 
6/20/2017  

JP Morgan Chase

  

U.S. Dollars

     2,611,588     Australian Dollar     3,399,000       18,683  
4/3/2017  

Deutsche Bank

  

U.S. Dollars

     69,950     Euro     65,866       (325 ) 
4/10/2017  

Bank of America

  

U.S. Dollars

     460,687     Euro     434,000       (2,505 ) 
4/13/2017  

Citibank

  

U.S. Dollars

     70,523     Euro     66,790       (769 ) 
4/21/2017  

Barclays

  

U.S. Dollars

     343,578     Euro     319,000       2,950  
4/24/2017  

Deutsche Bank

  

U.S. Dollars

     443,908     Euro     413,923       1,860  
4/27/2017  

Goldman Sachs

  

U.S. Dollars

     197,428     Euro     183,000       1,967  
4/28/2017  

Deutsche Bank

  

U.S. Dollars

     717,623     Euro     667,597       4,535  
4/28/2017  

HSBC

  

U.S. Dollars

     36,687     Euro     34,118       245  
5/2/2017  

JP Morgan Chase

  

U.S. Dollars

     281,235     Euro     263,000       260  
5/8/2017  

Barclays

  

U.S. Dollars

     219,622     Euro     204,000       1,615  
5/8/2017  

Deutsche Bank

  

U.S. Dollars

     460,600     Euro     424,000       7,487  
5/8/2017  

Goldman Sachs

  

U.S. Dollars

     601,795     Euro     559,081       4,326  
5/15/2017  

Deutsche Bank

  

U.S. Dollars

     1,114,701     Euro     1,045,000       (2,438 ) 
5/16/2017  

Deutsche Bank

  

U.S. Dollars

     34,087     Euro     32,000       (124 ) 
5/22/2017  

Deutsche Bank

  

U.S. Dollars

     191,056     Euro     179,000       (368 ) 
5/22/2017  

JP Morgan Chase

  

U.S. Dollars

     378,559     Euro     354,000       (10 ) 
6/8/2017  

Bank of America

  

U.S. Dollars

     461,917     Euro     434,000       (2,610 ) 
6/14/2017  

Morgan Stanley

  

U.S. Dollars

     94,608     Euro     88,500       (147 ) 
6/15/2017  

Citibank

  

U.S. Dollars

     234,187     Euro     218,594       131  
6/19/2017  

UBS

  

U.S. Dollars

     217,170     Euro     203,500       (771 ) 
6/30/2017  

Barclays

  

U.S. Dollars

     671,922     Euro     623,917       3,342  
7/5/2017  

Deutsche Bank

  

U.S. Dollars

     70,631     Euro     65,866       32  
4/17/2017  

Deutsche Bank

  

U.S. Dollars

     5,059,971     Japanese Yen     520,185,270       384,441  
4/18/2017  

Bank of America

  

U.S. Dollars

     279,236     Japanese Yen     30,030,000       9,309  
4/21/2017  

JP Morgan Chase

  

U.S. Dollars

     358,025     Japanese Yen     38,610,000       10,931  
4/24/2017  

Barclays

  

U.S. Dollars

     190,082     Japanese Yen     19,600,000       13,860  
6/2/2017  

Deutsche Bank

  

U.S. Dollars

     739,302     Japanese Yen     80,680,000       12,864  
6/5/2017  

JP Morgan Chase

  

U.S. Dollars

     318,804     Japanese Yen     34,284,478       10,064  
6/8/2017  

Citibank

  

U.S. Dollars

     243,454     Japanese Yen     25,700,000       11,987  
6/9/2017  

HSBC

  

U.S. Dollars

     340,708     Japanese Yen     38,500,000       (6,060 ) 
6/13/2017  

HSBC

  

U.S. Dollars

     416,499     Japanese Yen     47,460,000       (11,054 ) 
6/16/2017  

HSBC

  

U.S. Dollars

     778,947     Japanese Yen     88,800,000       (21,139 ) 
6/16/2017  

JP Morgan Chase

  

U.S. Dollars

     177,367     Japanese Yen     18,500,000       10,682  
6/19/2017  

Deutsche Bank

  

U.S. Dollars

     848,933     Japanese Yen     88,660,000       49,994  
6/20/2017  

Citibank

  

U.S. Dollars

     568,895     Japanese Yen     58,390,000       42,702  
6/22/2017  

Deutsche Bank

  

U.S. Dollars

     863,000     Japanese Yen     88,820,000       62,504  
7/11/2017  

Barclays

  

U.S. Dollars

     386,416     Japanese Yen     44,560,000       (15,551 ) 

 

See notes to financial statements.

 

96

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)

March 31, 2017

 

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)

  
7/11/2017  

Goldman Sachs

  

U.S. Dollars

     170,903     Japanese Yen     19,732,000     $ (7,095 ) 
7/13/2017  

Barclays

  

U.S. Dollars

     597,893     Japanese Yen     68,630,000       (21,263 ) 
7/14/2017  

JP Morgan Chase

  

U.S. Dollars

     435,985     Japanese Yen     44,610,000       33,510  
7/25/2017  

Citibank

  

U.S. Dollars

     347,754     Japanese Yen     36,309,000       19,999  
7/25/2017  

JP Morgan Chase

  

U.S. Dollars

     498,400     Japanese Yen     56,000,000       (7,103 ) 
7/27/2017  

JP Morgan Chase

  

U.S. Dollars

     173,603     Japanese Yen     19,500,000       (2,437 ) 
8/2/2017  

JP Morgan Chase

  

U.S. Dollars

     1,773,993     Japanese Yen     200,000,000       (32,067 ) 
8/14/2017  

Citibank

  

U.S. Dollars

     104,590     Japanese Yen     11,770,000       (1,758 ) 
8/16/2017  

Goldman Sachs

  

U.S. Dollars

     105,302     Japanese Yen     11,840,000       (1,689 ) 
8/16/2017  

JP Morgan Chase

  

U.S. Dollars

     368,653     Japanese Yen     41,463,000       (6,022 ) 
8/28/2017  

Barclays

  

U.S. Dollars

     52,851     Japanese Yen     5,910,000       (585 ) 
8/31/2017  

Barclays

  

U.S. Dollars

     106,064     Japanese Yen     11,810,000       (733 ) 
9/1/2017  

Deutsche Bank

  

U.S. Dollars

     35,399     Japanese Yen     3,936,000       (196 ) 
9/11/2017  

Barclays

  

U.S. Dollars

     284,346     Japanese Yen     32,151,400       (6,549 ) 
9/13/2017  

Deutsche Bank

  

U.S. Dollars

     138,065     Japanese Yen     15,700,000       (3,997 ) 
9/21/2017  

Barclays

  

U.S. Dollars

     334,544     Japanese Yen     37,430,000       (4,273 ) 
9/25/2017  

Barclays

  

U.S. Dollars

     164,320     Japanese Yen     18,110,000       357  
10/11/2017  

Deutsche Bank

  

U.S. Dollars

     1,095,277     Japanese Yen     111,608,750       83,898  
11/14/2017  

Citibank

  

U.S. Dollars

     105,103     Japanese Yen     11,770,000       (1,761 ) 
12/12/2017  

Citibank

  

U.S. Dollars

     517,769     Japanese Yen     57,980,000       (9,492 ) 
12/13/2017  

JP Morgan Chase

  

U.S. Dollars

     389,732     Japanese Yen     43,970,000       (10,146 ) 
2/14/2018  

Citibank

  

U.S. Dollars

     106,494     Japanese Yen     11,860,000       (1,753 ) 
2/16/2018  

HSBC

  

U.S. Dollars

     160,108     Japanese Yen     17,820,000       (2,556 ) 
3/22/2018  

Deutsche Bank

  

U.S. Dollars

     160,517     Japanese Yen     17,733,000       (1,667 ) 
3/23/2018  

Citibank

  

U.S. Dollars

     322,667     Japanese Yen     35,670,000       (3,587 ) 
4/25/2017  

HSBC

  

U.S. Dollars

     964,162     South Korean Won     1,099,000,000       (18,912 ) 
4/26/2017  

HSBC

  

U.S. Dollars

     267,027     South Korean Won     306,000,000       (6,698 ) 
5/25/2017  

HSBC

  

U.S. Dollars

     703,291     South Korean Won     827,000,000       (36,715 ) 
6/2/2017  

HSBC

  

U.S. Dollars

     853,231     South Korean Won     997,000,000       (38,971 ) 
8/21/2017  

Citibank

  

U.S. Dollars

     1,310,385     South Korean Won     1,495,280,000       (29,353 ) 
9/7/2017  

Goldman Sachs

  

U.S. Dollars

     916,037     South Korean Won     1,037,000,000       (13,359 ) 
9/27/2017  

HSBC

  

U.S. Dollars

     735,347     South Korean Won     823,000,000       (2,505 ) 
                               
                                $ 961,611  
                               

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

INTEREST RATE SWAPS

March 31, 2017

 

Pay/Receive Floating Rate

    Floating
Rate Index
     Fixed
Pay
Rate
      Maturity
Date
   

Counterparty

    Notional
Amount
      Fair
Value
     Upfront
Premiums
Paid
(Received)
      Unrealized
Appreciation
(Depreciation)
  

Receive

      3-MO-USD-LIBOR       3.018%      8/22/2023    JP Morgan Chase      3,990,000      $ (203,625 )    $ 0      $ (203,625 ) 

Receive

      3-MO-USD-LIBOR **      1.914%      1/22/2025    Citibank      490,000        12,527       0        12,527  

Receive

      3-MO-USD-LIBOR **      1.973%      1/27/2025    Citibank      360,000        7,691       0        7,691  

Receive

      3-MO-USD-LIBOR **      1.942%      1/30/2025    Citibank      80,000        1,892       0        1,892  

Receive

      3-MO-USD-LIBOR **      1.817%      2/3/2025    Citibank      120,000        3,950       0        3,950  

Receive

      3-MO-USD-LIBOR *      1.978%      3/27/2025    Citibank      1,200,000        26,440       0        26,440  

Receive

      3-MO-USD-LIBOR       3.848%      8/22/2043    JP Morgan Chase      4,170,000        (1,000,280 )      0        (1,000,280 ) 
                                        
 
  
                                         $ (1,151,405 )    $             0      $ (1,151,405 ) 
                                        
 
  

 

*   Centrally cleared swap, clearing agent: Deutsche Bank
**   Centrally cleared swap, clearing agent: JP Morgan Chase

 

See notes to financial statements.

 

97

GuidePath® Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.77%

 

       

Affiliated Mutual Funds - 31.81%

 

  857,339    

GuideMark® Emerging Markets Fund - Institutional Shares

   $ 11,548,351  
  2,463,265    

GuideMark® Large Cap Core Fund - Institutional Shares

     39,757,095  
  3,165,311    

GuideMark® Small/Mid Cap Core Fund - Institutional Shares

     58,051,795  
  8,369,337    

GuideMark® World ex-US Fund - Institutional Shares

     70,135,046  
           
              179,492,287  
           
       

Exchange Traded Funds - 66.96%

 

  58,832    

iShares 7-10 Year Treasury Bond ETF

     6,212,071  
  120,946    

iShares 20+ Year Treasury Bond ETF

     14,599,392  
  725,420    

iShares Core MSCI Emerging Markets ETF (a)

     34,667,822  
  61,077    

iShares Core U.S. Credit Bond ETF (a)

     6,712,973  
  123,115    

iShares Edge MSCI Min Vol USA ETF (a)

     5,875,048  
  49,689    

iShares J.P. Morgan USD Emerging Markets Bond ETF (a)

     5,649,639  
  500,984    

iShares MSCI Canada ETF

     13,466,450  
  361,685    

iShares MSCI Switzerland Capped ETF

     11,566,686  
  165,318    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     6,105,194  
  48,478    

SPDR Gold Shares (a)(b)

     5,755,308  
  63,727    

SPDR S&P 600 Small Cap Growth ETF

     13,554,096  
  270,308    

SPDR S&P China ETF

     22,178,771  
  1,776,455    

Vanguard FTSE Developed Markets ETF (a)

     69,814,682  
  200,903    

Vanguard Global ex-U.S. Real Estate ETF

     10,700,094  
  219,234    

Vanguard REIT ETF (a)

     18,106,536  
  595,954    

Vanguard S&P 500 ETF (a)

     128,934,648  
  6,916    

Vanguard Total Bond Market ETF

     560,749  
  36,101    

Vanguard Value ETF

     3,442,952  
           
              377,903,111  
           
       

Total Investment Companies
(Cost $464,372,534)

     557,395,398  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.16%

 

       

Money Market Funds - 1.16%

 

  6,552,272    

Deutsche Government Money Market
Series - Institutional Shares
Effective Yield, 0.63% (c)

   $ 6,552,272  
           
       

Total Short Term Investments
(Cost $6,552,272)

     6,552,272  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 16.26%

 

       

Investment Companies - 16.26%

 

  91,758,279    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.17% (c)

     91,758,279  
           
       

Total Investments Purchased as Securities
Lending Collateral
(Cost $91,758,279)

     91,758,279  
           
       

Total Investments
(Cost $562,683,085) - 116.19%

     655,705,949  
       

Liabilities in Excess of
Other Assets - (16.19)%

     (91,388,028 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 564,317,921  
           

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 March 31, 2017.
 

 

See notes to financial statements.

 

98

GuidePath® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.73%

 

       

Affiliated Mutual Funds - 13.13%

 

  28,624    

GuideMark® Emerging Markets Fund - Institutional Shares

   $ 385,572  
  181,943    

GuideMark® Large Cap Core Fund - Institutional Shares

     2,936,555  
  369,315    

GuideMark® Small/Mid Cap Core Fund - Institutional Shares

     6,773,229  
  611,474    

GuideMark® World ex-US Fund - Institutional Shares

     5,124,148  
           
              15,219,504  
           
       

Exchange Traded Funds - 85.60%

 

  68,952    

iShares 1-3 Year Treasury Bond ETF (a)

     5,827,823  
  135,844    

iShares 7-10 Year Treasury Bond ETF (a)

     14,343,768  
  41,063    

iShares 10+ Year Credit Bond ETF

     2,432,572  
  79,263    

iShares 20+ Year Treasury Bond ETF (a)

     9,567,837  
  24,010    

iShares Core MSCI Emerging Markets ETF

     1,147,438  
  26,663    

iShares Core U.S. Credit Bond ETF

     2,930,530  
  121,381    

iShares Edge MSCI Min Vol USA ETF (a)

     5,792,301  
  14,498    

iShares J.P. Morgan USD Emerging Markets Bond ETF

     1,648,423  
  44,066    

iShares MSCI Canada ETF

     1,184,494  
  118,619    

iShares MSCI Switzerland Capped ETF

     3,793,436  
  46,671    

PowerShares DB Gold Fund (a)(b)

     1,865,907  
  192,081    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     7,093,551  
  64,263    

SPDR Bloomberg Barclays International Treasury Bond ETF (a)(b)

     1,711,966  
  75,269    

SPDR Bloomberg Barclays TIPS ETF (a)

     4,288,075  
  199    

SPDR S&P 600 Small Cap Value ETF

     23,490  
  32,488    

SPDR S&P China ETF

     2,665,640  
  212,737    

Vanguard FTSE Developed Markets ETF

     8,360,564  
  203,239    

Vanguard Mortgage-Backed Securities ETF

     10,674,112  
  25,399    

Vanguard REIT ETF (a)

     2,097,704  
  43,046    

Vanguard S&P 500 ETF

     9,313,002  
  8,134    

Vanguard Total Bond Market ETF

     659,505  
  19,264    

Vanguard Value ETF

     1,837,208  
           
              99,259,346  
           
       

Total Investment Companies
(Cost $106,045,634)

     114,478,850  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.09%

 

       

Money Market Funds - 1.09%

 

  1,263,400    

Deutsche Government Money Market
Series - Institutional Shares
Effective Yield, 0.63% (c)

   $ 1,263,400  
           
       

Total Short Term Investments
(Cost $1,263,400)

     1,263,400  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 27.75%

 

       

Investment Companies - 27.75%

 

  32,173,173    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.17% (c)

     32,173,173  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $32,173,173)

     32,173,173  
           
       

Total Investments
(Cost $139,482,207) - 127.57%

     147,915,423  
       

Liabilities in Excess of
Other Assets - (27.57)%

     (31,963,706 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 115,951,717  
           

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 March 31, 2017.
 

 

See notes to financial statements.

 

99

GuidePath® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.90%

 

       

Exchange Traded Funds - 98.90%

 

  351,200    

iShares TIPS Bond ETF

   $ 40,265,080  
  196,629    

Technology Select Sector SPDR Fund (a)

     10,482,292  
  303,213    

Vanguard Extended Market ETF (a)

     30,287,946  
  102,318    

Vanguard Growth ETF

     12,448,008  
  114,232    

Vanguard Mid-Cap Value ETF

     11,642,525  
  765,854    

Vanguard S&P 500 ETF (b)

     165,692,513  
  61,192    

Vanguard Small-Cap Growth ETF (a)

     8,607,879  
  72,169    

Vanguard Small-Cap Value ETF (a)

     8,866,683  
  170,348    

Vanguard Value ETF

     16,246,089  
           
              304,539,015  
           
       

Total Investment Companies
(Cost $281,046,728)

     304,539,015  
           
       

SHORT TERM INVESTMENTS - 1.17%

 

       

Money Market Funds - 1.17%

 

  3,594,112    

Deutsche Government Money Market
Series - Institutional Shares
Effective Yield, 0.63% (c)

     3,594,112  
           
       

Total Short Term Investments
(Cost $3,594,112)

     3,594,112  
           

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 7.89%

 

       

Investment Companies - 7.89%

 

  24,291,888    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.17% (c)

   $ 24,291,888  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $24,291,888)

     24,291,888  
           
       

Total Investments
(Cost $308,932,728) - 107.96%

     332,425,015  
       

Liabilities in Excess of
Other Assets - (7.96)%

     (24,498,231 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 307,926,784  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   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.
(c)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

100

GuidePath® Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.83%

 

       

Affiliated Mutual Funds - 8.10%

 

  617,227    

GuideMark® Core Fixed Income Fund - Institutional Shares

   $ 5,709,349  
  508,071    

GuideMark® Opportunistic Fixed Income Fund - Institutional Shares

     4,811,432  
           
              10,520,781  
           
       

Exchange Traded Funds - 28.45%

 

  799,833    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     29,537,833  
  92,820    

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

     2,595,247  
  10,956    

Vanguard Mid-Cap Value ETF

     1,116,635  
  2,585    

Vanguard Small-Cap Value ETF (a)

     317,593  
  15,977    

Vanguard Total Bond Market ETF

     1,295,415  
  21,870    

Vanguard Value ETF

     2,085,742  
           
              36,948,465  
           
       

Mutual Funds - 62.28%

 

  2,449,691    

BlackRock High Yield Portfolio - Institutional Shares

     18,960,612  
  153,581    

Gateway Fund - Class Y

     4,851,632  
  300,596    

John Hancock Funds II - Alternative Asset Allocation Fund - Institutional Shares

     4,271,468  
  204,609    

JPMorgan Hedged Equity Fund - Select Shares

     3,670,689  
  456,825    

JPMorgan Systematic Alpha Fund - Institutional Shares (b)

     7,094,496  
  1,076,539    

JPMorgan Unconstrained Debt Fund - Select Shares

     10,679,264  
  621,681    

Navigator Tactical Fixed Income Fund - Institutional Shares

     6,440,613  
  381,817    

Oppenheimer Fundamental Alternatives Fund - Institutional Shares

     10,576,339  
  149,699    

Pioneer Strategic Income Fund - Class Y

     1,603,281  
  565,399    

T. Rowe Price Institutional Floating Rate Fund

     5,687,917  
  1,197,089    

Vanguard High-Yield Corporate Fund - Admiral Shares

     7,038,882  
           
              80,875,193  
           
       

Total Investment Companies
(Cost $120,178,560)

     128,344,439  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.01%

 

       

Money Market Funds - 1.01%

 

  1,317,235    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (c)

   $ 1,317,235  
           
       

Total Short Term Investments
(Cost $1,317,235)

     1,317,235  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 23.21%

 

       

Investment Companies - 23.21%

        
  30,145,575    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.17% (c)

     30,145,575  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $30,145,575)

     30,145,575  
           
       

Total Investments
(Cost $151,641,370) - 123.05%

     159,807,249  
       

Liabilities in Excess of
Other Assets - (23.05)%

     (29,937,532 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 129,869,717  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   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 2.52% of total net assets as of March 31, 2017.
(c)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

101

GuidePath® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.86%

 

       

Affiliated Mutual Funds - 5.81%

 

  299,116    

GuideMark® Core Fixed Income Fund - Institutional Shares

   $ 2,766,827  
  443,310    

GuideMark® Opportunistic Fixed Income Fund - Institutional Shares

     4,198,150  
           
              6,964,977  
           
       

Exchange Traded Funds - 59.61%

        
  14,931    

iShares 7-10 Year Treasury Bond ETF (a)

     1,576,564  
  25,257    

iShares 10+ Year Credit Bond ETF

     1,496,225  
  23,307    

iShares 20+ Year Treasury Bond ETF (a)

     2,813,388  
  38,149    

iShares Global Infrastructure ETF (a)

     1,614,466  
  2,337    

iShares iBoxx $ Investment Grade Corporate Bond ETF (a)

     275,556  
  305,629    

iShares International Select Dividend ETF (a)

     9,615,088  
  16,067    

iShares J.P. Morgan USD Emerging Markets Bond ETF (a)

     1,826,818  
  72,562    

iShares MSCI Australia ETF

     1,640,627  
  213,804    

iShares U.S. Preferred Stock ETF (a)

     8,274,215  
  24,409    

PIMCO 0-5 Year High Yield Corporate Bond Index ETF

     2,466,774  
  72,931    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     2,693,342  
  238,672    

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

     7,305,750  
  113,313    

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

     3,168,231  
  4,331    

Vanguard Intermediate-Term Corporate Bond ETF

     374,112  
  18,833    

Vanguard REIT ETF (a)

     1,555,417  
  3,433    

Vanguard S&P 500 ETF

     742,730  
  39,228    

Vanguard Total Bond Market ETF

     3,180,606  
  63,250    

WisdomTree Emerging Markets High Dividend Fund (a)

     2,583,762  
  219,814    

WisdomTree High Dividend Fund

     15,050,664  
  39,303    

WisdomTree SmallCap Dividend Fund

     3,168,608  
           
              71,422,943  
           

Number of
Shares

        

Value

  
       

Mutual Funds - 33.44%

        
  974,750    

BlackRock Global Dividend Portfolio - Institutional Shares

   $ 12,486,541  
  331,045    

Loomis Sayles Global Equity and Income Fund - Institutional Shares

     6,531,523  
  1,133,289    

T. Rowe Price Institutional Floating Rate Fund

     11,400,891  
  1,640,559    

Vanguard High-Yield Corporate Fund - Admiral Shares

     9,646,486  
           
              40,065,441  
           
       

Total Investment Companies
(Cost $107,994,959)

     118,453,361  
           
       

SHORT TERM INVESTMENTS - 1.41%

        
       

Money Market Funds - 1.41%

        
  1,684,665    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (b)

     1,684,665  
           
       

Total Short Term Investments
(Cost $1,684,665)

     1,684,665  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 16.49%

 

       

Investment Companies - 16.49%

        
  19,755,971    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (b)

     19,755,971  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $19,755,971)

     19,755,971  
           
       

Total Investments
(Cost $129,435,595) - 116.76%

     139,893,997  
       

Liabilities in Excess of
Other Assets - (16.76)%

     (20,076,868 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 119,817,129  
           

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 March 31, 2017.
 

 

See notes to financial statements.

 

102

GuidePath® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 99.08%

 

       

Affiliated Mutual Funds - 0.64%

 

  68,915    

GuideMark® Core Fixed Income Fund - Institutional Shares

   $ 637,465  
           
       

Exchange Traded Funds - 55.98%

        
  59,595    

iShares 3-7 Year Treasury Bond ETF

     7,333,165  
  93,266    

iShares 7-10 Year Treasury Bond ETF (a)

     9,847,957  
  21,531    

iShares Core MSCI Emerging Markets ETF

     1,028,966  
  54,228    

iShares Floating Rate Bond ETF

     2,758,578  
  48,884    

iShares J.P. Morgan USD Emerging Markets Bond ETF (a)

     5,558,111  
  9,539    

PowerShares DB Agriculture Fund (b)

     188,681  
  5,019    

PowerShares DB Base Metals Fund (b)

     82,161  
  6,231    

PowerShares DB Energy Fund (b)

     78,448  
  6,058    

PowerShares DB Precious Metals Fund (b)

     230,567  
  46,507    

ProShares Investment Grade-Interest Rate Hedged ETF (a)

     3,544,298  
  43,181    

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)

     1,973,804  
  4,805    

Vanguard FTSE Developed Markets ETF

     188,837  
  113,860    

Vanguard Intermediate-Term Corporate Bond ETF

     9,835,227  
  139,952    

Vanguard Mortgage-Backed Securities ETF (a)

     7,350,279  
  16,856    

Vanguard S&P 500 ETF

     3,646,796  
  26,207    

Vanguard Total Bond Market ETF

     2,124,864  
           
              55,770,739  
           
       

Mutual Funds - 42.46%

        
  393,290    

BlackRock Low Duration Bond Portfolio - Institutional Shares

     3,783,454  
  162,294    

DoubleLine Core Fixed Income Fund - Institutional Shares

     1,762,510  
  502,871    

DoubleLine Low Duration Bond Fund - Institutional Shares

     5,048,827  
  361,299    

DoubleLine Multi-Asset Growth Fund - Institutional Shares (c)

     3,555,179  
  1,125,122    

DoubleLine Total Return Bond Fund - Institutional Shares

     11,960,051  
  877,099    

T. Rowe Price Institutional Floating Rate Fund

     8,823,616  
  1,252,984    

Vanguard High-Yield Corporate Fund - Admiral Shares

     7,367,545  
           
              42,301,182  
           
       

Total Investment Companies
(Cost $96,637,868)

     98,709,386  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.01%

 

       

Money Market Funds - 1.01%

 

  1,001,983    

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.63% (d)

   $ 1,001,983  
           
       

Total Short Term Investments
(Cost $1,001,983)

     1,001,983  
           
       

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 18.28%

 

       

Investment Companies - 18.28%

 

  18,216,561    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.17% (d)

     18,216,561  
           
       

Total Investments Purchased as Securities Lending Collateral
(Cost $18,216,561)

     18,216,561  
           
       

Total Investments
(Cost $115,856,412) - 118.37%

     117,927,930  
       

Liabilities in Excess of
Other Assets - (18.37)%

     (18,300,294 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 99,627,636  
           

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 1.86% of total net assets as of March 31, 2017.
(d)   Seven-day yield as of March 31, 2017.
 

 

See notes to financial statements.

 

103

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017

 

Principal
Amount

        

Value

  
       

SHORT TERM INVESTMENTS - 99.47%

 

       

Certificate of Deposit - 72.34%

        
$ 2,800,000    

Abbey National Treasury Services Plc
0.820%, 04/03/2017

   $ 2,800,000  
  2,500,000    

Banco Del Estado De Chile
1.310%, 07/05/2017 (a)

     2,502,347  
  2,000,000    

Bank of Montreal
1.434%, 05/12/2017 (a)

     2,000,183  
  2,500,000    

Bank of Nova Scotia
1.271%, 06/14/2017 (a)

     2,501,510  
  2,000,000    

Bank of Tokyo-Mitsubishi, Ltd.
1.300%, 04/21/2017

     2,000,006  
  3,500,000    

CIBC
0.820%, 04/03/2017

     3,500,000  
  1,500,000    

Commonwealth Bank of Australia
1.367%, 02/23/2018 (a)

     1,500,562  
  3,000,000    

Cooperatieve Rabobank UA
1.228%, 07/10/2017 (a)

     3,001,911  
  2,500,000    

Credit Agricole Corp. and Investment Bank
0.900%, 04/12/2017

     2,500,000  
  2,500,000    

Credit Industriel et Commercial
1.050%, 06/20/2017

     2,500,768  
       

Dexia Credit Local SA

        
  2,000,000    

1.281%, 08/11/2017 (a)

     2,001,550  
  750,000    

1.462%, 01/29/2018 (a)

     750,980  
  2,800,000    

DNB ASA
1.000%, 04/28/2017

     2,800,000  
  2,500,000    

Landesbank Hessen-Thueringen
0.920%, 04/07/2017

     2,500,000  
       

Mizuho Bank, Ltd.

        
  1,200,000    

1.678%, 04/18/2017 (a)

     1,200,000  
  1,800,000    

1.440%, 07/06/2017 (a)

     1,801,559  
  2,500,000    

National Australia Bank
1.080%, 08/08/2017

     2,499,697  
  3,550,000    

National Bank of Kuwait
0.830%, 04/03/2017

     3,550,000  
  2,000,000    

Oversea-Chinese Banking Corp., Ltd.
1.030%, 06/15/2017

     1,999,801  
       

Royal Bank of Canada

        
  500,000    

1.247%, 05/08/2017 (a)

     500,000  
  700,000    

1.261%, 06/12/2017 (a)

     700,418  
  2,700,000    

Skandinaviska Enskilda Banken AB
1.433%, 06/02/2017 (a)

     2,701,355  
       

Sumitomo Mitsui Trust Bank, Ltd.

        
  500,000    

1.511%, 04/03/2017 (a)

     500,007  
  2,500,000    

0.960%, 04/07/2017

     2,500,000  
  1,500,000    

Swedbank AB
0.880%, 04/05/2017

     1,500,000  
  2,000,000    

The Norinchukin Bank
1.300%, 06/19/2017

     2,000,993  
       

The Toronto-Dominion Bank

        
  500,000    

1.060%, 04/05/2017

     500,000  
  2,500,000    

1.534%, 08/10/2017 (a)

     2,504,120  
  2,500,000    

Westpac Banking Corp.
1.378%, 01/10/2018 (a)

     2,504,415  
           
              59,822,182  
           

Principal
Amount

        

Value

  
       

Commercial Paper - 8.33%

        
$ 2,900,000    

COFCO Capital Corp.
1.040%, 04/27/2017 (b)

   $ 2,897,822  
  2,000,000    

ING US Funding LLC
1.000%, 04/20/2017 (b)

     1,998,944  
  2,000,000    

Swedbank AB
1.000%, 05/30/2017 (b)

     1,996,722  
           
              6,893,488  
           
       

Corporate Obligations - 3.51%

 

  2,900,000    

Bank of America Corp.
1.060%, 06/09/2017

     2,899,327  
           
              2,899,327  
           

Number of
Shares

            
       

Money Market Funds - 0.31%

 

  254,234    

Deutsche Government Money Market
Series - Institutional Shares
Effective Yield, 0.63% (c)(e)

     254,234  
           
              254,234  
           

Principal
Amount

        
       

U.S. Treasury Bill - 14.98%

        
       

United States Treasury Bill

        
$ 1,000,000    

0.525%, 04/06/2017 (b)(d)(e)

     999,924  
  2,050,000    

0.718%, 04/20/2017 (b)(d)(e)

     2,049,437  
  3,050,000    

0.708%, 05/11/2017 (b)(d)(e)

     3,048,286  
  3,000,000    

0.698%, 06/08/2017 (b)(d)(e)

     2,996,121  
  800,000    

0.738%, 07/06/2017 (b)(d)(e)

     798,415  
  2,000,000    

0.753%, 07/13/2017 (b)(d)

     1,995,680  
  500,000    

0.763%, 08/03/2017 (b)(d)

     498,670  
           
              12,386,533  
           
       

Total Short Term Investments
(Cost $82,237,400)

     82,255,764  
           
       

Total Investments
(Cost $82,237,400) - 99.47%

     82,255,764  
       

Other Assets in Excess of
Liabilities - 0.53%

     436,061  
           
       

TOTAL NET ASSETS - 100.00%

   $ 82,691,825  
           

Percentages are stated as a percent of net assets.

(a)   Variable Rate Security. The rate shown is the rate in effect on March 31, 2017.
(b)   Zero coupon bond. The effective yield is listed.
(c)   Seven-day yield as of March 31, 2017.
(d)   All or a portion of this security is held as collateral for certain futures contracts.
(e)  

All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd.

 

 

See notes to financial statements.

 

104

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2017

 

Description

     

Number of
Contracts
Purchased /  (Sold)

        Notional
Value
        Settlement
Month
        Unrealized
Appreciation
(Depreciation)
  

Amsterdam IDX Futures

        45        $ 4,946,553          Apr-17        $ 59,433  

Australian 3-Year Treasury Bond Futures

        13          973,833          Jun-17          218  

Australian 10-Year Treasury Bond Futures

        (47 )         (3,492,773 )         Jun-17          (97,602 ) 

Australian Dollar Futures

        114          8,705,040          Jun-17          29,129  

Brent Crude Futures (a)

        (14 )         (749,420 )         Jun-17          (38,262 ) 

British Pound Futures

        (60 )         (4,708,500 )         Jun-17          (133,378 ) 

CAC40 Index Futures

        54          2,946,905          Apr-17          74,751  

Canadian 10-Year Bond Futures

        3          309,779          Jun-17          (350 ) 

Canadian Dollar Futures

        (53 )         (3,992,490 )         Jun-17          (58,674 ) 

Cocoa Futures (a)

        (51 )         (1,069,980 )         Jul-17          35,184  

Coffee ‘C’ Futures (a)

        10          531,188          Jul-17          (221 ) 

Copper Futures (a)

        28          1,856,750          May-17          (53,350 ) 

Corn Futures (a)

        (163 )         (3,029,763 )         Jul-17          (3,436 ) 

Cotton No. 2 Futures (a)

        39          1,507,935          May-17          13,455  

DAX® Index Futures

        12          3,945,945          Jun-17          97,279  

DJIA E-Mini CBOT Futures

        54          5,563,080          Jun-17          (60,500 ) 

E-mini Nasdaq 100 Futures

        57          6,199,890          Jun-17          77,139  

E-mini S&P 500 Futures

        35          4,128,600          Jun-17          (22,728 ) 

Euribor 3 Month Futures

        90          24,073,881          Sep-17          6,711  

Euro Fx Futures

        (99 )         (13,268,475 )         Jun-17          (144,397 ) 

Euro Stoxx 50® Index Futures

        126          4,605,133          Jun-17          112,506  

Euro-Bobl Futures

        137          19,262,839          Jun-17          (64,697 ) 

Euro-BTP Futures

        (35 )         (4,879,718 )         Jun-17          (40,556 ) 

Euro-Bund Futures

        69          11,882,033          Jun-17          9,787  

Eurodollar 90 Day Futures

        (377 )         (92,902,225 )         Sep-17          14,692  

Euro-OATS Futures

        (32 )         (5,019,608 )         Jun-17          (36,828 ) 

Euro-Schatz Futures

        291          34,845,308          Jun-17          (36,713 ) 

FTSE 100 Index Futures

        38          3,463,873          Jun-17          (8,907 ) 

FTSE MIB Index Futures

        22          2,352,952          Jun-17          93,107  

FTSE/JSE Top 40 Index Futures

        (29 )         (989,302 )         Jun-17          (9,658 ) 

Gold 100 Oz. Futures (a)

        (7 )         (875,840 )         Jun-17          (155 ) 

Hang Seng Index Futures

        26          4,036,582          Apr-17          (31,788 ) 

IBEX 35® Index Futures

        54          5,998,541          Apr-17          241,775  

Japanese Yen Futures

        27          3,041,381          Jun-17          (8,282 ) 

Live Cattle Futures (a)

        50          2,217,500          Jun-17          3,628  

LME Aluminium Futures (a)(b)

        56          2,749,950          Jun-17          35,106  

LME Copper Futures (a)(b)

        17          2,481,681          Jun-17          (73,349 ) 

LME Nickel Futures (a)(b)

        21          1,262,268          Jun-17          (129,091 ) 

LME Nickel Futures (a)(b)

        (6 )         (360,648 )         Jun-17          3,985  

LME Zinc Futures (a)(b)

        24          1,662,600          Jun-17          (46,989 ) 

Long Gilt Futures

        72          11,508,814          Jun-17          107,240  

Low Sulphur Gas Oil Futures (a)

        1          47,100          May-17          (251 ) 

Mexican Peso Futures

        59          1,555,830          Jun-17          12,845  

MSCI Singapore Index Futures

        69          1,723,212          Apr-17          23,316  

MSCI Taiwan Index Futures

        99          3,590,730          Apr-17          (34,453 ) 

Natural Gas Futures (a)

        (15 )         (478,500 )         May-17          (12,493 ) 

New Zealand Dollar Futures

        36          2,519,640          Jun-17          3,365  

Nifty 50 Index Futures

        199          3,660,804          Apr-17          26,111  

Nikkei 225 Futures

        18          3,057,397          Jun-17          (55,250 ) 

OMXS30 Futures

        276          4,873,542          Apr-17          90,872  

RBOB Gasoline Futures (a)

        (23 )         (1,645,098 )         May-17          (84,971 ) 

Russell 2000 Mini Index Futures

        53          3,668,660          Jun-17          47,177  

S&P/TSX 60 Index Futures

        37          5,075,415          Jun-17          (1,659 ) 

Silver Futures (a)

        17          1,551,760          May-17          24,472  

Soybean Futures (a)

        (66 )         (3,158,100 )         Jul-17          161,155  

Soybean Meal Futures (a)

        (57 )         (1,777,260 )         Jul-17          42,174  

Soybean Oil Futures (a)

        (112 )         (2,155,104 )         Jul-17          74,455  

SPI 200TM Index Futures

        41          4,579,571          Jun-17          85,795  

Sterling LIBOR 90 Day Futures

        734          114,470,526          Sep-17          31,774  

 

See notes to financial statements.

 

105

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)

March 31, 2017

 

Description

     

Number of
Contracts
Purchased /  (Sold)

        Notional
Value
        Settlement
Month
        Unrealized
Appreciation
(Depreciation)
  

Sugar No. 11 Futures (a)

        (42 )       $ (794,035 )         Jul-17        $ (143 ) 

Swiss Franc Futures

        (19 )         (2,384,500 )         Jun-17          (28,223 ) 

TOPIX Index Futures

        25          3,396,434          Jun-17          (62,030 ) 

U.S. Treasury 2-Year Note Futures

        (60 )         (12,987,188 )         Jun-17          (41,474 ) 

U.S. Treasury 5-Year Note Futures

        (43 )         (5,062,242 )         Jun-17          (46,427 ) 

U.S. Treasury 10-Year Note Futures

        (26 )         (3,238,625 )         Jun-17          (42,429 ) 

U.S. Treasury Long Bond Futures

        (14 )         (2,111,813 )         Jun-17          (48,663 ) 

U.S. Treasury Ultra Bond Futures

        (14 )         (2,248,750 )         Jun-17          (35,449 ) 

Wheat Futures (a)

        (102 )         (2,238,900 )         Jul-17          (2,762 ) 

WTI Crude Futures (a)

        (36 )         (1,821,600 )         May-17          (99,400 ) 
                                       
                                        $ (57,352 ) 
                                       

 

(a)  

All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd.

(b)   London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities.

 

See notes to financial statements.

 

106

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2017

 

     Large Cap
Core Fund
      Emerging
Markets Fund
     Small/Mid Cap
Core Fund
  

ASSETS:

                          

Investments, at value (cost $213,109,612, $104,814,356, and $127,320,310, respectively)1

    $ 252,649,394      $ 123,968,538     $ 148,052,482  

Foreign currencies (cost $0, $86,701, and $0, respectively)

      —        85,386       —  

Cash

      4,528        —       —  

Income receivable

      212,079        302,384       133,446  

Receivable for dividend reclaims

      3,667        38,417       —  

Receivable for investment securities sold

      —        2,496,536       76,554  

Receivable for fund shares sold

      159,603        377,835       102,429  

Other assets

      32,215        27,899       37,031  
    
  
 

Total Assets

      253,061,486        127,296,995       148,401,942  
    
  
 

LIABILITIES:

                          

Payable for collateral on securities loaned

      49,865,866        838,995       32,709,937  

Payable for investment securities purchased

      —        8,062,347       —  

Payable for fund shares redeemed

      218,763        165,925       56,597  

Payable to Investment Advisor

      112,385        77,007       65,966  

Accrued Trustee fees and expenses

      2,969        1,244       1,309  

Depreciation on forward currency contracts

      —        1,885       —  

Other accrued expenses

      147,656        146,264       91,559  
    
  
 

Total Liabilities

      50,347,639        9,293,667       32,925,368  
    
  
 

NET ASSETS

    $ 202,713,847      $ 118,003,328     $ 115,476,574  
    
  
 

NET ASSETS CONSIST OF:

                          

Capital stock

      157,544,852        190,280,669       93,970,059  

Unrealized appreciation (depreciation) on:

                          

Investments

      39,539,782        19,154,182       20,732,172  

Foreign currencies

      —        12,061       —  

Forward currency contracts

      —        (1,885 )      —  

Accumulated undistributed net investment income (loss)

      355,378        (188,840 )      59,283  

Accumulated undistributed net realized gain (loss)

      5,273,835        (91,252,859 )      715,060  
    
  
 

Total Net Assets

    $ 202,713,847      $ 118,003,328     $ 115,476,574  
    
  
 

Institutional Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      2,655,343        885,963       3,534,626  

Net assets

      42,855,994        11,925,354       64,819,232  

Net asset value, offering and redemption price per share

    $ 16.14      $ 13.46     $ 18.34  
    
  
 

Service Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      10,032,760        7,801,632       2,835,701  

Net assets

      159,857,853        106,077,974       50,657,342  

Net asset value, offering and redemption price per share

    $ 15.93      $ 13.60     $ 17.86  
    
  
 

1Includes loaned securities with a value of:

    $ 48,747,250      $ 816,080     $ 31,961,820  
    
  
 

 

See notes to financial statements.

 

107

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

 

     World
ex-US Fund
     Opportunistic
Equity Fund
     Core
Fixed Income
Fund
  

ASSETS:

                         

Investments, at value (cost $166,071,764, $70,544,916 and $163,065,148, respectively)1

    $ 189,662,206     $ 85,459,702     $ 164,100,701  

Foreign currencies (cost $339,197, $0, and $0, respectively)

      338,852       —       —  

Cash

      —       —       15,333  

Appreciation on swap agreements

      —       —       235,441  

Variation margin on futures contracts

      —       —       6,375  

Income receivable

      643,327       41,904       785,761  

Receivable for dividend reclaims

      638,884       552       —  

Receivable for investment securities sold

      —       219,586       884,305  

Receivable for fund shares sold

      144,599       88,517       108,064  

Swap premiums paid

      —       —       60,439  

Other assets

      28,813       31,576       32,538  
    
 
 

Total Assets

      191,456,681       85,841,837       166,228,957  
    
 
 

LIABILITIES:

                         

Payable for collateral on securities loaned

      2,977,876       19,335,822       7,147,649  

Payable for investment securities purchased

      —       4,184       11,914,657  

Payable for fund shares redeemed

      171,544       86,653       146,701  

Payable to Investment Advisor

      108,919       59,060       91,191  

Accrued Trustee fees and expenses

      2,123       746       1,843  

Swap premiums received

      —       —       181,289  

Payable for deposits with broker for swaps

      —       —       120,629  

Other accrued expenses

      162,788       61,837       156,171  
    
 
 

Total Liabilities

      3,423,250       19,548,302       19,760,130  
    
 
 

NET ASSETS

    $ 188,033,431     $ 66,293,535     $ 146,468,827  
    
 
 

NET ASSETS CONSIST OF:

                         

Capital stock

      317,534,431       51,856,878       145,495,065  

Unrealized appreciation (depreciation) on:

                         

Investments

      23,590,442       14,914,786       1,035,562  

Foreign currencies

      (51,505 )      —       —  

Swaps

      —       —       235,441  

Futures contracts

      —       —       20,337  

Accumulated undistributed net investment income (loss)

      2,624,397       (56,230 )      59,210  

Accumulated undistributed net realized gain (loss)

      (155,664,334 )      (421,899 )      (376,788 ) 
    
 
 

Total Net Assets

    $ 188,033,431     $ 66,293,535     $ 146,468,827  
    
 
 

Institutional Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      8,980,810       —       985,259  

Net assets

      75,295,608       —       9,110,591  

Net asset value, offering and redemption price per share

    $ 8.38     $ —     $ 9.25  
    
 
 

Service Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      13,647,071       5,872,151       14,731,698  

Net assets

      112,737,823       66,293,535       137,358,236  

Net asset value, offering and redemption price per share

    $ 8.26     $ 11.29     $ 9.32  
    
 
 

1Includes loaned securities with a value of:

    $ 2,825,396     $ 18,869,841     $ 7,004,983  
    
 
 

 

See notes to financial statements.

 

108

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

 

     Tax-Exempt
Fixed  Income
Fund
     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
  

ASSETS:

                         

Investments, at value (cost $28,488,986, $62,222,862, and $421,826,053, respectively)1

    $ 30,304,892     $ 60,771,569     $ 476,213,662  

Investments in affiliates, at value (cost $0, $0 and $140,857,032, respectively)

      —       —       179,492,287  

Foreign currencies (cost $0, $884,722, and $0, respectively)

      —       899,085       —  

Cash

      —       2,096       —  

Deposits with brokers for forwards and swaps

      —       2,203,917       —  

Income receivable

      432,039       647,549       2,793  

Receivable for investment securities and foreign currencies sold

      —       2,802,408       220,671  

Receivable for fund shares sold

      1,226       37,871       2,115,301  

Appreciation of forward foreign currency contracts

      —       1,323,677       —  

Appreciation of swap agreements

      —       52,500       —  

Other assets

      17,297       24,675       60,441  
    
 
 

Total Assets

      30,755,454       68,765,347       658,105,155  
    
 
 

LIABILITIES:

                         

Depreciation of forward foreign currency contracts

      —       362,066       —  

Depreciation on swap agreements

      —       1,203,905       —  

Payable for collateral on securities loaned

      —       —       91,758,279  

Payable for investment securities and foreign currencies purchased

      347,439       95,538       1,183,520  

Payable for fund shares redeemed

      5,893       78,721       292,812  

Payable to broker for collateral received

      —       200,000       —  

Payable to Investment Advisor

      22,639       28,999       234,939  

Accrued Trustee fees and expenses

      385       803       6,281  

Other accrued expenses

      61,837       93,607       311,403  
    
 
 

Total Liabilities

      438,193       2,063,639       93,787,234  
    
 
 

NET ASSETS

    $ 30,317,261     $ 66,701,708     $ 564,317,921  
    
 
 

NET ASSETS CONSIST OF:

                         

Capital stock

      30,213,755       82,739,783       469,833,330  

Unrealized appreciation (depreciation) on:

                         

Investments

      1,815,906       (1,451,293 )      54,387,609  

Investments in affiliates

      —       —       38,635,255  

Foreign currencies

      —       18,122       —  

Swaps

      —       (1,151,405 )      —  

Forward currency exchange contracts

      —       961,611       —  

Accumulated undistributed net investment income (loss)

      17,169       12,504,155       (21,489 ) 

Accumulated undistributed net realized gain (loss)

      (1,729,569 )      (26,919,265 )      1,483,216  
    
 
 

Total Net Assets

    $ 30,317,261     $ 66,701,708     $ 564,317,921  
    
 
 

Institutional Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      —       984,358       1,162,164  

Net assets

      —       9,316,917       13,176,782  

Net asset value, offering and redemption price per share

    $ —     $ 9.46     $ 11.34  
    
 
 

Service Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      2,703,163       6,000,347       48,826,759  

Net assets

      30,317,261       57,384,791       551,141,139  

Net asset value, offering and redemption price per share

    $ 11.22     $ 9.56     $ 11.29  
    
 
 

1Includes loaned securities with a value of:

    $ —     $ —     $ 89,776,267  
    
 
 

 

See notes to financial statements.

 

109

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

 

     Conservative
Allocation
Fund
     Tactical
Allocation
Fund
     Absolute
Return
Allocation
Fund
  

ASSETS:

                         

Investments, at value (cost $128,068,003, $308,932,728 and $141,178,248, respectively)1

    $ 132,695,919     $ 332,425,015     $ 149,286,468  

Investments in affiliates, at value (cost $11,414,204, $0, and $10,463,122, respectively)

      15,219,504       —       10,520,781  

Income receivable

      547       1,311       106,190  

Receivable for investment securities sold

      —       409,185       55,970  

Receivable for fund shares sold

      477,895       783,541       320,402  

Other assets

      42,463       47,391       58,435  
    
 
 

Total Assets

      148,436,328       333,666,443       160,348,246  
    
 
 

LIABILITIES:

                         

Payable for collateral on securities loaned

      32,173,173       24,291,888       30,145,575  

Payable for investment securities purchased

      118,347       954,597       89,293  

Payable for fund shares redeemed

      63,319       117,726       31,445  

Payable to Investment Advisor

      47,872       156,985       107,558  

Accrued Trustee fees and expenses

      1,309       3,527       1,464  

Other accrued expenses

      80,591       214,936       103,194  
    
 
 

Total Liabilities

      32,484,611       25,739,659       30,478,529  
    
 
 

NET ASSETS

    $ 115,951,717     $ 307,926,784     $ 129,869,717  
    
 
 

NET ASSETS CONSIST OF:

                         

Capital stock

      111,579,116       301,767,295       134,931,899  

Unrealized appreciation on:

                         

Investments

      4,627,916       23,492,287       8,108,220  

Investments in affiliates

      3,805,300       —       57,659  

Accumulated undistributed net investment income

      1,203,281       4,003,285       612,562  

Accumulated undistributed net realized loss

      (5,263,896 )      (21,336,083 )      (13,840,623 ) 
    
 
 

Total Net Assets

    $ 115,951,717     $ 307,926,784     $ 129,869,717  
    
 
 

Institutional Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      545,527       367,591       89,572  

Net assets

      4,966,270       3,767,220       921,609  

Net asset value, offering and redemption price per share

    $ 9.10     $ 10.25     $ 10.29  
    
 
 

Service Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      12,250,224       29,980,822       12,493,366  

Net assets

      110,985,447       304,159,564       128,948,108  

Net asset value, offering and redemption price per share

    $ 9.06     $ 10.15     $ 10.32  
    
 
 

1Includes loaned securities with a value of:

    $ 31,544,061     $ 23,816,222     $ 29,491,600  
    
 
 

 

See notes to financial statements.

 

110

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

 

     Multi-Asset
Income
Allocation
Fund
     Flexible Income
Allocation
Fund
     Managed2
Futures
Strategy  Fund
  

ASSETS:

                         

Investments, at value (cost $122,634,200, $115,219,227, and $82,237,400, respectively)1

    $ 132,929,020     $ 117,290,465     $ 82,255,764  

Investments in affiliates, at value (cost $6,801,395, $637,185, and $0, respectively)

      6,964,977       637,465       —  

Deposits with brokers for futures

     —       —       414,751  

Variation margin on futures

      —       —       9,865  

Income receivable

      91,749       8,840       68,940  

Receivable for investment securities sold

      —       57,407       —  

Receivable for fund shares sold

      208,320       75,186       348,883  

Receivable from broker for futures

      —       —       527  

Receivable for unsettled open futures contracts

      —       —       39,104  

Other assets

      14,062       11,409       25,167  
    
 
 

Total Assets

      140,208,128       118,080,772       83,163,001  
    
 
 

LIABILITIES:

                         

Payable for collateral on securities loaned

      19,755,971       18,216,561       —  

Payable for investment securities purchased

      430,988       73,837       —  

Payable for fund shares redeemed

      49,072       28,346       32,124  

Payable for unsettled open futures contracts

      —       —       249,442  

Payable to Investment Advisor

      60,753       42,654       96,226  

Accrued Trustee fees and expenses

      1,361       1,159       993  

Other accrued expenses

      92,854       90,579       92,391  
    
 
 

Total Liabilities

      20,390,999       18,453,136       471,176  
    
 
 

NET ASSETS

    $ 119,817,129     $ 99,627,636     $ 82,691,825  
    
 
 

NET ASSETS CONSIST OF:

                         

Capital stock

      119,764,590       108,183,666       86,810,146  

Unrealized appreciation (depreciation) on:

                         

Investments

      10,294,820       2,071,238       18,364  

Investments in affiliates

      163,582       280       —  

Foreign currency translation

      —       —       (3,487 ) 

Futures contracts

      —       —       (57,352 ) 

Accumulated undistributed net investment income gain (loss)

      112,867       38,394       (167,523 ) 

Accumulated undistributed net realized loss

      (10,518,730 )      (10,665,942 )      (3,908,323 ) 
    
 
 

Total Net Assets

    $ 119,817,129     $ 99,627,636     $ 82,691,825  
    
 
 

Institutional Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      —       5,429       169,985  

Net assets

      —       52,492       1,478,880  

Net asset value, offering and redemption price per share

    $ —     $ 9.67     $ 8.70  
    
 
 

Service Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

      11,450,167       10,362,428       9,402,473  

Net assets

      119,817,129       99,575,144       81,212,945  

Net asset value, offering and redemption price per share

    $ 10.46     $ 9.61     $ 8.64  
    
 
 

1Includes loaned securities with a value of:

    $ 19,367,389     $ 17,804,860     $ —  
    
 
 

2Consolidated Statement of Assets & Liabilities (see note 3b).

                         

 

See notes to financial statements.

 

111

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS

For the Year Ended March 31, 2017

 

     Large Cap
Core Fund
     Emerging
Markets Fund
     Small/Mid Cap
Core Fund
  

INVESTMENT INCOME:

                         

Dividend income (net of withholding tax of $1,444, $343,466, and $694, respectively)

    $ 4,558,929     $ 2,666,805     $ 1,560,382  

Interest income

      10,598       790       3,488  
    
 
 

Total investment income

      4,569,527       2,667,595       1,563,870  
    
 
 

EXPENSES:

                         

Investment advisory fees

      1,091,699       668,790       590,513  

Distribution (12b-1) fees – Service Shares

      509,726       264,221       127,391  

Administrative service fees – Service Shares

      493,293       259,154       124,912  

Shareholder servicing fees – Service Shares

      169,920       85,797       42,803  

Administration fees

      113,093       57,528       67,808  

Fund accounting fees

      86,976       123,430       111,777  

Legal fees

      80,026       52,310       32,831  

Custody fees

      43,255       182,382       29,895  

Trustee fees and expenses

      40,978       19,396       17,111  

Federal and state registration fees

      37,068       33,958       31,580  

Reports to shareholders

      28,365       14,222       23,369  

Audit and tax fees

      20,523       20,454       21,490  

Transfer agent fees and expenses

      17,310       11,197       10,817  

Compliance fees

      14,518       6,982       6,501  

Insurance fees

      9,423       7,332       4,195  

Miscellaneous expenses

      3,098       3,577       2,329  

Interest expenses

      1,643       1,558       5  
    
 
 

Total expenses

      2,760,914       1,812,288       1,245,327  
    
 
 

Less securities lending credit (See Note 7)

      (158,681 )      (11,847 )      (265,806 ) 
    
 
 

Net expenses

      2,602,233       1,800,441       979,521  
    
 
 

Net investment income

      1,967,294       867,154       584,349  
    
 
 

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      11,575,308       3,686,633       2,596,131  

Foreign currencies

      —       (67,099 )      —  

Forward currency contracts

      —       (21,022 )      —  
    
 
 

Total

      11,575,308       3,598,512       2,596,131  
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      9,712,500       14,908,940       16,860,179  

Foreign currencies

      —       9,187       —  

Forward currency contracts

      —       (1,885 )      —  
    
 
 

Total

      9,712,500       14,916,242       16,860,179  
    
 
 

Net realized and unrealized gain

      21,287,808       18,514,754       19,456,310  
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 23,255,102     $ 19,381,908     $ 20,040,659  
    
 
 

 

See notes to financial statements.

 

112

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

 

     World
ex-US Fund
     Opportunistic
Equity Fund
     Core
Fixed Income
Fund
  

INVESTMENT INCOME:

                         

Dividend income (net of withholding tax of $411,199, $1,761, and $0, respectively)

    $ 5,056,247     $ 759,146     $ —  

Interest income

      3,689       9,497       4,486,407  
    
 
 

Total investment income

      5,059,936       768,643       4,486,407  
    
 
 

EXPENSES:

                         

Investment advisory fees

      923,865       526,409       896,797  

Distribution (12b-1) fees – Service Shares

      304,239       164,348       432,230  

Administrative service fees – Service Shares

      297,373       161,299       416,270  

Shareholder servicing fees – Service Shares

      99,790       52,977       145,229  

Administration fees

      97,430       23,228       84,605  

Fund accounting fees

      181,432       18,837       193,948  

Legal fees

      59,552       24,408       40,619  

Custody fees

      136,109       21,404       44,875  

Trustee fees and expenses

      31,368       11,373       31,974  

Federal and state registration fees

      33,308       31,391       32,553  

Reports to shareholders

      21,370       13,350       19,003  

Audit and tax fees

      26,210       20,990       23,983  

Transfer agent fees and expenses

      14,497       8,799       14,304  

Compliance fees

      11,415       4,016       10,641  

Insurance fees

      12,323       4,624       12,743  

Miscellaneous expenses

      2,773       2,314       2,324  

Interest expenses

      641       182       751  
    
 
 

Total expenses

      2,253,695       1,089,949       2,402,849  
    
 
 

Net expense recapture (reimbursement) by Advisor (See Note 4)

      (15,038 )      (6 )      (108,257 ) 

Less securities lending credit (See Note 7)

      (48,136 )      (46,884 )      (18,910 ) 
    
 
 

Net expenses

      2,190,521       1,043,059       2,275,682  
    
 
 

Net investment income (loss)

      2,869,415       (274,416 )      2,210,725  
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      1,630,887       3,442,012       2,490,604  

Foreign currencies

      (175,775 )      —       (20 ) 

Forward currency contracts

      13,851       —       —  

Swaps

      —       —       (35,652 ) 

Futures contracts

      —       —       (27,497 ) 

Written options

      —       —       (13,945 ) 
    
 
 

Total

      1,468,963       3,442,012       2,413,490  
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      13,720,044       6,836,600       (4,244,425 ) 

Foreign currencies

      (35,605 )      —       —  

Swaps

      —       —       240,667  

Futures contracts

      —       —       8,080  
    
 
 

Total

      13,684,439       6,836,600       (3,995,678 ) 
    
 
 

Net realized and unrealized gain (loss)

      15,153,402       10,278,612       (1,582,188 ) 
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 18,022,817     $ 10,004,196     $ 628,537  
    
 
 

 

See notes to financial statements.

 

113

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

 

     Tax-Exempt
Fixed  Income
Fund
     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
  

INVESTMENT INCOME:

                         

Dividend income

    $ —     $ —     $ 7,395,546  

Dividends from affiliate investments

      —       —       2,039,984  

Interest income (net of withholding tax of $0, $150,643, and $0, respectively)

      1,510,747       4,543,411       23,480  
    
 
 

Total investment income

      1,510,747       4,543,411       9,459,010  
    
 
 

EXPENSES:

                         

Investment advisory fees

      195,468       533,875       1,181,168  

Distribution (12b-1) fees – Service Shares

      97,734       169,485       1,150,468  

Administrative service fees – Service Shares

      89,085       166,569       1,149,974  

Shareholder servicing fees – Service Shares

      30,338       49,489       446,382  

Administration fees

      17,743       33,620       208,893  

Fund accounting fees

      31,660       85,274       106,406  

Legal fees

      15,574       36,017       122,266  

Custody fees

      4,602       123,011       98,674  

Trustee fees and expenses

      7,197       13,612       77,905  

Federal and state registration fees

      30,420       30,480       30,720  

Reports to shareholders

      3,544       18,196       58,757  

Audit and tax fees

      24,004       28,493       13,992  

Transfer agent fees and expenses

      6,532       9,401       28,051  

Compliance fees

      2,244       2,995       19,943  

Insurance fees

      2,494       3,937       10,364  

Miscellaneous expenses

      2,178       1,903       3,490  

Interest expenses

      292       —       2,234  
    
 
 

Total expenses

      561,109       1,306,357       4,709,687  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      (56,510 )      (175,049 )      —  

Less securities lending credit (See Note 7)

      —       —       (444,989 ) 
    
 
 

Net expenses

      504,599       1,131,308       4,264,698  
    
 
 

Net investment income

      1,006,148       3,412,103       5,194,312  
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      1,133,091       (4,791,389 )      5,331,012  

Investments in affiliates

      —       —       1,780,678  

Net long-term capital gain distributions received

      —       —       56  

Net long-term capital gain distributions received from affiliates

      —       —       807,927  

Foreign currencies

      —       (170,533 )      —  

Forward currency exchange contracts

      —       (1,979,287 )      —  

Swaps

      —       (582,164 )      —  
    
 
 

Total

      1,133,091       (7,523,373 )      7,919,673  
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      (2,319,469 )      5,263,986       31,950,454  

Investments in affiliates

      —       —       17,912,800  

Foreign currencies

      —       12,040       —  

Forward currency contracts

      —       2,993,489       —  

Swaps

      —       1,401,951       —  
    
 
 

Total

      (2,319,469 )      9,671,466       49,863,254  
    
 
 

Net realized and unrealized gain (loss)

      (1,186,378 )      2,148,093       57,782,927  
    
 
 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (180,230 )    $ 5,560,196     $ 62,977,239  
    
 
 

 

See notes to financial statements.

 

114

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

 

     Conservative
Allocation
Fund
     Tactical
Allocation
Fund
     Absolute
Return
Allocation
Fund
  

INVESTMENT INCOME:

                         

Dividend income

    $ 1,847,061     $ 7,398,874     $ 5,117,750  

Dividends from affiliate investments

      156,319       —       335,307  

Interest income

      5,393       10,293       5,249  
    
 
 

Total investment income

      2,008,773       7,409,167       5,458,306  
    
 
 

EXPENSES:

                         

Investment advisory fees

      227,440       1,185,279       467,006  

Distribution (12b-1) fees – Service Shares

      215,282       835,657       331,046  

Administrative service fees – Service Shares

      214,862       835,299       330,797  

Shareholder servicing fees – Service Shares

      82,669       317,550       129,770  

Administration fees

      45,531       156,628       56,755  

Fund accounting fees

      21,550       76,556       30,633  

Legal fees

      25,368       108,650       48,166  

Custody fees

      37,479       61,502       59,065  

Trustee fees and expenses

      14,665       59,599       24,328  

Federal and state registration fees

      30,932       31,848       31,814  

Reports to shareholders

      20,706       36,039       16,266  

Audit and tax fees

      13,992       13,992       13,984  

Transfer agent fees and expenses

      10,152       21,566       12,000  

Compliance fees

      3,845       13,856       5,160  

Insurance fees

      2,802       11,955       6,123  

Miscellaneous expenses

      2,408       3,491       2,788  

Interest expenses

      53       518       2,054  
    
 
 

Total expenses

      969,736       3,769,985       1,567,755  
    
 
 

Net expense recapture by Advisor (See Note 4)

      —       —       (11,972 ) 

Less securities lending credit (See Note 7)

      (188,104 )      (414,321 )      (92,067 ) 
    
 
 

Net expenses

      781,632       3,355,664       1,463,716  
    
 
 

Net investment income

      1,227,141       4,053,503       3,994,590  
    
 
 

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      (432,720 )      8,717,010       1,514,951  

Investments in affiliates

      196,589       —       (99,366 ) 

Net long-term capital gain distributions received

      379       —       71,576  

Net long-term capital gain distributions received from affiliates

      54,217       —       —  
    
 
 

Total

      (181,535 )      8,717,010       1,487,161  
    
 
 

Net change in unrealized appreciation on:

                         

Investments

      2,275,472       16,899,104       5,151,666  

Investments in affiliates

      1,751,174       —       81,116  
    
 
 

Total

      4,026,646       16,899,104       5,232,782  
    
 
 

Net realized and unrealized gain

      3,845,111       25,616,114       6,719,943  
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 5,072,252     $ 29,669,617     $ 10,714,533  
    
 
 

 

See notes to financial statements.

 

115

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

 

     Multi-Asset
Income
Allocation
Fund
     Flexible Income
Allocation
Fund
     Managed1
Futures  Strategy
Fund
  

INVESTMENT INCOME:

                         

Dividend income

    $ 4,021,849     $ 2,967,402     $ —  

Dividends from affiliate investments

      167,057       19,648       —  

Interest income

      4,213       3,395       891,845  
    
 
 

Total investment income

      4,193,119       2,990,445       891,845  
    
 
 

EXPENSES:

                         

Investment advisory fees

      383,674       265,616       1,345,964  

Distribution (12b-1) fees – Service Shares

      274,053       265,489       313,763  

Administrative service fees – Service Shares

      274,044       265,383       313,744  

Shareholder servicing fees – Service Shares

      104,140       102,327       119,230  

Administration fees

      48,734       45,270       36,105  

Fund accounting fees

      21,238       24,566       40,021  

Legal fees

      35,083       43,121       106,020  

Custody fees

      48,262       48,523       40,581  

Trustee fees and expenses

      18,717       18,854       23,943  

Federal and state registration fees

      33,660       34,575       43,310  

Reports to shareholders

      7,784       10,840       13,818  

Audit and tax fees

      13,984       13,984       33,002  

Transfer agent fees and expenses

      7,330       10,853       9,576  

Compliance fees

      4,515       4,198       5,204  

Insurance fees

      3,224       3,285       3,640  

Miscellaneous expenses

      2,412       2,461       3,445  

Interest expenses

      396       1,494       55,087  

Offering costs

      —       —       876  
    
 
 

Total expenses

      1,281,250       1,160,839       2,507,329  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      —       —       (32,780 ) 

Less securities lending credit (See Note 7)

      (220,058 )      (194,082 )      —  
    
 
 

Net expenses

      1,061,192       966,757       2,474,549  
    
 
 

Net investment income (loss)

      3,131,927       2,023,688       (1,582,704 ) 
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      1,009,499       1,311,819       10,234  

Investments in affiliates

      (11,651 )      2,579       —  

Net long-term capital gain distributions received

      421       748       —  

Foreign currency translation

      —       —       214,354  

Futures contracts

      —       —       (9,209,044 ) 
    
 
 

Total

      998,269       1,315,146       (8,984,456 ) 
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      4,490,005       (388,666 )      (12,574 ) 

Investments in affiliates

      141,726       (16,045 )      —  

Foreign currencies

      —       —       1,893  

Futures contracts

      —       —       (2,417,948 ) 
    
 
 

Total

      4,631,731       (404,711 )      (2,428,629 ) 
    
 
 

Net realized and unrealized gain (loss)

      5,630,000       910,435       (11,413,085 ) 
    
 
 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 8,761,927     $ 2,934,123     $ (12,995,789 ) 
    
 
 

1Consolidated Statement of Operations for the year (see note 3b).

                         

 

See notes to financial statements.

 

116

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

 

     Large Cap Core Fund
     Emerging Markets Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income

    $ 1,967,294     $ 1,183,967     $ 867,154     $ 1,117,365  

Net realized gain on investment transactions

      11,575,308       28,870,387       3,598,512       39,565,775  

Net change in unrealized appreciation (depreciation) on investments

      9,712,500       (27,634,600 )      14,916,242       (57,941,013 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      23,255,102       2,419,754       19,381,908       (17,257,873 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      27,172,126       24,340,109       7,059,500       8,943,117  

Shares issued to holders in reinvestment of dividends

      1,397,913       962,982       64,639       343,573  

Shares redeemed

      (20,862,812 )      (37,651,694 )      (2,680,771 )      (57,624,315 ) 
    
 
 
 

Net increase (decrease)

      7,707,227       (12,348,603 )      4,443,368       (48,337,625 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      199,930,027       159,568,384       22,239,137       69,441,913  

Shares issued to holders in reinvestment of dividends

      6,951,634       7,244,241       325,406       1,631,712  

Shares redeemed

      (276,922,332 )      (111,678,118 )      (52,302,305 )      (101,036,005 ) 
    
 
 
 

Net increase (decrease)

      (70,040,671 )      55,134,507       (29,737,762 )      (29,962,380 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      (492,125 )      (207,479 )      (64,639 )      (343,573 ) 

Net investment income – Service Shares

      (1,630,366 )      (773,830 )      (325,464 )      (1,632,424 ) 

Net realized gains – Institutional Shares

      (905,788 )      (755,503 )      —       —  

Net realized gains – Service Shares

      (5,321,268 )      (6,471,426 )      —       —  
    
 
 
 

Total dividends and distributions

      (8,349,547 )      (8,208,238 )      (390,103 )      (1,975,997 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      (47,427,889 )      36,997,420       (6,302,589 )      (97,533,875 ) 

NET ASSETS:

                                 

Beginning of year

      250,141,736       213,144,316       124,305,917       221,839,792  
    
 
 
 

End of year (including accumulated undistributed net investment income (loss) of $355,378, $482,811, $(188,840) and $(627,462), respectively)

    $ 202,713,847     $ 250,141,736     $ 118,003,328     $ 124,305,917  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      1,782,172       1,743,722       564,774       741,488  

Shares issued to holders in reinvestment of dividends

      91,129       65,420       5,501       31,149  

Shares redeemed

      (1,329,010 )      (2,620,228 )      (219,419 )      (5,101,953 ) 
    
 
 
 

Net increase (decrease)

      544,291       (811,086 )      350,856       (4,329,316 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      12,920,906       10,840,713       1,767,998       5,864,650  

Shares issued to holders in reinvestment of dividends

      458,249       497,202       27,368       146,080  

Shares redeemed

      (18,252,615 )      (7,558,252 )      (4,287,240 )      (8,539,930 ) 
    
 
 
 

Net increase (decrease)

      (4,873,460 )      3,779,663       (2,491,874 )      (2,529,200 ) 
    
 
 
 

 

See notes to financial statements.

 

117

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Small/Mid Cap Core Fund
     World ex-US Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income

    $ 584,349     $ 60,196     $ 2,869,415     $ 3,286,603  

Net realized gain (loss) on investment transactions

      2,596,131       (680,700 )      1,468,963       (15,872,067 ) 

Net change in unrealized appreciation (depreciation) on investments

      16,860,179       (6,055,710 )      13,684,439       (26,980,516 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      20,040,659       (6,676,214 )      18,022,817       (39,565,980 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      33,144,087       25,069,973       38,691,905       35,455,730  

Shares issued to holders in reinvestment of dividends

      388,573       631,404       1,274,678       1,643,942  

Shares redeemed

      (19,767,896 )      (22,339,071 )      (23,473,550 )      (85,413,165 ) 
    
 
 
 

Net increase (decrease)

      13,764,764       3,362,306       16,493,033       (48,313,493 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      20,701,621       35,927,062       32,189,333       100,982,818  

Shares issued to holders in reinvestment of dividends

      145,119       1,463,257       2,057,665       4,193,334  

Shares redeemed

      (27,463,485 )      (21,214,203 )      (65,581,894 )      (165,420,650 ) 
    
 
 
 

Net increase (decrease)

      (6,616,745 )      16,176,116       (31,334,896 )      (60,244,498 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      (388,573 )      —       (1,274,678 )      (1,643,942 ) 

Net investment income – Service Shares

      (145,119 )      —       (2,057,669 )      (4,195,923 ) 

Net realized gains – Institutional Shares

      —       (631,404 )      —       —  

Net realized gains – Service Shares

      —       (1,463,257 )      —       —  
    
 
 
 

Total dividends and distributions

      (533,692 )      (2,094,661 )      (3,332,347 )      (5,839,865 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      26,654,986       10,767,547       (151,393 )      (153,963,836 ) 

NET ASSETS:

                                 

Beginning of year

      88,821,588       78,054,041       188,184,824       342,148,660  
    
 
 
 

End of year (including accumulated undistributed net investment income of
$59,283, $0, $2,624,397 and $3,133,154, respectively)

    $ 115,476,574     $ 88,821,588     $ 188,033,431     $ 188,184,824  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      2,006,770       1,772,382       4,951,526       4,512,185  

Shares issued to holders in reinvestment of dividends

      21,587       40,815       165,543       209,686  

Shares redeemed

      (1,143,672 )      (1,438,094 )      (2,965,934 )      (10,835,369 ) 
    
 
 
 

Net increase (decrease)

      884,685       375,103       2,151,135       (6,113,498 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      1,297,027       2,321,172       4,135,180       11,531,894  

Shares issued to holders in reinvestment of dividends

      8,264       96,776       270,745       539,682  

Shares redeemed

      (1,691,174 )      (1,390,162 )      (8,418,202 )      (20,706,517 ) 
    
 
 
 

Net increase (decrease)

      (385,883 )      1,027,786       (4,012,277 )      (8,634,941 ) 
    
 
 
 

 

See notes to financial statements.

 

118

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Opportunistic Equity Fund
     Core Fixed Income Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income (loss)

    $ (274,416 )    $ 127,549     $ 2,210,725     $ 3,588,452  

Net realized gain on investment transactions

      3,442,012       9,526,734       2,413,490       1,436,685  

Net change in unrealized appreciation (depreciation) on investments

      6,836,600       (21,499,157 )      (3,995,678 )      (3,760,589 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      10,004,196       (11,844,874 )      628,537       1,264,548  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      11,036       12,821,121       9,216,113       7,863,630  

Shares issued to holders in reinvestment of dividends

      —       8,716,858       205,332       1,058,527  

Shares redeemed

      (235,506 )      (67,240,595 )      (1,989,593 )      (81,194,484 ) 
    
 
 
 

Net increase (decrease)

      (224,470 )      (45,702,616 )      7,431,852       (72,272,327 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      29,513,216       42,145,976       43,254,342       83,102,415  

Shares issued to holders in reinvestment of dividends

      2,207,160       7,756,296       3,820,498       5,306,114  

Shares redeemed

      (43,129,998 )      (43,177,278 )      (115,863,777 )      (112,072,105 ) 
    
 
 
 

Net increase (decrease)

      (11,409,622 )      6,724,994       (68,788,937 )      (23,663,576 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      —       (298,762 )      (152,091 )      (811,674 ) 

Net investment income – Service Shares

      (9,175 )      —       (2,879,314 )      (3,132,368 ) 

Net realized gains – Institutional Shares

      —       (8,418,096 )      (53,241 )      (246,854 ) 

Net realized gains – Service Shares

      (2,197,985 )      (7,756,296 )      (941,209 )      (2,566,989 ) 
    
 
 
 

Total dividends and distributions

      (2,207,160 )      (16,473,154 )      (4,025,855 )      (6,757,885 ) 
    
 
 
 

DECREASE IN NET ASSETS

      (3,837,056 )      (67,295,650 )      (64,754,403 )      (101,429,240 ) 

NET ASSETS:

                                 

Beginning of year

      70,130,591       137,426,241       211,223,230       312,652,470  
    
 
 
 

End of year (including accumulated undistributed net investment income (loss) of
$(56,230), $(105,707), $59,210, and $277,519, respectively)

    $ 66,293,535     $ 70,130,591     $ 146,468,827     $ 211,223,230  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      1,118       1,063,359       966,027       830,734  

Shares issued to holders in reinvestment of dividends

      —       843,839       22,096       112,778  

Shares redeemed

      (24,419 )      (6,843,142 )      (211,192 )      (8,581,015 ) 
    
 
 
 

Net increase (decrease)

      (23,301 )      (4,935,944 )      776,931       (7,637,503 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      2,883,831       4,174,591       4,539,007       8,748,872  

Shares issued to holders in reinvestment of dividends

      208,616       755,238       405,506       566,730  

Shares redeemed

      (4,216,309 )      (3,720,257 )      (12,156,705 )      (11,818,973 ) 
    
 
 
 

Net increase (decrease)

      (1,123,862 )      1,209,572       (7,212,192 )      (2,503,371 ) 
    
 
 
 

 

See notes to financial statements.

 

119

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Tax-Exempt Fixed Income  Fund
     Opportunistic Fixed Income Fund
  
     Year Ended
March 31,
        2017        
     Year Ended
March 31,
        2016        
     Year Ended
March 31,
        2017        
     Year Ended
March 31,
          2016        
  

OPERATIONS:

                                 

Net investment income

    $ 1,006,148     $ 1,580,382     $ 3,412,103     $ 5,511,090  

Net realized gain (loss) on investment transactions

      1,133,091       1,058,932       (7,523,373 )      (7,221,374 ) 

Net change in unrealized appreciation (depreciation) on investments

      (2,319,469 )      (938,709 )      9,671,466       (6,148,662 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      (180,230 )      1,700,605       5,560,196       (7,858,946 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      —       —       3,816,196       38,429,060  

Shares issued to holders in reinvestment of dividends

      —       —       331,065       417,968  

Shares redeemed

      —       —       (3,798,705 )      (78,572,465 ) 
    
 
 
 

Net increase (decrease)

      —       —       348,556       (39,725,437 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      3,874,625       12,979,454       16,100,897       43,428,974  

Shares issued to holders in reinvestment of dividends

      1,010,136       1,456,714       1,633,885       600,010  

Shares redeemed

      (22,461,531 )      (31,117,120 )      (41,718,076 )      (110,508,644 ) 
    
 
 
 

Net decrease

      (17,576,770 )      (16,680,952 )      (23,983,294 )      (66,479,660 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      —       —       (331,065 )      (417,968 ) 

Net investment income – Service Shares

      (1,010,639 )      (1,616,922 )      (1,633,885 )      (1,253,003 ) 
    
 
 
 

Total dividends and distributions

      (1,010,639 )      (1,616,922 )      (1,964,950 )      (1,670,971 ) 
    
 
 
 

DECREASE IN NET ASSETS

      (18,767,639 )      (16,597,269 )      (20,039,492 )      (115,735,014 ) 

NET ASSETS:

                                 

Beginning of year

      49,084,900       65,682,169       86,741,200       202,476,214  
    
 
 
 

End of year (including accumulated undistributed net investment income of $17,169, $21,660, $12,504,155 and $6,372,002, respectively)

    $ 30,317,261     $ 49,084,900     $ 66,701,708     $ 86,741,200  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      —       —       423,674       4,194,821  

Shares issued to holders in reinvestment of dividends

      —       —       37,026       44,276  

Shares redeemed

      —       —       (423,729 )      (8,599,533 ) 
    
 
 
 

Net increase (decrease)

      —       —       36,971       (4,360,436 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      336,913       1,129,170       1,778,727       4,666,895  

Shares issued to holders in reinvestment of dividends

      88,393       127,229       182,229       63,426  

Shares redeemed

      (1,947,665 )      (2,702,338 )      (4,594,338 )      (11,992,065 ) 
    
 
 
 

Net decrease

      (1,522,359 )      (1,445,939 )      (2,633,382 )      (7,261,744 ) 
    
 
 
 

 

See notes to financial statements.

 

120

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Growth
Allocation Fund
     Conservative
Allocation Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income

    $ 5,194,312     $ 3,178,364     $ 1,227,141     $ 1,265,104  

Net realized gain (loss) on investment transactions

      7,919,673       9,905,335       (181,535 )      14,270,781  

Net change in unrealized appreciation (depreciation) on investments

      49,863,254       (17,689,519 )      4,026,646       (32,999,442 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      62,977,239       (4,605,820 )      5,072,252       (17,463,557 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      8,303,858       7,247,081       2,865,702       2,989,958  

Shares issued to holders in reinvestment of dividends

      609,074       241,183       525,473       564,569  

Shares redeemed

      (7,695,013 )      (3,669,741 )      (2,385,391 )      (4,408,250 ) 
    
 
 
 

Net increase (decrease)

      1,217,919       3,818,523       1,005,784       (853,723 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      443,722,149       296,989,947       116,123,492       65,990,766  

Shares issued to holders in reinvestment of dividends

      19,098,534       6,257,780       9,383,008       13,499,064  

Shares redeemed

      (337,382,732 )      (169,145,419 )      (61,713,312 )      (171,431,528 ) 
    
 
 
 

Net increase (decrease)

      125,437,951       134,102,308       63,793,188       (91,941,698 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      (238,018 )      (104,283 )      —       (76,097 ) 

Net investment income – Service Shares

      (5,978,596 )      (2,091,759 )      —       (1,188,165 ) 

From net realized gains – Institutional Shares

      (371,056 )      (136,899 )      (525,473 )      (488,473 ) 

From net realized gains – Service Shares

      (13,119,938 )      (4,166,021 )      (9,383,008 )      (12,310,898 ) 
    
 
 
 

Total dividends and distributions

      (19,707,608 )      (6,498,962 )      (9,908,481 )      (14,063,633 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      169,925,501       126,816,049       59,962,743       (124,322,611 ) 

NET ASSETS:

                                 

Beginning of year

      394,392,420       267,576,371       55,988,974       180,311,585  
    
 
 
 

End of year (including undistributed net investment income (loss) of
$(21,489), $804,411, $1,203,281, and $(23,855), respectively)

    $ 564,317,921     $ 394,392,420     $ 115,951,717     $ 55,988,974  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      762,936       709,710       298,501       295,998  

Shares issued to holders in reinvestment of dividends

      56,923       22,753       59,781       58,505  

Shares redeemed

      (706,774 )      (347,870 )      (256,488 )      (459,229 ) 
    
 
 
 

Net increase (decrease)

      113,085       384,593       101,794       (104,726 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      41,175,115       30,307,654       12,164,490       6,694,655  

Shares issued to holders in reinvestment of dividends

      1,789,928       592,032       1,071,120       1,394,531  

Shares redeemed

      (30,940,749 )      (16,466,202 )      (6,419,892 )      (18,079,390 ) 
    
 
 
 

Net increase (decrease)

      12,024,294       14,433,484       6,815,718       (9,990,204 ) 
    
 
 
 

 

See notes to financial statements.

 

121

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Tactical
Allocation Fund
     Absolute Return
Allocation Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income

    $ 4,053,503     $ 3,227,953     $ 3,994,590     $ 6,533,346  

Net realized gain (loss) on investment transactions

      8,717,010       (24,709,832 )      1,487,161       (10,151,865 ) 

Net change in unrealized appreciation (depreciation) on investments

      16,899,104       (20,479,455 )      5,232,782       (2,371,514 ) 
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      29,669,617       (41,961,334 )      10,714,533       (5,990,033 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      1,267,953       2,608,481       484,903       1,549,885  

Shares issued to holders in reinvestment of dividends

      55,523       65,620       42,389       65,508  

Shares redeemed

      (2,912,491 )      (3,048,776 )      (760,732 )      (3,094,449 ) 
    
 
 
 

Net decrease

      (1,589,015 )      (374,675 )      (233,440 )      (1,479,056 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      111,320,764       158,653,333       60,737,268       168,309,046  

Shares issued to holders in reinvestment of dividends

      3,141,480       4,361,910       3,893,353       7,023,975  

Shares redeemed

      (230,081,819 )      (204,058,598 )      (88,244,091 )      (383,480,825 ) 
    
 
 
 

Net decrease

      (115,619,575 )      (41,043,355 )      (23,613,470 )      (208,147,804 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      (55,523 )      (10,007 )      (42,389 )      (65,508 ) 

Net investment income – Service Shares

      (3,141,480 )      (62,408 )      (3,893,353 )      (7,023,975 ) 

Net realized gains – Institutional Shares

      —       (55,613 )      —       —  

Net realized gains – Service Shares

      —       (4,299,503 )      —       —  
    
 
 
 

Total dividends and distributions

      (3,197,003 )      (4,427,531 )      (3,935,742 )      (7,089,483 ) 
    
 
 
 

DECREASE IN NET ASSETS

      (90,735,976 )      (87,806,895 )      (17,068,119 )      (222,706,376 ) 

NET ASSETS:

                                 

Beginning of year

      398,662,760       486,469,655       146,937,836       369,644,212  
    
 
 
 

End of year (including undistributed net investment income of
$4,003,285, $3,173,148, $612,562, and $545,324, respectively)

    $ 307,926,784     $ 398,662,760     $ 129,869,717     $ 146,937,836  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      130,536       266,833       47,168       160,370  

Shares issued to holders in reinvestment of dividends

      5,712       6,900       4,197       6,845  

Shares redeemed

      (302,323 )      (318,035 )      (74,836 )      (320,845 ) 
    
 
 
 

Net decrease

      (166,075 )      (44,302 )      (23,471 )      (153,630 ) 
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Service Shares

                                 

Shares sold

      11,613,580       16,487,396       5,951,803       17,242,674  

Shares issued to holders in reinvestment of dividends

      325,879       460,603       383,582       730,903  

Shares redeemed

      (24,187,866 )      (21,259,984 )      (8,701,541 )      (39,665,602 ) 
    
 
 
 

Net decrease

      (12,248,407 )      (4,311,985 )      (2,366,156 )      (21,692,025 ) 
    
 
 
 

 

See notes to financial statements.

 

122

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Multi-Asset Income
Allocation Fund
     Flexible Income
Allocation Fund
  
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2017
     Year Ended
March 31,
2016
  

OPERATIONS:

                                 

Net investment income

    $ 3,131,927     $ 4,106,330     $ 2,023,688     $ 1,903,245  

Net realized gain (loss) on investment transactions

      998,269       (9,901,619 )      1,315,146       (4,134,999 ) 

Net change in unrealized appreciation (depreciation) on investments

      4,631,731       1,638,638       (404,711 )      862,884  
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      8,761,927       (4,156,651 )      2,934,123       (1,368,870 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      —       —       6,780       611,956  

Shares issued to holders in reinvestment of dividends

      —       —       1,379       26,216  

Shares redeemed

      —       —       (5,866 )      (2,767,273 ) 
    
 
 
 

Net increase (decrease)

      —       —       2,293       (2,129,101 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      74,271,420       39,307,466       36,522,245       144,421,094  

Shares issued to holders in reinvestment of dividends

      3,068,620       3,983,275       2,157,347       1,549,347  

Shares redeemed

      (70,117,642 )      (67,882,712 )      (54,619,675 )      (171,926,473 ) 
    
 
 
 

Net increase (decrease)

      7,222,398       (24,591,971 )      (15,940,083 )      (25,956,032 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net investment income – Institutional Shares

      —       —       (1,379 )      (26,216 ) 

Net investment income – Service Shares

      (3,068,620 )      (4,413,612 )      (2,157,347 )      (1,891,583 ) 

Net realized gains – Service Shares

      —       (434,279 )      —       —  
    
 
 
 

Total dividends and distributions

      (3,068,620 )      (4,847,891 )      (2,158,726 )      (1,917,799 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      12,915,705       (33,596,513 )      (15,162,393 )      (31,371,802 ) 

NET ASSETS:

                                 

Beginning of year

      106,901,424       140,497,937       114,790,029       146,161,831  
    
 
 
 

End of year (including undistributed accumulated net investment income of
$112,867, $49,560, $38,394, and $173,432, respectively)

    $ 119,817,129     $ 106,901,424     $ 99,627,636     $ 114,790,029  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      —       —       698       64,263  

Shares issued to holders in reinvestment of dividends

      —       —       142       2,758  

Shares redeemed

      —       —       (597 )      (293,089 ) 
    
 
 
 

Net increase (decrease)

      —       —       243       (226,068 ) 
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Service Shares

                                 

Shares sold

      7,247,038       3,932,161       3,781,892       15,314,531  

Shares issued to holders in reinvestment of dividends

      298,763       402,220       223,758       163,097  

Shares redeemed

      (6,846,481 )      (6,815,040 )      (5,653,805 )      (18,202,837 ) 
    
 
 
 

Net increase (decrease)

      699,320       (2,480,659 )      (1,648,155 )      (2,725,209 ) 
    
 
 
 

 

See notes to financial statements.

 

123

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

     Managed Futures Strategy Fund1
  
     Year Ended
March 31,
2017
     January 19, 20162
Ended
March  31, 2016
  

OPERATIONS:

                 

Net investment loss

    $ (1,582,704 )    $ (505,223 ) 

Net realized loss on investment transactions

      (8,984,456 )      (6,759,925 ) 

Net change in unrealized appreciation (depreciation) on investments

      (2,428,629 )      2,386,154  
    
 

Net decrease in net assets resulting from operations

      (12,995,789 )      (4,878,994 ) 
    
 

CAPITAL SHARE TRANSACTIONS:

                 

Institutional Shares

                 

Shares sold

      967,128       4,636,463  

Shares issued to holders in reinvestment of dividends

      31,103       —  

Shares redeemed

      (3,553,995 )      (191,272 ) 
    
 

Net increase (decrease)

      (2,555,764 )      4,445,191  
    
 

Service Shares

                 

Shares sold

      80,280,173       201,420,675  

Shares issued to holders in reinvestment of dividends

      1,458,638       —  

Shares redeemed

      (169,364,491 )      (13,628,073 ) 
    
 

Net increase (decrease)

      (87,625,680 )      187,792,602  
    
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                 

Net realized gains – Institutional Shares

      (31,103 )      —  

Net realized gains – Service Shares

      (1,458,638 )      —  
    
 

Total dividends and distributions

      (1,489,741 )      —  
    
 

INCREASE (DECREASE) IN NET ASSETS

      (104,666,974 )      187,358,799  

NET ASSETS:

                 

Beginning of year

      187,358,799       —  
    
 

End of year (including accumulated undistributed net investment income (loss) of
$(167,523), and $0, respectively)

    $ 82,691,825     $ 187,358,799  
    
 

CHANGES IN SHARES OUTSTANDING

                 

Institutional Shares

                 

Shares sold

      104,954       464,739  

Shares issued to holders in reinvestment of dividends

      3,612       —  

Shares redeemed

      (383,824 )      (19,496 ) 
    
 

Net increase (decrease)

      (275,258 )      445,243  
    
 

CHANGES IN SHARES OUTSTANDING

                 

Service Shares

                 

Shares sold

      8,679,693       20,197,403  

Shares issued to holders in reinvestment of dividends

      170,402       —  

Shares redeemed

      (18,252,001 )      (1,393,024 ) 
    
 

Net increase (decrease)

      (9,401,906 )      18,804,379  
    
 

 

1   

Consolidated Statements of Changes in Net Assets (see note 3b).

2  

Commencement of Operations.

 

See notes to financial statements.

 

124

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Large Cap Core Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $14.85        $15.29        $13.67        $11.20        $10.68  

Income from investment operations:

                                             

Net investment income

      0.20 1       0.13 1       0.14        0.09        0.08  

Net realized and unrealized gains on investments

      1.62        (0.06 )2       1.57        2.46        0.51  
    
  
  
  
  

Total from investment operations

      1.82        0.07        1.71        2.55        0.59  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.19 )       (0.11 )       (0.09 )       (0.08 )       (0.07 ) 

Dividends from net realized gains

      (0.34 )       (0.40 )       —        —        —  
    
  
  
  
  

Total distributions

      (0.53 )       (0.51 )       (0.09 )       (0.08 )       (0.07 ) 
    
  
  
  
  

Net asset value, end of year

      $16.14        $14.85        $15.29        $13.67        $11.20  
    
  
  
  
  

Total return

      12.46%        0.47%        12.51%        22.81%        5.54%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $42,855,994        $31,353,268        $44,686,597        $44,827,864        $44,994,114  

Ratio of expenses to average net assets3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      0.66%        0.80%        0.87%        0.90%        0.92%  

After expense reimbursement (recapture) and securities lending credit5

      0.59%        0.76%        0.85%        0.89%        0.89%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.23%        0.79%        0.88%        0.63%        0.81%  

After expense reimbursement (recapture) and securities lending credit

      1.30%        0.83%        0.90%        0.64%        0.84%  

Portfolio turnover rate

      90.46%        115.67%        53.23%        55.81%        60.92%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      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 year.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit
excluding interest expense.		    0.66%      0.80%      0.87%      0.90%      0.92%  
5     After expense reimbursement (recapture) and securities lending credit
excluding interest expense.		    0.59%      0.76%      0.85%      0.89%      0.89%  

 

See notes to financial statements.

 

125

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Large Cap Core Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $14.68        $15.14        $13.56        $11.12        $10.61  

Income from investment operations:

                                             

Net investment income

      0.11 1       0.07 1       0.05        —        0.02  

Net realized and unrealized gains on investments

      1.59        (0.08 )2       1.56        2.45        0.51  
    
  
  
  
  

Total from investment operations

      1.70        (0.01 )       1.61        2.45        0.53  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.11 )       (0.05 )       (0.03 )       (0.01 )       (0.02 ) 

Dividends from net realized gains

      (0.34 )       (0.40 )       —        —        —  
    
  
  
  
  

Total distributions

      (0.45 )       (0.45 )       (0.03 )       (0.01 )       (0.02 ) 
    
  
  
  
  

Net asset value, end of year

      $15.93        $14.68        $15.14        $13.56        $11.12  
    
  
  
  
  

Total return

      11.74%        (0.08)%        11.87%        22.04%        5.00%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $159,857,853        $218,788,468        $168,457,719        $138,902,683        $136,196,479  

Ratio of expenses to average net assets3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      1.23%        1.33%        1.44%        1.48%        1.52%  

After expense reimbursement (recapture) and securities lending credit5

      1.16%        1.27%        1.45%        1.49%        1.49%  

Ratio of net investment income (loss) to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.65%        0.41%        0.32%        0.05%        0.18%  

After expense reimbursement (recapture) and securities lending credit

      0.72%        0.47%        0.31%        0.04%        0.21%  

Portfolio turnover rate

      90.46%        115.67%        53.23%        55.81%        60.92%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      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 year.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.23%        1.33%        1.44%        1.48%        1.52%  

5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.16%        1.27%        1.45%        1.49%        1.49%  

 

See notes to financial statements.

 

126

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Emerging Markets Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $11.37        $12.46        $11.73        $9.43        $8.39  

Income from investment operations:

                                             

Net investment income

      0.14 1       0.16 1       0.21        0.17        0.18  

Net realized and unrealized gains (losses) on investments

      2.05        (1.03 )       0.74        2.31        1.03  
    
  
  
  
  

Total from investment operations

      2.19        (0.87 )       0.95        2.48        1.21  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.10 )       (0.22 )       (0.22 )       (0.18 )       (0.17 ) 
    
  
  
  
  

Total distributions

      (0.10 )       (0.22 )       (0.22 )       (0.18 )       (0.17 ) 
    
  
  
  
  

Net asset value, end of year

      $13.46        $11.37        $12.46        $11.73        $9.43  
    
  
  
  
  

Total return

      19.61%        (6.98)%        8.08%        26.38%        14.70%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $11,925,354        $6,081,265        $60,596,893        $62,007,800        $60,452,681  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture) and securities lending credit3

      1.06%        0.88%        0.86%        0.89%        0.92%  

After expense reimbursement (recapture) and securities lending credit4

      1.05%        0.84%        0.84%        0.88%        0.91%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.10%        1.25%        1.87%        1.57%        1.89%  

After expense reimbursement (recapture) and securities lending credit

      1.11%        1.29%        1.89%        1.58%        1.90%  

Portfolio turnover rate

      60.19%        152.82%        31.33%        29.10%        27.02%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.06%        0.88%        0.86%        0.89%        0.92%  

4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.05%        0.84%        0.84%        0.88%        0.91%  

 

See notes to financial statements.

 

127

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Emerging Markets Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $11.49        $12.57        $11.84        $9.52        $8.47  

Income from investment operations:

                                             

Net investment income

      0.09 1       0.06 1       0.15        0.13        0.14  

Net realized and unrealized gains (losses) on investments

      2.06        (0.99 )       0.73        2.31        1.03  
    
  
  
  
  

Total from investment operations

      2.15        (0.93 )       0.88        2.44        1.17  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.04 )       (0.15 )       (0.15 )       (0.12 )       (0.12 ) 
    
  
  
  
  

Total distributions

      (0.04 )       (0.15 )       (0.15 )       (0.12 )       (0.12 ) 
    
  
  
  
  

Net asset value, end of year

      $13.60        $11.49        $12.57        $11.84        $9.52  
    
  
  
  
  

Total return

      18.78%        (7.38)%        7.46%        25.63%        13.96%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $106,077,974        $118,224,652        $161,242,899        $137,835,903        $139,072,035  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture) and securities lending credit3

      1.64%        1.52%        1.43%        1.46%        1.49%  

After expense reimbursement (recapture) and securities lending credit4

      1.63%        1.48%        1.41%        1.45%        1.49%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.73%        0.44%        1.30%        1.01%        1.33%  

After expense reimbursement (recapture) and securities lending credit

      0.74%        0.48%        1.32%        1.02%        1.33%  

Portfolio turnover rate

      60.19%        152.82%        31.33%        29.10%        27.02%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.64%        1.52%        1.43%        1.46%        1.49%  

4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.63%        1.48%        1.41%        1.45%        1.49%  

 

See notes to financial statements.

 

128

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Small/Mid Cap Core Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $15.33        $17.62        $16.77        $13.51        $11.56  

Income from investment operations:

                                             

Net investment income

      0.15 1       0.06 1       0.01        —        0.07  

Net realized and unrealized gains (losses) on investments

      2.98        (1.93 )       1.96        3.27        1.99  
    
  
  
  
  

Total from investment operations

      3.13        (1.87 )       1.97        3.27        2.06  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.12 )       —        —        (0.01 )       (0.11 ) 

Dividends from net realized gains

      —        (0.42 )       (1.12 )       —        —  
    
  
  
  
  

Total distributions

      (0.12 )       (0.42 )       (1.12 )       (0.01 )       (0.11 ) 
    
  
  
  
  

Net asset value, end of year

      $18.34        $15.33        $17.62        $16.77        $13.51  
    
  
  
  
  

Total return

      20.45%        (10.61)%        11.99%        24.19%        17.95%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $64,819,232        $40,624,613        $40,075,963        $44,695,002        $44,361,656  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture) and securities lending credit3

      0.92%        1.02%        1.02%        1.05%        1.09%  

After expense reimbursement (recapture) and securities lending credit4

      0.66%        0.82%        0.91%        1.02%        1.05%  

Ratio of net investment income (loss) to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.60%        0.18%        (0.08)%        (0.04)%        0.61%  

After expense reimbursement (recapture) and securities lending credit

      0.86%        0.38%        0.03%        (0.01)%        0.65%  

Portfolio turnover rate

      42.22%        146.02%        96.24%        241.55%        143.14%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.92%        1.02%        1.02%        1.05%        1.09%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.66%        0.82%        0.91%        1.02%        1.05%  

 

See notes to financial statements.

 

129

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    Small/Mid Cap Core Fund
  
    Service
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $14.96       $17.31       $16.61       $13.45       $11.50  

Income from investment operations:

                                        

Net investment income (loss)

     0.04 1      (0.03 )1      (0.09 )      (0.12 )      —  

Net realized and unrealized gains (losses) on investments

     2.91       (1.90 )      1.91       3.28       1.99  
   
 
 
 
 

Total from investment operations

     2.95       (1.93 )      1.82       3.16       1.99  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.05 )      —       —       —       (0.04 ) 

Dividends from net realized gains

     —       (0.42 )      (1.12 )      —       —  
   
 
 
 
 

Total distributions

     (0.05 )      (0.42 )      (1.12 )      —       (0.04 ) 
   
 
 
 
 

Net asset value, end of year

     $17.86       $14.96       $17.31       $16.61       $13.45  
   
 
 
 
 

Total return

     19.71%       (11.15)%       11.19%       23.49%       17.32%  

Supplemental data and ratios:

                                        

Net assets, end of year

     $50,657,342       $48,196,975       $37,978,078       $32,592,001       $40,621,412  

Ratio of expenses to average net assets2

                                        

Before expense reimbursement (recapture) and securities lending credit3

     1.50%       1.58%       1.58%       1.60%       1.66%  

After expense reimbursement (recapture) and securities lending credit4

     1.24%       1.41%       1.59%       1.59%       1.59%  

Ratio of net investment income (loss) to average net assets

                                        

Before expense reimbursement (recapture) and securities lending credit

     0.00%       (0.32)%       (0.62)%       (0.62)%       0.01%  

After expense reimbursement (recapture) and securities lending credit

     0.26%       (0.15)%       (0.63)%       (0.61)%       0.08%  

Portfolio turnover rate

     42.22%       146.02%       96.24%       241.55%       143.14%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.50%       1.58%       1.58%       1.60%       1.66%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.24%       1.41%       1.59%       1.59%       1.59%  

 

See notes to financial statements.

 

130

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    World ex-US Fund
  
    Institutional
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $7.74       $8.75       $8.94       $8.06       $7.52  

Income from investment operations:

                                        

Net investment income

     0.15 1      0.13 1      0.25       0.11       0.13  

Net realized and unrealized gains (losses) on investments

     0.65       (0.91 )      (0.26 )      0.86       0.48  
   
 
 
 
 

Total from investment operations

     0.80       (0.78 )      (0.01 )      0.97       0.61  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.16 )      (0.23 )      (0.18 )      (0.09 )      (0.07 ) 
   
 
 
 
 

Total distributions

     (0.16 )      (0.23 )      (0.18 )      (0.09 )      (0.07 ) 
   
 
 
 
 

Net asset value, end of year

     $8.38       $7.74       $8.75       $8.94       $8.06  
   
 
 
 
 

Total return

     10.48%       (9.00)%       (0.10)%       12.09%       8.09%  

Supplemental data and ratios:

                                        

Net assets, end of year

     $75,295,608       $52,879,582       $113,316,485       $130,537,695       $85,157,441  

Ratio of expenses to average net assets2

                                        

Before expense reimbursement (recapture) and securities lending credit3

     0.84%       0.95%       0.98%       1.03%       1.09%  

After expense reimbursement (recapture) and securities lending credit4

     0.79%       0.90%       0.98%       1.03%       1.09%  

Ratio of net investment income to average net assets

                                        

Before expense reimbursement (recapture) and securities lending credit

     1.83%       1.54%       2.68%       1.44%       1.44%  

After expense reimbursement (recapture) and securities lending credit

     1.88%       1.59%       2.68%       1.44%       1.44%  

Portfolio turnover rate

     60.68%       114.74%       61.84%       75.22%       75.34%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.84%       0.95%       0.98%       1.03%       1.09%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.79%       0.90%       0.98%       1.03%       1.09%  

 

See notes to financial statements.

 

131

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    World ex-US Fund
  
    Service
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $7.66       $8.70       $8.89       $8.05       $7.54  

Income from investment operations:

                                        

Net investment income

     0.11 1      0.08 1      0.17       0.07       0.08  

Net realized and unrealized gains (losses) on investments

     0.63       (0.91 )      (0.23 )      0.85       0.49  
   
 
 
 
 

Total from investment operations

     0.74       (0.83 )      (0.06 )      0.92       0.57  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.14 )      (0.21 )      (0.13 )      (0.08 )      (0.06 ) 
   
 
 
 
 

Total distributions

     (0.14 )      (0.21 )      (0.13 )      (0.08 )      (0.06 ) 
   
 
 
 
 

Net asset value, end of year

     $8.26       $7.66       $8.70       $8.89       $8.05  
   
 
 
 
 

Total return

     9.85%       (9.59)%       (0.68)%       11.47%       7.53%  

Supplemental data and ratios:

                                        

Net assets, end of year

     $112,737,823       $135,305,242       $228,832,175       $238,149,375       $197,252,920  

Ratio of expenses to average net assets2

                                        

Before expense reimbursement (recapture) and securities lending credit3

     1.42%       1.52%       1.55%       1.60%       1.66%  

After expense reimbursement (recapture) and securities lending credit4

     1.39%       1.52%       1.59%       1.59%       1.59%  

Ratio of net investment income to average net assets

                                        

Before expense reimbursement (recapture) and securities lending credit

     1.36%       0.92%       1.96%       0.94%       0.93%  

After expense reimbursement (recapture) and securities lending credit

     1.39%       0.92%       1.92%       0.95%       1.00%  

Portfolio turnover rate

     60.68%       114.74%       61.84%       75.22%       75.34%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.42%       1.52%       1.55%       1.60%       1.66%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.39%       1.52%       1.59%       1.59%       1.59%  

 

See notes to financial statements.

 

132

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Opportunistic Equity Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.99        $12.75        $13.42        $11.27        $9.86  

Income from investment operations:

                                             

Net investment income (loss)

      (0.04 )1       (0.02 )1       0.04        0.04        0.03  

Net realized and unrealized gains (losses) on investments

      1.71        (1.01 )       1.60        2.79        1.40  
    
  
  
  
  

Total from investment operations

      1.67        (1.03 )       1.64        2.83        1.43  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      — *       —        (0.06 )       (0.03 )       (0.02 ) 

Dividends from net realized gains

      (0.37 )       (1.73 )       (2.25 )       (0.65 )       —  
    
  
  
  
  

Total distributions

      (0.37 )       (1.73 )       (2.31 )       (0.68 )       (0.02 ) 
    
  
  
  
  

Net asset value, end of year

      $11.29        $9.99        $12.75        $13.42        $11.27  
    
  
  
  
  

Total return

      17.01%        (8.42)%        12.61%        25.20%        14.56%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $66,293,535        $69,901,093        $73,803,768        $72,351,978        $87,142,873  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture) and securities lending credit3

      1.66%        1.59%        1.57%        1.58%        1.63%  

After expense reimbursement (recapture) and securities lending credit4

      1.59%        1.56%        1.56%        1.59%        1.60%  

Ratio of net investment income (loss) to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      (0.49)%        (0.20)%        0.25%        0.27%        0.26%  

After expense reimbursement (recapture) and securities lending credit

      (0.42)%        (0.17)%        0.26%        0.26%        0.29%  

Portfolio turnover rate

      76.37%        92.64%        59.70%        59.12%        78.58%  

 

1      Net investment loss per share has been calculated based on average shares outstanding during the year.

2     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

      

      

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.66%        1.59%        1.57%        1.58%        1.63%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.59%        1.56%        1.56%        1.59%        1.60%  

*    Amount represents less than $0.01 per share.

     

 

See notes to financial statements.

 

133

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    Core Fixed Income Fund
  
    Institutional
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $9.46       $9.67       $9.37       $9.86       $9.77  

Income from investment operations:

                                        

Net investment income

     0.17 1      0.17 1      0.15       0.16       0.17  

Net realized and unrealized gains (losses) on investments

     (0.10 )      (0.08 )      0.33       (0.24 )      0.23  
   
 
 
 
 

Total from investment operations

     0.07       0.09       0.48       (0.08 )      0.40  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.22 )      (0.19 )      (0.17 )      (0.20 )      (0.21 ) 

Dividends from net realized gains

     (0.06 )      (0.11 )      (0.01 )      (0.03 )      (0.10 ) 

Return of capital

     —       —       —       (0.18 )      —  
   
 
 
 
 

Total distributions

     (0.28 )      (0.30 )      (0.18 )      (0.41 )      (0.31 ) 
   
 
 
 
 

Net asset value, end of year

     $9.25       $9.46       $9.67       $9.37       $9.86  
   
 
 
 
 

Total return

     0.74%       0.97%       5.25%       (0.72)%       4.12%  

Supplemental data and ratios:

                                        

Net assets, end of year

     $9,110,591       $1,970,942       $75,832,786       $88,702,582       $134,362,492  

Ratio of expenses to average net assets2

                                        

Before expense reimbursement (recapture) and securities lending credit3

     0.79%       0.73%       0.70%       0.70%       0.72%  

After expense reimbursement (recapture) and securities lending credit4

     0.69%       0.71%       0.69%       0.70%       0.72%  

Ratio of net investment income to average net assets

                                        

Before expense reimbursement (recapture) and securities lending credit

     1.70%       1.73%       1.71%       1.68%       1.53%  

After expense reimbursement (recapture) and securities lending credit

     1.80%       1.75%       1.72%       1.68%       1.53%  

Portfolio turnover rate

     164.81%       157.49%       185.11%       112.86%       213.80%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.79%       0.73%       0.70%       0.70%       0.72%  

4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.69%       0.71%       0.69%       0.70%       0.72%  

 

See notes to financial statements.

 

134

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    Core Fixed Income Fund
  
    Service
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $9.54       $9.69       $9.39       $9.88       $9.78  

Income from investment operations:

                                        

Net investment income

     0.12 1      0.12 1      0.10       0.11       0.11  

Net realized and unrealized gains (losses) on investments

     (0.11 )      (0.03 )      0.33       (0.25 )      0.24  
   
 
 
 
 

Total from investment operations

     0.01       0.09       0.43       (0.14 )      0.35  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.17 )      (0.13 )      (0.12 )      (0.14 )      (0.15 ) 

Dividends from net realized gains

     (0.06 )      (0.11 )      (0.01 )      (0.03 )      (0.10 ) 

Return of capital

     —       —       —       (0.18 )      —  
   
 
 
 
 

Total distributions

     (0.23 )      (0.24 )      (0.13 )      (0.35 )      (0.25 ) 
   
 
 
 
 

Net asset value, end of year

     $9.32       $9.54       $9.69       $9.39       $9.88  
   
 
 
 
 

Total return

     0.02%       1.01%       4.64%       (1.33)%       3.55%  

Supplemental data and ratios:

                                        

Net assets, end of year

     $137,358,236       $209,252,288       $236,819,684       $231,285,162       $281,180,497  

Ratio of expenses to average net assets2

                                        

Before expense reimbursement (recapture) and securities lending credit3

     1.36%       1.31%       1.29%       1.29%       1.30%  

After expense reimbursement (recapture) and securities lending credit4

     1.29%       1.29%       1.29%       1.29%       1.29%  

Ratio of net investment income to average net assets

                                        

Before expense reimbursement (recapture) and securities lending credit

     1.14%       1.22%       1.11%       1.10%       1.02%  

After expense reimbursement (recapture) and securities lending credit

     1.21%       1.24%       1.11%       1.10%       1.03%  

Portfolio turnover rate

     164.81%       157.49%       185.11%       112.86%       213.80%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.36%       1.31%       1.29%       1.29%       1.30%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     1.29%       1.29%       1.29%       1.29%       1.29%  

 

See notes to financial statements.

 

135

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Tax-Exempt Fixed Income Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $11.62        $11.58        $11.18        $11.70        $11.47  

Income from investment operations:

                                             

Net investment income

      0.30 1       0.31 1       0.32        0.34        0.33  

Net realized and unrealized gains (losses) on investments

      (0.38 )       0.06        0.40        (0.52 )       0.23  
    
  
  
  
  

Total from investment operations

      (0.08 )       0.37        0.72        (0.18 )       0.56  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.32 )       (0.33 )       (0.32 )       (0.34 )       (0.33 ) 
    
  
  
  
  

Total distributions

      (0.32 )       (0.33 )       (0.32 )       (0.34 )       (0.33 ) 
    
  
  
  
  

Net asset value, end of year

      $11.22        $11.62        $11.58        $11.18        $11.70  
    
  
  
  
  

Total return

      (0.82)%        3.22%        6.45%        (1.48)%        4.93%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $30,317,261        $49,084,900        $65,682,169        $63,429,577        $75,739,873  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture)3

      1.43%        1.42%        1.38%        1.38%        1.36%  

After expense reimbursement (recapture)4

      1.29%        1.28%        1.29%        1.29%        1.29%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture)

      2.43%        2.53%        2.64%        2.90%        2.72%  

After expense reimbursement (recapture)

      2.57%        2.67%        2.73%        2.99%        2.79%  

Portfolio turnover rate

      14.50%        12.47%        33.29%        35.08%        30.36%  

 

1      Net investment income per share has been calculated based on average shares outstanding during the year.

2     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

      

      

3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.43%        1.42%        1.38%        1.38%        1.36%  

4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.29%        1.28%        1.29%        1.29%        1.29%  

 

See notes to financial statements.

 

136

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Opportunistic Fixed Income Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.05        $9.53        $9.94        $10.27        $9.70  

Income from investment operations:

                                             

Net investment income

      0.46 1       0.36 1       0.41        0.34        0.42  

Net realized and unrealized gains (losses) on investments

      0.30        (0.76 )       (0.32 )       (0.37 )       0.57  
    
  
  
  
  

Total from investment operations

      0.76        (0.40 )       0.09        (0.03 )       0.99  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.35 )       (0.08 )       (0.50 )       (0.28 )       (0.42 ) 

Dividends from net realized gains

      —        —        —        (0.02 )       —  
    
  
  
  
  

Total distributions

      (0.35 )       (0.08 )       (0.50 )       (0.30 )       (0.42 ) 
    
  
  
  
  

Net asset value, end of year

      $9.46        $9.05        $9.53        $9.94        $10.27  
    
  
  
  
  

Total return

      8.77%        (4.22)%        0.88%        (0.21)%        10.33%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $9,316,917        $8,572,900        $50,593,107        $65,181,311        $104,141,739  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture)

      1.21%        1.13%        1.08%        1.01%        1.03%  

After expense reimbursement (recapture)

      0.95%        0.99%        1.05%        1.01%        1.05%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture)

      4.78%        3.71%        3.84%        4.10%        4.17%  

After expense reimbursement (recapture)

      5.04%        3.85%        3.87%        4.10%        4.15%  

Portfolio turnover rate

      33.77%        41.12%        39.66%        66.49%        101.49%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

Net investment income per share has been calculated based on average shares outstanding during the year.

 

See notes to financial statements.

 

137

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Opportunistic Fixed Income Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.05        $9.55        $9.93        $10.28        $9.70  

Income from investment operations:

                                             

Net investment income

      0.40 1       0.30 1       0.33        0.35        0.36  

Net realized and unrealized gains (losses) on investments

      0.32        (0.72 )       (0.29 )       (0.43 )       0.58  
    
  
  
  
  

Total from investment operations

      0.72        (0.42 )       0.04        (0.08 )       0.94  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.21 )       (0.08 )       (0.42 )       (0.25 )       (0.36 ) 

Dividends from net realized gains

      —        —        —        (0.02 )       —  
    
  
  
  
  

Total distributions

      (0.21 )       (0.08 )       (0.42 )       (0.27 )       (0.36 ) 
    
  
  
  
  

Net asset value, end of year

      $9.56        $9.05        $9.55        $9.93        $10.28  
    
  
  
  
  

Total return

      8.20%        (4.44)%        0.33%        (0.71)%        9.64%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $57,384,791        $78,168,300        $151,883,107        $147,493,694        $150,493,389  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture)

      1.78%        1.68%        1.66%        1.59%        1.61%  

After expense reimbursement (recapture)

      1.55%        1.55%        1.55%        1.55%        1.55%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture)

      4.17%        3.08%        3.28%        3.51%        3.52%  

After expense reimbursement (recapture)

      4.40%        3.21%        3.39%        3.55%        3.58%  

Portfolio turnover rate

      33.77%        41.12%        39.66%        66.49%        101.49%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

Net investment income per share has been calculated based on average shares outstanding during the year.

 

See notes to financial statements.

 

138

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Growth Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      September 13, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $10.46        $11.65        $11.45        $10.25        $9.63  

Income from investment operations:

                                             

Net investment income (loss)

      0.19 2       0.20 2       0.16        (0.03 )       0.11  

Net realized and unrealized gains (losses) on investments

      1.20        (1.02 )       0.41        1.56        0.62  
    
  
  
  
  

Total from investment operations

      1.39        (0.82 )       0.57        1.53        0.73  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.20 )       (0.16 )       (0.19 )       (0.11 )       (0.11 ) 

Dividends from net realized gains

      (0.31 )       (0.21 )       (0.18 )       (0.22 )       —  
    
  
  
  
  

Total distributions

      (0.51 )       (0.37 )       (0.37 )       (0.33 )       (0.11 ) 
    
  
  
  
  

Net asset value, end of year

      $11.34        $10.46        $11.65        $11.45        $10.25  
    
  
  
  
  

Total return

      13.54%        (7.11)%        5.04%        15.00%        7.68%3  

Supplemental data and ratios:

                                             

Net assets, end of year

      $13,176,782        $10,968,769        $7,737,997        $3,534,178        $884,658  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      0.42%        0.43%        0.41%        0.40%        0.42%8  

After expense reimbursement (recapture) and securities lending credit7

      0.32%        0.31%        0.34%        0.36%        0.40%8  

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.64%        1.67%        1.63%        1.42%        1.84%8  

After expense reimbursement (recapture) and securities lending credit

      1.74%        1.79%        1.70%        1.46%        1.86%8  

Portfolio turnover rate

      42.81%        84.98%        11.96%        30.35%        18.44%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     Not 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     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.42%        0.43%        0.41%        0.40%        0.42%8  

7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.32%        0.31%        0.34%        0.36%        0.40%8  

8      Annualized.

9     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.

 

139

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Growth Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $10.42        $11.62        $11.43        $10.26        $9.46  

Income from investment operations:

                                             

Net investment income

      0.12 1       0.13 1       0.12        0.07        0.07  

Net realized and unrealized gains (losses) on investments

      1.20        (1.02 )       0.38        1.38        0.80  
    
  
  
  
  

Total from investment operations

      1.32        (0.89 )       0.50        1.45        0.87  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.14 )       (0.10 )       (0.13 )       (0.06 )       (0.07 ) 

Dividends from net realized gains

      (0.31 )       (0.21 )       (0.18 )       (0.22 )       —  
    
  
  
  
  

Total distributions

      (0.45 )       (0.31 )       (0.31 )       (0.28 )       (0.07 ) 
    
  
  
  
  

Net asset value, end of year

      $11.29        $10.42        $11.62        $11.43        $10.26  
    
  
  
  
  

Total return

      12.91%        (7.67)%        4.47%        14.20%        9.30%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $551,141,139        $383,423,651        $259,838,374        $288,401,436        $248,122,395  

Ratio of expenses to average net assets2,3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      1.01%        1.02%        1.00%        1.00%        1.04%  

After expense reimbursement (recapture) and securities lending credit5

      0.92%        0.91%        0.95%        1.00%        1.00%  

Ratio of net investment income to average net assets6

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.99%        1.05%        0.94%        0.61%        0.76%  

After expense reimbursement (recapture) and securities lending credit

      1.08%        1.16%        0.99%        0.61%        0.80%  

Portfolio turnover rate

      42.81%        84.98%        11.96%        30.35%        18.44%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.01%        1.02%        1.00%        1.00%        1.04%  

5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.92%        0.91%        0.95%        1.00%        1.00%  

6     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.

 

140

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Conservative Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      September 13, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.51        $11.26        $11.39        $10.43        $9.98  

Income from investment operations:

                                             

Net investment income

      0.19 2       0.16 2       0.26        0.18        0.14  

Net realized and unrealized gains (losses) on investments

      0.35        (0.89 )       0.41        0.98        0.48  
    
  
  
  
  

Total from investment operations

      0.54        (0.73 )       0.67        1.16        0.62  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      —        (0.14 )       (0.25 )       (0.14 )       (0.14 ) 

Dividends from net realized gains

      (0.95 )       (0.88 )       (0.55 )       (0.06 )       (0.03 ) 
    
  
  
  
  

Total distributions

      (0.95 )       (1.02 )       (0.80 )       (0.20 )       (0.17 ) 
    
  
  
  
  

Net asset value, end of year

      $9.10        $9.51        $11.26        $11.39        $10.43  
    
  
  
  
  

Total return

      6.09%        (6.65)%        6.01%        11.13%        6.29% 3 

Supplemental data and ratios:

                                             

Net assets, end of year

      $4,966,270        $4,220,428        $6,173,168        $2,680,327        $879,348  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      0.51%        0.47%        0.42%        0.43%        0.43% 8 

After expense reimbursement (recapture) and securities lending credit7

      0.30%        0.37%        0.37%        0.38%        0.38% 8 

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.78%        1.39%        1.96%        1.42%        2.10% 8 

After expense reimbursement (recapture) and securities lending credit

      1.99%        1.49%        2.01%        1.47%        2.15% 8 

Portfolio turnover rate

      44.43%        130.77%        38.36%        69.17%        67.22%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     Not 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     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.51%        0.47%        0.42%        0.43%        0.43%9  

7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.30%        0.37%        0.37%        0.38%        0.38%9  

8      Annualized.

9     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.

 

141

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Conservative Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.53        $11.29        $11.39        $10.44        $9.76  

Income from investment operations:

                                             

Net investment income

      0.12 1       0.09 1       0.15        0.08        0.09  

Net realized and unrealized gains (losses) on investments

      0.36        (0.89 )       0.46        1.01        0.71  
    
  
  
  
  

Total from investment operations

      0.48        (0.80 )       0.61        1.09        0.80  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      —        (0.08 )       (0.16 )       (0.08 )       (0.09 ) 

Dividends from net realized gains

      (0.95 )       (0.88 )       (0.55 )       (0.06 )       (0.03 ) 
    
  
  
  
  

Total distributions

      (0.95 )       (0.96 )       (0.71 )       (0.14 )       (0.12 ) 
    
  
  
  
  

Net asset value, end of year

      $9.06        $9.53        $11.29        $11.39        $10.44  
    
  
  
  
  

Total return

      5.44%        (7.18)%        5.42%        10.40%        8.25%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $110,985,447        $51,768,546        $174,138,417        $195,498,995        $228,905,423  

Ratio of expenses to average net assets2,3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      1.10%        1.05%        1.01%        1.02%        1.05%  

After expense reimbursement (recapture) and securities lending credit5

      0.89%        0.99%        1.00%        1.00%        1.00%  

Ratio of net investment income to average net assets6

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.10%        0.79%        1.17%        0.67%        0.94%  

After expense reimbursement (recapture) and securities lending credit

      1.31%        0.85%        1.18%        0.69%        0.99%  

Portfolio turnover rate

      44.43%        130.77%        38.36%        69.17%        67.22%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.10%        1.05%        1.01%        1.02%        1.05%  

5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.89%        0.99%        1.00%        1.00%        1.00%  

6     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.

 

142

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Tactical Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      September 13, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.38        $10.34        $10.80        $10.25        $9.75  

Income from investment operations:

                                             

Net investment income

      0.18 2       0.13 2       0.17        0.07        0.13  

Net realized and unrealized gains on investments

      0.81        (0.97 )       0.21        0.75        0.55  
    
  
  
  
  

Total from investment operations

      0.99        (0.84 )       0.38        0.82        0.68  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.12 )       (0.02 )       (0.20 )       (0.09 )       (0.14 ) 

Dividends from net realized gains

      —        (0.10 )       (0.64 )       (0.18 )       (0.04 ) 
    
  
  
  
  

Total distributions

      (0.12 )       (0.12 )       (0.84 )       (0.27 )       (0.18 ) 
    
  
  
  
  

Net asset value, end of year

      $10.25        $9.38        $10.34        $10.80        $10.25  
    
  
  
  
  

Total return

      10.63%        (8.18)%        3.63%        8.01%        7.11%3  

Supplemental data and ratios:

                                             

Net assets, end of year

      $3,767,220        $5,005,303        $5,977,217        $1,496,066        $810,333  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      0.53%        0.51%        0.51%        0.51%        0.52%8  

After expense reimbursement (recapture) and securities lending credit7

      0.40%        0.41%        0.36%        0.46%        0.46%8  

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.69%        1.20%        2.01%        1.14%        1.89%8  

After expense reimbursement (recapture) and securities lending credit

      1.82%        1.30%        2.16%        1.19%        1.95%8  

Portfolio turnover rate

      336.50%        348.05%        214.84%        244.90%        195.89%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     Not 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     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.53%        0.51%        0.51%        0.51%        0.52%8  

7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.40%        0.41%        0.36%        0.46%        0.46%8  

8     Annualized.

9     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.

 

143

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Tactical Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.32        $10.32        $10.79        $10.27        $9.54  

Income from investment operations:

                                             

Net investment income

      0.11 1       0.07 1       0.15        0.05        0.09  

Net realized and unrealized gains (losses) on investments

      0.82        (0.97 )       0.17        0.70        0.78  
    
  
  
  
  

Total from investment operations

      0.93        (0.90 )       0.32        0.75        0.87  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.10 )       — *       (0.15 )       (0.05 )       (0.10 ) 

Dividends from net realized gains

      —        (0.10 )       (0.64 )       (0.18 )       (0.04 ) 
    
  
  
  
  

Total distributions

      (0.10 )       (0.10 )       (0.79 )       (0.23 )       (0.14 ) 
    
  
  
  
  

Net asset value, end of year

      $10.15        $9.32        $10.32        $10.79        $10.27  
    
  
  
  
  

Total return

      10.05%        (8.74)%        3.08%        7.27%        9.15%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $304,159,564        $393,657,458        $480,492,438        $377,469,190        $310,316,243  

Ratio of expenses to average net assets2,3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      1.12%        1.11%        1.10%        1.10%        1.15%  

After expense reimbursement (recapture) and securities lending credit5

      1.00%        1.01%        0.97%        1.10%        1.10%  

Ratio of net investment income to average net assets6

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.07%        0.62%        1.30%        0.51%        0.90%  

After expense reimbursement (recapture) and securities lending credit

      1.19%        0.72%        1.43%        0.51%        0.95%  

Portfolio turnover rate

      336.50%        348.05%        214.84%        244.90%        195.89%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.12%        1.11%        1.10%        1.10%        1.15%  

5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.00%        1.01%        0.97%        1.10%        1.10%  

6      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.

*    Amount represents less than $0.01 per share.

       

     

 

See notes to financial statements.

 

144

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

    Absolute Return Allocation Fund
  
    Institutional
  
    Year Ended
March 31,
2017
     Year Ended
March 31,
2016
     Year Ended
March 31,
2015
     Year Ended
March 31,
2014
     September 13, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                        

Net asset value, beginning of year

     $9.80       $10.02       $10.00       $10.16       $10.19  

Income from investment operations:

                                        

Net investment income

     0.37 2      0.26 2      0.40       0.41       0.18  

Net realized and unrealized gains (losses) on investments

     0.52       (0.21 )      (0.10 )3      (0.31 )      (0.02 ) 
   
 
 
 
 

Total from investment operations

     0.89       0.05       0.30       0.10       0.16  
   
 
 
 
 

Less distributions:

                                        

Dividends from net investment income

     (0.40 )      (0.27 )      (0.28 )      (0.26 )      (0.18 ) 

Dividends from net realized gains

     —       —       —       —       (0.01 ) 
   
 
 
 
 

Total distributions

     (0.40 )      (0.27 )      (0.28 )      (0.26 )      (0.19 ) 
   
 
 
 
 

Net asset value, end of year

     $10.29       $9.80       $10.02       $10.00       $10.16  
   
 
 
 
 

Total return

     9.14%       0.56%       3.05%       1.08%       1.53%4  

Supplemental data and ratios:

                                        

Net assets, end of year

     $921,609       $1,107,629       $2,673,347       $1,014,889       $569,773  

Ratio of expenses to average net assets5,6

                                        

Before expense reimbursement (recapture) and securities lending credit7

     0.58%       0.53%       0.51%       0.51%       0.51%9  

After expense reimbursement (recapture) and securities lending credit8

     0.50%       0.39%       0.34%       0.36%       0.47%9  

Ratio of net investment income to average net assets10

                                        

Before expense reimbursement (recapture) and securities lending credit

     3.58%       2.49%       2.64%       2.24%       2.59%9  

After expense reimbursement (recapture) and securities lending credit

     3.66%       2.63%       2.81%       2.39%       2.63%9  

Portfolio turnover rate

     41.66%       200.13%       91.93%       134.44%       64.86%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     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.

4     Not annualized.

5      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

6     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

       

7     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.58%       0.53%       0.51%       0.51%       0.51%9  

8     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

     0.50%       0.39%       0.34%       0.36%       0.47%9  
9   

Annualized.

10   

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.

 

145

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Absolute Return Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      Year Ended
March 31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.81        $10.04        $10.01        $10.17        $10.04  

Income from investment operations:

                                             

Net investment income

      0.30 1       0.20 1       0.23        0.19        0.14  

Net realized and unrealized gains (losses) on investments

      0.53        (0.22 )       0.02        (0.15 )       0.13  
    
  
  
  
  

Total from investment operations

      0.83        (0.02 )       0.25        0.04        0.27  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.32 )       (0.21 )       (0.22 )       (0.20 )       (0.13 ) 

Dividends from net realized gains

      —        —        —        —        (0.01 ) 
    
  
  
  
  

Total distributions

      (0.32 )       (0.21 )       (0.22 )       (0.20 )       (0.14 ) 
    
  
  
  
  

Net asset value, end of year

      $10.32        $9.81        $10.04        $10.01        $10.17  
    
  
  
  
  

Total return

      8.54%        (0.19)%        2.47%        0.43%        2.71%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $128,948,108        $145,830,207        $366,970,865        $449,186,398        $509,704,884  

Ratio of expenses to average net assets2,3

                                             

Before expense reimbursement (recapture) and securities lending credit4

      1.18%        1.13%        1.11%        1.10%        1.13%  

After expense reimbursement (recapture) and securities lending credit5

      1.10%        0.99%        0.93%        1.00%        1.10%  

Ratio of net investment income to average net assets6

                                             

Before expense reimbursement (recapture) and securities lending credit

      2.91%        1.92%        1.92%        1.64%        1.80%  

After expense reimbursement (recapture) and securities lending credit

      2.99%        2.06%        2.10%        1.74%        1.83%  

Portfolio turnover rate

      41.66%        200.13%        91.93%        134.44%        64.86%  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Net investment income per share has been calculated based on average shares outstanding during the year.

2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

4    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.18%        1.13%        1.11%        1.10%        1.13%  

5    After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.10%        0.99%        0.93%        1.00%        1.10%  
6   

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.

 

146

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Multi-Asset Income Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      August 31, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.94        $10.62        $10.76        $10.58        $10.00  

Income from investment operations:

                                             

Net investment income

      0.29 2       0.34 2       0.36        0.38        0.22  

Net realized and unrealized gains (losses) on investments

      0.52        (0.61 )       (0.05 )       0.21        0.53  
    
  
  
  
  

Total from investment operations

      0.81        (0.27 )       0.31        0.59        0.75  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.29 )       (0.37 )       (0.38 )       (0.40 )       (0.17 ) 

Dividends from net realized gains

      —        (0.04 )       (0.07 )       (0.01 )       —  
    
  
  
  
  

Total distributions

      (0.29 )       (0.41 )       (0.45 )       (0.41 )       (0.17 ) 
    
  
  
  
  

Net asset value, end of year

      $10.46        $9.94        $10.62        $10.76        $10.58  
    
  
  
  
  

Total return

      8.24%        (2.49)%        3.01%        5.63%        7.55%3  

Supplemental data and ratios:

                                             

Net assets, end of year

      $119,817,129        $106,901,424        $140,497,937        $115,477,776        $73,269,622  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      1.17%        1.17%        1.14%        1.18%        1.33%8  

After expense reimbursement (recapture) and securities lending credit7

      0.97%        0.96%        0.88%        0.88%        1.10%8  

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      2.66%        3.15%        3.23%        3.66%        3.66%8  

After expense reimbursement (recapture) and securities lending credit

      2.86%        3.36%        3.49%        3.96%        3.89%8  

Portfolio turnover rate

      61.25%        145.43%        66.76%        100.40%        21.35%3  

1      Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3      Not 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      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.17%        1.17%        1.14%        1.18%        1.33%8  

7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.97%        0.96%        0.88%        0.88%        1.10%8  
8   

Annualized.

9   

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.

 

147

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Flexible Income Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      September 13, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.62        $9.76        $9.65        $10.00        $10.01  

Income from investment operations:

                                             

Net investment income

      0.24 2       0.18 2       0.25        0.19        0.13  

Net realized and unrealized gains (losses) on investments

      0.07        (0.11 )       0.11        (0.27 )       (0.04 ) 
    
  
  
  
  

Total from investment operations

      0.31        0.07        0.36        (0.08 )       0.09  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.26 )       (0.21 )       (0.25 )       (0.24 )       (0.10 ) 

Dividends from net realized gains

      —        —        —        (0.03 )       — * 
    
  
  
  
  

Total distributions

      (0.26 )       (0.21 )       (0.25 )       (0.27 )       (0.10 ) 
    
  
  
  
  

Net asset value, end of year

      $9.67        $9.62        $9.76        $9.65        $10.00  
    
  
  
  
  

Total return

      3.23%        0.70%        3.75%        (0.83)%        0.88%3  

Supplemental data and ratios:

                                             

Net assets, end of year

      $52,492        $49,872        $2,257,327        $960,185        $503,918  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      0.50%        0.44%        0.42%        0.41%        0.50%8  

After expense reimbursement (recapture) and securities lending credit7

      0.37%        0.36%        0.31%        0.32%        0.43%8  

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      2.32%        1.76%        2.66%        1.98%        2.44%8  

After expense reimbursement (recapture) and securities lending credit

      2.45%        1.84%        2.77%        2.07%        2.51%8  

Portfolio turnover rate

      114.68%        147.81%        22.67%        67.82%        18.75%3  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     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     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.50%        0.44%        0.42%        0.41%        0.50%8  

7    After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.37%        0.36%        0.31%        0.32%        0.43%8  
8   

Not annualized.

9   

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.

*   Amount represents less than $0.01 per share.

 

See notes to financial statements.

 

148

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Flexible Income Allocation Fund
  
     Service
  
     Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
      Year Ended
March 31,
2014
      August 31, 20121
Through
March  31,
2013
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.55        $9.77        $9.64        $9.98        $10.00  

Income from investment operations:

                                             

Net investment income

      0.18 2       0.14 2       0.19        0.15        0.10  

Net realized and unrealized gains (losses) on investments

      0.08        (0.21 )       0.13        (0.30 )       (0.04 ) 
    
  
  
  
  

Total from investment operations

      0.26        (0.07 )       0.32        (0.15 )       0.06  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.20 )       (0.15 )       (0.19 )       (0.16 )       (0.08 ) 

Dividends from net realized gains

      —        —        —        (0.03 )       — * 
    
  
  
  
  

Total distributions

      (0.20 )       (0.15 )       (0.19 )       (0.19 )       (0.08 ) 
    
  
  
  
  

Net asset value, end of year

      $9.61        $9.55        $9.77        $9.64        $9.98  
    
  
  
  
  

Total return

      2.73%        (0.75)%        3.32%        (1.47)%        0.59%3  

Supplemental data and ratios:

                                             

Net assets, end of year

      $99,575,144        $114,740,157        $143,904,504        $213,499,393        $227,815,865  

Ratio of expenses to average net assets4,5

                                             

Before expense reimbursement (recapture) and securities lending credit6

      1.09%        1.04%        1.02%        1.01%        1.09%8  

After expense reimbursement (recapture) and securities lending credit7

      0.91%        0.93%        0.92%        0.92%        1.03%8  

Ratio of net investment income to average net assets9

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.72%        1.32%        1.72%        1.40%        1.78%8  

After expense reimbursement (recapture) and securities lending credit

      1.90%        1.43%        1.82%        1.49%        1.84%8  

Portfolio turnover rate

      114.68%        147.81%        22.67%        67.82%        18.75%3  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment income per share has been calculated based on average shares outstanding during the year.

3     Not 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     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

 

       

       

       

       

       

6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.09%        1.04%        1.02%        1.01%        1.09%8  

7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      0.91%        0.93%        0.92%        0.92%        1.03%8  
8   

Annualized.

9   

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.

*   Amount represents less than $0.01 per share.

 

See notes to financial statements.

 

149

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Managed Futures Strategy Fund (Consolidated)
  
     Institutional
      Service
  
     Year Ended
March 31,
2017
      January 19, 20161
Through
March  31,
2016
      Year Ended
March 31,
2017
      January 19, 20161
Through
March  31,
2016
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                    

Net asset value, beginning of year

      9.75        $10.00        9.73        $10.00  

Income from investment operations:

                                    

Net investment loss

      (0.06 )2       (0.02 )2       (0.11 )2       (0.03 )2 

Net realized and unrealized losses on investments

      (0.83 )       (0.23 )       (0.82 )       (0.24 ) 
    
  
  
  

Total from investment operations

      (0.89 )       (0.25 )       (0.93 )       (0.27 ) 
    
  
  
  

Less distributions:

                                    

Dividends from net investment income

      —        —        —        —  

Dividends from net realized gains

      (0.16 )       —        (0.16 )       —  
    
  
  
  

Total distributions

      (0.16 )       —        (0.16 )       —  
    
  
  
  

Net asset value, end of year

      8.70        9.75        8.64        9.73  
    
  
  
  

Total return

      (9.17)%        (2.50)%3        (9.70)%        (2.70)%3  

Supplemental data and ratios:

                                    

Net assets, end of year

      $1,478,880        $4,338,706        $81,212,945        $183,020,093  

Ratio of expenses to average net assets

                                    

Before expense reimbursement (recapture) and securities lending credit4

      1.37%        1.61%6        1.97%        2.20%6  

After expense reimbursement (recapture) and securities lending credit5

      1.34%        1.30%6        1.94%        1.90%6  

Ratio of net investment loss to average net assets

                                    

Before expense reimbursement (recapture) and securities lending credit

      (0.69)%        (1.12)%6        (1.27)%        (1.71)%6  

After expense reimbursement (recapture) and securities lending credit

      (0.66)%        (0.81)%6        (1.24)%        (1.41)%6  

Portfolio turnover rate

      0.00%        0.00%3        0.00%        0.00%3  

 

Portfolio Turnover is calculated for the Fund as a whole.

1     Commencement of operations.

2     Net investment loss per share has been calculated based on average shares outstanding during the year.

3     Not annualized.

 

       

       

       

4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.33%        1.61%6        1.93%        2.20%6  

5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.

      1.30%        1.30%6        1.90%        1.90%6  
6   

Annualized.

 

See notes to financial statements.

 

150

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2017

 

1.   Organization

GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trusts 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 8 funds: GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund and GuidePath® Managed Futures Strategy Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. 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® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark® Opportunistic Equity Fund and GuideMark® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. Each Fund offers two classes of shares: Service Shares and Institutional Shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

 

2.   Fund of Funds

The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund each operate as a “Fund of Funds,” investing primarily in registered mutual funds, including exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain

markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

 

3.   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 principles (“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, which approximates fair value.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves.

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”).

 

 

151

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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 Funds’ own assumptions in determining the fair value of investments).

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, collateralized mortgage obligations, convertible obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts and swaps.

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 and swaps 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 March 31, 2017:

GuideMark® Large Cap Core Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stocks

    $ 192,924,615      $ —      $ —      $ 192,924,615  

Investment Companies

      3,221,451        —        —        3,221,451  

Real Estate Investment Trusts

      5,264,332        —        —        5,264,332  

Short Term Investments

      1,373,130        —        —        1,373,130  

Investments Purchased as Securities Lending Collateral*

      —        —        —        49,865,866  
    
  
  
  

Total Investments in Securities

    $ 202,783,528      $ —      $ —      $ 252,649,394  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

 

152

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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

                                    

Consumer Discretionary

    $ 2,275,010      $ 7,856,810      $ —      $ 10,131,820  

Consumer Staples

      4,558,377        5,333,516        —        9,891,893  

Energy

      1,414,112        6,495,610        —        7,909,722  

Financials

      4,375,114        14,829,834        —        19,204,948  

Health Care

      117,286        996,361        —        1,113,647  

Industrials

      793,464        3,614,574        —        4,408,038  

Information Technology

      5,752,777        19,833,298        —        25,586,075  

Materials

      2,573,002        3,152,516        —        5,725,518  

Real Estate

      —        2,052,147        —        2,052,147  

Telecommunication Services

      1,566,276        5,794,356        —        7,360,632  

Utilities

      1,758,559        616,150        —        2,374,709  
    
  
  
  

Total Common Stocks

      25,183,977        70,575,172        —        95,759,149  

Preferred Stocks

                                    

Consumer Staples

      —        622,981        —        622,981  

Energy

      453,952        —        —        453,952  

Financials

      1,805,985        —        —        1,805,985  

Information Technology

      —        694,709        —        694,709  

Materials

      707,481        276,644        —        984,125  

Utilities

      1,065,377        —        —        1,065,377  
    
  
  
  

Total Preferred Stocks

      4,032,795        1,594,334        —        5,627,129  

Investment Companies

      14,698,591        —        —        14,698,591  

Real Estate Investment Trusts

      114,390        —        —        114,390  

Short Term Investments

      6,930,284        —        —        6,930,284  

Investments Purchased as Securities Lending Collateral*

      —        —        —        838,995  
    
  
  
  

Total Investments in Securities

    $ 50,960,037      $ 72,169,506      $ —      $ 123,968,538  
    
  
  
  

Other Financial Instruments**

                                    

Forward Currency Contracts

    $ —      $ (1,885 )     $ —      $ (1,885 ) 

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
  **   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forwards. Forwards are reflected as the unrealized appreciation (depreciation) on the instrument.

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

    $ 1,662,109  

Transfers out of Level 1

      (1,013,754 ) 
    

Net Transfers into/(out of) Level 1

    $ 648,355  
    

Transfers into Level 2

    $ 1,013,754  

Transfers out of Level 2

      (1,662,109 ) 
    

Net Transfers into/(out of) Level 2

    $ (648,355 ) 
    

Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.

 

153

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

    Rights
  

Balance as of April 1, 2016

    $ 0  

Purchases

      —  

Sales proceeds and paydowns

      0  

Accreted discounts, net

      —  

Realized gain (loss)

      0  

Change in unrealized appreciation (depreciation)

      —  

Transfers into/(out of) Level 3

      —  
    

Balance as of March 31, 2017

    $ —  
    

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at March 31, 2017.

    $ —  
    

GuideMark® Small/Mid Cap Core Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Equity

                                    

Common Stock

    $ 101,173,868      $ —      $ 0      $ 101,173,868  

Investment Companies

      3,629,903        —        —        3,629,903  

Real Estate Investment Trusts

      9,257,263        —        —        9,257,263  
    
  
  
  

Total Equity

      114,061,034        —        0        114,061,034  

Fixed Income

                                    

Corporate Obligations

      —        4,988        —        4,988  
    
  
  
  

Total Fixed Income

      —        4,988        —        4,988  

Rights

      —        —        0        0  

Short Term Investments

      1,276,523        —        —        1,276,523  

Investments Purchased as Securities Lending Collateral*

      —        —        —        32,709,937  
    
  
  
  

Total Investments in Securities

    $ 115,337,557      $ 4,988      $ —      $ 148,052,482  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

    Common Stocks
      Rights
      Real Estate
Investment Trusts
  

Balance as of April 1, 2016

    $ —      $ 0      $ 0  

Purchases

      0        0        —  

Sales proceeds and paydowns

      —        —        (14,130 ) 

Accreted discounts, net

      —        —        —  

Realized gain (loss)

      —        —        (61,709 ) 

Change in unrealized appreciation (depreciation)

      —        —        75,839  

Transfers into/(out of) Level 3

      —        —        —  
    
  
  

Balance as of March 31, 2017

    $ 0      $ 0      $ —  
    
  
  

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2017.

    $ —      $ —      $ —  
    
  
  

 

154

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

GuideMark® World ex-US Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stocks

                                    

Consumer Discretionary

    $ 1,388,475      $ 28,206,464      $ —      $ 29,594,939  

Consumer Staples

      3,086,257        22,064,276        —        25,150,533  

Energy

      1,684,267        6,242,140        —        7,926,407  

Financials

      6,102,815        31,949,889        —        38,052,704  

Health Care

      749,457        15,852,501        —        16,601,958  

Industrials

      811,467        24,731,978        —        25,543,445  

Information Technology

      1,074,345        12,473,654        —        13,547,999  

Materials

      947,335        14,414,384        —        15,361,719  

Real Estate

      —        1,064,265        —        1,064,265  

Telecommunication Services

      171,273        4,367,305        —        4,538,578  

Utilities

      57,861        3,520,218        —        3,578,079  
    
  
  
  

Total Common Stocks

      16,073,552        164,887,074        —        180,960,626  

Investment Companies

      3,455,741        —        —        3,455,741  

Participatory Notes

      —        106,197        —        106,197  

Preferred Stocks

                                    

Consumer Discretionary

      —        59,478        —        59,478  

Consumer Staples

      —        188,931        —        188,931  

Materials

      —        509,487        —        509,487  
    
  
  
  

Total Preferred Stocks

      —        757,896        —        757,896  

Real Estate Investment Trusts

      72,653        570,964        —        643,617  

Short Term Investments

      760,253        —        —        760,253  

Investments Purchased as Securities Lending Collateral*

      —        —        —        2,977,876  
    
  
  
  

Total Investments in Securities

    $ 20,362,199      $ 166,322,131      $ —      $ 189,662,206  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

    $ 822,469  

Transfers out of Level 1

      (229,631 ) 
    

Net Transfers into/(out of) Level 1

    $ 592,838  
    

Transfers into Level 2

    $ 229,631  

Transfers out of Level 2

      (822,469 ) 
    

Net Transfers into/(out of) Level 2

    $ (592,838 ) 
    

Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.

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

    $ 62,938,658      $ —      $ —      $ 62,938,658  

Real Estate Investment Trusts

      956,613        —        —        956,613  

Short Term Investments

      2,228,609        —        —        2,228,609  

Investments Purchased as Securities Lending Collateral*

      —        —        —        19,335,822  
    
  
  
  

Total Investments in Securities

    $ 66,123,880      $ —      $ —      $ 85,459,702  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

 

155

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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® Core Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Fixed Income

                                    

Asset Backed Securities

    $ —      $ 14,924,446      $ —      $ 14,924,446  

Collateralized Mortgage Obligations

      —        6,701,851        —        6,701,851  

Corporate Obligations

      —        56,178,993        —        56,178,993  

Foreign Government Debt Obligations

      —        1,385,430        —        1,385,430  

Mortgage Backed Securities – U.S. Government Agency

      —        45,919,655        —        45,919,655  

Municipal Debt Obligations

      —        705,657        —        705,657  

U.S. Treasury Obligations

      —        26,038,157        —        26,038,157  
    
  
  
  

Total Fixed Income

      —        151,854,189        —        151,854,189  

Short Term Investments

      5,098,863        —        —        5,098,863  

Investments Purchased as Securities Lending Collateral*

      —        —        —        7,147,649  
    
  
  
  

Total Investments in Securities

    $ 5,098,863      $ 151,854,189      $ —      $ 164,100,701  
    
  
  
  

Other Financial Instruments**

                                    

Futures

    $ 20,337      $ —      $ —      $ 20,337  

Swaps

      —        235,441        —        235,441  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

 

  **   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

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® Tax-Exempt Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Municipal Debt Obligations

    $ —      $ 29,745,250      $ —      $ 29,745,250  

Short Term Investments

      559,642        —        —        559,642  
    
  
  
  

Total Investments in Securities

    $ 559,642      $ 29,745,250      $ —      $ 30,304,892  
    
  
  
  

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® Opportunistic Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Equity

                                    

Common Stock

    $ —      $ 4,486      $ 0      $ 4,486  

Preferred Stock

      —        12,138        —        12,138  
    
  
  
  

Total Equity

      —      $ 16,624        —        16,624  

Fixed Income

                                    

Collateralized Mortgage Obligations

      —        12,333,409        —        12,333,409  

Convertible Obligations

      —        833,633        —        833,633  

Corporate Obligations

      —        376,313        —        376,313  

Foreign Government Obligations

      —        31,474,267        —        31,474,267  

Mortgage Backed Securities – U.S. Government Agency

      —        8,372,095        —        8,372,095  
    
  
  
  

Total Fixed Income

      —        53,389,717        —        53,389,717  

Warrants

      —        —        0        0  

Short Term Investments

      5,547,102        1,818,126        —        7,365,228  
    
  
  
  

Total Investments in Securities

    $ 5,547,102      $ 55,224,467      $ 0      $ 60,771,569  
    
  
  
  

Other Financial Instruments*

                                    

Forward Currency Contracts

    $ —      $ 961,611      $ —      $ 961,611  

Swaps

      —        (1,151,405 )       —        (1,151,405 ) 

 

  *   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

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.

 

156

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

Level 3 Reconciliation Disclosure

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

    Common Stocks
      Warrants
  

Balance as of April 1, 2016

    $ —      $ —  

Purchases

      0        0  

Sales proceeds and paydowns

      —        —  

Accreted discounts, net

      —        —  

Realized gain (loss)

      —        —  

Change in unrealized appreciation (depreciation)

      —        —  

Transfers into/(out of) Level 3

      —        —  
    
  

Balance as of March 31, 2017

    $ 0      $ 0  
    
  

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2017.

    $ —      $ —  
    
  

GuidePath® Growth Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 557,395,398      $ —      $ —      $ 557,395,398  

Short Term Investments

      6,552,272        —        —        6,552,272  

Investments Purchased as Securities Lending Collateral*

      —        —        —        91,758,279  
    
  
  
  

Total Investments in Securities

    $ 563,947,670      $ —      $ —      $ 655,705,949  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

GuidePath® Conservative Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 114,478,850      $ —      $ —      $ 114,478,850  

Short Term Investments

      1,263,400        —        —        1,263,400  

Investments Purchased as Securities Lending Collateral*

      —        —        —        32,173,173  
    
  
  
  

Total Investments in Securities

    $ 115,742,250      $ —      $ —      $ 147,915,423  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

GuidePath® Tactical Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 304,539,015      $ —      $ —      $ 304,539,015  

Short Term Investments

      3,594,112        —        —        3,594,112  

Investments Purchased as Securities Lending Collateral*

      —        —        —        24,291,888  
    
  
  
  

Total Investments in Securities

    $ 308,133,127      $ —      $ —      $ 332,425,015  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

 

157

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

GuidePath® Absolute Return Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 128,344,439      $ —      $ —      $ 128,344,439  

Short Term Investments

      1,317,235        —        —        1,317,235  

Investments Purchased as Securities Lending Collateral*

      —        —        —        30,145,575  
    
  
  
  

Total Investments in Securities

    $ 129,661,674      $ —      $ —      $ 159,807,249  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

GuidePath® Multi-Asset Income Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 118,453,361      $ —      $ —      $ 118,453,361  

Short Term Investments

      1,684,665        —        —        1,684,665  

Investments Purchased as Securities Lending Collateral*

      —        —        —        19,755,971  
    
  
  
  

Total Investments in Securities

    $ 120,138,026      $ —      $ —      $ 139,893,997  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

GuidePath® Flexible Income Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 98,709,386      $ —      $ —      $ 98,709,386  

Short Term Investments

      1,001,983        —        —        1,001,983  

Investments Purchased as Securities Lending Collateral*

      —        —        —        18,216,561  
    
  
  
  

Total Investments in Securities

    $ 99,711,369      $ —      $ —      $ 117,927,930  
    
  
  
  

 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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.

GuidePath® Managed Futures Strategy Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Short Term Investments

    $ 254,234      $ 82,001,530      $ —      $ 82,255,764  
    
  
  
  

Total Investments in Securities

    $ 254,234      $ 82,001,530      $ —      $ 82,255,764  
    
  
  
  

Other Financial Instruments*

                                    

Futures

    $ (57,352 )     $ —      $ —      $ (57,352 ) 

 

  *   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures. Futures are reflected as the unrealized appreciation (depreciation) on the instrument.

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.

 

  (b)   Consolidation of Subsidiary

The GuidePath® Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath® Managed Futures Strategy Fund. The financial statements of the GuidePath®

Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies.

 

 

158

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.

 

  (c)   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 other than the below.

On May 25, 2017 the Board of Trustees approved the liquidation of the GuideMark Opportunistic Equity Fund. The Fund will be liquidated on or about July 31, 2017. Shareholders of the Fund will receive a supplement to the Prospectus dated July 31, 2016.

 

  (d)   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 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.

 

  (e)   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. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. 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, 2017, 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.

 

  (f)   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.

 

  (g)   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.

 

  (h)   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.

 

  (i)   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 4). 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.

 

  (j)   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. Withholding taxes on foreign dividends and capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable country’s tax rules and rates. 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

 

 

159

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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.

 

  (k)   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 Allocation Fund and Flexible 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 Allocation Fund and Flexible 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.

 

  (l)   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 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 Funds 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 Funds 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 Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds 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.

 

160

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

In general, the use of derivatives may increase the risk within the Funds. 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 Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds 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 Funds.

GuideMark® Emerging Markets Fund

The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies.

Balance Sheet – Values of Derivative Instruments as of March 31, 2017

 

      

Asset Derivatives

       

Liability Derivatives

  
       Statement of Assets and
Liabilities Location		      Value        Statement of Assets and
Liabilities Location		      Value  
Foreign Exchange Contracts – Forward Currency Contracts      Appreciation of forward currency contracts      $ —        Depreciation of forward currency contracts      $ 1,885  
Total             $ —               $ 1,885  

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017  
Amount of Realized Loss on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Total  
Foreign Exchange Contracts    $ (21,022 )       $ (21,022 ) 
Total    $ (21,022 )       $ (21,022 ) 

 

Change in Unrealized Depreciation on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Total  
Foreign Exchange Contracts    $ (1,885 )       $ (1,885 ) 
Total    $ (1,885 )       $ (1,885 ) 

GuideMark® World ex-US Fund

The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund was not invested in these instruments at March 31, 2017. The Fund was not invested in these instruments at March 31, 2016 and has no change in unrealized at the end of the period.

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017  
Amount of Realized gain on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Total  
Foreign Exchange Contracts    $ 13,851        $ 13,851  
Total    $ 13,851        $ 13,851  

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.

 

161

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2017

 

      

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      $ 14,179        Depreciation on swap agreements      $ —  
Interest Rate Contracts – Swaps      Appreciation on swap agreements        221,262        Depreciation on swap agreements        —  
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts        32,909        Unrealized depreciation on futures contracts        12,572  
Total             $ 268,350               $ 12,572  

 

  *   Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts.

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017  
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  
     Futures
Contracts		        Swaps        Purchased
Options*		        Written
Options		        Total  
Credit Contracts    $ —        $ (95,671 )       $ —        $ —        $ (95,671 ) 
Foreign Exchange Contracts      —          —          (317 )         (13,945 )         (14,262 ) 
Interest Rate Contracts      (27,497 )         60,019          —          —          32,522  
Total    $ (27,497 )       $ (35,652 )       $ (317 )       $ (13,945 )       $ (77,411 ) 

 

  *   Included in net realized gain (loss) on investments as reported in the Statement of Operations.

 

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  
     Futures
Contracts		        Swaps        Total  
Credit Contracts    $ —        $ 14,179        $ 14,179  
Interest Rate Contracts      8,080          226,488          234,568  
Total    $ 8,080        $ 240,667        $ 248,747  

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 forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies.

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.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2017

 

      

Asset Derivatives

       

Liability Derivatives

  
       Statement of Assets and
Liabilities Location		      Value        Statement of Assets and
Liabilities Location		      Value  
Interest Rate Contracts – Swaps      Appreciation on swap agreements      $ 52,500        Depreciation on swap agreements      $ 1,203,905  
Foreign Exchange Contracts – Forward Currency Contracts      Appreciation of forward currency contracts        1,323,677        Depreciation of forward currency contracts        362,066  
Total             $ 1,376,177               $ 1,565,971  

 

162

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017  
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Swaps        Total  
Foreign Exchange Contracts    $ (1,979,287 )       $ —        $ (1,979,287 ) 
Interest Rate Contracts      —          (582,164 )         (582,164 ) 
Total    $ (1,979,287 )       $ (582,164 )       $ (2,561,451 ) 
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Swaps        Total  
Foreign Exchange Contracts    $ 2,993,489        $ —        $ 2,993,489  
Interest Rate Contracts      —          1,401,951          1,401,951  
Total    $ 2,993,489        $ 1,401,951        $ 4,395,440  

GuidePath® Managed Futures Strategy Fund

The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2017, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2017

 

      

Asset Derivatives

       

Liability Derivatives

  
       Statement of Assets and
Liabilities Location		      Value        Statement of Assets and
Liabilities Location		      Value  
Commodity Contracts – Futures*      Unrealized appreciation on futures contracts      $ 393,627        Unrealized depreciation on futures contracts      $ 544,886  
Equity Contracts – Futures*      Unrealized appreciation on futures contracts        1,029,261        Unrealized depreciation on futures contracts        286,973  
Foreign Exchange Contracts – Futures*      Unrealized appreciation on futures contracts        45,339        Unrealized depreciation on futures contracts        372,954  
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts        170,422        Unrealized depreciation on futures contracts        491,188  
Total             $ 1,638,649               $ 1,696,001  

 

  *   Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts.

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017  
Amount of Realized Gain (Loss) on Derivatives
Recognized in Income		         Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income		  
     Futures Contracts              Futures Contracts  
Commodity Contracts    $ (8,248,030 )        Commodity Contracts    $ 1,038,759  
Equity Contracts      449,364         Equity Contracts      (886,098 ) 
Foreign Exchange Contracts      (1,826,316 )        Foreign Exchange Contracts      (1,454,408 ) 
Interest Rate Contracts      415,938         Interest Rate Contracts      (1,116,201 ) 
Total    $ (9,209,044 )        Total    $ (2,417,948 ) 

The average monthly value outstanding of written options during the year ended March 31, 2017 were as follows:

 

       GuideMark®
Emerging
Markets Fund		        GuideMark®
Core Fixed
Income Fund^		        GuideMark®
Opportunistic Fixed
Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Written Options      $             —        $ (3,244 )       $             —        $             —  

 

163

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2017 were as follows:

 

Long Positions      GuideMark®
Emerging
Markets Fund		        GuideMark®
Core Fixed
Income Fund		        GuideMark®
Opportunistic Fixed
Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Futures      $ —        $ 12,906,506        $ —        $ 739,061,719  
Forwards*      $ 105,435        $ —        $ 44,278,260        $ —  
Swaps      $ —        $ 7,932,692        $ 14,609,231        $ —  
Short Positions      GuideMark®
Emerging
Markets Fund		        GuideMark®
Core Fixed
Income Fund		        GuideMark®
Opportunistic Fixed
Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Futures      $ —        $ (9,794,448 )       $ —        $ (141,908,278 ) 
Forwards*      $ (21,699 )       $ —        $ (6,269,459 )       $ —  
Cross Currency      GuideMark®
Emerging
Markets Fund		        GuideMark®
Core Fixed
Income Fund		        GuideMark®
Opportunistic
Fixed Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Forwards*      $ —        $ —        $ 14,005,318        $ —  

 

  ^  

The GuideMark® Core Fixed Income Fund had purchased options during the year ended March 31, 2017, however due to the timing of these transactions the average monthly value for the Fund was $0. For more information about the purchased option activity of this Fund, see the Statement of Operations for this Fund.

 

  *  

The GuideMark® World ex-US Fund had forward transactions during the year ended March 31, 2017, however due to the timing of these transactions the average monthly notional amount for the Fund was $0. For more information about the forward activity of this Fund, see the Statement of Operations for this Fund.

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 Funds 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 Funds; the risk that there may not be a liquid secondary market for the derivative at a time when the Funds would look to disengage the position; the risk that additional capital from the Funds may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Funds may induce leverage in the Funds, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds. See note 9 for options written.

Offsetting Assets and Liabilities

GuideMark® Emerging Markets 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 March 31, 2017, 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.

 

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

                                                      

Bank of America

    $ 1,885      $             —      $ 1,885      $             —      $             —      $ 1,885  
    
  
  
  
  
  

 

164

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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 March 31, 2017, 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

    $ 32,909      $ (12,572 )     $ 20,337      $             —      $             —      $ 20,337  

Swaps

                                                      

Morgan Stanley

      235,441        —        235,441        —        —        235,441  
    
  
  
  
  
  
     $ 268,350      $ (12,572 )     $ 255,778      $ —      $ —      $ 255,778  
    
  
  
  
  
  

 

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

    $ 12,572      $ (12,572 )     $             —      $             —      $             —      $             —  

Swaps

                                                      

Morgan Stanley

      —        —        —        —        —        —  
    
  
  
  
  
  
     $ 12,572      $ (12,572 )     $ —      $ —      $ —      $ —  
    
  
  
  
  
  

 

  *   Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Open Futures Contracts. Variation margin is presented on the Statement of Assets and Liabilities.

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.

 

165

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

The table below, as of March 31, 2017, 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.

 

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

                                                      

Bank of America

    $ 9,309      $             —      $ 9,309      $ (5,115 )     $             —      $ 4,194  

Barclays

      30,966        —        30,966        (30,966 )       —        —  

Citibank

      311,315        —        311,315        (51,446 )       —        259,869  

Deutsche Bank

      666,354        —        666,354        (15,380 )       —        650,974  

Goldman Sachs

      6,293        —        6,293        (6,293 )       —        —  

HSBC

      43,658        —        43,658        (43,658 )       —        —  

JP Morgan Chase

      255,782        —        255,782        (65,974 )       —        189,808  

Morgan Stanley

      —        —        —        —        —        —  

UBS

      —        —        —        —        —        —  

Swaps

                                                      

Citibank

      52,500        —        52,500        —        —        52,500  

JP Morgan Chase

      —        —        —        —        —        —  
    
  
  
  
  
  
     $ 1,376,177      $ —      $ 1,376,177      $ (218,832 )     $ —      $ 1,157,345  
    
  
  
  
  
  

 

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

                                                      

Bank of America

    $ 5,115      $             —      $ 5,115      $ (5,115 )     $             —      $ —  

Barclays

      48,954        —        48,954        (30,966 )       —        17,988  

Citibank

      51,446        —        51,446        (51,446 )       —        —  

Deutsche Bank

      15,380        —        15,380        (15,380 )       —        —  

Goldman Sachs

      22,143        —        22,143        (6,293 )       —        15,850  

HSBC

      152,136        —        152,136        (43,658 )       —        108,478  

JP Morgan Chase

      65,974        —        65,974        (65,974 )       —        —  

Morgan Stanley

      147        —        147        —        —        147  

UBS

      771        —        771        —        —        771  

Swaps

                                                      

Citibank

      —        —        —        —        —        —  

JP Morgan Chase

      1,203,905        —        1,203,905        —        (1,203,905 )       —  
    
  
  
  
  
  
     $ 1,565,971      $ —      $ 1,565,971      $ (218,832 )     $ (1,203,905 )     $ 143,234  
    
  
  
  
  
  

GuidePath® Managed Futures Strategy 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.

 

166

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

The table below, as of March 31, 2017, 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*

                                                      

Goldman Sachs

    $ 1,638,636      $ (1,638,636 )     $             —      $             —      $             —      $             —  
    
  
  
  
  
  
     $ 1,638,636      $ (1,638,636 )     $ —      $ —      $ —      $ —  
    
  
  
  
  
  

 

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*

                                                      

Goldman Sachs

    $ 1,695,988      $ (1,638,636 )     $ 57,352      $             —      $ (57,352 )     $             —  
    
  
  
  
  
  
     $ 1,695,988      $ (1,638,636 )     $ 57,352      $ —      $ (57,352 )     $ —  
    
  
  
  
  
  

 

  *   Includes cumulative appreciation/depreciation on futures contracts as reported in the Consolidated Schedule of Open Futures Contracts. Variation Margin is presented on the Consolidated Statement of Assets and Liabilities.

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 7 for collateral related to securities on loan.

 

  (m)   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.

 

  (n)   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.

 

  (o)   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.

 

  (p)   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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GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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.

 

  (q)   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.

 

  (r)   Trustee Compensation

Effective April 1, 2016, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I, GPS Funds II, and Savos Investments Trust, which currently consists of one fund, the Independent Trustees receive a retainer fee of $80,000 per year, $4,500 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $4,500 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. 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.

 

  (s)   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.

 

  (t)   Participatory Notes (“participation notes”)

Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock

Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of March 31, 2017.

 

4.   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

      0.45%  

Emerging Markets Fund

      0.59%  

Small/Mid Cap Core Fund

      0.57%  

World ex-US Fund

      0.50%  

Opportunistic Equity Fund

      0.80%  

Core Fixed Income Fund

      0.50%  

Tax-Exempt Fixed Income Fund

      0.50%  

Opportunistic Fixed Income Fund

      0.70%  

Growth Allocation Fund

      0.25%  

Conservative Allocation Fund

      0.25%  

Tactical Allocation Fund

      0.35%  

Absolute Return Allocation Fund

      0.35%  

Multi-Asset Income Allocation Fund

      0.35%  

Flexible Income Allocation Fund

      0.25%  

Managed Futures Strategy Fund

      1.05%  

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 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.

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

 

 

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GuideMark® Funds & GuidePath® Funds

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March 31, 2017

 

has contractually agreed to waive, through July 31, 2017, 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.

Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2017, 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 (excluding 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 daily net assets of each class of each Fund:

 

     Service
Class
      Institutional
Class
  

Large Cap Core Fund

      1.24%        0.64%  

Emerging Markets Fund

      1.65%        1.05%  

Small/Mid Cap Core Fund

      1.45%        0.85%  

World ex-US Fund

      1.39%        0.79%  

Opportunistic Equity Fund

      1.60%        1.00%  

Core Fixed Income Fund

      1.29%        0.69%  

Tax-Exempt Fixed Income Fund

      1.29%        0.69%  
     Service
Class
      Institutional
Class
  

Opportunistic Fixed Income Fund

      1.55%        0.95%  

Growth Allocation Fund

      1.00%        0.40%  

Conservative Allocation Fund

      1.00%        0.40%  

Tactical Allocation Fund

      1.10%        0.50%  

Absolute Return Allocation Fund

      1.10%        0.50%  

Multi-Asset Income Allocation Fund

      1.10%        0.50%  

Flexible Income Allocation Fund

      1.05%        0.45%  

Managed Futures Strategy Fund

      1.90%        1.30%  

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 March 31, 2017, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Conservative Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Flexible Income 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
03/31/2018
        Year of
Expiration
03/31/2019
        Year of
Expiration
03/31/2020
  

World ex-US Fund

    $ —        $ 53,461        $ 36,238  

Opportunistic Equity Fund

      —          —          6  

Core Fixed Income Fund

      —          56,910          109,659  

Tax-Exempt Fixed Income Fund

      58,715          82,292          60,304  

Opportunistic Fixed Income Fund

      186,297          242,737          175,049  

Absolute Return Allocation Fund

      —          —          11,972  

Managed Futures Strategy Fund

      —          78,883          62,978  

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.

In April, 2016 – Aquiline Capital Partners, LLC and Genstar Capital Management, LLC the parent companies of AssetMark agreed to enter into a transaction (the “Transaction”) whereby Huatai Securities Co., Ltd. would acquire AssetMark. The closing of the Transaction occurred on October 31, 2016.

 

5.   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 BrokerageTM, 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 year ended March 31, 2017.

 

6.   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. (the “Custodian”), an affiliate of USBFS. Under

 

 

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GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

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.

The Funds, excluding Opportunistic Fixed Income Fund, have established a line of credit (“LoC”) with U.S. Bank, N.A. (“USB”) to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Savos Investments Trust, which is also managed by AssetMark, is also party to the same LoC agreement. The LoC was effective August 1, 2016 and will mature, unless renewed, on July 31, 2017. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of the net market value of the unencumbered assets of a Fund, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 4% at March 31, 2017. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the GPS Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.

During the period August 1, 2016 to March 31, 2017, the details of the borrowings were as follows:

 

Fund

    Average
daily
borrowings
      Weighted
average
annualized
interest rate
     Maximum
borrowings
  

Large Cap Core Fund

    $ 65,189        3.75 %    $ 11,412,000  

Emerging Markets Fund

    $ 64,802        3.53 %    $ 750,000  

Small/Mid Cap Core Fund

    $ 741        3.75 %    $ 45,000  

World ex-US Fund

    $ 27,202        3.63 %    $ 1,718,000  

Opportunistic Equity Fund

    $ 7,687        3.50 %    $ 333,000  

Core Fixed Income Fund

    $ 29,753        3.92 %    $ 4,802,000  

Tax-Exempt Fixed Income Fund

    $ 12,152        3.83 %    $ 468,000  

Growth Allocation Fund

    $ 94,580        3.50 %    $ 12,140,000  

Conservative Allocation Fund

    $ 2,218        3.50 %    $ 402,000  

Tactical Allocation Fund

    $ 21,922        3.50 %    $ 1,674,000  

Absolute Return Allocation Fund

    $ 76,938        3.67 %    $ 2,696,000  

Multi-Asset Income Allocation Fund

    $ 16,774        3.50 %    $ 2,277,000  

Flexible Income Allocation Fund

    $ 77,794        3.72 %    $ 2,558,000  

Managed Futures Strategy Fund

    $ 0        0.00 %    $ 0  

 

7.   Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. Under the terms 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 year ended March 31, 2017, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund and Managed Futures Strategy 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

   Investment Company*
  

Large Cap Core Fund

   $ 49,865,866  

Emerging Markets Fund

     838,995  

Small/Mid Cap Core Fund

     32,709,937  

World ex-US Fund

     2,977,876  

Opportunistic Equity Fund

     19,335,822  

Core Fixed Income Fund

     7,147,649  

Tax-Exempt Fixed Income Fund

     —  

Opportunistic Fixed Income Fund

     —  

Growth Allocation Fund

     91,758,279  

Conservative Allocation Fund

     32,173,173  

Tactical Allocation Fund

     24,291,888  

Absolute Return Allocation Fund

     30,145,575  

Multi-Asset Income Allocation Fund

     19,755,971  

Flexible Income Allocation Fund

     18,216,561  

Managed Futures Strategy Fund

     —  

Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities).

   $ 329,217,592  

 

  *   Proceeds from securities lending (Investment Company collateral).
 

 

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

8.   Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2017 are summarized below.

 

     Purchases
      Sales
  

Large Cap Core Fund

    $ 214,312,144      $ 275,093,482  

Emerging Markets Fund

      68,353,979        94,143,658  

Small/Mid Cap Core Fund

      51,963,193        43,716,667  

World ex-US Fund

      111,607,839        128,573,008  

Opportunistic Equity Fund

      48,372,593        63,032,642  

Core Fixed Income Fund*

      311,175,389        377,720,203  

Tax-Exempt Fixed Income Fund

      5,506,467        22,098,042  

Opportunistic Fixed Income Fund

      20,704,455        39,551,115  
     Purchases
      Sales
  

Growth Allocation Fund

    $ 312,813,144      $ 202,393,345  

Conservative Allocation Fund

      95,835,043        40,683,703  

Tactical Allocation Fund

      1,126,719,715        1,242,687,290  

Absolute Return Allocation Fund

      54,792,426        78,533,912  

Multi-Asset Income Allocation Fund

      74,210,437        66,982,091  

Flexible Income Allocation Fund

      120,590,139        136,638,151  

Managed Futures Strategy Fund

      —        —  

 

  *   Included in these amounts were $38,587,175 of purchases and $35,484,377 of sales of U.S. Government Securities.
 

 

9.   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.

The GuidePath® Funds had the following transactions during the year ended March 31, 2017, with affiliates:

 

    Share Activity
     Year Ended March 31, 2017
  

Security Name

   Balance
March 31, 2016
     Purchases
     Sales
     Balance
March 31, 2017
     Fair
Value
     Dividends
Credited
to Income
     Amount of Gain*
(Loss) realized on
Sale of Shares
  

Growth Allocation Fund

                                                        

GuideMark® Large Cap Core Fund - Institutional Shares

     2,012,839       1,456,300       1,005,874       2,463,265     $ 39,757,095     $ 438,955     $ 1,386,098  

GuideMark® Emerging Markets Fund - Institutional Shares

     522,148       546,730       211,539       857,339       11,548,351       62,047       37,386  

GuideMark® Small/Mid Cap Core Fund - Institutional Shares

     2,444,870       1,707,750       987,309       3,165,311       58,051,795       348,444       1,017,050  

GuideMark® World ex-US Fund - Institutional Shares

     6,501,923       4,595,480       2,728,066       8,369,337       70,135,046       1,190,538       148,071  
                                   
                                    $ 179,492,287     $ 2,039,984     $ 2,588,605  
                                   

Conservative Allocation Fund

                                                        

GuideMark® Large Cap Core Fund - Institutional Shares

     98,213       157,787       74,057       181,943     $ 2,936,555     $ 29,457     $ 92,910  

GuideMark® Emerging Markets Fund - Institutional Shares

     12,959       23,545       7,880       28,624       385,572       2,592       774  

GuideMark® Small/Mid Cap Core Fund - Institutional Shares

     205,071       320,554       156,310       369,315       6,773,229       40,129       159,340  

GuideMark® World ex-US Fund - Institutional Shares

     327,752       521,590       237,868       611,474       5,124,148       84,141       (2,218 ) 
                                   
                                    $ 15,219,504     $ 156,319     $ 250,806  
                                   

Absolute Return Allocation Fund

                                                        

GuideMark® Core Fixed Income Fund - Institutional Shares

     —       713,655       96,428       617,227     $ 5,709,349     $ 118,797     $ (27,661 ) 

GuideMark® Opportunistic Fixed Income Fund - Institutional Shares

     670,635       111,038       273,602       508,071       4,811,432       216,510       (71,705 ) 
                                   
                                    $ 10,520,781     $ 335,307     $ (99,366 ) 
                                   

Multi-Asset Income Allocation Fund

                                                        

GuideMark® Core Fixed Income Fund - Institutional Shares

     130,657       262,846       94,387       299,116     $ 2,766,827     $ 66,887     $ (13,857 ) 

GuideMark® Opportunistic Fixed Income Fund - Institutional Shares

     229,279       334,228       120,197       443,310       4,198,150       100,170       2,206  
                                   
                                    $ 6,964,977     $ 167,057     $ (11,651 ) 
                                   

 

  *   Includes long-term capital gain distributions received from affiliates.

 

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

    Share Activity
     Year Ended March 31, 2017
  

Security Name

   Balance
March 31, 2016
     Purchases
     Sales
     Balance
March 31, 2017
     Fair
Value
     Dividends
Credited
to Income
     Amount of Gain
(Loss) realized on
Sale of Shares
  

Flexible Income Allocation Fund

                                                        

GuideMark® Core Fixed Income Fund - Institutional Shares

     77,671       11,622       20,378       68,915     $ 637,465     $ 19,648     $ 2,579  
                                   
                                    $ 637,465     $ 19,648     $ 2,579  
                                   

 

10.   Option Contracts Written

The premium amount and number of option contracts written during the year ended March 31, 2017 were as follows:

Core Fixed Income Fund

 

     Amount of
Premiums
      Number of
Contracts
      Notional
Amount
  

Outstanding at 3/31/16

    $ —                    —        —  

Options written

      20,569        —        8,164,000  

Options expired

      (11,432 )       —        (4,234,000 ) 

Options exercised

      —        —        —  

Options closed

      (9,137 )       —        (3,930,000 ) 
    

Outstanding at 3/31/17

    $ —        —        —  
    

No other Fund held written option contracts at any time during the year ended March 31, 2017.

 

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, capital loss carryforwards, CFC income reversal, net operating loss lost, Partnerships and paydown reclassifications. On the Statements 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

    $ 27,764        $ (27,716 )       $ (48 ) 

Emerging Markets Fund

      (38,429 )         36,003          2,426  

Small/Mid Cap Core Fund

      8,626          (8,606 )         (20 ) 

World ex-US Fund

      (45,817 )         62,652,904          (62,607,087 ) 

Opportunistic Equity Fund

      333,068          (158,272 )         (174,796 ) 

Core Fixed Income Fund

      602,371          (602,367 )         (4 ) 

Tax-Exempt Fixed Income Fund

      —          —          —  

Opportunistic Fixed Income Fund

      4,685,000          (4,685,000 )         —  

Growth Allocation Fund

      196,402          (196,355 )         (47 ) 

Conservative Allocation Fund

      (5 )         27          (22 ) 

Tactical Allocation Fund

      (26,363 )         26,399          (36 ) 

Absolute Return Allocation Fund

      8,390          579          (8,969 ) 

Multi-Asset Income Allocation Fund

      —          17          (17 ) 

Flexible Income Allocation Fund

      —          14          (14 ) 

Managed Futures Strategy Fund

      1,415,181          8,176,237          (9,591,418 ) 

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*
           
     3/31/2018
        3/31/2019
        Short Term
        Long Term
           

Large Cap Core Fund

    $ —        $             —        $             —        $             —        $ —  

Emerging Markets Fund

      91,067,928          —          —          —          (3,672,896 ) 

 

172

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

     Capital losses expiring:
        Utilized
  
                       Indefinite*
           
     3/31/2018
        3/31/2019
        Short Term
        Long Term
           

Small/Mid Cap Core Fund

    $ —        $             —        $ —        $ —        $ —  

World ex-US Fund

      139,582,037          —          15,471,584                     (1,156,555 ) 

Opportunistic Equity Fund

      —          —          —          —          —  

Core Fixed Income Fund

      —          —          —          —          —  

Tax-Exempt Fixed Income Fund

      1,729,569          —          —          —          (1,133,091 ) 

Opportunistic Fixed Income Fund

      —          —          23,108,367          3,810,898          —  

Growth Allocation Fund

      —          —          —          —          —  

Conservative Allocation Fund

      —          —          4,244,624          —          —  

Tactical Allocation Fund

      —          —          8,232,370          6,346,962          —  

Absolute Return Allocation Fund

      —          —          1,305,928          9,473,636          —  

Multi-Asset Income Allocation Fund

      —          —          611,582          5,594,420          —  

Flexible Income Allocation Fund

      —          —          1,058,977          9,108,885          —  

Managed Futures Strategy Fund

      —          —          3,290,164          926,841          —  

 

  *   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.

Additionally, at March 31, 2017, the Funds deferred on a tax basis losses as follows:

 

     Ordinary Late
Year Loss
        Capital
Loss
  

Large Cap Core Fund

    $ —        $ —  

Emerging Markets Fund

      149,819          —  

Small/Mid Cap Core Fund

      —          —  

World ex-US Fund

      —          —  

Opportunistic Equity Fund

      56,230          —  

Core Fixed Income Fund

      —          468,268  

Tax-Exempt Fixed Income Fund

      —          —  

Opportunistic Fixed Income Fund

      —          —  

Growth Allocation Fund

      —          —  

Conservative Allocation Fund

      —          —  

Tactical Allocation Fund

      —          3,827,714  

Absolute Return Allocation Fund

      —          2,285,746  

Multi-Asset Income Allocation Fund

      —          2,528,450  

Flexible Income Allocation Fund

      —          207,908  

Managed Futures Strategy Fund

      167,523          —  

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 character of distributions for tax purposes paid during the fiscal years ended March 31, 2017 and March 31, 2016 are as follows:

 

     Year Ended March 31, 2017
  
     Ordinary
Income
Distributions
      Long-Term
Capital Gain
Distributions
        Return of
Capital
  

Large Cap Core Fund

    $ 2,122,491      $ 6,227,056        $             —  

Emerging Markets Fund

      390,103        —          —  

Small/Mid Cap Core Fund

      533,692        —          —  

World ex-US Fund

      3,332,347        —          —  

Opportunistic Equity Fund

      —        2,207,160          —  

Core Fixed Income Fund

      4,025,855        —          —  

Tax-Exempt Fixed Income Fund

      1,010,639 *       —          —  

Opportunistic Fixed Income Fund

      1,964,950        —          —  

Growth Allocation Fund

      9,730,472        9,977,136          —  

Conservative Allocation Fund

      5        9,908,476          —  

Tactical Allocation Fund

      3,197,003        —          —  

Absolute Return Allocation Fund

      3,935,742        —          —  

 

173

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

     Year Ended March 31, 2017
  
     Ordinary
Income
Distributions
        Long-Term
Capital Gain
Distributions
        Return of
Capital
  

Multi-Asset Income Allocation Fund

    $ 3,068,620        $ —        $             —  

Flexible Income Allocation Fund

      2,158,726          —          —  

Managed Futures Strategy Fund

      —          1,489,705          —  

 

  *   Contains $1,008,839 of tax-exempt income for year ended 3/31/2017

 

     Year Ended March 31, 2016
  
     Ordinary
Income
Distributions
      Long-Term
Capital Gain
Distributions
        Return of
Capital
  

Large Cap Core Fund

    $ 981,309      $ 7,226,929        $             —  

Emerging Markets Fund

      1,975,997        —          —  

Small/Mid Cap Core Fund

      293,891        1,800,770          —  

World ex-US Fund

      5,839,865        —          —  

Opportunistic Equity Fund

      632,301        15,840,853          —  

Core Fixed Income Fund

      4,565,466        2,192,419          —  

Tax-Exempt Fixed Income Fund

      1,616,922 *       —          —  

Opportunistic Fixed Income Fund

      1,670,971        —          —  

Growth Allocation Fund

      2,196,042        4,302,920          —  

Conservative Allocation Fund

      1,381,571        12,682,062          —  

Tactical Allocation Fund

      658,835        3,768,696          —  

Absolute Return Allocation Fund

      7,089,483        —          —  

Multi-Asset Income Allocation Fund

      4,413,652        434,239          —  

Flexible Income Allocation Fund

      1,917,799        —          —  

Managed Futures Strategy Fund**

      —        —          —  

 

  *     Contains $1,585,965 of tax-exempt income for year ended 3/31/2016.
  **   For the period January 19, 2016 (commencement of operations) through March 31, 2016.

At March 31, 2017, 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
     Core
Fixed Income
Fund
  

Cost of Investments

      213,596,470       105,040,193       127,914,835       166,959,915       71,849,539       163,302,584  

Gross Unrealized Appreciation

      45,655,758       22,839,450       25,391,583       30,288,239       15,254,091       2,534,046  

Gross Unrealized Depreciation

      (6,602,834 )      (3,911,105 )      (5,253,936 )      (7,585,948 )      (1,643,928 )      (1,735,929 ) 
    
 
 
 
 
 

Net Unrealized Appreciation/(Depreciation)

      39,052,924       18,928,345       20,137,647       22,702,291       13,610,163       798,117  
    
 
 
 
 
 

Undistributed Tax-Exempt Ordinary Income

      —       —       —       —       —       —  

Undistributed Ordinary Income

      355,378       —       293,042       2,901,835       —       294,651  

Undistributed Long-Term Cap Gains

      5,760,693       —       1,075,826       —       882,724       349,253  
    
 
 
 
 
 

Total Distributable Earnings

      6,116,071       —       1,368,868       2,901,835       882,724       643,904  
    
 
 
 
 
 

Other Accumulated Gains/(Losses)

      —       (91,205,686 )      —       (155,105,126 )      (56,230 )      (468,259 ) 
    
 
 
 
 
 

Total Accumulated Earnings/(Losses)

      45,168,995       (72,277,341 )      21,506,515       (129,501,000 )      14,436,657       973,762  
    
 
 
 
 
 

 

174

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

 

 

     Tax-Exempt
Fixed  Income
Fund
     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
     Conservative
Allocation
Fund
     Tactical
Allocation
Fund
     Absolute Return
Allocation
Fund
  

Cost of Investments

      28,488,986       62,222,862       565,944,588       140,501,479       311,861,765       152,416,683  

Gross Unrealized Appreciation

      1,847,698       4,951,275       93,741,327       9,665,414       23,874,885       8,339,487  

Gross Unrealized Depreciation

      (31,792 )      (6,402,568 )      (3,979,966 )      (2,251,470 )      (3,311,635 )      (948,921 ) 
    
 
 
 
 
 

Net Unrealized Appreciation/(Depreciation)

      1,815,906       (1,451,293 )      89,761,361       7,413,944       20,563,250       7,390,566  
    
 
 
 
 
 

Undistributed Tax-Exempt Ordinary Income

      15,015       —       —       —       —       —  

Undistributed Ordinary Income

      2,154       12,274,176       1,948,396       1,224,770       4,024,774       634,051  

Undistributed Long-Term Cap Gains

      —       —       2,796,323       —       —       —  
    
 
 
 
 
 

Total Distributable Earnings

      17,169       12,274,176       4,744,719       1,224,770       4,024,774       634,051  
    
 
 
 
 
 

Other Accumulated Gains/(Losses)

      (1,729,569 )      (26,860,958 )      (21,489 )      (4,266,113 )      (18,428,535 )      (13,086,799 ) 
    
 
 
 
 
 

Total Accumulated Earnings/(Losses)

      103,506       (16,038,075 )      94,484,591       4,372,601       6,159,489       (5,062,182 ) 
    
 
 
 
 
 

 

                          Multi-Asset
Income
Allocation
Fund
     Flexible
Income
Allocation
Fund
     Managed
Futures Strategy
Fund
  

Cost of Investments

                                 131,219,873       116,146,584       82,237,400  

Gross Unrealized Appreciation

                                 8,814,693       2,344,852       21,582  

Gross Unrealized Depreciation

                                 (140,569 )      (563,506 )      (3,218 ) 
    
  
  
  
 
 

Net Unrealized Appreciation/(Depreciation)

                                 8,674,124       1,781,346       18,364  
    
  
  
  
 
 

Undistributed Tax-Exempt Ordinary Income

                                 —       —       —  

Undistributed Ordinary Income

                                 112,867       38,394       —  

Undistributed Long-Term Cap Gains

                                 —       —       —  
    
  
  
  
 
 

Total Distributable Earnings

                                 112,867       38,394       —  
    
  
  
  
 
 

Other Accumulated Gains/(Losses)

                                 (8,734,452 )      (10,375,770 )      (4,136,685 ) 
    
  
  
  
 
 

Total Accumulated Earnings/(Losses)

                                 52,539       (8,556,030 )      (4,118,321 ) 
    
  
  
  
 
 

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.

 

175

GuideMark® Funds & GuidePath® Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, open swap contracts, and open forward currency contracts, of GPS Funds I and GPS Funds II comprising 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, GuideMark Tax-Exempt Fixed Income Fund, GuideMark Opportunistic Fixed Income Fund, GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, and the consolidated schedules of investments and open futures contracts and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2017, and the related consolidated statement of operations for the year ended March 31, 2017, consolidated statements of changes in net assets and consolidated financial highlights for each of the two periods in the period then ended March 31, 2017, for GuidePath Managed Futures Strategy Fund, and the related statements of operations for the year ended March 31, 2017, changes in net assets for each of the two years in the period then ended March 31, 2017, and the financial highlights for each of the four years in the period then ended March 31, 2017, for the remainder of the Funds (collectively, for all Funds presented, the “financial statements”). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the period ended March 31, 2013, were audited by other auditors whose report dated May 30, 2013, expressed an unqualified opinion on those highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers or counterparties were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting GPS Funds I and GPS Funds II as of March 31, 2017, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

As discussed within Note 3 to the financial statements, on May 25, 2017, the Board of Trustees approved the liquidation of GuideMark Opportunistic Equity Fund.

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 26, 2017

 

176

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION

March 31, 2017

 

Additional Information

 

1.   Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year 2017 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

      3.65%          100.00%  

Small/Mid Cap Core Fund

      100.00%          100.00%  

World ex-US Fund

      0.69%          100.00%  

Opportunistic Equity Fund

      0.00%          0.00%  

Core Fixed Income Fund

      0.00%          0.00%  

Tax-Exempt Fixed Income Fund

      0.00%          0.00%  

Opportunistic Fixed Income Fund

      0.93%          1.12%  

Growth Allocation Fund

      10.47%          68.09%  

Conservative Allocation Fund

      0.00%          0.00%  

Tactical Allocation Fund

      26.68%          100.00%  

Absolute Return Allocation Fund

      5.05%          8.21%  

Multi-Asset Income Allocation Fund

      26.30%          52.38%  

Flexible Income Allocation Fund

      0.00%          5.84%  

Managed Futures Strategy Fund

      0.00%          0.00%  

 

2.   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, 2017. 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*
  

Emerging Markets

    $ 283,611        $ 0.0326          96.49 % 

World ex-US Fund

      363,630          0.0161          97.20 % 

Growth Allocation Fund

      141,363          0.0028          1.57 % 

Conservative Allocation Fund

      9,415          0.0007          0.00 % 

 

  *   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.

 

177

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

 

3.   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).    16    Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); 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).    16    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).    16    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/Chairman, Sitoa Global Inc. (2011-2013); Director, Wells Fargo GAI Hedge Funds (closed-end hedge funds) (2008- present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005- 2014); Director, Merriman Holdings, Inc. (financial services) (2003-2016); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007).

 

178

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

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

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 2008

    President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); and GVIT (2008-2012); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present).      16      Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Treasurer, Acalanes Booster Club (Feb 2017-present); Director, Lamorinda Soccer Club (2011-2013).

 

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); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 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 Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.
**   Each Officer of the Trusts 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.

 

4.   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.

 

5.   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.

 

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GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

 

6.   Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)

GPS FUNDS I and GPS FUNDS II:

Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

At the meeting of the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) held on December 9, 2016 (the “Meeting”), the Board considered the renewal of the investment advisory agreements between AssetMark, Inc. (the “Advisor” or “AssetMark”) and each Trust on behalf of the series of each Trust (collectively, the “Funds”) (the “Advisory Agreements”). Additionally, the Board considered the renewal of the investment sub-advisory agreements between (i) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, and GuideMark® World ex-US Fund; (ii) Wellington Management Company (“Wellington”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (iii) Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (iv) Diamond Hill Capital Management, Inc. (“Diamond Hill”) and AssetMark, on behalf of the GuideMark® Opportunistic Equity Fund; (v) Westfield Capital Management Company, L.P. (“Westfield”) and AssetMark, on behalf of the GuideMark® Opportunistic Equity Fund; (vi) Delaware Management Company (“Delaware”) and AssetMark, on behalf of the GuideMark® Tax-Exempt Fixed Income Fund; (vii) Franklin Advisers, Inc. (“Franklin Advisers”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; (viii) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; and (ix) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath® Managed Futures Strategy Fund (collectively, the “Sub-Advisory Agreements”).

Hereinafter, GSAM, Wellington, Barrow Hanley, Diamond Hill, Westfield, Delaware, Franklin, DoubleLine, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.”

The 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 the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, 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 continuance of the Advisory Agreements and the Sub-Advisory Agreements. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.

The Advisory Agreements

Materials Reviewed and the Review Process

Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds related to, among other things: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund within the Trusts; (8) reports on AssetMark’s evaluation of sub-advisors, including reports relating to the monitoring of each sub-advisors’ trading and brokerage practices; (9) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting, at other meetings of the Board and its committees and other communications throughout the year.

 

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GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the Advisory Agreements. The independent Trustees discussed the Advisory Agreements in communications prior to their meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.

Factors Considered

The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.

Nature, Quality and Extent of Services

The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Funds’ Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions.

The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.

The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.

The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Trustees concluded that it was satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.

Investment Performance

The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.

The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.

The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or add Sub-Advisors or underlying funds, to reallocate assets among Sub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.

The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.

Advisory Fees and Total Expenses

The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors, as applicable.

 

181

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.

In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds.

After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.

Profitability, Economies of Scale and Ancillary Benefits

The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.

In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.

The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by the Advisor. The Trustees concluded that these benefits were reasonable.

The Trustees considered AssetMark’s profitability in managing each Fund within the Trusts, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.

The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.

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 all of the independent Trustees, concluded to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.

The Sub-Advisory Agreements

Materials Reviewed and the Review Process

Assisted by Independent Counsel, the Trustees specifically requested and were furnished with materials for purposes of their review of each Sub-Advisory Agreement. The materials provided to the Board related to, among other things: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor’s relationship with a Fund; (6) information concerning each Sub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Fund’s portfolio; (7) information regarding each Sub-Advisor’s compliance policies and other internal procedures, including the Sub-Advisor’s brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services provided by each Sub-Advisor in response to a series of detailed questions posed by Independent on behalf of the independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub-Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub-Advisors for the Funds.

 

182

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering the renewal of the Sub-Advisory Agreements. The Trustees discussed the approval of the Sub-Advisory Agreements in communications prior to their meeting and, during the course of their meeting, in executive session with Independent Counsel at which no representatives of AssetMark or the Sub-Advisors were present.

Factors Considered

The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Sub-Advisory Agreements. In so doing, the Trustees considered AssetMark’s role as a “manager-of-managers,” which includes, among other functions, monitoring and evaluating the performance of the Sub-Advisors, recommending that any Sub-Advisor not performing as expected be replaced, and negotiating advantageous fee arrangements that could permit the Funds to realize economies of scale without compromising the quality of services. These factors and the Board’s conclusions are set forth below.

Nature, Quality and Extent of Services

The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) and AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.

The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).

The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.

Sub-Advisor Investment Performance

The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to benchmark indices.

The Trustees considered that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, with the Advisor and concluded that each Sub-Advisor’s performance record is satisfactory.

Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits

The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to its relevant Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating the best possible fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received.

The Trustees also considered individual reports prepared with regard to each Sub-Advisor, containing comparative information regarding fees. The Trustees noted that each Sub-Advisor’s fees were generally similar to or less than the fees charged by each Sub-Advisor to other comparable funds and accounts.

The Trustees considered each sub-advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub-Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.

The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.

The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s-length basis.

The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors 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 accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.

 

183

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

 

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 all of the independent Trustees, concluded to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.

 

184

GuideMark® Funds

GuidePath® Funds

 

GUIDEMARK® FUNDS & GUIDEPATH® 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

GuideMark® Tax-Exempt Fixed Income Fund

GuideMark® Opportunistic Fixed Income Fund

GuidePath® Growth Allocation Fund

GuidePath® Conservative Allocation Fund

GuidePath® Tactical Allocation Fund

GuidePath® Absolute Return Allocation Fund

GuidePath® Multi-Asset Income Allocation Fund

GuidePath® Flexible Income Allocation Fund

GuidePath® Managed Futures Strategy 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 & Company, 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 BrokerageTM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

 

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

Annual Report

March 31, 2017

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

 

(a) Audit Fees

For the fiscal year ended March 31, 2017, the registrant’s principal accountant billed the registrant $124,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

For the fiscal year ended March 31, 2016, the registrant’s principal accountant billed the registrant $124,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

 

(b) Audit-Related Fees

None.

 

c) Tax Fees

For the fiscal year ended March 31, 2017, the registrant’s principal accountant billed the registrant $31,000 for professional services rendered for tax compliance, tax advice and tax planning.

For the fiscal year ended March 31, 2016, the registrant’s principal accountant billed the registrant $31,000 for professional services rendered for tax compliance, tax advice and tax planning.

 

(d) All Other Fees

None.

 

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(e) (1)    The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(e) (2)    There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f) None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2017 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2017 and March 31, 2016, were $0 and $0, respectively.

 

(h) The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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.

 

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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. Filed herewith.

(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.

 

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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 Hansen
   Carrie E. Hansen, Principal Executive Officer/President
Date   05/30/2017

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 Hansen   
   Carrie E. Hansen, Principal Executive Officer/President   
Date   05/30/2017   

 

By (Signature and Title)    /s/ Patrick Young   
   Patrick R Young, Principal Financial Officer/Treasurer   
Date   05/30/2017   

 

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