N-CSRS

As filed with the Securities and Exchange Commission on [date]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Name and address of agent for service)

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2018

Date of reporting period: April 1, 2017 through September 30, 2017

Item 1. Reports to Stockholders.

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

SEMI-ANNUAL REPORT

September 30, 2017

GUIDEMARK^® LARGE CAP CORE FUND

GUIDEMARK^® EMERGING MARKETS FUND

GUIDEMARK^® SMALL/MID CAP CORE FUND

GUIDEMARK^® WORLD EX-US 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

[Date]

Dear Shareholder:

Enclosed is the Semi-Annual Report for the GuideMark^® and GuidePath^® Funds covering the period from April 1, 2017 to September 30, 2017.

Market Review

During the six-month period ended September 30, 2017, global equities have enjoyed strong positive momentum. Global equity markets advanced 10.0% during the period, as measured by the MSCI ACWI Index, while the Bloomberg Barclays Global Aggregate Bond Index returned 4.4%.¹ Several stock market indices reached all-time highs, despite increased tensions with North Korea and devastating hurricanes. The global economy continued to improve, lifted by higher confidence, positive corporate earnings and firming but still supportive global monetary policy. Global economic growth has been broad-based, and the Organization for Economic Cooperation and Development projected positive 2017 GDP growth for each of the 45 countries it tracks.

The S&P 500^® Index returned 7.7% for the six-month period. Small-cap stocks outperformed larger cap stocks over the period, driven by strong performance in September, when stocks were boosted by news of a plan for US tax reform. Under the plan, domestic-focused companies would be expected to benefit from lower corporate tax rates. Technology stocks rose 13.1%, as growth-oriented sectors like Technology experienced higher returns. The more defensive and higher-dividend sectors produced lower returns, including Utilities (5.2%), Real Estate (3.7%) and Telecom Services (-0.8%), as bond yields moved higher.²

The MSCI ACWI ex-US Index of international stocks returned 12.6% over the period and outperformed US stocks. Foreign currency appreciation was an important contributor to this performance, as international stocks returned 8.2% in local market terms, which was closer to the return of US stocks for the same period. European stocks benefited from positive sentiment among businesses and households, with record low unemployment in Germany. Asian markets rose as Japan’s economy grew at a 2.5% annualized rate in the second quarter. Emerging markets returned 14.9%, lifted by China (+27.0%), a rebound in commodity prices and an increase in global trade.

In fixed income, the Bloomberg Barclays US Aggregate Bond Index returned 2.3% for the six-month period. Bond yields declined during the period on subdued inflation, but rose in September with expectations that potential US tax reform could drive higher growth and inflation. Corporate bonds benefited from underlying strength in the economy, with particularly strong performance from high-yield bonds. Long-term issues outperformed bonds with shorter maturities as the yield curve flattened. International bonds were lifted by foreign currency gains versus the US dollar, while emerging market issues benefited from improved global growth prospects.

Fund Review

Looking across the GuideMark^® equity funds, only the GuideMark^® Large Cap Core Fund underperformed its benchmark, as all other Funds outperformed, or were in line with their respective benchmarks. Momentum was a large driver of returns in the large-cap space, and being equally weighted across value, quality and momentum factors detracted from the fund’s performance during the period. The other GuideMark^® Funds benefited from exposure to all three factors.

The GuideMark^® fixed income funds trailed their respective benchmarks. Shorter duration and an emphasis on long term relative valuations led to underperformance, especially during the first part of the period.

Most of the GuidePath^® Funds outperformed their benchmarks as a result of broad diversification, including exposure to international markets and a bias toward credit within fixed income. The GuidePath^® Multi-Asset Income Allocation Fund underperformed its benchmark due to lower exposures to high yield bonds, emerging market bonds and real estate investments trusts. The GuidePath^® Tactical Allocation Fund underperformed its benchmark due to lower relative equity exposure. Its benchmark, the S&P 500^® Daily Risk Control 10% Index, can employ leverage. Given the low volatility environment during 2017, the equity exposure of the index has generally been more than 130% while the GuidePath^® Tactical Allocation Fund’s equity exposure has generally been below 100%.

Looking Ahead

Several developments dominated news headlines during the period, which could have been expected to prompt investors to re-evaluate their appetite for risk. Despite the impact of multiple hurricanes, escalating tensions with North Korea and government policy changes, market volatility remained near historically low levels. Despite a brief spike in volatility which corresponded to concerns about North Korea, the CBOE Volatility Index^® (VIX^®) ended the period at 9.51, the lowest monthly close since its 1990 inception. The seeming disconnect between news headlines and market moves highlighted the importance of investment discipline and broad-based portfolio diversification.

Among global regions, US stocks continued to rise as the S&P 500^® Index recorded its eighth consecutive quarter of gains. International stocks performed even better for US investors, supported by foreign currency gains, economic progress in Europe and strong returns for emerging markets. Elevated valuations for US stocks relative to other regions suggest potential long-term benefits for broad-based strategies that include international allocations.

Central bank policy and currency moves will be key factors to watch in the coming months. While the Fed is expected to raise rates at its December meeting, weak inflation readings could delay the increase. The US dollar was down for the six-month period but rose in September. If prospects for US tax reform strengthen or US and North Korea relations flare, the US dollar might continue to strengthen based on expectations of improved domestic growth or as a result of a flight to safe haven assets.

¹  Morningstar, as of September 30, 2017.

²  Sectors are represented by the sub-indices of the S&P 500 Index, as of September 30, 2017.

1

Based on technical, fundamental and macro-economic factors, we believe we are in a positive environment for risk-taking. At some point this will inevitably change, but at the moment the risk of recession appears remote. If Washington starts to make progress on tax reform, it would be considered stimulative for the economy. In that case, investors may anticipate accelerated earnings growth and inject fresh energy into the current rally.

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,

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.

Past performance is no guarantee of future results.

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.

The prospectus includes additional information about the mutual funds regarding investment objectives, risk factors, fees and charges as well as other important information that should be carefully read and considered before investing. You can obtain a prospectus by contacting your registered representative.

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. ^©2017 AssetMark, Inc. All rights reserved.

Investment Terms

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.

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

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

Index Definitions

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

Bloomberg Barclays Global Aggregate Bond Index is a measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed rate bonds from both developed and emerging markets issuers.

Chicago Board Options Exchange (CBOE) Volatility Index^® (CBOE Volatility Index^® or VIX^®) is widely referred to as the “investor fear gauge,” the VIX is commonly used as a measure of investor sentiment and market risk. The VIX is a forward-looking measure of near-term volatility and is constructed using the implied volatilities of a wide range of S&P 500 stock index options, calculated from both calls and puts.

MSCI All Country World (ACWI) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

MSCI ACWI ex-US Index is the Morningstar Capital International (MSCI) World ex USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S.

S&P 500 Daily Risk Control 10% Index relies on existing S&P 500 methodology and overlays mathematical algorithms to control the index risk profiles at specific volatility targets.

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

2

GuideMark^® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

This chart assumes an initial gross investment of $10,000 made on September 30, 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 12, 2017, the market capitalization of the companies in the Russell 1000^® Index ranged from $2.4 billion to $813.9 billion.

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® Large Cap Core Fund
Service Shares		14.60	%		11.43	%		5.91	%		4.22	%
Institutional Shares		15.19	%		12.08	%		N/A			9.82	%
Russell 1000® Index		18.54	%		14.27	%		7.55	%		6.92	%(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 12.26%.

3

GuideMark^® Large Cap Core Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 6.82%, underperforming the Russell 1000^® Index at 7.68%.

• The Fund maintains a consistent and diversified exposure across three factors – momentum, quality, and value. While exposure to the momentum factor benefited relative returns, the emphasis on high quality companies and stocks with low valuations was a headwind.

• In a sharp reversal from 2016, companies with low valuations lagged amid tempered expectations for fiscal stimulus. The Fund’s exposure to these value stocks was the largest driver of the lower relative returns.

• Security selection within the Consumer Discretionary and Industrials sectors detracted from returns and outweighed the positive contributions from security selection within the Technology and Real Estate sectors.

Components of Portfolio Holdings*

* 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		3.29
	2	Apple, Inc.		3.15
	3	Microsoft Corp.		2.11
	4	Facebook, Inc. – Class A		1.62
	5	Amazon.com, Inc.		1.34
	6	Johnson & Johnson		1.33
	7	JPMorgan Chase & Co.		1.32
	8	Alphabet, Inc. – Class C		1.18
	9	Alphabet, Inc. – Class A		1.07
	10	Berkshire Hathaway, Inc. – Class B		0.93

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

This chart assumes an initial gross investment of $10,000 made on September 30, 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, 2017 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, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® Emerging Markets Fund
Service Shares		22.75	%		13.91	%		4.31	%		5.27	%
Institutional Shares(3)		21.01	%		14.13	%		N/A			11.25	%
MSCI Emerging Markets Index		22.91	%		4.36	%		1.65	%		10.68	%(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 1.21%.

⁽³⁾ During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.

5

GuideMark^® Emerging Markets Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 14.94%, performing in line with the MSCI Emerging Markets Index at 14.94%.

• The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. Given the strong momentum in emerging markets, this factor added to returns but they were tempered by the value factor.

• High momentum stocks drove returns in emerging markets as investors gravitated to companies and sectors showing strong growth trends. However, companies with lower valuations struggled to keep pace as cyclical companies with lower multiples tended to lag versus their higher growth peers.

• Security selection within China was the biggest contributor to relative returns, with particularly large gains seen among Chinese Real Estate and Consumer companies. This was partly offset by weaker security selection in Brazil and Korea.

Components of Portfolio Holdings*

* 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		7.20
	2	Tencent Holdings Ltd.		5.00
	3	Samsung Electronics Co., Ltd.		4.57
	4	Alibaba Group Holding Ltd. – ADR		3.73
	5	Taiwan Semiconductor Manufacturing Co., Ltd.		3.25
	6	iShares Core MSCI Emerging Markets ETF		2.29
	7	China Construction Bank Corp. – Series H		1.39
	8	Naspers Ltd. – N Shares		1.34
	9	Hon Hai Precision Industry Co., Ltd.		1.14
	10	Baidu, Inc. – ADR		1.00

6

GuideMark^® Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

This chart assumes an initial gross investment of $10,000 made on September 30, 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 2500^TM INDEX – The Russell 2500^TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500^TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 12, 2017, the market capitalization of the companies in the Russell 2500^TM Index ranged from $144 million to $10.6 billion.

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® Small/Mid Cap Core Fund
Service Shares		17.43	%		12.84	%		6.82	%		7.41	%
Russell 2500TM Index		17.79	%		13.86	%		8.19	%		8.96	%

⁽¹⁾ Inception date is 6/29/01.

7

GuideMark^® Small/Mid Cap Core Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 7.33%, outperforming the Russell 2500™ Index at 6.98%.

• The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. Exposure to the momentum and quality factors benefited relative returns, but the value factor was a headwind.

• U.S. equity markets were led by high momentum stocks as investors gravitated to companies and sectors showing strong growth trends. The Fund’s exposure to stocks with high momentum and high quality characteristics was the largest driver of higher relative returns.

• Underweight exposure to the Energy and Real Estate sectors added to returns along with security selection within the Technology sector. Returns were offset by weak security selection within Consumer Discretionary and Materials sectors.

Components of Portfolio Holdings*

* 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		3.33
	2	United Therapeutics Corp.		0.27
	3	ANSYS, Inc.		0.26
	4	Chimera Investment Corp.		0.26
	5	ABIOMED, Inc.		0.25
	6	Cadence Design System, Inc.		0.25
	7	A. O. Smith Corp.		0.24
	8	Adtalem Global Education, Inc.		0.23
	9	Everest Re Group, Ltd.		0.23
	10	CDW Corp.		0.23

8

GuideMark^® World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

This chart assumes an initial gross investment of $10,000 made on September 30, 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, 2017 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 September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® World ex-US Fund
Service Shares		18.13	%		6.06	%		-2.07	%		2.92	%
Institutional Shares(3)		19.82	%		6.87	%		N/A			3.04	%
MSCI World ex-US Index		19.31	%		8.32	%		1.79	%		6.10	%(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 4.47%.

⁽³⁾ During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.

9

GuideMark^® World ex-US Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 12.31%, outperforming the MSCI World Ex-U.S. Index at 11.90%.

• The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. All three factors were additive to returns during the period.

• International equity markets saw broad-based gains, with strong returns across a range of factors and stock characteristics. The Fund’s exposure to companies with low valuations was the largest driver of relative returns.

• Security selection within the Consumer Discretionary and Industrials sectors and in particular transportation-related companies in Europe, was the biggest contributors to relative returns.

Components of Portfolio Holdings*

* 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		4.13
	2	Nestle SA		1.13
	3	Roche Holding AG		0.81
	4	Royal Bank of Canada		0.67
	5	Novartis AG		0.66
	6	Allianz SE		0.63
	7	HSBC Holdings Plc		0.60
	8	BNP Paribas SA		0.59
	9	Bayer AG		0.58
	10	Atos SE		0.56

10

GuideMark^® Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

This chart assumes an initial gross investment of $10,000 made on September 30, 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 September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® Core Fixed Income Fund
Service Shares		-0.51	%		1.19	%		3.34	%		3.90	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		4.27	%		4.71	%

⁽¹⁾ Inception date is 6/29/01.

11

GuideMark^® Core Fixed Income Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 1.99%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 2.31%.

• The Fund’s higher quality focus and lower exposure to risk was the main driver of the weak relative returns.

• Slightly shorter duration positioning relative to the index was the biggest drag on returns as yields rose over the period. Security selection within structured securities was also a headwind.

• An overweight exposure to corporate credit added positively to returns as corporate spreads continued to tighten over the period.

Components of Portfolio Holdings*

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

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	U.S. Treasury Note, 2.375%, 08/15/2024		3.43
	2	U.S. Treasury Note, 2.000%, 02/15/2022		2.83
	3	U.S. Treasury Note, 2.000%, 11/15/2021		1.97
	4	U.S. Treasury Bond, 3.125%, 11/15/2041		1.95
	5	U.S. Treasury Note, 2.000%, 02/15/2025		1.90
	6	Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 10/15/2042		1.70
	7	U.S. Treasury Bond, 2.500%, 05/15/2046		1.65
	8	Federal National Mortgage Association, Pool #TBA, 3.500%, 10/01/2040		1.55
	9	U.S. Treasury Note, 2.000%, 08/15/2025		1.18
	10	Government National Mortgage Association, Pool #TBA, 3.500%, 10/15/2042		1.09

12

GuideMark^® Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

This chart assumes an initial gross investment of $10,000 made on September 30, 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 September 30)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark® Tax-Exempt Fixed Income Fund
Service Shares		0.27	%		2.15	%		3.61	%		3.50	%
Bloomberg Barclays Municipal Bond Index		0.87	%		3.01	%		4.52	%		4.74	%

⁽¹⁾ Inception date is 6/29/01.

13

GuideMark^® Tax-Exempt Fixed Income Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 2.79%, underperforming the Bloomberg Barclays Municipal Bond Index at 3.04%.

• The Fund’s modest exposure to ‘BBB’ and non-rated securities proved additive to returns, however the Fund’s bias toward higher quality securities was a larger relative lag to returns.

• Underweight exposure to ‘A’ rated bonds relative to ‘AAA’ rated bonds along with reduced exposure to the longest end of the yield curve detracted from returns as yields rose over the period and lower quality securities rallied.

Components of Portfolio Holdings*

* 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		2.22
	2	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022		1.95
	3	Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025		1.94
	4	Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027		1.93
	5	Fishers Industry Redevelopment District, Prerefunded, Revenue Bond, 5.250%, 07/15/2034		1.88
	6	California, GO, 6.500%, 04/01/2033		1.86
	7	University of Arkansas, Series A, Revenue Bond, 4.125%, 11/01/2030		1.84
	8	Virginia College Building Authority Educational Facilities, Revenue Bond, 5.750%, 01/01/2034		1.84
	9	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029		1.84
	10	Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047		1.81

14

GuideMark^® Opportunistic Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Year			Since Inception(1)
GuideMark® Opportunistic Fixed Income Fund
Service Shares		10.38	%		1.88	%		2.22	%
Institutional Shares		10.89	%		2.35	%		2.63	%
Bloomberg Barclays Multiverse Index		-0.56	%		0.76	%		2.06	%(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 1.54%.

15

GuideMark^® Opportunistic Fixed Income Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 1.55%, underperforming the Bloomberg Barclays Multiverse Index at 4.57%.

• Defensive duration positioning being short the benchmark was a large driver of the lower relative return as yields rose during the period.

• Short Euro positioning was a noticeable detractor and outweighed the benefit from currency positioning within some of the Emerging Market countries.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	Indonesia Treasury Bond, 8.375%, 09/15/2026		4.04
	2	Mexican Bonos, 5.000%, 12/11/2019		3.80
	3	Brazil Letras do Tesouro Nacional, 0.000%, (yielding 7.221%), 07/01/2021		3.00
	4	Mexican Bonos, 4.750%, 06/14/2018		2.97
	5	India Government Bond, 8.130%, 09/21/2022		2.77
	6	Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041		2.44
	7	India Government Bond, 8.830%, 11/25/2023		2.36
	8	Federal Home Loan Mortgage Corp., Pool #4413, 3.500%, 11/15/2044		2.35
	9	Federal Home Loan Mortgage Corp., Pool #4062, 3.500%, 06/15/2042		1.98
	10	Argentine Bonos del Tesoro, 15.500%, 10/17/2026		1.90

16

GuidePath^® Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Year			Since Inception(1)
GuidePath® Growth Allocation Fund
Service Shares		16.34	%		8.29	%		5.69	%
Institutional Shares		17.06	%		8.94	%		8.49	%
S&P® Target Risk Aggressive Index		15.64	%		10.55	%		8.53	%(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 10.09%.

17

GuidePath^® Growth Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 9.66%, outperforming the S&P^® Target Risk Aggressive Index at 8.64%.

• Returns benefited from exposure to international and emerging market equities on increased global growth and foreign currency appreciation. Small country specific exposures to China and Switzerland boosted gains.

• Exposure to REITs dampened returns as bond yields moved higher. Small and mid-cap equity exposure tempered returns by trailing the broader equity markets.

• Positioning in longer term credit and Treasury securities benefited returns from rising yields. Emerging market bonds helped returns on improved global growth prospects.

Components of Portfolio Holdings*

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

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	Vanguard FTSE Developed Markets ETF		23.95
	2	Vanguard S&P 500 ETF		23.82
	3	Schwab U.S. Large-Cap ETF		11.61
	4	iShares Core S&P Small-Cap ETF		11.43
	5	iShares Core MSCI Emerging Markets ETF		8.22
	6	SPDR S&P China ETF		4.07
	7	Vanguard REIT ETF		3.38
	8	iShares MSCI Canada ETF		2.85
	9	iShares Core MSCI EAFE ETF		2.69
	10	SPDR S&P 600 Small Cap Growth ETF		2.53

18

GuidePath^® Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Year			Since Inception(1)
GuidePath® Conservative Allocation Fund
Service Shares		6.04	%		5.17	%		3.94	%
Institutional Shares		6.62	%		5.83	%		5.53	%
S&P® Target Risk Conservative Index		6.13	%		4.94	%		4.87	%(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 4.80%.

19

GuidePath^® Conservative Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 5.42%, outperforming the S&P^® Target Risk Conservative Index at 5.05%.

• Returns benefited from exposure to international and emerging market equities on increased global growth and foreign currency appreciation. Small country specific exposures to China and Switzerland boosted gains.

• Positioning in longer term credit and Treasury securities benefited returns from rising yields. Emerging market bonds helped returns on improved global growth prospects.

• Exposure to mortgage-backed securities dampened returns, as did exposure to short-to-intermediate term Treasury securities as the yield curve flattened.

Components of Portfolio Holdings*

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

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	Vanguard Mortgage-Backed Securities ETF		11.19
	2	iShares 7-10 Year Treasury Bond ETF		11.12
	3	Vanguard S&P 500 ETF		10.96
	4	Vanguard FTSE Developed Markets ETF		10.37
	5	iShares 20+ Year Treasury Bond ETF		8.88
	6	SPDR Bloomberg Barclays High Yield Bond ETF		6.39
	7	iShares Core S&P Small-Cap ETF		5.31
	8	iShares Edge MSCI Min Vol USA ETF		4.72
	9	iShares 1-3 Year Treasury Bond ETF		4.72
	10	SPDR Bloomberg Barclays TIPS ETF		3.42

20

GuidePath^® Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Year			Since Inception(1)
GuidePath® Tactical Allocation Fund
Service Shares		13.73	%		5.03	%		3.41	%
Institutional Shares		14.38	%		5.64	%		5.39	%
S&P 500® Daily Risk Control 10% Index		22.08	%		9.97	%		7.50	%(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 9.65%.

21

GuidePath^® Tactical Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 6.67%, underperforming the S&P 500^® Daily Risk Control 10% Index at 9.11%.

• Underweight exposure to equities throughout most of the period detracted from returns. While the index is levered up to manage to a constant level of volatility which boosted returns, the Fund was run unlevered throughout the period.

• Small and mid-cap equity exposure dampened returns by trailing the broader equity markets. Value-oriented equity positioning across all market capitalizations hurt returns as the market favored growth companies on continued positive global economic trends.

• Sector, style and regional specific positioning lifted returns. Exposure to Technology and large cap growth helped due to strength in more growth-oriented sectors. Exposure to emerging market equity, particularly China, aided to returns based on a pick-up in commodity prices and global trade.

Components of Portfolio Holdings*

* 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		23.97
	2	Schwab U.S. Large-Cap ETF		19.53
	3	Vanguard Short-Term Corporate Bond ETF		9.59
	4	ProShares Ultra S&P 500 ETF		8.94
	5	iShares Core S&P 500 ETF		7.89
	6	Vanguard Value ETF		6.75
	7	Vanguard Growth ETF		5.25
	8	Technology Select Sector SPDR Fund		4.47
	9	Vanguard Mid-Cap Growth ETF		3.72
	10	iShares U.S. Credit Bond ETF		3.20

22

GuidePath^® Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Year			Since Inception(1)
GuidePath® Absolute Return Allocation Fund
Service Shares		5.19	%		2.90	%		2.68	%
Institutional Shares		5.76	%		3.54	%		3.55	%
Citigroup 3-Month Treasury Bill Index		0.64	%		0.19	%		0.16	%(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 0.19%.

23

GuidePath^® Absolute Return Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 2.45%, outperforming the Citigroup 3-Month Treasury Bill Index at 0.44%.

• Exposure to extended credit was a large driver of the relative returns. High yield bond exposure benefited from credit spreads tightening while Emerging Market bond exposure were lifted from improved global growth prospects.

• Small exposures to broad market equities and alternative strategies added incremental gains.

• Modest positioning in value oriented equities across all market capitalizations was a drag on returns as the market favored growth companies on continued positive global economic trends.

Components of Portfolio Holdings*

* 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		12.70
	2	Vanguard Mortgage-Backed Securities ETF		12.46
	3	iShares 3-7 Year Treasury Bond ETF		10.06
	4	T. Rowe Price Institutional Floating Rate Fund		8.73
	5	iShares Floating Rate Bond ETF		7.84
	6	Vanguard High-Yield Corporate Fund – Admiral Shares		7.70
	7	iShares J.P. Morgan USD Emerging Markets Bond ETF		6.02
	8	SPDR Bloomberg Barclays High Yield Bond ETF		5.15
	9	Doubleline Low Duration Bond Fund – Institutional Shares		4.98
	10	Vanguard Total Bond Market ETF		4.05

24

GuidePath^® Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Years			Since Inception(1)
GuidePath® Multi-Asset Income Allocation Fund
Service Shares		6.86	%		4.91	%		5.11	%
Morningstar Multi-Asset High Income Index		7.38	%		4.89	%		4.97	%

⁽¹⁾ Inception date is 8/31/12.

25

GuidePath^® Multi-Asset Income Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 4.32%, underperforming the Morningstar Multi-Asset High Income Index at 5.43%.

• While exposure to high yield bonds and emerging markets benefited with credit spreads tightening and improved global growth prospects, the lower relative exposure compared to the index was a larger detractor from returns.

• Positioning in opportunistic fixed income detracted from returns due to defensive rate positioning and currency positioning. Exposure to short term credit also dragged on returns.

• Exposure to Real Estate Investment Trusts dampened returns as bond yields moved higher. Country specific exposure to Australian equity detracted from returns hurt by the decline in commodity prices during the first three months of the period.

Components of Portfolio Holdings*

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

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	WisdomTree U.S. High Dividend Fund		12.29
	2	T. Rowe Price Institutional Floating Rate Fund		11.59
	3	BlackRock Global Dividend Portfolio – Institutional Shares		10.36
	4	Vanguard High-Yield Corporate Fund – Admiral Shares		8.00
	5	Vanguard Total Bond Market ETF		7.79
	6	iShares U.S. Preferred Stock ETF		7.76
	7	iShares International Select Dividend ETF		7.73
	8	Loomis Sayles Global Equity and Income Fund – Institutional Shares		5.65
	9	SPDR Bloomberg Barclays Short Term Corporate Bond ETF		3.47
	10	BlackRock Strategic Income Opportunities Portfolio – Institutional Shares		3.27

26

GuidePath^® Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Five Years			Since Inception(1)
GuidePath® Flexible Income Allocation Fund
Service Shares		2.77	%		1.47	%		1.52	%
Institutional Shares		3.40	%		2.20	%		2.26	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		2.06	%(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 2.15%.

27

GuidePath^® Flexible Income Allocation Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned 3.43%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 2.31%.

• Returns benefited from exposure to international and emerging market equities based on increased global growth and foreign currency appreciation.

• Exposure to extended credit was a large driver of the relative returns. High yield bond exposure benefited from credit spreads tightening while Emerging Market bond exposure were lifted from improved global growth prospects.

• Exposure to mortgage-backed securities dampened returns along with low duration bond exposure as the yield curve flattened. Exposure to Real Estate Investment Trusts hurt returns as bond yields moved higher.

Components of Portfolio Holdings*

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

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	Vanguard High-Yield Corporate Fund – Admiral Shares		17.51
	2	SPDR Bloomberg Barclays High Yield Bond ETF		17.09
	3	Navigator Tactical Fixed Income Fund – Institutional Shares		9.99
	4	Vanguard Global ex-U.S. Real Estate ETF		9.97
	5	Vanguard REIT ETF		9.79
	6	iShares U.S. Preferred Stock ETF		7.94
	7	Vanguard FTSE Developed Markets ETF		7.59
	8	iShares Core MSCI Emerging Markets ETF		7.40
	9	VanEck Vectors Emerging Markets High Yield Bond ETF		6.01
	10	BackRock High Yield Portfolio – Institutional Shares		2.51

28

GuidePath^® Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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 September 30)
	One Year			Since Inception(1)
GuidePath® Managed Futures Strategy Fund
Service Shares		-5.13	%		-7.93	%
Institutional Shares		-4.58	%		-7.38	%
Citigroup 3-Month Treasury Bill Index		0.64	%		0.48	%
SG Trend Index		-9.33	%		-9.46	%

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

29

GuidePath^® Managed Futures Strategy Fund

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

• For the 6 months ended September 2017, the Fund’s Service Shares returned -1.09%, underperforming the Citigroup 3-Month Treasury Bill Index at 0.44% and outperforming the SG Trend Index at -4.29%.

• Net long exposure to global equities was the largest contributor to relative returns while losses were seen within the fixed income and commodity exposures.

• Long positions to U.S., Asian, and European equities were positive tailwinds as volatility remained extremely low across these markets.

• Fixed income losses were driven by long positions to European bonds, while long energy sector exposure was the largest headwind within commodities.

Components of Portfolio Holdings*

* 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 September 30, 2017.

30

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Unaudited)

September 30, 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 April 1, 2017 to September 30, 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.

31

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2017

Fund		Beginning Account Value April 1, 2017		Ending Account Value September 30, 2017		Annualized Expense Ratio1 based on the  period April 1, 2017 – September 30, 2017		Expenses Paid During Period2 April 1, 2017  – September 30, 2017
INSTITUTIONAL SHARES
GuideMark® Large Cap Core Fund	Actual	$	1,000.00	$	1,070.40		0.66%	$	3.43
	Hypothetical3	$	1,000.00	$	1,021.76		0.66%	$	3.35
GuideMark® Emerging Markets Fund	Actual	$	1,000.00	$	1,129.30		1.01%	$	5.39
	Hypothetical3	$	1,000.00	$	1,020.00		1.01%	$	5.11
GuideMark® World ex-US Fund	Actual	$	1,000.00	$	1,136.40		0.81%	$	4.34
	Hypothetical3	$	1,000.00	$	1,021.01		0.81%	$	4.10
GuideMark® Opportunistic Fixed Income Fund	Actual	$	1,000.00	$	1,017.80		0.95%	$	4.81
	Hypothetical3	$	1,000.00	$	1,020.31		0.95%	$	4.81
GuidePath® Growth Allocation Fund	Actual	$	1,000.00	$	1,099.90		0.41%	$	2.16
	Hypothetical3	$	1,000.00	$	1,023.01		0.41%	$	2.08
GuidePath® Conservative Allocation Fund	Actual	$	1,000.00	$	1,057.80		0.46%	$	2.37
	Hypothetical3	$	1,000.00	$	1,022.76		0.46%	$	2.33
GuidePath® Tactical Allocation Fund	Actual	$	1,000.00	$	1,070.20		0.52%	$	2.70
	Hypothetical3	$	1,000.00	$	1,022.46		0.52%	$	2.64
GuidePath® Absolute Return Allocation Fund	Actual	$	1,000.00	$	1,027.40		0.57%	$	2.90
	Hypothetical3	$	1,000.00	$	1,022.21		0.57%	$	2.89
GuidePath® Flexible Income Allocation Fund	Actual	$	1,000.00	$	1,037.40		0.49%	$	2.50
	Hypothetical3	$	1,000.00	$	1,022.61		0.49%	$	2.48
GuidePath® Managed Futures Strategy Fund	Actual	$	1,000.00	$	991.30		1.36%	$	6.79
	Hypothetical3	$	1,000.00	$	1,018.25		1.36%	$	6.88

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 183/365 to reflect the one-half year period.

³  5% annualized return before expenses.

32

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2017

Fund		Beginning Account Value April 1, 2017		Ending Account Value September 30, 2017		Annualized Expense Ratio1 based on the  period April 1, 2017 – September 30, 2017		Expenses Paid During Period2 April 1, 2017  – September 30, 2017
SERVICE SHARES
GuideMark® Large Cap Core Fund	Actual	$	1,000.00	$	1,068.20		1.20%	$	6.22
	Hypothetical3	$	1,000.00	$	1,019.05		1.20%	$	6.07
GuideMark® Emerging Markets Fund	Actual	$	1,000.00	$	1,149.40		1.64%	$	8.84
	Hypothetical3	$	1,000.00	$	1,016.85		1.64%	$	8.29
GuideMark® Small/Mid Cap Core Fund	Actual	$	1,000.00	$	1,073.30		1.62%	$	8.42
	Hypothetical3	$	1,000.00	$	1,016.95		1.62%	$	8.19
GuideMark® World ex-US Fund	Actual	$	1,000.00	$	1,123.10		1.40%	$	7.45
	Hypothetical3	$	1,000.00	$	1,018.05		1.40%	$	7.08
GuideMark® Core Fixed Income Fund	Actual	$	1,000.00	$	1,019.90		1.31%	$	6.63
	Hypothetical3	$	1,000.00	$	1,018.50		1.31%	$	6.63
GuideMark® Tax-Exempt Fixed Income Fund	Actual	$	1,000.00	$	1,027.90		1.29%	$	6.56
	Hypothetical3	$	1,000.00	$	1,018.60		1.29%	$	6.53
GuideMark® Opportunistic Fixed Income Fund	Actual	$	1,000.00	$	1,015.50		1.55%	$	7.83
	Hypothetical3	$	1,000.00	$	1,017.30		1.55%	$	7.84
GuidePath® Growth Allocation Fund	Actual	$	1,000.00	$	1,096.60		1.01%	$	5.31
	Hypothetical3	$	1,000.00	$	1,020.00		1.01%	$	5.11
GuidePath® Conservative Allocation Fund	Actual	$	1,000.00	$	1,054.20		1.05%	$	5.41
	Hypothetical3	$	1,000.00	$	1,019.80		1.05%	$	5.32
GuidePath® Tactical Allocation Fund	Actual	$	1,000.00	$	1,066.70		1.12%	$	5.80
	Hypothetical3	$	1,000.00	$	1,019.45		1.12%	$	5.67
GuidePath® Absolute Return Allocation Fund	Actual	$	1,000.00	$	1,024.50		1.15%	$	5.84
	Hypothetical3	$	1,000.00	$	1,019.30		1.15%	$	5.82
GuidePath® Multi-Asset Income Allocation Fund	Actual	$	1,000.00	$	1,043.20		1.15%	$	5.89
	Hypothetical3	$	1,000.00	$	1,019.30		1.15%	$	5.82
GuidePath® Flexible Income Allocation Fund	Actual	$	1,000.00	$	1,034.30		1.10%	$	5.61
	Hypothetical3	$	1,000.00	$	1,019.55		1.10%	$	5.57
GuidePath® Managed Futures Strategy Fund	Actual	$	1,000.00	$	989.10		1.95%	$	9.72
	Hypothetical3	$	1,000.00	$	1,015.29		1.95%	$	9.85

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 183/365 to reflect the one-half year period.

³  5% annualized return before expenses.

33

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS - 93.94%
		Aerospace & Defense - 1.76%
	5,404	Boeing Co.	$	1,373,751
	1,602	BWX Technologies, Inc.		89,744
	2,190	General Dynamics Corp.		450,220
	2,546	HEICO Corp. (a)		228,656
	3,938	HEICO Corp. - Class A		300,076
	917	Huntington Ingalls Industries, Inc.		207,645
	1,399	L3 Technologies, Inc.		263,614
	453	Lockheed Martin Corp.		140,561
	1,084	Northrop Grumman Corp.		311,888
	2,238	Orbital ATK, Inc.		298,012
	1,122	Raytheon Co.		209,343
	1,467	Rockwell Collins, Inc.		191,752
	3,279	Spirit AeroSystems Holdings, Inc. - Class A		254,844
	9,459	Textron, Inc.		509,651
	3,474	United Technologies Corp.		403,262
				5,233,019
		Air Freight & Logistics - 0.37%
	4,831	C.H. Robinson Worldwide, Inc. (a)		367,639
	1,367	Expeditors International of Washington, Inc. (a)		81,829
	1,796	FedEx Corp.		405,142
	3,449	XPO Logistics, Inc. (a)(b)		233,773
				1,088,383
		Airlines - 0.72%
	1,806	Alaska Air Group, Inc.		137,744
	1,963	American Airlines Group, Inc. (a)		93,223
	4,060	Copa Holdings SA - Class A		505,592
	5,398	Delta Air Lines, Inc.		260,291
	15,076	JetBlue Airways Corp. (a)(b)		279,358
	11,109	Southwest Airlines Co.		621,882
	4,054	United Continental Holdings, Inc. (b)		246,807
				2,144,897
		Auto Components - 0.14%
	1,923	Goodyear Tire & Rubber Co.		63,940
	1,521	Lear Corp.		263,255
	838	Visteon Corp. (b)		103,719
				430,914
		Automobiles - 0.38%
	54,522	Ford Motor Co.		652,628
	1,082	Tesla, Inc. (a)(b)		369,070
	895	Thor Industries, Inc.		112,690
				1,134,388
		Banks - 5.47%
	108,985	Bank of America Corp.		2,761,680
	2,588	BB&T Corp. (a)		121,481
	2,808	CIT Group, Inc. (a)		137,732
	28,762	Citigroup, Inc.		2,092,148
	13,358	Citizens Financial Group, Inc.		505,868
	4,745	Comerica, Inc.		361,854
	5,289	East West Bancorp, Inc. (a)		316,176
	10,731	Fifth Third Bancorp (a)		300,253
	731	First Republic Bank		76,360
	8,808	Huntington Bancshares, Inc. (a)		122,960
	41,106	JPMorgan Chase & Co.		3,926,034
	15,664	KeyCorp		294,797
	1,932	M&T Bank Corp.		311,129
	4,379	PNC Financial Services Group, Inc. (a)		590,158

Number of Shares			Value
		Banks (Continued)
	23,599	Regions Financial Corp.	$	359,413
	5,159	SunTrust Banks, Inc.		308,353
	1,359	SVB Financial Group (b)		254,255
	2,563	Synovus Financial Corp.		118,052
	19,594	TCF Financial Corp.		333,882
	11,368	U.S. Bancorp (a)		609,211
	38,183	Wells Fargo & Co.		2,105,792
	1,271	Western Alliance Bancorp (b)		67,465
	4,221	Zions Bancorporation (a)		199,147
				16,274,200
		Beverages - 1.25%
	3,769	Brown-Forman Corp. - Class A		209,896
	4,155	Brown-Forman Corp. - Class B		225,616
	461	Constellation Brands, Inc. - Class A (a)(b)		91,946
	1,730	Dr. Pepper Snapple Group, Inc.		153,053
	5,347	Monster Beverage Corp. (a)(b)		295,422
	15,064	PepsiCo, Inc.		1,678,582
	23,940	The Coca-Cola Co.		1,077,539
				3,732,054
		Biotechnology - 1.90%
	1,868	Alkermes Plc (a)(b)		94,969
	985	Alnylam Pharmaceuticals, Inc. (b)		115,728
	5,208	Amgen, Inc.		971,032
	2,375	Biogen, Inc. (b)		743,660
	7,074	Bioverativ, Inc. (b)		403,713
	4,135	Celgene Corp. (b)		602,966
	8,827	Exelixis, Inc. (b)		213,878
	14,693	Gilead Sciences, Inc.		1,190,427
	1,618	Incyte Corp. (b)		188,885
	5,949	Seattle Genetics, Inc. (b)		323,685
	3,675	United Therapeutics Corp. (b)		430,673
	2,350	Vertex Pharmaceuticals, Inc. (b)		357,294
				5,636,910
		Building Products - 0.57%
	2,831	A. O. Smith Corp.		168,246
	3,080	Allegion Plc		266,328
	1,084	Fortune Brands Home & Security, Inc.		72,877
	1,934	Lennox International, Inc.		346,128
	7,090	Masco Corp.		276,581
	4,890	Owens Corning, Inc. (b)		378,241
	5,498	USG Corp. (b)		179,510
				1,687,911
		Capital Markets - 2.28%
	1,232	Ameriprise Financial, Inc.		182,964
	14,248	BGC Partners, Inc. - Class A		206,169
	3,380	CBOE Holdings, Inc. (a)		363,789
	465	CME Group, Inc.		63,091
	4,453	E*TRADE Financial Corp. (b)		194,195
	5,215	Eaton Vance Corp.		257,465
	2,487	FactSet Research Systems, Inc. (a)		447,934
	5,265	Federated Investors, Inc. - Class B (a)		156,371
	902	Intercontinental Exchange, Inc.		61,967
	3,866	Lazard Ltd. - Class A - ADR		174,821
	2,172	Legg Mason, Inc. (a)		85,381
	6,362	LPL Financial Holdings, Inc.		328,088
	1,135	MarketAxess Holdings, Inc.		209,419
	439	Moody’s Corp.		61,113
	17,072	Morgan Stanley		822,358

See notes to financial statements.

34

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Capital Markets (Continued)
	909	Morningstar, Inc.	$	77,256
	4,098	MSCI, Inc.		479,056
	3,909	Northern Trust Corp.		359,354
	1,892	Raymond James Financial, Inc.		159,552
	4,063	S&P Global, Inc.		635,088
	3,127	SEI Investments Co.		190,935
	3,004	State Street Corp.		287,002
	3,379	T. Rowe Price Group, Inc. (a)		306,306
	3,964	TD Ameritrade Holding Corp. (a)		193,443
	4,345	The Bank of New York Mellon Corp.		230,372
	5,583	The Charles Schwab Corp. (a)		244,201
				6,777,690
		Chemicals - 1.33%
	554	Albemarle Corp. (a)		75,516
	1,361	Celanese Corp. - Series A		141,912
	6,566	DowDuPont, Inc. (b)		454,564
	1,295	Ecolab, Inc. (a)		166,550
	2,285	FMC Corp.		204,073
	13,043	Huntsman Corp.		357,639
	556	International Flavors & Fragrances, Inc.		79,458
	802	LyondellBasell Industries NV - Class A		79,438
	4,838	Monsanto Co.		579,689
	435	NewMarket Corp.		185,201
	2,880	Olin Corp. (a)		98,640
	43,279	Platform Specialty Products Corp. (b)		482,561
	1,648	PPG Industries, Inc. (a)		179,072
	4,409	RPM International, Inc.		226,358
	8,667	The Chemours Co.		438,637
	618	The Scotts Miracle-Gro Co. - Class A (a)		60,156
	6,783	Valvoline, Inc.		159,061
				3,968,525
		Commercial Services & Supplies - 0.60%
	887	Avery Dennison Corp.		87,228
	871	Cintas Corp.		125,668
	5,319	Pitney Bowes, Inc.		74,519
	4,905	Republic Services, Inc.		324,024
	16,918	Rollins, Inc. (a)		780,597
	1,807	Stericycle, Inc. (b)		129,417
	3,356	Waste Management, Inc.		262,674
				1,784,127
		Communications Equipment - 1.34%
	2,895	Arista Networks, Inc. (b)		548,921
	26,052	ARRIS International Plc (b)		742,221
	31,230	Cisco Systems, Inc.		1,050,265
	6,133	CommScope Holding Co., Inc. (b)		203,677
	4,168	EchoStar Corp. - Class A (b)		238,535
	3,384	F5 Networks, Inc. (b)		407,975
	1,540	Harris Corp.		202,787
	9,593	Juniper Networks, Inc. (a)		266,973
	1,263	Motorola Solutions, Inc. (a)		107,191
	1,029	Palo Alto Networks, Inc. (b)		148,279
	1,545	QUALCOMM, Inc.		80,093
				3,996,917
		Construction & Engineering - 0.88%
	29,075	AECOM (a)(b)		1,070,251
	18,320	Fluor Corp. (a)		771,272
	13,264	Jacobs Engineering Group, Inc.		772,893
				2,614,416

Number of Shares			Value
		Consumer Finance - 1.22%
	22,496	Ally Financial, Inc. (a)	$	545,753
	5,375	American Express Co. (a)		486,223
	6,773	Capital One Financial Corp.		573,402
	1,157	Credit Acceptance Corp. (b)		324,157
	2,679	Discover Financial Services		172,742
	39,101	Navient Corp.		587,297
	43,855	Santander Consumer USA Holdings, Inc. (b)		674,051
	8,365	Synchrony Financial		259,733
				3,623,358
		Containers & Packaging - 0.26%
	1,355	Bemis Co., Inc.		61,747
	6,833	Graphic Packaging Holding Co.		95,320
	3,914	Owens-Illinois, Inc. (b)		98,476
	2,451	Packaging Corp. of America		281,081
	2,059	Silgan Holdings, Inc.		60,597
	3,241	WestRock Co.		183,862
				781,083
		Distributors - 0.18%
	3,396	Genuine Parts Co. (a)		324,827
	5,693	LKQ Corp. (b)		204,891
				529,718
		Diversified Consumer Services - 0.29%
	959	Graham Holdings Co. - Class B		561,111
	8,569	H&R Block, Inc. (a)		226,907
	1,915	ServiceMaster Global Holdings, Inc. (b)		89,488
				877,506
		Diversified Financial Services - 0.22%
	2,005	FNF Group		95,157
	22,179	Leucadia National Corp.		560,020
				655,177
		Diversified Telecommunication Services - 0.99%
	41,138	AT&T, Inc. (a)		1,611,375
	3,979	CenturyLink, Inc. (a)		75,203
	4,089	Level 3 Communications, Inc. (b)		217,903
	21,032	Verizon Communications, Inc.		1,040,874
				2,945,355
		Electric Utilities - 0.56%
	877	American Electric Power Co., Inc.		61,601
	917	Duke Energy Corp.		76,955
	1,340	Edison International		103,408
	1,046	Eversource Energy		63,220
	5,302	Exelon Corp.		199,726
	2,930	FirstEnergy Corp.		90,332
	2,713	Hawaiian Electric Industries, Inc.		90,533
	2,848	NextEra Energy, Inc.		417,374
	2,641	PG&E Corp.		179,826
	2,127	Pinnacle West Capital Corp.		179,859
	2,219	PPL Corp.		84,211
	2,382	Xcel Energy, Inc.		112,716
				1,659,761
		Electrical Equipment - 0.67%
	1,617	Acuity Brands, Inc. (a)		276,960
	1,775	Agilent Technologies, Inc.		113,955
	1,352	AMETEK, Inc.		89,286
	1,115	Eaton Corp. Plc		85,621
	3,558	Emerson Electric Co.		223,585

See notes to financial statements.

35

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electrical Equipment (Continued)
	7,905	Regal Beloit Corp.	$	624,495
	1,728	Rockwell Automation, Inc.		307,947
	1,074	Roper Industries, Inc.		261,411
				1,983,260
		Electronic Equipment, Instruments & Components - 1.04%
	3,532	Amphenol Corp. - Class A		298,948
	5,456	CDW Corp.		360,096
	4,717	Cognex Corp.		520,191
	1,269	Coherent, Inc. (a)(b)		298,431
	4,621	Corning, Inc.		138,260
	3,014	Dolby Laboratories, Inc. - Class A (a)		173,365
	1,517	IPG Photonics Corp. (a)(b)		280,736
	3,391	Keysight Technologies, Inc. (b)		141,269
	15,327	National Instruments Corp. (a)		646,340
	1,914	Trimble, Inc. (b)		75,125
	1,353	Zebra Technologies Corp. - Class A (b)		146,909
				3,079,670
		Energy Equipment & Services - 0.52%
	21,928	Oceaneering International, Inc. (a)(b)		576,048
	90,960	Transocean, Ltd. - ADR (a)(b)		978,730
				1,554,778
		Food & Staples Retailing - 2.44%
	2,760	Casey’s General Stores, Inc. (a)		302,082
	4,791	Costco Wholesale Corp.		787,113
	15,312	CVS Health Corp. (a)		1,245,172
	20,402	Kroger Co.		409,264
	152,371	Rite Aid Corp. (a)(b)		298,647
	17,363	Sprouts Farmers Market, Inc. (a)(b)		325,904
	8,415	SYSCO Corp. (a)		453,989
	23,318	US Foods Holding Corp. (b)		622,591
	12,867	Walgreens Boots Alliance, Inc.		993,590
	23,344	Wal-Mart Stores, Inc. (a)		1,824,100
				7,262,452
		Food Products - 1.90%
	18,208	Archer-Daniels-Midland Co.		774,022
	14,309	Blue Buffalo Pet Products, Inc. (a)(b)		405,660
	12,274	Bunge Ltd.		852,552
	3,590	Campbell Soup Co. (a)		168,084
	3,576	ConAgra Brands, Inc.		120,654
	21,064	Flowers Foods, Inc. (a)		396,214
	3,685	Hershey Co.		402,291
	2,490	Hormel Foods Corp. (a)		80,028
	2,670	Ingredion, Inc.		322,109
	968	Kellogg Co.		60,374
	1,721	Lamb Weston Holdings, Inc.		80,698
	1,042	McCormick & Co, Inc. - Non Voting (a)		106,951
	2,957	Pinnacle Foods, Inc.		169,052
	1,244	Post Holdings, Inc. (b)		109,808
	7,092	The Hain Celestial Group, Inc. (b)		291,836
	2,103	The J.M. Smucker Co.		220,668
	11,444	TreeHouse Foods, Inc. (a)(b)		775,102
	4,508	Tyson Foods, Inc. - Class A		317,589
				5,653,692
		Gas Utilities - 0.08%
	5,118	UGI Corp.		239,829

Number of Shares			Value
		Health Care Equipment & Supplies - 1.89%
	2,856	ABIOMED, Inc. (b)	$	481,522
	3,254	Alere, Inc. (b)		165,921
	3,625	Align Technology, Inc. (b)		675,229
	5,993	Baxter International, Inc.		376,061
	472	Becton Dickinson and Co. (a)		92,488
	5,680	Boston Scientific Corp. (a)(b)		165,686
	1,669	C.R. Bard, Inc.		534,914
	4,096	DexCom, Inc. (a)(b)		200,397
	2,730	Edwards Lifesciences Corp. (b)		298,416
	3,165	Hill-Rom Holdings, Inc.		234,210
	3,439	IDEXX Laboratories, Inc. (b)		534,730
	605	Intuitive Surgical, Inc. (b)		632,757
	734	Medtronic Plc		57,083
	1,111	ResMed, Inc. (a)		85,503
	774	STERIS Plc		68,422
	3,967	Stryker Corp.		563,393
	769	The Cooper Companies, Inc.		182,338
	2,248	Varian Medical Systems, Inc. (b)		224,935
	613	West Pharmaceutical Services, Inc.		59,007
				5,633,012
		Health Care Providers & Services - 3.32%
	2,187	Aetna, Inc.		347,755
	4,848	Anthem, Inc.		920,538
	32,831	Brookdale Senior Living, Inc. (b)		348,009
	9,568	Centene Corp. (a)(b)		925,895
	1,217	Cerner Corp. (b)		86,796
	2,647	CIGNA Corp. (a)		494,830
	7,936	DaVita, Inc. (b)		471,319
	6,279	Envision Healthcare Corp. (a)(b)		282,241
	11,511	Express Scripts Holding Co. (a)(b)		728,877
	3,490	Henry Schein, Inc. (b)		286,145
	3,603	Humana, Inc. (b)		877,799
	482	Laboratory Corp. of America Holdings (b)		72,768
	3,322	McKesson Corp.		510,292
	4,913	MEDNAX, Inc. (b)		211,849
	2,170	Patterson Cos., Inc. (a)		83,871
	1,157	PerkinElmer, Inc.		79,798
	2,506	Quest Diagnostics, Inc.		234,662
	11,598	UnitedHealth Group, Inc.		2,271,468
	3,658	WellCare Health Plans, Inc. (b)		628,225
				9,863,137
		Health Care Technology - 0.18%
	2,096	athenahealth, Inc. (a)(b)		260,659
	4,878	Veeva Systems, Inc. - Class A (a)(b)		275,168
				535,827
		Hotels, Restaurants & Leisure - 2.63%
	5,025	Aramark		204,065
	7,474	Carnival Corp. - ADR		482,596
	263	Chipotle Mexican Grill, Inc. (a)(b)		80,959
	6,194	Choice Hotels International, Inc.		395,797
	3,641	Darden Restaurants, Inc. (a)		286,838
	4,171	Domino’s Pizza, Inc.		828,152
	9,721	Extended Stay America, Inc.		194,420
	3,100	Hilton Grand Vacations, Inc. (b)		119,753
	3,436	Hilton Worldwide Holdings, Inc.		238,630
	3,283	Hyatt Hotels Corp. - Class A (b)		202,856
	14,634	International Game Technology Plc		359,265
	3,501	Las Vegas Sands Corp.		224,624

See notes to financial statements.

36

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Hotels, Restaurants & Leisure (Continued)
	3,914	Marriott International, Inc. - Class A	$	431,558
	8,077	McDonald’s Corp.		1,265,504
	5,618	MGM Resorts International		183,091
	1,152	Norwegian Cruise Line Holdings, Ltd. (b)		62,266
	2,343	Royal Caribbean Cruises Ltd. (a)		277,739
	8,959	Starbucks Corp.		481,188
	5,955	The Wendy’s Co.		92,481
	1,164	Vail Resorts, Inc.		265,532
	3,088	Wyndham Worldwide Corp.		325,506
	1,241	Wynn Resorts Ltd.		184,810
	6,206	Yum China Holdings, Inc. (b)		248,054
	5,178	Yum! Brands, Inc.		381,152
				7,816,836
		Household Durables - 0.79%
	14,874	CalAtlantic Group, Inc.		544,835
	1,261	Garmin Ltd. (a)		68,056
	188	NVR, Inc. (b)		536,740
	6,518	PulteGroup, Inc. (a)		178,137
	4,251	Tempur Sealy International, Inc. (a)(b)		274,275
	7,064	Toll Brothers, Inc.		292,944
	7,220	Tupperware Brands Corp.		446,340
				2,341,327
		Household Products - 1.28%
	2,119	Church & Dwight, Inc. (a)		102,666
	2,753	Clorox Co. (a)		363,148
	8,768	Colgate-Palmolive Co.		638,749
	4,108	Energizer Holdings, Inc.		189,173
	3,179	Kimberly-Clark Corp.		374,105
	22,591	Procter & Gamble Co.		2,055,329
	862	Spectrum Brands Holdings, Inc. (a)		91,303
				3,814,473
		Independent Power and Renewable Electricity Producers - 0.69%
	19,789	AES Corp.		218,075
	94,379	Calpine Corp. (b)		1,392,090
	17,643	NRG Energy, Inc.		451,484
				2,061,649
		Industrial Conglomerates - 0.95%
	6,720	3M Co.		1,410,528
	17,079	General Electric Co. (a)		412,970
	5,031	Honeywell International, Inc.		713,094
	64	Seaboard Corp.		288,320
				2,824,912
		Insurance - 4.11%
	1,435	Aflac, Inc.		116,795
	6,441	Allstate Corp.		591,992
	3,130	American Financial Group, Inc.		323,798
	2,434	American International Group, Inc. (a)		149,423
	3,328	Aon Plc		486,221
	1,901	Arch Capital Group, Ltd. - ADR (b)		187,248
	1,985	Aspen Insurance Holdings, Ltd.		80,194
	3,977	Assurant, Inc.		379,883
	6,407	Assured Guaranty, Ltd.		241,864
	2,452	Athene Holding, Ltd. (b)		132,016
	3,442	Axis Capital Holdings, Ltd.		197,261
	15,155	Berkshire Hathaway, Inc. - Class B (b)		2,778,215

Number of Shares			Value
		Insurance (Continued)
	2,402	Chubb, Ltd. (a)	$	342,405
	7,187	CNA Financial Corp.		361,147
	2,958	Erie Indemnity Co. - Class A		356,646
	1,686	Everest Re Group, Ltd.		385,066
	1,201	First American Financial Corp.		60,014
	5,694	Hartford Financial Services Group, Inc.		315,618
	7,050	Lincoln National Corp.		518,034
	4,797	Marsh & McLennan Cos., Inc.		402,037
	2,102	MetLife, Inc.		109,199
	12,812	Old Republic International Corp.		252,268
	4,372	Principal Financial Group, Inc.		281,294
	9,037	Progressive Corp.		437,572
	7,490	Prudential Financial, Inc.		796,337
	4,254	Reinsurance Group of America, Inc.		593,561
	778	RenaissanceRe Holdings, Ltd.		105,139
	1,758	The Travelers Cos., Inc.		215,390
	1,290	Torchmark Corp.		103,316
	7,921	Unum Group		405,001
	2,646	W.R. Berkley Corp. (a)		176,594
	9,041	XL Group Ltd.		356,667
				12,238,215
		Internet & Direct Marketing Retail - 2.60%
	4,135	Amazon.com, Inc. (b)		3,975,182
	2,801	Expedia, Inc. (a)		403,176
	7,149	Liberty Interactive Corp. QVC Group - Class A (b)		168,502
	2,691	Liberty Ventures - Series A (b)		154,867
	5,880	Netflix, Inc. (b)		1,066,338
	609	The Priceline Group, Inc. (a)(b)		1,114,970
	7,215	TripAdvisor, Inc. (a)(b)		292,424
	8,153	Wayfair, Inc. - Class A (a)(b)		549,512
				7,724,971
		Internet Software & Services - 4.59%
	7,073	Akamai Technologies, Inc. (a)(b)		344,597
	3,283	Alphabet, Inc. - Class A (b)		3,196,723
	3,673	Alphabet, Inc. - Class C (b)		3,522,811
	463	CoStar Group, Inc. (b)		124,200
	8,729	eBay, Inc. (b)		335,717
	28,206	Facebook, Inc. - Class A (b)		4,819,559
	1,465	GoDaddy, Inc. - Class A (b)		63,742
	5,198	IAC InterActive Corp. (b)		611,181
	9,986	Match Group, Inc. (a)(b)		231,575
	9,629	Pandora Media, Inc. (a)(b)		74,143
	7,842	Twitter, Inc. (b)		132,295
	1,824	VeriSign, Inc. (b)		194,055
				13,650,598
		IT Services - 3.09%
	8,447	Accenture Plc - Class A - ADR		1,140,936
	1,038	Alliance Data Systems Corp. (a)		229,969
	2,222	Amdocs Ltd.		142,919
	2,712	Automatic Data Processing, Inc.		296,476
	13,947	Booz Allen Hamilton Holding Corp. - Class A		521,478
	1,211	Broadridge Financial Solutions, Inc.		97,873
	7,425	Cognizant Technology Solutions Corp. - Class A		538,610
	13,241	Conduent, Inc. (b)		207,487
	6,780	CoreLogic, Inc. (b)		313,372
	5,651	CSRA, Inc. (a)		182,358

See notes to financial statements.

37

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	1,839	DXC Technology Co.	$	157,933
	1,185	Euronet Worldwide, Inc. (a)(b)		112,326
	2,692	Fidelity National Information Services, Inc.		251,406
	12,388	First Data Corp. - Class A (a)(b)		223,480
	651	Fiserv, Inc. (b)		83,953
	2,741	Gartner, Inc. (b)		341,008
	7,643	Genpact, Ltd. (a)		219,736
	2,037	Leidos Holdings, Inc.		120,631
	8,812	MasterCard, Inc. - Class A		1,244,254
	1,341	Paychex, Inc.		80,406
	9,213	PayPal Holdings, Inc. (b)		589,908
	14,818	Square, Inc. - Class A (a)(b)		426,907
	5,473	T-Mobile USA, Inc. (b)		337,465
	3,442	Total System Services, Inc.		225,451
	1,367	Vantiv, Inc. - Class A (b)		96,333
	9,710	Visa, Inc. - Class A (a)		1,021,880
				9,204,555
		Leisure Products - 0.41%
	2,596	Brunswick Corp.		145,298
	3,367	Hasbro, Inc. (a)		328,855
	10,199	Mattel, Inc. (a)		157,881
	2,169	Polaris Industries, Inc. (a)		226,942
	3,285	Pool Corp.		355,338
				1,214,314
		Life Sciences Tools & Services - 0.92%
	1,308	Bio-Rad Laboratories, Inc. - Class A (b)		290,664
	11,458	Bruker Corp.		340,875
	1,060	Charles River Laboratories International, Inc. (b)		114,501
	949	Illumina, Inc. (b)		189,041
	1,167	Mettler-Toledo International, Inc. (b)		730,729
	2,204	QIAGEN NV		69,440
	2,733	Quintiles IMS Holdings, Inc. (b)		259,826
	1,398	Thermo Fisher Scientific, Inc.		264,502
	8,928	VWR Corp. (b)		295,606
	1,019	Waters Corp. (b)		182,931
				2,738,115
		Machinery - 1.80%
	1,250	AGCO Corp.		92,212
	2,722	Allison Transmission Holdings, Inc.		102,157
	3,110	Caterpillar, Inc.		387,848
	5,158	Colfax Corp. (a)(b)		214,779
	1,306	Cummins, Inc.		219,447
	2,835	Deere & Co.		356,048
	4,671	Donaldson Co., Inc.		214,586
	5,401	Fortive Corp.		382,337
	5,163	Graco, Inc.		638,611
	1,838	Illinois Tool Works, Inc.		271,950
	3,194	Ingersoll-Rand Plc		284,809
	3,502	Lincoln Electric Holdings, Inc. (a)		321,063
	697	Nordson Corp.		82,595
	7,260	Oshkosh Corp.		599,240
	852	Parker-Hannifin Corp.		149,117
	1,261	Snap-on, Inc. (a)		187,902
	4,586	Terex Corp. (a)		206,462
	1,301	The Timken Co.		63,164
	9,458	Toro Co.		586,963
				5,361,290

Number of Shares			Value
		Marine - 0.16%
	7,336	Kirby Corp. (a)(b)	$	483,809
		Media - 2.36%
	428	Cable One, Inc.		309,067
	1,333	Charter Communications, Inc. - Class A (b)		484,439
	33,098	Comcast Corp. - Class A		1,273,611
	3,282	Discovery Communications, Inc. - Series A (a)(b)		69,874
	3,139	Discovery Communications, Inc. - Series C (b)		63,596
	4,579	John Wiley & Sons, Inc. - Class A		244,977
	1,218	Liberty Broadband Corp. - Class A (b)		114,711
	1,739	Liberty Broadband Corp. - Class C (b)		165,727
	8,747	Liberty Media Corp. - Class A (b)		366,499
	10,196	Liberty Media Corp. - Class C (b)		426,907
	1,696	Liberty Media Group - Class C (b)		64,601
	4,423	Lions Gate Entertainment Corp. - Class A (b)		147,949
	5,847	Lions Gate Entertainment Corp. - Class B (b)		185,876
	3,906	Live Nation Entertainment, Inc. (a)(b)		170,106
	794	Scripps Networks Interactive, Inc. - Class A		68,197
	51,383	Sirius XM Holdings, Inc. (a)		283,634
	20,825	TEGNA, Inc. (a)		277,597
	12,635	The Walt Disney Co.		1,245,432
	5,999	Time Warner, Inc.		614,598
	5,430	Viacom, Inc. - Class A (a)		199,281
	8,642	Viacom, Inc. - Class B (a)		240,593
				7,017,272
		Metals & Mining - 0.45%
	16,885	Freeport-McMoRan, Inc. (a)(b)		237,065
	4,212	Newmont Mining Corp.		157,992
	1,186	Reliance Steel & Aluminum Co.		90,338
	4,390	Steel Dynamics, Inc.		151,323
	27,877	United States Steel Corp. (a)		715,324
				1,352,042
		Multiline Retail - 1.25%
	5,209	Burlington Stores, Inc. (a)(b)		497,251
	4,170	Dollar General Corp.		337,979
	3,577	Dollar Tree, Inc. (b)		310,555
	20,966	Kohl’s Corp. (a)		957,098
	34,619	Macy’s, Inc. (a)		755,387
	8,667	Nordstrom, Inc.		408,649
	7,718	Target Corp. (a)		455,439
				3,722,358
		Multi-Utilities - 0.47%
	2,612	Ameren Corp.		151,078
	9,942	CenterPoint Energy, Inc.		290,406
	3,170	CMS Energy Corp.		146,834
	1,576	Consolidated Edison, Inc. (a)		127,152
	1,633	Dominion Energy, Inc. (a)		125,627
	1,880	DTE Energy Co.		201,837
	7,314	MDU Resources Group, Inc. (a)		189,798
	2,555	Vectren Corp.		168,042
				1,400,774
		Oil, Gas & Consumable Fuels - 1.82%
	650	Andeavor (a)		67,048
	6,158	Chevron Corp.		723,565
	2,227	ConocoPhillips (a)		111,461
	33,523	CONSOL Energy, Inc. (a)(b)		567,880
	22,512	Exxon Mobil Corp.		1,845,534

See notes to financial statements.

38

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Oil, Gas & Consumable Fuels (Continued)
	3,321	HollyFrontier Corp.	$	119,456
	15,851	Valero Energy Corp. (a)		1,219,417
	34,496	Whiting Petroleum Corp. (b)		188,348
	16,697	World Fuel Services Corp. (a)		566,195
				5,408,904
		Paper & Forest Products - 0.21%
	14,390	Domtar Corp.		624,382
		Personal Products - 0.45%
	5,745	Herbalife, Ltd. (b)		389,683
	7,207	Nu Skin Enterprises, Inc. - Class A		443,086
	4,603	The Estee Lauder Cos., Inc. - Class A (a)		496,388
				1,329,157
		Pharmaceuticals - 4.01%
	3,692	Abbott Laboratories		197,005
	4,696	AbbVie, Inc.		417,287
	394	Allergan Plc		80,750
	16,092	Bristol-Myers Squibb Co.		1,025,704
	6,625	Eli Lilly & Co.		566,703
	94,071	Endo International Plc (b)		805,718
	30,539	Johnson & Johnson		3,970,375
	28,927	Mallinckrodt Plc (b)		1,081,002
	16,830	Merck & Co., Inc.		1,077,625
	26,700	Mylan NV (a)(b)		837,579
	4,427	Perrigo Co. Plc (a)		374,746
	35,882	Pfizer, Inc.		1,280,987
	3,251	Zoetis, Inc. (a)		207,284
				11,922,765
		Professional Services - 0.72%
	3,386	IHS Markit, Ltd. (b)		149,255
	7,092	ManpowerGroup, Inc.		835,579
	3,717	Nielsen Holdings Plc (a)		154,070
	14,297	Robert Half International, Inc.		719,711
	2,367	The Dun & Bradstreet Corp.		275,542
				2,134,157
		Real Estate Management & Development - 0.54%
	1,846	CBRE Group, Inc. - Class A (b)		69,926
	4,152	Jones Lang LaSalle, Inc. (a)		512,772
	30,882	Realogy Holdings Corp. (a)		1,017,562
				1,600,260
		Road & Rail - 0.50%
	8,356	CSX Corp. (a)		453,397
	5,202	Genesee & Wyoming, Inc. - Class A (b)		385,000
	3,790	Landstar System, Inc.		377,674
	485	Norfolk Southern Corp.		64,136
	1,380	Old Dominion Freight Line, Inc. (b)		151,952
	557	Union Pacific Corp.		64,595
				1,496,754
		Semiconductors & Semiconductor Equipment - 4.00%
	35,445	Advanced Micro Devices, Inc. (a)(b)		451,924
	4,184	Analog Devices, Inc.		360,535
	18,527	Applied Materials, Inc.		965,071
	2,716	Broadcom Ltd.		658,739
	2,834	Cavium, Inc. (b)		186,874
	12,379	First Solar, Inc. (a)(b)		567,949
	49,765	Intel Corp. (a)		1,895,051

Number of Shares			Value
		Semiconductors & Semiconductor Equipment (Continued)
	3,941	KLA-Tencor Corp.	$	417,746
	3,811	Lam Research Corp. (a)(b)		705,187
	10,734	Marvell Technology Group, Ltd. - ADR		192,139
	2,042	Maxim Integrated Products, Inc.		97,424
	2,712	Microchip Technology, Inc. (a)		243,483
	12,025	Micron Technology, Inc. (b)		472,943
	3,978	Microsemi Corp. (b)		204,787
	7,911	NVIDIA Corp.		1,414,250
	30,371	ON Semiconductor Corp. (a)(b)		560,952
	1,996	Qorvo, Inc. (a)(b)		141,077
	4,922	Skyworks Solutions, Inc. (a)		501,552
	12,220	Teradyne, Inc.		455,684
	11,600	Texas Instruments, Inc.		1,039,824
	7,700	Versum Materials, Inc. (a)		298,914
	890	Xilinx, Inc. (a)		63,039
				11,895,144
		Software - 6.24%
	6,063	Activision Blizzard, Inc.		391,124
	6,625	Adobe Systems, Inc. (b)		988,318
	2,138	ANSYS, Inc. (b)		262,397
	3,581	Atlassian Corp. Plc - Class A (b)		125,872
	3,739	Autodesk, Inc. (a)(b)		419,740
	3,368	CA, Inc.		112,424
	16,949	Cadence Design System, Inc. (a)(b)		668,977
	1,236	CDK Global, Inc.		77,979
	2,980	Citrix Systems, Inc. (b)		228,924
	18,605	Dell Technologies, Inc. - Class V (b)		1,436,492
	5,815	Electronic Arts, Inc. (b)		686,519
	5,804	Fortinet, Inc. (b)		208,015
	3,947	Intuit, Inc.		561,027
	2,263	Jack Henry & Associates, Inc.		232,614
	10,071	Manhattan Associates, Inc. (a)(b)		418,651
	84,265	Microsoft Corp.		6,276,900
	20,443	Nuance Communications, Inc. (a)(b)		321,364
	25,597	Oracle Corp. (a)		1,237,615
	1,796	PTC, Inc. (b)		101,079
	5,190	Red Hat, Inc. (b)		575,363
	4,336	salesforce.com, Inc. (b)		405,069
	4,209	ServiceNow, Inc. (a)(b)		494,684
	4,567	Splunk, Inc. (a)(b)		303,386
	1,931	SS&C Technologies Holdings, Inc. (a)		77,530
	1,967	Symantec Corp. (a)		64,537
	6,265	Synopsys, Inc. (b)		504,520
	4,897	Tableau Software, Inc. - Class A (a)(b)		366,736
	3,836	Take-Two Interactive Software, Inc. (b)		392,154
	3,905	VMware, Inc. (a)(b)		426,387
	1,717	Workday, Inc. - Class A (a)(b)		180,955
				18,547,352
		Specialty Retail - 4.39%
	2,868	Advance Auto Parts, Inc.		284,506
	2,022	AutoNation, Inc. (a)(b)		95,964
	759	AutoZone, Inc. (a)(b)		451,689
	30,284	Bed Bath & Beyond, Inc. (a)		710,765
	10,614	Best Buy Co., Inc. (a)		604,573
	16,187	Dick’s Sporting Goods, Inc. (a)		437,211
	7,858	Floor & Decor Holdings, Inc. (b)		305,912
	8,023	Foot Locker, Inc.		282,570
	44,250	GameStop Corp. - Class A (a)		914,205
	7,797	L Brands, Inc. (a)		324,433

See notes to financial statements.

39

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	7,869	Lowe’s Cos., Inc.	$	629,048
	3,007	Murphy USA, Inc. (a)(b)		207,483
	2,027	O’Reilly Automotive, Inc. (b)		436,555
	7,887	Ross Stores, Inc.		509,264
	21,318	Sally Beauty Holdings, Inc. (a)(b)		417,406
	4,642	Signet Jewelers Ltd. (a)		308,925
	19,992	The Gap, Inc. (a)		590,364
	11,469	The Home Depot, Inc.		1,875,870
	21,674	The Michaels Cos., Inc. (a)(b)		465,341
	7,999	The TJX Companies, Inc. (a)		589,766
	5,908	Tiffany & Co.		542,236
	7,255	Tractor Supply Co. (a)		459,169
	1,816	Ulta Beauty, Inc. (b)		410,525
	32,130	Urban Outfitters, Inc. (a)(b)		767,907
	8,715	Williams Sonoma, Inc. (a)		434,530
				13,056,217
		Technology Hardware, Storage & Peripherals - 4.40%
	60,726	Apple, Inc.		9,359,091
	19,618	HP, Inc. (a)		391,575
	7,941	International Business Machines Corp.		1,152,080
	2,038	NCR Corp. (a)(b)		76,466
	2,758	NetApp, Inc. (a)		120,690
	18,327	Teradata Corp. (a)(b)		619,270
	7,678	Western Digital Corp.		663,379
	20,816	Xerox Corp.		692,965
				13,075,516
		Textiles, Apparel & Luxury Goods - 1.47%
	3,138	Carter’s, Inc. (a)		309,878
	7,857	Coach, Inc.		316,480
	2,581	Hanesbrands, Inc. (a)		63,596
	7,014	lululemon athletica, Inc. (b)		436,622
	10,198	Michael Kors Holdings Ltd. (b)		487,974
	11,968	NIKE, Inc. - Class B		620,541
	1,671	PVH Corp.		210,646
	6,631	Ralph Lauren Corp.		585,451
	13,003	Skechers U.S.A., Inc. - Class A (b)		326,245
	17,930	Under Armour, Inc. - Class A (a)(b)		295,486
	18,447	Under Armour, Inc. - Class C (a)(b)		277,074
	6,900	VF Corp. (a)		438,633
				4,368,626
		Tobacco - 0.80%
	10,018	Altria Group, Inc.		635,342
	15,731	Philip Morris International, Inc.		1,746,298
				2,381,640
		Trading Companies & Distributors - 1.05%
	9,958	Fastenal Co. (a)		453,886
	8,205	HD Supply Holdings, Inc. (b)		295,954
	4,916	MSC Industrial Direct Co., Inc. - Class A		371,502
	7,363	Univar, Inc. (b)		213,012
	2,440	W.W. Grainger, Inc. (a)		438,590
	1,847	Watsco, Inc. - Class A (a)		297,496
	17,869	WESCO International, Inc. (b)		1,040,869
				3,111,309
		Wireless Telecommunication Services - 0.04%
	4,427	Telephone & Data Systems, Inc.		123,469
		Total Common Stocks (Cost $227,766,259)		279,425,128

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 1.70%
		Real Estate Investment Trusts - 1.70%
	13,867	AGNC Investment Corp.	$	300,637
	9,115	American Homes 4 Rent - Class A		197,887
	2,445	American Tower Corp.		334,183
	35,149	Annaly Capital Management, Inc. (a)		428,466
	4,139	Brandywine Realty Trust		72,391
	1,574	Camden Property Trust		143,942
	22,621	Chimera Investment Corp. (a)		427,989
	1,490	CoreSite Realty Corp.		166,731
	634	Crown Castle International Corp.		63,387
	1,196	Digital Realty Trust, Inc. (a)		141,523
	7,566	Empire State Realty Trust, Inc. - Class A		155,406
	245	Equinix, Inc.		109,343
	2,215	Equity Commonwealth (b)		67,336
	771	Essex Property Trust, Inc.		195,857
	4,459	Forest City Realty Trust, Inc. - Class A		113,749
	10,693	Hospitality Properties Trust (a)		304,644
	17,527	Host Hotels & Resorts, Inc. (a)		324,074
	27,628	MFA Financial, Inc.		242,021
	16,734	New Residential Investment Corp.		279,960
	2,777	Park Hotels & Resorts, Inc.		76,534
	7,520	Piedmont Office Realty Trust, Inc. - Class A		151,603
	921	Prologis, Inc.		58,447
	8,849	Retail Properties of America, Inc. - Class A		116,187
	1,230	SBA Communications Corp. (a)(b)		177,182
	765	SL Green Realty Corp.		77,510
	1,143	Sun Communities, Inc.		97,932
	16,465	Two Harbors Investment Corp. (a)		165,967
	8,428	VEREIT, Inc.		69,868
		Total Real Estate Investment Trusts (Cost $4,693,857)		5,060,756
		INVESTMENT COMPANIES - 3.29%
		Exchange Traded Funds - 3.29%
	42,344	Vanguard S&P 500 ETF		9,771,301
		Total Investment Companies (Cost $9,248,934)		9,771,301
		SHORT TERM INVESTMENTS - 0.91%
		Money Market Funds - 0.91%
	2,702,477	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (c)		2,702,477
		Total Short Term Investments (Cost $2,702,477)		2,702,477
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.63%
		Investments Purchased with Proceeds from Securities Lending Collateral - 18.63%
	55,412,352	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (c)		55,412,352
		Total Investments Purchased with Proceeds from Securities Lending (Cost $55,412,352)		55,412,352
		Total Investments (Cost $299,823,879) - 118.47%		352,372,014
		Liabilities in Excess of Other Assets - (18.47)%		(54,930,222	)
		TOTAL NET ASSETS - 100.00%	$	297,441,792

See notes to financial statements.

40

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

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 September 30, 2017.

See notes to financial statements.

41

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS - 85.18%
		Brazil - 5.08%
	53,143	Ambev SA	$	353,039
	22,187	Banco Bradesco SA		234,329
	42,863	Banco do Brasil SA		473,000
	13,090	Banco Santander Brasil SA		114,362
	38,220	BB Seguridade Participacoes SA		343,928
	12,765	Cia de Saneamento Basico do Estado de Sao Paulo		133,891
	82,930	Cia Siderurgica Nacional SA (a)		251,370
	11,274	Cosan SA Industria e Comercio		128,575
	34,032	CPFL Energia SA		292,810
	39,371	EDP - Energias do Brasil SA		188,703
	11,532	Fibria Celulose SA		156,059
	71,173	JBS SA		191,239
	37,009	Lojas Renner SA		420,670
	13,187	M Dias Branco SA		208,184
	19,736	Natura Cosmeticos SA		195,045
	32,551	Odontoprev SA		157,249
	69,896	Petroleo Brasileiro SA (a)		351,339
	15,281	Raia Drogasil SA		361,718
	81,317	Sul America SA (b)		458,305
	6,841	Ultrapar Participacoes SA		163,295
	31,199	Vale SA		315,817
				5,492,927
		Chile - 1.00%
	1,225,267	Banco de Chile		186,896
	4,560	Banco de Credito e Inversiones		288,390
	1,476,701	Banco Santander Chile		109,797
	25,380	Cia Cervecerias Unidas SA		341,808
	11,270	Latam Airlines Group SA		148,374
				1,075,265
		China - 18.94%
	853,522	Agricultural Bank of China Ltd. - Series H		384,213
	23,299	Alibaba Group Holding Ltd. - ADR (a)(c)		4,023,970
	91,219	ANTA Sports Products Ltd.		384,565
	4,008	Autohome, Inc. - ADR (a)		240,801
	4,364	Baidu, Inc. - ADR (a)		1,080,919
	1,567,303	Bank of China Ltd. - Series H		778,516
	384,000	Bank of Communications Co., Ltd. - Series H		281,864
	569,672	China Cinda Asset Management Co., Ltd. - Series H		210,792
	420,000	China CITIC Bank Corp. Ltd. - Series H		268,066
	710,542	China Communications Services Corp. Ltd. - Series H		366,847
	1,795,140	China Construction Bank Corp. - Series H		1,499,753
	347,000	China Everbright Bank Co., Ltd. - Series H		160,704
	318,286	China Huarong Asset Management Co., Ltd. - Series H		142,521
	38,375	China Life Insurance Company Ltd. - Series H		115,031
	82,346	China Mengniu Dairy Co., Ltd.		230,990
	103,586	China Merchants Bank Co., Ltd. - Series H		366,804
	191,873	China Minsheng Banking Corp., Ltd. - Series H		176,722
	835,981	China Petroleum & Chemical Corp. - Series H		630,064
	193,616	China Southern Airlines Co., Ltd. - Series H		133,446
	592,413	Chongqing Rural Commercial Bank Co., Ltd. - Series H		377,132
	465,417	Country Garden Holdings Co., Ltd.		742,952
	226,768	Dongfeng Motor Group Co., Ltd. - Series H		300,922
	90,938	Haier Electronics Group Co., Ltd.		222,579
	9,322	JD.com, Inc. - ADR (a)		356,100

Number of Shares			Value
		China (Continued)
	6,343	Momo, Inc. - ADR (a)	$	198,790
	2,770	NetEase, Inc. - ADR (c)		730,754
	25,079	New China Life Insurance Co., Ltd. - Series H		142,633
	7,544	New Oriental Education & Technology Group, Inc. - ADR		665,833
	306,000	PetroChina Co. - Series H		194,755
	134,844	PICC Property & Casualty Co., Ltd. - Series H		239,200
	108,097	Ping An Insurance Group Co. of China, Ltd. - Series H		834,986
	20,768	Shenzhou International Group Holdings Ltd.		162,871
	484,779	Sihuan Pharmaceutical Holdings Group, Ltd.		177,009
	1,615	SINA Corp. (a)		185,160
	498,790	Sino-Ocean Group Holding Ltd.		333,895
	278,828	Sinopec Shanghai Petrochemical Co., Ltd. - Series H		166,585
	377,072	Sun Art Retail Group Ltd.		351,258
	20,946	TAL Education Group - ADR		706,090
	758,953	The People’s Insurance Co. Group of China, Ltd. - Series H		340,597
	23,886	Vipshop Holdings Ltd. - ADR (a)		209,958
	283,799	Want Want China Holdings, Ltd.		199,953
	4,943	Weibo Corp. - ADR (a)(c)		489,060
	12,894	Yum China Holdings, Inc. (a)		515,373
	41,077	ZTE Corp. (a)		135,161
				20,456,194
		Colombia - 0.23%
	53,988	Interconexion Electrica SA ESP		251,499
		Czech Republic - 0.11%
	9,635	O2 Czech Republic AS		118,340
		Egypt - 0.19%
	43,369	Commercial International Bank Egypt SAE (b)		200,554
		Hong Kong - 12.61%
	14,023	AAC Technologies Holdings, Inc.		237,291
	95,552	Brilliance China Automotive Holdings, Ltd.		255,259
	164,654	China Evergrande Group (a)		577,379
	104,430	China Mobile Ltd.		1,060,169
	66,466	China Overseas Land & Investment Ltd.		216,860
	346,338	China Telecom Corp. Ltd. - Series H		178,187
	89,911	China Unicom Hong Kong Ltd. (a)		125,702
	115,853	CITIC Ltd.		171,665
	234,800	CSPC Pharmaceutical Group Ltd.		394,604
	224,378	Geely Automobile Holdings Ltd.		637,169
	2,041,890	GOME Retail Holdings, Ltd.		230,685
	1,406,189	Industrial & Commercial Bank of China Ltd. - Series H		1,051,140
	212,697	Kunlun Energy Co., Ltd.		208,153
	110,331	Longfor Properties Co., Ltd.		278,948
	221,857	Nine Dragons Paper Holdings Ltd.		439,067
	437,212	Sino Biopharmaceutical Ltd.		463,198
	182,209	Sunac China Holdings Ltd.		836,802
	40,276	Sunny Optical Technology Group Co., Ltd.		646,591
	123,528	Tencent Holdings Ltd.		5,400,730
	136,824	Tingyi Cayman Islands Holding Corp.		206,255
				13,615,854
		Hungary - 0.58%
	32,816	MOL Hungarian Oil & Gas Plc		373,202
	6,747	OTP Bank Plc		253,295
				626,497

See notes to financial statements.

42

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Indonesia - 1.54%
	3,007,677	Adaro Energy Tbk PT	$	408,279
	165,901	Bank Central Asia Tbk PT		250,167
	441,599	Hanjaya Mandala Sampoerna Tbk PT		126,555
	1,215,482	Kalbe Farma Tbk PT		150,385
	177,812	Matahari Department Store Tbk PT		122,517
	463,270	Telekomunikasi Indonesia Persero Tbk PT		161,116
	66,176	Unilever Indonesia Tbk PT		240,675
	87,110	United Tractors Tbk PT		207,132
				1,666,826
		Malaysia - 1.38%
	147,083	AirAsia Bhd		120,287
	289,307	Astro Malaysia Holdings Bhd		193,214
	27,976	British American Tobacco Malaysia Bhd		289,798
	195,037	DiGi.Com Bhd		226,331
	62,895	HAP Seng Consolidated Bhd		135,585
	100,451	Maxis Communications Bhd		137,979
	27,694	Public Bank Bhd		134,108
	691,771	Sapura Energy Bhd		249,719
				1,487,021
		Mexico - 3.03%
	86,522	Alfa SAB de CV - Series A		109,043
	570,545	America Movil SAB de CV - Series L		506,629
	467,264	Cemex SAB de CV (a)		424,413
	17,078	Coca-Cola Femsa SAB de CV - Series L		131,888
	35,971	Fomento Economico Mexicano SAB de CV		343,473
	17,272	Gruma SAB de CV - Series B		253,655
	7,131	Grupo Aeroportuario del Sureste SAB de CV - Series B		136,002
	147,167	Grupo Bimbo SAB de CV - Series A		356,159
	39,714	Grupo Financiero Banorte SAB de CV - Series O		273,418
	34,157	Grupo Mexico SAB de CV - Series B		104,609
	36,009	Infraestructura Energetica Nova SAB de CV		201,638
	59,371	Kimberly-Clark de Mexico SAB de CV - Series A		120,992
	133,688	Wal-Mart de Mexico SAB de CV		306,139
				3,268,058
		Peru - 0.23%
	1,237	CREDICORP Ltd.		253,610
		Philippines - 0.22%
	5,802	Globe Telecom, Inc.		234,421
		Poland - 2.32%
	2,979	CCC SA		225,422
	15,043	Eurocash SA		159,401
	32,409	Grupa Lotos SA		530,896
	15,005	Jastrzebska Spolka Weglowa SA (a)		397,064
	3,317	KGHM Polska Miedz SA		106,854
	146	LPP SA		326,972
	11,140	Polski Koncern Naftowy Orlen SA		371,702
	99,348	Polskie Gornictwo Naftowe i Gazownictwo SA		184,983
	15,856	Powszechny Zaklad Ubezpieczen SA		200,117
				2,503,411
		Qatar - 0.15%
	7,211	Ooredoo QSC		164,228
		Republic of Korea - 14.16%
	1,084	Amorepacific Corp.		246,073
	2,112	AMOREPACIFIC Group		228,055
	1,683	BGF retail Co., Ltd.		122,265

Number of Shares			Value
		Republic of Korea (Continued)
	31,898	BNK Financial Group, Inc.	$	278,943
	11,244	Cheil Worldwide, Inc.		178,968
	3,709	Coway Co., Ltd.		304,879
	35,743	DGB Financial Group, Inc.		328,059
	2,158	Dongbu Insurance Co., Ltd.		137,872
	1,355	E-MART, Inc.		247,172
	3,464	GS Holdings Corp.		198,961
	10,988	Hana Financial Group, Inc.		455,857
	1,449	Hanssem Co., Ltd.		191,862
	5,061	Hanwha Chemical Corp.		143,998
	8,478	Hanwha Corp.		326,810
	24,749	Hanwha Life Insurance Co., Ltd.		148,255
	2,625	Hotel Shilla Co., Ltd.		133,504
	4,203	Hyundai Engineering & Construction Co., Ltd.		141,230
	3,916	Hyundai Marine & Fire Insurance Co., Ltd.		155,312
	2,843	Hyundai Steel Co.		131,550
	20,385	Industrial Bank of Korea		256,981
	10,053	KB Financial Group, Inc.		494,599
	9,018	Korea Gas Corp.		332,032
	3,419	Korea Investment Holdings Co., Ltd.		183,414
	10,058	Korean Air Lines Co., Ltd. (a)		271,140
	4,092	KT Corp. (b)		104,322
	4,150	LG Electronics, Inc.		299,719
	447	LG Household & Health Care Ltd.		365,805
	438	Lotte Chemical Corp.		145,021
	622	Naver Corp.		405,812
	352	NCSoft Corp.		143,107
	1,712	OCI Co., Ltd.		153,583
	1,434	POSCO		398,486
	1,772	S-1 Corp.		138,279
	1,512	Samsung Electro-Mechanics Co., Ltd.		135,137
	2,196	Samsung Electronics Co., Ltd.		4,941,492
	949	Samsung SDI Co., Ltd.		165,116
	4,764	Shinhan Financial Group Co., Ltd.		210,561
	10,119	SK Hynix, Inc.		737,982
	1,768	SK Innovation Co., Ltd.		308,152
	981	SK Telecom Co., Ltd.		218,889
	1,728	S-Oil Corp.		192,987
	37,917	Woori Bank		591,952
				15,294,193
		Russian Federation - 1.89%
	9,773	Lukoil PJSC - ADR (c)		518,262
	14,135	Mobile TeleSystems PJSC - ADR (c)		147,569
	58,980	Sberbank of Russia PJSC - ADR (c)		841,645
	9,904	Severstal PJSC - GDR		148,235
	5,065	Tatneft PJSC - ADR		219,011
	79,483	VTB Bank PJSC - GDR		171,153
				2,045,875
		South Africa - 5.31%
	18,731	AngloGold Ashanti Ltd.		175,978
	16,466	Barclays Africa Group Ltd.		169,006
	2,639	Capitec Bank Holdings Ltd.		167,415
	44,658	Coronation Fund Managers Ltd.		222,394
	35,359	Exxaro Resources Ltd.		321,979
	41,059	FirstRand Ltd.		157,887
	47,115	Gold Fields Ltd.		203,755
	16,826	Liberty Holdings Ltd.		130,751
	19,915	Massmart Holdings Ltd.		164,101
	17,516	Mr. Price Group Ltd.		232,948

See notes to financial statements.

43

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCK (Continued)
		South Africa (Continued)
	6,688	Naspers Ltd. - N Shares	$	1,445,763
	8,316	Nedbank Group Ltd.		124,430
	2,313	Novus Holdings, Ltd.		1,108
	45,745	Pick n Pay Stores Ltd.		194,654
	48,768	Sappi Ltd.		332,146
	12,318	Shoprite Holdings Ltd.		188,263
	20,668	Standard Bank Group Ltd.		241,124
	26,291	Steinhoff International Holdings NV		116,853
	36,360	Telkom SA SOC Ltd.		159,231
	12,915	The Bidvest Group Ltd.		164,707
	14,064	The SPAR Group Ltd.		173,673
	4,229	Tiger Brands Ltd.		117,906
	27,942	Truworths International Ltd.		159,433
	18,661	Vodacom Group Ltd.		221,997
	32,969	Woolworths Holdings Ltd.		145,982
				5,733,484
		Taiwan - 12.10%
	37,222	Advantech Co., Ltd.		265,726
	21,840	Asustek Computer, Inc.		179,979
	626,054	AU Optronics Corp.		251,602
	12,230	Catcher Technology Co., Ltd.		114,403
	94,186	Cathay Financial Holding Co., Ltd.		150,095
	94,000	Chailease Holding Co., Ltd.		227,054
	860,915	China Airlines Ltd. (a)		325,156
	35,054	Chunghwa Telecom Co., Ltd.		120,759
	350,618	Compal Electronics, Inc.		249,406
	191,657	CTBC Financial Holding Co., Ltd.		120,303
	21,103	Delta Electronics, Inc.		108,880
	10,057	Eclat Textile Co., Ltd.		122,677
	462,046	Eva Airways Corp.		225,605
	332,000	Evergreen Marine Corp. Ltd. (a)		191,934
	71,617	Far EasTone Telecommunications Co., Ltd.		170,388
	69,846	Feng TAY Enterprise Co., Ltd.		318,410
	504,158	First Financial Holding Co., Ltd.		323,806
	45,887	Formosa Petrochemical Corp.		158,500
	103,394	Fubon Financial Holding Co., Ltd.		161,581
	20,700	General Interface Solution Holding, Ltd.		206,615
	36,000	Globalwafers Co., Ltd.		352,684
	353,549	Hon Hai Precision Industry Co., Ltd.		1,227,845
	601,000	Innolux Corp.		281,319
	2,249	Largan Precision Co., Ltd.		396,758
	135,042	Lite-On Technology Corp.		193,441
	12,584	MediaTek, Inc.		118,414
	52,459	Micro-Star International Co., Ltd.		113,152
	80,091	Nan Ya Plastics Corp.		197,631
	80,931	Nanya Technology Corp.		229,679
	27,517	Nien Made Enterprise Co., Ltd.		282,563
	64,216	Pegatron Corp.		167,207
	17,400	Phison Electronics Corp.		206,851
	107,426	Pou Chen Corp.		135,067
	48,447	President Chain Store Corp.		408,896
	38,439	Realtek Semiconductor Corp.		132,794
	56,134	Standard Foods Corp.		137,057
	33,743	Taiwan Mobile Co., Ltd.		120,266
	490,739	Taiwan Semiconductor Manufacturing Co., Ltd.		3,514,899
	155,373	Uni-President Enterprises Corp.		325,777
	74,239	Vanguard International Semiconductor Corp.		128,220
	513,513	Wistron Corp.		411,832
				13,075,231

Number of Shares			Value
		Thailand - 2.13%
	27,971	Advanced Info Service PCL	$	160,279
	380,886	Banpu PCL		201,410
	270,672	BEC World PCL - NVDR		132,292
	25,077	Bumrungrad Hospital PCL		161,772
	97,065	CP ALL PCL		194,436
	20,961	Electricity Generating PCL		147,701
	422,822	Home Product Center PCL - NVDR		154,942
	55,228	KCE Electronics PCL		165,607
	102,672	Minor International PCL		125,606
	66,750	PTT Exploration & Production PCL		179,411
	81,744	PTT Global Chemical PCL - NVDR		188,939
	25,088	PTT PCL		307,206
	65,998	Thai Oil PCL		183,188
				2,302,789
		Turkey - 1.98%
	41,980	Aselsan Elektronik Sanayi Ve Ticaret AS		309,895
	16,127	BIM Birlesik Magazalar AS		336,254
	82,905	Eregli Demir ve Celik Fabrikalari TAS		179,901
	48,716	Turkiye Garanti Bankasi AS		132,363
	76,198	Turkiye Halk Bankasi AS		259,153
	177,923	Turkiye Is Bankasi - Series C		338,543
	165,783	Turkiye Vakiflar Bankasi TAO		291,855
	236,618	Yapi ve Kredi Bankasi AS (a)		287,081
				2,135,045
		Total Common Stocks (Cost $66,872,795)		92,001,322
		INVESTMENT COMPANIES - 9.60%
		China - 2.29%
	45,747	iShares Core MSCI Emerging Markets ETF		2,471,253
		India - 7.20%
	236,909	iShares MSCI India ETF		7,782,461
		Pakistan - 0.11%
	8,309	Global X MSCI Pakistan ETF		120,646
		Total Investment Companies (Cost $9,430,172)		10,374,360
		PREFERRED STOCKS - 4.50%
		Brazil - 2.77%
	59,664	Banco Bradesco SA - Preference Shares		662,735
	51,321	Cia Energetica de Minas Gerais - Preference Shares		129,633
	98,706	Gerdau SA - Preference Shares		343,756
	73,638	Itau Unibanco Holding SA - Preference Shares		1,011,399
	97,539	Petroleo Brasileiro SA - Preference Shares (a)		472,427
	40,217	Vale SA - Preference Shares		374,596
				2,994,546
		Chile - 0.42%
	8,067	Sociedad Quimica y Minera de Chile SA - Preference Shares		447,795
		Colombia - 0.13%
	304,800	Grupo Aval Acciones y Valores SA - Preference Shares		137,526
		Republic of Korea - 1.18%
	932	Amorepacific Corp. - Preference Shares		126,941
	629	LG Household & Health Care Ltd. - Preference Shares		328,967

See notes to financial statements.

44

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		PREFERRED STOCKS (Continued)
		Republic of Korea (Continued)
	454	Samsung Electronics Co., Ltd. - Preference Shares	$	821,214
				1,277,122
		Total Preferred Stocks (Cost $2,913,724)		4,856,989
		REAL ESTATE INVESTMENT TRUSTS - 0.11%
		South Africa - 0.11%
	91,405	Fortress Income Fund Ltd. - Class A		116,283
		Total Real Estate Investment Trusts (Cost $113,393)		116,283
		SHORT TERM INVESTMENTS - 0.47%
		Money Market Funds - 0.47%
	508,710	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (d)		508,710
		Total Short Term Investments (Cost $508,710)		508,710
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.34%
		Investments Purchased with Proceeds from Securities Lending Collateral - 5.34%
	5,770,820	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (d)		5,770,820
		Total Investments Purchased with Proceeds from Securities Lending (Cost $5,770,820)		5,770,820
		Total Investments (Cost $85,609,614) - 105.20%		113,628,484
		Liabilities in Excess of Other Assets - (5.20)%		(5,613,137	)
		TOTAL NET ASSETS - 100.00%	$	108,015,347

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 $763,181, which represents 0.71% of total net assets.

(c) All or portion of this security is on loan.

(d) Seven-day yield as of September 30, 2017.

See notes to financial statements.

45

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2017

COMMON STOCKS
Aerospace & Defense	0.29%
Airlines	1.13%
Automobiles	1.10%
Banks	13.15%
Beverages	1.08%
Capital Markets	0.70%
Chemicals	0.92%
Commercial Services & Supplies	0.13%
Communications Equipment	0.13%
Construction & Engineering	0.13%
Construction Materials	0.39%
Diversified Consumer Services	1.27%
Diversified Financial Services	0.51%
Diversified Telecommunication Services	1.27%
Electric Utilities	0.68%
Electronic Equipment, Instruments & Components	3.54%
Energy Equipment & Services	0.23%
Food & Staples Retailing	2.97%
Food Products	2.06%
Gas Utilities	0.50%
Health Care Providers & Services	0.30%
Hotels, Restaurants & Leisure	0.59%
Household Durables	1.65%
Household Products	0.34%
Independent Power and Renewable Electricity Producers	0.14%
Industrial Conglomerates	0.84%
Insurance	3.14%
Internet & Direct Marketing Retail	0.52%
Internet Software & Services	11.81%
Marine	0.18%
Media	1.81%
Metals & Mining	2.23%
Multiline Retail	0.64%
Oil, Gas & Consumable Fuels	6.06%
Paper & Forest Products	0.86%
Personal Products	0.62%
Pharmaceuticals	1.10%
Real Estate Management & Development	2.77%
Semiconductors & Semiconductor Equipment	9.59%
Software	0.13%

Specialty Retail	0.84%
Technology Hardware, Storage & Peripherals	1.57%
Textiles, Apparel & Luxury Goods	1.55%
Tobacco	0.39%
Transportation Infrastructure	0.13%
Water Utilities	0.12%
Wireless Telecommunication Services	3.08%
TOTAL COMMON STOCKS	85.18%
INVESTMENT COMPANIES
Exchange Traded Funds	9.60%
TOTAL INVESTMENT COMPANIES	9.60%
PREFERRED STOCKS
Banks	1.68%
Chemicals	0.41%
Electric Utilities	0.12%
Metals & Mining	0.67%
Oil, Gas & Consumable Fuels	0.44%
Personal Products	0.42%
Semiconductors & Semiconductor Equipment	0.76%
TOTAL PREFERRED STOCKS	4.50%
REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts	0.11%
TOTAL REAL ESTATE INVESTMENT TRUSTS	0.11%
SHORT TERM INVESTMENTS
Money Market Funds	0.47%
TOTAL SHORT TERM INVESTMENTS	0.47%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
Investments Purchased with Proceeds from Securities Lending Collateral	5.34%
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	5.34%
TOTAL INVESTMENTS	105.20%
Liabilities in Excess of Other Assets	(5.20)%
TOTAL NET ASSETS	100.00%

See notes to financial statements.

46

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS - 89.67%
		Aerospace & Defense - 1.36%
	427	AAR Corp.	$	16,132
	337	Aerojet Rocketdyne Holdings, Inc. (a)(b)		11,798
	208	AeroVironment, Inc. (b)		11,257
	938	Axon Enterprise, Inc. (a)(b)		21,264
	992	BWX Technologies, Inc.		55,572
	169	Curtiss-Wright Corp.		17,667
	569	DigitalGlobe, Inc. (b)		20,057
	555	Ducommun, Inc. (b)		17,788
	353	Engility Holdings, Inc. (b)		12,242
	317	Esterline Technologies Corp. (b)		28,578
	175	HEICO Corp.		15,717
	374	HEICO Corp. - Class A		28,499
	346	Hexcel Corp. (a)(b)		19,867
	296	Huntington Ingalls Industries, Inc.		67,026
	563	KLX, Inc. (a)(b)		29,800
	1,276	Kratos Defense & Security Solutions, Inc. (b)		16,690
	565	Moog, Inc. - Class A (b)		47,138
	493	Orbital ATK, Inc.		65,648
	719	Sparton Corp. (b)		16,688
	1,072	Spirit AeroSystems Holdings, Inc. - Class A		83,316
	154	Teledyne Technologies, Inc. (a)(b)		24,514
	741	Triumph Group, Inc. (a)		22,045
	1,673	Vectrus, Inc. (b)		51,595
	1,418	Wesco Aircraft Holdings, Inc. (b)		13,329
				714,227
		Air Freight & Logistics - 0.39%
	636	Air Transport Services Group, Inc. (b)		15,480
	155	Atlas Air Worldwide Holdings, Inc. (b)		10,199
	2,482	Echo Global Logistics, Inc. (b)		46,786
	226	Forward Air Corp.		12,934
	303	Hub Group, Inc. - Class A (b)		13,014
	8,035	Radiant Logistics, Inc. (b)		42,666
	939	XPO Logistics, Inc. (a)(b)		63,645
				204,724
		Airlines - 0.39%
	900	Alaska Air Group, Inc.		68,643
	334	Copa Holdings SA - Class A		41,593
	462	Hawaiian Holdings, Inc. (a)(b)		17,348
	2,890	JetBlue Airways Corp. (b)		53,552
	255	SkyWest, Inc.		11,195
	425	Spirit Airlines, Inc. (b)		14,199
				206,530
		Auto Components - 1.03%
	172	Adient Plc - ADR		14,446
	2,352	American Axle & Manufacturing Holdings, Inc. (b)		41,348
	159	Cooper-Standard Holdings, Inc. (a)(b)		18,439
	1,536	Dana, Inc.		42,947
	404	Dorman Products, Inc. (b)		28,935
	632	Fox Factory Holding Corp. (b)		27,239
	1,244	Gentex Corp.		24,631
	2,143	Goodyear Tire & Rubber Co.		71,255
	258	LCI Industries (a)		29,889
	598	Lear Corp.		103,502
	1,121	Shiloh Industries, Inc. (b)		11,658
	340	Standard Motor Products, Inc.		16,405
	1,594	Stoneridge, Inc. (b)		31,577

Number of Shares			Value
		Auto Components (Continued)
	289	Tenneco, Inc. (a)(b)	$	17,534
	184	Visteon Corp. (b)		22,774
	263	WABCO Holdings, Inc. (b)		38,924
				541,503
		Automobiles - 0.28%
	914	Thor Industries, Inc.		115,082
	674	Winnebago Industries, Inc. (a)		30,161
				145,243
		Banks - 7.06%
	274	1st Source Corp.		13,919
	271	American National Bankshares, Inc.		11,165
	339	Ameris Bancorp		16,272
	1,465	Associated Banc-Corp.		35,526
	2,321	Banc of California, Inc. (a)		48,161
	562	BancFirst Corp. (a)		31,893
	385	Banco Latinoamericano de Comercio Exterior SA - Class E		11,334
	758	BancorpSouth, Inc.		24,294
	1,501	Bank of Commerce Holdings		17,261
	455	Bank of Hawaii Corp.		37,929
	496	Bank of the Ozarks, Inc.		23,833
	617	BankUnited, Inc.		21,947
	355	Bankwell Financial Group, Inc.		13,114
	1,121	BCB Bancorp, Inc.		15,638
	193	BOK Financial Corp.		17,192
	375	Bryn Mawr Bank Corp. (a)		16,425
	206	C&F Financial Corp.		11,330
	553	Camden National Corp.		24,133
	276	Capital Bank Financial Corp. - Class A		11,330
	347	Carolina Financial Corp.		12,450
	568	Cathay General Bancorp		22,834
	685	CenterState Banks, Inc.		18,358
	370	Century Bancorp, Inc. - Class A		29,637
	210	Chemical Financial Corp.		10,975
	306	Chemung Financial Corp.		14,413
	444	Citizens & Northern Corp.		10,905
	221	City Holding Co. (a)		15,892
	404	CNB Financial Corp.		11,037
	407	Columbia Banking System, Inc. (a)		17,139
	887	Commerce Bancshares, Inc.		51,242
	248	Community Bank Systems, Inc.		13,702
	1,549	Community Bankers Trust Corp. (b)		14,251
	356	Community Trust Bancorp, Inc.		16,554
	1,280	ConnectOne Bancorp, Inc.		31,488
	307	CU Bancorp (b)		11,904
	991	Cullen Frost Bankers, Inc. (a)		94,066
	645	Customers Bancorp, Inc. (b)		21,040
	473	CVB Financial Corp.		11,432
	219	Eagle Bancorp, Inc. (b)		14,684
	1,796	East West Bancorp, Inc. (a)		107,365
	1,279	Enterprise Financial Services Corp.		54,166
	320	Evans Bancorp, Inc.		13,824
	1,296	F.N.B. Corp.		18,183
	303	Farmers Capital Bank Corp.		12,741
	1,281	Farmers National Banc Corp.		19,279
	288	FB Financial Corp. (b)		10,863
	502	FCB Financial Holdings, Inc. - Class A (a)(b)		24,247
	733	Fidelity Southern Corp.		17,328
	437	First Bancorp (a)		15,037

See notes to financial statements.

47

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	2,432	First BanCorp (b)	$	12,452
	459	First Busey Corp.		14,394
	105	First Citizens BancShares, Inc. - Class A		39,258
	1,060	First Commonwealth Financial Corp.		14,978
	535	First Connecticut Bancorp, Inc.		14,311
	1,635	First Financial Bancorp		42,755
	409	First Financial Bankshares, Inc.		18,487
	627	First Financial Northwest, Inc.		10,653
	598	First Foundation, Inc. (b)		10,698
	658	First Guaranty Bancshares, Inc.		17,727
	1,792	First Horizon National Corp.		34,317
	320	First Interstate BancSystem, Inc. - Class A		12,240
	677	First Merchants Corp.		29,064
	405	First Mid-Illinois Bancshares, Inc.		15,552
	1,790	Fulton Financial Corp.		33,562
	342	German American Bancorp, Inc.		13,006
	365	Glacier Bancorp, Inc.		13,782
	343	Great Southern Bancorp, Inc.		19,088
	1,332	Green Bancorp, Inc. (b)		31,502
	550	Guaranty Bancorp		15,290
	814	Hancock Holding Co.		39,438
	597	HarborOne Bancorp, Inc. (b)		11,230
	402	Heartland Financial U.S.A., Inc.		19,859
	867	Heritage Commerce Corp.		12,337
	497	Hilltop Holdings, Inc. (b)		12,922
	1,268	Home BancShares, Inc.		31,979
	926	Hope Bancorp, Inc. (a)		16,399
	724	IBERIABANK Corp.		59,477
	861	Independent Bank Corp.		19,502
	879	International Bancshares Corp.		35,248
	529	Investar Holding Corp.		12,749
	1,515	Investors Bancorp, Inc.		20,665
	981	Lakeland Bancorp, Inc.		20,012
	267	Lakeland Financial Corp. (a)		13,008
	518	LCNB Corp.		10,852
	310	LegacyTexas Financial Group, Inc.		12,375
	1,077	Live Oak Bancshares, Inc.		25,256
	1,115	Macatawa Bank Corp.		11,440
	833	MainSource Financial Group, Inc.		29,871
	320	Mercantile Bank Corp.		11,168
	366	Midland States Bancorp, Inc.		11,595
	299	MutualFirst Financial, Inc.		11,497
	445	National Bank Holdings Corp. - Class A		15,882
	262	National Bankshares, Inc.		11,777
	257	National Commerce Corp. (b)		11,000
	328	Nicolet Bankshares, Inc. (b)		18,870
	885	Northeast Bancorp		23,143
	355	Northrim BanCorp, Inc.		12,407
	357	Norwood Financial Corp.		10,896
	354	Ohio Valley Banc Corp.		12,886
	458	Old Line Bancshares, Inc.		12,824
	1,825	Old National Bancorp		33,397
	404	Old Point Financial Corp.		13,090
	1,571	Old Second Bancorp, Inc.		21,130
	439	Orrstown Financial Services, Inc.		10,931
	908	Pacific Continental Corp.		24,471
	369	Pacific Premier Bancorp, Inc. (b)		13,930
	546	PacWest Bancorp (a)		27,578
	240	Paragon Commercial Corp. (b)		13,550

Number of Shares			Value
		Banks (Continued)
	104	Park National Corp.	$	11,231
	1,497	Park Sterling Corp.		18,593
	1,184	Parke Bancorp, Inc.		26,285
	333	Peapack Gladstone Financial Corp.		11,235
	308	Peoples Bancorp of North Carolina, Inc.		10,971
	577	Peoples Bancorp, Inc.		19,381
	371	People’s Utah Bancorp		12,039
	596	Popular, Inc.		21,420
	336	Preferred Bank (a)		20,278
	667	Premier Financial Bancorp, Inc.		14,534
	798	Prosperity Bancshares, Inc. (a)		52,453
	353	QCR Holdings, Inc.		16,061
	324	Republic Bancorp, Inc. - Class A		12,600
	1,297	Republic First Bancorp, Inc. (b)		11,997
	511	S&T Bancorp, Inc.		20,225
	438	Sandy Spring Bancorp, Inc.		18,151
	647	Seacoast Banking Corp. of Florida (b)		15,457
	838	ServisFirst Bancshares, Inc.		32,556
	1,465	Shore Bancshares, Inc.		24,392
	106	Signature Bank (b)		13,572
	385	Simmons First National Corp. - Class A		22,292
	781	Southern National Bancorp of Virginia, Inc.		13,269
	395	Southwest Bancorp, Inc.		10,882
	742	Sterling Bancorp		18,290
	317	Stock Yards Bancorp, Inc.		12,046
	582	Summit Financial Group, Inc.		14,934
	629	Sun Bancorp, Inc.		15,631
	469	Sunshine Bancorp, Inc. (b)		10,900
	483	SVB Financial Group (b)		90,364
	1,749	Synovus Financial Corp.		80,559
	2,390	TCF Financial Corp.		40,726
	496	Texas Capital Bancshares, Inc. (b)		42,557
	834	The Bank of N.T. Butterfield & Son Ltd.		30,558
	383	The First Bancorp, Inc.		11,609
	362	The First of Long Island Corp.		11,023
	498	TowneBank		16,683
	289	TriCo Bancshares		11,777
	827	TriState Capital Holdings, Inc. (b)		18,938
	493	Triumph Bancorp, Inc. (b)		15,899
	386	Trustmark Corp.		12,784
	949	Two River Bancorp		18,809
	342	UMB Financial Corp. (a)		25,476
	1,727	Umpqua Holdings Corp.		33,694
	1,103	Union Bankshares Corp.		38,936
	248	Union Bankshares, Inc.		12,003
	1,099	United Community Banks, Inc.		31,365
	397	Univest Corp. of Pennsylvania		12,704
	2,243	Valley National Bancorp		27,028
	323	Washington Trust Bancorp, Inc.		18,492
	299	WashingtonFirst Bankshares, Inc.		10,641
	1,150	WesBanco, Inc. (a)		47,173
	901	West Bancorporation, Inc.		21,984
	1,071	Western Alliance Bancorp (b)		56,849
	852	Wintrust Financial Corp.		66,720
	608	Xenith Bankshares, Inc. (b)		19,760
	1,851	Zions Bancorporation (a)		87,330
				3,703,605
		Beverages - 0.27%
	220	Boston Beer Co., Inc. - Class A (a)(b)		34,364
	9,877	Castle Brands, Inc. (a)(b)		13,235

See notes to financial statements.

48

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Beverages (Continued)
	142	Coca-Cola Bottling Co.	$	30,637
	174	MGP Ingredients, Inc.		10,550
	405	National Beverage Corp.		50,240
				139,026
		Biotechnology - 2.59%
	775	Achaogen, Inc. (b)		12,361
	473	Acorda Therapeutics, Inc. (a)(b)		11,186
	153	Agios Pharmaceuticals, Inc. (b)		10,213
	645	Alkermes Plc (a)(b)		32,792
	346	Alnylam Pharmaceuticals, Inc. (a)(b)		40,651
	2,238	AMAG Pharmaceuticals, Inc. (a)(b)		41,291
	746	Amicus Therapeutics, Inc. (a)(b)		11,250
	3,336	Array BioPharma, Inc. (b)		41,033
	187	Avexis, Inc. (a)(b)		18,088
	1,165	Bioverativ, Inc. (b)		66,487
	235	Bluebird Bio, Inc. (b)		32,277
	375	Blueprint Medicines Corp. (b)		26,126
	817	Calithera Biosciences, Inc. (b)		12,868
	756	Cara Therapeutics, Inc. (a)(b)		10,350
	1,991	ChemoCentryx, Inc. (b)		14,773
	320	Clovis Oncology, Inc. (b)		26,368
	3,127	Conatus Pharmaceuticals, Inc. (b)		17,167
	582	CytomX Therapeutics, Inc. (b)		10,575
	492	Dynavax Technologies Corp. (b)		10,578
	627	Eagle Pharmaceuticals, Inc. (b)		37,394
	285	Emergent BioSolutions, Inc. (b)		11,528
	202	Esperion Therapeutics, Inc. (b)		10,124
	563	Exact Sciences Corp. (b)		26,529
	1,434	Exelixis, Inc. (b)		34,746
	193	FibroGen, Inc. (a)(b)		10,383
	409	Foundation Medicine, Inc. (a)(b)		16,442
	984	Genomic Health, Inc. (b)		31,577
	1,509	ImmunoGen, Inc. (b)		11,544
	2,007	Immunomedics, Inc. (b)		28,058
	1,618	Insys Therapeutics, Inc. (b)		14,368
	498	Ionis Pharmaceuticals, Inc. (b)		25,249
	1,398	Jounce Therapeutics, Inc. (a)(b)		21,781
	246	Kite Pharma, Inc. (b)		44,233
	115	Loxo Oncology, Inc. (b)		10,594
	8,741	Matinas BioPharma Holdings, Inc. (a)(b)		11,538
	3,378	MiMedx Group, Inc. (a)(b)		40,131
	2,389	Myriad Genetics, Inc. (b)		86,434
	2,235	Natera, Inc. (b)		28,809
	16,100	PDL BioPharma, Inc. (a)(b)		54,579
	1,878	Pieris Pharmaceuticals, Inc. (b)		10,817
	198	Portola Pharmaceuticals, Inc. (b)		10,698
	500	PTC Therapeutics, Inc. (b)		10,005
	146	Puma Biotechnology, Inc. (b)		17,483
	260	Repligen Corp. (a)(b)		9,963
	199	Sage Therapeutics, Inc. (a)(b)		12,398
	782	Seattle Genetics, Inc. (b)		42,549
	1,010	Spectrum Pharmaceuticals, Inc. (a)(b)		14,211
	171	TESARO, Inc. (b)		22,076
	1,200	United Therapeutics Corp. (a)(b)		140,628
	1,290	Vanda Pharmaceuticals, Inc. (b)		23,091
	2,390	Veracyte, Inc. (b)		20,960
	553	Versartis, Inc. (b)		1,355
	832	Xencor, Inc. (b)		19,069
				1,357,778

Number of Shares			Value
		Building Products - 1.33%
	2,118	A. O. Smith Corp.	$	125,873
	727	AAON, Inc. (a)		25,063
	663	Allegion Plc		57,330
	173	American Woodmark Corp. (b)		16,651
	348	Apogee Enterprises, Inc.		16,794
	1,941	Builders FirstSource, Inc. (b)		34,919
	357	Caesarstone, Ltd. (b)		10,639
	780	Continental Building Products, Inc. (b)		20,280
	1,236	Fortune Brands Home & Security, Inc.		83,096
	319	JELD-WEN Holding, Inc. (b)		11,331
	393	Lennox International, Inc.		70,335
	156	Masonite International Corp. (b)		10,795
	982	Owens Corning, Inc. (b)		75,958
	137	Patrick Industries, Inc. (b)		11,522
	555	Quanex Building Products Corp.		12,737
	312	Simpson Manufacturing Co., Inc.		15,300
	512	Trex Co., Inc. (b)		46,116
	269	Universal Forest Products, Inc.		26,405
	835	USG Corp. (b)		27,263
				698,407
		Capital Markets - 2.65%
	1,629	Artisan Partners Asset Management, Inc. - Class A (a)		53,105
	1,972	B. Riley Financial, Inc.		33,623
	3,067	BGC Partners, Inc. - Class A		44,379
	537	CBOE Holdings, Inc. (a)		57,797
	573	Cohen & Steers, Inc.		22,628
	106	Diamond Hill Investment Group, Inc.		22,509
	2,561	Donnelley Financial Solutions, Inc. (b)		55,215
	2,716	E*TRADE Financial Corp. (b)		118,445
	1,353	Eaton Vance Corp.		66,798
	643	Evercore Partners, Inc. - Class A		51,601
	539	FactSet Research Systems, Inc. (a)		97,079
	1,243	Federated Investors, Inc. - Class B (a)		36,917
	1,208	Greenhill & Co., Inc. (a)		20,053
	276	HFF, Inc. - Class A		10,918
	748	Houlihan Lokey, Inc.		29,269
	602	INTL. FCStone, Inc. (b)		23,069
	1,871	Lazard Ltd. - Class A - ADR (a)		84,607
	599	Legg Mason, Inc. (a)		23,547
	1,302	LPL Financial Holdings, Inc.		67,144
	363	MarketAxess Holdings, Inc.		66,977
	743	Moelis & Co. - Class A		31,986
	478	Morningstar, Inc.		40,625
	922	MSCI, Inc.		107,782
	1,699	OM Asset Management Plc		25,349
	376	PJT Partners, Inc. - Class A		14,404
	2,329	Pzena Investment Management, Inc. - Class A		25,363
	1,551	SEI Investments Co.		94,704
	974	Virtu Financial, Inc. - Class A (a)		15,779
	1,568	Waddell & Reed Financial, Inc. - Class A (a)		31,470
	258	Westwood Holdings Group, Inc.		17,356
				1,390,498
		Chemicals - 1.73%
	395	A. Schulman, Inc.		13,489
	272	AdvanSix, Inc. (b)		10,812
	2,035	AgroFresh Solutions, Inc. (a)(b)		14,306
	831	American Vanguard Corp.		19,030
	281	Ashland Global Holdings, Inc.		18,375

See notes to financial statements.

49

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Chemicals (Continued)
	1,344	Axalta Coating Systems, Ltd. (b)	$	38,869
	284	Cabot Corp.		15,847
	638	CF Industries Holdings, Inc. (a)		22,432
	222	Chase Corp.		24,731
	779	Core Molding Technologies, Inc.		17,091
	487	Ferro Corp. (b)		10,860
	1,858	FutureFuel Corp.		29,245
	595	GCP Applied Technologies, Inc. (b)		18,267
	203	H.B. Fuller Co. (a)		11,786
	2,022	Huntsman Corp.		55,443
	828	Ingevity Corp. (b)		51,725
	257	Innophos Holdings, Inc.		12,642
	2,512	Intrepid Potash, Inc. (b)		10,952
	599	KMG Chemicals, Inc. (d)		32,873
	281	Koppers Holdings, Inc. (b)		12,968
	687	Kronos Worldwide, Inc.		15,684
	191	Minerals Technologies, Inc.		13,494
	81	NewMarket Corp.		34,486
	1,503	Olin Corp. (a)		51,478
	2,853	Platform Specialty Products Corp. (b)		31,811
	325	PolyOne Corp.		13,010
	196	Quaker Chemical Corp.		28,998
	1,320	Rayonier Advanced Materials, Inc.		18,084
	655	RPM International, Inc.		33,628
	150	Sensient Technologies Corp.		11,538
	279	Stepan Co. (a)		23,341
	997	The Chemours Co.		50,458
	210	The Scotts Miracle-Gro Co. - Class A (a)		20,441
	752	Trinseo SA		50,459
	1,089	Tronox, Ltd. - Class A		22,978
	1,170	Valvoline, Inc.		27,437
	204	Westlake Chemical Corp.		16,950
				906,018
		Commercial Services & Supplies - 1.88%
	2,731	ACCO Brands Corp. (b)		32,499
	4,073	ARC Document Solutions, Inc. (b)		16,659
	703	Avery Dennison Corp.		69,133
	243	Barrett Business Services, Inc. (a)		13,737
	1,008	Casella Waste Systems, Inc. - Class A (b)		18,950
	629	Comfort Systems USA, Inc.		22,455
	1,590	Copart, Inc. (b)		54,648
	539	Deluxe Corp.		39,326
	1,131	Essendant, Inc.		14,895
	681	Healthcare Services Group, Inc.		36,754
	868	Heritage-Crystal Clean, Inc. (b)		18,879
	1,750	Herman Miller, Inc.		62,825
	813	HNI Corp.		33,715
	1,145	InnerWorkings, Inc. (a)(b)		12,881
	857	Interface, Inc.		18,768
	352	KAR Auction Services, Inc.		16,805
	4,551	Kimball International, Inc. - Class B		89,973
	814	Knoll, Inc.		16,280
	902	LSC Communications, Inc.		14,892
	476	MSA Safety, Inc.		37,847
	902	Pitney Bowes, Inc.		12,637
	641	Quad/Graphics, Inc.		14,493
	1,520	Rollins, Inc.		70,133
	415	SP Plus Corp. (b)		16,393
	2,012	Steelcase, Inc. - Class A		30,985

Number of Shares			Value
		Commercial Services & Supplies (Continued)
	2,013	Sykes Enterprises, Inc. (b)	$	58,699
	897	Team, Inc. (a)(b)		11,975
	568	Tetra Tech, Inc.		26,440
	761	The Brinks Co.		64,114
	402	Viad Corp.		24,482
	639	West Corp.		14,997
				987,269
		Communications Equipment - 1.53%
	582	Acacia Communications, Inc. (a)(b)		27,412
	848	ADTRAN, Inc.		20,352
	205	Applied Optoelectronics, Inc. (a)(b)		13,257
	491	Arista Networks, Inc. (b)		93,099
	2,169	ARRIS International Plc (b)		61,795
	3,435	Brocade Communications Systems, Inc.		41,048
	2,729	Calix, Inc. (b)		13,781
	1,376	Ciena Corp. (b)		30,231
	1,147	Clearfield, Inc. (b)		15,599
	1,893	CommScope Holding Co., Inc. (b)		62,867
	494	Comtech Telecommunications Corp.		10,142
	2,114	Digi International, Inc. (b)		22,408
	527	EchoStar Corp. - Class A (b)		30,160
	7,657	Extreme Networks, Inc. (b)		91,042
	969	Finisar Corp. (b)		21,483
	500	InterDigital, Inc. (a)		36,875
	1,623	KVH Industries, Inc. (b)		19,395
	368	Lumentum Holdings, Inc. (a)(b)		20,001
	279	NETGEAR, Inc. (b)		13,280
	1,520	NetScout Systems, Inc. (a)(b)		49,172
	1,515	Oclaro, Inc. (a)(b)		13,074
	344	Plantronics, Inc. (a)		15,212
	1,248	Quantenna Communications, Inc. (b)		20,979
	3,650	Sonus Networks, Inc. (b)		27,923
	339	Ubiquiti Networks, Inc. (a)(b)		18,991
	1,527	Viavi Solutions, Inc. (a)(b)		14,445
				804,023
		Construction & Engineering - 0.76%
	957	AECOM (a)(b)		35,227
	660	Aegion Corp. (a)(b)		15,365
	248	Argan, Inc. (a)		16,678
	203	Dycom Industries, Inc. (b)		17,434
	423	EMCOR Group, Inc.		29,348
	746	Fluor Corp. (a)		31,407
	3,147	HC2 Holdings, Inc. (b)		16,616
	896	IES Holdings, Inc. (a)(b)		15,501
	662	Jacobs Engineering Group, Inc. (a)		38,575
	854	KBR, Inc.		15,269
	621	MasTec, Inc. (b)		28,814
	465	MYR Group, Inc. (b)		13,550
	500	NV5 Global, Inc. (b)		27,325
	2,495	Orion Group Holdings, Inc. (b)		16,367
	505	Primoris Services Corp.		14,857
	765	Quanta Services, Inc. (a)(b)		28,588
	1,495	Sterling Construction Co., Inc. (b)		22,769
	576	Tutor Perini Corp. (a)(b)		16,358
				400,048
		Construction Materials - 0.13%
	137	Eagle Materials, Inc.		14,618
	507	Summit Materials, Inc. - Class A (b)		16,239

See notes to financial statements.

50

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Construction Materials (Continued)
	162	United States Lime & Minerals, Inc.	$	13,608
	278	US Concrete, Inc. (a)(b)		21,211
				65,676
		Consumer Finance - 0.89%
	203	Credit Acceptance Corp. (b)		56,875
	3,453	Enova International, Inc. (b)		46,443
	1,290	EZCORP, Inc. - Class A (a)(b)		12,255
	170	FirstCash, Inc.		10,735
	427	Green Dot Corp. - Class A (b)		21,171
	6,540	Navient Corp.		98,231
	510	Nelnet, Inc. - Class A		25,755
	648	PRA Group, Inc. (a)(b)		18,565
	2,519	Regional Management Corp. (b)		60,985
	3,790	Santander Consumer USA Holdings, Inc. (a)(b)		58,252
	5,225	SLM Corp. (b)		59,931
				469,198
		Containers & Packaging - 0.97%
	308	AptarGroup, Inc.		26,584
	541	Bemis Co., Inc. (a)		24,653
	1,101	Berry Plastics Group, Inc. (b)		62,372
	1,256	Crown Holdings, Inc. (a)(b)		75,008
	1,549	Graphic Packaging Holding Co.		21,609
	314	Greif, Inc. - Class A (a)		18,382
	172	Greif, Inc. - Class B		11,051
	2,215	Myers Industries, Inc.		46,404
	1,321	Owens-Illinois, Inc. (a)(b)		33,236
	949	Packaging Corp. of America		108,831
	1,158	Sealed Air Corp.		49,470
	776	Silgan Holdings, Inc.		22,838
	383	UFP Technologies, Inc. (b)		10,762
				511,200
		Distributors - 0.04%
	623	Core-Mark Holding Co., Inc.		20,023
		Diversified Consumer Services - 1.80%
	3,362	Adtalem Global Education, Inc.		120,528
	1,527	American Public Education, Inc. (b)		32,143
	3,874	Bridgepoint Education, Inc. (b)		37,190
	188	Bright Horizons Family Solutions, Inc. (b)		16,207
	3,846	Cambium Learning Group, Inc. (b)		25,499
	491	Capella Education Co.		34,444
	3,491	Career Education Corp. (b)		36,271
	433	Carriage Services, Inc. (a)		11,085
	2,460	Chegg, Inc. (b)		36,506
	1,315	Collectors Universe, Inc.		31,521
	87	Graham Holdings Co. - Class B		50,904
	638	Grand Canyon Education, Inc. (b)		57,943
	4,372	H&R Block, Inc. (a)		115,771
	1,275	Hillenbrand, Inc.		49,534
	1,159	Houghton Mifflin Harcourt Co. (b)		13,966
	2,317	K12, Inc. (b)		41,335
	1,030	Liberty Tax, Inc.		14,832
	2,606	Regis Corp. (b)		37,188
	746	Service Corp. International		25,737
	744	ServiceMaster Global Holdings, Inc. (b)		34,767
	751	Sotheby’s - Class A (b)		34,629
	505	Strayer Education, Inc.		44,071
	1,024	Weight Watchers International, Inc. (b)		44,595
				946,666

Number of Shares			Value
		Diversified Financial Services - 0.25%
	707	Encore Capital Group, Inc. (a)(b)	$	31,320
	684	Fidelity National Financial, Inc. (a)(b)		11,731
	933	NewStar Financial, Inc.		10,953
	2,196	Tiptree, Inc. - Class A		13,725
	831	Voya Financial, Inc.		33,149
	361	World Acceptance Corp. (b)		29,923
				130,801
		Diversified Telecommunication Services - 0.28%
	233	Cogent Communications Holdings, Inc.		11,394
	313	General Communication, Inc. - Class A (b)		12,767
	2,097	IDT Corp. - Class B		29,526
	97	Straight Path Communications, Inc. - Class B (b)		17,525
	6,705	Vonage Holdings Corp. (a)(b)		54,579
	649	Zayo Group Holdings, Inc. (b)		22,338
				148,129
		Electric Utilities - 0.65%
	298	ALLETE, Inc. (a)		23,032
	280	El Paso Electric Co.		15,470
	1,736	Great Plains Energy, Inc.		52,601
	718	Hawaiian Electric Industries, Inc.		23,960
	183	IDACORP, Inc.		16,091
	154	MGE Energy, Inc.		9,948
	866	OGE Energy Corp.		31,202
	599	Pinnacle West Capital Corp.		50,651
	596	PNM Resources, Inc.		24,019
	520	Portland General Electric Co.		23,733
	1,279	Spark Energy, Inc. - Class A (a)		19,185
	303	Unitil Corp.		14,986
	696	Westar Energy, Inc.		34,522
				339,400
		Electrical Equipment - 0.59%
	551	Atkore International Group, Inc. (b)		10,750
	344	Belden, Inc. (a)		27,702
	662	Brady Corp. - Class A		25,123
	232	Encore Wire Corp.		10,388
	253	EnerSys (a)		17,500
	258	Franklin Electric Co., Inc.		11,571
	347	Generac Holdings, Inc. (a)(b)		15,938
	327	Hubbell, Inc.		37,938
	527	II-VI, Inc. (a)(b)		21,686
	1,967	LSI Industries, Inc.		13,002
	442	Powell Industries, Inc.		13,256
	450	Regal Beloit Corp.		35,550
	740	Sensata Technologies Holding NV (b)		35,572
	1,499	Vicor Corp. (b)		35,376
				311,352
		Electronic Equipment, Instruments & Components - 3.06%
	842	Anixter International, Inc. (a)(b)		71,570
	791	Arrow Electronics, Inc. (b)		63,604
	473	Avnet, Inc.		18,589
	1,250	AVX Corp.		22,787
	654	Bel Fuse, Inc. - Class B		20,405
	1,066	Benchmark Electronics, Inc. (b)		36,404
	1,808	CDW Corp.		119,328
	763	Cognex Corp.		84,144
	130	Coherent, Inc. (a)(b)		30,572
	1,716	Control4 Corp. (a)(b)		50,553
	2,185	Daktronics, Inc.		23,095

See notes to financial statements.

51

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electronic Equipment, Instruments & Components (Continued)
	571	Dolby Laboratories, Inc. - Class A (a)	$	32,844
	2,170	Electro Scientific Industries, Inc. (b)		30,206
	3,074	Fitbit, Inc. - Class A (b)		21,395
	400	FLIR Systems, Inc.		15,564
	428	Insight Enterprises, Inc. (b)		19,654
	408	IPG Photonics Corp. (a)(b)		75,504
	3,876	Iteris, Inc. (b)		25,775
	503	Itron, Inc. (b)		38,957
	1,661	Jabil, Inc. (a)		47,422
	1,312	KEMET Corp. (b)		27,723
	1,344	Keysight Technologies, Inc. (b)		55,991
	867	Kimball Electronics, Inc. (b)		18,771
	1,326	Knowles Corp. (a)(b)		20,248
	107	Littelfuse, Inc.		20,959
	285	Mercury Systems, Inc. (a)(b)		14,786
	519	Methode Electronics, Inc.		21,980
	295	MTS Systems Corp.		15,768
	1,714	Napco Security Technologies, Inc. (b)		16,626
	1,509	National Instruments Corp.		63,635
	501	Novanta, Inc. (b)		21,844
	926	PC Connection, Inc.		26,104
	793	PCM, Inc. (b)		11,102
	474	Plexus Corp. (b)		26,582
	166	Rogers Corp. (b)		22,124
	1,984	Sanmina Corp. (b)		73,706
	544	ScanSource, Inc. (b)		23,746
	290	Tech Data Corp. (b)		25,766
	2,242	Trimble, Inc. (b)		87,998
	1,874	TTM Technologies, Inc. (b)		28,803
	112	Universal Display Corp.		14,431
	1,951	Vishay Intertechnology, Inc.		36,679
	733	Zebra Technologies Corp. - Class A (b)		79,589
				1,603,333
		Energy Equipment & Services - 0.58%
	3,336	Archrock, Inc.		41,867
	2,521	Atwood Oceanics, Inc. (a)(b)		23,672
	1,148	Diamond Offshore Drilling, Inc. (a)(b)		16,646
	341	Dril-Quip, Inc. (a)(b)		15,055
	1,111	Exterran Corp. (b)		35,119
	2,600	Noble Corp. Plc (b)		11,960
	846	Oceaneering International, Inc. (a)(b)		22,225
	639	Oil States International, Inc. (b)		16,199
	776	RigNet, Inc. (b)		13,347
	3,414	Rowan Cos., Inc. - Class A (b)		43,870
	3,540	Transocean, Ltd. - ADR (a)(b)		38,090
	1,295	Unit Corp. (a)(b)		26,651
				304,701
		Food & Staples Retailing - 0.92%
	532	Casey’s General Stores, Inc. (a)		58,227
	1,791	Diplomat Pharmacy, Inc. (b)		37,092
	1,090	Ingles Markets, Inc. - Class A		28,013
	2,198	Natural Grocers by Vitamin Cottage, Inc. (b)		12,265
	897	Performance Food Group Co. (b)		25,340
	186	PriceSmart, Inc.		16,600
	11,965	Rite Aid Corp. (a)(b)		23,451
	1,656	SpartanNash Co. (a)		43,669
	1,732	Sprouts Farmers Market, Inc. (a)(b)		32,510
	757	SUPERVALU, Inc. (b)		16,465

Number of Shares			Value
		Food & Staples Retailing (Continued)
	1,314	The Chefs’ Warehouse, Inc. (a)(b)	$	25,360
	883	United Natural Foods, Inc. (b)		36,724
	1,831	US Foods Holding Corp. (b)		48,888
	1,158	Village Super Market, Inc. - Class A		28,649
	1,093	Weis Markets, Inc.		47,545
				480,798
		Food Products - 1.13%
	1,270	Blue Buffalo Pet Products, Inc. (a)(b)		36,004
	1,264	Darling International, Inc. (a)(b)		22,145
	3,399	Dean Foods Co.		36,981
	1,330	Farmer Brothers Co. (b)		43,691
	2,192	Flowers Foods, Inc. (a)		41,232
	612	Fresh Del Monte Produce, Inc.		27,822
	1,758	Freshpet, Inc. (b)		27,513
	1,124	Hostess Brands, Inc. (b)		15,354
	530	Ingredion, Inc.		63,939
	571	Lamb Weston Holdings, Inc.		26,774
	127	Lancaster Colony Corp.		15,255
	1,659	Lifeway Foods, Inc. (b)		14,765
	1,120	Omega Protein Corp. (a)		18,648
	345	Pilgrim’s Pride Corp. (b)		9,801
	1,046	Pinnacle Foods, Inc.		59,800
	320	Post Holdings, Inc. (b)		28,246
	237	Sanderson Farms, Inc. (a)		38,280
	799	Snyder’s-Lance, Inc.		30,474
	352	The Hain Celestial Group, Inc. (b)		14,485
	293	TreeHouse Foods, Inc. (a)(b)		19,845
				591,054
		Gas Utilities - 0.49%
	414	Atmos Energy Corp.		34,710
	407	National Fuel Gas Co. (a)		23,040
	378	New Jersey Resources Corp.		15,933
	163	Northwest Natural Gas Co. (a)		10,497
	502	ONE Gas, Inc.		36,967
	378	RGC Resources, Inc.		10,800
	300	South Jersey Industries, Inc.		10,359
	190	Southwest Gas Holdings, Inc.		14,748
	209	Spire, Inc. (a)		15,602
	1,398	UGI Corp.		65,510
	237	WGL Holdings, Inc.		19,955
				258,121
		Health Care Equipment & Supplies - 3.95%
	331	Abaxis, Inc.		14,779
	778	ABIOMED, Inc. (b)		131,171
	754	Alere, Inc. (b)		38,446
	314	Analogic Corp.		26,297
	1,268	AngioDynamics, Inc. (b)		21,670
	5,550	Antares Pharma, Inc. (b)		17,982
	886	AtriCure, Inc. (b)		19,820
	59	Atrion Corp.		39,648
	2,504	AxoGen, Inc. (b)		48,452
	332	Cantel Medical Corp.		31,264
	1,253	Cardiovascular Systems, Inc. (b)		35,272
	196	CONMED Corp.		10,284
	902	CryoLife, Inc. (b)		20,475
	2,205	Cutera, Inc. (b)		91,177
	1,099	DexCom, Inc. (a)(b)		53,769
	1,053	Entellus Medical, Inc. (b)		19,438

See notes to financial statements.

52

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Equipment & Supplies (Continued)
	638	Exactech, Inc. (b)	$	21,022
	599	FONAR Corp. (b)		18,269
	649	Glaukos Corp. (a)(b)		21,417
	2,206	Globus Medical, Inc. - Class A (a)(b)		65,562
	776	Haemonetics Corp. (a)(b)		34,819
	739	Halyard Health, Inc. (b)		33,277
	709	Heska Corp. (b)		62,456
	650	Hill-Rom Holdings, Inc.		48,100
	110	ICU Medical, Inc. (b)		20,444
	665	Inogen, Inc. (a)(b)		63,242
	691	Insulet Corp. (b)		38,060
	750	Integer Holdings Corp. (b)		38,363
	593	Integra LifeSciences Holdings Corp. (b)		29,935
	820	K2M Group Holdings, Inc. (b)		17,392
	1,876	Lantheus Holdings, Inc. (b)		33,393
	1,427	LeMaitre Vascular, Inc.		53,398
	283	LivaNova Plc (b)		19,827
	631	Masimo Corp. (b)		54,619
	1,166	Meridian Bioscience, Inc. (a)		16,674
	423	Merit Medical Systems, Inc. (a)(b)		17,914
	451	Natus Medical, Inc. (b)		16,913
	232	Neogen Corp. (b)		17,971
	478	Novocure Ltd. (b)		9,488
	1,228	NuVasive, Inc. (a)(b)		68,105
	1,161	NxStage Medical, Inc. (b)		32,044
	1,229	OraSure Technologies, Inc. (a)(b)		27,653
	638	Orthofix International NV (b)		30,146
	1,134	Oxford Immunotec Global Plc (b)		19,051
	286	Penumbra, Inc. (a)(b)		25,826
	858	Pulse Biosciences, Inc. (a)(b)		15,967
	1,115	ResMed, Inc. (a)		85,810
	5,868	STAAR Surgical Co. (b)		73,057
	464	STERIS Plc (a)		41,018
	516	SurModics, Inc. (b)		15,996
	1,954	Tactile Systems Technology, Inc. (a)(b)		60,476
	204	Teleflex, Inc.		49,362
	330	The Cooper Companies, Inc. (a)		78,246
	146	Utah Medical Products, Inc.		10,738
	527	West Pharmaceutical Services, Inc.		50,729
	563	Wright Medical Group NV (a)(b)		14,565
				2,071,288
		Health Care Providers & Services - 2.55%
	331	Acadia Healthcare Co., Inc. (a)(b)		15,809
	1,390	Aceto Corp.		15,610
	555	Addus HomeCare Corp. (b)		19,591
	516	Almost Family, Inc. (b)		27,709
	925	Amedisys, Inc. (b)		51,763
	855	American Renal Associates Holdings, Inc. (b)		12,799
	1,069	AMN Healthcare Services, Inc. (a)(b)		48,853
	8,380	BioScrip, Inc. (b)		23,045
	1,015	BioTelemetry, Inc. (b)		33,495
	1,787	Brookdale Senior Living, Inc. (b)		18,942
	234	Chemed Corp. (a)		47,280
	1,001	Civitas Solutions, Inc. (b)		18,468
	3,648	Community Health Systems, Inc. (b)		28,017
	359	CorVel Corp. (b)		19,530
	5,394	Cross Country Healthcare, Inc. (a)(b)		76,757
	1,137	Envision Healthcare Corp. (a)(b)		51,108

Number of Shares			Value
		Health Care Providers & Services (Continued)
	10,200	Genesis Healthcare, Inc. (b)	$	11,832
	592	HealthEquity, Inc. (a)(b)		29,943
	1,150	HealthSouth Corp. (a)		53,302
	3,220	Kindred Healthcare, Inc.		21,896
	189	Landauer, Inc.		12,720
	787	LHC Group, Inc. (b)		55,814
	432	LifePoint Health, Inc. (a)(b)		25,013
	253	Magellan Health Services, Inc. (b)		21,834
	612	MEDNAX, Inc. (b)		26,389
	1,120	Molina Healthcare, Inc. (b)		77,011
	164	National Healthcare Corp.		10,261
	1,763	National Research Corp. - Class A		66,465
	765	Owens & Minor, Inc. (a)		22,338
	532	Patterson Cos., Inc.		20,562
	1,108	PerkinElmer, Inc.		76,419
	601	PharMerica Corp. (b)		17,609
	361	Premier, Inc. - Class A (b)		11,758
	4,506	R1 RCM, Inc. (b)		16,717
	5,556	RadNet, Inc. (b)		64,172
	633	Select Medical Holdings Corp. (a)(b)		12,154
	1,273	Surgery Partners, Inc. (b)		13,176
	453	Teladoc, Inc. (a)(b)		15,017
	419	Tivity Health, Inc. (b)		17,095
	1,845	Triple-S Management Corp. - Class B (b)		43,690
	508	WellCare Health Plans, Inc. (b)		87,244
				1,339,207
		Health Care Technology - 0.65%
	2,306	Allscripts Healthcare Solutions, Inc. (a)(b)		32,814
	272	athenahealth, Inc. (a)(b)		33,826
	2,655	Castlight Health, Inc. - Class B (b)		11,417
	357	Cotiviti Holdings, Inc. (b)		12,845
	532	Medidata Solutions, Inc. (b)		41,528
	389	Omnicell, Inc. (a)(b)		19,858
	5,284	Quality Systems, Inc. (a)(b)		83,117
	1,387	Simulations Plus, Inc.		21,499
	966	Veeva Systems, Inc. - Class A (a)(b)		54,492
	958	Vocera Communications, Inc. (b)		30,052
				341,448
		Hotels, Restaurants & Leisure - 2.37%
	1,982	Aramark		80,489
	48	Biglari Holdings, Inc. (b)		15,998
	243	Bob Evans Farms, Inc.		18,835
	747	Bojangles’, Inc. (b)		10,084
	693	Boyd Gaming Corp. (a)		18,053
	1,253	Brinker International, Inc. (a)		39,921
	339	Buffalo Wild Wings, Inc. (b)		35,832
	770	Caesars Acquisition Co. - Class A (b)		16,517
	2,568	Caesars Entertainment Corp. (a)(b)		34,283
	3,135	Callaway Golf Co.		45,238
	2,607	Century Casinos, Inc. (b)		21,403
	504	Cheesecake Factory, Inc. (a)(b)		21,228
	990	Choice Hotels International, Inc.		63,261
	127	Churchill Downs, Inc.		26,187
	100	Cracker Barrel Old Country Store, Inc. (a)		15,162
	258	Dave & Buster’s Entertainment, Inc. (b)		13,540
	1,351	Del Taco Restaurants, Inc. (b)		20,724
	1,622	Denny’s Corp. (b)		20,194
	559	Domino’s Pizza, Inc. (a)		110,989
	428	Dunkin’ Brands Group, Inc. (a)		22,718

See notes to financial statements.

53

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Hotels, Restaurants & Leisure (Continued)
	403	Eldorado Resorts, Inc. (b)	$	10,337
	885	Extended Stay America, Inc.		17,700
	843	Fiesta Restaurant Group, Inc. (a)(b)		16,017
	1,275	Fogo De Chao, Inc. (b)		15,810
	440	Hyatt Hotels Corp. - Class A (b)		27,188
	922	ILG, Inc. (a)		24,645
	1,368	International Game Technology Plc		33,584
	252	Jack in the Box, Inc.		25,684
	681	La Quinta Holdings, Inc. (b)		11,918
	242	Marriott Vacations Worldwide Corp.		30,136
	274	Nathan’s Famous, Inc. (b)		20,262
	387	Papa John’s International, Inc.		28,278
	1,180	Penn National Gaming, Inc. (a)(b)		27,600
	1,363	Pinnacle Entertainment, Inc. (b)		29,046
	393	Planet Fitness, Inc. - Class A		10,603
	2,394	Potbelly Corp. (b)		29,686
	481	RCI Hospitality Holdings, Inc.		11,905
	166	Red Robin Gourmet Burgers, Inc. (b)		11,122
	1,273	Ruth’s Hospitality Group, Inc.		26,669
	535	Scientific Games Corp. - Class A (b)		24,530
	809	SeaWorld Entertainment, Inc.		10,509
	180	Six Flags Entertainment Corp.		10,969
	423	Sonic Corp. (a)		10,765
	745	Speedway Motorsports, Inc.		15,869
	304	Texas Roadhouse, Inc. (a)(b)		14,939
	1,941	The Wendy’s Co.		30,144
	203	Vail Resorts, Inc. (a)		46,308
	590	Wingstop, Inc. (a)		19,618
				1,242,497
		Household Durables - 1.67%
	906	AV Homes, Inc. (b)		15,538
	697	Bassett Furniture Industries, Inc.		26,277
	1,217	Beazer Homes USA, Inc. (b)		22,807
	417	CalAtlantic Group, Inc.		15,275
	858	Ethan Allen Interiors, Inc.		27,799
	377	Flexsteel Industries, Inc.		19,114
	3,118	GoPro, Inc. - Class A (a)(b)		34,329
	2,156	Green Brick Partners, Inc. (b)		21,344
	218	Helen of Troy, Ltd. (a)(b)		21,124
	676	Hooker Furniture Corp.		32,279
	9,989	Hovnanian Enterprises, Inc. - Class A (b)		19,279
	412	Installed Building Products, Inc. (a)(b)		26,698
	480	iRobot Corp. (b)		36,989
	2,848	KB Home (a)		68,694
	953	La-Z-Boy, Inc.		25,636
	1,132	Lifetime Brands, Inc.		20,716
	766	M.D.C Holdings, Inc.		25,439
	249	Meritage Homes Corp. (b)		11,056
	38	NVR, Inc. (b)		108,490
	1,868	PulteGroup, Inc. (a)		51,052
	728	Taylor Morrison Home Corp. - Class A (b)		16,052
	408	Tempur Sealy International, Inc. (a)(b)		26,324
	1,323	Toll Brothers, Inc. (a)		54,865
	329	TopBuild Corp. (a)(b)		21,441
	1,276	TRI Pointe Group, Inc. (b)		17,621
	642	Tupperware Brands Corp.		39,688
	400	Universal Electronics, Inc. (b)		25,360
	2,710	ZAGG, Inc. (b)		42,682
				873,968

Number of Shares			Value
		Household Products - 0.34%
	537	Central Garden & Pet Co. (b)	$	20,857
	653	Central Garden & Pet Co. - Class A (b)		24,285
	467	Energizer Holdings, Inc.		21,505
	2,401	HRG Group, Inc. (b)		37,480
	242	Oil-Dri Corp. of America		11,841
	124	Spectrum Brands Holdings, Inc. (a)		13,134
	438	WD-40 Co.		49,012
				178,114
		Independent Power and Renewable Electricity Producers - 0.78%
	18,511	Atlantic Power Corp. (b)		45,352
	4,516	Calpine Corp. (b)		66,611
	5,822	Dynegy, Inc. (b)		56,997
	2,749	NRG Energy, Inc.		70,347
	2,258	NRG Yield, Inc. - Class A		42,834
	2,316	NRG Yield, Inc. - Class C		44,699
	244	Ormat Technologies, Inc.		14,896
	388	Pattern Energy Group, Inc.		9,351
	2,311	TerraForm Power, Inc. - Class A (b)		30,551
	1,417	Vistra Energy Corp.		26,484
				408,122
		Industrial Conglomerates - 0.22%
	276	Carlisle Companies, Inc.		27,680
	2,707	McDermott International, Inc. (a)(b)		19,680
	523	Otter Tail Corp.		22,672
	467	Raven Industries, Inc.		15,131
	4	Seaboard Corp.		18,020
	110	Standex International Corp.		11,682
				114,865
		Insurance - 3.65%
	97	Alleghany Corp. (b)		53,739
	1,252	American Equity Investment Life Holding Co.		36,408
	951	American Financial Group, Inc.		98,381
	1,119	AMERISAFE, Inc. (a)		65,126
	1,659	AmTrust Financial Services, Inc.		22,330
	213	Argo Group International Holdings, Ltd.		13,100
	1,775	Arthur J. Gallagher & Co.		109,251
	330	Aspen Insurance Holdings, Ltd.		13,332
	731	Assurant, Inc.		69,825
	1,871	Assured Guaranty, Ltd. (a)		70,630
	711	Axis Capital Holdings, Ltd.		40,747
	1,685	Brown & Brown, Inc.		81,200
	1,653	CNO Financial Group, Inc.		38,581
	4,301	Crawford & Co. - Class B		51,440
	685	Donegal Group, Inc. - Class A		11,049
	707	eHealth, Inc. (b)		16,890
	662	Employers Holdings, Inc.		30,088
	49	Enstar Group Ltd. (b)		10,895
	419	Erie Indemnity Co. - Class A		50,519
	526	Everest Re Group, Ltd.		120,133
	328	Fidelity & Guaranty Life		10,184
	1,194	First American Financial Corp.		59,664
	458	Global Indemnity Ltd. (b)		19,419
	519	HCI Group, Inc.		19,852
	725	Health Insurance Innovations, Inc. - Class A (b)		10,512
	843	Heritage Insurance Holdings, Inc. (a)		11,136
	279	Horace Mann Educators Corp.		10,979
	208	Infinity Property & Casualty Corp.		19,594

See notes to financial statements.

54

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Insurance (Continued)
	124	Investors Title Co.	$	22,205
	470	James River Group Holdings, Ltd.		19,496
	201	Kemper Corp.		10,653
	1,066	Kingstone Cos., Inc.		17,376
	85	National Western Life Group, Inc. - Class A		29,665
	1,532	Old Republic International Corp.		30,165
	626	Primerica, Inc.		51,050
	590	ProAssurance Corp.		32,243
	686	Reinsurance Group of America, Inc.		95,718
	464	RenaissanceRe Holdings, Ltd.		62,705
	391	RLI Corp.		22,428
	147	Safety Insurance Group, Inc.		11,216
	612	Selective Insurance Group, Inc.		32,956
	1,043	State National Cos., Inc. (a)		21,893
	269	The Hanover Insurance Group, Inc.		26,074
	185	The Navigators Group, Inc.		10,795
	893	Third Point Reinsurance, Ltd. (b)		13,931
	1,279	Torchmark Corp.		102,435
	1,750	Universal Insurance Holdings, Inc.		40,250
	374	Validus Holdings, Ltd.		18,405
	1,191	W.R. Berkley Corp. (a)		79,487
				1,916,150
		Internet & Direct Marketing Retail - 0.86%
	2,650	1-800-Flowers.Com, Inc. - Class A (a)(b)		26,102
	1,341	Duluth Holdings, Inc. - Class B (a)(b)		27,209
	1,570	Etsy, Inc. (b)		26,502
	874	FTD Cos., Inc. (b)		11,397
	8,004	Groupon, Inc. (b)		41,621
	830	HSN, Inc.		32,411
	1,853	Lands’ End, Inc. (a)(b)		24,460
	415	Liberty Ventures - Series A (b)		23,883
	838	Nutrisystem, Inc. (a)		46,844
	1,462	Overstock.com, Inc. (b)		43,421
	707	PetMed Express, Inc. (a)		23,437
	514	Shutterfly, Inc. (b)		24,919
	793	TripAdvisor, Inc. (a)(b)		32,140
	974	Wayfair, Inc. - Class A (a)(b)		65,648
				449,994
		Internet Software & Services - 3.58%
	1,671	2U, Inc. (b)		93,643
	4,855	Aerohive Networks, Inc. (b)		19,857
	698	Alarm.com Holdings, Inc. (b)		31,536
	2,536	Amber Road, Inc. (b)		19,477
	2,309	Angie’s List, Inc. (b)		28,770
	1,923	Appfolio, Inc. - Class A (b)		92,208
	1,259	Apptio, Inc. - Class A (b)		23,254
	1,777	Bankrate, Inc. (b)		24,789
	2,160	Bazaarvoice, Inc. (b)		10,692
	1,578	Blucora, Inc. (b)		39,923
	2,035	Box, Inc. - Class A (a)(b)		39,316
	3,529	Brightcove, Inc. (b)		25,409
	237	BroadSoft, Inc. (a)(b)		11,921
	1,506	Carbonite, Inc. (b)		33,132
	1,338	Care.com, Inc. (b)		21,261
	632	Cars.com, Inc. (a)(b)		16,818
	2,174	ChannelAdvisor Corp. (b)		25,001
	470	Cimpress NV (b)		45,900
	1,786	CommerceHub, Inc. - Series A (b)		40,310

Number of Shares			Value
		Internet Software & Services (Continued)
	1,847	CommerceHub, Inc. - Series C (b)	$	39,434
	607	Cornerstone OnDemand, Inc. (b)		24,650
	225	CoStar Group, Inc. (b)		60,356
	18,020	DHI Group, Inc. (b)		46,852
	260	Envestnet, Inc. (b)		13,260
	1,718	Five9, Inc. (b)		41,060
	526	GoDaddy, Inc. - Class A (b)		22,886
	218	GrubHub, Inc. (a)(b)		11,480
	349	GTT Communications, Inc. (b)		11,046
	3,005	Hortonworks, Inc. (b)		50,935
	873	IAC InterActive Corp. (b)		102,647
	1,272	Instructure, Inc. (a)(b)		42,167
	782	j2 Global, Inc. (a)		57,774
	2,185	Leaf Group, Ltd. (b)		15,077
	2,398	LivePerson, Inc. (b)		32,493
	344	LogMeIn, Inc.		37,857
	1,307	Match Group, Inc. (a)(b)		30,309
	678	MINDBODY, Inc. - Class A (b)		17,526
	553	New Relic, Inc. (b)		27,539
	2,526	NIC, Inc. (a)		43,321
	3,344	Ominto, Inc. (b)		15,048
	2,199	Pandora Media, Inc. (a)(b)		16,932
	430	Q2 Holdings, Inc. (a)(b)		17,910
	6,293	QuinStreet, Inc. (b)		46,254
	1,601	Quotient Technology, Inc. (b)		25,056
	494	Shutterstock, Inc. (b)		16,445
	179	SPS Commerce, Inc. (b)		10,151
	269	Stamps.com, Inc. (b)		54,513
	2,794	TechTarget, Inc. (b)		33,360
	5,327	The Meet Group, Inc. (b)		19,390
	170	The Trade Desk, Inc. - Class A (b)		10,457
	4,511	TrueCar, Inc. (a)(b)		71,229
	214	Tucows, Inc. - Class A (b)		12,530
	340	Twilio, Inc. - Class A (a)(b)		10,149
	1,374	Web.com Group, Inc. (b)		34,350
	1,735	XO Group, Inc. (b)		34,127
	1,098	Yelp, Inc. - Class A (a)(b)		47,543
	701	Zillow Group, Inc. - Class C (a)(b)		28,187
				1,875,517
		IT Services - 3.02%
	567	Acxiom Corp. (b)		13,971
	2,160	Blackhawk Network Holdings, Inc. (a)(b)		94,608
	2,269	Booz Allen Hamilton Holding Corp. - Class A		84,838
	953	Broadridge Financial Solutions, Inc.		77,021
	396	CACI International, Inc. - Class A (b)		55,183
	793	Cardtronics Plc - Class A (b)		18,247
	1,812	Conduent, Inc. (b)		28,394
	3,676	Convergys Corp.		95,172
	970	CoreLogic, Inc. (b)		44,833
	1,294	CSG Systems International, Inc.		51,889
	2,124	CSRA, Inc. (a)		68,542
	226	DST Systems, Inc.		12,403
	470	EPAM Systems, Inc. (b)		41,327
	379	Euronet Worldwide, Inc. (a)(b)		35,925
	2,727	Everi Holdings, Inc. (b)		20,698
	1,520	EVERTEC, Inc.		24,092
	538	ExlService Holdings, Inc. (b)		31,376
	540	Forrester Research, Inc.		22,599
	756	Gartner, Inc. (b)		94,054

See notes to financial statements.

55

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	1,645	Genpact, Ltd. (a)	$	47,294
	5,812	Information Services Group, Inc. (b)		23,364
	765	Leidos Holdings, Inc.		45,303
	668	ManTech International Corp. - Class A		29,492
	1,785	Maximus, Inc.		115,133
	1,853	Perficient, Inc. (a)(b)		36,449
	6,897	Planet Payment, Inc. (b)		29,588
	848	Sabre Corp.		15,349
	660	Science Applications International Corp.		44,121
	2,319	Square, Inc. - Class A (a)(b)		66,810
	2,831	StarTek, Inc. (b)		33,264
	1,262	Syntel, Inc.		24,798
	840	TeleTech Holdings, Inc. (a)		35,070
	2,154	The Hackett Group, Inc.		32,719
	2,118	Travelport Worldwide, Ltd.		33,253
	2,157	Unisys Corp. (b)		18,335
	1,141	VeriFone Systems, Inc. (a)(b)		23,139
	447	Virtusa Corp. (b)		16,888
				1,585,541
		Leisure Products - 0.89%
	651	Acushnet Holdings Corp. (a)		11,562
	1,726	American Outdoor Brands Corp. (b)		26,321
	829	Brunswick Corp.		46,399
	509	Johnson Outdoors, Inc. - Class A		37,300
	970	Malibu Boats, Inc. - Class A (a)(b)		30,691
	1,817	Marine Products Corp.		29,163
	4,608	MCBC Holdings, Inc. (b)		93,911
	1,169	Nautilus, Inc. (b)		19,756
	373	Polaris Industries, Inc. (a)		39,027
	860	Pool Corp.		93,026
	504	Sturm, Ruger & Company, Inc. (a)		26,057
	692	Vista Outdoor, Inc. (b)		15,874
				469,087
		Life Sciences Tools & Services - 1.00%
	153	Bio-Rad Laboratories, Inc. - Class A (b)		34,000
	84	Bio-Techne Corp.		10,155
	1,386	Bruker Corp.		41,233
	437	Charles River Laboratories International, Inc. (b)		47,205
	2,959	Enzo Biochem, Inc. (b)		30,981
	795	INC Research Holdings, Inc. - Class A (b)		41,578
	1,245	Luminex Corp.		25,311
	1,775	Medpace Holdings, Inc. (b)		56,622
	1,108	NanoString Technologies, Inc. (b)		17,905
	883	PAREXEL International Corp. (b)		77,775
	296	PRA Health Sciences, Inc. (b)		22,546
	2,393	QIAGEN NV		75,385
	1,392	VWR Corp. (b)		46,089
				526,785
		Machinery - 3.55%
	604	AGCO Corp.		44,557
	225	Alamo Group, Inc.		24,158
	182	Albany International Corp. - Class A		10,447
	1,024	Allison Transmission Holdings, Inc.		38,431
	388	Altra Industrial Motion Corp.		18,663
	260	Badger Meter, Inc.		12,740
	583	Barnes Group, Inc. (a)		41,067
	585	Blue Bird Corp. (b)		12,051

Number of Shares			Value
		Machinery (Continued)
	398	Chart Industries, Inc. (b)	$	15,614
	197	CIRCOR International, Inc.		10,723
	716	Colfax Corp. (a)(b)		29,814
	1,234	Columbus McKinnon Corp.		46,732
	501	Crane Co.		40,075
	1,055	Donaldson Co., Inc.		48,467
	612	Douglas Dynamics, Inc.		24,113
	232	EnPro Industries, Inc.		18,683
	347	ESCO Technologies, Inc.		20,803
	501	Federal Signal Corp.		10,661
	1,026	FreightCar America, Inc.		20,069
	624	Gencor Industries, Inc. (b)		11,014
	385	Gorman Rupp Co.		12,539
	639	Graco, Inc.		79,038
	1,983	Hardinge, Inc.		30,280
	1,042	Harsco Corp. (a)(b)		21,778
	263	Hurco Companies, Inc.		10,941
	139	Hyster-Yale Materials Handling, Inc.		10,625
	788	IDEX Corp.		95,718
	418	ITT, Inc.		18,505
	792	John Bean Technologies Corp. (a)		80,071
	241	Kadant, Inc.		23,751
	667	Kennametal, Inc.		26,907
	506	L.B. Foster Co. - Class A (b)		11,511
	623	Lincoln Electric Holdings, Inc. (a)		57,117
	205	Lydall, Inc. (b)		11,746
	1,278	Manitowoc Co., Inc. (b)		11,502
	1,403	Meritor, Inc. (b)		36,492
	893	Mueller Water Products, Inc. - Class A		11,430
	146	NACCO Industries, Inc. - Class A		12,527
	335	Navistar International Corp. (b)		14,763
	535	NN, Inc.		15,515
	398	Nordson Corp.		47,163
	635	Omega Flex, Inc.		45,618
	697	Oshkosh Corp.		57,530
	396	Park-Ohio Holdings Corp.		18,058
	326	Proto Labs, Inc. (b)		26,178
	103	RBC Bearings, Inc. (a)(b)		12,890
	789	Rexnord Corp. (b)		20,048
	409	Snap-on, Inc. (a)		60,945
	197	Sun Hydraulics Corp.		10,638
	346	Tennant Co.		22,905
	1,239	Terex Corp. (a)		55,780
	568	The Eastern Co.		16,302
	441	The Greenbrier Companies, Inc.		21,234
	142	The Middleby Corp. (a)(b)		18,200
	428	The Timken Co.		20,779
	1,201	Toro Co.		74,534
	1,320	TriMas Corp. (b)		35,640
	819	Trinity Industries, Inc.		26,126
	570	Twin Disc, Inc. (b)		10,608
	118	Valmont Industries, Inc.		18,656
	2,017	Wabash National Corp. (a)		46,028
	214	Wabtec Corp. (a)		16,211
	527	Welbilt, Inc. (b)		12,147
	1,180	Xylem, Inc. (a)		73,903
				1,859,759
		Marine - 0.08%
	2,458	Costamare, Inc.		15,191
	374	Kirby Corp. (b)		24,665
				39,856

See notes to financial statements.

56

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Media - 1.28%
	240	AMC Networks, Inc. - Class A (a)(b)	$	14,033
	1,454	Ascent Capital Group, Inc. - Class A (b)		18,960
	52	Cable One, Inc.		37,550
	4,264	Central European Media Enterprises Ltd. - Class A (b)		17,269
	996	Entercom Communications Corp. - Class A (a)		11,404
	3,330	Gannett Co., Inc.		29,970
	1,048	Gray Television, Inc. (a)(b)		16,454
	462	John Wiley & Sons, Inc. - Class A		24,717
	528	Liberty Media Corp. - Liberty Braves (b)		13,343
	310	Liberty Media Group - Class A (a)(b)		11,312
	906	Liberty Media Group - Class C (b)		34,510
	866	Lions Gate Entertainment Corp. - Class A (b)		28,968
	574	Lions Gate Entertainment Corp. - Class B (a)(b)		18,247
	1,506	Live Nation Entertainment, Inc. (a)(b)		65,586
	398	Meredith Corp. (a)		22,089
	1,208	MSG Networks, Inc. - Class A (b)		25,610
	1,628	New Media Investment Group, Inc.		24,078
	170	Nexstar Media Group, Inc. - Class A		10,591
	2,516	Salem Media Group, Inc.		16,606
	644	Scholastic Corp. (a)		23,957
	729	Sinclair Broadcast Group, Inc. - Class A (a)		23,364
	1,573	TEGNA, Inc.		20,968
	1,955	The Interpublic Group of Companies, Inc. (a)		40,644
	71	The Madison Square Garden Co. - Class A (b)		15,201
	1,653	The New York Times Co. - Class A		32,399
	1,427	Time, Inc.		19,264
	1,836	Townsquare Media, Inc. - Class A (b)		18,360
	253	Tribune Media Co. - Class A		10,338
	780	tronc, Inc. (b)		11,333
	641	World Wrestling Entertainment, Inc. - Class A		15,096
				672,221
		Metals & Mining - 0.83%
	5,725	AK Steel Holding Corp. (a)(b)		32,003
	1,015	Alcoa Corp. (a)(b)		47,319
	256	Carpenter Technology Corp. (a)		12,296
	1,224	Century Aluminum Co. (b)		20,294
	1,751	Cleveland-Cliffs, Inc. (b)		12,520
	1,287	Coeur Mining, Inc. (b)		11,827
	3,195	Ferroglobe Representation & Warranty Insurance Trust (b)(c)		0
	503	Gibraltar Industries, Inc. (a)(b)		15,668
	610	Handy & Harman Ltd. (b)		19,855
	540	Materion Corp.		23,301
	892	Olympic Steel, Inc.		19,624
	593	Reliance Steel & Aluminum Co. (a)		45,169
	176	Royal Gold, Inc.		15,143
	1,153	Ryerson Holding Corp. (b)		12,510
	707	Schnitzer Steel Industries, Inc. - Class A		19,902
	1,757	Steel Dynamics, Inc.		60,564
	1,976	SunCoke Energy, Inc. (b)		18,061
	1,376	United States Steel Corp. (a)		35,308
	314	Worthington Industries, Inc. (a)		14,444
				435,808
		Multiline Retail - 0.70%
	822	Big Lots, Inc. (a)		44,035
	677	Burlington Stores, Inc. (a)(b)		64,626
	343	Dillard’s, Inc. - Class A (a)		19,232

Number of Shares			Value
		Multiline Retail (Continued)
	3,163	Fred’s, Inc. - Class A (a)	$	20,370
	6,902	J.C. Penney Co., Inc. (b)		26,297
	2,231	Kohl’s Corp. (a)		101,845
	1,387	Nordstrom, Inc.		65,397
	511	Ollie’s Bargain Outlet Holdings, Inc. (b)		23,710
				365,512
		Multi-Utilities - 0.34%
	981	Alliant Energy Corp. (a)		40,780
	294	Avista Corp.		15,220
	311	Black Hills Corp.		21,419
	1,637	MDU Resources Group, Inc.		42,480
	520	NorthWestern Corp. (a)		29,609
	407	Vectren Corp.		26,768
				176,276
		Oil, Gas & Consumable Fuels - 0.87%
	312	Adams Resources & Energy, Inc.		12,948
	137	Arch Coal, Inc. - Class A		9,828
	129	Chesapeake Utilities Corp.		10,094
	4,953	Cloud Peak Energy, Inc. (b)		18,128
	1,537	CONSOL Energy, Inc. (a)(b)		26,037
	437	CVR Energy, Inc. (a)		11,318
	427	Delek US Holdings, Inc.		11,414
	2,527	Dorian LPG, Ltd. (a)(b)		17,234
	2,204	Evolution Petroleum Corp.		15,869
	963	Green Plains, Inc.		19,405
	2,294	Hallador Energy Co.		13,122
	1,022	HollyFrontier Corp. (a)		36,761
	593	Murphy Oil Corp.		15,750
	7,211	Overseas Shipholding Group, Inc. - Class A (b)		18,965
	2,644	Pacific Ethanol, Inc. (b)		14,674
	516	Par Pacific Holdings, Inc. (b)		10,733
	760	PBF Energy, Inc. - Class A (a)		20,984
	560	Peabody Energy Corp. (b)		16,246
	814	Renewable Energy Group, Inc. (a)(b)		9,890
	853	Targa Resources Corp.		40,347
	15,243	Teekay Tankers Ltd. - Class A		24,694
	1,733	Tellurian, Inc. (b)		18,508
	4,000	Westmoreland Coal Co. (b)		10,200
	3,214	Whiting Petroleum Corp. (b)		17,548
	1,111	World Fuel Services Corp. (a)		37,674
				458,371
		Paper & Forest Products - 0.20%
	555	Boise Cascade Co. (b)		19,370
	511	Domtar Corp. (a)		22,172
	1,302	KapStone Paper and Packaging Corp. (a)		27,980
	972	Louisiana-Pacific Corp. (b)		26,322
	268	Schweitzer-Mauduit International, Inc.		11,111
				106,955
		Personal Products - 0.69%
	255	Edgewell Personal Care Co. (b)		18,557
	1,006	Herbalife, Ltd. (b)		68,237
	433	Inter Parfums, Inc.		17,861
	1,476	Medifast, Inc.		87,630
	1,438	Natural Health Trends Corp.		34,368
	1,819	Nature’s Sunshine Products, Inc.		18,463
	999	Nu Skin Enterprises, Inc. - Class A		61,419
	929	USANA Health Sciences, Inc. (b)		53,603
				360,138

See notes to financial statements.

57

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Pharmaceuticals - 1.22%
	216	Aerie Pharmaceuticals, Inc. (a)(b)	$	10,498
	751	Akorn, Inc. (b)		24,926
	727	Amphastar Pharmaceuticals, Inc. (b)		12,991
	596	Assembly Biosciences, Inc. (b)		20,812
	821	Catalent, Inc. (a)(b)		32,774
	3,327	Corcept Therapeutics, Inc. (a)(b)		64,211
	5,605	Depomed, Inc. (a)(b)		32,453
	4,527	Endo International Plc (b)		38,774
	3,558	Horizon Pharma Plc (b)		45,115
	1,193	Impax Laboratories, Inc. (b)		24,218
	1,116	Intersect ENT, Inc. (b)		34,763
	2,019	Lannett Co., Inc. (a)(b)		37,250
	1,234	Mallinckrodt Plc (b)		46,115
	487	Omeros Corp. (b)		10,529
	372	Pacira Pharmaceuticals, Inc. (b)		13,969
	1,033	Phibro Animal Health Corp. - Class A		38,273
	608	Prestige Brands Holdings, Inc. (a)(b)		30,455
	4,372	SciClone Pharmaceuticals, Inc. (b)		48,966
	2,616	Sucampo Pharmaceuticals, Inc. - Class A (a)(b)		30,869
	1,034	Supernus Pharmaceuticals, Inc. (b)		41,360
				639,321
		Professional Services - 1.40%
	4,510	Acacia Research Corp. (b)		20,521
	1,417	BG Staffing, Inc. (a)		23,451
	1,552	CBIZ, Inc. (b)		25,220
	422	CRA International, Inc.		17,323
	1,236	Franklin Covey Co. (b)		25,091
	504	FTI Consulting, Inc. (a)(b)		17,882
	381	GP Strategies Corp. (b)		11,754
	556	Heidrick & Struggles International, Inc.		11,759
	428	Huron Consulting Group, Inc. (b)		14,680
	520	ICF International, Inc. (b)		28,054
	212	Insperity, Inc.		18,656
	496	Kelly Services, Inc. - Class A		12,445
	1,318	Kforce, Inc.		26,624
	507	Korn/Ferry International		19,991
	903	ManpowerGroup, Inc. (a)		106,391
	708	Mistras Group, Inc. (b)		14,514
	1,639	Navigant Consulting, Inc. (b)		27,732
	965	On Assignment, Inc. (a)(b)		51,801
	1,372	Resources Connection, Inc.		19,071
	2,013	Robert Half International, Inc.		101,334
	1,202	RPX Corp. (b)		15,963
	251	The Advisory Board Co. (a)(b)		13,460
	258	The Dun & Bradstreet Corp.		30,034
	349	TriNet Group, Inc. (b)		11,733
	1,336	TrueBlue, Inc. (b)		29,993
	230	VSE Corp.		13,078
	837	Willdan Group, Inc. (b)		27,169
				735,724
		Real Estate Management & Development - 0.70%
	3,910	Altisource Portfolio Solutions SA (a)(b)		101,152
	1,887	Forestar Group, Inc. (b)		33,494
	306	Jones Lang LaSalle, Inc. (a)		37,791
	1,593	Marcus & Millichap, Inc. (a)(b)		42,995
	2,165	Maui Land & Pineapple Co, Inc. (b)		30,202
	321	RE/MAX Holdings, Inc. - Class A (a)		20,399

Number of Shares			Value
		Real Estate Management & Development (Continued)
	1,822	Realogy Holdings Corp.	$	60,035
	799	The RMR Group, Inc. - Class A		41,029
				367,097
		Road & Rail - 0.62%
	26	AMERCO		9,747
	1,586	ArcBest Corp.		53,052
	1,073	Avis Budget Group, Inc. (a)(b)		40,838
	386	Genesee & Wyoming, Inc. - Class A (b)		28,568
	613	Knight-Swift Transportation Holdings, Inc.		25,452
	580	Landstar System, Inc.		57,797
	363	Old Dominion Freight Line, Inc. (b)		39,970
	2,412	Roadrunner Transportation Systems, Inc. (b)		22,986
	252	Ryder System, Inc.		21,307
	255	Saia, Inc. (b)		15,976
	294	Werner Enterprises, Inc.		10,746
				326,439
		Semiconductors & Semiconductor Equipment - 2.85%
	505	Advanced Energy Industries, Inc. (b)		40,784
	7,532	Advanced Micro Devices, Inc. (a)(b)		96,033
	239	Ambarella, Inc. (b)		11,713
	3,038	Amkor Technology, Inc. (b)		32,051
	879	Axcelis Technologies, Inc. (b)		24,041
	1,166	AXT, Inc. (b)		10,669
	1,139	Brooks Automation, Inc.		34,580
	358	Cabot Microelectronics Corp.		28,615
	334	Cavium, Inc. (a)(b)		22,024
	1,151	Cirrus Logic, Inc. (b)		61,371
	438	Cohu, Inc.		10,442
	983	Cree, Inc. (b)		27,711
	1,560	Cypress Semiconductor Corp. (a)		23,431
	1,068	Diodes, Inc. (b)		31,965
	2,811	DSP Group, Inc. (b)		36,543
	1,147	Entegris, Inc. (b)		33,091
	812	First Solar, Inc. (a)(b)		37,254
	689	Ichor Holdings, Ltd. (b)		18,465
	394	Impinj, Inc. (a)(b)		16,394
	832	Integrated Device Technology, Inc. (a)(b)		22,114
	1,401	IXYS Corp. (b)		33,204
	290	MACOM Technology Solutions Holdings, Inc. (a)(b)		12,937
	3,029	Marvell Technology Group, Ltd. - ADR		54,219
	667	Microsemi Corp. (b)		34,337
	571	MKS Instruments, Inc.		53,931
	832	Monolithic Power Systems, Inc.		88,650
	877	Nanometrics, Inc. (b)		25,258
	322	NVE Corp.		25,428
	4,378	ON Semiconductor Corp. (a)(b)		80,862
	2,648	Photronics, Inc. (b)		23,435
	7,186	Pixelworks, Inc. (b)		33,846
	755	Power Integrations, Inc. (a)		55,266
	1,845	Rambus, Inc. (b)		24,631
	1,090	Rudolph Technologies, Inc. (b)		28,667
	503	Semtech Corp. (b)		18,888
	5,401	Sigma Designs, Inc. (b)		34,026
	198	Silicon Laboratories, Inc. (a)(b)		15,820
	2,439	Teradyne, Inc. (a)		90,950
	1,361	Ultra Clean Holdings, Inc. (a)(b)		41,674
	520	Veeco Instruments, Inc. (a)(b)		11,128
	1,166	Versum Materials, Inc. (a)		45,264

See notes to financial statements.

58

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductors & Semiconductor Equipment (Continued)
	2,302	Xcerra Corp. (b)	$	22,675
	702	Xperi Corp.		17,761
				1,492,148
		Software - 4.06%
	1,571	8x8, Inc. (b)		21,209
	4,865	A10 Networks, Inc. (b)		36,779
	649	ACI Worldwide, Inc. (a)(b)		14,784
	1,011	Agilysys, Inc. (b)		12,081
	1,048	American Software, Inc. - Class A		11,905
	1,108	ANSYS, Inc. (b)		135,985
	1,181	Aspen Technology, Inc. (a)(b)		74,179
	861	Atlassian Corp. Plc - Class A (b)		30,264
	844	Barracuda Networks, Inc. (a)(b)		20,450
	425	Blackbaud, Inc.		37,315
	3,310	Cadence Design System, Inc. (b)		130,646
	421	Callidus Software, Inc. (b)		10,378
	979	CommVault Systems, Inc. (b)		59,523
	168	Ellie Mae, Inc. (a)(b)		13,798
	263	ePlus, Inc. (b)		24,314
	712	Everbridge, Inc. (a)(b)		18,811
	1,805	Exa Corp. (b)		43,645
	257	Fair Isaac Corp. (a)		36,109
	939	Fortinet, Inc. (b)		33,654
	664	Gigamon, Inc. (a)(b)		27,988
	2,698	Glu Mobile, Inc. (b)		10,144
	208	Guidewire Software, Inc. (a)(b)		16,195
	515	HubSpot, Inc. (b)		43,286
	320	Imperva, Inc. (b)		13,888
	710	Jack Henry & Associates, Inc.		72,981
	962	Manhattan Associates, Inc. (b)		39,990
	142	MicroStrategy, Inc. - Class A (b)		18,135
	2,264	Mitek Systems, Inc. (a)(b)		21,508
	8,689	MobileIron, Inc. (b)		32,149
	780	Model N, Inc. (b)		11,661
	3,512	Nuance Communications, Inc. (a)(b)		55,209
	465	Paycom Software, Inc. (a)(b)		34,856
	854	Pegasystems, Inc.		49,233
	2,176	Progress Software Corp.		83,058
	173	Proofpoint, Inc. (a)(b)		15,089
	984	PROS Holdings, Inc. (b)		23,744
	968	PTC, Inc. (a)(b)		54,479
	927	QAD, Inc. - Class A		31,842
	364	Qualys, Inc. (a)(b)		18,855
	1,767	Rapid7, Inc. (a)(b)		31,099
	2,358	RealNetworks, Inc. (b)		11,318
	822	RealPage, Inc. (b)		32,798
	1,398	RingCentral, Inc. - Class A (b)		58,367
	2,667	Rosetta Stone, Inc. (b)		27,230
	921	Silver Spring Networks, Inc. (b)		14,893
	744	Splunk, Inc. (b)		49,424
	993	SS&C Technologies Holdings, Inc. (a)		39,869
	2,304	Synchronoss Technologies, Inc. (b)		21,496
	535	Tableau Software, Inc. - Class A (b)		40,066
	562	Take-Two Interactive Software, Inc. (b)		57,453
	7,400	The Rubicon Project, Inc. (b)		28,786
	1,188	TiVo Corp.		23,582
	60	Tyler Technologies, Inc. (b)		10,459
	578	Upland Software, Inc. (b)		12,230

Number of Shares			Value
		Software (Continued)
	901	Varonis Systems, Inc. (b)	$	37,752
	2,018	VASCO Data Security International, Inc. (b)		24,317
	865	Verint Systems, Inc. (a)(b)		36,200
	3,413	Workiva, Inc. (b)		71,161
	825	Zendesk, Inc. (b)		24,016
	5,185	Zix Corp. (a)(b)		25,355
	3,683	Zynga, Inc. - Class A (b)		13,922
				2,131,912
		Specialty Retail - 3.93%
	1,581	Aaron’s, Inc.		68,979
	3,108	Abercrombie & Fitch Co. - Class A		44,880
	2,623	American Eagle Outfitters, Inc. (a)		37,509
	979	America’s Car-Mart, Inc. (b)		40,261
	220	Asbury Automotive Group, Inc. (b)		13,442
	13,828	Ascena Retail Group, Inc. (b)		33,879
	253	AutoNation, Inc. (a)(b)		12,007
	1,870	Barnes & Noble Education, Inc. (b)		12,174
	2,488	Barnes & Noble, Inc.		18,909
	1,650	Bed Bath & Beyond, Inc. (a)		38,726
	2,898	Big 5 Sporting Goods Corp. (a)		22,170
	2,502	Build-A-Bear Workshop, Inc. (b)		22,893
	1,182	Caleres, Inc.		36,075
	560	Camping World Holdings, Inc. - Class A		22,814
	5,859	Chico’s FAS, Inc.		52,438
	1,115	Citi Trends, Inc.		22,155
	856	Conn’s, Inc. (a)(b)		24,096
	1,061	Dick’s Sporting Goods, Inc. (a)		28,658
	1,254	DSW, Inc. - Class A		26,936
	4,127	Express, Inc. (b)		27,899
	616	Five Below, Inc. (a)(b)		33,806
	397	Floor & Decor Holdings, Inc. (b)		15,455
	1,324	Foot Locker, Inc.		46,631
	2,551	Francesca’s Holdings Corp. (a)(b)		18,775
	3,138	GameStop Corp. - Class A (a)		64,831
	873	Genesco, Inc. (b)		23,222
	1,879	GNC Holdings, Inc. - Class A (a)		16,610
	183	Group 1 Automotive, Inc. (a)		13,260
	849	Guess?, Inc.		14,459
	2,397	Haverty Furniture Cos., Inc.		62,682
	1,720	Hibbett Sports, Inc. (a)(b)		24,510
	1,778	J. Jill, Inc. (a)(b)		19,362
	3,057	Kirkland’s, Inc. (b)		34,942
	193	Lithia Motors, Inc. - Class A (a)		23,220
	1,374	Lumber Liquidators Holdings, Inc. (b)		53,559
	700	MarineMax, Inc. (b)		11,585
	222	Monro, Inc.		12,443
	240	Murphy USA, Inc. (b)		16,560
	8,138	Office Depot, Inc. (a)		36,947
	231	Penske Automotive Group, Inc.		10,989
	5,549	Pier 1 Imports, Inc.		23,250
	6,113	Rent-A-Center, Inc. (a)		70,177
	346	REX American Resources Corp. (b)		32,465
	647	RH (a)(b)		45,497
	1,804	Sally Beauty Holdings, Inc. (b)		35,322
	1,009	Select Comfort Corp. (b)		31,329
	1,211	Shoe Carnival, Inc.		27,102
	498	Signet Jewelers Ltd. (a)		33,142
	4,349	Sportsman’s Warehouse Holdings, Inc. (a)(b)		19,614
	1,325	Systemax, Inc.		35,020

See notes to financial statements.

59

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	1,951	Tailored Brands, Inc. (a)	$	28,172
	1,332	The Buckle, Inc. (a)		22,444
	1,241	The Cato Corp. - Class A		16,418
	694	The Children’s Place, Inc. (a)		81,996
	9,664	The Container Store Group, Inc. (b)		40,685
	2,121	The Finish Line, Inc. - Class A (a)		25,516
	2,846	The Michaels Cos., Inc. (a)(b)		61,104
	1,732	Tile Shop Holdings, Inc.		21,996
	6,109	Tilly’s, Inc. - Class A		73,247
	1,930	Urban Outfitters, Inc. (a)(b)		46,127
	2,137	Vitamin Shoppe, Inc. (b)		11,433
	999	Williams Sonoma, Inc. (a)		49,810
	232	Winmark Corp.		30,566
	2,120	Zumiez, Inc. (b)		38,372
				2,061,552
		Technology Hardware, Storage & Peripherals - 0.54%
	2,305	3D Systems Corp. (a)(b)		30,864
	4,908	Avid Technology, Inc. (b)		22,282
	541	Cray, Inc. (b)		10,523
	608	Electronics for Imaging, Inc. (a)(b)		25,949
	1,131	NCR Corp. (a)(b)		42,435
	2,380	Pure Storage, Inc. - Class A (a)(b)		38,056
	3,754	Quantum Corp. (b)		22,975
	687	Synaptics, Inc. (a)(b)		26,917
	1,881	Teradata Corp. (a)(b)		63,559
				283,560
		Textiles, Apparel & Luxury Goods - 1.61%
	562	Carter’s, Inc. (a)		55,497
	846	Columbia Sportswear Co.		52,097
	7,310	Crocs, Inc. (a)(b)		70,907
	331	Culp, Inc.		10,840
	562	Deckers Outdoor Corp. (b)		38,446
	2,652	Fossil Group, Inc. (a)(b)		24,743
	725	G-III Apparel Group, Ltd. (b)		21,039
	739	lululemon athletica, Inc. (b)		46,003
	1,909	Michael Kors Holdings Ltd. (b)		91,346
	770	Movado Group, Inc.		21,560
	490	Oxford Industries, Inc.		31,135
	1,992	Perry Ellis International, Inc. (b)		47,131
	688	Ralph Lauren Corp.		60,744
	1,498	Skechers U.S.A., Inc. - Class A (b)		37,585
	1,419	Steven Madden, Ltd. (a)(b)		61,443
	1,066	Superior Uniform Group, Inc.		24,411
	213	UniFirst Corp.		32,269
	2,836	Vera Bradley, Inc. (b)		24,985
	461	Weyco Group, Inc.		13,083
	2,656	Wolverine World Wide, Inc. (a)		76,626
				841,890
		Thrifts & Mortgage Finance - 1.54%
	508	Astoria Financial Corp.		10,922
	1,058	Bank Mutual Corp.		10,739
	648	BankFinancial Corp.		10,297
	464	Berkshire Hills Bancorp, Inc.		17,980
	1,401	BofI Holding, Inc. (a)(b)		39,887
	910	Brookline Bancorp, Inc.		14,105
	895	Charter Financial Corp.		16,584
	747	Entegra Financial Corp. (b)		18,638

Number of Shares			Value
		Thrifts & Mortgage Finance (Continued)
	488	Federal Agricultural Mortgage Corp. - Class C	$	35,497
	843	Flagstar Bancorp, Inc. (b)		29,910
	242	Hingham Institution for Savings		46,045
	375	Home Bancorp, Inc.		15,683
	953	HomeStreet, Inc. (b)		25,731
	4,804	Impac Mortgage Holdings, Inc. (b)		62,740
	74	LendingTree, Inc. (a)(b)		18,089
	520	Malvern Bancorp, Inc. (b)		13,910
	583	Meridian Bancorp, Inc.		10,873
	216	Meta Financial Group, Inc.		16,934
	1,828	New York Community Bancorp, Inc. (a)		23,563
	2,960	NMI Holdings, Inc. - Class A (b)		36,704
	638	Northwest Bancshares, Inc.		11,018
	559	OceanFirst Financial Corp.		15,367
	1,028	PennyMac Financial Services, Inc. - Class A (b)		18,298
	2,453	People’s United Financial, Inc. (a)		44,497
	2,986	Radian Group, Inc. (a)		55,808
	1,303	Riverview Bancorp, Inc.		10,945
	323	Southern Missouri Bancorp, Inc.		11,786
	546	Timberland Bancorp, Inc.		17,112
	739	United Financial Bancorp, Inc.		13,516
	875	Walker & Dunlop, Inc. (a)(b)		45,789
	1,653	Washington Federal, Inc. (a)		55,624
	973	Waterstone Financial, Inc.		18,974
	1,177	Western New England Bancorp, Inc.		12,829
				806,394
		Tobacco - 0.06%
	281	Universal Corp.		16,101
	658	Vector Group, Ltd.		13,477
				29,578
		Trading Companies & Distributors - 1.76%
	512	Air Lease Corp. (a)		21,821
	540	Applied Industrial Technologies, Inc. (a)		35,532
	1,328	Beacon Roofing Supply, Inc. (b)		68,060
	1,328	BMC Stock Holdings, Inc. (a)(b)		28,353
	357	CAI International, Inc. (b)		10,824
	1,598	DXP Enterprises, Inc. (b)		50,321
	563	EnviroStar, Inc.		15,567
	317	GATX Corp.		19,515
	894	GMS, Inc. (b)		31,648
	1,102	H&E Equipment Services, Inc.		32,178
	1,925	HD Supply Holdings, Inc. (b)		69,435
	3,828	Huttig Building Products, Inc. (b)		27,026
	2,213	Lawson Products, Inc. (b)		55,768
	1,098	MRC Global, Inc. (b)		19,204
	575	MSC Industrial Direct Co., Inc. - Class A		43,453
	955	Neff Corp. - Class A (b)		23,875
	1,082	NOW, Inc. (a)(b)		14,942
	672	Rush Enterprises, Inc. - Class A (b)		31,107
	588	Rush Enterprises, Inc. - Class B (b)		25,649
	1,051	SiteOne Landscape Supply, Inc. (a)(b)		61,063
	616	Textainer Group Holdings Ltd. (b)		10,564
	1,280	Titan Machinery, Inc. (a)(b)		19,878
	473	Triton International Ltd.		15,741
	480	United Rentals, Inc. (a)(b)		66,595
	1,289	Univar, Inc. (b)		37,291
	503	Veritiv Corp. (b)		16,348
	227	Watsco, Inc. - Class A (a)		36,563
	577	WESCO International, Inc. (b)		33,610
				921,931

See notes to financial statements.

60

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Water Utilities - 0.15%
	201	American States Water Co.	$	9,899
	548	Aqua America, Inc.		18,188
	891	Cadiz, Inc. (b)		11,316
	268	California Water Service Group		10,224
	2,116	Consolidated Water Co., Ltd. - Ordinary Shares		27,085
				76,712
		Wireless Telecommunication Services - 0.13%
	684	Boingo Wireless, Inc. (b)		14,617
	287	Shenandoah Telecommunications Co.		10,676
	1,003	Telephone & Data Systems, Inc.		27,974
	434	United States Cellular Corp. (b)		15,364
				68,631
		Total Common Stocks (Cost $34,829,384)		47,029,719
		INVESTMENT COMPANIES - 3.33%
		Exchange Traded Funds - 3.33%
	16,312	Vanguard Extended Market ETF		1,747,505
		Total Investment Companies (Cost $1,459,181)		1,747,505
		REAL ESTATE INVESTMENT TRUSTS - 6.03%
		Real Estate Investment Trusts - 6.03%
	2,354	AG Mortgage Investment Trust, Inc.		45,291
	5,412	AGNC Investment Corp.		117,332
	363	Alexandria Real Estate Equities, Inc.		43,186
	216	American Campus Communities, Inc.		9,536
	1,811	American Homes 4 Rent - Class A		39,317
	3,560	Anworth Mortgage Asset Corp. (a)		21,396
	456	Apartment Investment & Management Co. - Class A		20,000
	1,662	Apollo Commercial Real Estate Finance, Inc.		30,099
	986	Apple Hospitality REIT, Inc.		18,645
	1,064	Ares Commercial Real Estate Corp.		14,162
	766	Armada Hoffler Properties, Inc.		10,578
	1,437	ARMOUR Residential REIT, Inc.		38,655
	3,309	Ashford Hospitality Prime, Inc. (a)		31,435
	8,510	Ashford Hospitality Trust, Inc.		56,762
	1,249	Brandywine Realty Trust		21,845
	624	Camden Property Trust		57,065
	1,746	Capstead Mortgage Corp.		16,849
	1,217	CareTrust REIT, Inc.		23,172
	3,675	CBL & Associates Properties, Inc. (a)		30,833
	4,064	Cedar Shopping Centers, Inc.		22,840
	2,004	Chatham Lodging Trust (a)		42,725
	1,570	Cherry Hill Mortgage Investment Corp.		28,417
	2,362	Chesapeake Lodging Trust (a)		63,703
	7,166	Chimera Investment Corp. (a)		135,581
	1,993	Colony NorthStar, Inc. - Class A (a)		25,032
	405	Community Healthcare Trust, Inc.		10,919
	565	CoreCivic, Inc.		15,125
	467	CorEnergy Infrastructure Trust, Inc.		16,508
	207	CoreSite Realty Corp.		23,163
	1,170	Corporate Office Properties Trust		38,411
	2,591	Cousins Properties, Inc.		24,200
	173	CyrusOne, Inc.		10,195
	1,495	CYS Investments, Inc. (a)		12,917
	365	DCT Industrial Trust, Inc.		21,141
	2,893	DDR Corp.		26,500

Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	2,872	DiamondRock Hospitality Co. (a)	$	31,448
	271	Douglas Emmett, Inc.		10,683
	1,412	Duke Realty Corp.		40,694
	4,279	Dynex Capital, Inc.		31,108
	168	EastGroup Properties, Inc. (a)		14,804
	1,356	Empire State Realty Trust, Inc. - Class A		27,852
	545	Equity Commonwealth (b)		16,568
	329	Equity LifeStyle Properties, Inc.		27,991
	325	First Industrial Realty Trust, Inc.		9,779
	2,176	First Potomac Realty Trust		24,241
	1,265	Forest City Realty Trust, Inc. - Class A		32,270
	528	Four Corners Property Trust, Inc.		13,158
	864	Gaming and Leisure Properties, Inc. (a)		31,873
	398	Getty Realty Corp.		11,387
	483	Gladstone Commercial Corp. (a)		10,756
	338	Gramercy Property Trust		10,224
	755	Great Ajax Corp.		10,638
	1,235	Hersha Hospitality Trust		23,057
	196	Highwoods Properties, Inc.		10,210
	1,287	Hospitality Properties Trust (a)		36,667
	853	Hudson Pacific Properties, Inc.		28,601
	1,392	Independence Realty Trust, Inc.		14,157
	1,209	InfraREIT, Inc.		27,045
	3,318	Invesco Mortgage Capital, Inc.		56,837
	591	Iron Mountain, Inc.		22,990
	2,467	iStar Financial, Inc. (b)		29,111
	523	Jernigan Capital, Inc.		10,748
	271	Kilroy Realty Corp. (a)		19,274
	968	Kite Realty Group Trust (a)		19,602
	799	Ladder Capital Corp. (a)		11,010
	364	Lamar Advertising Co. - Class A (a)		24,945
	1,206	LaSalle Hotel Properties (a)		34,998
	1,051	Liberty Property Trust		43,154
	1,153	Mack-Cali Realty Corp.		27,338
	4,941	MFA Financial, Inc.		43,283
	661	Monmouth Real Estate Investment Corp. - Class A		10,702
	1,323	MTGE Investment Corp.		25,666
	252	National Retail Properties, Inc.		10,498
	2,426	National Storage Affiliates Trust		58,806
	4,435	New Residential Investment Corp.		74,198
	2,931	New York Mortgage Trust, Inc.		18,026
	580	Omega Healthcare Investors, Inc. (a)		18,508
	1,074	Orchid Island Capital, Inc.		10,944
	601	Owens Realty Mortgage, Inc.		10,944
	1,083	Park Hotels & Resorts, Inc.		29,847
	991	Pebblebrook Hotel Trust (a)		35,815
	2,282	Pennsylvania Real Estate Investment Trust		23,938
	1,237	PennyMac Mortgage Investment Trust		21,511
	1,059	Piedmont Office Realty Trust, Inc. - Class A		21,349
	318	Potlatch Corp.		16,218
	850	Preferred Apartment Communities, Inc. - Class A		16,048
	136	PS Business Parks, Inc. (a)		18,156
	192	QTS Realty Trust, Inc. - Class A		10,053
	2,199	Quality Care Properties, Inc. (b)		34,085
	21,072	RAIT Financial Trust		15,383
	1,174	Ramco-Gershenson Properties Trust		15,274
	1,695	Redwood Trust, Inc.		27,612
	1,116	Retail Properties of America, Inc. - Class A		14,653

See notes to financial statements.

61

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	890	Rexford Industrial Realty, Inc.	$	25,472
	2,182	RLJ Lodging Trust (a)		47,999
	271	Ryman Hospitality Properties, Inc.		16,935
	665	Select Income REIT		15,574
	534	Senior Housing Properties Trust (a)		10,440
	1,282	Spirit Realty Capital, Inc.		10,987
	407	STAG Industrial, Inc.		11,180
	2,407	Starwood Property Trust, Inc.		52,280
	1,213	Starwood Waypoint Homes (a)		44,117
	432	STORE Capital Corp. (a)		10,744
	2,202	Summit Hotel Properties, Inc.		35,210
	424	Sun Communities, Inc.		36,328
	3,165	Sunstone Hotel Investors, Inc. (a)		50,862
	803	Sutherland Asset Management Corp.		12,607
	413	Tanger Factory Outlet Centers, Inc.		10,085
	382	Terreno Realty Corp.		13,821
	750	The Geo Group, Inc.		20,175
	573	Tier REIT, Inc.		11,059
	5,938	Two Harbors Investment Corp. (a)		59,855
	973	UMH Properties, Inc.		15,130
	178	Universal Health Realty Income Trust		13,437
	2,342	Washington Prime Group, Inc.		19,509
	317	Washington Real Estate Investment Trust		10,385
	347	WP Carey, Inc.		23,384
	1,975	Xenia Hotels & Resorts, Inc.		41,574
		Total Real Estate Investment Trusts (Cost $2,721,215)		3,159,419
		RIGHTS - 0.00%
		Biotechnology - 0.00%
	1,600	Dyax Corp. (c)(d)		0
		Total Rights (Cost $0)		0

Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.73%
		Money Market Funds - 0.73%
	384,406	Deutsche Government Money Market Series - Institutional Shares EffectiveYield, 0.96% (e)	$	384,406
		Total Short Term Investments (Cost $384,406)		384,406
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 23.73%
		Investments Purchased as Securities Lending Collateral - 23.73%
	12,445,347	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (e)		12,445,347
		Total Investments Purchased as Securities Lending Collateral (Cost $12,445,347)		12,445,347
		Total Investments (Cost $51,839,533) - 123.49%		64,766,396
		Liabilities in Excess of Other Assets - (23.49)%		(12,319,522	)
		TOTAL NET ASSETS - 100.00%	$	52,446,874

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) As of September 30, 2017, the Valuation Committee has fair valued these securities, whose value were determined using significant, unobservable inputs. The value of these securities were $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 $32,873, which represents 0.06% of total net assets.

(e) Seven-day yield as of September 30, 2017.

See notes to financial statements.

62

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS - 93.73%
		Australia - 4.81%
	13,086	AGL Energy, Ltd.	$	240,293
	27,799	Aristocrat Leisure, Ltd.		459,172
	13,506	Australia & New Zealand Banking Group, Ltd.		314,603
	5,144	Bank of Queensland, Ltd.		52,494
	13,005	Bendigo & Adelaide Bank, Ltd.		118,738
	10,090	BHP Billiton Ltd.		204,623
	73,475	BlueScope Steel, Ltd.		634,715
	16,193	Challenger, Ltd./Australia		158,728
	3,304	CIMIC Group, Ltd.		114,820
	4,342	Cochlear, Ltd.		543,116
	13,331	Commonwealth Bank of Australia		789,372
	10,818	Computershare Ltd.		123,079
	2,826	CSL, Ltd.		297,502
	16,153	Flight Centre Travel Group, Ltd.		571,689
	57,658	Fortescue Metals Group, Ltd.		233,500
	18,317	Harvey Norman Holdings Ltd. (a)		55,872
	6,705	Insurance Australia Group, Ltd.		33,581
	1,731	Macquarie Group, Ltd.		123,933
	95,150	Medibank Private, Ltd.		218,310
	9,942	National Australia Bank Ltd.		246,491
	6,314	Orica Ltd.		98,283
	74,801	Qantas Airways, Ltd.		342,613
	53,430	QBE Insurance Group, Ltd.		421,219
	2,055	Rio Tinto Ltd.		107,713
	67,382	Santos, Ltd. (b)		213,676
	115,694	South32, Ltd.		299,301
	13,201	Suncorp Group, Ltd.		135,548
	58,108	Telstra Corp., Ltd.		159,185
	11,625	Wesfarmers Ltd.		377,389
	15,984	Westpac Banking Corp.		402,054
	28,457	Woolworths, Ltd.		563,556
				8,655,168
		Austria - 0.51%
	2,077	ANDRITZ AG		120,038
	2,338	Erste Group Bank AG		101,013
	3,035	OMV AG		176,940
	13,698	Raiffeisen Bank International AG (b)		459,119
	1,348	voestalpine AG		68,742
				925,852
		Belgium - 0.32%
	1,494	Ageas SA		70,268
	5,378	Colruyt SA		275,556
	1,116	KBC Group NV		94,681
	605	Solvay SA		90,446
	481	Umicore SA		39,820
				570,771
		Canada - 7.80%
	4,917	Alimentation Couche-Tard, Inc. - Series B		224,225
	4,532	Bank of Montreal		342,983
	726	BCE, Inc.		34,015
	5,713	CAE, Inc.		99,952
	9,967	Cameco Corp.		96,255
	3,085	Canadian Imperial Bank of Commerce		269,917
	3,694	Canadian National Railway Co.		306,060
	55,279	Cenovus Energy, Inc.		554,230
	11,881	CI Financial Corp.		259,854
	945	Constellation Software, Inc.		515,568

Number of Shares			Value
		Canada (Continued)
	5,118	Dollarama, Inc.	$	560,017
	33,342	Empire Co., Ltd. - Series A		590,015
	1,688	Finning International, Inc.		38,596
	940	Fortis, Inc.		33,735
	5,273	George Weston, Ltd.		459,156
	5,702	Great-West Lifeco, Inc.		164,102
	28,987	Husky Energy, Inc. (b)		362,875
	2,309	IGM Financial, Inc. (a)		77,611
	1,579	Imperial Oil, Ltd.		50,442
	7,898	Industrial Alliance Insurance & Financial Services, Inc.		357,633
	3,528	Linamar Corp.		215,285
	4,369	Loblaw Cos., Ltd.		238,452
	6,838	Magna International, Inc.		364,931
	25,987	Manulife Financial Corp.		527,134
	668	Methanex Corp.		33,567
	4,332	Metro, Inc.		148,977
	7,054	National Bank of Canada		339,485
	12,617	Onex Corp.		973,665
	19,455	Power Corp. of Canada		494,424
	10,461	Power Financial Corp.		290,167
	1,452	Restaurant Brands International, Inc.		92,770
	15,594	Royal Bank of Canada		1,206,528
	8,027	Saputo, Inc.		277,849
	2,683	Shopify, Inc. (b)		312,047
	3,801	Sun Life Financial, Inc.		151,370
	2,172	Suncor Energy, Inc.		76,122
	15,939	Teck Resources Ltd. - Class B (b)		335,578
	9,443	The Bank of Nova Scotia (a)		606,955
	3,394	The Jean Coutu Group PJC, Inc. - Class A		66,098
	13,526	The Toronto-Dominion Bank		761,532
	1,023	TransCanada Corp.		50,562
	40,190	Valeant Pharmaceuticals International, Inc. (b)		575,914
	10,800	Veresen, Inc.		162,033
	5,737	West Fraser Timber Co., Ltd.		331,047
				14,029,733
		Cayman Islands - 0.13%
	213,765	WH Group, Ltd.		227,660
		Chile - 0.11%
	15,769	Antofagasta Plc		200,866
		Denmark - 1.27%
	2,628	Carlsberg AS - Series B		288,381
	2,577	Coloplast AS - Series B		209,526
	7,934	Danske Bank AS		317,944
	1,942	DSV AS		147,118
	5,039	H. Lundbeck AS		291,315
	10,559	Novo Nordisk AS - Series B		507,663
	1,884	Pandora AS		186,275
	29,800	TDC AS		174,764
	1,298	Vestas Wind Systems AS		116,672
	1,970	William Demant Holding AS (b)		52,084
				2,291,742
		Finland - 0.76%
	13,278	Orion OYJ - Class B		616,523
	889	Sampo OYJ - Series A		47,050
	10,622	Stora Enso OYJ		150,249
	10,823	UPM-Kymmene OYJ		293,638
	3,677	Wartsila OYJ Abp		260,401
				1,367,861

See notes to financial statements.

63

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		France - 8.68%
	1,688	Aeroports de Paris	$	272,872
	4,401	Arkema SA		540,008
	6,473	Atos SE		1,004,008
	19,573	AXA SA		591,730
	13,056	BNP Paribas SA		1,053,297
	1,946	Bouygues SA		92,378
	1,811	Capgemini SE		212,293
	4,002	Carrefour SA		80,789
	5,670	Casino Guichard Perrachon SA		336,270
	1,782	Cie Generale des Etablissements Michelin		259,995
	14,536	CNP Assurances		340,769
	47,003	Credit Agricole SA		855,643
	4,545	Danone SA		356,980
	69	Dassault Aviation SA		111,649
	1,792	Dassault Systemes SE		181,301
	2,898	Eiffage SA		300,125
	1,349	Essilor International SA		167,191
	4,004	Eurazeo SA		357,885
	1,198	Eutelsat Communications		35,464
	1,125	Hermes International		567,592
	1,627	Imerys SA		147,008
	5,173	Ipsen SA		688,281
	1,209	Kering SA		481,624
	2,428	Legrand SA		175,228
	2,708	L’Oreal SA		574,211
	2,832	LVMH Moet Hennessy Louis Vuitton SE		782,866
	38,786	Natixis SA		310,400
	606	Pernod Ricard SA		83,830
	25,392	Peugeot SA		604,458
	574	Publicis Groupe SA		40,155
	417	Remy Cointreau SA		49,397
	10,237	Rexel SA		177,095
	2,198	Safran SA		224,610
	8,452	Sanofi-Aventis SA		841,364
	2,793	Schneider Electric SE		243,216
	8,179	SCOR SE		343,017
	1,247	SEB SA		228,850
	2,278	Societe BIC SA		273,063
	10,573	Societe Generale SA		619,589
	10,418	Total SA		559,386
	1,575	Valeo SA		116,866
	1,495	Veolia Environnement SA		34,546
	1,993	Vinci SA		189,360
	560	Wendel SA		90,716
				15,597,375
		Germany - 7.03%
	3,633	adidas AG		822,750
	5,039	Allianz SE		1,131,687
	5,882	BASF SE		626,643
	7,607	Bayer AG		1,039,136
	2,243	Beiersdorf AG		241,493
	896	Brenntag AG		49,948
	22,479	Commerzbank AG (b)		306,556
	195	Continental AG (b)		49,524
	5,178	Covestro AG		445,568
	3,233	Deutsche Bank AG		55,965
	2,719	Deutsche Boerse AG		295,201
	34,460	Deutsche Lufthansa AG		958,289
	17,337	Deutsche Post AG		772,780

Number of Shares			Value
		Germany (Continued)
	14,428	Deutsche Telekom AG	$	269,431
	13,634	E.ON SE		154,560
	3,654	Fraport AG Frankfurt Airport Services Worldwide		347,299
	706	Fresenius Medical Care AG & Co. KGaA		69,023
	2,086	Fresenius SE & Co. KGaA		168,694
	1,907	HOCHTIEF AG		322,096
	8,220	HUGO BOSS AG		725,306
	5,844	Infineon Technologies AG		147,340
	2,634	KION Group AG		252,323
	1,981	LANXESS AG		156,441
	1,346	Merck KGaA		149,908
	5,919	METRO AG (b)		125,117
	1,912	Muenchener Rueckversicherungs-Gesellschaft AG		409,215
	1,899	OSRAM Licht AG		151,671
	20,616	RWE AG (b)		469,010
	7,601	SAP SE		833,409
	3,287	Siemens AG		463,824
	13,132	Telefonica Deutschland Holding AG		73,797
	975	United Internet AG		60,774
	9,812	Zalando SE (b)		492,488
				12,637,266
		Hong Kong - 3.04%
	85,116	AIA Group, Ltd.		630,139
	25,074	ASM Pacific Technology, Ltd.		362,188
	57,439	BOC Hong Kong Holdings, Ltd.		279,785
	32,953	CK Asset Holdings, Ltd.		273,949
	2,666	CK Hutchison Holdings, Ltd.		34,147
	41,075	Galaxy Entertainment Group, Ltd.		290,378
	12,265	Hang Lung Group Ltd.		44,168
	12,981	Hang Seng Bank, Ltd.		317,355
	9,219	Hong Kong Exchange & Clearing, Ltd.		248,988
	43,477	I-Cable Communications, Ltd. (b)		1,429
	1,835	Jardine Strategic Holdings Ltd.		79,365
	90,669	Kerry Properties Ltd.		376,599
	9,136	Melco Resorts & Entertainment, Ltd. - ADR		220,360
	5,863	MTR Corp. Ltd.		34,329
	455,548	PCCW, Ltd.		247,267
	92,013	Shangri-La Asia, Ltd.		170,783
	677,443	SJM Holdings, Ltd.		622,336
	4,212	Sun Hung Kai Properties, Ltd.		68,615
	31,268	Swire Pacific Ltd. - Class A		304,410
	15,037	Swire Properties, Ltd.		51,067
	37,173	Techtronic Industries Co., Ltd.		198,990
	7,585	The Bank of East Asia Ltd.		32,878
	27,520	The Hong Kong and China Gas Co., Ltd.		51,857
	70,437	Wheelock & Co., Ltd.		497,207
	8,180	Yue Yuen Industrial Holdings, Ltd.		31,211
				5,469,800
		Ireland - 0.37%
	32,074	Bank of Ireland Group Plc (b)		262,703
	3,285	CRH Plc		124,973
	474	DCC Plc		46,026
	13,734	James Hardie Industries Plc		191,692
	373	Kerry Group Plc - Series A		36,066
				661,460
		Israel - 1.40%
	38,253	Bank Hapoalim BM		267,680
	48,098	Bank Leumi Le-Israel BM		255,618

See notes to financial statements.

64

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Israel (Continued)
	196,674	Bezeq the Israel Telecommunication Corp., Ltd.	$	281,114
	2,447	Check Point Software Technologies, Ltd. (a)(b)		279,007
	442	Elbit Systems Ltd.		64,984
	12,904	Mizrahi Tefahot Bank, Ltd.		231,427
	1,358	Taro Pharmaceutical Industries Ltd. (b)		153,033
	55,729	Teva Pharmaceutical Industries, Ltd. - ADR (a)		980,830
				2,513,693
		Italy - 2.77%
	14,574	Assicurazioni Generali SpA		271,822
	6,171	Enel SpA		37,176
	4,408	EXOR NV		279,752
	4,731	Ferrari NV		523,474
	112,077	Intesa Sanpaolo SpA		396,785
	54,879	Intesa Sanpaolo SpA - Savings Shares		181,849
	20,260	Leonardo SpA		379,876
	6,099	Luxottica Group SpA		341,295
	7,750	Poste Italiane SpA		57,092
	7,412	Prysmian SpA		250,430
	7,453	Recordati SpA		343,930
	152,928	Saipem SpA (b)		660,446
	585,518	Telecom Italia SpA (b)		549,234
	688,250	Telecom Italia SpA - Savings Share		517,993
	83,840	UnipolSai Assicurazioni SpA		196,046
				4,987,200
		Japan - 22.47%
	2,731	ABC-Mart, Inc.		144,258
	3,836	AEON Mall Co., Ltd.		68,286
	1,748	Aisin Seiki Co., Ltd.		92,159
	8,316	Alfresa Holdings Corp.		152,352
	5,157	ANA Holdings, Inc.		195,323
	5,175	Asahi Glass Co., Ltd.		192,215
	3,214	Asahi Group Holdings, Ltd.		129,970
	19,542	Asahi Kasei Corp.		240,806
	16,199	Asics Corp.		241,602
	26,039	Astellas Pharma, Inc.		331,413
	5,803	Bandai Namco Holdings, Inc.		199,361
	5,929	Benesse Holdings, Inc.		213,912
	3,618	Bridgestone Corp.		164,271
	9,401	Brother Industries, Ltd.		219,192
	10,937	Calbee, Inc.		384,123
	7,987	Canon, Inc.		273,323
	529	Central Japan Railway Co.		92,834
	6,031	Coca-Cola Bottlers Japan, Inc.		195,342
	15,056	Credit Saison Co., Ltd.		312,406
	6,152	Dai-ichi Life Holdings, Inc.		110,352
	639	Daito Trust Construction Co., Ltd.		116,415
	4,955	Daiwa House Industry Co., Ltd.		171,158
	933	Disco Corp.		190,150
	241	FANUC Corp.		48,864
	964	Fast Retailing Co., Ltd.		284,337
	13,603	Fuji Electric Co., Ltd.		75,479
	9,917	FUJIFILM Holdings Corp.		385,289
	46,336	Fujitsu, Ltd.		344,858
	6,403	Hakuhodo DY Holdings, Inc.		84,305
	1,944	Hikari Tsushin, Inc.		243,880
	4,204	Hitachi Chemical Co., Ltd.		115,360
	6,042	Hitachi Construction Machinery Co., Ltd.		179,059
	4,765	Hitachi High-Technologies Corp.		173,059

Number of Shares			Value
		Japan (Continued)
	47,158	Hitachi, Ltd.	$	332,504
	19,187	Honda Motor Co., Ltd.		566,794
	449	Hoshizaki Corp.		39,442
	12,320	Hoya Corp.		666,251
	2,453	Idemitsu Kosan Co., Ltd.		69,326
	34,553	ITOCHU Corp.		566,143
	3,550	Japan Airlines Co., Ltd.		120,172
	2,402	Japan Airport Terminal Co., Ltd.		85,583
	34,372	Kajima Corp.		341,638
	37,076	Kakaku.com, Inc.		473,002
	7,932	Kao Corp.		466,983
	3,605	KDDI Corp.		95,028
	486	Keyence Corp.		258,488
	4,412	Kikkoman Corp.		135,563
	14,077	Kirin Holdings Co., Ltd.		330,724
	615	Koito Manufacturing Co., Ltd.		38,619
	2,991	Konami Holdings Corp.		143,997
	38,186	Konica Minolta, Inc.		313,743
	3,524	Kose Corp.		403,929
	1,964	Kubota Corp.		35,727
	13,194	Kuraray Co., Ltd.		246,857
	4,980	Kurita Water Industries, Ltd.		143,923
	2,903	Kyocera Corp.		180,177
	5,921	Kyushu Electric Power Co., Inc.		62,902
	4,319	Lawson, Inc.		286,003
	10,252	LINE Corp. (a)		370,749
	28,924	Lion Corp.		528,497
	3,478	LIXIL Group Corp.		92,362
	3,982	M3, Inc.		113,532
	76,558	Marubeni Corp.		523,366
	25,532	Mazda Motor Corp.		391,148
	5,308	McDonald’s Holdings Co. Japan, Ltd.		234,835
	69,386	Mebuki Financial Group, Inc.		268,467
	1,962	Medipal Holdings Corp.		34,098
	3,741	MEIJI Holdings Co., Ltd.		296,244
	9,901	Minebea Mitsumi, Inc.		155,072
	752	Miraca Holdings, Inc.		35,009
	20,164	MISUMI Group, Inc.		531,464
	43,420	Mitsubishi Chemical Holdings Corp.		413,965
	18,732	Mitsubishi Corp.		435,816
	2,274	Mitsubishi Electric Corp.		35,573
	9,653	Mitsubishi Gas Chemical Co., Inc.		226,493
	6,377	Mitsubishi Materials Corp.		220,881
	4,804	Mitsubishi Motors Corp.		38,035
	2,417	Mitsubishi Tanabe Pharma Corp.		55,487
	59,918	Mitsubishi UFJ Financial Group, Inc.		389,577
	58,827	Mitsubishi UFJ Lease & Finance Co., Ltd.		312,120
	25,396	Mitsui & Co., Ltd.		375,630
	4,209	Mitsui Chemicals, Inc.		128,015
	12,552	Mixi, Inc.		606,211
	199,633	Mizuho Financial Group, Inc.		349,965
	7,009	MS & AD Insurance Group Holdings, Inc.		225,875
	326	Murata Manufacturing Co., Ltd.		47,993
	4,681	Nabtesco Corp.		174,165
	4,824	Nexon Co., Ltd.		126,110
	2,210	NH Foods Ltd.		60,739
	1,278	Nidec Corp.		157,106
	19,709	Nikon Corp.		341,780
	617	Nintendo Co., Ltd.		227,508
	7,304	Nippon Electric Glass Co., Ltd.		283,133

See notes to financial statements.

65

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	2,177	Nippon Express Co., Ltd.	$	141,943
	11,431	Nippon Steel & Sumitomo Metal Corp.		262,840
	9,500	Nippon Telegraph & Telephone Corp.		435,297
	1,123	Nissin Foods Holdings Co., Ltd.		68,234
	3,658	Nitori Holdings Co., Ltd.		523,137
	1,569	Nitto Denko Corp.		130,872
	25,434	Nomura Holdings, Inc.		142,710
	1,795	Nomura Research Institute, Ltd.		70,100
	9,218	NTT Data Corp.		98,642
	1,787	NTT DoCoMo, Inc.		40,845
	36,558	Obayashi Corp.		438,493
	30,825	Oji Holdings Corp.		166,442
	7,866	Olympus Corp.		266,548
	8,379	OMRON Corp.		427,266
	592	Oracle Corp.		46,532
	692	Oriental Land Co., Ltd.		52,758
	17,897	ORIX Corp.		288,933
	13,691	Osaka Gas Co., Ltd.		254,475
	2,522	Otsuka Corp.		161,750
	12,963	Panasonic Corp.		188,119
	14,573	Pola Orbis Holdings, Inc.		440,654
	30,356	Recruit Holdings Co., Ltd.		657,313
	38,262	Resona Holdings, Inc.		196,720
	2,158	Rohm Co., Ltd.		185,175
	2,239	Ryohin Keikaku Co., Ltd.		660,016
	8,947	SBI Holdings, Inc.		134,930
	21,604	Sega Sammy Holdings, Inc.		301,994
	6,817	Seiko Epson Corp.		165,080
	5,876	Sekisui Chemical Co., Ltd.		115,767
	1,039	Seven & I Holdings Co., Ltd. - Series A		40,141
	4,797	Sharp Corp. (a)		145,079
	1,291	Shimamura Co., Ltd.		154,862
	18,408	Shimizu Corp.		204,133
	1,646	Shin-Etsu Chemical Co., Ltd.		147,317
	11,800	Shinsei Bank, Ltd.		189,113
	12,875	Shiseido Co., Ltd.		515,285
	13,337	Showa Shell Sekiyu KK		153,748
	4,220	SoftBank Group Corp.		342,226
	9,100	Sony Corp.		339,509
	2,605	Stanley Electric Co., Ltd.		89,348
	23,087	Start Today Co., Ltd.		731,630
	1,445	Subaru Corp.		52,117
	9,522	Sumitomo Chemical Co., Ltd.		59,570
	29,980	Sumitomo Corp.		431,634
	2,822	Sumitomo Heavy Industries, Ltd.		113,264
	10,979	Sumitomo Mitsui Financial Group, Inc.		422,024
	3,578	Sumitomo Mitsui Trust Holdings, Inc.		129,247
	13,719	Sumitomo Rubber Industries, Ltd.		251,801
	8,906	Sundrug Co., Ltd.		369,059
	8,499	Suntory Beverage & Food Ltd.		378,047
	2,340	Suzuken Co., Ltd.		83,227
	3,497	Suzuki Motor Corp.		183,540
	4,255	Sysmex Corp.		271,856
	958	Taiheiyo Cement Corp.		37,008
	4,460	Taisei Corp.		233,870
	8,857	Takashimaya Co., Ltd.		82,955
	2,985	Takeda Pharmaceutical Co., Ltd.		165,058
	7,502	Teijin, Ltd.		148,006
	750	The Bank of Kyoto, Ltd.		38,185

Number of Shares			Value
		Japan (Continued)
	49,339	The Kansai Electric Power Co., Inc.	$	631,514
	12,363	The Yokohama Rubber Co., Ltd.		254,964
	5,490	THK Co., Ltd.		187,257
	138,071	Tokyo Electric Power Co. Holdings, Inc.		557,777
	1,583	Tokyo Electron, Ltd.		243,701
	1,922	Tokyo Gas Co., Ltd.		47,062
	5,769	Tokyu Fudosan Holdings, Corp.		34,821
	8,876	Toppan Printing Co., Ltd.		88,052
	10,364	Tosoh Corp.		233,926
	1,777	TOTO Ltd.		74,891
	18,868	Toyo Seikan Group Holdings, Ltd.		315,303
	935	Toyo Suisan Kaisha, Ltd.		34,351
	2,568	Toyota Motor Corp.		153,126
	12,206	Toyota Tsusho Corp.		401,157
	2,878	Trend Micro, Inc.		141,788
	2,875	Tsuruha Holdings, Inc.		343,752
	8,004	Unicharm Corp.		183,335
	3,515	USS Co., Ltd.		70,943
	2,551	West Japan Railway Co.		177,352
	2,970	Yakult Honsha Co., Ltd.		213,731
	18,629	Yamada Denki Co., Ltd.		101,865
	1,261	Yamaha Motor Co., Ltd.		37,748
	17,420	Yamazaki Baking Co., Ltd.		314,426
	8,140	Yaskawa Electric Corp.		258,361
	8,486	Yokogawa Electric Corp.		144,607
				40,388,505
		Jersey - 1.07%
	199,619	Glencore Plc		916,252
	5,077	Shire Plc		258,591
	9,096	Wolseley Plc		596,781
	7,926	WPP Plc		147,075
				1,918,699
		Luxembourg - 0.41%
	13,824	ArcelorMittal (b)		356,606
	144	Eurofins Scientific SE		91,108
	3,852	RTL Group SA		291,806
				739,520
		Macau - 0.07%
	44,697	Wynn Macau, Ltd.		120,882
		Netherlands - 3.95%
	7,304	ABN AMRO Group NV		218,711
	64,439	Aegon NV		375,614
	2,540	Airbus SE		241,794
	891	Akzo Nobel NV		82,176
	1,702	ASML Holding NV		290,832
	2,743	Boskalis Westminster		95,879
	17,215	CNH Industrial NV		206,671
	49,657	Fiat Chrysler Automobiles NV (b)		889,917
	7,224	Gemalto NV		322,858
	2,850	Heineken Holding NV		267,758
	802	Heineken NV		79,359
	39,285	ING Groep NV		724,111
	28,215	Koninklijke Ahold Delhaize NV		527,184
	9,157	Koninklijke Philips NV		377,816
	13,104	NN Group NV		548,745
	3,237	QIAGEN NV		102,321
	5,672	Randstad Holding NV		350,549
	8,004	RELX NV		170,272
	26,086	STMicroelectronics NV		506,049

See notes to financial statements.

66

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Netherlands (Continued)
	9,567	Unilever NV	$	565,511
	3,300	Wolters Kluwer NV		152,509
				7,096,636
		New Zealand - 0.07%
	6,995	Fletcher Building Ltd.		40,429
	33,966	Telecom Corp.		89,677
				130,106
		Norway - 0.87%
	13,774	DNB ASA (b)		278,098
	5,036	Gjensidige Forsikring ASA		87,723
	15,316	Marine Harvest ASA		302,920
	12,804	Norsk Hydro ASA		93,428
	8,368	Orkla ASA		85,870
	12,512	Schibsted ASA - Class A		322,557
	14,031	Schibsted ASA - Class B		331,887
	2,742	Statoil ASA		55,127
				1,557,610
		Portugal - 0.24%
	22,732	EDP - Energias de Portugal SA		85,715
	17,675	Jeronimo Martins SGPS SA		348,885
				434,600
		Singapore - 1.68%
	4,017	City Developments Ltd.		33,661
	19,423	DBS Group Holdings, Ltd.		298,999
	119,084	Genting Singapore Plc		102,974
	1,749,043	Golden Agri-Resources, Ltd.		484,413
	6,949	Jardine Cycle & Carriage, Ltd.		202,217
	56,928	Oversea-Chinese Banking Corp. Ltd.		469,443
	65,151	Singapore Exchange, Ltd.		355,475
	162,309	StarHub Ltd.		311,638
	19,830	United Overseas Bank, Ltd.		344,363
	28,031	UOL Group, Ltd.		168,235
	230,932	Yangzijiang Shipbuilding Holdings, Ltd.		244,104
				3,015,522
		South Africa - 0.08%
	20,316	Investec Plc		148,517
		Spain - 2.71%
	6,161	ACS, Actividades de Construccion y Servicios SA		228,557
	1,046	Aena SME SA		189,040
	6,633	Amadeus IT Holding SA - Class A		431,400
	43,328	Banco Bilbao Vizcaya Argentaria SA		387,367
	74,772	Banco de Sabadell SA		156,313
	111,870	Banco Santander SA		782,509
	12,249	Bankia SA		59,135
	4,868	Bankinter SA		46,105
	60,102	CaixaBank SA		301,681
	66,310	Distribuidora Internacional de Alimentacion SA		387,256
	1,701	Endesa SA		38,383
	1,519	Ferrovial SA		33,469
	18,173	Industria de Diseno Textil SA		685,122
	61,850	Mapfre SA		201,542
	42,363	Repsol SA		781,778
	15,192	Telefonica SA		165,092
				4,874,749

Number of Shares			Value
		Sweden - 2.58%
	6,518	Alfa Laval AB	$	159,429
	4,723	Atlas Copco AB - Class A		200,361
	3,625	Atlas Copco AB - Class B		140,823
	1,251	Boliden AB		42,433
	4,378	Electrolux AB - Series B		149,009
	8,491	Getinge AB		159,410
	22,163	Hennes & Mauritz AB - Series B		575,712
	7,518	Husqvarna AB - Class B		77,421
	5,572	Industrivarden AB		141,348
	10,263	Investor AB - B Shares		507,754
	6,892	Kinnevik AB		225,152
	2,329	L E Lundbergforetagen AB - Series B		186,362
	18,612	Nordea Bank AB		252,699
	16,467	Sandvik AB		284,396
	2,476	Securitas AB - Series B		41,515
	14,248	Skandinaviska Enskilda Banken AB		187,977
	3,002	Swedbank AB - A Shares		83,130
	9,428	Swedish Match AB		331,125
	12,941	Tele2 AB		148,292
	60,293	Telefonaktiebolaget LM Ericsson - Series B		347,595
	20,316	Volvo AB - Class B		392,262
				4,634,205
		Switzerland - 6.06%
	9,331	ABB, Ltd.		230,737
	4,314	Adecco Group AG		336,080
	1,814	Baloise Holding AG		287,253
	30	Barry Callebaut AG		45,928
	3,487	Cie Financiere Richemont SA		319,186
	818	Dufry AG (b)		130,024
	332	EMS-Chemie Holding AG		220,946
	120	Geberit AG		56,810
	1,536	Julius Baer Group, Ltd.		91,146
	2,668	Kuehne & Nagel International AG		494,383
	978	LafargeHolcim Ltd.		57,257
	24,144	Nestle SA		2,026,678
	13,907	Novartis AG		1,192,872
	2,343	Pargesa Holding SA		194,954
	987	Partners Group Holding AG		670,072
	5,717	Roche Holding AG		1,461,380
	214	SGS SA		513,873
	51	Sika AG		379,730
	305	Sonova Holding AG		51,770
	936	Straumann Holding AG		601,955
	858	Swiss Life Holding AG		302,481
	2,620	Swiss Re AG		237,488
	104	Swisscom AG		53,321
	786	The Swatch Group AG - Group I		327,539
	2,858	The Swatch Group AG - Group N		227,881
	11,527	UBS Group AG		197,192
	579	Zurich Insurance Group AG		176,931
				10,885,867
		United Kingdom - 12.47%
	60,470	3i Group Plc		740,340
	20,844	Admiral Group Plc		507,915
	40,562	Anglo American Plc		729,238
	1,691	Ashtead Group Plc		40,794
	1,730	Associated British Foods Plc		74,064
	3,682	AstraZeneca Plc		244,858
	126,046	Auto Trader Group Plc		663,126

See notes to financial statements.

67

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		United Kingdom (Continued)
	18,129	Aviva Plc	$	125,125
	61,479	Barclays Plc		159,414
	30,088	Barratt Developments Plc		247,870
	3,210	Berkeley Group Holdings Plc		159,976
	13,920	BHP Billiton Plc		245,632
	33,470	BP Plc		214,408
	13,422	British American Tobacco Plc		840,266
	26,654	British Sky Broadcasting Group Plc		326,987
	26,972	Burberry Group Plc		636,850
	3,940	Carnival Plc		250,553
	53,667	Centrica Plc		134,509
	795	Coca-Cola European Partners Plc		33,332
	11,553	Coca-Cola HBC AG		391,169
	6,056	Compass Group Plc		128,493
	914	Croda International Plc		46,475
	12,680	Diageo Plc		416,988
	36,081	G4S Plc		134,613
	20,821	GlaxoSmithKline Plc		416,224
	24,141	Hargreaves Lansdown Plc		479,035
	108,719	HSBC Holdings Plc		1,074,776
	5,797	Imperial Brands Plc		247,420
	6,912	InterContinental Hotels Group Plc		365,649
	62,603	International Consolidated Airlines Group SA		498,915
	520	Intertek Group Plc		34,758
	184,724	J. Sainsbury Plc		588,957
	64,899	Kingfisher Plc		259,835
	38,937	Legal & General Group Plc		135,714
	160,133	Lloyds Banking Group Plc		145,522
	6,123	London Stock Exchange Group Plc		314,391
	133,134	Marks & Spencer Group Plc		630,346
	17,360	Mediclinic International Plc		151,205
	16,949	Meggitt Plc		118,384
	6,203	Merlin Entertainments Plc		37,019
	3,581	Mondi Plc		96,276
	9,580	Next Plc		675,317
	9,454	Persimmon Plc		327,178
	48,631	Provident Financial Plc		541,486
	22,351	Prudential Plc		534,870
	426	Reckitt Benckiser Group Plc		38,923
	19,844	RELX Plc		435,502
	10,687	Rio Tinto Plc		497,470
	7,516	Rolls-Royce Holdings Plc (b)		89,397
	21,844	Royal Dutch Shell Plc - Class A		660,165
	14,245	Royal Dutch Shell Plc - Class B		438,548
	190,446	Royal Mail Plc		980,622
	18,694	RSA Insurance Group Plc		156,186
	2,670	Schroders Plc		120,114
	20,749	Smith & Nephew Plc		375,042
	10,632	Smiths Group Plc		224,862
	5,479	St. James’s Place Plc		84,211
	6,113	Standard Life Plc		35,534
	17,860	Tate & Lyle Plc		155,082
	59,597	Taylor Wimpey Plc		156,200
	87,222	Tesco Plc (b)		218,731
	46,551	The Sage Group Plc		435,942
	6,204	Travis Perkins Plc		120,377
	2,002	TUI AG		33,972

Number of Shares			Value
		United Kingdom (Continued)
	8,774	Unilever Plc	$	507,833
	114,939	Vodafone Group Plc		321,850
	9,159	Whitbread Plc		462,314
	191,092	Wm Morrison Supermarkets Plc		599,626
	17,451	Worldpay Group Plc		95,250
				22,410,025
		Total Common Stocks (Cost $142,776,821)		168,491,890
		INVESTMENT COMPANIES - 4.52%
		Canada - 0.39%
	24,324	iShares MSCI Canada ETF		703,936
		Japan - 4.13%
	108,306	iShares MSCI EAFE ETF (a)		7,416,795
		Total Investment Companies (Cost $7,831,084)		8,120,731
		PREFERRED STOCKS - 0.25%
		Germany - 0.25%
	6,028	FUCHS PETROLUB SE - Preference Shares		356,977
	299	Henkel AG & Co. KGaA - Preference Shares		40,736
	3,645	Schaeffler AG		58,814
		Total Preferred Stocks (Cost $373,000)		456,527
		REAL ESTATE INVESTMENT TRUSTS - 0.11%
		United Kingdom - 0.11%
	27,597	Segro Plc		198,414
		Total Real Estate Investment Trusts (Cost $192,345)		198,414
		SHORT TERM INVESTMENTS - 0.61%
		Money Market Funds - 0.61%
	1,100,743	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (c)		1,100,743
		Total Short Term Investments (Cost $1,100,743)		1,100,743
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.90%
		Investments Purchased with Proceeds from Securities Lending Collateral - 1.90%
	3,424,516	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (c)		3,424,516
		Total Investments Purchased with Proceeds from Securities Lending (Cost $3,424,516)		3,424,516
		Total Investments (Cost $155,698,509) - 101.12%		181,792,821
		Liabilities in Excess of Other Assets - (1.12)%		(2,021,497	)
		TOTAL NET ASSETS - 100.00%	$	179,771,324

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 September 30, 2017.

See notes to financial statements.

68

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2017

COMMON STOCKS
Aerospace & Defense	0.74%
Air Freight & Logistics	0.98%
Airlines	1.18%
Auto Components	1.06%
Automobiles	1.91%
Banks	10.98%
Beverages	1.47%
Biotechnology	0.17%
Building Products	0.23%
Capital Markets	2.31%
Chemicals	3.27%
Commercial Services & Supplies	0.30%
Communications Equipment	0.19%
Construction & Engineering	1.44%
Construction Materials	0.33%
Consumer Finance	0.64%
Containers & Packaging	0.18%
Distributors	0.11%
Diversified Consumer Services	0.12%
Diversified Financial Services	2.07%
Diversified Telecommunication Services	1.75%
Electric Utilities	0.89%
Electronic Equipment, Instruments & Components	2.56%
Energy Equipment & Services	0.37%
Food & Staples Retailing	3.87%
Food Products	3.64%
Gas Utilities	0.20%
Health Care Equipment & Supplies	1.50%
Health Care Providers & Services	0.39%
Health Care Technology	0.06%
Hotels, Restaurants & Leisure	2.35%
Household Durables	1.30%
Household Products	0.68%
Industrial Conglomerates	0.73%
Insurance	6.12%
Internet & Direct Marketing Retail	0.68%
Internet Software & Services	1.18%
IT Services	1.41%
Leisure Products	0.47%
Life Sciences Tools & Services	0.11%
Machinery	1.86%
Marine	0.28%
Media	1.22%
Metals & Mining	3.03%
Multiline Retail	1.17%
Multi-Utilities	0.49%

Oil, Gas & Consumable Fuels	2.60%
Paper & Forest Products	0.58%
Personal Products	1.21%
Pharmaceuticals	5.15%
Professional Services	1.14%
Real Estate Management & Development	1.23%
Road & Rail	0.50%
Semiconductors & Semiconductor Equipment	1.07%
Software	2.02%
Specialty Retail	2.20%
Technology Hardware, Storage & Peripherals	0.54%
Textiles, Apparel & Luxury Goods	3.17%
Tobacco	0.79%
Trading Companies & Distributors	2.39%
Transportation Infrastructure	0.50%
Wireless Telecommunication Services	0.65%
TOTAL COMMON STOCKS	93.73%
INVESTMENT COMPANIES
Exchange Traded Funds	4.52%
TOTAL INVESTMENT COMPANIES	4.52%
PREFERRED STOCKS
Auto Components	0.03%
Chemicals	0.20%
Household Products	0.02%
TOTAL PREFERRED STOCKS	0.25%
REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts	0.11%
TOTAL REAL ESTATE INVESTMENT TRUSTS	0.11%
SHORT TERM INVESTMENTS
Money Market Funds	0.61%
TOTAL SHORT TERM INVESTMENTS	0.61%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
Investments Purchased with Proceeds from Securities Lending Collateral	1.90%
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	1.90%
TOTAL INVESTMENTS	101.12%
Liabilities in Excess of Other Assets	(1.12)%
TOTAL NET ASSETS	100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

69

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Principal Amount			Value
		ASSET BACKED SECURITIES - 9.33%
	510,000	Ally Auto Receivables Trust
		Series 2017-4, 1.750%, 12/15/2021	$	509,711
	305,000	Ally Master Owner Trust
		Series 2014-5, 1.600%, 10/15/2019		305,023
		AmeriCredit Automobile Receivables Trust
	250,000	Series 2016-4, 1.530%, 07/08/2021		249,014
	320,000	Series 2017-3-A3, 1.900%, 03/18/2022		319,819
	450,152	Apidos CLO XII
		Series 2013-12A, 2.404% (3 Month LIBOR USD + 1.100%), 04/15/2025 (b)(c)		451,254
	270,000	Atlas Senior Loan Fund VI Ltd.
		Series 2014-6A, 2.554% (3 Month LIBOR USD + 1.250%), 10/15/2026 (b)(c)		271,169
		Babson CLO Ltd.
	546,352	Series 2013-IA, 2.407% (3 Month LIBOR USD + 1.100%), 04/20/2025 (b)(c)		547,713
	250,000	Series 2014-IIIR, 2.624% (3 Month LIBOR USD + 1.320%), 01/15/2026 (b)(c)		252,262
		Bayview Opportunity Master Fund IVa Trust
	95,052	Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(b)		97,627
	108,467	Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(b)		112,958
	92,138	Bayview Opportunity Master Fund IVb Trust
		Series 2017-SPL3, 4.000%, 11/28/2053 (a)(b)		96,526
	735,000	Capital One Multi-Asset Execution Trust
		Series 2016-3A, 1.340%, 04/15/2022		729,929
	555,000	Carlyle Global Market Strategies CLO
		Series 2013-3A, 2.424% (3 Month LIBOR USD + 1.120%), 07/15/2025 (b)(c)		555,808
	59,582	CarMax Auto Owner Trust
		Series 2013-3, 1.490%, 01/15/2019		59,582
	645,000	Chase Issuance Trust
		Series 2016-2, 1.370%, 06/15/2021		640,948
	365,000	CIFC Funding Ltd.
		Series 2013-IR, 2.561% (3 Month LIBOR USD + 1.250%), 07/15/2030 (b)(c)		365,458
	61,410	Conseco Finance Securitizations Corp.
		Series 2000-4, 8.310%, 05/01/2032 (a)		34,236
	23,441	CPS Auto Receivables Trust
		Series 2013-A, 1.310%, 06/15/2020 (b)		23,437
	270,000	Dryden 38 Senior Loan Fund
		Series 2015-38A, 2.734% (3 Month LIBOR USD + 1.430%), 07/15/2027 (b)(c)		272,362
	485,000	Ford Credit Auto Owner Trust
		Series 2015-A, 2.030%, 08/15/2020		486,829
	295,000	Galaxy XXII CLO, Ltd.
		Series 2016-22A, 2.800%, 07/16/2028 (b)		291,404
	100,000	GCO Education Loan Funding Trust
		Series 2006-1, 1.547% (3 Month LIBOR USD + 0.230%), 05/25/2036 (c)		93,179
	570,000	GM Financial Automobile Leasing Trust
		Series 2017-1, 2.060%, 05/20/2020		571,797
	300,000	GTP Acquisition Partners I LLC
		Series 2015-2, 3.482%, 06/15/2050 (b)		299,016

Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	100,000	Lendmark Funding Trust
		Series 2016-A, 3.260%, 04/21/2025 (b)(d)	$	100,451
	261,443	Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, 2.257% (1 Month LIBOR USD + 1.020%), 10/25/2033 (c)		259,594
		NRZ Advance Receivables Trust
	147,000	Series 2016-T2, 2.575%, 10/15/2049 (b)		146,764
	136,000	Series 2015-ON1, 3.107%, 12/15/2050 (b)		136,520
	120,000	Series 2017-T1, 3.214%, 02/15/2051 (a)(b)		120,034
	325,000	Oaktree EIF II Ltd. Series 2015-B1A, 2.865% (3 Month LIBOR USD + 1.550%), 02/15/2026 (b)(c)		325,175
	275,000	OCP CLO Ltd. Series 2015-8A, 2.834% (3 Month LIBOR USD + 1.530%), 04/17/2027 (b)(c)		275,035
	410,000	Octagon Investment Partners XVI Ltd. Series 2013-1A, 2.424% (3 Month LIBOR USD + 1.120%), 07/17/2025 (b)(c)		410,649
	259,833	OHA Credit Partners VIII, Ltd. Series 2013-8A, 2.427% (3 Month LIBOR USD + 1.120%), 04/20/2025 (b)(c)		260,419
	120,000	OneMain Financial Issuance Trust Series 2017-1-A1, 2.370%, 09/14/2032 (b)		119,563
	450,000	OZLM Funding V Ltd. Series 2013-5A, 2.434% (3 Month LIBOR USD + 1.130%), 01/17/2026 (b)(c)		450,482
	300,000	OZLM XII Ltd. Series 2015-12A, 2.761% (3 Month LIBOR USD + 1.450%), 04/30/2027 (b)(c)		302,064
	105,231	Prestige Auto Receivables Trust Series 2014-1A, 1.910%, 04/15/2020 (b)		105,320
	96,442	Santander Drive Auto Receivables Trust Series 2015-2, 1.830%, 01/15/2020		96,483
		SBA Tower Trust
	210,000	Series 2013-1-2, 3.598%, 04/15/2043 (b)		209,878
	155,000	Series 2014-1-2, 2.898%, 10/15/2044 (b)		156,036
	90,000	Series 2017-1, 3.168%, 04/15/2047 (b)		90,176
	250,000	Shackleton Series 2014-6A, 2.464% (3 Month LIBOR USD + 1.160%), 07/17/2026 (b)(c)		250,567
	62,537	SoFi Consumer Loan Program LLC Series 2016-2, 3.090%, 10/27/2025 (b)(d)		63,219
	255,000	Sound Point CLO IV Ltd. Series 2013-3A, 2.407% (3 Month LIBOR USD + 1.100%), 01/21/2026 (b)(c)		255,180
	315,000	Sound Point CLO VIII Ltd. Series 2015-1A, 2.834% (3 Month LIBOR USD + 1.530%), 03/13/2027 (b)(c)		315,487
	125,000	Springleaf Funding Trust Series 2017-A, 2.680%, 07/15/2030 (b)		125,110
	230,000	World Omni Auto Receivables Trust Series 2017-B, 1.950%, 02/15/2023		229,674
		Total Asset Backed Securities (Cost $12,446,661)		12,440,941
		COLLATERALIZED MORTGAGE OBLIGATIONS - 4.45%
		Angel Oak Mortgage Trust I LLC
	52,123	Series 2017-2, 2.478%, 07/25/2047 (a)(b)		52,121
	36,551	Series 2017-1, 2.810%, 01/25/2047 (a)(b)		36,635

See notes to financial statements.

70

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Bayview Mortgage Fund IVc Trust
	130,000	Series 2017-RT4A, 3.500%, 07/28/2057 (a)(b)	$	133,392
	98,584	Series 2017-RT3A, 3.500%, 01/28/2058 (a)(b)		101,562
		BBCMS Mortgage Trust
	132,000	Series 2017-DELC, 2.077% (1 Month LIBOR USD + 0.850%), 08/15/2036 (b)(c)		132,247
	96,000	Series 2017-C1, 3.674%, 02/17/2050		100,221
	150,000	BB-UBS Trust Series 2012-SHOW, 3.430%, 11/07/2036 (b)		153,855
	57,361	Chase Mortgage Finance Trust Series 2007-A1, 3.580%, 02/25/2037 (a)		56,037
	80,642	COLT Mortgage Loan Trust Series 2017-1, 2.614%, 05/27/2047 (a)(b)		81,862
	120,000	COMM Mortgage Trust Series 2013-300P, 4.353%, 08/12/2030 (b)		129,880
	11,442	Commercial Mortgage Loan Trust Series 2008-LS1, 6.267%, 12/10/2049 (a)		11,434
		Countrywide Home Loans, Inc.
	13,743	Series 2004-HYB6, 3.346%, 11/20/2034 (a)		13,876
	88,411	Series 2005-11, 1.837% (1 Month LIBOR USD + 0.600%), 03/25/2035 (c)		81,851
	48,711	CSMC Trust Series 2017-FHA1, 3.250%, 04/25/2047 (a)(b)		49,137
	392,659	Four Times Square Trust Series 2006-4TS, 5.401%, 12/13/2028 (b)		427,004
		GS Mortgage Securities Trust
	145,000	Series 2012-ALOH, 3.551%, 04/12/2034 (b)		151,385
	145,000	Series 2012-BWTR, 2.954%, 11/07/2034 (b)		146,855
	233,704	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-WLDN, 3.905%, 05/07/2030 (b)		243,614
	705,000	JPMBB Commercial Mortgage Securities Trust Series 2013-C12, 3.157%, 07/17/2045		721,551
	261,000	Madison Park Funding XI, Ltd. Series 2013-11A, 2.473% (3 Month LIBOR USD + 1.160%), 07/23/2029 (b)(c)		262,109
	185,000	Morgan Stanley Capital I Trust Series 2014-MP, 3.469%, 08/11/2033 (b)		191,212
		New Residential Mortgage Loan Trust
	134,170	Series 2016-2, 3.750%, 11/25/2035 (a)(b)		139,311
	107,149	Series 2016-4, 3.750%, 11/25/2056 (a)(b)		110,329
	186,129	Series 2017-1, 4.000%, 02/25/2057 (a)(b)		194,998
	166,551	Series 2017-2, 4.000%, 03/25/2057 (a)(b)		175,257
	92,396	Series 2017-3, 4.000%, 04/25/2057 (a)(b)		96,722
	106,823	Series 2017-4, 4.000%, 05/25/2057 (a)(b)		111,943
	126,544	Series 2017-5, 2.737% (1 Month LIBOR USD + 1.500%), 06/25/2057 (a)(b)(c)		130,673
	130,000	OBP Depositor LLC Trust Series 2010-OBP, 4.646%, 07/17/2045 (b)		137,368
	75,000	SG Commercial Mortgage Securities Trust Series 2016-C5, 3.055%, 10/13/2048		74,160
		Springleaf Mortgage Loan Trust
	63,912	Series 2013-2A, 1.780%, 12/25/2065 (a)(b)		63,981
	155,171	Series 2013-2A, 3.520%, 12/25/2065 (a)(b)		155,236
		Towd Point Mortgage Trust
	94,486	Series 2016-2, 2.750%, 08/25/2055 (a)(b)		95,003
	108,661	Series 2016-3, 2.250%, 08/25/2055 (a)(b)		108,392
	208,276	Series 2017-1, 2.750%, 10/25/2056 (a)(b)		209,482

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	86,625	Series 2017-2, 2.750%, 04/25/2057 (a)(b)	$	87,126
	97,292	Series 2017-3, 2.750%, 06/25/2057 (a)(b)		98,031
	109,919	Series 2017-4, 2.750%, 06/25/2057 (a)(b)		110,695
	540,000	Wells Fargo-RBS Commercial Mortgage Trust Series 2014-C19, 3.660%, 03/15/2047		562,550
		Total Collateralized Mortgage Obligations (Cost $5,901,123)		5,939,097
		CORPORATE OBLIGATIONS - 38.21%
		Aerospace & Defense - 0.48%
	185,000	Hexcel Corp. 3.950%, 02/15/2027		189,093
	45,000	Lockheed Martin Corp. 4.090%, 09/15/2052 (b)		45,207
	170,000	Northrop Grumman Corp. 3.850%, 04/15/2045		166,189
	245,000	United Technologies Corp. 1.900%, 05/04/2020		244,301
				644,790
		Air Freight & Logistics - 0.07%
		FedEx Corp.
	50,000	4.100%, 02/01/2045		49,590
	15,000	4.550%, 04/01/2046		16,041
	20,000	4.400%, 01/15/2047		20,876
				86,507
		Airlines - 0.16%
	85,000	Delta Air Lines, Inc. 3.625%, 03/15/2022		87,451
	130,000	Southwest Airlines Co. 2.650%, 11/05/2020		131,832
				219,283
		Automobiles - 0.14%
	50,000	Ford Motor Co. 5.291%, 12/08/2046		52,366
		General Motors Co.
	15,000	6.250%, 10/02/2043		17,201
	55,000	6.750%, 04/01/2046		66,483
	50,000	Nissan Motor Acceptance Corp. 2.150%, 09/28/2020 (b)		50,044
				186,094
		Banks - 6.86%
		Bank of America Corp.
	20,000	2.625%, 04/19/2021		20,154
	100,000	2.369% (3 Month LIBOR USD + 0.660%), 07/21/2021 (c)		100,075
	35,000	2.503%, 10/21/2022		34,711
	545,000	3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (c)		555,254
	190,000	4.100%, 07/24/2023		202,576
	45,000	4.000%, 01/22/2025		46,610
	85,000	4.183%, 11/25/2027		88,268
	85,000	3.705% (3 Month LIBOR USD + 1.510%), 04/24/2028 (c)(e)		86,445
	100,000	6.110%, 01/29/2037		125,416
	445,000	5.000%, 01/21/2044		517,810
	280,000	Bank of Montreal 1.750%, 09/11/2019		279,268

See notes to financial statements.

71

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Banks (Continued)
	405,000	BB&T Corp. 2.750%, 04/01/2022	$	412,831
		Citigroup, Inc.
	55,000	2.414% (3 Month LIBOR USD + 1.100%), 05/17/2024 (c)		55,165
	360,000	3.700%, 01/12/2026		369,753
	45,000	3.200%, 10/21/2026		44,341
	235,000	4.300%, 11/20/2026		245,233
	175,000	4.450%, 09/29/2027		184,943
	325,000	3.887% (3 Month LIBOR USD + 1.560%), 01/10/2028 (c)		334,030
	75,000	Deutsche Bank AG 2.700%, 07/13/2020		75,354
	280,000	European Investment Bank 2.375%, 06/15/2022 (e)		284,095
	120,000	Fifth Third Bancorp 2.875%, 07/27/2020		122,359
	480,000	HSBC Holdings Plc 3.262% (3 Month LIBOR USD + 1.060%), 03/13/2023 (c)		490,227
	80,000	JPMorgan Chase & Co. 2.543% (3 Month LIBOR USD + 1.230%), 10/24/2023 (c)		81,801
	80,000	3.220% (3 Month LIBOR USD + 1.160%), 03/01/2025 (c)		81,356
	170,000	3.300%, 04/01/2026		170,687
	90,000	2.950%, 10/01/2026		88,187
	310,000	3.782% (3 Month LIBOR USD + 1.340%), 02/01/2028 (c)(e)		319,388
	240,000	3.882% (3 Month LIBOR USD + 1.360%), 07/24/2038 (c)		242,451
	170,000	KeyCorp 5.100%, 03/24/2021 (e)		185,424
	260,000	Kreditanstalt fuer Wiederaufbau 2.125%, 06/15/2022		260,784
	290,000	PNC Funding Corp. 3.300%, 03/08/2022		300,645
	250,000	Royal Bank of Canada 2.125%, 03/02/2020		251,180
	105,000	Santander Holdings USA, Inc. 3.700%, 03/28/2022 (b)		107,086
	240,000	SunTrust Bank 2.450%, 08/01/2022		239,781
	245,000	Toronto-Dominion Bank 2.625%, 09/10/2018		247,433
	625,000	U.S. Bancorp 1.950%, 11/15/2018		627,681
	195,000	Wells Fargo & Co. 2.150%, 01/30/2020		195,595
	160,000	2.550%, 12/07/2020		161,915
	150,000	2.625%, 07/22/2022		150,352
	120,000	3.000%, 04/22/2026		118,001
	135,000	3.000%, 10/23/2026		132,166
	130,000	3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (c)		131,739
	176,000	5.606%, 01/15/2044		213,515
	35,000	4.900%, 11/17/2045		39,134
	115,000	4.750%, 12/07/2046		126,564
				9,147,783

Principal Amount			Value
		Beverages - 0.29%
	105,000	Anheuser-Busch InBev Worldwide, Inc.
		8.200%, 01/15/2039	$	165,705
	10,000	Constellation Brands, Inc. 2.700%, 05/09/2022		10,045
	10,000	3.500%, 05/09/2027		10,154
	5,000	4.500%, 05/09/2047		5,269
	200,000	Molson Coors Brewing Co. 3.000%, 07/15/2026		194,881
				386,054
		Biotechnology - 0.60%
		AbbVie, Inc.
	155,000	2.900%, 11/06/2022		157,372
	180,000	4.300%, 05/14/2036		189,574
		Amgen, Inc.
	45,000	2.650%, 05/11/2022		45,416
	125,000	4.400%, 05/01/2045		132,869
	115,000	Celgene Corp. 5.250%, 08/15/2043		132,354
	95,000	Genzyme Corp. 5.000%, 06/15/2020		102,472
	35,000	Gilead Sciences, Inc. 2.500%, 09/01/2023		34,675
				794,732
		Building Products - 0.19%
	250,000	LYB International Finance II BV 3.500%, 03/02/2027		249,154
		Capital Markets - 3.59%
	90,000	Bear Stearns Companies, Inc. 7.250%, 02/01/2018		91,681
	245,000	CBOE Holdings, Inc. 3.650%, 01/12/2027		251,356
	300,000	Delphi Corp. 4.150%, 03/15/2024		318,708
	140,000	Intercontinental Exchange, Inc. 2.750%, 12/01/2020		142,787
		Morgan Stanley
	150,000	5.950%, 12/28/2017		151,536
	75,000	2.625%, 11/17/2021		75,311
	35,000	2.750%, 05/19/2022		35,216
	350,000	3.700%, 10/23/2024		362,928
	190,000	3.125%, 07/27/2026		186,578
	65,000	4.350%, 09/08/2026		68,175
	50,000	3.950%, 04/23/2027		50,965
	385,000	3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (c)		386,911
	210,000	Raymond James Financial, Inc. 3.625%, 09/15/2026		210,720
	130,000	State Street Corp. 2.550%, 08/18/2020		132,308
		The Bank of New York Mellon Corp.
	410,000	2.200%, 03/04/2019		412,268
	155,000	2.661% (3 Month LIBOR USD + 0.630%), 05/16/2023 (c)		155,745
	320,000	3.250%, 05/16/2027		325,025
		The Goldman Sachs Group, Inc.
	95,000	2.750%, 09/15/2020		96,293
	80,000	2.600%, 12/27/2020		80,690
	35,000	2.875%, 02/25/2021		35,521

See notes to financial statements.

72

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Capital Markets (Continued)
	50,000	2.350%, 11/15/2021 (e)	$	49,621
	390,000	2.908% (3 Month LIBOR USD + 1.050%), 06/05/2023 (c)		390,733
	55,000	2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (c)		55,101
	155,000	4.000%, 03/03/2024		163,799
	140,000	3.500%, 01/23/2025		142,170
	150,000	3.272% (3 Month LIBOR USD + 1.200%), 03/29/2025 (c)		150,429
	140,000	6.750%, 10/01/2037 (e)		185,038
	40,000	6.250%, 02/01/2041		52,912
	5,000	4.750%, 10/21/2045		5,574
	25,000	Willis North America, Inc. 3.600%, 05/15/2024		25,611
				4,791,710
		Chemicals - 0.33%
	185,000	Potash Corp. of Saskatchewan, Inc. 4.000%, 12/15/2026 (e)		193,303
	225,000	The Dow Chemical Co. 3.500%, 10/01/2024		232,396
	20,000	The Sherwin-Williams Co. 3.125%, 06/01/2024		20,130
				445,829
		Commercial Services & Supplies - 0.05%
	50,000	ERAC USA Finance LLC 7.000%, 10/15/2037 (b)		65,964
		Communications Equipment - 0.09%
	120,000	QUALCOMM, Inc. 3.000%, 05/20/2022		123,638
		Consumer Finance - 1.63%
	217,000	American Express Co. 4.050%, 12/03/2042		222,105
		American Express Credit Corp.
	250,000	2.125%, 03/18/2019		251,414
	105,000	1.875%, 05/03/2019		105,145
	90,000	2.200%, 03/03/2020		90,503
	285,000	Capital One Financial Corp. 2.450%, 04/24/2019		286,849
	180,000	Ford Motor Credit Co. LLC 3.810%, 01/09/2024		183,823
	255,000	John Deere Capital Corp. 1.950%, 06/22/2020		255,359
	125,000	NiSource Finance Corp. 3.490%, 05/15/2027		126,776
		PACCAR Financial Corp.
	140,000	1.300%, 05/10/2019		139,082
	165,000	2.200%, 09/15/2019		165,874
		Toyota Motor Credit Corp.
	275,000	2.125%, 07/18/2019		276,994
	70,000	2.600%, 01/11/2022		70,850
				2,174,774
		Diversified Financial Services - 1.73%
	290,000	American Honda Finance Corp. 1.700%, 02/22/2019		289,940
		Anheuser-Busch InBev Finance, Inc.
	40,000	1.900%, 02/01/2019		40,116

Principal Amount			Value
		Diversified Financial Services (Continued)
	265,000	2.650%, 02/01/2021	$	269,513
	410,000	3.650%, 02/01/2026 (e)		424,891
	25,000	4.700%, 02/01/2036		27,648
	95,000	4.900%, 02/01/2046		107,737
		BAT Capital Corp.
	50,000	2.297%, 08/14/2020 (b)		50,194
	50,000	4.390%, 08/15/2037 (b)		51,479
	40,000	BAT International Finance Plc 2.750%, 06/15/2020 (b)		40,649
	75,000	Caterpillar Financial Services Corp. 1.850%, 09/04/2020		74,685
	175,000	Daimler Finance North America LLC 2.450%, 05/18/2020 (b)		176,296
	160,000	General Motors Financial Co., Inc. 3.150%, 06/30/2022		161,449
	200,000	Hutchison Whampoa International Ltd. 1.625%, 10/31/2017 (b)		199,540
	30,000	Kinder Morgan Finance Co. LLC 6.000%, 01/15/2018 (b)		30,336
		Shell International Finance BV
	320,000	1.625%, 11/10/2018		320,284
	45,000	4.375%, 05/11/2045 (e)		48,370
				2,313,127
		Diversified Telecommunication Services - 1.30%
		AT&T, Inc.
	175,000	4.450%, 04/01/2024 (e)		185,935
	80,000	3.400%, 08/14/2024		80,244
	105,000	3.900%, 08/14/2027		105,414
	235,000	4.500%, 05/15/2035 (e)		232,712
	125,000	6.350%, 03/15/2040		145,575
	75,000	4.750%, 05/15/2046		72,403
	95,000	5.150%, 02/14/2050		95,836
	215,000	TELUS Corp. 2.800%, 02/16/2027		202,693
		Verizon Communications, Inc.
	355,000	4.125%, 03/16/2027		371,137
	140,000	4.500%, 08/10/2033		143,849
	20,000	4.812%, 03/15/2039		20,716
	70,000	4.862%, 08/21/2046		71,233
	5,000	4.672%, 03/15/2055		4,783
				1,732,530
		Electric Utilities - 2.03%
	65,000	Alabama Power Co. 2.450%, 03/30/2022		65,074
	145,000	Consolidated Edison Company of New York, Inc. 4.625%, 12/01/2054		161,810
	45,000	Duke Energy Carolinas LLC 2.500%, 03/15/2023		45,268
	375,000	Duke Energy Corp. 3.550%, 09/15/2021		390,712
	60,000	Duke Energy Florida LLC 3.400%, 10/01/2046		56,806
	60,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043		69,718
	235,000	Duke Energy Progress LLC 4.150%, 12/01/2044		251,272
	160,000	Edison International 2.950%, 03/15/2023		162,226

See notes to financial statements.

73

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities (Continued)
		Emera US Finance LP
	15,000	2.700%, 06/15/2021	$	15,094
	20,000	4.750%, 06/15/2046		21,532
	65,000	Exelon Corp. 2.450%, 04/15/2021		65,060
	70,000	FirstEnergy Corp. 3.900%, 07/15/2027		71,229
	20,000	Fortis, Inc. 2.100%, 10/04/2021		19,655
		Georgia Power Co.
	120,000	1.950%, 12/01/2018		120,294
	85,000	2.400%, 04/01/2021		85,153
	245,000	MidAmerican Energy Co. 3.100%, 05/01/2027		246,069
	25,000	NextEra Energy Capital Holdings, Inc. 1.649%, 09/01/2018		24,995
	20,000	Oncor Electric Delivery Co. LLC 7.000%, 09/01/2022		23,989
		Pacific Gas & Electric Co.
	40,000	4.750%, 02/15/2044		46,297
	225,000	4.250%, 03/15/2046		242,738
	31,000	South Carolina Electric & Gas Co. 5.100%, 06/01/2065		36,066
		The Southern Co.
	30,000	1.850%, 07/01/2019		29,997
	155,000	2.150%, 09/01/2019		155,431
	20,000	2.950%, 07/01/2023		20,128
	25,000	4.400%, 07/01/2046		26,003
	245,000	Union Electric Co. 6.700%, 02/01/2019		261,114
				2,713,730
		Food & Staples Retailing - 0.59%
	335,000	Costco Wholesale Corp. 2.150%, 05/18/2021		336,150
		CVS Health Corp.
	220,000	2.125%, 06/01/2021		218,156
	59,000	3.875%, 07/20/2025		61,638
	55,000	2.875%, 06/01/2026		53,235
	70,000	5.125%, 07/20/2045		80,817
	40,000	Sysco Corp. 2.500%, 07/15/2021		40,290
				790,286
		Food Products - 0.39%
		Kraft Heinz Foods Co.
	55,000	2.000%, 07/02/2018		55,123
	40,000	2.800%, 07/02/2020		40,749
	175,000	3.500%, 07/15/2022		181,303
	185,000	5.000%, 07/15/2035		202,142
	35,000	4.375%, 06/01/2046		34,700
				514,017
		Gas Utilities - 0.29%
	160,000	Atmos Energy Corp. 3.000%, 06/15/2027		160,308
	220,000	National Fuel Gas Co. 3.950%, 09/15/2027		217,884
	10,000	Southern Co. Gas Capital Corp. 2.450%, 10/01/2023		9,795
				387,987

Principal Amount			Value
		Health Care Equipment & Supplies - 0.91%
		Abbott Laboratories
	180,000	2.350%, 11/22/2019	$	181,560
	75,000	2.800%, 09/15/2020		76,041
	115,000	4.900%, 11/30/2046 (e)		128,965
		Becton Dickinson and Co.
	205,000	3.125%, 11/08/2021		209,179
	100,000	3.363%, 06/06/2024		101,080
		Medtronic, Inc.
	46,000	4.375%, 03/15/2035		50,731
	10,000	4.625%, 03/15/2045		11,402
		Shire Acquisitions Investments Ireland Designated Activity Co.
	70,000	2.400%, 09/23/2021		69,821
	125,000	2.875%, 09/23/2023		124,391
	260,000	Zimmer Biomet Holdings, Inc.
		3.550%, 04/01/2025 (e)		262,943
				1,216,113
		Health Care Providers & Services - 1.24%
	80,000	Anthem, Inc.
		5.850%, 01/15/2036		97,577
		Cardinal Health, Inc.
	20,000	1.950%, 06/15/2018		20,033
	110,000	2.616%, 06/15/2022		110,031
	280,000	3.200%, 03/15/2023 (e)		284,989
	10,000	4.368%, 06/15/2047		10,282
		Catholic Health Initiatives
	45,000	1.600%, 11/01/2017		45,007
	95,000	2.600%, 08/01/2018		95,698
		Cigna Corp.
	30,000	3.050%, 10/15/2027		29,651
	30,000	3.875%, 10/15/2047		30,029
	275,000	Humana, Inc.
		3.150%, 12/01/2022		280,329
	80,000	Kaiser Foundation Hospitals
		4.150%, 05/01/2047		85,925
		UnitedHealth Group, Inc.
	55,000	1.700%, 02/15/2019		54,976
	240,000	1.625%, 03/15/2019		239,531
	70,000	3.350%, 07/15/2022		73,152
	135,000	3.950%, 10/15/2042		138,833
	40,000	4.750%, 07/15/2045		46,307
	10,000	4.250%, 04/15/2047		10,752
				1,653,102
		Hotels, Restaurants & Leisure - 0.22%
		McDonald’s Corp.
	240,000	3.700%, 01/30/2026		250,488
	20,000	4.600%, 05/26/2045		21,923
	15,000	4.875%, 12/09/2045		16,953
				289,364
		Household Durables - 0.09%
	105,000	Newell Rubbermaid, Inc. 5.500%, 04/01/2046 (e)		124,482
		Independent Power and Renewable Electricity Producers - 0.29%
	180,000	Southern Power Co. 4.150%, 12/01/2025		189,690
	180,000	4.950%, 12/15/2046		192,145
				381,835

See notes to financial statements.

74

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Industrial Conglomerates - 0.15%
	195,000	E. I. du Pont Nemours and Co. 2.200%, 05/01/2020	$	196,328
		Insurance - 0.97%
	105,000	American International Group, Inc. 4.125%, 02/15/2024		111,660
	120,000	4.500%, 07/16/2044 (e)		125,725
	140,000	Chubb INA Holdings, Inc. 3.350%, 05/03/2026		143,687
	45,000	CNA Financial Corp. 3.450%, 08/15/2027		44,605
	235,000	Liberty Mutual Group, Inc. 4.250%, 06/15/2023 (b)(e)		251,323
	70,000	Marsh & McLennan Cos., Inc. 4.050%, 10/15/2023		74,472
	13,000	Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/2039 (b)		21,123
		New York Life Global Funding
	130,000	1.950%, 02/11/2020 (b)		130,018
	40,000	2.000%, 04/13/2021 (b)		39,749
	160,000	The Travelers Cos., Inc. 4.000%, 05/30/2047		166,185
	180,000	Trinity Acquisition Plc 4.400%, 03/15/2026		191,170
				1,299,717
		Internet & Direct Marketing Retail - 0.22%
	20,000	Amazon.com, Inc. 1.900%, 08/21/2020 (b)		20,063
	15,000	2.800%, 08/22/2024 (b)		15,080
	185,000	3.875%, 08/22/2037 (b)		188,912
	60,000	4.950%, 12/05/2044		69,561
				293,616
		Internet Software & Services - 0.12%
	165,000	eBay, Inc. 2.150%, 06/05/2020		165,479
		IT Services - 0.62%
	205,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/2026		203,516
	230,000	MasterCard, Inc. 3.375%, 04/01/2024		240,306
	165,000	Visa, Inc. 2.800%, 12/14/2022		168,838
	160,000	3.150%, 12/14/2025		164,094
	45,000	4.300%, 12/14/2045		49,924
				826,678
		Life Sciences Tools & Services - 0.05%
	55,000	Thermo Fisher Scientific, Inc. 3.000%, 04/15/2023		55,978
	10,000	2.950%, 09/19/2026		9,806
				65,784
		Machinery - 0.46%
	80,000	Eaton Corp. 5.600%, 05/15/2018		81,923
	230,000	2.750%, 11/02/2022		231,865
	35,000	Fortive Corp. 2.350%, 06/15/2021		34,919

Principal Amount			Value
		Machinery (Continued)
	265,000	Stanley Black & Decker, Inc. 2.451%, 11/17/2018	$	266,749
				615,456
		Media - 1.56%
	175,000	21st Century Fox America, Inc. 4.500%, 02/15/2021		187,431
	15,000	Charter Communications Operating LLC / Charter Communications Operating Capital 3.579%, 07/23/2020		15,409
	115,000	4.464%, 07/23/2022		121,801
	5,000	4.908%, 07/23/2025 (e)		5,354
	230,000	3.750%, 02/15/2028 (b)		225,544
	80,000	6.484%, 10/23/2045		94,220
	345,000	Comcast Corp. 5.875%, 02/15/2018		350,540
	15,000	3.375%, 08/15/2025		15,493
	240,000	3.150%, 03/01/2026 (e)		240,131
	50,000	3.400%, 07/15/2046 (e)		46,208
	50,000	Cox Communications, Inc. 3.250%, 12/15/2022 (b)(e)		50,497
	80,000	3.150%, 08/15/2024 (b)		79,620
	5,000	3.350%, 09/15/2026 (b)		4,902
	45,000	Discovery Communications, LLC 3.800%, 03/13/2024		46,446
	42,000	3.450%, 03/15/2025		41,430
	25,000	4.900%, 03/11/2026		26,735
	30,000	3.950%, 03/20/2028 (e)		29,848
	28,000	Scripps Networks Interactive, Inc. 3.950%, 06/15/2025		28,452
	320,000	The Walt Disney Co. 1.800%, 06/05/2020		319,718
	30,000	Time Warner Cable, Inc. 5.500%, 09/01/2041		31,253
	50,000	4.500%, 09/15/2042		47,561
	60,000	Time Warner, Inc. 2.950%, 07/15/2026		56,776
	25,000	Viacom, Inc. 4.375%, 03/15/2043		21,615
				2,086,984
		Metals & Mining - 0.59%
		National Rural Utilities Cooperative Finance Corp.
	190,000	1.650%, 02/08/2019		189,717
	170,000	2.950%, 02/07/2024		171,743
	105,000	Nucor Corp. 4.125%, 09/15/2022		112,211
	125,000	4.000%, 08/01/2023		132,733
	80,000	Rio Tinto Finance USA Ltd. 3.750%, 06/15/2025		84,434
	65,000	Vale Overseas Ltd. 6.250%, 08/10/2026		73,918
	15,000	6.875%, 11/10/2039		17,268
				782,024
		Multi-Utilities - 0.76%
	105,000	Berkshire Hathaway Energy Co. 6.125%, 04/01/2036		135,183
	70,000	CenterPoint Energy, Inc. 2.500%, 09/01/2022		69,936

See notes to financial statements.

75

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Multi-Utilities (Continued)
	285,000	Delmarva Power & Light Co. 3.500%, 11/15/2023	$	297,223
	160,000	Dominion Energy, Inc. 2.579%, 07/01/2020		161,442
	35,000	2.850%, 08/15/2026		33,757
	40,000	DTE Energy Co. 1.500%, 10/01/2019		39,440
	270,000	WEC Energy Group, Inc. 3.550%, 06/15/2025		278,060
				1,015,041
		Oil, Gas & Consumable Fuels - 3.07%
	50,000	Anadarko Petroleum Corp. 8.700%, 03/15/2019		54,588
	15,000	6.950%, 06/15/2019		16,170
	15,000	3.450%, 07/15/2024		14,909
	45,000	4.500%, 07/15/2044		42,991
	10,000	6.600%, 03/15/2046		12,425
	5,000	Apache Corp. 4.250%, 01/15/2044		4,714
	170,000	Buckeye Partners LP 4.875%, 02/01/2021		180,601
	80,000	Canadian Natural Resources Ltd. 3.800%, 04/15/2024		82,382
	170,000	3.900%, 02/01/2025 (e)		174,527
	25,000	3.850%, 06/01/2027 (e)		25,323
	15,000	6.500%, 02/15/2037		18,236
	10,000	6.250%, 03/15/2038 (e)		12,044
	20,000	Cenovus Energy, Inc. 4.250%, 04/15/2027 (b)		19,868
	160,000	Chevron Corp. 1.790%, 11/16/2018		160,327
	225,000	Columbia Pipeline Group, Inc. 4.500%, 06/01/2025		240,753
	5,000	Concho Resources, Inc. 3.750%, 10/01/2027		5,026
	30,000	ConocoPhillips Co. 4.950%, 03/15/2026		33,874
	35,000	Devon Energy Corp. 3.250%, 05/15/2022		35,450
	15,000	Devon Financing Co. LLC 7.875%, 09/30/2031		19,847
	20,000	Enbridge, Inc. 3.700%, 07/15/2027		20,318
	50,000	Encana Corp. 3.900%, 11/15/2021 (e)		51,571
	10,000	Energy Transfer LP 5.950%, 10/01/2043		10,743
	105,000	5.300%, 04/15/2047 (e)		105,628
	155,000	Enterprise Products Operating LLC 6.125%, 10/15/2039		188,510
	125,000	EOG Resources, Inc. 4.150%, 01/15/2026		132,774
	45,000	Hess Corp. 5.600%, 02/15/2041		45,235
	60,000	5.800%, 04/01/2047		61,881
	270,000	Husky Energy, Inc. 3.950%, 04/15/2022		282,186

Principal Amount			Value
		Oil, Gas & Consumable Fuels (Continued)
	145,000	Kinder Morgan, Inc. 3.150%, 01/15/2023	$	145,956
	70,000	5.550%, 06/01/2045		75,692
	35,000	Marathon Oil Corp. 2.700%, 06/01/2020		35,022
	30,000	2.800%, 11/01/2022		29,199
	15,000	3.850%, 06/01/2025 (e)		14,920
	30,000	4.400%, 07/15/2027		30,651
	175,000	Marathon Petroleum Corp. 3.625%, 09/15/2024		178,478
	180,000	MPLX LP 4.875%, 12/01/2024		194,247
	50,000	4.125%, 03/01/2027		51,006
	100,000	5.200%, 03/01/2047 (e)		105,097
	170,000	NiSource Finance Corp. 3.950%, 03/30/2048		168,283
	40,000	Noble Energy, Inc. 4.950%, 08/15/2047		40,936
	15,000	Petroleos Mexicanos 6.375%, 02/04/2021		16,470
	25,000	6.500%, 03/13/2027 (b)		27,653
	45,000	5.500%, 06/27/2044		42,075
	27,000	6.750%, 09/21/2047		28,793
	120,000	Phillips 66 4.300%, 04/01/2022		129,020
	115,000	Phillips 66 Partners LP 3.550%, 10/01/2026		112,721
	95,000	Pioneer Natural Resources Co. 3.450%, 01/15/2021		97,208
	30,000	Regency Energy Partners LP 4.500%, 11/01/2023		31,478
	130,000	Spectra Energy Partners LP 3.375%, 10/15/2026 (e)		129,234
	125,000	Sunoco Logistics Partners Operations LP 4.250%, 04/01/2024		129,157
	5,000	3.900%, 07/15/2026		4,970
	50,000	5.400%, 10/01/2047		51,049
	95,000	TC PipeLines, LP 3.900%, 05/25/2027		95,342
	75,000	Valero Energy Corp. 3.400%, 09/15/2026		74,130
				4,091,688
		Pharmaceuticals - 0.92%
	150,000	Allergan Funding SCS 2.350%, 03/12/2018		150,453
	15,000	3.000%, 03/12/2020		15,323
	55,000	3.450%, 03/15/2022		57,087
	35,000	4.550%, 03/15/2035		37,454
	115,000	Baxalta, Inc. 4.000%, 06/23/2025		120,832
	10,000	Johnson & Johnson 3.550%, 03/01/2036		10,310
	55,000	3.625%, 03/03/2037		57,271
	55,000	Mylan NV 3.000%, 12/15/2018		55,637
	60,000	3.750%, 12/15/2020		62,254
	5,000	3.150%, 06/15/2021		5,092
	210,000	Sanofi-Aventis SA 4.000%, 03/29/2021 (e)		222,562

See notes to financial statements.

76

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Pharmaceuticals (Continued)
	25,000	Teva Pharmaceutical Finance Netherlands III BV 1.700%, 07/19/2019	$	24,649
	25,000	2.200%, 07/21/2021		24,092
	5,000	2.800%, 07/21/2023 (e)		4,775
	225,000	3.150%, 10/01/2026 (e)		207,781
	170,000	Zoetis, Inc. 3.000%, 09/12/2027		168,335
				1,223,907
		Real Estate Management & Development - 1.51%
	25,000	American Tower Corp. 3.450%, 09/15/2021		25,895
	15,000	2.250%, 01/15/2022		14,772
	320,000	Boston Properties LP 3.650%, 02/01/2026		326,846
	45,000	Brandywine Operating Partnership LP 4.100%, 10/01/2024		45,259
	180,000	Crown Castle International Corp. 3.400%, 02/15/2021		185,464
	160,000	Digital Realty Trust LP 3.700%, 08/15/2027		161,834
	170,000	ERP Operating LP 3.000%, 04/15/2023		173,374
	220,000	Public Storage 2.370%, 09/15/2022		219,553
	495,000	Simon Property Group LP 2.200%, 02/01/2019		497,729
	60,000	Ventas Realty LP 2.700%, 04/01/2020		60,601
	125,000	5.700%, 09/30/2043		148,305
	160,000	Vornado Realty LP 2.500%, 06/30/2019		161,020
				2,020,652
		Road & Rail - 0.37%
	135,000	Burlington Northern Santa Fe, LLC 3.650%, 09/01/2025		142,746
	10,000	3.250%, 06/15/2027		10,268
	20,000	3.900%, 08/01/2046		20,665
	45,000	4.125%, 06/15/2047		47,660
	110,000	CSX Corp. 3.250%, 06/01/2027		110,525
	160,000	Union Pacific Corp. 4.100%, 09/15/2067		160,863
				492,727
		Semiconductors & Semiconductor Equipment - 1.03%
	200,000	Analog Devices, Inc. 3.900%, 12/15/2025		210,011
	15,000	Applied Materials, Inc. 3.300%, 04/01/2027		15,296
	10,000	4.350%, 04/01/2047		10,728
	80,000	Broadcom Corp. / Broadcom Cayman Finance Ltd. 2.375%, 01/15/2020 (b)		80,486
	160,000	3.000%, 01/15/2022 (b)		162,829
	60,000	3.625%, 01/15/2024 (b)		61,727
	30,000	Intel Corp. 1.700%, 05/19/2021		29,729
	185,000	3.300%, 10/01/2021		193,800
	75,000	2.350%, 05/11/2022		75,584

Principal Amount			Value
		Semiconductors & Semiconductor Equipment (Continued)
	55,000	4.900%, 07/29/2045	$	65,881
	10,000	4.100%, 05/19/2046		10,519
	60,000	Lam Research Corp. 2.800%, 06/15/2021		60,749
	165,000	Maxim Integrated Products, Inc. 3.450%, 06/15/2027		166,328
	65,000	Qualcomm, Inc. 2.100%, 05/20/2020		65,520
	160,000	Xilinx, Inc. 2.950%, 06/01/2024		160,387
				1,369,574
		Software - 0.68%
	160,000	Autodesk, Inc. 3.500%, 06/15/2027		159,930
	50,000	Microsoft Corp. 1.550%, 08/08/2021		49,144
	50,000	2.375%, 02/12/2022		50,485
	15,000	3.300%, 02/06/2027		15,549
	155,000	4.450%, 11/03/2045		174,997
	90,000	3.700%, 08/08/2046		90,999
	165,000	Oracle Corp. 2.500%, 05/15/2022		167,530
	155,000	4.300%, 07/08/2034		169,680
	25,000	3.900%, 05/15/2035		26,268
				904,582
		Specialty Retail - 0.29%
	120,000	Home Depot, Inc. 2.700%, 04/01/2023		121,930
	140,000	3.350%, 09/15/2025		144,955
	65,000	5.875%, 12/16/2036		84,587
	5,000	3.500%, 09/15/2056		4,625
	25,000	Lowe’s Cos., Inc. 3.700%, 04/15/2046		24,315
				380,412
		Technology Hardware, Storage & Peripherals - 0.72%
	250,000	Apple, Inc. 2.400%, 05/03/2023		249,720
	5,000	3.000%, 02/09/2024		5,128
	20,000	3.350%, 02/09/2027		20,616
	85,000	3.450%, 02/09/2045		80,762
	165,000	Dell International LLC / EMC Corp. 3.480%, 06/01/2019 (b)		168,344
	245,000	4.420%, 06/15/2021 (b)(e)		257,444
	65,000	Hewlett Packard Enterprise Co. 3.600%, 10/15/2020		67,423
	40,000	4.900%, 10/15/2025 (e)		42,383
	70,000	Xerox Corp. 3.625%, 03/15/2023		69,499
				961,319
		Tobacco - 0.38%
	40,000	Altria Group, Inc. 4.250%, 08/09/2042		41,201
	30,000	3.875%, 09/16/2046		29,400
	170,000	Philip Morris International, Inc. 2.625%, 03/06/2023		170,166
	100,000	3.125%, 08/17/2027		100,506

See notes to financial statements.

77

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Tobacco (Continued)
	65,000	Reynolds American, Inc. 2.300%, 06/12/2018	$	65,297
	80,000	5.850%, 08/15/2045		98,254
				504,824
		Wireless Telecommunication Services - 0.18%
	255,000	Rogers Communications, Inc. 2.900%, 11/15/2026		244,638
		Total Corporate Obligations (Cost $49,645,141)		50,974,315
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.95%
	200,000	Japan Bank for International Cooperation 2.125%, 07/21/2020 (e)		200,631
	68,000	Mexico Government International Bond 5.750%, 10/12/2110		73,236
	230,000	Oman Government International Bond 5.375%, 03/08/2027 (b)(e)		236,771
	325,000	Province of Ontario Canada 2.500%, 04/27/2026		320,261
	240,000	Province of Quebec Canada 2.375%, 01/31/2022		242,118
	200,000	Saudi Government International Bond 4.625%, 10/04/2047 (b)		198,780
		Total Foreign Government Debt Obligations (Cost $1,261,377)		1,271,797
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 30.84%
		Federal Home Loan Mortgage Corp.
	19,730	Series 2590, 5.000%, 03/15/2018		19,817
	778,803	Series K703, 2.699%, 05/25/2018		780,835
	633	Pool #E9-9763 4.500%, 09/01/2018		647
	373	Pool #E9-9764 4.500%, 09/01/2018		381
	600,000	Series K705, 2.303%, 09/25/2018 (a)		603,116
	883,121	Series K706, 2.323%, 10/25/2018		887,386
	600,000	Series K709, 2.086%, 03/25/2019		602,426
	46,386	Pool #D9-6291 4.500%, 09/01/2023		49,730
	112,173	Pool #G1-3624 5.000%, 08/01/2024		119,903
	34,000	Series 2017-K66, 4.172%, 07/25/2027 (a)(b)		34,416
	20,000	Series 2017-K67, 3.944%, 08/25/2027 (a)(b)		20,146
	201,368	Series 2329, 6.500%, 06/15/2031		225,862
	99,686	Series 2338, 6.500%, 07/15/2031		116,185
	137,004	Pool #78-0447 3.029% (1 Year CMT Rate + 2.250%), 04/01/2033 (a)(c)		144,490
	108	Pool #A4-3129 5.500%, 02/01/2036		119
	400,000	Pool #TBA 4.000%, 10/15/2041 (f)		421,188
	577,609	Pool #U9-0688 4.000%, 05/01/2042		613,431
	700,000	Pool #TBA 3.000%, 10/15/2042 (f)		702,598
	2,200,000	Pool #TBA 3.500%, 10/15/2042 (f)		2,269,181
	419,667	Pool #G0-8635 3.000%, 04/01/2045		421,612
	775,845	Pool #Q4-9389 3.500%, 07/01/2047		802,973
	51,000	Series 2016-K722, 3.966%, 07/25/2049 (a)(b)		51,989
	45,000	Series 2017-K726, 4.107%, 07/25/2049 (a)(b)		45,817
	15,000	Series 2017-K64, 4.116%, 05/25/2050 (a)(b)		15,068
	40,000	Series 2017-K65, 4.214%, 07/25/2050 (a)(b)		41,293
		Federal National Mortgage Association
	118	Pool #685505 5.000%, 05/01/2018		121
	120	Pool #705709 5.000%, 05/01/2018		123

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	65,879	Series 2014-C01, 2.837% (1 Month LIBOR USD + 1.600%), 01/25/2024 (c)	$	66,474
	26,696	Series 2014-C02, 2.187% (1 Month LIBOR USD + 0.950%), 05/28/2024 (c)		26,719
	691,843	Pool #AI4868 4.000%, 06/01/2026		728,235
	400,000	Pool #TBA 3.000%, 10/15/2026 (f)		411,031
	626,006	Pool #AJ8325 3.000%, 12/01/2026		645,181
	511,760	Pool #AL2877 3.500%, 01/01/2028		533,567
	9,360	Pool #544859 2.477% (11th District Cost of Funds Index + 1.770%), 08/01/2029 (c)		9,450
	87,289	Pool #BC4938 2.500%, 04/01/2031		87,979
	147,349	Pool #786848 7.000%, 10/01/2031		171,115
	293,478	Pool #AS9505 3.000%, 04/01/2032		301,831
	4,688	Pool #727181 5.000%, 08/01/2033		5,201
	2,196	Pool #730727 5.000%, 08/01/2033		2,425
	635	Pool #741862 5.500%, 09/01/2033		712
	795	Pool #766197 5.500%, 02/01/2034		891
	157	Pool #776974 5.500%, 04/01/2034		177
	156,312	Pool #888504 2.838% (1 Year CMT Rate + 2.080%), 04/01/2034 (c)		164,110
	367,789	Pool #MA1870 4.500%, 04/01/2034		398,511
	7,528	Pool #775776 5.500%, 05/01/2034		8,436
	140,176	Pool #802783 3.187% (12 Month LIBOR USD + 1.610%), 10/01/2034 (c)		146,886
	5,086	Pool #781629 5.500%, 12/01/2034		5,681
	6,599	Pool #822815 5.500%, 04/01/2035		7,394
	5,608	Pool #357850 5.500%, 07/01/2035		6,293
	3,556	Pool #820242 5.000%, 07/01/2035		3,941
	1,006	Pool #838452 5.500%, 09/01/2035		1,128
	6,682	Pool #865854 6.000%, 03/01/2036		7,636
	8,970	Pool #891474 6.000%, 04/01/2036		10,254
	6,833	Pool #906000 6.000%, 01/01/2037		7,731
	68	Pool #928062 5.500%, 02/01/2037		76
	138	Pool #899119 5.500%, 04/01/2037		154
	545,166	Pool #AS9772 3.500%, 06/01/2037		570,297
	189	Pool #970131 5.500%, 03/01/2038		210
	162	Pool #981313 5.500%, 06/01/2038		179
	134	Pool #985108 5.500%, 07/01/2038		149
	55	Pool #964930 5.500%, 08/01/2038		60
	95	Pool #987032 5.500%, 08/01/2038		106
	116	Pool #968371 5.500%, 09/01/2038		129
	50	Pool #993050 5.500%, 12/01/2038		56
	22,114	Pool #993579 4.000%, 05/01/2039		23,405
	4,548	Pool #AA5840 4.000%, 06/01/2039		4,815
	64,749	Pool #AA8715 4.000%, 06/01/2039		69,279
	237,090	Pool #AD0586 4.500%, 12/01/2039		258,961
	687,394	Pool #AD4062 5.000%, 05/01/2040		751,710
	578,284	Pool #AD6929 5.000%, 06/01/2040		631,747
	14,581	Pool #AD9896 4.000%, 08/01/2040		15,423
	16,708	Pool #AB1500 4.000%, 09/01/2040		17,680
	14,340	Pool #AD9856 4.000%, 09/01/2040		15,174
	10,519	Pool #AE2559 4.000%, 09/01/2040		11,129
	3,983	Pool #AE2562 4.000%, 09/01/2040		4,213
	4,788	Pool #AE2566 4.000%, 09/01/2040		5,045
	31,329	Pool #AE4124 4.000%, 10/01/2040		33,143
	17,442	Pool #AE4888 4.000%, 10/01/2040		18,457
	2,000,000	Pool #TBA 3.500%, 10/01/2040 (f)		2,061,953
	25,522	Pool #AE3916 4.000%, 11/01/2040		26,982
	3,514	Pool #AE5147 4.000%, 11/01/2040		3,718

See notes to financial statements.

78

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	44,661	Pool #AE8715 4.000%, 11/01/2040	$	47,245
	5,253	Pool #AH0006 4.000%, 12/01/2040		5,559
	14,221	Pool #AH0020 4.000%, 12/01/2040		15,049
	28,295	Pool #AH0599 4.000%, 12/01/2040		29,937
	8,972	Pool #AH0601 4.000%, 12/01/2040		9,493
	19,690	Pool #AH1263 4.000%, 01/01/2041		20,830
	78,916	Pool #AL5233 4.000%, 01/01/2041		83,516
	6,423	Pool #AH4659 4.000%, 02/01/2041		6,797
	86,939	Pool #AH5653 4.000%, 02/01/2041		91,966
	124,989	Pool #AL0934 5.000%, 02/01/2041		136,620
	166,858	Pool #AD1889 4.500%, 03/01/2041		179,939
	10,510	Pool #AH6150 4.000%, 03/01/2041		11,115
	111,036	Pool #AL0215 4.500%, 04/01/2041		120,265
	95,126	Pool #AL0187 5.000%, 05/01/2041		103,928
	16,011	Pool #AL0456 5.000%, 06/01/2041		17,485
	80,743	Pool #AI8842 4.500%, 08/01/2041		87,205
	40,286	Pool #AL0815 4.000%, 09/01/2041		43,221
	14,046	Pool #AJ1562 4.000%, 10/01/2041		15,069
	13,633	Pool #AJ1972 4.000%, 10/01/2041		14,625
	728,288	Pool #AJ2212 4.500%, 10/01/2041		790,675
	20,643	Pool #AJ4756 4.000%, 10/01/2041		22,146
	400,000	Pool #TBA 4.500%, 10/15/2041 (f)		429,438
	17,321	Pool #AJ3330 4.000%, 11/01/2041		18,583
	18,076	Pool #AJ4549 4.000%, 11/01/2041		19,392
	13,353	Pool #AJ4698 4.000%, 11/01/2041		14,326
	27,944	Pool #AJ5424 4.000%, 11/01/2041		29,979
	11,195	Pool #AJ7840 4.000%, 11/01/2041		12,009
	18,411	Pool #AB3995 4.000%, 12/01/2041		19,753
	17,890	Pool #AI0848 4.000%, 12/01/2041		19,193
	15,324	Pool #AJ4187 4.000%, 12/01/2041		16,440
	18,834	Pool #AJ5736 4.000%, 12/01/2041		20,206
	11,061	Pool #AJ5968 4.000%, 12/01/2041		11,701
	22,397	Pool #AJ6061 4.000%, 12/01/2041		24,029
	14,282	Pool #AJ7868 4.000%, 12/01/2041		15,323
	31,858	Pool #AJ8104 4.000%, 12/01/2041		34,178
	19,949	Pool #AJ8109 4.000%, 12/01/2041		21,402
	12,146	Pool #AJ8171 4.000%, 12/01/2041		13,030
	22,820	Pool #AJ8341 4.000%, 12/01/2041		24,483
	34,938	Pool #AJ8436 4.000%, 12/01/2041		37,484
	13,090	Pool #AJ8912 4.000%, 12/01/2041		14,041
	18,786	Pool #AJ9248 4.000%, 12/01/2041		20,154
	17,684	Pool #AJ2446 4.000%, 01/01/2042		18,706
	21,909	Pool #AJ7538 4.000%, 01/01/2042		23,503
	8,044	Pool #AJ8001 4.000%, 01/01/2042		8,507
	20,681	Pool #AJ8369 4.000%, 01/01/2042		22,188
	19,838	Pool #AJ9162 4.000%, 01/01/2042		21,283
	109,137	Pool #AJ9330 4.000%, 01/01/2042		117,089
	12,523	Pool #AJ9779 4.000%, 01/01/2042		13,289
	18,483	Pool #AK0170 4.000%, 01/01/2042		19,830
	37,654	Pool #AK0543 4.000%, 01/01/2042		40,389
	15,127	Pool #AK0563 4.000%, 01/01/2042		16,229
	32,379	Pool #AK1827 4.000%, 01/01/2042		34,738
	417,905	Pool #AL2752 5.000%, 03/01/2042		456,965
	95,892	Pool #AB5529 4.000%, 07/01/2042		101,756
	218,431	Pool #AB6228 3.500%, 09/01/2042		226,157
	420,655	Pool #AQ9316 2.500%, 01/01/2043		409,315
	1,167,714	Pool #AT2720 3.000%, 05/01/2043		1,178,350
	869,424	Pool #AT5900 3.000%, 06/01/2043		877,308
	493,903	Pool #AU1625 3.500%, 07/01/2043		511,926

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	793,160	Pool #AS5469 4.000%, 07/01/2045	$	840,256
	954,437	Pool #AZ0832 4.000%, 07/01/2045		1,006,182
	168,980	Pool #AS5597 3.500%, 08/01/2045		174,393
	711,542	Pool #AS6196 3.500%, 11/01/2045		734,285
	1,020,440	Pool #AS7170 3.500%, 05/01/2046		1,053,056
	1,038,264	Pool #AS7242 3.500%, 05/01/2046		1,071,450
	736,610	Pool #BC9468 3.000%, 06/01/2046		739,781
	962,784	Pool #AS7492 4.000%, 07/01/2046		1,015,686
	890,739	Pool #AS8299 3.000%, 11/01/2046		896,017
	617,945	Pool #AS8947 3.500%, 03/01/2047		639,718
	178,207	Pool #MA3038 4.500%, 06/01/2047		191,597
		Government National Mortgage Association
	12,415	Pool #614436 5.000%, 08/15/2033		13,560
	38,280	Pool #736686 5.000%, 02/15/2039		42,166
	756,060	Pool #723248 5.000%, 10/15/2039		844,280
	398,194	Pool #783403 3.500%, 09/15/2041		414,880
	500,000	Pool #TBA 3.500%, 10/15/2041 (f)		520,137
	1,300,000	Pool #TBA 4.000%, 10/15/2041 (f)		1,369,113
	1,400,000	Pool #TBA 3.500%, 10/15/2042 (f)		1,455,234
	735,242	Pool #AD8801 3.500%, 03/15/2043		769,493
	800,000	Pool #TBA 3.000%, 10/15/2044 (f)		811,187
	327,986	Pool #AL9364 3.500%, 03/20/2045		342,594
	642,339	Pool #MA4322M 4.000%, 03/20/2047		678,437
	859,955	Pool #MA4453M 4.500%, 05/20/2047		919,403
	169,111	Pool #MA4587M 4.000%, 07/20/2047		178,839
	374,236	Pool #MA4652M 3.500%, 08/20/2047		389,600
		Total Mortgage Backed Securities - U.S. Government Agency (Cost $40,745,740)		41,150,793
		MUNICIPAL DEBT OBLIGATIONS - 0.43%
		California, GO,
	80,000	7.550%, 04/01/2039		122,768
	80,000	7.350%, 11/01/2039		118,231
	45,000	7.600%, 11/01/2040		70,459
	160,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, 6.899%, 12/01/2040		209,245
	50,000	Illinois, GO 5.665%, 03/01/2018		50,712
		Total Municipal Debt Obligations (Cost $538,615)		571,415
		U.S. TREASURY OBLIGATIONS - 21.67%
		U.S. Treasury Bonds - 5.29%
	936,066	0.125%, 07/15/2024 (g)(h)		927,186
	219,000	4.500%, 08/15/2039		283,229
	80,000	4.375%, 11/15/2039		101,822
	2,460,000	3.125%, 11/15/2041		2,603,468
	545,000	3.625%, 08/15/2043		625,558
	50,000	3.000%, 11/15/2045		51,444
	2,365,000	2.500%, 05/15/2046		2,197,696
	255,000	3.000%, 02/15/2047 (e)		262,361
		U.S. Treasury Notes - 16.38%
	1,390,000	0.750%, 07/15/2019		1,372,869
	900,000	1.625%, 03/15/2020 (e)		901,564
	841,000	1.125%, 09/30/2021		818,924
	2,610,000	2.000%, 11/15/2021		2,630,595
	3,745,000	2.000%, 02/15/2022 (e)		3,769,942
	300,000	2.000%, 02/15/2023		300,223

See notes to financial statements.

79

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		U.S. TREASURY OBLIGATIONS (Continued)
		U.S. Treasury Notes (Continued)
	510,000	1.500%, 03/31/2023	$	496,573
	4,517,000	2.375%, 08/15/2024 (e)		4,581,491
	2,574,000	2.000%, 02/15/2025		2,539,311
	515,000	2.125%, 05/15/2025		511,761
	1,603,000	2.000%, 08/15/2025 (e)(h)		1,575,856
	801,000	1.625%, 05/15/2026 (h)		759,918
	810,000	1.500%, 08/15/2026		758,489
	455,000	2.000%, 11/15/2026 (e)		443,483
	400,000	2.250%, 02/15/2027		397,648
		Total U.S. Treasury Obligations (Cost $28,869,530)		28,911,411
Number of Shares
		SHORT TERM INVESTMENTS - 1.71% Money Market Funds - 1.71%
	2,277,027	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (i)		2,277,027
		Total Short Term Investments (Cost $2,277,027)		2,277,027
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.51%
		Investments Purchased with Proceeds from Securities Lending Collateral - 11.51%
	15,357,874	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (i)		15,357,874
		Total Investments Purchased with Proceeds from Securities Lending (Cost $15,357,874)		15,357,874
		Total Investments (Cost $157,043,088) - 119.10%		158,894,670
		Liabilities in Excess of Other Assets - (19.10)%		(25,479,821	)
		TOTAL NET ASSETS - 100.00%	$	133,414,849

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 coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017.

(b) Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $15,438,797, which represents 11.57% of total net assets.

(c) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2017.

(d) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $163,670, which represents 0.12% of total net assets.

(e) All or portion of this security is on loan.

(f) Security purchased on a when-issued basis. On September 30, 2017, the total value of investments purchased on a when-issued basis was $10,451,060 or 7.83% of total net assets.

(g) Represents a U.S. Treasury Inflation Protected Security.

(h) All or a portion of this security is held as collateral for certain swap and futures contracts.

(i) Seven-day yield as of September 30, 2017.

See notes to financial statements.

80

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2017

Description	Number of Contracts Purchased / (Sold)			Notional Value			Value			Settlement Month	Unrealized Appreciation (Depreciation)
Eurodollar 90 Day Futures		(15	)	$	(3,683,250	)	$	938		Sep-18	$	2,293
U.S. Treasury 2 Year Note Futures		12			2,588,438			(1,500	)	Dec-17		(6,397	)
U.S. Treasury 5 Year Note Futures		14			1,645,000			(2,297	)	Dec-17		(11,509	)
U.S. Treasury 10 Year Note Futures		(16	)		(2,005,000	)		3,750		Dec-17		20,590
U.S. Treasury Ultra 10 Year Note Futures		3			402,984			(516	)	Dec-17		(7,115	)
U.S. Treasury Ultra Bond Futures		9			1,486,125			3,656		Dec-17		(23,329	)
							$	4,031			$	(25,467	)

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)

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

September 30, 2017

Reference Obligation	Implied Credit Spread at 9/30/2017(2)		Fixed Pay Rate		Maturity Date	Counterparty	Payment Frequency		Notional Amount(3)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG.S29 Index*		0.56%		1.000%	12/20/2022	Morgan Stanley		Quarterly	$	2,330,000	$	50,511	$	49,584	$	927
											$	50,511	$	49,584	$	927

GuideMark^® Core Fixed Income Fund

INTEREST RATE SWAPS (Unaudited)

September 30, 2017

Pay/Receive Floating Rate	Floating Rate Index			Pay Rate		Maturity Date	Counterparty	Payment Frequency		Notional Amount		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Receive		3-MO-USD-LIBOR	**		2.250%	9/21/2026	Morgan Stanley		Quarterly	$	4,143,000	$	(5,672	)	$	(181,289	)	$	175,617
												$	(5,672	)	$	(181,289	)	$	175,617

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.

81

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS - 98.12%
		Alabama - 0.41%
$	100,000	The Lower Alabama Gas District, Series A, Revenue Bond, 5.000%, 09/01/2034	$	120,160
		Arizona - 1.97%
	150,000	Arizona Industrial Development Authority, Revenue Bond, 6.000%, 07/01/2047		161,086
	200,000	Arizona University System Board of Regents, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2028		228,680
	150,000	Salt Verde Financial Corp., Revenue Bond, 5.000%, 12/01/2037		183,323
				573,089
		Arkansas - 1.84%
	500,000	University of Arkansas, Series A, Revenue Bond, 4.125%, 11/01/2030		535,315
		California - 14.21%
	170,000	Bay Area Toll Authority, Revenue Bond, 4.000%, 04/01/2047		178,359
		California, GO,
	500,000	6.500%, 04/01/2033		540,145
	65,000	4.000%, 11/01/2034		70,616
	60,000	4.000%, 11/01/2047		63,416
	300,000	California, Refunding, GO, 5.000%, 11/01/2043		345,144
	100,000	California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond, 5.000%, 02/01/2042		112,014
	195,000	California Municipal Finance Authority, Mobile Home Park, Series A, Refunding, Revenue Bond, 6.400%, 08/15/2045		211,674
	200,000	California State University, Series A, Refunding, Revenue Bond, 5.000%, 11/01/2031		237,236
		California Statewide Communities Development Authority, Series A, Revenue Bond,
	160,000	6.125%, 11/01/2033		185,754
	150,000	5.250%, 12/01/2056		163,374
	300,000	California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034		345,762
	100,000	Golden State Tobacco Securitization Corp., Series A, Revenue Bond, 4.000%, 06/01/2031		106,584
	300,000	Golden State Tobacco Securitization Corp., Series A-1, Refunding, Revenue Bond, 5.000%, 06/01/2024		355,038
	500,000	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029		534,825
	250,000	M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039		357,360
	300,000	San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond, 5.250%, 07/15/2025		328,422
				4,135,723

Principal Amount			Value
		Colorado - 4.27%
$	350,000	Castle Pines North Metropolitan District, Refunding, Revenue Bond, 4.000%, 12/01/2044	$	363,723
	60,000	City & County of Denver, Refunding, Revenue Bond, 5.000%, 10/01/2032		65,404
	130,000	Colorado Health Facilities Authority, Revenue Bond, 8.000%, 08/01/2043		151,302
	220,000	Public Authority for Colorado Energy, Revenue Bond, 6.500%, 11/15/2038		311,738
	300,000	Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027		351,150
				1,243,317
		Connecticut - 1.77%
	500,000	Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2025		514,715
		Florida - 4.49%
	300,000	Brevard County Health Facilities Authority, Prerefunded, Revenue Bond, 7.000%, 04/01/2039		326,304
	225,000	Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond, 5.000%, 04/01/2040		252,913
	250,000	Miami-Dade County Health Facilities Authority, Revenue Bond, 5.000%, 08/01/2047		281,833
	355,000	Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond, 5.250%, 08/01/2021		385,558
	40,000	Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond, 7.500%, 06/01/2049		48,823
	10,000	Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond, 7.250%, 06/01/2034		12,186
				1,307,617
		Georgia - 2.03%
	300,000	Atlanta Water & Wastewater, Refunding, Revenue Bond, 5.000%, 11/01/2040		347,439
	125,000	Atlanta Water & Wastewater, Series A, Prerefunded, Revenue Bond, 6.250%, 11/01/2039		138,296
	100,000	Marietta Development Authority, Prerefunded, Revenue Bond, 7.000%, 06/15/2039		104,166
				589,901
		Illinois - 4.97%
	65,000	Chicago, Series A, Refunding, GO, 5.250%, 01/01/2029		70,267
	70,000	Chicago Waterworks, Revenue Bond, 5.000%, 11/01/2028		81,414
		Illinois, GO,
	20,000	5.000%, 05/01/2036		20,946
	30,000	5.000%, 02/01/2039		31,286
	30,000	Illinois, Series A, GO, 5.000%, 04/01/2038		31,107

See notes to financial statements.

82

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Illinois (Continued)
$	225,000	Illinois Finance Authority, Prerefunded, Revenue Bond, 7.000%, 08/15/2044	$	249,500
	100,000	O’Hare International Airport, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2032		116,612
	150,000	O’Hare International Airport, Series D, Refunding, Revenue Bond, 5.250%, 01/01/2030		173,908
	500,000	Railsplitter Tobacco Settlement Authority, Revenue Bond, 6.250%, 06/01/2024		513,280
	120,000	Southwestern Illinois Development Authority Health Care Facilities, Prerefunded, Revenue Bond, 7.125%, 11/01/2043		157,925
				1,446,245
		Indiana - 4.24%
	500,000	Fishers Industry Redevelopment District, Prerefunded, Revenue Bond, 5.250%, 07/15/2034		547,725
	100,000	Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond, 5.000%, 11/15/2034		116,186
	250,000	Indiana Municipal Power Agency, Series A, Refunding, Revenue Bond, 5.250%, 01/01/2032		290,780
	125,000	Shoals Exempt Facilities, Revenue Bond, 7.250%, 11/01/2043		142,881
	115,000	Valparaiso Exempt Facilities, Revenue Bond, 7.000%, 01/01/2044		136,401
				1,233,973
		Kansas - 1.23%
	300,000	Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond, 5.000%, 09/01/2029		357,606
		Kentucky - 0.92%
	250,000	Kentucky Economic Development Finance Authority, Series A, Revenue Bond, 5.000%, 06/01/2045		267,993
		Louisiana - 1.51%
	200,000	Louisiana Highway Improvement, Series A, Revenue Bond, 5.000%, 06/15/2029		233,346
	200,000	Louisiana State Citizens Property Insurance Corp., Prerefunded, Revenue Bond, AGC Insured, 6.750%, 06/01/2026		207,610
				440,956
		Maryland - 1.70%
	250,000	City of Baltimore, Refunding, Revenue Bond, 5.000%, 09/01/2046		281,840
	200,000	Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond, 6.000%, 07/01/2034		214,266
				496,106

Principal Amount			Value
		Massachusetts - 0.69%
$	190,000	Massachusetts Development Finance Agency, Series A, Prerefunded, Revenue Bond, 5.500%, 11/15/2036	$	199,599
		Michigan - 0.77%
	100,000	Michigan Finance Authority, Revenue Bond, 5.000%, 11/15/2041		111,205
	100,000	Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond, 5.000%, 09/01/2033		111,955
				223,160
		Minnesota - 2.73%
	100,000	Apple Valley Senior Living, Series D, Revenue Bond, 7.250%, 01/01/2052		98,985
	160,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2030		186,203
	150,000	Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond, 6.875%, 12/01/2048		171,572
	300,000	Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond, 4.500%, 11/15/2038 (a)		337,266
				794,026
		Missouri - 2.17%
	250,000	Conley Road Transportation Development District, Revenue Bond, 5.375%, 05/01/2047		251,300
	350,000	St. Louis Airport, Revenue Bond, 6.625%, 07/01/2034		380,762
				632,062
		Montana - 0.72%
	200,000	City of Kalispell, Series A, Revenue Bond, 5.250%, 05/15/2047		210,318
		Nebraska - 2.46%
	130,000	Douglas County Hospital Authority No. 3, Refunding, Revenue Bond, 5.000%, 11/01/2024		152,617
	500,000	Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027		562,140
				714,757
		New Hampshire - 0.46%
	120,000	New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond, 5.000%, 07/01/2027		133,396
		New Jersey - 1.89%
	150,000	New Jersey Economic Development Authority, Refunding, Revenue Bond, 5.250%, 06/15/2030		165,658
	395,000	Tobacco Settlement Financing Corp., Series 1A, Refunding, Revenue Bond, 5.000%, 06/01/2041		384,288
				549,946

See notes to financial statements.

83

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		New York - 7.49%
$	325,000	Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond, 6.500%, 07/15/2030	$	365,404
	200,000	New York, Series E, GO, 4.000%, 12/15/2027		217,802
	270,000	New York City, Series I, Unrefunded, GO, 5.375%, 04/01/2036		286,273
	40,000	New York City Industrial Development Agency, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2022		46,070
	100,000	New York Dormitory Authority, Refunding, Revenue Bond, 5.000%, 12/01/2035		109,301
	250,000	New York Dormitory Authority, Series B, Refunding, Revenue Bond, 5.000%, 07/01/2038		284,630
	500,000	New York Environmental Facilities Corp., Series B, Revenue Bond, 5.500%, 10/15/2027		647,275
	175,000	New York Liberty Development Corp., Refunding, Revenue Bond, 5.250%, 10/01/2035		224,067
				2,180,822
		North Carolina - 1.28%
	320,000	North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, 5.000%, 01/01/2025		372,694
		Ohio - 4.33%
	550,000	Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047		527,263
	135,000	County of Cuyahoga, Revenue Bond, 5.250%, 02/15/2047		146,310
	200,000	Ohio, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2031		243,522
	300,000	Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, 5.000%, 01/01/2026		342,483
				1,259,578
		Pennsylvania - 3.39%
	350,000	Butler County Hospital Authority, Prerefunded, Revenue Bond, 7.125%, 07/01/2029		385,749
	250,000	Delaware Valley Pennsylvania Regional Finance Authority, Series A, Revenue Bond, AMBAC Insured, 5.500%, 08/01/2028		303,277
	200,000	Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond, 5.800%, 07/01/2030		224,934
	65,000	Pennsylvania Turnpike Commission, Series A-1, Revenue Bond, 5.000%, 12/01/2047		74,153
				988,113

Principal Amount			Value
		South Carolina - 1.62%
$	400,000	Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025	$	472,276
		South Dakota - 0.38%
	100,000	South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond, 5.000%, 06/01/2026		110,832
		Texas - 9.84%
	250,000	Aldine Independent School District, Refunding, Revenue Bond, PSF-GTD Insured, 5.000%, 02/15/2045		290,112
	200,000	Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond, 6.000%, 01/01/2041		230,662
	100,000	Central Texas Turnpike System, Series C, Refunding, Revenue Bond, 5.000%, 08/15/2029		115,408
	200,000	Dallas-Fort Worth International Airport, Series B, Revenue Bond, 5.000%, 11/01/2026		232,610
	300,000	Frisco Texas Independent School District, Series A, Prerefunded, GO, PSF-GTD Insured, 6.000%, 08/15/2038		313,095
	200,000	New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond, 5.000%, 07/01/2046		222,102
	350,000	North Texas Tollway Authority, Series A, Refunding, Revenue Bond, 4.000%, 01/01/2038		361,550
	100,000	North Texas Tollway Authority, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2029		117,336
	150,000	San Antonio Water System, Series A, Refunding, Revenue Bond, 5.000%, 05/15/2037		176,541
	100,000	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond, 6.625%, 11/15/2037		109,402
		Texas Private Activity Surface Transportation Corp., Revenue Bond,
	200,000	7.500%, 12/31/2031		225,384
	200,000	7.500%, 06/30/2033		230,354
	85,000	7.000%, 12/31/2038		103,135
	115,000	6.750%, 06/30/2043		137,303
				2,864,994
		Utah - 2.35%
	100,000	Salt Lake City Corp. Airport, Series B, Revenue Bond, 5.000%, 07/01/2042		117,711
	500,000	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022		567,915
				685,626
		Virginia - 1.84%
	400,000	Virginia College Building Authority Educational Facilities, Revenue Bond, 5.750%, 01/01/2034		534,924

See notes to financial statements.

84

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Washington - 2.18%
$	325,000	Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027	$	373,665
	250,000	Washington Health Care Facilities Authority, Refunding, Revenue Bond, 6.375%, 10/01/2036		262,113
				635,778
		Wisconsin - 5.97%
	10,000	Wisconsin, Series 2, Prerefunded, GO, 5.000%, 05/01/2025		11,576
	490,000	Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025		564,186
	450,000	Wisconsin, Series A, Unrefunded, Revenue Bond, 6.000%, 05/01/2033		485,352
	100,000	Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond, 5.000%, 05/01/2025		113,388
		Wisconsin Public Finance Authority, Refunding, Revenue Bond, Texas Private Activity Surface Transportation Corp., Revenue Bond,
	155,000	5.000%, 07/01/2022		168,528
	150,000	5.750%, 10/01/2031		152,141
	225,000	5.250%, 05/15/2047		242,046
				1,737,217
		Total Municipal Debt Obligations (Cost $26,598,498)		28,562,834

Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.81%
		Money Market Funds - 0.81%
	236,822	Government TaxAdvantage Portfolio - Institutional Shares Effective Yield, 0.88% (b)	$	236,822
		Total Short Term Investments (Cost $236,822)		236,822
		Total Investments (Cost $26,835,320) - 98.93%		28,799,656
		Other Assets in Excess of Liabilities - 1.07%		311,920
		TOTAL NET ASSETS - 100.00%	$	29,111,576

Percentages are stated as a percent of net assets.

(a) Variable Rate Security. The rate reported is the rate in effect as of September 30, 2017.

(b) Seven-day yield as of September 30, 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.

85

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS - 21.45%
	761,776	Alternative Loan Trust Series 2007-15CB, 6.000%, 07/25/2037	$	705,710
	754,357	Banc of America Funding Corp. Series 2007-3, 5.831%, 04/25/2037 (a)		664,033
	773,168	Chase Mortgage Finance Trust Series 2007-S3, 6.000%, 05/25/2037		649,695
		Credit Suisse Mortgage Capital Mortgage-Backed Trust
	260,157	Series 2006-9, 6.000%, 11/25/2036		252,460
	393,555	Series 2007-1, 6.000%, 02/25/2037		359,892
	387,098	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, 3.536%, 02/25/2036 (a)		380,941
	363,577	First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, 6.250%, 08/25/2037		288,724
	403,320	First Horizon Mortgage Pass-Through Trust Series 2007-4, 6.000%, 08/25/2037		352,431
		GSR Mortgage Loan Trust
	667,505	Series 2006-9F, 6.500%, 10/25/2036		606,613
	293,533	Series 2007-4F, 6.000%, 07/25/2037		273,526
	559,231	IndyMac IMJA Mortgage Loan Trust Series 2007-A3, 6.250%, 11/25/2037		463,631
	410,729	IndyMac INDX Mortgage Loan Trust Series 2005-AR1, 3.352%, 03/25/2035 (a)		417,540
		JP Morgan Chase Commercial Mortgage Securities Trust
	6,393,527	Series 2012-C8, 1.967%, 10/17/2045 (a)(h)		440,342
	7,678	Series 2007-LDP10, 5.464%, 01/15/2049 (a)		7,672
	481,909	Lehman Mortgage Trust Series 2006-2, 5.750%, 04/25/2036		477,932
	411,490	MASTR Adjustable Rate Mortgages Trust Series 2006-2, 3.482%, 01/25/2036 (a)		405,416
		Morgan Stanley Mortgage Loan Trust
	915,943	Series 2005-10, 6.000%, 12/25/2035		782,614
	609,902	Series 2007-12, 6.250%, 08/25/2037		538,439
		Residential Asset Securitization Trust
	751,265	Series 2007-A2, 6.000%, 04/25/2037		684,822
	575,559	Series 2007-A6, 6.000%, 06/25/2037		542,303
	901,424	Series 2007-A7, 6.000%, 07/25/2037		672,640
	914,969	TBW Mortgage-Backed Trust Series 2006-6, 5.630%, 01/25/2037 (a)(k)		531,369
	426,804	Washington Mutual Asset-Backed Certificates Trust 2006-HE3, 1.392% (1 Month LIBOR USD + 0.155%), 08/25/2036 (b)		390,308
	213,522	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-5, 6.000%, 07/25/2036		192,643
	251,105	Wells Fargo Alternative Loan Trust Series 2007-PA1, 6.000%, 03/25/2037		229,695
		Total Collateralized Mortgage Obligations (Cost $12,456,162)		11,311,391

Number of Shares			Value
		COMMON STOCKS - 0.02%
		Metals & Mining - 0.00%
	12,305,675	K2016470219 - Class A (c)(d)(g)	$	0
	1,336,186	K2016470219 - Class B (c)(d)(g)		0
				0
		Transportation - 0.02%
	22	CEVA Holdings LLC (c)(d)		10,094
		Total Common Stocks (Cost $29,791)		10,094
Principal Amount
		CONVERTIBLE OBLIGATIONS - 1.54%
		Metals & Mining - 1.54%
	780,000	B2Gold Corp. 3.250%, 10/01/2018		809,281
		Total Convertible Obligations (Cost $780,000)		809,281
		CORPORATE OBLIGATIONS - 0.47%
		Specialty Retail - 0.47%
		K2016470219 South Africa, Ltd.
	907,612	0.000% Cash or 3.000% PIK, 12/31/2022 (e)		50,009
	160,995	0.000% Cash or 8.000% PIK, 12/31/2022 (e)		33,280
	157,847	K2016470260 South Africa, Ltd. 0.000% Cash or 25.000% PIK, 12/31/2022 (e)		163,372
				246,661
		Total Corporate Obligations (Cost $2,031,595)		246,661
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 44.52%
		Argentine Bonos del Tesoro
	60,000	22.750%, 03/05/2018		3,518
	1,002,000	21.200%, 09/19/2018		57,685
	6,797,000	18.200%, 10/03/2021		409,426
	2,227,900	16.000%, 10/17/2023		145,429
	15,011,100	15.500%, 10/17/2026		1,001,923
		Brazil Letras do Tesouro Nacional
	334,000	7.113%, 07/01/2020 (f)		84,518
	6,900,000	7.221%, 07/01/2021 (f)		1,579,967
		Brazil Notas do Tesouro Nacional - Serie F
	2,065,000	-1.902%, 01/01/2021 (f)		692,966
	120,000	10.000%, 01/01/2023		40,064
	1,630,000	10.000%, 01/01/2025		542,097
	160,000,000	Colombia Government International Bond 7.750%, 04/14/2021		58,441
		Colombian TES
	583,000,000	10.000%, 07/24/2024		238,859
	296,500,000	7.500%, 08/26/2026		107,882
	342,500,000	6.000%, 04/28/2028		111,833
	2,628,000,000	7.750%, 09/18/2030		979,349
		Ghana Government Bond
	780,000	23.230%, 02/19/2018		180,987
	150,000	22.490%, 04/23/2018		34,904
	1,810,000	23.470%, 05/21/2018		424,778
	990,000	19.040%, 09/24/2018		227,667
	99,000	24.500%, 10/22/2018		23,873
	200,000	24.500%, 06/21/2021		54,030

See notes to financial statements.

86

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
	390,000	24.750%, 07/19/2021	$	106,425
	300,000	18.750%, 01/24/2022		71,184
	300,000	19.750%, 03/25/2024		74,029
	910,000	19.000%, 11/02/2026		223,360
	910,000	19.750%, 03/15/2032		218,394
		Ghana Treasury Note
	170,000	22.500%, 12/10/2018		40,456
	340,000	21.000%, 01/07/2019		80,193
	290,000	19.950%, 05/06/2019		67,621
		India Government Bond
	25,000,000	8.200%, 02/15/2022		405,375
	44,000,000	8.150%, 06/11/2022		712,890
	7,000,000	8.080%, 08/02/2022		113,091
	90,000,000	8.130%, 09/21/2022		1,458,839
	2,000,000	6.840%, 12/19/2022		30,993
	74,000,000	8.830%, 11/25/2023		1,243,829
	15,000,000	7.680%, 12/15/2023		240,453
		Indonesia Treasury Bond
	25,441,000,000	8.375%, 09/15/2026		2,131,574
	606,000,000	9.000%, 03/15/2029		52,934
	140,000,000	10.500%, 08/15/2030		13,612
	1,689,000,000	8.750%, 05/15/2031		145,557
	7,580,000,000	8.375%, 03/15/2034		620,880
		Korea Treasury Bond
	581,500,000	3.375%, 09/10/2023		540,855
	459,000,000	3.500%, 03/10/2024		431,988
	617,000,000	3.000%, 09/10/2024		563,843
		Mexican Bonos
	289,700	4.750%, 06/14/2018		1,567,451
	27,100	8.500%, 12/13/2018		151,434
	378,200	5.000%, 12/11/2019		2,004,543
		Mexican Udibonos
	25,665	3.500%, 12/14/2017 (i)		141,743
	15,423	4.000%, 06/13/2019 (i)		86,041
	12,745	2.500%, 12/10/2020 (i)		68,848
		Philippine Government Bond
	22,580,000	3.875%, 11/22/2019		446,970
	15,690,000	3.375%, 08/20/2020		306,282
		Republic of South Africa Government Bond
	2,385,000	10.500%, 12/21/2026		197,864
	1,989,000	8.000%, 01/31/2030		135,336
	833,000	7.000%, 02/28/2031		51,362
	1,876,000	8.250%, 03/31/2032		126,980
	1,252,000	8.875%, 02/28/2035		87,439
	537,000	6.250%, 03/31/2036		28,671
	266,000	8.500%, 01/31/2037		17,723
		Serbia Treasury Bonds
	3,910,000	10.000%, 08/21/2019		43,015
	5,860,000	10.000%, 09/11/2021		69,107
	62,780,000	10.000%, 02/05/2022		747,431
	1,120,000	Ukraine Government International Bond
		1.987%, 05/31/2040 (e)(f)		608,337
		Total Foreign Government Debt Obligations (Cost $22,711,381)		23,475,148
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 13.78%
		Federal Home Loan Mortgage Corp.
	1,033,199	Pool #4062, 3.500%, 06/15/2042		1,045,150

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	787,709	Pool #4171, 3.000%, 02/15/2043	$	732,488
	1,234,586	Pool #4413, 3.500%, 11/15/2044		1,238,868
		Federal National Mortgage Association
	690,604	Pool #1201, 3.500%, 10/01/2032		722,040
	364,421	Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%), 08/25/2033 (b)(l)		401,743
	77,914	Pool #2011-113, 4.000%, 03/25/2040		78,490
	611,364	Pool #2012-63, 2.000%, 08/25/2040		611,581
	1,265,016	Pool #2014-95, 3.000%, 04/25/2041		1,288,533
		Government National Mortgage Association
	737,669	Pool #2010-62, 4.514% (1 Month LIBOR USD + 5.750%), 05/20/2040 (b)(h)(l)		105,366
	749,818	Pool #2011-72, 4.144% (1 Month LIBOR USD + 5.380%), 05/20/2041 (b)(h)(l)		97,610
	700,000	Pool #2012-40, 4.000%, 01/20/2042		742,238
	1,476,140	Pool #2013-113, 5.014% (1 Month LIBOR USD + 6.250%), 03/20/2043 (b)(h)(l)		200,505
		Total Mortgage Backed Securities - U.S. Government Agency (Cost $7,135,295)		7,264,612
Number of Shares
		PREFERRED STOCKS - 0.04%
		Transportation - 0.04%
	49	CEVA Holdings LLC (c)(d)		21,847
		Total Preferred Stocks (Cost $64,482)		21,847
		WARRANTS - 0.00%
		Textiles, Apparel & Luxury Goods - 0.00%
	361	Edcon Holdings, Ltd. F - Expiration: December, 2049 (c)(d)(g)		0
	6,464,770	Edcon Holdings, Ltd. F1 - Expiration: December, 2049 (c)(d)(g)		0
	523,517	Edcon Holdings, Ltd. F2 - Expiration: December, 2049 (c)(d)(g)		0
		Total Warrants (Cost $0)		0
		SHORT TERM INVESTMENTS - 12.72%
		Money Market Funds - 11.00%
	5,798,974	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (j)		5,798,974
Principal Amount
		U.S. Government Agency Issue - 1.72%
	910,000	Federal Home Loan Bank Discount Note 0.000%, 10/02/2017 (f)		910,000
		Total Short Term Investments (Cost $6,708,956)		6,708,974
		Total Investments (Cost $51,917,662) - 94.54%		49,848,008
		Other Assets in Excess of Liabilities - 5.46%		2,876,522
		TOTAL NET ASSETS - 100.00%	$	52,724,530

See notes to financial statements.

87

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2017

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 coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017.

(b) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2017.

(c) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $31,941, which represents 0.06% of total net assets.

(d) Non-income producing.

(e) Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another expemption from registration. The value of these securities total $854,998, which represents 1.62% of total net assets.

(f) Zero coupon bond. The effective yield is listed

(g) As of September 30, 2017, the Valuation Committee has fair valued these securities, whose value were determined using significant, unobservable inputs. The value of these securities total $0, which represents 0.00% of total net assets.

(h) 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 September 30, 2017. The securities are liquid and the value of these securities total $843,823 which represents 1.60% of total net assets.

(i) Represents an inflation protected security.

(j) Seven-day yield as of September 30, 2017.

(k) Step-up bond; the interest rate shown is the rate in effect as of September 30, 2017.

(l) Inverse floating rate bond.

Glossary of Terms

PIK - Payment-in-Kind

See notes to financial statements.

88

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)

September 30, 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)
11/15/2017	JP Morgan Chase	Australian Dollar		500,000	U.S. Dollar		398,795	$	(6,825	)
3/26/2018	Citibank	Brazilian Real		3,300,000	Euro		855,011		(2,506	)
10/10/2017	Citibank	Euro		995,736	Mexican Peso		21,414,100		3,827
10/11/2017	Citibank	Euro		1,184,090	Mexican Peso		25,470,380		4,557
10/11/2017	Deutsche Bank	Japanese Yen		111,608,750	U.S. Dollar		1,014,579		(22,136	)
10/24/2017	Barclays	Japanese Yen		19,600,000	U.S. Dollar		180,023		(5,620	)
11/14/2017	Citibank	Japanese Yen		11,770,000	U.S. Dollar		105,246		(419	)
12/8/2017	Citibank	Japanese Yen		25,700,000	U.S. Dollar		230,052		(873	)
12/12/2017	Citibank	Japanese Yen		57,980,000	U.S. Dollar		519,097		(1,924	)
10/10/2017	Citibank	Mexican Peso		21,414,100	Euro		1,033,893		(48,951	)
10/11/2017	Citibank	Mexican Peso		25,470,380	Euro		1,235,988		(65,936	)
1/16/2018	Citibank	Mexican Peso		9,384,000	Euro		377,663		57,246
4/3/2018	Citibank	Mexican Peso		46,884,480	Euro		2,101,368		(9,652	)
7/13/2018	Citibank	Mexican Peso		7,476,600	Euro		339,140		(14,819	)
11/27/2017	HSBC	South Korea Won		827,000,000	U.S. Dollar		730,791		(8,213	)
12/5/2017	HSBC	South Korea Won		997,000,000	U.S. Dollar		881,053		(9,824	)
1/10/2018	HSBC	South Korea Won		552,143,147	U.S. Dollar		488,018		(5,214	)
1/22/2018	Goldman Sachs	South Korea Won		188,710,000	U.S. Dollar		166,897		(1,848	)
2/21/2018	Citibank	South Korea Won		1,035,000,000	U.S. Dollar		915,443		(9,700	)
11/15/2017	JP Morgan Chase	U.S. Dollar		868,339	Australian Dollar		1,178,000		(55,143	)
2/22/2018	Citibank	U.S. Dollar		273,293	Australian Dollar		370,000		(16,460	)
3/13/2018	Citibank	U.S. Dollar		485,696	Australian Dollar		654,000		(26,361	)
3/13/2018	JP Morgan Chase	U.S. Dollar		726,680	Australian Dollar		982,000		(42,188	)
3/20/2018	JP Morgan Chase	U.S. Dollar		1,117,718	Australian Dollar		1,489,000		(48,028	)
10/5/2017	Deutsche Bank	U.S. Dollar		75,568	Euro		65,866		(2,304	)
10/10/2017	Barclays	U.S. Dollar		243,513	Euro		204,000		2,261
10/10/2017	Bank of America	U.S. Dollar		496,930	Euro		434,000		(16,322	)
10/13/2017	Citibank	U.S. Dollar		76,535	Euro		66,790		(2,465	)
10/16/2017	Morgan Stanley	U.S. Dollar		106,027	Euro		88,500		1,331
10/18/2017	JP Morgan Chase	U.S. Dollar		210,812	Euro		177,000		1,398
10/19/2017	Goldman Sachs	U.S. Dollar		391,690	Euro		340,000		(10,596	)
10/20/2017	UBS	U.S. Dollar		243,783	Euro		203,500		2,990
10/24/2017	Deutsche Bank	U.S. Dollar		91,741	Euro		78,923		(1,666	)
10/27/2017	Citibank	U.S. Dollar		1,903,748	Euro		1,620,000		(13,870	)
10/27/2017	Goldman Sachs	U.S. Dollar		215,074	Euro		183,000		(1,545	)
10/30/2017	Deutsche Bank	U.S. Dollar		781,122	Euro		667,597		(9,253	)
11/2/2017	JP Morgan Chase	U.S. Dollar		310,489	Euro		263,000		(930	)
11/2/2017	HSBC	U.S. Dollar		40,286	Euro		34,118		(114	)
11/8/2017	Deutsche Bank	U.S. Dollar		501,087	Euro		424,000		(1,135	)
11/15/2017	Deutsche Bank	U.S. Dollar		37,936	Euro		32,000		18
11/20/2017	JP Morgan Chase	U.S. Dollar		208,517	Euro		177,000		(1,274	)
11/22/2017	Deutsche Bank	U.S. Dollar		211,325	Euro		179,000		(860	)
11/24/2017	Barclays	U.S. Dollar		376,870	Euro		319,000		(1,310	)
12/7/2017	Bank of America	U.S. Dollar		519,238	Euro		434,000		4,302
12/13/2017	Citibank	U.S. Dollar		263,231	Euro		218,594		3,768
10/11/2017	Deutsche Bank	U.S. Dollar		1,095,277	Japanese Yen		111,608,750		102,834
10/24/2017	Barclays	U.S. Dollar		181,265	Japanese Yen		19,600,000		6,862
11/14/2017	Citibank	U.S. Dollar		105,103	Japanese Yen		11,770,000		277
12/5/2017	JP Morgan Chase	U.S. Dollar		310,469	Japanese Yen		34,284,478		4,801
12/8/2017	Citibank	U.S. Dollar		236,924	Japanese Yen		25,700,000		7,746
12/11/2017	HSBC	U.S. Dollar		354,839	Japanese Yen		38,500,000		11,447
12/12/2017	Citibank	U.S. Dollar		517,769	Japanese Yen		57,980,000		596
12/13/2017	HSBC	U.S. Dollar		434,283	Japanese Yen		47,460,000		10,918
12/13/2017	JP Morgan Chase	U.S. Dollar		389,732	Japanese Yen		43,970,000		(2,500	)
12/18/2017	JP Morgan Chase	U.S. Dollar		169,699	Japanese Yen		18,500,000		4,615
1/11/2018	Goldman Sachs	U.S. Dollar		174,763	Japanese Yen		19,732,000		(1,566	)
1/16/2018	JP Morgan Chase	U.S. Dollar		396,590	Japanese Yen		44,610,000		(2,161	)
1/25/2018	Citibank	U.S. Dollar		328,460	Japanese Yen		36,309,000		3,752
1/25/2018	JP Morgan Chase	U.S. Dollar		506,460	Japanese Yen		56,000,000		5,657

See notes to financial statements.

89

GuideMark^® Opportunistic Fixed Income Fund

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

September 30, 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)
1/29/2018	JP Morgan Chase	U.S. Dollar		176,420	Japanese Yen		19,500,000	$	1,996
2/2/2018	JP Morgan Chase	U.S. Dollar		1,825,900	Japanese Yen		200,000,000		36,552
2/14/2018	Citibank	U.S. Dollar		106,494	Japanese Yen		11,860,000		318
2/15/2018	JP Morgan Chase	U.S. Dollar		383,849	Japanese Yen		41,463,000		12,632
2/16/2018	HSBC	U.S. Dollar		160,108	Japanese Yen		17,820,000		557
3/13/2018	Deutsche Bank	U.S. Dollar		145,462	Japanese Yen		15,700,000		4,704
3/22/2018	Deutsche Bank	U.S. Dollar		160,517	Japanese Yen		17,733,000		1,456
3/23/2018	Citibank	U.S. Dollar		322,667	Japanese Yen		35,670,000		2,696
4/13/2018	Deutsche Bank	U.S. Dollar		2,340,836	Japanese Yen		254,142,270		58,313
4/18/2018	Merrill Lynch	U.S. Dollar		276,578	Japanese Yen		30,030,000		6,789
4/23/2018	JP Morgan Chase	U.S. Dollar		360,496	Japanese Yen		38,610,000		13,521
6/1/2018	Deutsche Bank	U.S. Dollar		739,702	Japanese Yen		80,680,000		12,966
6/18/2018	HSBC	U.S. Dollar		827,201	Japanese Yen		88,800,000		26,508
6/20/2018	Citibank	U.S. Dollar		534,560	Japanese Yen		58,390,000		8,006
11/27/2017	HSBC	U.S. Dollar		739,615	South Korea Won		827,000,000		17,037
12/5/2017	HSBC	U.S. Dollar		885,490	South Korea Won		997,000,000		14,261
1/10/2018	HSBC	U.S. Dollar		488,904	South Korea Won		552,143,147		6,100
1/22/2018	Goldman Sachs	U.S. Dollar		167,593	South Korea Won		188,710,000		2,544
2/21/2018	Citibank	U.S. Dollar		1,316,464	South Korea Won		1,495,280,000		7,924
3/7/2018	HSBC	U.S. Dollar		240,121	South Korea Won		270,856,853		2,938
3/7/2018	Goldman Sachs	U.S. Dollar		923,173	South Korea Won		1,037,000,000		15,439
								$	21,949

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

INTEREST RATE SWAPS (Unaudited)

September 30, 2017

Pay/Receive Floating Rate	Floating Rate Index			Fixed Pay Rate		Maturity Date	Counterparty	Payment Frequency		Notional Amount		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Receive		3-MO-USD-LIBOR	**		1.914%	1/22/2025	Citibank		Quarterly		490,000	$	7,947		$	0	$	7,947
Receive		3-MO-USD-LIBOR	**		1.973%	1/27/2025	Citibank		Quarterly		360,000		4,416			0		4,416
Receive		3-MO-USD-LIBOR	**		1.942%	1/30/2025	Citibank		Quarterly		80,000		1,157			0		1,157
Receive		3-MO-USD-LIBOR	**		1.817%	2/3/2025	Citibank		Quarterly		120,000		2,779			0		2,779
Receive		3-MO-USD-LIBOR	*		1.978%	3/27/2025	Citibank		Quarterly		1,200,000		15,271			0		15,271
Receive		3-MO-USD-LIBOR			3.848%	8/22/2043	JP Morgan Chase		Quarterly		4,170,000		(1,099,600	)		0		(1,099,600	)
Receive		3-MO-USD-LIBOR	**		2.587%	7/27/2047	Citibank		Quarterly		1,100,000		(6,025	)		0		(6,025	)
												$	(1,074,055	)	$	0	$	(1,074,055	)

* Centrally cleared swap, clearing agent: Deutsche Bank

** Centrally cleared swap, clearing agent: JP Morgan Chase

See notes to financial statements.

90

GuidePath^® Growth Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.89%
		Exchange Traded Funds - 98.89%
	218,700	iShares Core MSCI EAFE ETF	$	14,033,979
	793,096	iShares Core MSCI Emerging Markets ETF		42,843,046
	802,870	iShares Core S&P Small-Cap ETF (a)		59,589,011
	513,942	iShares MSCI Canada ETF (a)		14,873,481
	345,692	iShares MSCI Switzerland Capped ETF		12,109,591
	1,008,397	Schwab U.S. Large-Cap ETF (a)		60,544,156
	57,848	SPDR S&P 600 Small Cap Growth ETF		13,182,981
	206,952	SPDR S&P China ETF		21,214,650
	2,876,002	Vanguard FTSE Developed Markets ETF (a)		124,847,247
	169,963	Vanguard Global ex-U.S. Real Estate ETF (a)		10,097,502
	2,667	Vanguard Growth ETF		354,044
	211,872	Vanguard REIT ETF (a)		17,604,444
	538,091	Vanguard S&P 500 ETF (a)		124,169,879
				515,464,011
		Total Investment Companies (Cost $429,271,139)		515,464,011
		SHORT TERM INVESTMENTS - 1.16%
		Money Market Funds - 1.16%
	6,027,000	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (b)		6,027,000
		Total Short Term Investments (Cost $6,027,000)		6,027,000

Number of Shares			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.44%
		Investments Purchased As Securities Lending Collateral - 21.44%
	111,782,580	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (b)	$	111,782,580
		Total Investments Purchased with Proceeds from Securities Lending (Cost $111,782,580)		111,782,580
		Total Investments (Cost $547,080,719) - 121.49%		633,273,591
		Liabilities in Excess of Other Assets - (21.49)%		(112,014,290	)
		TOTAL NET ASSETS - 100.00%	$	521,259,301

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Seven-day yield as of September 30, 2017.

See notes to financial statements.

91

GuidePath^® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.86%
		Exchange Traded Funds - 98.86%
	117,419	iShares 1-3 Year Treasury Bond ETF (a)	$	9,916,035
	219,592	iShares 7-10 Year Treasury Bond ETF (a)		23,390,940
	77,739	iShares 10+ Year Credit Bond ETF		4,824,094
	149,628	iShares 20+ Year Treasury Bond ETF (a)		18,667,589
	45,185	iShares Core MSCI Emerging Markets ETF		2,440,894
	150,425	iShares Core S&P Small-Cap ETF (a)		11,164,544
	197,122	iShares Edge MSCI Min Vol USA ETF (a)		9,923,121
	23,606	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		2,748,211
	75,359	iShares MSCI Canada ETF		2,180,889
	161,514	iShares MSCI Switzerland Capped ETF (a)		5,657,835
	54,415	iShares U.S. Credit Bond ETF (a)		6,106,995
	78,204	PowerShares DB Gold Fund (b)		3,188,377
	360,284	SPDR Bloomberg Barclays High Yield Bond ETF (a)		13,445,799
	109,935	SPDR Bloomberg Barclays International Treasury Bond ETF		3,088,074
	127,402	SPDR Bloomberg Barclays TIPS ETF		7,182,925
	21,592	SPDR S&P 600 Small Cap Value ETF (a)		2,728,797
	42,685	SPDR S&P China ETF		4,375,639
	502,058	Vanguard FTSE Developed Markets ETF (a)		21,794,338
	445,586	Vanguard Mortgage-Backed Securities ETF		23,518,029
	46,909	Vanguard REIT ETF (a)		3,897,669
	99,857	Vanguard S&P 500 ETF (a)		23,043,001
	15,181	Vanguard Total Bond Market ETF		1,244,235
	33,376	Vanguard Value ETF		3,331,592
				207,859,622
		Total Investment Companies (Cost $198,507,512)		207,859,622

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.23%
		Money Market Funds - 1.23%
	2,576,803	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (c)	$	2,576,803
		Total Short Term Investments (Cost $2,576,803)		2,576,803
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.04%
		Investments Purchased As Securities Lending Collateral - 28.04%
	58,966,855	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (c)		58,966,855
		Total Investments Purchased with Proceeds from Securities Lending (Cost $58,966,855)		58,966,855
		Total Investments (Cost $260,051,170) - 128.13%		269,403,280
		Liabilities in Excess of Other Assets - (28.13)%		(59,140,760	)
		TOTAL NET ASSETS - 100.00%	$	210,262,520

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Non-income producing security.

(c) Seven-day yield as of September 30, 2017.

See notes to financial statements.

92

GuidePath^® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.87%
		Exchange Traded Funds - 98.87%
	83,115	Healthcare Select Sector SPDR Fund (a)	$	6,792,989
	76,356	iShares Core S&P 500 ETF		19,312,723
	69,830	iShares U.S. Credit Bond ETF		7,837,021
	226,190	ProShares Ultra S&P 500 ETF (a)		21,881,621
	795,851	Schwab U.S. Large-Cap ETF (a)		47,782,894
	185,210	Technology Select Sector SPDR Fund		10,945,911
	96,714	Vanguard Growth ETF		12,838,783
	74,824	Vanguard Mid-Cap Growth ETF		9,109,822
	254,111	Vanguard S&P 500 ETF		58,638,654
	292,888	Vanguard Short-Term Corporate Bond ETF		23,469,115
	44,428	Vanguard Small-Cap Growth ETF (a)		6,781,490
	165,344	Vanguard Value ETF (a)		16,504,638
				241,895,661
		Total Investment Companies (Cost $222,341,020)		241,895,661
		SHORT TERM INVESTMENTS - 1.23%
		Money Market Funds - 1.23%
	3,005,399	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (b)		3,005,399
		Total Short Term Investments (Cost $3,005,399)		3,005,399

Number of Shares			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.63%
		Investments Purchased As Securities Lending Collateral - 4.63%
	11,335,800	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (b)	$	11,335,800
		Total Investments Purchased with Proceeds from Securities Lending (Cost $11,335,800)		11,335,800
		Total Investments (Cost $236,682,219) - 104.73%		256,236,860
		Liabilities in Excess of Other Assets - (4.73)%		(11,578,665	)
		TOTAL NET ASSETS - 100.00%	$	244,658,195

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Seven-day yield as of September 30, 2017.

See notes to financial statements.

93

GuidePath^® Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.78%
		Exchange Traded Funds - 57.14%
	194,170	iShares 3-7 Year Treasury Bond ETF (a)	$	23,981,937
	38,725	iShares 20+ Year Treasury Bond ETF (a)		4,831,331
	39,302	iShares Core MSCI Emerging Markets ETF (a)		2,123,094
	366,684	iShares Floating Rate Bond ETF (a)		18,678,883
	123,110	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		14,332,466
	27,439	PowerShares DB Agriculture Fund (b)		520,792
	14,577	PowerShares DB Base Metals Fund (a)(b)		263,989
	20,402	PowerShares DB Energy Fund (b)		261,758
	114,001	ProShares Investment Grade-Interest Rate Hedged ETF (a)		8,776,937
	56,388	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		2,579,751
	328,897	SPDR Bloomberg Barclays High Yield Bond ETF (a)		12,274,436
	86,371	Vanguard FTSE Developed Markets ETF		3,749,365
	562,664	Vanguard Mortgage-Backed Securities ETF		29,697,406
	19,146	Vanguard S&P 500 ETF (a)		4,418,131
	117,611	Vanguard Total Bond Market ETF		9,639,398
				136,129,674
		Mutual Funds - 41.64%
	617,121	BlackRock Low Duration Bond Portfolio - Institutional Shares		5,942,872
	658,366	DoubleLine Core Fixed Income Fund - Institutional Shares		7,242,021
	1,179,140	DoubleLine Low Duration Bond Fund - Institutional Shares		11,873,938
	459,798	DoubleLine Multi-Asset Growth Fund - Institutional Shares (d)		4,731,322
	2,828,959	DoubleLine Total Return Bond Fund - Institutional Shares		30,269,862
	2,075,851	T. Rowe Price Institutional Floating Rate Fund		20,800,027
	3,064,861	Vanguard High-Yield Corporate Fund - Admiral Shares		18,358,516
				99,218,558
		Total Investment Companies (Cost $234,366,091)		235,348,232

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.01%
		Money Market Funds - 1.01%
	2,407,561	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (c)	$	2,407,561
		Total Short Term Investments (Cost $2,407,561)		2,407,561
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.89%
		Investments Purchased As Securities Lending Collateral - 21.89%
	52,169,818	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (c)		52,169,818
		Total Investments Purchased with Proceeds from Securities Lending (Cost $52,169,818)		52,169,818
		Total Investments (Cost $288,943,470) - 121.68%		289,925,611
		Liabilities in Excess of Other Assets - (21.68)%		(51,652,040	)
		TOTAL NET ASSETS - 100.00%	$	238,273,571

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Non-income producing security.

(c) Seven-day yield as of September 30, 2017.

(d) 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 1.14% of total net assets as of September 30, 2017.

See notes to financial statements.

94

GuidePath^® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.72%
		Exchange Traded Funds - 59.84%
	3,503	iShares 7-10 Year Treasury Bond ETF (a)	$	373,140
	12,465	iShares 10+ Year Credit Bond ETF		773,516
	9,383	iShares 20+ Year Treasury Bond ETF (a)		1,170,623
	31,407	iShares Global Infrastructure ETF (a)		1,421,481
	263,648	iShares International Select Dividend ETF (a)		8,900,756
	15,340	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		1,785,883
	5,961	iShares MBS ETF		638,423
	230,295	iShares U.S. Preferred Stock ETF (a)		8,937,749
	22,394	PIMCO 0-5 Year High Yield Corporate Bond Index ETF (a)		2,273,887
	63,067	SPDR Bloomberg Barclays High Yield Bond ETF (a)		2,353,660
	130,259	SPDR Bloomberg Barclays Short Term Corporate Bond ETF		3,995,044
	115,048	SPDR Bloomberg Barclays Short Term High Yield Bond ETF		3,217,893
	36,357	Vanguard Global ex-U.S. Real Estate ETF (a)		2,159,969
	13,433	Vanguard REIT ETF (a)		1,116,148
	2,992	Vanguard S&P 500 ETF (a)		690,434
	109,401	Vanguard Total Bond Market ETF		8,966,506
	64,330	WisdomTree Emerging Markets High Dividend Fund (a)		2,766,190
	202,469	WisdomTree U.S. High Dividend Fund		14,154,607
	38,069	WisdomTree U.S. SmallCap Dividend Fund (a)		3,198,938
				68,894,847
		Mutual Funds - 38.88%
	874,750	BlackRock Global Dividend Portfolio - Institutional Shares		11,931,585
	378,115	BlackRock Strategic Income Opportunities Portfolio - Institutional Shares		3,769,811
	299,260	Loomis Sayles Global Equity and Income Fund - Institutional Shares		6,505,906
	1,331,420	T. Rowe Price Institutional Floating Rate Fund		13,340,825
	1,538,090	Vanguard High-Yield Corporate Fund - Admiral Shares		9,213,158
				44,761,285
		Total Investment Companies (Cost $101,125,270)		113,656,132

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.35%
		Money Market Funds - 1.35%
	1,556,396	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (b)	$	1,556,396
		Total Short Term Investments (Cost $1,556,396)		1,556,396
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.17%
		Investments Purchased with Proceeds from Securities Lending - 12.17%
	14,012,607	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (b)		14,012,607
		Total Investments Purchased with Proceeds from Securities Lending (Cost $14,012,607)		14,012,607
		Total Investments (Cost $116,694,273) - 112.24%		129,225,135
		Liabilities in Excess of Other Assets - (12.24)%		(14,094,529	)
		TOTAL NET ASSETS - 100.00%	$	115,130,606

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Seven-day yield as of September 30, 2017.

See notes to financial statements.

95

GuidePath^® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.78%
		Exchange Traded Funds - 68.77%
	69,885	iShares Core MSCI Emerging Markets ETF	$	3,775,188
	104,416	iShares U.S. Preferred Stock ETF		4,052,385
	233,668	SPDR Bloomberg Barclays High Yield Bond ETF (a)		8,720,490
	36,241	SPDR Bloomberg Barclays Short Term High Yield Bond ETF		1,013,661
	123,460	VanEck Vectors Emerging Markets High Yield Bond ETF		3,064,265
	89,227	Vanguard FTSE Developed Markets ETF (a)		3,873,344
	85,654	Vanguard Global ex-U.S. Real Estate ETF (a)		5,088,704
	60,100	Vanguard REIT ETF (a)		4,993,709
	820	Vanguard S&P 500 ETF (a)		189,223
	3,841	Vanguard Total Bond Market ETF		314,808
				35,085,777
		Mutual Funds - 30.01%
	163,218	BlackRock High Yield Portfolio - Institutional Shares		1,281,259
	483,933	Navigator Tactical Fixed Income Fund - Institutional Shares		5,095,819
	1,491,910	Vanguard High-Yield Corporate Fund - Admiral Shares		8,936,539
				15,313,617
		Total Investment Companies (Cost $49,251,585)		50,399,394

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.19%
		Money Market Funds - 1.19%
	609,729	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (b)	$	609,729
		Total Short Term Investments (Cost $609,729)		609,729
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.23%
		Investments Purchased As Securities Lending Collateral - 28.23%
	14,404,739	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (b)		14,404,739
		Total Investments Purchased with Proceeds from Securities Lending (Cost $14,404,739)		14,404,739
		Total Investments (Cost $64,266,053) - 128.20%		65,413,862
		Liabilities in Excess of Other Assets - (28.20)%		(14,388,101	)
		TOTAL NET ASSETS - 100.00%	$	51,025,761

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) Seven-day yield as of September 30, 2017.

See notes to financial statements.

96

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2017

Principal Amount			Value
		SHORT TERM INVESTMENTS - 98.12%
		Certificate of Deposit - 72.07%
$	3,000,000	Abbey National Treasury Services Plc 1.170%, 10/03/2017	$	3,000,000
	2,500,000	Banco Del Estado De Chile 1.392% (1 Month LIBOR USD + 0.160%), 01/08/2018 (a)		2,500,690
	2,500,000	Bank of Montreal 1.512% (1 Month LIBOR USD + 0.280%), 05/08/2018 (a)		2,501,973
	2,500,000	Bank of Nova Scotia 1.330%, 12/15/2017		2,500,331
		Bank of Tokyo-Mitsubishi, Ltd.
	2,500,000	1.400%, 10/31/2017		2,500,010
	500,000	1.250%, 11/21/2017		500,000
	3,000,000	CIBC 1.050%, 10/02/2017		3,000,000
	1,500,000	Commonwealth Bank of Australia 1.627% (1 Month LIBOR USD + 0.480%), 02/23/2018 (a)		1,501,893
	2,700,000	Credit Agricole Corp. and Investment Bank 1.180%, 10/05/2017		2,700,000
	3,000,000	Credit Industriel et Commercial 1.250%, 12/20/2017		3,000,039
	750,000	Dexia Credit Local SA 1.715% (1 Month LIBOR USD + 0.480%), 01/29/2018 (a)		750,981
		DZ Bank AG
	2,000,000	1.320%, 11/20/2017		2,000,000
	1,000,000	1.350%, 01/31/2018		999,965
	3,000,000	KBC Bank N.V. 1.230%, 10/23/2017		3,000,000
	3,000,000	Landesbank Hessen-Thueringen 1.300%, 10/12/2017		3,000,000
	2,500,000	Mizuho Bank, Ltd. 1.250%, 10/04/2017		2,500,000
	3,200,000	National Bank of Kuwait 1.080%, 10/02/2017		3,200,000
		Oversea-Chinese Banking Corp., Ltd.
	500,000	1.300%, 10/02/2017		500,000
	2,500,000	1.300%, 11/30/2017		2,500,007
	1,500,000	Royal Bank of Canada 1.416% (1 Month LIBOR USD + 0.180%), 06/12/2018 (a)		1,500,057
	3,000,000	Skandinaviska Enskilda Banken AB 1.240%, 10/05/2017		3,000,000
	2,250,000	State Street Bank & Trust 1.300%, 10/23/2017		2,250,123
		Sumitomo Mitsui Trust Bank, Ltd.
	3,000,000	1.250%, 11/21/2017		3,000,000
	3,000,000	1.351% (1 Month LIBOR USD + 0.120%), 12/07/2017 (a)		3,000,290
		Svenska Handelsbanken
	2,500,000	1.322% (1 Month LIBOR USD + 0.090%), 11/06/2017 (a)		2,500,000
	500,000	1.322% (1 Month LIBOR USD + 0.090%), 12/06/2017 (a)		500,059
	500,000	The Norinchukin Bank 1.505% (1 Month LIBOR USD + 0.270%), 10/10/2017 (a)		500,000

Principal Amount			Value
		Certificate of Deposit (Continued)
$	3,000,000	The Toronto-Dominion Bank 1.330%, 01/22/2018	$	3,000,469
	2,500,000	Wells Fargo Bank NA 1.410%, 02/02/2018		2,501,180
	2,500,000	Westpac Banking Corp 1.755% (1 Month LIBOR USD + 0.520%), 01/10/2018 (a)		2,503,228
				66,411,295
		Commercial Paper - 11.38%
	2,300,000	BNP Paribas SA 1.130%, 10/04/2017		2,299,784
	3,000,000	COFCO Capital Corp. 1.180%, 10/12/2017		2,998,808
	2,500,000	ING U.S. Funding, LLC. 1.280%, 11/17/2017		2,495,822
	2,700,000	Swedbank AB 1.330%, 11/28/2017		2,694,215
				10,488,629
		Corporate Obligations - 2.71%
	2,500,000	Bank of America Corp. 1.136%, 10/17/2017 (c)		2,500,000
				2,500,000
Number of Shares
		Money Market Funds - 2.36%
	2,176,049	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.96% (c)(d)		2,176,049
				2,176,049
Principal Amount
		U.S. Treasury Bill - 9.60%
		United States Treasury Bill
$	1,000,000	0.715%, 10/05/2017 (d)(e)(f)		999,887
	6,350,000	0.943%, 11/02/2017 (d)(e)(f)		6,344,482
	1,500,000	0.969%, 12/07/2017 (e)(f)		1,497,305
				8,841,674
		Total Short Term Investments (Cost $90,406,650)		90,417,647
		Total Investments (Cost $90,406,650) - 98.12%		90,417,647
		Other Assets in Excess of Liabilities - 1.88%		1,731,646
		TOTAL NET ASSETS - 100.00%	$	92,149,293

Percentages are stated as a percent of net assets.

(a) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2017.

(b) Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017.

(c) Seven-day yield as of September 30, 2017.

(d) All or a portion of this security is held by GuidePath^® Managed Futures Strategy Cayman Fund Ltd.

(e) Zero coupon bond. The effective yield is listed.

(f) All or a portion of this security is held as collateral for certain futures contracts.

See notes to financial statements.

97

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2017

Description	Number of Contracts Purchased / (Sold)			Notional Value			Value			Settlement Month		Unrealized Appreciation (Depreciation)
Amsterdam IDX Futures		31		$	3,934,263		$	27,479			Oct-17	$	104,891
Australian 3-Year Treasury Bond Futures		(415	)		(31,842,947	)		(30,043	)		Dec-17		42,958
Australian 10-Year Treasury Bond Futures		(73	)		(5,561,779	)		(10,481	)		Dec-17		100,029
Australian Dollar Futures		98			7,679,280			(15,463	)		Dec-17		(166,339	)
Brent Crude Futures (a)		56			3,180,240			(20,720	)		Oct-17		85,078
British Pound Futures		108			9,071,325			(27,637	)		Dec-17		25,236
CAC40 Index Futures		37			2,329,281			15,524			Oct-17		100,649
Canadian 10-Year Bond Futures		(79	)		(8,566,379	)		8,864			Dec-17		74,181
Canadian Dollar Futures		117			9,389,835			(32,634	)		Dec-17		(250,975	)
Cocoa Futures (a)		(54	)		(1,103,220	)		(34,020	)		Dec-17		(43,575	)
Coffee ‘C’ Futures (a)		(21	)		(1,008,394	)		3,544			Dec-17		23,478
Copper Futures (a)		37			2,733,375			(24,050	)		Dec-17		(19,155	)
Corn Futures (a)		(145	)		(2,575,563	)		(19,938	)		Dec-17		(22,298	)
Cotton No. 2 Futures (a)		41			1,403,225			(10,660	)		Dec-17		(70,426	)
DAX® Index Futures		8			3,025,174			25,529			Dec-17		107,594
DJIA E-Mini CBOT Futures		56			6,256,880			7,071			Dec-17		158,986
E-mini Nasdaq 100 Futures		37			4,427,050			32,803			Dec-17		14,866
E-mini Russell 2000 Futures		80			5,971,600			1,502			Dec-17		286,637
E-mini S&P 500 Futures		37			4,654,785			15,540			Dec-17		82,933
E-mini S&P Mid Cap 400 Futures		24			4,309,680			4,177			Dec-17		160,931
Euribor 3 Month Futures		138			163,631,367			0			Dec-17		12,026
Euro Fx Futures		63			9,343,294			18,569			Dec-17		(122,746	)
Euro Stoxx 50® Index Futures		65			2,747,193			19,974			Dec-17		107,858
Euro-Bobl Futures		133			20,620,423			4,716			Dec-17		(65,057	)
Euro-BTP Futures		13			2,073,608			0			Dec-17		(26,168	)
Euro-BTP Futures - Short		135			17,994,681			1,596			Dec-17		18,961
Euro-Bund Futures		32			6,089,493			7,942			Dec-17		(55,574	)
Euro-Buxl® 30 Year Futures		(14	)		(2,701,383	)		(13,877	)		Dec-17		4,241
Eurodollar 90 Day Futures		(645	)		(634,744,500	)		8,062			Mar-18		18,149
Euro-OATS Futures		6			1,100,154			1,702			Dec-17		(10,265	)
Euro-Schatz Futures		274			36,312,043			(3,238	)		Dec-17		(18,987	)
FTSE 100 Index Futures		24			2,357,163			16,884			Dec-17		(13,334	)
FTSE MIB Index Futures		22			2,942,347			14,951			Dec-17		95,746
FTSE/JSE Top 40 Index Futures		81			2,999,610			30,752			Dec-17		(10,517	)
Gold 100 Oz. Futures (a)		19			2,441,120			(7,410	)		Dec-17		(111,841	)
Hang Seng Index Futures		23			4,050,675			35,290			Oct-17		(15,197	)
HSCEI Index Futures		37			2,582,838			17,999			Oct-17		(23,214	)
IBEX 35® Index Futures		12			1,465,217			5,162			Oct-17		14,248
Japanese Yen Futures		(153	)		(17,059,500	)		13,642			Dec-17		396,646
Live Cattle Futures (a)		16			737,600			1,280			Dec-17		15,653
LME Aluminium Futures (a)(b)		48			2,519,400			19,896			Dec-17		19,896
LME Copper Futures (a)(b)		17			2,753,681			(57,341	)		Dec-17		(57,341	)
LME Nickel Futures (a)(b)		14			881,118			(78,306	)		Dec-17		(78,306	)
LME Zinc Futures (a)(b)		(3	)		(237,450	)		(5,353	)		Dec-17		(5,353	)
LME Zinc Futures (a)(b)		25			1,978,750			20,519			Dec-17		20,519
Long Gilt Futures		2			331,998			360			Dec-17		360
Low Sulphur Gas Oil Futures (a)		94			5,097,150			(21,150	)		Nov-17		271,933
Mexican Peso Futures		276			7,486,500			(15,453	)		Dec-17		(168,330	)
MSCI EAFE Index Futures		51			5,044,920			30,855			Dec-17		77,272
MSCI Emerging Markets Index Futures		97			5,283,105			63,200			Dec-17		7,119
MSCI Singapore Index Futures		69			1,829,979			(2,035	)		Oct-17		(4,917	)
MSCI Taiwan Index Futures		84			3,231,480			4,200			Oct-17		(12,356	)
Natural Gas Futures (a)		(17	)		(511,190	)		1,700			Oct-17		16,431
New Zealand Dollar Futures		60			4,327,200			(9,892	)		Dec-17		(12,475	)
Nifty 50 Index Futures		176			3,450,656			2,816			Oct-17		(33,171	)
Nikkei 225 Futures		17			3,075,939			(4,004	)		Dec-17		86,823
NY Harbor ULSD Futures (a)		44			3,344,880			(26,426	)		Oct-17		77,732
OMXS30 Futures		152			3,054,500			25,194			Oct-17		124,778
RBOB Gasoline Futures (a)		30			2,004,660			(29,988	)		Oct-17		13,143

See notes to financial statements.

98

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)

September 30, 2017

Description	Number of Contracts Purchased / (Sold)			Notional Value			Value			Settlement Month		Unrealized Appreciation (Depreciation)
S&P/TSX 60 Index Futures		39		$	5,743,025		$	11,489			Dec-17	$	161,028
Silver Futures (a)		(2	)		(166,760	)		1,710			Dec-17		3,234
South African Rand Futures		97			3,532,013			(10,436	)		Dec-17		(157,912	)
Soybean Futures (a)		(23	)		(1,113,488	)		(10,063	)		Nov-17		(39,567	)
Soybean Meal Futures (a)		(7	)		(221,060	)		(3,379	)		Dec-17		(3,379	)
Soybean Oil Futures (a)		(34	)		(669,528	)		136			Dec-17		1,364
SPI 200TM Index Futures		32			3,556,783			13,805			Dec-17		(35,313	)
Sterling 90 Day Futures		190			126,625,082			3,179			Dec-17		(56,948	)
Sugar No. 11 Futures (a)		(62	)		(979,104	)		(10,416	)		Feb-18		40,524
Swiss Franc Futures		(6	)		(778,350	)		(1,430	)		Dec-17		(1,430	)
TOPIX Index Futures		36			5,358,809			(7,564	)		Dec-17		153,911
U.S. Treasury 2-Year Note Futures		(165	)		(35,591,016	)		20,625			Dec-17		15,677
U.S. Treasury 5-Year Note Futures		(75	)		(8,812,500	)		12,305			Dec-17		17,970
U.S. Treasury 10-Year Note Futures		(31	)		(3,884,688	)		7,266			Dec-17		16,202
U.S. Treasury Long Bond Futures		(9	)		(1,375,313	)		(281	)		Dec-17		12,611
U.S. Treasury Ultra Bond Future		(5	)		(825,625	)		(2,031	)		Dec-17		9,772
Wheat Futures (a)		(74	)		(1,658,525	)		24,975			Dec-17		(49,063	)
WTI Crude Futures (a)		13			671,710			1,430			Oct-17		12,896
					-212,950,105			60,495				$	1,451,641

(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.

99

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Unaudited)

September 30, 2017

	Large Cap Core Fund		Emerging Markets Fund			Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $299,823,879, $85,609,614, and $51,839,533, respectively)1	$	352,372,014	$	113,628,484		$	64,766,396
Foreign currencies (cost $0, $236,363, and $0, respectively)		—		234,644			—
Cash		5,592		—			800
Income receivable		241,796		83,806			114,284
Receivable for dividend reclaims		3,687		30,904			—
Receivable for fund shares sold		661,706		51,878			102,869
Other assets		52,803		34,569			41,979
Total Assets		353,337,598		114,064,285			65,026,328
LIABILITIES:
Payable for collateral on securities loaned		55,412,352		5,770,820			12,445,347
Payable for fund shares redeemed		137,870		59,547			17,624
Payable to Investment Advisor		170,641		75,412			34,094
Payable to custodian		10,888		33,943			4,140
Accrued Trustee fees and expenses		6,208		2,876			2,349
Accrued distribution and shareholder serving fees		75,910		32,372			14,184
Other accrued expenses		81,937		73,968			61,716
Total Liabilities		55,895,806		6,048,938			12,579,454
NET ASSETS	$	297,441,792	$	108,015,347		$	52,446,874
NET ASSETS CONSIST OF:
Capital stock		235,321,094		164,199,840			25,839,405
Unrealized appreciation (depreciation) on:
Investments		52,548,135		28,018,870			12,926,863
Foreign currencies		—		(2,090	)		—
Accumulated undistributed net investment income		1,096,642		630,801			126,881
Accumulated undistributed net realized gain (loss)		8,475,921		(84,832,074	)		13,553,725
Total Net Assets	$	297,441,792	$	108,015,347		$	52,446,874
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		75,269		658			—
Net assets		1,300,436		10,009			—
Net asset value, offering and redemption price per share	$	17.277	$	15.212	2	$	—
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		17,403,409		6,909,200			2,735,893
Net assets		296,141,356		108,005,338			52,446,874
Net asset value, offering and redemption price per share	$	17.016	$	15.632		$	19.170
1Includes loaned securities with a value of:	$	54,232,219	$	5,732,655		$	12,161,817
2Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

100

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)

September 30, 2017

	World ex-US Fund			Core Fixed Income Fund			Tax-Exempt Fixed  Income Fund
ASSETS:
Investments, at value (cost $155,698,509, $157,043,088 and $26,835,320, respectively)1	$	181,792,821		$	158,894,670		$	28,799,656
Foreign currencies (cost $325,742, $0, and $0, respectively)		323,782			—			—
Cash		—			913			—
Appreciation on swap agreements		—			176,544			—
Variation margin on futures contracts		—			4,031			—
Income receivable		391,942			710,238			421,128
Receivable for dividend reclaims		767,129			—			—
Receivable for investment securities sold		—			3,254,473			—
Receivable for fund shares sold		281,041			150,428			547
Swap premiums paid		—			49,584			—
Other assets		38,998			41,202			25,881
Total Assets		183,595,713			163,282,083			29,247,212
LIABILITIES:
Payable for collateral on securities loaned		3,424,516			15,357,874
Payable for investment securities purchased		—			14,021,453			74,393
Payable for fund shares redeemed		131,390			85,239			5,047
Payable to Investment Advisor		89,706			70,141			12,960
Payable to custodian		28,802			7,692			696
Accrued Trustee fees and expenses		4,048			3,572			762
Accrued distribution and shareholder servicing fees		45,452			36,454			12,951
Swap premiums received		—			181,289			—
Payable for deposits with broker for swaps		—			14,451			—
Other accrued expenses		100,475			89,069			28,827
Total Liabilities		3,824,389			29,867,234			135,636
NET ASSETS	$	179,771,324		$	133,414,849		$	29,111,576
NET ASSETS CONSIST OF:
Capital stock		288,290,770			131,010,805			28,607,065
Unrealized appreciation (depreciation) on:
Investments		26,094,312			1,851,591			1,964,336
Foreign currencies		(13,139	)		—			—
Swaps		—			176,544			—
Futures contracts		—			(25,467	)		—
Accumulated undistributed net investment income (loss)		4,356,949			(316,501	)		23,335
Accumulated undistributed net realized gain (loss)		(138,957,568	)		717,877			(1,483,160	)
Total Net Assets	$	179,771,324		$	133,414,849		$	29,111,576
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		117,230			—			—
Net assets		1,116,374			—			—
Net asset value, offering and redemption price per share	$	9.523		$	—		$	—
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		19,258,527			14,171,720			2,562,129
Net assets		178,654,950			133,414,849			29,111,576
Net asset value, offering and redemption price per share	$	9.277		$	9.414		$	11.362
1Includes loaned securities with a value of:	$	3,337,880		$	15,005,792		$	—

See notes to financial statements.

101

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)

September 30, 2017

	Opportunistic Fixed Income Fund			Growth Allocation Fund		Conservative Allocation Fund
ASSETS:
Investments, at value (cost $51,917,662, $547,080,719, and $260,051,170, respectively)1	$	49,848,008		$	633,273,591	$	269,403,280
Foreign currencies (cost $105,158, $0, and $0, respectively)		102,506			—		—
Cash		852,193			—		—
Deposits with brokers for forwards and swaps		2,073,857			—		—
Income receivable		983,081			34,502		2,126
Receivable for dividend reclaims		618			—		—
Receivable for investment securities and foreign currencies sold		—			53,454		—
Receivable for fund shares sold		34,519			1,202,254		557,478
Appreciation of forward foreign currency contracts		494,460			—		—
Appreciation of swap agreements		31,570			—		—
Other assets		19,677			64,727		42,716
Total Assets		54,440,489			634,628,528		270,005,600
LIABILITIES:
Depreciation of forward foreign currency contracts		472,511			—		—
Depreciation on swap agreements		1,105,625			—		—
Payable for collateral on securities loaned		—			111,782,580		58,966,855
Payable for investment securities and foreign currencies purchased		—			724,496		382,423
Payable for fund shares redeemed		26,882			331,420		212,827
Payable to Investment Advisor		21,473			213,440		76,771
Payable to custodian		21,829			15,236		7,804
Accrued Trustee fees and expenses		1,536			14,084		2,881
Accrued distribution and shareholder servicing fees		15,433			144,059		54,889
Other accrued expenses		50,670			143,912		38,630
Total Liabilities		1,715,959			113,369,227		59,743,080
NET ASSETS	$	52,724,530		$	521,259,301	$	210,262,520
NET ASSETS CONSIST OF:
Capital stock		70,556,057			375,697,615		199,154,016
Unrealized appreciation (depreciation) on:
Investments		(2,069,654	)		86,192,872		9,352,110
Foreign currencies		(7,545	)		—		—
Swaps		(1,074,055	)		—		—
Forward currency exchange contracts		21,949			—		—
Accumulated undistributed net investment income		11,280,731			3,054,862		2,138,978
Accumulated undistributed net realized gain (loss)		(25,982,953	)		56,313,952		(382,584	)
Total Net Assets	$	52,724,530		$	521,259,301	$	210,262,520
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		36,134			909,732		593,582
Net assets		331,788			11,347,365		5,713,797
Net asset value, offering and redemption price per share	$	9.183	2	$	12.473	$	9.626
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		5,655,031			41,185,352		21,416,077
Net assets		52,392,742			509,911,936		204,548,723
Net asset value, offering and redemption price per share	$	9.265		$	12.381	$	9.551
1Includes loaned securities with a value of:	$	—		$	109,837,619	$	57,785,013
2Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

102

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)

September 30, 2017

	Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund
ASSETS:
Investments, at value (cost $236,682,219, $288,943,470 and $116,694,273, respectively)1	$	256,236,860		$	289,925,611		$	129,225,135
Cash		—			—			72,449
Income receivable		118,471			316,496			103,319
Receivable for investment securities sold		32,009,851			—			—
Receivable for fund shares sold		463,809			564,538			252,764
Other assets		45,192			41,151			34,963
Total Assets		288,874,183			290,847,796			129,688,630
LIABILITIES:
Payable for collateral on securities loaned		11,335,800			52,169,818			14,012,607
Payable for investment securities purchased		32,401,865			—			375,270
Payable for fund shares redeemed		149,584			174,023			21,547
Payable to Investment Advisor		126,567			106,915			56,762
Payable to custodian		10,762			9,806			8,629
Accrued Trustee fees and expenses		7,855			3,301			2,922
Accrueddistribution and shareholder servicing fees		76,798			62,479			30,955
Other accrued expenses		106,757			47,883			49,332
Total Liabilities		44,215,988			52,574,225			14,558,024
NET ASSETS	$	244,658,195		$	238,273,571		$	115,130,606
NET ASSETS CONSIST OF:
Capital stock		220,026,845			240,278,120			111,602,796
Unrealized appreciation on:
Investments		19,554,641			982,141			12,530,862
Accumulated undistributed net investment income		5,285,435			2,064,897			207,589
Accumulated undistributed net realized loss		(208,726	)		(5,051,587	)		(9,210,641	)
Total Net Assets	$	244,658,195		$	238,273,571		$	115,130,606
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		206,485			126,494			—
Net assets		2,264,584			1,337,276			—
Net asset value, offering and redemption price per share	$	10.970	2	$	10.572		$	—
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		22,393,106			22,407,866			10,684,762
Net assets		242,393,611			236,936,295			115,130,606
Net asset value, offering and redemption price per share	$	10.827	2	$	10.573	2	$	10.774	2
1Includes loaned securities with a value of:	$	11,178,268		$	51,147,748		$	13,732,760
2Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

103

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)

September 30, 2017

	Flexible Income Allocation Fund			Managed2 Futures Strategy Fund
ASSETS:
Investments, at value (cost $64,266,053 and $90,406,650, respectively)1	$	65,413,862		$	90,417,647
Cash		—			35,280
Deposits with brokers for futures		—			1,508,706
Variation margin on futures		—			161,080
Income receivable		71,032			98,854
Receivable for fund shares sold		141,893			252,080
Other assets		49,927			22,590
Total Assets		65,676,714			92,496,237
LIABILITIES:
Payable for collateral on securities loaned		14,404,739			—
Payable for investment securities purchased		141,870			—
Payable for fund shares redeemed		19,562			67,947
Payable for unsettled open futures contracts		—			100,130
Payable to Investment Advisor		25,208			94,140
Payable to custodian		8,105			5,561
Accrued Trustee fees and expenses		2,462			2,215
Accrued distribution and shareholder servicing fees		18,406			25,501
Other accrued expenses		30,601			51,450
Total Liabilities		14,650,953			346,944
NET ASSETS	$	51,025,761		$	92,149,293
NET ASSETS CONSIST OF:
Capital stock		57,988,260			97,231,710
Unrealized appreciation (depreciation) on:
Investments		1,147,809			10,997
Foreign currency translation		—			(2,430	)
Futures contracts		—			1,451,641
Accumulated undistributed net investment income gain (loss)		95,797			(497,555	)
Accumulated undistributed net realized loss		(8,206,105	)		(6,045,070	)
Total Net Assets	$	51,025,761		$	92,149,293
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		1,444			178,136
Net assets		14,100			1,536,088
Net asset value, offering and redemption price per share	$	9.766	3	$	8.624	3
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		5,250,071			10,616,324
Net assets		51,011,661			90,613,205
Net asset value, offering and redemption price per share	$	9.716		$	8.536	3
1Includes loaned securities with a value of:	$	14,087,046		$	—
2Consolidated Statement of Assets & Liabilities (see note 3b).
3Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

104

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended September 30, 2017

	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $230, $260,653, and $187, respectively)	$	2,112,068		$	1,732,124		$	526,850
Interest income		12,880			2,425			3,498
Total investment income		2,124,948			1,734,549			530,348
EXPENSES:
Investment advisory fees		560,551			337,114			240,206
Distribution (12b-1) fees – Service Shares		282,742			135,391			63,883
Administrative service fees – Service Shares		274,160			131,563			62,725
Shareholder servicing fees – Service Shares		96,133			42,784			20,953
Administration fees		48,978			30,288			32,032
Fund accounting fees		39,188			62,937			53,695
Legal fees		33,311			18,793			14,246
Federal and state registration fees		18,425			18,181			17,512
Trustee fees and expenses		17,479			9,360			8,475
Custody fees		17,094			95,446			18,173
Reports to shareholders		14,218			7,350			6,466
Audit and tax fees		10,616			10,586			11,134
Transfer agent fees and expenses		8,017			5,734			5,521
Compliance fees		7,252			3,906			3,448
Insurance fees		5,522			3,291			2,348
Interest expenses		3,113			3,080			—
Miscellaneous expenses		1,098			1,098			1,098
Total expenses		1,437,897			916,902			561,915
Less securities lending credit (See Note 7)		(54,213	)		(1,994	)		(99,165	)
Net expenses		1,383,684			914,908			462,750
Net investment income		741,264			819,641			67,598
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (loss) on:
Investments		3,202,086			6,465,902			12,838,665
Foreign currencies		—			(39,626	)		—
Forward currency contracts		—			(5,491	)		—
Total		3,202,086			6,420,785			12,838,665
Net change in unrealized appreciation (depreciation) on:
Investments		13,008,353			8,864,688			(7,805,309	)
Foreign currencies		—			(14,151	)		—
Forward currency contracts		—			1,885			—
Total		13,008,353			8,852,422			(7,805,309	)
Net realized and unrealized gain		16,210,439			15,273,207			5,033,356
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,951,703		$	16,092,848		$	5,100,954

See notes to financial statements.

105

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

For the Period Ended September 30, 2017

	World ex-US Fund			Core Fixed  Income Fund			Tax-Exempt Fixed  Income Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $278,958, $0, and $0, respectively)	$	2,746,324		$	—		$	—
Interest income		3,580			1,828,971			616,499
Total investment income		2,749,904			1,828,971			616,499
EXPENSES:
Investment advisory fees		407,193			348,804			75,157
Distribution (12b-1) fees – Service Shares		155,560			169,694			37,578
Administrative service fees – Service Shares		152,454			164,241			33,836
Shareholder servicing fees – Service Shares		50,114			57,017			11,274
Administration fees		47,683			34,619			6,954
Fund accounting fees		88,075			84,140			13,952
Legal fees		24,435			25,260			4,861
Federal and state registration fees		17,633			17,725			16,504
Trustee fees and expenses		14,329			11,921			2,500
Custody fees		79,787			20,983			2,260
Reports to shareholders		11,011			9,180			1,586
Audit and tax fees		13,000			12,354			12,354
Transfer agent fees and expenses		7,260			6,435			3,172
Compliance fees		5,859			4,912			1,038
Insurance fees		5,461			5,947			1,311
Interest expenses		643			3			16
Miscellaneous expenses		1,098			1,098			732
Total expenses		1,081,595			974,333			225,085
Net expense recapture (reimbursement) by Advisor (See Note 4)		(51,771	)		(75,363	)		(31,165	)
Less securities lending credit (See Note 7)		(12,472	)		(10,353	)		—
Net expenses		1,017,352			888,617			193,920
Net investment income		1,732,552			940,354			422,579
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on:
Investments		16,566,842			962,155			246,409
Foreign currencies		139,924			43			—
Swaps		—			20,373			—
Futures contracts		—			112,094			—
Total		16,706,766			1,094,665			246,409
Net change in unrealized appreciation (depreciation) on:
Investments		2,503,870			816,029			148,430
Foreign currencies		38,366			—			—
Swaps		—			(58,897	)		—
Futures contracts		—			(45,804	)		—
Total		2,542,236			711,328			148,430
Net realized and unrealized gain		19,249,002			1,805,993			394,839
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,981,554		$	2,746,347		$	817,418

See notes to financial statements.

106

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

For the Period Ended September 30, 2017

	Opportunistic Fixed Income Fund			Growth Allocation Fund			Conservative Allocation Fund
INVESTMENT INCOME:
Dividend income	$	—		$	5,706,980		$	1,497,123
Interest income (net of withholding tax of $618, $0, and $0, respectively)		1,903,752			33,582			7,671
Total investment income		1,903,752			5,740,562			1,504,794
EXPENSES:
Investment advisory fees		209,903			711,592			161,621
Distribution (12b-1) fees – Service Shares		69,418			695,950			155,279
Administrative service fees – Service Shares		68,421			695,440			155,174
Shareholder servicing fees – Service Shares		20,270			270,029			60,583
Administration fees		14,580			126,603			28,036
Fund accounting fees		33,432			68,331			14,368
Legal fees		20,650			68,241			14,948
Federal and state registration fees		18,699			17,325			16,714
Trustee fees and expenses		5,244			46,670			9,548
Custody fees		86,199			44,244			21,818
Reports to shareholders		4,026			37,699			7,477
Audit and tax fees		14,642			7,322			7,322
Transfer agent fees and expenses		4,514			16,715			5,826
Compliance fees		1,220			11,164			2,288
Insurance fees		1,190			7,433			789
Interest expenses		—			18,260			3,734
Miscellaneous expenses		1,098			975			1,098
Total expenses		573,506			2,843,993			666,623
Net expense reimbursement by Advisor (See Note 4)		(122,034	)		—			—
Less securities lending credit (See Note 7)		—			(179,782	)		(97,526	)
Net expenses		451,472			2,664,211			569,097
Net investment income		1,452,280			3,076,351			935,697
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		1,256,704			7,354,810			135,761
Investments in affiliates		—			47,475,926			4,745,551
Foreign currencies		(50,511	)		—			—
Forward currency exchange contracts		22,750			—			—
Swaps		(292,631	)		—			—
Total		936,312			54,830,736			4,881,312
Net change in unrealized appreciation (depreciation) on:
Investments		(618,361	)		31,805,263			4,724,194
Investments in affiliates		—			(38,635,255	)		(3,805,300	)
Foreign currencies		(25,667	)		—			—
Forward currency contracts		(939,662	)		—			—
Swaps		77,350			—			—
Total		(1,506,340	)		(6,829,992	)		918,894
Net realized and unrealized gain (loss)		(570,028	)		48,000,744			5,800,206
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	882,252		$	51,077,095		$	6,735,903

See notes to financial statements.

107

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

For the Period Ended September 30, 2017

	Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund
INVESTMENT INCOME:
Dividend income	$	2,874,745		$	2,222,766		$	2,101,018
Dividends from affiliate investments		—			—			95,602
Interest income		12,991			9,730			5,213
Total investment income		2,887,736			2,232,496			2,201,833
EXPENSES:
Investment advisory fees		533,208			256,439			207,168
Distribution (12b-1) fees – Service Shares		376,446			181,881			147,977
Administrative service fees – Service Shares		376,145			181,808			147,977
Shareholder servicing fees – Service Shares		140,801			70,570			55,639
Administration fees		71,980			28,304			26,692
Fund accounting fees		36,751			15,738			12,141
Legal fees		38,163			13,179			13,392
Federal and state registration fees		17,415			16,958			17,871
Trustee fees and expenses		25,369			10,641			9,729
Custody fees		21,601			25,381			20,558
Reports to shareholders		19,825			8,326			6,530
Audit and tax fees		7,322			7,322			7,322
Transfer agent fees and expenses		10,399			6,127			3,721
Compliance fees		6,101			2,593			2,318
Insurance fees		5,461			1,708			1,676
Interest expenses		5,858			1,358			1,959
Miscellaneous expenses		1,159			1,098			732
Total expenses		1,694,004			829,431			683,402
Net expense recapture by Advisor (See Note 4)		—			11,972			—
Less securities lending credit (See Note 7)		(88,418	)		(61,242	)		(76,655	)
Net expenses		1,605,586			780,161			606,747
Net investment income		1,282,150			1,452,335			1,595,086
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on:
Investments		21,127,357			8,697,751			1,170,290
Investments in affiliates		—			91,285			137,799
Total		21,127,357			8,789,036			1,308,089
Net change in unrealized appreciation (depreciation) on:
Investments		(3,937,646	)		(7,126,079	)		2,236,042
Investments in affiliates		—			(57,659	)		(163,582	)
Total		(3,937,646	)		(7,183,738	)		2,072,460
Net realized and unrealized gain		17,189,711			1,605,298			3,380,549
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,471,861		$	3,057,633		$	4,975,635

See notes to financial statements.

108

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

For the Period Ended September 30, 2017

	Flexible Income Allocation Fund			Managed1 Futures  Strategy Fund
INVESTMENT INCOME:
Dividend income	$	1,895,307		$	—
Interest income		4,427			518,075
Total investment income		1,899,734			518,075
EXPENSES:
Investment advisory fees		116,840			457,754
Distribution (12b-1) fees – Service Shares		116,779			107,145
Administrative service fees – Service Shares		116,725			107,116
Shareholder servicing fees – Service Shares		45,310			41,572
Administration fees		21,563			18,665
Fund accounting fees		12,108			21,044
Legal fees		15,456			34,377
Federal and state registration fees		18,117			18,178
Trustee fees and expenses		8,110			6,921
Custody fees		18,357			12,118
Reports to shareholders		5,365			5,427
Audit and tax fees		7,322			15,618
Transfer agent fees and expenses		5,367			5,033
Compliance fees		1,922			1,678
Insurance fees		1,739			3,240
Interest expenses		2,570			24,216
Miscellaneous expenses		1,098			1,098
Total expenses		514,748			881,200
Net expense reimbursement by Advisor (See Note 4)		—			(33,093	)
Less securities lending credit (See Note 7)		(94,072	)		—
Net expenses		420,676			848,107
Net investment income (loss)		1,479,058			(330,032	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		2,452,935			374
Investments in affiliates		6,902			—
Foreign currency translation		—			36,071
Futures contracts		—			(2,173,192	)
Total		2,459,837			(2,136,747	)
Net change in unrealized appreciation (depreciation) on:
Investments		(923,429	)		(7,367	)
Investments in affiliates		(280	)		—
Foreign currencies		—			1,057
Futures contracts		—			1,508,993
Total		(923,709	)		1,502,683
Net realized and unrealized gain (loss)		1,536,128			(634,064	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,015,186		$	(964,096	)
1Consolidated Statement of Operations for the year (see note 3b).

See notes to financial statements.

109

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Large Cap Core Fund						Emerging Markets Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	741,264		$	1,967,294		$	819,641		$	867,154
Net realized gain on investment transactions		3,202,086			11,575,308			6,420,785			3,598,512
Net change in unrealized appreciation on investments		13,008,353			9,712,500			8,852,422			14,916,242
Net increase in net assets resulting from operations		16,951,703			23,255,102			16,092,848			19,381,908
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		3,884,808			27,172,126			589,158			7,059,500
Shares issued to holders in reinvestment of dividends		—			1,397,913			—			64,639
Shares redeemed		(46,828,617	)		(20,862,812	)		(13,478,239	)		(2,680,771	)
Net increase (decrease)		(42,943,809	)		7,707,227			(12,889,081	)		4,443,368
Service Shares
Shares sold		185,185,932			199,930,027			6,836,398			22,239,137
Shares issued to holders in reinvestment of dividends		—			6,951,634			—			325,406
Shares redeemed		(64,465,881	)		(276,922,332	)		(20,028,146	)		(52,302,305	)
Net increase (decrease)		120,720,051			(70,040,671	)		(13,191,748	)		(29,737,762	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(492,125	)		—			(64,639	)
Net investment income – Service Shares		—			(1,630,366	)		—			(325,464	)
Net realized gains – Institutional Shares		—			(905,788	)		—			—
Net realized gains – Service Shares		—			(5,321,268	)		—			—
Total dividends and distributions		—			(8,349,547	)		—			(390,103	)
INCREASE (DECREASE) IN NET ASSETS		94,727,945			(47,427,889	)		(9,987,981	)		(6,302,589	)
NET ASSETS:
Beginning of year		202,713,847			250,141,736			118,003,328			124,305,917
End of year (including accumulated undistributed net investment income (loss) of $1,096,642, $355,378, $630,801 and $(188,840), respectively)	$	297,441,792		$	202,713,847		$	108,015,347		$	118,003,328
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		236,533			1,782,172			42,076			564,774
Shares issued to holders in reinvestment of dividends		—			91,129			—			5,501
Shares redeemed		(2,816,607	)		(1,329,010	)		(927,381	)		(219,419	)
Net increase (decrease)		(2,580,074	)		544,291			(885,305	)		350,856
Service Shares
Shares sold		11,279,961			12,920,906			460,789			1,767,998
Shares issued to holders in reinvestment of dividends		—			458,249			—			27,368
Shares redeemed		(3,909,312	)		(18,252,615	)		(1,353,221	)		(4,287,240	)
Net increase (decrease)		7,370,649			(4,873,460	)		(892,432	)		(2,491,874	)

See notes to financial statements.

110

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Small/Mid Cap Core Fund						World ex-US Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	67,598		$	584,349		$	1,732,552		$	2,869,415
Net realized gain on investment transactions		12,838,665			2,596,131			16,706,766			1,468,963
Net change in unrealized appreciation (depreciation) on investments		(7,805,309	)		16,860,179			2,542,236			13,684,439
Net increase in net assets resulting from operations		5,100,954			20,040,659			20,981,554			18,022,817
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		3,294,382			33,144,087			4,857,298			38,691,905
Shares issued to holders in reinvestment of dividends		—			388,573			—			1,274,678
Shares redeemed		(69,583,874	)		(19,767,896	)		(85,067,325	)		(23,473,550	)
Net increase (decrease)		(66,289,492	)		13,764,764			(80,210,027	)		16,493,033
Service Shares
Shares sold		6,116,931			20,701,621			68,966,795			32,189,333
Shares issued to holders in reinvestment of dividends		—			145,119			—			2,057,665
Shares redeemed		(7,958,093	)		(27,463,485	)		(18,000,429	)		(65,581,894	)
Net increase (decrease)		(1,841,162	)		(6,616,745	)		50,966,366			(31,334,896	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(388,573	)		—			(1,274,678	)
Net investment income – Service Shares		—			(145,119	)		—			(2,057,669	)
Total dividends and distributions		—			(533,692	)		—			(3,332,347	)
INCREASE (DECREASE) IN NET ASSETS		(63,029,700	)		26,654,986			(8,262,107	)		(151,393	)
NET ASSETS:
Beginning of year		115,476,574			88,821,588			188,033,431			188,184,824
End of year (including accumulated undistributed net investment income of $126,881, $59,283, $4,356,949 and $2,624,397, respectively)	$	52,446,874		$	115,476,574		$	179,771,324		$	188,033,431
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		177,429			2,006,770			547,536			4,951,526
Shares issued to holders in reinvestment of dividends		—			21,587			—			165,543
Shares redeemed		(3,712,055	)		(1,143,672	)		(9,411,116	)		(2,965,934	)
Net increase (decrease)		(3,534,626	)		884,685			(8,863,580	)		2,151,135
Service Shares
Shares sold		336,810			1,297,027			7,650,270			4,135,180
Shares issued to holders in reinvestment of dividends		—			8,264			—			270,745
Shares redeemed		(436,618	)		(1,691,174	)		(2,038,814	)		(8,418,202	)
Net increase (decrease)		(99,808	)		(385,883	)		5,611,456			(4,012,277	)

See notes to financial statements.

111

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Core Fixed Income Fund						Tax-Exempt Fixed Income  Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	940,354		$	2,210,725			422,579		$	1,006,148
Net realized gain on investment transactions		1,094,665			2,413,490			246,409			1,133,091
Net change in unrealized appreciation (depreciation) on investments		711,328			(3,995,678	)		148,430			(2,319,469	)
Net increase in net assets resulting from operations		2,746,347			628,537			817,418			(180,230	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		336,969			9,216,113			—			—
Shares issued to holders in reinvestment of dividends		20,203			205,332			—			—
Shares redeemed		(9,569,499	)		(1,989,593	)		—			—
Net increase (decrease)		(9,212,327	)		7,431,852			—			—
Service Shares
Shares sold		17,060,218			43,254,342			2,760,691			3,874,625
Shares issued to holders in reinvestment of dividends		1,295,852			3,820,498			416,397			1,010,136
Shares redeemed		(23,628,003	)		(115,863,777	)		(4,783,778	)		(22,461,531	)
Net increase (decrease)		(5,271,933	)		(68,788,937	)		(1,606,690	)		(17,576,770	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(20,203	)		(152,091	)		—			—
Net investment income – Service Shares		(1,295,862	)		(2,879,314	)		(416,413	)		(1,010,136	)
Net realized gains – Institutional Shares		—			(53,241	)		—			—
Net realized gains – Service Shares		—			(941,209	)		—			—
Total dividends and distributions		(1,316,065	)		(4,025,855	)		(416,413	)		(1,010,136	)
DECREASE IN NET ASSETS		(13,053,978	)		(64,754,403	)		(1,205,685	)		(18,767,639	)
NET ASSETS:
Beginning of year		146,468,827			211,223,230			30,317,261			49,084,900
End of year (including accumulated undistributed net investment income (loss) of $(316,501), $59,210, $23,335, and $17,169, respectively)	$	133,414,849		$	146,468,827		$	29,111,576		$	30,317,261
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		36,068			966,027			—			—
Shares issued to holders in reinvestment of dividends		2,161			22,096			—			—
Shares redeemed		(1,023,488	)		(211,192	)		—			—
Net increase (decrease)		(985,259	)		776,931			—			—
Service Shares
Shares sold		1,809,429			4,539,007			242,085			336,913
Shares issued to holders in reinvestment of dividends		137,512			405,506			36,570			88,393
Shares redeemed		(2,506,919	)		(12,156,705	)		(419,689	)		(1,947,665	)
Net decrease		(559,978	)		(7,212,192	)		(141,034	)		(1,522,359	)

See notes to financial statements.

112

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Opportunistic Fixed Income Fund						Growth Allocation Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	1,452,280		$	3,412,103		$	3,076,351		$	5,194,312
Net realized gain (loss) on investment transactions		936,312			(7,523,373	)		54,830,736			7,919,673
Net change in unrealized appreciation (depreciation) on investments		(1,506,340	)		9,671,466			(6,829,992	)		49,863,254
Net increase in net assets resulting from operations		882,252			5,560,196			51,077,095			62,977,239
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		346,331			3,816,196			1,488,386			8,303,858
Shares issued to holders in reinvestment of dividends		90,488			331,065			—			609,074
Shares redeemed		(9,333,155	)		(3,798,705	)		(4,487,085	)		(7,695,013	)
Net increase (decrease)		(8,896,336	)		348,556			(2,998,699	)		1,217,919
Service Shares
Shares sold		5,040,180			16,100,897			129,839,970			443,722,149
Shares issued to holders in reinvestment of dividends		2,585,216			1,633,885			—			19,098,534
Shares redeemed		(10,912,786	)		(41,718,076	)		(220,976,986	)		(337,382,732	)
Net increase (decrease)		(3,287,390	)		(23,983,294	)		(91,137,016	)		125,437,951
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(90,488	)		(331,065	)		—			(238,018	)
Net investment income – Service Shares		(2,585,216	)		(1,633,885	)		—			(5,978,596	)
Net realized gains – Institutional Shares		—			—			—			(371,056	)
Net realized gains – Service Shares		—			—			—			(13,119,938	)
Total dividends and distributions		(2,675,704	)		(1,964,950	)		—			(19,707,608	)
DECREASE IN NET ASSETS		(13,977,178	)		(20,039,492	)		(43,058,620	)		169,925,501
NET ASSETS:
Beginning of year		66,701,708			86,741,200			564,317,921			394,392,420
End of year (including accumulated undistributed net investment income (loss) of $11,280,731, $12,504,155, $3,054,862, and $(21,489), respectively)	$	52,724,530		$	66,701,708		$	521,259,301		$	564,317,921
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		36,795			423,674			125,300			762,936
Shares issued to holders in reinvestment of dividends		9,665			37,026			—			56,923
Shares redeemed		(994,684	)		(423,729	)		(377,732	)		(706,774	)
Net increase (decrease)		(948,224	)		36,971			(252,432	)		113,085
Service Shares
Shares sold		531,446			1,778,727			11,032,936			41,175,115
Shares issued to holders in reinvestment of dividends		276,122			182,229			—			1,789,928
Shares redeemed		(1,152,884	)		(4,594,338	)		(18,674,343	)		(30,940,749	)
Net increase (decrease)		(345,316	)		(2,633,382	)		(7,641,407	)		12,024,294

See notes to financial statements.

113

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Conservative Allocation Fund						Tactical Allocation Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	935,697		$	1,227,141		$	1,282,150		$	4,053,503
Net realized gain (loss) on investment transactions		4,881,312			(181,535	)		21,127,357			8,717,010
Net change in unrealized appreciation (depreciation) on investments		918,894			4,026,646			(3,937,646	)		16,899,104
Net increase in net assets resulting from operations		6,735,903			5,072,252			18,471,861			29,669,617
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		2,055,909			2,865,702			302,725			1,267,953
Shares issued to holders in reinvestment of dividends		—			525,473			—			55,523
Shares redeemed		(1,592,012	)		(2,385,391	)		(2,022,830	)		(2,912,491	)
Net increase (decrease)		463,897			1,005,784			(1,720,105	)		(1,589,015	)
Service Shares
Shares sold		121,909,725			116,123,492			50,369,619			111,320,764
Shares issued to holders in reinvestment of dividends		—			9,383,008			—			3,141,480
Shares redeemed		(34,798,722	)		(61,713,312	)		(130,389,964	)		(230,081,819	)
Net increase (decrease)		87,111,003			63,793,188			(80,020,345	)		(115,619,575	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			—			—			(55,523	)
Net investment income – Service Shares		—			—			—			(3,141,480	)
From net realized gains – Institutional Shares		—			(525,473	)		—			—
From net realized gains – Service Shares		—			(9,383,008	)		—			—
Total dividends and distributions		—			(9,908,481	)		—			(3,197,003	)
INCREASE (DECREASE) IN NET ASSETS		94,310,803			59,962,743			(63,268,589	)		(90,735,976	)
NET ASSETS:
Beginning of year		115,951,717			55,988,974			307,926,784			398,662,760
End of year (including undistributed net investment income of $2,138,978, $1,203,281, $5,285,435, and $4,003,285 respectively)	$	210,262,520		$	115,951,717		$	244,658,195		$	307,926,784
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		216,675			298,501			28,757			130,536
Shares issued to holders in reinvestment of dividends		—			59,781			—			5,712
Shares redeemed		(168,620	)		(256,488	)		(189,863	)		(302,323	)
Net increase (decrease)		48,055			101,794			(161,106	)		(166,075	)
Service Shares
Shares sold		12,885,663			12,164,490			4,839,210			11,613,580
Shares issued to holders in reinvestment of dividends		—			1,071,120			—			325,879
Shares redeemed		(3,719,810	)		(6,419,892	)		(12,426,926	)		(24,187,866	)
Net increase (decrease)		9,165,853			6,815,718			(7,587,716	)		(12,248,407	)

See notes to financial statements.

114

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Absolute Return Allocation Fund						Multi-Asset Income Allocation  Fund
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	1,452,335		$	3,994,590		$	1,595,086		$	3,131,927
Net realized gain on investment transactions		8,789,036			1,487,161			1,308,089			998,269
Net change in unrealized appreciation (depreciation) on investments		(7,183,738	)		5,232,782			2,072,460			4,631,731
Net increase in net assets resulting from operations		3,057,633			10,714,533			4,975,635			8,761,927
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		578,509			484,903			—			—
Shares issued to holders in reinvestment of dividends		—			42,389			—			—
Shares redeemed		(189,050	)		(760,732	)		—			—
Net increase (decrease)		389,459			(233,440	)		—			—
Service Shares
Shares sold		132,472,922			60,737,268			38,634,850			74,271,420
Shares issued to holders in reinvestment of dividends		—			3,893,353			1,500,364			3,068,620
Shares redeemed		(27,516,160	)		(88,244,091	)		(48,297,008	)		(70,117,642	)
Net increase (decrease)		104,956,762			(23,613,470	)		(8,161,794	)		7,222,398
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(42,389	)		—			—
Net investment income – Service Shares		—			(3,893,353	)		(1,500,364	)		(3,068,620	)
Total dividends and distributions		—			(3,935,742	)		(1,500,364	)		(3,068,620	)
INCREASE (DECREASE) IN NET ASSETS		108,403,854			(17,068,119	)		(4,686,523	)		12,915,705
NET ASSETS:
Beginning of year		129,869,717			146,937,836			119,817,129			106,901,424
End of year (including undistributed net investment income of $2,064,897, $612,562, $207,589, and $112,867, respectively)	$	238,273,571		$	129,869,717		$	115,130,606		$	119,817,129
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		54,927			47,168			—			—
Shares issued to holders in reinvestment of dividends		—			4,197			—			—
Shares redeemed		(18,005	)		(74,836	)		—			—
Net increase (decrease)		36,922			(23,471	)		—			—
CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		12,537,968			5,951,803			3,607,203			7,247,038
Shares issued to holders in reinvestment of dividends		—			383,582			139,939			298,763
Shares redeemed		(2,623,468	)		(8,701,541	)		(4,512,547	)		(6,846,481	)
Net increase (decrease)		9,914,500			(2,366,156	)		(765,405	)		699,320

See notes to financial statements.

115

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Flexible Income Allocation Fund						Managed Futures Strategy Fund1
	Period Ended September 30, 2017			Year Ended March 31, 2017			Period Ended September 30, 2017			Year Ended March 31, 2017
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income (loss)	$	1,479,058		$	2,023,688		$	(330,032	)	$	(1,582,704	)
Net realized gain (loss) on investment transactions		2,459,837			1,315,146			(2,136,747	)		(8,984,456	)
Net change in unrealized appreciation (depreciation) on investments		(923,709	)		(404,711	)		1,502,683			(2,428,629	)
Net increase (decrease) in net assets resulting from operations		3,015,186			2,934,123			(964,096	)		(12,995,789	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,885			6,780			248,171			967,128
Shares issued to holders in reinvestment of dividends		638			1,379			—			31,103
Shares redeemed		(41,957	)		(5,866	)		(176,679	)		(3,553,995	)
Net increase (decrease)		(39,434	)		2,293			71,492			(2,555,764	)
Service Shares
Shares sold		39,630,163			36,522,245			25,744,901			80,280,173
Shares issued to holders in reinvestment of dividends		1,421,017			2,157,347			—			1,458,638
Shares redeemed		(91,207,152	)		(54,619,675	)		(15,394,829	)		(169,364,491	)
Net increase (decrease)		(50,155,972	)		(15,940,083	)		10,350,072			(87,625,680	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(638	)		(1,379	)		—			—
Net investment income – Service Shares		(1,421,017	)		(2,157,347	)		—			—
Net realized gains – Institutional Shares		—			—			—			(31,103	)
Net realized gains – Service Shares		—			—			—			(1,458,638	)
Total dividends and distributions		(1,421,655	)		(2,158,726	)		—			(1,489,741	)
INCREASE (DECREASE) IN NET ASSETS		(48,601,875	)		(15,162,393	)		9,457,468			(104,666,974	)
NET ASSETS:
Beginning of year		99,627,636			114,790,029			82,691,825		$	187,358,799
End of year (including undistributed accumulated net investment income (loss) of $95,797, $38,394, $(6,045,070), and $(167,523), respectively)	$	51,025,761		$	99,627,636		$	92,149,293		$	82,691,825
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		192			698			28,806			104,954
Shares issued to holders in reinvestment of dividends		66			142			—			3,612
Shares redeemed		(4,243	)		(597	)		(20,655	)		(383,824	)
Net increase (decrease)		(3,985	)		243			8,151			(275,258	)
CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		4,052,390			3,781,892			3,019,214			8,679,693
Shares issued to holders in reinvestment of dividends		146,618			223,758			—			170,402
Shares redeemed		(9,311,365	)		(5,653,805	)		(1,805,363	)		(18,252,001	)
Net increase (decrease)		(5,112,357	)		(1,648,155	)		1,213,851			(9,401,906	)
1Consolidated Statements of Changes in Net Assets (see note 3b).

See notes to financial statements.

116

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Large Cap Core Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$16.140			$14.85			$15.29			$13.67			$11.20			$10.68
Income from investment operations:
Net investment income		0.082	1		0.20	1		0.13	1		0.14			0.09			0.08
Net realized and unrealized gains (losses) on investments		1.055			1.62			(0.06	)2		1.57			2.46			0.51
Total from investment operations		1.137			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 period		$17.277			$16.14			$14.85			$15.29			$13.67			$11.20
Total return		7.04%3			12.46%			0.47%			12.51%			22.81%			5.54%
Supplemental data and ratios:
Net assets, end of period		$1,300,436			$42,855,994			$31,353,268			$44,686,597			$44,827,864			$44,994,114
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense4		0.66%5			0.66%			0.80%			0.87%			0.90%			0.92%
After expense reimbursement (recapture) and securities lending credit including interest expense4		0.60%5			0.59%			0.76%			0.85%			0.89%			0.89%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.66%5			0.66%			0.80%			0.87%			0.90%			0.92%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.60%5			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		0.94%5			1.23%			0.79%			0.88%			0.63%			0.81%
After expense reimbursement (recapture) and securities lending credit		1.00%5			1.30%			0.83%			0.90%			0.64%			0.84%
Portfolio turnover rate		30.21%3			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 period.

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  Not annualized.

⁴  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁵  Annualized.

See notes to financial statements.

117

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Large Cap Core Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$15.930			$14.68			$15.14			$13.56			$11.12			$10.61
Income from investment operations:
Net investment income		0.046	1		0.11	1		0.07	1		0.05			—			0.02
Net realized and unrealized gains (losses) on investments		1.040			1.59			(0.08	)2		1.56			2.45			0.51
Total from investment operations		1.086			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 period		$17.016			$15.93			$14.68			$15.14			$13.56			$11.12
Total return		6.82%3			11.74%			-0.08%			11.87%			22.04%			5.00%
Supplemental data and ratios:
Net assets, end of period		$296,141,356			$159,857,853			$218,788,468			$168,457,719			$138,902,683			$136,196,479
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense4		1.20%5			1.23%			1.33%			1.44%			1.48%			1.52%
After expense reimbursement (recapture) and securities lending credit including interest expense4		1.16%5			1.16%			1.27%			1.45%			1.49%			1.49%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.20%5			1.23%			1.33%			1.44%			1.48%			1.52%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.16%5			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		0.51%5			0.65%			0.41%			0.32%			0.05%			0.18%
After expense reimbursement (recapture) and securities lending credit		0.55%5			0.72%			0.47%			0.31%			0.04%			0.21%
Portfolio turnover rate		30.21%3			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 period.

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  Not annualized.

⁴  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁵  Annualized.

See notes to financial statements.

118

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Emerging Markets Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$13.460			$11.37			$12.46			$11.73			$9.43			$8.39
Income from investment operations:
Net investment income		0.105	1		0.14	1		0.16	1		0.21			0.17			0.18
Net realized and unrealized gains (losses) on investments		1.647			2.05			(1.03	)		0.74			2.31			1.03
Total from investment operations		1.752			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 period		$15.212			$13.46			$11.37			$12.46			$11.73			$9.43
Total return		12.93%2,5			19.61%			-6.98%			8.08%			26.38%			14.70%
Supplemental data and ratios:
Net assets, end of period		$10,009			$11,925,354			$6,081,265			$60,596,893			$62,007,800			$60,452,681
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		1.01%4			1.06%			0.88%			0.86%			0.89%			0.92%
After expense reimbursement (recapture) and securities lending credit including interest expense3		1.00%4			1.05%			0.84%			0.84%			0.88%			0.91%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.01%4			1.06%			0.88%			0.86%			0.89%			0.92%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.00%4			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		2.13%4			1.10%			1.25%			1.87%			1.57%			1.89%
After expense reimbursement (recapture) and securities lending credit		2.14%4			1.11%			1.29%			1.89%			1.58%			1.90%
Portfolio turnover rate		14.19%2			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 period.

²  Not annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

⁵  During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.

See notes to financial statements.

119

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Emerging Markets Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$13.600			$11.49			$12.57			$11.84			$9.52			$8.47
Income from investment operations:
Net investment income		0.103	1		0.09	1		0.06	1		0.15			0.13			0.14
Net realized and unrealized gains (losses) on investments		1.929			2.06			(0.99	)		0.73			2.31			1.03
Total from investment operations		2.032			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 period		$15.632			$13.60			$11.49			$12.57			$11.84			$9.52
Total return		14.94%2			18.78%			-7.38%			7.46%			25.63%			13.96%
Supplemental data and ratios:
Net assets, end of period		$108,005,338			$106,077,974			$118,224,652			$161,242,899			$137,835,903			$139,072,035
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		1.64%4			1.64%			1.52%			1.43%			1.46%			1.49%
After expense reimbursement (recapture) and securities lending credit including interest expense3		1.63%4			1.63%			1.48%			1.41%			1.45%			1.49%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.64%4			1.64%			1.52%			1.43%			1.46%			1.49%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.63%4			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		1.39%4			0.73%			0.44%			1.30%			1.01%			1.33%
After expense reimbursement (recapture) and securities lending credit		1.40%4			0.74%			0.48%			1.32%			1.02%			1.33%
Portfolio turnover rate		14.19%2			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 period.

²  Not annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

See notes to financial statements.

120

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Core Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$17.860			$14.96			$17.31			$16.61			$13.45			$11.50
Income from investment operations:
Net investment income (loss)		(0.004	)1		0.04	1		(0.03	)1		(0.09	)		(0.12	)		—
Net realized and unrealized gains (losses) on investments		1.314			2.91			(1.90	)		1.91			3.28			1.99
Total from investment operations		1.310			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 period		$19.170			$17.86			$14.96			$17.31			$16.61			$13.45
Total return		7.33%2			19.71%			-11.15%			11.19%			23.49%			17.32%
Supplemental data and ratios:
Net assets, end of period		$52,446,874			$50,657,342			$48,196,975			$37,978,078			$32,592,001			$40,621,412
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		1.62%4			1.50%			1.58%			1.58%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit including interest expense3		1.40%4			1.24%			1.41%			1.59%			1.59%			1.59%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.62%4			1.50%			1.58%			1.58%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.40%4			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		-0.27%4			0.00%			-0.32%			-0.62%			-0.62%			0.01%
After expense reimbursement (recapture) and securities lending credit		-0.05%4			0.26%			-0.15%			-0.63%			-0.61%			0.08%
Portfolio turnover rate		19.55%2			42.22%			146.02%			96.24%			241.55%			143.14%

¹  Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

²  Not Annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

See notes to financial statements.

121

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	World ex-US Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.380			$7.74			$8.75			$8.94			$8.06			$7.52
Income from investment operations:
Net investment income		0.111	1		0.15	1		0.13	1		0.25			0.11			0.13
Net realized and unrealized gains (losses) on investments		1.032			0.65			(0.91	)		(0.26	)		0.86			0.48
Total from investment operations		1.143			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 period		$9.523			$8.38			$7.74			$8.75			$8.94			$8.06
Total return		13.64%2,5			10.48%			-9.00%			-0.10%			12.09%			8.09%
Supplemental data and ratios:
Net assets, end of period		$1,116,374			$75,295,608			$52,879,582			$113,316,485			$130,537,695			$85,157,441
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		0.83%4			0.84%			0.95%			0.98%			1.03%			1.09%
After expense reimbursement (recapture) and securities lending credit including interest expense3		0.79%4			0.79%			0.90%			0.98%			1.03%			1.09%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.83%4			0.84%			0.95%			0.98%			1.03%			1.09%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.79%4			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		3.07%4			1.83%			1.54%			2.68%			1.44%			1.44%
After expense reimbursement (recapture) and securities lending credit		3.11%4			1.88%			1.59%			2.68%			1.44%			1.44%
Portfolio turnover rate		49.73%2			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  Not Annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

⁵  During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.

See notes to financial statements.

122

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	World ex-US Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.260			$7.66			$8.70			$8.89			$8.05			$7.54
Income from investment operations:
Net investment income		0.081	1		0.11	1		0.08	1		0.17			0.07			0.08
Net realized and unrealized gains (losses) on investments		0.936			0.63			(0.91	)		(0.23	)		0.85			0.49
Total from investment operations		1.017			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 period		$9.277			$8.26			$7.66			$8.70			$8.89			$8.05
Total return		12.31%2			9.85%			-9.59%			-0.68%			11.47%			7.53%
Supplemental data and ratios:
Net assets, end of period		$178,654,950			$112,737,823			$135,305,242			$228,832,175			$238,149,375			$197,252,920
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense4		1.48%3			1.42%			1.52%			1.55%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit including interest expense4		1.39%3			1.39%			1.52%			1.59%			1.59%			1.59%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.48%3			1.42%			1.52%			1.55%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.39%3			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		1.73%3			1.36%			0.92%			1.96%			0.94%			0.93%
After expense reimbursement (recapture) and securities lending credit		1.82%3			1.39%			0.92%			1.92%			0.95%			1.00%
Portfolio turnover rate		49.73%2			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  Not Annualized.

³  Annualized.

⁴  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

See notes to financial statements.

123

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Core Fixed Income Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.320			$9.54			$9.69			$9.39			$9.88			$9.78
Income from investment operations:
Net investment income		0.063	1		0.12	1		0.12	1		0.10			0.11			0.11
Net realized and unrealized gains (losses) on investments		0.122			(0.11	)		(0.03	)		0.33			(0.25	)		0.24
Total from investment operations		0.185			0.01			0.09			0.43			(0.14	)		0.35
Less distributions:
Dividends from net investment income		(0.091	)		(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		(0.091	)		(0.23	)		(0.24	)		(0.13	)		(0.35	)		(0.25	)
Net asset value, end of period		$9.414			$9.32			$9.54			$9.69			$9.39			$9.88
Total return		1.99%2			0.02%			1.01%			4.64%			-1.33%			3.55%
Supplemental data and ratios:
Net assets, end of period		$133,414,849			$137,358,236			$209,252,288			$236,819,684			$231,285,162			$281,180,497
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		1.41%4			1.36%			1.31%			1.29%			1.29%			1.30%
After expense reimbursement (recapture) and securities lending credit including interest expense3		1.29%4			1.29%			1.29%			1.29%			1.29%			1.29%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.41%4			1.36%			1.31%			1.29%			1.29%			1.30%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.29%4			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		1.21%4			1.14%			1.22%			1.11%			1.10%			1.02%
After expense reimbursement (recapture) and securities lending credit		1.33%4			1.21%			1.24%			1.11%			1.10%			1.03%
Portfolio turnover rate		82.78%2			164.81%			157.49%			185.11%			112.86%			213.80%

¹  Net investment income per share has been calculated based on average shares outstanding during the period.

²  Not annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

See notes to financial statements.

124

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tax-Exempt Fixed Income Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.220			$11.62			$11.58			$11.18			$11.70			$11.47
Income from investment operations:
Net investment income		0.161	1		0.30	1		0.31	1		0.32			0.34			0.33
Net realized and unrealized gains (losses) on investments		0.142			(0.38	)		0.06			0.40			(0.52	)		0.23
Total from investment operations		0.303			(0.08	)		0.37			0.72			(0.18	)		0.56
Less distributions:
Dividends from net investment income		(0.161	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Total distributions		(0.161	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Net asset value, end of period		$11.362			$11.22			$11.62			$11.58			$11.18			$11.70
Total return		2.79%2			-0.82%			3.22%			6.45%			-1.48%			4.93%
Supplemental data and ratios:
Net assets, end of period		$29,111,576			$30,317,261			$49,084,900			$65,682,169			$63,429,577			$75,739,873
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense3		1.50%4			1.43%			1.42%			1.38%			1.38%			1.36%
After expense reimbursement (recapture) and securities lending credit including interest expense3		1.29%4			1.29%			1.28%			1.29%			1.29%			1.29%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.50%4			1.43%			1.42%			1.38%			1.38%			1.36%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.29%4			1.29%			1.28%			1.29%			1.29%			1.29%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		2.60%4			2.43%			2.53%			2.64%			2.90%			2.72%
After expense reimbursement (recapture)		2.81%4			2.57%			2.67%			2.73%			2.99%			2.79%
Portfolio turnover rate		63.78%2			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 period.

²  Not annualized.

³  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁴  Annualized.

See notes to financial statements.

125

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Opportunistic Fixed Income Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.460			$9.05			$9.53			$9.94			$10.27			$9.70
Income from investment operations:
Net investment income		0.278	1		0.46	1		0.36	1		0.41			0.34			0.42
Net realized and unrealized gains (losses) on investments		(0.101	)		0.30			(0.76	)		(0.32	)		(0.37	)		0.57
Total from investment operations		0.177			0.76			(0.40	)		0.09			(0.03	)		0.99
Less distributions:
Dividends from net investment income		(0.454	)		(0.35	)		(0.08	)		(0.50	)		(0.28	)		(0.42	)
Dividends from net realized gains		—			—			—			—			(0.02	)		—
Total distributions		(0.454	)		(0.35	)		(0.08	)		(0.50	)		(0.30	)		(0.42	)
Net asset value, end of period		$9.183			$9.46			$9.05			$9.53			$9.94			$10.27
Total return		1.78%2			8.77%			-4.22%			0.88%			-0.21%			10.33%
Supplemental data and ratios:
Net assets, end of period		$331,788			$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)		1.34%3			1.21%			1.13%			1.08%			1.01%			1.03%
After expense reimbursement (recapture)		0.95%3			0.95%			0.99%			1.05%			1.01%			1.05%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		5.49%3			4.78%			3.71%			3.84%			4.10%			4.17%
After expense reimbursement (recapture)		5.88%3			5.04%			3.85%			3.87%			4.10%			4.15%
Portfolio turnover rate		25.88%2			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.

²  Not Annualized.

³  Annualized.

See notes to financial statements.

126

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Opportunistic Fixed Income Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.560			$9.05			$9.55			$9.93			$10.28			$9.70
Income from investment operations:
Net investment income		0.226	1		0.40	1		0.30	1		0.33			0.35			0.36
Net realized and unrealized gains (losses) on investments		(0.068	)		0.32			(0.72	)		(0.29	)		(0.43	)		0.58
Total from investment operations		0.158			0.72			(0.42	)		0.04			(0.08	)		0.94
Less distributions:
Dividends from net investment income		(0.453	)		(0.21	)		(0.08	)		(0.42	)		(0.25	)		(0.36	)
Dividends from net realized gains		—			—			—			—			(0.02	)		—
Total distributions		(0.453	)		(0.21	)		(0.08	)		(0.42	)		(0.27	)		(0.36	)
Net asset value, end of period		$9.265			$9.56			$9.05			$9.55			$9.93			$10.28
Total return		1.55%2			8.20%			-4.44%			0.33%			-0.71%			9.64%
Supplemental data and ratios:
Net assets, end of period		$52,392,742			$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)		1.96%3			1.78%			1.68%			1.66%			1.59%			1.61%
After expense reimbursement (recapture)		1.55%3			1.55%			1.55%			1.55%			1.55%			1.55%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		4.35%3			4.17%			3.08%			3.28%			3.51%			3.52%
After expense reimbursement (recapture)		4.76%3			4.40%			3.21%			3.39%			3.55%			3.58%
Portfolio turnover rate		25.88%2			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.

²  Not Annualized.

³  Annualized.

See notes to financial statements.

127

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Growth Allocation Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.340			$10.46			$11.65			$11.45			$10.25			$9.63
Income from investment operations:
Net investment income (loss)		0.098	2		0.19	2		0.20	2		0.16			(0.03	)		0.11
Net realized and unrealized gains (losses) on investments		1.035			1.20			(1.02	)		0.41			1.56			0.62
Total from investment operations		1.133			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 period		$12.473			$11.34			$10.46			$11.65			$11.45			$10.25
Total return		9.99%3			13.54%			-7.11%			5.04%			15.00%			7.68%3
Supplemental data and ratios:
Net assets, end of period		$11,347,365			$13,176,782			$10,968,769			$7,737,997			$3,534,178			$884,658
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		0.41%6			0.42%			0.43%			0.41%			0.40%			0.42%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.35%6			0.32%			0.31%			0.34%			0.36%			0.40%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.41%6			0.42%			0.43%			0.41%			0.40%			0.42%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.35%6			0.32%			0.31%			0.34%			0.36%			0.40%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		1.59%6			1.64%			1.67%			1.63%			1.42%			1.84%6
After expense reimbursement (recapture) and securities lending credit		1.65%6			1.74%			1.79%			1.70%			1.46%			1.86%6
Portfolio turnover rate		51.59%3			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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

128

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Growth Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$11.290			$10.42			$11.62			$11.43			$10.26			$9.46
Income from investment operations:
Net investment income		0.063	1		0.12	1		0.13	1		0.12			0.07			0.07
Net realized and unrealized gains (losses) on investments		1.028			1.20			(1.02	)		0.38			1.38			0.80
Total from investment operations		1.091			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 period		$12.381			$11.29			$10.42			$11.62			$11.43			$10.26
Total return		9.66%2			12.91%			-7.67%			4.47%			14.20%			9.30%
Supplemental data and ratios:
Net assets, end of period		$509,911,936			$551,141,139			$383,423,651			$259,838,374			$288,401,436			$248,122,395
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.01%3			1.01%			1.02%			1.00%			1.00%			1.04%
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.94%3			0.92%			0.91%			0.95%			1.00%			1.00%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.01%3			1.01%			1.02%			1.00%			1.00%			1.04%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.94%3			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		1.00%3			0.99%			1.05%			0.94%			0.61%			0.76%
After expense reimbursement (recapture) and securities lending credit		1.07%3			1.08%			1.16%			0.99%			0.61%			0.80%
Portfolio turnover rate		51.59%2			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  Not Annualized.

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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

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.

129

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Conservative Allocation Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.100			$9.51			$11.26			$11.39			$10.43			$9.98
Income from investment operations:
Net investment income		0.093	2		0.19	2		0.16	2		0.26			0.18			0.14
Net realized and unrealized gains (losses) on investments		0.433			0.35			(0.89	)		0.41			0.98			0.48
Total from investment operations		0.526			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 period		$9.626			$9.10			$9.51			$11.26			$11.39			$10.43
Total return		5.78%3			6.09%			-6.65%			6.01%			11.13%			6.29%3
Supplemental data and ratios:
Net assets, end of period		$5,713,797			$4,966,270			$4,220,428			$6,173,168			$2,680,327			$879,348
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		0.46%6			0.51%			0.47%			0.42%			0.43%			0.43%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.30%6			0.30%			0.37%			0.37%			0.38%			0.38%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.46%6			0.51%			0.47%			0.42%			0.43%			0.43%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.30%6			0.30%			0.37%			0.37%			0.38%			0.38%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		1.82%6			1.78%			1.39%			1.96%			1.42%			2.10%6
After expense reimbursement (recapture) and securities lending credit		1.98%6			1.99%			1.49%			2.01%			1.47%			2.15%6
Portfolio turnover rate		29.67%3			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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

130

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Conservative Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.060			$9.53			$11.29			$11.39			$10.44			$9.76
Income from investment operations:
Net investment income		0.067	1		0.12	1		0.09	1		0.15			0.08			0.09
Net realized and unrealized gains (losses) on investments		0.424			0.36			(0.89	)		0.46			1.01			0.71
Total from investment operations		0.491			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 period		$9.551			$9.06			$9.53			$11.29			$11.39			$10.44
Total return		5.42%2			5.44%			-7.18%			5.42%			10.40%			8.25%
Supplemental data and ratios:
Net assets, end of period		$204,548,723			$110,985,447			$51,768,546			$174,138,417			$195,498,995			$228,905,423
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.05%3			1.10%			1.05%			1.01%			1.02%			1.05%
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.90%3			0.89%			0.99%			1.00%			1.00%			1.00%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.05%3			1.10%			1.05%			1.01%			1.02%			1.05%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.90%3			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		1.28%3			1.10%			0.79%			1.17%			0.67%			0.94%
After expense reimbursement (recapture) and securities lending credit		1.43%3			1.31%			0.85%			1.18%			0.69%			0.99%
Portfolio turnover rate		29.67%2			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 Not Annualized.

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 Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

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.

131

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tactical Allocation Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.250			$9.38			$10.34			$10.80			$10.25			$9.75
Income from investment operations:
Net investment income		0.070	2		0.18	2		0.13	2		0.17			0.07			0.13
Net realized and unrealized gains on investments		0.650			0.81			(0.97	)		0.21			0.75			0.55
Total from investment operations		0.720			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 period		$10.970			$10.25			$9.38			$10.34			$10.80			$10.25
Total return		7.02%3			10.63%			-8.18%			3.63%			8.01%			7.11%3
Supplemental data and ratios:
Net assets, end of period		$2,264,584			$3,767,220			$5,005,303			$5,977,217			$1,496,066			$810,333
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		0.52%6			0.53%			0.51%			0.51%			0.51%			0.52%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.47%6			0.40%			0.41%			0.36%			0.46%			0.46%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.52%6			0.53%			0.51%			0.51%			0.51%			0.52%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.47%6			0.40%			0.41%			0.36%			0.46%			0.46%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		1.27%6			1.69%			1.20%			2.01%			1.14%			1.89%6
After expense reimbursement (recapture) and securities lending credit		1.32%6			1.82%			1.30%			2.16%			1.19%			1.95%6
Portfolio turnover rate		230.42%3			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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

132

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tactical Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.150			$9.32			$10.32			$10.79			$10.27			$9.54
Income from investment operations:
Net investment income		0.044	1		0.11	1		0.07	1		0.15			0.05			0.09
Net realized and unrealized gains (losses) on investments		0.633			0.82			(0.97	)		0.17			0.70			0.78
Total from investment operations		0.677			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 period		$10.827			$10.15			$9.32			$10.32			$10.79			$10.27
Total return		6.67%2			10.05%			-8.74%			3.08%			7.27%			9.15%
Supplemental data and ratios:
Net assets, end of period		$242,393,611			$304,159,564			$393,657,458			$480,492,438			$377,469,190			$310,316,243
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.12%3			1.12%			1.11%			1.10%			1.10%			1.15%
After expense reimbursement (recapture) and securities lending credit including interest expense5		1.06%3			1.00%			1.01%			0.97%			1.10%			1.10%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.12%3			1.12%			1.11%			1.10%			1.10%			1.15%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.06%3			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		0.78%3			1.07%			0.62%			1.30%			0.51%			0.90%
After expense reimbursement (recapture) and securities lending credit		0.84%3			1.19%			0.72%			1.43%			0.51%			0.95%
Portfolio turnover rate		230.42%2			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  Not Annualized.

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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

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.

133

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Absolute Return Allocation Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.290			$9.80			$10.02			$10.00			$10.16			$10.19
Income from investment operations:
Net investment income		0.135	4		0.37	4		0.26	4		0.40			0.41			0.18
Net realized and unrealized gains (losses) on investments		0.147			0.52			(0.21	)		(0.10	)5		(0.31	)		(0.02	)
Total from investment operations		0.282			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 period		$10.572			$10.29			$9.80			$10.02			$10.00			$10.16
Total return		2.74%2			9.14%			0.56%			3.05%			1.08%			1.53%2
Supplemental data and ratios:
Net assets, end of period		$1,337,276			$921,609			$1,107,629			$2,673,347			$1,014,889			$569,773
Ratio of expenses to average net assets6
Before expense reimbursement (recapture) and securities lending credit including interest expense7		0.54%3			0.58%			0.53%			0.51%			0.51%			0.51%3
After expense reimbursement (recapture) and securities lending credit including interest expense7		0.49%3			0.50%			0.39%			0.34%			0.36%			0.47%3
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.54%3			0.58%			0.53%			0.51%			0.51%			0.51%3
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.49%3			0.50%			0.39%			0.34%			0.36%			0.47%3
Ratio of net investment income to average net assets8
Before expense reimbursement (recapture) and securities lending credit		2.53%3			3.58%			2.49%			2.64%			2.24%			2.59%3
After expense reimbursement (recapture) and securities lending credit		2.58%3			3.66%			2.63%			2.81%			2.39%			2.63%3
Portfolio turnover rate		117.87%2			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  Not Annualized.

³  Annualized.

⁴  Net investment income per share has been calculated based on average shares outstanding during the year.

⁵  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.

⁶  These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

⁷  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁸  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.

134

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Absolute Return Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.320			$9.81			$10.04			$10.01			$10.17			$10.04
Income from investment operations:
Net investment income		0.104	1		0.30	1		0.20	1		0.23			0.19			0.14
Net realized and unrealized gains (losses) on investments		0.149			0.53			(0.22	)		0.02			(0.15	)		0.13
Total from investment operations		0.253			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 period		$10.573			$10.32			$9.81			$10.04			$10.01			$10.17
Total return		2.45%2			8.54%			-0.19%			2.47%			0.43%			2.71%
Supplemental data and ratios:
Net assets, end of period		$236,936,295			$128,948,108			$145,830,207			$366,970,865			$449,186,398			$509,704,884
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.14%3			1.18%			1.13%			1.11%			1.10%			1.13%
After expense reimbursement (recapture) and securities lending credit including interest expense5		1.07%3			1.10%			0.99%			0.93%			1.00%			1.10%
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.14%3			1.18%			1.13%			1.11%			1.10%			1.13%
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.07%3			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		1.91%3			2.91%			1.92%			1.92%			1.64%			1.80%
After expense reimbursement (recapture) and securities lending credit		1.98%3			2.99%			2.06%			2.10%			1.74%			1.83%
Portfolio turnover rate		117.87%2			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  Not Annualized.

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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

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.

135

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Multi-Asset Income Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$10.460			$9.94			$10.62			$10.76			$10.58			$10.00
Income from investment operations:
Net investment income		0.144	2		0.29	2		0.34	2		0.36			0.38			0.22
Net realized and unrealized gains (losses) on investments		0.307			0.52			(0.61	)		(0.05	)		0.21			0.53
Total from investment operations		0.451			0.81			(0.27	)		0.31			0.59			0.75
Less distributions:
Dividends from net investment income		0.137			(0.29	)		(0.37	)		(0.38	)		(0.40	)		(0.17	)
Dividends from net realized gains		—			—			(0.04	)		(0.07	)		(0.01	)		—
Total distributions		0.137			(0.29	)		(0.41	)		(0.45	)		(0.41	)		(0.17	)
Net asset value, end of period		$10.774			$10.46			$9.94			$10.62			$10.76			$10.58
Total return		4.32%3			8.24%			-2.49%			3.01%			5.63%			7.55%3
Supplemental data and ratios:
Net assets, end of period		$115,130,606			$119,817,129			$106,901,424			$140,497,937			$115,477,776			$73,269,622
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.15%6			1.17%			1.17%			1.14%			1.18%			1.33%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		1.02%6			0.97%			0.96%			0.88%			0.88%			1.10%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.15%6			1.17%			1.17%			1.14%			1.18%			1.33%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		1.02%6			0.97%			0.96%			0.88%			0.88%			1.10%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		2.57%6			2.66%			3.15%			3.23%			3.66%			3.66%6
After expense reimbursement (recapture) and securities lending credit		2.70%6			2.86%			3.36%			3.49%			3.96%			3.89%6
Portfolio turnover rate		25.06%3			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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

136

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Flexible Income Allocation Fund
	Institutional
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.670			$9.62			$9.76			$9.65			$10.00			$10.01
Income from investment operations:
Net investment income		0.186	2		0.24	2		0.18	2		0.25			0.19			0.13
Net realized and unrealized gains (losses) on investments		0.174			0.07			(0.11	)		0.11			(0.27	)		(0.04	)
Total from investment operations		0.360			0.31			0.07			0.36			(0.08	)		0.09
Less distributions:
Dividends from net investment income		(0.264	)		(0.26	)		(0.21	)		(0.25	)		(0.24	)		(0.10	)
Dividends from net realized gains		0.000			—			—			—			(0.03	)		—	*
Total distributions		(0.264	)		(0.26	)		(0.21	)		(0.25	)		(0.27	)		(0.10	)
Net asset value, end of period		$9.766			$9.67			$9.62			$9.76			$9.65			$10.00
Total return		3.74%3			3.23%			0.70%			3.75%			-0.83%			0.88%3
Supplemental data and ratios:
Net assets, end of period		$14,100			$52,492			$49,872			$2,257,327			$960,185			$503,918
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		0.49%6			0.50%			0.44%			0.42%			0.41%			0.50%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.24%6			0.37%			0.36%			0.31%			0.32%			0.43%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		0.49%6			0.50%			0.44%			0.42%			0.41%			0.50%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.24%6			0.37%			0.36%			0.31%			0.32%			0.43%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		3.55%6			2.32%			1.76%			2.66%			1.98%			2.44%6
After expense reimbursement (recapture) and securities lending credit		3.80%6			2.45%			1.84%			2.77%			2.07%			2.51%6
Portfolio turnover rate		146.90%3			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 period.

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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

137

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Flexible Income Allocation Fund
	Service
	Period Ended September 30, 2017			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
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$9.610			$9.55			$9.77			$9.64			$9.98			$10.00
Income from investment operations:
Net investment income		0.154	2		0.18	2		0.14	2		0.19			0.15			0.10
Net realized and unrealized gains (losses) on investments		0.174			0.08			(0.21	)		0.13			(0.30	)		(0.04	)
Total from investment operations		0.328			0.26			(0.07	)		0.32			(0.15	)		0.06
Less distributions:
Dividends from net investment income		(0.222	)		(0.20	)		(0.15	)		(0.19	)		(0.16	)		(0.08	)
Dividends from net realized gains		0.000			—			—			—			(0.03	)		—	*
Total distributions		(0.222	)		(0.20	)		(0.15	)		(0.19	)		(0.19	)		(0.08	)
Net asset value, end of period		$9.716			$9.61			$9.55			$9.77			$9.64			$9.98
Total return		3.43%3			2.73%			-0.75%			3.32%			-1.47%			0.59%3
Supplemental data and ratios:
Net assets, end of period		$51,011,661			$99,575,144			$114,740,157			$143,904,504			$213,499,393			$227,815,865
Ratio of expenses to average net assets4
Before expense reimbursement (recapture) and securities lending credit including interest expense5		1.10%6			1.09%			1.04%			1.02%			1.01%			1.09%6
After expense reimbursement (recapture) and securities lending credit including interest expense5		0.90%6			0.91%			0.93%			0.92%			0.92%			1.03%6
Before expense reimbursement (recapture) and securities lending credit excluding interest expense		1.10%6			1.09%			1.04%			1.02%			1.01%			1.09%6
After expense reimbursement (recapture) and securities lending credit excluding interest expense		0.90%6			0.91%			0.93%			0.92%			0.92%			1.03%6
Ratio of net investment income to average net assets7
Before expense reimbursement (recapture) and securities lending credit		2.96%6			1.72%			1.32%			1.72%			1.40%			1.78%6
After expense reimbursement (recapture) and securities lending credit		3.16%6			1.90%			1.43%			1.82%			1.49%			1.84%6
Portfolio turnover rate		146.90%3			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 period.

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  Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements.

⁶  Annualized.

⁷  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.

138

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Managed Futures Strategy Fund (Consolidated)
	Institutional
	Period Ended September 30, 2017			Year Ended March 31, 2017			January 19, 20161 Through March  31, 2016
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.700			$9.75			$10.00
Income from investment operations:
Net investment loss		(0.007	)2		(0.06	)2		(0.02	)2
Net realized and unrealized losses on investments		(0.069	)		(0.83	)		(0.23	)
Total from investment operations		(0.076	)		(0.89	)		(0.25	)
Less distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			(0.16	)		—
Total distributions		—			(0.16	)		—
Net asset value, end of period		$8.624			$8.70			$9.75
Total return		-0.87%3			-9.17%			-2.50%3
Supplemental data and ratios:
Net assets, end of period		$1,536,088			$1,478,880			$4,338,706
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense5		1.44%4			1.37%			1.61%4
After expense reimbursement (recapture) and fees waived including interest expense5		1.36%4			1.34%			1.30%4
Before expense reimbursement (recapture) and fees waived excluding interest expense		1.38%4			1.33%			1.61%4
After expense reimbursement (recapture) and fees waived excluding interest expense		1.30%4			1.30%			1.30%4
Ratio of net investment loss to average net assets
Before expense reimbursement (recapture) and fees waived		-0.25%4			-0.69%			-1.12%4
After expense reimbursement (recapture) and fees waived		(0.17)%4			-0.66%			-0.81%4
Portfolio turnover rate		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 period.

³  Not annualized.

⁴  Annualized.

⁵  Includes interest expense where applicable

See notes to financial statements.

139

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Managed Futures Strategy Fund (Consolidated)
	Service
	Period Ended September 30, 2017			Year Ended March 31, 2017			January 19, 20161 Through March  31, 2016
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:
Net asset value, beginning of period		$8.640			$9.73			$10.00
Income from investment operations:
Net investment loss		(0.033	)2		(0.11	)2		(0.03	)2
Net realized and unrealized losses on investments		(0.071	)		(0.82	)		(0.24	)
Total from investment operations		(0.104	)		(0.93	)		(0.27	)
Less distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			(0.16	)		—
Total distributions		—			(0.16	)		—
Net asset value, end of period		$8.536			$8.64			$9.73
Total return		-1.09%3			-9.70%			-2.70%3
Supplemental data and ratios:
Net assets, end of period		$90,613,205			$81,212,945			$183,020,093
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense5		2.03%4			1.97%			2.20%4
After expense reimbursement (recapture) and fees waived including interest expense5		1.95%4			1.94%			1.90%4
Before expense reimbursement (recapture) and fees waived excluding interest expense		1.98%4			1.93%			2.20%4
After expense reimbursement (recapture) and fees waived excluding interest expense		1.90%4			1.90%			1.90%4
Ratio of net investment loss to average net assets
Before expense reimbursement (recapture) and fees waived		(0.84)%4			-1.27%			-1.71%4
After expense reimbursement (recapture) and fees waived		(0.77)%4			-1.24%			-1.41%4
Portfolio turnover rate		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 period.

³  Not annualized.

⁴  Annualized.

⁵  Includes interest expense where applicable

See notes to financial statements.

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September 30, 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 6 funds: GuideMark^® Large Cap Core Fund, GuideMark^® Emerging Markets Fund, GuideMark^® Small/Mid Cap Core Fund, GuideMark^® World ex-US 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 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

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September 30, 2017

which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the 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, 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.

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September 30, 2017

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2017:    

GuideMark^® Large Cap Core Fund    

	Level 1		Level 2		Level 3		Total
Common Stocks	$	279,425,128	$	—	$	—	$	279,425,128
Investment Companies		9,771,301		—		—		9,771,301
Real Estate Investment Trusts		5,060,756		—		—		5,060,756
Short Term Investments		2,702,477		—		—		2,702,477
Investments Purchased as Securities Lending Collateral*		—		—		—		55,412,352
Total Investments in Securities	$	296,959,662	$	—	$	—	$	352,372,014

* 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.

GuideMark^® Emerging Markets Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	3,685,935	$	6,731,727	$	—	$	10,417,662
Consumer Staples		3,596,637		4,821,973		—		8,418,610
Energy		1,380,482		5,410,677		—		6,791,159
Financials		3,668,436		15,452,815		—		19,121,251
Health Care		157,249		1,346,968		—		1,504,217
Industrials		245,045		2,805,222		—		3,050,267
Information Technology		6,949,454		21,965,736		—		28,915,190
Materials		1,252,269		3,508,793		—		4,761,062
Real Estate		—		2,769,977		—		2,769,977
Telecommunication Services		1,296,079		3,407,573		—		4,703,652
Utilities		1,216,243		332,032		—		1,548,275
Total Common Stocks		23,447,829		68,553,493		—		92,001,322
Investment Companies		10,374,360		—		—		10,374,360
Preferred Stocks
Consumer Staples		126,941		328,967		—		455,908
Energy		472,427		—		—		472,427
Financials		1,811,660		—		—		1,811,660
Information Technology		—		821,214		—		821,214
Materials		718,352		447,795		—		1,166,147
Utilities		129,633		—		—		129,633
Total Preferred Stocks		3,259,013		1,597,976		—		4,856,989
Real Estate Investment Trusts		—		116,283		—		116,283
Short Term Investments		508,710		—		—		508,710
Investments Purchased as Securities Lending Collateral*		—		—		—		5,770,820
Total Investments in Securities	$	37,589,912	$	70,151,469	$	—	$	113,628,484

* 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.

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September 30, 2017

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	$	2,195,323
Transfers out of Level 1		(3,394,054	)
Net Transfers into/(out of) Level 1	$	(1,198,731	)
Transfers into Level 2	$	3,394,054
Transfers out of Level 2		(2,195,323	)
Net Transfers into/(out of) Level 2	$	1,198,731

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 predeterminded threshold.

There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.

GuideMark^® Small/Mid Cap Core Fund

	Level 1		Level 2		Level 3		Total
Common Stock	$	47,029,719	$	—	$	0	$	47,029,719
Investment Companies		1,747,505		—		—		1,747,505
Real Estate Investment Trusts		3,159,419		—		—		3,159,419
Rights		—		—		0		0
Short Term Investments		384,406		—		—		384,406
Investments Purchased as Securities Lending Collateral*		—		—		—		12,445,347
Total Investments in Securities	$	52,321,049	$	—	$	—	$	64,766,396

* 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
Balance as of April 1, 2017	$	0	$	0
Purchases		—		—
Sales proceeds and paydowns		—		—
Accreted discounts, net		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		—		—
Transfers into/(out of) Level 3		—		—
Balance as of September 30, 2017	$	0	$	0
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2017.	$	—	$	—

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

GuideMark^® World ex-US Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	1,896,865	$	26,636,956	$	—	$	28,533,821
Consumer Staples		1,998,434		19,090,118		—		21,088,552
Energy		1,352,518		3,983,547		—		5,336,065
Financials		7,086,064		33,300,934		—		40,386,998
Health Care		1,860,983		11,410,231		—		13,271,214
Industrials		564,985		22,891,010		—		23,455,995
Information Technology		794,574		13,576,183		—		14,370,757
Materials		700,192		12,591,374		—		13,291,566
Real Estate		—		1,613,341		—		1,613,341
Telecommunication Services		34,015		4,276,052		—		4,310,067
Utilities		33,735		2,799,779		—		2,833,514
Total Common Stocks		16,322,365		152,169,525		—		168,491,890
Investment Companies		8,120,731		—		—		8,120,731
Preferred Stocks
Consumer Discretionary		—		58,814		—		58,814
Consumer Staples		—		40,736		—		40,736
Materials		—		356,977		—		356,977
Total Preferred Stocks		—		456,527		—		456,527
Real Estate Investment Trusts		—		198,414		—		198,414
Short Term Investments		1,100,743		—		—		1,100,743
Investments Purchased as Securities Lending Collateral*		—		—		—		3,424,516
Total Investments in Securities	$	25,543,839	$	152,824,466	$	—	$	181,792,821

* 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	$	151,205
Transfers out of Level 1		(565,511	)
Net Transfers into/(out of) Level 1	$	(414,306	)
Transfers into Level 2	$	565,511
Transfers out of Level 2		(151,205	)
Net Transfers into/(out of) Level 2	$	414,306

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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 predeterminded threshold.

There were no transfers in or out of Level 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	$	—		$	12,440,941	$	—	$	12,440,941
Collateralized Mortgage Obligations		—			5,939,097		—		5,939,097
Corporate Obligations		—			50,974,315		—		50,974,315
Foreign Government Debt Obligations		—			1,271,797		—		1,271,797
Mortgage Backed Securities – U.S. Government Agency		—			41,150,793		—		41,150,793
Municipal Debt Obligations		—			571,415		—		571,415
U.S. Treasury Obligations		—			28,911,411		—		28,911,411
Total Fixed Income		—			141,259,769		—		141,259,769
Short Term Investments		2,277,027			—		—		2,277,027
Investments Purchased as Securities Lending Collateral*		—			—		—		15,357,874
Total Investments in Securities	$	2,277,027		$	141,259,769	$	—	$	158,894,670
Other Financial Instruments**
Futures	$	(25,467	)	$	—	$	—	$	(25,467	)
Swaps		—			176,544		—		176,544

* 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	$	—	$	28,562,834	$	—	$	28,562,834
Short Term Investments		236,822		—		—		236,822
Total Investments in Securities	$	236,822	$	28,562,834	$	—	$	28,799,656

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.

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

GuideMark^® Opportunistic Fixed Income Fund

	Level 1		Level 2			Level 3		Total
Equity
Common Stock	$	—	$	10,094		$	0	$	10,094
Preferred Stock		—		21,847			—		21,847
Total Equity		—		31,941			—		31,941
Fixed Income
Collateralized Mortgage Obligations		—		11,311,391			—		11,311,391
Convertible Obligations		—		809,281			—		809,281
Corporate Obligations		—		246,661			—		246,661
Foreign Government Obligations		—		23,475,148			—		23,475,148
Mortgage Backed Securities – U.S. Government Agency		—		7,264,612			—		7,264,612
Total Fixed Income		—		43,107,093			—		43,107,093
Warrants		—		—			0		0
Short Term Investments		5,798,974		910,000			—		6,708,974
Total Investments in Securities	$	5,798,974	$	44,049,034		$	0	$	49,848,008
Other Financial Instruments*
Forward Currency Contracts	$	—	$	21,949		$	—	$	21,949
Swaps		—		(1,074,055	)		—		(1,074,055	)

* 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.

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, 2017	$	0	$	0
Purchases		—		—
Sales proceeds and paydowns		—		—
Accreted discounts, net		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		—		—
Transfers into/(out of) Level 3		—		—
Balance as of September 30, 2017	$	0	$	0
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2017.	$	—	$	—

GuidePath^® Growth Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	515,464,011	$	—	$	—	$	515,464,011
Short Term Investments		6,027,000		—		—		6,027,000
Investments Purchased as Securities Lending Collateral*		—		—		—		111,782,580
Total Investments in Securities	$	521,491,011	$	—	$	—	$	633,273,591

* 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.

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September 30, 2017

GuidePath^® Conservative Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	207,859,622	$	—	$	—	$	207,859,622
Short Term Investments		2,576,803		—		—		2,576,803
Investments Purchased as Securities Lending Collateral*		—		—		—		58,966,855
Total Investments in Securities	$	210,436,425	$	—	$	—	$	269,403,280

* 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	$	241,895,661	$	—	$	—	$	241,895,661
Short Term Investments		3,005,399		—		—		3,005,399
Investments Purchased as Securities Lending Collateral*		—		—		—		11,335,800
Total Investments in Securities	$	244,901,060	$	—	$	—	$	256,236,860

* 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^® Absolute Return Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	235,348,232	$	—	$	—	$	235,348,232
Short Term Investments		2,407,561		—		—		2,407,561
Investments Purchased as Securities Lending Collateral*		—		—		—		52,169,818
Total Investments in Securities	$	237,755,793	$	—	$	—	$	289,925,611

* 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	$	113,656,132	$	—	$	—	$	113,656,132
Short Term Investments		1,556,396		—		—		1,556,396
Investments Purchased as Securities Lending Collateral*		—		—		—		14,012,607
Total Investments in Securities	$	115,212,528	$	—	$	—	$	129,225,135

* 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.

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September 30, 2017

GuidePath^® Flexible Income Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	50,399,394	$	—	$	—	$	50,399,394
Short Term Investments		609,729		—		—		609,729
Investments Purchased as Securities Lending Collateral*		—		—		—		14,404,739
Total Investments in Securities	$	51,009,123	$	—	$	—	$	65,413,862

* 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	$	2,176,049	$	88,241,598	$	—	$	90,417,647
Total Investments in Securities	$	2,176,049	$	88,241,598	$	—	$	90,417,647
Other Financial Instruments*
Futures	$	1,451,641	$	—	$	—	$	1,451,641

* 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.

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.

(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

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September 30, 2017

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 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,

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September 30, 2017

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.

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^® 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.

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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	$	927	Depreciation on swap agreements	$	—
Interest Rate Contracts – Swaps	Appreciation on swap agreements		175,616	Depreciation on swap agreements		—
Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		22,883	Unrealized depreciation on futures contracts		48,350
Total		$	199,427		$	48,350

* Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts.

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2017
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts		Swaps			Total
Credit Contracts	$	—	$	32,437		$	32,437
Interest Rate Contracts		112,094		(12,064	)		100,030
Total	$	112,094	$	20,373		$	132,467

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts			Swaps			Total
Credit Contracts	$	—		$	(13,252	)	$	(13,252	)
Interest Rate Contracts		(45,804	)		(45,645	)		(91,449	)
Total	$	(45,804	)	$	(58,897	)	$	(104,701	)

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 September 30, 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	$	31,570	Depreciation on swap agreements	$	1,105,625
Foreign Exchange Contracts – Forward Currency Contracts	Appreciation of forward currency contracts		494,460	Depreciation of forward currency contracts		472,511
Total		$	526,030		$	1,578,136

The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2017
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Forward Currency Contracts			Swaps			Total
Foreign Exchange Contracts	$	22,750		$	—		$	22,750
Interest Rate Contracts		—			(292,631	)		(292,631	)
Total	$	22,750		$	(292,631	)	$	(269,881	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Currency Contracts			Swaps			Total
Foreign Exchange Contracts	$	(939,662	)	$	—		$	(939,662	)
Interest Rate Contracts		—			77,350		$	77,350
Total	$	(939,662	)	$	77,350		$	(862,312	)

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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 period ended September 30, 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 September 30, 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	$	601,881	Unrealized depreciation on futures contracts	$	500,304
Equity Contracts – Futures*	Unrealized appreciation on futures contracts		1,846,270	Unrealized depreciation on futures contracts		148,019
Foreign Exchange Contracts – Futures*	Unrealized appreciation on futures contracts		421,882	Unrealized depreciation on futures contracts		880,207
Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		343,137	Unrealized depreciation on futures contracts		232,999
Total		$	3,213,170		$	1,761,529

* 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 period ended September 30, 2017
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Futures Contracts
Commodity Contracts	$	(2,600,698	)
Equity Contracts		4,375,583
Foreign Exchange Contracts		(112,803	)
Interest Rate Contracts		(3,835,273	)
Total	$	(2,173,191	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Futures Contracts
Commodity Contracts	$	252,836
Equity Contracts		955,963
Foreign Exchange Contracts		(130,710	)
Interest Rate Contracts		430,904
Total	$	1,508,993

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2017 were as follows:

Long Positions	GuideMark® Core Fixed Income Fund		GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Futures	$	7,077,357	$	—		$	442,412,217
Forwards*	$	—	$	34,714,119		$	—
Swaps	$	7,014,857	$	9,171,429		$	—
Short Positions	GuideMark® Core Fixed Income Fund		GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Futures	$	7,371,784	$	—		$	(202,112,417	)
Forwards*	$	—	$	(5,070,086	)	$	—
Cross Currency	GuideMark® Core Fixed Income Fund		GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Forwards*	$	—	$	7,099,416		$	—

* The GuideMark^® Emerging Markets Fund and GuideMark^® World ex-US Fund had forward transactions during the period ended September 30, 2017, however due to the timing of these transactions the average monthly notional amount for the Funds were $0. For more information about the forward activity of these Funds, see the Statement of Operations for these Funds.

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.

Offsetting Assets and Liabilities

GuideMark^® Core Fixed Income Fund

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of September 30, 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.

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	$	8,344	$	—	$	8,344	$	(4,313	)	$	—	$	4,031
Swaps
Morgan Stanley		176,544		—		176,544		—			—		176,544
	$	184,888	$	—	$	184,888	$	(4,313	)	$	—	$	180,575

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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	$	4,313	$	—	$	4,313	$	(4,313	)	$	—	$	—
Swaps
Morgan Stanley		—		—		—		—			—		—
	$	4,313	$	—	$	4,313	$	(4,313	)	$	—	$	—

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.

The table below, as of September 30, 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	$	4,302	$	—	$	4,302	$	(4,302	)	$	—	$	—
Barclays		9,123		—		9,123		(6,930	)		—		2,193
Citibank		100,713		—		100,713		(100,713	)		—		—
Deutsche Bank		180,291		—		180,291		(37,354	)		—		142,937
Goldman Sachs		17,983		—		17,983		(15,555	)		—		2,428
HSBC		89,766		—		89,766		(23,365	)		—		66,401
JP Morgan Chase		81,172		—		81,172		(81,172	)		—		—
Merrill Lynch		6,789		—		6,789		—			—		6,789
Morgan Stanley		1,331		—		1,331		—			—		1,331
UBS		2,990		—		2,990		—			—		2,990
Swaps
Citibank		31,570		—		31,570		(6,025	)		—		25,545
JP Morgan Chase		—		—		—		—			—		—
	$	526,030	$	—	$	526,030	$	(275,416	)	$	—	$	250,614

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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	$	16,322	$	—	$	16,322	$	(4,302	)	$	—		$	12,020
Barclays		6,930		—		6,930		(6,930	)		—			—
Citibank		213,936		—		213,936		(100,713	)		(80,000	)		33,223
Deutsche Bank		37,354		—		37,354		(37,354	)		—			—
Goldman Sachs		15,555		—		15,555		(15,555	)		—			—
HSBC		23,365		—		23,365		(23,365	)		—			—
JP Morgan Chase		159,049		—		159,049		(81,172	)		(77,877	)		—
Merrill Lynch		—		—		—		—			—			—
Morgan Stanley		—		—		—		—			—			—
UBS		—		—		—		—			—			—
Swaps
Citibank		6,025		—		6,025		(6,025	)		—			—
JP Morgan Chase		1,099,600		—		1,099,600		—			(1,099,600	)		—
	$	1,578,136	$	—	$	1,578,136	$	(275,416	)	$	(1,257,477	)	$	45,243

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.

The table below, as of September 30, 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.

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	$	606,214	$	—	$	606,214	$	(545,719	)	$	—	$	60,495
	$	606,214	$	—	$	606,214	$	(545,719	)	$	—	$	60,495
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	$	545,719	$	—	$	545,719	$	(545,719	)	$	—	$	—
	$	545,719	$	—	$	545,719	$	(545,719	)	$	—	$	—

156

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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 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, 2017, 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

157

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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 September 30, 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%
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 has contractually agreed to waive, through July 31, 2018, 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, 2018, 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%
Core Fixed Income Fund		1.29%		0.69%
Tax-Exempt Fixed Income Fund		1.29%		0.69%
Opportunistic Fixed Income Fund		1.55%		0.95%
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 September 30, 2017, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Conservative Allocation Fund, Tactical Allocation Fund, Absolute Return Allocation Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.

158

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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		Year of Expiration 03/31/2021
World ex-US Fund	$	—	$	50,157	$	36,238	$	55,075
Core Fixed Income Fund		—		56,910		109,659		75,363
Tax-Exempt Fixed Income Fund		58,715		82,292		60,304		31,165
Opportunistic Fixed Income Fund		186,297		242,737		175,049		122,034
Managed Futures Strategy Fund		—		78,883		62,978		33,093

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.

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 Brokerage^TM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent period ended September 30, 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 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, exculding the 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, 2017 and will mature, unless renewed, on July 31, 2018. 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 4.25% at September 30, 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.

159

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

During the period April 1, 2017 to September 30, 2017, the details of the borrowings were as follows:

Fund	Average Daily Borrowings		Weighted Average Annualized Interest Rate			Maximum Borrowings
Large Cap Core Fund	$	144,077		4.25	%	$	20,635,000
Emerging Markets Fund		146,284		4.22	%		10,507,000
Small/Mid Cap Core Fund		—		0.00	%		—
World ex-US Fund		36,148		4.13	%		2,744,000
Core Fixed Income Fund		—		0.00	%		—
Tax-Exempt Fixed Income Fund		902		4.25	%		165,000
Growth Allocation Fund		994,355		4.25	%		78,949,000
Conservative Allocation Fund		107,858		4.25	%		8,338,000
Tactical Allocation Fund		307,825		4.25	%		42,500,000
Absolute Return Allocation Fund		72,219		4.25	%		8,400,000
Multi-Asset Income Allocation Fund		110,104		4.25	%		10,000,000
Flexible Income Allocation Fund		141,432		4.25	%		12,200,000
Managed Futures Strategy Fund		—		0.00	%		—

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 period ended September 30, 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	Investments Purchased as Securities Lending Collateral*
Large Cap Core Fund	$	55,412,352
Emerging Markets Fund		5,770,820
Small/Mid Cap Core Fund		12,445,347
World ex-US Fund		3,424,516
Core Fixed Income Fund		15,357,874
Tax-Exempt Fixed Income Fund		—
Opportunistic Fixed Income Fund		—
Growth Allocation Fund		111,782,580
Conservative Allocation Fund		58,966,855
Tactical Allocation Fund		11,335,800
Absolute Return Allocation Fund		52,169,818
Multi-Asset Income Allocation Fund		14,012,607
Flexible Income Allocation Fund		14,404,739
Managed Futures Strategy Fund		—
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities).	$	355,083,308

* Proceeds from securities lending (Investments Purchased as Securities Lending Collateral).

160

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

8. Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2017 are summarized below.

	Purchases		Sales
Large Cap Core Fund	$	153,911,233	$	77,154,443
Emerging Markets Fund		15,870,402		39,882,131
Small/Mid Cap Core Fund		15,538,668		82,525,013
World ex-US Fund		77,752,038		105,529,656
Core Fixed Income Fund*		120,425,766		132,532,700
Tax-Exempt Fixed Income Fund		18,765,107		20,245,905
Opportunistic Fixed Income Fund**		13,203,143		24,356,651

	Purchases		Sales
Growth Allocation Fund	$	287,665,679	$	377,597,810
Conservative Allocation Fund		125,606,612		38,026,046
Tactical Allocation Fund		692,789,627		772,622,692
Absolute Return Allocation Fund		277,542,375		172,144,981
Multi-Asset Income Allocation Fund		29,122,816		37,300,588
Flexible Income Allocation Fund		134,847,523		184,701,320
Managed Futures Strategy Fund		—		—

* Included in these amounts were $102,882,473 of purchases and $102,499,424 of sales of U.S. Government Securities.

** Included in these amounts were $11,498,970 of purchases and $22,689,402 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 period ended September 30, 2017, with affiliates:

	Share Activity								Period Ended September 30, 2017
Security Name	Balance March 31, 2017		Purchases		Sales		Balance September 30, 2017		Fair Value		Dividends Credited to Income		Amount of Gain (Loss) realized on Sale of  Shares			Net change  in unrealized appreciation (depreciation)
Growth Allocation Fund
GuideMark® Large Cap Core Fund - Institutional Shares		2,463,265		117,882		2,581,147		—	$	—	$	—	$	11,373,270		$	(10,192,633	)
GuideMark® Emerging Markets Fund - Institutional Shares		857,339		39,187		896,526		—		—		—		4,207,754			(3,288,271	)
GuideMark® Small/Mid Cap Core Fund - Institutional Shares		3,165,311		148,628		3,313,939		—		—		—		17,436,043			(16,228,471	)
GuideMark® World ex-US Fund - Institutional Shares		8,369,337		382,487		8,751,824		—		—		—		14,458,859			(8,925,880	)
									$	—	$	—	$	47,475,926		$	(38,635,255	)
Conservative Allocation Fund
GuideMark® Large Cap Core Fund - Institutional Shares		181,943		14,186		196,129		—	$	—	$	—	$	944,890		$	(813,413	)
GuideMark® Emerging Markets Fund - Institutional Shares		28,624		2,231		30,855		—		—		—		154,474			(108,799	)
GuideMark® Small/Mid Cap Core Fund - Institutional Shares		369,315		28,801		398,116		—		—		—		2,354,212			(2,097,331	)
GuideMark® World ex-US Fund - Institutional Shares		611,474		47,696		659,170		—		—		—		1,291,975			(785,757	)
									$	—	$	—	$	4,745,551		$	(3,805,300	)
Absolute Return Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		617,227		8,936		626,163		—	$	—	$	—	$	(105,413	)	$	165,192
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		508,071		7,360		515,431		—		—		—		196,698			(222,851	)
									$	—	$	—	$	91,285		$	(57,659	)

161

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

	Share Activity								Period Ended September 30, 2017
Security Name	Balance March 31, 2017		Purchases		Sales		Balance September 30, 2017		Fair Value		Dividends Credited to Income		Amount of Gain (Loss) realized on Sale of  Shares			Net change  in unrealized appreciation (depreciation)
Multi-Asset Income Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		299,116		28,528		327,644		—	$	—	$	20,203	$	(26,139	)	$	58,424
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		443,310		29,998		473,308		—		—		75,399		163,938			(222,006	)
									$	—	$	95,602	$	137,799		$	(163,582	)
Flexible Income Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		68,915		766		69,681		—	$	—	$	—	$	6,902		$	(280	)
									$	—	$	—	$	6,902		$	(280	)

10. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

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	)
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	)

162

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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	)
Small/Mid Cap Core Fund		—		—		—		—		—
World ex-US Fund		139,582,037		—		15,471,584				(1,156,555	)
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		—		—
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.

163

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

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			—		—
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			—		—
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			—		—
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			Core Fixed Income Fund			Tax-Exempt Fixed Income Fund			Opportunistic Fixed Income Fund
Cost of Investments	$	213,596,470		$	105,040,193		$	127,914,835		$	166,959,915		$	163,302,584		$	28,488,986		$	62,222,862
Gross Unrealized Appreciation		45,655,758			22,839,450			25,391,583			30,288,239			2,534,046			1,847,698			4,951,275
Gross Unrealized Depreciation		(6,602,834	)		(3,911,105	)		(5,253,936	)		(7,585,948	)		(1,735,929	)		(31,792	)		(6,402,568	)
Net Unrealized Appreciation/(Depreciation)		39,052,924			18,928,345			20,137,647			22,702,291			798,117			1,815,906			(1,451,293	)
Undistributed Tax-Exempt Ordinary Income		—			—			—			—			—			15,015			—
Undistributed Ordinary Income		355,378			—			293,042			2,901,835			294,651			2,154			12,274,176
Undistributed Long-Term Cap Gains		5,760,693			—			1,075,826			—			349,253			—			—
Total Distributable Earnings		6,116,071			—			1,368,868			2,901,835			643,904			17,169			12,274,176
Other Accumulated Gains/(Losses)		—			(91,205,686	)		—			(155,105,126	)		(468,259	)		(1,729,569	)		(26,860,958	)
Total Accumulated Earnings/(Losses)		45,168,995			(72,277,341	)		21,506,515			(129,501,000	)		973,762			103,506			(16,038,075	)

164

GuideMark^® Funds and GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2017

	Growth Allocation Fund			Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed Futures Strategy Fund
Cost of Investments	$	565,944,588		$	140,501,479		$	311,861,765		$	152,416,683		$	131,219,873		$	116,146,584		$	82,237,400
Gross Unrealized Appreciation		93,741,327			9,665,414			23,874,885			8,339,487			8,814,693			2,344,852			21,582
Gross Unrealized Depreciation		(3,979,966	)		(2,251,470	)		(3,311,635	)		(948,921	)		(140,569	)		(563,506	)		(3,218	)
Net Unrealized Appreciation/(Depreciation)		89,761,361			7,413,944			20,563,250			7,390,566			8,674,124			1,781,346			18,364
Undistributed Tax-Exempt Ordinary Income		—			—			—			—			—			—			—
Undistributed Ordinary Income		1,948,396			1,224,770			4,024,774			634,051			112,867			38,394			—
Undistributed Long-Term Cap Gains		2,796,323			—			—			—			—			—			—
Total Distributable Earnings		4,744,719			1,224,770			4,024,774			634,051			112,867			38,394			—
Other Accumulated Gains/(Losses)		(21,489	)		(4,266,113	)		(18,428,535	)		(13,086,799	)		(8,734,452	)		(10,375,770	)		(4,136,685	)
Total Accumulated Earnings/(Losses)		94,484,591			4,372,601			6,159,489			(5,062,182	)		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.

165

GuideMark^® Funds and GuidePath^® Funds

ADDITIONAL INFORMATION

September 30, 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%
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.

166

GuideMark^® Funds and GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 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 or Longer	# 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).		15	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).		15	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).		15	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).
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).		15	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).

167

GuideMark^® Funds and GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

September 30, 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
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.

168

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^® 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 Brokerage^TM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

This document must be preceded or accompanied by a free prospectus. Investors should consider the 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.

Semi-Annual Report

September 30, 2017

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

2

SIGNATURES

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

(Registrant) GPS Funds I

By (Signature and Title)	/s/ Carrie E. Hansen
	Carrie E. Hansen, Principal Executive Officer/President

Date 11/30/17

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

By (Signature and Title)	/s/ Carrie E. Hansen
	Carrie E. Hansen, Principal Executive Officer/President

Date 11/30/17

By (Signature and Title)	/s/ Patrick Young
	Patrick R Young, Principal Financial Officer/Treasurer

Date 11/30/17

3

EX-99.CERT

EX.99.CERT

CERTIFICATIONS

I, Carrie E. Hansen, certify that:

1. I have reviewed this report on Form N-CSR of GPS Funds I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     11/30/17	By:	/s/ Carrie E. Hansen
		Carrie E. Hansen
		Principal Executive Officer/President

EX.99.CERT

CERTIFICATIONS

I, Patrick R. Young, certify that:

1. I have reviewed this report on Form N-CSR of GPS Funds I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     11/30/17	By:	/s/ Patrick Young
		Patrick R. Young
		Principal Financial Officer/Treasurer

EX-99.906CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of GPS Funds I, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of GPS Funds I for the period ended September 30, 2017 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the GPS Funds I for the stated period.

/s/ Carrie E. Hansen	/s/ Patrick Young
Carrie E. Hansen Principal Executive Officer/President GPS Funds I Dated: 11/30/17	Patrick R. Young Principal Financial Officer/Treasurer GPS Funds I Dated: 11/30/17

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by GPS Funds I for purposes of Section 18 of the Securities Exchange Act of 1934.