N-CSR 1 d739540dncsr.htm ANNUAL REPORT FOR THE GPS FUNDS I Annual Report for the GPS Funds I

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

 

 

GPS Funds I

(Exact name of registrant as specified in charter)

 

 

1655 Grant Street, 10th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

 

 

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

(Name and address of agent for service)

 

 

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2019

Date of reporting period: April 1, 2018 through March 31, 2019

 

 

 

Item 1. Reports to Stockholders.

 

GuideMark® Funds

GuidePath® Funds

 

Investment Advisor

AssetMark, Inc.

 

ANNUAL REPORT

 

March 31, 2019

 

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

GUIDEPATH® CONSERVATIVE INCOME FUND

GUIDEPATH® INCOME FUND

GUIDEPATH® GROWTH AND INCOME FUND

Notice to Shareholders

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund’s shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, these reports will be made available online.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. If you receive shareholder reports by mail, you will be sent a single-page document that includes the web address to access the full report with instructions to request a printed copy at no charge. You may elect to receive shareholder reports and other communications electronically from the Fund anytime by contacting your financial advisor or institution.

You may elect to receive all future shareholder reports in paper free of charge. If you’d like to continue to receive a paper copy of the full report, visit www.fundreports.com any time prior to January 1, 2021. Your election will apply to all funds held in your account.

May 30, 2019

Dear Shareholder:

Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2018 to March 31, 2019.

Market Review

For the one-year period ended March 31, 2019, US equity markets returned 9.5%.1 Notwithstanding this positive annual performance, however, the last 6 months of the period saw significant volatility. The US equity markets rapidly fell in October and continued to fall through December, leading to a fourth quarter return of -13.5%. Just as quickly as they turned south, the markets quickly reversed course in January and rallied through the first quarter of 2019, leading to a first quarter return of 13.7%; the strongest start to a calendar year in more than 20 years. The strong rally was aided by a change in the US Federal Reserve’s monetary policy tone to be more accommodative, and by better-than-expected corporate earnings reports.

From a sector perspective, the year ended March 31, 2019 saw mixed results. The three top-performing sectors were defensive, bond-proxy sectors such as real estate (21.0%) and utilities (19.3%) and technology (15.4%), a high growth sector.2 Most of the returns in the real estate sector came in the first quarter as interest rates fell following an announcement by the US Federal Reserve that it was unlikely to raise rates through 2019. The defensive qualities of the utilities sector benefited from the rate-change environment especially in the fourth quarter, as it was the only sector to provide a positive return in the fourth quarter, which helped its one-year return. Technology sector returns were boosted during the reporting period by investors’ willingness to pay for growth in a slow-growth environment, leading the market upwards through most of 2018 only to see its momentum reversed in October before returning to positive momentum in January.

International equity markets trailed US equity markets over the period, with emerging markets trailing developed markets. Impacted by a stronger dollar and rising rates in the US, emerging markets returned -7.1% for the one-year period, after having been the market leader in the prior year.3 Concerns over global trade disputes and tariffs between the US and China led to Chinese equities seeing a return of -6.1% for the one year period, even with a 17.7% return in the first quarter of 2019.4 Europe ex-UK and Japan dragged on returns in developed markets, leading to a 3.4% local currency return for the year, which turned negative when applying the impact of currencies, giving US investors a return of -3.2%.5

Bond markets did not see quite the same level of volatility as equity markets during the reporting period, but did see some significant changes in sector performance in the first quarter of 2019 as a result of the US Federal Reserve taking a more dovish policy approach. The Bloomberg Barclays U.S. Aggregate Bond Index returned 4.5% for the 12-month period, mainly driven by the last six months. The 10-year Treasury yield was 2.7% on April 1, 2018 and gradually rose to a high of 3.2% on November 8, 2018 before falling to 2.7% at year end and then down to 2.4% by March 31, 2019.6 Building from the flight-to-quality in the fourth quarter of 2018, long-term bonds benefited from the fall in rates during the first quarter of 2019, leading to a return of 6.2% for the year while short-term bonds returned 2.7%.7

The credit markets provided the strongest relative returns for the one year period, with high-yield up 5.9% for the year,8 and emerging market bonds up 4.4%.9 The international developed markets did not fare as well as emerging markets during the period, as they were adversely impacted by the strength of the US dollar. The Bloomberg Barclays Global Aggregate ex-USD Index returned -4.1% while the hedged version of the index (which hedges out the currency risk) returned 5.2%.

Fund Review

Looking across the GuideMark® equity funds, all of the funds trailed their respective benchmarks during the reporting period due to the momentum seen in high-growth factors. Specifically, for the GuideMark® Large Cap Core Fund, GuideMark® Small/Mid Cap Core Fund and GuideMark® World ex-US Fund, the biggest detractor was exposure to the value factor, while for the GuideMark® Emerging Markets Fund, the momentum factor was the biggest headwind, given the consistent downward trend seen for most of the period.

The GuideMark® Core Fixed Income Fund and the GuideMark® Tax-Exempt Fixed Income Fund trailed their respective benchmarks while the GuideMark® Opportunistic Fixed Income Fund was the only fund to outperform for the period. The ability of the GuideMark® Opportunistic Fixed Income Fund to take short positions in the Euro and long positions in select emerging markets combined with the Fund’s underweight exposure to investment grade credit helped lift the Fund’s returns over the period. Shorter duration positioning within the GuideMark® Core Fixed Income Fund was a headwind to returns along with an allocation to treasury inflation protected securities, which provided muted returns given the benign inflation environment. The GuideMark® Tax-Exempt Fixed Income Fund’s exposure to bonds rated below investment grade was the main detractor from the Fund’s performance in the second half of 2018, as higher-risk assets fell the most during the market downturn.

 

1   

US equities represented by the S&P 500® Index.

 

2   

Real estate, utilities and technology sectors represented by the S&P 500®Real Estate (Sector) Index, S&P 500® Utilities (Sector) Index and S&P 500® Technology (Sector) Index, respectively.

 

3   

Emerging market equities represented by the MSCI Emerging Markets Index.

 

4   

Chinese equities represented by MSCI China Index.

 

5   

Developed markets represented by the MSCI EAFE Index.

 

6   

Source: U.S. Department of Treasury.

 

7   

Long-term bonds represented by Bloomberg Barclays Long U.S. Treasury Index. Short-term bonds represented by Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index.

 

8   

High yield represented by the Bloomberg Barclays U.S. Corporate High Yield Index.

 

9   

Emerging market bonds represented by the Bloomberg Barclays EM USD Aggregate Bond Index.

 

1

Two of the GuidePath® funds outperformed their respective benchmarks during the period. The GuidePath® Tactical Allocation Fund outperformed its benchmark due to higher exposure to equities relative to its benchmark, specificially during the market rally in the first quarter of 2019. The Fund’s positioning in growth stocks, including dedicated exposure to technology, was also a positive contributor to returns during the period. The GuidePath® Absolute Return Fund outperformed its benchmark due to exposure to high-yield bonds in addition to a small allocation to US equities. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Fund underperformed their respective benchmarks. Lagging returns were generally a result of broader diversification, including exposure to US small capitalization stocks, international and emerging markets in both equity and fixed income and cash positioning. The GuidePath® Managed Futures Strategy Fund focuses on investing in asset classes based upon their price trends using futures as the investment vehicle, which may amplify investment risks by creating leverage in the Fund’s portfolio. The Fund’s performance was negatively impacted by the changing trends in multiple markets that occurred during the period. Specifically, September 2018 was particularly challenging for the Fund due to its long exposures in European bonds and currencies. In October 2018, long US equity positions and in January 2019 short US equity positions dragged on the Fund’s returns with the sudden reversals in the market.

Three new GuidePath® funds focused on income were launched at the end of April 2018. All three funds trailed their respective benchmarks during the reporting period due to a risk-averse posture. The GuidePath® Conservative Income Fund was tilted toward cash equivalents while both the GuidePath® Income Fund and the GuidePath® Growth and Income Fund were defensively positioned in cash and short term bonds for most of the second quarter and the fourth quarter of 2018 following spikes in volatility.

Looking Ahead

For the past 10 years, generally speaking, investors have seen active managers underperform indexes, growth and momentum stocks outperform value stocks, large-capitalization stocks outperform small-capitalization stocks and US markets outperform international markets. Based on these trends, it may be tempting to shy away from diversification and tactical strategies. Indeed, it has been costly over past several years to maintain a globally diversified portfolio, especially in light of current US market returns. However, it remains our view that maintaining a disciplined, diversified strategy is the best approach for helping investors achieve their goals over the long term.

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

Sincerely,

 

LOGO

Carrie E. Hansen

Trustee, Chairperson and President of the Funds

Important Information

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

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 may obtain a prospectus by contacting your registered representative.

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. The Principal Underwriter for the GuideMark® and GuidePath® Funds is AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority. AssetMark Brokerage™, LLC is an affiliate of AssetMark, Inc. and shares its address. ©2019 AssetMark, Inc. All rights reserved.

Investment Terms

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 EM USD Aggregate Index is a hard currency emerging markets debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate emerging markets issuers.

Bloomberg Barclays Long U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.

Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years.

 

2

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that measures the investment-grade, U.S. 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 U.S. Aggregate Bond Index have a minimum term to maturity of one year.

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

Bloomberg Barclays Global Aggregate ex-USD 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, excluding the U.S.

MSCI China Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of large and mid cap equity securities in the top 85% in market capitalization of the Chinese equity securities markets, as represented by the H-shares, B-shares, Red chips, P-chips and foreign listings such as American Depository Receipts.

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

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

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

S&P 500® Real Estate (Sector) Index comprises stocks included in the S&P 500® Index that are classified as members of the GICS® real estate sector.

S&P 500® Information Technology (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® information technology sector.

S&P 500® Utilities (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® utilities sector.

 

3

GuideMark® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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 11, 2018, the market capitalization of the companies in the Russell 1000® Index ranged from $2.5 billion to $926.9 billion.

 

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

GuideMark® Large Cap Core Fund

                                    

Service Shares

      7.47 %       8.98 %       13.96 %       4.69 % 

Institutional Shares

      8.09 %       9.60 %       N/A        9.96 % 

Russell 1000® Index

      9.30 %       10.63 %       16.05 %       7.19 %(2)  

 

(1) 

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

 

(2) 

The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 11.86%.

 

4

GuideMark® Large Cap Core Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 7.5%, underperforming the Russell 1000® Index at 9.3%.

 

•  

Within U.S. markets, stocks with momentum and higher quality generally outperformed, while stocks with value characteristics generally lagged.

 

•  

Most of the underperformance was driven by the value factor as the quality factor contributed positively to returns.

 

•  

Underweight exposure to health care and real estate, as well as security selection within those sectors, detracted from the Fund’s returns.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Microsoft Corp.     3.06 % 
  2      Apple, Inc.     2.97 % 
  3      Vanguard S&P 500 ETF     2.96 % 
  4      Amazon.com, Inc.     2.29 % 
  5      Facebook, Inc. - Class A     1.20 % 
  6      Johnson & Johnson     1.10 % 
  7      JPMorgan Chase & Co.     0.98 % 
  8      Berkshire Hathaway, Inc. – Class B     0.89 % 
  9      Alphabet, Inc. – Class C     0.88 % 
  10      Alphabet, Inc. – Class A     0.88 % 

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.

 

5

GuideMark® Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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 countries considered to represent emerging markets. As of July 31, 2018, the emerging market country indices included were: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

 

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

GuideMark® Emerging Markets Fund

                                    

Service Shares

      -10.05 %       6.09 %       13.28 %       4.74 % 

Institutional Shares(2)

      -9.53 %       6.26 %       N/A        8.99 % 

MSCI Emerging Markets Index

      -7.06 %       4.06 %       9.31 %       9.82 %(3)  

 

(1) 

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

 

(2) 

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.

 

(3) 

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 1.16%.

 

6

GuideMark® Emerging Markets Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned -10.1%, underperforming the MSCI Emerging Markets Index at -7.1%.

 

•  

Within international markets, stocks with higher quality generally outperformed, while stocks with momentum and value characteristics generally lagged.

 

•  

The Fund’s exposure to the momentum factor detracted from the Fund’s performance.

 

•  

Security selection within the materials and financials sectors, as well as exposure to issuers in Turkey and security selection within China, detracted from Fund returns. Security selection in Brazil, and within the utilities and communication services sectors contributed to the Fund’s performance.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Tencent Holdings Ltd.     4.14 % 
  2      Alibaba Group Holding, Ltd. – ADR     3.65 % 
  3      Samsung Electronics Co., Ltd.     3.45 % 
  4      Taiwan Semiconductor Manufacturing Co., Ltd.     3.39 % 
  5      iShares Core MSCI Emerging Markets ETF     2.45 % 
  6      China Construction Bank Corp. – Series H     1.43 % 
  7      Naspers Ltd. – N Shares     1.22 % 
  8      Ping An Insurance Group Co. of China, Ltd. – Series H     0.95 % 
  9      China Mobile Ltd.     0.95 % 
  10      Lukoil PJSC – ADR     0.94 % 

 

7

GuideMark® Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 11, 2018, the market capitalization of the companies in the Russell 2500TM Index ranged from $159.2 million to $12.0 billion.

 

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

GuideMark® Small/Mid Cap Core Fund

                                    

Service Shares

      2.99 %       6.49 %       14.91 %       7.23 % 

Russell 2500TM Index

      4.48 %       7.79 %       16.23 %       8.73 % 

 

(1) 

Inception date is 6/29/01.

 

8

GuideMark® Small/Mid Cap Core Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.0%, underperforming the Russell 2500™ Index at 4.5%.

 

•  

Within U.S. markets, higher quality stocks with momentum generally outperformed, while stocks with value characteristics generally lagged.

 

•  

Most of the Fund’s underperformance relative to the benchmark was driven by the value factor as the quality factor contributed positively to returns.

 

•  

Security selection within the industrials and real estate sectors as well as overweight exposure to the technology and health care sector detracted from the Fund’s returns.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Vanguard Extended Market ETF     3.66 % 
  2      Advanced Micro Devices, Inc.     0.40 % 
  3      Cadence Design System, Inc.     0.34 % 
  4      CDW Corp.     0.29 % 
  5      Keysight Technologies, Inc.     0.29 % 
  6      Vistra Energy Corp.     0.28 % 
  7      Kohl’s Corp.     0.27 % 
  8      NRG Energy, Inc.     0.24 % 
  9      Veeva Systems, Inc. – Class A     0.24 % 
  10      Zebra Technologies Corp. – Class A     0.24 % 

 

9

GuideMark® World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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-USA INDEX – The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries excluding the U.S. As of July 31, 2018, the developed market country indices included were: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

 

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

GuideMark® World ex-US Fund

                                    

Service Shares

      -5.36 %       1.74 %       6.03 %       2.57 % 

Institutional Shares(2)

      -4.79 %       2.53 %       N/A        2.37 % 

MSCI World ex-USA Index

      -2.61 %       2.71 %       9.36 %       5.55 %(3)  

 

(1) 

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

 

(2) 

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.

 

(3) 

The return shown for the MSCI World ex-USA Index is from the inception date of the Service Shares. The MSCI World ex-USA Index return from the inception date of the Institutional Shares is 3.56%.

 

10

GuideMark® World ex-US Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned -5.4%, underperforming the MSCI World ex-USA Index at -2.6%.

 

•  

Within international markets, higher quality stocks generally outperformed, while stocks with momentum and value characteristics generally lagged.

 

•  

Most of the Fund’s underperformance relative to the benchmark was driven by the value factor as the quality factor contributed positively to returns.

 

•  

Security selection within the materials and industrials sectors, as well as security selection in France, Australia, and Japan, detracted from the Fund’s returns.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      iShares MSCI EAFE ETF     2.38 % 
  2      Nestle SA     1.68 % 
  3      Roche Holdings AG     1.35 % 
  4      Novartis AG     1.14 % 
  5      GlaxoSmithKline PLC     0.74 % 
  6      Koninklijke Ahold Delhaize NV     0.67 % 
  7      Total SA     0.66 % 
  8      L’Oreal SA     0.62 % 
  9      Royal Dutch Shell PLC – Class A     0.56 % 
  10      Unilever NV     0.55 % 

 

11

GuideMark® Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

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

GuideMark® Core Fixed Income Fund

                                    

Service Shares

      3.57 %       1.90 %       4.16 %       3.68 % 

Bloomberg Barclays U.S. Aggregate Bond Index

      4.48 %       2.74 %       3.77 %       4.50 % 

 

(1) 

Inception date is 6/29/01.

 

12

GuideMark® Core Fixed Income Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.6%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 4.5%.

 

•  

The Fund’s relative duration and yield curve positioning detracted from returns, along with the Fund’s allocation to treasury inflation protected securities.

 

•  

While maintaining duration within a 20% band to the benchmark, the Fund tactically reduced duration and held an allocation to treasury inflation protected securities in expectation of rising inflation and interest rates. The shorter duration relative to the benchmark resulted in a modest lag over the period as interest rates declined.

 

•  

The Fund’s performance benefitted from an overweight to corporate credit and securitized sectors such as non-agency mortgage-backed securities and asset-backed securities, as credit spreads narrowed amid an improving market outlook during the period.

Components of Portfolio Holdings*

 

LOGO

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

Percentages expressed exclude derivative instruments, such as futures and swap contracts.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Federal National Mortgage Association, Pool #TBA, 3.500%, 04/15/2041     2.52 % 
  2      Federal National Mortgage Association, Pool #BN5279, 4.000%, 02/01/2049     2.48 % 
  3      U.S. Treasury Bond, 0.375%, 07/15/2027     2.33 % 
  4      Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 04/15/2042     2.06 % 
  5      U.S. Treasury Note, 2.375%, 08/15/2024     1.94 % 
  6      Federal Home Loan Mortgage Corp., Pool #TBA, 4.500%, 04/15/2041     1.81 % 
  7      U.S. Treasury Note, 2.875%, 05/31/2025     1.70 % 
  8      U.S. Treasury Bond, 2.500%, 05/15/2046     1.67 % 
  9      U.S. Treasury Note, 2.875%, 08/15/2028     1.46 % 
  10      U.S. Treasury Bond, 3.125%, 11/15/2041     1.35 % 

 

13

GuideMark® Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 2009. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

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

GuideMark® Tax-Exempt Fixed Income Fund

                                    

Service Shares

      3.72 %       2.94 %       3.96 %       3.38 % 

Bloomberg Barclays Municipal Bond Index

      5.38 %       3.73 %       4.72 %       4.61 % 

 

(1) 

Inception date is 6/29/01.

 

14

GuideMark® Tax-Exempt Fixed Income Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.7%, underperforming the Bloomberg Barclays Municipal Bond Index at 5.4%.

 

•  

Shorter duration in the intermediate portion of the curve relative to the benchmark detracted from the Fund’s relative performance as this was the best performing maturity segment within the benchmark.

 

•  

The Fund’s exposure to bonds rated BBB and below investment grade benefited the Fund’s absolute performance as high yield municipal bonds generally outperformed the broad market during the period.

 

•  

Underperformance in A-rated bonds detracted from the Fund’s returns for the period, though an underweight in this credit tranche helped to somewhat mitigate the Fund’s underperformance relative to the benchmark.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      New York Environmental Facilities Corp., Series B, Revenue Bond, 5.500%, 10/15/2027     2.52 % 
  2      Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022     2.13 % 
  3      Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025     2.13 % 
  4      Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027     2.10 % 
  5      Los Angeles Department of Airports, Series A, Revenue Bond, 5.250%, 05/15/2029     1.98 % 
  6      Charleston Educational Excellence Financing Corp., Refunding, Revenue Board, 5.00%, 12/01/2025     1.81 % 
  7      Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034     1.61 % 
  8      Illinois, GO, 5.000%, 01/01/2029     1.48 % 
  9      M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039     1.43 % 
  10      Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027     1.40 % 

 

15

GuideMark® Opportunistic Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuideMark® Opportunistic Fixed Income Fund

                           

Service Shares

      0.64 %       1.12 %       1.85 % 

Institutional Shares

      2.65 %       1.89 %       2.46 % 

Bloomberg Barclays Multiverse Index

      -0.29 %       1.19 %       1.93 %(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 1.51%.

 

16

GuideMark® Opportunistic Fixed Income Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 0.6%, outperforming the Bloomberg Barclays Multiverse Index at -0.3%.

 

•  

Underweight exposure to corporate credit, security selection within mortgage-backed securities, and select currency positioning were the main contributors to the Fund’s returns.

 

•  

Security selection within structured credit was a positive contributor to Fund performance. Underweight exposure to corporate credit relative to the benchmark also benefitted Fund performance as credit spreads widened for part of the period as a result of interest rate fears and valuation concerns.

 

•  

Net short positions in the Euro, Japanese Yen and the Australian dollar contributed to Fund performance as all three currencies weakened relative to the U.S. dollar during the period. Maintaining a defensive duration positioning was a detractor for most of the period.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio. Percentages expressed exclude derivative

instruments, such as forward currency contracts, swap contracts and options written.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Mexican Bonos, 5.000%, 12/11/2019     3.73 % 
  2      Indonesia Treasury Bond, 8.375%, 09/15/2026     3.67 % 
  3      Nota Do Tesouro Nacional, 10.000%, 01/01/2027     2.76 % 
  4      India Government Bond, 8.830%, 11/25/2023     2.24 % 
  5      Brazil Letras do Tesouro Nacional, 7.221%, 07/01/2021     2.16 % 
  6      Federal National Mortgage Association, Pool #TBA, 3.500%, 04/01/2048     1.88 % 
  7      Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041     1.87 % 
  8      Federal National Mortgage Association, Pool #2018-23, 2.750%, 12/25/2043     1.34 % 
  9      Indonesia Treasury Bond, 8.250%, 07/15/2021     1.33 % 
  10      Columbian TES, 7.750%, 09/18/2030     1.30 % 

 

17

GuidePath® Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Growth Allocation Fund

                           

Service Shares

      1.61 %       4.80 %       5.34 % 

Institutional Shares

      2.22 %       5.41 %       7.56 % 

S&P® Target Risk Aggressive Index

      2.65 %       6.67 %       7.77 %(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 8.80%.

 

18

GuidePath® Growth Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 1.6% underperforming the S&P® Target Risk Aggressive Index at 2.7%.

 

•  

Exposure to international and emerging market equities hurt the Fund’s relative returns due to trade tensions and foreign currency depreciation. A small country specific exposure to China detracted from the Fund’s performance as a result of trade negotiations and expected slower growth.

 

•  

Exposure to U.S. REITs benefited Fund performance on strong gains as the Federal Reserve shifted to a more dovish policy stance. Positioning in US large cap equities helped the Fund’s returns as the domestic economy remained resilient.

 

•  

Small cap equity exposure tempered the Fund’s returns as investors favored large cap equity during the period.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Vanguard S&P 500 ETF     19.42 % 
  2      Vanguard FTSE Developed Markets ETF     16.04 % 
  3      Schwab U.S. Large-Cap ETF     9.86 % 
  4      iShares Core S&P Small-Cap ETF     6.39 % 
  5      iShares Core MSCI Emerging Markets ETF     5.91 % 
  6      American Funds – EuroPacific Growth Fund – Class F3     4.98 % 
  7      Vanguard Russell 1000 Growth ETF     3.31 % 
  8      Schwab U.S. Large-Cap Growth ETF     3.31 % 
  9      American Funds – The Growth Fund of America – Class F3     3.28 % 
  10      AMCAP Fund – Class F3     3.27 % 

 

19

GuidePath® Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Conservative Allocation Fund

 

                  

Service Shares

      3.35 %       2.55 %       3.73 % 

Institutional Shares

      3.97 %       3.17 %       5.05 % 

S&P® Target Risk Conservative Index

      4.07 %       4.09 %       4.62 %(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 4.51%.

 

20

GuidePath® Conservative Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.4% underperforming the S&P® Target Risk Conservative Index at 4.1%.

 

•  

Exposure to international and emerging market equities hurt the Fund’s relative returns due to trade tensions and foreign currency depreciation. A small country specific exposure to China detracted from the Fund’s performance as a result of trade negotiations and expected slower growth.

 

•  

High yield bond exposure and long-term Treasuries aided returns as credit spreads tightened and the yield curve flattened. Exposure to U.S. REITs benefited performance on strong gains as the Federal Reserve shifted to a more dovish policy stance.

 

•  

A small allocation to international treasuries dampened Fund performance on weakness in foreign currencies. Small cap equity exposure tempered the Fund’s returns as investors favored large cap equity during the period.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Vanguard Mortgage-Backed Securities ETF     8.91 % 
  2      Vanguard S&P 500 ETF     7.78 % 
  3      iShares 1-3 Year Treasury Bond ETF     6.41 % 
  4      Vanguard FTSE Developed Markets ETF     6.31 % 
  5      iShares 7-10 Year Treasury Bond ETF     5.34 % 
  6      SPDR Bloomberg Barclays High Yield Bond ETF     5.00 % 
  7      American Funds – Capital Income Builder – Class F3     4.07 % 
  8      American Funds – The Income Fund of America – Class F3     4.06 % 
  9      iShares Core Aggressive Allocation ETF     4.05 % 
  10      iShares U.S. Credit Bond ETF     4.00 % 

 

21

GuidePath® Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Tactical Allocation Fund

                           

Service Shares

      4.96 %       3.84 %       3.92 % 

Institutional Shares

      5.59 %       4.45 %       5.71 % 

S&P 500® Daily Risk Control 10% Index

      3.50 %       8.32 %       7.96 %(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 9.72%.

 

22

GuidePath® Tactical Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 5.0% outperforming the S&P® 500 Daily Risk Control 10% Index at 3.5%.

 

•  

Overweight exposure to equities relative to the benchmark during the early part of the period in combination with leveraged exposure to approximately 108% was a primary driver of the Fund’s outperformance relative to the benchmark.

 

•  

Technology and healthcare sector equity positioning benefited the Fund’s returns as interest in growth-oriented sectors prevailed over the period.

 

•  

Exposure to large cap value equity detracted from the Fund’s performance due to growth stocks remaining in favor.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Schwab U.S. TIPs ETF     16.78 % 
  2      Schwab U.S. Large-Cap ETF     16.02 % 
  3      Vanguard S&P 500 ETF     16.01 % 
  4      iShares 7-10 Year Treasury Bond ETF     13.42 % 
  5      iShares Core S&P 500 ETF     8.72 % 
  6      SPDR S&P 500 ETF Trust     5.96 % 
  7      SPDR Portfolio S&P 500 Growth ETF     4.78 % 
  8      Technology Select Sector SPDR ETF     4.22 % 
  9      Vanguard Mid-Cap Growth ETF     3.92 % 
  10      Vanguard Small-Cap Growth ETF     3.48 % 

 

23

GuidePath® Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Absolute Return Allocation Fund

                           

Service Shares

      2.81 %       3.06 %       2.45 % 

Institutional Shares

      3.43 %       3.69 %       3.21 % 

FTSE 3-Month Treasury Bill Index(3)

      2.12 %       0.72 %       0.48 %(2)  

 

(1) 

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

 

(2) 

The return shown for the FTSE 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.57%.

 

(3) 

Index formerly known as the Citigroup 3-Month Treasury Bill Index

 

24

GuidePath® Absolute Return Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 2.8% outperforming the FTSE 3-Month Treasury Bill Index at 2.1%.

 

•  

High yield bond exposure contributed to the Fund’s performance as credit spreads tightened during the period. Exposure to domestic core bonds and mortgage-backed securities added to the Fund’s returns.

 

•  

A small exposure to U.S. large cap equities lifted the Fund’s returns as the domestic economy remained resilient.

 

•  

Positioning in long-dated Treasuries detracted from the Fund’s returns during the period held.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Vanguard Mortgage-Backed Securities ETF     19.55 % 
  2      ProShares Investment Grade-Interest Rate Hedged ETF     14.98 % 
  3      DoubleLine Total Return Bond Fund – Institutional Shares     12.33 % 
  4      iShares 1-3 Year Treasury Bond ETF     9.51 % 
  5      T. Rowe Price Institutional Floating Rate Fund – Investor Shares     6.21 % 
  6      BlackRock Low Duration Bond Portfolio – Institutional Shares     5.00 % 
  7      iShares J.P. Morgan USD Emerging Markets Bond ETF     4.99 % 
  8      DoubleLine Low Duration Bond Fund – Institutional Shares     4.98 % 
  9      Vanguard S&P 500 ETF     4.55 % 
  10      Vanguard Total Bond Market ETF     3.72 % 

 

25

GuidePath® Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Multi-Asset Income Allocation Fund

                           

Service Shares

      4.13 %       3.33 %       4.53 % 

Morningstar Multi-Asset High Income Index

      4.24 %       4.25 %       4.32 % 

 

(1) 

Inception date is 8/31/12.

 

26

GuidePath® Multi-Asset Income Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 4.1% slightly underperforming the Morningstar Multi-Asset High Income Index at 4.2%.

 

•  

Exposure to U.S. REITs benefited Fund performance on strong gains as the Federal Reserve shifted to a more dovish policy stance. Positioning in U.S. dividend equities contributed to the Fund’s returns as the domestic economy remained resilient.

 

•  

International dividend equities and emerging market bonds detracted from the Fund’s returns due to trade tensions and foreign currency depreciation.

 

•  

Positioning in long-dated Treasuries and long-dated corporate bonds detracted from the Fund’s returns during the period held.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      SPDR Portfolio S&P 500 High Dividend ETF     19.59 % 
  2      Vanguard International High Dividend Yield ETF     9.89 % 
  3      Vanguard High-Yield Corporate Fund – Admiral Shares     6.87 % 
  4      iShares Preferred & Income Securities ETF     6.23 % 
  5      T. Rowe Price Institutional Floating Rate Fund – Investor Shares     5.93 % 
  6      Loomis Sayles Global Equity and Income Fund – Institutional Shares     5.04 % 
  7      iShares 0-5 Year High Yield Corporate Bond ETF     4.84 % 
  8      SPDR Portfolio Aggregate Bond ETF     4.59 % 
  9      iShares 20+ Year Treasury Bond ETF     4.32 % 
  10      iShares Emerging Markets Dividend ETF     4.24 % 

 

27

GuidePath® Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

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

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

 

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

GuidePath® Flexible Income Allocation Fund

                           

Service Shares

      2.00 %       2.12 %       1.47 % 

Institutional Shares

      2.58 %       2.85 %       2.17 % 

Bloomberg Barclays U.S. Aggregate Bond Index

      4.48 %       2.74 %       2.10 %(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 2.17%.

 

28

GuidePath® Flexible Income Allocation Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 2.0% underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 4.5%.

 

•  

A shift into cash and Treasuries during market volatility in the fourth quarter was the primary driver of the Fund’s underperformance relative to the benchmark.

 

•  

The Fund’s returns were dampened from exposure to international and emerging market equities due to trade tensions and foreign currency depreciation.

 

•  

U.S. large cap equity exposure contributed to the Fund’s returns as the domestic economy remained resilient. Exposure to U.S. REITs during the first half of the period also benefited Fund performance.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      Vanguard High-Yield Corporate Fund – Admiral Shares     24.13 % 
  2      iShares 0-5 Year High Yield Corporate Bond ETF     18.86 % 
  3      SPDR Bloomberg Barclays High Yield Bond ETF     17.72 % 
  4      SPDR Bloomberg Barclays Short Term High Yield Bond ETF     16.87 % 
  5      iShares iBoxx $ High Yield Corporate Bond ETF     12.95 % 
  6      BlackRock High Yield Portfolio – Institutional Shares     8.41 % 

 

29

GuidePath® Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

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

 

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

GuidePath® Managed Futures Strategy Fund

                  

Service Shares

      -7.45 %       -6.53 % 

Institutional Shares

      -6.90 %       -5.98 % 

FTSE 3-Month Treasury Bill Index(2)

      2.12 %       1.11 % 

SG Trend Index

      -1.64 %       -4.60 % 

 

(1) 

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

 

(2) 

Index formerly known as the Citigroup 3-Month Treasury Bill Index.

 

30

GuidePath® Managed Futures Strategy Fund

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

 

 

•  

For the 12 months ended March 31, 2019, the Fund’s Service Shares returned -7.5%, underperforming the FTSE 3-Month Treasury Bill Index at 2.1% and the SG Trend Index at -1.6%.

 

•  

Long exposure to broad global equities detracted from Fund performance as sharp market fluctuations limited the number of sustained trends that formed during the period.

 

•  

Short positions in the energy sector combined with trading within currencies including short positions to the Canadian dollar, Australian dollar, and Mexican Peso detracted from the Fund’s performance.

 

•  

Long positions to longer duration bonds benefitted absolute Fund performance as interest rates declined across global bond markets due to subsiding inflation concerns.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Percentages expressed exclude derivative instruments, such as futures contracts.

Top Ten Holdings

 

Rank    Security/Holding   % of Net
Assets
The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2019.

 

31

GuidePath® Conservative Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (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.

BLOOMBERG BARCLAYS U.S. 1-3 YEAR TREASURY BOND INDEX – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.

 

CUMULATIVE TOTAL RETURN (for periods ended March 31)       
     Since Inception(1)
  

GuidePath® Conservative Income Fund

         

Shares

      1.34 % 

Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index

      2.91 % 

 

(1) 

Inception date for the Fund is 4/30/18.

 

32

GuidePath® Conservative Income Fund

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

 

 

•  

For the 11 months ended March 31, 2019, the Fund returned 1.3% underperforming the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index at 2.9%.

 

•  

Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided.

 

•  

Exposure to short-term credit during much of the volatility spike in the fourth quarter of 2018 tempered Fund returns.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      iShares 0-5 Year Investment Grade Corporate Bond ETF     23.82 % 
  2      SPDR Barclays Investment Grade Floating Rate ETF     9.50 % 
  3      iShares 0-5 Year High Yield Corporate Bond ETF     7.16 % 
  4      Invesco Senior Loan ETF     7.07 % 

 

33

GuidePath® Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (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.

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.

 

CUMULATIVE TOTAL RETURN (for periods ended March 31)       
     Since Inception(1)
  

GuidePath® Income Fund

         

Shares

      0.99 % 

Bloomberg Barclays U.S. Aggregate Bond Index

      5.26 % 

 

(1) 

Inception date for the Fund is 4/30/18.

 

34

GuidePath® Income Fund

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

 

 

•  

For the 11 months ended March 31, 2019, the Fund returned 1.0% underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 5.3%.

 

•  

Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided.

 

•  

Exposure to intermediate term credit and high yield bonds along with a put-write strategy during much of the volatility spike in the fourth quarter tempered Fund returns.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      iShares Core U.S. Aggregate Bond ETF     32.01 % 
  2      iShares iBoxx $ Investment Grade Corporate Bond ETF     28.42 % 
  3      VanEck Vectors Emerging Markets High Yield Bond ETF     20.66 % 
  4      iShares J.P. Morgan USD Emerging Markets Bond ETF     8.47 % 
  5      SPDR Bloomberg Barclays High Yield Bond ETF     1.88 % 
  6      Schwab Intermediate-Term U.S. Treasury ETF     1.88 % 

 

35

GuidePath® Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

MSCI USA HIGH DIVIDEND YIELD INDEX – The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

 

CUMULATIVE TOTAL RETURN (for periods ended March 31)       
     Since Inception(1)
  

GuidePath® Growth and Income Fund

         

Shares

      0.14 % 

MSCI USA High Dividend Yield Index

      10.92 % 

 

(1) 

Inception date for the Fund is 4/30/18.

 

36

GuidePath® Growth and Income Fund

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

 

 

•  

For the 11 months ended March 31, 2019, the Fund returned 0.1% underperforming the MSCI USA High Dividend Yield Index at 10.92%.

 

•  

Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided.

 

•  

Overweight exposure to yield oriented sectors like REITs, utilities and financials relative to the benchmark rather than growth sectors such as technology detracted from the Fund’s relative returns.

Components of Portfolio Holdings*

 

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets		  
  1      WisdomTree CBOE S&P 500 PutWrite Strategy Fund     23.60 % 
  2      Vanguard Real Estate ETF     17.16 % 
  3      Vanguard High Dividend Yield ETF     13.52 % 
  4      iShares Emerging Markets Dividend ETF     6.01 % 
  5      Johnson & Johnson     1.41 % 
  6      The Procter & Gamble Co.     1.36 % 
  7      Exxon Mobil Corp.     1.35 % 
  8      Cisco Systems, Inc.     1.22 % 
  9      AT&T, Inc.     1.21 % 
  10      Pfizer, Inc.     1.20 % 

 

 

37

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2019

 

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

The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from October 1, 2018 to March 31, 2019, except as otherwise noted below.

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.

 

38

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2019

 

 

Fund         Beginning
Account Value
October 1, 2018		      Ending
Account Value
March 31, 2019		      Annualized
Expense Ratio1
based on the  period
October 1, 2018 –
March 31, 2019		      Expenses Paid
During Period2
October 1, 2018  –
March 31, 2019		  
INSTITUTIONAL SHARES                                         

GuideMark® Large Cap

Core Fund

    Actual    $ 1,000.00      $ 963.10        0.65%      $ 3.18  
   Hypothetical3    $ 1,000.00      $ 1,021.69        0.65%      $ 3.28  

GuideMark® Emerging

Markets Fund

    Actual    $ 1,000.00      $ 1,018.10        1.09%      $ 5.48  
   Hypothetical3    $ 1,000.00      $ 1,019.50        1.09%      $ 5.49  

GuideMark® World

ex-US Fund

    Actual    $ 1,000.00      $ 946.40        0.82%      $ 3.98  
   Hypothetical3    $ 1,000.00      $ 1,020.84        0.82%      $ 4.13  

GuideMark® Opportunistic

Fixed Income Fund

    Actual    $ 1,000.00      $ 1,033.30        0.95%      $ 4.82  
   Hypothetical3    $ 1,000.00      $ 1,020.19        0.95%      $ 4.78  

GuidePath® Growth

Allocation Fund

    Actual    $ 1,000.00      $ 976.60        0.42%      $ 2.07  
   Hypothetical3    $ 1,000.00      $ 1,020.19        0.42%      $ 2.12  

GuidePath® Conservative

Allocation Fund

    Actual    $ 1,000.00      $ 1,017.10        0.27%      $ 1.36  
   Hypothetical3    $ 1,000.00      $ 1,023.59        0.27%      $ 1.36  

GuidePath® Tactical

Allocation Fund

    Actual    $ 1,000.00      $ 945.70        0.53%      $ 2.57  
   Hypothetical3    $ 1,000.00      $ 1,022.29        0.53%      $ 2.67  

GuidePath® Absolute Return

Allocation Fund

    Actual    $ 1,000.00      $ 1,025.70        0.28%      $ 1.41  
   Hypothetical3    $ 1,000.00      $ 1,023.54        0.28%      $ 1.41  

GuidePath® Flexible Income

Allocation Fund

    Actual    $ 1,000.00      $ 1,003.70        0.41%      $ 2.05  
   Hypothetical3    $ 1,000.00      $ 1,022.89        0.41%      $ 2.07  

GuidePath® Managed Futures

Strategy Fund

    Actual    $ 1,000.00      $ 959.70        1.30%      $ 6.35  
   Hypothetical3    $ 1,000.00      $ 1,018.45        1.30%      $ 6.54  

 

1  

The expense ratio excludes the securities lending credit.

 

2 

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

 

3 

5% annualized return before expenses.

 

Fund         Beginning
Account Value
October 1, 2018		      Ending
Account Value
March 31, 2019		      Annualized
Expense Ratio
based on the period
October 1, 2018 –
March 31, 2019		      Expenses Paid
During Period1
October 1, 2018  –
March 31, 2019		  
SINGLE CLASS SHARES                                         

GuidePath® Conservative

Income Fund

    Actual    $ 1,000.00      $ 1,005.40        0.64%      $ 3.20  
   Hypothetical2    $ 1,000.00      $ 1,021.74        0.64%      $ 3.23  

GuidePath® Income

Fund

    Actual    $ 1,000.00      $ 999.00        0.79%      $ 3.94  
   Hypothetical2    $ 1,000.00      $ 1,020.99        0.79%      $ 3.98  

GuidePath® Growth and

Income Fund

    Actual    $ 1,000.00      $ 954.30        0.79%      $ 3.85  
   Hypothetical2    $ 1,000.00      $ 1,020.99        0.79%      $ 3.98  

 

1  

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

 

2

5% annualized return before expenses.

 

39

GuideMark® Funds & GuidePath® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2019

 

Fund         Beginning
Account Value
October 1, 2018		      Ending
Account Value
March 31, 2019		      Annualized
Expense Ratio1
based on the  period
October 1, 2018 –
March 31, 2019		      Expenses Paid
During Period2
October 1, 2018  –
March 31, 2019		  
SERVICE SHARES                                         

GuideMark® Large Cap

Core Fund

    Actual    $ 1,000.00      $ 960.30        1.23%      $ 6.01  
   Hypothetical3    $ 1,000.00      $ 1,018.80        1.23%      $ 6.19  

GuideMark® Emerging

Markets Fund

    Actual    $ 1,000.00      $ 1,015.00        1.72%      $ 8.64  
   Hypothetical3    $ 1,000.00      $ 1,016.36        1.72%      $ 8.65  

GuideMark® Small/Mid Cap

Core Fund

    Actual    $ 1,000.00      $ 919.80        1.56%      $ 7.47  
   Hypothetical3    $ 1,000.00      $ 1,017.15        1.56%      $ 7.85  

GuideMark® World

ex-US Fund

    Actual    $ 1,000.00      $ 943.40        1.42%      $ 6.88  
   Hypothetical3    $ 1,000.00      $ 1,017.85        1.42%      $ 7.14  

GuideMark® Core

Fixed Income Fund

    Actual    $ 1,000.00      $ 1,038.40        1.19%      $ 6.05  
   Hypothetical3    $ 1,000.00      $ 1,019.00        1.19%      $ 5.99  

GuideMark® Tax-Exempt

Fixed Income Fund

    Actual    $ 1,000.00      $ 1,032.70        1.29%      $ 6.54  
   Hypothetical3    $ 1,000.00      $ 1,018.50        1.29%      $ 6.49  

GuideMark® Opportunistic

Fixed Income Fund

    Actual    $ 1,000.00      $ 1,030.30        1.55%      $ 7.85  
   Hypothetical3    $ 1,000.00      $ 1,017.20        1.55%      $ 7.80  

GuidePath® Growth

Allocation Fund

    Actual    $ 1,000.00      $ 973.80        1.01%      $ 4.97  
   Hypothetical3    $ 1,000.00      $ 1,019.90        1.01%      $ 5.09  

GuidePath® Conservative

Allocation Fund

    Actual    $ 1,000.00      $ 1,014.00        0.87%      $ 4.37  
   Hypothetical3    $ 1,000.00      $ 1,020.59        0.87%      $ 4.38  

GuidePath® Tactical

Allocation Fund

    Actual    $ 1,000.00      $ 942.80        1.12%      $ 5.42  
   Hypothetical3    $ 1,000.00      $ 1,019.35        1.12%      $ 5.64  

GuidePath® Absolute Return

Allocation Fund

    Actual    $ 1,000.00      $ 1,022.50        0.89%      $ 4.49  
   Hypothetical3    $ 1,000.00      $ 1,020.49        0.89%      $ 4.48  

GuidePath® Multi-Asset Income

Allocation Fund

    Actual    $ 1,000.00      $ 1,026.00        1.16%      $ 5.86  
   Hypothetical3    $ 1,000.00      $ 1,019.15        1.16%      $ 5.84  

GuidePath® Flexible Income

Allocation Fund

    Actual    $ 1,000.00      $ 1,000.80        1.01%      $ 5.04  
   Hypothetical3    $ 1,000.00      $ 1,019.90        1.01%      $ 5.09  

GuidePath® Managed Futures

Strategy Fund

    Actual    $ 1,000.00      $ 956.70        1.90%      $ 9.27  
   Hypothetical3    $ 1,000.00      $ 1,015.46        1.90%      $ 9.55  

 

1  

The expense ratio excludes the securities lending credit.

 

2 

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

 

3 

5% annualized return before expenses.

 

40

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 91.89%

 

       

Aerospace & Defense - 1.24%

 

  4,244    

Boeing Co.

   $ 1,618,746  
  824    

Curtiss-Wright Corp.

     93,392  
  5,590    

HEICO Corp. - Class A

     469,895  
  3,977    

HEICO Corp. (a)

     377,298  
  1,373    

Northrop Grumman Corp.

     370,161  
  655    

Teledyne Technologies, Inc. (b)

     155,242  
  5,698    

Textron, Inc.

     288,661  
  799    

TransDigm Group, Inc. (a)(b)

     362,738  
  2,958    

United Technologies Corp.

     381,257  
           
              4,117,390  
           
       

Air Freight & Logistics - 0.47%

 

  4,552    

C.H. Robinson Worldwide, Inc.

     395,978  
  943    

Expeditors International of Washington, Inc.

     71,574  
  1,012    

FedEx Corp.

     183,587  
  17,009    

XPO Logistics, Inc. (a)(b)

     914,064  
           
              1,565,203  
           
       

Airlines - 0.46%

 

  3,659    

Delta Air Lines, Inc.

     188,987  
  17,140    

JetBlue Airways Corp. (b)

     280,411  
  5,419    

Southwest Airlines Co.

     281,300  
  9,950    

United Continental Holdings, Inc. (b)

     793,811  
           
              1,544,509  
           
       

Auto Components - 0.07%

 

  4,092    

Gentex Corp.

     84,623  
  1,099    

Lear Corp.

     149,145  
           
              233,768  
           
       

Automobiles - 0.16%

 

  62,037    

Ford Motor Co.

     544,685  
           
       

Banks - 3.31%

 

  72,265    

Bank of America Corp.

     1,993,791  
  2,128    

Bank OZK

     61,669  
  4,390    

BankUnited, Inc.

     146,626  
  1,791    

BB&T Corp.

     83,335  
  4,270    

CIT Group, Inc.

     204,832  
  16,082    

Citigroup, Inc.

     1,000,622  
  9,249    

Citizens Financial Group, Inc.

     300,593  
  1,565    

Commerce Bancshares, Inc.

     90,864  
  5,440    

F.N.B. Corp.

     57,664  
  13,688    

Fifth Third Bancorp

     345,211  
  12,764    

First Horizon National Corp.

     178,441  
  32,101    

JPMorgan Chase & Co.

     3,249,584  
  10,876    

KeyCorp

     171,297  
  2,303    

PNC Financial Services Group, Inc.

     282,486  
  7,361    

Popular, Inc.

     383,729  
  12,499    

Regions Financial Corp.

     176,861  
  2,325    

SunTrust Banks, Inc.

     137,756  
  275    

SVB Financial Group (b)

     61,149  
  5,848    

U.S. Bancorp

     281,815  
  37,211    

Wells Fargo & Co.

     1,798,036  
           
              11,006,361  
           
       

Beverages - 1.33%

 

  2,857    

Brown-Forman Corp. - Class A

     146,193  
  7,833    

Brown-Forman Corp. - Class B

     413,426  
  9,203    

Keurig Dr. Pepper, Inc. (a)

     257,408  
  14,846    

Molson Coors Brewing Co. - Class B

     885,564  

Number of
Shares

        

Value

  
       

Beverages (Continued)

 

  6,459    

Monster Beverage Corp. (a)(b)

   $ 352,532  
  10,741    

PepsiCo, Inc.

     1,316,309  
  22,434    

The Coca-Cola Co.

     1,051,257  
           
              4,422,689  
           
       

Biotechnology - 1.70%

 

  6,758    

Alkermes PLC (b)

     246,599  
  5,505    

Amgen, Inc.

     1,045,840  
  2,510    

Biogen, Inc. (b)

     593,314  
  711    

BioMarin Pharmaceutical, Inc. (b)

     63,158  
  6,268    

Celgene Corp. (b)

     591,323  
  2,155    

Exact Sciences Corp. (b)

     186,666  
  12,305    

Gilead Sciences, Inc.

     799,948  
  4,293    

Incyte Corp. (b)

     369,241  
  1,044    

Ionis Pharmaceuticals, Inc. (a)(b)

     84,741  
  442    

Regeneron Pharmaceuticals, Inc. (b)

     181,494  
  1,772    

Sarepta Therapeutics, Inc. (a)(b)

     211,205  
  4,561    

Seattle Genetics, Inc. (a)(b)

     334,048  
  3,950    

United Therapeutics Corp. (b)

     463,612  
  2,603    

Vertex Pharmaceuticals, Inc. (b)

     478,822  
           
              5,650,011  
           
       

Building Products - 0.54%

 

  2,381    

A. O. Smith Corp.

     126,955  
  2,446    

Allegion PLC

     221,877  
  2,652    

Armstrong World Industries, Inc.

     210,622  
  1,377    

Fortune Brands Home & Security, Inc.

     65,559  
  1,875    

Johnson Controls International PLC

     69,263  
  1,826    

Lennox International, Inc. (a)

     482,794  
  6,400    

Masco Corp.

     251,584  
  7,927    

Owens Corning, Inc.

     373,520  
           
              1,802,174  
           
       

Capital Markets - 1.95%

 

  2,035    

Ameriprise Financial, Inc.

     260,683  
  2,066    

CME Group, Inc.

     340,022  
  4,676    

Eaton Vance Corp.

     188,490  
  1,740    

Evercore Partners, Inc. - Class A

     158,340  
  2,038    

FactSet Research Systems, Inc. (a)

     505,974  
  2,119    

Intercontinental Exchange, Inc.

     161,341  
  11,967    

Invesco Ltd.

     231,083  
  3,197    

Lazard, Ltd. - Class A

     115,540  
  5,784    

LPL Financial Holdings, Inc.

     402,856  
  878    

MarketAxess Holdings, Inc. (a)

     216,058  
  3,625    

Moody’s Corp. (a)

     656,451  
  11,604    

Morgan Stanley

     489,689  
  2,359    

Morningstar, Inc.

     297,210  
  4,098    

MSCI, Inc.

     814,846  
  1,875    

NASDAQ OMX Group, Inc. (a)

     164,044  
  3,980    

S&P Global, Inc.

     837,989  
  4,793    

SEI Investments Co.

     250,434  
  2,656    

T. Rowe Price Group, Inc.

     265,919  
  1,450    

The Charles Schwab Corp.

     62,002  
  3,152    

Virtu Financial, Inc. - Class A

     74,860  
           
              6,493,831  
           
       

Chemicals - 0.68%

 

  797    

Eastman Chemical Co.

     60,476  
  2,631    

Ecolab, Inc.

     464,477  
  15,922    

Huntsman Corp.

     358,086  
  517    

International Flavors & Fragrances, Inc.

     66,584  
 

 

See notes to financial statements.

 

41

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Chemicals (Continued)

 

  1,476    

Linde PLC

   $ 259,673  
  802    

LyondellBasell Industries NV - Class A

     67,432  
  18,975    

Olin Corp.

     439,082  
  1,175    

PPG Industries, Inc.

     132,622  
  3,409    

RPM International, Inc.

     197,858  
  7,368    

Valvoline, Inc.

     136,750  
  1,406    

Westlake Chemical Corp.

     95,411  
           
              2,278,451  
           
       

Commercial Services & Supplies - 0.72%

 

  52,189    

ADT, Inc. (a)

     333,488  
  1,289    

Avery Dennison Corp.

     145,657  
  1,861    

Cintas Corp.

     376,127  
  1,142    

Clean Harbors, Inc. (b)

     81,687  
  4,256    

Copart, Inc. (a)(b)

     257,871  
  2,708    

Republic Services, Inc.

     217,669  
  18,448    

Rollins, Inc. (a)

     767,806  
  2,106    

Waste Management, Inc.

     218,834  
           
              2,399,139  
           
       

Communications Equipment - 1.60%

 

  1,324    

Arista Networks, Inc. (b)

     416,345  
  15,633    

ARRIS International PLC (b)

     494,159  
  37,164    

Cisco Systems, Inc.

     2,006,484  
  19,472    

CommScope Holding Co., Inc. (b)

     423,127  
  3,326    

F5 Networks, Inc. (a)(b)

     521,949  
  6,268    

Juniper Networks, Inc.

     165,914  
  2,054    

Motorola Solutions, Inc.

     288,423  
  1,164    

Palo Alto Networks, Inc. (a)(b)

     282,712  
  4,532    

QUALCOMM, Inc.

     258,460  
  3,029    

Ubiquiti Networks, Inc. (a)

     453,472  
           
              5,311,045  
           
       

Construction & Engineering - 0.50%

 

  32,520    

AECOM (b)

     964,868  
  10,703    

Arcosa, Inc.

     326,977  
  2,178    

Jacobs Engineering Group, Inc.

     163,764  
  5,555    

Quanta Services, Inc.

     209,646  
           
              1,665,255  
           
       

Consumer Finance - 1.19%

 

  21,372    

Ally Financial, Inc.

     587,516  
  5,199    

American Express Co.

     568,251  
  7,287    

Capital One Financial Corp.

     595,275  
  920    

Credit Acceptance Corp. (a)(b)

     415,776  
  2,265    

Discover Financial Services

     161,177  
  39,101    

Navient Corp.

     452,399  
  5,885    

OneMain Holdings, Inc.

     186,849  
  35,191    

Santander Consumer USA Holdings, Inc.

     743,586  
  8,325    

Synchrony Financial

     265,567  
           
              3,976,396  
           
       

Containers & Packaging - 0.40%

 

  711    

AptarGroup, Inc.

     75,643  
  5,649    

Ball Corp.

     326,851  
  7,973    

Owens-Illinois, Inc.

     151,328  
  3,375    

Sonoco Products Co.

     207,664  
  15,120    

WestRock Co.

     579,852  
           
              1,341,338  
           

Number of
Shares

        

Value

  
       

Distributors - 0.14%

 

  2,757    

Genuine Parts Co.

   $ 308,867  
  5,636    

LKQ Corp. (b)

     159,949  
           
              468,816  
           
       

Diversified Consumer Services - 0.55%

 

  2,591    

Bright Horizons Family Solutions, Inc. (b)

     329,342  
  764    

Graham Holdings Co. - Class B

     521,950  
  1,181    

Grand Canyon Education, Inc. (a)(b)

     135,236  
  18,961    

H&R Block, Inc. (a)

     453,926  
  2,770    

Service Corp. International

     111,215  
  6,208    

ServiceMaster Global Holdings, Inc. (b)

     289,914  
           
              1,841,583  
           
       

Diversified Financial Services - 0.15%

 

  25,205    

AXA Equitable Holdings, Inc.

     507,629  
           
       

Diversified Telecommunication Services - 1.19%

 

  40,519    

AT&T, Inc.

     1,270,676  
  55,822    

CenturyLink, Inc. (a)

     669,306  
  34,236    

Verizon Communications, Inc.

     2,024,374  
           
              3,964,356  
           
       

Electric Utilities - 1.38%

 

  4,199    

American Electric Power Co., Inc.

     351,666  
  1,542    

Avangrid, Inc.

     77,640  
  3,933    

Duke Energy Corp.

     353,970  
  1,344    

Edison International

     83,220  
  1,427    

Entergy Corp.

     136,464  
  3,816    

Evergy, Inc.

     221,519  
  4,522    

Eversource Energy

     320,836  
  10,686    

Exelon Corp.

     535,689  
  5,861    

FirstEnergy Corp. (a)

     243,876  
  4,075    

Hawaiian Electric Industries, Inc.

     166,138  
  3,242    

NextEra Energy, Inc.

     626,743  
  6,233    

OGE Energy Corp.

     268,767  
  13,644    

PG&E Corp. (b)

     242,863  
  1,720    

Pinnacle West Capital Corp.

     164,398  
  6,136    

PPL Corp.

     194,757  
  5,375    

Southern Co.

     277,780  
  5,733    

Xcel Energy, Inc.

     322,252  
           
              4,588,578  
           
       

Electrical Equipment - 0.70%

 

  2,611    

Acuity Brands, Inc.

     313,346  
  1,788    

Agilent Technologies, Inc.

     143,719  
  1,667    

Eaton Corp. PLC

     134,294  
  2,721    

Emerson Electric Co.

     186,307  
  24,321    

GrafTech International, Ltd.

     311,066  
  11,294    

nVent Electric PLC

     304,712  
  8,072    

Regal Beloit Corp.

     660,855  
  1,605    

Rockwell Automation, Inc.

     281,613  
           
              2,335,912  
           
       

Electronic Equipment, Instruments & Components - 0.58%

 

  2,290    

CDW Corp.

     220,687  
  5,026    

Cognex Corp. (a)

     255,622  
  1,269    

Coherent, Inc. (b)

     179,843  
  2,181    

Dolby Laboratories, Inc. - Class A

     137,338  
  5,006    

Keysight Technologies, Inc. (b)

     436,523  
  10,520    

National Instruments Corp.

     466,667  
  1,179    

Zebra Technologies Corp. - Class A (b)

     247,036  
           
              1,943,716  
           
 

 

See notes to financial statements.

 

42

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Energy Equipment & Services - 0.22%

 

  7,736    

RPC, Inc. (a)

   $ 88,268  
  72,211    

Transocean, Ltd. (b)

     628,958  
           
              717,226  
           
       

Entertainment - 1.51%

 

  2,443    

Activision Blizzard, Inc.

     111,230  
  3,042    

Electronic Arts, Inc. (b)

     309,158  
  27,033    

Lions Gate Entertainment Corp. - Class A

     422,796  
  29,429    

Lions Gate Entertainment Corp. - Class B

     444,378  
  1,614    

Live Nation Entertainment, Inc. (a)(b)

     102,554  
  2,608    

Netflix, Inc. (b)

     929,908  
  344    

The Madison Square Garden Co. - Class A (b)

     100,837  
  15,845    

The Walt Disney Co.

     1,759,292  
  5,294    

Viacom, Inc. - Class A (a)

     171,790  
  23,726    

Viacom, Inc. - Class B

     665,989  
           
              5,017,932  
           
       

Food & Staples Retailing - 2.48%

 

  2,274    

Casey’s General Stores, Inc. (a)

     292,823  
  5,240    

Costco Wholesale Corp.

     1,268,814  
  18,736    

CVS Health Corp.

     1,010,433  
  21,017    

Kroger Co.

     517,018  
  20,063    

Sprouts Farmers Market, Inc. (b)

     432,157  
  10,446    

SYSCO Corp.

     697,375  
  27,786    

US Foods Holding Corp. (b)

     970,009  
  21,003    

Walgreens Boots Alliance, Inc.

     1,328,860  
  17,765    

Walmart, Inc.

     1,732,620  
           
              8,250,109  
           
       

Food Products - 1.62%

 

  19,573    

Flowers Foods, Inc. (a)

     417,296  
  2,600    

Hershey Co.

     298,558  
  5,490    

Hormel Foods Corp.

     245,732  
  2,670    

Ingredion, Inc.

     252,822  
  4,456    

Lamb Weston Holdings, Inc.

     333,933  
  1,737    

McCormick & Co, Inc. - Non Voting (a)

     261,644  
  34,254    

Pilgrim’s Pride Corp. (b)

     763,522  
  7,350    

Post Holdings, Inc. (b)

     804,090  
  1,303    

The J.M. Smucker Co.

     151,799  
  20,741    

TreeHouse Foods, Inc. (a)(b)

     1,338,832  
  7,739    

Tyson Foods, Inc. - Class A

     537,319  
           
              5,405,547  
           
       

Gas Utilities - 0.38%

 

  2,436    

Atmos Energy Corp.

     250,737  
  3,262    

National Fuel Gas Co. (a)

     198,852  
  14,726    

UGI Corp.

     816,115  
           
              1,265,704  
           
       

Health Care Equipment & Supplies - 2.83%

 

  2,253    

ABIOMED, Inc. (b)

     643,434  
  3,107    

Align Technology, Inc. (b)

     883,413  
  3,151    

Baxter International, Inc.

     256,208  
  1,118    

Becton Dickinson and Co.

     279,198  
  11,285    

Boston Scientific Corp. (b)

     433,118  
  2,398    

Cantel Medical Corp.

     160,402  
  2,822    

Danaher Corp.

     372,561  
  4,330    

DexCom, Inc. (b)

     515,703  
  3,351    

Edwards Lifesciences Corp. (b)

     641,147  
  1,591    

Hill-Rom Holdings, Inc.

     168,423  
  2,094    

Hologic, Inc. (b)

     101,350  

Number of
Shares

        

Value

  
       

Health Care Equipment & Supplies (Continued)

 

  658    

ICU Medical, Inc. (b)

   $ 157,479  
  3,271    

IDEXX Laboratories, Inc. (b)

     731,396  
  1,376    

Insulet Corp. (a)(b)

     130,844  
  1,489    

Intuitive Surgical, Inc. (b)

     849,594  
  3,949    

Masimo Corp. (b)

     546,068  
  5,893    

Medtronic PLC

     536,734  
  2,637    

Penumbra, Inc. (a)(b)

     387,665  
  1,920    

ResMed, Inc. (a)

     199,622  
  2,290    

STERIS PLC (a)

     293,189  
  3,250    

Stryker Corp.

     641,940  
  858    

The Cooper Cos., Inc.

     254,114  
  1,274    

Varian Medical Systems, Inc. (b)

     180,551  
  631    

West Pharmaceutical Services, Inc.

     69,536  
           
              9,433,689  
           
       

Health Care Providers & Services - 3.23%

 

  1,953    

AmerisourceBergen Corp.

     155,303  
  3,168    

Anthem, Inc.

     909,153  
  13,084    

Cardinal Health, Inc.

     629,995  
  10,012    

Centene Corp. (b)

     531,637  
  6,867    

Cerner Corp. (b)

     392,861  
  1,240    

Chemed Corp. (a)

     396,887  
  5,501    

Cigna Corp.

     884,671  
  5,436    

DaVita, Inc. (b)

     295,120  
  4,013    

Encompass Health Corp.

     234,359  
  2,875    

HCA Healthcare, Inc.

     374,843  
  3,156    

Henry Schein, Inc. (b)

     189,707  
  2,316    

Humana, Inc.

     616,056  
  2,258    

Laboratory Corp. of America Holdings (b)

     345,429  
  5,428    

McKesson Corp.

     635,402  
  25,618    

MEDNAX, Inc. (b)

     696,041  
  1,913    

Molina Healthcare, Inc. (b)

     271,569  
  1,729    

PerkinElmer, Inc.

     166,606  
  10,789    

UnitedHealth Group, Inc.

     2,667,688  
  782    

Universal Health Services, Inc. - Class B

     104,608  
  965    

WellCare Health Plans, Inc. (b)

     260,309  
           
              10,758,244  
           
       

Health Care Technology - 0.10%

 

  2,583    

Veeva Systems, Inc. - Class A (a)(b)

     327,679  
           
       

Hotels, Restaurants & Leisure - 1.87%

 

  19,498    

Aramark

     576,166  
  2,315    

Carnival Corp.

     117,417  
  453    

Chipotle Mexican Grill, Inc. (a)(b)

     321,770  
  2,240    

Choice Hotels International, Inc.

     174,138  
  2,413    

Darden Restaurants, Inc.

     293,107  
  2,935    

Domino’s Pizza, Inc.

     757,524  
  1,870    

Dunkin’ Brands Group, Inc.

     140,437  
  9,721    

Extended Stay America, Inc.

     174,492  
  1,664    

Hilton Worldwide Holdings, Inc.

     138,295  
  554    

Marriott International, Inc. - Class A

     69,300  
  4,078    

McDonald’s Corp.

     774,412  
  2,602    

MGM Resorts International

     66,767  
  1,892    

Norwegian Cruise Line Holdings, Ltd. (b)

     103,984  
  14,856    

Starbucks Corp.

     1,104,395  
  493    

Vail Resorts, Inc.

     107,129  
  4,973    

Wyndham Destinations, Inc. (a)

     201,357  
  6,956    

Yum China Holdings, Inc.

     312,394  
  7,999    

Yum! Brands, Inc.

     798,380  
           
              6,231,464  
           
 

 

See notes to financial statements.

 

43

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Household Durables - 0.60%

 

  1,261    

Garmin Ltd.

   $ 108,887  
  7,612    

Lennar Corp. - Class A

     373,673  
  7,934    

Lennar Corp. - Class B

     310,378  
  93    

NVR, Inc. (a)(b)

     257,331  
  14,170    

PulteGroup, Inc.

     396,193  
  3,077    

Tempur Sealy International, Inc. (b)

     177,451  
  10,076    

Toll Brothers, Inc.

     364,751  
           
              1,988,664  
           
       

Household Products - 1.20%

 

  3,244    

Church & Dwight, Inc.

     231,070  
  2,753    

Clorox Co.

     441,747  
  8,417    

Colgate-Palmolive Co. (a)

     576,901  
  3,179    

Kimberly-Clark Corp. (a)

     393,878  
  22,577    

Procter & Gamble Co.

     2,349,137  
           
              3,992,733  
           
       

Independent Power and Renewable Electricity Producers - 0.71%

 

  19,237    

AES Corp.

     347,805  
  18,963    

NRG Energy, Inc.

     805,548  
  46,203    

Vistra Energy Corp.

     1,202,664  
           
              2,356,017  
           
       

Industrial Conglomerates - 0.39%

 

  3,123    

3M Co. (a)

     648,897  
  4,024    

Honeywell International, Inc.

     639,494  
           
              1,288,391  
           
       

Insurance - 2.68%

 

  6,424    

Aflac, Inc.

     321,200  
  1,651    

Allstate Corp.

     155,491  
  1,317    

American National Insurance Co.

     159,120  
  2,751    

Aon PLC

     469,596  
  2,190    

Arthur J. Gallagher & Co.

     171,039  
  5,651    

Assured Guaranty, Ltd.

     251,074  
  6,188    

Athene Holding, Ltd. - Class A (b)

     252,470  
  14,788    

Berkshire Hathaway, Inc. - Class B (b)

     2,970,761  
  12,073    

Brighthouse Financial, Inc. (b)

     438,129  
  7,024    

Brown & Brown, Inc.

     207,278  
  2,065    

Erie Indemnity Co. - Class A

     368,644  
  2,858    

First American Financial Corp.

     147,187  
  6,804    

Lincoln National Corp.

     399,395  
  2,026    

Marsh & McLennan Cos., Inc.

     190,242  
  11,698    

MetLife, Inc.

     497,984  
  3,650    

Principal Financial Group, Inc.

     183,194  
  9,037    

Progressive Corp.

     651,477  
  5,089    

Prudential Financial, Inc.

     467,577  
  2,267    

Reinsurance Group of America, Inc.

     321,869  
  905    

The Hanover Insurance Group, Inc.

     103,324  
  1,699    

W.R. Berkley Corp.

     143,939  
  383    

Willis Towers Watson PLC

     67,274  
           
              8,938,264  
           
       

Interactive Media & Services - 3.52%

 

  2,490    

Alphabet, Inc. - Class A (b)

     2,930,456  
  2,512    

Alphabet, Inc. - Class C (b)

     2,947,355  
  23,895    

Facebook, Inc. - Class A (b)

     3,983,058  
  3,432    

IAC InterActive Corp. (b)

     721,098  
  9,738    

Match Group, Inc. (a)

     551,268  
  8,085    

TripAdvisor, Inc. (b)

     415,973  

Number of
Shares

        

Value

  
       

Interactive Media & Services (Continued)

 

  5,238    

Twitter, Inc. (b)

   $ 172,225  
           
              11,721,433  
           
       

Internet & Direct Marketing Retail - 3.08%

 

  4,289    

Amazon.com, Inc. (b)

     7,637,637  
  377    

Booking Holdings, Inc. (b)

     657,831  
  5,785    

eBay, Inc.

     214,855  
  2,144    

Expedia Group, Inc.

     255,136  
  37,002    

Qurate Retail, Inc. (b)

     591,292  
  6,165    

Wayfair, Inc. - Class A (a)(b)

     915,194  
           
              10,271,945  
           
       

IT Services - 5.07%

 

  8,650    

Accenture PLC - Class A

     1,522,573  
  2,893    

Akamai Technologies, Inc. (b)

     207,457  
  3,797    

Alliance Data Systems Corp.

     664,399  
  2,222    

Amdocs Ltd.

     120,232  
  2,727    

Automatic Data Processing, Inc.

     435,611  
  1,814    

Black Knight, Inc. (b)

     98,863  
  11,895    

Booz Allen Hamilton Holding Corp. - Class A

     691,575  
  3,063    

Broadridge Financial Solutions, Inc.

     317,603  
  7,804    

Cognizant Technology Solutions Corp. - Class A

     565,400  
  44,078    

Conduent, Inc. (b)

     609,599  
  6,780    

CoreLogic, Inc. (b)

     252,623  
  16,156    

DXC Technology Co.

     1,038,992  
  1,290    

EPAM Systems, Inc. (b)

     218,178  
  527    

Euronet Worldwide, Inc. (b)

     75,145  
  3,645    

Fidelity National Information Services, Inc.

     412,250  
  12,388    

First Data Corp. - Class A (b)

     325,433  
  3,326    

Fiserv, Inc. (a)(b)

     293,619  
  702    

FleetCor Technologies, Inc. (b)

     173,106  
  741    

Gartner, Inc. (b)

     112,395  
  5,608    

Genpact, Ltd.

     197,289  
  512    

Global Payments, Inc.

     69,898  
  3,004    

GoDaddy, Inc. - Class A (b)

     225,871  
  5,916    

Leidos Holdings, Inc.

     379,156  
  8,674    

MasterCard, Inc. - Class A (a)

     2,042,293  
  4,755    

Okta, Inc. (b)

     393,381  
  1,344    

Paychex, Inc. (a)

     107,789  
  6,968    

PayPal Holdings, Inc. (a)(b)

     723,557  
  7,419    

Sabre Corp.

     158,692  
  6,055    

Square, Inc. - Class A (b)

     453,641  
  5,418    

The Western Union Co.

     100,070  
  5,077    

T-Mobile USA, Inc. (b)

     350,821  
  4,200    

Total System Services, Inc.

     399,042  
  2,547    

Twilio, Inc. - Class A (a)(b)

     329,022  
  3,229    

VeriSign, Inc. (b)

     586,257  
  12,470    

Visa, Inc. - Class A (a)

     1,947,689  
  1,545    

WEX, Inc. (b)

     296,625  
           
              16,896,146  
           
       

Leisure Products - 0.25%

 

  2,761    

Hasbro, Inc.

     234,740  
  1,279    

Polaris Industries, Inc.

     107,986  
  3,056    

Pool Corp. (a)

     504,148  
           
              846,874  
           
       

Life Sciences Tools & Services - 0.95%

 

  1,352    

Bio-Techne Corp.

     268,439  
  8,841    

Bruker Corp.

     339,848  
  1,691    

Charles River Laboratories International, Inc. (b)

     245,618  
 

 

See notes to financial statements.

 

44

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Life Sciences Tools & Services (Continued)

 

  1,170    

Illumina, Inc. (b)

   $ 363,507  
  2,090    

IQVIA Holdings, Inc. (b)

     300,646  
  637    

Mettler-Toledo International, Inc. (b)

     460,551  
  1,272    

PRA Health Sciences, Inc. (b)

     140,289  
  3,305    

Thermo Fisher Scientific, Inc.

     904,645  
  570    

Waters Corp. (b)

     143,475  
           
              3,167,018  
           
       

Machinery - 1.32%

 

  10,234    

AGCO Corp.

     711,775  
  2,061    

Allison Transmission Holdings, Inc.

     92,580  
  23,584    

Colfax Corp. (a)(b)

     699,973  
  642    

Cummins, Inc.

     101,353  
  4,671    

Donaldson Co., Inc. (a)

     233,830  
  943    

Dover Corp.

     88,453  
  4,433    

Gardner Denver Holdings, Inc. (b)

     123,282  
  8,052    

Graco, Inc. (a)

     398,735  
  1,838    

Illinois Tool Works, Inc. (a)

     263,808  
  1,747    

Ingersoll-Rand PLC

     188,589  
  2,292    

Lincoln Electric Holdings, Inc. (a)

     192,230  
  4,568    

Oshkosh Corp.

     343,194  
  671    

Parker-Hannifin Corp.

     115,157  
  920    

Snap-on, Inc.

     143,998  
  10,087    

Terex Corp.

     324,095  
  1,525    

The Timken Co.

     66,521  
  4,335    

Toro Co.

     298,421  
           
              4,385,994  
           
       

Media - 0.88%

 

  1,061    

AMC Networks, Inc. - Class A (b)

     60,222  
  225    

Cable One, Inc.

     220,811  
  27,048    

Comcast Corp. - Class A (a)

     1,081,379  
  4,179    

Discovery Communications, Inc. - Series A (a)(b)

     112,917  
  4,310    

Discovery Communications, Inc. - Series C (b)

     109,560  
  2,534    

Fox Corp. - Class A (b)

     93,023  
  2,323    

Fox Corp. - Class B (b)

     83,337  
  4,068    

John Wiley & Sons, Inc. - Class A

     179,887  
  8,139    

Liberty Media Corp. - Class A (b)

     310,747  
  11,158    

Liberty Media Corp. - Class C (b)

     426,682  
  31,816    

Sirius XM Holdings, Inc. (a)

     180,397  
  1,667    

Tribune Media Co. - Class A

     76,915  
           
              2,935,877  
           
       

Metals & Mining - 0.24%

 

  26,274    

Freeport-McMoRan, Inc.

     338,672  
  1,847    

Reliance Steel & Aluminum Co.

     166,710  
  8,602    

Steel Dynamics, Inc.

     303,393  
           
              808,775  
           
       

Multiline Retail - 1.51%

 

  4,595    

Burlington Stores, Inc. (b)

     719,945  
  6,062    

Dollar General Corp.

     723,197  
  3,879    

Dollar Tree, Inc. (b)

     407,450  
  15,954    

Kohl’s Corp. (a)

     1,097,156  
  38,696    

Macy’s, Inc.

     929,865  
  8,667    

Nordstrom, Inc. (a)

     384,641  
  9,722    

Target Corp.

     780,288  
           
              5,042,542  
           

Number of
Shares

        

Value

  
       

Multi-Utilities - 0.69%

 

  3,632    

Alliant Energy Corp.

   $ 171,176  
  4,501    

Ameren Corp.

     331,049  
  5,853    

CenterPoint Energy, Inc.

     179,687  
  5,534    

CMS Energy Corp.

     307,358  
  1,383    

Consolidated Edison, Inc.

     117,292  
  1,880    

DTE Energy Co.

     234,511  
  5,018    

MDU Resources Group, Inc.

     129,615  
  8,195    

NiSource, Inc.

     234,869  
  4,107    

Public Service Enterprise Group, Inc.

     243,997  
  4,272    

WEC Energy Group, Inc.

     337,830  
           
              2,287,384  
           
       

Oil, Gas & Consumable Fuels - 2.60%

 

  2,063    

Cheniere Energy, Inc. (b)

     141,027  
  11,791    

Chevron Corp.

     1,452,415  
  7,663    

ConocoPhillips

     511,429  
  2,952    

EOG Resources, Inc.

     280,971  
  24,962    

Exxon Mobil Corp.

     2,016,930  
  2,038    

Hess Corp.

     122,749  
  14,579    

HollyFrontier Corp.

     718,307  
  10,006    

Kinder Morgan, Inc.

     200,220  
  10,548    

Marathon Petroleum Corp.

     631,298  
  2,891    

Occidental Petroleum Corp.

     191,384  
  3,702    

ONEOK, Inc.

     258,548  
  25,910    

PBF Energy, Inc. - Class A

     806,837  
  6,206    

Phillips 66

     590,625  
  2,169    

Valero Energy Corp.

     183,996  
  20,493    

Whiting Petroleum Corp. (b)

     535,687  
           
              8,642,423  
           
       

Paper & Forest Products - 0.20%

 

  13,190    

Domtar Corp.

     654,883  
           
       

Personal Products - 0.57%

 

  11,972    

Herbalife Nutrition, Ltd. (a)(b)

     634,396  
  6,763    

Nu Skin Enterprises, Inc. - Class A

     323,677  
  5,768    

The Estee Lauder Cos., Inc. - Class A (a)

     954,893  
           
              1,912,966  
           
       

Pharmaceuticals - 4.82%

 

  12,089    

Abbott Laboratories

     966,395  
  14,151    

AbbVie, Inc.

     1,140,429  
  5,104    

Allergan PLC

     747,277  
  11,787    

Bristol-Myers Squibb Co.

     562,358  
  10,542    

Eli Lilly & Co.

     1,367,930  
  566    

Jazz Pharmaceuticals PLC (b)

     80,910  
  26,281    

Johnson & Johnson

     3,673,821  
  27,512    

Merck & Co., Inc.

     2,288,173  
  38,636    

Mylan NV (b)

     1,094,944  
  5,529    

Nektar Therapeutics (a)(b)

     185,774  
  16,309    

Perrigo Co. PLC

     785,441  
  58,837    

Pfizer, Inc.

     2,498,807  
  6,618    

Zoetis, Inc.

     666,234  
           
              16,058,493  
           
       

Professional Services - 0.56%

 

  796    

CoStar Group, Inc. (a)(b)

     371,270  
  2,111    

IHS Markit, Ltd. (b)

     114,796  
  4,112    

ManpowerGroup, Inc.

     340,021  
  9,634    

Robert Half International, Inc. (a)

     627,752  
  2,976    

Verisk Analytics, Inc.

     395,808  
           
              1,849,647  
           
 

 

See notes to financial statements.

 

45

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Real Estate Management & Development - 0.59%

 

  5,840    

CBRE Group, Inc. - Class A (b)

   $ 288,788  
  3,616    

Jones Lang LaSalle, Inc.

     557,515  
  97,641    

Realogy Holdings Corp. (a)

     1,113,107  
           
              1,959,410  
           
       

Road & Rail - 0.58%

 

  4,694    

CSX Corp. (a)

     351,205  
  4,025    

Genesee & Wyoming, Inc. - Class A (b)

     350,739  
  3,262    

Landstar System, Inc.

     356,830  
  1,344    

Norfolk Southern Corp.

     251,180  
  3,725    

Union Pacific Corp.

     622,820  
           
              1,932,774  
           
       

Semiconductors & Semiconductor Equipment - 3.55%

 

  31,520    

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

     804,390  
  770    

Analog Devices, Inc.

     81,058  
  16,140    

Applied Materials, Inc.

     640,112  
  3,511    

Broadcom, Inc.

     1,055,793  
  4,293    

Cypress Semiconductor Corp. (a)

     64,052  
  49,775    

Intel Corp.

     2,672,917  
  3,083    

KLA-Tencor Corp.

     368,141  
  3,615    

Lam Research Corp.

     647,121  
  3,281    

Maxim Integrated Products, Inc.

     174,451  
  27,531    

Micron Technology, Inc. (b)

     1,137,856  
  1,703    

MKS Instruments, Inc.

     158,464  
  694    

Monolithic Power Systems, Inc.

     94,030  
  5,720    

NVIDIA Corp. (a)

     1,027,083  
  2,985    

NXP Semiconductors NV

     263,844  
  18,676    

ON Semiconductor Corp. (b)

     384,165  
  2,941    

Qorvo, Inc. (b)

     210,958  
  3,927    

Skyworks Solutions, Inc.

     323,899  
  5,964    

Teradyne, Inc.

     237,606  
  8,268    

Texas Instruments, Inc. (a)

     876,987  
  5,186    

Versum Materials, Inc.

     260,908  
  2,740    

Xilinx, Inc.

     347,405  
           
              11,831,240  
           
       

Software - 8.12%

 

  948    

2U, Inc. (a)(b)

     67,166  
  5,386    

Adobe Systems, Inc. (b)

     1,435,315  
  1,716    

ANSYS, Inc. (b)

     313,530  
  5,333    

Aspen Technology, Inc. (b)

     556,019  
  3,638    

Atlassian Corp. PLC - Class A (b)

     408,875  
  2,135    

Autodesk, Inc. (a)(b)

     332,676  
  9,329    

Cadence Design System, Inc. (b)

     592,485  
  1,802    

CDK Global, Inc.

     105,994  
  1,632    

Ceridian HCM Holding, Inc. (a)(b)

     83,722  
  5,478    

Citrix Systems, Inc. (a)

     545,937  
  3,384    

DocuSign, Inc. (a)(b)

     175,427  
  1,733    

Fair Isaac Corp. (b)

     470,735  
  6,814    

Fortinet, Inc. (b)

     572,172  
  828    

Guidewire Software, Inc. (b)

     80,448  
  4,527    

Intuit, Inc.

     1,183,403  
  2,523    

Jack Henry & Associates, Inc.

     350,041  
  4,583    

LogMeIn, Inc.

     367,098  
  9,498    

Manhattan Associates, Inc. (b)

     523,435  
  86,369    

Microsoft Corp. (a)

     10,186,360  
  22,939    

Nuance Communications, Inc. (b)

     388,357  
  5,757    

Nutanix, Inc. - Class A (a)(b)

     217,269  
  24,046    

Oracle Corp.

     1,291,511  

Number of
Shares

        

Value

  
       

Software (Continued)

 

  1,294    

Paycom Software, Inc. (b)

   $ 244,734  
  3,381    

Pegasystems, Inc.

     219,765  
  1,376    

Proofpoint, Inc. (b)

     167,088  
  3,072    

PTC, Inc. (b)

     283,177  
  2,695    

Red Hat, Inc. (b)

     492,376  
  5,521    

RingCentral, Inc. - Class A (a)(b)

     595,164  
  7,328    

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

     1,160,535  
  3,914    

ServiceNow, Inc. (b)

     964,762  
  970    

Splunk, Inc. (b)

     120,862  
  1,931    

SS&C Technologies Holdings, Inc.

     122,985  
  13,063    

Symantec Corp.

     300,318  
  2,007    

Synopsys, Inc. (b)

     231,106  
  4,567    

Tableau Software, Inc. - Class A (b)

     581,288  
  641    

The Ultimate Software Group, Inc. (b)

     211,613  
  2,006    

VMware, Inc. - Class A

     362,103  
  1,774    

Workday, Inc. - Class A (b)

     342,116  
  4,573    

Zendesk, Inc. (a)(b)

     388,705  
           
              27,036,672  
           
       

Specialty Retail - 4.28%

 

  2,868    

Advance Auto Parts, Inc.

     489,080  
  18,294    

AutoNation, Inc. (a)(b)

     653,462  
  787    

AutoZone, Inc. (b)

     805,982  
  7,572    

Best Buy Co., Inc.

     538,066  
  21,779    

Dick’s Sporting Goods, Inc. (a)

     801,685  
  7,130    

Floor & Decor Holdings, Inc. - Class A (b)

     293,899  
  12,375    

Foot Locker, Inc.

     749,925  
  8,840    

L Brands, Inc.

     243,807  
  8,044    

Lowe’s Cos., Inc.

     880,577  
  1,981    

O’Reilly Automotive, Inc. (b)

     769,222  
  14,197    

Penske Automotive Group, Inc. (a)

     633,896  
  8,084    

Ross Stores, Inc.

     752,620  
  532    

Sherwin-Williams Co.

     229,138  
  13,889    

The Gap, Inc.

     363,614  
  9,948    

The Home Depot, Inc.

     1,908,922  
  21,422    

The Michaels Cos., Inc. (b)

     244,639  
  18,428    

The TJX Cos., Inc.

     980,554  
  3,545    

Tiffany & Co. (a)

     374,175  
  7,134    

Tractor Supply Co.

     697,420  
  2,347    

Ulta Beauty, Inc. (b)

     818,469  
  20,500    

Urban Outfitters, Inc. (b)

     607,620  
  7,145    

Williams Sonoma, Inc. (a)

     402,049  
           
              14,238,821  
           
       

Technology Hardware, Storage & Peripherals - 4.15%

 

  52,136    

Apple, Inc.

     9,903,233  
  2,185    

Dell Technologies, Inc. - Class C (b)

     128,238  
  12,136    

HP, Inc.

     235,802  
  7,444    

International Business Machines Corp.

     1,050,348  
  5,760    

NCR Corp. (a)(b)

     157,190  
  4,547    

NetApp, Inc.

     315,289  
  8,421    

Pure Storage, Inc. - Class A (b)

     183,494  
  9,829    

Teradata Corp. (b)

     429,036  
  15,194    

Western Digital Corp.

     730,224  
  20,962    

Xerox Corp.

     670,365  
           
              13,803,219  
           
       

Textiles, Apparel & Luxury Goods - 1.94%

 

  8,989    

Capri Holdings Ltd. (b)

     411,247  
  4,243    

Carter’s, Inc. (a)

     427,652  
  5,060    

Columbia Sportswear Co.

     527,151  
 

 

See notes to financial statements.

 

46

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Textiles, Apparel & Luxury Goods (Continued)

 

  6,175    

lululemon athletica, Inc. (b)

   $ 1,011,897  
  13,655    

NIKE, Inc. - Class B

     1,149,887  
  2,117    

PVH Corp.

     258,168  
  3,882    

Ralph Lauren Corp.

     503,418  
  11,450    

Skechers U.S.A., Inc. - Class A (b)

     384,834  
  8,814    

Tapestry, Inc.

     286,367  
  16,512    

Under Armour, Inc. - Class A (a)(b)

     349,064  
  18,447    

Under Armour, Inc. - Class C (b)

     348,095  
  9,157    

VF Corp. (a)

     795,835  
           
              6,453,615  
           
       

Thrifts & Mortgage - 0.04%

 

  8,321    

TFS Financial Corp.

     137,047  
           
       

Tobacco - 0.27%

        
  2,944    

Altria Group, Inc.

     169,074  
  8,358    

Philip Morris International, Inc.

     738,764  
           
              907,838  
           
       

Trading Companies & Distributors - 1.01%

 

  8,344    

Fastenal Co.

     536,603  
  6,790    

HD Supply Holdings, Inc. (b)

     294,346  
  3,891    

MSC Industrial Direct Co., Inc. - Class A

     321,824  
  750    

United Rentals, Inc. (b)

     85,687  
  12,830    

Univar, Inc. (a)(b)

     284,313  
  2,061    

W.W. Grainger, Inc.

     620,217  
  1,505    

Watsco, Inc. - Class A

     215,531  
  18,862    

WESCO International, Inc. (b)

     999,875  
           
              3,358,396  
           
       

Transportation Infrastructure - 0.02%

 

  1,640    

Macquarie Infrastructure Corp.

     67,601  
           
       

Water Utilities - 0.08%

 

  2,526    

American Water Works Co., Inc.

     263,361  
           
       

Wireless Telecommunication Services - 0.17%

 

  7,442    

Telephone & Data Systems, Inc.

     228,693  
  7,409    

United States Cellular Corp. (b)

     340,147  
           
              568,840  
           
       

Total Common Stocks
(Cost $225,932,093)

     306,015,732  
           
       

INVESTMENT COMPANIES - 2.96%

 

       

Exchange Traded Funds - 2.96%

 

  37,936    

Vanguard S&P 500 ETF

     9,845,909  
           
       

Total Investment Companies
(Cost $8,298,703)

     9,845,909  
           
       

REAL ESTATE INVESTMENT TRUSTS - 4.43%

 

       

Real Estate Investment Trusts - 4.43%

 

  5,500    

American Campus Communities, Inc.

     261,690  
  16,885    

American Homes 4 Rent - Class A

     383,627  
  2,896    

American Tower Corp.

     570,686  
  16,350    

Annaly Capital Management, Inc.

     163,336  
  5,742    

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

     288,782  
  12,125    

Apple Hospitality REIT, Inc.

     197,637  
  1,837    

AvalonBay Communities, Inc.

     368,741  
  500    

Boston Properties, Inc.

     66,940  
  11,534    

Brixmor Property Group, Inc.

     211,880  
  5,127    

Brookfield Property REIT, Inc. - Class A

     105,052  
  1,574    

Camden Property Trust

     159,761  

Number of
Shares

        

Value

  
       

Real Estate Investment Trusts (Continued)

 

  16,294    

Chimera Investment Corp.

   $ 305,350  
  18,667    

Colony Capital, Inc.

     99,308  
  1,953    

Crown Castle International Corp.

     249,984  
  2,159    

CubeSmart

     69,174  
  1,321    

CyrusOne, Inc.

     69,273  
  3,506    

Digital Realty Trust, Inc. (a)

     417,214  
  7,499    

Duke Realty Corp.

     229,319  
  3,918    

EPR Properties

     301,294  
  6,704    

Equity Commonwealth

     219,154  
  2,732    

Equity LifeStyle Properties, Inc.

     312,268  
  2,810    

Equity Residential

     211,649  
  1,022    

Essex Property Trust, Inc. (a)

     295,603  
  1,557    

Extra Space Storage, Inc.

     158,674  
  995    

Federal Realty Investment Trust

     137,161  
  7,340    

Gaming and Leisure Properties, Inc.

     283,104  
  6,648    

HCP, Inc.

     208,082  
  2,328    

Healthcare Trust of America, Inc. - Class A

     66,558  
  18,033    

Hospitality Properties Trust

     474,448  
  13,023    

Host Hotels & Resorts, Inc.

     246,135  
  5,568    

Iron Mountain, Inc.

     197,441  
  2,300    

JBG SMITH Properties

     95,105  
  3,840    

Kimco Realty Corp.

     71,040  
  3,253    

Lamar Advertising Co. - Class A

     257,833  
  4,697    

Liberty Property Trust

     227,429  
  2,366    

Life Storage, Inc.

     230,141  
  17,106    

Medical Properties Trust, Inc.

     316,632  
  9,069    

MFA Financial, Inc.

     65,932  
  2,459    

Mid-America Apartment Communities, Inc.

     268,842  
  5,697    

National Retail Properties, Inc.

     315,557  
  18,460    

New Residential Investment Corp.

     312,159  
  9,036    

Omega Healthcare Investors, Inc. (a)

     344,723  
  7,985    

Park Hotels & Resorts, Inc. (a)

     248,174  
  3,878    

Prologis, Inc.

     279,022  
  406    

Public Storage

     88,419  
  5,364    

Realty Income Corp.

     394,576  
  1,026    

Regency Centers Corp.

     69,245  
  10,817    

Retail Value, Inc.

     337,166  
  907    

SBA Communications Corp. (b)

     181,092  
  1,894    

Simon Property Group, Inc.

     345,106  
  2,373    

Spirit Realty Capital, Inc.

     94,279  
  12,637    

Starwood Property Trust, Inc.

     282,437  
  9,609    

STORE Capital Corp. (a)

     321,901  
  2,677    

Sun Communities, Inc.

     317,278  
  8,204    

Two Harbors Investment Corp.

     111,000  
  7,068    

UDR, Inc.

     321,311  
  26,079    

Uniti Group, Inc. (a)

     291,824  
  4,067    

Ventas, Inc.

     259,515  
  23,729    

VEREIT, Inc.

     198,612  
  2,353    

Weingarten Realty Investors

     69,108  
  4,843    

Welltower, Inc.

     375,817  
  4,465    

WP Carey, Inc.

     349,743  
           
       

Total Real Estate Investment Trusts
(Cost $13,900,857)

     14,770,343  
           
       

SHORT TERM INVESTMENTS - 0.79%

 

       

Money Market Funds - 0.79%

 

  2,626,884    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c)

     2,626,884  
           
       

Total Short Term Investments
(Cost $2,626,884)

     2,626,884  
           
 

 

See notes to financial statements.

 

47

GuideMark® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL- 10.66%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral- 10.66%

        
  35,499,125    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c)

   $ 35,499,125  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $35,499,125)

     35,499,125  
           
       

Total Investments
(Cost $286,257,662) - 110.73%

     368,757,993  
       

Liabilities in Excess of
Other Assets - (10.73)%

     (35,719,808 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 333,038,185  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of March 31, 2019.

 

See notes to financial statements.

 

48

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 90.45%

 

       

Brazil - 6.51%

 

  43,485    

Ambev SA

   $ 186,919  
  8,317    

B2W Cia Digital (a)

     89,153  
  9,186    

Banco Bradesco SA

     87,746  
  18,352    

Banco do Brasil SA

     227,235  
  7,842    

Banco Santander Brasil SA

     87,386  
  31,060    

BB Seguridade Participacoes SA

     208,635  
  20,412    

Centrais Eletricas Brasileiras SA

     190,234  
  15,268    

Cia de Saneamento Basico do Estado de Sao Paulo

     162,415  
  11,274    

Cosan SA Industria e Comercio

     122,031  
  26,593    

Embraer SA

     125,923  
  11,494    

Engie Brasil Energia SA

     126,026  
  12,966    

IRB Brasil Resseguros SA

     301,354  
  63,724    

JBS SA

     262,686  
  30,985    

Lojas Renner SA

     344,564  
  10,188    

M Dias Branco SA

     111,681  
  6,124    

Magazine Luiza SA

     268,634  
  14,561    

Natura Cosmeticos SA

     167,241  
  69,896    

Petroleo Brasileiro SA

     553,584  
  6,542    

Porto Seguro SA

     89,842  
  12,703    

Raia Drogasil SA

     210,984  
  28,389    

Rumo SA (a)

     137,908  
  81,317    

Sul America SA (b)

     613,717  
  13,653    

Suzano Papel e Celulose SA

     161,447  
  27,600    

TIM Participacoes SA

     83,744  
  49,899    

Vale SA

     651,751  
           
              5,572,840  
           
       

Chile - 0.68%

 

  786,517    

Banco de Chile

     115,778  
  1,074,970    

Banco Santander Chile

     80,863  
  12,234    

Cia Cervecerias Unidas SA

     175,142  
  27,823    

Empresas CMPC SA

     98,126  
  10,237    

Latam Airlines Group SA

     108,715  
           
              578,624  
           
       

China - 18.49%

 

  1,824    

58.com, Inc. - ADR (a)

     119,800  
  483,391    

Agricultural Bank of China Ltd. - Series H

     223,454  
  17,123    

Alibaba Group Holding, Ltd. - ADR (a)

     3,124,091  
  109,067    

Angang Steel Co., Ltd. - Series H

     79,911  
  25,182    

Anhui Conch Cement Co., Ltd. - Series H

     154,086  
  46,325    

ANTA Sports Products Ltd.

     315,797  
  2,656    

Autohome, Inc. - ADR (a)

     279,199  
  262,339    

BAIC Motor Corp., Ltd. - Series H

     171,723  
  3,033    

Baidu, Inc. - ADR (a)

     499,990  
  990,540    

Bank of China Ltd. - Series H

     450,171  
  246,960    

Bank of Communications Co., Ltd. - Series H

     202,608  
  4,540    

Baozun, Inc. - ADR (a)(c)

     188,592  
  569,672    

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

     158,424  
  268,528    

China CITIC Bank Corp., Ltd. - Series H

     171,230  
  239,358    

China Coal Energy Co., Ltd. - Series H

     99,177  
  216,542    

China Communications Services Corp., Ltd. - Series H

     193,483  
  1,431,467    

China Construction Bank Corp. - Series H

     1,228,726  
  135,610    

China Eastern Airlines Corp., Ltd. Series H

     96,232  
  347,000    

China Everbright Bank Co., Ltd. - Series H

     164,303  
  172,136    

China Hongqiao Group Ltd.

     129,740  
  723,495    

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

     154,155  

Number of
Shares

        

Value

  
       

China (Continued)

 

  82,346    

China Mengniu Dairy Co., Ltd.

   $ 306,477  
  41,264    

China Merchants Bank Co., Ltd. - Series H

     201,027  
  230,248    

China Minsheng Banking Corp., Ltd. - Series H

     167,449  
  170,617    

China National Building Material Co., Ltd. - Series H

     135,038  
  138,078    

China Oriental Group Co., Ltd.

     86,929  
  736,003    

China Petroleum & Chemical Corp. - Series H

     584,140  
  60,649    

China Railway Construction Corp., Ltd. - Series H

     79,602  
  90,680    

China Railway Group Ltd. - Series H

     82,792  
  40,626    

China Shenhua Energy Co., Ltd. - Series H

     92,716  
  338,103    

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

     195,675  
  227,558    

CNOOC, Ltd.

     423,868  
  107,638    

Dongfeng Motor Group Co., Ltd. - Series H

     107,984  
  13,858    

ENN Energy Holdings, Ltd.

     134,130  
  49,871    

Fosun International Ltd.

     84,732  
  3,950    

GDS Holdings, Ltd. - ADR (a)(c)

     140,975  
  268,400    

Huadian Power International Corp., Ltd. - Series H

     110,579  
  7,417    

JD.com, Inc. - ADR (a)

     223,623  
  351,398    

Metallurgical Corp of China, Ltd. - Series H

     104,031  
  4,705    

Momo, Inc. - ADR (a)

     179,919  
  1,064    

NetEase, Inc. - ADR

     256,903  
  2,090    

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

     188,288  
  306,000    

PetroChina Co. - Series H

     200,312  
  99,747    

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

     113,552  
  72,611    

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

     817,471  
  157,293    

Postal Savings Bank of China Co., Ltd. - Series H

     90,062  
  16,252    

Shenzhou International Group Holdings Ltd.

     218,349  
  55,096    

Shimao Property Holdings Ltd.

     172,663  
  402,958    

Sihuan Pharmaceutical Holdings Group, Ltd. (e)

     97,680  
  1,615    

SINA Corp. (a)

     95,673  
  251,499    

Sun Art Retail Group Ltd.

     245,356  
  2,880    

TAL Education Group - ADR (a)

     103,910  
  100,731    

Uni-President China Holdings Ltd.

     98,854  
  24,103    

Vipshop Holdings Ltd. - ADR (a)

     193,547  
  108,591    

Want Want China Holdings, Ltd.

     90,334  
  2,046    

Weibo Corp. - ADR (a)(c)

     126,832  
  55,626    

Weichai Power Co., Ltd. - Series H

     89,280  
  14,717    

Wuxi Biologics Cayman, Inc. (a)

     143,364  
  120,761    

Yanzhou Coal Mining Co., Ltd. - Series H

     118,835  
  7,278    

Yum China Holdings, Inc.

     326,855  
  307,827    

Yuzhou Properties Co., Ltd.

     186,217  
  1,555    

YY, Inc. - ADR (a)

     130,636  
  80,935    

Zhaojin Mining Industry Co., Ltd. - Series H

     81,020  
           
              15,832,571  
           
       

Colombia - 0.34%

 

  274,886    

Ecopetrol SA

     294,456  
           
       

Czech Republic - 0.14%

 

  5,240    

CEZ AS

     123,139  
           
       

Egypt - 0.41%

 

  54,211    

Commercial International Bank Egypt SAE

     213,366  
  129,005    

Eastern Tobacco

     135,481  
           
              348,847  
           
       

Hong Kong - 11.36%

 

  113,188    

Alibaba Health Information Technology Ltd. (a)

     131,078  
  60,087    

China Conch Venture Holdings Ltd.

     215,164  
 

 

See notes to financial statements.

 

49

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hong Kong (Continued)

 

  73,806    

China Ding Yi Feng Holdings Ltd. (a)(g)(h)

   $ 217,188  
  312,739    

China First Capital Group, Ltd. (a)

     165,464  
  25,832    

China Gas Holdings, Ltd.

     91,004  
  79,491    

China Mobile Ltd.

     811,153  
  23,313    

China Overseas Land & Investment Ltd.

     88,718  
  153,735    

China Resources Cement Holdings, Ltd.

     159,285  
  35,419    

China Resources Land Ltd.

     159,170  
  68,587    

China Resources Pharmaceutical Group, Ltd.

     96,957  
  45,196    

China Resources Power Holdings Co., Ltd.

     67,974  
  346,338    

China Telecom Corp., Ltd. - Series H

     192,711  
  117,065    

China Unicom Hong Kong Ltd.

     149,050  
  143,338    

CITIC Ltd.

     214,279  
  125,656    

CSPC Pharmaceutical Group Ltd.

     234,115  
  124,303    

Dali Foods Group Co., Ltd.

     92,836  
  69,234    

Guangdong Investment Ltd.

     133,678  
  907,612    

Industrial & Commercial Bank of China Ltd. - Series H

     666,536  
  194,655    

Jiayuan International Group, Ltd.

     102,972  
  490,949    

Kaisa Group Holdings Ltd.

     223,108  
  95,910    

Kingdee International Software Group Co., Ltd.

     111,366  
  218,287    

Lenovo Group Ltd.

     196,949  
  37,647    

Longfor Properties Co., Ltd.

     132,786  
  223,067    

Maanshan Iron & Steel Co., Ltd. - Series H

     109,338  
  43,139    

Shenzhen International Holdings Ltd.

     91,733  
  251,937    

Sino Biopharmaceutical Ltd.

     230,244  
  94,527    

Sinopec Engineering Group Co., Ltd. - Series H

     92,441  
  74,395    

Sinotruk Hong Kong, Ltd.

     158,781  
  133,292    

SSY Group, Ltd.

     124,304  
  24,597    

Sunac China Holdings Ltd.

     122,830  
  8,744    

Sunny Optical Technology Group Co., Ltd.

     104,826  
  77,101    

Tencent Holdings Ltd.

     3,545,705  
  136,824    

Tingyi Cayman Islands Holding Corp.

     225,855  
  60,469    

Yihai International Holding Ltd.

     269,389  
           
              9,728,987  
           
       

Hungary - 0.27%

 

  11,572    

MOL Hungarian Oil & Gas PLC

     132,703  
  2,138    

OTP Bank PLC

     94,256  
           
              226,959  
           
       

India - 8.00%

 

  34,239    

Ambuja Cements Ltd.

     116,307  
  6,122    

Asian Paints Ltd.

     131,812  
  7,134    

Avenue Supermarts Ltd. (a)(b)

     151,358  
  12,491    

Axis Bank Ltd. (a)

     139,977  
  3,258    

Britannia Industries Ltd.

     144,975  
  20,041    

Dabur India Ltd.

     118,222  
  3,724    

Divi’s Laboratories Ltd.

     91,519  
  4,115    

Dr. Reddy’s Laboratories Ltd.

     165,387  
  19,867    

GAIL India Ltd.

     99,768  
  12,292    

Havells India Ltd.

     137,150  
  18,244    

HCL Technologies Ltd.

     286,635  
  3,002    

Hero MotoCorp Ltd.

     110,626  
  74,700    

Hindalco Industries Ltd.

     221,584  
  47,214    

Hindustan Petroleum Corp Ltd.

     194,179  
  17,644    

Hindustan Unilever Ltd.

     434,579  
  15,350    

Housing Development Finance Corp., Ltd.

     435,985  
  17,172    

Indiabulls Housing Finance Ltd.

     212,453  
  42,728    

Indian Oil Corp., Ltd.

     100,655  
  57,688    

Infosys Ltd.

     619,106  

Number of
Shares

        

Value

  
       

India (Continued)

 

  7,952    

InterGlobe Aviation Ltd. (b)

   $ 163,780  
  30,369    

ITC Ltd.

     130,254  
  1,648    

Nestle India Ltd.

     260,541  
  80,063    

Oil & Natural Gas Corp., Ltd.

     184,645  
  370    

Page Industries Ltd.

     133,309  
  7,581    

Pidilite Industries Ltd.

     136,309  
  125,009    

REC Ltd.

     275,603  
  24,503    

Reliance Industries Ltd.

     482,226  
  17,926    

Tata Consultancy Services Ltd.

     518,099  
  55,966    

Tata Motors Ltd. (a)

     140,818  
  14,432    

Tech Mahindra Ltd.

     161,786  
  5,844    

Titan Co., Ltd.

     96,343  
  36,384    

Wipro Ltd.

     133,897  
  30,425    

Yes Bank Ltd.

     120,574  
           
              6,850,461  
           
       

Indonesia - 2.00%

 

  846,077    

Adaro Energy Tbk PT

     80,124  
  114,026    

Bank Central Asia Tbk PT

     222,509  
  500,386    

Bank Rakyat Indonesia Persero Tbk PT

     145,292  
  404,968    

Bukit Asam Tbk PT

     119,639  
  232,387    

Charoen Pokphand Indonesia Tbk PT

     104,546  
  441,599    

Hanjaya Mandala Sampoerna Tbk PT

     116,507  
  181,635    

Indah Kiat Pulp & Paper Corp. Tbk PT

     109,871  
  332,198    

Jasa Marga Persero Tbk PT

     139,607  
  1,215,482    

Kalbe Farma Tbk PT

     129,717  
  158,431    

Pabrik Kertas Tjiwi Kimia Tbk PT

     122,762  
  693,843    

Perusahaan Gas Negara Tbk PT

     114,781  
  463,270    

Telekomunikasi Indonesia Persero Tbk PT

     128,052  
  52,013    

Unilever Indonesia Tbk PT

     179,993  
           
              1,713,400  
           
       

Mexico - 1.73%

 

  81,922    

Alfa SAB de CV - Series A

     86,859  
  44,536    

Alsea SAB de CV

     93,247  
  400,485    

America Movil SAB de CV - Series L

     286,175  
  353,193    

Cemex SAB de CV (a)

     164,858  
  13,335    

Fomento Economico Mexicano SAB de CV

     122,920  
  8,525    

Gruma SAB de CV - Series B

     87,304  
  70,159    

Grupo Bimbo SAB de CV - Series A

     146,352  
  24,765    

Grupo Financiero Banorte SAB de CV - Series O

     134,541  
  133,688    

Wal-Mart de Mexico SAB de CV

     357,392  
           
              1,479,648  
           
       

Peru - 0.35%

 

  1,237    

CREDICORP Ltd.

     296,818  
           
       

Philippines - 0.25%

 

  5,802    

Globe Telecom, Inc.

     214,254  
           
       

Poland - 1.22%

 

  3,183    

CD Projekt SA (a)

     166,080  
  5,674    

Dino Polska SA (a)

     178,630  
  6,831    

Grupa Lotos SA

     148,404  
  9,413    

Jastrzebska Spolka Weglowa SA

     149,673  
  89    

LPP SA

     192,970  
  5,142    

Polski Koncern Naftowy Orlen SA

     130,886  
  48,221    

Polskie Gornictwo Naftowe i Gazownictwo SA

     78,639  
           
              1,045,282  
           
       

Qatar - 0.93%

 

  7,265    

Commercial Bank PQSC

     89,718  
  2,608    

INDUSTRIES OF QATAR

     88,911  
 

 

See notes to financial statements.

 

50

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Qatar (Continued)

 

  13,796    

Ooredoo QPSC

   $ 251,612  
  2,771    

Qatar Islamic Bank SAQ

     115,490  
  5,028    

Qatar National Bank QPSC

     249,282  
           
              795,013  
           
       

Republic of Korea - 13.20%

 

  925    

Amorepacific Corp.

     153,958  
  1,695    

AMOREPACIFIC Group

     104,155  
  19,836    

BNK Financial Group, Inc.

     116,802  
  603    

Celltrion, Inc. (a)

     96,396  
  8,743    

Cheil Worldwide, Inc.

     186,456  
  732    

CJ Korea Express Co., Ltd. (a)

     106,853  
  2,997    

Coway Co., Ltd.

     249,618  
  2,258    

Daelim Industrial Co., Ltd.

     191,785  
  5,104    

Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)

     125,977  
  23,172    

DGB Financial Group, Inc.

     166,920  
  6,966    

Fila Korea Ltd.

     479,126  
  6,073    

GS Engineering & Construction Corp.

     228,490  
  2,793    

GS Holdings Corp.

     130,093  
  5,533    

Hana Financial Group, Inc.

     177,653  
  2,648    

Hankook Tire Co., Ltd.

     87,382  
  7,931    

Hanwha Chemical Corp.

     146,502  
  5,513    

Hanwha Corp.

     148,001  
  24,749    

Hanwha Life Insurance Co., Ltd.

     87,305  
  2,561    

HLB, Inc. (a)

     181,159  
  3,666    

Hotel Shilla Co., Ltd.

     308,944  
  1,148    

Hyundai Department Store Co., Ltd.

     102,326  
  785    

Hyundai Motor Co.

     82,768  
  2,843    

Hyundai Steel Co.

     112,731  
  10,541    

Industrial Bank of Korea

     130,517  
  4,354    

KB Financial Group, Inc.

     161,107  
  6,608    

Kia Motors Corp.

     205,940  
  5,291    

Korea Gas Corp.

     210,505  
  10,058    

Korean Air Lines Co., Ltd.

     282,801  
  4,092    

KT Corp.

     98,752  
  1,279    

Kumho Petrochemical Co., Ltd.

     107,479  
  315    

LG Chemical Ltd.

     101,748  
  1,477    

LG Electronics, Inc.

     97,936  
  279    

LG Household & Health Care Ltd.

     348,650  
  15,796    

LG Uplus Corp.

     215,127  
  178    

Medy-Tox, Inc.

     91,840  
  352    

NCSoft Corp.

     153,889  
  1,326    

OCI Co., Ltd.

     108,834  
  885    

Orion Corp/Republic of Korea

     78,024  
  681    

Pearl Abyss Corp. (a)

     100,888  
  1,183    

POSCO

     264,164  
  2,636    

POSCO Chemical Co., Ltd.

     140,179  
  5,492    

Posco International Corp.

     86,093  
  1,070    

Samsung Electro-Mechanics Co., Ltd.

     98,969  
  74,875    

Samsung Electronics Co., Ltd.

     2,953,289  
  15,151    

Samsung Heavy Industries Co., Ltd. (a)

     110,479  
  651    

Samsung SDI Co., Ltd.

     123,369  
  538    

Samsung SDS Co., Ltd.

     111,626  
  4,764    

Shinhan Financial Group Co., Ltd.

     176,898  
  10,866    

SK Hynix, Inc.

     712,444  
  405    

SK Telecom Co., Ltd.

     89,695  
  320    

ViroMed Co., Ltd. (a)

     79,189  
  7,752    

Woori Financial Group, Inc. (a)

     93,904  
           
              11,305,735  
           

Number of
Shares

        

Value

  
       

Russian Federation - 3.40%

 

  41,270    

Gazprom PJSC - ADR (c)

   $ 186,540  
  9,033    

Lukoil PJSC - ADR (c)

     807,641  
  8,022    

MMC Norilsk Nickel PJSC - ADR

     168,663  
  715    

NovaTek PJSC - GDR (f)

     117,343  
  4,003    

Novolipetsk Steel PJSC

     102,869  
  20,711    

Rosneft Oil Co PJSC - GDR (a)(f)

     129,883  
  37,721    

Sberbank of Russia PJSC - ADR

     497,163  
  9,904    

Severstal PJSC - GDR (f)

     154,502  
  36,200    

Surgutneftegas OJSC - ADR

     135,026  
  5,065    

Tatneft PJSC - ADR (c)

     349,434  
  146,235    

VTB Bank PJSC - GDR (f)

     167,181  
  3,865    

X5 Retail Group NV

     96,316  
           
              2,912,561  
           
       

Singapore - 0.20%

 

  21,277    

BOC Aviation Ltd.

     173,666  
           
       

South Africa - 5.20%

 

  13,226    

Absa Group Ltd.

     139,969  
  3,968    

Anglo American Platinum, Ltd.

     202,576  
  13,273    

AngloGold Ashanti Ltd.

     174,516  
  11,786    

Aspen Pharmacare Holdings Ltd.

     76,130  
  4,290    

Bid Corp. Ltd.

     88,680  
  1,711    

Capitec Bank Holdings Ltd.

     160,085  
  7,902    

Clicks Group, Ltd.

     100,884  
  10,717    

Exxaro Resources Ltd.

     121,882  
  32,408    

FirstRand Ltd.

     141,904  
  3,378    

Kumba Iron Ore, Ltd.

     101,228  
  11,775    

Liberty Holdings Ltd.

     82,449  
  13,842    

Mr. Price Group Ltd.

     181,818  
  19,305    

MultiChoice Group Ltd. (a)

     161,491  
  4,481    

Naspers Ltd. - N Shares

     1,044,260  
  7,114    

Nedbank Group Ltd.

     124,328  
  73,018    

Netcare Ltd.

     118,768  
  66,143    

Old Mutual Ltd.

     100,365  
  36,910    

Pick n Pay Stores Ltd.

     169,883  
  15,693    

RMB Holdings Ltd.

     82,815  
  4,410    

Sasol Ltd.

     137,506  
  9,834    

Shoprite Holdings Ltd.

     108,342  
  17,604    

Standard Bank Group Ltd.

     227,073  
  36,360    

Telkom SA SOC Ltd.

     184,663  
  9,714    

The Bidvest Group Ltd.

     130,840  
  7,730    

The Foschini Group Ltd.

     87,722  
  20,400    

Truworths International Ltd.

     98,662  
  32,969    

Woolworths Holdings Ltd.

     106,228  
           
              4,455,067  
           
       

Taiwan, Province of China - 12.23%

 

  141,076    

Acer, Inc.

     90,689  
  29,739    

Advantech Co., Ltd.

     247,480  
  100,548    

Asia Cement Corp.

     130,994  
  22,142    

Asustek Computer, Inc.

     160,448  
  69,121    

Cathay Financial Holding Co., Ltd.

     100,967  
  30,785    

Chailease Holding Co., Ltd.

     126,144  
  149,081    

Chang Hwa Commercial Bank Ltd.

     89,306  
  652,496    

China Airlines Ltd.

     208,941  
  382,822    

China Development Financial Holding Corp.

     128,134  
  152,454    

China Steel Corp.

     125,221  
  191,657    

CTBC Financial Holding Co., Ltd.

     127,277  
  200,820    

E.SUN Financial Holdings Co., Ltd.

     154,970  
  11,065    

Eclat Textile Co., Ltd.

     149,204  
 

 

See notes to financial statements.

 

51

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Taiwan, Province of China (Continued)

 

  313,835    

Eva Airways Corp.

   $ 153,882  
  118,129    

Far Eastern New Century Corp.

     116,948  
  46,893    

Feng TAY Enterprise Co., Ltd.

     332,428  
  130,446    

First Financial Holding Co., Ltd.

     89,340  
  34,733    

Formosa Chemicals & Fibre Corp.

     126,547  
  27,820    

Formosa Petrochemical Corp.

     104,437  
  37,237    

Formosa Plastics Corp.

     132,545  
  109,867    

Formosa Taffeta Co., Ltd.

     131,323  
  42,739    

Foxconn Technology Co., Ltd.

     85,424  
  103,394    

Fubon Financial Holding Co., Ltd.

     154,562  
  57,289    

Highwealth Construction Corp.

     94,530  
  13,914    

Hiwin Technologies Corp.

     117,841  
  49,392    

Hon Hai Precision Industry Co., Ltd.

     118,043  
  219,344    

Hua Nan Financial Holdings Co., Ltd.

     138,147  
  1,054    

Largan Precision Co., Ltd.

     158,083  
  12,584    

MediaTek, Inc.

     115,701  
  155,054    

Mega Financial Holding Co., Ltd.

     141,257  
  34,179    

Micro-Star International Co., Ltd.

     96,297  
  37,684    

Nan Ya Plastics Corp.

     96,627  
  22,253    

Nien Made Enterprise Co., Ltd.

     196,444  
  107,426    

Pou Chen Corp.

     131,049  
  33,264    

President Chain Store Corp.

     327,916  
  23,737    

Realtek Semiconductor Corp.

     140,651  
  73,710    

Shanghai Commercial & Savings Bank Ltd.

     116,569  
  596,861    

Shin Kong Financial Holding Co., Ltd.

     176,085  
  289,842    

SinoPac Financial Holdings Co., Ltd.

     107,350  
  51,000    

Standard Foods Corp.

     85,779  
  319,073    

Taishin Financial Holding Co., Ltd.

     145,573  
  377,105    

Taiwan Business Bank

     146,975  
  99,611    

Taiwan Cement Corp.

     133,556  
  301,886    

Taiwan Cooperative Financial Holding Co., Ltd.

     191,152  
  83,159    

Taiwan High Speed Rail Corp.

     97,241  
  33,743    

Taiwan Mobile Co., Ltd.

     122,073  
  361,996    

Taiwan Semiconductor Manufacturing Co., Ltd.

     2,899,247  
  155,373    

Uni-President Enterprises Corp.

     377,554  
  337,279    

United Microelectronics Corp.

     127,730  
  20,967    

Walsin Technology Corp.

     136,699  
  238,584    

Winbond Electronics Corp.

     114,608  
  10,373    

Yageo Corp.

     109,303  
  243,896    

Yuanta Financial Holding Co., Ltd.

     139,119  
  34,786    

Zhen Ding Technology Holding Ltd.

     108,212  
           
              10,474,622  
           
       

Thailand - 1.65%

 

  20,684    

Advanced Info Service PCL - NVDR

     120,120  
  306,068    

Bangkok Expressway & Metro PCL

     97,470  
  316,187    

BTS Group Holdings PCL - NVDR

     109,642  
  18,696    

Bumrungrad Hospital PCL - NVDR

     105,758  
  61,152    

CP ALL PCL - NVDR

     144,100  
  422,822    

Home Product Center PCL - NVDR

     204,069  
  79,676    

Muangthai Capital PCL - NVDR

     110,809  
  25,039    

PTT Exploration & Production PCL - NVDR

     99,007  
  40,514    

PTT Global Chemical PCL - NVDR

     86,049  
  160,871    

PTT PCL - NVDR

     243,343  
  157,710    

Thai Union Group PCL - NVDR

     95,977  
           
              1,416,344  
           
       

Turkey - 1.61%

 

  110,695    

Akbank Turk AS (a)

     126,041  
  23,622    

Anadolu Efes Biracilik Ve Malt Sanayii AS

     74,326  

Number of
Shares

        

Value

  
       

Turkey (Continued)

 

  12,888    

BIM Birlesik Magazalar AS

   $ 176,402  
  115,676    

Haci Omer Sabanci Holding AS

     163,206  
  19,718    

TAV Havalimanlari Holding AS

     82,727  
  75,364    

Turk Hava Yollari AO (a)

     175,343  
  111,671    

Turkiye Garanti Bankasi AS

     167,994  
  155,519    

Turkiye Halk Bankasi AS

     178,757  
  235,956    

Turkiye Is Bankasi - Series C

     234,022  
           
              1,378,818  
           
       

United Arab Emirates - 0.28%

 

  36,429    

Abu Dhabi Commercial Bank PJSC

     94,115  
  34,962    

First Abu Dhabi Bank PJSC

     145,431  
           
              239,546  
           
       

Total Common Stocks
(Cost $63,849,073)

     77,457,658  
           
       

INVESTMENT COMPANIES - 3.29%

 

       

China - 3.29%

 

  40,508    

iShares Core MSCI Emerging Markets ETF

     2,094,669  
  22,642    

KraneShares Bosera MSCI China A ETF

     722,053  
           
       

Total Investment Companies
(Cost $2,651,059)

     2,816,722  
           
       

PREFERRED STOCKS - 3.94%

 

       

Brazil - 2.78%

 

  44,382    

Banco Bradesco SA - Preference Shares

     485,154  
  18,441    

Centrais Eletricas Brasileiras SA - Preference Shares

     177,517  
  3,426    

Cia Brasileira de Distribuicao Grupo Pao de Acucar - Preference Shares

     79,574  
  28,567    

Cia Energetica de Minas Gerais - Preference Shares

     100,687  
  29,912    

Gerdau SA - Preference Shares

     115,436  
  84,068    

Itau Unibanco Holding SA - Preference Shares

     734,536  
  38,402    

Itausa - Investimentos Itau SA - Preference Shares

     117,206  
  80,159    

Petroleo Brasileiro SA - Preference Shares

     569,764  
           
              2,379,874  
           
       

Chile - 0.11%

 

  25,151    

Embotelladora Andina SA

     91,867  
           
       

Republic of Korea - 1.05%

 

  1,504    

Amorepacific Corp. - Preference Shares

     142,054  
  393    

LG Household & Health Care Ltd. - Preference Shares

     289,515  
  14,623    

Samsung Electronics Co., Ltd. - Preference Shares

     468,231  
           
              899,800  
           
       

Total Preferred Stocks
(Cost $2,018,615)

     3,371,541  
           
       

REAL ESTATE INVESTMENT TRUSTS - 0.12%

 

       

South Africa - 0.12%

 

  76,832    

Fortress REIT Ltd. - Class A

     97,555  
           
       

Total Real Estate Investment Trusts
(Cost $99,540)

     97,555  
           
       

SHORT TERM INVESTMENTS - 0.51%

 

       

Money Market Funds - 0.51%

 

  440,525    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (d)

     440,525  
           
       

Total Short Term Investments
(Cost $440,525)

     440,525  
           
 

 

See notes to financial statements.

 

52

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.20%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 1.20%

 

  1,026,618    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (d)

   $ 1,026,618  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,026,618)

     1,026,618  
           
       

Total Investments
(Cost $70,085,430) - 99.51%

     85,210,619  
       

Other Assets in Excess of Liabilities - 0.49%

     422,915  
           
       

TOTAL NET ASSETS - 100.00%

   $ 85,633,534  
           

Percentages are stated as a percent of net assets.

(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 $928,855, which represents 1.08% of total net assets.
(c)   All or portion of this security is on loan.
(d)   Seven-day yield as of March 31, 2019.
(e)   Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 9 for further disclosures related to this affiliated security.
(f)   Regulation S securities as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $568,909, which represents 0.66% of total net assets.
(g)   As of March 31, 2019, the Valuation Committee has fair valued this security. The value of this security was $217,188, which represents 0.25% of total net assets.
(h)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

Glossary of Terms

ADR   -   American Depositary Receipt
GDR   -   Global Depositary Receipt
NVDR   -   Non-Voting Depositary Receipt
 

 

See notes to financial statements.

 

53

GuideMark® Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2019

 

COMMON STOCKS

         

Aerospace & Defense

      0.15%  

Airlines

      1.39%  

Auto Components

      0.30%  

Automobiles

      0.96%  

Banks

      12.89%  

Beverages

      0.65%  

Biotechnology

      0.31%  

Capital Markets

      0.78%  

Chemicals

      1.37%  

Construction & Engineering

      0.91%  

Construction Materials

      1.32%  

Consumer Finance

      0.13%  

Diversified Consumer Services

      0.34%  

Diversified Financial Services

      0.92%  

Diversified Telecommunication Services

      1.48%  

Electric Utilities

      0.37%  

Electrical Equipment

      0.16%  

Electronic Equipment, Instruments & Components

      1.22%  

Entertainment

      0.61%  

Food & Staples Retailing

      2.75%  

Food Products

      3.32%  

Gas Utilities

      0.76%  

Health Care Providers & Services

      0.26%  

Health Care Technology

      0.15%  

Hotels, Restaurants & Leisure

      0.49%  

Household Durables

      0.85%  

Household Products

      0.91%  

Independent Power and Renewable Electricity Producers

      0.36%  

Industrial Conglomerates

      1.02%  

Insurance

      3.32%  

Interactive Media & Services

      5.66%  

Internet & Direct Marketing Retail

      4.46%  

IT Services

      2.46%  

Leisure Products

      0.21%  

Life Sciences Tools & Services

      0.27%  

Machinery

      0.95%  

Media

      1.63%  

Metals & Mining

      3.41%  

Multiline Retail

      0.96%  

Oil & Gas

      0.93%  

Oil, Gas & Consumable Fuels

      6.90%  

Paper & Forest Products

      0.57%  

Personal Products

      0.63%  

Pharmaceuticals

      1.35%  

Real Estate Management & Development

      1.50%  

Road & Rail

      0.41%  
          

Semiconductors & Semiconductor Equipment

      8.25%  

Software

      0.31%  

Specialty Retail

      1.03%  

Technology Hardware, Storage & Peripherals

      0.92%  

Textiles, Apparel & Luxury Goods

      2.55%  

Thrifts & Mortgage Finance

      0.76%  

Tobacco

      0.45%  

Trading Companies & Distributors

      0.30%  

Transportation Infrastructure

      0.59%  

Water Utilities

      0.35%  

Wireless Telecommunication Services

      2.19%  
    

TOTAL COMMON STOCKS

      90.45%  
    

INVESTMENT COMPANIES

         

Exchange Traded Funds

      3.29%  
    

TOTAL INVESTMENT COMPANIES

      3.29%  
    

PREFERRED STOCKS

         

Banks

      1.57%  

Beverages

      0.11%  

Electric Utilities

      0.32%  

Food & Staples Retailing

      0.09%  

Metals & Mining

      0.13%  

Oil, Gas & Consumable Fuels

      0.67%  

Personal Products

      0.50%  

Semiconductors & Semiconductor Equipment

      0.55%  
    

TOTAL PREFERRED STOCKS

      3.94%  
    

REAL ESTATE INVESTMENT TRUSTS

         

Real Estate Investment Trusts

      0.12%  
    

TOTAL REAL ESTATE INVESTMENT TRUSTS

      0.12%  
    

SHORT TERM INVESTMENTS

         

Money Market Funds

      0.51%  
    

TOTAL SHORT TERM INVESTMENTS

      0.51%  
    

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

         

Investments Purchased with Proceeds from Securities Lending Collateral

      1.20%  
    

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

      1.20%  
    

TOTAL INVESTMENTS

      99.51%  

Other Assets in Excess of Liabilities

      0.49%  
    

TOTAL NET ASSETS

      100.00%  
    

Percentages are stated as a percent of net assets.

 

 

See notes to financial statements.

 

54

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 86.52%

 

       

Aerospace & Defense - 1.06%

 

  427    

AAR Corp.

   $ 13,882  
  509    

Aerojet Rocketdyne Holdings, Inc. (a)

     18,085  
  204    

AeroVironment, Inc. (a)

     13,956  
  938    

Axon Enterprise, Inc. (a)

     51,036  
  992    

BWX Technologies, Inc. (b)

     49,183  
  289    

Cubic Corp.

     16,253  
  306    

Curtiss-Wright Corp.

     34,682  
  555    

Ducommun, Inc. (a)

     24,154  
  272    

HEICO Corp.

     25,805  
  583    

HEICO Corp. - Class A

     49,007  
  525    

Hexcel Corp.

     36,309  
  324    

Huntington Ingalls Industries, Inc.

     67,133  
  1,178    

Kratos Defense & Security Solutions, Inc. (a)

     18,412  
  411    

Moog, Inc. - Class A

     35,736  
  1,072    

Spirit AeroSystems Holdings, Inc. - Class A

     98,120  
  331    

Teledyne Technologies, Inc. (a)

     78,450  
  2,190    

The KEYW Holding Corp. (a)(b)

     18,878  
  1,203    

Vectrus, Inc. (a)

     31,988  
           
              681,069  
           
       

Air Freight & Logistics - 0.22%

 

  2,482    

Echo Global Logistics, Inc. (a)

     61,504  
  226    

Forward Air Corp.

     14,629  
  303    

Hub Group, Inc. - Class A (a)

     12,378  
  8,035    

Radiant Logistics, Inc. (a)

     50,620  
           
              139,131  
           
       

Airlines - 0.20%

 

  900    

Alaska Air Group, Inc. (b)

     50,508  
  180    

Copa Holdings SA - Class A

     14,510  
  2,890    

JetBlue Airways Corp. (a)

     47,280  
  275    

Spirit Airlines, Inc. (a)

     14,537  
           
              126,835  
           
       

Auto Components - 0.67%

 

  881    

Adient PLC - ADR

     11,418  
  2,352    

American Axle & Manufacturing Holdings, Inc. (a)

     33,657  
  1,536    

Dana, Inc.

     27,249  
  404    

Dorman Products, Inc. (a)

     35,588  
  632    

Fox Factory Holding Corp. (a)

     44,170  
  2,772    

Gentex Corp.

     57,325  
  464    

Gentherm, Inc. (a)

     17,103  
  2,143    

Goodyear Tire & Rubber Co.

     38,895  
  258    

LCI Industries

     19,820  
  340    

Standard Motor Products, Inc.

     16,694  
  1,594    

Stoneridge, Inc. (a)

     46,003  
  2,486    

Superior Industries International, Inc.

     11,833  
  553    

Tower International, Inc.

     11,630  
  184    

Visteon Corp. (a)

     12,392  
  319    

WABCO Holdings, Inc. (a)

     42,054  
           
              425,831  
           
       

Automobiles - 0.15%

 

  571    

Harley-Davidson, Inc. (b)

     20,362  
  914    

Thor Industries, Inc. (b)

     57,006  
  674    

Winnebago Industries, Inc.

     20,995  
           
              98,363  
           
       

Banks - 4.68%

 

  831    

1st Constitution Bancorp.

     14,767  
  274    

1st Source Corp.

     12,305  

Number of
Shares

        

Value

  
       

Banks (Continued)

 

  364    

ACNB Corp.

   $ 13,468  
  1,911    

Associated Banc-Corp.

     40,800  
  1,500    

Banc of California, Inc.

     20,760  
  562    

BancFirst Corp.

     29,308  
  2,272    

Bancorp, Inc. (a)

     18,358  
  758    

BancorpSouth, Inc.

     21,391  
  1,501    

Bank of Commerce Holdings

     15,836  
  455    

Bank of Hawaii Corp.

     35,886  
  426    

Bank of Marin Bancorp

     17,334  
  1,046    

Bank OZK

     30,313  
  1,592    

BankUnited, Inc.

     53,173  
  1,121    

BCB Bancorp, Inc.

     15,021  
  772    

Blue Hills Bancorp, Inc.

     18,451  
  193    

BOK Financial Corp.

     15,739  
  375    

Bryn Mawr Bank Corp.

     13,549  
  284    

C&F Financial Corp.

     14,370  
  628    

Cadence BanCorp

     11,649  
  374    

Camden National Corp.

     15,603  
  568    

Cathay General Bancorp

     19,261  
  889    

CenterState Bank Corp.

     21,167  
  205    

Century Bancorp, Inc. - Class A

     14,965  
  313    

Chemical Financial Corp.

     12,883  
  306    

Chemung Financial Corp.

     14,361  
  852    

CIT Group, Inc.

     40,870  
  221    

City Holding Co.

     16,838  
  1,074    

Commerce Bancshares, Inc.

     62,356  
  435    

Community Bank Systems, Inc.

     26,000  
  356    

Community Trust Bancorp, Inc.

     14,617  
  713    

County Bancorp, Inc.

     12,549  
  991    

Cullen Frost Bankers, Inc.

     96,196  
  971    

Customers Bancorp, Inc. (a)

     17,779  
  239    

Eagle Bancorp, Inc. (a)

     11,998  
  1,796    

East West Bancorp, Inc.

     86,154  
  953    

Enterprise Financial Services Corp.

     38,854  
  1,823    

F.N.B. Corp.

     19,324  
  1,281    

Farmers National Banc Corp.

     17,665  
  733    

Fidelity Southern Corp.

     20,077  
  580    

Fifth Third Bancorp

     14,628  
  437    

First Bancorp (North Carolina)

     15,190  
  2,432    

First BanCorp (Puerto Rico)

     27,871  
  1,304    

First Bank

     15,035  
  890    

First Business Financial Services, Inc.

     17,818  
  105    

First Citizens BancShares, Inc. - Class A

     42,756  
  1,060    

First Commonwealth Financial Corp.

     13,356  
  545    

First Community Bancshares, Inc. (b)

     18,061  
  1,398    

First Financial Bancorp.

     33,636  
  778    

First Financial Bankshares, Inc.

     44,953  
  723    

First Guaranty Bancshares, Inc.

     14,821  
  469    

First Hawaiian, Inc.

     12,217  
  1,267    

First Horizon National Corp.

     17,713  
  620    

First Internet Bancorp

     11,985  
  320    

First Interstate BancSystem, Inc. - Class A

     12,742  
  500    

First Merchants Corp.

     18,425  
  405    

First Mid-Illinois Bancshares, Inc.

     13,495  
  1,790    

Fulton Financial Corp.

     27,709  
  504    

Glacier Bancorp, Inc.

     20,195  
  343    

Great Southern Bancorp, Inc.

     17,802  
  814    

Hancock Whitney Corp.

     32,886  
  402    

Heartland Financial U.S.A., Inc.

     17,145  
  755    

Hilltop Holdings, Inc.

     13,779  
 

 

See notes to financial statements.

 

55

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Banks (Continued)

 

  985    

Home BancShares, Inc.

   $ 17,306  
  926    

Hope Bancorp, Inc.

     12,112  
  394    

IBERIABANK Corp.

     28,254  
  861    

Independent Bank Corp.

     18,511  
  247    

Independent Bank Group, Inc.

     12,669  
  879    

International Bancshares Corp.

     33,428  
  1,515    

Investors Bancorp, Inc.

     17,953  
  981    

Lakeland Bancorp, Inc.

     14,646  
  400    

Lakeland Financial Corp.

     18,088  
  1,493    

Live Oak Bancshares, Inc.

     21,813  
  462    

National Bank Holdings Corp. - Class A

     15,366  
  486    

NBT Bancorp, Inc.

     17,501  
  328    

Nicolet Bankshares, Inc. (a)

     19,549  
  885    

Northeast Bancorp

     18,302  
  355    

Northrim BanCorp, Inc.

     12,219  
  937    

OFG Bancorp

     18,543  
  354    

Ohio Valley Banc Corp.

     12,797  
  458    

Old Line Bancshares, Inc.

     11,418  
  1,437    

Old National Bancorp

     23,567  
  1,571    

Old Second Bancorp, Inc.

     19,779  
  1,955    

Pacific Mercantile Bancorp (a)

     14,897  
  822    

PacWest Bancorp

     30,915  
  183    

Park National Corp.

     17,339  
  1,302    

Parke Bancorp, Inc.

     27,199  
  577    

Peoples Bancorp, Inc.

     17,870  
  286    

Pinnacle Financial Partners, Inc.

     15,644  
  1,193    

Popular, Inc.

     62,191  
  336    

Preferred Bank

     15,110  
  833    

Premier Financial Bancorp, Inc.

     13,086  
  524    

Prosperity Bancshares, Inc.

     36,187  
  689    

RBB Bancorp

     12,953  
  324    

Republic Bancorp, Inc. - Class A

     14,489  
  511    

S&T Bancorp, Inc.

     20,200  
  438    

Sandy Spring Bancorp, Inc.

     13,701  
  626    

SB One Bancorp

     13,597  
  838    

ServisFirst Bancshares, Inc.

     28,291  
  1,465    

Shore Bancshares, Inc.

     21,843  
  258    

Signature Bank

     33,042  
  593    

Simmons First National Corp. - Class A

     14,517  
  177    

South State Corp.

     12,096  
  894    

Sterling Bancorp

     16,655  
  582    

Summit Financial Group, Inc.

     15,429  
  2,278    

Synovus Financial Corp.

     78,272  
  2,390    

TCF Financial Corp.

     49,449  
  496    

Texas Capital Bancshares, Inc. (a)

     27,077  
  1,000    

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

     35,880  
  593    

TowneBank

     14,677  
  827    

TriState Capital Holdings, Inc. (a)

     16,896  
  493    

Triumph Bancorp, Inc. (a)

     14,489  
  386    

Trustmark Corp.

     12,981  
  342    

UMB Financial Corp.

     21,902  
  1,727    

Umpqua Holdings Corp.

     28,496  
  443    

Union Bankshares Corp.

     14,322  
  373    

Union Bankshares, Inc.

     16,871  
  477    

United Bankshares, Inc.

     17,286  
  776    

Unity Bancorp, Inc.

     14,651  
  1,796    

Valley National Bancorp

     17,206  
  323    

Washington Trust Bancorp, Inc.

     15,552  
  652    

Webster Financial Corp.

     33,037  

Number of
Shares

        

Value

  
       

Banks (Continued)

 

  1,028    

WesBanco, Inc.

   $ 40,863  
  901    

West Bancorporation, Inc.

     18,633  
  295    

WestAmerica Bancorporation

     18,231  
  1,071    

Western Alliance Bancorp (a)

     43,954  
  852    

Wintrust Financial Corp.

     57,365  
  1,851    

Zions Bancorporation

     84,054  
           
              2,989,429  
           
       

Beverages - 0.33%

 

  220    

Boston Beer Co., Inc. - Class A (a)

     64,841  
  21,600    

Castle Brands, Inc. (a)

     15,044  
  6,862    

Celsius Holdings, Inc. (a)(b)

     29,232  
  142    

Coca-Cola Consolidated, Inc.

     40,872  
  262    

MGP Ingredients, Inc.

     20,213  
  405    

National Beverage Corp. (b)

     23,381  
  988    

Primo Water Corp. (a)

     15,274  
           
              208,857  
           
       

Biotechnology - 2.60%

 

  613    

ACADIA Pharmaceuticals, Inc. (a)

     16,459  
  3,746    

Acorda Therapeutics, Inc. (a)

     49,784  
  1,312    

Alkermes PLC (a)

     47,875  
  4,436    

AMAG Pharmaceuticals, Inc. (a)

     57,136  
  360    

Arena Pharmaceuticals, Inc. (a)

     16,139  
  3,527    

ArQule, Inc. (a)

     16,894  
  802    

Array BioPharma, Inc. (a)

     19,553  
  1,321    

Arrowhead Pharmaceuticals, Inc. (a)

     24,240  
  432    

Atara Biotherapeutics, Inc. (a)

     17,172  
  1,693    

BioCryst Pharmaceuticals, Inc. (a)

     13,781  
  311    

Biohaven Pharmaceutical Holding Co., Ltd. (a)

     16,007  
  281    

BioSpecifics Technologies Corp. (a)

     17,515  
  991    

CareDx, Inc. (a)

     31,236  
  690    

Celcuity, Inc. (a)

     15,118  
  904    

Cellular Biomedicine Group, Inc. (a)

     15,639  
  575    

Denali Therapeutics, Inc. (a)

     13,352  
  853    

Eagle Pharmaceuticals, Inc. (a)

     43,068  
  869    

Emergent BioSolutions, Inc. (a)

     43,902  
  196    

Enanta Pharmaceuticals, Inc. (a)(b)

     18,722  
  563    

Exact Sciences Corp. (a)

     48,767  
  2,208    

Exelixis, Inc. (a)

     52,550  
  1,548    

Fate Therapeutics, Inc. (a)

     27,198  
  322    

FibroGen, Inc. (a)

     17,501  
  984    

Genomic Health, Inc. (a)

     68,929  
  8,133    

Geron Corp. (a)

     13,501  
  2,007    

Immunomedics, Inc. (a)

     38,554  
  162    

Intercept Pharmaceuticals, Inc. (a)

     18,121  
  1,221    

Invitae Corp. (a)

     28,596  
  997    

Ionis Pharmaceuticals, Inc. (a)

     80,926  
  218    

Ligand Pharmaceuticals, Inc. - Class B (a)(b)

     27,405  
  1,811    

Minerva Neurosciences, Inc. (a)

     14,234  
  382    

Mirati Therapeutics, Inc. (a)(b)

     28,001  
  2,389    

Myriad Genetics, Inc. (a)

     79,315  
  2,235    

Natera, Inc. (a)

     46,086  
  425    

Neurocrine Biosciences, Inc. (a)

     37,443  
  5,021    

OPKO Health, Inc. (a)(b)

     13,105  
  369    

PTC Therapeutics, Inc. (a)

     13,889  
  484    

Puma Biotechnology, Inc. (a)

     18,774  
  716    

Ra Pharmaceuticals, Inc. (a)

     16,038  
  2,312    

Recro Pharma, Inc. (a)

     13,548  
  359    

REGENXBIO, Inc. (a)

     20,574  
  324    

Repligen Corp. (a)

     19,142  
 

 

See notes to financial statements.

 

56

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Biotechnology (Continued)

 

  351    

Sarepta Therapeutics, Inc. (a)(b)

   $ 41,836  
  966    

Seattle Genetics, Inc. (a)(b)

     70,750  
  260    

Ultragenyx Pharmaceutical, Inc. (a)

     18,034  
  1,200    

United Therapeutics Corp. (a)

     140,844  
  1,290    

Vanda Pharmaceuticals, Inc. (a)

     23,736  
  2,390    

Veracyte, Inc. (a)

     59,798  
  3,438    

Vericel Corp. (a)

     60,199  
  459    

Xencor, Inc. (a)

     14,257  
           
              1,665,243  
           
       

Building Products - 1.40%

 

  1,860    

A. O. Smith Corp.

     99,175  
  727    

AAON, Inc.

     33,573  
  599    

Advanced Drainage Systems, Inc.

     15,436  
  995    

Allegion PLC

     90,256  
  271    

American Woodmark Corp. (a)

     22,393  
  477    

Apogee Enterprises, Inc.

     17,883  
  1,315    

Armstrong Flooring, Inc. (a)

     17,884  
  679    

Armstrong World Industries, Inc.

     53,926  
  3,402    

Builders FirstSource, Inc. (a)

     45,383  
  780    

Continental Building Products, Inc. (a)

     19,336  
  338    

CSW Industrials, Inc. (a)

     19,364  
  1,318    

Fortune Brands Home & Security, Inc.

     62,750  
  994    

JELD-WEN Holding, Inc. (a)

     17,554  
  393    

Lennox International, Inc. (b)

     103,909  
  353    

Masonite International Corp. (a)

     17,611  
  2,431    

NCI Building Systems, Inc. (a)

     14,975  
  982    

Owens Corning, Inc.

     46,272  
  485    

Patrick Industries, Inc. (a)

     21,980  
  952    

PGT Innovations, Inc. (a)

     13,185  
  1,328    

Quanex Building Products Corp.

     21,102  
  502    

Simpson Manufacturing Co., Inc.

     29,754  
  1,024    

Trex Co., Inc. (a)

     62,997  
  807    

Universal Forest Products, Inc.

     24,121  
  635    

USG Corp.

     27,496  
           
              898,315  
           
       

Capital Markets - 1.94%

 

  1,629    

Artisan Partners Asset Management, Inc. - Class A

     41,002  
  338    

Associated Capital Group, Inc. - Class A

     13,371  
  896    

B. Riley Financial, Inc.

     14,954  
  856    

Blucora, Inc. (a)

     28,573  
  2,512    

BrightSphere Investment Group PLC

     34,063  
  733    

Cohen & Steers, Inc.

     30,984  
  826    

Cowen Group, Inc. - Class A (a)

     11,969  
  106    

Diamond Hill Investment Group, Inc.

     14,840  
  1,506    

Donnelley Financial Solutions, Inc. (a)

     22,409  
  1,353    

Eaton Vance Corp.

     54,539  
  643    

Evercore Partners, Inc. - Class A

     58,513  
  539    

FactSet Research Systems, Inc.

     133,818  
  1,671    

Federated Investors, Inc. - Class B

     48,977  
  1,926    

GAIN Capital Holdings, Inc.

     12,095  
  672    

Greenhill & Co., Inc.

     14,455  
  733    

Hamilton Lane, Inc. - Class A

     31,944  
  748    

Houlihan Lokey, Inc.

     34,296  
  372    

INTL. FCStone, Inc. (a)

     14,419  
  4,148    

Ladenburg Thalmann Financial Services, Inc.

     11,739  
  1,871    

Lazard, Ltd. - Class A

     67,618  
  732    

Legg Mason, Inc.

     20,035  
  1,302    

LPL Financial Holdings, Inc.

     90,684  

Number of
Shares

        

Value

  
       

Capital Markets (Continued)

 

  389    

MarketAxess Holdings, Inc.

   $ 95,725  
  743    

Moelis & Co. - Class A

     30,916  
  478    

Morningstar, Inc.

     60,223  
  705    

Oppenheimer Holdings, Inc. - Class A

     18,344  
  206    

Piper Jaffray Cos.

     15,003  
  2,329    

Pzena Investment Management, Inc. - Class A

     18,842  
  1,551    

SEI Investments Co.

     81,040  
  1,873    

Siebert Financial Corp. (a)

     22,120  
  934    

Virtu Financial, Inc. - Class A

     22,182  
  241    

Virtus Investment Partners, Inc.

     23,510  
  1,922    

Waddell & Reed Financial, Inc. - Class A

     33,231  
  411    

Westwood Holdings Group, Inc.

     14,496  
           
              1,240,929  
           
       

Chemicals - 1.53%

 

  507    

AdvanSix, Inc. (a)

     14,485  
  831    

American Vanguard Corp.

     14,310  
  358    

Ashland Global Holdings, Inc.

     27,971  
  1,344    

Axalta Coating Systems, Ltd. (a)

     33,882  
  184    

Balchem Corp.

     17,075  
  1,971    

CF Industries Holdings, Inc.

     80,574  
  222    

Chase Corp.

     20,544  
  2,853    

Element Solutions, Inc. (a)

     28,815  
  1,455    

FutureFuel Corp.

     19,497  
  466    

GCP Applied Technologies, Inc. (a)

     13,794  
  431    

H.B. Fuller Co.

     20,964  
  474    

Hawkins, Inc.

     17,457  
  2,022    

Huntsman Corp.

     45,475  
  828    

Ingevity Corp. (a)

     87,445  
  152    

Innospec, Inc.

     12,669  
  4,850    

Intrepid Potash, Inc. (a)

     18,381  
  595    

Kraton Corp. (a)

     19,147  
  996    

Kronos Worldwide, Inc.

     13,964  
  304    

Minerals Technologies, Inc.

     17,872  
  81    

NewMarket Corp.

     35,118  
  1,503    

Olin Corp.

     34,779  
  1,665    

OMNOVA Solutions, Inc. (a)

     11,688  
  799    

PolyOne Corp.

     23,419  
  827    

PQ Group Holdings, Inc. (a)

     12,546  
  196    

Quaker Chemical Corp.

     39,265  
  1,320    

Rayonier Advanced Materials, Inc.

     17,899  
  1,284    

RPM International, Inc.

     74,523  
  191    

Sensient Technologies Corp.

     12,948  
  279    

Stepan Co.

     24,418  
  1,124    

The Chemours Co.

     41,768  
  210    

The Scotts Miracle-Gro Co. - Class A

     16,502  
  752    

Trinseo SA

     34,066  
  1,890    

Tronox Holdings PLC - Class A

     24,854  
  1,734    

Valvoline, Inc.

     32,183  
  248    

W.R. Grace & Co.

     19,354  
           
              979,651  
           
       

Commercial Services & Supplies - 1.78%

 

  595    

ABM Industries, Inc.

     21,628  
  2,731    

ACCO Brands Corp.

     23,377  
  2,505    

ADT, Inc. (b)

     16,007  
  732    

Advanced Disposal Services, Inc. (a)

     20,496  
  858    

Avery Dennison Corp.

     96,954  
  243    

Barrett Business Services, Inc.

     18,791  
  977    

BrightView Holdings, Inc. (a)

     14,069  
  1,008    

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

     35,844  
 

 

See notes to financial statements.

 

57

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Commercial Services & Supplies (Continued)

 

  470    

Cimpress NV (a)

   $ 37,661  
  319    

Clean Harbors, Inc. (a)

     22,818  
  629    

Comfort Systems USA, Inc.

     32,953  
  1,061    

Covanta Holding Corp. (b)

     18,366  
  901    

Deluxe Corp.

     39,392  
  681    

Healthcare Services Group, Inc.

     22,466  
  868    

Heritage-Crystal Clean, Inc. (a)

     23,827  
  1,750    

Herman Miller, Inc.

     61,565  
  813    

HNI Corp.

     29,504  
  1,162    

Interface, Inc.

     17,802  
  1,008    

KAR Auction Services, Inc.

     51,720  
  4,551    

Kimball International, Inc. - Class B

     64,351  
  814    

Knoll, Inc.

     15,393  
  2,305    

LSC Communications, Inc.

     15,052  
  476    

MSA Safety, Inc.

     49,218  
  253    

Multi-Color Corp.

     12,622  
  3,329    

NL Industries, Inc. (a)

     12,916  
  2,371    

Pitney Bowes, Inc.

     16,289  
  1,593    

Quad/Graphics, Inc.

     18,957  
  2,280    

Rollins, Inc. (b)

     94,894  
  415    

SP Plus Corp. (a)

     14,160  
  2,012    

Steelcase, Inc. - Class A

     29,275  
  379    

Stericycle, Inc. (a)

     20,625  
  2,235    

Sykes Enterprises, Inc. (a)

     63,206  
  897    

Team, Inc. (a)(b)

     15,697  
  568    

Tetra Tech, Inc.

     33,847  
  370    

The Brinks Co.

     27,902  
  268    

US Ecology, Inc.

     15,003  
  234    

Viad Corp.

     13,172  
           
              1,137,819  
           
       

Communications Equipment - 1.17%

 

  315    

Acacia Communications, Inc. (a)

     18,065  
  862    

ADTRAN, Inc.

     11,809  
  2,169    

ARRIS International PLC (a)

     68,562  
  1,298    

CalAmp Corp. (a)

     16,329  
  3,543    

Calix, Inc. (a)

     27,281  
  1,950    

Ciena Corp. (a)

     72,813  
  1,147    

Clearfield, Inc. (a)

     16,861  
  1,893    

CommScope Holding Co., Inc. (a)

     41,135  
  776    

Comtech Telecommunications Corp.

     18,019  
  1,823    

DASAN Zhone Solutions, Inc. (a)

     19,488  
  2,114    

Digi International, Inc. (a)

     26,784  
  527    

EchoStar Corp. - Class A (a)

     19,209  
  7,657    

Extreme Networks, Inc. (a)

     57,351  
  803    

Finisar Corp. (a)

     18,606  
  3,420    

Harmonic, Inc. (a)

     18,536  
  500    

InterDigital, Inc.

     32,990  
  1,623    

KVH Industries, Inc. (a)

     16,538  
  734    

Lumentum Holdings, Inc. (a)

     41,500  
  460    

NETGEAR, Inc. (a)

     15,235  
  1,520    

NetScout Systems, Inc. (a)

     42,666  
  344    

Plantronics, Inc.

     15,862  
  1,248    

Quantenna Communications, Inc. (a)

     30,364  
  3,650    

Ribbon Communications, Inc. (a)

     18,798  
  339    

Ubiquiti Networks, Inc. (b)

     50,752  
  201    

ViaSat, Inc. (a)

     15,578  
  1,644    

Viavi Solutions, Inc. (a)

     20,353  
           
              751,484  
           

Number of
Shares

        

Value

  
       

Construction & Engineering - 0.66%

 

  1,164    

AECOM (a)

   $ 34,536  
  892    

Aegion Corp. (a)

     15,672  
  1,005    

Ameresco, Inc. - Class A (a)

     16,261  
  509    

Arcosa, Inc.

     15,550  
  307    

Dycom Industries, Inc. (a)

     14,104  
  423    

EMCOR Group, Inc.

     30,913  
  844    

Fluor Corp.

     31,059  
  2,365    

Great Lakes Dredge & Dock Corp. (a)

     21,072  
  6,284    

HC2 Holdings, Inc. (a)

     15,396  
  896    

IES Holdings, Inc. (a)

     15,922  
  1,054    

Jacobs Engineering Group, Inc.

     79,250  
  1,513    

KBR, Inc.

     28,883  
  406    

MYR Group, Inc. (a)

     14,060  
  500    

NV5 Global, Inc. (a)

     29,680  
  765    

Quanta Services, Inc.

     28,871  
  1,035    

Sterling Construction Co., Inc. (a)

     12,958  
  892    

Tutor Perini Corp. (a)

     15,271  
           
              419,458  
           
       

Construction Materials - 0.06%

 

  211    

Eagle Materials, Inc.

     17,787  
  437    

US Concrete, Inc. (a)

     18,101  
           
              35,888  
           
       

Consumer Finance - 0.88%

 

  203    

Credit Acceptance Corp. (a)

     91,742  
  1,286    

Curo Group Holdings Corp. (a)

     12,899  
  2,915    

Elevate Credit, Inc. (a)

     12,651  
  2,599    

Enova International, Inc. (a)

     59,309  
  1,944    

EZCORP, Inc. - Class A (a)

     18,118  
  395    

FirstCash, Inc.

     34,167  
  427    

Green Dot Corp. - Class A (a)

     25,897  
  3,776    

Navient Corp.

     43,688  
  510    

Nelnet, Inc. - Class A

     28,086  
  720    

OneMain Holdings, Inc.

     22,860  
  648    

PRA Group, Inc. (a)

     17,373  
  2,519    

Regional Management Corp. (a)

     61,514  
  3,790    

Santander Consumer USA Holdings, Inc.

     80,083  
  5,225    

SLM Corp.

     51,780  
           
              560,167  
           
       

Containers & Packaging - 0.69%

 

  308    

AptarGroup, Inc.

     32,768  
  596    

Bemis Co., Inc.

     33,066  
  1,101    

Berry Plastics Group, Inc. (a)

     59,311  
  396    

Crown Holdings, Inc. (a)

     21,610  
  314    

Greif, Inc. - Class A

     12,952  
  2,215    

Myers Industries, Inc.

     37,899  
  1,321    

Owens-Illinois, Inc.

     25,073  
  949    

Packaging Corp. of America

     94,312  
  1,158    

Sealed Air Corp.

     53,337  
  776    

Silgan Holdings, Inc.

     22,993  
  789    

Sonoco Products Co.

     48,547  
           
              441,868  
           
       

Distributors - 0.12%

 

  1,251    

Core-Mark Holding Co., Inc.

     46,449  
  1,326    

Funko, Inc. - Class A (a)

     28,801  
           
              75,250  
           
 

 

See notes to financial statements.

 

58

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Diversified Consumer Services - 1.58%

 

  1,613    

Adtalem Global Education, Inc. (a)

   $ 74,714  
  1,527    

American Public Education, Inc. (a)

     45,993  
  303    

Bright Horizons Family Solutions, Inc. (a)

     38,514  
  3,491    

Career Education Corp. (a)

     57,671  
  1,028    

Carriage Services, Inc.

     19,789  
  2,460    

Chegg, Inc. (a)

     93,775  
  527    

frontdoor, Inc. (a)

     18,139  
  87    

Graham Holdings Co. - Class B

     59,437  
  638    

Grand Canyon Education, Inc. (a)

     73,057  
  4,372    

H&R Block, Inc. (b)

     104,666  
  1,275    

Hillenbrand, Inc.

     52,951  
  3,657    

Houghton Mifflin Harcourt Co. (a)

     26,586  
  2,317    

K12, Inc. (a)

     79,079  
  486    

Matthews International Corp. - Class A

     17,958  
  2,606    

Regis Corp. (a)

     51,260  
  1,023    

Service Corp. International

     41,074  
  1,488    

ServiceMaster Global Holdings, Inc. (a)

     69,490  
  751    

Sotheby’s - Class A (a)

     28,350  
  221    

Strategic Education, Inc.

     29,020  
  1,337    

Weight Watchers International, Inc. (a)

     26,941  
           
              1,008,464  
           
       

Diversified Financial Services - 0.19%

 

  684    

Cannae Holdings, Inc. (a)

     16,594  
  707    

Encore Capital Group, Inc. (a)(b)

     19,251  
  831    

Voya Financial, Inc.

     41,517  
  361    

World Acceptance Corp. (a)

     42,284  
           
              119,646  
           
       

Diversified Telecommunication Services - 0.27%

 

  474    

Cogent Communications Holdings, Inc.

     25,714  
  9,036    

Frontier Communications Corp. (a)(b)

     17,982  
  658    

Iridium Communications, Inc. (a)

     17,398  
  2,159    

Ooma, Inc. (a)

     28,585  
  6,705    

Vonage Holdings Corp. (a)

     67,318  
  649    

Zayo Group Holdings, Inc. (a)

     18,445  
           
              175,442  
           
       

Electric Utilities - 0.66%

 

  446    

ALLETE, Inc.

     36,675  
  280    

El Paso Electric Co.

     16,470  
  718    

Hawaiian Electric Industries, Inc.

     29,273  
  497    

IDACORP, Inc.

     49,471  
  265    

MGE Energy, Inc.

     18,012  
  2,036    

OGE Energy Corp.

     87,792  
  749    

Pinnacle West Capital Corp.

     71,589  
  415    

PNM Resources, Inc.

     19,646  
  648    

Portland General Electric Co.

     33,592  
  5,018    

Spark Energy, Inc. - Class A

     44,710  
  238    

Unitil Corp.

     12,893  
           
              420,123  
           
       

Electrical Equipment - 0.91%

 

  485    

Acuity Brands, Inc.

     58,205  
  510    

Allied Motion Technologies, Inc.

     17,534  
  831    

Atkore International Group, Inc. (a)

     17,891  
  417    

AZZ, Inc.

     17,068  
  344    

Belden, Inc.

     18,473  
  791    

Brady Corp. - Class A

     36,710  
  240    

Encore Wire Corp.

     13,733  
  327    

EnerSys

     21,307  

Number of
Shares

        

Value

  
       

Electrical Equipment (Continued)

 

  3,041    

Enphase Energy, Inc. (a)(b)

   $ 28,068  
  524    

Franklin Electric Co., Inc.

     26,771  
  583    

Generac Holdings, Inc. (a)

     29,867  
  1,955    

GrafTech International, Ltd.

     25,004  
  383    

Hubbell, Inc. (b)

     45,186  
  527    

II-VI, Inc. (a)(b)

     19,626  
  1,048    

nVent Electric PLC

     28,275  
  287    

Preformed Line Products Co.

     15,237  
  526    

Regal Beloit Corp.

     43,064  
  1,068    

Sensata Technologies Holding PLC (a)

     48,081  
  1,342    

Sunrun, Inc. (a)

     18,869  
  849    

Vicor Corp. (a)(b)

     26,336  
  295    

Woodward Governor Co.

     27,993  
           
              583,298  
           
       

Electronic Equipment, Instruments & Components - 2.98%

 

  842    

Anixter International, Inc. (a)

     47,245  
  597    

Arrow Electronics, Inc. (a)

     46,005  
  897    

Avnet, Inc.

     38,903  
  1,250    

AVX Corp.

     21,675  
  654    

Bel Fuse, Inc. - Class B

     16,533  
  1,066    

Benchmark Electronics, Inc.

     27,983  
  1,955    

CDW Corp.

     188,403  
  1,526    

Cognex Corp. (b)

     77,612  
  275    

Coherent, Inc. (a)

     38,973  
  1,716    

Control4 Corp. (a)

     29,052  
  508    

CTS Corp.

     14,920  
  2,185    

Daktronics, Inc.

     16,278  
  663    

Dolby Laboratories, Inc. - Class A

     41,749  
  506    

Fabrinet (a)

     26,494  
  394    

FARO Technologies, Inc. (a)

     17,301  
  4,295    

Fitbit, Inc. - Class A (a)

     25,426  
  1,161    

FLIR Systems, Inc.

     55,240  
  832    

Insight Enterprises, Inc. (a)

     45,810  
  5,229    

Iteris, Inc. (a)

     21,805  
  503    

Itron, Inc. (a)

     23,465  
  532    

Jabil, Inc.

     14,146  
  1,312    

KEMET Corp.

     22,265  
  2,121    

Keysight Technologies, Inc. (a)

     184,951  
  867    

Kimball Electronics, Inc. (a)

     13,430  
  1,326    

Knowles Corp. (a)

     23,377  
  107    

Littelfuse, Inc. (b)

     19,525  
  233    

Mercury Systems, Inc. (a)

     14,931  
  95    

Mesa Laboratories, Inc.

     21,898  
  519    

Methode Electronics, Inc.

     14,937  
  295    

MTS Systems Corp.

     16,066  
  1,714    

Napco Security Technologies, Inc. (a)

     35,548  
  1,509    

National Instruments Corp.

     66,939  
  501    

Novanta, Inc. (a)

     42,450  
  244    

OSI Systems, Inc. (a)

     21,374  
  1,123    

PAR Technology Corp. (a)

     27,469  
  926    

PC Connection, Inc.

     33,956  
  166    

Rogers Corp. (a)

     26,374  
  884    

Sanmina Corp. (a)

     25,503  
  712    

ScanSource, Inc. (a)

     25,504  
  511    

SYNNEX Corp.

     48,744  
  408    

Tech Data Corp. (a)

     41,783  
  2,242    

Trimble, Inc. (a)

     90,577  
  1,874    

TTM Technologies, Inc. (a)

     21,982  
  151    

Universal Display Corp.

     23,080  
 

 

See notes to financial statements.

 

59

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Electronic Equipment, Instruments & Components (Continued)

 

  1,951    

Vishay Intertechnology, Inc. (b)

   $ 36,035  
  493    

Vishay Precision Group, Inc. (a)

     16,866  
  733    

Zebra Technologies Corp. - Class A (a)

     153,586  
           
              1,904,168  
           
       

Energy Equipment & Services - 0.80%

 

  471    

Apergy Corp. (a)

     19,339  
  3,776    

Basic Energy Services, Inc. (a)

     14,349  
  755    

C&J Energy Services, Inc. (a)

     11,718  
  500    

Cactus, Inc. - Class A (a)

     17,800  
  1,787    

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

     18,746  
  1,190    

Era Group, Inc. (a)

     13,733  
  3,372    

FTS International, Inc. (a)

     33,720  
  1,597    

Helix Energy Solutions Group, Inc. (a)

     12,632  
  492    

Helmerich & Payne, Inc.

     27,336  
  2,238    

Keane Group, Inc. (a)

     24,372  
  939    

Liberty Oilfield Services, Inc. - Class A (b)

     14,451  
  1,790    

Mammoth Energy Services, Inc.

     29,804  
  1,952    

Matrix Service Co. (a)

     38,220  
  544    

Nine Energy Service, Inc. (a)

     12,322  
  5,098    

Noble Corp. PLC (a)

     14,631  
  1,099    

Oceaneering International, Inc. (a)

     17,331  
  774    

Oil States International, Inc. (a)(b)

     13,127  
  877    

Patterson-UTI Energy, Inc.

     12,296  
  8,517    

Profire Energy, Inc. (a)

     15,245  
  757    

ProPetro Holding Corp. (a)

     17,063  
  1,191    

RigNet, Inc. (a)

     11,636  
  1,746    

Rowan Cos., Inc. - Class A (a)

     18,839  
  1,430    

RPC, Inc. (b)

     16,316  
  330    

SEACOR Holdings, Inc. (a)

     13,952  
  1,121    

Select Energy Services, Inc. - Class A (a)

     13,474  
  6,919    

Transocean, Ltd. (a)

     60,264  
           
              512,716  
           
       

Entertainment - 0.69%

 

  990    

AMC Entertainment Holdings, Inc. - Class A (b)

     14,702  
  1,376    

Eros International PLC (a)

     12,577  
  5,123    

Glu Mobile, Inc. (a)

     56,046  
  459    

Liberty Media Corp. - Liberty Braves - Class A (a)

     12,824  
  459    

Liberty Media Corp. - Liberty Braves - Class C (a)

     12,746  
  697    

Liberty Media Corp. - Liberty Formula One - Class C (a)

     24,430  
  866    

Lions Gate Entertainment Corp. - Class A

     13,544  
  1,165    

Lions Gate Entertainment Corp. - Class B

     17,592  
  1,606    

Live Nation Entertainment, Inc. (a)(b)

     102,045  
  2,667    

Rosetta Stone, Inc. (a)

     58,274  
  93    

The Madison Square Garden Co. - Class A (a)

     27,261  
  329    

The Marcus Corp.

     13,176  
  641    

World Wrestling Entertainment, Inc. - Class A

     55,626  
  3,683    

Zynga, Inc. - Class A (a)

     19,630  
           
              440,473  
           
       

Food & Staples Retailing - 0.97%

 

  1,651    

BJ’s Wholesale Club Holdings, Inc. (a)

     45,237  
  532    

Casey’s General Stores, Inc. (b)

     68,506  
  5,063    

Diplomat Pharmacy, Inc. (a)

     29,416  
  1,090    

Ingles Markets, Inc. - Class A

     30,106  
  2,198    

Natural Grocers by Vitamin Cottage, Inc. (a)

     26,266  
  1,793    

Performance Food Group Co. (a)

     71,075  
  265    

PriceSmart, Inc.

     15,603  

Number of
Shares

        

Value

  
       

Food & Staples Retailing (Continued)

 

  26,721    

Rite Aid Corp. (a)

   $ 16,968  
  1,656    

SpartanNash Co.

     26,281  
  2,203    

Sprouts Farmers Market, Inc. (a)

     47,453  
  1,314    

The Chefs’ Warehouse, Inc. (a)

     40,800  
  1,129    

United Natural Foods, Inc. (a)

     14,925  
  3,185    

US Foods Holding Corp. (a)

     111,188  
  1,158    

Village Super Market, Inc. - Class A

     31,648  
  1,093    

Weis Markets, Inc. (b)

     44,605  
           
              620,077  
           
       

Food Products - 1.18%

 

  785    

B&G Foods, Inc. (b)

     19,170  
  188    

Calavo Growers, Inc.

     15,764  
  598    

Cal-Maine Foods, Inc.

     26,689  
  1,576    

Darling International, Inc. (a)

     34,120  
  12,695    

Dean Foods Co.

     38,466  
  1,330    

Farmer Brothers Co. (a)

     26,613  
  2,828    

Flowers Foods, Inc.

     60,293  
  612    

Fresh Del Monte Produce, Inc.

     16,542  
  1,758    

Freshpet, Inc. (a)

     74,346  
  1,124    

Hostess Brands, Inc. (a)

     14,050  
  647    

Ingredion, Inc.

     61,264  
  160    

J&J Snack Foods Corp.

     25,414  
  272    

John B. Sanfilippo & Son, Inc.

     19,549  
  1,314    

Lamb Weston Holdings, Inc.

     98,471  
  242    

Lancaster Colony Corp. (b)

     37,919  
  814    

Pilgrim’s Pride Corp. (a)

     18,144  
  711    

Post Holdings, Inc. (a)

     77,783  
  675    

Seneca Foods Corp. - Class A (a)

     16,605  
  723    

Simply Good Foods Co. (a)

     14,887  
  349    

Tootsie Roll Industries, Inc.

     12,997  
  679    

TreeHouse Foods, Inc. (a)(b)

     43,830  
           
              752,916  
           
       

Gas Utilities - 0.52%

 

  597    

Atmos Energy Corp.

     61,449  
  365    

National Fuel Gas Co.

     22,250  
  507    

New Jersey Resources Corp.

     25,244  
  267    

Northwest Natural Holding Co.

     17,523  
  340    

ONE Gas, Inc.

     30,270  
  529    

South Jersey Industries, Inc.

     16,965  
  217    

Southwest Gas Holdings, Inc.

     17,851  
  209    

Spire, Inc.

     17,199  
  2,205    

UGI Corp.

     122,201  
           
              330,952  
           
       

Health Care Equipment & Supplies - 4.14%

 

  6,304    

Accuray, Inc. (a)

     30,070  
  1,268    

AngioDynamics, Inc. (a)

     28,986  
  1,178    

Anika Therapeutics, Inc. (a)

     35,623  
  5,550    

Antares Pharma, Inc. (a)

     16,816  
  1,085    

AtriCure, Inc. (a)

     29,067  
  59    

Atrion Corp.

     51,842  
  445    

Avanos Medical, Inc. (a)

     18,993  
  1,754    

AxoGen, Inc. (a)

     36,939  
  455    

Cantel Medical Corp.

     30,435  
  1,253    

Cardiovascular Systems, Inc. (a)

     48,441  
  2,558    

Cerus Corp. (a)

     15,936  
  304    

CONMED Corp.

     25,287  
  636    

CryoLife, Inc. (a)

     18,552  
  1,251    

CryoPort, Inc. (a)(b)

     16,163  
 

 

See notes to financial statements.

 

60

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Health Care Equipment & Supplies (Continued)

 

  1,762    

Cutera, Inc. (a)

   $ 31,117  
  2,411    

CytoSorbents Corp. (a)

     18,251  
  1,099    

DexCom, Inc. (a)

     130,891  
  1,156    

FONAR Corp. (a)

     23,663  
  858    

Glaukos Corp. (a)

     67,241  
  2,053    

Globus Medical, Inc. - Class A (a)

     101,439  
  776    

Haemonetics Corp. (a)

     67,884  
  631    

Heska Corp. (a)

     53,711  
  848    

Hill-Rom Holdings, Inc.

     89,769  
  177    

ICU Medical, Inc. (a)

     42,361  
  510    

Inogen, Inc. (a)

     48,639  
  691    

Insulet Corp. (a)(b)

     65,707  
  750    

Integer Holdings Corp. (a)

     56,565  
  593    

Integra LifeSciences Holdings Corp. (a)

     33,042  
  705    

IntriCon Corp. (a)

     17,681  
  901    

iRadimed Corp. (a)(b)

     25,309  
  580    

iRhythm Technologies, Inc. (a)

     43,477  
  1,876    

Lantheus Holdings, Inc. (a)

     45,924  
  1,427    

LeMaitre Vascular, Inc.

     44,237  
  283    

LivaNova PLC (a)

     27,522  
  631    

Masimo Corp. (a)

     87,255  
  1,510    

Meridian Bioscience, Inc.

     26,591  
  534    

Merit Medical Systems, Inc. (a)

     33,017  
  876    

Natus Medical, Inc. (a)

     22,233  
  382    

Neogen Corp. (a)

     21,923  
  1,258    

Neuronetics, Inc. (a)

     19,185  
  1,245    

Novocure, Ltd. (a)

     59,972  
  1,082    

NuVasive, Inc. (a)

     61,447  
  1,229    

OraSure Technologies, Inc. (a)

     13,703  
  758    

Orthofix Medical, Inc. (a)

     42,759  
  630    

OrthoPediatrics Corp. (a)

     27,865  
  1,134    

Oxford Immunotec Global PLC (a)

     19,539  
  474    

Penumbra, Inc. (a)

     69,683  
  564    

Quidel Corp. (a)

     36,925  
  5,450    

RTI Surgical Holdings, Inc. (a)

     32,755  
  1,792    

SeaSpine Holdings Corp. (a)

     27,023  
  2,583    

STAAR Surgical Co. (a)

     88,313  
  576    

STERIS PLC (b)

     73,745  
  516    

SurModics, Inc. (a)

     22,436  
  1,630    

Tactile Systems Technology, Inc. (a)(b)

     85,934  
  1,260    

Tandem Diabetes Care, Inc. (a)

     80,010  
  442    

The Cooper Cos., Inc.

     130,907  
  5,504    

TransEnterix, Inc. (a)(b)

     13,100  
  834    

Varex Imaging Corp. (a)

     28,256  
  579    

West Pharmaceutical Services, Inc.

     63,806  
  563    

Wright Medical Group NV (a)

     17,706  
           
              2,643,668  
           
       

Health Care Providers & Services - 2.74%

 

  6,727    

AAC Holdings, Inc. (a)

     12,378  
  879    

Acadia Healthcare Co., Inc. (a)

     25,763  
  555    

Addus HomeCare Corp. (a)

     35,292  
  925    

Amedisys, Inc. (a)

     114,015  
  2,142    

American Renal Associates Holdings, Inc. (a)

     13,152  
  1,206    

AMN Healthcare Services, Inc. (a)

     56,790  
  717    

Apollo Medical Holdings, Inc. (a)

     13,135  
  8,380    

BioScrip, Inc. (a)

     16,760  
  1,015    

BioTelemetry, Inc. (a)

     63,559  
  2,567    

Brookdale Senior Living, Inc. (a)

     16,891  
  5,603    

Capital Senior Living Corp. (a)

     22,356  

Number of
Shares

        

Value

  
       

Health Care Providers & Services (Continued)

 

  234    

Chemed Corp.

   $ 74,896  
  359    

CorVel Corp. (a)

     23,421  
  6,262    

Cross Country Healthcare, Inc. (a)

     44,022  
  1,150    

Encompass Health Corp.

     67,160  
  10,227    

Genesis Healthcare, Inc. (a)

     14,727  
  291    

Guardant Health, Inc. (a)

     22,320  
  592    

HealthEquity, Inc. (a)

     43,796  
  534    

HMS Holdings Corp. (a)

     15,812  
  437    

LHC Group, Inc. (a)

     48,446  
  514    

Magellan Health Services, Inc. (a)

     33,883  
  1,227    

MEDNAX, Inc. (a)

     33,337  
  1,059    

Molina Healthcare, Inc. (a)

     150,336  
  334    

National HealthCare Corp.

     25,344  
  1,763    

National Research Corp. - Class A

     68,052  
  6,720    

Owens & Minor, Inc.

     27,552  
  1,716    

Patterson Cos., Inc.

     37,495  
  1,108    

PerkinElmer, Inc.

     106,767  
  500    

PetIQ, Inc. (a)

     15,705  
  649    

Premier, Inc. - Class A (a)

     22,384  
  276    

Providence Service Corp. (a)

     18,387  
  2,564    

R1 RCM, Inc. (a)

     24,794  
  5,556    

RadNet, Inc. (a)

     68,839  
  1,729    

Select Medical Holdings Corp. (a)

     24,362  
  2,115    

Surgery Partners, Inc. (a)

     23,857  
  1,833    

Tenet Healthcare Corp. (a)

     52,864  
  898    

The Ensign Group, Inc.

     45,969  
  1,520    

Tivity Health, Inc. (a)

     26,691  
  1,845    

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

     42,103  
  123    

US Physical Therapy, Inc.

     12,919  
  528    

WellCare Health Plans, Inc. (a)

     142,428  
           
              1,748,759  
           
       

Health Care Technology - 0.87%

 

  2,875    

Allscripts Healthcare Solutions, Inc. (a)

     27,427  
  4,791    

Castlight Health, Inc. - Class B (a)

     17,966  
  830    

Computer Programs & Systems, Inc. (b)

     24,643  
  1,016    

Inovalon Holdings, Inc. - Class A (a)

     12,629  
  477    

Inspire Medical Systems, Inc. (a)

     27,084  
  776    

Medidata Solutions, Inc. (a)

     56,834  
  5,284    

NextGen Healthcare, Inc. (a)

     88,930  
  482    

Omnicell, Inc. (a)

     38,965  
  1,387    

Simulations Plus, Inc.

     29,280  
  388    

Tabula Rasa HealthCare, Inc. (a)(b)

     21,891  
  453    

Teladoc Health, Inc. (a)(b)

     25,187  
  1,220    

Veeva Systems, Inc. - Class A (a)

     154,769  
  958    

Vocera Communications, Inc. (a)

     30,301  
           
              555,906  
           
       

Hotels, Restaurants & Leisure - 2.25%

 

  1,212    

Aramark

     35,815  
  3,515    

BBX Capital Corp.

     20,809  
  630    

Belmond, Ltd. - Class A (a)

     15,706  
  18    

Biglari Holdings, Inc. - Class A (a)

     13,238  
  91    

Biglari Holdings, Inc. - Class B (a)

     12,864  
  299    

BJ’s Restaurants, Inc.

     14,137  
  678    

Bloomin’ Brands, Inc.

     13,865  
  1,506    

Bluegreen Vacations Corp.

     22,379  
  1,048    

Boyd Gaming Corp.

     28,673  
  1,253    

Brinker International, Inc. (b)

     55,608  
  3,135    

Callaway Golf Co.

     49,941  
  504    

Cheesecake Factory, Inc. (b)

     24,656  
 

 

See notes to financial statements.

 

61

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hotels, Restaurants & Leisure (Continued)

 

  990    

Choice Hotels International, Inc.

   $ 76,963  
  354    

Churchill Downs, Inc.

     31,952  
  606    

Chuy’s Holdings, Inc. (a)

     13,799  
  100    

Cracker Barrel Old Country Store, Inc.

     16,161  
  1,351    

Del Taco Restaurants, Inc. (a)

     13,591  
  1,622    

Denny’s Corp. (a)

     29,764  
  177    

Dine Brands Global, Inc.

     16,158  
  559    

Domino’s Pizza, Inc.

     144,278  
  650    

Dunkin’ Brands Group, Inc.

     48,815  
  1,638    

El Pollo Loco Holdings, Inc. (a)

     21,310  
  817    

Eldorado Resorts, Inc. (a)

     38,146  
  1,475    

Extended Stay America, Inc.

     26,476  
  1,310    

Habit Restaurants, Inc. - Class A (a)

     14,174  
  415    

International Speedway Corp. - Class A

     18,106  
  1,482    

J Alexander’s Holdings, Inc. (a)

     14,553  
  252    

Jack in the Box, Inc.

     20,427  
  929    

Lindblad Expeditions Holdings, Inc. (a)

     14,167  
  331    

Marriott Vacations Worldwide Corp.

     30,948  
  405    

Monarch Casino & Resort, Inc. (a)

     17,788  
  274    

Nathan’s Famous, Inc.

     18,742  
  2,292    

Noodles & Co. - Class A (a)

     15,586  
  530    

Papa John’s International, Inc. (b)

     28,064  
  1,752    

Penn National Gaming, Inc. (a)

     35,215  
  518    

Planet Fitness, Inc. - Class A (a)

     35,597  
  4,210    

Potbelly Corp. (a)

     35,827  
  854    

Red Robin Gourmet Burgers, Inc. (a)

     24,604  
  1,273    

Ruth’s Hospitality Group, Inc.

     32,576  
  760    

SeaWorld Entertainment, Inc. (a)

     19,578  
  289    

Shake Shack, Inc. - Class A (a)

     17,094  
  271    

Six Flags Entertainment Corp.

     13,374  
  1,156    

Speedway Motorsports, Inc.

     16,727  
  578    

Texas Roadhouse, Inc.

     35,946  
  1,114    

The Wendy’s Co.

     19,929  
  2,837    

Town Sports International Holdings, Inc. (a)

     13,504  
  203    

Vail Resorts, Inc.

     44,112  
  542    

Wingstop, Inc.

     41,208  
  754    

Wyndham Destinations, Inc.

     30,529  
  854    

Wyndham Hotels & Resorts, Inc.

     42,691  
           
              1,436,170  
           
       

Household Durables - 1.44%

 

  1,514    

Bassett Furniture Industries, Inc.

     24,845  
  1,217    

Beazer Homes USA, Inc. (a)

     14,008  
  114    

Cavco Industries, Inc. (a)(b)

     13,398  
  1,438    

Ethan Allen Interiors, Inc.

     27,509  
  3,118    

GoPro, Inc. - Class A (a)(b)

     20,267  
  2,156    

Green Brick Partners, Inc. (a)

     18,865  
  1,050    

Hamilton Beach Brands Holding Co. - Class A

     22,533  
  322    

Helen of Troy, Ltd. (a)(b)

     37,339  
  676    

Hooker Furniture Corp.

     19,489  
  412    

Installed Building Products, Inc. (a)

     19,982  
  545    

iRobot Corp. (a)(b)

     64,141  
  1,716    

KB Home

     41,476  
  1,163    

La-Z-Boy, Inc.

     38,367  
  293    

Leggett & Platt, Inc.

     12,370  
  794    

Lovesac Co. (a)

     22,081  
  308    

Meritage Homes Corp. (a)

     13,771  
  145    

National Presto Industries, Inc. (b)

     15,740  
  38    

NVR, Inc. (a)(b)

     105,146  
  2,241    

PulteGroup, Inc.

     62,658  

Number of
Shares

        

Value

  
       

Household Durables (Continued)

 

  872    

Roku, Inc. (a)

   $ 56,253  
  1,203    

Skyline Champion Corp.

     22,857  
  1,093    

Taylor Morrison Home Corp. - Class A (a)

     19,401  
  527    

Tempur Sealy International, Inc. (a)

     30,392  
  1,323    

Toll Brothers, Inc.

     47,893  
  329    

TopBuild Corp. (a)

     21,326  
  1,636    

TRI Pointe Group, Inc. (a)

     20,679  
  1,157    

Tupperware Brands Corp.

     29,596  
  2,236    

Turtle Beach Corp. (a)(b)

     25,401  
  400    

Universal Electronics, Inc. (a)

     14,860  
  842    

William Lyon Homes - Class A (a)

     12,941  
  2,710    

ZAGG, Inc. (a)

     24,580  
           
              920,164  
           
       

Household Products - 0.19%

 

  537    

Central Garden & Pet Co. (a)

     13,726  
  653    

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

     15,182  
  656    

Oil-Dri Corp. of America

     20,428  
  438    

WD-40 Co. (b)

     74,215  
           
              123,551  
           
       

Independent Power and Renewable Electricity Producers - 0.90%

 

  18,511    

Atlantic Power Corp. (a)

     46,648  
  3,145    

Clearway Energy, Inc. - Class A

     45,728  
  3,175    

Clearway Energy, Inc. - Class C

     47,974  
  3,684    

NRG Energy, Inc.

     156,496  
  229    

Ormat Technologies, Inc.

     12,629  
  1,367    

Pattern Energy Group, Inc. - Class A

     30,074  
  3,863    

TerraForm Power, Inc. - Class A

     53,078  
  6,962    

Vistra Energy Corp.

     181,221  
           
              573,848  
           
       

Industrial Conglomerates - 0.18%

 

  327    

Carlisle Companies, Inc.

     40,097  
  523    

Otter Tail Corp.

     26,056  
  467    

Raven Industries, Inc.

     17,919  
  4    

Seaboard Corp.

     17,139  
  976    

Tredegar Corp.

     15,752  
           
              116,963  
           
       

Insurance - 3.07%

 

  131    

Alleghany Corp. (a)

     80,224  
  1,562    

Ambac Financial Group, Inc. (a)

     28,303  
  1,461    

American Equity Investment Life Holding Co.

     39,476  
  951    

American Financial Group, Inc.

     91,496  
  99    

American National Insurance Co.

     11,961  
  619    

AMERISAFE, Inc.

     36,769  
  328    

Argo Group International Holdings, Ltd.

     23,176  
  731    

Assurant, Inc.

     69,379  
  1,871    

Assured Guaranty, Ltd.

     83,129  
  639    

Axis Capital Holdings, Ltd.

     35,004  
  819    

Brighthouse Financial, Inc. (a)

     29,722  
  3,370    

Brown & Brown, Inc.

     99,449  
  1,841    

Crawford & Co. - Class B

     16,808  
  306    

eHealth, Inc. (a)

     19,076  
  662    

Employers Holdings, Inc.

     26,553  
  419    

Erie Indemnity Co. - Class A

     74,800  
  215    

Everest Re Group, Ltd.

     46,431  
  222    

FBL Financial Group, Inc. - Class A

     13,924  
  777    

FedNat Holding Co.

     12,463  
  1,313    

First American Financial Corp.

     67,619  
 

 

See notes to financial statements.

 

62

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Insurance (Continued)

 

  6,765    

Genworth Financial, Inc. - Class A (a)

   $ 25,910  
  1,238    

Hallmark Financial Services, Inc. (a)

     12,875  
  425    

HCI Group, Inc.

     18,160  
  725    

Health Insurance Innovations, Inc. - Class A (a)(b)

     19,444  
  1,279    

Heritage Insurance Holdings, Inc.

     18,673  
  419    

Horace Mann Educators Corp.

     14,753  
  510    

Independence Holding Co.

     17,978  
  124    

Investors Title Co.

     19,580  
  470    

James River Group Holdings, Ltd.

     18,838  
  529    

Kemper Corp.

     40,278  
  1,234    

MBIA, Inc. (a)

     11,748  
  1,144    

National General Holdings Corp.

     27,147  
  85    

National Western Life Group, Inc. - Class A

     22,310  
  760    

NI Holdings, Inc. (a)

     12,160  
  4,021    

Old Republic International Corp.

     84,119  
  626    

Primerica, Inc. (b)

     76,466  
  452    

ProAssurance Corp.

     15,644  
  686    

Reinsurance Group of America, Inc.

     97,398  
  171    

RenaissanceRe Holdings, Ltd.

     24,539  
  513    

RLI Corp.

     36,808  
  147    

Safety Insurance Group, Inc.

     12,810  
  612    

Selective Insurance Group, Inc.

     38,727  
  412    

State Auto Financial Corp.

     13,563  
  373    

The Hanover Insurance Group, Inc.

     42,585  
  184    

The Navigators Group, Inc.

     12,856  
  2,196    

Tiptree, Inc. - Class A

     13,901  
  1,415    

Torchmark Corp.

     115,959  
  340    

United Fire Group, Inc.

     14,861  
  1,750    

Universal Insurance Holdings, Inc.

     54,250  
  1,191    

W.R. Berkley Corp.

     100,902  
  20    

White Mountains Insurance Group, Ltd. - ADR

     18,510  
           
              1,959,514  
           
       

Interactive Media & Services - 0.84%

 

  1,338    

Care.com, Inc. (a)

     26,439  
  1,189    

Cargurus, Inc. (a)(b)

     47,631  
  1,377    

Cars.com, Inc. (a)

     31,396  
  1,307    

Match Group, Inc. (b)

     73,989  
  3,841    

QuinStreet, Inc. (a)

     51,431  
  11,401    

The Meet Group, Inc. (a)

     57,347  
  3,583    

Travelzoo (a)

     48,012  
  1,392    

TripAdvisor, Inc. (a)

     71,618  
  4,511    

TrueCar, Inc. (a)

     29,953  
  1,671    

Yelp, Inc. - Class A (a)

     57,650  
  442    

Zillow Group, Inc. - Class A (a)

     15,116  
  701    

Zillow Group, Inc. - Class C (a)(b)

     24,353  
           
              534,935  
           
       

Internet & Direct Marketing Retail - 1.02%

 

  3,202    

1-800-Flowers.com, Inc. - Class A (a)

     58,373  
  1,341    

Duluth Holdings, Inc. - Class B (a)

     31,970  
  1,570    

Etsy, Inc. (a)

     105,535  
  9,688    

Groupon, Inc. (a)

     34,392  
  322    

GrubHub, Inc. (a)(b)

     22,369  
  1,853    

Lands’ End, Inc. (a)

     30,778  
  2,946    

Leaf Group, Ltd. (a)

     23,627  
  486    

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

     20,801  
  1,232    

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

     17,482  
  1,462    

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

     24,299  
  917    

PetMed Express, Inc. (b)

     20,889  

Number of
Shares

        

Value

  
       

Internet & Direct Marketing Retail (Continued)

 

  1,601    

Quotient Technology, Inc. (a)

   $ 15,802  
  12,194    

Remark Holdings, Inc. (a)

     22,559  
  514    

Shutterfly, Inc. (a)

     20,889  
  740    

Shutterstock, Inc.

     34,506  
  269    

Stamps.com, Inc. (a)

     21,899  
  974    

Wayfair, Inc. - Class A (a)(b)

     144,590  
           
              650,760  
           
       

IT Services - 3.40%

 

  1,167    

Black Knight, Inc. (a)

     63,601  
  2,269    

Booz Allen Hamilton Holding Corp. - Class A

     131,920  
  3,529    

Brightcove, Inc. (a)

     29,679  
  504    

CACI International, Inc. - Class A (a)

     91,738  
  1,506    

Carbonite, Inc. (a)

     37,364  
  1,285    

Cardtronics PLC - Class A (a)

     45,720  
  340    

Cass Information Systems, Inc.

     16,082  
  4,075    

Conduent, Inc. (a)

     56,357  
  1,260    

CoreLogic, Inc. (a)

     46,948  
  1,294    

CSG Systems International, Inc.

     54,736  
  515    

EPAM Systems, Inc. (a)

     87,102  
  438    

Euronet Worldwide, Inc. (a)

     62,454  
  1,520    

EVERTEC, Inc.

     42,271  
  494    

Evo Payments, Inc. - Class A (a)

     14,351  
  538    

ExlService Holdings, Inc. (a)

     32,291  
  1,853    

Genpact, Ltd.

     65,189  
  1,224    

GoDaddy, Inc. - Class A (a)

     92,033  
  12,149    

Information Services Group, Inc. (a)

     45,316  
  1,435    

Leidos Holdings, Inc.

     91,969  
  6,579    

Limelight Networks, Inc. (a)

     21,250  
  806    

LiveRamp Holdings, Inc. (a)

     43,983  
  668    

ManTech International Corp. - Class A

     36,085  
  1,785    

Maximus, Inc.

     126,699  
  2,526    

NIC, Inc.

     43,169  
  797    

Okta, Inc. (a)

     65,936  
  1,853    

Perficient, Inc. (a)

     50,754  
  1,806    

Perspecta, Inc.

     36,517  
  9,574    

PFSweb, Inc. (a)

     49,880  
  2,096    

Presidio, Inc.

     31,021  
  2,565    

PRGX Global, Inc. (a)

     20,315  
  2,804    

Sabre Corp.

     59,978  
  905    

Science Applications International Corp.

     69,640  
  31,388    

ServiceSource International, Inc. (a)

     28,921  
  2,154    

The Hackett Group, Inc.

     34,033  
  2,483    

Travelport Worldwide, Ltd.

     39,058  
  840    

TTEC Holdings, Inc.

     30,433  
  331    

Tucows, Inc. - Class A (a)

     26,871  
  1,037    

Twilio, Inc. - Class A (a)(b)

     133,960  
  2,605    

Unisys Corp. (a)

     30,400  
  572    

Virtusa Corp. (a)

     30,573  
  296    

WEX, Inc. (a)

     56,829  
           
              2,173,426  
           
       

Leisure Products - 0.89%

 

  1,131    

Acushnet Holdings Corp. (b)

     26,171  
  1,726    

American Outdoor Brands Corp. (a)

     16,121  
  926    

Brunswick Corp.

     46,606  
  1,226    

Clarus Corp.

     15,705  
  509    

Johnson Outdoors, Inc. - Class A

     36,322  
  970    

Malibu Boats, Inc. - Class A (a)

     38,393  
  1,817    

Marine Products Corp.

     24,475  
  2,894    

MasterCraft Boat Holdings, Inc. (a)

     65,318  
 

 

See notes to financial statements.

 

63

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Leisure Products (Continued)

 

  2,637    

Mattel, Inc. (a)

   $ 34,281  
  3,061    

Nautilus, Inc. (a)

     17,019  
  556    

Polaris Industries, Inc.

     46,943  
  860    

Pool Corp. (b)

     141,874  
  504    

Sturm, Ruger & Co., Inc.

     26,722  
  1,588    

Vista Outdoor, Inc. (a)

     12,720  
  701    

YETI Holdings, Inc. (a)(b)

     21,205  
           
              569,875  
           
       

Life Sciences Tools & Services - 1.26%

 

  177    

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

     54,105  
  196    

Bio-Techne Corp.

     38,916  
  1,583    

Bruker Corp.

     60,851  
  768    

Cambrex Corp. (a)(b)

     29,837  
  645    

Charles River Laboratories International, Inc. (a)

     93,686  
  927    

Codexis, Inc. (a)

     19,031  
  2,185    

Fluidigm Corp. (a)

     29,039  
  6,811    

Harvard Bioscience, Inc. (a)

     29,355  
  1,706    

Luminex Corp.

     39,255  
  1,497    

Medpace Holdings, Inc. (a)

     88,278  
  2,401    

NanoString Technologies, Inc. (a)

     57,456  
  1,351    

NeoGenomics, Inc. (a)(b)

     27,642  
  2,379    

Pacific Biosciences of California, Inc. (a)

     17,200  
  654    

PRA Health Sciences, Inc. (a)

     72,130  
  1,855    

QIAGEN NV (a)

     75,461  
  1,444    

Syneos Health, Inc. (a)

     74,741  
           
              806,983  
           
       

Machinery - 3.20%

 

  750    

Actuant Corp. - Class A

     18,277  
  604    

AGCO Corp.

     42,008  
  225    

Alamo Group, Inc. (b)

     22,487  
  1,410    

Allison Transmission Holdings, Inc.

     63,337  
  601    

Altra Industrial Motion Corp.

     18,661  
  525    

Badger Meter, Inc.

     29,211  
  583    

Barnes Group, Inc.

     29,972  
  398    

Chart Industries, Inc. (a)

     36,027  
  375    

CIRCOR International, Inc. (a)

     12,225  
  716    

Colfax Corp. (a)

     21,251  
  1,234    

Columbus McKinnon Corp.

     42,388  
  1,870    

Commercial Vehicle Group, Inc. (a)

     14,343  
  501    

Crane Co.

     42,395  
  564    

DMC Global, Inc.

     27,997  
  1,394    

Donaldson Co., Inc.

     69,784  
  373    

Douglas Dynamics, Inc.

     14,200  
  232    

EnPro Industries, Inc.

     14,952  
  347    

ESCO Technologies, Inc.

     23,259  
  753    

Federal Signal Corp.

     19,570  
  619    

Flowserve Corp.

     27,942  
  1,191    

Gardner Denver Holdings, Inc. (a)

     33,122  
  567    

Global Brass & Copper Holdings, Inc.

     19,527  
  385    

Gorman Rupp Co.

     13,067  
  1,917    

Graco, Inc. (b)

     94,930  
  681    

Graham Corp.

     13,368  
  1,042    

Harsco Corp. (a)

     21,007  
  396    

Hurco Cos., Inc.

     15,971  
  215    

Hyster-Yale Materials Handling, Inc.

     13,407  
  788    

IDEX Corp.

     119,571  
  639    

ITT, Inc.

     37,062  
  581    

John Bean Technologies Corp.

     53,388  

Number of
Shares

        

Value

  
       

Machinery (Continued)

 

  241    

Kadant, Inc.

   $ 21,198  
  667    

Kennametal, Inc.

     24,512  
  777    

L.B. Foster Co. - Class A (a)

     14,623  
  623    

Lincoln Electric Holdings, Inc. (b)

     52,251  
  2,445    

Manitex International, Inc. (a)

     18,704  
  1,403    

Meritor, Inc. (a)

     28,551  
  1,357    

Milacron Holdings Corp. (a)

     15,361  
  506    

Mueller Industries, Inc.

     15,858  
  446    

Nordson Corp.

     59,104  
  635    

Omega Flex, Inc.

     48,133  
  697    

Oshkosh Corp.

     52,366  
  396    

Park-Ohio Holdings Corp.

     12,822  
  1,549    

Pentair PLC

     68,946  
  376    

Proto Labs, Inc. (a)

     39,533  
  145    

RBC Bearings, Inc. (a)

     18,440  
  1,015    

Rexnord Corp. (a)

     25,517  
  667    

Snap-on, Inc.

     104,399  
  902    

SPX Corp. (a)

     31,381  
  586    

SPX FLOW, Inc. (a)

     18,693  
  241    

Tennant Co.

     14,964  
  1,239    

Terex Corp.

     39,809  
  568    

The Eastern Co.

     15,631  
  350    

The Middleby Corp. (a)

     45,511  
  428    

The Timken Co.

     18,669  
  1,039    

Toro Co.

     71,525  
  1,320    

TriMas Corp. (a)

     39,904  
  557    

Trinity Industries, Inc.

     12,104  
  118    

Valmont Industries, Inc.

     15,352  
  1,564    

Wabash National Corp.

     21,192  
  450    

Wabtec Corp.

     33,174  
  300    

Watts Water Technologies, Inc. - Class A

     24,246  
           
              2,047,179  
           
       

Marine - 0.12%

 

  2,458    

Costamare, Inc.

     12,782  
  446    

Kirby Corp. (a)

     33,499  
  488    

Matson, Inc.

     17,612  
  2,998    

Scorpio Bulkers, Inc.

     11,512  
           
              75,405  
           
       

Media - 1.20%

 

  438    

AMC Networks, Inc. - Class A (a)

     24,861  
  3,195    

Beasley Broadcast Group, Inc. - Class A

     12,716  
  841    

Boston Omaha Corp. - Class A (a)

     20,975  
  44    

Cable One, Inc.

     43,181  
  4,264    

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

     16,971  
  580    

Cinemark Holdings, Inc.

     23,194  
  1,291    

Emerald Expositions Events, Inc.

     16,396  
  2,829    

Entercom Communications Corp. - Class A

     14,852  
  5,312    

Entravision Communications Corp. - Class A

     17,211  
  3,012    

Fluent, Inc. (a)

     16,927  
  3,330    

Gannett Co., Inc.

     35,098  
  390    

GCI Liberty, Inc. - Class A (a)

     21,688  
  1,370    

Gray Television, Inc. (a)

     29,263  
  651    

John Wiley & Sons, Inc. - Class A

     28,787  
  1,329    

Liberty Latin America, Ltd. - Class C (a)

     25,849  
  321    

Meredith Corp.

     17,738  
  1,208    

MSG Networks, Inc. - Class A (a)

     26,274  
  2,037    

New Media Investment Group, Inc.

     21,389  
  470    

Nexstar Media Group, Inc. - Class A

     50,934  
 

 

See notes to financial statements.

 

64

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Media (Continued)

 

  644    

Scholastic Corp.

   $ 25,605  
  729    

Sinclair Broadcast Group, Inc. - Class A

     28,052  
  2,794    

TechTarget, Inc. (a)

     45,458  
  2,006    

TEGNA, Inc.

     28,285  
  847    

The E.W. Scripps Co. - Class A

     17,787  
  2,723    

The Interpublic Group of Companies, Inc.

     57,210  
  1,902    

The New York Times Co. - Class A

     62,481  
  823    

Tribune Media Co. - Class A

     37,973  
           
              767,155  
           
       

Metals & Mining - 0.83%

 

  6,440    

AK Steel Holding Corp. (a)

     17,710  
  1,827    

Alcoa Corp. (a)(b)

     51,448  
  1,131    

Allegheny Technologies, Inc. (a)(b)

     28,920  
  370    

Carpenter Technology Corp.

     16,965  
  1,751    

Cleveland-Cliffs, Inc. (b)

     17,493  
  240    

Compass Minerals International, Inc.

     13,049  
  3,195    

Ferroglobe Representation & Warranty Insurance Trust (a)(e)(f)

     0  
  503    

Gibraltar Industries, Inc. (a)

     20,427  
  121    

Kaiser Aluminum Corp.

     12,672  
  540    

Materion Corp.

     30,812  
  892    

Olympic Steel, Inc.

     14,156  
  863    

Reliance Steel & Aluminum Co.

     77,894  
  306    

Royal Gold, Inc.

     27,825  
  707    

Schnitzer Steel Industries, Inc. - Class A

     16,968  
  2,359    

Steel Dynamics, Inc.

     83,202  
  1,976    

SunCoke Energy, Inc. (a)

     16,776  
  1,376    

United States Steel Corp. (b)

     26,818  
  1,208    

Warrior Met Coal, Inc.

     36,723  
  483    

Worthington Industries, Inc.

     18,026  
           
              527,884  
           
       

Multiline Retail - 0.83%

 

  1,012    

Big Lots, Inc.

     38,476  
  836    

Burlington Stores, Inc. (a)

     130,984  
  512    

Dillard’s, Inc. - Class A (b)

     36,874  
  10,640    

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

     15,854  
  2,484    

Kohl’s Corp. (b)

     170,825  
  1,814    

Nordstrom, Inc. (b)

     80,505  
  645    

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

     55,038  
           
              528,556  
           
       

Multi-Utilities - 0.33%

 

  1,753    

Alliant Energy Corp.

     82,619  
  634    

Black Hills Corp.

     46,960  
  1,637    

MDU Resources Group, Inc.

     42,284  
  520    

NorthWestern Corp.

     36,613  
           
              208,476  
           
       

Oil, Gas & Consumable Fuels - 1.19%

 

  476    

Adams Resources & Energy, Inc.

     18,593  
  6,277    

Amyris, Inc. (a)(b)

     13,119  
  424    

Arch Coal, Inc. - Class A

     38,699  
  809    

California Resources Corp. (a)

     20,799  
  4,144    

Chesapeake Energy Corp. (a)(b)

     12,847  
  140    

Chesapeake Utilities Corp.

     12,769  
  63,040    

Cloud Peak Energy, Inc. (a)

     6,619  
  555    

CONSOL Energy, Inc. (a)

     18,992  
  602    

CVR Energy, Inc.

     24,803  
  717    

Delek US Holdings, Inc.

     26,113  

Number of
Shares

        

Value

  
       

Oil, Gas & Consumable Fuels (Continued)

 

  10,298    

Denbury Resources, Inc. (a)(b)

   $ 21,111  
  4,203    

DHT Holdings, Inc.

     18,745  
  2,527    

Dorian LPG, Ltd. (a)

     16,223  
  6,063    

Energy Fuels, Inc. (a)

     20,190  
  2,063    

Evolution Petroleum Corp.

     13,925  
  1,894    

Frontline Ltd. (a)(b)

     12,235  
  2,294    

Hallador Energy Co.

     12,067  
  1,680    

HollyFrontier Corp.

     82,774  
  593    

Murphy Oil Corp.

     17,375  
  620    

NACCO Industries, Inc. - Class A

     23,696  
  6,841    

Northern Oil and Gas, Inc. (a)

     18,744  
  7,211    

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

     16,513  
  1,067    

Par Pacific Holdings, Inc. (a)

     19,003  
  1,520    

PBF Energy, Inc. - Class A

     47,333  
  1,236    

Peabody Energy Corp.

     35,016  
  1,403    

Renewable Energy Group, Inc. (a)

     30,810  
  954    

Targa Resources Corp.

     39,639  
  15,243    

Teekay Tankers, Ltd. - Class A (a)

     14,787  
  2,750    

W&T Offshore, Inc. (a)

     18,975  
  1,086    

Whiting Petroleum Corp. (a)

     28,388  
  1,111    

World Fuel Services Corp.

     32,097  
  2,176    

WPX Energy, Inc. (a)

     28,527  
           
              761,526  
           
       

Paper & Forest Products - 0.24%

 

  697    

Boise Cascade Co.

     18,652  
  749    

Domtar Corp.

     37,188  
  1,689    

Louisiana-Pacific Corp.

     41,178  
  912    

PH Glatfelter Co.

     12,877  
  530    

Schweitzer-Mauduit International, Inc.

     20,522  
  1,129    

Verso Corp. - Class A (a)

     24,183  
           
              154,600  
           
       

Personal Products - 0.69%

 

  369    

Edgewell Personal Care Co. (a)

     16,195  
  1,430    

elf Beauty, Inc. (a)

     15,158  
  2,012    

Herbalife Nutrition, Ltd. (a)

     106,616  
  537    

Inter Parfums, Inc. (b)

     40,742  
  585    

Medifast, Inc.

     74,617  
  2,204    

Natural Health Trends Corp.

     28,564  
  1,796    

Nature’s Sunshine Products, Inc. (a)

     16,685  
  999    

Nu Skin Enterprises, Inc. - Class A

     47,812  
  847    

Revlon, Inc. - Class A (a)

     16,415  
  929    

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

     77,915  
           
              440,719  
           
       

Pharmaceuticals - 1.63%

 

  653    

Amphastar Pharmaceuticals, Inc. (a)

     13,341  
  32,714    

Ampio Pharmaceuticals, Inc. (a)(b)

     18,385  
  606    

ANI Pharmaceuticals, Inc. (a)

     42,747  
  11,437    

Assertio Therapeutics, Inc. (a)

     57,986  
  1,268    

Catalent, Inc. (a)

     51,468  
  2,408    

Collegium Pharmaceutical, Inc. (a)

     36,457  
  2,354    

Corcept Therapeutics, Inc. (a)

     27,636  
  1,002    

Eloxx Pharmaceuticals, Inc. (a)

     11,703  
  6,829    

Endo International PLC (a)

     54,837  
  530    

Evolus, Inc. (a)(b)

     11,962  
  3,558    

Horizon Pharma PLC (a)

     94,038  
  2,979    

Innoviva, Inc. (a)

     41,795  
  1,116    

Intersect ENT, Inc. (a)

     35,879  
  780    

Jazz Pharmaceuticals PLC (a)

     111,501  
 

 

See notes to financial statements.

 

65

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Pharmaceuticals (Continued)

 

  11,347    

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

   $ 89,301  
  2,548    

Mallinckrodt PLC (a)

     55,394  
  287    

MyoKardia, Inc. (a)

     14,921  
  758    

Omeros Corp. (a)(b)

     13,167  
  372    

Pacira Pharmaceuticals, Inc. (a)

     14,158  
  1,033    

Phibro Animal Health Corp. - Class A

     34,089  
  1,992    

Prestige Consumer Healthcare, Inc. (a)

     59,581  
  266    

Reata Pharmaceuticals, Inc. - Class A (a)

     22,735  
  11,183    

SIGA Technologies, Inc. (a)

     67,210  
  1,034    

Supernus Pharmaceuticals, Inc. (a)

     36,231  
  350    

WaVe Life Sciences, Ltd. (a)

     13,598  
  264    

Zogenix, Inc. (a)

     14,523  
           
              1,044,643  
           
       

Professional Services - 1.42%

 

  4,095    

Acacia Research Corp. (a)

     13,350  
  965    

ASGN, Inc. (a)

     61,268  
  1,417    

BG Staffing, Inc.

     30,947  
  1,552    

CBIZ, Inc. (a)

     31,413  
  422    

CRA International, Inc.

     21,328  
  360    

Exponent, Inc.

     20,779  
  540    

Forrester Research, Inc.

     26,109  
  1,236    

Franklin Covey Co. (a)

     31,271  
  504    

FTI Consulting, Inc. (a)

     38,717  
  556    

Heidrick & Struggles International, Inc.

     21,312  
  428    

Huron Consulting Group, Inc. (a)

     20,210  
  520    

ICF International, Inc.

     39,562  
  6,124    

InnerWorkings, Inc. (a)

     22,169  
  573    

Insperity, Inc.

     70,857  
  1,003    

Kelly Services, Inc. - Class A

     22,126  
  1,318    

Kforce, Inc.

     46,288  
  507    

Korn Ferry International

     22,703  
  903    

ManpowerGroup, Inc.

     74,669  
  1,080    

Mistras Group, Inc. (a)

     14,915  
  1,639    

Navigant Consulting, Inc.

     31,911  
  1,721    

Resources Connection, Inc.

     28,465  
  2,013    

Robert Half International, Inc.

     131,167  
  349    

TriNet Group, Inc. (a)

     20,849  
  1,336    

TrueBlue, Inc. (a)

     31,583  
  837    

Willdan Group, Inc. (a)

     31,028  
           
              904,996  
           
       

Real Estate Management & Development - 0.52%

 

  2,783    

Altisource Portfolio Solutions SA (a)(b)

     65,874  
  390    

HFF, Inc. - Class A

     18,622  
  540    

Jones Lang LaSalle, Inc.

     83,257  
  1,593    

Marcus & Millichap, Inc. (a)

     64,883  
  377    

RE/MAX Holdings, Inc. - Class A

     14,530  
  3,211    

Realogy Holdings Corp. (b)

     36,605  
  799    

The RMR Group, Inc. - Class A

     48,723  
           
              332,494  
           
       

Real Estate Management & Developments - 0.03%

 

  866    

Kennedy-Wilson Holdings, Inc.

     18,524  
           
       

Road & Rail - 0.41%

 

  33    

AMERCO

     12,260  
  1,081    

ArcBest Corp.

     33,284  
  846    

Covenant Transportation Group, Inc. - Class A (a)

     16,057  
  2,410    

Daseke, Inc. (a)

     12,267  
  532    

Genesee & Wyoming, Inc. - Class A (a)

     46,358  

Number of
Shares

        

Value

  
       

Road & Rail (Continued)

 

  449    

Knight-Swift Transportation Holdings, Inc. (b)

   $ 14,673  
  580    

Landstar System, Inc.

     63,446  
  392    

PAM Transportation Services, Inc. (a)

     19,184  
  255    

Saia, Inc. (a)

     15,581  
  1,040    

USA Truck, Inc. (a)

     15,018  
  1,745    

YRC Worldwide, Inc. (a)

     11,674  
           
              259,802  
           
       

Semiconductors & Semiconductor Equipment - 2.48%

 

  769    

Advanced Energy Industries, Inc. (a)

     38,204  
  10,029    

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

     255,940  
  346    

Ambarella, Inc. (a)

     14,947  
  3,038    

Amkor Technology, Inc. (a)

     25,945  
  2,623    

Aquantia Corp. (a)

     23,764  
  879    

Axcelis Technologies, Inc. (a)

     17,686  
  856    

Brooks Automation, Inc.

     25,107  
  1,317    

Cirrus Logic, Inc. (a)

     55,406  
  1,253    

Cohu, Inc.

     18,482  
  866    

Cree, Inc. (a)

     49,553  
  3,433    

Cypress Semiconductor Corp.

     51,220  
  1,068    

Diodes, Inc. (a)

     37,060  
  1,319    

Entegris, Inc.

     47,075  
  1,180    

FormFactor, Inc. (a)

     18,986  
  1,041    

Ichor Holdings, Ltd. (a)(b)

     23,506  
  728    

Impinj, Inc. (a)

     12,198  
  289    

Inphi Corp. (a)

     12,641  
  1,479    

Integrated Device Technology, Inc. (a)

     72,456  
  3,979    

Marvell Technology Group, Ltd.

     79,142  
  737    

MaxLinear, Inc. - Class A (a)

     18,816  
  689    

MKS Instruments, Inc.

     64,111  
  785    

Monolithic Power Systems, Inc.

     106,360  
  1,083    

Nanometrics, Inc. (a)

     33,443  
  169    

NVE Corp.

     16,543  
  4,933    

ON Semiconductor Corp. (a)

     101,472  
  755    

Power Integrations, Inc.

     52,805  
  1,845    

Rambus, Inc. (a)

     19,280  
  1,090    

Rudolph Technologies, Inc. (a)

     24,852  
  623    

Semtech Corp. (a)

     31,717  
  198    

Silicon Laboratories, Inc. (a)

     16,010  
  997    

SMART Global Holdings, Inc. (a)

     19,142  
  2,439    

Teradyne, Inc.

     97,170  
  2,043    

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

     21,145  
  1,166    

Versum Materials, Inc.

     58,661  
  1,063    

Xperi Corp.

     24,874  
           
              1,585,719  
           
       

Software - 7.69%

 

  1,047    

2U, Inc. (a)

     74,180  
  2,527    

8x8, Inc. (a)

     51,045  
  4,084    

A10 Networks, Inc. (a)

     28,956  
  864    

ACI Worldwide, Inc. (a)

     28,400  
  6,364    

Aerohive Networks, Inc. (a)

     28,829  
  1,402    

Agilysys, Inc. (a)

     29,680  
  698    

Alarm.com Holdings, Inc. (a)(b)

     45,300  
  1,157    

Altair Engineering, Inc. - Class A (a)

     42,589  
  651    

Alteryx, Inc. - Class A (a)(b)

     54,599  
  2,536    

Amber Road, Inc. (a)

     21,987  
  2,127    

American Software, Inc. - Class A

     25,418  
  1,366    

Appfolio, Inc. - Class A (a)(b)

     108,460  
  1,181    

Aspen Technology, Inc. (a)

     123,131  
  328    

Avalara, Inc. (a)

     18,299  
 

 

See notes to financial statements.

 

66

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Software (Continued)

 

  3,645    

Avaya Holdings Corp. (a)

   $ 61,345  
  425    

Blackbaud, Inc.

     33,885  
  451    

Blackline, Inc. (a)

     20,890  
  633    

Bottomline Technologies, Inc. (a)

     31,707  
  2,345    

Box, Inc. - Class A (a)

     45,282  
  3,414    

Cadence Design System, Inc. (a)

     216,823  
  455    

Ceridian HCM Holding, Inc. (a)(b)

     23,342  
  2,174    

ChannelAdvisor Corp. (a)

     26,479  
  1,487    

Cision, Ltd. (a)

     20,476  
  2,284    

Cloudera, Inc. (a)

     24,987  
  979    

CommVault Systems, Inc. (a)

     63,380  
  945    

Cornerstone OnDemand, Inc. (a)

     51,767  
  331    

Coupa Software, Inc. (a)(b)

     30,114  
  647    

DocuSign, Inc. (a)

     33,541  
  464    

Ebix, Inc. (b)

     22,908  
  4,503    

eGain Corp. (a)

     47,056  
  236    

Ellie Mae, Inc. (a)

     23,291  
  373    

Envestnet, Inc. (a)

     24,391  
  325    

ePlus, Inc. (a)

     28,776  
  712    

Everbridge, Inc. (a)(b)

     53,407  
  381    

Fair Isaac Corp. (a)

     103,491  
  906    

FireEye, Inc. (a)

     15,212  
  1,718    

Five9, Inc. (a)

     90,762  
  979    

ForeScout Technologies, Inc. (a)

     41,030  
  1,803    

Fortinet, Inc. (a)

     151,398  
  406    

Guidewire Software, Inc. (a)

     39,447  
  515    

HubSpot, Inc. (a)(b)

     85,598  
  1,272    

Instructure, Inc. (a)

     59,937  
  782    

j2 Global, Inc.

     67,721  
  789    

Jack Henry & Associates, Inc.

     109,466  
  2,398    

LivePerson, Inc. (a)

     69,590  
  576    

LogMeIn, Inc.

     46,138  
  2,987    

Majesco, Inc. (a)

     21,058  
  1,209    

Manhattan Associates, Inc. (a)

     66,628  
  318    

MicroStrategy, Inc. - Class A (a)

     45,872  
  2,264    

Mitek Systems, Inc. (a)

     27,711  
  8,689    

MobileIron, Inc. (a)

     47,529  
  1,181    

Model N, Inc. (a)

     20,715  
  689    

Monotype Imaging Holdings, Inc.

     13,704  
  672    

New Relic, Inc. (a)

     66,326  
  3,512    

Nuance Communications, Inc. (a)

     59,458  
  1,538    

Nutanix, Inc. - Class A (a)

     58,044  
  2,018    

OneSpan, Inc. (a)

     38,786  
  465    

Paycom Software, Inc. (a)

     87,945  
  229    

Paylocity Holding Corp. (a)

     20,425  
  854    

Pegasystems, Inc.

     55,510  
  502    

Pluralsight, Inc. - Class A (a)

     15,934  
  2,176    

Progress Software Corp.

     96,549  
  553    

Proofpoint, Inc. (a)

     67,151  
  984    

PROS Holdings, Inc. (a)

     41,564  
  1,166    

PTC, Inc. (a)

     107,482  
  430    

Q2 Holdings, Inc. (a)

     29,782  
  927    

QAD, Inc. - Class A

     39,926  
  441    

Qualys, Inc. (a)

     36,488  
  1,599    

Rapid7, Inc. (a)

     80,925  
  674    

RealPage, Inc. (a)(b)

     40,905  
  5,617    

Rimini Street, Inc. (a)

     28,085  
  1,398    

RingCentral, Inc. - Class A (a)(b)

     150,704  
  955    

SailPoint Technologies Holding, Inc. (a)

     27,428  

Number of
Shares

        

Value

  
       

Software (Continued)

 

  749    

SecureWorks Corp. - Class A (a)(b)

   $ 13,782  
  615    

ShotSpotter, Inc. (a)

     23,739  
  773    

SolarWinds Corp. (a)(b)

     15,089  
  381    

SPS Commerce, Inc. (a)

     40,409  
  1,701    

SS&C Technologies Holdings, Inc.

     108,337  
  862    

Tableau Software, Inc. - Class A (a)

     109,715  
  4,009    

Telaria, Inc. (a)

     25,417  
  498    

Tenable Holdings, Inc. (a)

     15,767  
  327    

The Trade Desk, Inc. - Class A (a)

     64,730  
  311    

The Ultimate Software Group, Inc. (a)

     102,670  
  4,354    

TiVo Corp.

     40,579  
  173    

Tyler Technologies, Inc. (a)

     35,361  
  578    

Upland Software, Inc. (a)

     24,484  
  901    

Varonis Systems, Inc. (a)

     53,727  
  985    

Verint Systems, Inc. (a)

     58,962  
  2,332    

Workiva, Inc. (a)

     118,232  
  2,651    

Yext, Inc. (a)

     57,951  
  980    

Zendesk, Inc. (a)

     83,300  
  6,476    

Zix Corp. (a)

     44,555  
  548    

Zscaler, Inc. (a)

     38,870  
           
              4,912,820  
           
       

Specialty Retail - 4.03%

 

  1,581    

Aaron’s, Inc.

     83,161  
  3,108    

Abercrombie & Fitch Co. - Class A

     85,190  
  2,873    

American Eagle Outfitters, Inc.

     63,694  
  979    

America’s Car-Mart, Inc. (a)

     89,422  
  305    

Asbury Automotive Group, Inc. (a)(b)

     21,155  
  13,828    

Ascena Retail Group, Inc. (a)

     14,934  
  392    

AutoNation, Inc. (a)

     14,002  
  4,019    

Barnes & Noble Education, Inc. (a)

     16,880  
  3,657    

Barnes & Noble, Inc.

     19,858  
  3,174    

Bed Bath & Beyond, Inc. (b)

     53,926  
  7,816    

Big 5 Sporting Goods Corp.

     24,855  
  758    

Boot Barn Holdings, Inc. (a)

     22,316  
  1,182    

Caleres, Inc.

     29,184  
  481    

Carvana Co. (a)(b)

     27,927  
  7,228    

Chico’s FAS, Inc.

     30,864  
  1,403    

Citi Trends, Inc.

     27,092  
  856    

Conn’s, Inc. (a)

     19,568  
  1,401    

Dick’s Sporting Goods, Inc. (b)

     51,571  
  1,484    

DSW, Inc. - Class A

     32,975  
  5,602    

Express, Inc. (a)(b)

     23,977  
  708    

Five Below, Inc. (a)

     87,969  
  916    

Floor & Decor Holdings, Inc. - Class A (a)

     37,758  
  1,702    

Foot Locker, Inc.

     103,141  
  32,527    

Francesca’s Holdings Corp. (a)

     22,001  
  3,138    

GameStop Corp. - Class A (b)

     31,882  
  1,016    

Genesco, Inc. (a)

     46,279  
  6,939    

GNC Holdings, Inc. - Class A (a)

     18,943  
  301    

Group 1 Automotive, Inc.

     19,475  
  1,392    

Guess?, Inc.

     27,283  
  2,397    

Haverty Furniture Cos., Inc.

     52,446  
  1,720    

Hibbett Sports, Inc. (a)(b)

     39,233  
  1,363    

Hudson, Ltd. - Class A (a)

     18,741  
  5,888    

J. Jill, Inc. (b)

     32,325  
  3,858    

Kirkland’s, Inc. (a)

     27,122  
  193    

Lithia Motors, Inc. - Class A (d)

     17,901  
  2,298    

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

     23,210  
  997    

MarineMax, Inc. (a)

     19,103  
 

 

See notes to financial statements.

 

67

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Specialty Retail (Continued)

 

  383    

Monro, Inc.

   $ 33,137  
  465    

Murphy USA, Inc. (a)

     39,813  
  793    

National Vision Holdings, Inc. (a)

     24,924  
  8,138    

Office Depot, Inc.

     29,541  
  1,830    

Party City Holdco, Inc. (a)

     14,530  
  406    

Penske Automotive Group, Inc.

     18,128  
  39,846    

Pier 1 Imports, Inc. (a)

     30,422  
  6,113    

Rent-A-Center, Inc. (a)

     127,578  
  346    

REX American Resources Corp. (a)

     27,891  
  647    

RH (a)(b)

     66,609  
  11,444    

RTW RetailWinds, Inc. (a)

     27,466  
  2,496    

Sally Beauty Holdings, Inc. (a)

     45,951  
  1,211    

Shoe Carnival, Inc. (b)

     41,210  
  1,172    

Signet Jewelers, Ltd.

     31,832  
  1,009    

Sleep Number Corp. (a)(b)

     47,423  
  1,067    

Sonic Automotive, Inc. - Class A

     15,802  
  4,349    

Sportsman’s Warehouse Holdings, Inc. (a)

     20,875  
  1,951    

Tailored Brands, Inc. (b)

     15,296  
  1,628    

The Buckle, Inc. (b)

     30,476  
  1,540    

The Cato Corp. - Class A

     23,069  
  694    

The Children’s Place, Inc. (b)

     67,512  
  9,664    

The Container Store Group, Inc. (a)

     85,043  
  2,846    

The Michaels Cos., Inc. (a)

     32,501  
  3,617    

Tile Shop Holdings, Inc.

     20,472  
  5,143    

Tilly’s, Inc. - Class A

     57,242  
  1,930    

Urban Outfitters, Inc. (a)

     57,205  
  1,298    

Williams Sonoma, Inc. (b)

     73,038  
  232    

Winmark Corp.

     43,753  
  2,120    

Zumiez, Inc. (a)(b)

     52,767  
           
              2,578,869  
           
       

Technology Hardware, Storage & Peripherals - 0.62%

 

  2,305    

3D Systems Corp. (a)(b)

     24,802  
  4,908    

Avid Technology, Inc. (a)

     36,565  
  490    

Cray, Inc. (a)

     12,764  
  608    

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

     16,355  
  1,543    

Immersion Corp. (a)

     13,007  
  1,131    

NCR Corp. (a)

     30,865  
  2,380    

Pure Storage, Inc. - Class A (a)

     51,860  
  825    

Stratasys, Ltd. (a)(b)

     19,652  
  876    

Synaptics, Inc. (a)

     34,821  
  2,047    

Teradata Corp. (a)

     89,352  
  2,105    

Xerox Corp.

     67,318  
           
              397,361  
           
       

Textiles, Apparel & Luxury Goods - 1.79%

 

  2,084    

Capri Holdings Ltd. (a)

     95,343  
  562    

Carter’s, Inc. (b)

     56,644  
  846    

Columbia Sportswear Co.

     88,136  
  4,842    

Crocs, Inc. (a)(b)

     124,681  
  613    

Deckers Outdoor Corp. (a)

     90,105  
  3,367    

Fossil Group, Inc. (a)(b)

     46,195  
  855    

G-III Apparel Group, Ltd. (a)

     34,166  
  3,308    

Hanesbrands, Inc.

     59,147  
  770    

Movado Group, Inc.

     28,013  
  490    

Oxford Industries, Inc.

     36,877  
  832    

Ralph Lauren Corp.

     107,894  
  830    

Rocky Brands, Inc.

     19,887  
  2,402    

Skechers U.S.A., Inc. - Class A (a)

     80,731  
  2,128    

Steven Madden, Ltd.

     72,012  

Number of
Shares

        

Value

  
       

Textiles, Apparel & Luxury Goods (Continued)

 

  1,066    

Superior Uniform Group, Inc.

   $ 17,717  
  213    

UniFirst Corp.

     32,695  
  3,460    

Vera Bradley, Inc. (a)

     45,845  
  461    

Weyco Group, Inc.

     14,273  
  2,656    

Wolverine World Wide, Inc.

     94,899  
           
              1,145,260  
           
       

Thrifts & Mortgage Finance - 1.32%

 

  1,401    

Axos Financial, Inc. (a)

     40,573  
  815    

Bank7 Corp. (a)

     14,157  
  464    

Berkshire Hills Bancorp, Inc.

     12,639  
  910    

Brookline Bancorp, Inc. (b)

     13,104  
  1,333    

Capitol Federal Financial, Inc.

     17,796  
  932    

Dime Community Bancshares

     17,456  
  747    

Entegra Financial Corp. (a)

     16,770  
  1,283    

Essent Group, Ltd. (a)

     55,746  
  488    

Federal Agricultural Mortgage Corp. - Class C

     35,346  
  606    

First Defiance Financial Corp.

     17,416  
  843    

Flagstar Bancorp, Inc.

     27,752  
  308    

FS Bancorp, Inc.

     15,548  
  189    

Hingham Institution for Savings

     32,510  
  375    

Home Bancorp, Inc.

     12,469  
  953    

HomeStreet, Inc. (a)

     25,112  
  102    

LendingTree, Inc. (a)(b)

     35,859  
  684    

Merchants Bancorp

     14,706  
  881    

Meridian Bancorp, Inc.

     13,823  
  648    

Meta Financial Group, Inc.

     12,753  
  1,449    

Mr. Cooper Group, Inc. (a)

     13,896  
  1,828    

New York Community Bancorp, Inc.

     21,150  
  1,752    

NMI Holdings, Inc. - Class A (a)

     45,324  
  1,031    

Northwest Bancshares, Inc.

     17,496  
  730    

Oritani Financial Corp.

     12,140  
  1,028    

PennyMac Financial Services, Inc.

     22,863  
  2,453    

People’s United Financial, Inc.

     40,327  
  3,288    

Radian Group, Inc.

     68,193  
  1,975    

Riverview Bancorp, Inc.

     14,437  
  1,810    

Sterling Bancorp, Inc.

     18,353  
  1,059    

TFS Financial Corp.

     17,442  
  546    

Timberland Bancorp, Inc.

     15,277  
  875    

Walker & Dunlop, Inc.

     44,546  
  1,436    

Washington Federal, Inc.

     41,486  
  973    

Waterstone Financial, Inc.

     16,016  
           
              840,481  
           
       

Tobacco - 0.07%

 

  634    

Turning Point Brands, Inc.

     29,221  
  281    

Universal Corp.

     16,194  
           
              45,415  
           
       

Trading Companies & Distributors - 1.42%

 

  540    

Applied Industrial Technologies, Inc.

     32,114  
  1,013    

Beacon Roofing Supply, Inc. (a)

     32,578  
  2,307    

BMC Stock Holdings, Inc. (a)

     40,765  
  1,598    

DXP Enterprises, Inc. (a)

     62,194  
  563    

EVI Industries, Inc. (b)

     21,467  
  2,260    

Foundation Building Materials, Inc. (a)

     22,238  
  225    

GATX Corp.

     17,183  
  1,372    

General Finance Corp. (a)

     12,801  
  1,515    

GMS, Inc. (a)

     22,907  
  1,102    

H&E Equipment Services, Inc.

     27,671  
  2,628    

HD Supply Holdings, Inc. (a)

     113,924  
 

 

See notes to financial statements.

 

68

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Trading Companies & Distributors (Continued)

 

  464    

Kaman Corp.

   $ 27,116  
  1,339    

Lawson Products, Inc. (a)

     41,991  
  650    

MSC Industrial Direct Co., Inc. - Class A

     53,761  
  1,978    

NOW, Inc. (a)

     27,613  
  672    

Rush Enterprises, Inc. - Class A

     28,096  
  588    

Rush Enterprises, Inc. - Class B

     24,420  
  1,051    

SiteOne Landscape Supply, Inc. (a)

     60,065  
  1,325    

Systemax, Inc.

     29,998  
  1,280    

Titan Machinery, Inc. (a)

     19,917  
  558    

Triton International, Ltd.

     17,354  
  1,864    

Univar, Inc. (a)(b)

     41,305  
  1,325    

Veritiv Corp. (a)

     34,874  
  364    

Watsco, Inc. - Class A

     52,128  
  577    

WESCO International, Inc. (a)

     30,587  
  368    

Willis Lease Finance Corp. (a)

     15,599  
           
              910,666  
           
       

Transportation Infrastructure - 0.03%

 

  456    

Macquarie Infrastructure Corp.

     18,796  
           
       

Water Utilities - 0.19%

 

  303    

American States Water Co.

     21,604  
  691    

Aqua America, Inc.

     25,180  
  817    

AquaVenture Holdings, Ltd. (a)

     15,809  
  241    

California Water Service Group

     13,082  
  318    

Middlesex Water Co.

     17,805  
  1,740    

Pure Cycle Corp. (a)

     17,156  
  202    

SJW Group

     12,471  
           
              123,107  
           
       

Wireless Telecommunication Services - 0.16%

 

  6,206    

NII Holdings, Inc. (a)

     12,164  
  443    

Shenandoah Telecommunications Co.

     19,652  
  1,365    

Telephone & Data Systems, Inc.

     41,946  
  566    

United States Cellular Corp. (a)

     25,985  
           
              99,747  
           
       

Total Common Stocks
(Cost $42,190,978)

     55,288,584  
           
       

INVESTMENT COMPANIES - 3.66%

 

       

Exchange Traded Funds - 3.66%

 

  20,245    

Vanguard Extended Market ETF (b)

     2,337,488  
           
       

Total Investment Companies
(Cost $1,900,808)

     2,337,488  
           
       

REAL ESTATE INVESTMENT TRUSTS - 7.23%

 

       

Real Estate Investment Trusts - 7.23%

 

  638    

Acadia Realty Trust

     17,398  
  1,777    

AG Mortgage Investment Trust, Inc.

     29,925  
  4,629    

AGNC Investment Corp.

     83,322  
  242    

Agree Realty Corp.

     16,780  
  1,280    

Alexander & Baldwin, Inc.

     32,563  
  446    

American Assets Trust, Inc.

     20,454  
  702    

American Campus Communities, Inc.

     33,401  
  2,911    

American Homes 4 Rent - Class A

     66,138  
  3,560    

Anworth Mortgage Asset Corp.

     14,382  
  788    

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

     39,645  
  1,662    

Apollo Commercial Real Estate Finance, Inc. (b)

     30,248  
  2,066    

Apple Hospitality REIT, Inc.

     33,676  
  1,186    

Arbor Realty Trust, Inc. (b)

     15,382  

Number of
Shares

        

Value

  
       

Real Estate Investment Trusts (Continued)

 

  1,064    

Ares Commercial Real Estate Corp.

   $ 16,162  
  1,648    

Armada Hoffler Properties, Inc.

     25,692  
  7,056    

Ashford Hospitality Trust, Inc.

     33,516  
  1,124    

Blackstone Mortgage Trust, Inc. - Class A

     38,845  
  2,521    

Bluerock Residential Growth REIT, Inc.

     27,176  
  3,309    

Braemar Hotels & Resorts, Inc.

     40,403  
  1,670    

Brandywine Realty Trust

     26,486  
  2,978    

Brixmor Property Group, Inc.

     54,706  
  2,774    

BRT Apartments Corp.

     38,503  
  750    

Camden Property Trust

     76,125  
  1,746    

Capstead Mortgage Corp.

     14,998  
  565    

CareTrust REIT, Inc.

     13,255  
  19,317    

CBL & Associates Properties, Inc. (b)

     29,941  
  5,174    

Cedar Shopping Centers, Inc.

     17,592  
  2,004    

Chatham Lodging Trust

     38,557  
  1,917    

Cherry Hill Mortgage Investment Corp.

     33,011  
  2,119    

Chesapeake Lodging Trust

     58,929  
  5,792    

Chimera Investment Corp.

     108,542  
  7,252    

Colony Capital, Inc.

     38,581  
  840    

Columbia Property Trust, Inc.

     18,908  
  378    

Community Healthcare Trust, Inc.

     13,566  
  879    

CoreCivic, Inc.

     17,097  
  467    

CorEnergy Infrastructure Trust, Inc. (b)

     17,162  
  123    

CoreSite Realty Corp.

     13,163  
  1,170    

Corporate Office Properties Trust

     31,941  
  3,229    

Cousins Properties, Inc.

     31,192  
  926    

CubeSmart

     29,669  
  475    

CyrusOne, Inc.

     24,909  
  3,461    

DiamondRock Hospitality Co. (b)

     37,483  
  535    

Douglas Emmett, Inc.

     21,625  
  2,072    

Duke Realty Corp.

     63,362  
  4,279    

Dynex Capital, Inc.

     26,059  
  1,084    

Easterly Government Properties, Inc.

     19,523  
  168    

EastGroup Properties, Inc.

     18,756  
  611    

EPR Properties

     46,986  
  920    

Equity Commonwealth

     30,075  
  449    

Equity LifeStyle Properties, Inc.

     51,321  
  1,749    

Exantas Capital Corp.

     18,592  
  495    

First Industrial Realty Trust, Inc.

     17,503  
  633    

Four Corners Property Trust, Inc.

     18,737  
  3,021    

Franklin Street Properties Corp.

     21,721  
  843    

Gaming and Leisure Properties, Inc.

     32,514  
  588    

Getty Realty Corp.

     18,834  
  907    

Gladstone Commercial Corp.

     18,838  
  1,296    

Global Medical REIT, Inc.

     12,727  
  689    

Global Net Lease, Inc.

     13,022  
  986    

Granite Point Mortgage Trust, Inc.

     18,310  
  936    

Great Ajax Corp.

     12,861  
  744    

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     19,076  
  596    

Healthcare Realty Trust, Inc.

     19,138  
  924    

Healthcare Trust of America, Inc. - Class A

     26,417  
  1,861    

Hersha Hospitality Trust

     31,898  
  715    

Highwoods Properties, Inc.

     33,448  
  2,236    

Hospitality Properties Trust

     58,829  
  853    

Hudson Pacific Properties, Inc.

     29,360  
  1,211    

Independence Realty Trust, Inc.

     13,067  
  1,506    

InfraREIT, Inc.

     31,581  
  325    

Innovative Industrial Properties, Inc. (b)

     26,549  
  1,917    

Invesco Mortgage Capital, Inc.

     30,289  
 

 

See notes to financial statements.

 

69

GuideMark® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

REAL ESTATE INVESTMENT TRUSTS (Continued)

 

       

Real Estate Investment Trusts (Continued)

 

  216    

Investors Real Estate Trust

   $ 12,941  
  1,349    

Iron Mountain, Inc.

     47,836  
  508    

JBG SMITH Properties

     21,006  
  858    

Jernigan Capital, Inc.

     18,052  
  675    

Kilroy Realty Corp.

     51,273  
  2,823    

Kimco Realty Corp.

     52,225  
  2,528    

Kite Realty Group Trust

     40,423  
  1,490    

Ladder Capital Corp.

     25,360  
  417    

Lamar Advertising Co. - Class A

     33,051  
  1,555    

Lexington Realty Trust (b)

     14,088  
  1,444    

Liberty Property Trust

     69,918  
  240    

Life Storage, Inc.

     23,345  
  700    

LTC Properties, Inc.

     32,060  
  2,003    

Mack-Cali Realty Corp.

     44,467  
  1,741    

MedEquities Realty Trust, Inc.

     19,377  
  2,296    

Medical Properties Trust, Inc.

     42,499  
  4,941    

MFA Financial, Inc.

     35,921  
  215    

National Health Investors, Inc.

     16,888  
  747    

National Retail Properties, Inc.

     41,376  
  1,144    

National Storage Affiliates Trust

     32,615  
  5,786    

New Residential Investment Corp.

     97,841  
  6,411    

New Senior Investment Group, Inc.

     34,940  
  2,931    

New York Mortgage Trust, Inc. (b)

     17,850  
  399    

NexPoint Residential Trust, Inc.

     15,298  
  707    

NorthStar Realty Europe Corp.

     12,274  
  510    

Office Properties Income Trust

     14,096  
  2,017    

Omega Healthcare Investors, Inc.

     76,949  
  678    

One Liberty Properties, Inc.

     19,662  
  565    

Outfront Media, Inc.

     13,221  
  1,867    

Paramount Group, Inc.

     26,493  
  2,233    

Park Hotels & Resorts, Inc. (b)

     69,402  
  2,100    

Pebblebrook Hotel Trust

     65,226  
  5,873    

Pennsylvania Real Estate Investment Trust

     36,941  
  1,237    

PennyMac Mortgage Investment Trust

     25,618  
  1,062    

Physicians Realty Trust

     19,976  
  1,059    

Piedmont Office Realty Trust, Inc. - Class A

     22,080  
  1,630    

Preferred Apartment Communities, Inc. - Class A

     24,157  
  125    

PS Business Parks, Inc.

     19,604  
  439    

QTS Realty Trust, Inc. - Class A

     19,751  
  1,227    

Ready Capital Corp.

     18,000  
  1,695    

Redwood Trust, Inc.

     27,374  
  1,074    

Regency Centers Corp.

     72,484  
  1,625    

Retail Properties of America, Inc. - Class A

     19,809  
  838    

Retail Value, Inc.

     26,120  
  890    

Rexford Industrial Realty, Inc. (b)

     31,871  
  2,181    

RLJ Lodging Trust

     38,320  
  1,174    

RPT Realty

     14,100  
  346    

Ryman Hospitality Properties, Inc.

     28,455  
  1,866    

Sabra Health Care REIT, Inc.

     36,331  
  1,240    

Senior Housing Properties Trust

     14,607  
  278    

Seritage Growth Properties

     12,354  
  1,446    

SITE Centers Corp.

     19,695  
  535    

Spirit Realty Capital, Inc.

     21,256  
  459    

STAG Industrial, Inc.

     13,609  
  2,407    

Starwood Property Trust, Inc.

     53,796  
  1,080    

STORE Capital Corp.

     36,180  
  2,738    

Summit Hotel Properties, Inc.

     31,241  
  602    

Sun Communities, Inc.

     71,349  
  3,165    

Sunstone Hotel Investors, Inc.

     45,576  
  1,054    

Tanger Factory Outlet Centers, Inc.

     22,113  

Number of
Shares

        

Value

  
       

Real Estate Investment Trusts (Continued)

 

  382    

Terreno Realty Corp. (b)

   $ 16,059  
  1,895    

The Geo Group, Inc.

     36,384  
  764    

Tier REIT, Inc.

     21,896  
  940    

TPG RE Finance Trust, Inc.

     18,424  
  2,221    

Two Harbors Investment Corp.

     30,050  
  1,594    

Uniti Group, Inc. (b)

     17,837  
  173    

Universal Health Realty Income Trust

     13,098  
  5,876    

VEREIT, Inc.

     49,182  
  2,648    

VICI Properties, Inc.

     57,938  
  6,201    

Washington Prime Group, Inc. (b)

     35,036  
  457    

Washington Real Estate Investment Trust

     12,970  
  460    

Weingarten Realty Investors

     13,510  
  1,717    

Western Asset Mortgage Capital Corp.

     17,565  
  1,338    

Whitestone REIT

     16,083  
  810    

WP Carey, Inc.

     63,447  
  1,975    

Xenia Hotels & Resorts, Inc.

     43,272  
           
       

Total Real Estate Investment Trusts
(Cost $4,228,620)

     4,623,933  
           
       

RIGHTS - 0%

 

  395    

Schulman, Inc. Contingent Value Right (a)(e)(f)

     0  
           
       

Total Rights
(Cost $0)

     0  
           
       

SHORT TERM INVESTMENTS - 0.87%

 

       

Money Market Funds - 0.87%

 

  555,237    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c)

     555,237  
           
       

Total Short Term Investments
(Cost $555,237)

     555,237  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.47%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 9.47%

 

  6,053,599    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c)

     6,053,599  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $6,053,599)

     6,053,599  
           
       

Total Investments
(Cost $54,929,242) - 107.75%

     68,858,841  
       

Liabilities in Excess of
Other Assets - (7.75)%

     (4,953,896 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 63,904,945  
           

Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Seven-day yield as of March 31, 2019.
(d)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $17,901, which represents 0.03% of total net assets.
(e)   As of March 31, 2019, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets.
(f)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

Glossary of Terms

ADR   -   American Depositary Receipt
 

 

See notes to financial statements.

 

70

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 95.17%

 

       

Australia - 5.14%

 

  11,085    

AGL Energy, Ltd.

   $ 171,350  
  13,112    

APA Group - Stapled Security (e)

     93,077  
  8,819    

Aristocrat Leisure, Ltd.

     153,810  
  3,758    

ASX, Ltd.

     186,679  
  14,453    

Australia & New Zealand Banking Group, Ltd.

     267,299  
  32,432    

Bank of Queensland, Ltd.

     209,689  
  28,031    

Bendigo & Adelaide Bank, Ltd.

     192,918  
  28,161    

BHP Billiton, Ltd.

     769,735  
  56,212    

BlueScope Steel, Ltd.

     557,933  
  14,816    

Brambles, Ltd.

     123,860  
  13,340    

CIMIC Group, Ltd.

     458,220  
  22,229    

Coca-Cola Amatil, Ltd.

     136,621  
  5,268    

Cochlear, Ltd.

     649,558  
  76,222    

Coles Group, Ltd. (a)

     641,550  
  8,882    

Commonwealth Bank of Australia

     445,825  
  5,156    

CSL, Ltd.

     715,408  
  17,393    

Flight Centre Travel Group, Ltd.

     519,588  
  14,568    

Fortescue Metals Group, Ltd.

     73,731  
  18,317    

Harvey Norman Holdings, Ltd.

     52,304  
  3,623    

Macquarie Group, Ltd.

     333,664  
  103,275    

Medibank Private, Ltd.

     202,716  
  10,734    

National Australia Bank, Ltd.

     192,871  
  14,676    

Oil Search, Ltd.

     81,654  
  69,451    

Origin Energy, Ltd.

     355,520  
  4,910    

QBE Insurance Group, Ltd.

     42,957  
  5,289    

REA Group, Ltd.

     280,878  
  3,196    

Rio Tinto, Ltd.

     222,575  
  43,054    

Santos, Ltd.

     208,458  
  78,479    

South32, Ltd.

     208,424  
  10,203    

Suncorp Group, Ltd.

     99,933  
  13,385    

Transurban Group - Stapled Security (e)

     125,539  
  12,159    

Washington H Soul Pattinson & Co., Ltd.

     227,541  
  28,205    

Wesfarmers, Ltd.

     694,547  
  17,852    

Westpac Banking Corp.

     329,074  
  11,083    

Woodside Petroleum, Ltd.

     272,088  
  39,587    

Woolworths, Ltd.

     854,917  
           
              11,152,511  
           
       

Austria - 0.39%

 

  3,620    

ANDRITZ AG

     155,261  
  1,165    

Erste Group Bank AG

     42,818  
  15,141    

Raiffeisen Bank International AG

     340,103  
  6,453    

Verbund AG

     309,919  
           
              848,101  
           
       

Belgium - 0.74%

 

  4,996    

Ageas SA

     240,991  
  4,100    

Anheuser-Busch InBev SA

     344,173  
  5,606    

Colruyt SA

     414,238  
  689    

Solvay SA

     74,595  
  6,302    

UCB SA

     541,359  
           
              1,615,356  
           
       

Canada - 8.17%

 

  2,906    

Alimentation Couche-Tard, Inc. - Series B

     171,183  
  6,023    

Bank of Montreal

     450,660  
  15,000    

Bausch Health Cos., Inc. (a)

     370,075  
  1,509    

BCE, Inc.

     67,006  
  2,386    

Brookfield Asset Management, Inc. - Class A

     111,163  
  2,886    

CAE, Inc.

     63,946  

Number of
Shares

        

Value

  
       

Canada (Continued)

 

  5,140    

Cameco Corp.

   $ 60,579  
  3,989    

Canadian Imperial Bank of Commerce

     315,216  
  3,257    

Canadian National Railway Co.

     291,567  
  7,828    

Canadian Natural Resources, Ltd.

     214,921  
  1,546    

Canadian Pacific Railway, Ltd.

     318,536  
  5,301    

Canopy Growth Corp. (a)(b)

     229,359  
  46,145    

Cenovus Energy, Inc.

     400,555  
  5,412    

CGI, Inc. (a)

     372,059  
  47,482    

CI Financial Corp.

     648,087  
  1,264    

Constellation Software, Inc.

     1,071,186  
  21,354    

Dollarama, Inc.

     569,664  
  5,200    

Emera, Inc.

     194,443  
  43,246    

Empire Co., Ltd. - Series A

     936,212  
  9,847    

Enbridge, Inc.

     356,639  
  6,932    

Fortis, Inc.

     256,199  
  5,271    

George Weston, Ltd.

     378,997  
  3,947    

Great-West Lifeco, Inc.

     95,577  
  15,078    

H&R Real Estate Investment Trust

     264,134  
  10,042    

iA Financial Corp., Inc.

     370,314  
  1,703    

IGM Financial, Inc.

     43,813  
  7,123    

Imperial Oil, Ltd.

     194,445  
  6,921    

Loblaw Cos., Ltd.

     341,402  
  9,459    

Magna International, Inc.

     460,581  
  8,060    

Manulife Financial Corp.

     136,309  
  3,714    

Methanex Corp.

     210,942  
  2,573    

Metro, Inc.

     94,729  
  4,856    

National Bank of Canada

     219,153  
  5,473    

Pembina Pipeline Corp.

     201,047  
  24,881    

Power Corp. of Canada

     580,156  
  18,442    

Power Financial Corp.

     430,845  
  5,869    

Rogers Communications, Inc. - Class B

     315,640  
  14,758    

Royal Bank of Canada

     1,113,407  
  2,578    

Saputo, Inc.

     87,872  
  5,959    

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

     43,031  
  1,100    

Shopify, Inc. - Class A (a)

     227,071  
  2,779    

Stars Group, Inc. (a)

     48,578  
  2,953    

Sun Life Financial, Inc.

     113,449  
  11,599    

Suncor Energy, Inc.

     375,914  
  23,947    

Teck Resources, Ltd. - Class B (a)

     554,077  
  8,836    

The Bank of Nova Scotia

     470,381  
  17,789    

The Toronto-Dominion Bank

     965,360  
  5,806    

Thomson Reuters Corp.

     343,533  
  15,224    

West Fraser Timber Co., Ltd.

     740,495  
  15,125    

WSP Global, Inc.

     826,564  
           
              17,717,071  
           
       

Denmark - 1.91%

 

  315    

A.P. Moller - Maersk AS - Class A

     381,200  
  214    

A.P. Moller - Maersk AS - Class B

     271,319  
  2,128    

Carlsberg AS - Series B

     266,103  
  2,710    

Chr. Hansen Holding AS

     275,076  
  3,925    

Coloplast AS - Series B

     430,850  
  10,840    

Danske Bank AS

     190,542  
  914    

DSV AS

     75,635  
  4,448    

H. Lundbeck AS

     192,888  
  19,278    

Novo Nordisk AS - Series B

     1,007,572  
  4,509    

Orsted AS

     342,009  
  2,911    

Pandora AS

     136,400  
  8,168    

Tryg AS

     224,228  
  1,656    

Vestas Wind Systems AS

     139,578  
 

 

See notes to financial statements.

 

71

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Denmark (Continued)

 

  7,188    

William Demant Holdings AS (a)

   $ 212,741  
           
              4,146,141  
           
       

Finland - 0.99%

 

  2,580    

Elisa OYJ

     116,475  
  10,335    

Fortum OYJ

     211,681  
  2,952    

Neste OYJ

     314,687  
  36,360    

Nokia OYJ

     207,130  
  1,222    

Nokian Renkaat OYJ

     40,955  
  16,527    

Orion OYJ - Class B

     621,026  
  2,467    

Sampo OYJ - Series A

     111,812  
  12,025    

Stora Enso OYJ - R Shares

     147,226  
  8,024    

UPM-Kymmene OYJ

     234,357  
  9,114    

Wartsila OYJ Abp

     147,399  
           
              2,152,748  
           
       

France - 10.11%

 

  1,843    

Air Liquide SA

     234,544  
  6,267    

Arkema SA

     597,863  
  10,675    

Atos SE

     1,030,550  
  2,383    

AXA SA

     59,935  
  4,024    

BioMerieux

     332,824  
  13,038    

BNP Paribas SA

     620,458  
  89,538    

Bollore SA

     404,881  
  1,510    

Capgemini SE

     183,227  
  14,006    

Carrefour SA

     261,734  
  12,880    

Casino Guichard Perrachon SA

     558,423  
  1,305    

Cie Generale des Etablissements Michelin SCA

     154,179  
  21,097    

CNP Assurances

     464,516  
  40,598    

Credit Agricole SA

     490,180  
  4,836    

Danone SA

     372,378  
  81    

Dassault Aviation SA

     119,484  
  2,698    

Dassault Systemes SE

     402,135  
  4,614    

Edenred

     210,125  
  4,112    

Eiffage SA

     395,279  
  22,324    

Electricite de France SA

     305,603  
  18,095    

Engie SA

     269,849  
  1,529    

EssilorLuxottica SA

     167,029  
  1,538    

Eurazeo SE

     115,648  
  5,243    

Eutelsat Communications SA

     91,816  
  9,357    

Faurecia SA

     393,888  
  4,410    

Getlink SE

     66,875  
  1,492    

Hermes International

     985,131  
  920    

Imerys SA

     45,894  
  2,383    

Ingenico Group SA

     170,223  
  4,215    

Ipsen SA

     578,010  
  1,152    

Kering SA

     660,793  
  1,168    

Legrand SA

     78,198  
  4,959    

L’Oreal SA

     1,335,422  
  2,938    

LVMH Moet Hennessy Louis Vuitton SE

     1,082,170  
  62,099    

Natixis SA

     332,622  
  1,553    

Pernod Ricard SA

     278,859  
  26,539    

Peugeot SA

     647,598  
  2,803    

Publicis Groupe SA

     150,079  
  24,496    

Rexel SA

     276,446  
  3,511    

Safran SA

     481,223  
  12,144    

Sanofi-Aventis SA

     1,073,828  
  2,786    

Sartorius Stedim Biotech

     353,014  
  1,440    

Schneider Electric SE

     113,024  
  4,535    

SCOR SE

     193,156  

Number of
Shares

        

Value

  
       

France (Continued)

 

  4,364    

SEB SA

   $ 734,739  
  4,506    

Societe BIC SA

     401,703  
  14,062    

Societe Generale SA

     406,302  
  1,448    

Teleperformance

     260,304  
  1,311    

Thales SA

     157,072  
  25,629    

Total SA (b)

     1,426,243  
  5,926    

Ubisoft Entertainment SA (a)

     528,440  
  12,893    

Valeo SA

     374,321  
  3,508    

Vinci SA

     341,336  
  5,480    

Vivendi SA

     158,812  
           
              21,928,385  
           
       

Germany - 6.09%

 

  3,838    

adidas AG

     933,488  
  4,407    

Allianz SE

     982,094  
  833    

Axel Springer SE

     43,061  
  4,147    

BASF SE

     305,829  
  8,004    

Bayer AG

     515,395  
  2,987    

Beiersdorf AG

     310,965  
  896    

Brenntag AG

     46,066  
  11,452    

Covestro AG

     631,824  
  2,719    

Deutsche Boerse AG

     348,631  
  30,341    

Deutsche Lufthansa AG

     666,929  
  18,506    

Deutsche Post AG

     602,243  
  14,428    

Deutsche Telekom AG

     239,696  
  7,270    

Deutsche Wohnen SE

     352,780  
  14,186    

E.ON SE

     157,866  
  3,445    

Fresenius Medical Care AG & Co. KGaA

     278,426  
  2,230    

Fresenius SE & Co. KGaA

     124,640  
  2,087    

Hannover Rueck SE

     299,884  
  2,252    

HeidelbergCement AG

     162,329  
  1,149    

HOCHTIEF AG

     166,482  
  8,599    

HUGO BOSS AG

     587,956  
  6,323    

Innogy SE

     292,368  
  1,772    

KION Group AG

     92,726  
  2,263    

Merck KGaA

     258,370  
  6,968    

METRO AG

     115,729  
  1,468    

MTU Aero Engines AG

     332,740  
  1,885    

Muenchener Rueckversicherungs-Gesellschaft AG

     446,737  
  2,651    

ProSiebenSat.1 Media AG

     37,742  
  1,184    

Puma SE

     686,658  
  24,912    

RWE AG

     668,946  
  7,601    

SAP SE

     878,714  
  1,791    

Siemens AG

     192,609  
  1,063    

Siemens Healthineers AG

     44,381  
  1,921    

Symrise AG

     173,175  
  6,473    

Vonovia SE

     335,922  
  2,487    

Wirecard AG

     312,425  
  14,973    

Zalando SE (a)

     584,986  
           
              13,210,812  
           
       

Hong Kong - 3.08%

 

  103,339    

AIA Group, Ltd.

     1,033,366  
  13,151    

ASM Pacific Technology, Ltd.

     146,949  
  19,890    

BOC Hong Kong Holdings, Ltd.

     82,542  
  32,699    

CK Asset Holdings, Ltd.

     291,211  
  34,469    

CK Hutchison Holdings, Ltd.

     362,454  
  18,198    

CLP Holdings, Ltd.

     211,071  
  69,061    

Dairy Farm International Holdings, Ltd.

     579,756  
  8,230    

Hang Seng Bank, Ltd.

     203,223  
 

 

See notes to financial statements.

 

72

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Hong Kong (Continued)

 

  108,242    

HK Electric Investments & HK Electric Investments, Ltd. - Stapled Security (e)

   $ 110,612  
  168,783    

HKT Trust and HKT, Ltd. - Stapled Security (e)

     271,345  
  14,402    

Hong Kong Exchange & Clearing, Ltd.

     503,185  
  1,098    

Jardine Strategic Holdings, Ltd.

     41,186  
  139,096    

Kerry Properties, Ltd.

     621,873  
  7,687    

MTR Corp., Ltd.

     47,628  
  37,121    

New World Development Co., Ltd.

     61,610  
  40,210    

NWS Holdings, Ltd.

     88,034  
  244,688    

PCCW, Ltd.

     152,127  
  125,573    

SJM Holdings, Ltd.

     143,550  
  3,581    

Sun Hung Kai Properties, Ltd.

     61,560  
  35,442    

Swire Pacific, Ltd. - Class A

     456,525  
  19,272    

Swire Properties, Ltd.

     82,944  
  61,329    

Techtronic Industries Co., Ltd.

     413,029  
  29,706    

The Bank of East Asia, Ltd.

     96,568  
  158,801    

The Hong Kong and China Gas Co., Ltd.

     380,844  
  213,765    

WH Group, Ltd.

     228,649  
           
              6,671,841  
           
       

Ireland - 0.14%

 

  6,702    

Bank of Ireland Group PLC

     39,873  
  2,739    

CRH PLC

     84,897  
  704    

DCC PLC

     60,913  
  569    

Kerry Group PLC - Series A

     63,190  
  1,105    

Kingspan Group PLC

     50,920  
           
              299,793  
           
       

Israel - 0.86%

 

  782    

Azrieli Group, Ltd.

     46,321  
  35,056    

Bank Leumi Le-Israel BM

     229,671  
  122,733    

Bezeq the Israel Telecommunication Corp., Ltd.

     88,277  
  363    

Check Point Software Technologies, Ltd. (a)

     45,916  
  1    

International Flavors & Fragrances, Inc.

     73  
  47,486    

Israel Chemicals, Ltd.

     248,112  
  1,962    

Nice, Ltd. (a)

     239,629  
  44,868    

Teva Pharmaceutical Industries, Ltd. - ADR (a)

     703,530  
  2,231    

Wix.com, Ltd. (a)

     269,572  
           
              1,871,101  
           
       

Italy - 3.28%

 

  23,456    

Assicurazioni Generali SpA

     434,889  
  21,990    

Davide Campari-Milano SpA

     216,045  
  52,665    

Enel SpA

     337,469  
  36,646    

Eni SpA

     647,484  
  6,082    

EXOR NV

     394,990  
  2,036    

Ferrari NV

     273,534  
  111,367    

Intesa Sanpaolo SpA

     271,795  
  68,956    

Leonardo SpA

     803,119  
  21,005    

Moncler SpA

     847,758  
  51,585    

Poste Italiane SpA

     502,494  
  5,581    

Prysmian SpA

     105,775  
  5,776    

Recordati SpA

     225,067  
  37,023    

Snam SpA

     190,452  
  1,055,971    

Telecom Italia SpA (a)

     657,710  
  1,152,046    

Telecom Italia SpA - Savings Share

     654,273  
  29,042    

Terna Rete Elettrica Nazionale SpA

     184,325  
  29,349    

UniCredit SpA

     377,004  
           
              7,124,183  
           

Number of
Shares

        

Value

  
       

Japan - 21.42%

 

  2,731    

ABC-Mart, Inc.

   $ 162,593  
  13,748    

Aeon Co., Ltd.

     287,957  
  1,659    

Aisin Seiki Co., Ltd.

     59,391  
  12,424    

Alfresa Holdings Corp.

     354,044  
  5,666    

Asahi Intecc Co., Ltd.

     266,839  
  26,659    

Asics Corp.

     358,737  
  39,851    

Astellas Pharma, Inc.

     598,793  
  10,296    

Bandai Namco Holdings, Inc.

     483,407  
  1,770    

Bridgestone Corp.

     68,204  
  18,090    

Brother Industries, Ltd.

     335,979  
  11,536    

Calbee, Inc.

     311,565  
  2,249    

Canon, Inc.

     65,300  
  7,975    

Casio Computer Co., Ltd.

     104,361  
  1,057    

Central Japan Railway Co.

     245,696  
  13,693    

Chubu Electric Power Co., Inc.

     214,065  
  4,403    

Chugai Pharmaceutical Co., Ltd.

     303,274  
  12,775    

Chugoku Electric Power Co., Inc.

     159,465  
  10,806    

Coca-Cola Bottlers Japan, Inc.

     274,867  
  16,531    

Credit Saison Co., Ltd.

     218,722  
  12,993    

CyberAgent, Inc.

     531,679  
  10,690    

Dai Nippon Printing Co., Ltd.

     256,056  
  22,059    

Dai-ichi Life Holdings, Inc.

     307,091  
  3,825    

Daiichi Sankyo Co., Ltd.

     176,630  
  517    

Daikin Industries, Ltd.

     60,771  
  4,299    

DeNA Co., Ltd.

     64,804  
  4,464    

Dentsu, Inc.

     188,927  
  5,359    

Eisai Co., Ltd.

     301,534  
  8,077    

Electric Power Development Co., Ltd.

     196,961  
  10,464    

FamilyMart UNY Holdings Co., Ltd.

     266,737  
  1,343    

Fast Retailing Co., Ltd.

     632,501  
  3,026    

Fuji Electric Co., Ltd.

     86,153  
  7,032    

FUJIFILM Holdings Corp.

     320,294  
  2,653    

Fujitsu, Ltd.

     191,864  
  4,018    

Fukuoka Financial Group, Inc.

     89,222  
  12,108    

Hakuhodo DY Holdings, Inc.

     194,965  
  832    

Hikari Tsushin, Inc.

     157,920  
  4,027    

Hitachi, Ltd.

     130,840  
  26,523    

Honda Motor Co., Ltd.

     720,385  
  11,486    

Hoya Corp.

     760,801  
  6,694    

Isetan Mitsukoshi Holdings, Ltd.

     67,721  
  9,371    

Isuzu Motors, Ltd.

     123,462  
  21,353    

ITOCHU Corp.

     386,997  
  29,115    

Japan Post Holdings Co., Ltd.

     340,758  
  11,951    

JFE Holdings, Inc.

     203,416  
  21,224    

Kajima Corp.

     313,961  
  32,851    

Kakaku.com, Inc.

     632,880  
  2,558    

Kamigumi Co., Ltd.

     59,329  
  7,447    

Kao Corp.

     587,767  
  20,589    

KDDI Corp.

     443,431  
  5,412    

Keihan Electric Railway Co., Ltd.

     227,841  
  4,490    

Keio Corp.

     290,444  
  1,366    

Keisei Electric Railway Co., Ltd.

     49,677  
  131    

Keyence Corp.

     81,901  
  8,059    

Kikkoman Corp.

     396,270  
  2,480    

Kintetsu Group Holdings Co., Ltd.

     115,682  
  1,916    

Kobayashi Pharmaceutical Co., Ltd.

     162,109  
  755    

Konami Holdings Corp.

     32,850  
  34,126    

Konica Minolta, Inc.

     336,487  
  4,304    

Kose Corp.

     793,275  
  3,760    

Kyushu Electric Power Co., Inc.

     44,412  
 

 

See notes to financial statements.

 

73

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Japan (Continued)

 

  2,183    

Kyushu Railway Co.

   $ 71,810  
  1,945    

Lawson, Inc.

     107,899  
  3,652    

LINE Corp. (a)

     128,604  
  21,699    

Lion Corp.

     457,288  
  16,560    

M3, Inc.

     278,699  
  80,873    

Marubeni Corp.

     560,725  
  55,072    

Mazda Motor Corp.

     617,462  
  52,037    

Mebuki Financial Group, Inc.

     133,193  
  25,548    

Medipal Holdings Corp.

     607,885  
  3,530    

MEIJI Holdings Co., Ltd.

     286,959  
  16,131    

MISUMI Group, Inc.

     402,746  
  35,017    

Mitsubishi Chemical Holdings Corp.

     247,312  
  21,214    

Mitsubishi Corp.

     590,624  
  4,714    

Mitsubishi Estate Co., Ltd.

     85,535  
  19,408    

Mitsubishi Gas Chemical Co., Inc.

     277,992  
  14,001    

Mitsubishi Heavy Industries, Ltd.

     582,637  
  63,965    

Mitsubishi UFJ Financial Group, Inc.

     316,358  
  86,484    

Mitsubishi UFJ Lease & Finance Co., Ltd.

     441,477  
  2,847    

Mitsui & Co., Ltd.

     44,301  
  210,227    

Mizuho Financial Group, Inc.

     325,320  
  24,503    

MonotaRO Co., Ltd. (b)

     547,759  
  3,731    

MS & AD Insurance Group Holdings, Inc.

     113,678  
  1,482    

Murata Manufacturing Co., Ltd.

     74,167  
  22,629    

Nikon Corp.

     319,943  
  12,265    

Nippon Electric Glass Co., Ltd.

     325,871  
  20,023    

Nippon Telegraph & Telephone Corp.

     853,602  
  6,091    

Nissan Chemical Industries, Ltd.

     279,807  
  6,333    

Nisshin Seifun Group, Inc.

     145,584  
  2,552    

Nitori Holdings Co., Ltd.

     329,962  
  7,845    

NTT Data Corp.

     86,732  
  21,620    

NTT DoCoMo, Inc.

     479,178  
  4,435    

Obayashi Corp.

     44,699  
  985    

Obic Co., Ltd.

     99,608  
  2,672    

Odakyu Electric Railway Co., Ltd.

     64,840  
  55,751    

Oji Holdings Corp.

     346,930  
  40,440    

Olympus Corp.

     439,956  
  6,445    

OMRON Corp. (b)

     302,794  
  1,403    

Oracle Corp.

     94,350  
  1,827    

Oriental Land Co., Ltd.

     207,796  
  26,335    

ORIX Corp.

     378,371  
  8,455    

Osaka Gas Co., Ltd.

     167,165  
  4,815    

Panasonic Corp.

     41,515  
  3,440    

Park24 Co., Ltd.

     74,786  
  17,441    

Persol Holdings Co., Ltd.

     283,214  
  10,808    

Pigeon Corp.

     443,439  
  18,127    

Pola Orbis Holdings, Inc.

     579,815  
  5,232    

Rakuten, Inc.

     49,651  
  27,702    

Recruit Holdings Co., Ltd.

     794,229  
  14,032    

Renesas Electronics Corp. (a)

     65,209  
  42,166    

Resona Holdings, Inc.

     182,666  
  29,048    

Ricoh Co., Ltd.

     304,199  
  2,239    

Ryohin Keikaku Co., Ltd.

     568,336  
  3,777    

Secom Co., Ltd.

     323,911  
  5,175    

Seiko Epson Corp.

     79,384  
  4,018    

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

     151,600  
  6,787    

SG Holdings Co., Ltd.

     197,995  
  5,048    

Shimadzu Corp.

     146,517  
  1,094    

Shimamura Co., Ltd.

     92,718  
  14,692    

Shinsei Bank, Ltd.

     209,062  

Number of
Shares

        

Value

  
       

Japan (Continued)

 

  3,415    

Shionogi & Co., Ltd.

   $ 212,009  
  12,985    

Shiseido Co., Ltd.

     940,177  
  6,998    

Showa Denko KK

     247,365  
  23,011    

Showa Shell Sekiyu KK (f)

     348,686  
  2,199    

SoftBank Group Corp.

     214,351  
  12,882    

Sony Corp.

     543,894  
  5,409    

Sony Financial Holdings, Inc.

     102,078  
  11,337    

Sumitomo Corp.

     157,179  
  14,852    

Sumitomo Dainippon Pharma Co., Ltd.

     368,613  
  9,991    

Sumitomo Heavy Industries, Ltd.

     324,705  
  14,589    

Sumitomo Mitsui Financial Group, Inc.

     510,888  
  2,435    

Sumitomo Mitsui Trust Holdings, Inc.

     87,512  
  2,577    

Sumitomo Realty & Development Co., Ltd.

     106,921  
  9,639    

Sundrug Co., Ltd.

     266,021  
  13,766    

Suzuken Co., Ltd.

     798,493  
  2,403    

Suzuki Motor Corp.

     106,520  
  6,414    

Sysmex Corp.

     388,538  
  5,391    

T&D Holdings, Inc.

     56,771  
  5,040    

Taiheiyo Cement Corp.

     168,331  
  948    

Taisho Pharmaceutical Holdings Co., Ltd.

     90,565  
  6,130    

Taiyo Nippon Sanso Corp.

     93,598  
  20,156    

Teijin, Ltd.

     333,300  
  11,240    

Terumo Corp.

     344,008  
  18,933    

The Kansai Electric Power Co., Inc.

     279,207  
  14,700    

The Yokohama Rubber Co., Ltd.

     273,644  
  7,675    

Toho Co., Ltd.

     308,741  
  6,632    

Toho Gas Co., Ltd.

     298,256  
  3,947    

Tokio Marine Holdings, Inc.

     191,219  
  5,906    

Tokyo Century Corp.

     257,404  
  121,476    

Tokyo Electric Power Co. Holdings, Inc. (a)

     768,470  
  1,079    

Tokyo Electron, Ltd.

     156,518  
  2,636    

Tokyu Corp.

     46,080  
  9,855    

Tosoh Corp.

     153,770  
  14,529    

Toyo Seikan Group Holdings, Ltd.

     298,040  
  9,564    

Toyota Motor Corp.

     563,423  
  14,962    

Toyota Tsusho Corp.

     488,867  
  2,779    

Tsuruha Holdings, Inc.

     226,333  
  4,695    

Unicharm Corp.

     155,650  
  12,857    

Welcia Holdings Co., Ltd.

     436,807  
  126,949    

Yamada Denki Co., Ltd.

     626,097  
  1,160    

Yamaha Corp.

     58,085  
  7,371    

Yamato Holdings Co., Ltd.

     190,694  
  14,860    

Yamazaki Baking Co., Ltd.

     241,569  
  3,817    

Yokogawa Electric Corp.

     79,263  
  27,314    

ZOZO, Inc.

     516,395  
           
              46,480,983  
           
       

Jersey - 0.94%

 

  11,136    

Ferguson PLC

     709,267  
  199,782    

Glencore PLC

     827,933  
  46,712    

WPP PLC

     493,471  
           
              2,030,671  
           
       

Luxembourg - 0.36%

 

  34,639    

Aroundtown SA

     285,723  
  6,501    

RTL Group SA

     355,359  
  9,625    

SES SA

     149,699  
           
              790,781  
           
       

Macau - 0.09%

 

  8,793    

Sands China, Ltd.

     44,255  
 

 

See notes to financial statements.

 

74

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Macau (Continued)

 

  60,551    

Wynn Macau, Ltd.

   $ 143,000  
           
              187,255  
           
       

Netherlands - 4.13%

 

  7,600    

ABN AMRO Group NV

     171,339  
  49,377    

Aegon NV

     237,182  
  2,726    

Airbus SE

     361,296  
  977    

Akzo Nobel NV

     86,791  
  22,228    

ArcelorMittal

     451,104  
  2,534    

ASML Holding NV

     476,267  
  28,933    

CNH Industrial NV

     294,790  
  48,813    

Fiat Chrysler Automobiles NV

     729,059  
  2,850    

Heineken Holding NV

     285,966  
  582    

Heineken NV

     61,514  
  29,378    

ING Groep NV

     355,984  
  54,553    

Koninklijke Ahold Delhaize NV

     1,452,413  
  1,570    

Koninklijke DSM NV

     171,264  
  10,206    

Koninklijke Philips NV

     416,994  
  2,739    

Koninklijke Vopak NV

     131,191  
  18,283    

NN Group NV

     760,694  
  2,454    

NXP Semiconductors NV

     216,909  
  4,095    

QIAGEN NV (a)

     166,226  
  5,342    

Randstad Holding NV

     260,840  
  10,200    

STMicroelectronics NV

     151,290  
  20,430    

Unilever NV

     1,191,104  
  7,688    

Wolters Kluwer NV

     523,780  
           
              8,953,997  
           
       

New Zealand - 0.37%

 

  6,669    

a2 Milk Co., Ltd. (a)

     65,254  
  35,129    

Auckland International Airport, Ltd.

     194,881  
  12,433    

Fisher & Paykel Healthcare Corp., Ltd.

     133,097  
  102,099    

Meridian Energy, Ltd.

     291,264  
  46,389    

Spark New Zealand, Ltd.

     120,165  
           
              804,661  
           
       

Norway - 0.90%

 

  8,683    

Aker BP ASA

     309,655  
  3,386    

DNB ASA

     62,370  
  15,152    

Equinor ASA

     332,133  
  10,311    

Gjensidige Forsikring ASA

     178,230  
  9,188    

Mowi ASA

     205,269  
  19,061    

Schibsted ASA - Class B

     682,885  
  8,607    

Telenor ASA

     172,346  
           
              1,942,888  
           
       

Portugal - 0.35%

 

  51,648    

EDP - Energias de Portugal SA

     203,205  
  37,853    

Jeronimo Martins SGPS SA

     558,916  
           
              762,121  
           
       

Singapore - 1.23%

 

  66,562    

ComfortDelGro Corp., Ltd.

     126,511  
  18,480    

DBS Group Holdings, Ltd.

     344,964  
  2,867,846    

Golden Agri-Resources, Ltd.

     592,921  
  15,257    

Jardine Cycle & Carriage, Ltd.

     366,475  
  30,434    

Oversea-Chinese Banking Corp., Ltd.

     248,816  
  124,040    

Singapore Exchange, Ltd.

     670,518  
  17,039    

United Overseas Bank, Ltd.

     317,903  
           
              2,668,108  
           

Number of
Shares

        

Value

  
       

Spain - 2.81%

 

  9,951    

ACS, Actividades de Construccion y Servicios SA

   $ 437,467  
  494    

Aena SME SA

     89,015  
  9,621    

Amadeus IT Holdings SA - Class A

     771,116  
  103,775    

Banco Bilbao Vizcaya Argentaria SA

     592,956  
  141,628    

Banco Santander SA

     657,657  
  5,437    

Bankinter SA

     41,439  
  12,501    

CaixaBank SA

     39,093  
  8,268    

Enagas SA

     240,703  
  11,718    

Endesa SA

     299,050  
  6,565    

Ferrovial SA

     153,841  
  46,897    

Iberdrola SA

     411,747  
  33,113    

Industria de Diseno Textil SA

     973,574  
  45,307    

Mapfre SA

     124,886  
  9,963    

Naturgy Energy Group SA

     278,860  
  47,507    

Repsol SA

     812,767  
  4,336    

Siemens Gamesa Renewable Energy SA (a)

     69,115  
  13,279    

Telefonica SA

     111,237  
           
              6,104,523  
           
       

Sweden - 1.48%

 

  8,962    

Atlas Copco AB - Class A

     241,087  
  8,562    

Atlas Copco AB - Class B

     212,358  
  5,173    

Epiroc AB - Class A

     52,246  
  47,109    

Hennes & Mauritz AB - Series B

     785,932  
  1,148    

ICA Gruppen AB

     46,089  
  6,593    

Investor AB - B Shares

     297,192  
  8,488    

Lundin Petroleum AB

     287,421  
  6,821    

Skanska AB - Class B

     124,052  
  4,939    

SKF AB - B Shares

     82,172  
  4,610    

Swedbank AB - A Shares

     65,153  
  12,404    

Swedish Match AB

     632,887  
  42,496    

Telefonaktiebolaget LM Ericsson - Series B

     391,468  
           
              3,218,057  
           
       

Switzerland - 7.11%

 

  9,065    

ABB, Ltd.

     170,371  
  6,263    

Adecco Group AG

     334,473  
  1,192    

Baloise Holding AG

     197,008  
  107    

Barry Callebaut AG

     193,406  
  1    

Chocoladefabriken Lindt & Spruengli AG

     78,232  
  1,548    

Cie Financiere Richemont SA

     112,932  
  8,417    

Credit Suisse Group AG

     98,112  
  990    

Dufry AG

     104,098  
  120    

Geberit AG

     49,079  
  92    

Givaudan SA

     235,477  
  3,832    

Kuehne & Nagel International AG

     525,773  
  955    

Lonza Group AG

     296,486  
  38,225    

Nestle SA

     3,644,769  
  25,796    

Novartis AG

     2,479,500  
  799    

Partners Group Holding AG

     581,243  
  10,599    

Roche Holdings AG

     2,920,606  
  197    

Schindler Holding AG

     40,785  
  252    

SGS SA

     627,656  
  460    

Sika AG

     64,332  
  1,765    

Sonova Holding AG

     349,770  
  467    

Straumann Holding AG

     381,772  
  939    

Swiss Life Holding AG

     413,724  
  1,457    

Swiss Re AG

     142,415  
  2,725    

Temenos AG

     402,034  
  559    

The Swatch Group AG - Group I

     160,099  
  2,454    

The Swatch Group AG - Group N

     135,881  
 

 

See notes to financial statements.

 

75

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Switzerland (Continued)

 

  16,125    

UBS Group AG

   $ 195,653  
  1,514    

Zurich Insurance Group AG

     501,190  
           
              15,436,876  
           
       

United Kingdom - 13.08%

 

  19,066    

3i Group PLC

     244,492  
  35,728    

Admiral Group PLC

     1,010,609  
  26,454    

Anglo American PLC

     707,552  
  2,284    

Ashtead Group PLC

     55,215  
  1,478    

Associated British Foods PLC

     46,998  
  11,870    

AstraZeneca PLC

     947,485  
  136,635    

Auto Trader Group PLC

     929,313  
  11,525    

Aviva PLC

     61,975  
  24,246    

Babcock International Group PLC

     156,002  
  15,334    

Barratt Developments PLC

     119,779  
  7,045    

Berkeley Group Holdings PLC

     338,689  
  20,214    

BHP Group PLC

     487,705  
  163,724    

BP PLC

     1,188,884  
  21,851    

British American Tobacco PLC

     911,581  
  8,998    

Bunzl PLC

     296,990  
  34,143    

Burberry Group PLC

     870,196  
  1,855    

Carnival PLC

     91,689  
  5,816    

Coca-Cola European Partners PLC

     300,920  
  3,900    

Coca-Cola HBC AG

     132,988  
  10,705    

Compass Group PLC

     251,873  
  24,234    

ConvaTec Group PLC

     44,716  
  4,461    

Croda International PLC

     293,079  
  21,583    

Diageo PLC

     883,225  
  17,519    

Experian PLC

     474,161  
  77,279    

GlaxoSmithKline PLC

     1,605,541  
  39,806    

Hargreaves Lansdown PLC

     967,044  
  110,164    

HSBC Holdings PLC

     895,181  
  5,974    

Imperial Brands PLC

     204,355  
  8,861    

InterContinental Hotels Group PLC

     533,280  
  25,582    

Investec PLC

     147,419  
  210,650    

J. Sainsbury PLC

     646,416  
  51,792    

Kingfisher PLC

     158,832  
  124,791    

Legal & General Group PLC

     447,830  
  270,199    

Lloyds Banking Group PLC

     218,911  
  4,841    

London Stock Exchange Group PLC

     299,447  
  97,998    

Marks & Spencer Group PLC

     355,664  
  26,808    

Meggitt PLC

     175,742  
  10,390    

Merlin Entertainments PLC

     46,511  
  18,897    

Micro Focus International PLC

     491,314  
  4,757    

Mondi PLC

     105,335  
  28,047    

National Grid PLC

     311,333  
  8,336    

Next PLC

     605,746  
  23,007    

Pearson PLC

     251,001  
  12,663    

Prudential PLC

     253,837  
  722    

Reckitt Benckiser Group PLC

     60,087  
  28,000    

RELX PLC

     599,183  
  7,532    

Rio Tinto PLC

     437,785  
  14,535    

Rolls-Royce Holdings PLC (a)

     171,174  
  38,598    

Royal Dutch Shell PLC - Class A

     1,212,984  
  30,184    

Royal Dutch Shell PLC - Class B

     953,988  
  302,341    

Royal Mail PLC

     939,468  
  2,599    

Schroders PLC

     91,518  
  3,859    

Severn Trent PLC

     99,385  
  29,401    

Smith & Nephew PLC

     583,879  

Number of
Shares

        

Value

  
       

United Kingdom (Continued)

 

  3,322    

St. James’s Place PLC

   $ 44,519  
  121,503    

Standard Life Aberdeen PLC

     417,612  
  37,775    

Taylor Wimpey PLC

     86,399  
  229,766    

Tesco PLC

     695,390  
  51,636    

The Sage Group PLC

     471,948  
  14,812    

Unilever PLC

     852,622  
  10,330    

United Utilities Group PLC

     109,712  
  321,862    

Vodafone Group PLC

     586,516  
  1,724    

Whitbread PLC

     114,088  
  96,561    

Wm Morrison Supermarkets PLC

     286,456  
           
              28,381,568  
           
       

Total Common Stocks
(Cost $189,132,249)

     206,500,532  
           
       

INVESTMENT COMPANIES - 2.61%

 

       

Canada - 0.23%

 

  17,635    

iShares MSCI Canada ETF (b)

     487,432  
           
       

Japan - 2.38%

 

  79,755    

iShares MSCI EAFE ETF

     5,172,909  
           
       

Total Investment Companies
(Cost $5,296,252)

     5,660,341  
           
       

PARTICIPATORY NOTES - 0.10%

 

       

Switzerland - 0.10%

 

  21    

Chocoladefabriken Lindt & Spruengli AG (d)

     142,787  
  364    

Schindler Holding AG (d)

     75,529  
           
       

Total Participatory Notes
(Cost $229,344)

     218,316  
           
       

PREFERRED STOCKS - 0.23%

 

       

Germany - 0.23%

 

  6,521    

FUCHS PETROLUB SE - Preference Shares

     269,187  
  1,303    

Sartorius AG

     223,931  
           
       

Total Preferred Stocks
(Cost $493,444)

     493,118  
           
       

REAL ESTATE INVESTMENT TRUSTS - 1.56%

 

       

Australia - 0.45%

 

  34,635    

Dexus

     313,465  
  38,514    

Goodman Group

     365,257  
  50,786    

GPT Group

     224,019  
  42,484    

Mirvac Group

     82,989  
           
              985,730  
           
       

Canada - 0.16%

 

  6,253    

RioCan Real Estate Investment Trust

     123,858  
  8,316    

SmartCentres Real Estate Investment Trust

     217,864  
           
              341,722  
           
       

Hong Kong - 0.17%

 

  31,200    

Link Real Estate Investment Trust

     365,279  
           
       

Japan - 0.50%

 

  59    

Japan Prime Realty Investment Corp.

     242,873  
  42    

Japan Real Estate Investment Corp.

     247,577  
  30    

Japan Retail Fund Investment Corp.

     60,287  
  48    

Nippon Building Fund, Inc.

     325,021  
  42    

Nomura Real Estate Master Fund, Inc.

     61,871  
  85    

United Urban Investment Corp.

     134,190  
           
              1,071,819  
           
       

Singapore - 0.19%

 

  36,048    

Ascendas Real Estate Investment Trust

     77,481  
 

 

See notes to financial statements.

 

76

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

REAL ESTATE INVESTMENT TRUSTS (Continued)

 

       

Singapore (Continued)

 

  78,043    

CapitaLand Commercial Trust

   $ 111,816  
  123,017    

CapitaLand Mall Trust

     216,170  
           
              405,467  
           
       

United Kingdom - 0.09%

 

  23,496    

Segro PLC

     206,250  
           
       

Total Real Estate Investment Trusts
(Cost $3,144,375)

     3,376,267  
           
       

SHORT TERM INVESTMENTS - 0.66%

 

       

Money Market Funds - 0.66%

 

  1,429,776    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c)

     1,429,776  
           
       

Total Short Term Investments
(Cost $1,429,776)

     1,429,776  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.71%

 

       

Investments Purchased with Proceeds from
Securities Lending Collateral - 0.71%

 

  1,550,556    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c)

     1,550,556  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,550,556)

     1,550,556  
           
       

Total Investments
(Cost $201,275,996) - 101.04%

     219,228,906  
       

Liabilities in Excess of
Other Assets - (1.04)%

     (2,259,107 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 216,969,799  
           

Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Seven-day yield as of March 31, 2019.
(d)   Represents the value of the underlying security. See note 3t. of the Notes to Financial Statements.
(e)   A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(f)   This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $348,686, which represents 0.16% of total net assets.

Glossary of Terms

ADR   -   American Depositary Receipt
LN   -   London Stock Exchange
EB   -   Cboe European Equities
 

 

See notes to financial statements.

 

77

GuideMark® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2019

 

COMMON STOCKS

         

Aerospace & Defense

      1.23%  

Air Freight & Logistics

      1.08%  

Airlines

      0.31%  

Auto Components

      0.84%  

Automobiles

      1.74%  

Banks

      6.64%  

Beverages

      1.47%  

Biotechnology

      0.33%  

Building Products

      0.07%  

Capital Markets

      2.70%  

Chemicals

      2.41%  

Commercial Services & Supplies

      0.93%  

Communications Equipment

      0.28%  

Construction & Engineering

      1.50%  

Construction Materials

      0.21%  

Consumer Finance

      0.10%  

Containers & Packaging

      0.14%  

Distributors

      0.17%  

Diversified Financial Services

      1.06%  

Diversified Telecommunication Services

      1.82%  

Electric Utilities

      2.30%  

Electrical Equipment

      0.35%  

Electronic Equipment, Instruments & Components

      0.60%  

Entertainment

      0.26%  

Equity Real Estate Investment Trusts (REITs)

      0.12%  

Food & Staples Retailing

      4.97%  

Food Products

      4.15%  

Gas Utilities

      0.56%  

Health Care Equipment & Supplies

      2.66%  

Health Care Providers & Services

      1.00%  

Health Care Technology

      0.13%  

Hotels, Restaurants & Leisure

      1.06%  

Household Durables

      1.10%  

Household Products

      0.79%  

Independent Power and Renewable Electricity Producers

      0.23%  

Industrial Conglomerates

      0.45%  

Insurance

      5.75%  

Interactive Media & Services

      0.91%  

Internet & Direct Marketing Retail

      0.53%  

IT Services

      1.63%  

Leisure Products

      0.40%  

Life Sciences Tools & Services

      0.38%  

Machinery

      1.21%  

Marine

      0.54%  

Media

      1.47%  

Metals & Mining

      2.54%  

Multiline Retail

      1.34%  

Multi-Utilities

      0.79%  

Oil, Gas & Consumable Fuels

      5.25%  

Paper & Forest Products

      0.73%  
          

Personal Products

      1.90%  

Pharmaceuticals

      7.51%  

Professional Services

      1.86%  

Real Estate Management & Development

      1.29%  

Road & Rail

      0.80%  

Semiconductors & Semiconductor Equipment

      0.56%  

Software

      2.13%  

Specialty Retail

      1.85%  

Technology Hardware, Storage & Peripherals

      0.66%  

Textiles, Apparel & Luxury Goods

      3.56%  

Tobacco

      0.81%  

Trading Companies & Distributors

      1.92%  

Transportation Infrastructure

      0.25%  

Water Utilities

      0.10%  

Wireless Telecommunication Services

      0.74%  
    

TOTAL COMMON STOCKS

      95.17%  
    

INVESTMENT COMPANIES

         

Exchange Traded Funds

      2.61%  
    

TOTAL INVESTMENT COMPANIES

      2.61%  
    

PARTICIPATORY NOTES

         

Food Products

      0.07%  

Machinery

      0.03%  
    

TOTAL PARTICIPATORY NOTES

      0.10%  
    

PREFERRED STOCKS

         

Chemicals

      0.13%  

Health Care Equipment & Supplies

      0.10%  
    

TOTAL PREFERRED STOCKS

      0.23%  
    

REAL ESTATE INVESTMENT TRUSTS

         

Real Estate Investment Trusts

      1.56%  
    

TOTAL REAL ESTATE INVESTMENT TRUSTS

      1.56%  
    

SHORT TERM INVESTMENTS

         

Money Market Funds

      0.66%  
    

TOTAL SHORT TERM INVESTMENTS

      0.66%  
    

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

 

Investments Purchased with Proceeds from Securities Lending Collateral

      0.71%  
    

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

      0.71%  
    

TOTAL INVESTMENTS

      101.04%  

Liabilities in Excess of Other Assets

      (1.04)%  
    

TOTAL NET ASSETS

      100.00%  
    

Percentages are stated as a percent of net assets.

 

 

See notes to financial statements.

 

78

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES - 14.79%

 

  395,000    

AIMCO CLO
Series 2015-A, 3.637% (3 Month LIBOR USD + 0.850%, 0.850% Floor), 01/15/2028 (b)(c)

   $ 392,424  
  510,000    

Ally Auto Receivables Trust
Series 2017-4, 1.750%, 12/15/2021

     506,933  
  395,000    

Ally Master Owner Trust
Series 2018-1, 2.700%, 01/15/2023

     394,927  
       

AmeriCredit Automobile Receivables Trust

        
  106,605    

Series 2016-4, 1.530%, 07/08/2021

     106,300  
  320,000    

Series 2017-3-A3, 1.900%, 03/18/2022

     318,262  
  400,000    

Atrium XII
Series 2015-12R, 3.591% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (b)(c)

     397,988  
  250,000    

Babson CLO, Ltd.
Series 2015-IIA, 3.951% (3 Month LIBOR USD + 1.190%, 0.000% Floor), 10/20/2030 (b)(c)

     248,903  
       

Barings CLO, Ltd.

        
  575,000    

Series 2013-IA, 3.561% (3 Month LIBOR USD + 0.800%, 0.800% Floor), 01/20/2028 (b)(c)

     569,445  
  250,000    

Series 2018-III, 3.711% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 07/20/2029 (b)(c)

     247,591  
       

BlueMountain CLO, Ltd.

        
  390,000    

Series 2015-2, 3.710% (3 Month LIBOR USD + 0.930%, 0.000% Floor), 07/19/2027 (b)(c)

     388,436  
  397,000    

Series 2013-2R, 3.941% (3 Month LIBOR USD + 1.180%, 0.930% Floor), 10/22/2030 (b)(c)

     394,825  
  315,000    

BMW Vehicle Lease Trust
Series 2017-2, 2.070%, 10/20/2020

     314,196  
  385,000    

Bristol Park CLO, Ltd.
Series 2016-1, 4.207% (3 Month LIBOR USD + 1.420%, 0.000% Floor), 04/15/2029 (b)(c)

     385,875  
  735,000    

Capital One Multi-Asset Execution Trust
Series 2016-3A, 1.340%, 04/15/2022

     732,984  
  250,000    

Carlyle Global Market Strategies CLO, Ltd.
Series 2013-2, 3.670% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (b)(c)

     247,545  
  645,000    

Chase Issuance Trust
Series 2016-2, 1.370%, 06/15/2021

     643,318  
       

CIFC Funding, Ltd.

        
  365,000    

Series 2013-IR, 4.029% (3 Month LIBOR USD + 1.250%, 0.000% Floor), 07/15/2030 (b)(c)

     364,330  
  390,000    

Series 2013-IIR, 3.990% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 10/18/2030 (b)(c)

     388,760  
  9,028    

CIG AUTO RECEIVABLES TRUST
Series 2017-1, 2.710%, 05/15/2023 (c)

     9,010  
  105,000    

CNH Equipment Trust
Series 2018-A, 3.300%, 04/15/2025

     106,941  
  94,540    

Credit Suisse ABS Trust
Series 2018-A, 3.420%, 07/25/2024 (c)(h)

     94,646  
  188,575    

Domino’s Pizza Master Issuer LLC
Series 2018-1, 4.116%, 07/25/2048 (c)(h)

     188,804  
  530,000    

Dryden 50 Senior Loan Fund
Series 2017-50, 4.007% (3 Month LIBOR USD + 1.220%, 0.000% Floor), 07/15/2030 (b)(c)

     527,565  
  69,100    

Engs Commercial Finance Trust
Series 2018-1, 2.970%, 02/22/2021 (c)(h)

     69,255  
  200,661    

Flagship Credit Auto Trust
Series 2018-2, 2.970%, 10/17/2022 (c)

     201,217  
  300,000    

Ford Credit Auto Lease Trust
Series 2017-B, 2.030%, 12/15/2020

     299,000  

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES (Continued)

 

  408,067    

Ford Credit Auto Owner Trust
Series 2015-A, 2.030%, 08/15/2020

   $ 407,587  
  295,000    

Galaxy XXII CLO, Ltd.
Series FLT, 3.779% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 07/17/2028 (b)(c)

     294,572  
  100,000    

GCO Education Loan Funding Trust
Series 2006-1, 2.881% (3 Month LIBOR USD + 0.230%, 0.230% Floor), 05/25/2036 (b)

     97,441  
  341,387    

GM Financial Automobile Leasing Trust
Series 2017-1, 2.060%, 05/20/2020

     340,746  
  300,000    

GTP Acquisition Partners I LLC
Series 2015-2, 3.482%, 06/15/2050 (c)

     303,450  
       

KKR Financial CLO, Ltd.

        
  340,000    

Series 2016-16, 4.251% (3 Month LIBOR USD + 1.490%, 0.000% Floor), 01/22/2029 (b)(c)

     339,994  
  250,000    

Series 2013-IA, 4.077% (3 Month LIBOR USD + 1.290%, 0.000% Floor), 04/15/2029 (b)(c)

     248,832  
  250,000    

LCM XX LP
Series 2015-20R, 3.801% (3 Month LIBOR USD + 1.040%, 1.040% Floor), 10/20/2027 (b)(c)

     248,455  
  320,000    

LCM XXII, Ltd.
Series 21-A, 4.241% (3 Month LIBOR USD + 1.480%, 0.000% Floor), 10/20/2028 (b)(c)

     320,696  
  250,000    

LCM XXV, Ltd.
Series 2017-25, 3.971% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 07/20/2030 (b)(c)

     249,446  
  261,000    

Madison Park Funding XI, Ltd.
Series 2013-11A, 3.932% (3 Month LIBOR USD + 1.160%, 0.000% Floor), 07/23/2029 (b)(c)

     261,253  
  63,366    

Marlette Funding Trust
Series 2018-2, 3.060%, 07/17/2028 (c)(h)

     63,341  
  43,478    

Nationstar HECM Loan Trust
Series 2018-IA, 2.760%, 02/25/2028 (a)(c)

     43,391  
  270,000    

Neuberger Berman CLO XX, Ltd.
Series 2015-20R, 3.587% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 01/18/2028 (b)(c)

     267,849  
  401,000    

Neuberger Berman CLO, Ltd.
Series 2017-16A, 3.637% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 01/18/2028 (b)(c)

     399,797  
  345,000    

Neuberger Berman Loan Advisers CLO, Ltd.
Series 2018-27A, 4.187% (3 Month LIBOR USD + 1.400%, 0.000% Floor), 01/15/2030 (b)(c)

     335,844  
       

NRZ Advance Receivables Trust

        
  73,500    

Series 2016-T2, 2.575%, 10/15/2049 (c)

     73,362  
  136,000    

Series 2015-ON1, 3.107%, 12/15/2050 (c)

     136,482  
  120,000    

Series 2017-T1, 3.214%, 02/15/2051 (c)

     120,474  
       

NRZ Excess Spread-Collateralized Notes Series

        
  285,623    

Series 2018-PLS1, 3.193%, 01/25/2023 (c)

     284,487  
  105,715    

Series 2018-PLS2, 3.265%, 02/25/2023 (c)

     105,709  
       

OCP CLO, Ltd.

        
  275,000    

Series 2015-8R, 3.623% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (b)(c)

     274,090  
  335,000    

Series 2015-9R, 3.587% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (b)(c)

     333,095  
       

OneMain Financial Issuance Trust

        
  331,000    

Series 2018-1A, 3.300%, 03/14/2029 (c)

     332,921  
  120,000    

Series 2017-1A, 2.370%, 09/14/2032 (c)

     119,097  
  250,000    

OZLM VII, Ltd.
Series 2014-7R, 3.783% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (b)(c)

     247,373  
 

 

See notes to financial statements.

 

79

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

ASSET BACKED SECURITIES (Continued)

 

  300,000    

OZLM XII, Ltd.
Series 2015-12R, 3.801% (3 Month LIBOR USD + 1.050%, 0.000% Floor), 04/30/2027 (b)(c)

   $ 298,260  
  250,000    

Palmer Square Loan Funding, Ltd.
Series 2018-4A2, 4.134% (3 Month LIBOR USD + 1.450%, 0.000% Floor), 11/16/2026 (b)(c)

     247,613  
  60,637    

Prosper Marketplace Issuance Trust
Series 2018-IA, 3.110%, 06/17/2024 (c)

     60,664  
  180,000    

Regional Management Issuance Trust
Series 2018-1, 3.830%, 07/15/2027 (c)(h)

     180,119  
  400,000    

RR 3, Ltd.
Series 2014-R2, 3.877% (3 Month LIBOR USD + 1.090%, 1.090% Floor), 01/15/2030 (b)(c)

     396,946  
  250,000    

Shackleton 2014-VI-R CLO, Ltd.
Series A, 3.793% (3 Month LIBOR USD + 1.020%, 1.020% Floor), 07/17/2028 (b)(c)

     248,740  
  71,552    

Skopos Auto Receivables Trust
Series 2018-1A, 3.190%, 09/15/2021 (c)(h)

     71,559  
       

SoFi Consumer Loan Program Trust

        
  166,102    

Series 2016-2, 3.090%, 10/27/2025 (c)(h)

     166,302  
  74,561    

Series 2018-1, 2.550%, 02/25/2027 (c)

     74,323  
  76,662    

Series 2018-2, 2.930%, 04/26/2027 (c)

     76,599  
  315,000    

Sound Point CLO II, Ltd.
Series 2013-1A, 3.835% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 01/27/2031 (b)(c)

     311,183  
  401,000    

Sound Point CLO XVIII, Ltd.
Series 2017-4A, 3.881% (3 Month LIBOR USD + 1.120%, 0.000% Floor), 01/21/2031 (b)(c)

     397,509  
  335,000    

Sound Point CLO, Ltd.
Series A-1, 3.737% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (b)(c)

     330,951  
  125,000    

Springleaf Funding Trust
Series 2017-A, 2.680%, 07/15/2030 (c)

     124,060  
  395,000    

TICP CLO, Ltd.
Series III-2, 3.601% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (b)(c)

     392,002  
       

Voya CLO, Ltd.

        
  298,596    

Series 2014-3, 3.491% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/25/2026 (b)(c)

     297,461  
  480,000    

Series 2015-1, 3.680% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (b)(c)

     475,587  
  79,000    

Wendy’s Funding LLC
Series 2018-1, 3.884%, 03/15/2048 (c)(h)

     77,983  
  230,000    

World Omni Auto Receivables Trust
Series 2017-B, 1.950%, 02/15/2023

     227,698  
  400,000    

Z Capital Credit Partners CLO, Ltd.
Series 2015-1, 3.729% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (b)(c)

     396,753  
           
       

Total Asset Backed Securities
(Cost $19,743,325)

     19,641,576  
           
       

COLLATERALIZED MORTGAGE OBLIGATIONS - 10.46%

 

  193,797    

Ajax Mortgage Loan Trust
Series 2017-B, 3.163%, 09/25/2056 (a)(c)

     193,232  
       

Angel Oak Mortgage Trust I LLC

        
  204,923    

Series 2018-3, 3.649%, 09/25/2048 (a)(c)

     205,677  
  100,000    

Series 2019-2, 3.628%, 03/25/2049 (a)(c)

     100,614  
  235,684    

Arroyo Mortgage Trust
Series 2018-1, 3.763%, 04/25/2048 (a)(c)

     235,903  
  93,957    

Bayview Koitere Fund Trust
Series 2017-RT4, 3.500%, 07/28/2057 (a)(c)

     94,620  

Principal
Amount

        

Value

  
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  259,772    

Bayview Mortgage Fund IVc Trust
Series 2017-RT3A, 3.500%, 01/28/2058 (a)(c)

   $ 261,173  
       

Bayview Opportunity Master Fund IVa Trust

        
  240,826    

Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(c)

     242,154  
  81,855    

Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(c)

     83,093  
       

Bayview Opportunity Master Fund IVb Trust

        
  68,134    

Series 2017-SPL3, 4.000%, 11/28/2053 (a)(c)

     69,446  
  92,420    

Series 2017-RT6, 3.500%, 10/28/2057 (a)(c)

     92,951  
  132,000    

BBCMS Mortgage Trust
Series 2017-DELC, 3.334% (1 Month LIBOR USD + 0.850%) 08/15/2036 (b)(c)

     131,543  
  265,775    

BX Commercial Mortgage Trust
Series 2018-IND, 3.234% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 11/15/2035 (b)(c)

     265,400  
  100,000    

CAMB Commercial Mortgage Trust
Series 2019-LIFE, 3.934% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (b)(c)

     100,385  
  92,000    

CD 2017-CD4 Mortgage Trust
Series 2017-CD4, 3.514%, 05/12/2050 (a)

     94,496  
  30,567    

Chase Mortgage Finance Trust
Series 2007-A1, 4.134%, 02/25/2037 (a)

     30,566  
  89,416    

CIM Trust
Series 2017-7, 3.000%, 04/25/2057 (a)(c)

     89,123  
       

Citigroup Commercial Mortgage Trust

        
  296,312    

Series 2016-P3, 3.329%, 04/16/2049

     300,844  
  505,000    

Series 2016-P4, 2.902%, 07/12/2049

     498,897  
  383,000    

Series 2016-P6, 3.720%, 12/10/2049 (a)

     398,801  
       

Citigroup Mortgage Loan Trust, Inc.

        
  291,648    

Series 2018-R2, 3.500%, 02/25/2058 (a)(c)

     292,832  
  132,067    

Series 2018-R, 3.000%, 09/25/2064 (a)(c)

     132,944  
       

COLT Mortgage Loan Trust

        
  102,068    

Series 2019-1, 3.705%, 03/25/2049 (a)(c)

     102,679  
  180,000    

Series 2019-2, 3.337%, 05/25/2049 (a)(c)

     180,000  
  120,000    

COMM Mortgage Trust
Series 2013-300P, 4.353%, 08/12/2030 (c)

     126,746  
       

Countrywide Home Loans, Inc.

        
  9,071    

Series 2004-HYB6, 4.267%, 11/20/2034 (a)

     9,173  
  87,527    

Series 2005-11, 3.086% (1 Month LIBOR USD + 0.600%, 10.500% Cap, 0.300% Floor), 03/25/2035 (b)

     81,400  
  42,371    

CSMC Trust
Series 2017-FHA1, 3.250%, 04/25/2047 (a)(c)

     41,543  
  394,000    

DBJPM Mortgage Trust
Series 2016-C3, 2.890%, 08/12/2049

     388,858  
  378,467    

Four Times Square Trust
Series 2006-4TS, 5.401%, 12/13/2028 (c)

     392,296  
       

GS Mortgage Securities Trust

        
  145,000    

Series 2012-ALOH, 3.551%, 04/12/2034 (c)

     147,793  
  145,000    

Series 2012-BWTR, 2.954%, 11/07/2034 (c)

     145,311  
  35,000    

Series 2015-GC34, 3.506%, 10/13/2048

     35,940  
  370,000    

Series 2016-GS4, 3.442%, 11/15/2049 (a)

     378,779  
  564,560    

JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, 3.157%, 07/17/2045

     567,853  
       

Mill City Mortgage Loan Trust

        
  278,962    

Series 2018-2, 3.500%, 05/25/2058 (a)(c)

     280,135  
  289,985    

Series 2017-3, 2.750%, 01/25/2061 (a)(c)

     286,653  
  205,600    

Series 2018-1, 3.250%, 05/25/2062 (a)(c)

     204,847  
 

 

See notes to financial statements.

 

80

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  189,912    

Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 3.506% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (b)

   $ 188,548  
       

Morgan Stanley Bank of America Merrill Lynch Trust

        
  175,000    

Series 2016-C29, 3.325%, 05/17/2049

     177,745  
  403,000    

Series 2016-C30, 2.860%, 09/17/2049

     395,891  
       

Morgan Stanley Capital I Trust

        
  185,000    

Series 2014-MP, 3.469%, 08/11/2033 (c)

     187,789  
  295,000    

Series 2016-UB11, 2.782%, 08/17/2049

     288,480  
       

MTRO Commercial Mortgage Trust

        
  100,000    

Series 2019-TECH B, 3.584% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (b)(c)

     100,373  
  100,000    

Series 2019-TECH C, 3.784% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (b)(c)

     100,377  
       

New Residential Mortgage LLC

        
  239,427    

Series 2018-FNT1, 3.610%, 05/25/2023 (c)

     242,761  
  267,645    

Series 2018-FNT2, 3.790%, 07/25/2024 (c)

     270,589  
       

New Residential Mortgage Loan Trust

        
  99,122    

Series 2016-2, 3.750%, 11/25/2035 (a)(c)

     100,475  
  79,490    

Series 2016-4, 3.750%, 11/25/2056 (a)(c)

     80,509  
  132,160    

Series 2017-1, 4.000%, 02/25/2057 (a)(c)

     134,960  
  118,783    

Series 2017-2, 4.000%, 03/25/2057 (a)(c)

     121,861  
  67,606    

Series 2017-3, 4.000%, 04/25/2057 (a)(c)

     69,333  
  73,879    

Series 2017-4, 4.000%, 05/25/2057 (a)(c)

     75,769  
  81,067    

Series 2017-5, 3.986% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (b)(c)

     82,545  
  95,271    

Series 2017-6, 4.000%, 08/25/2057 (a)(c)

     97,067  
  206,125    

Series 2018-1, 4.000%, 12/25/2057 (a)(c)

     212,511  
  210,282    

Series 2018-2, 4.500%, 02/25/2058 (a)(c)

     217,350  
  287,933    

Series 2018-4, 3.236% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/25/2048 (b)(c)

     286,836  
  130,000    

OBP Depositor LLC Trust
Series 2010-OBP, 4.646%, 07/17/2045 (c)

     131,614  
       

SBA Tower Trust

        
  155,000    

Series 2014-1-2, 2.898%, 10/15/2044 (c)

     154,842  
  90,000    

Series 2017-1, 3.168%, 04/15/2047 (c)

     89,947  
  125,000    

Series 2018-1, 3.448%, 03/15/2048 (c)

     125,883  
  75,000    

SG Commercial Mortgage Securities Trust
Series 2016-C5, 3.055%, 10/13/2048

     73,904  
       

Towd Point Mortgage Trust

        
  169,488    

Series 2015-6, 2.750%, 04/25/2055 (a)(c)

     168,115  
  65,870    

Series 2016-2, 2.750%, 08/25/2055 (a)(c)

     65,169  
  70,906    

Series 2016-3, 2.250%, 08/25/2055 (a)(c)

     69,991  
  149,176    

Series 2017-1, 2.750%, 10/25/2056 (a)(c)

     147,904  
  74,357    

Series 2017-5, 3.086% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (b)(c)

     73,929  
  301,509    

Series 2017-2, 2.750%, 04/25/2057 (a)(c)

     298,776  
  71,160    

Series 2017-3, 2.750%, 06/25/2057 (a)(c)

     70,263  
  83,751    

Series 2017-4, 2.750%, 06/25/2057 (a)(c)

     82,658  
  331,868    

Series 2017-6, 2.750%, 10/25/2057 (a)(c)

     326,014  
  105,818    

Series 2018-1, 3.000%, 01/28/2058 (a)(c)

     104,194  
  293,121    

Series 2018-2, 3.250%, 03/25/2058 (a)(c)

     292,182  
  210,112    

Series 2018-3, 3.750%, 05/25/2058 (a)(c)

     210,921  
  200,820    

Verus Securitization Trust

        
       

Series 2018-2, 3.677%, 07/25/2058 (a)(c)

     201,729  
  475,695    

Wells Fargo-RBS Commercial Mortgage Trust

        
       

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

     481,826  
           
       

Total Collateralized Mortgage Obligations
(Cost $13,922,319)

     13,886,330  
           

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS - 30.91%

 

       

Aerospace & Defense - 0.69%

 

  185,000    

Lockheed Martin Corp.

        
       

4.090%, 09/15/2052

   $ 188,246  
       

United Technologies Corp.

        
  385,000    

3.650%, 08/16/2023

     395,407  
  100,000    

3.950%, 08/16/2025

     103,952  
  205,000    

3.125%, 05/04/2027

     200,502  
  25,000    

4.625%, 11/16/2048

     26,561  
           
              914,668  
           
       

Airlines - 0.14%

 

       

Delta Air Lines, Inc.

        
  90,000    

3.625%, 03/15/2022

     90,570  
  100,000    

3.800%, 04/19/2023

     101,143  
           
              191,713  
           
       

Automobiles - 0.55%

 

       

Ford Motor Co.

        
  40,000    

4.346%, 12/08/2026 (d)

     37,165  
  40,000    

4.750%, 01/15/2043

     31,419  
  70,000    

5.291%, 12/08/2046

     58,759  
       

General Motors Co.

        
  15,000    

6.250%, 10/02/2043

     14,948  
  175,000    

6.750%, 04/01/2046

     182,786  
  130,000    

5.400%, 04/01/2048

     119,030  
  45,000    

5.950%, 04/01/2049

     43,695  
  35,000    

General Motors Financial Co., Inc.

        
       

3.500%, 11/07/2024

     33,836  
  205,000    

Volkswagen Group of America Finance LLC

        
       

3.875%, 11/13/2020 (c)

     207,708  
           
              729,346  
           
       

Banks - 5.48%

 

       

Bank of America Corp.

        
  35,000    

2.503%, 10/21/2022

     34,577  
  195,000    

3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (b)

     195,649  
  190,000    

4.100%, 07/24/2023

     198,767  
  250,000    

3.864% (3 Month LIBOR USD + 0.940%), 07/23/2024 (b)

     257,224  
  45,000    

4.000%, 01/22/2025

     45,919  
  330,000    

3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (b)

     330,500  
  160,000    

3.419% (3 Month LIBOR USD + 1.040%), 12/20/2028 (b)

     156,596  
  140,000    

3.974% (3 Month LIBOR USD + 1.210%), 02/07/2030 (b)

     142,815  
  100,000    

6.110%, 01/29/2037

     118,808  
  165,000    

5.000%, 01/21/2044

     185,681  
  200,000    

Barclays Bank PLC

        
       

2.650%, 01/11/2021

     198,501  
  270,000    

BNP Paribas SA

        
       

3.375%, 01/09/2025 (c)

     264,700  
  250,000    

BPCE SA

        
       

2.750%, 01/11/2023 (c)

     247,499  
       

Citigroup, Inc.

        
  55,000    

3.783% (3 Month LIBOR USD + 1.100%), 05/17/2024 (b)

     55,263  
  280,000    

3.700%, 01/12/2026

     284,693  
  155,000    

4.300%, 11/20/2026

     157,678  
  245,000    

3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (b)

     249,001  
 

 

See notes to financial statements.

 

81

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Banks (Continued)

 

  35,000    

3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (b)

   $ 34,419  
  330,000    

3.980% (3 Month LIBOR USD + 1.338%), 03/20/2030 (b)

     336,170  
  200,000    

Danske Bank AS

        
       

5.375%, 01/12/2024 (c)

     208,130  
  570,000    

HSBC Holdings PLC

        
       

3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (b)

     571,641  
       

JPMorgan Chase & Co.

        
  80,000    

4.009% (3 Month LIBOR USD + 1.230%), 10/24/2023 (b)

     81,244  
  150,000    

3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (b)

     154,092  
  225,000    

3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (b)

     225,107  
  170,000    

3.300%, 04/01/2026

     170,369  
  90,000    

2.950%, 10/01/2026

     87,999  
  195,000    

3.960% (3 Month LIBOR USD + 1.245%), 01/29/2027 (b)

     201,536  
  300,000    

3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (b)

     305,869  
  80,000    

3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (b)

     79,524  
  235,000    

Santander Holdings USA, Inc.

        
       

3.700%, 03/28/2022

     237,898  
  200,000    

UBS AG

        
       

2.450%, 12/01/2020 (c)

     198,938  
       

Wells Fargo & Co.

        
  150,000    

2.625%, 07/22/2022

     148,964  
  120,000    

3.000%, 04/22/2026

     117,365  
  135,000    

3.000%, 10/23/2026

     131,763  
  285,000    

3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (b)

     286,339  
  1,000    

5.606%, 01/15/2044

     1,156  
  45,000    

4.750%, 12/07/2046

     47,291  
       

Wells Fargo Bank NA

        
  250,000    

2.600%, 01/15/2021

     249,374  
  265,000    

3.625%, 10/22/2021

     270,087  
           
              7,269,146  
           
       

Beverages - 1.65%

 

       

Anheuser-Busch InBev Worldwide, Inc.

        
  70,000    

3.500%, 01/12/2024

     71,263  
  235,000    

4.150%, 01/23/2025

     245,022  
  530,000    

3.650%, 02/01/2026 (c)

     532,059  
  210,000    

4.750%, 01/23/2029

     223,932  
  7,000    

8.200%, 01/15/2039

     9,728  
  385,000    

5.450%, 01/23/2039

     417,454  
  5,000    

3.750%, 07/15/2042

     4,336  
  20,000    

4.900%, 02/01/2046 (c)

     20,119  
  75,000    

4.600%, 04/15/2048 (d)

     72,170  
  187,000    

4.750%, 04/15/2058

     178,508  
       

Constellation Brands, Inc.

        
  115,000    

2.700%, 05/09/2022

     114,181  
  40,000    

2.650%, 11/07/2022

     39,514  
  115,000    

4.400%, 11/15/2025

     120,842  
  150,000    

3.600%, 02/15/2028

     146,754  
           
              2,195,882  
           

Principal
Amount

        

Value

  
       

Biotechnology - 0.19%

 

       

Amgen, Inc.

        
  45,000    

2.650%, 05/11/2022

   $ 44,863  
  125,000    

4.400%, 05/01/2045

     122,731  
  80,000    

Gilead Sciences, Inc.

        
       

2.500%, 09/01/2023

     79,184  
           
              246,778  
           
       

Capital Markets - 2.21%

 

       

Morgan Stanley

        
  75,000    

2.625%, 11/17/2021

     74,690  
  195,000    

3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (b)(d)

     198,978  
  230,000    

3.700%, 10/23/2024

     234,173  
  65,000    

3.125%, 07/27/2026

     63,337  
  40,000    

4.350%, 09/08/2026

     41,075  
  50,000    

3.950%, 04/23/2027

     50,033  
  495,000    

3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (b)

     491,678  
  15,000    

3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (b)

     14,761  
  80,000    

State Street Corp.
3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (b)

     83,121  
  155,000    

The Bank of New York Mellon Corp.
2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (b)

     154,259  
       

The Goldman Sachs Group, Inc.

        
  275,000    

2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (b)

     272,668  
  55,000    

2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (b)

     54,411  
  140,000    

3.500%, 01/23/2025

     139,760  
  150,000    

3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (b)

     148,195  
  255,000    

3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (b)

     252,786  
  315,000    

4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (b)

     322,208  
  140,000    

6.750%, 10/01/2037

     170,873  
  90,000    

4.017% (3 Month LIBOR USD + 1.373%), 10/31/2038 (b)

     86,092  
  40,000    

6.250%, 02/01/2041

     49,407  
  5,000    

4.750%, 10/21/2045

     5,325  
  25,000    

Willis North America, Inc.
3.600%, 05/15/2024

     25,173  
           
              2,933,003  
           
       

Chemicals - 0.93%

 

       

DowDuPont, Inc.

        
  295,000    

4.205%, 11/15/2023

     308,663  
  290,000    

4.725%, 11/15/2028 (d)

     313,588  
  20,000    

Methanex Corp.
5.650%, 12/01/2044

     19,036  
  35,000    

Nutrien, Ltd.
4.200%, 04/01/2029

     36,112  
  200,000    

SABIC Capital II BV
4.000%, 10/10/2023 (c)

     204,471  
  200,000    

Syngenta Finance NV
5.182%, 04/24/2028 (c)

     203,451  
  150,000    

The Sherwin-Williams Co.
3.450%, 06/01/2027

     147,506  
           
              1,232,827  
           
 

 

See notes to financial statements.

 

82

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Commercial Services & Supplies - 0.05%

 

  55,000    

ERAC USA Finance LLC
7.000%, 10/15/2037 (c)

   $ 70,640  
           
       

Construction & Engineering - 0.07%

 

  95,000    

Fluor Corp.
4.250%, 09/15/2028

     95,092  
           
       

Consumer Finance - 0.25%

 

  155,000    

American Express Co.
4.200%, 11/06/2025

     164,055  
       

John Deere Capital Corp.

        
  135,000    

3.200%, 01/10/2022

     137,313  
  25,000    

3.450%, 06/07/2023

     25,692  
           
              327,060  
           
       

Diversified Financial Services - 0.54%

 

       

BAT Capital Corp.

        
  160,000    

2.297%, 08/14/2020

     158,391  
  180,000    

3.222%, 08/15/2024

     176,105  
  185,000    

4.390%, 08/15/2037

     165,818  
  160,000    

GlaxoSmithKline Capital, Inc.
3.625%, 05/15/2025

     165,790  
  45,000    

Shell International Finance BV
4.375%, 05/11/2045

     49,225  
           
              715,329  
           
       

Diversified Telecommunication Services - 0.97%

 

       

AT&T, Inc.

        
  20,000    

4.100%, 02/15/2028

     20,240  
  190,000    

4.350%, 03/01/2029

     194,274  
  175,000    

4.500%, 05/15/2035

     172,677  
  125,000    

6.350%, 03/15/2040

     145,186  
  155,000    

4.750%, 05/15/2046

     151,714  
       

Verizon Communications, Inc.

        
  160,000    

4.125%, 03/16/2027 (d)

     167,708  
  140,000    

4.500%, 08/10/2033

     148,184  
  60,000    

5.250%, 03/16/2037

     67,585  
  20,000    

4.812%, 03/15/2039

     21,460  
  155,000    

4.862%, 08/21/2046

     165,386  
  25,000    

5.012%, 08/21/2054

     26,778  
  5,000    

4.672%, 03/15/2055

     5,102  
           
              1,286,294  
           
       

Electric Utilities - 1.93%

 

  65,000    

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

     64,667  
       

Duke Energy Carolinas LLC

        
  45,000    

2.500%, 03/15/2023

     44,721  
  118,000    

5.300%, 02/15/2040

     142,600  
  60,000    

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

     55,929  
  60,000    

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

     68,255  
  100,000    

Duke Energy Ohio, Inc.
3.650%, 02/01/2029

     103,905  
  235,000    

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

     245,081  
  185,000    

Exelon Corp.
2.450%, 04/15/2021

     182,924  
  20,000    

Fortis, Inc.
2.100%, 10/04/2021

     19,572  

Principal
Amount

        

Value

  
       

Electric Utilities (Continued)

 

       

Georgia Power Co.

        
  187,000    

2.000%, 09/08/2020

   $ 185,340  
  85,000    

2.400%, 04/01/2021

     84,312  
  135,000    

4.750%, 09/01/2040

     140,045  
  160,000    

NextEra Energy Capital Holdings, Inc.
3.150%, 04/01/2024

     160,759  
  210,000    

Oglethorpe Power Corp.
5.050%, 10/01/2048 (c)

     231,780  
  20,000    

Oncor Electric Delivery Co. LLC
5.750%, 03/15/2029

     23,910  
       

Pacific Gas & Electric Co.

        
  165,000    

2.950%, 03/01/2026 (j)

     145,200  
  100,000    

3.300%, 12/01/2027 (j)

     87,750  
  145,000    

6.050%, 03/01/2034 (j)

     144,637  
  110,000    

Sierra Pacific Power Co.
2.600%, 05/01/2026

     105,745  
       

South Carolina Electric & Gas Co.

        
  80,000    

4.250%, 08/15/2028

     86,442  
  31,000    

5.100%, 06/01/2065

     35,638  
       

The Southern Co.

        
  20,000    

2.950%, 07/01/2023 (d)

     19,924  
  160,000    

3.250%, 07/01/2026

     156,869  
  25,000    

4.400%, 07/01/2046

     25,174  
           
              2,561,179  
           
       

Entertainment - 0.27%

 

       

Viacom, Inc.

        
  225,000    

4.250%, 09/01/2023

     234,032  
  140,000    

4.375%, 03/15/2043

     126,123  
           
              360,155  
           
       

Food & Staples Retailing - 0.20%

 

  260,000    

Walmart, Inc.
3.400%, 06/26/2023

     267,854  
           
       

Food Products - 0.89%

 

       

Conagra Brands, Inc.

        
  60,000    

3.800%, 10/22/2021

     61,152  
  100,000    

4.300%, 05/01/2024

     103,825  
  20,000    

4.600%, 11/01/2025

     21,010  
  80,000    

5.300%, 11/01/2038

     81,130  
  90,000    

5.400%, 11/01/2048

     90,636  
       

Kraft Heinz Foods Co.

        
  175,000    

4.625%, 01/30/2029 (d)

     180,179  
  185,000    

5.000%, 07/15/2035

     182,601  
  325,000    

Nestle Holdings, Inc.
3.350%, 09/24/2023 (c)

     334,925  
  130,000    

Tyson Foods, Inc.
5.100%, 09/23/2048

     132,521  
           
              1,187,979  
           
       

Gas Utilities - 0.01%

 

  10,000    

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

     9,723  
           
       

Health Care Equipment & Supplies - 0.59%

 

       

Becton Dickinson and Co.

        
  205,000    

3.125%, 11/08/2021

     205,926  
  195,000    

3.700%, 06/06/2027

     194,433  
  180,000    

Boston Scientific Corp.
4.000%, 03/01/2028

     185,213  
 

 

See notes to financial statements.

 

83

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Health Care Equipment & Supplies (Continued)

 

       

Shire Acquisitions Investments Ireland Designated Activity Co.

        
  70,000    

2.400%, 09/23/2021

   $ 69,168  
  125,000    

2.875%, 09/23/2023

     123,436  
           
              778,176  
           
       

Health Care Providers & Services - 2.11%

 

  110,000    

Aetna, Inc.
2.800%, 06/15/2023

     108,085  
  210,000    

Anthem, Inc.
3.650%, 12/01/2027

     209,988  
       

Cardinal Health, Inc.

        
  10,000    

2.616%, 06/15/2022

     9,871  
  215,000    

3.200%, 03/15/2023

     213,677  
       

Cigna Corp.

        
  115,000    

4.125%, 11/15/2025 (c)

     119,131  
  655,000    

4.375%, 10/15/2028 (c)(d)

     680,033  
       

Cigna Holding Co.

        
  110,000    

3.050%, 10/15/2027

     104,023  
  25,000    

3.875%, 10/15/2047

     22,257  
       

CVS Health Corp.

        
  220,000    

2.125%, 06/01/2021

     216,328  
  205,000    

4.100%, 03/25/2025

     210,652  
  59,000    

3.875%, 07/20/2025

     59,763  
  165,000    

2.875%, 06/01/2026

     156,107  
  55,000    

5.125%, 07/20/2045

     55,980  
  215,000    

5.050%, 03/25/2048

     216,919  
  60,000    

Humana, Inc.
2.500%, 12/15/2020

     59,565  
       

UnitedHealth Group, Inc.

        
  70,000    

3.350%, 07/15/2022

     71,538  
  65,000    

3.700%, 12/15/2025

     67,693  
  135,000    

3.950%, 10/15/2042

     136,426  
  40,000    

4.750%, 07/15/2045

     45,257  
  10,000    

4.250%, 04/15/2047

     10,481  
  15,000    

3.750%, 10/15/2047

     14,590  
  10,000    

4.250%, 06/15/2048

     10,535  
           
              2,798,899  
           
       

Hotels, Restaurants & Leisure - 0.30%

 

  100,000    

GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029

     104,735  
       

McDonald’s Corp.

        
  115,000    

3.350%, 04/01/2023

     117,429  
  20,000    

4.600%, 05/26/2045

     20,771  
  15,000    

4.875%, 12/09/2045

     16,249  
  130,000    

Starbucks Corp.
3.800%, 08/15/2025

     134,098  
           
              393,282  
           
       

Industrial Conglomerates - 0.36%

 

       

Mylan, Inc.

        
  80,000    

4.550%, 04/15/2028

     77,853  
  45,000    

5.200%, 04/15/2048

     40,657  
  345,000    

NXP BV / NXP Funding LLC
4.875%, 03/01/2024 (c)(d)

     364,689  
           
              483,199  
           
       

Insurance - 0.49%

 

  135,000    

Berkshire Hathaway Finance Corp.
4.200%, 08/15/2048

     140,071  

Principal
Amount

        

Value

  
       

Insurance (Continued)

 

  45,000    

CNA Financial Corp.
3.450%, 08/15/2027

   $ 43,967  
       

Marsh & McLennan Cos., Inc.

        
  30,000    

3.500%, 12/29/2020

     30,410  
  110,000    

3.875%, 03/15/2024

     114,156  
  70,000    

4.050%, 10/15/2023

     72,828  
  65,000    

4.375%, 03/15/2029

     68,843  
  60,000    

4.750%, 03/15/2039

     65,038  
  8,000    

Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/2039 (c)

     12,591  
  40,000    

New York Life Global Funding
2.000%, 04/13/2021 (c)

     39,469  
  55,000    

Trinity Acquisition PLC
4.400%, 03/15/2026

     57,118  
           
              644,491  
           
       

Internet & Direct Marketing Retail - 0.50%

 

       

Alibaba Group Holding, Ltd.

        
  200,000    

3.400%, 12/06/2027

     196,303  
  200,000    

4.200%, 12/06/2047

     196,006  
       

Amazon.com, Inc.

        
  15,000    

2.800%, 08/22/2024

     15,035  
  180,000    

3.875%, 08/22/2037

     187,356  
  60,000    

4.950%, 12/05/2044

     71,650  
           
              666,350  
           
       

IT Services - 0.19%

 

  70,000    

Fidelity National Information Services, Inc.
4.250%, 05/15/2028

     72,037  
       

Visa, Inc.

        
  160,000    

3.150%, 12/14/2025

     162,577  
  20,000    

4.300%, 12/14/2045

     22,100  
           
              256,714  
           
       

Life Sciences Tools & Services - 0.13%

 

       

Thermo Fisher Scientific, Inc.

        
  160,000    

3.000%, 04/15/2023

     160,124  
  10,000    

2.950%, 09/19/2026

     9,657  
           
              169,781  
           
       

Machinery - 0.03%

 

  35,000    

Fortive Corp.
2.350%, 06/15/2021

     34,640  
           
       

Media - 1.82%

 

       

Charter Communications Operating LLC / Charter Communications Operating Capital

        
  115,000    

4.464%, 07/23/2022

     119,031  
  40,000    

4.908%, 07/23/2025

     42,243  
  230,000    

3.750%, 02/15/2028

     221,915  
  130,000    

6.484%, 10/23/2045

     145,933  
  150,000    

5.375%, 05/01/2047

     149,695  
  55,000    

5.750%, 04/01/2048 (d)

     57,538  
       

Comcast Corp.

        
  165,000    

3.375%, 08/15/2025

     167,312  
  55,000    

3.950%, 10/15/2025

     57,572  
  240,000    

3.150%, 03/01/2026

     239,013  
  35,000    

2.350%, 01/15/2027

     32,737  
  55,000    

4.250%, 10/15/2030

     58,484  
  35,000    

3.200%, 07/15/2036

     31,876  
  125,000    

4.600%, 10/15/2038

     134,033  
  40,000    

4.049%, 11/01/2052

     39,036  
  25,000    

4.950%, 10/15/2058

     27,615  
 

 

See notes to financial statements.

 

84

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Media (Continued)

 

  80,000    

Cox Communications, Inc.
3.150%, 08/15/2024 (c)

   $ 79,684  
       

Discovery Communications, LLC

        
  41,000    

2.800%, 06/15/2020

     40,828  
  45,000    

3.800%, 03/13/2024 (d)

     45,391  
  28,000    

3.950%, 06/15/2025

     28,245  
  180,000    

4.900%, 03/11/2026 (d)

     189,648  
  180,000    

3.950%, 03/20/2028

     175,057  
  35,000    

Fox Corp.
3.666%, 01/25/2022 (c)

     35,705  
       

Time Warner Cable, Inc.

        
  30,000    

5.500%, 09/01/2041

     29,554  
  50,000    

4.500%, 09/15/2042

     43,791  
       

Warner Media LLC

        
  60,000    

2.950%, 07/15/2026

     56,845  
  170,000    

3.800%, 02/15/2027

     169,468  
           
              2,418,249  
           
       

Metals & Mining - 0.14%

 

       

Vale Overseas, Ltd.

        
  60,000    

6.250%, 08/10/2026

     65,520  
  100,000    

6.875%, 11/10/2039

     115,250  
           
              180,770  
           
       

Multi-Utilities - 0.57%

 

       

Berkshire Hathaway Energy Co.

        
  50,000    

3.250%, 04/15/2028

     49,705  
  65,000    

6.125%, 04/01/2036

     81,736  
  175,000    

CenterPoint Energy, Inc.
2.500%, 09/01/2022

     170,886  
       

Dominion Energy, Inc.

        
  160,000    

2.579%, 07/01/2020

     159,147  
  240,000    

2.850%, 08/15/2026

     230,601  
  25,000    

4.250%, 06/01/2028

     26,223  
  40,000    

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

     39,721  
           
              758,019  
           
       

Oil, Gas & Consumable Fuels - 2.63%

 

       

Anadarko Petroleum Corp.

        
  45,000    

4.500%, 07/15/2044

     42,417  
  10,000    

6.600%, 03/15/2046

     12,173  
  120,000    

Andeavor Logistics LP / Tesoro Logistics Finance Corp.
4.250%, 12/01/2027

     120,790  
  315,000    

BP Capital Markets America, Inc.
3.790%, 02/06/2024

     327,076  
       

Canadian Natural Resources, Ltd.

        
  80,000    

3.800%, 04/15/2024

     81,691  
  170,000    

3.900%, 02/01/2025

     173,544  
  25,000    

3.850%, 06/01/2027

     25,086  
  15,000    

6.500%, 02/15/2037

     18,279  
  165,000    

Cimarex Energy Co.
4.375%, 03/15/2029

     170,141  
  280,000    

Encana Corp.
3.900%, 11/15/2021

     285,186  
       

Energy Transfer Operating LP

        
  60,000    

4.200%, 09/15/2023

     62,033  
  85,000    

4.500%, 04/15/2024

     88,674  

Principal
Amount

        

Value

  
       

Oil, Gas & Consumable Fuels (Continued)

 

  90,000    

5.250%, 04/15/2029

   $ 96,596  
  35,000    

6.250%, 04/15/2049

     39,259  
  225,000    

Enterprise Products Operating LLC
4.800%, 02/01/2049

     239,685  
       

Hess Corp.

        
  30,000    

5.600%, 02/15/2041

     30,476  
  75,000    

5.800%, 04/01/2047

     78,181  
  135,000    

Marathon Oil Corp.
3.850%, 06/01/2025

     136,795  
  60,000    

Marathon Petroleum Corp.
3.800%, 04/01/2028 (c)

     59,462  
       

MPLX LP

        
  50,000    

4.000%, 03/15/2028

     49,737  
  100,000    

5.200%, 03/01/2047

     101,625  
  30,000    

4.700%, 04/15/2048

     28,706  
  93,000    

Noble Energy, Inc.
5.050%, 11/15/2044

     92,470  
       

Petroleos Mexicanos

        
  40,000    

6.500%, 01/23/2029

     39,710  
  122,000    

6.750%, 09/21/2047

     112,301  
  50,000    

Sabine Pass Liquefaction LLC
4.200%, 03/15/2028

     50,396  
  85,000    

Suncor Energy, Inc.
3.600%, 12/01/2024

     87,101  
       

Sunoco Logistics Partners Operations LP

        
  5,000    

5.300%, 04/01/2044

     4,908  
  5,000    

5.350%, 05/15/2045

     4,899  
  40,000    

Texas Eastern Transmission LP
3.500%, 01/15/2028 (c)

     39,113  
       

TransCanada PipeLines, Ltd.

        
  50,000    

4.750%, 05/15/2038

     52,407  
  10,000    

6.100%, 06/01/2040

     11,838  
  145,000    

5.100%, 03/15/2049

     156,156  
  40,000    

Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/2028

     40,854  
  125,000    

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

     122,416  
  160,000    

Valero Energy Partners LP
4.500%, 03/15/2028

     165,643  
       

Western Midstream Operating LP

        
  135,000    

4.500%, 03/01/2028

     134,000  
  100,000    

4.750%, 08/15/2028

     101,601  
  10,000    

5.500%, 08/15/2048

     9,763  
           
              3,493,188  
           
       

Pharmaceuticals - 0.77%

 

  135,000    

Allergan Funding SCS
3.450%, 03/15/2022

     136,275  
  230,000    

Bayer US Finance II LLC
4.250%, 12/15/2025 (c)

     232,676  
  195,000    

GlaxoSmithKline Capital PLC
2.875%, 06/01/2022

     195,981  
       

Johnson & Johnson

        
  155,000    

2.625%, 01/15/2025

     154,961  
  75,000    

3.550%, 03/01/2036

     75,444  
  55,000    

3.625%, 03/03/2037

     55,656  
  135,000    

Merck & Co, Inc.
3.400%, 03/07/2029

     138,668  
  35,000    

Mylan NV
5.250%, 06/15/2046

     31,551  
           
              1,021,212  
           
 

 

See notes to financial statements.

 

85

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

CORPORATE OBLIGATIONS (Continued)

 

       

Road & Rail - 0.28%

 

  110,000    

CSX Corp.
3.250%, 06/01/2027

   $ 108,684  
       

Union Pacific Corp.

        
  65,000    

3.700%, 03/01/2029 (d)

     66,856  
  50,000    

4.375%, 09/10/2038

     52,000  
  160,000    

4.100%, 09/15/2067

     146,364  
           
              373,904  
           
       

Semiconductors & Semiconductor Equipment - 0.97%

 

       

Broadcom Corp / Broadcom Cayman Finance, Ltd.

        
  205,000    

3.625%, 01/15/2024

     204,593  
  90,000    

3.125%, 01/15/2025

     86,315  
  205,000    

3.875%, 01/15/2027

     196,036  
  345,000    

Broadcom, Inc.
3.125%, 04/15/2021 (c)

     344,593  
  14,000    

Intel Corp.
3.734%, 12/08/2047

     14,104  
  135,000    

Microchip Technology, Inc.
4.333%, 06/01/2023 (c)

     137,817  
  300,000    

Micron Technology, Inc.
4.975%, 02/06/2026

     306,299  
           
              1,289,757  
           
       

Software - 0.34%

 

  155,000    

Microsoft Corp.
4.450%, 11/03/2045

     175,936  
       

Oracle Corp.

        
  115,000    

4.300%, 07/08/2034

     123,455  
  25,000    

3.900%, 05/15/2035

     25,595  
  50,000    

3.800%, 11/15/2037

     50,115  
  75,000    

salesforce.com, Inc.
3.250%, 04/11/2023

     76,888  
           
              451,989  
           
       

Specialty Retail - 0.18%

 

       

Home Depot, Inc.

        
  140,000    

3.350%, 09/15/2025

     144,366  
  55,000    

5.875%, 12/16/2036

     69,288  
  5,000    

3.500%, 09/15/2056

     4,600  
  25,000    

Lowe’s Cos., Inc.
3.700%, 04/15/2046

     22,171  
           
              240,425  
           
       

Technology Hardware, Storage & Peripherals - 0.05%

 

       

Apple, Inc.

        
  5,000    

3.000%, 02/09/2024

     5,071  
  20,000    

3.350%, 02/09/2027

     20,430  
  40,000    

3.450%, 02/09/2045

     38,120  
  5,000    

Hewlett Packard Enterprise Co.
6.350%, 10/15/2045

     5,247  
           
              68,868  
           
       

Tobacco - 0.85%

 

       

Altria Group, Inc.

        
  70,000    

3.800%, 02/14/2024

     71,285  
  75,000    

4.400%, 02/14/2026

     77,159  
  145,000    

2.625%, 09/16/2026 (d)

     133,972  
  150,000    

4.800%, 02/14/2029

     154,778  
  110,000    

5.800%, 02/14/2039

     116,544  
  40,000    

4.250%, 08/09/2042

     34,862  
  45,000    

5.375%, 01/31/2044

     44,977  
  165,000    

3.875%, 09/16/2046

     135,749  
  100,000    

5.950%, 02/14/2049

     107,475  

Principal
Amount

        

Value

  
       

Tobacco (Continued)

 

  170,000    

Philip Morris International, Inc.
2.625%, 03/06/2023

   $ 168,880  
  80,000    

Reynolds American, Inc.
5.850%, 08/15/2045

     82,246  
           
              1,127,927  
           
       

Water Utilities - 0.11%

 

  140,000    

American Water Capital Corp.
3.750%, 09/01/2028

     146,390  
           
       

Wireless Telecommunication Services - 0.48%

 

       

Telefonica Emisiones SA

        
  150,000    

4.103%, 03/08/2027

     152,287  
  205,000    

4.895%, 03/06/2048

     200,096  
  285,000    

Vodafone Group PLC
4.375%, 05/30/2028

     289,952  
           
              642,335  
           
       

Total Corporate Obligations
(Cost $40,320,460)

     41,033,233  
           
       

FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.37%

 

  66,000    

Hungary Government International Bond
6.375%, 03/29/2021

     70,388  
  400,000    

Qatar Government International Bond
4.817%, 03/14/2049 (c)

     421,613  
           
       

Total Foreign Government Debt Obligations
(Cost $469,569)

     492,001  
           
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 33.89%

 

       

Federal Home Loan Mortgage Corp.

        
  26,119    

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

     27,269  
  63,288    

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

     65,738  
  82,000    

Series K-068, 3.244%, 08/25/2027

     84,267  
  148,701    

Series 2329, 6.500%, 06/15/2031

     165,387  
  67,688    

Series 2338, 6.500%, 07/15/2031

     75,510  
  111,141    

Pool #78-0447 4.251% (1 Year CMT Rate + 2.250%, 9.307% Cap, 0.000% Floor), 04/01/2033 (b)

     117,248  
  102    

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

     110  
  2,300,000    

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

     2,400,645  
  72,107    

Series 3883, 3.000%, 05/15/2041

     73,092  
  283,269    

Series 4139, 2.500%, 11/15/2041

     281,545  
  2,700,000    

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

     2,738,873  
  471,904    

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

     489,073  
  1,200,000    

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

     1,194,773  
  400,000    

Pool #TBA 4.000%, 04/15/2045 (g)

     411,773  
  689,844    

Pool #Q4-9389 3.500%, 07/01/2047

     702,186  
  629,403    

Pool #Q5-2093 3.500%, 11/01/2047

     639,781  
       

Federal National Mortgage Association

        
  15,021    

Series 2014-C01, 4.086% (1 Month LIBOR USD + 1.600%), 01/25/2024 (b)

     15,050  
  440,790    

Pool #AJ8325 3.000%, 12/01/2026

     446,274  
  110,000    

Pool #AN6110 3.000%, 07/01/2027

     110,761  
  150,000    

Pool #AN6257 3.160%, 08/01/2027

     152,493  
  155,111    

Pool #AN7376 2.880%, 11/01/2027

     154,741  
  870,000    

Pool #AN8322 3.190%, 02/01/2028

     888,378  
  1,030,000    

Pool #AN8695 3.550%, 03/01/2028

     1,077,924  
  3,375    

Pool #544859 2.924% (11th District Cost of Funds Index + 1.799%, 14.713 Cap, 0.000% Floor), 08/01/2029 (b)

     3,366  
 

 

See notes to financial statements.

 

86

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

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

 

  167,265    

Series 2018-C04, 3.236% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 12/26/2030 (b)

   $ 167,485  
  67,789    

Pool #BC4938 2.500%, 04/01/2031

     67,481  
  116,235    

Pool #786848 7.000%, 10/01/2031

     131,691  
  3,579    

Pool #727181 5.000%, 08/01/2033

     3,862  
  1,700    

Pool #730727 5.000%, 08/01/2033

     1,833  
  519    

Pool #741862 5.500%, 09/01/2033

     571  
  638    

Pool #766197 5.500%, 02/01/2034

     702  
  122    

Pool #776974 5.500%, 04/01/2034

     135  
  97,053    

Pool #888504 3.939% (1 Year CMT Rate + 2.064%, 9.237% Cap, 0.000% Floor), 04/01/2034 (b)

     102,297  
  298,318    

Pool #MA1870 4.500%, 04/01/2034

     313,848  
  4,605    

Pool #775776 5.500%, 05/01/2034

     4,969  
  129,229    

Pool #802783 4.450% (12 Month LIBOR USD + 1.612%, 10.242% Cap, 0.000% Floor), 10/01/2034 (b)

     135,073  
  3,858    

Pool #781629 5.500%, 12/01/2034

     4,241  
  5,496    

Pool #822815 5.500%, 04/01/2035

     6,043  
  4,636    

Pool #357850 5.500%, 07/01/2035

     5,105  
  2,940    

Pool #820242 5.000%, 07/01/2035

     3,174  
  764    

Pool #838452 5.500%, 09/01/2035

     840  
  4,125    

Pool #865854 6.000%, 03/01/2036

     4,533  
  6,846    

Pool #891474 6.000%, 04/01/2036

     7,552  
  5,555    

Pool #906000 6.000%, 01/01/2037

     6,121  
  57    

Pool #928062 5.500%, 02/01/2037

     62  
  62    

Pool #899119 5.500%, 04/01/2037

     66  
  464,313    

Pool #AS9772 3.500%, 06/01/2037

     475,618  
  141    

Pool #970131 5.500%, 03/01/2038

     151  
  100    

Pool #985108 5.500%, 07/01/2038

     109  
  53    

Pool #964930 5.500%, 08/01/2038

     56  
  55    

Pool #987032 5.500%, 08/01/2038

     59  
  95    

Pool #968371 5.500%, 09/01/2038

     103  
  33    

Pool #993050 5.500%, 12/01/2038

     36  
  18,227    

Pool #993579 4.000%, 05/01/2039

     18,909  
  3,599    

Pool #AA5840 4.000%, 06/01/2039

     3,733  
  50,761    

Pool #AA8715 4.000%, 06/01/2039

     53,084  
  185,611    

Pool #AD0586 4.500%, 12/01/2039

     197,833  
  521,355    

Pool #AD4062 5.000%, 05/01/2040

     562,351  
  461,255    

Pool #AD6929 5.000%, 06/01/2040

     497,777  
  11,913    

Pool #AD9896 4.000%, 08/01/2040

     12,362  
  13,546    

Pool #AB1500 4.000%, 09/01/2040

     14,057  
  12,435    

Pool #AD9856 4.000%, 09/01/2040

     12,903  
  8,603    

Pool #AE2559 4.000%, 09/01/2040

     8,927  
  3,075    

Pool #AE2562 4.000%, 09/01/2040

     3,191  
  3,768    

Pool #AE2566 4.000%, 09/01/2040

     3,892  
  24,701    

Pool #AE4124 4.000%, 10/01/2040

     25,631  
  14,552    

Pool #AE4888 4.000%, 10/01/2040

     15,100  
  21,963    

Pool #AE3916 4.000%, 11/01/2040

     22,790  
  2,871    

Pool #AE5147 4.000%, 11/01/2040

     2,979  
  36,289    

Pool #AE8715 4.000%, 11/01/2040

     37,657  
  4,284    

Pool #AH0006 4.000%, 12/01/2040

     4,446  
  11,444    

Pool #AH0020 4.000%, 12/01/2040

     11,875  
  21,078    

Pool #AH0599 4.000%, 12/01/2040

     21,872  
  7,690    

Pool #AH0601 4.000%, 12/01/2040

     7,980  
  14,879    

Pool #AH1263 4.000%, 01/01/2041

     15,440  
  63,516    

Pool #AL5233 4.000%, 01/01/2041

     65,886  
  4,996    

Pool #AH4659 4.000%, 02/01/2041

     5,185  
  71,685    

Pool #AH5653 4.000%, 02/01/2041

     74,387  
  94,527    

Pool #AL0934 5.000%, 02/01/2041

     102,011  

Principal
Amount

        

Value

  
       

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

 

  146,336    

Pool #AD1889 4.500%, 03/01/2041

   $ 154,769  
  9,115    

Pool #AH6150 4.000%, 03/01/2041

     9,458  
  89,106    

Pool #AL0215 4.500%, 04/01/2041

     94,250  
  3,300,000    

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

     3,344,986  
  70,524    

Pool #AL0187 5.000%, 05/01/2041

     76,099  
  12,546    

Pool #AL0456 5.000%, 06/01/2041

     13,536  
  56,021    

Pool #AI8842 4.500%, 08/01/2041

     59,238  
  32,735    

Pool #AL0815 4.000%, 09/01/2041

     34,384  
  62,598    

Series 2012-21, 2.000%, 09/25/2041

     60,922  
  11,770    

Pool #AJ1562 4.000%, 10/01/2041

     12,363  
  11,226    

Pool #AJ1972 4.000%, 10/01/2041

     11,767  
  578,945    

Pool #AJ2212 4.500%, 10/01/2041

     611,791  
  16,924    

Pool #AJ4756 4.000%, 10/01/2041

     17,777  
  14,702    

Pool #AJ3330 4.000%, 11/01/2041

     15,443  
  14,325    

Pool #AJ4549 4.000%, 11/01/2041

     15,047  
  11,811    

Pool #AJ4698 4.000%, 11/01/2041

     12,406  
  23,120    

Pool #AJ5424 4.000%, 11/01/2041

     24,285  
  8,875    

Pool #AJ7840 4.000%, 11/01/2041

     9,322  
  14,641    

Pool #AB3995 4.000%, 12/01/2041

     15,378  
  14,233    

Pool #AI0848 4.000%, 12/01/2041

     14,950  
  12,350    

Pool #AJ4187 4.000%, 12/01/2041

     12,972  
  14,475    

Pool #AJ5736 4.000%, 12/01/2041

     15,204  
  8,962    

Pool #AJ5968 4.000%, 12/01/2041

     9,300  
  17,974    

Pool #AJ6061 4.000%, 12/01/2041

     18,880  
  11,112    

Pool #AJ7868 4.000%, 12/01/2041

     11,672  
  25,619    

Pool #AJ8104 4.000%, 12/01/2041

     26,906  
  16,101    

Pool #AJ8109 4.000%, 12/01/2041

     16,912  
  9,689    

Pool #AJ8171 4.000%, 12/01/2041

     10,177  
  18,187    

Pool #AJ8341 4.000%, 12/01/2041

     19,103  
  28,775    

Pool #AJ8436 4.000%, 12/01/2041

     30,225  
  10,954    

Pool #AJ8912 4.000%, 12/01/2041

     11,506  
  14,107    

Pool #AJ9248 4.000%, 12/01/2041

     14,818  
  121,016    

Series 2012-18, 2.000%, 12/25/2041

     118,562  
  132,655    

Series 2012-75, 2.500%, 12/25/2041

     131,566  
  13,684    

Pool #AJ2446 4.000%, 01/01/2042

     14,200  
  18,685    

Pool #AJ7538 4.000%, 01/01/2042

     19,626  
  5,788    

Pool #AJ8001 4.000%, 01/01/2042

     6,007  
  17,280    

Pool #AJ8369 4.000%, 01/01/2042

     18,150  
  15,156    

Pool #AJ9162 4.000%, 01/01/2042

     15,919  
  86,760    

Pool #AJ9330 4.000%, 01/01/2042

     91,128  
  9,285    

Pool #AJ9779 4.000%, 01/01/2042

     9,633  
  14,561    

Pool #AK0170 4.000%, 01/01/2042

     15,295  
  31,755    

Pool #AK0543 4.000%, 01/01/2042

     33,355  
  13,138    

Pool #AK0563 4.000%, 01/01/2042

     13,800  
  24,431    

Pool #AK1827 4.000%, 01/01/2042

     25,661  
  316,145    

Pool #AL2752 5.000%, 03/01/2042

     341,014  
  72,131    

Series 2012-52, 3.500%, 05/25/2042

     74,510  
  75,550    

Pool #AB5529 4.000%, 07/01/2042

     78,214  
  179,168    

Pool #AB6228 3.500%, 09/01/2042

     183,037  
  362,156    

Pool #AQ9316 2.500%, 01/01/2043

     353,527  
  170,884    

Series 2015-48, 3.000%, 02/25/2043

     171,374  
  956,404    

Pool #AT2720 3.000%, 05/01/2043

     957,344  
  738,669    

Pool #AT5900 3.000%, 06/01/2043

     739,395  
  414,234    

Pool #AU1625 3.500%, 07/01/2043

     422,805  
  191,288    

Series 2017-26, 3.500%, 07/25/2044

     195,643  
  179,558    

Series 2018-38, 3.500%, 03/25/2045

     183,200  
  618,618    

Pool #AS5469 4.000%, 07/01/2045

     641,104  
  713,590    

Pool #AZ0832 4.000%, 07/01/2045

     738,271  
  140,328    

Pool #AS5597 3.500%, 08/01/2045

     142,794  
 

 

See notes to financial statements.

 

87

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

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

 

  49,353    

Series 2016-38, 3.000%, 01/25/2046

   $ 49,623  
  110,309    

Series 2016-11, 2.500%, 03/25/2046

     109,490  
  845,083    

Pool #AS7170 3.500%, 05/01/2046

     859,411  
  865,933    

Pool #AS7242 3.500%, 05/01/2046

     880,525  
  625,398    

Pool #BC9468 3.000%, 06/01/2046

     623,688  
  750,205    

Pool #AS7492 4.000%, 07/01/2046

     775,808  
  536,347    

Pool #AS8947 3.500%, 03/01/2047

     545,935  
  102,764    

Series 2017-34, 3.000%, 05/25/2047

     103,104  
  126,985    

Pool #MA3038 4.500%, 06/01/2047

     133,105  
  152,463    

Series 2017-72, 3.000%, 09/25/2047

     152,277  
  158,773    

Series 2017-72, 3.000%, 09/25/2047

     158,573  
  201,260    

Series 2018-80, 3.500%, 12/25/2047

     205,227  
  94,797    

Series 2018-77, 3.500%, 02/25/2048

     97,573  
  146,321    

Series 2018-23, 3.500%, 04/25/2048

     153,125  
  3,189,296    

Pool #BN5279 4.000%, 02/01/2049

     3,293,209  
  177,684    

Series 2019-07, 3.500%, 03/25/2049

     182,256  
  177,551    

Series 2019-14, 3.500%, 04/25/2049

     180,429  
  176,232    

Series 2019-15, 3.500%, 05/25/2053

     178,683  
  248,594    

Series 2018-72, 3.500%, 07/25/2054

     253,257  
  184,307    

Series 2017-96, 3.000%, 12/25/2054

     184,810  
  88,916    

Series 2018-19, 3.500%, 05/25/2056

     91,100  
  185,795    

Series 2018-70, 3.500%, 10/25/2056

     190,614  
  180,414    

Series 2019-07, 3.500%, 11/25/2057

     184,096  
  185,000    

Series 2019-12, 3.500%, 11/25/2057

     188,616  
       

Government National Mortgage Association

        
  11,149    

Pool #614436X 5.000%, 08/15/2033

     11,643  
  32,238    

Pool #736686X 5.000%, 02/15/2039

     34,618  
  610,913    

Pool #723248X 5.000%, 10/15/2039

     656,354  
  500,000    

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

     510,898  
  1,500,000    

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

     1,558,154  
  311,844    

Pool #783403X 3.500%, 09/15/2041

     320,266  
  195,212    

Series 2013-37, 2.000%, 01/20/2042

     189,073  
  1,300,000    

Pool #TBA 4.000%, 04/15/2042 (g)

     1,342,326  
  800,000    

Pool #TBA 3.000%, 04/15/2045 (g)

     803,500  
  1,400,000    

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

     1,430,379  
  131,137    

Pool #MA4587M 4.000%, 07/20/2047

     135,554  
  329,198    

Pool #MA4652M 3.500%, 08/20/2047

     336,721  
  648,218    

Pool #MA4778M 3.500%, 10/20/2047

     662,887  
  486,875    

Pool #MA4779M 4.000%, 10/20/2047

     503,117  
  610,048    

Pool #MA4780M 4.500%, 10/20/2047

     634,094  
           
       

Total Mortgage Backed Securities - U.S. Government Agency
(Cost $44,586,045)

     45,007,429  
           
       

MUNICIPAL DEBT OBLIGATIONS - 0.19%

 

  65,000    

California, GO,
7.550%, 04/01/2039

     98,837  
  105,000    

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

     138,020  
  15,000    

University of California Medical Center, Series H, Revenue Bond,
6.548%, 05/15/2048

     20,869  
           
       

Total Municipal Debt Obligations
(Cost $238,708)

     257,726  
           

Notional
Amount

        

Value

  
       

Purchased Options - 0.01%

 

       

Put Interest Rate Swaption - 0.01%

 

  2,450,000    

10-Year Interest Rate Swap,
3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Morgan Stanley
Expiration: 12/09/2019
Exercises Rate: 3.200% (h)

   $ 3,751  
  2,857,000    

10-Year Interest Rate Swap,
3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Morgan Stanley
Expiration: 3/18/2020
Exercises Rate: 3.000% (h)

     13,779  
           
       

Total Purchased Options
(Cost $68,708)

     17,530  
           

Principal
Amount

            
       

U.S. TREASURY OBLIGATIONS - 16.13%

 

       

U.S. Treasury Bonds - 9.11%

 

  3,119,928    

0.375%, 07/15/2027 (f)(i)

     3,097,126  
  463,545    

0.875%, 01/15/2029 (f)

     478,476  
  1,690,000    

3.125%, 11/15/2041

     1,798,398  
  545,000    

3.625%, 08/15/2043

     626,292  
  1,380,000    

3.750%, 11/15/2043

     1,618,104  
  725,000    

3.625%, 02/15/2044

     834,189  
  240,000    

3.000%, 11/15/2045

     249,131  
  2,365,000    

2.500%, 05/15/2046

     2,223,423  
  255,000    

3.000%, 02/15/2047

     264,677  
  215,000    

3.000%, 02/15/2048

     222,500  
  650,000    

3.125%, 05/15/2048

     689,381  
       

U.S. Treasury Notes - 7.02%

 

  865,000    

2.000%, 02/15/2022 (i)

     859,644  
  2,565,000    

2.375%, 08/15/2024

     2,578,476  
  1,707,000    

2.000%, 02/15/2025

     1,679,461  
  2,190,000    

2.875%, 05/31/2025

     2,261,817  
  1,870,000    

2.875%, 08/15/2028

     1,943,230  
           
       

Total U.S. Treasury Obligations
(Cost $20,883,301)

     21,424,325  
           

Number of
Shares

            
       

SHORT TERM INVESTMENTS - 5.54%

        
       

Money Market Funds - 5.54%

 

  7,358,205    

DWS Government Money Market
Series - Institutional Shares
Effective Yield, 2.44% (e)

     7,358,205  
           
       

Total Short Term Investments
(Cost $7,358,205)

     7,358,205  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.93%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 1.93%

 

  2,557,125    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (e)

     2,557,125  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,557,125)

     2,557,125  
           
       

Total Investments
(Cost $150,147,765) - 114.22%

     151,675,480  
       

Liabilities in Excess of Other Assets - (14.22)%

     (18,883,242 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 132,792,238  
           
 

 

See notes to financial statements.

 

88

GuideMark® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

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 March 31, 2019.
(b)   Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2019.
(c)   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 $29,681,665, which represents 22.35% of total net assets.
(d)   All or portion of this security is on loan.
(e)   Seven-day yield as of March 31, 2019.
(f)   Represents a U.S. Treasury Inflation Protected Security.
(g)   Security purchased on a when-issued basis. On March 31, 2019, the total value of investments purchased on a when-issued basis was $15,736,307 or 11.85% of total net assets.
(h)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $929,539, which represents 0.70% of total net assets.
(i)   All or a portion of this security is held as collateral for certain swap and futures contracts.
(j)   Non-income producing security. Item identified as in default as to payment of interest.

Glossary of Terms

LIBOR   -   London Interbank Offered Rate
CMT   -   Constant Maturing Treasury Rate
 

 

See notes to financial statements.

 

89

GuideMark® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2019

 

Description

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

U.S. Treasury 2 Year Note Futures

        29        $ 6,179,719        Jun-19      $ 23,231  

U.S. Treasury 5 Year Note Futures

        110          12,741,094        Jun-19        127,807  

U.S. Treasury 10 Year Note Futures

        (14 )         (1,739,063 )       Jun-19        (21,993 ) 

U.S. Treasury Long Bond Futures

        (8 )         (1,197,250 )       Jun-19        (34,296 ) 

U.S. Treasury Ultra 10 Year Note Futures

        (18 )         (2,390,063 )       Jun-19        (45,783 ) 

U.S. Treasury Ultra Bond Futures

        10          1,680,000        Jun-19        61,310  
                                   
                                    $ 110,276  
                                   

SCHEDULE OF OPEN SWAP CONTRACTS

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

March 31, 2019

 

Reference Obligation

    Implied
Credit
Spread at
3/31/2019(2)
      Fixed
Pay
Rate
      Maturity
Date
   

Counterparty

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

CDX. NA. IG. 32 Index*

      0.68%        1.000%      6/20/2024    Morgan Stanley      Quarterly      $ 5,625,000      $ 100,681      $ 89,655      $ 11,026  
                                                  
  
  
                                                   $ 100,681      $ 89,655      $ 11,026  
                                                  
  
  

INTEREST RATE SWAPS

March 31, 2019

 

Pay/Receive
Floating Rate

   Floating
Rate Index
     Floating
Payment
Frequency
     Fixed
Pay
Rate
  

Fixed
Payment
Frequency

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

Receive

     3-MO-USD-LIBOR **      Quarterly     2.250%   Semi-Annual     9/21/2026       Morgan Stanley     $ 4,143,000     $ 25,371     $ (181,289 )    $ 206,659  

Receive

     3-MO-USD-LIBOR **      Quarterly     2.750%   Semi-Annual     12/20/2047       Morgan Stanley       775,000       (33,160 )      (29,650 )      (3,509 ) 
                                                   
 
 
                                                    $ (7,789 )    $ (210,939 )    $ 203,150  
                                                   
 
 

 

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 fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year 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.

 

90

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS - 97.87%

 

       

Alabama - 1.58%

 

       

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

        
$ 100,000    

5.000%, 09/01/2034

   $ 120,746  
  225,000    

5.000%, 09/01/2046

     279,626  
           
              400,372  
           
       

Arizona - 3.62%

        
  145,000    

Arizona Board of Regents, Prerefunded, Revenue Bond,
5.000%, 07/01/2028

     160,682  
  55,000    

Arizona Board of Regents, Unrefunded, Revenue Bond,
5.000%, 07/01/2028

     60,564  
  150,000    

Arizona Industrial Development Authority, Revenue Bond,
6.000%, 07/01/2047

     163,834  
  100,000    

Phoenix Industrial Development Authority, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2037

     112,759  
       

Pima County Industrial Development Authority, Revenue Bond,

        
  35,000    

5.000%, 06/15/2047

     35,577  
  30,000    

5.000%, 06/15/2052

     30,450  
  100,000    

Salt River Project Agricultural Improvement & Power District, Revenue Bond,
5.000%, 01/01/2039

     119,611  
  150,000    

Salt Verde Financial Corp., Revenue Bond,
5.000%, 12/01/2037

     187,760  
  40,000    

Tempe Industrial Development Authority, Series A, Revenue Bond,
6.125%, 10/01/2052

     43,955  
           
              915,192  
           
       

Arkansas - 1.03%

        
  250,000    

University of Arkansas, Series A, Revenue Bond,
4.125%, 11/01/2030

     260,775  
           
       

California - 15.22%

        
  150,000    

California Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2049

     209,224  
  100,000    

California Health Facilities Financing Authority, Series A, Revenue Bond,
5.000%, 11/15/2031

     121,064  
  100,000    

California Municipal Finance Authority, Community Medical Centers, Series A, Revenue Bond,
5.000%, 02/01/2042

     111,912  
  195,000    

California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond,
6.400%, 08/15/2045

     207,306  
  100,000    

California Municipal Finance Authority, Revenue Bond,
5.000%, 12/31/2047

     113,370  
  250,000    

California Pollution Control Financing Authority, Refunding, Revenue Bond,
5.000%, 07/01/2039

     290,828  
  200,000    

California State University, Series A, Revenue Bond,
5.000%, 11/01/2031

     230,386  
  160,000    

California Statewide Communities Development Authority, Series A, Revenue Bond,
6.125%, 11/01/2033

     184,877  

Principal
Amount

        

Value

  
       

California (Continued)

        
$ 300,000    

California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,
5.000%, 08/01/2034

   $ 333,936  
  300,000    

California, GO,
5.000%, 11/01/2043

     334,416  
  50,000    

California, Refunding, GO,
5.000%, 04/01/2032

     64,749  
  100,000    

Golden State Tobacco Securitization Corp., Series A, Revenue Bond,
4.000%, 06/01/2031

     107,936  
       

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

        
  100,000    

5.000%, 06/01/2024

     113,021  
  125,000    

5.000%, 06/01/2047

     124,747  
  130,000    

5.250%, 06/01/2047

     131,386  
  500,000    

Los Angeles Department of Airports, Series A, Revenue Bond,
5.250%, 05/15/2029

     502,305  
  250,000    

M-S-R Energy Authority, Revenue Bond,
6.500%, 11/01/2039

     363,018  
  300,000    

San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,
5.250%, 07/15/2025

     308,919  
           
              3,853,400  
           
       

Colorado - 3.77%

        
  150,000    

Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044

     152,942  
  130,000    

Colorado Health Facilities Authority, Revenue Bond,
8.000%, 08/01/2043

     146,778  
  220,000    

Public Authority for Colorado Energy, Revenue Bond,
6.500%, 11/15/2038

     320,841  
  300,000    

Regional Transportation District, Series A, Revenue Bond,
5.000%, 11/01/2027

     333,300  
           
              953,861  
           
       

Delaware - 1.13%

        
  35,000    

County of Kent, Series A, Revenue Bond,
5.000%, 07/01/2053

     37,717  
  200,000    

Delaware, Series A, Refunding, GO,
5.000%, 01/01/2027

     247,128  
           
              284,845  
           
       

Florida - 3.39%

        
  100,000    

Florida Development Finance Corp., Revenue Bond,
5.625%, 01/01/2047 (a)

     103,949  
  145,000    

Florida, Series A, Refunding, GO,
4.000%, 07/01/2033

     161,820  
  225,000    

Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,
5.000%, 04/01/2040

     248,618  
  275,000    

Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021

     288,010  
       

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

        
  10,000    

7.250%, 06/01/2034

     11,232  
  40,000    

7.500%, 06/01/2049

     45,170  
           
              858,799  
           
 

 

See notes to financial statements.

 

91

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

Georgia - 1.35%

 

$ 300,000    

Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040

   $ 342,024  
           
       

Illinois - 9.10%

 

       

Chicago Board of Education, Revenue Bond,

        
  100,000    

5.000%, 04/01/2042

     108,496  
  100,000    

5.000%, 04/01/2046

     108,209  
  100,000    

Chicago Board of Education, Series G, Refunding, GO,
5.000%, 12/01/2044

     105,200  
  100,000    

Chicago Board of Education, Series H, GO,
5.000%, 12/01/2036

     106,861  
  100,000    

Chicago Midway International Airport, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2028

     111,338  
  70,000    

Chicago Waterworks, Revenue Bond,
5.000%, 11/01/2028

     81,185  
  150,000    

Chicago, Series A, GO,
5.000%, 01/01/2040

     160,381  
  65,000    

Chicago, Series A, Refunding, GO,
5.250%, 01/01/2029

     70,138  
  160,000    

Illinois Finance Authority, Refunding, Revenue Bond,
5.000%, 12/01/2047

     170,552  
  140,000    

Illinois Finance Authority, Series A, Revenue Bond,
5.000%, 02/15/2047

     152,886  
       

Illinois, GO,

        
  345,000    

5.000%, 01/01/2029

     373,842  
  20,000    

5.000%, 05/01/2036

     20,844  
  70,000    

5.000%, 11/01/2036

     74,214  
  30,000    

5.000%, 02/01/2039

     31,059  
  30,000    

Illinois, Series A, GO,
5.000%, 04/01/2038

     30,928  
  100,000    

O’Hare International Airport, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2032

     113,725  
  150,000    

O’Hare International Airport, Series D, Revenue Bond,
5.250%, 01/01/2030

     167,229  
  150,000    

Sales Tax Securitization Corp., Series A, Revenue Bond,
5.000%, 01/01/2040

     166,939  
  120,000    

Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,
7.125%, 11/01/2043

     148,450  
           
              2,302,476  
           
       

Indiana - 2.67%

        
  100,000    

Indiana Health Facility Financing Authority,
Series 2001A-1, Revenue Bond,
5.000%, 11/15/2034

     115,235  
  250,000    

Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,
5.250%, 01/01/2032

     287,762  
  125,000    

Shoals Exempt Facilities, Revenue Bond,
7.250%, 11/01/2043

     138,589  
  115,000    

Valparaiso Exempt Facilities, Revenue Bond,
7.000%, 01/01/2044

     133,744  
           
              675,330  
           
       

Iowa - 0.40%

        
  100,000    

Iowa Finance Authority, Revenue Bond,
5.125%, 08/01/2048

     101,586  
           

Principal
Amount

        

Value

  
       

Louisiana - 0.90%

        
$ 200,000    

Louisiana Highway Improvement,
Series A, Revenue Bond, 5.000%, 06/15/2029

   $ 228,692  
           
       

Maryland - 0.84%

        
  200,000    

Westminster Project Revenue, Lutheran Village at Miller’s Grant,
Series A, Revenue Bond, 6.000%, 07/01/2034

     213,194  
           
       

Massachusetts - 0.49%

        
  100,000    

Commonwealth of Massachusetts, GO,
5.250%, 01/01/2033

     125,256  
           
       

Michigan - 0.44%

        
  100,000    

Royal Oak Hospital Finance Authority,
Series D, Refunding, Revenue Bond, 5.000%, 09/01/2033

     111,290  
           
       

Minnesota - 3.03%

        
  100,000    

Apple Valley Senior Living,
Series D, Revenue Bond, 7.250%, 01/01/2052

     101,163  
  160,000    

Minneapolis-St. Paul Metropolitan Airports Commission,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2030

     180,590  
  150,000    

Rochester Health Care & Housing Facility,
Series A, Revenue Bond, 6.875%, 12/01/2048

     162,141  
  300,000    

Rochester Health Care Facilities Mayo Clinic,
Series C, Revenue Bond, 4.500%, 11/15/2038 (a)

     321,864  
           
              765,758  
           
       

Missouri - 2.21%

        
  200,000    

Conley Road Transportation Development District, Revenue Bond,
5.375%, 05/01/2047

     204,618  
  350,000    

St. Louis Airport, Revenue Bond,
6.625%, 07/01/2034

     354,148  
           
              558,766  
           
       

Montana - 0.41%

        
  100,000    

City of Kalispell,
Series A, Revenue Bond,
5.250%, 05/15/2047

     104,426  
           
       

Nebraska - 2.69%

        
  130,000    

Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024

     149,479  
  500,000    

Omaha Public Power District,
Series B, Prerefunded, Revenue Bond,
5.000%, 02/01/2027

     531,380  
           
              680,859  
           
       

New Hampshire - 0.52%

        
  120,000    

New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027

     130,682  
           
       

New Jersey - 1.63%

        
  150,000    

New Jersey Economic Development Authority, Refunding, Revenue Bond,
5.250%, 06/15/2030

     166,556  
  100,000    

New Jersey Transportation Trust Fund Authority,
Series A, Refunding, Revenue Bond, 5.000%, 06/15/2031

     112,933  
 

 

See notes to financial statements.

 

92

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

New Jersey (Continued)

        
$   25,000    

South Jersey Port Corp.,
Series A, Revenue Bond, 5.000%, 01/01/2049

   $ 27,698  
  100,000    

Tobacco Settlement Financing Corp.,
Series B, Revenue Bond, 5.000%, 06/01/2046

     105,638  
           
              412,825  
           
       

New York - 10.65%

        
  225,000    

Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,
6.500%, 07/15/2030

     233,934  
  300,000    

City of New York, GO,
4.000%, 10/01/2041

     322,242  
  200,000    

City of New York,
Series B, GO, 5.000%, 10/01/2038

     235,534  
  100,000    

City of New York,
Series E, GO, 5.000%, 03/01/2041

     117,761  
  40,000    

New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022

     43,729  
  100,000    

New York City Transitional Finance Authority Building Aid Revenue, Revenue Bond,
5.000%, 07/15/2028

     126,276  
  35,000    

New York City,
Series I-1, Unrefunded, GO, 5.375%, 04/01/2036

     35,061  
  100,000    

New York Dormitory Authority, Refunding, Revenue Bond,
5.000%, 12/01/2035

     113,674  
  100,000    

New York Dormitory Authority, Series A, Revenue Bond,
5.000%, 02/15/2031

     119,903  
  250,000    

New York Dormitory Authority, Series B, Revenue Bond,
5.000%, 07/01/2038

     273,945  
  500,000    

New York Environmental Facilities Corp., Series B, Revenue Bond,
5.500%, 10/15/2027

     637,430  
  175,000    

New York Liberty Development Corp., Refunding, Revenue Bond,
5.250%, 10/01/2035

     224,791  
  200,000    

New York,
Series E, GO, 4.000%, 12/15/2027

     212,112  
           
              2,696,392  
           
       

North Carolina - 1.40%

        
  320,000    

North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, 5.000%, 01/01/2025

     354,608  
           
       

Ohio - 3.23%

        
  325,000    

Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond,
5.875%, 06/01/2047

     317,753  
  135,000    

County of Cuyahoga, Revenue Bond,
5.250%, 02/15/2047

     148,046  
  100,000    

Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026

     108,683  
  200,000    

Ohio, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2031

     243,854  
           
              818,336  
           

Principal
Amount

        

Value

  
       

Oregon - 0.50%

        
$ 100,000    

Oregon, Series A, GO,
5.000%, 05/01/2028

   $ 126,070  
           
       

Pennsylvania - 2.74%

        
       

Allegheny County Hospital Development Authority, Series A, Revenue Bond,

        
  50,000    

4.000%, 04/01/2044

     51,311  
  50,000    

5.000%, 04/01/2047

     56,248  
  100,000    

Allentown Neighborhood Improvement Zone Development Authority, Revenue Bond,
5.000%, 05/01/2033

     111,087  
  100,000    

Commonwealth Financing Authority, Revenue Bond,
5.000%, 06/01/2034

     116,402  
  150,000    

Pennsylvania Economic Development Financing Authority, Revenue Bond,
6.750%, 12/01/2053

     148,200  
  200,000    

Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,
5.800%, 07/01/2030

     210,300  
           
              693,548  
           
       

Puerto Rico - 0.47%

        
  125,000    

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Series A1, Revenue Bond,
4.750%, 07/01/2053

     118,834  
           
       

South Carolina - 2.25%

        
  400,000    

Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025

     458,144  
  100,000    

South Carolina Jobs-Economic Development Authority, Revenue Bond,
5.750%, 06/15/2039

     110,104  
           
              568,248  
           
       

South Dakota - 0.44%

        
  100,000    

South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement,
Series B, Revenue Bond, 5.000%, 06/01/2026

     110,671  
           
       

Texas - 7.47%

        
  200,000    

Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,
6.000%, 01/01/2041

     214,882  
  100,000    

Central Texas Turnpike System, Series C, Refunding, Revenue Bond,
5.000%, 08/15/2029

     112,485  
  200,000    

Dallas-Fort Worth International Airport, Series B, Revenue Bond,
5.000%, 11/01/2026

     223,454  
  200,000    

New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond,
5.000%, 07/01/2046

     221,382  
  225,000    

North Texas Tollway Authority, Refunding, Revenue Bond,
4.000%, 01/01/2038

     233,993  
  100,000    

North Texas Tollway Authority, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029

     115,428  
  100,000    

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,
6.625%, 11/15/2037

     113,513  
 

 

See notes to financial statements.

 

93

GuideMark® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

       

Texas (Continued)

 

       

Texas Private Activity Surface Transportation Corp., Revenue Bond,

        
$ 200,000    

7.500%, 12/31/2031

   $ 208,538  
  200,000    

7.500%, 06/30/2033

     213,804  
  85,000    

7.000%, 12/31/2038

     99,878  
  115,000    

6.750%, 06/30/2043

     133,423  
           
              1,890,780  
           
       

Utah - 2.59%

        
  100,000    

Salt Lake City Corp. Airport, Series B, Revenue Bond,
5.000%, 07/01/2042

     116,071  
  500,000    

Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022

     539,910  
           
              655,981  
           
       

Virginia - 2.22%

        
  1,475,000    

Tobacco Settlement Financing Corp., Series C, Revenue Bond,
8.400%, 06/01/2047 (c)

     153,872  
  300,000    

Virginia College Building Educational Facilities Authority, Revenue Bond,
5.750%, 01/01/2034

     407,067  
           
              560,939  
           
       

Washington - 2.39%

        
  325,000    

Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond,
5.000%, 02/01/2027

     354,793  
  250,000    

Washington Health Care Facilities Authority, Refunding, Revenue Bond,
6.375%, 10/01/2036

     250,877  
           
              605,670  
           
       

Wisconsin - 5.10%

        
  100,000    

Wisconsin Health & Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2025

     112,089  
  5,000    

Wisconsin Health & Educational Facilities Authority, Series A1, Revenue Bond,
4.000%, 07/01/2048

     5,039  

Principal
Amount

        

Value

  
       

Wisconsin (Continued)

        
$ 100,000    

Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond,
7.000%, 07/01/2043

   $ 100,035  
       

Wisconsin Public Finance Authority, Refunding, Revenue Bond,

        
  125,000    

5.000%, 07/01/2022

     131,305  
  150,000    

5.750%, 10/01/2031

     154,461  
  225,000    

5.250%, 05/15/2047

     237,613  
  10,000    

Wisconsin, Series 2, Prerefunded, GO,
5.000%, 05/01/2025

     11,018  
  490,000    

Wisconsin, Series 2, Unrefunded, GO,
5.000%, 05/01/2025

     539,172  
           
              1,290,732  
           
       

Total Municipal Debt Obligations
(Cost $23,447,632)

     24,771,217  
           

Number of
Shares

            
       

SHORT TERM INVESTMENTS - 0.48%

        
       

Money Market Funds - 0.48%

        
  122,034    

Government TaxAdvantage Portfolio - Institutional Shares
Effective Yield, 2.30% (b)

     122,034  
           
       

Total Short Term Investments
(Cost $122,034)

     122,034  
           
       

Total Investments
(Cost $23,569,666) - 98.35%

     24,893,251  
       

Other Assets in excess of Liabilities - 1.65%

     417,199  
           
       

TOTAL NET ASSETS - 100.00%

   $ 25,310,450  
           

Percentages are stated as a percent of net assets.

(a)   Adjustable rate security - the rate is determined by the Remarketing Agent.
(b)   Seven-day yield as of March 31, 2019.
(c)   Zero coupon bond. The effective yield is listed.

Glossary of Terms

CMI   -   California Mortgage Insurance
GO   -   General Obligation
 

 

See notes to financial statements.

 

94

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Principal

Amount

        

Value

  
       

COLLATERALIZED MORTGAGE OBLIGATIONS - 16.17%

 

  616,504    

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

   $ 530,365  
  569,427    

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

     531,551  
  666,100    

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

     475,855  
       

Credit Suisse Mortgage Capital Mortgage-Backed Trust

        
  183,271    

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

     176,803  
  318,231    

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

     277,994  
  175,304    

Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
Series 2006-AR1, 3.834%, 02/25/2036 (a)

     169,895  
  297,422    

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

     226,168  
  308,824    

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

     248,738  
       

GSR Mortgage Loan Trust

        
  527,438    

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

     427,431  
  205,519    

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

     182,158  
  493,071    

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

     376,560  
  249,856    

IndyMac INDX Mortgage Loan Trust
Series 2005-AR1, 4.252%, 03/25/2035 (a)

     250,650  
       

JP Morgan Chase Commercial Mortgage Securities Trust

        
  5,302,842    

Series 2012-C8, 1.778%, 10/17/2045 (a)(i)

     256,224  
  1,330    

Series 2007-LDP10,
5.322%, 01/15/2049 (a)

     1,333  
  389,169    

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

     391,790  
  228,979    

MASTR Adjustable Rate Mortgages Trust
Series 2006-2, 4.506%, 01/25/2036 (a)

     226,217  
       

Morgan Stanley Mortgage Loan Trust

        
  729,313    

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

     563,974  
  517,496    

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

     411,241  
       

Residential Asset Securitization Trust

        
  641,479    

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

     560,066  
  484,435    

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

     422,352  
  812,331    

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

     527,558  
  801,906    

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

     392,836  
  350,707    

Washington Mutual Asset-Backed Certificates Trust
2006-HE3, 2.641% (1 Month LIBOR USD + 0.155%, 0.155% Floor), 08/25/2036 (b)

     328,780  
  177,663    

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

     161,899  
  176,551    

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

     165,193  
           
       

Total Collateralized Mortgage Obligations (Cost $10,115,683)

     8,283,631  
           
       

COMMON STOCKS - 0.04%

 

       

Air Freight & Logistics - 0.04%

 

  710    

Ceva Logistics AG (d)

     21,336  
           

Number of
Shares

        

Value

  
       

Metals & Mining - 0.00%

 

  12,305,675    

K2016470219 - Class A (c)(d)(g)(h)

   $ 0  
  1,336,186    

K2016470219 - Class B (c)(d)(g)(h)

     0  
           
              0  
           
       

Total Common Stocks
(Cost $94,273)

     21,336  
           

Principal
Amount

            
       

CORPORATE OBLIGATIONS - 0.02%

        
       

Specialty Retail - 0.02%

        
       

K2016470219 South Africa, Ltd.

        
  960,855    

0.000% Cash or 3.000% PIK,
12/31/2022 (e)

     2,931  
  181,097    

0.000% Cash or 8.000% PIK,
12/31/2022 (e)

     619  
  224,747    

K2016470260 South Africa, Ltd.
0.000% Cash or 25.000% PIK,
12/31/2022 (e)

     8,428  
           
              11,978  
           
       

Total Corporate Obligations (Cost $2,031,998)

     11,978  
           
       

FOREIGN GOVERNMENT DEBT
OBLIGATIONS - 32.34%

 

  20,000    

Argentina POM Politica Monetaria 54.470% (ARLLMONP + 0.000%), 06/21/2020 (b)

     510  
       

Argentina Treasury Bill

        
  8,517,000    

43.900%, 04/30/2020 (f)

     218,753  
  134,000    

2.820%, 07/31/2020 (f)

     3,015  
       

Argentine Bonos del Tesoro

        
  6,954,000    

18.200%, 10/03/2021

     113,828  
  10,209,900    

16.000%, 10/17/2023

     174,521  
  22,986,100    

15.500%, 10/17/2026

     359,676  
  9,000    

Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020 (n)

     307  
  90,000    

Bonos de la Nacion Argentina en Moneda Dua 4.500%, 02/13/2020

     86,175  
  5,100,000    

Brazil Letras do Tesouro Nacional
7.360%, 07/01/2021 (f)

     1,109,161  
  160,000,000    

Colombia Government International Bond 7.750%, 04/14/2021

     52,539  
       

Colombian TES

        
  583,000,000    

10.000%, 07/24/2024

     218,228  
  296,500,000    

7.500%, 08/26/2026

     100,597  
  342,500,000    

6.000%, 04/28/2028

     104,584  
  1,946,000,000    

7.750%, 09/18/2030

     665,291  
       

Ghana Government Bond

        
  300,000    

18.750%, 01/24/2022

     57,359  
  200,000    

16.500%, 02/06/2023

     35,680  
  300,000    

19.750%, 03/25/2024

     57,392  
  910,000    

19.750%, 03/15/2032

     163,032  
       

Ghana Treasury Note

        
  290,000    

19.950%, 05/06/2019

     55,349  
  460,000    

16.500%, 02/17/2020

     87,128  
  120,000    

16.500%, 03/16/2020

     22,628  
       

India Government Bond

        
  44,000,000    

8.150%, 06/11/2022

     660,492  
  7,000,000    

8.080%, 08/02/2022

     104,947  
 

 

See notes to financial statements.

 

95

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

FOREIGN GOVERNMENT DEBT
OBLIGATIONS (Continued)

 

  2,000,000    

6.840%, 12/19/2022

   $ 28,937  
  74,000,000    

8.830%, 11/25/2023

     1,147,958  
  15,000,000    

7.680%, 12/15/2023

     223,046  
       

Indonesia Treasury Bond

        
  9,416,000,000    

8.250%, 07/15/2021

     683,196  
  1,500,000,000    

7.000%, 05/15/2022

     105,649  
  890,000,000    

5.625%, 05/15/2023

     59,461  
  25,441,000,000    

8.375%, 09/15/2026

     1,879,043  
  606,000,000    

9.000%, 03/15/2029

     46,404  
  140,000,000    

10.500%, 08/15/2030

     11,775  
  1,689,000,000    

8.750%, 05/15/2031

     126,914  
  647,000,000    

8.375%, 03/15/2034

     46,751  
       

Korea Treasury Bond

        
  210,000,000    

4.250%, 06/10/2021

     195,029  
  581,500,000    

3.375%, 09/10/2023

     547,774  
  459,000,000    

3.500%, 03/10/2024

     437,126  
  267,000,000    

3.000%, 09/10/2024

     249,998  
       

Mexican Bonos

        
  378,200    

5.000%, 12/11/2019

     1,909,291  
  11,000    

8.000%, 06/11/2020

     56,884  
  7,600    

6.500%, 06/10/2021

     38,164  
  28,200    

7.250%, 12/09/2021

     143,347  
  700    

8.000%, 12/07/2023

     3,633  
       

Mexican Udibonos

        
  16,593    

4.000%, 06/13/2019 (j)

     84,715  
  13,713    

2.500%, 12/10/2020 (j)

     68,992  
       

Nota Do Tesouro Nacional

        
  2,065    

10.000%, 01/01/2021

     550,490  
  120    

10.000%, 01/01/2023

     32,368  
  1,630    

10.000%, 01/01/2025

     441,554  
  5,220    

10.000%, 01/01/2027

     1,413,342  
       

Philippine Government Bond

        
  11,010,000    

3.875%, 11/22/2019

     206,917  
  15,690,000    

3.375%, 08/20/2020

     288,936  
       

Republic of Ghana Government Bond

        
  1,810,000    

16.250%, 05/17/2021

     334,136  
  200,000    

24.500%, 06/21/2021

     42,286  
  390,000    

24.750%, 07/19/2021

     82,048  
  99,000    

19.500%, 10/18/2021

     18,939  
  150,000    

16.250%, 04/07/2025

     25,840  
  910,000    

19.000%, 11/02/2026

     173,169  
  647,000    

Ukraine Government International Bond 0.000%, 05/31/2040 (e)(n)

     414,497  
           
       

Total Foreign Government Debt Obligations (Cost $18,915,080)

     16,569,801  
           
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 17.92%

 

  456,176    

Federal Home Loan Mortgage Corp.
Series 4768, 2.784% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 03/15/2048 (b)

     451,816  
       

Federal National Mortgage Association

        
  537,745    

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

     553,140  
  252,573    

Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (b)(m)

     275,239  
  22,295    

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

     22,306  
  463,901    

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

     456,497  
  956,785    

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

     958,802  

Principal
Amount

        

Value

  
       

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

 

  445,544    

Pool #2012-150, 1.750%, 01/25/2043

   $ 429,154  
  688,322    

Pool #2018-23, 2.750%, 12/25/2043

     685,310  
  169,379    

Series 9003, 3.000%, 11/01/2046

     168,916  
  541,451    

Series 0862, 3.500%, 09/01/2047

     549,997  
  450,508    

Pool #2018-27, 3.000%, 12/25/2047

     446,995  
  442,978    

Pool #3392, 4.000%, 01/01/2048

     457,763  
  946,956    

Series 3332, 3.500%, 04/01/2048

     961,842  
  470,636    

Pool #2018-31, 2.786% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 05/25/2048 (b)

     465,876  
  458,717    

Pool #2018-36, 3.000%, 06/25/2048

     457,898  
  435,160    

Pool #2018-38, 3.000%, 06/25/2048

     436,258  
  484,093    

Pool #3414, 3.500%, 07/01/2048

     491,698  
       

Government National Mortgage Association

        
  549,275    

Pool #2010-62, 3.262% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (b)(i)(m)

     63,567  
  558,126    

Pool #2011-72, 2.892% (1 Month LIBOR USD + 5.380%, 5.380% Cap, 0.000% Floor), 05/20/2041 (b)(i)(m)

     71,366  
  628,361    

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

     663,883  
  1,058,687    

Pool #2013-113, 3.762% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor), 03/20/2043 (b)(i)(m)

     113,043  
           
       

Total Mortgage Backed Securities - U.S. Government Agency
(Cost $9,107,131)

     9,181,366  
           

Notional
Amount

            
       

Purchased Options - 0.00%

        
       

Options on Currency Contracts

        
       

Put Options

        
$ 3,000    

Australian Dollar - U.S. Dollar Counterparty: Goldman Sachs
Expiration: Dec, 2019
Exercise Price: $0.68

     32  
           
       

Total Purchased Options
(Cost $32)

     32  
           

Number of
Shares

            
       

WARRANTS - 0.00%

        
       

Textiles, Apparel & Luxury Goods - 0.00%

        
  361    

Edcon Holdings, Ltd. F -
Expiration: December, 2049 (c)(d)(g)(h)

     0  
  6,464,770    

Edcon Holdings, Ltd. F1 -
Expiration: December, 2049 (c)(d)(g)(h)

     0  
  523,517    

Edcon Holdings, Ltd. F2 -
Expiration: December, 2049 (c)(d)(g)(h)

     0  
           
       

Total Warrants
(Cost $0)

     0  
           

Principal

Amount

            
       

SHORT TERM INVESTMENTS - 30.54%

 

       

Foreign Government Debt Obligation - 5.51%

 

       

Argentina Treasury Bill

        
  1,750,000    

42.490%, 04/30/2019 (f)

     49,790  
  211,000    

46.310%, 05/10/2019 (f)

     5,013  
  11,553,000    

48.600%, 05/31/2019 (f)

     318,044  
 

 

See notes to financial statements.

 

96

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Principal
Amount

        

Value

  
       

SHORT TERM INVESTMENTS (Continued)

 

       

Foreign Government Debt Obligation (Continued)

 

  867,000    

48.460%, 06/28/2019 (f)

   $ 22,016  
  9,164,000    

50.260%, 09/30/2019 (f)

     255,975  
  4,870,000    

49.260%, 10/31/2019 (f)

     130,417  
  10,000    

49.200%, 02/28/2020 (f)

     218  
       

Mexico Cetes

        
  1,707,610    

7.750%, 05/23/2019 (f)

     870,262  
  472,300    

8.400%, 06/06/2019 (f)

     239,661  
  395,250    

8.350%, 07/04/2019 (f)

     199,310  
  191,300    

8.330%, 07/18/2019 (f)

     96,171  
  324,300    

8.270%, 09/12/2019 (f)

     161,057  
  177,110    

8.230%, 11/07/2019 (f)

     86,908  
  298,410    

8.210%, 01/02/2020 (f)

     144,705  
  511,760    

8.190%, 02/27/2020 (f)

     245,230  
           
              2,824,777  
           

Number of

Shares

            
       

Money Market Funds - 11.53%

        
  5,905,671    

DWS Government Money Market
Series - Institutional Shares
Effective Yield, 2.44% (k)

     5,905,671  
           

Principal

Amount

            
       

United States Treasury Bills - 13.50%

        
       

United States Treasury Bill

        
  1,600,000    

2.330%, 06/06/2019 (f)

     1,593,092  
  5,350,000    

2.340%, 06/20/2019 (f)

     5,321,954  
           
              6,915,046  
           
       

Total Short Term Investments
(Cost $15,596,117)

     15,645,494  
           
       

Total Investments
(Cost $55,860,314) - 97.03%

     49,713,638  
       

Other Assets in Excess of
Liabilities - 2.97%

     1,521,250  
           
       

TOTAL NET ASSETS - 100.00%

   $ 51,234,888  
           

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 March 31, 2019.
(b)   Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2019.
(c)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% 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 exemption from registration. The value of these securities total $426,475, which represents 0.83% of total net assets.
(f)   Zero Coupon Bond. The effective yield is listed.
(g)   As of March 31, 2019, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets.
(h)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(i)   Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2019. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $504,200, which represents 0.98% of total net assets.
(j)   Represents an inflation protected security.
(k)   Seven-day yield as of March 31, 2019.
(l)   Step-up bond; the interest rate shown is the rate in effect as of March 31, 2019.
(m)   Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.
(n)   Variable rate security. The coupon rate will be 0.00% until the year 2021. The effective yield is listed.

Glossary of Terms

ARLLMONP   -   Argentina Blended Policy Rate
LIBOR   -   London Interbank Offered Rate
PIK   -   Payment In Kind
 

 

See notes to financial statements.

 

97

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2019

 

Forward
Expiration Date

  

Counterparty

  

Currency to be received

  

Amount of
Currency to
be  received

    

Currency to be delivered

  

Amount of
Currency to
be  delivered

    

Unrealized
Appreciation
(Depreciation)

  
4/3/2019  

BNP Paribas

  

Argentine Peso

     5,430,491     U.S. Dollar     128,990     $ (4,594 ) 
4/3/2019  

HSBC

  

Argentine Peso

     11,637,538     U.S. Dollar     274,104       (7,524 ) 
4/3/2019  

Goldman Sachs

  

Argentine Peso

     2,741,043     U.S. Dollar     64,495       (1,706 ) 
5/2/2019  

HSBC

  

Argentine Peso

     11,637,538     U.S. Dollar     258,612       (2,037 ) 
5/3/2019  

Goldman Sachs

  

Argentine Peso

     2,741,043     U.S. Dollar     60,336       16  
7/1/2019  

BNP Paribas

  

Argentine Peso

     5,430,491     U.S. Dollar     111,338       (935 ) 
6/21/2019  

Citibank

  

Brazilian Real

     3,300,000     Euro     757,750       (18,538 ) 
4/3/2019  

Citibank

  

Euro

     2,146,074     Mexican Peso     46,884,480       (5,131 ) 
7/15/2019  

Citibank

  

Euro

     752,228     Mexican Peso     16,860,600       (2,172 ) 
4/4/2019  

HSBC

  

Indian Rupee

     805,000     U.S. Dollar     11,689       (79 ) 
4/3/2019  

Citibank

  

Mexican Peso

     46,884,480     Euro     2,075,453       84,383  
7/15/2019  

Citibank

  

Mexican Peso

     16,860,600     Euro     728,863       28,623  
4/29/2019  

HSBC

  

South Korea Won

     195,000,000     U.S. Dollar     173,727       (1,779 ) 
4/3/2019  

Goldman Sachs

  

U.S. Dollar

     62,767     Argentine Peso     2,741,043       (22 ) 
4/3/2019  

BNP Paribas

  

U.S. Dollar

     124,983     Argentine Peso     5,430,491       587  
4/3/2019  

HSBC

  

U.S. Dollar

     268,146     Argentine Peso     11,637,538       1,565  
4/11/2019  

JP Morgan Chase

  

U.S. Dollar

     176,213     Australian Dollar     245,500       1,849  
4/15/2019  

Citibank

  

U.S. Dollar

     154,379     Australian Dollar     218,512       (829 ) 
4/15/2019  

JP Morgan Chase

  

U.S. Dollar

     244,239     Australian Dollar     339,000       3,450  
4/15/2019  

JP Morgan Chase

  

U.S. Dollar

     353,063     Australian Dollar     491,000       4,309  
4/23/2019  

JP Morgan Chase

  

U.S. Dollar

     536,144     Australian Dollar     744,500       7,250  
5/13/2019  

Citibank

  

U.S. Dollar

     154,036     Australian Dollar     217,744       (708 ) 
5/13/2019  

JP Morgan Chase

  

U.S. Dollar

     173,850     Australian Dollar     245,500       (621 ) 
5/15/2019  

Citibank

  

U.S. Dollar

     154,887     Australian Dollar     217,744       136  
5/15/2019  

JP Morgan Chase

  

U.S. Dollar

     241,100     Australian Dollar     339,000       173  
5/21/2019  

Citibank

  

U.S. Dollar

     264,087     Australian Dollar     370,000       1,098  
5/22/2019  

JP Morgan Chase

  

U.S. Dollar

     533,345     Australian Dollar     744,500       4,158  
4/8/2019  

Deutsche Bank

  

U.S. Dollar

     211,072     Euro     183,683       4,851  
4/8/2019  

Bank of America

  

U.S. Dollar

     352,608     Euro     310,151       4,401  
4/10/2019  

Citibank

  

U.S. Dollar

     2,444,617     Euro     2,146,074       34,814  
4/11/2019  

Barclays

  

U.S. Dollar

     212,872     Euro     189,000       628  
4/15/2019  

Citibank

  

U.S. Dollar

     71,731     Euro     63,594       292  
4/23/2019  

Deutsche Bank

  

U.S. Dollar

     50,501     Euro     44,000       1,039  
4/23/2019  

Goldman Sachs

  

U.S. Dollar

     130,221     Euro     113,352       2,800  
4/24/2019  

Deutsche Bank

  

U.S. Dollar

     90,365     Euro     78,923       1,638  
4/24/2019  

UBS

  

U.S. Dollar

     232,810     Euro     203,500       4,032  
4/25/2019  

Deutsche Bank

  

U.S. Dollar

     50,411     Euro     44,000       941  
4/25/2019  

JP Morgan Chase

  

U.S. Dollar

     68,885     Euro     60,167       1,239  
4/29/2019  

Goldman Sachs

  

U.S. Dollar

     26,205     Euro     22,812       548  
4/30/2019  

HSBC

  

U.S. Dollar

     39,271     Euro     34,118       895  
4/30/2019  

JP Morgan Chase

  

U.S. Dollar

     302,713     Euro     263,000       6,892  
4/30/2019  

Deutsche Bank

  

U.S. Dollar

     384,589     Euro     333,733       9,208  
5/2/2019  

Citibank

  

U.S. Dollar

     76,830     Euro     66,790       1,691  
5/6/2019  

BNP Paribas

  

U.S. Dollar

     2,132,608     Euro     1,845,000       56,257  
5/20/2019  

JP Morgan Chase

  

U.S. Dollar

     68,405     Euro     60,167       609  
5/21/2019  

Goldman Sachs

  

U.S. Dollar

     129,226     Euro     113,324       1,521  
5/21/2019  

JP Morgan Chase

  

U.S. Dollar

     169,000     Euro     148,667       1,468  
5/21/2019  

Bank of America

  

U.S. Dollar

     364,314     Euro     319,000       4,834  
5/21/2019  

Citibank

  

U.S. Dollar

     1,848,509     Euro     1,620,000       22,937  
5/28/2019  

Goldman Sachs

  

U.S. Dollar

     78,038     Euro     68,188       1,150  
5/28/2019  

Morgan Stanley

  

U.S. Dollar

     101,159     Euro     88,500       1,366  
5/31/2019  

Deutsche Bank

  

U.S. Dollar

     381,843     Euro     333,864       5,285  
6/4/2019  

Bank of America

  

U.S. Dollar

     214,005     Euro     186,500       3,587  
6/7/2019  

Deutsche Bank

  

U.S. Dollar

     209,338     Euro     183,683       2,047  
6/7/2019  

Bank of America

  

U.S. Dollar

     354,275     Euro     310,348       4,038  
6/18/2019  

Deutsche Bank

  

U.S. Dollar

     13,666     Euro     12,000       112  
7/22/2019  

Citibank

  

U.S. Dollar

     359,314     Euro     314,223       3,378  
7/23/2019  

Citibank

  

U.S. Dollar

     277,442     Euro     242,600       2,614  
9/6/2019  

Citibank

  

U.S. Dollar

     219,069     Euro     190,790       2,119  

 

See notes to financial statements.

 

98

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)

March 31, 2019

 

Forward
Expiration Date

  

Counterparty

  

Currency to be received

  

Amount of
Currency to
be  received

    

Currency to be delivered

  

Amount of
Currency to
be  delivered

    

Unrealized
Appreciation
(Depreciation)

  
9/23/2019  

Goldman Sachs

  

U.S. Dollar

     130,682     Euro     113,324     $ 1,636  
4/4/2019  

HSBC

  

U.S. Dollar

     11,246     Indian Rupee     805,000       (363 ) 
4/5/2019  

BNP Paribas

  

U.S. Dollar

     13,157     Indian Rupee     943,600       (449 ) 
4/11/2019  

HSBC

  

U.S. Dollar

     65,505     Indian Rupee     4,664,162       (1,686 ) 
4/15/2019  

Citibank

  

U.S. Dollar

     112,938     Indian Rupee     8,056,000       (3,043 ) 
4/15/2019  

HSBC

  

U.S. Dollar

     112,941     Indian Rupee     8,048,948       (2,939 ) 
4/16/2019  

Citibank

  

U.S. Dollar

     5,880     Indian Rupee     420,000       (166 ) 
5/20/2019  

HSBC

  

U.S. Dollar

     74,146     Indian Rupee     5,330,000       (2,234 ) 
5/22/2019  

JP Morgan Chase

  

U.S. Dollar

     78,356     Indian Rupee     5,651,000       (2,605 ) 
5/28/2019  

JP Morgan Chase

  

U.S. Dollar

     16,816     Indian Rupee     1,212,000       (536 ) 
6/6/2019  

HSBC

  

U.S. Dollar

     11,133     Indian Rupee     802,000       (337 ) 
6/6/2019  

BNP Paribas

  

U.S. Dollar

     13,222     Indian Rupee     951,400       (386 ) 
6/11/2019  

HSBC

  

U.S. Dollar

     111,686     Indian Rupee     8,006,483       (2,768 ) 
6/11/2019  

JP Morgan Chase

  

U.S. Dollar

     127,654     Indian Rupee     9,051,000       (1,731 ) 
6/12/2019  

BNP Paribas

  

U.S. Dollar

     188,120     Indian Rupee     13,361,000       (2,857 ) 
6/14/2019  

HSBC

  

U.S. Dollar

     56,668     Indian Rupee     4,017,472       (744 ) 
6/14/2019  

JP Morgan Chase

  

U.S. Dollar

     193,674     Indian Rupee     13,654,000       (1,449 ) 
6/17/2019  

JP Morgan Chase

  

U.S. Dollar

     74,626     Indian Rupee     5,266,000       (603 ) 
6/17/2019  

HSBC

  

U.S. Dollar

     113,312     Indian Rupee     8,014,000       (1,175 ) 
6/18/2019  

HSBC

  

U.S. Dollar

     88,842     Indian Rupee     6,254,000       (493 ) 
6/18/2019  

Citibank

  

U.S. Dollar

     91,232     Indian Rupee     6,467,000       (1,145 ) 
6/19/2019  

JP Morgan Chase

  

U.S. Dollar

     80,500     Indian Rupee     5,670,000       (484 ) 
6/19/2019  

Citibank

  

U.S. Dollar

     171,743     Indian Rupee     12,042,000       (250 ) 
6/20/2019  

JP Morgan Chase

  

U.S. Dollar

     69,900     Indian Rupee     4,871,000       336  
6/20/2019  

Citibank

  

U.S. Dollar

     168,519     Indian Rupee     11,738,000       885  
7/5/2019  

HSBC

  

U.S. Dollar

     11,550     Indian Rupee     805,000       71  
7/22/2019  

HSBC

  

U.S. Dollar

     70,024     Indian Rupee     5,102,000       (2,607 ) 
4/8/2019  

JP Morgan Chase

  

U.S. Dollar

     158,099     Japanese Yen     17,142,239       3,299  
4/8/2019  

Deutsche Bank

  

U.S. Dollar

     369,632     Japanese Yen     40,134,658       7,205  
4/10/2019  

Goldman Sachs

  

U.S. Dollar

     182,931     Japanese Yen     19,732,000       4,712  
4/11/2019  

HSBC

  

U.S. Dollar

     43,340     Japanese Yen     4,825,360       (246 ) 
4/12/2019  

Deutsche Bank

  

U.S. Dollar

     141,672     Japanese Yen     15,700,000       (157 ) 
4/15/2019  

Deutsche Bank

  

U.S. Dollar

     2,294,438     Japanese Yen     254,142,270       (2,051 ) 
4/16/2019  

JP Morgan Chase

  

U.S. Dollar

     409,518     Japanese Yen     43,970,000       12,158  
4/16/2019  

HSBC

  

U.S. Dollar

     440,558     Japanese Yen     47,460,000       11,658  
4/18/2019  

HSBC

  

U.S. Dollar

     478,076     Japanese Yen     53,310,000       (3,782 ) 
4/22/2019  

Citibank

  

U.S. Dollar

     196,592     Japanese Yen     21,865,000       (1,115 ) 
4/25/2019  

JP Morgan Chase

  

U.S. Dollar

     906,275     Japanese Yen     99,485,000       6,459  
4/26/2019  

Deutsche Bank

  

U.S. Dollar

     528,107     Japanese Yen     58,278,342       826  
4/26/2019  

Citibank

  

U.S. Dollar

     325,476     Japanese Yen     35,670,000       2,820  
5/7/2019  

BNP Paribas

  

U.S. Dollar

     798,923     Japanese Yen     88,730,000       (4,336 ) 
5/28/2019  

JP Morgan Chase

  

U.S. Dollar

     43,951     Japanese Yen     4,875,000       (245 ) 
5/31/2019  

JP Morgan Chase

  

U.S. Dollar

     68,636     Japanese Yen     7,550,000       173  
6/4/2019  

JP Morgan Chase

  

U.S. Dollar

     1,461,018     Japanese Yen     161,142,239       (677 ) 
6/18/2019  

Bank of America

  

U.S. Dollar

     135,466     Japanese Yen     15,015,000       (884 ) 
6/18/2019  

JP Morgan Chase

  

U.S. Dollar

     166,928     Japanese Yen     18,500,000       (1,068 ) 
4/29/2019  

HSBC

  

U.S. Dollar

     241,287     South Korea Won     270,856,853       2,450  
5/13/2019  

JP Morgan Chase

  

U.S. Dollar

     353,419     South Korea Won     400,000,000       546  
5/28/2019  

Citibank

  

U.S. Dollar

     33,008     South Korea Won     37,117,606       248  
6/7/2019  

Goldman Sachs

  

U.S. Dollar

     936,766     South Korea Won     1,037,000,000       21,201  
8/26/2019  

Citibank

  

U.S. Dollar

     14,022     South Korea Won     15,718,394       106  
                               
                                $ 311,331  
                               

 

See notes to financial statements.

 

99

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

INTEREST RATE SWAPS

March 31, 2019

 

 

Pay/Receive
Floating Rate

   Floating
Rate Index
     Floating
Payment
Frequency
     Fixed
Pay
Rate
  

Fixed
Payment
Frequency

   Maturity
Date
    

Counterparty

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

Receive

     3-MO-USD-LIBOR *      Quarterly     3.848%   Semi-Annual     8/22/2043     JP Morgan Chase   $ 4,170,000     $ (982,524 )    $             0     $ (982,524 ) 

Receive

     3-MO-USD-LIBOR *      Quarterly     2.587%   Semi-Annual     7/27/2047     Citibank     1,100,000       (112 )      0       (112 ) 

Receive

     3-MO-USD-LIBOR *      Quarterly     1.973%   Semi-Annual     1/27/2025     Citibank     360,000       6,566       0       6,566  

Receive

     3-MO-USD-LIBOR       Quarterly     2.980%   Semi-Annual     2/20/2048     Citibank     274,000       (22,680 )      0       (22,680 ) 

Receive

     3-MO-USD-LIBOR **      Quarterly     3.002%   Semi-Annual     2/22/2048     HSBC     274,000       (23,960 )      0       (23,960 ) 

Receive

     3-MO-USD-LIBOR **      Quarterly     3.019%   Semi-Annual     2/23/2048     HSBC     274,000       (24,944 )      0       (24,944 ) 

Receive

     3-MO-USD-LIBOR *      Quarterly     1.914%   Semi-Annual     1/22/2025     HSBC     196,000       4,187       0       4,187  

Receive

     3-MO-USD-LIBOR *      Quarterly     1.817%   Semi-Annual     2/3/2025     Citibank     120,000       3,230       0       3,230  

Receive

     3-MO-USD-LIBOR *      Quarterly     1.942%   Semi-Annual     1/30/2025     Citibank     80,000       1,599       0       1,599  
                                               
 
 
                                                $ (1,038,638 )    $ 0     $ (1,038,638 ) 
                                               
 
 

 

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

GuideMark® Opportunistic Fixed Income Fund

SCHEDULE OF OPTIONS WRITTEN

March 31, 2019

 

Notional
Amount

        

Value

  
       

Options on Currency Contracts Call Options

        
$ 3,000    

Australian Dollar - U.S. Dollar
Counterparty: Goldman Sachs
Expiration: Dec, 2019
Exercise Price: $0.74

   $ 30  
           
       

Total Written Options (Premiums Received $30)

   $ 30  
           
 

 

See notes to financial statements.

 

100

GuidePath® Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.92%

 

       

Exchange Traded Funds - 79.99%

 

  212,163    

iShares Core MSCI EAFE ETF (a)

   $ 12,893,146  
  907,640    

iShares Core MSCI Emerging Markets ETF

     46,934,064  
  657,605    

iShares Core S&P Small-Cap ETF (a)

     50,734,226  
  535,020    

iShares MSCI Canada ETF (a)

     14,787,953  
  258,578    

iShares MSCI Switzerland ETF (a)

     9,145,904  
  1,157,429    

Schwab U.S. Large-Cap ETF

     78,253,775  
  330,486    

Schwab U.S. Large-Cap Growth ETF (a)

     26,250,503  
  398,374    

SPDR S&P 600 Small Cap Growth ETF (a)

     23,782,928  
  228,337    

SPDR S&P China ETF (a)

     22,902,201  
  62,110    

Vanguard FTSE All World ex-US Small-Cap ETF

     6,467,514  
  3,114,552    

Vanguard FTSE Developed Markets ETF (a)

     127,291,740  
  158,241    

Vanguard Global ex-U.S. Real Estate ETF

     9,426,416  
  164,722    

Vanguard Real Estate ETF

     14,315,989  
  169,236    

Vanguard Russell 1000 Growth ETF (a)

     26,312,813  
  45,621    

Vanguard Russell 2000 Growth

     6,521,522  
  593,785    

Vanguard S&P 500 ETF

     154,110,959  
  44,445    

Vanguard Value ETF

     4,783,615  
           
              634,915,268  
           
       

Mutual Funds - 18.93%

 

  824,566    

AMCAP Fund - Class F3

     25,957,332  
  774,687    

American Funds - EuroPacific Growth Fund - Class F3

     39,493,561  
  444,000    

American Funds - Fundamental Investors - Class F3

     25,911,858  
  535,447    

American Funds - The Growth Fund of America - Class F3

     26,049,508  
  523,616    

American Funds - The Investment Company of America - Class F3

     19,687,973  
  240,382    

American Funds - SMALLCAP World Fund, Inc. - Class F3

     13,124,879  
           
              150,225,111  
           
       

Total Investment Companies
(Cost $675,026,058)

     785,140,379  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.07%

 

       

Money Market Funds - 1.07%

 

  8,520,109    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b)

   $ 8,520,109  
           
       

Total Short Term Investments
(Cost $8,520,109)

     8,520,109  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.47%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 19.47%

 

  154,536,927    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

     154,536,927  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $154,536,927)

     154,536,927  
           
       

Total Investments
(Cost $838,083,094) - 119.46%

     948,197,415  
       

Liabilities in Excess of
Other Assets - (19.46)%

     (154,432,416 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 793,764,999  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

101

GuidePath® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.81%

 

       

Exchange Traded Funds - 81.87%

 

  56,587    

Invesco DB Gold Fund

   $ 2,245,372  
  258,729    

iShares 1-3 Year Treasury Bond ETF (a)

     21,764,284  
  50,873    

iShares 3-7 Year Treasury Bond ETF

     6,267,554  
  169,887    

iShares 7-10 Year Treasury Bond ETF (a)

     18,121,846  
  99,484    

iShares 20+ Year Treasury Bond ETF (a)

     12,578,757  
  257,132    

iShares Core Aggressive Allocation ETF

     13,761,705  
  262,339    

iShares Core Growth Allocation ETF

     11,726,553  
  45,278    

iShares Core MSCI Emerging Markets ETF

     2,341,325  
  44,405    

iShares Core MSCI Europe ETF

     2,036,857  
  174,494    

iShares Core S&P Small-Cap ETF (a)

     13,462,212  
  198,982    

iShares Edge MSCI Min Vol USA ETF

     11,700,142  
  20,939    

iShares J.P. Morgan USD Emerging Markets Bond ETF

     2,304,546  
  87,471    

iShares Long-Term Corporate Bond ETF (a)

     5,278,875  
  80,924    

iShares MSCI Canada ETF (a)

     2,236,739  
  155,581    

iShares MSCI Switzerland ETF (a)

     5,502,900  
  245,398    

iShares U.S. Credit Bond ETF

     13,565,601  
  152,856    

Principal Edge Active Income ETF (a)

     6,085,197  
  471,809    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     16,970,970  
  84,556    

SPDR Bloomberg Barclays International Treasury Bond ETF

     2,358,267  
  88,159    

SPDR Bloomberg Barclays TIPS ETF

     4,908,693  
  13,998    

SPDR S&P 600 Small CapValue ETF (a)

     844,079  
  23,305    

SPDR S&P China ETF (a)

     2,337,492  
  523,748    

Vanguard FTSE Developed Markets ETF (a)

     21,405,581  
  127,225    

Vanguard High Dividend Yield ETF

     10,898,094  
  577,853    

Vanguard Mortgage-Backed Securities ETF

     30,256,383  
  38,715    

Vanguard Real Estate ETF

     3,364,721  
  101,688    

Vanguard S&P 500 ETF

     26,392,104  
  16,936    

Vanguard Total Bond Market ETF (a)

     1,374,864  
  53,615    

Vanguard Value ETF

     5,770,582  
           
              277,862,295  
           
       

Mutual Funds - 16.94%

 

  228,402    

American Funds - Capital Income Builder - Class F3

     13,800,046  
  819,077    

American Funds - High-Income Trust - Class F3

     8,297,255  

Number of
Shares

        

Value

  
       

Mutual Funds (Continued)

 

  623,743    

American Funds - The Income Fund of America - Class F3

   $ 13,766,015  
  608,767    

American Funds - U.S. Government Securities Fund - Class F3

     8,346,198  
  271,883    

American Funds - Mutual Fund - Class F3

     11,052,052  
  384,116    

Vanguard High-Yield Corporate Fund - Admiral Shares

     2,212,506  
           
              57,474,072  
           
       

Total Investment Companies
(Cost $316,802,691)

     335,336,367  
           
       

SHORT TERM INVESTMENTS - 1.17%

 

       

Money Market Funds - 1.17%

 

  3,973,258    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b)

     3,973,258  
           
       

Total Short Term Investments
(Cost $3,973,258)

     3,973,258  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.46%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 22.46%

 

  76,237,689    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

     76,237,689  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $76,237,689)

     76,237,689  
           
       

Total Investments
(Cost $397,013,638) - 122.44%

     415,547,314  
       

Liabilities in Excess of
Other Assets - (22.44)%

     (76,147,942 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 339,399,372  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

102

GuidePath® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.99%

 

       

Exchange Traded Funds - 98.99%

 

  431,889    

iShares 7-10 Year Treasury Bond ETF (a)

   $ 46,069,600  
  105,253    

iShares Core S&P 500 ETF (a)

     29,950,794  
  78,148    

ProShares Ultra S&P 500 ETF (a)

     9,205,834  
  171,156    

Schwab Intermediate-Term U.S. Treasury ETF

     9,204,770  
  813,360    

Schwab U.S. Large-Cap ETF (a)

     54,991,270  
  1,047,347    

Schwab U.S. TIPs ETF

     57,604,085  
  12,265    

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

     1,123,474  
  441,383    

SPDR Portfolio S&P 500 Growth ETF (a)

     16,423,861  
  72,403    

SPDR S&P 500 ETF Trust

     20,452,400  
  195,573    

Technology Select Sector SPDR ETF (a)

     14,472,402  
  94,342    

Vanguard Mid-Cap Growth ETF

     13,469,207  
  211,856    

Vanguard S&P 500 ETF

     54,985,106  
  66,402    

Vanguard Small-Cap Growth ETF (a)

     11,933,767  
           
              339,886,570  
           
       

Total Investment Companies
(Cost $309,283,054)

     339,886,570  
           
       

SHORT TERM INVESTMENTS - 1.07%

 

       

Money Market Funds - 1.07%

 

  3,662,445    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b)

     3,662,445  
           
       

Total Short Term Investments
(Cost $3,662,445)

     3,662,445  
           

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 21.13%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 21.13%

 

  72,550,452    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

   $ 72,550,452  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $72,550,452)

     72,550,452  
           
       

Total Investments
(Cost $385,495,951) - 121.19%

     416,099,467  
       

Liabilities in Excess of
Other Assets - (21.19)%

     (72,753,771 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 343,345,696  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

103

GuidePath® Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.90%

 

       

Exchange Traded Funds - 66.69%

 

  33,490    

Invesco DB Agriculture Fund (a)

   $ 551,580  
  16,750    

Invesco DB Base Metals Fund

     285,420  
  18,986    

Invesco DB Energy Fund

     278,905  
  354,386    

iShares 1-3 Year Treasury Bond ETF (a)

     29,810,950  
  56,179    

iShares Core MSCI Emerging Markets ETF

     2,905,016  
  142,040    

iShares J.P. Morgan USD Emerging Markets Bond ETF

     15,632,923  
  633,401    

ProShares Investment Grade-Interest Rate Hedged ETF (a)(c)

     46,966,684  
  255,089    

SPDR Barclays Investment Grade Floating Rate ETF

     7,831,232  
  72,287    

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)

     6,621,489  
  75,711    

Vanguard FTSE Developed Markets ETF (a)

     3,094,309  
  90,698    

Vanguard Intermediate-Term Corporate Bond ETF (a)

     7,878,935  
  1,170,831    

Vanguard Mortgage-Backed Securities ETF

     61,304,711  
  55,004    

Vanguard S&P 500 ETF

     14,275,738  
  143,653    

Vanguard Total Bond Market ETF (a)

     11,661,751  
           
              209,099,643  
           
       

Mutual Funds - 32.21%

 

  1,640,507    

BlackRock Low Duration Bond Portfolio - Institutional Shares

     15,666,841  
  779,536    

DoubleLine Core Fixed Income Fund - Institutional Shares

     8,442,375  
  1,566,537    

DoubleLine Low Duration Bond Fund - Institutional Shares

     15,618,376  
  338,362    

DoubleLine Multi-Asset Growth Fund - Institutional Shares (d)

     3,102,784  
  3,671,566    

DoubleLine Total Return Bond Fund - Institutional Shares

     38,661,589  
  1,988,068    

T. Rowe Price Institutional Floating Rate Fund - Investor Shares

     19,483,070  
           
              100,975,035  
           
       

Total Investment Companies
(Cost $304,002,280)

     310,074,678  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 1.13%

 

       

Money Market Funds - 1.13%

 

  3,542,714    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b)

   $ 3,542,714  
           
       

Total Short Term Investments
(Cost $3,542,714)

     3,542,714  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 8.23%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 8.23%

 

  25,807,921    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

     25,807,921  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $25,807,921)

     25,807,921  
           
       

Total Investments
(Cost $333,352,915) - 108.26%

     339,425,313  
       

Liabilities in Excess of
Other Assets - (8.26)%

     (25,890,770 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 313,534,543  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
(c)   Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 9 for further disclosures related to this affiliated security.
(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 0.28% of total net assets as of March 31, 2019.
 

 

See notes to financial statements.

 

104

GuidePath® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 99.23%

 

       

Exchange Traded Funds - 80.06%

 

  97,148    

Global X MLP ETF (a)

   $ 861,703  
  137,071    

iShares 0-5 Year High Yield Corporate Bond ETF

     6,402,587  
  12,442    

iShares 7-10 Year Treasury Bond ETF (a)

     1,327,188  
  45,154    

iShares 20+ Year Treasury Bond ETF (a)

     5,709,272  
  45,676    

iShares Currency Hedged MSCI Eurozone ETF (a)

     1,341,047  
  139,471    

iShares Emerging Markets Dividend ETF (a)

     5,608,129  
  21,356    

iShares iBoxx $ Investment Grade Corporate Bond ETF (a)

     2,542,645  
  32,372    

iShares MBS ETF (a)

     3,443,086  
  225,471    

iShares Preferred & Income Securities ETF (a)

     8,240,964  
  212,497    

SPDR Portfolio Aggregate Bond ETF (a)

     6,064,664  
  135,180    

SPDR Portfolio Long Term Corporate Bond ETF

     3,667,433  
  684,774    

SPDR Portfolio S&P 500 High Dividend ETF

     25,911,847  
  19,620    

SPDR S&P Global Dividend ETF (a)

     1,301,395  
  34,704    

SPDR S&P Global Infrastructure ETF

     1,785,174  
  35,360    

Vanguard Emerging Markets Government Bond ETF

     2,766,920  
  51,959    

Vanguard Global ex-U.S. Real Estate ETF

     3,095,198  
  30,637    

Vanguard Intermediate-Term Corporate Bond ETF (a)

     2,661,436  
  214,882    

Vanguard International High Dividend Yield ETF (a)

     13,077,719  
  51,604    

Vanguard Real Estate ETF

     4,484,904  
  3,020    

Vanguard S&P 500 ETF

     783,811  
  174,402    

WisdomTree U.S. SmallCap Dividend Fund (a)

     4,803,031  
           
              105,880,153  
           
       

Mutual Funds - 19.17%

 

  179,470    

BlackRock Strategic Income Opportunities Portfolio - Institutional Shares

     1,749,834  
  296,725    

Loomis Sayles Global Equity and Income Fund - Y Shares

     6,670,379  
  800,603    

T. Rowe Price Institutional Floating Rate Fund - Investor Shares

     7,845,908  
  1,577,784    

Vanguard High-Yield Corporate Fund - Admiral Shares

     9,088,037  
           
              25,354,158  
           
       

Total Investment Companies
(Cost $127,117,089)

     131,234,311  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 0.34%

 

       

Money Market Funds - 0.34%

 

  453,689    

DWS Government Money Market Series - Institutional Shares
Effective Yield 2.44% (b)

   $ 453,689  
           
       

Total Short Term Investments
(Cost $453,689)

     453,689  
           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 29.12%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral- 29.12%

 

  38,520,158    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

     38,520,158  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $38,520,158)

     38,520,158  
           
       

Total Investments
(Cost $166,090,936) - 128.69%

     170,208,158  
       

Liabilities in Excess of
Other Assets - (28.69)%

     (37,948,066 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 132,260,092  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

105

GuidePath® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 98.94%

 

       

Exchange Traded Funds - 66.40%

 

  241,260    

iShares 0-5 Year High Yield Corporate Bond ETF

   $ 11,269,255  
  89,492    

iShares iBoxx $ High Yield Corporate Bond ETF (a)

     7,738,373  
  294,397    

SPDR Bloomberg Barclays High Yield Bond ETF (a)

     10,589,461  
  369,988    

SPDR Bloomberg Barclays Short Term High Yield Bond ETF (a)

     10,082,173  
           
              39,679,262  
           
       

Mutual Funds - 32.54%

 

  667,497    

BlackRock High Yield Portfolio - Institutional Shares

     5,026,255  
  2,504,197    

Vanguard High-Yield Corporate Fund - Admiral Shares

     14,424,172  
           
              19,450,427  
           
       

Total Investment Companies
(Cost $57,989,840)

     59,129,689  
           
       

SHORT TERM INVESTMENTS - 0.00%

 

       

Money Market Funds - 0.00%

 

  629    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b)

     629  
           
       

Total Short Term Investments
(Cost $629)

     629  
           

Number of
Shares

        

Value

  
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 32.03%

 

       

Investments Purchased with Proceeds from Securities Lending Collateral - 32.03%

 

  19,144,533    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b)

   $ 19,144,533  
           
       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $19,144,533)

     19,144,533  
           
       

Total Investments
(Cost $77,135,002) - 130.97%

     78,274,851  
       

Liabilities in Excess of
Other Assets - (30.97)%

     (18,507,494 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 59,767,357  
           

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

106

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2019

 

Principal
Amount

        

Value

  
       

SHORT TERM INVESTMENTS - 100.19%

 

       

Certificates of Deposit - 68.77%

 

$ 5,000,000    

Banco Del Estado De Chile
2.590%, 06/04/2019

   $ 5,000,421  
  2,000,000    

Bank of Montreal
2.904% (3 Month LIBOR USD + 0.110%), 10/04/2019 (a)

     2,001,050  
  7,200,000    

CIBC
2.400%, 04/01/2019

     7,200,000  
  5,500,000    

Commonwealth Bank of Australia
2.810% (1 Month LIBOR USD + 0.320%), 10/04/2019 (a)

     5,506,395  
  5,000,000    

Dexia Credit Local SA
2.783% (3 Month LIBOR USD + 0.100%), 05/17/2019 (a)

     5,000,000  
  5,000,000    

DG Bank
2.580%, 06/19/2019

     5,000,420  
  10,500,000    

Landesbank Hessen-Thueringen Girozentrale
2.760%, 04/10/2019

     10,500,013  
  6,000,000    

Mitsubishi UFJ Trust & Banking Corp.
2.860%, 04/11/2019

     6,000,000  
  2,000,000    

Mizuho Bank, Ltd.
2.620%, 06/17/2019

     2,000,399  
  5,000,000    

National Bank of Canada
2.643% (1 Month LIBOR USD + 0.150%), 04/10/2019 (a)

     5,000,000  
  5,000,000    

Nordea Bank Abp
2.540%, 06/11/2019

     5,000,489  
  6,000,000    

Oversea-Chinese Banking Corp., Ltd.
2.600%, 04/25/2019

     6,000,000  
       

Royal Bank of Canada

        
  1,800,000    

2.802% (1 Month LIBOR USD + 0.310%), 06/12/2019 (a)

     1,801,066  
  1,000,000    

2.913% (3 Month LIBOR USD + 0.130%), 07/10/2019 (a)

     1,000,417  
  6,700,000    

Skandinaviska Enskilda Banken AB
2.340%, 04/01/2019

     6,700,000  
  5,000,000    

Sumitomo Mitsui Banking Corp.
2.630%, 09/04/2019

     5,001,351  
  5,000,000    

Sumitomo Mitsui Trust Bank, Ltd.
2.600%, 07/18/2019

     5,000,250  
  5,000,000    

Svenska Handelsbanken
2.773% (1 Month LIBOR USD + 0.280%), 06/11/2019 (a)

     5,002,638  
  1,000,000    

Swedbank AB
2.550%, 08/12/2019

     1,000,135  
  6,000,000    

The Norinchukin Bank
2.680%, 04/17/2019

     6,000,000  
  8,000,000    

The Toronto-Dominion Bank
2.610%, 09/16/2019

     8,000,528  
  4,500,000    

Westpac Banking Corp.
2.758% (1 Month LIBOR USD + 0.270%), 05/20/2019 (a)

     4,500,000  
           
              108,215,572  
           

Principal
Amount

        

Value

  
       

COMMERCIAL PAPER - 13.97%

 

$ 5,000,000    

Bank of America
2.620%, 08/12/2019

   $ 5,002,957  
       

Santander UK PLC

        
  7,000,000    

-%, 04/25/2019

     6,987,167  
  5,000,000    

-%, 05/03/2019

     4,988,356  
  5,000,000    

ING U.S. Funding, LLC.
2.800% (1 Month LIBOR USD + 0.310%), 06/03/2019 (a)

     5,002,373  
           
              21,980,853  
           

Number of
Shares

            
       

Money Market Funds - 0.71%

 

  1,117,933    

DWS Government Money Market Series - Institutional Shares Effective Yield 2.44% (b)(c)

     1,117,933  
           

Principal
Amount

            
       

U.S. Treasury Bill - 16.74%

 

$ 7,000,000    

2.379%, 04/04/2019 (c)(d)(e)

     6,998,638  
  11,600,000    

2.377%, 05/02/2019 (c)(d)(e)

     11,576,521  
  7,800,000    

2.393%, 06/06/2019 (c)(d)(e)

     7,766,324  
           
              26,341,483  
           
       

Total Short Term Investments
(Cost $157,634,420)

     157,655,841  
           
       

Total Investments
(Cost $157,634,420) - 100.19%

     157,655,841  
       

Liabilities in Excess of
Other Assets - (0.19)%

     (296,781 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 157,359,060  
           

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 March 31, 2019.
(b)   Seven-day yield as of March 31, 2019.
(c)  

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

(d)   Zero coupon bond. The effective yield is listed.
(e)   All or a portion of this security is held as collateral for certain futures contracts.
 

 

See notes to financial statements.

 

107

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2019

 

Description

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

Amsterdam IDX Futures

        54        $ 6,638,270        Apr-19      $ 157,953  

Australian 3-Year Treasury Bond Futures

        439          35,423,641        Jun-19        154,196  

Australian 10-Year Treasury Bond Futures

        338          33,253,174        Jun-19        663,239  

Australian Dollar Futures

        (200 )         (14,218,000 )       Jun-19        (113,140 ) 

Brent Crude Futures (a)

        60          4,054,800        Apr-19        31,016  

British Pound Futures

        (56 )         (4,569,600 )       Jun-19        6,889  

CAC40 Index Futures

        90          5,394,185        Apr-19        122,718  

Canadian 10-Year Bond Futures

        340          35,375,164        Jun-19        652,118  

Canadian Dollar Futures

        (314 )         (23,559,420 )       Jun-19        (88,892 ) 

Cocoa Futures (a)

        (52 )         (1,185,600 )       May-19        (34,386 ) 

Coffee ‘C’ Futures (a)

        (85 )         (3,012,188 )       May-19        256,045  

Copper Futures (a)

        3          220,200        May-19        604  

Corn Futures (a)

        (222 )         (4,065,375 )       Jul-19        241,937  

Cotton No. 2 Futures (a)

        (51 )         (1,979,055 )       May-19        (141,205 ) 

DAX® Index Futures

        1          323,472        Jun-19        (5,064 ) 

DJIA E-Mini CBOT Futures

        67          8,687,555        Jun-19        72,135  

E-mini Nasdaq 100 Futures

        49          7,252,490        Jun-19        228,945  

E-mini Russell 2000 Futures

        42          3,241,980        Jun-19        1,601  

E-mini S&P 500 Futures

        61          8,655,290        Jun-19        97,793  

E-mini S&P Mid Cap 400 Futures

        24          4,562,400        Jun-19        29,963  

Euribor 3 Month Futures

        240          67,510,601        Jun-19        7,542  

Euro Fx Futures

        (348 )         (49,104,975 )       Jun-19        206,730  

Euro Stoxx 50® Index Futures

        145          5,322,056        Jun-19        61,674  

Euro-Bobl Futures

        145          21,655,823        Jun-19        183,669  

Euro-BTP Futures

        24          3,485,608        Jun-19        11,262  

Euro-BTP Futures - Short

        113          14,070,177        Jun-19        47,004  

Euro-Bund Futures

        128          23,883,876        Jun-19        457,795  

Euro-Buxl® 30 Year Futures

        42          9,029,816        Jun-19        425,179  

Eurodollar 90 Day Futures

        757          184,433,587        Jun-19        171,206  

Eurodollar 90 Day Futures

        364          88,761,400        Sep-19        (11,992 ) 

Euro-OATS Futures

        149          27,188,915        Jun-19        695,871  

Euro-Schatz Futures

        309          38,813,043        Jun-19        58,654  

FTSE 100 Index Futures

        48          4,508,479        Jun-19        55,267  

FTSE China A50 Index Futures

        248          3,255,000        Apr-19        123,665  

FTSE MIB Index Futures

        20          2,326,633        Jun-19        (1,113 ) 

FTSE/JSE Top 40 Index Futures

        6          211,174        Jun-19        (356 ) 

Gold 100 Oz. Futures (a)

        6          779,100        Jun-19        (14,333 ) 

Hang Seng Index Futures

        19          3,518,895        Apr-19        45,608  

HSCEI Index Futures

        44          3,187,638        Apr-19        26,918  

IBEX 35® Index Futures

        32          3,298,284        Apr-19        (14,164 ) 

Indian Rupee Futures

        75          2,157,750        Apr-19        (4,676 ) 

Japanese Yen Futures

        (260 )         (29,505,125 )       Jun-19        (18,070 ) 

Lean Hogs Futures (a)

        14          495,880        Jun-19        (30,334 ) 

Live Cattle Futures (a)

        109          5,188,400        Jun-19        39,863  

LME Aluminium Futures (a)(b)

        105          5,016,375        Jun-19        30,517  

LME Aluminium Futures (a)(b)

        (185 )         (8,838,375 )       Jun-19        (152,693 ) 

LME Copper Futures (a)(b)

        60          9,729,750        Jun-19        20,346  

LME Copper Futures (a)(b)

        (52 )         (8,432,450 )       Jun-19        (235,088 ) 

LME Nickel Futures (a)(b)

        (44 )         (3,428,040 )       Jun-19        (72,090 ) 

LME Nickel Futures (a)(b)

        57          4,440,870        Jun-19        (83,589 ) 

LME Zinc Futures (a)(b)

        48          3,521,700        Jun-19        202,822  

LME Zinc Futures (a)(b)

        (27 )         (1,980,956 )       Jun-19        (171,718 ) 

Long Gilt Futures

        150          25,274,818        Jun-19        433,894  

Low Sulphur Gas Oil Futures (a)

        56          3,400,600        May-19        (27,366 ) 

Mexican Peso Futures

        928          23,594,400        Jun-19        (23,327 ) 

MSCI EAFE Index Futures

        23          2,146,360        Jun-19        6,942  

MSCI Emerging Markets Index Futures

        33          1,744,710        Jun-19        (11,296 ) 

MSCI Singapore Index Futures

        (2 )         (53,082 )       Apr-19        (412 ) 

MSCI Taiwan Index Futures

        67          2,617,690        Apr-19        23,871  

 

See notes to financial statements.

 

108

GuidePath® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)

March 31, 2019

 

Description

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

New Zealand Dollar Futures

        35        $ 2,386,650        Jun-19      $ (26,543 ) 

Nikkei 225 Futures

        6          1,148,245        Jun-19        (7,585 ) 

NY Harbor ULSD Futures (a)

        30          2,483,964        Apr-19        (27,934 ) 

OMXS30 Futures

        321          5,338,606        Apr-19        26,492  

Platinum Futures (a)

        (11 )         (469,755 )       Jul-19        6,191  

RBOB Gasoline Futures (a)

        2          158,130        Apr-19        (870 ) 

S&P/TSX 60 Index Futures

        54          7,735,010        Jun-19        18,501  

Silver Futures (a)

        (36 )         (2,719,800 )       May-19        (880 ) 

South African Rand Futures

        (215 )         (7,377,188 )       Jun-19        (31,887 ) 

Soybean Futures (a)

        (86 )         (3,860,325 )       Jul-19        81,227  

Soybean Meal Futures (a)

        (90 )         (2,790,000 )       Jul-19        40,829  

Soybean Oil Futures (a)

        (104 )         (1,790,256 )       Jul-19        78,728  

SPI 200TM Index Futures

        71          7,777,559        Jun-19        (11,494 ) 

Sterling 90 Day Futures

        791          127,698,625        Jun-19        97,177  

Sugar No. 11 Futures (a)

        (163 )         (2,287,477 )       Apr-19        (56,756 ) 

Swiss Franc Futures

        (171 )         (21,618,675 )       Jun-19        (204,391 ) 

TOPIX Index Futures

        (6 )         (861,861 )       Jun-19        3,298  

U.S. Treasury 2-Year Note Futures

        323          68,829,281        Jun-19        268,436  

U.S. Treasury 5-Year Note Futures

        517          59,883,141        Jun-19        463,748  

U.S. Treasury 10-Year Note Futures

        288          35,775,000        Jun-19        477,056  

U.S. Treasury Long Bond Futures

        77          11,523,531        Jun-19        285,427  

U.S. Treasury Ultra Bond Futures

        69          11,592,000        Jun-19        369,848  

Wheat Futures (a)

        (158 )         (3,661,650 )       Jul-19        195,688  

WTI Crude Futures (a)

        11          661,540        Apr-19        3,574  
                                   
                                    $ 6,846,027  
                                   

 

(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.

 

109

GuidePath® Conservative Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Principal
Amount

        

Value

  
       

U.S. TREASURY OBLIGATIONS - 8.06%

        
       

U.S. Treasury Notes - 8.06%

        
$ 18,000    

0.875%, 06/15/2019

   $ 17,941  
  22,000    

0.875%, 09/15/2019

     21,846  
  16,000    

1.375%, 12/15/2019

     15,883  
  23,000    

1.625%, 03/15/2020

     22,832  
           
       

Total U.S.Treasury Obligations
(Cost $78,510)

     78,502  
           

Number of
Shares

            
       

INVESTMENT COMPANIES - 47.55%

        
       

Exchange Traded Funds - 47.55%

        
  3,041    

Invesco Senior Loan ETF

     68,848  
  1,491    

iShares 0-5 Year High Yield Corporate Bond ETF

     69,645  
  4,597    

iShares 0-5 Year Investment Grade Corporate Bond ETF

     231,920  
  3,012    

SPDR Barclays Investment Grade Floating Rate ETF

     92,468  
           
       

Total Investment Companies
(Cost $461,777)

     462,881  
           

Number of
Shares

        

Value

  
       

SHORT TERM INVESTMENTS - 44.63%

        
       

Money Market Funds - 44.63%

        
  434,435    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (a)(b)

   $ 434,435  
           
       

Total Short Term Investments
(Cost $434,435)

     434,435  
           
       

Total Investments
(Cost $974,722) - 100.24%

     975,818  
       

Liabilities in Excess of Other Assets - (0.24)%

     (2,291 ) 
           
       

TOTAL NET ASSETS - 100.00%

   $ 973,527  
           

Percentages are stated as a percent of net assets.

(a)   Seven-day yield as of March 31, 2019.
(b)   Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
 

 

See notes to financial statements.

 

110

GuidePath® Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 93.32%

 

       

Exchange Traded Funds - 93.32%

 

  10,624    

iShares Core U.S. Aggregate Bond ETF (a)

   $ 1,158,760  
  8,640    

iShares iBoxx $ Investment Grade Corporate Bond ETF (a)

     1,028,678  
  2,785    

iShares J.P. Morgan USD Emerging Markets Bond ETF

     306,517  
  1,264    

Schwab Intermediate-Term U.S. Treasury ETF

     67,978  
  1,893    

SPDR Bloomberg Barclays High Yield Bond ETF

     68,091  
  32,000    

VanEck Vectors Emerging Markets High Yield Bond ETF

     747,840  
           
              3,377,864  
           
       

Total Investment Companies
(Cost $3,333,976)

     3,377,864  
           
       

Total Investments
(Cost $3,333,976) - 93.32%

     3,377,864  
       

Other Assets in Excess of Liabilities - 6.68%

     241,764  
           
       

TOTAL NET ASSETS - 100.00%

   $ 3,619,628  
           

Percentages are stated as a percent of net assets.

(a)   Fair value of these securities exceeds 25% of the Fund’s net assets. Additional information for these securities, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
 

 

See notes to financial statements.

 

111

GuidePath® Growth and Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS - 32.36%

 

       

Aerospace & Defense - 1.25%

 

  113    

Boeing Co.

   $ 43,101  
  44    

Lockheed Martin Corp.

     13,207  
           
              56,308  
           
       

Air Freight & Logistics - 0.45%

 

  181    

United Parcel Service, Inc. - Class B

     20,225  
           
       

Banks - 1.07%

 

  218    

BB&T Corp.

     10,144  
  225    

Citizens Financial Group, Inc.

     7,313  
  461    

Regions Financial Corp.

     6,523  
  118    

SunTrust Banks, Inc.

     6,992  
  368    

US Bancorp

     17,733  
           
              48,705  
           
       

Beverages - 1.89%

 

  951    

Coca-Cola Co.

     44,564  
  333    

PepsiCo, Inc.

     40,809  
           
              85,373  
           
       

Biotechnology - 1.84%

 

  380    

AbbVie, Inc.

     30,624  
  157    

Amgen, Inc.

     29,827  
  352    

Gilead Sciences, Inc.

     22,884  
           
              83,335  
           
       

Capital Markets - 0.61%

 

  23    

BlackRock, Inc.

     9,830  
  67    

CME Group, Inc.

     11,026  
  65    

T Rowe Price Group, Inc.

     6,508  
           
              27,364  
           
       

Chemicals - 0.67%

 

  49    

Air Products & Chemicals, Inc.

     9,357  
  192    

DowDuPont, Inc.

     10,236  
  123    

LyondellBasell Industries NV - Class A

     10,341  
           
              29,934  
           
       

Communications Equipment - 1.22%

 

  1,018    

Cisco Systems, Inc.

     54,962  
           
       

Consumer Finance - 0.14%

 

  199    

Synchrony Financial

     6,348  
           
       

Containers & Packaging - 0.16%

 

  155    

International Paper Co.

     7,172  
           
       

Diversified Telecommunication Services - 1.21%

 

  1,743    

AT&T, Inc.

     54,661  
           
       

Electric Utilities - 1.61%

 

  118    

American Electric Power Co, Inc.

     9,883  
  181    

Duke Energy Corp.

     16,290  
  102    

Edison International

     6,316  
  93    

Eversource Energy

     6,598  
  88    

NextEra Energy, Inc.

     17,012  
  312    

PPL Corp.

     9,903  
  116    

Xcel Energy, Inc.

     6,520  
           
              72,522  
           
       

Electrical Equipment - 0.53%

 

  150    

Eaton Corp PLC

     12,084  
  176    

Emerson Electric Co.

     12,051  
           
              24,135  
           

Number of
Shares

        

Value

  
       

Electronic Equipment, Instruments & Components - 0.16%

 

  220    

Corning, Inc.

   $ 7,282  
           
       

Food & Staples Retailing - 1.15%

 

  120    

Sysco Corp.

     8,011  
  206    

Walgreens Boots Alliance, Inc.

     13,034  
  315    

Walmart, Inc.

     30,722  
           
              51,767  
           
       

Food Products - 0.36%

 

  160    

Archer Daniels Midland Co.

     6,901  
  185    

General Mills, Inc.

     9,574  
           
              16,475  
           
       

Health Care Providers & Services - 0.39%

 

  324    

CVS Health Corp.

     17,473  
           
       

Hotels, Restaurants & Leisure - 1.10%

 

  120    

Carnival Corp.

     6,086  
  146    

Las Vegas Sands Corp.

     8,900  
  183    

McDonald’s Corp.

     34,753  
           
              49,739  
           
       

Household Products - 1.98%

 

  225    

Colgate-Palmolive Co.

     15,421  
  102    

Kimberly-Clark Corp.

     12,638  
  592    

Procter & Gamble Co.

     61,597  
           
              89,656  
           
       

Industrial Conglomerates - 0.68%

 

  148    

3M Co.

     30,751  
           
       

Insurance - 0.45%

 

  225    

Aflac, Inc.

     11,250  
  65    

Travelers Cos., Inc.

     8,915  
           
              20,165  
           
       

IT Services - 0.82%

 

  206    

International Business Machines Corp.

     29,067  
  97    

Paychex, Inc.

     7,779  
           
              36,846  
           
       

Machinery - 0.59%

 

  35    

Cummins, Inc.

     5,525  
  88    

Illinois Tool Works, Inc.

     12,631  
  123    

PACCAR, Inc.

     8,381  
           
              26,537  
           
       

Media - 0.10%

 

  62    

Omnicom Group, Inc.

     4,525  
           
       

Metals & Mining - 0.15%

 

  120    

Nucor Corp.

     7,002  
           
       

Multiline Retail - 0.35%

 

  62    

Kohl’s Corp.

     4,264  
  144    

Target Corp.

     11,557  
           
              15,821  
           
       

Multi-Utilities - 0.86%

 

  93    

Consolidated Edison, Inc.

     7,887  
  51    

DTE Energy Co.

     6,362  
  155    

Public Service Enterprise Group, Inc.

     9,209  
  65    

Sempra Energy

     8,181  
  93    

WEC Energy Group, Inc.

     7,354  
           
              38,993  
           
 

 

See notes to financial statements.

 

112

GuidePath® Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2019

 

Number of
Shares

        

Value

  
       

COMMON STOCKS (Continued)

 

       

Oil, Gas & Consumable Fuels - 2.04%

 

  757    

Exxon Mobil Corp.

   $ 61,165  
  176    

Marathon Petroleum Corp.

     10,534  
  106    

Phillips 66

     10,088  
  120    

Valero Energy Corp.

     10,180  
           
              91,967  
           
       

Pharmaceuticals - 4.17%

 

  437    

Bristol-Myers Squibb Co.

     20,849  
  456    

Johnson & Johnson

     63,744  
  599    

Merck & Co., Inc.

     49,819  
  1,282    

Pfizer, Inc.

     54,447  
           
              188,859  
           
       

Semiconductors & Semiconductor Equipment - 2.46%

 

  95    

Analog Devices, Inc.

     10,001  
  67    

Broadcom, Inc.

     20,148  
  947    

Intel Corp.

     50,853  
  37    

Lam Research Corp.

     6,623  
  227    

Texas Instruments, Inc.

     24,078  
           
              111,703  
           
       

Specialty Retail - 0.14%

 

  88    

Best Buy Co., Inc.

     6,253  
           
       

Technology Hardware, Storage & Peripherals - 0.21%

 

  479    

HP, Inc.

     9,307  
           
       

Textiles, Apparel & Luxury Goods - 0.19%

 

  97    

VF Corp.

     8,430  
           
       

Tobacco - 1.36%

 

  474    

Altria Group, Inc.

     27,222  
  389    

Philip Morris International, Inc.

     34,384  
           
              61,606  
           
       

Total Common Stocks
(Cost $1,451,503)

     1,462,201  
           

Number of
Shares

        

Value

  
       

INVESTMENT COMPANIES - 60.42%

 

       

Exchange Traded Funds - 60.42%

 

  6,756    

iShares Emerging Markets Dividend ETF

   $ 271,659  
  62    

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

     5,679  
  7,135    

Vanguard High Dividend Yield ETF

     611,184  
  8,924    

Vanguard Real Estate ETF

     775,584  
  39,604    

WisdomTree CBOE S&P 500 PutWrite Strategy Fund

     1,066,536  
           
       

Total Investment Companies
(Cost $2,719,423)

     2,730,642  
           
       

SHORT TERM INVESTMENTS - 4.99%

 

       

Money Market Funds - 4.99%

 

  225,380    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44%, (a)

     225,380  
           
       

Total Short Term Investments
(Cost $225,380)

     225,380  
           
       

Total Investments
(Cost $4,396,306) - 97.77%

     4,418,223  
       

Other Assets in Excess of Liabilities - 2.23%

     100,837  
           
       

TOTAL NET ASSETS - 100.00%

   $ 4,519,060  
           

Percentages are stated as a percent of net assets.

(a)   Seven-day yield as of March 31, 2019.
 

 

See notes to financial statements.

 

113

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2019

 

     Large Cap
Core Fund
      Emerging
Markets Fund
     Small/Mid Cap
Core Fund
  

ASSETS:

                          

Investments, at value (cost $286,257,662, $69,997,018 and $54,929,242, respectively)1

    $ 368,757,993      $ 85,112,939     $ 68,858,841  

Investments in affiliates, at value (cost $0, $88,412 and $0, respectively)

      —        97,680       —  

Foreign currencies (cost $0, $15,011, and $0, respectively)

      —        15,002       —  

Income receivable

      282,112        233,617       80,441  

Receivable for dividend reclaims

      4,355        29,408       —  

Receivable for fund shares sold

      1,216,156        2,093,218       1,527,904  

Other assets

      20,569        15,252       16,988  
    
  
 

Total Assets

      370,281,185        87,597,116       70,484,174  
    
  
 

LIABILITIES:

                          

Payable for collateral on securities loaned

      35,499,125        1,026,618       6,053,599  

Payable for investment securities purchased

      —        —       202,214  

Payable for fund shares redeemed

      1,259,321        711,777       182,865  

Payable to Investment Advisor

      192,120        66,793       49,154  

Payable to custodian

      5,971        39,599       2,999  

Accrued Trustee fees and expenses

      4,508        1,138       843  

Accrued distribution and shareholder servicing fees

      166,472        48,147       33,263  

Other accrued expenses

      115,483        69,510       54,292  
    
  
 

Total Liabilities

      37,243,000        1,963,582       6,579,229  
    
  
 

NET ASSETS

    $ 333,038,185      $ 85,633,534     $ 63,904,945  
    
  
 

NET ASSETS CONSIST OF:

                          

Capital stock

      246,870,731        70,871,888       50,612,975  

Total distributable earnings

      86,167,454        14,761,646       13,291,970  
    
  
 

Total Net Assets

    $ 333,038,185      $ 85,633,534     $ 63,904,945  
    
  
 

Institutional Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      28,848        777       —  

Net assets

      538,016        9,985       —  

Net asset value, offering and redemption price per share

    $ 18.650      $ 12.851     $ —  
    
  
 

Service Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      18,069,627        6,449,473       4,442,391  

Net assets

      332,500,169        85,623,549       63,904,945  

Net asset value, offering and redemption price per share

    $ 18.401      $ 13.278 2    $ 14.385  
    
  
 

1Includes loaned securities with a value of:

    $ 34,780,303      $ 1,005,598     $ 5,899,610  
    
  
 

2Differences in actual and calculated net asset value shown are due to rounding.

                          

 

See notes to financial statements.

 

114

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2019

 

 

     World
ex-US Fund
     Core
Fixed Income
Fund
      Tax-Exempt
Fixed  Income
Fund
  

ASSETS:

                          

Investments, at value (cost $201,275,996, $150,147,765 and $23,569,666, respectively)1

    $ 219,228,906     $ 151,675,480      $ 24,893,251  

Foreign currencies (cost $39,115, $0, and $0, respectively)

      38,784       —        —  

Appreciation on swap agreements

      —       217,685        —  

Income receivable

      861,536       802,193        358,603  

Receivable for dividend reclaims

      767,298       —        —  

Receivable for investment securities sold

      —       9,687,917        —  

Receivable for fund shares sold

      592,090       783,002        664,732  

Swap premiums paid

      —       89,655        —  

Other assets

      21,094       14,675        12,078  
    
 
  

Total Assets

      221,509,708       163,270,607        25,928,664  
    
 
  

LIABILITIES:

                          

Depreciation on swap agreements

      —       3,509        —  

Payable for collateral on securities loaned

      1,550,556       2,557,125        —  

Payable for investment securities purchased

      —       25,721,383        521,110  

Payable for fund shares redeemed

      2,599,622       1,637,768        25,810  

Payable to Investment Advisor

      134,775       75,456        13,198  

Payable to custodian

      35,996       8,101        547  

Variation margin on futures

      —       23,015        —  

Accrued Trustee fees and expenses

      2,994       1,780        328  

Accrued distribution and shareholder servicing fees

      108,193       69,931        19,415  

Swap premiums received

      —       210,939        —  

Payable for deposits with broker for swaps

      —       72,773        —  

Other accrued expenses

      107,773       96,589        37,806  
    
 
  

Total Liabilities

      4,539,909       30,478,369        618,214  
    
 
  

NET ASSETS

    $ 216,969,799     $ 132,792,238      $ 25,310,450  
    
 
  

NET ASSETS CONSIST OF:

                          

Capital stock

      199,097,651       132,550,202        23,911,096  

Total distributable earnings

      17,872,148       242,036        1,399,354  
    
 
  

Total Net Assets

    $ 216,969,799     $ 132,792,238      $ 25,310,450  
    
 
  

Institutional Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      58,709       —        —  

Net assets

      534,233       —        —  

Net asset value, offering and redemption price per share

    $ 9.100     $ —      $ —  
    
 
  

Service Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      24,440,915       14,325,230        2,261,673  

Net assets

      216,435,566       132,792,238        25,310,450  

Net asset value, offering and redemption price per share

    $ 8.856 2    $ 9.270      $ 11.191  
    
 
  

1Includes loaned securities with a value of:

    $ 1,519,623     $ 2,498,634      $ —  
    
 
  

2Differences in actual and calculated net asset value shown are due to rounding.

                          

 

See notes to financial statements.

 

115

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2019

 

 

     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
      Conservative
Allocation
Fund
  

ASSETS:

                          

Investments, at value (cost $55,860,314, $838,083,094, and $397,013,638, respectively)1

    $ 49,713,638     $ 948,197,415      $ 415,547,314  

Foreign currencies (cost $87,155, $0, and $0, respectively)

      82,959       —        —  

Restricted cash

      100,000       —        —  

Deposits with brokers for swaps

      1,684,522       —        —  

Income receivable

      512,916       693,000        222,658  

Receivable for dividend reclaims

      516       —        —  

Receivable for fund shares sold

      84,428       1,997,648        993,640  

Appreciation of forward foreign currency contracts

      403,617       —        —  

Appreciation of swap agreements

      15,582       —        —  

Other assets

      21,835       67,366        68,823  
    
 
  

Total Assets

      52,620,013       950,955,429        416,832,435  
    
 
  

LIABILITIES:

                          

Options written at value (premiums received $30, $0 and $0, respectively)

      30       —        —  

Depreciation of forward foreign currency contracts

      92,286       —        —  

Depreciation on swap agreements

      1,054,220       —        —  

Payable for collateral on securities loaned

      —       154,536,927        76,237,689  

Payable to brokers for collateral received

      100,000       —        —  

Payable for investment securities and foreign currencies purchased

      —       900,779        670,155  

Payable for fund shares redeemed

      19,456       813,314        199,957  

Payable to Investment Advisor

      10,942       311,842        42,559  

Payable to custodian

      21,604       13,046        9,600  

Accrued Trustee fees and expenses

      696       10,596        4,542  

Accrued distribution and shareholder servicing fees

      27,300       386,692        160,358  

Other accrued expenses

      58,591       217,234        108,203  
    
 
  

Total Liabilities

      1,385,125       157,190,430        77,433,063  
    
 
  

NET ASSETS

    $ 51,234,888     $ 793,764,999      $ 339,399,372  
    
 
  

NET ASSETS CONSIST OF:

                          

Capital stock

      73,792,117       698,762,757        328,495,043  

Total distributable earnings (loss)

      (22,557,229 )      95,002,242        10,904,329  
    
 
  

Total Net Assets

    $ 51,234,888     $ 793,764,999      $ 339,399,372  
    
 
  

Institutional Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      44,406       471,799        234,399  

Net assets

      376,752       5,450,557        2,268,382  

Net asset value, offering and redemption price per share

    $ 8.484     $ 11.553      $ 9.677  
    
 
  

Service Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      6,012,961       68,689,415        35,054,865  

Net assets

      50,858,136       788,314,442        337,130,990  

Net asset value, offering and redemption price per share

    $ 8.458     $ 11.477      $ 9.617  
    
 
  

1Includes loaned securities with a value of:

    $ —     $ 151,604,056      $ 74,641,875  
    
 
  

 

See notes to financial statements.

 

116

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2019

 

 

     Tactical
Allocation
Fund
      Absolute
Return
Allocation
Fund
     Multi-Asset
Income
Allocation
Fund
  

ASSETS:

                          

Investments, at value (cost $385,495,951, $287,680,554 and $166,090,936, respectively)1

    $ 416,099,467      $ 292,458,629     $ 170,208,158  

Investments in affiliates, at value (cost $0, $45,672,361, and $0, respectively)

      —        46,966,684       —  

Income receivable

      45,142        354,923       116,478  

Receivable for investment securities sold

      —        —       818,158  

Receivable for fund shares sold

      831,996        595,643       125,552  

Other assets

      38,185        52,231       47,710  
    
  
 

Total Assets

      417,014,790        340,428,110       171,316,056  
    
  
 

LIABILITIES:

                          

Payable for collateral on securities loaned

      72,550,452        25,807,921       38,520,158  

Payable for investment securities purchased

      396,671        500,895       42,018  

Payable for fund shares redeemed

      245,036        172,550       268,469  

Payable to Investment Advisor

      171,270        78,188       64,283  

Payable to custodian

      8,404        14,699       9,301  

Accrued Trustee fees and expenses

      4,553        4,206       1,793  

Accrued distribution and shareholder servicing fees

      180,100        195,530       98,983  

Other accrued expenses

      112,608        119,578       50,959  
    
  
 

Total Liabilities

      73,669,094        26,893,567       39,055,964  
    
  
 

NET ASSETS

    $ 343,345,696      $ 313,534,543     $ 132,260,092  
    
  
 

NET ASSETS CONSIST OF:

                          

Capital stock

      317,289,073        319,091,356       130,484,803  

Total distributable earnings (loss)

      26,056,623        (5,556,813 )      1,775,289  
    
  
 

Total Net Assets

    $ 343,345,696      $ 313,534,543     $ 132,260,092  
    
  
 

Institutional Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      137,389        64,209       —  

Net assets

      1,506,030        667,898       —  

Net asset value, offering and redemption price per share

    $ 10.962      $ 10.402     $ —  
    
  
 

Service Shares

                          

Shares outstanding (unlimited shares of no par value authorized)

      31,306,864        30,076,027       12,405,912  

Net assets

      341,839,666        312,866,645       132,260,092  

Net asset value, offering and redemption price per share

    $ 10.919      $ 10.402 2    $ 10.660 2 
    
  
 

1Includes loaned securities with a value of:

    $ 71,266,460      $ 25,236,972     $ 37,716,409  
    
  
 

2Differences in actual and calculated net asset value shown are due to rounding.

 

        

 

See notes to financial statements.

 

117

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2019

 

 

     Flexible
Income
Allocation
Fund
     Managed2
Futures
Strategy
Fund
  

ASSETS:

                 

Investments, at value (cost $77,135,002 and $157,634,420, respectively)1

    $ 78,274,851     $ 157,655,841  

Income receivable

      84,670       363,241  

Receivable for investment securities sold

      785,917       —  

Receivable for fund shares sold

      122,954       409,979  

Receivable for unsettled open futures contracts

      —       253,685  

Other assets

      21,387       19,745  
    
 

Total Assets

      79,289,779       158,702,491  
    
 

LIABILITIES:

                 

Payable for collateral on securities loaned

      19,144,533       —  

Payable for deposits with brokers for futures

      —       5,557  

Payable for fund shares redeemed

      84,632       133,665  

Payable for unsettled open futures contracts

      —       715,178  

Payable to investment advisor

      23,875       229,618  

Payable to custodian

      205,656       4,349  

Variation margin on futures

      —       11,946  

Accrued Trustee fees and expenses

      917       2,438  

Accrued distribution and shareholder servicing fees

      29,692       138,931  

Other accrued expenses

      33,117       101,749  
    
 

Total Liabilities

      19,522,422       1,343,431  
    
 

NET ASSETS

    $ 59,767,357     $ 157,359,060  
    
 

NET ASSETS CONSIST OF:

                 

Capital stock

      68,760,860       165,325,107  

Total distributable loss

      (8,993,503 )      (7,966,047 ) 
    
 

Total Net Assets

    $ 59,767,357     $ 157,359,060  
    
 

Institutional Shares

                 

Shares outstanding (unlimited shares of no par value authorized)

      2,789       119,238  

Net assets

      26,280       961,919  

Net asset value, offering and redemption price per share

    $ 9.422 3    $ 8.067  
    
 

Service Shares

                 

Shares outstanding (unlimited shares of no par value authorized)

      6,377,667       19,762,051  

Net assets

      59,741,077       156,397,141  

Net asset value, offering and redemption price per share

    $ 9.366 3    $ 7.914  
    
 

1Includes loaned securities with a value of:

    $ 18,800,943     $ —  
    
 

2 Consolidated 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.

 

118

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2019

 

 

     Conservative
Income
Fund
      Income
Fund
      Growth &
Income
Fund
  

ASSETS:

                           

Investments, at value (cost $974,722, $3,333,976, and $4,396,306 respectively)

    $ 975,818      $ 3,377,864      $ 4,418,223  

Income receivable

      722        926        3,903  

Receivable for dividend reclaims

      —        —        4  

Receivable for investment securities sold

      —        1,588,177        —  

Receivable for fund shares sold

      60,192        222,161        2,454,402  

Other assets

      27,070        25,747        27,436  
    
  
  

Total Assets

      1,063,802        5,214,875        6,903,968  
    
  
  

LIABILITIES:

                           

Payable for investment securities purchased

      70,468        94,097        2,366,646  

Payable to Investment Advisor

      348        2,609        596  

Payable to Investment Advisor for prepaid expenses

      —        21,038        —  

Payable to custodian

      1,260        1,459,198        22  

Payable for audit and tax fees

      15,008        15,008        15,008  

Accrued Trustee fees and expenses

      335        335        —  

Other accrued expenses

      2,856        2,962        2,636  
    
  
  

Total Liabilities

      90,275        1,595,247        2,384,908  
    
  
  

NET ASSETS

    $ 973,527      $ 3,619,628      $ 4,519,060  
    
  
  

NET ASSETS CONSIST OF:

                           

Capital stock

      972,127        3,566,034        4,497,247  

Total distributable earnings

      1,400        53,594        21,813  
    
  
  

Total Net Assets

    $ 973,527      $ 3,619,628      $ 4,519,060  
    
  
  

Shares outstanding (unlimited shares of no par value authorized)

      97,475        365,930        462,436  

Net assets

      973,527        3,619,628        4,519,060  

Net asset value, offering and redemption price per share

    $ 9.987      $ 9.892      $ 9.772  
    
  
  

 

See notes to financial statements.

 

119

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS

For the Year Ended March 31, 2019

 

     Large Cap
Core Fund
     Emerging
Markets Fund
     Small/Mid Cap
Core Fund
  

INVESTMENT INCOME:

                         

Dividend income (net of withholding tax of $893, $339,864, and $273, respectively)

    $ 4,846,368     $ 2,175,546     $ 770,857  

Interest income

      58,779       9,126       11,154  
    
 
 

Total investment income

      4,905,147       2,184,672       782,011  
    
 
 

EXPENSES:

                         

Investment advisory fees

      1,391,152       535,066       340,309  

Distribution (12b-1) fees – Service Shares

      771,463       226,698       149,258  

Administrative service fees – Service Shares

      756,217       219,979       146,958  

Shareholder servicing fees – Service Shares

      274,136       73,803       50,159  

Administration fees

      151,843       54,269       50,303  

Legal fees

      91,786       33,809       17,434  

Fund accounting fees

      76,300       92,694       64,901  

Reports to shareholders

      54,676       14,747       9,544  

Federal and state registration fees

      47,889       41,747       40,245  

Trustee fees and expenses

      41,510       12,785       7,769  

Custody fees

      24,252       163,177       15,097  

Audit and tax fees

      21,497       23,978       22,496  

Transfer agent fees and expenses

      18,394       9,667       8,396  

Compliance fees

      17,903       5,354       3,368  

Insurance fees

      11,098       5,993       3,440  

Miscellaneous expenses

      3,219       2,559       2,460  

Interest expenses

      762       12,191       515  
    
 
 

Total expenses

      3,754,097       1,528,516       932,652  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      —       (8,437 )      (1,943 ) 

Less securities lending credit (See Note 7)

      (87,728 )      (11,577 )      (64,496 ) 
    
 
 

Net expenses

      3,666,369       1,508,502       866,213  
    
 
 

Net investment income (loss)

      1,238,778       676,170       (84,202 ) 
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain on:

                         

Investments

      4,916,153       4,702,311       2,356,959  

Investments in affiliates

      —       1       —  

Net long-term capital gain distributions received

      —       1,368       —  

Foreign currencies

      —       (94,001 )      —  
    
 
 

Total

      4,916,153       4,609,679       2,356,959  
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      16,368,259       (16,803,584 )      (627,519 ) 

Investments in affiliates

      —       9,269       —  

Foreign currencies

      —       (7,014 )      —  
    
 
 

Total

      16,368,259       (16,801,329 )      (627,519 ) 
    
 
 

Net realized and unrealized gain (loss)

      21,284,412       (12,191,650 )      1,729,440  
    
 
 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 22,523,190     $ (11,515,480 )    $ 1,645,238  
    
 
 

 

See notes to financial statements.

 

120

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2019

 

 

     World
ex-US Fund
     Core
Fixed Income
Fund
     Tax-Exempt
Fixed  Income
Fund
  

INVESTMENT INCOME:

                         

Dividend income (net of withholding tax of $505,046, $0, and $0, respectively)

    $ 5,347,974     $ —     $ —  

Interest income

      35,757       4,162,262       1,132,884  
    
 
 

Total investment income

      5,383,731       4,162,262       1,132,884  
    
 
 

EXPENSES:

                         

Investment advisory fees

      988,356       530,647       131,542  

Distribution (12b-1) fees – Service Shares

      492,855       331,654       65,771  

Administrative service fees – Service Shares

      487,815       323,141       59,274  

Shareholder servicing fees – Service Shares

      179,301       109,972       18,896  

Administration fees

      117,826       66,512       13,934  

Legal fees

      59,445       42,076       7,112  

Fund accounting fees

      121,858       201,268       21,590  

Reports to shareholders

      45,581       22,013       4,199  

Federal and state registration fees

      42,314       42,305       39,250  

Trustee fees and expenses

      26,391       17,860       3,554  

Custody fees

      131,500       32,316       2,088  

Audit and tax fees

      26,673       25,003       24,524  

Transfer agent fees and expenses

      13,882       11,441       6,439  

Compliance fees

      11,015       6,725       1,530  

Insurance fees

      10,403       9,797       1,885  

Miscellaneous expenses

      2,863       2,610       2,380  

Interest expenses

      1,374       50       45  
    
 
 

Total expenses

      2,759,452       1,775,390       404,013  
    
 
 

Net expense recapture (reimbursement) by Advisor (See Note 4)

      19,833       (184,664 )      (64,590 ) 

Less securities lending credit (See Note 7)

      (33,458 )      (12,003 )      —  
    
 
 

Net expenses

      2,745,827       1,578,723       339,423  
    
 
 

Net investment income

      2,637,904       2,583,539       793,461  
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      (1,527,364 )      (386,738 )      102,373  

Investments in affiliates

      93,071       —       —  

Foreign currencies

      (204,318 )      (94 )      —  

Forward currency exchange contracts

      5,656       —       —  

Swaps

      —       (204,400 )      —  

Futures contracts

      —       (169,812 )      —  

Written options

      —       73,573       —  
    
 
 

Total

      (1,632,955 )      (687,471 )      102,373  
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      (12,168,887 )      2,543,294       24,362  

Foreign currencies

      (26,500 )      —       —  

Swaps

      —       (63,387 )      —  

Futures contracts

      —       101,386       —  
    
 
 

Total

      (12,195,387 )      2,581,293       24,362  
    
 
 

Net realized and unrealized gain (loss)

      (13,828,342 )      1,893,822       126,735  
    
 
 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (11,190,438 )    $ 4,477,361     $ 920,196  
    
 
 

 

See notes to financial statements.

 

121

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2019

 

 

     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
     Conservative
Allocation
Fund
  

INVESTMENT INCOME:

                         

Dividend income

    $ —     $ 16,439,647     $ 8,244,100  

Interest income (net of withholding tax of $90,714, $0, and $0, respectively)

      3,156,285       168,001       70,081  
    
 
 

Total investment income

      3,156,285       16,607,648       8,314,181  
    
 
 

EXPENSES:

                         

Investment advisory fees

      380,372       1,769,139       748,216  

Distribution (12b-1) fees – Service Shares

      134,891       1,754,016       741,861  

Administrative service fees – Service Shares

      133,699       1,753,314       741,591  

Shareholder servicing fees – Service Shares

      39,980       681,699       290,809  

Administration fees

      28,934       329,800       144,202  

Legal fees

      47,256       143,724       68,914  

Fund accounting fees

      63,729       126,472       54,306  

Reports to shareholders

      13,185       125,559       62,932  

Federal and state registration fees

      37,228       49,493       43,264  

Trustee fees and expenses

      7,333       95,181       40,598  

Custody fees

      96,849       52,364       38,588  

Audit and tax fees

      34,940       14,994       14,994  

Transfer agent fees and expenses

      8,214       34,562       18,150  

Compliance fees

      1,902       24,612       10,300  

Insurance fees

      1,215       19,286       6,777  

Miscellaneous expenses

      2,367       6,097       3,209  

Interest expenses

      21       34,089       14,639  
    
 
 

Total expenses

      1,032,115       7,014,401       3,043,350  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      (192,137 )      —       (461,910 ) 

Less securities lending credit (See Note 7)

      —       (345,633 )      (487,048 ) 
    
 
 

Net expenses

      839,978       6,668,768       2,094,392  
    
 
 

Net investment income

      2,316,307       9,938,880       6,219,789  
    
 
 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      (857,715 )      (14,368,511 )      (7,900,188 ) 

Net long-term capital gain distributions received

      —       —       398  

Foreign currencies

      (44,966 )      —       —  

Forward currency exchange contracts

      1,897,281       —       —  

Swaps

      (69,037 )      —       —  

Written Options

      18       —       —  
    
 
 

Total

      925,581       (14,368,511 )      (7,899,790 ) 
    
 
 

Net change in unrealized appreciation (depreciation) on:

                         

Investments

      (3,141,347 )      7,074,045       9,575,254  

Foreign currencies

      (17,014 )      —       —  

Forward currency contracts

      552,217       —       —  

Swaps

      (309,338 )      —       —  
    
 
 

Total

      (2,915,482 )      7,074,045       9,575,254  
    
 
 

Net realized and unrealized gain (loss)

      (1,989,901 )      (7,294,466 )      1,675,464  
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 326,406     $ 2,644,414     $ 7,895,253  
    
 
 

 

See notes to financial statements.

 

122

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2019

 

 

     Tactical
Allocation
Fund
     Absolute
Return
Allocation
Fund
     Multi-Asset
Income
Allocation
Fund
  

INVESTMENT INCOME:

                         

Dividend income

    $ 5,311,030     $ 11,137,734     $ 5,213,472  

Dividends from affiliate investments

      —       626,581       —  

Interest income

      72,639       73,180       26,103  
    
 
 

Total investment income

      5,383,669       11,837,495       5,239,575  
    
 
 

EXPENSES:

                         

Investment advisory fees

      1,114,945       1,165,574       434,092  

Distribution (12b-1) fees – Service Shares

      792,191       829,536       310,066  

Administrative service fees – Service Shares

      791,640       829,485       310,016  

Shareholder servicing fees – Service Shares

      295,360       324,494       119,777  

Administration fees

      158,874       156,176       56,610  

Legal fees

      69,585       71,034       27,272  

Fund accounting fees

      57,107       60,392       18,869  

Reports to shareholders

      62,994       63,490       21,163  

Federal and state registration fees

      42,266       41,104       38,603  

Trustee fees and expenses

      41,086       41,553       16,470  

Custody fees

      33,960       57,024       35,879  

Audit and tax fees

      14,994       15,003       15,003  

Transfer agent fees and expenses

      18,825       19,088       7,727  

Compliance fees

      11,111       12,169       4,311  

Insurance fees

      8,733       6,653       3,531  

Miscellaneous expenses

      3,261       3,329       2,146  

Interest expenses

      2,458       13,985       2,270  
    
 
 

Total expenses

      3,519,390       3,710,089       1,423,805  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      —       (735,890 )      —  

Less securities lending credit (See Note 7)

      (242,809 )      (303,285 )      (409,733 ) 
    
 
 

Net expenses

      3,276,581       2,670,914       1,014,072  
    
 
 

Net investment income

      2,107,088       9,166,581       4,225,503  
    
 
 

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

                         

Net realized gain (loss) on:

                         

Investments

      3,032,399       (7,393,475 )      (1,977,914 ) 

Investments in affiliates

      —       147,131       —  

Net long-term capital gain distributions received

      —       2,669       204,804  
    
 
 

Total

      3,032,399       (7,243,675 )      (1,773,110 ) 
    
 
 

Net change in unrealized appreciation on:

                         

Investments

      8,881,098       7,212,550       2,071,922  

Investments in affiliates

      —       1,278,690       —  
    
 
 

Total

      8,881,098       8,491,240       2,071,922  
    
 
 

Net realized and unrealized gain

      11,913,497       1,247,565       298,812  
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 14,020,585     $ 10,414,146     $ 4,524,315  
    
 
 

 

See notes to financial statements.

 

123

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2019

 

 

     Flexible
Income
Allocation
Fund
     Managed1
Futures
Strategy
Fund
  

INVESTMENT INCOME:

                 

Dividend income

    $ 2,315,715     $ —  

Interest income

      11,257       3,858,717  
    
 

Total investment income

      2,326,972       3,858,717  
    
 

EXPENSES:

                 

Investment advisory fees

      126,676       1,733,361  

Distribution (12b-1) fees – Service Shares

      126,439       409,643  

Administrative service fees – Service Shares

      126,420       409,389  

Shareholder servicing fees – Service Shares

      49,335       159,969  

Administration fees

      23,306       81,491  

Legal fees

      14,916       62,395  

Fund accounting fees

      9,893       50,647  

Reports to shareholders

      10,559       31,508  

Federal and state registration fees

      38,151       44,663  

Trustee fees and expenses

      7,062       18,472  

Custody fees

      10,431       18,040  

Audit and tax fees

      14,985       31,502  

Transfer agent fees and expenses

      7,902       12,823  

Compliance fees

      2,426       5,906  

Insurance fees

      2,041       3,040  

Miscellaneous expenses

      2,338       2,626  

Interest expenses

      7,628       3,316  
    
 

Total expenses

      580,508       3,078,791  
    
 

Net expense recapture (reimbursement) by Advisor (See Note 4)

      (48,623 )      53,734  

Less securities lending credit (See Note 7)

      (144,797 )      —  
    
 

Net expenses

      387,088       3,132,525  
    
 

Net investment income

     1,939,884       726,192  
    
 

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:

                 

Net realized gain (loss) on:

                 

Investments

      (1,770,753 )      14,245  

Net long-term capital gain distributions

      83       —  

Foreign currency translation

      —       109,715  

Futures contracts

      —       (15,862,505 ) 
    
 

Total

      (1,770,670 )      (15,738,545 ) 
    
 

Net change in unrealized appreciation (depreciation) on:

                 

Investments

      934,092       28,200  

Foreign currencies

      —       (23,757 ) 

Futures contracts

      —       6,154,902  
    
 

Total

      934,092       6,159,345  
    
 

Net realized and unrealized loss

      (836,578 )      (9,579,200 ) 
    
 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 1,103,306     $ (8,853,008 ) 
    
 
  1Consolidated  

Statement of Operations for the year (see note 3b).

 

See notes to financial statements.

 

124

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended March 31, 2019

 

 

     Conservative
Income
Fund1
     Income
Fund1
     Growth  &
Income
Fund1
  

INVESTMENT INCOME:

                         

Dividend income

    $ 1,430     $ 5,063     $ 8,263  

Interest income

      1,574       1,216       1,093  
    
 
 

Total investment income

      3,004       6,279       9,356  
    
 
 

EXPENSES:

                         

Investment advisory fees

      455       1,700       942  

Administrative service fees – Service Shares

      325       944       524  

Administration fees

      1,369       1,369       1,369  

Legal fees

      389       3,462       1,385  

Fund accounting fees

      335       335       704  

Reports to shareholders

      335       407       335  

Federal and state registration fees

      1,291       2,709       1,318  

Trustee fees and expenses

      335       335       335  

Custody fees

      1,340       160       290  

Audit and tax fees

      15,008       15,008       15,008  

Transfer agent fees and expenses

      2,345       2,345       2,345  

Compliance fees

      335       335       335  

Miscellaneous expenses

      1,335       1,335       1,335  

Offering Costs

      31,209       30,855       31,520  
    
 
 

Total expenses

      56,406       61,299       57,745  
    
 
 

Net expense reimbursement by Advisor (See Note 4)

      (55,574 )      (58,315 )      (56,091 ) 
    
 
 

Net expenses

      832       2,984       1,654  
    
 
 

Net investment income

      2,172       3,295       7,702  
    
 
 

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:

                         

Net realized gain (loss) on investments

      (468 )      9,244       (2,711 ) 

Net long-term capital gain distributions received

      —       688       —  

Net change in unrealized appreciation on investments

      1,096       43,889       21,917  
    
 
 

Net realized and unrealized gain

     628       53,821       19,206  
    
 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 2,800     $ 57,116     $ 26,908  
    
 
 
  1Statement  

of Operations for the periods April 30, 2018 (commencement of operations) through March 31, 2019.

 

See notes to financial statements.

 

125

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

 

     Large Cap Core Fund
     Emerging Markets Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income

    $ 1,238,778     $ 1,258,613     $ 676,170     $ 745,048  

Net realized gain on investment transactions

      4,916,153       8,719,296       4,609,679       13,213,297  

Net change in unrealized appreciation (depreciation) on investments

      16,368,259       26,592,290       (16,801,329 )      12,758,316  
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      22,523,190       36,570,199       (11,515,480 )      26,716,661  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      337,214       4,372,610       —       589,158  

Shares issued to holders in reinvestment of dividends

      8,623       53,109       1,287       123  

Shares redeemed

      (663,169 )      (47,873,563 )      —       (13,478,239 ) 
    
 
 
 

Net increase (decrease)

      (317,332 )      (43,447,844 )      1,287       (12,888,958 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      140,537,107       260,741,902       26,674,640       17,192,001  

Shares issued to holders in reinvestment of dividends

      5,619,504       12,413,999       11,273,295       804,883  

Shares redeemed

      (136,967,206 )      (149,253,945 )      (39,125,475 )      (39,421,987 ) 
    
 
 
 

Net increase (decrease)

      9,189,405       123,901,956       (1,177,540 )      (21,425,103 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      (8,622 )      (53,109 )      (1,287 )      (123 ) 

Net dividends and distributions – Service Shares

      (5,619,505 )      (12,414,000 )      (11,274,112 )      (805,139 ) 
    
 
 
 

Total dividends and distributions

      (5,628,127 )      (12,467,109 )      (11,275,399 )      (805,262 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      25,767,136       104,557,202       (23,967,132 )      (8,402,660 ) 

NET ASSETS:

                                 

Beginning of year

      307,271,049       202,713,847       109,600,666       (118,003,328 ) 
    
 
 
 

End of year

    $ 333,038,185     $ 307,271,049     $ 85,633,534     $ 109,600,666  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      18,355       263,389       —       42,076  

Shares issued to holders in reinvestment of dividends

      528       2,989       111       8  

Shares redeemed

      (36,278 )      (2,875,478 )      —       (927,381 ) 
    
 
 
 

Net increase (decrease)

      (17,395 )      (2,609,100 )      111       (885,297 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      7,781,714       15,512,423       1,877,763       1,080,290  

Shares issued to holders in reinvestment of dividends

      348,172       707,673       941,639       49,559  

Shares redeemed

      (7,569,017 )      (8,744,098 )      (2,792,358 )      (2,509,052 ) 
    
 
 
 

Net increase (decrease)

      560,869       7,475,998       27,044       (1,379,203 ) 
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $10,529 and $1,390,681, and net realized gain distributions of $42,580 and $11,023,319 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $222,243.
**   Total dividends and distributions include net investment income distributions of $123 and $805,139 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(208,273).

 

See notes to financial statements.

 

126

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Small/Mid Cap Core Fund
     World ex-US Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income (loss)

    $ (84,202 )    $ (37,149 )    $ 2,637,904     $ 2,100,036  

Net realized gain (loss) on investment transactions

      2,356,959       13,793,276       (1,632,955 )      19,338,319  

Net change in unrealized appreciation (depreciation) on investments

      (627,519 )      (6,175,054 )      (12,195,387 )      6,585,365  
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      1,645,238       7,581,073       (11,190,438 )      28,023,720  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      —       3,294,382       345,156       5,303,995  

Shares issued to holders in reinvestment of dividends

      —       —       6,418       20,197  

Shares redeemed

      —       (69,583,874 )      (599,096 )      (85,854,669 ) 
    
 
 
 

Net decrease

      —       (66,289,492 )      (247,522 )      (80,530,477 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      24,981,442       12,520,861       115,295,717       134,859,726  

Shares issued to holders in reinvestment of dividends

      3,364,649       14,158,393       2,691,522       2,881,634  

Shares redeemed

      (17,193,095 )      (14,817,655 )      (99,754,051 )      (57,493,685 ) 
    
 
 
 

Net increase

      11,152,996       11,861,599       18,233,188       80,247,675  
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      —       —       (6,418 )      (20,197 ) 

Net dividends and distributions – Service Shares

      (3,364,649 )      (14,158,394 )      (2,691,525 )      (2,881,638 ) 
    
 
 
 

Total dividends and distributions

      (3,364,649 )      (14,158,394 )      (2,697,943 )      (2,901,835 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      9,433,585       (61,005,214 )      4,097,285       24,839,083  

NET ASSETS:

                                 

Beginning of year

      54,471,360       115,476,574       212,872,514       188,033,431  
    
 
 
 

End of year

    $ 63,904,945     $ 54,471,360     $ 216,969,799     $ 212,872,514  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      —       177,429       37,506       593,187  

Shares issued to holders in reinvestment of dividends

      —       —       779       2,084  

Shares redeemed

      —       (3,712,055 )      (63,890 )      (9,491,767 ) 
    
 
 
 

Net decrease

      —       (3,534,626 )      (25,605 )      (8,896,496 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      1,662,151       722,902       12,866,777       14,549,010  

Shares issued to holders in reinvestment of dividends

      266,782       947,176       335,267       304,774  

Shares redeemed

      (1,140,342 )      (851,979 )      (11,064,674 )      (6,197,310 ) 
    
 
 
 

Net increase

      788,591       818,099       2,137,370       8,656,474  
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $136,787 and net realized gain distributions of $14,021,607 for the service class. End of year Net Assets include accumulated undistributed net investment loss of $(4,745).
**   Total dividends and distributions include net investment income distributions of $20,197 and $2,881,638 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $2,124,397.

 

See notes to financial statements.

 

127

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Core Fixed
Income Fund
     Tax-Exempt Fixed
Income Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income (loss)

    $ 2,583,539     $ 1,950,325     $ 793,461     $ 819,595  

Net realized gain (loss) on investment transactions

      (687,471 )      740,599       102,373       386,070  

Net change in unrealized appreciation (depreciation) on investments

      2,581,293       (2,020,466 )      24,362       (516,683 ) 
    
 
 
 

Net increase in net assets resulting from operations

      4,477,361       670,458       920,196       688,982  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      —       336,969       —       —  

Shares issued to holders in reinvestment of dividends

      —       20,203       —       —  

Shares redeemed

      —       (9,569,499 )      —       —  
    
 
 
 

Net decrease

      —       (9,212,327 )      —       —  
    
 
 
 

Service Shares

                                 

Shares sold

      36,418,311       39,073,028       3,618,363       6,785,527  

Shares issued to holders in reinvestment of dividends

      2,660,730       3,198,632       838,420       818,223  

Shares redeemed

      (42,358,472 )      (42,724,698 )      (7,057,036 )      (9,962,657 ) 
    
 
 
 

Net decrease

      (3,279,431 )      (453,038 )      (2,600,253 )      (2,358,907 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      —       (20,203 )      —       —  

Net dividends and distributions – Service Shares

      (2,660,751 )      (3,198,658 )      (838,525 )      (818,304 ) 
    
 
 
 

Total dividends and distributions

      (2,660,751 )      (3,218,861 )      (838,525 )      (818,304 ) 
    
 
 
 

DECREASE IN NET ASSETS

      (1,462,821 )      (12,213,768 )      (2,518,582 )      (2,488,229 ) 

NET ASSETS:

                                 

Beginning of year

      134,255,059       146,468,827       27,829,032       30,317,261  
    
 
 
 

End of year

    $ 132,792,238     $ 134,255,059     $ 25,310,450     $ 27,829,032  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      —       36,068       —       —  

Shares issued to holders in reinvestment of dividends

      —       2,161       —       —  

Shares redeemed

      —       (1,023,488 )      —       —  
    
 
 
 

Net decrease

      —       (985,259 )      —       —  
    
 
 
 

Service Shares

                                 

Shares sold

      4,021,625       4,186,911       324,917       599,756  

Shares issued to holders in reinvestment of dividends

      295,202       343,575       75,664       72,377  

Shares redeemed

      (4,685,544 )      (4,568,237 )      (636,054 )      (878,150 ) 
    
 
 
 

Net decrease

      (368,717 )      (37,751 )      (235,473 )      (206,017 ) 
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $20,203 and $2,400,585, and net realized gain distributions of $0 and $798,073 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(183,955).
**   Total dividends and distributions include net investment income distributions of $0 and $818,304 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $18,460.

 

See notes to financial statements.

 

128

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Opportunistic Fixed
Income Fund
     Growth
Allocation Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income

    $ 2,316,307     $ 2,374,524     $ 9,938,880     $ 7,335,731  

Net realized gain (loss) on investment transactions

      925,581       680,995       (14,368,511 )      54,780,124  

Net change in unrealized appreciation (depreciation) on investments

      (2,915,482 )      (2,354,977 )      7,074,045       10,017,412  
    
 
 
 

Net increase in net assets resulting from operations

      326,406       700,542       2,644,414       72,133,267  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      132,965       449,049       1,657,646       2,523,648  

Shares issued to holders in reinvestment of dividends

      23,753       104,381       108,463       1,388,964  

Shares redeemed

      (120,924 )      (9,413,119 )      (2,871,708 )      (10,819,692 ) 
    
 
 
 

Net increase (decrease)

      35,794       (8,859,689 )      (1,105,599 )      (6,907,080 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      16,506,716       15,558,270       416,955,507       278,345,941  

Shares issued to holders in reinvestment of dividends

      3,092,832       4,326,289       9,525,359       62,893,814  

Shares redeemed

      (20,519,156 )      (19,087,569 )      (243,196,676 )      (287,925,270 ) 
    
 
 
 

Net increase (decrease)

      (919,608 )      796,990       183,284,190       53,314,485  
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      (23,753 )      (104,381 )      (108,463 )      (1,388,963 ) 

Net dividends and distributions – Service Shares

      (3,092,832 )      (4,326,289 )      (9,525,359 )      (62,893,814 ) 
    
 
 
 

Total dividends and distributions

      (3,116,585 )      (4,430,670 )      (9,633,822 )      (64,282,777 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      (3,673,993 )      (11,792,827 )      175,189,183       54,257,895  

NET ASSETS:

                                 

Beginning of year

      54,908,881       66,701,708       618,575,816       564,317,921  
    
 
 
 

End of year

    $ 51,234,888     $ 54,908,881     $ 793,764,999     $ 618,575,816  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      15,240       48,181       144,194       209,011  

Shares issued to holders in reinvestment of dividends

      2,849       11,250       10,884       119,450  

Shares redeemed

      (13,830 )      (1,003,642 )      (259,582 )      (914,322 ) 
    
 
 
 

Net increase (decrease)

      4,259       (944,211 )      (104,504 )      (585,861 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      1,893,945       1,701,534       36,483,081       23,312,075  

Shares issued to holders in reinvestment of dividends

      371,466       472,366       960,605       5,436,409  

Shares redeemed

      (2,365,797 )      (2,060,900 )      (22,161,406 )      (24,168,108 ) 
    
 
 
 

Net increase (decrease)

      (100,386 )      113,000       15,282,280       4,580,376  
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $104,381 and $4,326,289 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $944,724.
**   Total dividends and distributions include net investment income distributions of $193,533 and $6,641,966, and net realized gain distributions of $1,195,430 and $56,251,848 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $478,743.

 

See notes to financial statements.

 

129

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Conservative
Allocation Fund
     Tactical
Allocation Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income

    $ 6,219,789     $ 2,841,036     $ 2,107,088     $ 2,186,198  

Net realized gain (loss) on investment transactions

      (7,899,790 )      5,051,600       3,032,399       28,030,926  

Net change in unrealized appreciation (depreciation) on investments

      9,575,254       525,206       8,881,098       (1,769,869 ) 
    
 
 
 

Net increase in net assets resulting from operations

      7,895,253       8,417,842       14,020,585       28,447,255  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      724,953       2,546,752       375,423       549,058  

Shares issued to holders in reinvestment of dividends

      56,379       122,304       77,209       107,641  

Shares redeemed

      (1,670,585 )      (4,764,568 )      (633,920 )      (2,966,618 ) 
    
 
 
 

Net decrease

      (889,253 )      (2,095,512 )      (181,288 )      (2,309,919 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      193,251,954       209,548,761       135,164,865       103,820,830  

Shares issued to holders in reinvestment of dividends

      5,591,803       3,944,370       13,580,588       8,805,598  

Shares redeemed

      (132,023,074 )      (60,479,631 )      (78,722,126 )      (164,636,103 ) 
    
 
 
 

Net increase (decrease)

      66,820,683       153,013,500       70,023,327       (52,009,675 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      (56,380 )      (122,304 )      (77,548 )      (107,640 ) 

Net dividends and distributions – Service Shares

      (5,591,804 )      (3,944,370 )      (13,580,587 )      (8,805,598 ) 
    
 
 
 

Total dividends and distributions

      (5,648,184 )      (4,066,674 )      (13,658,135 )      (8,913,238 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      68,178,499       155,269,156       70,204,489       (34,785,577 ) 

NET ASSETS:

                                 

Beginning of year

      271,220,873       115,951,717       273,141,207       307,926,784  
    
 
 
 

End of year

    $ 339,399,372     $ 271,220,873     $ 343,345,696     $ 273,141,207  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      75,790       267,536       33,527       50,552  

Shares issued to holders in reinvestment of dividends

      6,347       12,665       7,919       9,684  

Shares redeemed

      (177,029 )      (496,437 )      (57,572 )      (274,312 ) 
    
 
 
 

Net decrease

      (94,892 )      (216,236 )      (16,126 )      (214,076 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      20,378,228       22,005,525       12,091,785       9,607,889  

Shares issued to holders in reinvestment of dividends

      632,414       410,231       1,396,030       794,156  

Shares redeemed

      (14,227,224 )      (6,394,533 )      (7,070,209 )      (15,493,609 ) 
    
 
 
 

Net increase (decrease)

      6,783,418       16,021,223       6,417,606       (5,091,564 ) 
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $110,165 and $3,431,566, and net realized gain distributions of $12,139 and $512,804 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $502,586.
**   Total dividends and distributions include net investment income distributions of $81,265 and $5,848,776, and net realized gain distributions of $26,375 and $2,956,822 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $259,442.

 

See notes to financial statements.

 

130

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Absolute Return
Allocation Fund
     Multi-Asset Income
Allocation Fund
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income

    $ 9,166,581     $ 4,458,899     $ 4,225,503     $ 3,184,269  

Net realized gain (loss) on investment transactions

      (7,243,675 )      7,816,385       (1,773,110 )      9,903,304  

Net change in unrealized appreciation (depreciation) on investments

      8,491,240       (10,584,721 )      2,071,922       (8,413,102 ) 
    
 
 
 

Net increase in net assets resulting from operations

      10,414,146       1,690,563       4,524,315       4,674,471  
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      1,170,515       1,737,724       —       —  

Shares issued to holders in reinvestment of dividends

      39,085       30,997       —       —  

Shares redeemed

      (1,882,202 )      (1,338,543 )      —       —  
    
 
 
 

Net increase (decrease)

      (672,602 )      430,178       —       —  
    
 
 
 

Service Shares

                                 

Shares sold

      234,362,254       260,237,667       61,005,347       73,321,770  

Shares issued to holders in reinvestment of dividends

      8,665,826       3,863,620       4,391,358       3,084,967  

Shares redeemed

      (199,124,001 )      (123,603,021 )      (52,361,185 )      (78,721,755 ) 
    
 
 
 

Net increase (decrease)

      43,904,079       140,498,266       13,035,520       (2,315,018 ) 
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      (39,362 )      (30,997 )      —       —  

Net dividends and distributions – Service Shares

      (8,665,825 )      (3,863,620 )      (4,391,358 )      (3,084,967 ) 
    
 
 
 

Total dividends and distributions

      (8,705,187 )      (3,894,617 )      (4,391,358 )      (3,084,967 ) 
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      44,940,436       138,724,390       13,168,477       (725,514 ) 

NET ASSETS:

                                 

Beginning of year

      268,594,107       129,869,717       119,091,615       119,817,129  
    
 
 
 

End of year

    $ 313,534,543     $ 268,594,107     $ 132,260,092     $ 119,091,615  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      113,305       165,570       —       —  

Shares issued to holders in reinvestment of dividends

      3,920       2,980       —       —  

Shares redeemed

      (183,031 )      (128,107 )      —       —  
    
 
 
 

Net increase (decrease)

      (65,806 )      40,443       —       —  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Service Shares

                                 

Shares sold

      22,748,702       24,770,678       5,782,369       6,824,299  

Shares issued to holders in reinvestment of dividends

      867,537       370,398       427,132       287,574  

Shares redeemed

      (19,363,624 )      (11,811,030 )      (5,041,791 )      (7,323,838 ) 
    
 
 
 

Net increase (decrease)

      4,252,615       13,330,046       1,167,710       (211,965 ) 
    
 
 
 

 

*   Total dividends and distributions include net investment income distributions of $30,997 and $3,863,620 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $1,176,844.
**   Total dividends and distributions include net investment income distributions of $0 and $3,084,967 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $212,169.

 

See notes to financial statements.

 

131

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Flexible Income
Allocation Fund
     Managed Futures
Strategy Fund1
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018*
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018**
  

OPERATIONS:

                                 

Net investment income (loss)

    $ 1,939,884     $ 2,559,199     $ 726,192     $ (548,598 ) 

Net realized gain (loss) on investment transactions

      (1,770,670 )      2,279,047       (15,738,545 )      (1,691,147 ) 

Net change in unrealized appreciation (depreciation) on investments

      934,092       (1,865,761 )      6,159,345       726,418  
    
 
 
 

Net increase (decrease) in net assets resulting from operations

      1,103,306       2,972,485       (8,853,008 )      (1,513,327 ) 
    
 
 
 

CAPITAL SHARE TRANSACTIONS:

                                 

Institutional Shares

                                 

Shares sold

      9,093       258,984       1,442,410       466,184  

Shares issued to holders in reinvestment of dividends

      3,453       6,034       —       —  

Shares redeemed

      (209,840 )      (87,175 )      (1,630,704 )      (740,330 ) 
    
 
 
 

Net increase (decrease)

      (197,294 )      177,843       (188,294 )      (274,146 ) 
    
 
 
 

Service Shares

                                 

Shares sold

      30,258,355       52,982,964       238,690,777       67,533,971  

Shares issued to holders in reinvestment of dividends

      2,012,768       2,455,239       —       —  

Shares redeemed

      (26,864,526 )      (100,283,926 )      (194,867,711 )      (25,861,027 ) 
    
 
 
 

Net increase (decrease)

      5,406,597       (44,845,723 )      43,823,066       41,672,944  
    
 
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                 

Net dividends and distributions – Institutional Shares

      (3,453 )      (6,034 )      —       —  

Net dividends and distributions – Service Shares

      (2,012,768 )      (2,455,238 )      —       —  
    
 
 
 

Total dividends and distributions

      (2,016,221 )      (2,461,272 )      —       —  
    
 
 
 

INCREASE (DECREASE) IN NET ASSETS

      4,296,388       (44,156,667 )      34,781,764       39,885,471  

NET ASSETS:

                                 

Beginning of year

      55,470,969       99,627,636       122,577,296       82,691,825  
    
 
 
 

End of year

    $ 59,767,357     $ 55,470,969     $ 157,359,060     $ 122,577,296  
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Institutional Shares

                                 

Shares sold

      956       26,286       184,502       53,202  

Shares issued to holders in reinvestment of dividends

      365       624       —       —  

Shares redeemed

      (21,972 )      (8,899 )      (205,481 )      (82,970 ) 
    
 
 
 

Net increase (decrease)

      (20,651 )      18,011       (20,979 )      (29,768 ) 
    
 
 
 

CHANGES IN SHARES OUTSTANDING

                                 

Service Shares

                                 

Shares sold

      3,205,358       5,422,981       30,855,930       7,771,183  

Shares issued to holders in reinvestment of dividends

      214,060       254,168       —       —  

Shares redeemed

      (2,841,102 )      (10,240,226 )      (25,285,394 )      (2,982,141 ) 
    
 
 
 

Net increase (decrease)

      578,316       (4,563,077 )      5,570,536       4,789,042  
    
 
 
 

 

1    

Consolidated Statements of Changes in Net Assets (see note 3b).

*   Total dividends and distributions include net investment income distributions of $6,034 and $2,455,238 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $132,176.
**   End of year Net Assets include accumulated undistributed net investment loss of $(141,312).

 

See notes to financial statements.

 

132

GuideMark® Funds & GuidePath® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

 

     Conservative
Income Fund
     Income
Fund
     Growth &
Income Fund
  
     April 30, 20181
Through
March  31,
2019
     April 30, 20181
Through
March  31,
2019
     April 30, 20181
Through
March  31,
2019
  

OPERATIONS:

                         

Net investment income

    $ 2,172     $ 3,295     $ 7,702  

Net realized gain (loss) on investment transactions

      (468 )      9,932       (2,711 ) 

Net change in unrealized appreciation on investments

      1,096       43,889       21,917  
    
 
 

Net increase in net assets resulting from operations

      2,800       57,116       26,908  
    
 
 

CAPITAL SHARE TRANSACTIONS:

                         

Shares sold

      1,046,413       5,811,520       4,494,615  

Shares issued to holders in reinvestment of dividends

      1,400       3,522       5,095  

Shares redeemed

      (75,686 )      (2,249,008 )      (2,463 ) 
    
 
 

Net increase

      972,127       3,566,034       4,497,247  
    
 
 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                         

Net dividends and distributions

      (1,400 )      (3,522 )      (5,095 ) 
    
 
 

Total dividends and distributions

      (1,400 )      (3,522 )      (5,095 ) 
    
 
 

INCREASE IN NET ASSETS

      973,527       3,619,628       4,519,060  

NET ASSETS:

                         

Beginning of year

      —       —       —  
    
 
 

End of year

    $ 973,527     $ 3,619,628     $ 4,519,060  
    
 
 

CHANGES IN SHARES OUTSTANDING

                         

Shares sold

      104,932       593,250       462,166  

Shares issued to holders in reinvestment of dividends

      140       358       523  

Shares redeemed

      (7,597 )      (227,678 )      (253 ) 
    
 
 

Net increase

      97,475       365,930       462,436  
    
 
 
  1Commencement  

of Operations.

 

See notes to financial statements.

 

133

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

     Large Cap Core Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $17.755        $16.140        $14.85        $15.29        $13.67  

Income from investment operations:

                                             

Net investment income

      0.175 1       0.157 1       0.20 1       0.13 1       0.14  

Net realized and unrealized gains (losses) on investments

      1.194        2.280        1.62        (0.06 )2       1.57  
    
  
  
  
  

Total from investment operations

      1.369        2.437        1.82        0.07        1.71  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.191 )       (0.163 )       (0.19 )       (0.11 )       (0.09 ) 

Dividends from net realized gains

      (0.283 )       (0.659 )       (0.34 )       (0.40 )       —  
    
  
  
  
  

Total distributions

      (0.474 )       (0.822 )       (0.53 )       (0.51 )       (0.09 ) 
    
  
  
  
  

Net asset value, end of year

      $18.650        $17.755        $16.14        $14.85        $15.29  
    
  
  
  
  

Total return

      8.09%        15.10%        12.46%        0.47%        12.51%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $538,016        $821,049        $42,855,994        $31,353,268        $44,686,597  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      0.63%        0.65%        0.66%        0.80%        0.87%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.60%        0.60%        0.59%        0.76%        0.85%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.63%        0.65%        0.66%        0.80%        0.87%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.60%        0.60%        0.59%        0.76%        0.85%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.91%        0.91%        1.23%        0.79%        0.88%  

After expense reimbursement (recapture) and securities lending credit

      0.94%        0.96%        1.30%        0.83%        0.90%  

Portfolio turnover rate

      45.31%        55.07%        90.46%        115.67%        53.23%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

3   

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

 

See notes to financial statements.

 

134

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Large Cap Core Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $17.503        $15.930        $14.68        $15.14        $13.56  

Income from investment operations:

                                             

Net investment income

      0.073 1       0.074 1       0.11 1       0.07 1       0.05  

Net realized and unrealized gains (losses) on investments

      1.183        2.241        1.59        (0.08 )2       1.56  
    
  
  
  
  

Total from investment operations

      1.257        2.315        1.70        (0.01 )       1.61  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.076 )       (0.083 )       (0.11 )       (0.05 )       (0.03 ) 

Dividends from net realized gains

      (0.283 )       (0.659 )       (0.34 )       (0.40 )       —  
    
  
  
  
  

Total distributions

      (0.359 )       (0.742 )       (0.45 )       (0.45 )       (0.03 ) 
    
  
  
  
  

Net asset value, end of year

      $18.401        $17.503        $15.93        $14.68        $15.14  
    
  
  
  
  

Total return

      7.47%        14.53%        11.74%        (0.08)%        11.87%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $332,500,169        $306,450,000        $159,857,853        $218,788,468        $168,457,719  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.22%        1.21%        1.23%        1.33%        1.44%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      1.19%        1.17%        1.16%        1.27%        1.45%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.22%        1.21%        1.23%        1.33%        1.44%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.19%        1.17%        1.16%        1.27%        1.45%  

Ratio of net investment income (loss) to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.37%        0.40%        0.65%        0.41%        0.32%  

After expense reimbursement (recapture) and securities lending credit

      0.40%        0.44%        0.72%        0.47%        0.31%  

Portfolio turnover rate

      45.31%        55.07%        90.46%        115.67%        53.23%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

3   

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

 

See notes to financial statements.

 

135

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Emerging Markets Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $16.577        $13.460        $11.37        $12.46        $11.73  

Income from investment operations:

                                             

Net investment income

      0.190 1       0.254 1       0.14 1       0.16 1       0.21  

Net realized and unrealized gains (losses) on investments

      (1.983 )       3.049        2.05        (1.03 )       0.74  
    
  
  
  
  

Total from investment operations

      (1.793 )       3.303        2.19        (0.87 )       0.95  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (1.263 )       (0.186 )       (0.10 )       (0.22 )       (0.22 ) 

Dividends from net realized gains

      (0.670 )       —        —        —        —  
    
  
  
  
  

Total distributions

      (1.933 )       (0.186 )       (0.10 )       (0.22 )       (0.22 ) 
    
  
  
  
  

Net asset value, end of year

      $12.851        $16.577        $13.46        $11.37        $12.46  
    
  
  
  
  

Total return

      (9.53)%        24.52%3        19.61%        (6.98)%        8.08%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $9,985        $11,036        $11,925,354        $6,081,265        $60,596,893  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.09%        1.01%4        1.06%        0.88%        0.86%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.06%        1.00%4        1.05%        0.84%        0.84%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.08%        1.01%4        1.06%        0.88%        0.86%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.05%        1.00%4        1.05%        0.84%        0.84%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.30%        2.13%4        1.10%        1.25%        1.87%  

After expense reimbursement (recapture) and securities lending credit

      1.33%        2.14%4        1.11%        1.29%        1.89%  

Portfolio turnover rate

      47.18%        30.97%        60.19%        152.82%        31.33%  

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   

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

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.

4   

Annualized.

 

See notes to financial statements.

 

136

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Emerging Markets Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $17.063        $13.600        $11.49        $12.57        $11.84  

Income from investment operations:

                                             

Net investment income

      0.109 1       0.096 1       0.09 1       0.06 1       0.15  

Net realized and unrealized gains (losses) on investments

      (2.028 )       3.485        2.06        (0.99 )       0.73  
    
  
  
  
  

Total from investment operations

      (1.919 )       3.581        2.15        (0.93 )       0.88  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (1.196 )       (0.118 )       (0.04 )       (0.15 )       (0.15 ) 

Dividends from net realized gains

      (0.670 )       —        —        —        —  
    
  
  
  
  

Total distributions

      (1.866 )       (0.118 )       (0.04 )       (0.15 )       (0.15 ) 
    
  
  
  
  

Net asset value, end of year

      $13.278        $17.063        $13.60        $11.49        $12.57  
    
  
  
  
  

Total return

      (10.05)%        26.37%        18.78%        (7.38)%        7.46%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $85,623,549        $109,589,630        $106,077,974        $118,224,652        $161,242,899  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.69%        1.58%        1.64%        1.52%        1.43%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.66%        1.57%        1.63%        1.48%        1.41%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.68%        1.58%        1.64%        1.52%        1.43%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.65%        1.57%        1.63%        1.48%        1.41%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      0.72%        0.61%        0.73%        0.44%        1.30%  

After expense reimbursement (recapture) and securities lending credit

      0.75%        0.62%        0.74%        0.48%        1.32%  

Portfolio turnover rate

      47.18%        30.97%        60.19%        152.82%        31.33%  

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   

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

 

See notes to financial statements.

 

137

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Small/Mid Cap Core Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $14.908        $17.860        $14.96        $17.31        $16.61  

Income from investment operations:

                                             

Net investment income (loss)

      (0.022 )1       (0.022 )1       0.04 1       (0.03 )1       (0.09 ) 

Net realized and unrealized gains (losses) on investments

      0.348        2.259        2.91        (1.90 )       1.91  
    
  
  
  
  

Total from investment operations

      0.326        2.237        2.95        (1.93 )       1.82  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      —        (0.050 )       (0.05 )       —        —  

Dividends from net realized gains

      (0.849 )       (5.139 )       —        (0.42 )       (1.12 ) 
    
  
  
  
  

Total distributions

      (0.849 )       (5.189 )       (0.05 )       (0.42 )       (1.12 ) 
    
  
  
  
  

Net asset value, end of year

      $14.385        $14.908        $17.86        $14.96        $17.31  
    
  
  
  
  

Total return

      2.99%        12.45%        19.71%        (11.15)%        11.19%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $63,904,945        $54,471,360        $50,657,342        $48,196,975        $37,978,078  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.56%        1.55%        1.50%        1.58%        1.58%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.45%        1.39%        1.24%        1.41%        1.59%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.56%        1.55%        1.50%        1.58%        1.58%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.45%        1.39%        1.24%        1.41%        1.59%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      (0.25)%        (0.29)%        0.00%        (0.32)%        (0.62)%  

After expense reimbursement (recapture) and securities lending credit

      (0.14)%        (0.13)%        0.26%        (0.15)%        (0.63)%  

Portfolio turnover rate

      39.01%        32.87%        42.22%        146.02%        96.24%  

 

1    

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

2   

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

 

See notes to financial statements.

 

138

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     World ex-US Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.759        $8.380        $7.74        $8.75        $8.94  

Income from investment operations:

                                             

Net investment income

      0.194 1       0.243 1       0.15 1       0.13 1       0.25  

Net realized and unrealized gains (losses) on investments

      (0.680 )       1.305        0.65        (0.91 )       (0.26 ) 
    
  
  
  
  

Total from investment operations

      (0.486 )       1.548        0.80        (0.78 )       (0.01 ) 
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.173 )       (0.169 )       (0.16 )       (0.23 )       (0.18 ) 
    
  
  
  
  

Total distributions

      (0.173 )       (0.169 )       (0.16 )       (0.23 )       (0.18 ) 
    
  
  
  
  

Net asset value, end of year

      $9.100        $9.759        $8.38        $7.74        $8.75  
    
  
  
  
  

Total return

      (4.79)%        18.49%3        10.48%        (9.00)%        (0.10)%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $534,233        $822,817        $75,295,608        $52,879,582        $113,316,485  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      0.80%        0.83%4        0.84%        0.95%        0.98%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      0.79%        0.79%4        0.79%        0.90%        0.98%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.80%        0.83%4        0.84%        0.95%        0.98%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.79%        0.79%4        0.79%        0.90%        0.98%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      2.04%        3.01%4        1.83%        1.54%        2.68%  

After expense reimbursement (recapture) and securities lending credit

      2.05%        3.05%4        1.88%        1.59%        2.68%  

Portfolio turnover rate

      59.18%        84.22%        60.68%        114.74%        61.84%  

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   

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

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.

4   

Annualized.

 

See notes to financial statements.

 

139

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     World ex-US Fund
  
     Service
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                           

Net asset value, beginning of year

      $9.507       $8.260        $7.66        $8.70       $8.89  

Income from investment operations:

                                           

Net investment income

      0.121 1      0.087 1       0.11 1       0.08 1      0.17  

Net realized and unrealized gains (losses) on investments

      (0.643 )      1.296        0.63        (0.91 )      (0.23 ) 
    
 
  
  
 

Total from investment operations

      (0.522 )      1.383        0.74        (0.83 )      (0.06 ) 
    
 
  
  
 

Less distributions:

                                           

Dividends from net investment income

      (0.129 )      (0.136 )       (0.14 )       (0.21 )      (0.13 ) 
    
 
  
  
 

Total distributions

      (0.129 )      (0.136 )       (0.14 )       (0.21 )      (0.13 ) 
    
 
  
  
 

Net asset value, end of year

      $8.856       $9.507        $8.26        $7.66       $8.70  
    
 
  
  
 

Total return

      (5.36 )%      16.76%        9.85%        (9.59 )%      (0.68 )% 

Supplemental data and ratios:

                                           

Net assets, end of year

      $216,435,566       $212,049,697        $112,737,823        $135,305,242       $228,832,175  

Ratio of expenses to average net assets

                                           

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.40%       1.38%        1.42%        1.52%       1.55%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.39%       1.39%        1.39%        1.52%       1.59%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.40%       1.38%        1.42%        1.52%       1.55%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.39%       1.39%        1.39%        1.52%       1.59%  

Ratio of net investment income to average net assets

                                           

Before expense reimbursement (recapture) and securities lending credit

      1.32%       0.95%        1.36%        0.92%       1.96%  

After expense reimbursement (recapture) and securities lending credit

      1.33%       0.94%        1.39%        0.92%       1.92%  

Portfolio turnover rate

      59.18%       84.22%        60.68%        114.74%       61.84%  

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   

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

 

See notes to financial statements.

 

140

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Core Fixed Income Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.131        $9.320        $9.54        $9.69        $9.39  

Income from investment operations:

                                             

Net investment income

      0.176 1       0.133 1       0.12 1       0.12 1       0.10  

Net realized and unrealized gains (losses) on investments

      0.144        (0.098 )       (0.11 )       (0.03 )       0.33  
    
  
  
  
  

Total from investment operations

      0.320        0.035        0.01        0.09        0.43  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.181 )       (0.168 )       (0.17 )       (0.13 )       (0.12 ) 

Dividends from net realized gains

      —        (0.056 )       (0.06 )       (0.11 )       (0.01 ) 
    
  
  
  
  

Total distributions

      (0.181 )       (0.224 )       (0.23 )       (0.24 )       (0.13 ) 
    
  
  
  
  

Net asset value, end of year

      $9.270        $9.131        $9.32        $9.54        $9.69  
    
  
  
  
  

Total return

      3.57%        0.35%        0.02%        1.01%        4.64%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $132,792,238        $134,255,059        $137,358,236        $209,252,288        $236,819,684  

Ratio of expenses to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.34%        1.38%        1.36%        1.31%        1.29%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.19%        1.26%        1.29%        1.29%        1.29%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.34%        1.38%        1.36%        1.31%        1.29%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.19%        1.26%        1.29%        1.29%        1.29%  

Ratio of net investment income to average net assets

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.80%        1.30%        1.14%        1.22%        1.11%  

After expense reimbursement (recapture) and securities lending credit

      1.95%        1.42%        1.21%        1.24%        1.11%  

Portfolio turnover rate

      239.11%        193.12%        164.81%        157.49%        185.11%  

 

1    

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

2   

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

 

See notes to financial statements.

 

141

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Tax-Exempt Fixed Income Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
     Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $11.145        $11.220        $11.62       $11.58        $11.18  

Income from investment operations:

                                            

Net investment income

      0.335 1       0.321 1       0.30 1      0.31 1       0.32  

Net realized and unrealized gains (losses) on investments

      0.072        (0.074 )       (0.38 )      0.06        0.40  
    
  
  
 
  

Total from investment operations

      0.407        0.247        (0.08 )      0.37        0.72  
    
  
  
 
  

Less distributions:

                                            

Dividends from net investment income

      (0.347 )       (0.322 )       (0.32 )      (0.33 )       (0.32 ) 

Dividends from net realized gains

      (0.014 )       —        —       —        —  
    
  
  
 
  

Total distributions

      (0.361 )       (0.322 )       (0.32 )      (0.33 )       (0.32 ) 
    
  
  
 
  

Net asset value, end of year

      $11.191        $11.145        $11.22       $11.62        $11.58  
    
  
  
 
  

Total return

      3.72%        2.28%        (0.82 )%      3.22%        6.45%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $25,310,450        $27,829,032        $30,317,261       $49,084,900        $65,682,169  

Ratio of expenses to average net assets

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense2

      1.54%        1.48%        1.43%       1.42%        1.38%  

After expense reimbursement (recapture) and securities lending credit including interest expense2

      1.29%        1.29%        1.29%       1.28%        1.29%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.54%        1.48%        1.43%       1.42%        1.38%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.29%        1.29%        1.29%       1.28%        1.29%  

Ratio of net investment income to average net assets

                                            

Before expense reimbursement (recapture)

      2.77%        2.64%        2.43%       2.53%        2.64%  

After expense reimbursement (recapture)

      3.02%        2.83%        2.57%       2.67%        2.73%  

Portfolio turnover rate

      34.57%        56.73%        14.50%       12.47%        33.29%  

 

1    

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

2   

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

 

See notes to financial statements.

 

142

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Opportunistic Fixed Income Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $8.835        $9.460        $9.05        $9.53       $9.94  

Income from investment operations:

                                            

Net investment income

      0.437 1       0.427 1       0.46 1       0.36 1      0.41  

Net realized and unrealized gains (losses) on investments

      (0.213 )       (0.250 )       0.30        (0.76 )      (0.32 ) 
    
  
  
  
 

Total from investment operations

      0.224        0.177        0.76        (0.40 )      0.09  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.575 )       (0.802 )       (0.35 )       (0.08 )      (0.50 ) 
    
  
  
  
 

Total distributions

      (0.575 )       (0.802 )       (0.35 )       (0.08 )      (0.50 ) 
    
  
  
  
 

Net asset value, end of year

      $8.484        $8.835        $9.46        $9.05       $9.53  
    
  
  
  
 

Total return

      2.65%        1.81%        8.77%        (4.22 )%      0.88%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $376,752        $354,392        $9,316,917        $8,572,900       $50,593,107  

Ratio of expenses to average net assets

                                            

Before expense reimbursement (recapture) including interest expense2

      1.33%        1.34%        1.21%        1.13%       1.08%  

After expense reimbursement (recapture) including interest expense2

      0.95%        0.95%        0.95%        0.99%       1.05%  

Before expense reimbursement (recapture) excluding interest expense

      1.33%        1.34%        1.21%        1.13%       1.08%  

After expense reimbursement (recapture) excluding interest expense

      0.95%        0.95%        0.95%        0.99%       1.05%  

Ratio of net investment income to average net assets

                                            

Before expense reimbursement (recapture)

      4.63%        4.16%        4.78%        3.71%       3.84%  

After expense reimbursement (recapture)

      5.01%        4.55%        5.04%        3.85%       3.87%  

Portfolio turnover rate

      24.46%        33.85%        33.77%        41.12%       39.66%  

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   

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

 

See notes to financial statements.

 

143

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Opportunistic Fixed Income Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $8.932        $9.560        $9.05        $9.55       $9.93  

Income from investment operations:

                                            

Net investment income

      0.371 1       0.391 1       0.40 1       0.30 1      0.33  

Net realized and unrealized gains (losses) on investments

      (0.322 )       (0.259 )       0.32        (0.72 )      (0.29 ) 
    
  
  
  
 

Total from investment operations

      0.049        0.132        0.72        (0.42 )      0.04  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.523 )       (0.760 )       (0.21 )       (0.08 )      (0.42 ) 
    
  
  
  
 

Total distributions

      (0.523 )       (0.760 )       (0.21 )       (0.08 )      (0.42 ) 
    
  
  
  
 

Net asset value, end of year

      $8.458        $8.932        $9.56        $9.05       $9.55  
    
  
  
  
 

Total return

      0.64%        1.29%        8.20%        (4.44 )%      0.33%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $50,858,136        $54,554,489        $57,384,791        $78,168,300       $151,883,107  

Ratio of expenses to average net assets

                                            

Before expense reimbursement (recapture) including interest expense2

      1.90%        1.90%        1.78%        1.68%       1.66%  

After expense reimbursement (recapture) including interest expense2

      1.55%        1.55%        1.55%        1.55%       1.55%  

Before expense reimbursement (recapture) excluding interest expense

      1.90%        1.90%        1.78%        1.68%       1.66%  

After expense reimbursement (recapture) excluding interest expense

      1.55%        1.55%        1.55%        1.55%       1.55%  

Ratio of net investment income to average net assets

                                            

Before expense reimbursement (recapture)

      3.91%        3.87%        4.17%        3.08%       3.28%  

After expense reimbursement (recapture)

      4.26%        4.22%        4.40%        3.21%       3.39%  

Portfolio turnover rate

      24.46%        33.85%        33.77%        41.12%       39.66%  

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   

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

 

See notes to financial statements.

 

144

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Growth Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $11.534        $11.340        $10.46        $11.65       $11.45  

Income from investment operations:

                                            

Net investment income

      0.227 1       0.236 1       0.19 1       0.20 1      0.16  

Net realized and unrealized gains (losses) on investments

      (0.003 )5       1.466        1.20        (1.02 )      0.41  
    
  
  
  
 

Total from investment operations

      0.224        1.702        1.39        (0.82 )      0.57  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.193 )       (0.210 )       (0.20 )       (0.16 )      (0.19 ) 

Dividends from net realized gains

      (0.012 )       (1.298 )       (0.31 )       (0.21 )      (0.18 ) 
    
  
  
  
 

Total distributions

      (0.205 )       (1.508 )       (0.51 )       (0.37 )      (0.37 ) 
    
  
  
  
 

Net asset value, end of year

      $11.553        $11.534        $11.34        $10.46       $11.65  
    
  
  
  
 

Total return

      2.22%        14.90%        13.54%        (7.11 )%      5.04%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $5,450,557        $6,646,937        $13,176,782        $10,968,769       $7,737,997  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      0.40%        0.40%        0.42%        0.43%       0.41%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.35%        0.35%        0.32%        0.31%       0.34%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.39%        0.40%        0.42%        0.43%       0.41%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.34%        0.35%        0.32%        0.31%       0.34%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      1.92%        1.91%        1.64%        1.67%       1.63%  

After expense reimbursement (recapture) and securities lending credit

      1.97%        1.96%        1.74%        1.79%       1.70%  

Portfolio turnover rate

      53.89%        70.47%        42.81%        84.98%       11.96%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

5   

Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year.

 

See notes to financial statements.

 

145

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Growth Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $11.458        $11.290        $10.42        $11.62        $11.43  

Income from investment operations:

                                             

Net investment income

      0.160 1       0.152 1       0.12 1       0.13 1       0.12  

Net realized and unrealized gains (losses) on investments

      0.0035        1.467        1.20        (1.02 )       0.38  
    
  
  
  
  

Total from investment operations

      0.163        1.619        1.32        (0.89 )       0.50  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.132 )       (0.153 )       (0.14 )       (0.10 )       (0.13 ) 

Dividends from net realized gains

      (0.012 )       (1.298 )       (0.31 )       (0.21 )       (0.18 ) 
    
  
  
  
  

Total distributions

      (0.144 )       (1.451 )       (0.45 )       (0.31 )       (0.31 ) 
    
  
  
  
  

Net asset value, end of year

      $11.477        $11.458        $11.29        $10.42        $11.62  
    
  
  
  
  

Total return

      1.61%        14.22%        12.91%        -7.67%        4.47%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $788,314,442        $611,928,879        $551,141,139        $383,423,651        $259,838,374  

Ratio of expenses to average net assets2

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.00%        1.00%        1.01%        1.02%        1.00%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.95%        0.95%        0.92%        0.91%        0.95%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.99%        0.99%        1.01%        1.02%        1.00%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.94%        0.94%        0.92%        0.91%        0.95%  

Ratio of net investment income to average net assets4

                                             

Before expense reimbursement (recapture) and securities lending credit

      1.35%        1.22%        0.99%        1.05%        0.94%  

After expense reimbursement (recapture) and securities lending credit

      1.40%        1.27%        1.08%        1.16%        0.99%  

Portfolio turnover rate

      53.89%        70.47%        42.81%        84.98%        11.96%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

5   

Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year.

 

See notes to financial statements.

 

146

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Conservative Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $9.538        $9.100        $9.51        $11.26       $11.39  

Income from investment operations:

                                            

Net investment income

      0.255 1       0.204 1       0.19 1       0.16 1      0.26  

Net realized and unrealized gains (losses) on investments

      0.104        0.442        0.35        (0.89 )      0.41  
    
  
  
  
 

Total from investment operations

      0.359        0.646        0.54        (0.73 )      0.67  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.205 )       (0.187 )       —        (0.14 )      (0.25 ) 

Dividends from net realized gains

      (0.015 )       (0.021 )       (0.95 )       (0.88 )      (0.55 ) 
    
  
  
  
 

Total distributions

      (0.220 )       (0.208 )       (0.95 )       (1.02 )      (0.80 ) 
    
  
  
  
 

Net asset value, end of year

      $9.677        $9.538        $9.10        $9.51       $11.26  
    
  
  
  
 

Total return

      3.97%        7.07%        6.09%        (6.65 )%      6.01%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $2,268,382        $3,140,896        $4,966,270        $4,220,428       $6,173,168  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      0.42%        0.44%        0.51%        0.47%       0.42%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.10%        0.27%        0.30%        0.37%       0.37%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.42%        0.44%        0.51%        0.47%       0.42%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.10%        0.27%        0.30%        0.37%       0.37%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      2.35%        1.97%        1.78%        1.39%       1.96%  

After expense reimbursement (recapture) and securities lending credit

      2.67%        2.14%        1.99%        1.49%       2.01%  

Portfolio turnover rate

      69.19%        30.27%        44.43%        130.77%       38.36%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

 

See notes to financial statements.

 

147

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Conservative Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $9.482        $9.060        $9.53        $11.29       $11.39  

Income from investment operations:

                                            

Net investment income

      0.196 1       0.143 1       0.12 1       0.09 1      0.15  

Net realized and unrealized gains (losses) on investments

      0.107        0.438        0.36        (0.89 )      0.46  
    
  
  
  
 

Total from investment operations

      0.303        0.581        0.48        (0.80 )      0.61  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.153 )       (0.138 )       —        (0.08 )      (0.16 ) 

Dividends from net realized gains

      (0.015 )       (0.021 )       (0.95 )       (0.88 )      (0.55 ) 
    
  
  
  
 

Total distributions

      (0.168 )       (0.159 )       (0.95 )       (0.96 )      (0.71 ) 
    
  
  
  
 

Net asset value, end of year

      $9.617        $9.482        $9.06        $9.53       $11.29  
    
  
  
  
 

Total return

      3.35%        6.39%        5.44%        (7.18 )%      5.42%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $337,130,990        $268,079,977        $110,985,447        $51,768,546       $174,138,417  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.02%        1.03%        1.10%        1.05%       1.01%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.70%        0.83%        0.89%        0.99%       1.00%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.02%        1.03%        1.10%        1.05%       1.01%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.70%        0.83%        0.89%        0.99%       1.00%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      1.75%        1.31%        1.10%        0.79%       1.17%  

After expense reimbursement (recapture) and securities lending credit

      2.07%        1.51%        1.31%        0.85%       1.18%  

Portfolio turnover rate

      69.19%        30.27%        44.43%        130.77%       38.36%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

 

148

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Tactical Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $10.950        $10.250        $9.38        $10.34       $10.80  

Income from investment operations:

                                            

Net investment income

      0.138 1       0.142 1       0.18 1       0.13 1      0.17  

Net realized and unrealized gains (losses) on investments

      0.408        1.078        0.81        (0.97 )      0.21  
    
  
  
  
 

Total from investment operations

      0.546        1.220        0.99        (0.84 )      0.38  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.128 )       (0.393 )       (0.12 )       (0.02 )      (0.20 ) 

Dividends from net realized gains

      (0.406 )       (0.127 )       —        (0.10 )      (0.64 ) 
    
  
  
  
 

Total distributions

      (0.534 )       (0.520 )       (0.12 )       (0.12 )      (0.84 ) 
    
  
  
  
 

Net asset value, end of year

      $10.962        $10.950        $10.25        $9.38       $10.34  
    
  
  
  
 

Total return

      5.59%        11.83%        10.63%        (8.18 )%      3.63%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $1,506,030        $1,681,043        $3,767,220        $5,005,303       $5,977,217  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      0.51%        0.52%        0.53%        0.51%       0.51%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.43%        0.45%        0.40%        0.41%       0.36%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.51%        0.52%        0.53%        0.51%       0.51%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.43%        0.45%        0.40%        0.41%       0.36%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      1.15%        1.25%        1.69%        1.20%       2.01%  

After expense reimbursement (recapture) and securities lending credit

      1.23%        1.32%        1.82%        1.30%       2.16%  

Portfolio turnover rate

      336.60%        369.57%        336.50%        348.05%       214.84%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

 

149

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Tactical Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $10.907        $10.150        $9.32        $10.32       $10.79  

Income from investment operations:

                                            

Net investment income

      0.074 1       0.082 1       0.11 1       0.07 1      0.15  

Net realized and unrealized gains (losses) on investments

      0.410        1.054        0.82        (0.97 )      0.17  
    
  
  
  
 

Total from investment operations

      0.484        1.136        0.93        (0.90 )      0.32  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.066 )       (0.252 )       (0.10 )       — *      (0.15 ) 

Dividends from net realized gains

      (0.406 )       (0.127 )       —        (0.10 )      (0.64 ) 
    
  
  
  
 

Total distributions

      (0.472 )       (0.379 )       (0.10 )       (0.10 )      (0.79 ) 
    
  
  
  
 

Net asset value, end of year

      $10.919        $10.907        $10.15        $9.32       $10.32  
    
  
  
  
 

Total return

      4.96%        11.14%        10.05%        (8.74 )%      3.08%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $341,839,666        $271,460,164        $304,159,564        $393,657,458       $480,492,438  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.11%        1.11%        1.12%        1.11%       1.10%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      1.03%        1.03%        1.00%        1.01%       0.97%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.11%        1.11%        1.12%        1.11%       1.10%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.03%        1.03%        1.00%        1.01%       0.97%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      0.58%        0.69%        1.07%        0.62%       1.30%  

After expense reimbursement (recapture) and securities lending credit

      0.66%        0.77%        1.19%        0.72%       1.43%  

Portfolio turnover rate

      336.60%        369.57%        336.50%        348.05%       214.84%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

 

150

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Absolute Return Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $10.335        $10.290        $9.80        $10.02        $10.00  

Income from investment operations:

                                             

Net investment income

      0.346 1       0.292 1       0.37 1       0.26 1       0.40  

Net realized and unrealized gains (losses) on investments

      (0.003 )2       (0.037 )       0.52        (0.21 )       (0.10 )2 
    
  
  
  
  

Total from investment operations

      0.343        0.255        0.89        0.05        0.30  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.276 )       (0.210 )       (0.40 )       (0.27 )       (0.28 ) 
    
  
  
  
  

Total distributions

      (0.276 )       (0.210 )       (0.40 )       (0.27 )       (0.28 ) 
    
  
  
  
  

Net asset value, end of year

      $10.402        $10.335        $10.29        $9.80        $10.02  
    
  
  
  
  

Total return

      3.43%        2.47%        9.14%        0.56%        3.05%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $667,898        $1,343,813        $921,609        $1,107,629        $2,673,347  

Ratio of expenses to average net assets3

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense4

      0.51%        0.53%        0.58%        0.53%        0.51%  

After expense reimbursement (recapture) and securities lending credit including interest expense4

      0.20%        0.37%        0.50%        0.39%        0.34%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.51%        0.53%        0.58%        0.53%        0.51%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.20%        0.37%        0.50%        0.39%        0.34%  

Ratio of net investment income to average net assets5

                                             

Before expense reimbursement (recapture) and securities lending credit

      3.04%        2.64%        3.58%        2.49%        2.64%  

After expense reimbursement (recapture) and securities lending credit

      3.35%        2.80%        3.66%        2.63%        2.81%  

Portfolio turnover rate

      146.82%        154.33%        41.66%        200.13%        91.93%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

3   

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

4   

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

5   

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

 

See notes to financial statements.

 

151

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Absolute Return Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $10.348        10.320        $9.81        $10.04       $10.01  

Income from investment operations:

                                            

Net investment income

      0.283 1       0.231 1       0.30 1       0.20 1      0.23  

Net realized and unrealized gains (losses) on investments

      (0.001 )5       (0.036 )       0.53        (0.22 )      0.02  
    
  
  
  
 

Total from investment operations

      0.282        0.195        0.83        (0.02 )      0.25  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.228 )       (0.167 )       (0.32 )       (0.21 )      (0.22 ) 
    
  
  
  
 

Total distributions

      (0.228 )       (0.167 )       (0.32 )       (0.21 )      (0.22 ) 
    
  
  
  
 

Net asset value, end of year

      $10.402        $10.348        $10.32        $9.81       $10.04  
    
  
  
  
 

Total return

      2.81%        1.88%        8.54%        (0.19 )%      2.47%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $312,866,645        267,250,294        $128,948,108        $145,830,207       $366,970,865  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.11%        1.12%        1.18%        1.13%       1.11%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.80%        0.96%        1.10%        0.99%       0.93%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.11%        1.12%        1.18%        1.13%       1.11%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.80%        0.96%        1.10%        0.99%       0.93%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      2.44%        2.04%        2.91%        1.92%       1.92%  

After expense reimbursement (recapture) and securities lending credit

      2.75%        2.20%        2.99%        2.06%       2.10%  

Portfolio turnover rate

      146.82%        154.33%        41.66%        200.13%       91.93%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

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

3   

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

4   

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.

5   

Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year.

 

See notes to financial statements.

 

152

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Multi-Asset Income Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $10.603        $10.460        $9.94        $10.62       $10.76  

Income from investment operations:

                                            

Net investment income

      0.358 1       0.287 1       0.29 1       0.34 1      0.36  

Net realized and unrealized gains (losses) on investments

      0.062        0.137        0.52        (0.61 )      (0.05 ) 
    
  
  
  
 

Total from investment operations

      0.420        0.424        0.81        (0.27 )      0.31  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.363 )       (0.281 )       (0.29 )       (0.37 )      (0.38 ) 

Dividends from net realized gains

      —        —        —        (0.04 )      (0.07 ) 
    
  
  
  
 

Total distributions

      (0.363 )       (0.281 )       (0.29 )       (0.41 )      (0.45 ) 
    
  
  
  
 

Net asset value, end of year

      $10.660        $10.603        $10.46        $9.94       $10.62  
    
  
  
  
 

Total return

      4.13%        4.05%        8.24%        (2.49 )%      3.01%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $132,260,092        $119,091,615        $119,817,129        $106,901,424       $140,497,937  

Ratio of expenses to average net assets2

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense3

      1.15%        1.13%        1.17%        1.17%       1.14%  

After expense reimbursement (recapture) and securities lending credit including interest expense3

      0.82%        0.98%        0.97%        0.96%       0.88%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.15%        1.13%        1.17%        1.17%       1.14%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.82%        0.98%        0.97%        0.96%       0.88%  

Ratio of net investment income to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

      3.08%        2.52%        2.66%        3.15%       3.23%  

After expense reimbursement (recapture) and securities lending credit

      3.41%        2.67%        2.86%        3.36%       3.49%  

Portfolio turnover rate

      44.77%        131.23%        61.25%        145.43%       66.76%  

 

1    

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

2   

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

3   

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

4   

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.

 

153

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Flexible Income Allocation Fund
  
     Institutional
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
      Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                             

Net asset value, beginning of year

      $9.577        $9.670        $9.62        $9.76        $9.65  

Income from investment operations:

                                             

Net investment income

      0.426 1       0.543 1       0.24 1       0.18 1       0.25  

Net realized and unrealized gains (losses) on investments

      (0.183 )       (0.158 )2       0.07        (0.11 )       0.11  
    
  
  
  
  

Total from investment operations

      0.243        0.385        0.31        0.07        0.36  
    
  
  
  
  

Less distributions:

                                             

Dividends from net investment income

      (0.398 )       (0.478 )       (0.26 )       (0.21 )       (0.25 ) 
    
  
  
  
  

Total distributions

      (0.398 )       (0.478 )       (0.26 )       (0.21 )       (0.25 ) 
    
  
  
  
  

Net asset value, end of year

      $9.422        $9.577        $9.67        $9.62        $9.76  
    
  
  
  
  

Total return

      2.58%        3.99%        3.23%        0.70%        3.75%  

Supplemental data and ratios:

                                             

Net assets, end of year

      $26,280        $224,505        $52,492        $49,872        $2,257,327  

Ratio of expenses to average net assets3

                                             

Before expense reimbursement (recapture) and securities lending credit including interest expense4

      0.56%        0.52%        0.50%        0.44%        0.42%  

After expense reimbursement (recapture) and securities lending credit including interest expense4

      0.16%        0.27%        0.37%        0.36%        0.31%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.55%        0.52%        0.50%        0.44%        0.42%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.15%        0.27%        0.37%        0.36%        0.31%  

Ratio of net investment income to average net assets5

                                             

Before expense reimbursement (recapture) and securities lending credit

      4.07%        5.27%        2.32%        1.76%        2.66%  

After expense reimbursement (recapture) and securities lending credit

      4.47%        5.52%        2.45%        1.84%        2.77%  

Portfolio turnover rate

      380.48%        232.11%        114.68%        147.81%        22.67%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

3   

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

4   

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

5   

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

 

See notes to financial statements.

 

154

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Flexible Income Allocation Fund
  
     Service
  
     Year Ended
March 31,
2019
      Year Ended
March 31,
2018
      Year Ended
March 31,
2017
      Year Ended
March 31,
2016
     Year Ended
March 31,
2015
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                            

Net asset value, beginning of year

      $9.525        $9.610        $9.55        $9.77       $9.64  

Income from investment operations:

                                            

Net investment income

      0.361 1       0.340 1       0.18 1       0.14 1      0.19  

Net realized and unrealized gains (losses) on investments

      (0.173 )       (0.018 )2       0.08        (0.21 )      0.13  
    
  
  
  
 

Total from investment operations

      0.188        0.322        0.26        (0.07 )      0.32  
    
  
  
  
 

Less distributions:

                                            

Dividends from net investment income

      (0.347 )       (0.407 )       (0.20 )       (0.15 )      (0.19 ) 
    
  
  
  
 

Total distributions

      (0.347 )       (0.407 )       (0.20 )       (0.15 )      (0.19 ) 
    
  
  
  
 

Net asset value, end of year

      $9.366        $9.525        $9.61        $9.55       $9.77  
    
  
  
  
 

Total return

      2.00%        3.35%        2.73%        (0.75 )%      3.32%  

Supplemental data and ratios:

                                            

Net assets, end of year

      $59,741,077        $55,246,464        $99,575,144        $114,740,157       $143,904,504  

Ratio of expenses to average net assets3

                                            

Before expense reimbursement (recapture) and securities lending credit including interest expense4

      1.15%        1.12%        1.09%        1.04%       1.02%  

After expense reimbursement (recapture) and securities lending credit including interest expense4

      0.77%        0.93%        0.91%        0.93%       0.92%  

Before expense reimbursement (recapture) and securities lending credit excluding interest expense

      1.13%        1.12%        1.09%        1.04%       1.02%  

After expense reimbursement (recapture) and securities lending credit excluding interest expense

      0.75%        0.93%        0.91%        0.93%       0.92%  

Ratio of net investment income to average net assets5

                                            

Before expense reimbursement (recapture) and securities lending credit

      3.45%        3.30%        1.72%        1.32%       1.72%  

After expense reimbursement (recapture) and securities lending credit

      3.83%        3.49%        1.90%        1.43%       1.82%  

Portfolio turnover rate

      380.48%        232.21%        114.68%        147.81%       22.67%  

Portfolio Turnover is calculated for the Fund as a whole.

1   

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

2   

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

3   

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

4   

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

5   

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

 

See notes to financial statements.

 

155

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Managed Futures Strategy Fund (Consolidated)
  
     Institutional
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018
     Year Ended
March 31,
2017
     January 19, 20161
Through
March  31,
2016
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                 

Net asset value, beginning of year

      $ 8.665       $ 8.700       $ 9.75       $10.00  

Income from investment operations:

                                 

Net investment gain (loss)2

      0.081       (0.002 )      (0.06 )      (0.02 ) 

Net realized and unrealized losses on investments

      (0.679 )      (0.033 )      (0.83 )      (0.23 ) 
    
 
 
 

Total from investment operations

      (0.598 )      (0.035 )      (0.89 )      (0.25 ) 
    
 
 
 

Less distributions:

                                 

Dividends from net realized gains

      —       —       (0.16 )      —  
    
 
 
 

Total distributions

      —       —       (0.16 )      —  
    
 
 
 

Net asset value, end of year

      $ 8.067       $ 8.665       $ 8.70       $ 9.75  
    
 
 
 

Total return

      (6.90 )%      (0.40 )%      (9.17 )%      (2.50)%3  

Supplemental data and ratios:

                                 

Net assets, end of year

      $961,919       $1,215,018       $1,478,880       $4,338,706  

Ratio of expenses to average net assets

                                 

Before expense reimbursement (recapture) and fees waived including interest expense5

      1.27%       1.38 %      1.37 %      1.61%4  

After expense reimbursement (recapture) and fees waived including interest expense5

      1.30%       1.34 %      1.34 %      1.30%4  

Before expense reimbursement (recapture) and fees waived excluding interest expense

      1.27%       1.34 %      1.33 %      1.61%4  

After expense reimbursement (recapture) and fees waived excluding interest expense

      1.30%       1.30 %      1.30 %      1.30%4  

Ratio of net investment gain (loss) to average net assets

                                 

Before expense reimbursement (recapture) and fees waived

      1.03%       (0.07 )%      (0.69 )%      (1.12)%4  

After expense reimbursement (recapture) and fees waived

      1.00%       (0.03 )%      (0.66 )%      (0.81)%4  

Portfolio turnover rate

      0.00%       0.00 %      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 Note 6 in the Notes to Financial Statements.

 

See notes to financial statements.

 

156

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Managed Futures Strategy Fund (Consolidated)
  
     Service
  
     Year Ended
March 31,
2019
     Year Ended
March 31,
2018
     Year Ended
March 31,
2017
     January 19, 20161
Through
March  31,
2016
  

Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:

                                 

Net asset value, beginning of year

      $ 8.551       $ 8.640       $ 9.73       $10.00  

Income from investment operations:

                                 

Net investment gain (loss)2

      0.035       (0.050 )      (0.11 )      (0.03 ) 

Net realized and unrealized losses on investments

      (0.672 )      (0.039 )      (0.82 )      (0.24 ) 
    
 
 
 

Total from investment operations

      (0.637 )      (0.089 )      (0.93 )      (0.27 ) 
    
 
 
 

Less distributions:

                                 

Dividends from net realized gains

      —       —       (0.16 )      —  
    
 
 
 

Total distributions

      —       —       (0.16 )      —  
    
 
 
 

Net asset value, end of year

      $ 7.914       $ 8.551       $ 8.64       $ 9.73  
    
 
 
 

Total return

      (7.45 )%      (0.92 )%      (9.70 )%      (2.70)%3  

Supplemental data and ratios:

                                 

Net assets, end of year

      $156,397,141       $121,362,278       $81,212,945       $183,020,093  

Ratio of expenses to average net assets

                                 

Before expense reimbursement (recapture) and fees waived including interest expense5

      1.87%       1.97 %      1.97 %      2.20%4  

After expense reimbursement (recapture) and fees waived including interest expense5

      1.90%       1.94 %      1.94 %      1.90%4  

Before expense reimbursement (recapture) and fees waived excluding interest expense

      1.87%       1.93 %      1.93 %      2.20%4  

After expense reimbursement (recapture) and fees waived excluding interest expense

      1.90%       1.90 %      1.90 %      1.90%4  

Ratio of net investment gain (loss) to average net assets

                                 

Before expense reimbursement (recapture) and fees waived

      0.47%       (0.61 )%      (1.27 )%      (1.71)%4  

After expense reimbursement (recapture) and fees waived

      0.44%       (0.58 )%      (1.24 )%      (1.41)%4  

Portfolio turnover rate

      0.00%       0.00 %      0.00 %      0.00%3  

Portfolio Turnover is calculated for the Fund as a whole.

1   

Commencement of operations.

2   

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

3   

Not annualized.

4   

Annualized.

5   

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

 

See notes to financial statements.

 

157

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Conservative
Income Fund
  
     April 30, 20181
through
March  31,
2019
  

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

      $10.000  

Income from investment operations:

         

Net investment income2

      0.153  

Net realized and unrealized losses on investments

      (0.020 )7 
    

Total from investment operations

      0.133  
    

Less distributions:

         

Dividends from net investment income

      (0.144 ) 

Dividends from net realized gains

      (0.002 ) 
    

Total distributions

      (0.146 ) 
    

Net asset value, end of period

      $9.987  
    

Total return

      1.34%3  

Supplemental data and ratios:

         

Net assets, end of period

      $973,527  

Ratio of expenses to average net assets4

         

Before expense reimbursement (recapture) and securities lending credit including interest expense

      43.40%5  

After expense reimbursement (recapture) and securities lending credit including interest expense

      0.64%5  

Ratio of net investment income to average net assets6

         

Before expense reimbursement (recapture) and fees waived

      (41.09)%5  

After expense reimbursement (recapture) and fees waived

      1.67%5  

Portfolio turnover rate

      388.79%3  

 

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   

Annualized.

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.

7   

Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.

 

See notes to financial statements.

 

158

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Income Fund
  
     April 30, 20181
through
March  31,
2019
  

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

      $10.000  

Income from investment operations:

         

Net investment income2

      0.079  

Net realized and unrealized gains on investments

      0.0167  
    

Total from investment operations

      0.095  
    

Less distributions:

         

Dividends from net investment income

      (0.203 ) 
    

Total distributions

      (0.203 ) 
    

Net asset value, end of period

      $9.892  
    

Total return

      0.99%3  

Supplemental data and ratios:

         

Net assets, end of period

      $3,619,628  

Ratio of expenses to average net assets4

         

Before expense reimbursement (recapture) and securities lending credit

      16.23%5  

After expense reimbursement (recapture) and securities lending credit

      0.79%5  

Ratio of net investment income to average net assets6

         

Before expense reimbursement (recapture) and fees waived

      (14.57)%5  

After expense reimbursement (recapture) and fees waived

      0.87%5  

Portfolio turnover rate

      801.50%3  

 

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  

Annualized.

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.

7   

Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.

 

See notes to financial statements.

 

159

GuideMark® Funds & GuidePath® Funds

FINANCIAL HIGHLIGHTS

 

 

 

     Growth &
Income Fund
  
     April 30, 20181
through
March  31,
2019
  

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

      $10.000  

Income from investment operations:

         

Net investment income2

      0.331  

Net realized and unrealized losses on investments

      (0.320 )7 
    

Total from investment operations

      0.011  
    

Less distributions:

         

Dividends from net investment income

      (0.239 ) 
    

Total distributions

      (0.239 ) 
    

Net asset value, end of period

      $9.772  
    

Total return

      0.14%3  

Supplemental data and ratios:

         

Net assets, end of period

      $4,519,060  

Ratio of expenses to average net assets4

         

Before expense reimbursement (recapture) and securities lending credit including interest expense

      27.58%5  

After expense reimbursement (recapture) and securities lending credit including interest expense

      0.79%5  

Ratio of net investment income to average net assets6

         

Before expense reimbursement (recapture) and fees waived

      (23.11)%5  

After expense reimbursement (recapture) and fees waived

      3.68%5  

Portfolio turnover rate

      123.50%3  

 

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   

Annualized.

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.

7   

Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period.

 

See notes to financial statements.

 

160

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2019

 

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 11 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, GuidePath® Managed Futures Strategy Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income 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. The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. 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, GuidePath® Flexible Income Allocation Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income

Fund each operate as a “Fund of Funds,” investing primarily in registered investment companies, including mutual funds and 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

 

 

161

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the year. 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 year, certain 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, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, written and purchased options, 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.

Forward 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.

 

 

162

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2019:

GuideMark® Large Cap Core Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stocks

    $ 306,015,732      $ —      $ —      $ 306,015,732  

Investment Companies

      9,845,909        —        —        9,845,909  

Real Estate Investment Trusts

      14,770,343        —        —        14,770,343  

Short Term Investments

      2,626,884        —        —        2,626,884  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        35,499,125  
    
  
  
  

Total Investments in Securities

    $ 333,258,868      $ —      $ —      $ 368,757,993  
    
  
  
  

 

  *   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.

GuideMark® Emerging Markets Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stocks

                                    

Communication Services

    $ 2,463,410      $ 6,396,189      $ —      $ 8,859,599  

Consumer Discretionary

      5,144,503        6,200,466        —        11,344,969  

Consumer Staples

      2,331,184        5,223,888        —        7,555,072  

Energy

      2,448,712        4,254,641        —        6,703,353  

Financials

      2,961,737        13,017,984        217,188        16,196,909  

Health Care

      —        2,012,446        —        2,012,446  

Industrials

      350,690        4,692,252        —        5,042,942  

Information Technology

      271,611        10,994,869        —        11,266,480  

Materials

      1,399,347        4,318,029        —        5,717,376  

Real Estate

      —        1,194,276        —        1,194,276  

Utilities

      478,676        1,085,560        —        1,564,236  
    
  
  
  

Total Common Stocks

      17,849,870        59,390,600        217,188        77,457,658  

Investment Companies

      2,816,722        —        —        2,816,722  

Preferred Stocks

                                    

Consumer Staples

      79,574        523,435        —        603,009  

Energy

      569,764        —        —        569,764  

Financials

      1,336,897        —        —        1,336,897  

Information Technology

      —        468,231        —        468,231  

Materials

      115,436        —        —        115,436  

Utilities

      278,204        —        —        278,204  
    
  
  
  

Total Preferred Stocks

      2,379,875        991,666        —        3,371,541  

Real Estate Investment Trusts

      —        97,555        —        97,555  

Short Term Investments

      440,525        —        —        440,525  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        1,026,618  
    
  
  
  

Total Investments in Securities

    $  23,486,992      $  60,479,821      $  217,188      $  85,210,619  
    
  
  
  

 

  *   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.

 

163

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

    Common Stocks
  

Balance as of April 1, 2018

    $ —  

Purchases

      233,753  

Sales proceeds and paydowns

      —  

Accreted discounts, net

      —  

Corporate Actions

      —  

Realized gain (loss)

      —  

Change in unrealized appreciation (depreciation)

      (16,565 ) 

Transfers into/(out of) Level 3

      —  
    

Balance as of March 31, 2019

    $ 217,188  
    

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019.

    $ (16,565 ) 
    

The Level 3 amounts disclosed in the table above consist of three securities that are fair valued in good faith, using significant unobservable inputs, by the Adviser’s Valuation Committee. The table below includes the quantitative information about Level 3 fair value measurements for these securities:

 

Investment Type

    Fair
Value
      Valuation
Methodology
      Unobservable
Input Type
      Inputs
      Range/Weighted
Average Discount
Unobservable Input
  

Common Stock

    $ 217,188       
 Market
Halt		  
 		     

 Last
Traded
Price		  
 
 		      23.1 HKD      $ 0  

GuideMark® Small/Mid Cap Core Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stock

    $ 55,288,584      $ —      $ 0      $ 55,288,584  

Investment Companies

      2,337,488        —        —        2,337,488  

Real Estate Investment Trusts

      4,623,933        —        —        4,623,933  

Rights

      —        —        0        0  

Short Term Investments

      555,237        —        —        555,237  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        6,053,599  
    
  
  
  

Total Investments in Securities

    $ 62,805,242      $ —      $ 0      $ 68,858,841  
    
  
  
  

 

  *   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 of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

    Common Stocks
      Rights
  

Balance as of April 1, 2018

    $ 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 March 31, 2019

    $ 0      $ 0  
    
  

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019.

    $ —      $ —  
    
  

 

164

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

GuideMark® World ex-US Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stocks

                                    

Communication Services

    $ 1,486,575      $ 9,576,545      $ —      $ 11,063,120  

Consumer Discretionary

      1,765,481        26,350,932        —        28,116,413  

Consumer Staples

      3,011,160        27,527,453        —        30,538,613  

Energy

      1,847,132        9,542,539        —        11,389,671  

Financials

      6,063,889        29,594,567        —        35,658,456  

Health Care

      1,302,964        24,772,109        —        26,075,073  

Industrials

      1,963,630        24,558,313        —        26,521,943  

Information Technology

      2,202,712        10,532,137        —        12,734,849  

Materials

      1,505,514        11,566,413        —        13,071,927  

Real Estate

      264,134        2,436,145        —        2,700,279  

Utilities

      914,360        7,715,828        —        8,630,188  
    
  
  
  

Total Common Stocks

      22,327,551        184,172,981        —        206,500,532  

Investment Companies

      5,660,341        —        —        5,660,341  

Participatory Notes

      —        218,316        —        218,316  

Preferred Stocks

                                    

Health Care

      —        223,931        —        223,931  

Materials

      —        269,187        —        269,187  
    
  
  
  

Total Preferred Stocks

      —        493,118        —        493,118  

Real Estate Investment Trusts

      341,722        3,034,545        —        3,376,267  

Short Term Investments

      1,429,776        —        —        1,429,776  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        1,550,556  
    
  
  
  

Total Investments in Securities

    $ 29,759,390      $ 187,918,960      $ —      $ 219,228,906  
    
  
  
  

 

  *   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.

GuideMark® Core Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Fixed Income

                                    

Asset Backed Securities

    $ —      $ 19,641,576      $ —      $ 19,641,576  

Collateralized Mortgage Obligations

      —        13,886,330        —        13,886,330  

Corporate Obligations

      —        41,033,233        —        41,033,233  

Foreign Government Debt Obligations

      —        492,001        —        492,001  

Mortgage Backed Securities – U.S. Government Agency

      —        45,007,429        —        45,007,429  

Municipal Debt Obligations

      —        257,726        —        257,726  

U.S. Treasury Obligations

      —        21,424,325        —        21,424,325  
    
  
  
  

Total Fixed Income

      —        141,742,620        —        141,742,620  

Swaptions

      —        17,530        —        17,530  

Short Term Investments

      7,358,205        —        —        7,358,205  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        2,557,125  
    
  
  
  

Total Investments in Securities

    $ 7,358,205      $ 141,760,150      $ —      $ 151,675,480  
    
  
  
  

Other Financial Instruments**

                                    

Futures

    $ 110,276      $ —      $ —      $ 110,276  

Swaps

      —        214,176        —        214,176  

 

  *   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.

 

165

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

GuideMark® Tax-Exempt Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Municipal Debt Obligations

    $ —      $ 24,771,217      $ —      $ 24,771,217  

Short Term Investments

      122,034        —        —        122,034  
    
  
  
  

Total Investments in Securities

    $ 122,034      $ 24,771,217      $ —      $ 24,893,251  
    
  
  
  

For further information regarding security characteristics, see the Schedule of Investments.

GuideMark® Opportunistic Fixed Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stock

    $ —      $ 21,336      $ 0      $ 21,336  

Fixed Income

                                    

Collateralized Mortgage Obligations

      —        8,283,631        —        8,283,631  

Corporate Obligations

      —        11,978        —        11,978  

Foreign Government Obligations

      —        16,569,801        —        16,569,801  

Mortgage Backed Securities – U.S. Government Agency

      —        9,181,366        —        9,181,366  
    
  
  
  

Total Fixed Income

      —        34,046,776        —        34,046,776  

Purchased Options

      —        32        —        32  

Warrants

      —        —        0        0  

Short Term Investments

      5,905,671        9,739,823        —        15,645,494  
    
  
  
  

Total Investments in Securities

    $ 5,905,671      $ 43,807,967      $ 0      $ 49,713,638  
    
  
  
  

Other Financial Instruments*

                                    

Forward Currency Contracts

    $ —      $ 311,331      $ —      $ 311,331  

Options Written

      —        (30 )       —        (30 ) 

Swaps

      —        (1,038,638 )       —        (1,038,638 ) 

 

  *   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts, written options and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while written options are reflected at value.

For further information regarding security characteristics, see the Schedule of Investments.

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, 2018

    $ 0      $ 0  

Purchases

      —        —  

Sales proceeds and paydowns

      —        —  

Accreted discounts, net

      —        —  

Amortization, net

      —        —  

Realized gain (loss)

      —        —  

Change in unrealized appreciation (depreciation)

      —        —  

Transfers into/(out of) Level 3

      —        —  
    
  

Balance as of March 31, 2019

    $ 0      $ 0  
    
  

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019.

    $ —      $ —  
    
  

GuidePath® Growth Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 785,140,379      $ —      $ —      $ 785,140,379  

Short Term Investments

      8,520,109        —        —        8,520,109  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        154,536,927  
    
  
  
  

Total Investments in Securities

    $ 793,660,488      $ —      $ —      $ 948,197,415  
    
  
  
  

 

  *   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.

 

166

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

For further information regarding security characteristics, see the Schedule of Investments.

GuidePath® Conservative Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 335,336,367      $ —      $ —      $ 335,336,367  

Short Term Investments

      3,973,258        —        —        3,973,258  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        76,237,689  
    
  
  
  

Total Investments in Securities

    $ 339,309,625      $ —      $ —      $ 415,547,314  
    
  
  
  

 

  *   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.

GuidePath® Tactical Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 339,886,570      $ —      $ —      $ 339,886,570  

Short Term Investments

      3,662,445        —        —        3,662,445  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        72,550,452  
    
  
  
  

Total Investments in Securities

    $ 343,549,015      $ —      $ —      $ 416,099,467  
    
  
  
  

 

  *   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.

GuidePath® Absolute Return Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 310,074,678      $ —      $ —      $ 310,074,678  

Short Term Investments

      3,542,714        —        —        3,542,714  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        25,807,921  
    
  
  
  

Total Investments in Securities

    $ 313,617,392      $ —      $ —      $ 339,425,313  
    
  
  
  

 

  *   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.

GuidePath® Multi-Asset Income Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 131,234,311      $ —      $ —      $ 131,234,311  

Short Term Investments

      453,689        —        —        453,689  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        38,520,158  
    
  
  
  

Total Investments in Securities

    $ 131,688,000      $ —      $ —      $ 170,208,158  
    
  
  
  

 

  *   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.

 

167

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

GuidePath® Flexible Income Allocation Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 59,129,689      $ —      $ —      $ 59,129,689  

Short Term Investments

      629        —        —        629  

Investments Purchased with Proceeds from Securities Lending Collateral*

      —        —        —        19,144,533  
    
  
  
  

Total Investments in Securities

    $ 59,130,318      $ —      $ —      $ 78,274,851  
    
  
  
  

 

  *   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.

GuidePath® Managed Futures Strategy Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Short Term Investments

    $ 1,117,933      $ 156,537,908      $ —      $ 157,655,841  
    
  
  
  

Total Investments in Securities

    $ 1,117,933      $ 156,537,908      $ —      $ 157,655,841  
    
  
  
  

Other Financial Instruments*

                                    

Futures

    $ 6,846,027      $ —      $ —      $ 6,846,027  

 

  *   Other financial instruments are derivative instruments not reflected in the Consolidated 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 Consolidated Schedule of Investments.

GuidePath® Conservative Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

U.S. Treasury Obligations

    $ —      $ 78,502      $ —      $ 78,502  

Investment Companies

      462,881        —        —        462,881  

Short Term Investments

      434,435        —        —        434,435  
    
  
  
  

Total Investments in Securities

    $ 897,316      $ 78,502      $ —      $ 975,818  
    
  
  
  

For further information regarding security characteristics, see the Schedule of Investments.

GuidePath® Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Investment Companies

    $ 3,377,864      $ —      $ —      $ 3,377,864  
    
  
  
  

Total Investments in Securities

    $ 3,377,864      $ —      $ —      $ 3,377,864  
    
  
  
  

For further information regarding security characteristics, see the Schedule of Investments.

GuidePath® Growth & Income Fund

 

     Level 1
      Level 2
      Level 3
      Total
  

Common Stock

    $ 1,462,201      $ —      $ —      $ 1,462,201  

Investment Companies

      2,730,642        —        —        2,730,642  

Short Term Investments

      225,380        —        —        225,380  
    
  
  
  

Total Investments in Securities

    $ 4,418,223      $ —      $ —      $ 4,418,223  
    
  
  
  

For further information regarding security characteristics, see the Schedule of Investments.

 

  (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 GuidePath® Managed Futures Strategy Fund had 3.92% of its total assets invested in the Subsidiary as of March 31, 2019.

 

 

168

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

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. As of and during the period ended March 31, 2019, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal period ended March 31, 2019, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax

years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

  (f)   Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

 

  (g)   Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

 

  (h)   Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.

 

  (i)   Organization and Offering Costs

Organization costs consist of costs incurred to establish a Trust and enable it legally to do business. The Funds expense 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 taxes on 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

 

 

169

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

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, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income 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. The Conservative Income Fund, Income Fund and Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally 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

The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market

price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Futures

Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such futures 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.

 

 

170

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

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® World ex-US Fund

The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund was not invested in these instruments at March 31, 2019.

 

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019  
Amount of Realized Gain on Derivatives Recognized in Income  
     Forward
Currency
Contracts		        Total  
Foreign Exchange Contracts    $ 5,656        $ 5,656  
Total    $ 5,656        $ 5,656  

GuideMark® Core Fixed Income Fund

During the year, 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 year included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the year 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 March 31, 2019

 

      

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      $ 11,026        Depreciation on swap agreements      $ —  
Interest Rate Contracts – Swaps      Appreciation on swap agreements        206,659        Depreciation on swap agreements        3,509  
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts**        212,348        Unrealized depreciation on futures contracts**        102,072  
Interest Rate Contracts – Options      Investments at value        17,530        Investments at value        —  
Total             $ 447,563               $ 105,581  

 

  *   Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts.
  **   Included in total distributable earnings on the Statement of Assets and Liabilities.

 

The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019  
Amount of Realized Gain or (Loss) on Derivatives  
     Futures
Contracts		        Swaps        Written
Options		        Purchased
Options*		        Total  
Credit Contracts    $ —        $ (59,796 )       $ —        $ —        $ (59,796 ) 
Interest Rate Contracts      (169,812 )         (144,604 )         73,573          (48,809 )         (289,652 ) 
Total    $ (169,812 )       $ (204,400 )       $ 73,573        $ (48,809 )       $ (349,448 ) 

 

  *   Included in net realized gain (loss) on investments as reported in the Statement of Operations.

 

171

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

Change in Unrealized Appreciation or (Depreciation) on Derivatives  
     Futures
Contracts		        Swaps        Purchased
Options*		        Total  
Credit Contracts    $ —        $ 9,063        $ —        $ 9,063  
Interest Rate Contracts      101,386          (72,450 )         (34,535 )         (5,599 ) 
Total    $ 101,386        $ (63,387 )       $ (34,535 )       $ 3,464  

 

  *   Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statement of Operations.

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 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 year for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2019

 

      

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      $ 15,582        Depreciation on swap agreements      $ 1,054,220  
Foreign Exchange Contracts – Forward Currency Contracts      Appreciation of forward currency contracts        403,617        Depreciation of forward currency contracts        92,286  
Foreign Exchange Contracts – Options      Investments, at Value        32        Options Written, at Value        30  
Total             $ 419,231               $ 1,146,536  

 

The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019  
Amount of Realized Gain or (Loss) on Derivatives  
     Forward
Currency
Contracts		        Swaps        Written
Options		        Purchased
Options*		        Total  
Foreign Exchange Contracts    $ 1,897,281        $ —        $ 18        $ 2        $ 1,897,301  
Interest Rate Contracts      —          (69,037 )         —          —          (69,037 ) 
Total    $ 1,897,281        $ (69,037 )       $ 18        $ 2        $ 1,828,264  

 

  *   Included in net realized gain (loss) on investments as reported on the Statement of Operations.

 

Change in Unrealized Appreciation (Depreciation) on Derivatives  
    

Forward
Currency
Contracts

       

Swaps

       

Written
Options

       

Purchased
Options

        Total  
Foreign Exchange Contracts    $ 552,217        $ —        $ 0        $ 0        $ 552,217  
Interest Rate Contracts      —          (309,338 )         —          —          (309,338 ) 
Total    $ 552,217        $ (309,338 )       $ 0        $ 0        $ 242,879  

GuidePath® Managed Futures Strategy Fund

The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2019, the Fund

 

172

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2019

 

      

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**      $ 1,229,387        Unrealized depreciation on futures contracts**      $ 1,049,242  
Equity Contracts –Futures*      Unrealized appreciation on futures contracts**        1,103,344        Unrealized depreciation on futures contracts**        51,484  
Foreign Exchange Contracts – Futures*      Unrealized appreciation on futures contracts**        213,619        Unrealized depreciation on futures contracts**        510,926  
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts**        5,923,321        Unrealized depreciation on futures contracts**        11,992  
Total             $ 8,469,671               $ 1,623,644  

 

  *   Includes cumulative appreciation/depreciation as reported on the Consolidated Schedule of Open Futures Contracts.
  **   Included in total distributable earnings on the Consolidated Statement of Assets and Liabilities.

 

The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019  
Amount of Realized Gain (Loss) on Derivatives  
     Futures
Contracts		  
Commodity Contracts    $ (3,350,703 ) 
Equity Contracts      (10,952,780 ) 
Foreign Exchange Contracts      (4,457,504 ) 
Interest Rate Contracts      2,898,482  
Total    $ (15,862,505 ) 

 

Change in Unrealized Appreciation (Depreciation) on Derivatives  
     Futures
Contracts		  
Commodity Contracts    $ (574,942 ) 
Equity Contracts      2,047,593  
Foreign Exchange Contracts      59,334  
Interest Rate Contracts      4,622,917  
Total    $ 6,154,902  

Volume Disclosures

The average monthly value outstanding of purchased and written options during the year ended March 31, 2019 were as follows:

 

     GuideMark®
Core Fixed
Income Fund		        GuideMark®
Opportunistic Fixed
Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Purchased Options    $ 57,879        $ 5        $             —  
Written Options    $ (7,183 )       $ (5 )       $ —  

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2019 were as follows:

 

Long Positions    GuideMark®
Core Fixed
Income Fund		        GuideMark®
Opportunistic Fixed
Income Fund		        GuidePath®
Managed Futures
Strategy Fund		  
Futures    $ 21,175,739        $ —        $ 637,908,667  
Forwards    $ —        $ 26,284,915        $ —  
Swaps    $ 12,391,385        $ 6,832,923        $ —  

 

173

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

Short Positions    GuideMark®
Core Fixed
Income
Fund		        GuideMark®
Opportunistic
Fixed
Income Fund		        GuidePath®
Managed
Futures
Strategy Fund		  
Futures    $ (9,262,379 )       $ —        $ (420,747,571 ) 
Forwards    $ —        $ (983,219 )       $ —  
Cross Currency    GuideMark®
Core Fixed
Income
Fund		        GuideMark®
Opportunistic
Fixed
Income Fund		        GuidePath®
Managed
Futures
Strategy Fund		  
Forwards    $ —        $ 5,155,736        $ —  

 

  *  

The GuideMark® World ex-US Fund had forward transactions during the year ended March 31, 2019, however due to the timing of these transactions the average monthly notional amount for each Fund was $0. For more information about the forward activity of these Funds, see the Statements 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 March 31, 2019, 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 Statement of Assets and Liabilities, except in the case of futures contracts.

 

Assets                         Gross Amounts not offset
in the Statement of
Assets and Liabilities
         
     Gross Amounts
of Recognized
Assets
      Gross Amounts
Offset in the
Statement of
Assets and Liabilities
      Net Amounts
Presented in the
Statement of
Assets and Liabilities
      Financial
Instruments
      Collateral
Received
      Net
Amount
  

Description / Counterparty

                                                      

Futures

                                                      

Credit Suisse

    $ 12,000      $ (12,000 )     $             —      $ —      $             —      $             —  

Purchased Options*

                                                      

Morgan Stanley

      17,530        —        17,530        —        —        17,530  

Swaps

                                                      

Morgan Stanley

      217,685        —        217,685        (3,509 )       —        214,176  
    
  
  
  
  
  
     $ 247,215      $ (12,000 )     $ 235,215      $ (3,509 )     $             —      $ 231,706  
    
  
  
  
  
  

 

*   Included in investments, at value as reported on the Statement of Assets and Liabilities.

 

174

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

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

    $ 35,015      $ (12,000 )     $ 23,015      $ 23,015      $ —        $ —  

Swaps

                                                        

Morgan Stanley

      3,509        —        3,509        (3,509 )       —          —  
    
  
  
  
  
    
     $ 38,524      $ (12,000 )     $ 26,524      $ (26,524 )     $             —        $             —  
    
  
  
  
  
    

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 March 31, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Statement 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

    $ 16,860      $             —      $ 16,860      $ (884 )     $             —      $ 15,976  

Barclays

      628        —        628        —        —        628  

BNP Paribas

      56,844        —        56,844        (13,557 )       —        43,287  

Citibank

      186,144        —        186,144        (33,097 )       (90,000 )       63,047  

Deutsche Bank

      33,152        —        33,152        (2,208 )       —        30,944  

Goldman Sachs

      33,584        —        33,584        (1,728 )       (10,000 )       21,856  

HSBC

      16,639        —        16,639        (16,639 )       —        —  

JP Morgan Chase

      54,368        —        54,368        (10,019 )       —        44,349  

Morgan Stanley

      1,366        —        1,366        —        —        1,366  

UBS

      4,032        —        4,032        —        —        4,032  

Purchased Options*

                                                      

Goldman Sachs

      32        —        32        (30 )       —        2  

Swaps

                                                      

Citibank

      11,395        —        11,395        (11,395 )       —        —  

HSBC

      4,187        —        4,187        (4,187 )       —        —  
    
  
  
  
  
  
     $ 419,231      $             —      $ 419,231      $ (93,744 )     $ (100,000 )     $ 225,487  
    
  
  
  
  
  

 

*   Included in investments, at value as reported on the Statement of Assets and Liabilities.

 

175

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

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

    $ 884      $ —      $ 884      $ (884 )     $ —      $ —  

BNP Paribas

      13,557        —        13,557        (13,557 )       —        —  

Citibank

      33,097        —        33,097        (33,097 )       —        —  

Deutsche Bank

      2,208        —        2,208        (2,208 )       —        —  

Goldman Sachs

      1,728        —        1,728        (1,728 )       —        —  

HSBC

      30,793        —        30,793        (16,639 )       —        14,154  

JP Morgan Chase

      10,019        —        10,019        (10,019 )       —        —  

Options Written

                                                      

Goldman Sachs

      30        —        30        (30 )       —        —  

Swaps

                                                      

Citibank

      22,792        —        22,792        (11,395 )       (11,397 )       —  

HSBC

      48,904        —        48,904        (4,187 )       —        44,717  

JP Morgan Chase

      982,524        —        982,524        —        (982,524 )       —  
    
  
  
  
  
  
     $ 1,146,536      $             —      $ 1,146,536      $ (93,744 )     $ (993,921 )     $ 58,871  
    
  
  
  
  
  

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 March 31, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement 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 Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.

 

Assets                         Gross Amounts not offset in
the Consolidated Statement
of Assets and Liabilities
         
     Gross Amounts
of Recognized
Assets
      Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities
      Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities
      Financial
Instruments
      Collateral
Received
      Net
Amount
  

Description / Counterparty

                                                      

Futures*

                                                      

Goldman Sachs

    $ 1,549,050      $ (1,295,365 )     $ 253,685      $ (253,685 )     $ —      $ —  
    
  
  
  
  
  
     $ 1,549,050      $ (1,295,365 )     $ 253,685      $ (253,685 )     $             —      $             —  
    
  
  
  
  
  

 

176

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

Liabilities                         Gross Amounts not offset in
the Consolidated Statement
of Assets and Liabilities
         
     Gross Amounts
of Recognized
Liabilities
      Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities
      Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities
      Financial
Instruments
      Collateral
Pledged
      Net
Amount
  

Description / Counterparty

                                                      

Futures*

                                                      

Goldman Sachs

    $ 2,022,489      $ (1,295,365 )     $ 727,124      $ (253,685 )     $ (473,439 )     $             —  
    
  
  
  
  
  
     $ 2,022,489      $ (1,295,365 )     $ 727,124      $ (253,685 )     $ (473,439 )     $ —  
    
  
  
  
  
  

 

*   Cumulative appreciation/ depreciation on futures contracts is reported in the consolidated schedule of open futures contracts – variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities.

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.

 

  (m)   Securities Purchased or Sold on a Forward-Commitment Basis

The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

 

  (n)   Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.

 

  (o)   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.

 

  (p)   Restricted and Illiquid Securities

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. 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 the Funds’ liquidity guidelines.

 

  (q)   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.

 

  (r)   Short Sales

Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales.

 

 

177

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

 

  (s)   Trustee Compensation

Effective April 1, 2019, for the services performed as Trustees of the consolidated Board 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 $87,500 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

The “interested persons” who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

 

  (s)   Pending Litigation

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company, which included the GuideMark® Emerging Markets Fund, who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

 

  (t)   Participatory Notes (“participation notes”)

Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional

liquidity risk. These securities have been deemed to be liquid as of March 31, 2019.

 

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

      0.40%  

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%  

Conservative Income Fund

      0.35%  

Income Fund

      0.45%  

Growth and Income Fund

      0.45%  

AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining 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 applicable class of shares of each Fund. 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 applicable class of shares of each Fund; 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, 2020, 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.

 

 

178

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2020, 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 (“Expense Limits”), based on daily net assets of each class of each Fund:

 

    Service
Class
     Institutional
Class
     Single
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

     1.19%       0.59%       —     

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

     0.70%       0.10%       —     

Tactical Allocation Fund

     1.10%       0.50%       —     
    Service
Class
     Institutional
Class
     Single
Class
  

Absolute Return Allocation Fund

     0.80%       0.20%       —     

Multi-Asset Income Allocation Fund

     1.10%       0.50%       —     

Flexible Income Allocation Fund

     0.75%       0.15%       —     

Managed Futures Strategy Fund

     1.90%       1.30%       —     

Conservative Income Fund

     —          —          0.64%  

Income Fund

     —          —          0.79%  

Growth and Income Fund

     —          —          0.79%  

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 Limits 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 calendar month in which the fee or expense was waived or reimbursed. As of March 31, 2019, Large Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund and Multi-Asset Income Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.

 

 

The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:

 

     Year of
Expiration
03/31/2020
        Year of
Expiration
03/31/2021
        Year of
Expiration
03/31/2022
  

Emerging Markets Fund

    $ —        $ —        $ 8,437  

Small/Mid Cap Core Fund

      —          —          1,943  

World ex-US Fund

      18,036          4,462          13,827  

Core Fixed Income Fund

      109,659          140,476          187,844  

Tax-Exempt Fixed Income Fund

      60,304          53,567          64,590  

Opportunistic Fixed Income Fund

      175,049          197,441          192,137  

Conservative Allocation Fund

      —          123,290          461,910  

Absolute Return Allocation Fund

      —          152,010          735,890  

Flexible Income Allocation Fund

      —          15,980          67,053  

Managed Futures Strategy Fund

      62,978          47,553          18,545  

Conservative Income Fund

      —          —          55,574  

Income Fund

      —          —          58,315  

Growth and Income Fund

      —          —          56,091  

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, as applicable, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the

operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent period ended March 31, 2019.

 

 

179

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

 

6.   Service, Custody, and Line of Credit Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.

The Funds, excluding the Conservative Income Fund, Income Fund and Growth and Income Fund, have established a line of credit (“LoC”) with 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 renewed August 1, 2018 and will mature, unless renewed, on July 31, 2019. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of specific marketable securities acceptable to USB, 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 5.5% at March 31, 2019. As of March 31, 2019, Flexible Income Allocation Fund had outstanding borrowings of $203,000, which is disclosed as a payable to custodian on the Statement of Assets and Liabilities. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.

 

 

During the year April 1, 2018 to March 31, 2019, the details of the borrowings were as follows:

 

Fund

    Average Daily Borrowings
        Weighted Average Annualized
Interest Rate
      Maximum
Borrowings
  

Large Cap Core Fund

    $ 14,077          5.28 %     $ 1,890,000  

Emerging Markets Fund

      234,195          5.32 %       9,444,000  

Small/Mid Cap Core Fund

      9,814          5.05 %       1,006,000  

World ex-US Fund

      23,663          4.90 %       4,940,000  

Core Fixed Income Fund

      —          —        —  

Tax-Exempt Fixed Income Fund

      —          —        —  

Opportunistic Fixed Income Fund

      375          5.50 %       137,000  

Growth Allocation Fund

      606,877          5.50 %       118,938,000  

Conservative Allocation Fund

      288,332          5.48 %       41,795,000  

Tactical Allocation Fund

      17,767          5.25 %       4,886,000  

Absolute Return Allocation Fund

      256,616          5.35 %       51,149,000  

Multi-Asset Income Allocation Fund

      36,493          5.48 %       7,892,000  

Flexible Income Allocation Fund

      121,444          5.40 %       10,011,000  

Managed Futures Strategy Fund

      —          —        —  

Conservative Income Fund

      —          —        —  

Income Fund

      —          —        —  

Growth and Income Fund

      —          —        —  

 

7.   Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. 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 the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. 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 costs and other charges incurred by the Fund

with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. 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 March 31, 2019, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Managed Futures Strategy Fund, Conservative Income Fund, Income Fund and Growth and Income Fund) had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. 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. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.

 

 

180

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

Secured Borrowings

 

Securities Lending Transactions

      

Overnight and Continuous

   Investments Purchased with
Proceeds from Securities
Lending  Collateral
  

Large Cap Core Fund

   $ 35,499,125  

Emerging Markets Fund

     1,026,618  

Small/Mid Cap Core Fund

     6,053,599  

World ex-US Fund

     1,550,556  

Core Fixed Income Fund

     2,557,125  

Tax-Exempt Fixed Income Fund*

     —  

Opportunistic Fixed Income Fund*

     —  

Growth Allocation Fund

     154,536,927  

Conservative Allocation Fund

     76,237,689  

Tactical Allocation Fund

     72,550,452  

Absolute Return Allocation Fund

     25,807,921  

Multi-Asset Income Allocation Fund

     38,520,158  

Flexible Income Allocation Fund

     19,144,533  

Managed Futures Strategy Fund

     —  

Conservative Income Fund

     —  

Income Fund

     —  

Growth & Income Fund

     —  

Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities).

   $ 433,484,703  

 

  *   Not eligible to participate in securities lending.

 

8.   Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended March 31, 2019 are summarized below.

 

    Purchases
     Sales
  

Large Cap Core Fund

   $ 146,543,139     $ 139,242,213  

Emerging Markets Fund

     42,912,752       55,502,376  

Small/Mid Cap Core Fund

     30,275,607       23,141,895  

World ex-US Fund

     137,355,419       116,131,647  

Core Fixed Income Fund*

     361,391,635       373,514,047  

Tax-Exempt Fixed Income Fund

     8,998,412       12,244,177  

Opportunistic Fixed Income Fund**

     9,188,635       10,814,395  

Growth Allocation Fund

     560,925,112       378,413,883  

Conservative Allocation Fund

     271,516,591       205,688,566  
    Purchases
     Sales
  

Tactical Allocation Fund

   $ 1,117,266,382     $ 1,059,000,255  

Absolute Return Allocation Fund

     523,924,248       478,992,940  

Multi-Asset Income Allocation Fund

     68,356,228       55,009,866  

Flexible Income Allocation Fund

     198,616,346       193,194,964  

Managed Futures Strategy Fund

     —       —  

Conservative Income Fund

     893,817       353,101  

Income Fund

     7,043,410       4,078,679  

Growth and Income Fund

     4,772,127       597,656  

 

  *   Included in these amounts were $327,353,297 of purchases and $336,278,350 of sales of U.S. Government Securities.
  **   Included in these amounts were $26,256,294 of purchases and $17,323,480 of sales of U.S. Government Securities.
 

 

9.   Transactions with Affiliates

The GuideMark® Emerging Markets Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2019. As a result, this company is deemed to be an affiliated company. The below table represents fair value:

 

Issuer

    Value as of
April 1, 2018
      Purchases
      Sales
      Realized Gain
(Loss)
  

Sihuan Pharmaceutical Holdings Group, Ltd.

    $              —      $ 88,410      $               —      $ 1  
    
     $ —      $ 88,410      $ —      $ 1  
    

 

Issuer

    Change in
Unrealized
Appreciation
(Depreciation)
      Dividend
Income
      Fair Value as of
March 31, 2019
      Share Balance
as of
March 31, 2019
  

Sihuan Pharmaceutical Holdings Group, Ltd.

        $ 9,269      $          —      $ 97,680        402,958  
    
         $ 9,269      $ —      $ 97,680        402,958  
    

 

181

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

The GuidePath® Absolute Return Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2019. As a result, this company is deemed to be an affiliated company. The below table represents fair value:

 

Issuer

    Value as of
April 1, 2018
      Purchases
      Sales
      Realized Gain
(Loss)
  

ProShares Investment Grade-Interest Rate Hedged ETF

    $ 9,690,434      $ 65,211,508      $ 29,361,079      $ 147,131  
    
     $ 9,690,434      $ 65,211,508      $ 29,361,079      $ 147,131  
    

 

Issuer

    Change in
Unrealized
Appreciation
(Depreciation)
      Dividend
Income
      Fair Value as of
March 31, 2019
      Share Balance
as of
March 31, 2019
  

ProShares Investment Grade-Interest Rate Hedged ETF

    $ 1,278,690      $ 626,581      $ 46,966,684        633,401  
    
     $ 1,278,690      $ 626,581      $ 46,966,684        633,401  
    

The GuideMark® World Ex-US Fund owned 5% or more of Element Fleet Management Corp. for the period April 10, 2018 to May 30, 2018. During that period the GuideMark® World Ex-US Fund received $93,071 in realized gain.

 

10.   New Accounting Pronouncements

 

In August 2018, FASB issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has evaluated ASU 2018-13 and has early adopted the relevant provisions of the disclosure framework.

In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium

Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). The amendments in the ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU 2017-08 does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU 2017-08 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 CFC income reversal, net operating loss lost, Partnerships, tax equalization, excess distributions, and excise tax liabilities. On the Statements of Assets and Liabilities, the following adjustments were made:

 

       Total Distributable
Earnings (Loss)
        Capital
Stock
  

Large Cap Core Fund

      $ 155        $ (155 ) 

Emerging Markets Fund

        6,018,094          (6,018,094 ) 

Small/Mid Cap Core Fund

        82,106          (82,106 ) 

World ex-US Fund

        33          (33 ) 

Core Fixed Income Fund

        28          (28 ) 

Tax-Exempt Fixed Income Fund

        —          —  

Opportunistic Fixed Income Fund

        1,153          (1,153 ) 

Growth Allocation Fund

        (343,712 )         343,712  

Conservative Allocation Fund

        (102,988 )         102,988  

Tactical Allocation Fund

        499          (499 ) 

Absolute Return Allocation Fund

        411          (411 ) 

Multi-Asset Income Allocation Fund

        244          (244 ) 

Flexible Income Allocation Fund

        63          (63 ) 

Managed Futures Strategy Fund

        3,256,838          (3,256,838 ) 

Conservative Income Fund

        —          —  

Income Fund

        —          —  

Growth and Income Fund

        —          —  

 

182

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:

 

       Capital losses
          
       Short Term
        Long Term
        Utilized
  

Large Cap Core Fund

      $ —        $ —        $             —  

Emerging Markets Fund

        —          —          —  

Small/Mid Cap Core Fund

        —          —          —  

World ex-US Fund

        1,218,838          —          —  

Core Fixed Income Fund

        322,650          892,955          —  

Tax-Exempt Fixed Income Fund

        —          —          —  

Opportunistic Fixed Income Fund

        13,412,961          5,194,192          —  

Growth Allocation Fund

        —          —          —  

Conservative Allocation Fund

        3,216,607          2,941,058          —  

Tactical Allocation Fund

        —          —          —  

Absolute Return Allocation Fund

        4,641,227          5,713,779          —  

Multi-Asset Income Allocation Fund

        581,457          9,790          —  

Flexible Income Allocation Fund

        2,322,774          7,865,603          —  

Managed Futures Strategy Fund

        7,660,359          3,052,218          —  

Conservative Income Fund

        468          —          —  

Income Fund

        —          —          —  

Growth and Income Fund

        2,411          —          —  

Additionally, at March 31, 2019, the Funds deferred on a tax basis losses as follows:

 

     Ordinary Late
Year Loss
        Capital Loss
  

Large Cap Core Fund

    $ —        $ —  

Emerging Markets Fund

      93,374          —  

Small/Mid Cap Core Fund

      2,812          112,148  

World ex-US Fund

      —          —  

Core Fixed Income Fund

      —          —  

Tax-Exempt Fixed Income Fund

      —          —  

Opportunistic Fixed Income Fund

      —          —  

Growth Allocation Fund

      —          11,517,785  

Conservative Allocation Fund

      —          —  

Tactical Allocation Fund

      —          5,422,732  

Absolute Return Allocation Fund

      —          —  

Multi-Asset Income Allocation Fund

      —          —  

Flexible Income Allocation Fund

      —          —  

Managed Futures Strategy Fund

      —          —  

Conservative Income Fund

      —          —  

Income Fund

      —          —  

Growth and Income Fund

      —          —  

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.

 

183

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

The character of distributions for tax purposes paid during the fiscal periods ended March 31, 2019 and March 31, 2018 are as follows:

 

     Period Ended March 31, 2019
  
     Ordinary
Income
Distributions
      Long-Term
Capital Gain
Distributions
  

Large Cap Core Fund

    $ 3,453,165      $ 2,174,962  

Emerging Markets Fund

      6,612,553        4,662,846  

Small/Mid Cap Core Fund

      —        3,364,649  

World ex-US Fund

      2,697,943        —  

Core Fixed Income Fund

      2,660,751        —  

Tax-Exempt Fixed Income Fund

      807,310 *       31,215  

Opportunistic Fixed Income Fund

      3,116,585        —  

Growth Allocation Fund

      9,592,301        41,521  

Conservative Allocation Fund

      5,144,892        503,292  

Tactical Allocation Fund

      12,448,559        1,209,576  

Absolute Return Allocation Fund

      8,705,187        —  

Multi-Asset Income Allocation Fund

      4,391,358        —  

Flexible Income Allocation Fund

      2,016,221        —  

Managed Futures Strategy Fund

      —        —  

Conservative Income Fund

      1,400        —  

Income Fund

      3,522        —  

Growth and Income Fund

      5,095        —  

 

  *   Contains $802,230 of tax-exempt income for period ended March 31, 2019.

 

     Year Ended March 31, 2018
  
     Ordinary
Income
Distributions
      Long-Term
Capital Gain
Distributions
  

Large Cap Core Fund

    $ 3,107,413      $ 9,359,696  

Emerging Markets Fund

      805,262        —  

Small/Mid Cap Core Fund

      2,395,401        11,762,993  

World ex-US Fund

      2,901,835        —  

Core Fixed Income Fund

      2,420,788        798,073  

Tax-Exempt Fixed Income Fund

      818,304 *       —  

Opportunistic Fixed Income Fund

      4,430,670        —  

Growth Allocation Fund

      19,021,662        45,261,115  

Conservative Allocation Fund

      3,541,731        524,943  

Tactical Allocation Fund

      5,930,041        2,983,197  

Absolute Return Allocation Fund

      3,894,617        —  

Multi-Asset Income Allocation Fund

      3,084,967        —  

Flexible Income Allocation Fund

      2,461,272        —  

Managed Futures Strategy Fund

      —        —  

 

  *   Contains $814,112 of tax-exempt income for year ended March 31, 2018.

 

184

GuideMark® Funds & GuidePath® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2019

 

At March 31, 2019, 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
  

Cost of Portfolio*

    $ 286,853,990     $ 70,366,766     $ 55,451,911     $ 202,695,332     $ 150,629,488     $ 23,569,666  
    
 
 
 
 
 

Gross Unrealized Appreciation

    $ 92,867,235     $ 19,878,576     $ 17,974,391     $ 28,626,589     $ 2,279,164     $ 1,342,039  

Gross Unrealized Depreciation

      (10,963,232 )      (5,023,556 )      (4,567,461 )      (12,077,895 )      (908,720 )      (18,454 ) 
    
 
 
 
 
 

Net Unrealized Appreciation/
(Depreciation)

      81,904,003       14,855,020       13,406,930       16,548,694       1,370,444       1,323,585  
    
 
 
 
 
 

Undistributed Tax-Exempt Ordinary Income

      —       —       —       —       —       —  

Undistributed Ordinary Income

      138,083       —       —       2,542,292       87,249       4,611  

Undistributed Long-Term Cap Gains

      4,125,368       —       —       —       —       71,158  
    
 
 
 
 
 

Distributable Earnings

      4,263,451       —       —       2,542,292       87,249       1,399,354  
    
 
 
 
 
 

Other Accumulated Gains/(Losses)

      —       (93,374 )      (114,960 )      (1,218,838 )      (1,215,657 )      —  
    
 
 
 
 
 

Total Distributable Earnings/(Loss)

      86,167,454       14,761,646       13,291,970       17,872,148       242,036       1,399,354  
    
 
 
 
 
 

 

  *   Portfolio includes investments and derivative contracts

 

     Opportunistic
Fixed Income
Fund
     Growth
Allocation
Fund
     Conservative
Allocation
Fund
     Tactical
Allocation
Fund
     Absolute
Return
Allocation
Fund
     Multi-Asset
Income
Allocation
Fund
  

Cost of Portfolio*

    $ 53,626,122     $ 843,090,153     $ 399,999,627     $ 390,156,104     $ 336,278,290     $ 167,887,936  
    
 
 
 
 
 

Gross Unrealized Appreciation

    $ 479,605     $ 105,828,701     $ 15,886,687     $ 26,020,371     $ 3,546,174     $ 3,799,508  

Gross Unrealized Depreciation

      (5,051,682 )      (721,439 )      (339,000 )      (77,008 )      (399,151 )      (1,479,286 ) 
    
 
 
 
 
 

Net Unrealized Appreciation/(Depreciation)

      (4,572,077 )      105,107,262       15,547,687       25,943,363       3,147,023       2,320,222  
    
 
 
 
 
 

Undistributed Tax-Exempt Ordinary Income

      —       —       —       —       —       —  

Undistributed Ordinary Income

      641,387       1,429,522       1,531,064       —       1,667,927       46,314  

Undistributed Long-Term Cap Gains

      —       —       —       5,552,749       —       —  
    
 
 
 
 
 

Distributable Earnings

      641,387       1,429,522       1,531,064       5,552,749       1,667,927       46,314  
    
 
 
 
 
 

Other Accumulated Gains/(Losses)

      (18,626,539 )      (11,534,542 )      (6,174,422 )      (5,439,489 )      (10,371,763 )      (591,247 ) 
    
 
 
 
 
 

Total Distributable Earnings/(Loss)

      (22,557,229 )      95,002,242       10,904,329       26,056,623       (5,556,813 )      1,775,289  
    
 
 
 
 
 

 

  *   Portfolio includes investments and derivative contracts

 

     Flexible
Income
Allocation
Fund
     Managed
Futures
Strategy
Fund
     Conservative
Income
Fund
     Income
Fund
     Growth and
Income
Fund
  

Cost of Portfolio*

    $ 77,135,816     $ 157,634,420     $ 974,722     $ 3,338,001     $ 4,396,606  
    
 
 
 
 

Gross Unrealized Appreciation

    $ 1,139,035     $ 2,053,364     $ 1,467     $ 39,883     $ 31,357  

Gross Unrealized Depreciation

      —       (75,477 )      (371 )      (20 )      (9,740 ) 
    
 
 
 
 

Net Unrealized Appreciation/(Depreciation)

      1,139,035       1,977,887       1,096       39,863       21,617  
    
 
 
 
 

Undistributed Tax-Exempt Ordinary Income

      —       —       —       —       —  

Undistributed Ordinary Income

      55,839       590,346       772       13,043       2,607  

Undistributed Long-Term Cap Gains

      —       —       —       688       —  
    
 
 
 
 

Distributable Earnings

      55,839       590,346       772       13,731       2,607  
    
 
 
 
 

Other Accumulated Gains/(Losses)

      (10,188,377 )      (10,534,280 )      (468 )      —       (2,411 ) 
    
 
 
 
 

Total Distributable Earnings/(Loss)

      (8,993,503 )      (7,966,047 )      1,400       53,594       21,813  
    
 
 
 
 

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales, debt modifications, futures mark to market, and other temporary differences.

 

  *   Portfolio includes investments and derivative contracts

 

185

GuideMark® Funds & GuidePath® Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, open swap contracts, open forward currency contracts, and options written, of GPS Funds I and GPS Funds II comprising GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark World ex-US Fund, GuideMark 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 Conservative Income Fund, GuidePath Income Fund, GuidePath Growth and Income Fund, and the consolidated schedules of investments and open futures contracts and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2019, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the consolidated financial highlights for each of the four periods in the period then ended for GuidePath Managed Futures Strategy Fund, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period April 30, 2018 (commencement of operations) through March 31, 2019, for GuidePath Conservative Income Fund, GuidePath Income Fund, and GuidePath Growth and Income Fund, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended, for the remainder of the Funds (collectively, for all Funds presented in the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2014.

/s/ COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 30, 2019

 

186

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION

March 31, 2019

 

Additional Information

 

1.   Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year 2019 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

      83.35%          85.42%  

Emerging Markets Fund

      1.02%          100.00%  

Small/Mid Cap Core Fund

      0.00%          0.00%  

World ex-US Fund

      0.01%          100.00%  

Core Fixed Income Fund

      0.00%          0.00%  

Tax-Exempt Fixed Income Fund

      0.00%          0.00%  

Opportunistic Fixed Income Fund

      0.00%          0.00%  

Growth Allocation Fund

      9.49%          95.21%  

Conservative Allocation Fund

      8.93%          25.95%  

Tactical Allocation Fund

      13.32%          56.00%  

Absolute Return Allocation Fund

      0.08%          2.46%  

Multi-Asset Income Allocation Fund

      27.59%          45.00%  

Flexible Income Allocation Fund

      2.12%          6.66%  

Managed Futures Strategy Fund

      0.00%          0.00%  

Conservative Income Fund

      0.00%          0.00%  

Income Fund

      4.79%          1.12%  

Growth and Income Fund

      4.34%          50.57%  

 

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, 2019. 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

    $ 421,872        $ 0.0172          96.72 % 

World ex-US Fund

      288,263          0.0447          94.67 % 

 

  *   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.

 

187

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2019

 

 

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).      18      Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); 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).      18      Trustee, Savos Investments Trust (2015-present);

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).      18      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); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present).      18      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).

 

188

GuideMark® Funds & GuidePath® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2019

 

 

 

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

    Vice President and Treasurer    Renewed 1-Year Term since 2014    Vice President and 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) 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 or Part F of Form N-PORT (beginning with filings after March 31, 2019). Once filed, the Funds’ Form N-Q or Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809.

 

6.   Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)

GPS FUNDS I and GPS FUNDS II: Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

At a meeting held on December 20, 2018 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) conducted its annual review and consideration of the renewal of the investment advisory agreements between AssetMark, Inc. (“AssetMark”) and each Trust on behalf of its respective series, other than the GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund series of GPS Funds II (each, a “Fund” and collectively, the “Funds”) and the renewal of the investment advisory agreement between AssetMark and the wholly-owned Cayman Islands subsidiary of the GuidePath® Managed Futures Strategy Fund, GuidePath® Managed Futures Strategy Cayman Fund Ltd. (the “Cayman Subsidiary”) (each such agreement, an “Advisory Agreement,” and collectively, the “Advisory Agreements”). Additionally, the Board considered the renewal of the investment sub-advisory agreements between (i) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, and GuideMark® World ex-US Fund; (ii) Wellington Management Company LLP (“Wellington”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (iii) Delaware Investments Fund Advisers (“Delaware”) and AssetMark, on behalf of the GuideMark® Tax-Exempt Fixed Income Fund; (iv) Franklin Advisers, Inc. (“Franklin Advisers”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; (v) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; and (vi) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath® Managed Futures Strategy Fund and the Cayman Subsidiary (each, a “Sub-Advisory Agreement, and collectively, the “Sub-Advisory Agreements”).

Hereinafter, GSAM, Wellington, Delaware, Franklin Advisers, DoubleLine, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally

 

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GuideMark® Funds and GuidePath® Funds

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involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, and are subject to replacement, at all times.

The Board – including a majority of the Trustees who are not “interested persons” of the Fund or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) – determined to approve the continuance of the Advisory Agreements and the Sub-Advisory Agreements. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.

The Advisory Agreements

Materials Reviewed and the Review Process

Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds related to, among other things: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to a peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund selected by an independent provider of investment company data (“Peer Group”); (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by their respective Peer Groups; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s Peer Group; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund; (8) reports on AssetMark’s evaluation of the Sub-Advisors, including reports relating to the monitoring of each Sub-Advisor’s trading and brokerage practices; (9) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting, and discussions with AssetMark at prior meetings and other communications throughout the year.

The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the Advisory Agreements. The Independent Trustees discussed the Advisory Agreements in communications prior to the Meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.

Factors Considered

The Trustees considered and reached conclusions on a number of factors that they deemed relevant in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.

Nature, Quality and Extent of Services

The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Trustees evaluated information about the nature and extent of responsibilities retained and risks assumed by the AssetMark and not delegated to or assumed by the Sub-Advisors. The Trustees also considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions.

The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’

 

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manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.

The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.

The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.

Investment Performance

The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.

The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.

The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or add Sub-Advisors or underlying funds, to reallocate assets among Sub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.

The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.

Advisory Fees and Total Expenses

The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of its Peer Group; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors, as applicable.

The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.

In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that comparisons between a Fund and its Peer Group may be imprecise given the Funds’ special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund’s fees and expenses.

After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.

Profitability, Economies of Scale and Ancillary Benefits

The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.

 

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GuideMark® Funds and GuidePath® Funds

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In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.

The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by AssetMark. The Trustees concluded that these benefits were reasonable.

The Trustees considered AssetMark’s profitability in managing each Fund, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.

The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability with respect to each Fund is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.

The Sub-Advisory Agreements

Materials Reviewed and the Review Process

Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review. The materials provided to the Board related to, among other things: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor’s relationship with a Fund; (6) information concerning each Sub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Fund’s portfolio; (7) information regarding each Sub-Advisor’s compliance policies and other internal procedures, including the Sub-Advisor’s brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services provided by each Sub-Advisor in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub-Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub-Advisors for the Funds.

In connection with their consideration of the Sub-Advisory Agreements, the Trustees considered several factors that they deemed relevant to this process, including: (1) the nature, quality and extent of the services to be provided to each Fund by the respective Sub-Advisor; (2) the quantitative performance of each Sub-Advisor; (3) AssetMark’s evaluation, in accordance with its role as a “manager-of-managers,” of the nature, extent and quality of the services provided by each Sub-Advisor; (4) information that might suggest the potential for realizing economies of scale that could potentially be shared with Fund shareholders; and (5) any potential “fall-out” or ancillary benefits to a Sub-Advisor or its affiliates. Prior to approving the Sub-Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Sub-Advisory Agreement.

Nature, Quality and Extent of Services

The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) and AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.

 

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March 31, 2019

 

The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).

The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.

Sub-Advisor Investment Performance

The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to appropriate benchmark indices.

The Trustees considered that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, with AssetMark and concluded that each Sub-Advisor’s performance record is satisfactory.

Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits

The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to its relevant Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating the best possible fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received. The Trustees also considered individual reports prepared with regard to each Sub-Advisor, containing comparative information regarding fees. The Trustees noted that each Sub-Advisor’s fees were generally similar to or less than the fees charged by each Sub-Advisor to other comparable funds and accounts.

The Trustees considered each Sub-Advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub-Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.

The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.

The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s-length basis and reports regarding any relationships between the Sub-Advisors and AssetMark.

The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.

 

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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

GuidePath® Conservative Income Fund

GuidePath® Income Fund

GuidePath® Growth and Income 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.

342 North Water St.

Suite 830

Milwaukee, WI 53202

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Distributor

AssetMark BrokerageTM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

 

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

Annual Report

March 31, 2019

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

 

(a)

Audit Fees

For the fiscal year ended March 31, 2019, the registrant’s principal accountant billed the registrant $110,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $110,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

 

(b)

Audit-Related Fees

None.

 

(c)

Tax Fees

For the fiscal year ended March 31, 2019, the registrant’s principal accountant billed the registrant $30,000 for professional services rendered for tax compliance, tax advice and tax planning.

For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $34,500 for professional services rendered for tax compliance, tax advice and tax planning.

 

(d)

All Other Fees

None.

 

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(e)(1)

The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

 

(e)(2)

There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)

None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2019 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2019 and March 31, 2018, were $0 and $0, respectively.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

 

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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. Filed herewith.

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

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

(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.

 

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SIGNATURES

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

 

(Registrant) GPS Funds I                                                                                                                  
By (Signature and Title)      /s/ Carrie E. Hansen                                                                                                          
                                       Carrie E. Hansen, Principal Executive Officer/President
Date 5/30/19                                                                                                                                               

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 5/30/19                                                                                                                                                 
By (Signature and Title)      /s/ Patrick R. Young                                                                                                          
                                       Patrick R Young, Vice President/Treasurer
Date 5/30/19                                                                                                                                               

 

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