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, 2020
Date of reporting period: April 1, 2019 through March 31, 2020
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
ANNUAL REPORT
March 31, 2020
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 Funds’ 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.
5/29/2020
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2019 to March 31, 2020.
Market Review
During the twelve months ended March 31, 2020, the equity markets generally rallied, with the S&P 500® Index rising to an all-time high on February 16, 2020. But conditions dramatically turned and global equity markets tumbled into bear market territory by the end of the first quarter of 2020. For the twelve month period, the US equity market returned -7.0%1, the international developed equity market returned -13.9%2 and emerging market equities returned -17.4%3. As the spread of COVID-19 accelerated in the first quarter of 2020, parts of the global economy started to shut down as the world began sheltering in place. This caused the equity markets to fall precipitously.
Surprisingly, it wasn’t a defensive equity sector that held up best in the downturn. Technology was the best performing sector during the first quarter of 2020, returning -11.9%4 and was the only sector that had a positive return for the twelve month period ending March 31, 2020. Mega-cap, cash-rich technology companies benefitted from the new environment of working from home, home schooling and online-shopping. At the opposite end of the scale was the energy sector, which was adversely impacted by not only the Saudi/Russia oil price conflict, but also lower demand for gasoline as people stayed home. Oil prices dropped over 50%5 during the first quarter of 2020, causing much of the -52.4%6 return seen by the energy sector for the twelve month period.
The divergent performance of specific equity sectors also led to the spread seen between growth and value across the globe. For the 12-month period, the spread between growth and value was 17.4 percentage points7 – one of the widest spreads recorded. Smaller capitalization equities experienced relatively weak returns during the market fall in the first quarter of 2020 due to their lower levels of profitability and higher leverage. This weighed on their 12-month returns, with small cap index returns trailing the broader market by almost 12 percentage points8 as of the end of the reporting period.
Real Estate Investment Trusts (“REITs”) and equities with high dividend yields trailed the broad markets during the market decline in the first quarter of 2020, negatively impacting 12-month performance returns. REITs fell 23.4% in the first quarter, seeing the weakest returns from malls, hotels, and retail industries, all of which were impacted by shelter in place orders. This led to a return of -15.9%9 for REITs for the reporting period. Dividend-yielding equities fell almost 30% in the first quarter of 2020, leading to a return of -21.7%10 for the 12-month period. Companies within the high dividend equity universe in sectors such as energy were at high risk of dividend cuts and had low interest coverage ratios, resulting in weaker relative returns.
The US bond market returned 8.9% for the 12-months ended March 31, 2020, including a 3.2%11 return in the first quarter of 2020. Treasuries rallied in the investor flight to safety during the market downturn, with longer duration Treasuries returning 20.9% for the quarter. However, these gains masked significant deterioration in certain segments of the bond market in the first quarter of 2020. Due to the sensitivity of high-yield bonds to the equity markets, the high yield sector registered double-digit losses of -12.7% for the first quarter of 2020, leading to a 12-month return of -6.9%12. Other credit sectors that underperformed in the first quarter of 2020 include bank loans, which also saw double-digit losses, returning -12.0%13 for the quarter as the U.S. Federal Reserve (the “Federal Reserve”) lowered interest rates to zero, and the non-agency mortgage backed security (“MBS”) market, which returned -13.4%14 for the quarter.
As liquidity dried up in US bond markets with investors selling anything they could, the Federal Reserve stepped in to help limit any further carnage in the bond market. As the Federal Reserve lowered rates and initiated substantial quantitative easing programs, bond sectors supported by expansive Federal Reserve monetary policy started to recover and regain ground at the end of the first quarter of 2020. This effect was particularly pronounced in the agency MBS market, with returns of 2.8% for the quarter and 7.01%15 for the 12-month period.
International bond markets also saw weakness in the first quarter, partially attributable to the strength of the U.S. dollar, but returned 2.0%16 for the 12-month period. Emerging markets bonds returned -2.9% for the 12-month period, having been impacted more significantly in the first quarter with a return of -9.5%17 due to the higher risk associated with emerging markets.
| 1 | US equities represented by the S&P 500® Index |
| 2 | International developed market equities represented by the MSCI EAFE Index |
| 3 | Emerging market equities represented by the MSCI Emerging Markets Index |
| 4 | Technology sector represented by the S&P 500®Information Technology (Sector) Index |
| 5 | Represented by WTI Crude Oil prices |
| 6 | Energy sector represented by S&P 500® Energy (Sector) Index |
| 7 | Spread represented as difference between MSCI ACWI Growth and MSCI ACWI Value indices |
| 8 | Spread represented as difference between MSCI ACWI and MSCI ACWI Small Cap indices |
| 9 | REITs represented by FTSE Nareit All Equity REITs Index |
| 10 | Dividend equities represented by Dow Jones US Select Dividend Index |
| 11 | US bonds represented by Bloomberg Barclays US Aggregate Bond Index |
| 12 | High yield bonds represented by Bloomberg Barclays US Corporate High Yield Index |
| 13 | Bank loans represented by S&P/LSTA US Leveraged Loan 100 Index |
| 14 | Non-agency MBS represented by Markit iBoxx Non-Agency RMBS Index |
| 15 | Agency MBS represented by Bloomberg Barclays US MBS Index |
| 16 | International bonds represented by Bloomberg Barclays Global Treasury ex US Index |
| 17 | Emerging market bonds represented by Blomberg Barclays EM USD Aggregate Index |
1
Fund Review
Looking across the fund family it was a very difficult period, resulting in most of the funds trailing their benchmarks for the 12-month period.
All of the GuideMark® funds trailed their respective benchmarks during the reporting period. Biases toward value and smaller capitalization issuers, which are intended to offer value over the long term, were the primary detractors for each of the GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund and GuideMark® World ex-US Fund during the 12-month period. The GuideMark® Core Fixed Income Fund trailed its benchmark for the reporting period due to shorter relative duration positioning during a time when long-term Treasuries rallied over 30%. Exposure to lower-quality credit sectors in the first quarter of 2020 hurt the GuideMark® Tax Exempt Fixed Income Fund’s performance for the quarter and significantly detracted from the full period results. The GuideMark® Opportunistic Fixed Income Fund’s significant underweight exposure to Treasuries and shorter duration as well as the Fund’s overweight exposure to foreign bonds relative to its benchmark detracted from the Fund’s returns for the period, given the flight to quality and strengthening of the US dollar over the reporting period.
Across the GuidePath® allocation funds, two funds outperformed and the remaining funds trailed their benchmarks for the period. The GuidePath® Multi-Asset Income Allocation Fund’s exposure to intermediate- and longer-term Treasuries contributed positively to the Fund’s returns, and helped the Fund outperform the benchmark for the reporting period. The GuidePath® Managed Futures Strategy Fund uses derivatives to implement its investment strategy, specifically index futures contracts. Futures positioning within bonds benefitted the GuidePath® Managed Futures Strategy Fund’s returns during the period. Specifically, long positions in longer maturity bonds contributed to the Fund’s outperformance relative to the benchmark for the period.
The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, and GuidePath® Flexible Income Fund underperformed their respective benchmarks for the reporting period. Broader diversification, including exposure to US small capitalization stocks, and an emphasis on high yield credit exposure within fixed income positioning relative to benchmark weightings detracted from the Funds’ returns. The GuidePath® Tactical Allocation Fund trailed its benchmark due to underperformance in the first quarter of 2020, as the Fund had higher exposure to equities relative to its benchmark. The GuidePath® Absolute Return Fund also trailed its benchmark for the period as a result of the Fund’s relative underperformance in the first quarter of 2020 due to the Fund’s exposure to credit, specifically, high yield, emerging markets, non-agency mortgages and loans.
The GuidePath® Growth and Income Fund outperformed its benchmark for the twelve months ending March 31, 2020. The Fund’s volatility targeting component enabled the Fund to navigate both the strong up market of the fourth quarter of 2019 and steep down market of the first quarter of 2020 and maintain healthy relative returns during the market volatility. In addition to purchasing and selling futures contracts, the Fund engaged in a strategy of selling (writing) put options on indexes and ETFs in pursuing its investment objective. The Fund’s investments in futures and options contracts contributed positively to the Fund’s performance for the reporting period. The GuidePath® Conservative Income Fund trailed the benchmark as of the period end due to its lower duration positioning during a time when longer duration Treasuries rallied. Exposure to credit markets hurt the GuidePath® Income Fund’s returns relative to its benchmark in the market downturn during the first quarter of 2020 as the full effects of the coronavirus global pandemic led to panic selling and significant widening of spreads on corporate credits.
Looking Ahead
Given the current economic and market environment uncertainties, AssetMark does not believe that investors should try to make market-timing calls. Rebounds from market bottoms have often been quick and sharp, and we believe removing equity exposure from portfolios has a high opportunity cost under current market conditions. We believe investors should emphasize capital protection and prepare for sudden market trend reversals by broadly diversifying across risk assets and strategies. Positioning for an uncertain environment is different from de-risking—it entails broad diversification that seeks to spread portfolio risk across a variety of markets and risk factors.
Please contact your financial advisor to discuss any questions about your investment strategy or changes in your financial goals. We thank you for including the funds in your portfolio and appreciate the trust you have placed in us.
Sincerely,
Carrie E. Hansen
Trustee, Chairperson and President of the Funds
Important Information
All index returns are sourced from Morningstar and Bloomberg. It is not possible to invest directly 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 GuideMark® and GuidePath® Funds including 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, Inc. AssetMark Brokerage™, LLC is an affiliate of AssetMark, Inc. and shares its address. ©2020 AssetMark, Inc. All rights reserved.
2
Investment Terms
Currency Hedged Indices seek to mitigate the currency exposures in an index compared to a ‘home’ currency (e.g., the US dollar). A currency hedged index may experience higher or lower returns than an unhedged index, depending on relative currency fluctuations. Currency hedges employed by hedged indices may be imperfect.
Market Capitalization refers to the total value of an issuer’s shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
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 Bloomberg 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 US MBS Index measures fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
Bloomberg Barclays Global Treasury ex US Index measures returns of investment grade, fixed-rate bonds issued by governments in their local currencies, excluding US debt.
Blomberg Barclays EM USD Aggregate Index measures hard currency emerging markets debt that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate emerging markets issuers.
FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
Markit iBoxx Non-Agency RMBS Indices measures the U.S. non-agency residential MBS market.
MSCI EAFE (Europe, Australasia, Far East) Index measures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.
MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets.
S&P 500® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of US equities.
S&P 500® Energy (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® energy 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/LSTA US Leveraged Loan 100 Index measures the performance of the largest facilities in the leveraged loan market.
3
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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 10, 2019, the market capitalization of the companies in the Russell 1000® Index ranged from $2.4 billion to $974.2 billion.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
| One Year |
Five Year |
Ten Year |
Since Inception(1) |
|||||||||||||
| GuideMark® Large Cap Core Fund |
||||||||||||||||
| Service Shares |
-11.59 | % | 3.97 | % | 8.19 | % | 3.75 | % | ||||||||
| Institutional Shares |
-11.07 | % | 4.57 | % | N/A | 7.37 | % | |||||||||
| Russell 1000® Index |
-8.03 | % | 6.22 | % | 10.39 | % | 6.32 | %(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 9.44%. |
4
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -11.6%, underperforming the Russell 1000® Index at -8.0%. |
| • | As part of the Fund’s three-factor investment approach, the Fund’s dedicated allocation to the value factor was a detractor as cheaper stocks significantly underperformed during the 12-month period. |
| • | The Fund saw positive contributions from the quality and momentum factors, as well as favorable sector weightings including an overweight allocation to technology and underweight exposure to energy and financials relative to the benchmark. |
| • | Fund results were also hurt by a tilt toward stocks with smaller market capitalizations and higher volatility relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Microsoft Corp. | 4.70 | % | |||||
| 2 | Apple, Inc. | 4.35 | % | |||||
| 3 | Vanguard S&P 500 ETF | 3.73 | % | |||||
| 4 | Amazon.com, Inc. | 2.97 | % | |||||
| 5 | Facebook, Inc. – Class A | 1.53 | % | |||||
| 6 | Johnson & Johnson | 1.40 | % | |||||
| 7 | Alphabet, Inc. – Class A | 1.19 | % | |||||
| 8 | Alphabet, Inc. – Class C | 1.19 | % | |||||
| 9 | Berkshire Hathaway, Inc. – Class B | 1.15 | % | |||||
| 10 | JPMorgan Chase & Co. | 0.98 | % | |||||
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
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, 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 |
-19.40 | % | 0.16 | % | 6.08 | % | 3.29 | % | ||||||||
| Institutional Shares(2) |
-18.91 | % | 0.33 | % | N/A | 5.44 | % | |||||||||
| MSCI Emerging Markets Index |
-17.36 | % | 0.01 | % | 1.04 | % | 8.17 | %(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 -1.11%. |
6
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -19.4%, underperforming the MSCI Emerging Markets Index at -17.4%. |
| • | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was a detractor, as cheaper stocks significantly underperformed during the 12-month period. |
| • | The Fund saw positive contributions from the quality and momentum factors, as well as favorable sector weightings including an underweight allocation to financials relative to the benchmark. |
| • | Fund results were also hurt by a tilt toward stocks with smaller market capitalizations and higher volatility relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Alibaba Group Holding, Ltd. – ADR | 5.50 | % | |||||
| 2 | Tencent Holdings Ltd. | 5.08 | % | |||||
| 3 | KraneShares Bosera MSCI China ETF – Class A | 4.58 | % | |||||
| 4 | Taiwan Semiconductor Manufaccturing Co., Ltd. | 4.34 | % | |||||
| 5 | Samsung Electronics Co., Ltd. | 3.72 | % | |||||
| 6 | iShares Core MSCI Emerging Markets ETF | 3.10 | % | |||||
| 7 | iShares MSCI Saudi Arabia ETF | 2.15 | % | |||||
| 8 | China Construction Bank Corp. – Series H | 1.20 | % | |||||
| 9 | Ping An Insurance Group Co. of China, Ltd. – Series H | 1.16 | % | |||||
| 10 | LUKOIL PJSC – ADR | 0.78 | % | |||||
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GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 10, 2019, the market capitalization of the companies in the Russell 2500TM Index ranged from $152.3 million to $12.2 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 |
-24.10 | % | -1.34 | % | 6.23 | % | 5.27 | % | ||||||||
| Russell 2500TM Index |
-22.47 | % | 0.49 | % | 7.73 | % | 6.79 | % | ||||||||
| (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, 2020, the Fund’s Service Shares returned -24.1%, underperforming the Russell 2500TM Index at -22.5%. |
| • | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was a detractor as cheaper stocks significantly underperformed during the 12-month period. |
| • | The Fund saw positive contributions from the quality and momentum factors, as well as favorable sector weightings including an overweight allocation to technology and underweight exposure to energy and financials relative to the benchmark. |
| • | Fund results were also hurt by a tilt toward stocks with smaller market capitalizations and higher volatility relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Vanguard Extended Market ETF | 4.03 | % | |||||
| 2 | DexCom, Inc. | 0.57 | % | |||||
| 3 | RingCentral, Inc. – Class A | 0.51 | % | |||||
| 4 | Domino’s Pizza, Inc. | 0.34 | % | |||||
| 5 | Amedisys, Inc. | 0.32 | % | |||||
| 6 | Leidos Holdings, Inc. | 0.31 | % | |||||
| 7 | DocuSign, Inc. | 0.30 | % | |||||
| 8 | Booz Allen Hamilton Holding Corp. | 0.29 | % | |||||
| 9 | Seattle Genetics, Inc. | 0.29 | % | |||||
| 10 | Pool Corp. | 0.28 | % | |||||
9
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
| One Year |
Five Year |
Ten Year |
Since Inception(1) |
|||||||||||||
| GuideMark® World ex-US Fund |
||||||||||||||||
| Service Shares |
-16.16 | % | -1.65 | % | 0.61 | % | 1.48 | % | ||||||||
| Institutional Shares(2) |
-15.69 | % | -0.89 | % | N/A | 0.16 | % | |||||||||
| MSCI World ex-USA Index |
-14.42 | % | -0.25 | % | 2.94 | % | 4.37 | %(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 1.37%. |
10
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -16.2%, underperforming the MSCI World ex-USA Index at -14.4%. |
| • | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was a detractor as cheaper stocks significantly underperformed during the 12-month period. |
| • | The Fund saw positive contributions from the quality and momentum factors, as well as favorable sector weightings including underweight allocations to energy and financials relative to the benchmark. |
| • | Fund results were also hurt by a tilt toward stocks with smaller market capitalizations and higher volatility relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | iShares MSCI EAFE ETF | 2.99 | % | |||||
| 2 | Nestle SA | 2.35 | % | |||||
| 3 | Roche Holdings AG | 2.15 | % | |||||
| 4 | Novartis AG | 1.40 | % | |||||
| 5 | LVMH Moet Hennessy Louis Vuitton SE | 0.86 | % | |||||
| 6 | GlaxoSmithKline PLC | 0.82 | % | |||||
| 7 | Novo Nordisk AS – Series B | 0.77 | % | |||||
| 8 | AstraZeneca PLC | 0.73 | % | |||||
| 9 | Nippon Telegraph & Telephone Corp. | 0.71 | % | |||||
| 10 | AIA Group, Ltd. | 0.65 | % | |||||
11
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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 |
7.16 | % | 2.39 | % | 3.05 | % | 3.86 | % | ||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index |
8.93 | % | 3.36 | % | 3.88 | % | 4.73 | % | ||||||||
| (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, 2020, the Fund’s Service Shares returned 7.2%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 8.9%. |
| • | Exposure to securitized credit sectors including non-agency residential mortgage-backed securities, consumer asset-backed securities, and commercial mortgage-backed securities was a headwind to Fund returns for the 12-month period. |
| • | Favorable positioning within corporate credit, including an overweight allocation to financials relative to the benchmark and security selection within the industrials sector proved beneficial to Fund returns for the 12-month period. |
| • | Positioning within U.S. Treasuries, including exposure to Treasury Inflation Protected Securities (“TIPS”) and a tactical underweight to duration in the second quarter of 2019, also weighed on the Fund’s returns for the 12-month period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures, options written and swap contracts.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Government National Mortgage Association, Pool #TBA, 2.500%, 4/15/2050 | 4.71 | % | |||||
| 2 | Federal National Mortgage Association, Pool #TBA, 2.500%, 5/15/2050 | 3.36 | % | |||||
| 3 | U.S. Treasury Note, 2.375%, 8/15/2024 | 2.71 | % | |||||
| 4 | Federal National Mortgage Association, Pool #TBA, 3.000%, 4/15/2027 | 2.47 | % | |||||
| 5 | Federal National Mortgage Association, Pool #TBA, 3.500%, 4/15/2041 | 2.34 | % | |||||
| 6 | U.S. Treasury Bond, 2.500%, 5/15/2046 | 2.20 | % | |||||
| 7 | U.S. Treasury Bond, 3.750%, 11/15/2043 | 2.04 | % | |||||
| 8 | U.S. Treasury Note, 2.625%, 2/15/2029 | 2.01 | % | |||||
| 9 | U.S. Treasury Note, 2.875%, 5/31/2025 | 1.82 | % | |||||
| 10 | Federal National Mortgage Association, Pool #BN5279, 4.000%, 2/1/2049 | 1.81 | % | |||||
13
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2010. 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 |
1.16 | % | 1.90 | % | 3.09 | % | 3.26 | % | ||||||||
| Bloomberg Barclays Municipal Bond Index |
3.85 | % | 3.19 | % | 4.15 | % | 4.57 | % | ||||||||
| (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, 2020, the Fund’s Service Shares returned 1.2%, underperforming the Bloomberg Barclays Municipal Bond Index at 3.9%. |
| • | An overweight position in BBB-rated bonds relative to the benchmark was a detractor from the Fund’s performance, due to weakness seen in the BBB-rated bonds sector and longer duration bonds within the corporate credit segment. |
| • | The Fund’s out-of-benchmark exposure to below investment grade bonds was also a detractor, as a sell off driven by the coronavirus pandemic and fund outflows led to weakness within municipal credit markets. |
| • | Security selection within Industry Development Revenue and Pollution Control Revenue bonds positively contributed to Fund returns during the 12-month period, along with an overweight in this sector relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, 5.500%, 10/15/2027 | 2.86 | % | |||||
| 2 | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | 2.36 | % | |||||
| 3 | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | 2.33 | % | |||||
| 4 | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025 | 2.01 | % | |||||
| 5 | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | 1.96 | % | |||||
| 6 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A1, Revenue Bond, 4.750%, 07/01/2053 | 1.70 | % | |||||
| 7 | Illinois, GO, 5.000%, 01/01/2029 | 1.58 | % | |||||
| 8 | M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039 | 1.56 | % | |||||
| 9 | Mississippi Business Finance Corp., Series H, Revenue Bond, 0.650%, 11/01/2035 | 1.56 | % | |||||
| 10 | Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027 | 1.55 | % | |||||
15
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Year |
Since Inception(1) |
||||||||||
| GuideMark® Opportunistic Fixed Income Fund |
||||||||||||
| Service Shares(3) |
-3.89 | % | 0.26 | % | 1.19 | % | ||||||
| Institutional Shares(3) |
-3.30 | % | 1.03 | % | 1.80 | % | ||||||
| Bloomberg Barclays Multiverse Index |
3.47 | % | 2.67 | % | 2.10 | %(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 1.73%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
16
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -3.9%, underperforming the Bloomberg Barclays Multiverse Index at 3.5%. |
| • | Maintaining an underweight to Treasury duration was a major detractor from the Fund’s returns for the 12-month period, as U.S. Treasury bonds rallied strongly in the first quarter of 2020 with the flight to safety. |
| • | Narrow spreads throughout most of the period and the backstop of the Federal Reserve expansive monetary policy in March prompting investment grade credit to rally after falling precipitously was a noticeable detractor from the Fund’s returns due to the Fund’s underweight positioning in the sector relative to the benchmark in favor of sovereign and securitized credit. |
| • | Duration exposure in select emerging market regions contributed to the Fund’s absolute returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as forward currency contracts.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | U.S. Treasury Note, 1.750%, 12/31/2024 | 8.65 | % | |||||
| 2 | Indonesia Treasury Bond, 8.375%, 9/15/2026 | 2.98 | % | |||||
| 3 | Mexican Bonos, 7.250%, 12/9/2021 | 2.12 | % | |||||
| 4 | Mexican Bonos, 6.500%, 6/9/2022 | 1.96 | % | |||||
| 5 | Federal National Mortgage Association, Pool #2014-95, 3.000%, 4/25/2041 | 1.92 | % | |||||
| 6 | Mexican Bonos, 8.000%, 12/7/2023 | 1.82 | % | |||||
| 7 | Government National Mortgage Association, Pool #2012-40, 4.000%, 1/20/2042 | 1.57 | % | |||||
| 8 | Indonesia Treasury Bond, 8.250%, 7/15/2021 | 1.46 | % | |||||
| 9 | Federal Home Loan Mortgage Corp., Series 4868, 4.000%, 3/15/2049 | 1.42 | % | |||||
| 10 | Columbia TES, 7.750%, 9/18/2030 | 1.22 | % | |||||
17
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Year |
Since Inception(1) |
||||||||||
| GuidePath® Growth Allocation Fund |
||||||||||||
| Service Shares |
-11.35 | % | 1.41 | % | 3.32 | % | ||||||
| Institutional Shares |
-10.82 | % | 2.01 | % | 4.92 | % | ||||||
| S&P® Target Risk Aggressive Index |
-8.31 | % | 3.35 | % | 5.83 | %(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 6.36%. |
18
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -11.4% underperforming the S&P® Target Risk Aggressive Index at -8.3%. |
| • | Exposure to small capitalization equity was the largest detractor from the Fund’s returns, as economic concerns dramatically increased in the first quarter of 2020 and investors moved to asset classes perceived to be safer. |
| • | Global REITs exposure detracted from the Fund’s returns as forced sales and liquidation in the underlying securities resulted in poor price discovery at the end of the period, particularly in malls, hotels and retail industries. |
| • | Small, country-specific exposure to Switzerland and China through investment in ETFs benefitted the Fund’s relative returns for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Vanguard S&P 500 ETF | 16.55 | % | |||||
| 2 | Vanguard FTSE Developed Markets ETF | 11.20 | % | |||||
| 3 | Schwab U.S. Large-Cap ETF | 10.06 | % | |||||
| 4 | American Funds EuroPacific Growth Fund – Class F3 | 7.50 | % | |||||
| 5 | iShares Core MSCI Emerging Markets ETF | 5.36 | % | |||||
| 6 | American Funds – The Growth Fund of America – Class F3 | 5.02 | % | |||||
| 7 | iShares Core S&P Small-Cap ETF | 4.98 | % | |||||
| 8 | American Funds – Fundamental Investors – Class F3 | 4.97 | % | |||||
| 9 | AMCAP Fund – Class F3 | 4.97 | % | |||||
| 10 | Schwab U.S. Large-Cap Growth ETF | 4.96 | % | |||||
19
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Year |
Since Inception(1) |
||||||||||
| GuidePath® Conservative Allocation Fund |
||||||||||||
| Service Shares |
-2.99 | % | 0.86 | % | 2.95 | % | ||||||
| Institutional Shares |
-2.41 | % | 1.48 | % | 4.03 | % | ||||||
| S&P® Target Risk Conservative Index |
1.24 | % | 3.47 | % | 4.23 | %(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 4.07%. |
20
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -3.0% underperforming the S&P® Target Risk Conservative Index at 1.2%. |
| • | Exposure to small capitalization equities detracted from the Fund’s performance, as economic concerns dramatically increased in the first quarter of 2020 and investors moved to asset classes perceived to be safer. Holdings in U.S. REITs also detracted from the Fund’s returns due to forced sales and liquidation in the underlying securities at the end of the period. |
| • | Exposure to high yield and emerging market bonds detracted from the Fund’s returns as credit spreads widened and investors sought the safety of U.S. Treasuries specifically during the first quarter of 2020. |
| • | Exposure to long-term bonds, particularly U.S. Treasuries, lifted the Fund’s returns in the flight to safety during the first quarter of 2020. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Vanguard Mortgage-Backed Securities ETF | 7.64 | % | |||||
| 2 | iShares Core Growth Allocation ETF | 6.49 | % | |||||
| 3 | American Funds – Capital Income Builder – Class F3 | 6.23 | % | |||||
| 4 | American Funds – The Income Fund of America – Class F3 | 6.17 | % | |||||
| 5 | Vanguard S&P 500 ETF | 5.45 | % | |||||
| 6 | iShares Core Aggressive Allocation ETF | 5.05 | % | |||||
| 7 | American Funds – Mutual Fund – Class F3 | 4.91 | % | |||||
| 8 | Vanguard High Dividend Yield ETF | 4.75 | % | |||||
| 9 | Vanguard FTSE Developed Markets ETF | 4.16 | % | |||||
| 10 | SPDR Bloomberg Barclays High Yield Bond ETF | 4.12 | % | |||||
21
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Year |
Since Inception(1) |
||||||||||
| GuidePath® Tactical Allocation Fund |
||||||||||||
| Service Shares |
-4.83 | % | 2.20 | % | 2.90 | % | ||||||
| Institutional Shares |
-4.27 | % | 2.80 | % | 4.33 | % | ||||||
| S&P 500® Daily Risk Control 10% Index |
1.85 | % | 7.15 | % | 7.26 | %(2) | ||||||
| (1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | The return shown for the S&P 500® Daily Risk Control 10% Index is annualized from the inception date of the Service Shares. The S&P 500® Daily Risk Control 10% Index average annual return from the inception date of the Institutional Shares is 8.65%. |
22
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -4.8% underperforming the S&P® 500 Daily Risk Control 10% Index at 1.9%. |
| • | Larger relative equity exposure compared to the Fund’s benchmark during the bear market fall in the first quarter of 2020 was the largest detractor from the Fund’s returns. The reduction in the Fund’s equity exposure lagged the benchmark in response to the sharp and sudden downturn in equity markets, dampening the Fund’s relative returns. |
| • | Positioning in intermediate and long-term U.S. Treasuries benefited the Fund’s relative returns as the Federal Reserve lowered interest rates and investors sought safety toward the end of the 12-month period. |
| • | Within equities, exposure to the technology sector benefitted the Fund’s relative returns, as mega-cap, cash rich technology companies were able to weather the market downturn in the first quarter of 2020 while also benefiting from greater use of technology in response to Shelter in Place orders. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 23.05 | % | |||||
| 2 | Goldman Sachs Access Treasury 0-1 Year ETF | 19.94 | % | |||||
| 3 | FactSet Research Systems, Inc. | 1.29 | % | |||||
| 4 | Bristol-Myers Squibb Co. | 1.28 | % | |||||
| 5 | Clorox Co. | 1.11 | % | |||||
| 6 | Zoetis, Inc. | 1.07 | % | |||||
| 7 | Scotts Miracle Grow Co. | 0.92 | % | |||||
| 8 | MarketAxess Holdings, Inc. | 0.83 | % | |||||
| 9 | Hershey Co. | 0.81 | % | |||||
| 10 | RenaissanceRe Holdings Ltd. | 0.79 | % | |||||
23
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
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 |
-1.11 | % | 2.33 | % | 2.05 | % | ||||||
| Institutional Shares |
-0.53 | % | 2.96 | % | 2.71 | % | ||||||
| FTSE 3-Month Treasury Bill Index |
2.04 | % | 1.12 | % | 0.65 | %(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 0.76%. |
24
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned -1.1% underperforming the FTSE 3-Month Treasury Bill Index at 2.0%. |
| • | Exposure to global equities dampened the Fund’s returns as economic concerns dramatically increased in the first quarter of 2020 and equity markets faced a sharp and sudden downturn. |
| • | Exposure to high yield bonds, floating rate loans and emerging markets bonds detracted from the Fund’s performance specifically during the first quarter or 2020, as credit spreads widened and investors sought the safety of U.S. Treasuries. |
| • | Positioning in U.S. Treasuries lifted the Fund’s relative returns in light of the investor flight to safety during the first quarter of 2020. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Vanguard Mortgage-Backed Securities ETF | 19.94 | % | |||||
| 2 | DoubleLine Total Return Bond Fund – Institutional Shares | 10.08 | % | |||||
| 3 | BlackRock Low Duration Bond Portfolio – Institutional Shares | 9.51 | % | |||||
| 4 | DoubleLine Low Duration Bond Fund – Institutional Shares | 9.22 | % | |||||
| 5 | ProShares Investment Grade-Interest Rate Hedged ETF | 7.61 | % | |||||
| 6 | Schwab Short-Term U.S. Treasury ETF | 7.27 | % | |||||
| 7 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.25 | % | |||||
| 8 | Vanguard Emerging Markets Government Bond ETF | 5.42 | % | |||||
| 9 | Vanguard Intermediate-Term Corporate Bond ETF | 5.26 | % | |||||
| 10 | DoubleLine Flexible Income Fund – Institutional Shares | 4.71 | % | |||||
25
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Years |
Since Inception(1) |
||||||||||
| GuidePath® Multi-Asset Income Allocation Fund |
||||||||||||
| Service Shares |
-12.53 | % | 0.01 | % | 2.10 | % | ||||||
| Morningstar Multi-Asset High Income Index |
-14.35 | % | 0.03 | % | 1.64 | % | ||||||
| (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, 2020, the Fund’s Service Shares returned -12.5% outperforming the Morningstar Multi-Asset High Income Index at -14.4%. |
| • | Positioning in intermediate and long-term U.S. Treasuries benefited the Fund’s relative returns as the Federal Reserve lowered interest rates and investors sought safety toward the end of the 12-month period. |
| • | Exposure to small capitalization equities detracted from Fund returns, as economic concerns dramatically increased in the first quarter of 2020 and investors moved to asset classes perceived to be safer. |
| • | Global REITs exposure detracted from the Fund’s returns as forced sales and liquidation in the underlying securities resulted in poor price discovery at the end of the period, particularly in malls, hotels and retail industries. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | iShares 0-5 Year High Yield Corporate Bond ETF | 6.14 | % | |||||
| 2 | T. Rowe Price Institutional Floating Rate Fund | 6.09 | % | |||||
| 3 | iShares Emerging Markets Dividend ETF | 5.88 | % | |||||
| 4 | SPDR S&P International Dividend ETF | 5.74 | % | |||||
| 5 | Loomis Sayles Global Allocation Fund – Y Shares | 4.94 | % | |||||
| 6 | WisdomTree U.S. LargeCap Dividend Fund | 4.52 | % | |||||
| 7 | iShares Select Dividend ETF | 4.51 | % | |||||
| 8 | iShares International Select Dividend ETF | 4.35 | % | |||||
| 9 | Schwab U.S. Dividend Equity ETF | 4.18 | % | |||||
| 10 | Vanguard High Dividend Yield ETF | 4.18 | % | |||||
27
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
| One Year |
Five Years |
Since Inception(1) |
||||||||||
| GuidePath® Flexible Income Allocation Fund |
||||||||||||
| Service Shares |
2.76 | % | 2.01 | % | 1.64 | % | ||||||
| Institutional Shares |
3.38 | % | 2.77 | % | 2.33 | % | ||||||
| Bloomberg Barclays U.S. Aggregate Bond Index |
8.93 | % | 3.36 | % | 2.97 | %(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 3.04%. |
28
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned 2.8% underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 8.9%. |
| • | Positions in high yield bonds in late February through early March were the main detractors from the Fund’s performance, as credit spreads widened and investors sought out the safety of U.S. Treasuries during the 12-month period. |
| • | Exposure to long-term and intermediate-term U.S. Treasuries during the third quarter of 2019 was additive to the Fund’s returns as the Federal Reserve lowered interest rates during the 12-month period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | SPDR Bloomberg Barclays High Yield Bond ETF | 24.12 | % | |||||
| 2 | iShares iBoxx high Yield Corporate Bond ETF | 23.38 | % | |||||
| 3 | iShares Broad USD High Yield Corporate Bond ETF | 14.80 | % | |||||
| 4 | iShares 0-5 Year High Yield Corporate Bond ETF | 12.41 | % | |||||
| 5 | X-Trackers USD High Yield Corporate Bond ETF | 10.08 | % | |||||
| 6 | BlackRock High Yield Portfolio – Institutional Shares | 9.79 | % | |||||
| 7 | Vanguard High-Yield Corporate Fund – Admiral Shares | 4.81 | % | |||||
29
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
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 |
14.03 | % | -2.00 | % | ||||
| Institutional Shares |
14.70 | % | -1.41 | % | ||||
| FTSE 3-Month Treasury Bill Index |
2.04 | % | 1.33 | % | ||||
| SG Trend Index |
8.75 | % | -1.58 | % | ||||
| (1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
30
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund’s Service Shares returned 14.0%, outperforming the SG Trend Index at 8.8%. |
| • | Long positions in bonds, specifically longer-term U.S. Treasuries, were a significant driver of the Fund’s returns as investors fled to the safety of Treasuries causing interest rates to decline to historic lows in light of the uncertainty caused by the coronavirus pandemic. |
| • | With the turn in equity trends in the first quarter of 2020, equity exposure shifted from long to net short by the end of the first quarter of 2020, which helped to limit the Fund’s losses relative to the benchmark. |
| • | Positions in grain commodities including corn were a headwind to Fund returns during the period, due to trade tensions causing grain prices to swing up and down significantly. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as forward currency contracts and 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, 2020. | ||||
31
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 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 U.S. 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.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
| One Year |
Since Inception(1) |
|||||||
| GuidePath® Conservative Income Fund |
||||||||
| Shares |
0.85 | % | 1.14 | % | ||||
| Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index |
5.41 | % | 4.33 | % | ||||
| (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 12 months ended March 31, 2020, the Fund returned 0.9% trailing the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index at 5.4%. |
| • | Exposure to corporate credit in the first quarter of 2020, both investment grade and high yield, detracted from the Fund’s returns for the 12-month period. |
| • | A target allocation of 50% to cash equivalents dampened the Fund’s returns, as the Federal Reserve reversed course from tightening to easing monetary policy, and bond yields across the curve fell. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Schwab Short-Term U.S. Treasury ETF | 52.61 | % | |||||
33
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 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.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
| One Year |
Since Inception(1) |
|||||||
| GuidePath® Income Fund |
||||||||
| Shares |
2.34 | % | 1.73 | % | ||||
| Bloomberg Barclays U.S. Aggregate Bond Index |
8.93 | % | 7.40 | % | ||||
| (1) | Inception date for the Fund is 4/30/18. |
34
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | For the 12 months ended March 31, 2020, the Fund returned 2.3% trailing the Bloomberg Barclays U.S. Aggregate Bond Index at 8.9%. |
| • | Exposure to corporate credit in the first quarter of 2020, both investment grade and high yield, detracted from the Fund’s returns for the 12-month period. |
| • | While the Fund’s relative returns were impeded by its credit exposure, the Fund still garnered a positive return, benefitting from the tailwind of falling interest rates throughout the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | iShares Core U.S. Aggregate Bond ETF | 50.76 | % | |||||
| 2 | Schwab Intermediate-Term U.S. Treasury ETF | 46.85 | % | |||||
35
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 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.
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
| One Year |
Since Inception(1) |
|||||||
| GuidePath® Growth and Income Fund |
||||||||
| Shares |
-9.45 | % | -4.98 | % | ||||
| MSCI USA High Dividend Yield Index |
-12.86 | % | -1.76 | % | ||||
| (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 12 months ended March 30, 2020, the Fund returned -9.5% outperforming the MSCI USA High Dividend Yield Index at -12.9%. |
| • | The Fund’s volatility targeting component materially aided the Fund’s relative returns, generating 125% equity exposure in the strong up market in the fourth quarter of 2019 and reducing exposure to 75% in the tumultuous down market of the first quarter of 2020. |
| • | While the highest dividend paying equities faced significant headwinds in the market downturn of the first quarter of 2020, the slight overweight to larger capitalization issuers relative to the benchmark within the Fund’s stock component was additive to returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures contracts and options written.
Top Ten Holdings
| Rank | Security/Holding | % of Net Assets |
||||||
| 1 | Schwab U.S. Large-Cap ETF | 32.28 | % | |||||
| 2 | Verizon Communications, Inc. | 1.22 | % | |||||
| 3 | Intel Corp. | 1.19 | % | |||||
| 4 | The Procter & Gamble Co. | 1.11 | % | |||||
| 5 | Merck & Co., Inc. | 1.10 | % | |||||
| 6 | Pfizer, Inc. | 1.10 | % | |||||
| 7 | PepsiCo, Inc. | 1.10 | % | |||||
| 8 | NextEra Energy, Inc. | 1.09 | % | |||||
| 9 | Johnson & Johnson | 1.09 | % | |||||
| 10 | Cisco Systems, Inc. | 1.01 | % | |||||
37
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2020
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, 2019 to March 31, 2020.
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.
| Fund | Beginning Account Value October 1, 2019 |
Ending Account Value March 31, 2020 |
Annualized Expense Ratio1 based on the period October 1, 2019 – March 31, 2020 |
Expenses Paid During Period2 October 1, 2019 – March 31, 2020 |
||||||||||||||
| INSTITUTIONAL SHARES | ||||||||||||||||||
| GuideMark® Large Cap | Actual | $ | 1,000.00 | $ | 854.40 | 0.58% | $ | 2.69 | ||||||||||
| Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,022.10 | 0.58% | $ | 2.93 | ||||||||||
| GuideMark® Emerging | Actual | $ | 1,000.00 | $ | 831.00 | 1.07% | $ | 4.90 | ||||||||||
| Markets Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.65 | 1.07% | $ | 5.40 | ||||||||||
| GuideMark® World | Actual | $ | 1,000.00 | $ | 828.70 | 0.80% | $ | 3.66 | ||||||||||
| ex-US Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,021.00 | 0.80% | $ | 4.04 | ||||||||||
| GuideMark® Opportunistic | Actual | $ | 1,000.00 | $ | 965.70 | 0.95% | $ | 4.67 | ||||||||||
| Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.25 | 0.95% | $ | 4.80 | ||||||||||
| GuidePath® Growth | Actual | $ | 1,000.00 | $ | 869.40 | 0.36% | $ | 1.68 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,023.20 | 0.36% | $ | 1.82 | ||||||||||
| GuidePath® Conservative | Actual | $ | 1,000.00 | $ | 930.50 | 0.17% | $ | 0.82 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,024.15 | 0.17% | $ | 0.86 | ||||||||||
| GuidePath® Tactical | Actual | $ | 1,000.00 | $ | 929.10 | 0.51% | $ | 2.46 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,022.45 | 0.51% | $ | 2.58 | ||||||||||
| GuidePath® Absolute Return | Actual | $ | 1,000.00 | $ | 965.20 | 0.25% | $ | 1.23 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,023.75 | 0.25% | $ | 1.26 | ||||||||||
| GuidePath® Flexible Income | Actual | $ | 1,000.00 | $ | 1,012.60 | 0.22% | $ | 1.11 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,023.90 | 0.22% | $ | 1.11 | ||||||||||
| GuidePath® Managed Futures | Actual | $ | 1,000.00 | $ | 1,035.60 | 1.31% | $ | 6.67 | ||||||||||
| Strategy Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.45 | 1.31% | $ | 6.61 | ||||||||||
| 1 | The expense ratio excludes securities lending credits, if applicable. |
| 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 183/366 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
38
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2020
| Fund | Beginning Account Value October 1, 2019 |
Ending Account Value March 31, 2020 |
Annualized Expense Ratio based on the period October 1, 2019 – March 31, 2020 |
Expenses Paid During Period1 October 1, 2019 – March 31, 2020 |
||||||||||||||
| SINGLE CLASS SHARES | ||||||||||||||||||
| GuidePath® Conservative | Actual | $ | 1,000.00 | $ | 995.60 | 0.72% | $ | 3.59 | ||||||||||
| Income Fund | Hypothetical2 | $ | 1,000.00 | $ | 1,021.40 | 0.72% | $ | 3.64 | ||||||||||
| GuidePath® Income | Actual | $ | 1,000.00 | $ | 976.60 | 0.84% | $ | 4.15 | ||||||||||
| Fund | Hypothetical2 | $ | 1,000.00 | $ | 1,020.80 | 0.84% | $ | 4.24 | ||||||||||
| GuidePath® Growth and | Actual | $ | 1,000.00 | $ | 887.00 | 0.84% | 3 | $ | 3.96 | |||||||||
| Income Fund | Hypothetical2 | $ | 1,000.00 | $ | 1,020.80 | 0.84% | 3 | $ | 4.24 | |||||||||
| 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 183/366 to reflect the one-half year period. |
| 2 | 5% annualized return before expenses. |
| 3 | The expense ratio excludes securities lending credits, if applicable. |
| Fund | Beginning Account Value October 1, 2019 |
Ending Account Value March 31, 2020 |
Annualized Expense Ratio1 based on the period October 1, 2019 – March 31, 2020 |
Expenses Paid During Period2 October 1, 2019 – March 31, 2020 |
||||||||||||||
| SERVICE SHARES | ||||||||||||||||||
| GuideMark® Large Cap | Actual | $ | 1,000.00 | $ | 851.90 | 1.17% | $ | 5.42 | ||||||||||
| Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.15 | 1.17% | $ | 5.91 | ||||||||||
| GuideMark® Emerging | Actual | $ | 1,000.00 | $ | 828.50 | 1.67% | $ | 7.63 | ||||||||||
| Markets Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,016.65 | 1.67% | $ | 8.42 | ||||||||||
| GuideMark® Small/Mid Cap | Actual | $ | 1,000.00 | $ | 759.70 | 1.51% | $ | 6.64 | ||||||||||
| Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.45 | 1.51% | $ | 7.62 | ||||||||||
| GuideMark® World | Actual | $ | 1,000.00 | $ | 826.40 | 1.35% | $ | 6.16 | ||||||||||
| ex-US Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.25 | 1.35% | $ | 6.81 | ||||||||||
| GuideMark® Core | Actual | $ | 1,000.00 | $ | 1,020.30 | 1.19% | $ | 6.01 | ||||||||||
| Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.05 | 1.19% | $ | 6.01 | ||||||||||
| GuideMark® Tax-Exempt | Actual | $ | 1,000.00 | $ | 974.40 | 1.29% | $ | 6.37 | ||||||||||
| Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.55 | 1.29% | $ | 6.51 | ||||||||||
| GuideMark® Opportunistic | Actual | $ | 1,000.00 | $ | 962.70 | 1.55% | $ | 7.61 | ||||||||||
| Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.25 | 1.55% | $ | 7.82 | ||||||||||
| GuidePath® Growth | Actual | $ | 1,000.00 | $ | 866.90 | 0.96% | $ | 4.48 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.20 | 0.96% | $ | 4.85 | ||||||||||
| GuidePath® Conservative | Actual | $ | 1,000.00 | $ | 927.80 | 0.77% | $ | 3.71 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,021.15 | 0.77% | $ | 3.89 | ||||||||||
| GuidePath® Tactical | Actual | $ | 1,000.00 | $ | 926.40 | 1.10% | $ | 5.30 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.50 | 1.10% | $ | 5.55 | ||||||||||
| GuidePath® Absolute Return | Actual | $ | 1,000.00 | $ | 962.30 | 0.85% | $ | 4.17 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.75 | 0.85% | $ | 4.29 | ||||||||||
| GuidePath® Multi-Asset Income | Actual | $ | 1,000.00 | $ | 843.80 | 1.09% | $ | 5.02 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.55 | 1.09% | $ | 5.50 | ||||||||||
| GuidePath® Flexible Income | Actual | $ | 1,000.00 | $ | 1,009.70 | 0.82% | $ | 4.12 | ||||||||||
| Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.90 | 0.82% | $ | 4.14 | ||||||||||
| GuidePath® Managed Futures | Actual | $ | 1,000.00 | $ | 1,032.60 | 1.91% | $ | 9.71 | ||||||||||
| Strategy Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,015.45 | 1.91% | $ | 9.62 | ||||||||||
| 1 | The expense ratio excludes securities lending credits, if applicable. |
| 2 | 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 183/366 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
39
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
43
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
44
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
45
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
46
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
47
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
48
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
49
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
50
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
51
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2020
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
64
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
65
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
66
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
67
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
69
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
70
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
71
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
72
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
73
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
74
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2020
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
84
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
85
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
86
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2020
| Description |
Number
of |
Notional Value |
Settlement Month |
Value/Unrealized Appreciation (Depreciation) |
||||||||||
| U.S. Treasury 2 Year Note Futures |
72 | $ | 15,867,562 | Jun-20 | $ | 172,048 | ||||||||
| U.S. Treasury 5 Year Note Futures |
36 | 4,512,938 | Jun-20 | 64,722 | ||||||||||
| U.S. Treasury 10 Year Note Futures |
11 | 1,525,563 | Jun-20 | 9,558 | ||||||||||
| U.S. Treasury Long Bond Futures |
(11 | ) | (1,969,688 | ) | Jun-20 | (144,364 | ) | |||||||
| U.S. Treasury Ultra 10 Year Note Futures |
(4 | ) | (624,125 | ) | Jun-20 | (35,009 | ) | |||||||
| U.S. Treasury Ultra Bond Futures |
(7 | ) | (1,553,125 | ) | Jun-20 | (110,825 | ) | |||||||
| $ | (43,870 | ) | ||||||||||||
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2020
| Notional Amount |
Value |
|||||||
| OPTIONS ON CREDIT DEFAULT SWAPS |
||||||||
| Call Credit Default Swaptions |
||||||||
| $ | 3,615,000 | U.S. Dollar - Euro |
$ | (17,926 | ) | |||
| 3,615,000 | U.S. Dollar - Euro |
(494 | ) | |||||
| Put Credit Default Swaptions |
||||||||
| 3,615,000 | U.S. Dollar - Euro |
(28,459 | ) | |||||
| 3,615,000 | U.S. Dollar - Euro |
(73,440 | ) | |||||
| Total Options Written (Premiums Received $72,752) |
$ | (120,319 | ) | |||||
See notes to financial statements.
87
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION(1)
March 31, 2020
| Reference Obligation |
Implied Credit Spread at 03/31/2020(3) |
Fixed Pay Rate |
Maturity Date |
Counterparty |
Payment Frequency |
Notional Amount(4) |
Fair Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||
| CMBX. NA. AAA 12 Index |
8.51% | 0.500% | 08-17-61 | Morgan Stanley | Quarterly | $ | 1,490,000 | $ | 41,928 | $ | 11,310 | $ | 30,618 | |||||||||||||||||||||||
GuideMark® Core Fixed Income Fund
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
March 31, 2020
| Reference Obligation |
Implied Credit Spread at 03/31/2020(3) |
Fixed Pay Rate |
Maturity Date |
Counterparty |
Payment Frequency |
Notional Amount(4) |
Fair Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||
| CDX. NA. IG 33 Index* |
10.79% | 1.000% | 12-20-24 | Morgan Stanley | Quarterly | $ | 2,610,000 | $ | (7,685) | $ | 123,535 | $ | (131,220 | ) | ||||||||||||||||||||||
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS
March 31, 2020
| 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 | 2.3590% | Semi-Annual | 04-09-24 | Morgan Stanley | $ | 1,220,000 | $ | (92,478 | ) | $ | — | $ | (92,478 | ) | |||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 2.3630% | Semi-Annual | 04-09-24 | Morgan Stanley | 1,265,000 | (96,066 | ) | — | (96,066 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 2.3600% | Semi-Annual | 04-09-24 | Morgan Stanley | 1,295,000 | (98,215 | ) | — | (98,215 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 2.3580% | Semi-Annual | 04-09-24 | Morgan Stanley | 1,732,000 | (131,218 | ) | — | (131,218 | ) | |||||||||||||||||||||||
| Pay |
3-MO-USD-LIBOR | ** | Quarterly | 0.4815% | Semi-Annual | 04-01-25 | Morgan Stanley | 485,000 | 724 | — | 724 | |||||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 2.2500% | Semi-Annual | 09-21-26 | Morgan Stanley | 4,143,000 | (446,340 | ) | (112,044 | ) | (334,296 | ) | ||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 1.7160% | Semi-Annual | 10-29-29 | Morgan Stanley | 190,000 | (18,207 | ) | — | (18,207 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 1.7210% | Semi-Annual | 10-29-29 | Morgan Stanley | 370,000 | (35,631 | ) | — | (35,631 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 1.7270% | Semi-Annual | 10-29-29 | Morgan Stanley | 615,000 | (59,573 | ) | — | (59,573 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 1.7690% | Semi-Annual | 10-30-29 | Morgan Stanley | 310,000 | (31,277 | ) | — | (31,277 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 1.7655% | Semi-Annual | 10-30-29 | Morgan Stanley | 280,000 | (28,157 | ) | — | (28,157 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 0.8355% | Semi-Annual | 03-20-30 | Morgan Stanley | 690,000 | (9,229 | ) | — | (9,229 | ) | |||||||||||||||||||||||
| Receive |
3-MO-USD-LIBOR | ** | Quarterly | 2.7500% | Semi-Annual | 12-20-47 | Morgan Stanley | 775,000 | (377,278 | ) | (28,616 | ) | (348,662 | ) | ||||||||||||||||||||||
| $ | (1,422,945 | ) | $ | (140,660 | ) | $ | (1,282,285 | ) | ||||||||||||||||||||||||||||
| 1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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) | 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. |
| 3) | 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. |
| 4) | The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| * | Centrally cleared swap, clearing agent: Intercontinental Exchange |
| ** | Centrally cleared swap, clearing agent: Clearnet |
See notes to financial statements.
88
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
89
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
90
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
91
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
92
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
93
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
94
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2020
|
Forward |
Counterparty |
Currency to be received |
Amount of |
Currency to be delivered |
Amount of |
Unrealized |
||||||||||||
| 6/17/2020 | Citibank |
Brazilian Real |
3,300,000 | Euro | 618,093 | $ | (51,796 | ) | ||||||||||
| 4/8/2020 | Bank of America |
Euro |
310,152 | U.S. Dollar | 346,971 | (4,822 | ) | |||||||||||
| 4/14/2020 | Barclays |
Euro |
189,000 | U.S. Dollar | 211,400 | (2,845 | ) | |||||||||||
| 4/14/2020 | Citibank |
Euro |
602,674 | U.S. Dollar | 674,002 | (8,971 | ) | |||||||||||
| 4/23/2020 | Goldman Sachs |
Euro |
113,352 | U.S. Dollar | 126,904 | (1,774 | ) | |||||||||||
| 4/24/2020 | UBS |
Euro |
203,500 | U.S. Dollar | 228,138 | (3,482 | ) | |||||||||||
| 4/27/2020 | Deutsche Bank |
Euro |
21,315 | U.S. Dollar | 23,856 | (322 | ) | |||||||||||
| 4/29/2020 | Goldman Sachs |
Euro |
22,812 | U.S. Dollar | 25,549 | (360 | ) | |||||||||||
| 4/30/2020 | HSBC |
Euro |
34,118 | U.S. Dollar | 38,203 | (528 | ) | |||||||||||
| 5/4/2020 | Citibank |
Euro |
66,791 | U.S. Dollar | 74,789 | (1,024 | ) | |||||||||||
| 5/6/2020 | BNP Parabis |
Euro |
1,845,000 | U.S. Dollar | 2,092,569 | (54,755 | ) | |||||||||||
| 5/21/2020 | Citibank |
Euro |
1,620,000 | U.S. Dollar | 1,780,268 | 10,035 | ||||||||||||
| 5/26/2020 | Deutsche Bank |
Euro |
333,864 | U.S. Dollar | 363,705 | 5,326 | ||||||||||||
| 5/27/2020 | Morgan Stanley |
Euro |
88,500 | U.S. Dollar | 97,385 | 440 | ||||||||||||
| 5/29/2020 | Bank of America |
Euro |
186,500 | U.S. Dollar | 203,203 | 2,965 | ||||||||||||
| 7/23/2020 | Citibank |
Euro |
556,823 | U.S. Dollar | 614,922 | 1,749 | ||||||||||||
| 10/15/2020 | Citibank |
Euro |
63,594 | U.S. Dollar | 70,407 | 197 | ||||||||||||
| 4/7/2020 | BNP Parabis |
Indian Rupee |
951,400 | U.S. Dollar | 12,548 | 15 | ||||||||||||
| 4/15/2020 | JP Morgan Chase |
Indian Rupee |
11,220,000 | U.S. Dollar | 150,659 | (2,636 | ) | |||||||||||
| 4/16/2020 | Citibank |
Indian Rupee |
8,137,300 | U.S. Dollar | 108,191 | (849 | ) | |||||||||||
| 4/29/2020 | JP Morgan Chase |
Indian Rupee |
9,051,000 | U.S. Dollar | 121,176 | (1,955 | ) | |||||||||||
| 4/30/2020 | HSBC |
Indian Rupee |
12,161,294 | U.S. Dollar | 157,918 | 2,254 | ||||||||||||
| 5/4/2020 | HSBC |
Indian Rupee |
10,165,299 | U.S. Dollar | 131,880 | 1,944 | ||||||||||||
| 5/5/2020 | HSBC |
Indian Rupee |
14,268,000 | U.S. Dollar | 185,058 | 2,756 | ||||||||||||
| 5/15/2020 | Citibank |
Indian Rupee |
6,805,700 | U.S. Dollar | 88,134 | 1,352 | ||||||||||||
| 5/21/2020 | JP Morgan Chase |
Japanese Yen |
95,856,707 | Australian Dollar | 1,321,750 | 80,412 | ||||||||||||
| 5/26/2020 | Citibank |
Japanese Yen |
37,915,951 | Australian Dollar | 512,683 | 38,101 | ||||||||||||
| 6/9/2020 | Citibank |
Japanese Yen |
35,899,093 | Australian Dollar | 505,500 | 23,890 | ||||||||||||
| 6/12/2020 | HSBC |
Japanese Yen |
12,604,395 | Australian Dollar | 170,000 | 13,006 | ||||||||||||
| 6/12/2020 | JP Morgan Chase |
Japanese Yen |
34,861,063 | Australian Dollar | 470,000 | 36,085 | ||||||||||||
| 6/12/2020 | HSBC |
Japanese Yen |
24,599,050 | Australian Dollar | 335,000 | 23,400 | ||||||||||||
| 6/12/2020 | JP Morgan Chase |
Japanese Yen |
22,034,850 | Australian Dollar | 300,000 | 21,009 | ||||||||||||
| 6/15/2020 | Deutsche Bank |
Japanese Yen |
169,525,857 | Australian Dollar | 2,487,000 | 51,732 | ||||||||||||
| 6/16/2020 | HSBC |
Japanese Yen |
11,156,080 | Australian Dollar | 170,000 | (490 | ) | |||||||||||
| 7/14/2020 | JP Morgan Chase |
Japanese Yen |
32,856,340 | Australian Dollar | 440,000 | 36,190 | ||||||||||||
| 8/21/2020 | JP Morgan Chase |
Japanese Yen |
71,262,020 | Australian Dollar | 991,313 | 56,556 | ||||||||||||
| 8/24/2020 | Citibank |
Japanese Yen |
36,292,621 | Australian Dollar | 511,317 | 24,863 | ||||||||||||
| 9/14/2020 | HSBC |
Japanese Yen |
22,697,255 | Australian Dollar | 335,000 | 6,329 | ||||||||||||
| 9/14/2020 | JP Morgan Chase |
Japanese Yen |
26,477,899 | Australian Dollar | 390,000 | 7,876 | ||||||||||||
| 11/24/2020 | JP Morgan Chase |
Japanese Yen |
24,215,250 | Australian Dollar | 330,437 | 23,851 | ||||||||||||
| 4/30/2020 | Citibank |
Japanese Yen |
37,341,019 | Euro | 308,680 | 6,980 | ||||||||||||
| 5/22/2020 | HSBC |
Japanese Yen |
25,343,314 | Euro | 212,798 | 1,080 | ||||||||||||
| 6/15/2020 | Deutsche Bank |
Japanese Yen |
248,376,056 | Euro | 2,095,000 | 155 | ||||||||||||
| 6/30/2020 | Citibank |
Japanese Yen |
54,740,530 | Euro | 463,026 | (1,385 | ) | |||||||||||
| 8/24/2020 | HSBC |
Japanese Yen |
12,572,925 | Euro | 106,399 | (358 | ) | |||||||||||
| 8/25/2020 | HSBC |
Japanese Yen |
12,899,443 | Euro | 106,399 | 2,697 | ||||||||||||
| 9/30/2020 | Citibank |
Japanese Yen |
92,193,483 | Euro | 771,694 | 6,882 | ||||||||||||
| 5/26/2020 | JP Morgan Chase |
Japanese Yen |
25,649,800 | U.S. Dollar | 238,869 | 279 | ||||||||||||
| 6/8/2020 | JP Morgan Chase |
Japanese Yen |
13,672,910 | U.S. Dollar | 129,777 | (2,234 | ) | |||||||||||
| 6/8/2020 | HSBC |
Japanese Yen |
14,396,350 | U.S. Dollar | 136,485 | (2,193 | ) | |||||||||||
| 6/18/2020 | HSBC |
Japanese Yen |
44,820,000 | U.S. Dollar | 413,373 | 4,878 | ||||||||||||
| 6/22/2020 | JP Morgan Chase |
Japanese Yen |
32,606,160 | U.S. Dollar | 305,906 | (1,584 | ) | |||||||||||
| 6/24/2020 | BNP Parabis |
Japanese Yen |
55,637,050 | U.S. Dollar | 531,399 | (12,083 | ) | |||||||||||
| 8/27/2020 | JP Morgan Chase |
Japanese Yen |
25,650,300 | U.S. Dollar | 234,191 | 5,726 | ||||||||||||
| 8/31/2020 | Citibank |
Japanese Yen |
31,227,000 | U.S. Dollar | 302,149 | (10,035 | ) | |||||||||||
| 9/8/2020 | HSBC |
Japanese Yen |
20,466,520 | U.S. Dollar | 191,294 | 210 | ||||||||||||
| 9/9/2020 | HSBC |
Japanese Yen |
14,396,340 | U.S. Dollar | 135,609 | (899 | ) | |||||||||||
| 10/26/2020 | BNP Parabis |
Japanese Yen |
37,740,000 | U.S. Dollar | 348,603 | 5,032 | ||||||||||||
| 4/24/2020 | Deutsche Bank |
Norwegian Krone |
876,000 | U.S. Dollar | 74,218 | 10,056 | ||||||||||||
| 5/18/2020 | Deutsche Bank |
Norwegian Krone |
476,000 | U.S. Dollar | 51,755 | (5,959 | ) | |||||||||||
See notes to financial statements.
96
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2020
|
Forward |
Counterparty |
Currency to be received |
Amount of |
Currency to be delivered |
Amount of |
Unrealized |
||||||||||||
| 5/19/2020 | Deutsche Bank |
Norwegian Krone |
1,923,000 | U.S. Dollar | 211,630 | $ | (26,618 | ) | ||||||||||
| 5/27/2020 | Deutsche Bank |
Norwegian Krone |
1,425,500 | U.S. Dollar | 156,502 | (19,352 | ) | |||||||||||
| 6/19/2020 | Deutsche Bank |
Norwegian Krone |
1,923,000 | U.S. Dollar | 213,569 | (28,548 | ) | |||||||||||
| 6/30/2020 | Deutsche Bank |
Norwegian Krone |
582,000 | U.S. Dollar | 65,064 | (9,065 | ) | |||||||||||
| 7/10/2020 | Deutsche Bank |
Norwegian Krone |
7,510,000 | U.S. Dollar | 847,907 | (125,298 | ) | |||||||||||
| 8/26/2020 | Deutsche Bank |
Norwegian Krone |
1,425,500 | U.S. Dollar | 152,653 | (15,473 | ) | |||||||||||
| 9/24/2020 | Deutsche Bank |
Norwegian Krone |
1,164,500 | U.S. Dollar | 129,059 | (16,987 | ) | |||||||||||
| 11/16/2020 | Deutsche Bank |
Norwegian Krone |
1,152,000 | U.S. Dollar | 126,012 | (15,152 | ) | |||||||||||
| 4/29/2020 | HSBC |
South Korea Won |
28,856,853 | U.S. Dollar | 23,589 | 138 | ||||||||||||
| 5/6/2020 | JP Morgan Chase |
South Korea Won |
400,000,000 | U.S. Dollar | 327,091 | 1,886 | ||||||||||||
| 4/15/2020 | Deutsche Bank |
Swedish Krona |
1,106,300 | Euro | 101,784 | (447 | ) | |||||||||||
| 5/13/2020 | Deutsche Bank |
Swedish Krona |
1,106,300 | Euro | 103,928 | (2,876 | ) | |||||||||||
| 6/15/2020 | Deutsche Bank |
Swedish Krona |
2,212,700 | Euro | 208,888 | (7,008 | ) | |||||||||||
| 6/16/2020 | Deutsche Bank |
Swedish Krona |
1,106,400 | Euro | 101,700 | (465 | ) | |||||||||||
| 8/13/2020 | Deutsche Bank |
Swedish Krona |
1,106,300 | Euro | 104,910 | (4,132 | ) | |||||||||||
| 5/8/2020 | UBS |
Swiss Franc |
197,966 | Euro | 180,318 | 6,911 | ||||||||||||
| 5/12/2020 | Goldman Sachs |
Swiss Franc |
194,284 | Euro | 177,024 | 6,724 | ||||||||||||
| 8/10/2020 | UBS |
Swiss Franc |
395,932 | Euro | 365,506 | 8,739 | ||||||||||||
| 8/12/2020 | Goldman Sachs |
Swiss Franc |
388,568 | Euro | 359,366 | 7,856 | ||||||||||||
| 11/9/2020 | UBS |
Swiss Franc |
197,965 | Euro | 180,599 | 6,903 | ||||||||||||
| 11/12/2020 | Goldman Sachs |
Swiss Franc |
194,284 | Euro | 177,299 | 6,714 | ||||||||||||
| 4/17/2020 | JP Morgan Chase |
U.S. Dollar |
226,150 | Brazilian Real | 1,082,300 | 18,103 | ||||||||||||
| 5/5/2020 | JP Morgan Chase |
U.S. Dollar |
225,616 | Brazilian Real | 935,200 | 46,068 | ||||||||||||
| 6/2/2020 | JP Morgan Chase |
U.S. Dollar |
192,538 | Brazilian Real | 824,600 | 34,516 | ||||||||||||
| 7/2/2020 | JP Morgan Chase |
U.S. Dollar |
214,543 | Brazilian Real | 1,078,300 | 8,196 | ||||||||||||
| 8/4/2020 | JP Morgan Chase |
U.S. Dollar |
228,942 | Brazilian Real | 1,033,900 | 31,456 | ||||||||||||
| 4/8/2020 | Bank of America |
U.S. Dollar |
344,631 | Euro | 310,152 | 2,481 | ||||||||||||
| 4/14/2020 | Citibank |
U.S. Dollar |
668,697 | Euro | 602,674 | 3,667 | ||||||||||||
| 4/14/2020 | Barclays |
U.S. Dollar |
210,119 | Euro | 189,000 | 1,564 | ||||||||||||
| 4/23/2020 | Goldman Sachs |
U.S. Dollar |
127,985 | Euro | 113,352 | 2,855 | ||||||||||||
| 4/24/2020 | UBS |
U.S. Dollar |
229,289 | Euro | 203,500 | 4,632 | ||||||||||||
| 4/27/2020 | Deutsche Bank |
U.S. Dollar |
23,992 | Euro | 21,315 | 458 | ||||||||||||
| 4/29/2020 | Goldman Sachs |
U.S. Dollar |
25,635 | Euro | 22,812 | 445 | ||||||||||||
| 4/30/2020 | HSBC |
U.S. Dollar |
38,376 | Euro | 34,118 | 701 | ||||||||||||
| 5/4/2020 | Citibank |
U.S. Dollar |
75,295 | Euro | 66,791 | 1,530 | ||||||||||||
| 5/6/2020 | BNP Parabis |
U.S. Dollar |
2,082,267 | Euro | 1,845,000 | 44,453 | ||||||||||||
| 5/21/2020 | Citibank |
U.S. Dollar |
1,815,356 | Euro | 1,620,000 | 25,052 | ||||||||||||
| 5/26/2020 | Deutsche Bank |
U.S. Dollar |
373,460 | Euro | 333,864 | 4,430 | ||||||||||||
| 5/27/2020 | Morgan Stanley |
U.S. Dollar |
98,695 | Euro | 88,500 | 870 | ||||||||||||
| 5/29/2020 | Bank of America |
U.S. Dollar |
207,890 | Euro | 186,500 | 1,722 | ||||||||||||
| 7/23/2020 | Citibank |
U.S. Dollar |
632,231 | Euro | 556,823 | 15,559 | ||||||||||||
| 10/15/2020 | Citibank |
U.S. Dollar |
71,747 | Euro | 63,594 | 1,143 | ||||||||||||
| 4/7/2020 | BNP Parabis |
U.S. Dollar |
13,004 | Indian Rupee | 951,400 | 441 | ||||||||||||
| 4/15/2020 | JP Morgan Chase |
U.S. Dollar |
156,273 | Indian Rupee | 11,220,000 | 8,250 | ||||||||||||
| 4/16/2020 | Citibank |
U.S. Dollar |
112,666 | Indian Rupee | 8,137,300 | 5,324 | ||||||||||||
| 4/29/2020 | JP Morgan Chase |
U.S. Dollar |
124,841 | Indian Rupee | 9,051,000 | 5,620 | ||||||||||||
| 4/30/2020 | HSBC |
U.S. Dollar |
168,813 | Indian Rupee | 12,161,294 | 8,641 | ||||||||||||
| 5/4/2020 | HSBC |
U.S. Dollar |
140,803 | Indian Rupee | 10,165,299 | 6,979 | ||||||||||||
| 5/5/2020 | HSBC |
U.S. Dollar |
197,113 | Indian Rupee | 14,268,000 | 9,299 | ||||||||||||
| 5/14/2020 | HSBC |
U.S. Dollar |
55,856 | Indian Rupee | 4,017,472 | 3,026 | ||||||||||||
| 5/14/2020 | JP Morgan Chase |
U.S. Dollar |
162,076 | Indian Rupee | 11,753,000 | 7,524 | ||||||||||||
| 5/15/2020 | Citibank |
U.S. Dollar |
91,095 | Indian Rupee | 6,805,700 | 1,610 | ||||||||||||
| 5/18/2020 | JP Morgan Chase |
U.S. Dollar |
76,738 | Indian Rupee | 5,651,000 | 2,460 | ||||||||||||
| 5/18/2020 | HSBC |
U.S. Dollar |
144,869 | Indian Rupee | 10,432,000 | 7,749 | ||||||||||||
| 5/20/2020 | Citibank |
U.S. Dollar |
329,946 | Indian Rupee | 23,780,000 | 17,447 | ||||||||||||
| 5/26/2020 | JP Morgan Chase |
U.S. Dollar |
245,620 | Japanese Yen | 25,649,800 | 6,471 | ||||||||||||
| 6/8/2020 | JP Morgan Chase |
U.S. Dollar |
130,652 | Japanese Yen | 13,672,910 | 3,109 | ||||||||||||
| 6/8/2020 | HSBC |
U.S. Dollar |
137,903 | Japanese Yen | 14,396,350 | 3,611 | ||||||||||||
| 6/18/2020 | HSBC |
U.S. Dollar |
429,543 | Japanese Yen | 44,820,000 | 11,292 | ||||||||||||
| 6/22/2020 | JP Morgan Chase |
U.S. Dollar |
311,979 | Japanese Yen | 32,606,160 | 7,656 | ||||||||||||
See notes to financial statements.
97
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2020
|
Forward |
Counterparty |
Currency to be received |
Amount of |
Currency to be delivered |
Amount of |
Unrealized |
||||||||||||
| 6/24/2020 | BNP Parabis |
U.S. Dollar |
533,132 | Japanese Yen | 55,637,050 | $ | 13,816 | |||||||||||
| 8/27/2020 | JP Morgan Chase |
U.S. Dollar |
246,264 | Japanese Yen | 25,650,300 | 6,348 | ||||||||||||
| 8/31/2020 | Citibank |
U.S. Dollar |
296,363 | Japanese Yen | 31,227,000 | 4,248 | ||||||||||||
| 9/8/2020 | HSBC |
U.S. Dollar |
196,501 | Japanese Yen | 20,466,520 | 4,997 | ||||||||||||
| 9/9/2020 | HSBC |
U.S. Dollar |
138,227 | Japanese Yen | 14,396,340 | 3,517 | ||||||||||||
| 10/26/2020 | BNP Parabis |
U.S. Dollar |
362,787 | Japanese Yen | 37,740,000 | 9,152 | ||||||||||||
| 4/6/2020 | HSBC |
U.S. Dollar |
868,522 | Mexican Peso | 17,690,000 | 123,820 | ||||||||||||
| 4/8/2020 | Citibank |
U.S. Dollar |
78,075 | Mexican Peso | 1,568,000 | 12,090 | ||||||||||||
| 6/17/2020 | Citibank |
U.S. Dollar |
264,529 | Mexican Peso | 5,378,000 | 40,456 | ||||||||||||
| 10/7/2020 | HSBC |
U.S. Dollar |
632,090 | Mexican Peso | 13,190,000 | 91,267 | ||||||||||||
| 10/8/2020 | Citibank |
U.S. Dollar |
78,081 | Mexican Peso | 1,609,000 | 12,117 | ||||||||||||
| 10/9/2020 | Citibank |
U.S. Dollar |
58,586 | Mexican Peso | 1,209,000 | 9,027 | ||||||||||||
| 10/13/2020 | Citibank |
U.S. Dollar |
194,892 | Mexican Peso | 4,030,000 | 29,791 | ||||||||||||
| 10/15/2020 | Citibank |
U.S. Dollar |
287,908 | Mexican Peso | 5,932,000 | 44,954 | ||||||||||||
| 10/16/2020 | Citibank |
U.S. Dollar |
266,021 | Mexican Peso | 5,431,000 | 43,617 | ||||||||||||
| 4/29/2020 | HSBC |
U.S. Dollar |
24,852 | South Korea Won | 28,856,853 | 1,125 | ||||||||||||
| 5/6/2020 | JP Morgan Chase |
U.S. Dollar |
344,382 | South Korea Won | 400,000,000 | 15,405 | ||||||||||||
| 7/29/2020 | Citibank |
U.S. Dollar |
15,996 | South Korea Won | 18,558,803 | 679 | ||||||||||||
| 8/26/2020 | Citibank |
U.S. Dollar |
13,251 | South Korea Won | 15,718,394 | 264 | ||||||||||||
| 8/31/2020 | Citibank |
U.S. Dollar |
15,381 | South Korea Won | 18,558,803 | 44 | ||||||||||||
| 9/9/2020 | Goldman Sachs |
U.S. Dollar |
863,879 | South Korea Won | 1,037,000,000 | 6,578 | ||||||||||||
| $ | 957,141 | |||||||||||||||||
See notes to financial statements.
98
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
99
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
100
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
101
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
|
Number of |
Value |
|||||||
| SHORT TERM INVESTMENTS - 31.68% |
| |||||||
| Money Market Funds - 31.68% |
| |||||||
| 102,889,272 | DWS Government Money Market Series -Institutional Shares |
$ | 102,889,272 | |||||
| Total Short Term Investments |
102,889,272 | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.47% |
| |||||||
| 72,959,037 | Mount Vernon Liquid Assets Portfolio, LLC |
72,959,037 | ||||||
| Total Investments Purchased with Proceeds from Securities Lending Collateral |
72,959,037 | |||||||
| Total Investments |
396,426,110 | |||||||
| Liabilities in Excess of |
(71,673,553 | ) | ||||||
| TOTAL NET ASSETS - 100.00% |
$ | 324,752,557 | ||||||
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, 2020. |
See notes to financial statements.
102
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
103
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
104
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
105
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
106
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2020
| Description |
Number of Contracts Purchased / (Sold) |
Notional Value |
Settlement Month |
Value /Unrealized Appreciation (Depreciation) |
||||||||||
| Amsterdam IDX Futures |
(3 | ) | $ | (319,409 | ) | Apr-20 | $ | (49,920 | ) | |||||
| Australian 10-Year Treasury Bond Futures |
116 | 10,746,333 | Jun-20 | (18,302 | ) | |||||||||
| Australian 3-Year Treasury Bond Futures |
512 | 36,881,343 | Jun-20 | 94,136 | ||||||||||
| Australian Dollar Futures |
(93 | ) | (5,712,990 | ) | Jun-20 | 157,787 | ||||||||
| Brazilian Real Futures |
(21 | ) | (404,040 | ) | Apr-20 | 3,915 | ||||||||
| Brent Crude Futures (a) |
(102 | ) | (3,025,320 | ) | May-20 | 105,455 | ||||||||
| British Pound Futures |
(84 | ) | (6,539,400 | ) | Jun-20 | (93,022 | ) | |||||||
| Canadian 10-Year Bond Futures |
101 | 10,560,037 | Jun-20 | 420,936 | ||||||||||
| Canadian Dollar Futures |
(147 | ) | (10,443,615 | ) | Jun-20 | 339,451 | ||||||||
| Cocoa Futures (a) |
(3 | ) | (67,770 | ) | Jul-20 | 412 | ||||||||
| Coffee ‘C’ Futures (a) |
(4 | ) | (180,525 | ) | Jul-20 | (913 | ) | |||||||
| Copper Futures (a) |
(80 | ) | (4,456,000 | ) | May-20 | 435,697 | ||||||||
| Corn Futures (a) |
(131 | ) | (2,266,300 | ) | Jul-20 | 303,993 | ||||||||
| Cotton No. 2 Futures (a) |
(32 | ) | (814,400 | ) | Jul-20 | 45,330 | ||||||||
| DAX® Index Futures |
(1 | ) | (273,175 | ) | Jun-20 | (26,885 | ) | |||||||
| DJIA E-Mini CBOT Futures |
(5 | ) | (543,775 | ) | Jun-20 | (34,547 | ) | |||||||
| E-mini Nasdaq 100 Futures |
1 | 155,725 | Jun-20 | (4,119 | ) | |||||||||
| E-mini Russell 2000 Futures |
(15 | ) | (860,700 | ) | Jun-20 | 1,002 | ||||||||
| E-mini S&P 500 Futures |
(2 | ) | (256,970 | ) | Jun-20 | (22,650 | ) | |||||||
| E-mini S&P Mid Cap 400 Futures |
(4 | ) | (575,120 | ) | Jun-20 | (14,370 | ) | |||||||
| Euribor 3 Month Futures |
(120 | ) | (33,209,441 | ) | Jun-20 | (2,746 | ) | |||||||
| Euro Fx Futures |
(80 | ) | (11,049,500 | ) | Jun-20 | 202,819 | ||||||||
| Euro Stoxx 50® Index Futures |
(11 | ) | (333,263 | ) | Jun-20 | (33,253 | ) | |||||||
| Euro-Bobl Futures |
131 | 19,535,138 | Jun-20 | (154,503 | ) | |||||||||
| Euro-BTP Futures |
6 | 935,767 | Jun-20 | (36,470 | ) | |||||||||
| Euro-BTP Futures—Short |
17 | 2,091,673 | Jun-20 | (20,083 | ) | |||||||||
| Euro-Bund Futures |
63 | 11,986,467 | Jun-20 | (124,764 | ) | |||||||||
| Euro-Buxl® 30 Year Futures |
18 | 4,166,979 | Jun-20 | (125,888 | ) | |||||||||
| Eurodollar 90 Day Futures |
208 | 51,727,000 | Jun-20 | 110,046 | ||||||||||
| Eurodollar 90 Day Futures |
395 | 98,399,438 | Sep-20 | 40,244 | ||||||||||
| Euro-OATS Futures |
28 | 5,163,648 | Jun-20 | (109,633 | ) | |||||||||
| Euro-Schatz Futures |
413 | 51,102,316 | Jun-20 | (131,436 | ) | |||||||||
| FTSE 100 Index Futures |
(9 | ) | (629,985 | ) | Jun-20 | (75,068 | ) | |||||||
| FTSE China A50 Index Futures |
(20 | ) | (252,000 | ) | Apr-20 | (2,104 | ) | |||||||
| FTSE JSE Top 40 Futures |
(9 | ) | (206,514 | ) | Jun-20 | (28,649 | ) | |||||||
| Gold 100 Oz. Futures (a) |
20 | 3,193,200 | Jun-20 | (2,446 | ) | |||||||||
| Hang Seng Index Futures |
(5 | ) | (764,890 | ) | Apr-20 | (14,240 | ) | |||||||
| HSCEI Index Futures |
(11 | ) | (683,461 | ) | Apr-20 | (14,434 | ) | |||||||
| IBEX 35® Index Futures |
(1 | ) | (74,596 | ) | Apr-20 | (8,656 | ) | |||||||
| Indian Rupee Futures |
(131 | ) | (3,443,204 | ) | Apr-20 | (53,479 | ) | |||||||
| Japanese Yen Futures |
(66 | ) | (7,688,588 | ) | Jun-20 | (169,327 | ) | |||||||
| Lean Hogs Futures (a) |
(25 | ) | (603,250 | ) | Jun-20 | 190,790 | ||||||||
| Live Cattle Futures (a) |
(31 | ) | (1,141,730 | ) | Jun-20 | 96,773 | ||||||||
| LME Aluminium Futures (a)(b) |
57 | 2,169,563 | Jun-20 | (189,699 | ) | |||||||||
| LME Aluminium Futures (a)(b) |
(143 | ) | (5,442,938 | ) | Jun-20 | 701,591 | ||||||||
| LME Copper Futures (a)(b) |
22 | 2,722,913 | Jun-20 | (269,460 | ) | |||||||||
| LME Copper Futures (a)(b) |
(36 | ) | (4,455,675 | ) | Jun-20 | 591,832 | ||||||||
| LME Nickel Futures (a)(b) |
(32 | ) | (2,204,064 | ) | Jun-20 | 237,461 | ||||||||
| LME Nickel Futures (a)(b) |
14 | 964,278 | Jun-20 | (88,140 | ) | |||||||||
| LME Zinc Futures (a)(b) |
(62 | ) | (2,952,363 | ) | Jun-20 | 348,829 | ||||||||
| LME Zinc Futures (a)(b) |
37 | 1,761,894 | Jun-20 | (56,966 | ) | |||||||||
| Long Gilt Futures |
61 | 10,318,834 | Jun-20 | 139,334 | ||||||||||
| Low Sulphur Gas Oil Futures (a) |
(68 | ) | (2,004,300 | ) | May-20 | 266,096 | ||||||||
| Mexican Peso Futures |
(38 | ) | (796,290 | ) | Jun-20 | 4,252 | ||||||||
| MSCI EAFE Index Futures |
(12 | ) | (935,580 | ) | Jun-20 | (79,706 | ) | |||||||
| MSCI Emerging Markets Index Futures |
(22 | ) | (927,190 | ) | Jun-20 | (19,669 | ) | |||||||
| MSCI Singapore Index Futures |
(35 | ) | (692,933 | ) | Apr-20 | (8,110 | ) | |||||||
| MSCI Taiwan Index Futures |
(4 | ) | (148,400 | ) | Apr-20 | 1,203 | ||||||||
| Natural Gas Futures (a) |
(92 | ) | (1,508,800 | ) | Apr-20 | 232,397 | ||||||||
See notes to financial statements.
107
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2020
| Description |
Number of Contracts Purchased / (Sold) |
Notional Value |
Settlement Month |
Value /Unrealized Appreciation (Depreciation) |
||||||||||
| New Zealand Dollar Futures |
(82 | ) | $ | (4,878,180 | ) | Jun-20 | $ | 281,384 | ||||||
| Nikkei 225 Futures |
(1 | ) | (175,959 | ) | Jun-20 | (15,537 | ) | |||||||
| NY Harbor ULSD Futures (a) |
(30 | ) | (1,261,890 | ) | Apr-20 | 258,213 | ||||||||
| Platinum Futures (a) |
(6 | ) | (218,970 | ) | Jul-20 | (34,473 | ) | |||||||
| RBOB Gasoline Futures (a) |
(41 | ) | (1,020,629 | ) | Apr-20 | 850,899 | ||||||||
| S&P/TSX 60 Index Futures |
(2 | ) | (231,422 | ) | Jun-20 | (9,710 | ) | |||||||
| Silver Futures (a) |
(6 | ) | (424,680 | ) | May-20 | (46,418 | ) | |||||||
| South African Rand Futures |
(80 | ) | (2,222,000 | ) | Jun-20 | 155,678 | ||||||||
| Soybean Futures (a) |
(56 | ) | (2,490,600 | ) | Jul-20 | 24,788 | ||||||||
| Soybean Meal Futures (a) |
(29 | ) | (924,810 | ) | Jul-20 | (51,634 | ) | |||||||
| Soybean Oil Futures (a) |
(63 | ) | (1,034,208 | ) | Jul-20 | 87,378 | ||||||||
| SPI 200TM Index Futures |
(3 | ) | (235,691 | ) | Jun-20 | 4,902 | ||||||||
| Sterling 90 Day Futures |
560 | 86,564,235 | Jun-20 | 19,341 | ||||||||||
| Sugar No. 11 Futures (a) |
(240 | ) | (2,822,400 | ) | Jun-20 | 142,788 | ||||||||
| Swiss Franc Futures |
6 | 781,275 | Jun-20 | (34,584 | ) | |||||||||
| TOPIX Index Futures |
(4 | ) | (521,925 | ) | Jun-20 | (20,017 | ) | |||||||
| U.S. Treasury 10-Year Note Futures |
108 | 14,978,250 | Jun-20 | 726,848 | ||||||||||
| U.S. Treasury 2-Year Note Futures |
584 | 128,703,562 | Jun-20 | 1,343,859 | ||||||||||
| U.S. Treasury 5-Year Note Futures |
229 | 28,707,297 | Jun-20 | 966,858 | ||||||||||
| U.S. Treasury Long Bond Futures |
25 | 4,476,563 | Jun-20 | 344,499 | ||||||||||
| U.S. Treasury Ultra Bond Futures |
11 | 2,440,625 | Jun-20 | 225,360 | ||||||||||
| Wheat Futures (a) |
13 | 365,625 | Jul-20 | (2,117 | ) | |||||||||
| WTI Crude Futures (a) |
(85 | ) | (2,083,350 | ) | May-20 | (31,619 | ) | |||||||
| $ | 8,174,810 | |||||||||||||
| (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. |
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2020
|
Forward |
Counterparty |
Currency to be received |
Amount of |
Currency to be delivered |
Amount of |
Unrealized |
||||||||||||
| 6/17/2020 | NatWest |
New Turkish Lira |
4,800,000 | U.S. Dollar | 765,541 | $ | (55,936 | ) | ||||||||||
| 6/17/2020 | NatWest |
Norwegian Krone |
26,000,000 | U.S. Dollar | 2,598,904 | (97,316 | ) | |||||||||||
| 6/17/2020 | NatWest |
Norwegian Krone |
20,000,000 | U.S. Dollar | 1,794,114 | 130,184 | ||||||||||||
| 6/17/2020 | NatWest |
Norwegian Krone |
10,000,000 | U.S. Dollar | 1,040,251 | (78,102 | ) | |||||||||||
| 6/17/2020 | NatWest |
Singapore Dollar |
9,125,000 | U.S. Dollar | 6,414,259 | 13,436 | ||||||||||||
| 6/17/2020 | NatWest |
Singapore Dollar |
2,625,000 | U.S. Dollar | 1,862,998 | (13,935 | ) | |||||||||||
| 6/17/2020 | NatWest |
Singapore Dollar |
3,125,000 | U.S. Dollar | 2,153,276 | 47,989 | ||||||||||||
| 6/17/2020 | NatWest |
Swedish Krona |
10,000,000 | U.S. Dollar | 1,049,274 | (36,655 | ) | |||||||||||
| 6/17/2020 | NatWest |
Swedish Krona |
8,000,000 | U.S. Dollar | 830,719 | (20,624 | ) | |||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
1,396,053 | Chinese Yuan Renminbi | 10,000,000 | (12,537 | ) | |||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
541,959 | New Turkish Lira | 3,600,000 | 9,755 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
738,160 | New Turkish Lira | 4,800,000 | 28,554 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
271,225 | New Turkish Lira | 1,800,000 | 5,123 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
8,369,046 | Norwegian Krone | 80,000,001 | 661,021 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
833,408 | Polish Zloty | 3,500,000 | (12,381 | ) | |||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
2,718,658 | Polish Zloty | 10,500,000 | 181,291 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
26,822,875 | Singapore Dollar | 37,250,000 | 583,792 | ||||||||||||
| 6/17/2020 | NatWest |
U.S. Dollar |
5,909,705 | Swedish Krona | 56,000,000 | 239,036 | ||||||||||||
| $ | 1,572,695 | |||||||||||||||||
See notes to financial statements.
108
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
109
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
| Number
of |
Value |
|||||||
| INVESTMENT COMPANIES - 97.61% |
||||||||
| Exchange Traded Funds - 97.61% |
||||||||
| 142,963 | iShares Core U.S. Aggregate Bond ETF (b) |
$ | 16,493,641 | |||||
| 258,990 | Schwab Intermediate-Term U.S. Treasury ETF (b) |
15,223,432 | ||||||
| Total Investment Companies |
31,717,073 | |||||||
| SHORT TERM INVESTMENTS - 0.91% |
||||||||
| Money Market Funds - 0.91% |
||||||||
| 296,189 | DWS Government Money Market Series - Institutional Shares |
296,189 | ||||||
| Total Short Term Investments |
296,189 | |||||||
| Total Investments |
32,013,262 | |||||||
| Other Assets in Excess of Liabilities - 1.48% |
481,612 | |||||||
| TOTAL NET ASSETS - 100.00% |
$ | 32,494,874 | ||||||
Percentages are stated as a percent of net assets.
| (a) | Seven-day yield as of March 31, 2020. |
| (b) | 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.
110
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2020
See notes to financial statements.
111
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2020
See notes to financial statements.
112
GuidePath® Growth and Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2020
| Description |
Number of Contracts Purchased / (Sold) |
Notional Value |
Settlement Month |
Value/Unrealized Appreciation (Depreciation) |
||||||||||
| E-mini S&P 500 Futures |
(30 | ) | $ | (3,854,550 | ) | Jun-20 | $ | (39,567 | ) | |||||
| $ | (39,567 | ) | ||||||||||||
GuidePath® Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2020
|
Notional |
Number of |
Value |
||||||||||
| Put Options |
||||||||||||
| Options on Equities |
||||||||||||
| 488,000 | 2 | Cboe S&P 500 Index |
$ | (16,144 | ) | |||||||
| 756,000 | 3 | Cboe S&P 500 Index |
(29,982 | ) | ||||||||
| 566,000 | 2 | Cboe S&P 500 Index |
(47,194 | ) | ||||||||
| 520,000 | 2 | Cboe S&P 500 Index |
(26,644 | ) | ||||||||
| 726,000 | 3 | S&P 500 Index |
(17,166 | ) | ||||||||
| 504,000 | 2 | S&P 500 Index |
(14,320 | ) | ||||||||
| 566,000 | 2 | S&P 500 Index |
(49,744 | ) | ||||||||
| 693,000 | 3 | Cboe S&P 500 Index |
(16,215 | ) | ||||||||
| 879,000 | 3 | Cboe S&P 500 Index |
(107,535 | ) | ||||||||
| 488,000 | 2 | Cboe S&P 500 Index |
(19,170 | ) | ||||||||
| 516,000 | 2 | Cboe S&P 500 Index |
(28,380 | ) | ||||||||
| 831,000 | 3 | S&P 500 Index |
(65,430 | ) | ||||||||
| Total Written Options (Premiums Received $517,487) |
$ | (437,924 | ) | |||||||||
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2020
| Large Cap Core Fund |
Emerging Markets Fund |
Small/Mid Cap Core Fund |
||||||||||
| ASSETS: |
||||||||||||
| Investments, at value (cost $332,503,853, $65,401,880 and $64,226,027, respectively)1 |
$ | 368,513,167 | $ | 65,542,578 | $ | 62,184,828 | ||||||
| Foreign currencies (cost $0, $1,198, and $0, respectively) |
— | 1,153 | — | |||||||||
| Cash |
1,109 | — | — | |||||||||
| Income receivable |
372,881 | 214,781 | 70,702 | |||||||||
| Receivable for dividend reclaims |
14,645 | 1,452 | — | |||||||||
| Receivable for fund shares sold |
4,675,883 | 2,066,100 | 983,177 | |||||||||
| Other assets |
39,909 | 16,326 | 21,114 | |||||||||
| Total Assets |
373,617,594 | 67,842,390 | 63,259,821 | |||||||||
| LIABILITIES: |
||||||||||||
| Payable for collateral on securities loaned |
44,978,979 | 3,496,618 | 9,775,976 | |||||||||
| Payable for fund shares redeemed |
537,423 | 34,905 | 451,488 | |||||||||
| Payable to Investment Advisor |
474,722 | 49,251 | 82,932 | |||||||||
| Payable to custodian |
8,102 | 38,995 | 5,101 | |||||||||
| Accrued Trustee fees and expenses |
2,436 | 427 | 372 | |||||||||
| Accrued distribution and shareholder servicing fees |
90,368 | 22,291 | 13,572 | |||||||||
| Other accrued expenses |
92,796 | 37,955 | 25,769 | |||||||||
| Total Liabilities |
46,184,826 | 3,680,442 | 10,355,210 | |||||||||
| NET ASSETS |
$ | 327,432,768 | $ | 64,161,948 | $ | 52,904,611 | ||||||
| NET ASSETS CONSIST OF: |
||||||||||||
| Capital stock |
298,027,781 | 65,359,653 | 56,100,450 | |||||||||
| Total distributable earnings (loss) |
29,404,987 | (1,197,705 | ) | (3,195,839 | ) | |||||||
| Total Net Assets |
$ | 327,432,768 | $ | 64,161,948 | $ | 52,904,611 | ||||||
| Institutional Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
29,350 | 795 | — | |||||||||
| Net assets |
479,829 | 8,097 | — | |||||||||
| Net asset value, offering and redemption price per share |
$ | 16.348 | 2 | $ | 10.191 | 2 | $ | — | ||||
| Service Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
20,299,433 | 6,100,818 | 4,914,301 | |||||||||
| Net assets |
326,952,939 | 64,153,851 | 52,904,611 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 16.106 | 2 | $ | 10.516 | $ | 10.765 | |||||
| 1Includes loaned securities with a value of: |
$ | 43,249,583 | $ | 3,431,029 | $ | 9,350,779 | ||||||
| 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, 2020
| World ex-US Fund |
Core Fixed Income Fund |
Tax-Exempt Fixed Income Fund |
||||||||||
| ASSETS: |
||||||||||||
| Investments, at value (cost $116,678,777, $158,830,595 and $22,612,830, respectively)1 |
$ | 111,750,414 | $ | 166,570,857 | $ | 23,460,476 | ||||||
| Foreign currencies (cost $159,252, $0, and $0, respectively) |
158,251 | — | — | |||||||||
| Appreciation on swap agreements |
— | 31,342 | — | |||||||||
| Variation margin on futures |
— | 36,907 | — | |||||||||
| Income receivable |
433,789 | 631,330 | 318,662 | |||||||||
| Receivable for dividend reclaims |
627,418 | — | — | |||||||||
| Receivable for investment securities sold |
— | 14,357,812 | — | |||||||||
| Receivable for fund shares sold |
273,112 | 697,042 | 1,704 | |||||||||
| Deposits with broker for swaps |
— | 1,511,345 | — | |||||||||
| Swap premiums paid |
— | 134,845 | — | |||||||||
| Other assets |
15,175 | 14,794 | 14,244 | |||||||||
| Total Assets |
113,258,159 | 183,986,274 | 23,795,086 | |||||||||
| LIABILITIES: |
||||||||||||
| Written options, at value (Premium received $0, $72,752 and $0, respectively) |
— | 120,319 | — | |||||||||
| Depreciation on swap agreements |
— | 1,414,229 | — | |||||||||
| Payable for collateral on securities loaned |
593,326 | 2,079,473 | — | |||||||||
| Payable for investment securities purchased |
— | 41,487,709 | 183,559 | |||||||||
| Payable for fund shares redeemed |
1,767,220 | 3,119,010 | 1,099,988 | |||||||||
| Payable to Investment Advisor |
163,696 | 133,316 | 23,352 | |||||||||
| Payable to custodian |
12,870 | 8,102 | 211 | |||||||||
| Accrued Trustee fees and expenses |
778 | 744 | 119 | |||||||||
| Accrued distribution and shareholder servicing fees |
38,382 | 36,086 | 12,603 | |||||||||
| Swap premiums received |
— | 140,660 | — | |||||||||
| Other accrued expenses |
42,490 | 59,665 | 12,649 | |||||||||
| Total Liabilities |
2,618,762 | 48,599,313 | 1,332,481 | |||||||||
| NET ASSETS |
$ | 110,639,397 | $ | 135,386,961 | $ | 22,462,605 | ||||||
| NET ASSETS CONSIST OF: |
||||||||||||
| Capital stock |
118,755,098 | 127,500,100 | 21,442,801 | |||||||||
| Total distributable earnings (loss) |
(8,115,701 | ) | 7,886,861 | 1,019,804 | ||||||||
| Total Net Assets |
$ | 110,639,397 | $ | 135,386,961 | $ | 22,462,605 | ||||||
| Institutional Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
10,380 | — | — | |||||||||
| Net assets |
78,232 | — | — | |||||||||
| Net asset value, offering and redemption price per share |
$ | 7.537 | $ | — | $ | — | ||||||
| Service Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
15,139,421 | 13,816,624 | 2,042,307 | |||||||||
| Net assets |
110,561,165 | 135,386,961 | 22,462,605 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 7.303 | $ | 9.798 | 2 | $ | 10.999 | |||||
| 1Includes loaned securities with a value of: |
$ | 568,157 | $ | 2,054,002 | $ | — | ||||||
| 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, 2020
| Opportunistic Fixed Income Fund |
Growth Allocation Fund |
Conservative Allocation Fund |
||||||||||
| ASSETS: |
||||||||||||
| Investments, at value (cost $44,856,247, $877,184,458 and $409,420,626, respectively)1 |
$ | 37,635,523 | $ | 880,653,152 | $ | 403,765,277 | ||||||
| Foreign currencies (cost $1,579,086, $0, and $0, respectively) |
1,513,934 | — | — | |||||||||
| Restricted cash |
340,000 | — | — | |||||||||
| Cash pledged for forwards |
270,000 | — | — | |||||||||
| Income receivable |
368,234 | 5,647 | 156,754 | |||||||||
| Receivable for dividend reclaims |
516 | — | — | |||||||||
| Receivable for investment securities sold |
— | 1,533,138 | 669,089 | |||||||||
| Receivable for fund shares sold |
158,540 | 3,443,468 | 916,082 | |||||||||
| Appreciation of forward foreign currency contracts |
1,401,901 | — | — | |||||||||
| Other assets |
24,368 | 82,000 | 65,494 | |||||||||
| Total Assets |
41,713,016 | 885,717,405 | 405,572,696 | |||||||||
| LIABILITIES: |
||||||||||||
| Depreciation of forward foreign currency contracts |
444,760 | — | — | |||||||||
| Payable to brokers for collateral received for forwards |
340,000 | — | — | |||||||||
| Payable for collateral on securities loaned |
— | 139,438,379 | 88,033,252 | |||||||||
| Payable for investment securities purchased |
— | 438,304 | 317,395 | |||||||||
| Payable for fund shares redeemed |
53,891 | 352,089 | 170,720 | |||||||||
| Payable to Investment Advisor |
64,491 | 697,567 | 201,353 | |||||||||
| Payable to custodian |
20,781 | 21,008 | 15,568 | |||||||||
| Accrued Trustee fees and expenses |
268 | 4,937 | 2,084 | |||||||||
| Accrued distribution and shareholder servicing fees |
11,753 | 202,934 | 91,666 | |||||||||
| Other accrued expenses |
20,371 | 209,579 | 91,625 | |||||||||
| Total Liabilities |
956,315 | 141,364,797 | 88,923,663 | |||||||||
| NET ASSETS |
$ | 40,756,701 | $ | 744,352,608 | $ | 316,649,033 | ||||||
| NET ASSETS CONSIST OF: |
||||||||||||
| Capital stock |
66,906,441 | $ | 754,199,371 | 326,310,769 | ||||||||
| Total distributable (loss) |
(26,149,740 | ) | (9,846,763 | ) | (9,661,736 | ) | ||||||
| Total Net Assets |
$ | 40,756,701 | $ | 744,352,608 | $ | 316,649,033 | ||||||
| Institutional Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
58,055 | 434,205 | 186,141 | |||||||||
| Net assets |
452,046 | 4,402,611 | 1,713,169 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 7.786 | $ | 10.139 | $ | 9.204 | ||||||
| Service Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
5,194,248 | 73,538,513 | 34,467,325 | |||||||||
| Net assets |
40,304,655 | 739,949,997 | 314,935,864 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 7.759 | $ | 10.062 | $ | 9.137 | ||||||
| 1 Includes loaned securities with a value of: |
$ | — | $ | 135,081,115 | $ | 85,056,565 | ||||||
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2020
| Tactical Allocation Fund |
Absolute Return Allocation Fund |
Multi-Asset Income Allocation Fund |
||||||||||
| ASSETS: |
||||||||||||
| Investments, at value (cost $413,075,831, $400,466,782 and $130,159,502, respectively)1 |
$ | 396,426,110 | $ | 399,309,573 | $ | 124,578,906 | ||||||
| Investments in affiliates, at value (cost $0, $30,519,649, and $0 , respectively) |
— | 29,836,379 | — | |||||||||
| Income receivable |
200,227 | 176,426 | 55,108 | |||||||||
| Receivable for dividend reclaims |
1,395 | — | — | |||||||||
| Receivable for investment securities sold |
449,650 | 2,023,117 | 751,561 | |||||||||
| Receivable for fund shares sold |
1,294,823 | 1,339,018 | 894,829 | |||||||||
| Other assets |
59,998 | 43,681 | 42,866 | |||||||||
| Total Assets |
398,432,203 | 432,728,194 | 126,323,270 | |||||||||
| LIABILITIES: |
||||||||||||
| Payable for collateral on securities loaned |
72,959,037 | 37,929,302 | 14,005,053 | |||||||||
| Payable for investment securities purchased |
— | 525,428 | — | |||||||||
| Payable for fund shares redeemed |
168,609 | 1,559,437 | 76,365 | |||||||||
| Payable to Investment Advisor |
367,707 | 213,421 | 126,756 | |||||||||
| Payable to custodian |
10,503 | 10,201 | 7,999 | |||||||||
| Accrued Trustee fees and expenses |
2,106 | 1,638 | 730 | |||||||||
| Accrued distribution and shareholder servicing fees |
90,522 | 94,028 | 30,500 | |||||||||
| Other accrued expenses |
81,162 | 83,851 | 31,114 | |||||||||
| Total Liabilities |
73,679,646 | 40,417,306 | 14,278,517 | |||||||||
| NET ASSETS |
$ | 324,752,557 | $ | 392,310,888 | $ | 112,044,753 | ||||||
| NET ASSETS CONSIST OF: |
||||||||||||
| Capital stock |
332,594,311 | 406,300,283 | 130,396,134 | |||||||||
| Total distributable earnings (loss) |
(7,841,754 | ) | (13,989,395 | ) | (18,351,381 | ) | ||||||
| Total Net Assets |
$ | 324,752,557 | $ | 392,310,888 | $ | 112,044,753 | ||||||
| Institutional Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
155,005 | 113,302 | — | |||||||||
| Net assets |
1,553,075 | 1,133,623 | — | |||||||||
| Net asset value, offering and redemption price per share |
$ | 10.019 | 2 | $ | 10.005 | $ | — | |||||
| Service Shares |
||||||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
32,449,701 | 39,079,407 | 12,372,387 | |||||||||
| Net assets |
323,199,482 | 391,177,265 | 112,044,753 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 9.960 | $ | 10.010 | $ | 9.056 | ||||||
| 1Includes loaned securities with a value of: |
$ | 71,242,106 | $ | 37,011,543 | $ | 13,571,811 | ||||||
| 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, 2020
| Flexible Income Allocation Fund |
Managed1 Futures Strategy Fund |
|||||||
| ASSETS: |
||||||||
| Investments, at value (cost $97,887,548 and $220,919,824, respectively) |
$ | 98,106,161 | $ | 220,876,535 | ||||
| Restricted cash |
— | 1,690,000 | ||||||
| Income receivable |
48,785 | 184,048 | ||||||
| Receivable for investment securities sold |
832,661 | — | ||||||
| Receivable for fund shares sold |
412,504 | 818,562 | ||||||
| Receivable for unsettled open futures contracts |
— | 1,879,713 | ||||||
| Appreciation on forward currency contracts |
— | 1,900,181 | ||||||
| Other assets |
19,671 | 21,744 | ||||||
| Total Assets |
99,419,782 | 227,370,783 | ||||||
| LIABILITIES: |
||||||||
| Depreciation on forward currency contracts |
— | 327,486 | ||||||
| Payable to brokers for collateral received for forwards |
— | 1,690,000 | ||||||
| Payable for fund shares redeemed |
760,624 | 420,072 | ||||||
| Payable for unsettled open futures contracts |
— | 604,265 | ||||||
| Payable to Investment Advisor |
45,524 | 472,947 | ||||||
| Payable to custodian |
2,992 | 5,245 | ||||||
| Variation margin on futures |
— | 644,257 | ||||||
| Accrued Trustee fees and expenses |
509 | 923 | ||||||
| Accrued distribution and shareholder servicing fees |
30,036 | 60,716 | ||||||
| Other accrued expenses |
29,564 | 56,044 | ||||||
| Total Liabilities |
869,249 | 4,281,955 | ||||||
| NET ASSETS |
$ | 98,550,533 | $ | 223,088,828 | ||||
| NET ASSETS CONSIST OF: |
||||||||
| Capital stock |
109,960,048 | 217,938,612 | ||||||
| Total distributable earnings (loss) |
(11,409,515 | ) | 5,150,216 | |||||
| Total Net Assets |
$ | 98,550,533 | $ | 223,088,828 | ||||
| Institutional Shares |
||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
3,646 | 138,500 | ||||||
| Net assets |
34,154 | 1,220,564 | ||||||
| Net asset value, offering and redemption price per share |
$ | 9.368 | $ | 8.813 | ||||
| Service Shares |
||||||||
| Shares outstanding (unlimited shares of no par value authorized) |
10,588,798 | 25,655,354 | ||||||
| Net assets |
98,516,379 | 221,868,264 | ||||||
| Net asset value, offering and redemption price per share |
$ | 9.304 | $ | 8.648 | ||||
| 1 Consolidated Statement of Assets & Liabilities (see note 3b). |
| |||||||
| 2Differences 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, 2020
| Conservative Income Fund |
Income Fund |
Growth
& Income Fund |
||||||||||
| ASSETS: |
||||||||||||
| Investments, at value (cost $6,558,294, $30,934,260, and $37,447,936 respectively)1 |
$ | 6,582,866 | $ | 32,013,262 | $ | 34,945,563 | ||||||
| Variation margin on futures |
— | — | 62,250 | |||||||||
| Income receivable |
3,590 | 320 | 39,481 | |||||||||
| Receivable for fund shares sold |
132,733 | 516,050 | 688,573 | |||||||||
| Receivable from Investment Advisor |
1,250 | — | — | |||||||||
| Deposits at broker for futures |
— | — | 396,000 | |||||||||
| Cash pledged for options written |
— | — | 462,250 | |||||||||
| Other assets |
12,802 | 13,170 | 15,055 | |||||||||
| Total Assets |
6,733,241 | 32,542,802 | 36,609,172 | |||||||||
| LIABILITIES: |
||||||||||||
| Written options, at value (premiums received $0, $0, and $517,487) |
— | — | 437,924 | |||||||||
| Payable for collateral on securities loaned |
— | — | 2,196,737 | |||||||||
| Payable for fund shares redeemed |
1,932 | 2,205 | 2,476 | |||||||||
| Payable to Investment Advisor |
— | 32,376 | 20,517 | |||||||||
| Payable to custodian |
935 | 1,044 | 9,000 | |||||||||
| Accrued Trustee fees and expenses |
53 | 168 | 203 | |||||||||
| Other accrued expenses |
5,503 | 12,135 | 14,656 | |||||||||
| Total Liabilities |
8,423 | 47,928 | 2,681,513 | |||||||||
| NET ASSETS |
$ | 6,724,818 | $ | 32,494,874 | $ | 33,927,659 | ||||||
| NET ASSETS CONSIST OF: |
||||||||||||
| Capital stock |
6,800,244 | 33,308,782 | 38,542,182 | |||||||||
| Total distributable (loss) |
(75,426 | ) | (813,908 | ) | (4,614,523 | ) | ||||||
| Total Net Assets |
$ | 6,724,818 | $ | 32,494,874 | $ | 33,927,659 | ||||||
| Shares outstanding (unlimited shares of no par value authorized) |
679,347 | 3,296,692 | 3,892,049 | |||||||||
| Net assets |
6,724,818 | 32,494,874 | 33,927,659 | |||||||||
| Net asset value, offering and redemption price per share |
$ | 9.899 | $ | 9.857 | $ | 8.717 | ||||||
| 1Includes loaned securities with a value of: |
$ | — | $ | — | $ | 2,118,476 | ||||||
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2020
| Large Cap Core Fund |
Emerging Markets Fund |
Small/Mid Cap Core Fund |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend income (net of withholding tax of $7,166, $313,477, and $561, respectively) |
$ | 6,798,183 | $ | 2,134,090 | $ | 863,342 | ||||||
| Dividends from affiliate investments |
— | 758 | — | |||||||||
| Non-cash dividends(1) |
— | 279,927 | — | |||||||||
| Interest income |
62,779 | 8,692 | 10,979 | |||||||||
| Total investment income |
6,860,962 | 2,423,467 | 874,321 | |||||||||
| EXPENSES: |
||||||||||||
| Investment advisory fees |
1,780,425 | 478,494 | 372,437 | |||||||||
| Distribution (12b-1) fees – Service Shares |
987,153 | 202,727 | 163,349 | |||||||||
| Administrative service fees – Service Shares |
971,761 | 198,652 | 161,482 | |||||||||
| Shareholder servicing fees – Service Shares |
349,653 | 65,284 | 56,524 | |||||||||
| Administration fees |
163,545 | 50,154 | 48,810 | |||||||||
| Reports to shareholders |
80,905 | 15,755 | 15,892 | |||||||||
| Legal fees |
80,590 | 41,879 | 12,673 | |||||||||
| Fund accounting fees |
61,420 | 89,581 | 55,921 | |||||||||
| Trustee fees and expenses |
45,739 | 10,330 | 8,197 | |||||||||
| Federal and state registration fees |
38,780 | 35,641 | 35,702 | |||||||||
| Custody fees |
27,648 | 212,635 | 15,379 | |||||||||
| Audit and tax fees |
21,504 | 28,782 | 22,490 | |||||||||
| Transfer agent fees and expenses |
18,972 | 8,265 | 7,752 | |||||||||
| Compliance fees |
13,539 | 2,857 | 1,956 | |||||||||
| Insurance fees |
9,851 | 2,929 | 1,861 | |||||||||
| Miscellaneous expenses |
3,010 | 2,455 | 2,375 | |||||||||
| Interest expenses |
91 | 1,711 | — | |||||||||
| Total expenses |
4,654,586 | 1,448,131 | 982,800 | |||||||||
| Net expense recapture (reimbursement) by Advisor (See Note 4) |
— | (94,683 | ) | 1,943 | ||||||||
| Less securities lending credit (See Note 7) |
(124,195 | ) | (14,580 | ) | (77,180 | ) | ||||||
| Net expenses |
4,530,391 | 1,338,868 | 907,563 | |||||||||
| Net investment income (loss) |
2,330,571 | 1,084,599 | (33,242 | ) | ||||||||
| NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investments |
(8,017,009 | ) | (564,686 | ) | 456,752 | |||||||
| Investments in affiliates |
— | (18,078 | ) | — | ||||||||
| Foreign currencies |
— | (36,706 | ) | — | ||||||||
| Total |
(8,017,009 | ) | (619,470 | ) | 456,752 | |||||||
| Net change in unrealized depreciation on: |
||||||||||||
| Investments |
(46,491,017 | ) | (14,975,223 | ) | (15,970,798 | ) | ||||||
| Investments in affiliates |
— | (9,268 | ) | — | ||||||||
| Foreign currencies |
— | (10,778 | ) | — | ||||||||
| Total |
(46,491,017 | ) | (14,995,269 | ) | (15,970,798 | ) | ||||||
| Net realized and unrealized loss |
54,508,026 | (15,614,739 | ) | (15,514,046 | ) | |||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
($ | 52,177,455 | ) | ($ | 14,530,140 | ) | ($ | 15,547,288 | ) | |||
| (1) Non-cash dividends are recorded at the fair value of the securities received. |
||||||||||||
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2020
| World ex-US Fund |
Core Fixed Income Fund |
Tax-Exempt Fixed Income Fund |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend income (net of withholding tax of $546,560, $0, and $0, respectively) |
$ | 5,192,484 | $ | — | $ | — | ||||||
| Interest income |
23,803 | 4,077,457 | 962,416 | |||||||||
| Total investment income |
5,216,287 | 4,077,457 | 962,416 | |||||||||
| EXPENSES: |
||||||||||||
| Investment advisory fees |
888,840 | 550,291 | 124,454 | |||||||||
| Distribution (12b-1) fees – Service Shares |
443,638 | 343,932 | 62,227 | |||||||||
| Administrative service fees – Service Shares |
438,970 | 336,198 | 56,287 | |||||||||
| Shareholder servicing fees – Service Shares |
159,067 | 117,633 | 18,416 | |||||||||
| Administration fees |
102,789 | 62,447 | 11,547 | |||||||||
| Reports to shareholders |
31,702 | 22,687 | 5,274 | |||||||||
| Legal fees |
41,509 | 26,643 | 7,205 | |||||||||
| Fund accounting fees |
107,226 | 180,591 | 20,149 | |||||||||
| Trustee fees and expenses |
23,841 | 15,938 | 3,152 | |||||||||
| Federal and state registration fees |
38,295 | 35,851 | 33,843 | |||||||||
| Custody fees |
76,597 | 33,991 | 2,221 | |||||||||
| Audit and tax fees |
27,835 | 24,991 | 24,980 | |||||||||
| Transfer agent fees and expenses |
11,776 | 10,175 | 7,437 | |||||||||
| Compliance fees |
6,360 | 4,759 | 727 | |||||||||
| Insurance fees |
7,105 | 5,246 | 946 | |||||||||
| Miscellaneous expenses |
2,605 | 2,574 | 2,304 | |||||||||
| Interest expenses |
1,352 | 557 | — | |||||||||
| Total expenses |
2,409,507 | 1,774,504 | 381,169 | |||||||||
| Net expense recapture (reimbursement) by Advisor (See Note 4) |
13,953 | (131,945 | ) | (60,079 | ) | |||||||
| Less securities lending credit (See Note 7) |
(26,327 | ) | (4,812 | ) | — | |||||||
| Net expenses |
2,397,133 | 1,637,747 | 321,090 | |||||||||
| Net investment income |
2,819,154 | 2,439,710 | 641,326 | |||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investments |
(3,427,536 | ) | 2,329,289 | 146,062 | ||||||||
| Foreign currencies |
23,056 | — | — | |||||||||
| Swaps |
— | (153,641 | ) | — | ||||||||
| Net long-term capital gain distributions received |
187 | — | — | |||||||||
| Futures contracts |
— | 422,847 | — | |||||||||
| Written options |
— | 86,115 | — | |||||||||
| Total |
(3,404,293 | ) | 2,684,610 | 146,062 | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
(22,881,273 | ) | 6,212,547 | (475,939 | ) | |||||||
| Foreign currencies |
20,851 | — | — | |||||||||
| Swaps |
— | (1,597,063 | ) | — | ||||||||
| Futures contracts |
— | (154,146 | ) | — | ||||||||
| Written options |
— | (47,567 | ) | — | ||||||||
| Total |
(22,860,422 | ) | 4,413,771 | (475,939 | ) | |||||||
| Net realized and unrealized gain (loss) |
(26,264,715 | ) | 7,098,381 | (329,877 | ) | |||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (23,445,561 | ) | $ | 9,538,091 | $ | 311,449 | |||||
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2020
| Opportunistic Fixed Income Fund |
Growth Allocation Fund |
Conservative Allocation Fund |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend income |
$ | — | $ | 16,937,667 | $ | 10,684,221 | ||||||
| Interest income (net of withholding tax of $34,741, $0, and $0, respectively) |
2,757,139 | 170,886 | 74,266 | |||||||||
| Total investment income |
2,757,139 | 17,108,553 | 10,758,487 | |||||||||
| EXPENSES: |
||||||||||||
| Investment advisory fees |
354,193 | 2,129,525 | 905,971 | |||||||||
| Distribution (12b-1) fees – Service Shares |
125,527 | 2,115,831 | 900,361 | |||||||||
| Administrative service fees – Service Shares |
124,560 | 2,114,984 | 900,031 | |||||||||
| Shareholder servicing fees – Service Shares |
39,039 | 829,406 | 352,942 | |||||||||
| Administration fees |
24,926 | 329,461 | 144,595 | |||||||||
| Reports to shareholders |
10,438 | 146,465 | 65,496 | |||||||||
| Legal fees |
18,595 | 164,513 | 70,239 | |||||||||
| Fund accounting fees |
67,685 | 91,660 | 41,330 | |||||||||
| Trustee fees and expenses |
6,424 | 98,554 | 42,733 | |||||||||
| Federal and state registration fees |
33,455 | 50,772 | 41,637 | |||||||||
| Custody fees |
101,983 | 82,932 | 62,254 | |||||||||
| Audit and tax fees |
33,321 | 15,500 | 15,006 | |||||||||
| Transfer agent fees and expenses |
7,226 | 34,696 | 17,843 | |||||||||
| Compliance fees |
1,784 | 29,323 | 12,500 | |||||||||
| Insurance fees |
1,373 | 19,764 | 8,783 | |||||||||
| Miscellaneous expenses |
1,743 | 3,732 | 2,870 | |||||||||
| Interest expenses |
442 | 18,519 | 10,859 | |||||||||
| Total expenses |
952,714 | 8,275,637 | 3,595,450 | |||||||||
| Net expense reimbursement by Advisor (See Note 4) |
(170,317 | ) | — | (774,816 | ) | |||||||
| Less securities lending credit (See Note 7) |
— | (462,568 | ) | (283,442 | ) | |||||||
| Net expenses |
782,397 | 7,813,069 | 2,537,192 | |||||||||
| Net investment income |
1,974,742 | 9,295,484 | 8,221,295 | |||||||||
| NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investments |
(1,445,194 | ) | (7,771,359 | ) | 2,283,426 | |||||||
| Net long-term capital gain distributions received |
— | 10,727,266 | 1,328,416 | |||||||||
| Foreign currencies |
(9,791 | ) | — | — | ||||||||
| Forward currency exchange contracts |
735,492 | — | — | |||||||||
| Swaps |
(3,144,948 | ) | — | — | ||||||||
| Written options |
17 | — | — | |||||||||
| Total |
(3,864,424 | ) | 2,955,907 | 3,611,842 | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
(1,480,559 | ) | (106,645,627 | ) | (24,189,025 | ) | ||||||
| Foreign currencies |
(73,545 | ) | — | — | ||||||||
| Forward currency contracts |
645,810 | — | — | |||||||||
| Swaps |
1,038,638 | — | — | |||||||||
| Total |
130,344 | (106,645,627 | ) | (24,189,025 | ) | |||||||
| Net realized and unrealized loss |
(3,734,080 | ) | (103,689,720 | ) | (20,577,183 | ) | ||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (1,759,338 | ) | $ | (94,394,236 | ) | $ | (12,355,888 | ) | |||
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2020
| Tactical Allocation Fund |
Absolute Return Allocation Fund |
Multi-Asset Income Allocation Fund |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend income |
$ | 5,789,516 | $ | 10,040,351 | $ | 5,540,147 | ||||||
| Dividends from affiliate investments |
— | 440,763 | — | |||||||||
| Interest income |
105,668 | 63,730 | 28,183 | |||||||||
| Total investment income |
5,895,184 | 10,544,844 | 5,568,330 | |||||||||
| EXPENSES: |
||||||||||||
| Investment advisory fees |
1,291,869 | 1,109,240 | 473,303 | |||||||||
| Distribution (12b-1) fees – Service Shares |
918,512 | 790,540 | 338,074 | |||||||||
| Administrative service fees – Service Shares |
918,113 | 790,303 | 337,960 | |||||||||
| Shareholder servicing fees – Service Shares |
352,709 | 311,486 | 131,173 | |||||||||
| Administration fees |
153,822 | 116,614 | 54,129 | |||||||||
| Reports to shareholders |
97,699 | 48,918 | 19,017 | |||||||||
| Legal fees |
97,915 | 59,452 | 23,515 | |||||||||
| Fund accounting fees |
41,107 | 35,470 | 13,386 | |||||||||
| Trustee fees and expenses |
44,105 | 39,783 | 16,219 | |||||||||
| Federal and state registration fees |
42,620 | 52,130 | 35,149 | |||||||||
| Custody fees |
36,080 | 47,829 | 35,131 | |||||||||
| Audit and tax fees |
15,006 | 15,006 | 15,006 | |||||||||
| Transfer agent fees and expenses |
18,089 | 15,684 | 7,204 | |||||||||
| Compliance fees |
12,734 | 10,890 | 4,692 | |||||||||
| Insurance fees |
8,388 | 8,449 | 3,263 | |||||||||
| Miscellaneous expenses |
2,919 | 2,829 | 2,497 | |||||||||
| Interest expenses |
— | 19,734 | 1,512 | |||||||||
| Total expenses |
4,051,687 | 3,474,357 | 1,511,230 | |||||||||
| Net expense reimbursement by Advisor (See Note 4) |
— | (845,563 | ) | — | ||||||||
| Less securities lending credit (See Note 7) |
(160,742 | ) | (64,226 | ) | (284,021 | ) | ||||||
| Net expenses |
3,890,945 | 2,564,568 | 1,227,209 | |||||||||
| Net investment income |
2,004,239 | 7,980,276 | 4,341,121 | |||||||||
| NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investments |
27,802,208 | 415,549 | (11,029,406 | ) | ||||||||
| Investments in affiliates |
— | (781,425 | ) | — | ||||||||
| Net long-term capital gain distributions received |
— | 187,758 | 181,131 | |||||||||
| Total |
27,802,208 | (178,118 | ) | (10,848,275 | ) | |||||||
| Net change in unrealized depreciation on: |
||||||||||||
| Investments |
(47,253,237 | ) | (5,935,284 | ) | (9,697,818 | ) | ||||||
| Investments in affiliates |
— | (1,977,593 | ) | — | ||||||||
| Total |
(47,253,237 | ) | (7,912,877 | ) | (9,697,818 | ) | ||||||
| Net realized and unrealized loss |
(19,451,029 | ) | (8,090,995 | ) | (20,546,093 | ) | ||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (17,446,790 | ) | $ | (110,719 | ) | $ | (16,204,972 | ) | |||
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2020
| Flexible Income Allocation Fund |
Managed1 Futures Strategy Fund |
|||||||
| INVESTMENT INCOME: |
||||||||
| Dividend income |
$ | 3,472,562 | $ | — | ||||
| Interest income |
17,906 | 3,874,204 | ||||||
| Total investment income |
3,490,468 | 3,874,204 | ||||||
| EXPENSES: |
||||||||
| Investment advisory fees |
204,971 | 2,007,700 | ||||||
| Distribution (12b-1) fees – Service Shares |
204,891 | 475,188 | ||||||
| Administrative service fees – Service Shares |
204,866 | 474,999 | ||||||
| Shareholder servicing fees – Service Shares |
80,135 | 185,656 | ||||||
| Administration fees |
32,497 | 76,206 | ||||||
| Reports to shareholders |
18,653 | 46,014 | ||||||
| Legal fees |
13,265 | 69,454 | ||||||
| Fund accounting fees |
10,259 | 40,886 | ||||||
| Trustee fees and expenses |
8,568 | 26,417 | ||||||
| Federal and state registration fees |
42,168 | 43,812 | ||||||
| Custody fees |
13,709 | 22,056 | ||||||
| Audit and tax fees |
14,975 | 31,507 | ||||||
| Transfer agent fees and expenses |
8,278 | 11,741 | ||||||
| Compliance fees |
2,060 | 6,654 | ||||||
| Insurance fees |
1,250 | 4,055 | ||||||
| Miscellaneous expenses |
2,467 | 2,524 | ||||||
| Interest expenses |
5,038 | — | ||||||
| Total expenses |
868,050 | 3,524,869 | ||||||
| Net expense recapture (reimbursement) by Advisor (See Note 4) |
(205,707 | ) | 101,307 | |||||
| Less securities lending credit (See Note 7) |
(53,202 | ) | — | |||||
| Net expenses |
609,141 | 3,626,176 | ||||||
| Net investment income |
2,881,327 | 248,028 | ||||||
| NET REALIZED AND UNREALIZED (GAIN) LOSS ON INVESTMENTS: |
||||||||
| Net realized gain (loss) on: |
||||||||
| Investments |
(1,482,272 | ) | 3,206 | |||||
| Foreign currency translation |
— | (227,811 | ) | |||||
| Forward currency contracts |
— | (1,441,599 | ) | |||||
| Futures contracts |
— | 17,650,522 | ||||||
| Total |
(1,482,272 | ) | 15,984,318 | |||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments |
(921,236 | ) | (64,710 | ) | ||||
| Foreign currencies |
— | (6,749 | ) | |||||
| Forward currency contracts |
— | 1,572,695 | ||||||
| Futures contracts |
— | 1,328,783 | ||||||
| Total |
(921,236 | ) | 2,830,019 | |||||
| Net realized and unrealized gain (loss) |
(2,403,508 | ) | 18,814,337 | |||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 477,819 | $ | 19,062,365 | ||||
| 1Consolidated Statement of Operations for the period (see note 3b). |
||||||||
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2020
| Conservative Income Fund |
Income Fund |
Growth
& Income Fund |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend income |
$ | 71,533 | $ | 732,683 | $ | 517,262 | ||||||
| Interest income |
38,558 | 8,374 | 129,982 | |||||||||
| Total investment income |
110,091 | 741,057 | 647,244 | |||||||||
| EXPENSES: |
||||||||||||
| Investment advisory fees |
16,024 | 93,259 | 108,834 | |||||||||
| Administrative service fees – Service Shares |
11,446 | 51,810 | 60,464 | |||||||||
| Administration fees |
1,227 | 7,668 | 9,286 | |||||||||
| Reports to shareholders |
853 | 5,312 | 6,567 | |||||||||
| Legal fees |
4,278 | 5,999 | 7,880 | |||||||||
| Fund accounting fees |
725 | 1,640 | 5,112 | |||||||||
| Trustee fees and expenses |
102 | 2,500 | 2,315 | |||||||||
| Federal and state registration fees |
34,800 | 40,329 | 46,150 | |||||||||
| Custody fees |
1,995 | 5,171 | 37,706 | |||||||||
| Audit and tax fees |
14,986 | 15,040 | 21,738 | |||||||||
| Transfer agent fees and expenses |
4,982 | 5,305 | 5,305 | |||||||||
| Compliance fees |
61 | 1,319 | 948 | |||||||||
| Insurance fees |
31 | 183 | 275 | |||||||||
| Miscellaneous expenses |
7,605 | 6,722 | 7,620 | |||||||||
| Offering costs |
2,795 | 2,763 | 2,823 | |||||||||
| Total expenses |
101,910 | 245,020 | 323,023 | |||||||||
| Net expense reimbursement by Advisor (See Note 4) |
(70,018 | ) | (72,623 | ) | (123,978 | ) | ||||||
| Less securities lending credit (See Note 7) |
(2,996 | ) | (9,774 | ) | (6,482 | ) | ||||||
| Net expenses |
28,896 | 162,623 | 192,563 | |||||||||
| Net investment income |
81,195 | 578,434 | 454,681 | |||||||||
| NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investments |
(99,937 | ) | (1,891,187 | ) | (1,903,942 | ) | ||||||
| Written options |
— | — | (1,255,245 | ) | ||||||||
| Futures contracts |
— | — | 947,434 | |||||||||
| Total |
(99,937 | ) | (1,891,187 | ) | (2,211,753 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
23,476 | 1,035,114 | (2,524,863 | ) | ||||||||
| Written options |
— | — | 79,563 | |||||||||
| Futures contracts |
— | — | (39,567 | ) | ||||||||
| Total |
23,476 | 1,035,114 | (2,484,867 | ) | ||||||||
| Net realized and unrealized loss |
(76,461 | ) | (856,073 | ) | (4,696,620 | ) | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 4,734 | $ | (277,639 | ) | $ | (4,241,939 | ) | ||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 2,330,571 | $ | 1,238,778 | $ | 1,084,599 | $ | 676,170 | ||||||||
| Net realized gain (loss) on investment transactions |
(8,017,009 | ) | 4,916,153 | (619,470 | ) | 4,609,679 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(46,491,017 | ) | 16,368,259 | (14,995,269 | ) | (16,801,329 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations |
(52,177,455 | ) | 22,523,190 | (14,530,140 | ) | $ | (11,515,480 | ) | ||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
513,901 | 337,214 | — | — | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
14,706 | 8,622 | 238 | 1,287 | ||||||||||||
| Shares redeemed |
(450,346 | ) | (663,169 | ) | — | — | ||||||||||
| Net increase (decrease) |
78,261 | (317,333 | ) | 238 | 1,287 | |||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
206,658,674 | 140,537,107 | 16,935,060 | 26,674,640 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
4,566,189 | 5,619,505 | 1,489,138 | 11,273,295 | ||||||||||||
| Shares redeemed |
(160,145,611 | ) | (136,967,206 | ) | (23,876,328 | ) | (39,125,475 | ) | ||||||||
| Net increase (decrease) |
51,079,252 | 9,189,406 | (5,452,130 | ) | (1,177,540 | ) | ||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
(14,706 | ) | (8,622 | ) | (238 | ) | (1,287 | ) | ||||||||
| Net dividends and distributions – Service Shares |
(4,570,769 | ) | (5,619,505 | ) | (1,489,316 | ) | (11,274,112 | ) | ||||||||
| Total dividends and distributions |
(4,585,475 | ) | (5,628,127 | ) | (1,489,554 | ) | (11,275,399 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
(5,605,417 | ) | 25,767,136 | (21,471,586 | ) | (23,967,132 | ) | |||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
333,038,185 | 307,271,049 | 85,633,534 | 109,600,666 | ||||||||||||
| End of year |
$ | 327,432,768 | $ | 333,038,185 | $ | 64,161,948 | $ | 85,633,534 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
27,051 | 18,355 | — | — | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
706 | 528 | 18 | 111 | ||||||||||||
| Shares redeemed |
(27,255 | ) | (36,278 | ) | — | — | ||||||||||
| Net increase (decrease) |
502 | (17,395 | ) | 18 | 111 | |||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
11,192,862 | 7,781,714 | 1,387,936 | 1,877,763 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
222,134 | 348,172 | 106,238 | 941,639 | ||||||||||||
| Shares redeemed |
(9,185,190 | ) | (7,569,017 | ) | (1,842,829 | ) | (2,792,358 | ) | ||||||||
| Net increase (decrease) |
2,229,806 | 560,869 | (348,655 | ) | 27,044 | |||||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income (loss) |
$ | (33,242 | ) | $ | (84,202 | ) | $ | 2,819,154 | $ | 2,637,904 | ||||||
| Net realized gain (loss) on investment transactions |
456,752 | 2,356,959 | (3,404,293 | ) | (1,632,955 | ) | ||||||||||
| Net change in unrealized depreciation on investments |
(15,970,798 | ) | (627,519 | ) | (22,860,422 | ) | (12,195,387 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations |
(15,547,288 | ) | 1,645,238 | (23,445,561 | ) | (11,190,438 | ) | |||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
— | — | 42,416 | 345,156 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
— | — | 2,574 | 6,418 | ||||||||||||
| Shares redeemed |
— | — | (470,575 | ) | (599,096 | ) | ||||||||||
| Net decrease |
— | — | (425,585 | ) | (247,522 | ) | ||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
24,717,091 | 24,981,442 | 44,121,495 | 115,295,717 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
986,422 | 3,364,649 | 2,534,791 | 2,691,522 | ||||||||||||
| Shares redeemed |
(20,170,137 | ) | (17,193,095 | ) | (126,573,250 | ) | (99,754,051 | ) | ||||||||
| Net increase (decrease) |
5,533,376 | 11,152,996 | (79,916,964 | ) | 18,233,188 | |||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
— | — | (2,574 | ) | (6,418 | ) | ||||||||||
| Net dividends and distributions – Service Shares |
(986,422 | ) | (3,364,649 | ) | (2,539,718 | ) | (2,691,525 | ) | ||||||||
| Total dividends and distributions |
(986,422 | ) | (3,364,649 | ) | (2,542,292 | ) | (2,697,943 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
(11,000,334 | ) | 9,433,585 | (106,330,402 | ) | 4,097,285 | ||||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
63,904,945 | 54,471,360 | 216,969,799 | 212,872,514 | ||||||||||||
| End of year |
$ | 52,904,611 | $ | 63,904,945 | $ | 110,639,397 | $ | 216,969,799 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
— | — | 4,693 | 37,506 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
— | — | 263 | 779 | ||||||||||||
| Shares redeemed |
— | — | (53,285 | ) | (63,890 | ) | ||||||||||
| Net decrease |
— | — | (48,329 | ) | (25,605 | ) | ||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
1,868,502 | 1,662,151 | 5,127,561 | 12,866,777 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
64,012 | 266,782 | 267,439 | 335,267 | ||||||||||||
| Shares redeemed |
(1,460,604 | ) | (1,140,342 | ) | (14,696,494 | ) | (11,064,674 | ) | ||||||||
| Net increase (decrease) |
471,910 | 788,591 | (9,301,494 | ) | 2,137,370 | |||||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 2,439,710 | $ | 2,583,539 | $ | 641,326 | $ | 793,461 | ||||||||
| Net realized gain (loss) on investment transactions |
2,684,610 | (687,471 | ) | 146,062 | 102,373 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
4,413,771 | 2,581,293 | (475,939 | ) | 24,362 | |||||||||||
| Net increase in net assets resulting from operations |
9,538,091 | 4,477,361 | 311,449 | 920,196 | ||||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
48,416,876 | 36,418,311 | 4,543,444 | 3,618,363 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
1,893,151 | 2,660,730 | 690,936 | 838,420 | ||||||||||||
| Shares redeemed |
(55,360,113 | ) | (42,358,472 | ) | (7,702,675 | ) | (7,057,036 | ) | ||||||||
| Net decrease |
(5,050,086 | ) | (3,279,431 | ) | (2,468,295 | ) | (2,600,253 | ) | ||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Service Shares |
(1,893,282 | ) | (2,660,751 | ) | (690,999 | ) | (838,525 | ) | ||||||||
| Total dividends and distributions |
(1,893,282 | ) | (2,660,751 | ) | (690,999 | ) | (838,525 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
2,594,723 | (1,462,821 | ) | (2,847,845 | ) | (2,518,582 | ) | |||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
132,792,238 | 134,255,059 | 25,310,450 | 27,829,032 | ||||||||||||
| End of year |
$ | 135,386,961 | $ | 132,792,238 | $ | 22,462,605 | $ | 25,310,450 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
5,049,690 | 4,021,625 | 398,701 | 324,917 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
197,922 | 295,202 | 62,474 | 75,664 | ||||||||||||
| Shares redeemed |
(5,756,218 | ) | (4,685,544 | ) | (680,541 | ) | (636,054 | ) | ||||||||
| Net decrease |
(508,606 | ) | (368,717 | ) | (219,366 | ) | (235,473 | ) | ||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 1,974,742 | $ | 2,316,307 | $ | 9,295,484 | $ | 9,938,880 | ||||||||
| Net realized gain (loss) on investment transactions |
(3,864,424 | ) | 925,581 | 2,955,907 | (14,368,511 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
130,344 | (2,915,482 | ) | (106,645,627 | ) | 7,074,045 | ||||||||||
| Net increase (decrease) in net assets resulting from operations |
(1,759,338 | ) | 326,406 | (94,394,236 | ) | 2,644,414 | ||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
185,093 | 132,965 | 1,182,389 | 1,657,646 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
19,564 | 23,753 | 92,823 | 108,463 | ||||||||||||
| Shares redeemed |
(97,605 | ) | (120,924 | ) | (1,738,209 | ) | (2,871,708 | ) | ||||||||
| Net increase (decrease) |
107,052 | 35,794 | (462,997 | ) | (1,105,599 | ) | ||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
18,324,155 | 16,506,716 | 359,009,853 | 416,955,507 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
2,221,909 | 3,092,832 | 10,362,363 | 9,525,359 | ||||||||||||
| Shares redeemed |
(27,130,492 | ) | (20,519,156 | ) | (313,472,188 | ) | (243,196,676 | ) | ||||||||
| Net increase (decrease) |
(6,584,428 | ) | (919,608 | ) | 55,900,028 | 183,284,190 | ||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
(19,564 | ) | (23,753 | ) | (92,823 | ) | (108,463 | ) | ||||||||
| Net dividends and distributions – Service Shares |
(2,221,909 | ) | (3,092,832 | ) | (10,362,363 | ) | (9,525,359 | ) | ||||||||
| Total dividends and distributions |
(2,241,473 | ) | (3,116,585 | ) | (10,455,186 | ) | (9,633,822 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
(10,478,187 | ) | (3,673,993 | ) | (49,412,391 | ) | 175,189,183 | |||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
51,234,888 | 54,908,881 | 793,764,999 | 618,575,816 | ||||||||||||
| End of year |
$ | 40,756,701 | $ | 51,234,888 | $ | 744,352,608 | $ | 793,764,999 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
22,959 | 15,240 | 103,712 | 144,194 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
2,380 | 2,849 | 7,252 | 10,884 | ||||||||||||
| Shares redeemed |
(11,690 | ) | (13,830 | ) | (148,558 | ) | (259,582 | ) | ||||||||
| Net increase (decrease) |
13,649 | 4,259 | (37,594 | ) | (104,504 | ) | ||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
2,199,049 | 1,893,945 | 31,144,526 | 36,483,081 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
270,885 | 371,466 | 814,523 | 960,605 | ||||||||||||
| Shares redeemed |
(3,288,647 | ) | (2,365,797 | ) | (27,109,951 | ) | (22,161,406 | ) | ||||||||
| Net increase (decrease) |
(818,713 | ) | (100,386 | ) | 4,849,098 | 15,282,280 | ||||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 8,221,295 | $ | 6,219,789 | $ | 2,004,239 | $ | 2,107,088 | ||||||||
| Net realized gain (loss) on investment transactions |
3,611,842 | (7,899,790 | ) | 27,802,208 | 3,032,399 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(24,189,025 | ) | 9,575,254 | (47,253,237 | ) | 8,881,098 | ||||||||||
| Net increase (decrease) in net assets resulting from operations |
(12,355,888 | ) | 7,895,253 | (17,446,790 | ) | 14,020,585 | ||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
413,237 | 724,953 | 479,802 | 375,423 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
58,660 | 56,379 | 87,971 | 77,209 | ||||||||||||
| Shares redeemed |
(933,549 | ) | (1,670,585 | ) | (357,458 | ) | (633,920 | ) | ||||||||
| Net increase (decrease) |
(461,652 | ) | (889,253 | ) | 210,315 | (181,288 | ) | |||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
156,817,005 | 193,251,954 | 107,782,906 | 135,164,865 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
8,068,043 | 5,591,803 | 16,363,574 | 13,580,588 | ||||||||||||
| Shares redeemed |
(166,691,144 | ) | (132,023,074 | ) | (109,051,599 | ) | (78,722,126 | ) | ||||||||
| Net increase (decrease) |
(1,806,096 | ) | 66,820,683 | 15,094,881 | 70,023,327 | |||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
(58,660 | ) | (56,380 | ) | (87,971 | ) | (77,548 | ) | ||||||||
| Net dividends and distributions – Service Shares |
(8,068,043 | ) | (5,591,804 | ) | (16,363,574 | ) | (13,580,587 | ) | ||||||||
| Total dividends and distributions |
(8,126,703 | ) | (5,648,184 | ) | (16,451,545 | ) | (13,658,135 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
(22,750,339 | ) | 68,178,499 | (18,593,139 | ) | 70,204,489 | ||||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
339,399,372 | 271,220,873 | 343,345,696 | 273,141,207 | ||||||||||||
| End of year |
$ | 316,649,033 | $ | 339,399,372 | $ | 324,752,557 | $ | 343,345,696 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
40,748 | 75,790 | 42,127 | 33,527 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
5,696 | 6,347 | 7,518 | 7,919 | ||||||||||||
| Shares redeemed |
(94,702 | ) | (177,029 | ) | (32,029 | ) | (57,572 | ) | ||||||||
| Net increase (decrease) |
(48,258 | ) | (94,892 | ) | 17,616 | (16,126 | ) | |||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
15,754,381 | 20,378,228 | 9,631,859 | 12,091,785 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
787,818 | 632,414 | 1,404,719 | 1,396,030 | ||||||||||||
| Shares redeemed |
(17,129,739 | ) | (14,227,224 | ) | (9,893,741 | ) | (7,070,209 | ) | ||||||||
| Net increase (decrease) |
(587,540 | ) | 6,783,418 | 1,142,837 | 6,417,606 | |||||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 7,980,276 | $ | 9,166,581 | $ | 4,341,121 | $ | 4,225,503 | ||||||||
| Net realized loss on investment transactions |
(178,118 | ) | (7,243,675 | ) | (10,848,275 | ) | (1,773,110 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(7,912,877 | ) | 8,491,240 | (9,697,818 | ) | 2,071,922 | ||||||||||
| Net increase (decrease) in net assets resulting from operations |
(110,719 | ) | 10,414,146 | (16,204,972 | ) | 4,524,315 | ||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
598,666 | 1,170,515 | — | — | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
22,693 | 39,085 | — | — | ||||||||||||
| Shares redeemed |
(148,461 | ) | (1,882,202 | ) | — | — | ||||||||||
| Net increase (decrease) |
472,898 | (672,602 | ) | — | — | |||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
222,565,439 | 234,362,254 | 51,742,493 | 61,005,347 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
8,291,027 | 8,665,826 | 3,921,757 | 4,391,358 | ||||||||||||
| Shares redeemed |
(144,128,580 | ) | (199,124,001 | ) | (55,752,860 | ) | (52,361,185 | ) | ||||||||
| Net increase (decrease) |
86,727,886 | 43,904,079 | (88,610 | ) | 13,035,520 | |||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
(22,693 | ) | (39,362 | ) | — | — | ||||||||||
| Net dividends and distributions – Service Shares |
(8,291,027 | ) | (8,665,825 | ) | (3,921,757 | ) | (4,391,358 | ) | ||||||||
| Total dividends and distributions |
(8,313,720 | ) | (8,705,187 | ) | (3,921,757 | ) | (4,391,358 | ) | ||||||||
| INCREASE (DECREASE) IN NET ASSETS |
78,776,345 | 44,940,436 | (20,215,339 | ) | 13,168,477 | |||||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
313,534,543 | 268,594,107 | 132,260,092 | 119,091,615 | ||||||||||||
| End of year |
$ | 392,310,888 | $ | 313,534,543 | $ | 112,044,753 | $ | 132,260,092 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
60,832 | 113,305 | — | — | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
2,165 | 3,920 | — | — | ||||||||||||
| Shares redeemed |
(13,904 | ) | (183,031 | ) | — | — | ||||||||||
| Net increase (decrease) |
49,093 | (65,806 | ) | — | — | |||||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
21,905,893 | 22,748,702 | 4,878,457 | 5,782,369 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
789,546 | 867,537 | 363,964 | 427,132 | ||||||||||||
| Shares redeemed |
(13,692,059 | ) | (19,363,624 | ) | (5,275,946 | ) | (5,041,791 | ) | ||||||||
| Net increase (decrease) |
9,003,380 | 4,252,615 | (33,525 | ) | 1,167,710 | |||||||||||
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, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 2,881,327 | $ | 1,939,884 | $ | 248,028 | $ | 726,192 | ||||||||
| Net realized gain (loss) on investment transactions |
(1,482,272 | ) | (1,770,670 | ) | 15,984,318 | (15,738,545 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(921,236 | ) | 934,092 | 2,830,019 | 6,159,345 | |||||||||||
| Net increase (decrease) in net assets resulting from operations |
477,819 | 1,103,306 | 19,062,365 | (8,853,008 | ) | |||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
15,036 | 9,093 | 1,103,093 | 1,442,410 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
1,248 | 3,453 | 47,540 | — | ||||||||||||
| Shares redeemed |
(7,977 | ) | (209,840 | ) | (962,837 | ) | (1,630,704 | ) | ||||||||
| Net increase (decrease) |
8,307 | (197,294 | ) | 187,796 | (188,294 | ) | ||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
73,398,511 | 30,258,355 | 226,293,387 | 238,690,777 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
2,892,886 | 2,012,768 | 7,130,028 | — | ||||||||||||
| Shares redeemed |
(35,100,214 | ) | (26,864,526 | ) | (179,766,240 | ) | (194,867,711 | ) | ||||||||
| Net increase |
41,191,184 | 5,406,597 | 53,657,175 | 43,823,066 | ||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions – Institutional Shares |
(1,248 | ) | (3,453 | ) | (47,540 | ) | — | |||||||||
| Net dividends and distributions – Service Shares |
(2,892,886 | ) | (2,012,768 | ) | (7,130,028 | ) | — | |||||||||
| Total dividends and distributions |
(2,894,134 | ) | (2,016,221 | ) | (7,177,568 | ) | — | |||||||||
| INCREASE IN NET ASSETS |
38,783,176 | 4,296,388 | 65,729,768 | 34,781,764 | ||||||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
59,767,357 | 55,470,969 | 157,359,060 | 122,577,296 | ||||||||||||
| End of year |
$ | 98,550,533 | $ | 59,767,357 | $ | 223,088,828 | $ | 157,359,060 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
1,554 | 956 | 124,742 | 184,502 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
133 | 365 | 5,744 | — | ||||||||||||
| Shares redeemed |
(830 | ) | (21,972 | ) | (111,224 | ) | (205,481 | ) | ||||||||
| Net increase (decrease) |
857 | (20,651 | ) | 19,262 | (20,979 | ) | ||||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
7,620,555 | 3,205,358 | 26,297,941 | 30,855,930 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
309,366 | 214,060 | 876,571 | — | ||||||||||||
| Shares redeemed |
(3,718,790 | ) | (2,841,102 | ) | (21,281,209 | ) | (25,285,394 | ) | ||||||||
| Net increase |
4,211,131 | 578,316 | 5,893,303 | 5,570,536 | ||||||||||||
| 1 Consolidated Statements of Changes in Net Assets (see note 3b). |
||||||||||||||||
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| Conservative Income Fund |
Income Fund |
|||||||||||||||
| Year Ended March 31, 2020 |
April 30, 20181 Through March 31, 2019 |
Year Ended March 31, 2020 |
April 30, 20181 Through March 31, 2019 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Net investment income |
$ | 81,195 | $ | 2,172 | $ | 578,434 | $ | 3,295 | ||||||||
| Net realized gain (loss) on investment transactions |
(99,937 | ) | (468 | ) | (1,891,187 | ) | 9,932 | |||||||||
| Net change in unrealized appreciation on investments |
23,476 | 1,096 | 1,035,114 | 43,889 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations |
4,734 | 2,800 | (277,639 | ) | 57,116 | |||||||||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||
| Shares sold |
9,021,060 | 1,046,413 | 31,868,029 | 5,811,520 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
81,578 | 1,400 | 589,863 | 3,522 | ||||||||||||
| Shares redeemed |
(3,274,503 | ) | (75,686 | ) | (2,715,144 | ) | (2,249,008 | ) | ||||||||
| Net increase |
5,828,135 | 972,127 | 29,742,748 | 3,566,034 | ||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
| Net dividends and distributions |
(81,578 | ) | (1,400 | ) | (589,863 | ) | (3,522 | ) | ||||||||
| Total dividends and distributions |
(81,578 | ) | (1,400 | ) | (589,863 | ) | (3,522 | ) | ||||||||
| INCREASE IN NET ASSETS |
5,751,291 | 973,527 | 28,875,246 | 3,619,628 | ||||||||||||
| NET ASSETS: |
||||||||||||||||
| Beginning of year |
973,527 | — | 3,619,628 | — | ||||||||||||
| End of year |
$ | 6,724,818 | $ | 973,527 | $ | 32,494,874 | $ | 3,619,628 | ||||||||
| CHANGES IN SHARES OUTSTANDING |
||||||||||||||||
| Shares sold |
900,671 | 104,932 | 3,142,291 | 593,250 | ||||||||||||
| Shares issued to holders in reinvestment of dividends |
8,153 | 140 | 58,174 | 358 | ||||||||||||
| Shares redeemed |
(326,952 | ) | (7,597 | ) | (269,703 | ) | (227,678 | ) | ||||||||
| Net increase |
581,872 | 97,475 | 2,930,762 | 365,930 | ||||||||||||
| 1 | Commencement of Operations. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| Growth & Income Fund |
||||||||
| Year Ended March 31, 2020 |
April 30, 20181 Through March 31, 2019 |
|||||||
| OPERATIONS: |
||||||||
| Net investment income |
$ | 454,681 | $ | 7,702 | ||||
| Net realized loss on investment transactions |
(2,211,753 | ) | (2,711 | ) | ||||
| Net change in unrealized appreciation (depreciation) on investments |
(2,484,867 | ) | 21,917 | |||||
| Net increase (decrease) in net assets resulting from operations |
(4,241,939 | ) | 26,908 | |||||
| CAPITAL SHARE TRANSACTIONS: |
||||||||
| Shares sold |
36,359,310 | 4,494,615 | ||||||
| Shares issued to holders in reinvestment of dividends |
394,397 | 5,095 | ||||||
| Shares redeemed |
(2,708,772 | ) | (2,463 | ) | ||||
| Net increase |
34,044,935 | 4,497,247 | ||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||
| Net dividends and distributions |
(394,397 | ) | (5,095 | ) | ||||
| Total dividends and distributions |
(394,397 | ) | (5,095 | ) | ||||
| INCREASE IN NET ASSETS |
29,408,599 | 4,519,060 | ||||||
| NET ASSETS: |
||||||||
| Beginning of year |
4,519,060 | — | ||||||
| End of year |
$ | 33,927,659 | $ | 4,519,060 | ||||
| CHANGES IN SHARES OUTSTANDING |
||||||||
| Shares sold |
3,673,636 | 462,166 | ||||||
| Shares issued to holders in reinvestment of dividends |
39,418 | 523 | ||||||
| Shares redeemed |
(283,441 | ) | (253 | ) | ||||
| Net increase |
3,429,613 | 462,436 | ||||||
| 1 | Commencement of Operations. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Large Cap Core Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$18.650 | $17.755 | $16.140 | $14.85 | $15.29 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.234 | 0.175 | 0.157 | 0.20 | 0.13 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(2.234 | ) | 1.194 | 2.280 | 1.62 | (0.06 | )2 | |||||||||||||
| Total from investment operations |
(2.000 | ) | 1.369 | 2.437 | 1.82 | 0.07 | ||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.116 | ) | (0.191 | ) | (0.163 | ) | (0.19 | ) | (0.11 | ) | ||||||||||
| Dividends from net realized gains |
(0.186 | ) | (0.283 | ) | (0.659 | ) | (0.34 | ) | (0.40 | ) | ||||||||||
| Total distributions |
(0.302 | ) | (0.474 | ) | (0.822 | ) | (0.53 | ) | (0.51 | ) | ||||||||||
| Net asset value, end of year |
$16.348 | $18.650 | $17.755 | $16.14 | $14.85 | |||||||||||||||
| Total return |
(11.07)% | 8.09% | 15.10% | 12.46% | 0.47% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$479,829 | $538,016 | $821,049 | $42,855,994 | $31,353,268 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.59% | 0.63% | 0.65% | 0.66% | 0.80% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.56% | 0.60% | 0.60% | 0.59% | 0.76% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.59% | 0.63% | 0.65% | 0.66% | 0.80% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.56% | 0.60% | 0.60% | 0.59% | 0.76% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.16% | 0.91% | 0.91% | 1.23% | 0.79% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.19% | 0.94% | 0.96% | 1.30% | 0.83% | |||||||||||||||
| Portfolio turnover rate |
28.54% | 45.31% | 55.07% | 90.46% | 115.67% | |||||||||||||||
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 | 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
| Large Cap Core Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$18.401 | $17.503 | $15.930 | $14.68 | $15.14 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.114 | 0.073 | 0.074 | 0.11 | 0.07 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(2.202 | ) | 1.184 | 2.241 | 1.59 | (0.08 | )2 | |||||||||||||
| Total from investment operations |
(2.088 | ) | 1.257 | 2.315 | 1.70 | (0.01 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.021 | ) | (0.076 | ) | (0.083 | ) | (0.11 | ) | (0.05 | ) | ||||||||||
| Dividends from net realized gains |
(0.186 | ) | (0.283 | ) | (0.659 | ) | (0.34 | ) | (0.40 | ) | ||||||||||
| Total distributions |
(0.207 | ) | (0.359 | ) | (0.742 | ) | (0.45 | ) | (0.45 | ) | ||||||||||
| Net asset value, end of year |
$16.106 | $18.401 | $17.503 | $15.93 | $14.68 | |||||||||||||||
| Total return |
(11.59)% | 7.47% | 14.53% | 11.74% | (0.08)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$326,952,939 | $332,500,169 | $306,450,000 | $159,857,853 | $218,788,468 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.18% | 1.22% | 1.21% | 1.23% | 1.33% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.14% | 1.19% | 1.17% | 1.16% | 1.27% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.18% | 1.22% | 1.21% | 1.23% | 1.33% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.14% | 1.19% | 1.17% | 1.16% | 1.27% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
0.55% | 0.37% | 0.40% | 0.65% | 0.41% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
0.59% | 0.40% | 0.44% | 0.72% | 0.47% | |||||||||||||||
| Portfolio turnover rate |
28.54% | 45.31% | 55.07% | 90.46% | 115.67% | |||||||||||||||
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 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Emerging Markets Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$12.851 | $16.577 | $13.460 | $11.37 | $12.46 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.244 | 0.190 | 0.254 | 0.14 | 0.16 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(2.598 | ) | (1.983 | ) | 3.049 | 2.05 | (1.03 | ) | ||||||||||||
| Total from investment operations |
(2.354 | ) | (1.793 | ) | 3.303 | 2.19 | (0.87 | ) | ||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.306 | ) | (1.263 | ) | (0.186 | ) | (0.10 | ) | (0.22 | ) | ||||||||||
| Dividends from net realized gains |
— | (0.670 | ) | — | — | — | ||||||||||||||
| Total distributions |
(0.306 | ) | (1.933 | ) | (0.186 | ) | (0.10 | ) | (0.22 | ) | ||||||||||
| Net asset value, end of year |
$10.191 | $12.851 | $16.577 | $13.46 | $11.37 | |||||||||||||||
| Total return |
(18.91)% | (9.53)% | 24.52%3 | 19.61% | (6.98)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$8,097 | $9,985 | $11,036 | $11,925,354 | $6,081,265 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.19% | 1.09% | 1.01%4 | 1.06% | 0.88% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.05% | 1.06% | 1.00%4 | 1.05% | 0.84% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.19% | 1.08% | 1.01%4 | 1.06% | 0.88% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.05% | 1.05% | 1.00%4 | 1.05% | 0.84% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.78% | 1.30% | 2.13%4 | 1.10% | 1.25% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.92% | 1.33% | 2.14%4 | 1.11% | 1.29% | |||||||||||||||
| Portfolio turnover rate |
42.60% | 47.18% | 30.97% | 60.19% | 152.82% | |||||||||||||||
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.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Emerging Markets Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$13.278 | $17.063 | $13.600 | $11.49 | $12.57 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.175 | 0.109 | 0.096 | 0.09 | 0.06 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(2.690 | ) | (2.028 | ) | 3.485 | 2.06 | (0.99 | ) | ||||||||||||
| Total from investment operations |
(2.515 | ) | (1.919 | ) | 3.581 | 2.15 | (0.93 | ) | ||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.247 | ) | (1.196 | ) | (0.118 | ) | (0.04 | ) | (0.15 | ) | ||||||||||
| Dividends from net realized gains |
— | (0.670 | ) | — | — | — | ||||||||||||||
| Total distributions |
(0.247 | ) | (1.866 | ) | (0.118 | ) | (0.04 | ) | (0.15 | ) | ||||||||||
| Net asset value, end of year |
$10.516 | $13.278 | $17.063 | $13.60 | $11.49 | |||||||||||||||
| Total return |
(19.40)% | (10.05)% | 26.37% | 18.78% | (7.38)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$64,153,851 | $85,623,549 | $109,589,630 | $106,077,974 | $118,224,652 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.79% | 1.69% | 1.58% | 1.64% | 1.52% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.65% | 1.66% | 1.57% | 1.63% | 1.48% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.79% | 1.68% | 1.58% | 1.64% | 1.52% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.65% | 1.65% | 1.57% | 1.63% | 1.48% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.20% | 0.72% | 0.61% | 0.73% | 0.44% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.34% | 0.75% | 0.62% | 0.74% | 0.48% | |||||||||||||||
| Portfolio turnover rate |
42.60% | 47.18% | 30.97% | 60.19% | 152.82% | |||||||||||||||
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.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Small/Mid Cap Core Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$14.385 | $14.908 | $17.860 | $14.96 | $17.31 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income (loss)1 |
(0.007 | ) | (0.022 | ) | (0.022 | ) | 0.04 | (0.03 | ) | |||||||||||
| Net realized and unrealized gains (losses) on investments |
(3.393 | ) | 0.348 | 2.259 | 2.91 | (1.90 | ) | |||||||||||||
| Total from investment operations |
(3.400 | ) | 0.326 | 2.237 | 2.95 | (1.93 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.016 | ) | — | (0.050 | ) | (0.05 | ) | — | ||||||||||||
| Dividends from net realized gains |
(0.204 | ) | (0.849 | ) | (5.139 | ) | — | (0.42 | ) | |||||||||||
| Total distributions |
(0.220 | ) | (0.849 | ) | (5.189 | ) | (0.05 | ) | (0.42 | ) | ||||||||||
| Net asset value, end of year |
$10.765 | $14.385 | $14.908 | $17.86 | $14.96 | |||||||||||||||
| Total return |
(24.10)% | 2.99% | 12.45% | 19.71% | (11.15)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$52,904,611 | $63,904,945 | $54,471,360 | $50,657,342 | $48,196,975 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.50% | 1.56% | 1.55% | 1.50% | 1.58% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.39% | 1.45% | 1.39% | 1.24% | 1.41% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.50% | 1.56% | 1.55% | 1.50% | 1.58% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.39% | 1.45% | 1.39% | 1.24% | 1.41% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
(0.16)% | (0.25)% | (0.29)% | 0.00% | (0.32)% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
(0.05)% | (0.14)% | (0.13)% | 0.26% | (0.15)% | |||||||||||||||
| Portfolio turnover rate |
26.54% | 39.01% | 32.87% | 42.22% | 146.02% | |||||||||||||||
| 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.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| World ex-US Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.100 | $9.759 | $8.380 | $7.74 | $8.75 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.222 | 0.194 | 0.243 | 0.15 | 0.13 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(1.610 | ) | (0.680 | ) | 1.305 | 0.65 | (0.91 | ) | ||||||||||||
| Total from investment operations |
(1.388 | ) | (0.486 | ) | 1.548 | 0.80 | (0.78 | ) | ||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.175 | ) | (0.173 | ) | (0.169 | ) | (0.16 | ) | (0.23 | ) | ||||||||||
| Total distributions |
(0.175 | ) | (0.173 | ) | (0.169 | ) | (0.16 | ) | (0.23 | ) | ||||||||||
| Net asset value, end of year |
$7.537 | $9.100 | $9.759 | $8.38 | $7.74 | |||||||||||||||
| Total return |
(15.69)% | (4.79)% | 18.49%3 | 10.48% | (9.00)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$78,232 | $534,233 | $822,817 | $75,295,608 | $52,879,582 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
0.77% | 0.80% | 0.83%4 | 0.84% | 0.95% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
0.79% | 0.79% | 0.79%4 | 0.79% | 0.90% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.77% | 0.80% | 0.83%4 | 0.84% | 0.95% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.79% | 0.79% | 0.79%4 | 0.79% | 0.90% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.43% | 2.04% | 3.01%4 | 1.83% | 1.54% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
2.41% | 2.05% | 3.05%4 | 1.88% | 1.59% | |||||||||||||||
| Portfolio turnover rate |
25.52% | 59.18% | 84.22% | 60.68% | 114.74% | |||||||||||||||
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 year August 3, 2017 through September 5, 2017 there were no Insttutional Shares of the Fund outstanding. Perfomance information provided for the Institutional Shares during that year 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 year August 3, 2017 through September 5, 2017, their annual returns would have been substantially smilar 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.
140
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| World ex-US Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$8.856 | $9.507 | $8.260 | $7.66 | $8.70 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.142 | 0.121 | 0.087 | 0.11 | 0.08 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(1.538 | ) | (0.643 | ) | 1.296 | 0.63 | (0.91 | ) | ||||||||||||
| Total from investment operations |
(1.396 | ) | (0.522 | ) | 1.383 | 0.74 | (0.83 | ) | ||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.157 | ) | (0.129 | ) | (0.136 | ) | (0.14 | ) | (0.21 | ) | ||||||||||
| Total distributions |
(0.157 | ) | (0.129 | ) | (0.136 | ) | (0.14 | ) | (0.21 | ) | ||||||||||
| Net asset value, end of year |
$7.303 | $8.856 | $9.507 | $8.26 | $7.66 | |||||||||||||||
| Total return |
(16.16)% | (5.36)% | 16.76% | 9.85% | (9.59)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$110,561,165 | $216,435,566 | $212,049,697 | $112,737,823 | $135,305,242 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.36% | 1.40% | 1.38% | 1.42% | 1.52% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.35% | 1.39% | 1.39% | 1.39% | 1.52% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.36% | 1.40% | 1.38% | 1.42% | 1.52% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.35% | 1.39% | 1.39% | 1.39% | 1.52% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.58% | 1.32% | 0.95% | 1.36% | 0.92% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.59% | 1.33% | 0.94% | 1.39% | 0.92% | |||||||||||||||
| Portfolio turnover rate |
25.52% | 59.18% | 84.22% | 60.68% | 114.74% | |||||||||||||||
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.
141
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Core Fixed Income Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.270 | $9.131 | $9.320 | $9.54 | $9.69 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.170 | 0.176 | 0.133 | 0.12 | 0.12 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.490 | 0.144 | (0.098 | ) | (0.11 | ) | (0.03 | ) | ||||||||||||
| Total from investment operations |
0.660 | 0.320 | 0.035 | 0.01 | 0.09 | |||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.108 | ) | (0.181 | ) | (0.168 | ) | (0.17 | ) | (0.13 | ) | ||||||||||
| Dividends from net realized gains |
(0.024 | ) | — | (0.056 | ) | (0.06 | ) | (0.11 | ) | |||||||||||
| Total distributions |
(0.132 | ) | (0.181 | ) | (0.224 | ) | (0.23 | ) | (0.24 | ) | ||||||||||
| Net asset value, end of year |
$9.798 | $9.270 | $9.131 | $9.32 | $9.54 | |||||||||||||||
| Total return |
7.16% | 3.57% | 0.35% | 0.02% | 1.01% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$135,386,961 | $132,792,238 | $134,255,059 | $137,358,236 | $209,252,288 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.29% | 1.34% | 1.38% | 1.36% | 1.31% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.19% | 1.19% | 1.26% | 1.29% | 1.29% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.29% | 1.34% | 1.38% | 1.36% | 1.31% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.19% | 1.19% | 1.26% | 1.29% | 1.29% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.67% | 1.80% | 1.30% | 1.14% | 1.22% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.77% | 1.95% | 1.42% | 1.21% | 1.24% | |||||||||||||||
| Portfolio turnover rate |
278.67% | 239.11% | 193.12% | 164.81% | 157.49% | |||||||||||||||
| 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
| Tax-Exempt Fixed Income Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$11.191 | $11.145 | $11.220 | $11.62 | $11.58 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.295 | 0.335 | 0.321 | 0.30 | 0.31 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.164 | ) | 0.072 | (0.074 | ) | (0.38 | ) | 0.06 | ||||||||||||
| Total from investment operations |
0.131 | 0.407 | 0.247 | (0.08 | ) | 0.37 | ||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.287 | ) | (0.347 | ) | (0.322 | ) | (0.32 | ) | (0.33 | ) | ||||||||||
| Dividends from net realized gains |
(0.036 | ) | (0.014 | ) | — | — | — | |||||||||||||
| Total distributions |
(0.323 | ) | (0.361 | ) | (0.322 | ) | (0.32 | ) | (0.33 | ) | ||||||||||
| Net asset value, end of year |
$10.999 | $11.191 | $11.145 | $11.22 | $11.62 | |||||||||||||||
| Total return |
1.16% | 3.72% | 2.28% | (0.82)% | 3.22% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$22,462,605 | $25,310,450 | $27,829,032 | $30,317,261 | $49,084,900 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.53% | 1.54% | 1.48% | 1.43% | 1.42% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense2 |
1.29% | 1.29% | 1.29% | 1.29% | 1.28% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.53% | 1.54% | 1.48% | 1.43% | 1.42% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.29% | 1.29% | 1.29% | 1.29% | 1.28% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) |
2.34% | 2.77% | 2.64% | 2.43% | 2.53% | |||||||||||||||
| After expense reimbursement (recapture) |
2.58% | 3.02% | 2.83% | 2.57% | 2.67% | |||||||||||||||
| Portfolio turnover rate |
35.73% | 34.57% | 56.73% | 14.50% | 12.47% | |||||||||||||||
| 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 |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$8.484 | $8.835 | $9.460 | $9.05 | $9.53 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.377 | 0.437 | 0.427 | 0.46 | 0.36 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.654 | ) | (0.213 | ) | (0.250 | ) | 0.30 | (0.76 | ) | |||||||||||
| Total from investment operations |
(0.277 | ) | 0.224 | 0.177 | 0.76 | (0.40 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.421 | ) | (0.575 | ) | (0.802 | ) | (0.35 | ) | (0.08 | ) | ||||||||||
| Total distributions |
(0.421 | ) | (0.575 | ) | (0.802 | ) | (0.35 | ) | (0.08 | ) | ||||||||||
| Net asset value, end of year |
$7.786 | $8.484 | $8.835 | $9.46 | $9.05 | |||||||||||||||
| Total return |
(3.30)% | 2.65% | 1.81% | 8.77% | (4.22)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$452,046 | $376,752 | $354,392 | $9,316,917 | $8,572,900 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) including interest expense2 |
1.31% | 1.33% | 1.34% | 1.21% | 1.13% | |||||||||||||||
| After expense reimbursement (recapture) including interest expense2 |
0.95% | 0.95% | 0.95% | 0.95% | 0.99% | |||||||||||||||
| Before expense reimbursement (recapture) excluding interest expense |
1.31% | 1.33% | 1.34% | 1.21% | 1.13% | |||||||||||||||
| After expense reimbursement (recapture) excluding interest expense |
0.95% | 0.95% | 0.95% | 0.95% | 0.99% | |||||||||||||||
| Ratio of net investment income to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) |
4.14% | 4.63% | 4.16% | 4.78% | 3.71% | |||||||||||||||
| After expense reimbursement (recapture) |
4.50% | 5.01% | 4.55% | 5.04% | 3.85% | |||||||||||||||
| Portfolio turnover rate |
71.24% | 24.46% | 33.85% | 33.77% | 41.12% | |||||||||||||||
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
| Opportunistic Fixed Income Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$8.458 | $8.932 | $9.560 | $9.05 | $9.55 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.326 | 0.371 | 0.391 | 0.40 | 0.30 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.652 | ) | (0.322 | ) | (0.259 | ) | 0.32 | (0.72 | ) | |||||||||||
| Total from investment operations |
(0.326 | ) | 0.049 | 0.132 | 0.72 | (0.42 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.373 | ) | (0.523 | ) | (0.760 | ) | (0.21 | ) | (0.08 | ) | ||||||||||
| Total distributions |
(0.373 | ) | (0.523 | ) | (0.760 | ) | (0.21 | ) | (0.08 | ) | ||||||||||
| Net asset value, end of year |
$7.759 | $8.458 | $8.932 | $9.56 | $9.05 | |||||||||||||||
| Total return |
(3.89)% | 0.64% | 1.29% | 8.20% | (4.44)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$40,304,655 | $50,858,136 | $54,554,489 | $57,384,791 | $78,168,300 | |||||||||||||||
| Ratio of expenses to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) including interest expense2 |
1.89% | 1.90% | 1.90% | 1.78% | 1.68% | |||||||||||||||
| After expense reimbursement (recapture) including interest expense2 |
1.55% | 1.55% | 1.55% | 1.55% | 1.55% | |||||||||||||||
| Before expense reimbursement (recapture) excluding interest expense |
1.89% | 1.90% | 1.90% | 1.78% | 1.68% | |||||||||||||||
| 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) |
3.56% | 3.91% | 3.87% | 4.17% | 3.08% | |||||||||||||||
| After expense reimbursement (recapture) |
3.90% | 4.26% | 4.22% | 4.40% | 3.21% | |||||||||||||||
| Portfolio turnover rate |
71.24% | 24.46% | 33.85% | 33.77% | 41.12% | |||||||||||||||
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.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Growth Allocation Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$11.553 | $11.534 | $11.340 | $10.46 | $11.65 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.199 | 0.227 | 0.236 | 0.19 | 0.20 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(1.407 | ) | (0.003 | )5 | 1.466 | 1.20 | (1.02 | ) | ||||||||||||
| Total from investment operations |
(1.208 | ) | 0.224 | 1.702 | 1.39 | (0.82 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.206 | ) | (0.193 | ) | (0.210 | ) | (0.20 | ) | (0.16 | ) | ||||||||||
| Dividends from net realized gains |
— | (0.012 | ) | (1.298 | ) | (0.31 | ) | (0.21 | ) | |||||||||||
| Total distributions |
(0.206 | ) | (0.205 | ) | (1.508 | ) | (0.51 | ) | (0.37 | ) | ||||||||||
| Net asset value, end of year |
$10.139 | $11.553 | $11.534 | $11.34 | $10.46 | |||||||||||||||
| Total return |
(10.82)% | 2.22% | 14.90% | 13.54% | (7.11)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$4,402,611 | $5,450,557 | $6,646,937 | $13,176,782 | $10,968,769 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.38% | 0.40% | 0.40% | 0.42% | 0.43% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.33% | 0.35% | 0.35% | 0.32% | 0.31% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.38% | 0.39% | 0.40% | 0.42% | 0.43% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.33% | 0.34% | 0.35% | 0.32% | 0.31% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.60% | 1.92% | 1.91% | 1.64% | 1.67% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.65% | 1.97% | 1.96% | 1.74% | 1.79% | |||||||||||||||
| Portfolio turnover rate |
37.80% | 53.89% | 70.47% | 42.81% | 84.98% | |||||||||||||||
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
| Growth Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$11.477 | $11.458 | $11.290 | $10.42 | $11.62 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.128 | 0.160 | 0.152 | 0.12 | 0.13 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(1.402 | ) | 0.003 | 5 | 1.467 | 1.20 | (1.02 | ) | ||||||||||||
| Total from investment operations |
(1.274 | ) | 0.163 | 1.619 | 1.32 | (0.89 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.141 | ) | (0.132 | ) | (0.153 | ) | (0.14 | ) | (0.10 | ) | ||||||||||
| Dividends from net realized gains |
— | (0.012 | ) | (1.298 | ) | (0.31 | ) | (0.21 | ) | |||||||||||
| Total distributions |
(0.141 | ) | (0.144 | ) | (1.451 | ) | (0.45 | ) | (0.31 | ) | ||||||||||
| Net asset value, end of year |
$10.062 | $11.477 | $11.458 | $11.29 | $10.42 | |||||||||||||||
| Total return |
(11.35)% | 1.61% | 14.22% | 12.91% | (7.67)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$739,949,997 | $788,314,442 | $611,928,879 | $551,141,139 | $383,423,651 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.97% | 1.00% | 1.00% | 1.01% | 1.02% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.93% | 0.95% | 0.95% | 0.92% | 0.91% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.97% | 0.99% | 0.99% | 1.01% | 1.02% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.93% | 0.94% | 0.94% | 0.92% | 0.91% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.03% | 1.35% | 1.22% | 0.99% | 1.05% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.07% | 1.40% | 1.27% | 1.08% | 1.16% | |||||||||||||||
| Portfolio turnover rate |
37.80% | 53.89% | 70.47% | 42.81% | 84.98% | |||||||||||||||
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.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Conservative Allocation Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.677 | $9.538 | $9.100 | $9.51 | $11.26 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.288 | 0.255 | 0.204 | 0.19 | 0.16 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.491 | ) | 0.104 | 0.442 | 0.35 | (0.89 | ) | |||||||||||||
| Total from investment operations |
(0.203 | ) | 0.359 | 0.646 | 0.54 | (0.73 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.270 | ) | (0.205 | ) | (0.187 | ) | — | (0.14 | ) | |||||||||||
| Dividends from net realized gains |
— | (0.015 | ) | (0.021 | ) | (0.95 | ) | (0.88 | ) | |||||||||||
| Total distributions |
(0.270 | ) | (0.220 | ) | (0.208 | ) | (0.95 | ) | (1.02 | ) | ||||||||||
| Net asset value, end of year |
$9.204 | $9.677 | $9.538 | $9.10 | $9.51 | |||||||||||||||
| Total return |
(2.41)% | 3.97% | 7.07% | 6.09% | (6.65)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$1,713,169 | $2,268,382 | $3,140,896 | $4,966,270 | $4,220,428 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.40% | 0.42% | 0.44% | 0.51% | 0.47% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.10% | 0.10% | 0.27% | 0.30% | 0.37% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.40% | 0.42% | 0.44% | 0.51% | 0.47% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.10% | 0.10% | 0.27% | 0.30% | 0.37% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.57% | 2.35% | 1.97% | 1.78% | 1.39% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
2.87% | 2.67% | 2.14% | 1.99% | 1.49% | |||||||||||||||
| Portfolio turnover rate |
58.96% | 69.19% | 30.27% | 44.43% | 130.77% | |||||||||||||||
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
| Conservative Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.617 | $9.482 | $9.060 | $9.53 | $11.29 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.226 | 0.196 | 0.143 | 0.12 | 0.09 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.490 | ) | 0.107 | 0.438 | 0.36 | (0.89 | ) | |||||||||||||
| Total from investment operations |
(0.264 | ) | 0.303 | 0.581 | 0.48 | (0.80 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.216 | ) | (0.153 | ) | (0.138 | ) | — | (0.08 | ) | |||||||||||
| Dividends from net realized gains |
— | (0.015 | ) | (0.021 | ) | (0.95 | ) | (0.88 | ) | |||||||||||
| Total distributions |
(0.216 | ) | (0.168 | ) | (0.159 | ) | (0.95 | ) | (0.96 | ) | ||||||||||
| Net asset value, end of year |
$9.137 | $9.617 | $9.482 | $9.06 | $9.53 | |||||||||||||||
| Total return |
(2.99)% | 3.35% | 6.39% | 5.44% | (7.18)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$314,935,864 | $337,130,990 | $268,079,977 | $110,985,447 | $51,768,546 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.99% | 1.02% | 1.03% | 1.10% | 1.05% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.70% | 0.70% | 0.83% | 0.89% | 0.99% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.99% | 1.02% | 1.03% | 1.10% | 1.05% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.70% | 0.70% | 0.83% | 0.89% | 0.99% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.98% | 1.75% | 1.31% | 1.10% | 0.79% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
2.27% | 2.07% | 1.51% | 1.31% | 0.85% | |||||||||||||||
| Portfolio turnover rate |
58.96% | 69.19% | 30.27% | 44.43% | 130.77% | |||||||||||||||
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 |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$10.962 | $10.950 | $10.250 | $9.38 | $10.34 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.129 | 0.138 | 0.142 | 0.18 | 0.13 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.517 | ) | 0.408 | 1.078 | 0.81 | (0.97 | ) | |||||||||||||
| Total from investment operations |
(0.388 | ) | 0.546 | 1.220 | 0.99 | (0.84 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.108 | ) | (0.128 | ) | (0.393 | ) | (0.12 | ) | (0.02 | ) | ||||||||||
| Dividends from net realized gains |
(0.447 | ) | (0.406 | ) | (0.127 | ) | — | (0.10 | ) | |||||||||||
| Total distributions |
(0.555 | ) | (0.534 | ) | (0.520 | ) | (0.12 | ) | (0.12 | ) | ||||||||||
| Net asset value, end of year |
$10.019 | $10.962 | $10.950 | $10.25 | $9.38 | |||||||||||||||
| Total return |
(4.27)% | 5.59% | 11.83% | 10.63% | (8.18)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$1,553,075 | $1,506,030 | $1,681,043 | $3,767,220 | $5,005,303 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.50% | 0.51% | 0.52% | 0.53% | 0.51% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.46% | 0.43% | 0.45% | 0.40% | 0.41% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.50% | 0.51% | 0.52% | 0.53% | 0.51% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.46% | 0.43% | 0.45% | 0.40% | 0.41% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.10% | 1.15% | 1.25% | 1.69% | 1.20% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
1.14% | 1.23% | 1.32% | 1.82% | 1.30% | |||||||||||||||
| Portfolio turnover rate |
500.28% | 336.60% | 369.57% | 336.50% | 348.05% | |||||||||||||||
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.
150
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Tactical Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$10.919 | $10.907 | $10.150 | $9.32 | $10.32 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.061 | 0.074 | 0.082 | 0.11 | 0.07 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.515 | ) | 0.410 | 1.054 | 0.82 | (0.97 | ) | |||||||||||||
| Total from investment operations |
(0.454 | ) | 0.484 | 1.136 | 0.93 | (0.90 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.058 | ) | (0.066 | ) | (0.252 | ) | (0.10 | ) | — | * | ||||||||||
| Dividends from net realized gains |
(0.447 | ) | (0.406 | ) | (0.127 | ) | — | (0.10 | ) | |||||||||||
| Total distributions |
(0.505 | ) | (0.472 | ) | (0.379 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
| Net asset value, end of year |
$9.960 | $10.919 | $10.907 | $10.15 | $9.32 | |||||||||||||||
| Total return |
(4.83)% | 4.96% | 11.14% | 10.05% | (8.74)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$323,199,482 | $341,839,666 | $271,460,164 | $304,159,564 | $393,657,458 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.10% | 1.11% | 1.11% | 1.12% | 1.11% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.06% | 1.03% | 1.03% | 1.00% | 1.01% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.10% | 1.11% | 1.11% | 1.12% | 1.11% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.06% | 1.03% | 1.03% | 1.00% | 1.01% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
0.50% | 0.58% | 0.69% | 1.07% | 0.62% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
0.54% | 0.66% | 0.77% | 1.19% | 0.72% | |||||||||||||||
| Portfolio turnover rate |
500.28% | 336.60% | 369.57% | 336.50% | 348.05% | |||||||||||||||
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.
151
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Absolute Return Allocation Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$10.402 | $10.335 | $10.290 | $9.80 | $10.02 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.329 | 0.346 | 0.292 | 0.37 | 0.26 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.367 | ) | (0.003 | )2 | (0.037 | ) | 0.52 | (0.21 | ) | |||||||||||
| Total from investment operations |
(0.038 | ) | 0.343 | 0.255 | 0.89 | 0.05 | ||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.359 | ) | (0.276 | ) | (0.210 | ) | (0.40 | ) | (0.27 | ) | ||||||||||
| Total distributions |
(0.359 | ) | (0.276 | ) | (0.210 | ) | (0.40 | ) | (0.27 | ) | ||||||||||
| Net asset value, end of year |
$10.005 | $10.402 | $10.335 | $10.29 | $9.80 | |||||||||||||||
| Total return |
(0.53)% | 3.43% | 2.47% | 9.14% | 0.56% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$1,133,623 | $667,898 | $1,343,813 | $921,609 | $1,107,629 | |||||||||||||||
| Ratio of expenses to average net assets3 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense4 |
0.50% | 0.51% | 0.53% | 0.58% | 0.53% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense4 |
0.21% | 0.20% | 0.37% | 0.50% | 0.39% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.49% | 0.51% | 0.53% | 0.58% | 0.53% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.20% | 0.20% | 0.37% | 0.50% | 0.39% | |||||||||||||||
| Ratio of net investment income to average net assets5 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.82% | 3.04% | 2.64% | 3.58% | 2.49% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
3.11% | 3.35% | 2.80% | 3.66% | 2.63% | |||||||||||||||
| Portfolio turnover rate |
161.00% | 146.82% | 154.33% | 41.66% | 200.13% | |||||||||||||||
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.
152
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Absolute Return Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$10.402 | $10.348 | 10.320 | $9.81 | $10.04 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.266 | 0.283 | 0.231 | 0.30 | 0.20 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.368 | ) | (0.001 | )5 | (0.036 | ) | 0.53 | (0.22 | ) | |||||||||||
| Total from investment operations |
(0.102 | ) | 0.282 | 0.195 | 0.83 | (0.02 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.290 | ) | (0.228 | ) | (0.167 | ) | (0.32 | ) | (0.21 | ) | ||||||||||
| Total distributions |
(0.290 | ) | (0.228 | ) | (0.167 | ) | (0.32 | ) | (0.21 | ) | ||||||||||
| Net asset value, end of year |
$10.010 | $10.402 | $10.348 | $10.32 | $9.81 | |||||||||||||||
| Total return |
(1.11)% | 2.81% | 1.88% | 8.54% | (0.19)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$391,177,265 | $312,866,645 | 267,250,294 | $128,948,108 | $145,830,207 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.10% | 1.11% | 1.12% | 1.18% | 1.13% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.81% | 0.80% | 0.96% | 1.10% | 0.99% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.09% | 1.11% | 1.12% | 1.18% | 1.13% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.80% | 0.80% | 0.96% | 1.10% | 0.99% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.22% | 2.44% | 2.04% | 2.91% | 1.92% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
2.51% | 2.75% | 2.20% | 2.99% | 2.06% | |||||||||||||||
| Portfolio turnover rate |
161.00% | 146.82% | 154.33% | 41.66% | 200.13% | |||||||||||||||
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 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. |
See notes to financial statements.
153
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Multi-Asset Income Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended 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 |
$10.660 | $10.603 | $10.460 | $9.94 | $10.62 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.344 | 0.358 | 0.287 | 0.29 | 0.34 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(1.632 | ) | 0.062 | 0.137 | 0.52 | (0.61 | ) | |||||||||||||
| Total from investment operations |
(1.288 | ) | 0.420 | 0.424 | 0.81 | (0.27 | ) | |||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.313 | ) | (0.363 | ) | (0.281 | ) | (0.29 | ) | (0.37 | ) | ||||||||||
| Dividends from net realized gains |
(0.003 | ) | — | — | — | (0.04 | ) | |||||||||||||
| Total distributions |
(0.316 | ) | (0.363 | ) | (0.281 | ) | (0.29 | ) | (0.41 | ) | ||||||||||
| Net asset value, end of year |
$9.056 | $10.660 | $10.603 | $10.46 | $9.94 | |||||||||||||||
| Total return |
(12.53)% | 4.13% | 4.05% | 8.24% | (2.49)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$112,044,753 | $132,260,092 | $119,091,615 | $119,817,129 | $106,901,424 | |||||||||||||||
| Ratio of expenses to average net assets2 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense3 |
1.12% | 1.15% | 1.13% | 1.17% | 1.17% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense3 |
0.92% | 0.82% | 0.98% | 0.97% | 0.96% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.12% | 1.15% | 1.13% | 1.17% | 1.17% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.92% | 0.82% | 0.98% | 0.97% | 0.96% | |||||||||||||||
| Ratio of net investment income to average net assets4 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.99% | 3.08% | 2.52% | 2.66% | 3.15% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
3.19% | 3.41% | 2.67% | 2.86% | 3.36% | |||||||||||||||
| Portfolio turnover rate |
85.15% | 44.77% | 131.23% | 61.25% | 145.43% | |||||||||||||||
| 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.
154
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Flexible Income Allocation Fund |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.422 | $9.577 | $9.670 | $9.62 | $9.76 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.391 | 0.426 | 0.543 | 0.24 | 0.18 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.076 | )2 | (0.183 | ) | (0.158 | )2 | 0.07 | (0.11 | ) | |||||||||||
| Total from investment operations |
0.315 | 0.243 | 0.385 | 0.31 | 0.07 | |||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.369 | ) | (0.398 | ) | (0.478 | ) | (0.26 | ) | (0.21 | ) | ||||||||||
| Total distributions |
(0.369 | ) | (0.398 | ) | (0.478 | ) | (0.26 | ) | (0.21 | ) | ||||||||||
| Net asset value, end of year |
$9.368 | $9.422 | $9.577 | $9.67 | $9.62 | |||||||||||||||
| Total return |
3.38% | 2.58% | 3.99% | 3.23% | 0.70% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$34,154 | $26,280 | $224,505 | $52,492 | $49,872 | |||||||||||||||
| Ratio of expenses to average net assets3 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense4 |
0.45% | 0.56% | 0.52% | 0.50% | 0.44% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense4 |
0.15% | 0.16% | 0.27% | 0.37% | 0.36% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.45% | 0.55% | 0.52% | 0.50% | 0.44% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.15% | 0.15% | 0.27% | 0.37% | 0.36% | |||||||||||||||
| Ratio of net investment income to average net assets5 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
3.81% | 4.07% | 5.27% | 2.32% | 1.76% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
4.11% | 4.47% | 5.52% | 2.45% | 1.84% | |||||||||||||||
| Portfolio turnover rate |
517.05% | 380.48% | 232.11% | 114.68% | 147.81% | |||||||||||||||
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
| Flexible Income Allocation Fund |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Year Ended March 31, 2016 |
||||||||||||||||
| Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: |
||||||||||||||||||||
| Net asset value, beginning of year |
$9.366 | $9.525 | $9.610 | $9.55 | $9.77 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income1 |
0.331 | 0.361 | 0.340 | 0.18 | 0.14 | |||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.076 | )2 | (0.173 | ) | (0.018 | )2 | 0.08 | (0.21 | ) | |||||||||||
| Total from investment operations |
0.255 | 0.188 | 0.322 | 0.26 | (0.07 | ) | ||||||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.317 | ) | (0.347 | ) | (0.407 | ) | (0.20 | ) | (0.15 | ) | ||||||||||
| Total distributions |
(0.317 | ) | (0.347 | ) | (0.407 | ) | (0.20 | ) | (0.15 | ) | ||||||||||
| Net asset value, end of year |
$9.304 | $9.366 | $9.525 | $9.61 | $9.55 | |||||||||||||||
| Total return |
2.76% | 2.00% | 3.35% | 2.73% | (0.75)% | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$98,516,379 | $59,741,077 | $55,246,464 | $99,575,144 | $114,740,157 | |||||||||||||||
| Ratio of expenses to average net assets3 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit including interest expense4 |
1.05% | 1.15% | 1.12% | 1.09% | 1.04% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit including interest expense4 |
0.75% | 0.77% | 0.93% | 0.91% | 0.93% | |||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit excluding interest expense |
1.05% | 1.13% | 1.12% | 1.09% | 1.04% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit excluding interest expense |
0.75% | 0.75% | 0.93% | 0.91% | 0.93% | |||||||||||||||
| Ratio of net investment income to average net assets5 |
||||||||||||||||||||
| Before expense reimbursement (recapture) and securities lending credit |
3.20% | 3.45% | 3.30% | 1.72% | 1.32% | |||||||||||||||
| After expense reimbursement (recapture) and securities lending credit |
3.50% | 3.83% | 3.49% | 1.90% | 1.43% | |||||||||||||||
| Portfolio turnover rate |
517.05% | 380.48% | 232.21% | 114.68% | 147.81% | |||||||||||||||
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.
156
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Managed Futures Strategy Fund (Consolidated) |
||||||||||||||||||||
| Institutional |
||||||||||||||||||||
| Year Ended March 31, 2020 |
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 |
$8.067 | $8.665 | $8.700 | $9.75 | $10.00 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income (loss)2 |
0.063 | 0.081 | (0.002 | ) | (0.06 | ) | (0.02 | ) | ||||||||||||
| Net realized and unrealized losses on investments |
1.097 | (0.679 | ) | (0.033 | ) | (0.83 | ) | (0.23 | ) | |||||||||||
| Total from investment operations |
1.160 | (0.598 | ) | (0.035 | ) | (0.89 | ) | (0.25 | ) | |||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.131 | ) | — | — | — | — | ||||||||||||||
| Dividends from net realized gains |
(0.283 | ) | — | — | (0.16 | ) | — | |||||||||||||
| Total distributions |
(0.414 | ) | — | — | (0.16 | ) | — | |||||||||||||
| Net asset value, end of year |
$8.813 | $8.067 | $8.665 | $8.70 | $9.75 | |||||||||||||||
| Total return |
14.70% | (6.90)% | (0.40)% | (9.17)% | (2.50)%3 | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$1,220,564 | $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 |
1.25% | 1.27% | 1.38% | 1.37% | 1.61%4 | |||||||||||||||
| After expense reimbursement (recapture) and fees waived including interest expense5 |
1.30% | 1.30% | 1.34% | 1.34% | 1.30%4 | |||||||||||||||
| Before expense reimbursement (recapture) and fees waived excluding interest expense |
1.25% | 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% | 1.30%4 | |||||||||||||||
| Ratio of net investment gain (loss) to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and fees waived |
0.79% | 1.03% | (0.07)% | (0.69)% | (1.12)%4 | |||||||||||||||
| After expense reimbursement (recapture) and fees waived |
0.74% | 1.00% | (0.03)% | (0.66)% | (0.81)%4 | |||||||||||||||
| Portfolio turnover rate |
0.00% | 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 income (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
| Managed Futures Strategy Fund (Consolidated) |
||||||||||||||||||||
| Service |
||||||||||||||||||||
| Year Ended March 31, 2020 |
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 |
$7.914 | $8.551 | $8.640 | $9.73 | $10.00 | |||||||||||||||
| Income from investment operations: |
||||||||||||||||||||
| Net investment income (loss)2 |
0.011 | 0.035 | (0.050 | ) | (0.11 | ) | (0.03 | ) | ||||||||||||
| Net realized and unrealized losses on investments |
1.077 | (0.672 | ) | (0.039 | ) | (0.82 | ) | (0.24 | ) | |||||||||||
| Total from investment operations |
1.088 | (0.637 | ) | (0.089 | ) | (0.93 | ) | (0.27 | ) | |||||||||||
| Less distributions: |
||||||||||||||||||||
| Dividends from net investment income |
(0.071 | ) | — | — | — | — | ||||||||||||||
| Dividends from net realized gains |
(0.283 | ) | — | — | (0.16 | ) | — | |||||||||||||
| Total distributions |
(0.354 | ) | — | — | (0.16 | ) | — | |||||||||||||
| Net asset value, end of year |
$8.648 | $7.914 | $8.551 | $8.64 | $9.73 | |||||||||||||||
| Total return |
14.03% | (7.45)% | (0.92)% | (9.70)% | (2.70)%3 | |||||||||||||||
| Supplemental data and ratios: |
||||||||||||||||||||
| Net assets, end of year |
$221,868,264 | $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 |
1.85% | 1.87% | 1.97% | 1.97% | 2.20%4 | |||||||||||||||
| After expense reimbursement (recapture) and fees waived including interest expense5 |
1.90% | 1.90% | 1.94% | 1.94% | 1.90%4 | |||||||||||||||
| Before expense reimbursement (recapture) and fees waived excluding interest expense |
1.85% | 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% | 1.90%4 | |||||||||||||||
| Ratio of net investment gain (loss) to average net assets |
||||||||||||||||||||
| Before expense reimbursement (recapture) and fees waived |
0.18% | 0.47% | (0.61)% | (1.27)% | (1.71)%4 | |||||||||||||||
| After expense reimbursement (recapture) and fees waived |
0.13% | 0.44% | (0.58)% | (1.24)% | (1.41)%4 | |||||||||||||||
| Portfolio turnover rate |
0.00% | 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 income (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.
158
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| Conservative Income Fund |
||||||||
| Year Ended March 31, 2020 |
April 30, 20181 through March 31, 2019 |
|||||||
| 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 |
$9.987 | $10.000 | ||||||
| Income from investment operations: |
||||||||
| Net investment income2 |
0.177 | 0.153 | ||||||
| Net realized and unrealized losses on investments |
(0.092 | ) | (0.020 | )7 | ||||
| Total from investment operations |
0.085 | 0.133 | ||||||
| Less distributions: |
||||||||
| Dividends from net investment income |
(0.173 | ) | (0.144 | ) | ||||
| Dividends from net realized gains |
— | (0.002 | ) | |||||
| Total distributions |
(0.173 | ) | (0.146 | ) | ||||
| Net asset value, end of year |
$9.899 | $9.987 | ||||||
| Total return |
0.85% | 1.34%3 | ||||||
| Supplemental data and ratios: |
||||||||
| Net assets, end of year |
$6,724,818 | $973,527 | ||||||
| Ratio of expenses to average net assets4 |
||||||||
| Before expense reimbursement (recapture) and securities lending credit |
2.23% | 43.40%5 | ||||||
| After expense reimbursement (recapture) and securities lending credit |
0.64% | 0.64%5 | ||||||
| Ratio of net investment income to average net assets6 |
||||||||
| Before expense reimbursement (recapture) and fees waived |
0.18% | (41.09)%5 | ||||||
| After expense reimbursement (recapture) and fees waived |
1.77% | 1.67%5 | ||||||
| Portfolio turnover rate |
190.99% | 388.79%3 | ||||||
| 1 | Commencement of operations. |
| 2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 3 | Not annualized. |
| 4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | 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
| Income Fund |
||||||||
| Year Ended March 31, 2020 |
April 30, 20181 through March 31, 2019 |
|||||||
| 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 |
$9.892 | $10.000 | ||||||
| Income from investment operations: |
||||||||
| Net investment income2 |
0.284 | 0.079 | ||||||
| Net realized and unrealized gains on investments |
(0.048 | )7 | 0.0167 | |||||
| Total from investment operations |
0.236 | 0.095 | ||||||
| Less distributions: |
||||||||
| Dividends from net investment income |
(0.266 | ) | (0.203 | ) | ||||
| Dividends from net realized gains |
(0.005 | ) | — | |||||
| Total distributions |
(0.271 | ) | (0.203 | ) | ||||
| Net asset value, end of year |
$9.857 | $9.892 | ||||||
| Total return |
2.34% | 0.99%3 | ||||||
| Supplemental data and ratios: |
||||||||
| Net assets, end of year |
$32,494,874 | $3,619,628 | ||||||
| Ratio of expenses to average net assets4 |
||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.18% | 16.23%5 | ||||||
| After expense reimbursement (recapture) and securities lending credit |
0.79% | 0.79%5 | ||||||
| Ratio of net investment income to average net assets6 |
||||||||
| Before expense reimbursement (recapture) and fees waived |
2.39% | (14.57)%5 | ||||||
| After expense reimbursement (recapture) and fees waived |
2.79% | 0.87%5 | ||||||
| Portfolio turnover rate |
247.58% | 801.50%3 | ||||||
| 1 | Commencement of operations. |
| 2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 3 | Not annualized. |
| 4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | 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
FINANCIAL HIGHLIGHTS
| Growth & Income Fund |
||||||||
| Year Ended March 31, 2020 |
April 30, 20181 through March 31, 2019 |
|||||||
| 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 |
$9.772 | $10.000 | ||||||
| Income from investment operations: |
||||||||
| Net investment income2 |
0.189 | 0.331 | ||||||
| Net realized and unrealized losses on investments |
(1.094 | ) | (0.320 | )7 | ||||
| Total from investment operations |
(0.905 | ) | 0.011 | |||||
| Less distributions: |
||||||||
| Dividends from net investment income |
(0.146 | ) | (0.239 | ) | ||||
| Dividends from net realized gains |
(0.004 | ) | — | |||||
| Total distributions |
(0.150 | ) | (0.239 | ) | ||||
| Net asset value, end of year |
$8.717 | $9.772 | ||||||
| Total return |
(9.45)% | 0.14%3 | ||||||
| Supplemental data and ratios: |
||||||||
| Net assets, end of year |
$33,927,659 | $4,519,060 | ||||||
| Ratio of expenses to average net assets4 |
||||||||
| Before expense reimbursement (recapture) and securities lending credit |
1.34% | 27.58%5 | ||||||
| After expense reimbursement (recapture) and securities lending credit |
0.79% | 0.79%5 | ||||||
| Ratio of net investment income to average net assets6 |
||||||||
| Before expense reimbursement (recapture) and fees waived |
1.34% | (23.11)%5 | ||||||
| After expense reimbursement (recapture) and fees waived |
1.89% | 3.68%5 | ||||||
| Portfolio turnover rate |
159.34% | 123.50%3 | ||||||
| 1 | Commencement of operations. |
| 2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 3 | Not annualized. |
| 4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | 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.
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2020
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2020:
GuideMark® Large Cap Core Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Common Stocks |
$ | 296,752,645 | $ | — | $ | — | $ | 296,752,645 | ||||||||
| Investment Companies |
12,203,571 | — | — | 12,203,571 | ||||||||||||
| Real Estate Investment Trusts |
12,929,747 | — | — | 12,929,747 | ||||||||||||
| Short Term Investments |
1,648,225 | — | — | 1,648,225 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 44,978,979 | ||||||||||||
| Total Investments in Securities |
$ | 323,534,188 | $ | — | $ | — | $ | 368,513,167 | ||||||||
| * | 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 |
$ | 1,302,339 | $ | 5,321,255 | $ | — | $ | 6,623,594 | ||||||||
| Consumer Discretionary |
5,543,579 | 3,573,526 | — | 9,117,105 | ||||||||||||
| Consumer Staples |
1,276,577 | 4,040,166 | — | 5,316,743 | ||||||||||||
| Energy |
1,276,680 | 1,743,941 | — | 3,020,621 | ||||||||||||
| Financials |
1,136,798 | 9,407,798 | — | 10,544,596 | ||||||||||||
| Health Care |
246,448 | 1,017,435 | — | 1,263,883 | ||||||||||||
| Industrials |
248,967 | 2,111,303 | — | 2,360,270 | ||||||||||||
| Information Technology |
81,904 | 10,161,059 | — | 10,242,963 | ||||||||||||
| Materials |
757,256 | 2,510,926 | — | 3,268,182 | ||||||||||||
| Real Estate |
36,574 | 804,725 | — | 841,299 | ||||||||||||
| Utilities |
301,370 | 480,773 | — | 782,143 | ||||||||||||
| Total Common Stocks |
12,208,492 | 41,172,907 | — | 53,381,399 | ||||||||||||
| Investment Companies |
6,307,145 | — | — | 6,307,145 | ||||||||||||
| Preferred Stocks |
||||||||||||||||
| Communication Services |
57,550 | — | — | 57,550 | ||||||||||||
| Consumer Staples |
— | 313,978 | — | 313,978 | ||||||||||||
| Energy |
178,656 | — | — | 178,656 | ||||||||||||
| Financials |
615,645 | — | — | 615,645 | ||||||||||||
| Information Technology |
— | 476,529 | — | 476,529 | ||||||||||||
| Utilities |
110,281 | — | — | 110,281 | ||||||||||||
| Total Preferred Stocks |
962,132 | 790,507 | — | 1,752,639 | ||||||||||||
| Real Estate Investment Trusts |
41,653 | — | — | 41,653 | ||||||||||||
| Short Term Investments |
563,124 | — | — | 563,124 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 3,496,618 | ||||||||||||
| Total Investments in Securities |
$ | 20,082,546 | $ | 41,963,414 | $ | — | $ | 65,542,578 | ||||||||
| * | 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.
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
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, 2019 |
$ | 217,188 | ||
| Purchases |
— | |||
| Sales proceeds and paydowns |
(34,712 | ) | ||
| Accreted discounts, net |
— | |||
| Corporate Actions |
— | |||
| Realized gain (loss) |
(199,041 | ) | ||
| Change in unrealized appreciation (depreciation) |
16,565 | |||
| Transfers into/(out of) Level 3 |
— | |||
| Balance as of March 31, 2020 |
$ | — | ||
| Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2020. |
$ | — | ||
GuideMark® Small/Mid Cap Core Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Common Stock |
$ | 46,336,093 | $ | — | $ | 9,708 | $ | 46,345,801 | ||||||||
| Investment Companies |
2,130,949 | — | — | 2,130,949 | ||||||||||||
| Real Estate Investment Trusts |
3,516,818 | — | — | 3,516,818 | ||||||||||||
| Rights |
— | — | 0 | 0 | ||||||||||||
| Short Term Investments |
415,284 | — | — | 415,284 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 9,775,976 | ||||||||||||
| Total Investments in Securities |
$ | 52,399,144 | $ | — | $ | 9,708 | $ | 62,184,828 | ||||||||
| * | 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, 2019 |
$ | 0 | $ | 0 | ||||
| Purchases |
— | — | ||||||
| Sales proceeds and paydowns |
— | — | ||||||
| Accreted discounts, net |
— | — | ||||||
| Corporate Actions |
9,708 | — | ||||||
| Realized gain (loss) |
— | — | ||||||
| Change in unrealized appreciation (depreciation) |
— | — | ||||||
| Transfers into/(out of) Level 3 |
— | — | ||||||
| Balance as of March 31, 2020 |
$ | 9,708 | $ | 0 | ||||
| Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2020. |
$ | — | $ | — | ||||
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
GuideMark® World ex-US Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Common Stocks |
||||||||||||||||
| Communication Services |
$ | 94,218 | $ | 5,806,820 | $ | — | $ | 5,901,038 | ||||||||
| Consumer Discretionary |
418,705 | 13,584,470 | — | 14,003,175 | ||||||||||||
| Consumer Staples |
1,561,057 | 14,572,903 | — | 16,133,960 | ||||||||||||
| Energy |
818,897 | 3,021,114 | — | 3,840,011 | ||||||||||||
| Financials |
3,212,265 | 16,496,372 | — | 19,708,637 | ||||||||||||
| Health Care |
299,804 | 15,656,733 | — | 15,956,537 | ||||||||||||
| Industrials |
923,457 | 11,426,357 | — | 12,349,814 | ||||||||||||
| Information Technology |
1,426,708 | 5,709,186 | — | 7,135,894 | ||||||||||||
| Materials |
781,665 | 4,677,653 | — | 5,459,318 | ||||||||||||
| Real Estate |
— | 492,390 | — | 492,390 | ||||||||||||
| Utilities |
730,806 | 3,094,991 | — | 3,825,797 | ||||||||||||
| Total Common Stocks |
10,267,582 | 94,538,989 | — | 104,806,571 | ||||||||||||
| Investment Companies |
3,630,134 | — | — | 3,630,134 | ||||||||||||
| Participatory Notes |
— | 120,551 | — | 120,551 | ||||||||||||
| Preferred Stocks |
— | 187,663 | — | 187,663 | ||||||||||||
| Real Estate Investment Trusts |
33,986 | 1,927,996 | — | 1,961,982 | ||||||||||||
| Short Term Investments |
450,187 | — | — | 450,187 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 593,326 | ||||||||||||
| Total Investments in Securities |
$ | 14,381,889 | $ | 96,775,199 | $ | — | $ | 111,750,414 | ||||||||
| * | 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 |
$ | — | $ | 8,050,646 | $ | — | $ | 8,050,646 | ||||||||
| Collateralized Mortgage Obligations |
— | 19,142,948 | — | 19,142,948 | ||||||||||||
| Corporate Obligations |
— | 41,956,467 | — | 41,956,467 | ||||||||||||
| Foreign Government Debt Obligations |
— | 455,808 | — | 455,808 | ||||||||||||
| Mortgage Backed Securities – U.S. Government Agency |
— | 55,381,037 | — | 55,381,037 | ||||||||||||
| Municipal Debt Obligations |
— | 930,127 | — | 930,127 | ||||||||||||
| U.S. Treasury Obligations |
— | 30,525,293 | — | 30,525,293 | ||||||||||||
| Total Fixed Income |
— | 156,442,326 | — | 156,442,326 | ||||||||||||
| Purchased Options |
— | 918 | — | 918 | ||||||||||||
| Short Term Investments |
8,048,140 | — | — | 8,048,140 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 2,079,473 | ||||||||||||
| Total Investments in Securities |
$ | 8,048,140 | $ | 155,068,074 | $ | — | $ | 166,570,857 | ||||||||
| Other Financial Instruments** |
||||||||||||||||
| Futures |
$ | (43,870 | ) | $ | — | $ | — | $ | (43,870 | ) | ||||||
| Options Written |
— | (120,319 | ) | — | (120,319 | ) | ||||||||||
| Swaps |
— | (1,382,877 | ) | — | (1,382,877 | ) | ||||||||||
| * | 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, written options, and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
GuideMark® Tax-Exempt Fixed Income Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Municipal Debt Obligations |
$ | — | $ | 23,393,873 | $ | — | $ | 23,393,873 | ||||||||
| Short Term Investments |
66,603 | — | — | 66,603 | ||||||||||||
| Total Investments in Securities |
$ | 66,603 | $ | 23,393,873 | $ | — | $ | 23,460,476 | ||||||||
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 |
$ | — | $ | — | $ | 0 | $ | 0 | ||||||||
| Fixed Income |
||||||||||||||||
| Asset Backed Securities |
— | 436,320 | — | 436,320 | ||||||||||||
| Collateralized Mortgage Obligations |
— | 5,952,220 | — | 5,952,220 | ||||||||||||
| Corporate Obligations |
— | 23,806 | — | 23,806 | ||||||||||||
| Foreign Government Debt Obligations |
— | 8,504,301 | — | 8,504,301 | ||||||||||||
| Mortgage Backed Securities – U.S. Government Agency |
— | 9,727,594 | — | 9,727,594 | ||||||||||||
| U.S. Treasury Obligations |
— | 4,166,054 | — | 4,166,054 | ||||||||||||
| Total Fixed Income |
— | 28,810,295 | 0 | 28,810,295 | ||||||||||||
| Short Term Investments |
2,741,169 | 6,084,059 | — | 8,825,228 | ||||||||||||
| Total Investments in Securities |
$ | 2,741,169 | $ | 34,894,354 | 0 | $ | 37,635,523 | |||||||||
| Other Financial Instruments* |
||||||||||||||||
| Forward Currency Contracts |
$ | — | $ | 957,141 | $ | — | $ | 957,141 | ||||||||
| * | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts. Forward currency contracts are reflected as the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| Description |
Common Stocks |
Warrants |
||||||
| Balance as of April 1, 2019 |
$ | 0 | $ | 0 | ||||
| Purchases |
— | — | ||||||
| Sales proceeds and paydowns |
— | (0 | ) | |||||
| Accreted discounts, net |
— | — | ||||||
| Amortization, net |
— | — | ||||||
| Corporate Actions |
— | — | ||||||
| Realized gain (loss) |
— | — | ||||||
| Change in unrealized appreciation (depreciation) |
— | — | ||||||
| Transfers into/(out of) Level 3 |
— | — | ||||||
| Balance as of March 31, 2020 |
$ | 0 | $ | — | ||||
| Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at March 31, 2020. |
$ | — | $ | — | ||||
GuidePath® Growth Allocation Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Investment Companies |
$ | 734,483,960 | $ | — | $ | — | $ | 734,483,960 | ||||||||
| Short Term Investments |
6,730,813 | — | — | 6,730,813 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 139,438,379 | ||||||||||||
| Total Investments in Securities |
$ | 741,214,773 | $ | — | $ | — | $ | 880,653,152 | ||||||||
| * | 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
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
GuidePath® Conservative Allocation Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Investment Companies |
$ | 312,773,361 | $ | — | $ | — | $ | 312,773,361 | ||||||||
| Short Term Investments |
2,958,664 | — | — | 2,958,664 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 88,033,252 | ||||||||||||
| Total Investments in Securities |
$ | 315,732,025 | $ | — | $ | — | $ | 403,765,277 | ||||||||
| * | 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 |
|||||||||||||
| Common Stocks |
$ | 75,153,009 | $ | — | $ | — | $ | 75,153,009 | ||||||||
| Investment Companies |
139,609,374 | — | — | 139,609,374 | ||||||||||||
| Real Estate Investment Trusts |
5,815,418 | — | — | 5,815,418 | ||||||||||||
| Short Term Investments |
102,889,272 | — | — | 102,889,272 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 72,959,037 | ||||||||||||
| Total Investments in Securities |
$ | 323,467,073 | $ | — | $ | — | $ | 396,426,110 | ||||||||
| * | 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 |
$ | 388,791,419 | $ | — | $ | — | $ | 388,791,419 | ||||||||
| Short Term Investments |
2,425,231 | — | — | 2,425,231 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 37,929,302 | ||||||||||||
| Total Investments in Securities |
$ | 391,216,650 | $ | — | $ | — | $ | 429,145,952 | ||||||||
| * | 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 |
$ | 109,411,479 | $ | — | $ | — | $ | 109,411,479 | ||||||||
| Short Term Investments |
1,162,374 | — | — | 1,162,374 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 14,005,053 | ||||||||||||
| Total Investments in Securities |
$ | 110,573,853 | $ | — | $ | — | $ | 124,578,906 | ||||||||
| * | 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.
168
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
GuidePath® Flexible Income Allocation Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Investment Companies |
$ | 97,945,979 | $ | — | $ | — | $ | 97,945,979 | ||||||||
| Short Term Investments |
160,182 | — | — | 160,182 | ||||||||||||
| Total Investments in Securities |
$ | 98,106,161 | $ | — | $ | — | $ | 98,106,161 | ||||||||
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 |
$ | 1,820,304 | $ | 219,056,231 | $ | — | $ | 220,876,535 | ||||||||
| Total Investments in Securities |
$ | 1,820,304 | $ | 219,056,231 | $ | — | $ | 220,876,535 | ||||||||
| Other Financial Instruments* |
||||||||||||||||
| Futures |
$ | 8,174,810 | $ | — | $ | — | $ | 8,174,810 | ||||||||
| Forward Currency Contracts |
$ | — | $ | 1,572,695 | $ | — | $ | 1,572,695 | ||||||||
| * | Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures and forward currency contracts. Futures and forward currency contracts 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 |
|||||||||||||
| Investment Companies |
$ | 3,538,125 | $ | — | $ | — | $ | 3,538,125 | ||||||||
| Short Term Investments |
2,450,970 | 593,771 | — | 3,044,741 | ||||||||||||
| Total Investments in Securities |
$ | 5,989,095 | $ | 593,771 | $ | — | $ | 6,582,866 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Income Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Investment Companies |
$ | 31,717,073 | $ | — | $ | — | $ | 31,717,073 | ||||||||
| Short Term Investments |
296,189 | — | — | 296,189 | ||||||||||||
| Total Investments in Securities |
$ | 32,013,262 | $ | — | $ | — | $ | 32,013,262 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Growth & Income Fund
| Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
| Common Stock |
$ | 10,975,818 | $ | — | $ | — | $ | 10,975,818 | ||||||||
| Investment Companies |
11,149,360 | — | — | 11,149,360 | ||||||||||||
| Short Term Investments |
6,839,739 | 3,783,909 | — | 10,623,648 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending Collateral* |
— | — | — | 2,196,737 | ||||||||||||
| Total Investments in Securities |
$ | 28,964,917 | $ | 3,783,909 | $ | — | $ | 34,945,563 | ||||||||
| Other Financial Instruments** |
||||||||||||||||
| Futures |
$ | (39,567 | ) | $ | — | $ | — | $ | (39,567 | ) | ||||||
| Options Written |
(201,194 | ) | (236,730 | ) | — | (437,924 | ) | |||||||||
| * | 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 written options. Futures are reflected as unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
For further information regarding security characteristics, see the Schedule of Investments.
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
170
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
171
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
Derivative Instruments and Hedging Activities
Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.
GuideMark® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX and CMBX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, IR, and purchased/written options to efficiently manage investment grade credit exposure.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2020
| 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 | $ | 30,618 | Depreciation on swap agreements | $ | 131,220 | ||||||
| Interest Rate Contracts – Swaps | Appreciation on swap agreements | 724 | Depreciation on swap agreements | 1,283,009 | ||||||||
| Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 246,328 | Unrealized depreciation on futures contracts** | 290,198 | ||||||||
| Interest Rate Contracts – Options | Investments, at Value | 918 | Options Written, at Value | — | ||||||||
| Credit Contracts – Options | Investments, at Value | — | Options Written, at Value | 120,319 | ||||||||
| Total | $ | 278,588 | $ | 1,824,746 | ||||||||
| * | 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, 2020 | ||||||||||||||||||||
| Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||||||||||
| Futures Contracts |
Swaps | Written Options |
Purchased Options* |
Total | ||||||||||||||||
| Credit Contracts | $ | — | $ | (152,416 | ) | $ | 86,115 | $ | — | $ | (66,301 | ) | ||||||||
| Interest Rate Contracts | 422,847 | (1,225 | ) | — | (53,551 | ) | 368,071 | |||||||||||||
| Total | $ | 422,847 | $ | (153,641 | ) | $ | 86,115 | $ | (53,551 | ) | $ | 301,770 | ||||||||
| * | Included in net realized gain (loss) on investments as reported in the Statement of Operations. |
172
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
| Change in Unrealized Appreciation or (Depreciation) on Derivatives | ||||||||||||||||||||
| Futures Contracts |
Swaps | Written Options |
Purchased Options* |
Total | ||||||||||||||||
| Credit Contracts | $ | — | $ | (111,628 | ) | $ | (47,567 | ) | $ | — | $ | (159,195 | ) | |||||||
| Interest Rate Contracts | (154,146 | ) | (1,485,435 | ) | — | 38,694 | (1,600,887 | ) | ||||||||||||
| Total | $ | (154,146 | ) | $ | (1,597,063 | ) | $ | (47,567 | ) | $ | 38,694 | $ | (1,760,082 | ) | ||||||
| * | 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 period for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2020
| Asset Derivatives |
Liability Derivatives |
|||||||||||
| Statement of Assets and Liabilities Location |
Value | Statement of Assets and Liabilities Location |
Value | |||||||||
| Foreign Exchange Contracts – Forward Currency Contracts | Appreciation of forward currency contracts | $ | 1,401,901 | Depreciation of forward currency contracts | $ | 444,760 | ||||||
| Total | $ | 1,401,901 | $ | 444,760 | ||||||||
| The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2020 | ||||||||||||||||||||
| Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||||||||||
| Forward Currency Contracts |
Swaps | Written Options |
Purchased Options* |
Total | ||||||||||||||||
| Foreign Exchange Contracts | $ | 735,492 | $ | — | $ | 17 | $ | 6 | $ | 735,515 | ||||||||||
| Interest Rate Contracts | — | (3,144,948 | ) | — | — | (3,144,948 | ) | |||||||||||||
| Total | $ | 735,492 | $ | (3,144,948 | ) | $ | 17 | $ | 6 | $ | (2,409,433 | ) | ||||||||
| * | 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 | Total | ||||||||||
| Foreign Exchange Contracts | $ | 645,810 | $ | — | $ | 645,810 | ||||||
| Interest Rate Contracts | — | 1,038,638 | 1,038,638 | |||||||||
| Total | $ | 645,810 | $ | 1,038,638 | $ | 1,684,448 | ||||||
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, 2020, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2020
| 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** | $ | 4,920,722 | Unrealized depreciation on futures contracts** | $ | 773,885 | ||||||
| Equity Contracts – Futures* | Unrealized appreciation on futures contracts** | 7,107 | Unrealized depreciation on futures contracts** | 481,644 | ||||||||
| Foreign Exchange Contracts – Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 1,900,181 | Unrealized depreciation on forward currency contracts | 327,486 | ||||||||
| Foreign Exchange Contracts – Futures* | Unrealized appreciation on futures contracts** | 1,145,286 | Unrealized depreciation on futures contracts** | 350,412 | ||||||||
| Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 4,431,461 | Unrealized depreciation on futures contracts** | 723,825 | ||||||||
| Total | $12,404,757 | $2,657,252 | ||||||||||
| * | 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, 2020 | ||||||||||||
| Amount of Realized Gain (Loss) on Derivatives | ||||||||||||
| Forward Currency Contracts |
Futures Contracts |
Total | ||||||||||
| Commodity Contracts | $ | — | $ | (4,205,443 | ) | $ | (4,205,443 | ) | ||||
| Equity Contracts | — | (10,762,542 | ) | (10,762,542 | ) | |||||||
| Foreign Exchange Contracts | (1,441,599 | ) | (3,573,808 | ) | (5,015,407 | ) | ||||||
| Interest Rate Contracts | — | 36,192,315 | 36,192,315 | |||||||||
| Total | $ | (1,441,599 | ) | $ | 17,650,522 | $ | 16,208,923 | |||||
| Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
| Forward Currency Contracts |
Futures Contracts |
Total | ||||||||||
| Commodity Contracts | $ | — | $ | 3,966,692 | $ | 3,966,692 | ||||||
| Equity Contracts | — | (1,526,397 | ) | (1,526,397 | ) | |||||||
| Foreign Exchange Contracts | 1,572,695 | 1,092,181 | 2,664,876 | |||||||||
| Interest Rate Contracts | — | (2,203,693 | ) | (2,203,693 | ) | |||||||
| Total | $ | 1,572,695 | $ | 1,328,783 | 2,901,478 | |||||||
GuidePath® Growth and Income Fund
During the period, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and exchange trade funds (“ETFs”) options, for both hedging and investment purposes, primarily risk management, and the pursuit of excess premium opportunities. The Fund used futures contracts during the period primarily to manage portfolio risk (volatility). The Fund wrote collateralized put options in an attempt to generate returns through receiving the option premiums; together with investments in fixed income instruments, it intended to lower the volatility relative to as if the Fund held the S&P 500 index.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2020
| Asset Derivatives |
Liability Derivatives |
|||||||||||
| Statement of Assets and Liabilities Location |
Value | Statement of Assets and Liabilities Location |
Value | |||||||||
| Equity Contracts – Futures* | Unrealized appreciation on futures contracts** | $ | — | Unrealized depreciation on futures contracts** | $ | 39,567 | ||||||
| Equity Contracts – Options | Investments, at Value | — | Options Written, at Value | 437,924 | ||||||||
| Total | $ | — | $ | 477,491 | ||||||||
| * | 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. |
174
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
| The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2020 | ||||||||||||
| Amount of Realized Gain (Loss) on Derivatives | ||||||||||||
| Futures Contracts |
Written Options |
Total | ||||||||||
| Equity Contracts | $ | 947,434 | $ | (1,255,245 | ) | $ | (307,811 | ) | ||||
| Total | $ | 947,434 | $ | (1,255,245 | ) | $ | (307,811 | ) | ||||
| Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
| Futures Contracts |
Written Options |
Total | ||||||||||
| Equity Contracts | $ | (39,567 | ) | $ | 79,563 | $ | 39,996 | |||||
| Total | $ | (39,567 | ) | $ | 79,563 | $ | 39,996 | |||||
Volume Disclosures
The average monthly value outstanding of purchased and written options during the year ended March 31, 2020 were as follows:
| GuideMark® Core Fixed Income Fund |
GuideMark® Opportunistic Fixed Income Fund |
GuidePath® Managed Futures Strategy Fund |
GuidePath® Growth and Income Fund |
|||||||||||||
| Purchased Options | $ | 5,232 | $ | 4 | $ | — | $ | — | ||||||||
| Written Options | $ | (18,592 | ) | $ | (4 | ) | $ | — | $ | (137,457 | ) | |||||
The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2020 were as follows:
| Long Positions | GuideMark® Core Fixed Income Fund |
GuideMark® Opportunistic Fixed Income Fund |
GuidePath® Managed Futures Strategy Fund |
GuidePath® Growth and Income Fund |
||||||||||||
| Futures | $ | 18,656,159 | $ | — | $ | 1,188,964,540 | $ | 3,603,014 | ||||||||
| Forwards | $ | — | $ | 21,046,781 | $ | 60,139,339 | $ | — | ||||||||
| Swaps | $ | 15,316,154 | $ | 4,188,000 | $ | — | $ | — | ||||||||
| Short Positions | GuideMark® Core Fixed Income Fund |
GuideMark® Opportunistic Fixed Income Fund |
GuidePath® Managed Futures Strategy Fund |
GuidePath® Growth and Income Fund |
||||||||||||
| Futures | $ | (5,585,737 | ) | $ | — | $ | (263,806,385 | ) | $ | (704,713 | ) | |||||
| Forwards | $ | — | $ | (8,827,709 | ) | $ | (37,050,869 | ) | $ | — | ||||||
| Cross Currency | GuideMark® Core Fixed Income Fund |
GuideMark® Opportunistic Fixed Income Fund |
GuidePath® Managed Futures Strategy Fund |
GuidePath® Growth and Income Fund |
||||||||||||
| Forwards | $ | — | $ | 7,326,358 | $ | — | $ | — | ||||||||
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.
175
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The table below, as of March 31, 2020, 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 |
$ | 42,281 | $ | (5,374 | ) | $ | 36,907 | $ | — | $ | — | $ | 36,907 | |||||||||||
| Purchased Options* |
||||||||||||||||||||||||
| Bank of America |
918 | — | 918 | — | — | 918 | ||||||||||||||||||
| Swaps |
||||||||||||||||||||||||
| Morgan Stanley |
31,342 | — | 31,342 | (31,342 | ) | — | — | |||||||||||||||||
| $ | 74,541 | $ | (5,374 | ) | $ | 69,167 | $ | (31,342 | ) | $ | — | $ | 37,825 | |||||||||||
| * | Included in investments, at value as reported on the Statement of Assets and Liabilities. |
| 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 |
$ | 5,374 | $ | (5,374 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
| Options Written |
||||||||||||||||||||||||
| Morgan Stanley |
120,319 | — | 120,319 | — | — | 120,319 | ||||||||||||||||||
| Swaps |
||||||||||||||||||||||||
| Morgan Stanley |
1,414,229 | — | 1,414,229 | (31,342 | ) | (1,382,887 | ) | — | ||||||||||||||||
| $ | 1,539,922 | $ | (5,374 | ) | $ | 1,534,548 | $ | (31,342 | ) | $ | (1,382,887 | ) | $ | 120,319 | ||||||||||
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.
176
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The table below, as of March 31, 2020, 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 |
$ | 7,168 | $ | — | $ | 7,168 | $ | (4,822 | ) | $ | — | $ | 2,346 | |||||||||||
| Barclays |
1,564 | — | 1,564 | (1,564 | ) | — | — | |||||||||||||||||
| BNP Paribas |
72,909 | — | 72,909 | (66,838 | ) | — | 6,071 | |||||||||||||||||
| Citibank |
382,668 | — | 382,668 | (74,060 | ) | (280,000 | ) | 28,608 | ||||||||||||||||
| Deutsche Bank |
72,157 | — | 72,157 | (72,157 | ) | — | — | |||||||||||||||||
| Goldman Sachs |
31,172 | — | 31,172 | (2,134 | ) | (29,038 | ) | — | ||||||||||||||||
| HSBC |
334,716 | — | 334,716 | (4,468 | ) | (328,760 | ) | 1,488 | ||||||||||||||||
| JP Morgan Chase |
471,052 | — | 471,052 | (8,409 | ) | (462,643 | ) | — | ||||||||||||||||
| Morgan Stanley |
1,310 | — | 1,310 | — | — | 1,310 | ||||||||||||||||||
| UBS |
27,185 | — | 27,185 | (3,482 | ) | — | 23,703 | |||||||||||||||||
| $ | 1,401,901 | $ | — | $ | 1,401,901 | $ | (237,934 | ) | $ | (1,100,441 | ) | $ | 63,526 | |||||||||||
| 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 |
$ | 4,822 | $ | — | $ | 4,822 | $ | (4,822 | ) | $ | — | $ | — | |||||||||||
| Barclays |
2,845 | — | 2,845 | (1,564 | ) | — | 1,281 | |||||||||||||||||
| BNP Paribas |
66,838 | — | 66,838 | (66,838 | ) | — | — | |||||||||||||||||
| Citibank |
74,060 | — | 74,060 | (74,060 | ) | — | — | |||||||||||||||||
| Deutsche Bank |
277,702 | — | 277,702 | (72,157 | ) | (205,545 | ) | — | ||||||||||||||||
| Goldman Sachs |
2,134 | — | 2,134 | (2,134 | ) | — | — | |||||||||||||||||
| HSBC |
4,468 | — | 4,468 | (4,468 | ) | — | — | |||||||||||||||||
| JP Morgan Chase |
8,409 | — | 8,409 | (8,409 | ) | — | — | |||||||||||||||||
| UBS |
3,482 | — | 3,482 | (3,482 | ) | — | — | |||||||||||||||||
| $ | 444,760 | $ | — | $ | 444,760 | $ | (237,934 | ) | $ | (205,545 | ) | $ | 1,281 | |||||||||||
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.
177
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The table below, as of March 31, 2020, 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 |
||||||||||||||||||||||||
| Forward |
||||||||||||||||||||||||
| NatWest |
$ | 1,900,181 | $ | — | $ | 1,900,181 | $ | (327,486 | ) | $ | (1,572,695 | ) | $ | — | ||||||||||
| Futures* |
||||||||||||||||||||||||
| Goldman Sachs |
2,298,388 | (1,062,932 | ) | 1,235,456 | (604,265 | ) | — | 631,191 | ||||||||||||||||
| $ | 4,198,569 | $ | (1,062,932 | ) | $ | 3,135,637 | $ | (931,751 | ) | $ | (1,572,695 | ) | $ | 631,191 | ||||||||||
| 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 |
||||||||||||||||||||||||
| Forward |
||||||||||||||||||||||||
| NatWest |
$ | 327,486 | $ | — | $ | 327,486 | $ | (327,486 | ) | $ | — | $ | — | |||||||||||
| Futures* |
||||||||||||||||||||||||
| Goldman Sachs |
1,667,197 | (1,062,932 | ) | 604,265 | (604,265 | ) | — | — | ||||||||||||||||
| $ | 1,994,683 | $ | (1,062,932 | ) | $ | 931,751 | $ | (931,751 | ) | $ | — | $ | — | |||||||||||
| * | 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. |
GuidePath® Growth and 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, 2020, 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 |
||||||||||||||||||||||||
| NatWest |
$ | 62,250 | $ | — | $ | 62,250 | $ | — | $ | — | $ | 62,250 | ||||||||||||
| $ | 62,250 | $ | — | $ | 62,250 | $ | — | $ | — | $ | 62,250 | |||||||||||||
178
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
| 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 |
||||||||||||||||||||||||
| Options Written |
||||||||||||||||||||||||
| NatWest |
$ | 437,924 | $ | — | $ | 437,924 | $ | — | $ | (437,924 | ) | $ | — | |||||||||||
| $ | 437,924 | $ | — | $ | 437,924 | $ | — | $ | (437,924 | ) | $ | — | ||||||||||||
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.
179
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
180
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
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 03/31/2021 |
Year of Expiration 03/31/2022 |
Year of Expiration 03/31/2023 |
||||||||||
| Emerging Markets Fund |
$ | — | $ | — | $ | 103,392 | ||||||
| World ex-US Fund |
4,462 | 53 | 3 | |||||||||
| Core Fixed Income Fund |
140,476 | 187,844 | 132,507 | |||||||||
| Tax-Exempt Fixed Income Fund |
53,567 | 64,590 | 60,079 | |||||||||
| Opportunistic Fixed Income Fund |
197,441 | 192,137 | 171,719 | |||||||||
| Conservative Allocation Fund |
123,290 | 461,910 | 778,668 | |||||||||
| Absolute Return Allocation Fund |
152,010 | 735,890 | 847,340 | |||||||||
| Flexible Income Allocation Fund |
15,949 | 67,053 | 205,738 | |||||||||
| Managed Futures Strategy Fund |
821 | 17,700 | 8,555 | |||||||||
| Conservative Income Fund |
— | 55,574 | 70,018 | |||||||||
| Income Fund |
— | 58,315 | 72,623 | |||||||||
| Growth and Income Fund |
— | 56,091 | 124,031 | |||||||||
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.
181
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
During the year April 1, 2019 to March 31, 2020, the details of the borrowings were as follows:
| Fund |
Average Daily Borrowings |
Weighted Average Annualized Interest Rate |
Maximum Borrowings |
|||||||||
| Large Cap Core Fund |
$ | 8,301 | 3.25 | % | $ | 1,010,000 | ||||||
| Emerging Markets Fund |
33,474 | 5.04 | % | 1,194,000 | ||||||||
| Small/Mid Cap Core Fund |
— | — | — | |||||||||
| World ex-US Fund |
21,101 | 4.94 | % | 1,718,000 | ||||||||
| Core Fixed Income Fund |
12,915 | 3.95 | % | 1,331,000 | ||||||||
| Tax-Exempt Fixed Income Fund |
— | — | — | |||||||||
| Opportunistic Fixed Income Fund |
10,268 | 3.44 | % | 3,052,000 | ||||||||
| Growth Allocation Fund |
361,776 | 5.25 | % | 74,171,000 | ||||||||
| Conservative Allocation Fund |
225,508 | 4.74 | % | 33,161,000 | ||||||||
| Tactical Allocation Fund |
— | — | — | |||||||||
| Absolute Return Allocation Fund |
470,014 | 4.14 | % | 28,945,000 | ||||||||
| Multi-Asset Income Allocation Fund |
30,571 | 4.87 | % | 4,086,000 | ||||||||
| Flexible Income Allocation Fund |
112,746 | 4.40 | % | 22,117,000 | ||||||||
| Managed Futures Strategy Fund |
— | — | — | |||||||||
| Conservative Income Fund |
— | — | — | |||||||||
| Income Fund |
— | — | — | |||||||||
| Growth and Income Fund |
— | — | — | |||||||||
182
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
Secured Borrowings
| Securities Lending Transactions |
||||
| Overnight and Continuous |
Investments Purchased with Proceeds from Securities Lending Collateral |
|||
| Large Cap Core Fund |
$ | 44,978,979 | ||
| Emerging Markets Fund |
3,496,618 | |||
| Small/Mid Cap Core Fund |
9,775,976 | |||
| World ex-US Fund |
593,326 | |||
| Core Fixed Income Fund |
2,079,473 | |||
| Tax-Exempt Fixed Income Fund* |
— | |||
| Opportunistic Fixed Income Fund* |
— | |||
| Growth Allocation Fund |
139,438,379 | |||
| Conservative Allocation Fund |
88,033,252 | |||
| Tactical Allocation Fund |
72,959,037 | |||
| Absolute Return Allocation Fund |
37,929,302 | |||
| Multi-Asset Income Allocation Fund |
14,005,053 | |||
| Flexible Income Allocation Fund |
— | |||
| Managed Futures Strategy Fund |
— | |||
| Conservative Income Fund |
— | |||
| Income Fund |
— | |||
| Growth & Income Fund |
2,196,737 | |||
| Amounts reported above related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities): |
$ | 415,486,132 | ||
| * | Not eligible to participate in securities lending. |
| 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, 2020. As a result, this company was deemed to be an affiliated company during the year. The below table represents fair value:
| Issuer |
Value as of April 1, 2019 |
Purchases |
Sales |
Realized
Gain (Loss)1 |
||||||||||||
| Sihuan Pharmaceutical Holdings Group, Ltd.2 |
$ | 97,680 | $ | — | $ | 70,360 | $ | (18,052 | ) | |||||||
| $ | 97,680 | $ | — | $ | 70,360 | $ | (18,052 | ) | ||||||||
| Issuer |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Fair Value as of March 31, 2020 |
Share Balance as of March 31, 2020 |
||||||||||||
| Sihuan Pharmaceutical Holdings Group, Ltd.2 |
$ | (9,268 | ) | $ | 758 | $ | — | — | ||||||||
| $ | (9,268 | ) | $ | 758 | $ | — | — | |||||||||
| 1 | $27 due to currency translation. |
| 2 | No longer an affiliate as of March 31, 2020. |
183
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The GuidePath® Absolute Return Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2020. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| Issuer |
Value as of April 1, 2019 |
Purchases |
Sales |
Realized Gain (Loss) |
||||||||||||
| ProShares Investment Grade-Interest Rate Hedged ETF |
$ | 46,966,684 | $ | 60,838,867 | $ | 75,210,154 | $ | (781,425 | ) | |||||||
| $ | 46,966,684 | $ | 60,838,867 | $ | 75,210,154 | $ | (781,425 | ) | ||||||||
| Issuer |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Fair Value as of March 31, 2020 |
Share Balance as of March 31, 2020 |
||||||||||||
| ProShares Investment Grade-Interest Rate Hedged ETF |
$ | (1,977,593 | ) | $ | 440,763 | $ | 29,836,379 | 458,105 | ||||||||
| $ | (1,977,593 | ) | $ | 440,763 | $ | 29,836,379 | 458,105 | |||||||||
These differences are primarily due to the differing book and tax treatments of income from the CFC, net operating losses, partnerships, excise tax, and taxable overdistributions.
| Total Distrubutable Earnings (Loss) |
Capital Stock |
|||||||
| Large Cap Core Fund |
$ | 463 | $ | (463 | ) | |||
| Emerging Markets Fund |
60,343 | (60,343 | ) | |||||
| Small/Mid Cap Core Fund |
45,901 | (45,901 | ) | |||||
| World ex-US Fund |
4 | (4 | ) | |||||
| Core Fixed Income Fund |
16 | (16 | ) | |||||
| Tax-Exempt Fixed Income Fund |
— | — | ||||||
| Opportunistic Fixed Income Fund |
1,789 | (1,789 | ) | |||||
| Growth Allocation Fund |
417 | (417 | ) | |||||
| Conservative Allocation Fund |
(83,474 | ) | 83,474 | |||||
| Tactical Allocation Fund |
(42 | ) | 42 | |||||
| Absolute Return Allocation Fund |
(8,143 | ) | 8,143 | |||||
| Multi-Asset Income Allocation Fund |
59 | (59 | ) | |||||
| Flexible Income Allocation Fund |
303 | (303 | ) | |||||
| Managed Futures Strategy Fund |
1,231,466 | (1,231,466 | ) | |||||
| Conservative Income Fund |
18 | (18 | ) | |||||
| Income Fund |
— | — | ||||||
| Growth and Income Fund |
— | — | ||||||
184
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
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 |
$ | 4,279,873 | $ | 2,132,503 | $ | — | ||||||
| Emerging Markets Fund |
479,613 | — | — | |||||||||
| Small/Mid Cap Core Fund |
— | — | — | |||||||||
| World ex-US Fund |
2,998,080 | 1,307,719 | — | |||||||||
| Core Fixed Income Fund |
— | — | (1,215,605 | ) | ||||||||
| Tax-Exempt Fixed Income Fund |
— | — | — | |||||||||
| Opportunistic Fixed Income Fund |
13,406,605 | 8,411,636 | — | |||||||||
| Growth Allocation Fund |
1,788,501 | — | — | |||||||||
| Conservative Allocation Fund |
691,182 | — | (5,466,483 | ) | ||||||||
| Tactical Allocation Fund |
— | — | — | |||||||||
| Absolute Return Allocation Fund |
5,785,855 | 4,370,636 | (198,515 | ) | ||||||||
| Multi-Asset Income Allocation Fund |
— | — | (591,247 | ) | ||||||||
| Flexible Income Allocation Fund |
1,417,518 | 7,857,209 | (913,650 | ) | ||||||||
| Managed Futures Strategy Fund |
— | — | (10,712,577 | ) | ||||||||
| Conservative Income Fund |
100,387 | — | — | |||||||||
| Income Fund |
1,889,437 | — | — | |||||||||
| Growth and Income Fund |
1,178,671 | — | — | |||||||||
Additionally, at March 31, 2020, the Funds deferred on a tax basis losses as follows:
| Ordinary Late Year Loss |
Capital Loss |
|||||||
| Large Cap Core Fund |
$ | — | $ | — | ||||
| Emerging Markets Fund |
356,958 | — | ||||||
| Small/Mid Cap Core Fund |
5,190 | 438,451 | ||||||
| World ex-US Fund |
— | — | ||||||
| Core Fixed Income Fund |
— | — | ||||||
| Tax-Exempt Fixed Income Fund |
— | — | ||||||
| Opportunistic Fixed Income Fund |
— | — | ||||||
| Growth Allocation Fund |
— | — | ||||||
| Conservative Allocation Fund |
— | — | ||||||
| Tactical Allocation Fund |
— | 7,065,536 | ||||||
| Absolute Return Allocation Fund |
— | — | ||||||
| Multi-Asset Income Allocation Fund |
— | 10,895,219 | ||||||
| Flexible Income Allocation Fund |
— | — | ||||||
| Managed Futures Strategy Fund |
1,001,138 | — | ||||||
| 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.
185
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
The character of distributions for tax purposes paid during the fiscal years ended March 31, 2020 and March 31, 2019 are as follows:
| Year Ended March 31, 2020 |
||||||||
| Ordinary Income Distributions |
Long-Term Capital Gain Distributions |
|||||||
| Large Cap Core Fund |
$ | 460,107 | $ | 4,125,368 | ||||
| Emerging Markets Fund |
1,489,554 | — | ||||||
| Small/Mid Cap Core Fund |
23,201 | 963,221 | ||||||
| World ex-US Fund |
2,542,292 | — | ||||||
| Core Fixed Income Fund |
1,893,282 | — | ||||||
| Tax-Exempt Fixed Income Fund |
619,833 | * | 71,166 | |||||
| Opportunistic Fixed Income Fund |
2,241,473 | — | ||||||
| Growth Allocation Fund |
10,455,186 | — | ||||||
| Conservative Allocation Fund |
8,126,703 | — | ||||||
| Tactical Allocation Fund |
3,986,966 | 12,464,579 | ||||||
| Absolute Return Allocation Fund |
8,313,720 | — | ||||||
| Multi-Asset Income Allocation Fund |
3,881,432 | 40,325 | ||||||
| Flexible Income Allocation Fund |
2,894,134 | — | ||||||
| Managed Futures Strategy Fund |
2,629,756 | 4,547,812 | ||||||
| Conservative Income Fund |
81,578 | — | ||||||
| Income Fund |
589,175 | 688 | ||||||
| Growth and Income Fund |
394,397 | — | ||||||
| * | Contains $610,917 of tax-exempt income for year ended March 31, 2020. |
| Year 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 year ended March 31, 2019. |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020
At March 31, 2020, 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* |
$ | 334,702,516 | $ | 65,890,288 | $ | 64,937,026 | $ | 118,432,426 | $ | 157,505,800 | $ | 22,612,830 | ||||||||||||
| Gross Unrealized Appreciation |
$ | 83,854,280 | $ | 12,359,500 | $ | 11,375,419 | $ | 16,329,354 | $ | 9,127,975 | $ | 1,113,466 | ||||||||||||
| Gross Unrealized Depreciation |
(50,043,629 | ) | (12,720,634 | ) | (14,127,617 | ) | (22,855,258 | ) | (1,609,994 | ) | (265,820 | ) | ||||||||||||
| Net Unrealized Appreciation/(Depreciation) |
33,810,651 | (361,134 | ) | (2,752,198 | ) | (6,525,904 | ) | 7,517,981 | 847,646 | |||||||||||||||
| Undistributed Tax-Exempt Ordinary Income |
— | — | — | — | — | — | ||||||||||||||||||
| Undistributed Ordinary Income |
2,006,712 | — | — | 2,716,002 | 368,880 | 38,371 | ||||||||||||||||||
| Undistributed Long-Term Cap Gains |
— | — | — | — | — | 133,787 | ||||||||||||||||||
| Distributable Earnings |
2,006,712 | — | — | 2,716,002 | 368,880 | 172,158 | ||||||||||||||||||
| Other Accumulated Gains/(Losses) |
(6,412,376 | ) | (836,571 | ) | (443,641 | ) | (4,305,799 | ) | — | — | ||||||||||||||
| Total Distributable Earnings/(Loss) |
29,404,987 | (1,197,705 | ) | (3,195,839 | ) | (8,115,701 | ) | 7,886,861 | 1,019,804 | |||||||||||||||
| * | 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* |
$ | 45,637,856 | $ | 888,964,477 | $ | 414,379,984 | $ | 415,359,438 | $ | 434,304,774 | $ | 132,541,071 | ||||||||||||
| Gross Unrealized Appreciation |
$ | 2,482,783 | $ | 43,726,179 | $ | 13,446,252 | $ | 692,220 | $ | 8,176,365 | $ | 1,545,445 | ||||||||||||
| Gross Unrealized Depreciation |
(8,041,875 | ) | (52,037,504 | ) | (24,060,959 | ) | (19,625,548 | ) | (13,335,187 | ) | (9,507,610 | ) | ||||||||||||
| Net Unrealized Appreciation/(Depreciation) |
(5,559,092 | ) | (8,311,325 | ) | (10,614,707 | ) | (18,933,328 | ) | (5,158,822 | ) | (7,962,165 | ) | ||||||||||||
| Undistributed Tax-Exempt Ordinary Income |
— | — | — | — | — | — | ||||||||||||||||||
| Undistributed Ordinary Income |
1,244,210 | 267,454 | 1,658,544 | — | 1,340,309 | 506,003 | ||||||||||||||||||
| Undistributed Long-Term Cap Gains |
— | — | — | 18,171,501 | — | — | ||||||||||||||||||
| Distributable Earnings |
1,244,210 | 267,454 | 1,658,544 | 18,171,501 | 1,340,309 | 506,003 | ||||||||||||||||||
| Other Accumulated Gains/(Losses) |
(21,834,858 | ) | (1,802,892 | ) | (705,573 | ) | (7,079,927 | ) | (10,170,882 | ) | (10,895,219 | ) | ||||||||||||
| Total Distributable Earnings/(Loss) |
(26,149,740 | ) | (9,846,763 | ) | (9,661,736 | ) | (7,841,754 | ) | (13,989,395 | ) | (18,351,381 | ) | ||||||||||||
| * | 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* |
$ | 100,283,981 | $ | 220,919,824 | $ | 6,558,294 | $ | 30,940,036 | $ | 38,443,733 | ||||||||||
| Gross Unrealized Appreciation |
$ | 310,591 | $ | 1,170,934 | $ | 24,572 | $ | 1,079,003 | $ | 224,382 | ||||||||||
| Gross Unrealized Depreciation |
(2,488,411 | ) | (315,753 | ) | — | (5,776 | ) | (3,723,125 | ) | |||||||||||
| Net Unrealized Appreciation/(Depreciation) |
(2,177,820 | ) | 855,181 | 24,572 | 1,073,227 | (3,498,743 | ) | |||||||||||||
| Undistributed Tax-Exempt Ordinary Income |
— | — | — | — | — | |||||||||||||||
| Undistributed Ordinary Income |
43,032 | — | 389 | 2,302 | 62,891 | |||||||||||||||
| Undistributed Long-Term Cap Gains |
— | 4,051,633 | — | — | — | |||||||||||||||
| Distributable Earnings |
43,032 | 4,051,633 | 389 | 2,302 | 62,891 | |||||||||||||||
| Other Accumulated Gains/(Losses) |
(9,274,727 | ) | 243,402 | (100,387 | ) | (1,889,437 | ) | (1,178,671 | ) | |||||||||||
| Total Distributable Earnings/(Loss) |
(11,409,515 | ) | 5,150,216 | (75,426 | ) | (813,908 | ) | (4,614,523 | ) | |||||||||||
The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences, such as debt restructuring and mark-to-market on 1256 contracts.
| * | Portfolio includes investments and derivative contracts |
187
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, options written, open swap contracts, and open forward currency contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, open futures contracts, and forward currency contracts of GuidePath Managed Futures Strategy Fund), of GPS Funds I and GPS Funds II comprising the funds listed below (the “Funds”) as of March 31, 2020, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, including the related notes (collectively referred to as 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, 2020, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| Fund Name | Statements of Operations | Statement(s) of Changes in Net Assets |
Financial Highlights | |||
| 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, and GuidePath Flexible Income Allocation Fund |
For the year ended March 31, 2020 | For the years ended March 31, 2020 and 2019 | For the years ended March 31, 2020, 2019, 2018, 2017, and 2016 | |||
| GuidePath Managed Futures Strategy Fund | Consolidated for the year ended March 31, 2020 | Consolidated for the years ended March 31, 2020 and 2019 | Consolidated for the years ended March 31, 2020, 2019, 2018, 2017 and for the period from January 19, 2016 (commencement of operations) through March 31, 2016 | |||
| GuidePath Conservative Income Fund, GuidePath Income Fund, and GuidePath Growth and Income Fund |
For the year ended March 31, 2020 | For the year ended March 31, 2020 and for the period from April 30, 2018 (commencement of operations) through March 31, 2019 | ||||
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, 2020, 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 29, 2020
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ADDITIONAL INFORMATION
March 31, 2020
Additional Information
| 1. | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2020 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:
| Dividends received deduction % for corporate shareholders |
% of dividends as qualified income |
|||||||
| Large Cap Core Fund |
100.00% | 100.00% | ||||||
| Emerging Markets Fund |
1.17% | 100.00% | ||||||
| Small/Mid Cap Core Fund |
100.00% | 100.00% | ||||||
| World ex-US Fund |
0.64% | 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 |
49.49% | 100.00% | ||||||
| Conservative Allocation Fund |
16.87% | 41.24% | ||||||
| Tactical Allocation Fund |
34.74% | 61.34% | ||||||
| Absolute Return Allocation Fund |
0.04% | 2.64% | ||||||
| Multi-Asset Income Allocation Fund |
32.22% | 50.73% | ||||||
| Flexible Income Allocation Fund |
0.25% | 0.54% | ||||||
| Managed Futures Strategy Fund |
0.00% | 0.00% | ||||||
| Conservative Income Fund |
0.00% | 0.00% | ||||||
| Income Fund |
0.00% | 0.00% | ||||||
| Growth and Income Fund |
0.00% | 0.33% | ||||||
| 2. | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designated the following amounts as foreign taxes paid for the year ended March 31, 2020. 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 Fund |
$ | 274,121 | $ | 0.0287 | 94.05 | % | ||||||
| World ex-US Fund |
435,026 | 0.0449 | 96.70 | % | ||||||||
| * | 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.
189
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ADDITIONAL INFORMATION (Continued)
March 31, 2020
| 3. | Disclosure Regarding Fund Trustees and Officers (Unaudited) |
| Name, Address and Year of Birth |
Position(s) Held |
Term of Office and |
Principal
Occupation |
# of |
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); | |||||||
| 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); Trustee, Cambria ETF Series Trust (2013-present); Director, Owens Realty Mortgage Inc (2014-2019); Trustee, Wells Fargo Registered Hedge Funds (2008-2019); Director, Blue Calypso Inc. (2015-2019); Director, Merriman Holdings, Inc. (financial services) (2003-2016); | |||||||
| 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
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); | |||||||
190
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ADDITIONAL INFORMATION (Continued)
March 31, 2020
| Name, Address and Year of Birth |
Position(s) Held |
Term of Office and |
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 Funds’ 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 as an exhibit to their reports on Form N-PORT. The Funds’ filings on Form N-PORT are available without charge, upon request on the SEC’s website (http://www.sec.gov) and 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 12, 2019 (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 (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 involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds,
191
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2020
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 Funds 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; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having objectives similar to the objectives of the respective Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund; (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, all of which was provided 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 of the Board and its Committees 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 continuation of 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 renewal of each 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 Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the AssetMark that were 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
192
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2020
maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems and the resources dedicated by AssetMark in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the Funds’ liquidity risk management program; (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 when warranted, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by an independent third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors and the amount of the advisory fee retained by AssetMark, 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 by attempting 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.
193
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2020
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, concluded to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.
The Sub-Advisory Agreements
Materials Reviewed and the Review Process
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 Sub-Advised 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 Sub-Advised 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, all of which was provided 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 Sub-Advised 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 Sub-Advised 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 continuation of 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. A more detailed summary of the important, but not necessarily all, of the factors the Independent Trustees considered with respect to their approval of the continuation of the Sub-Advisory Agreements is provided below.
Nature, Quality and Extent of Services
The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) and AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.
194
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2020
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 Sub-Advised Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).
The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.
Sub-Advisor Investment Performance
The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to benchmark indices.
The Trustees considered that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, with 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 and not the Funds. 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, if any.
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 and the Sub-Advisors that the sub-advisory fees are negotiated 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.
| 7. | Statement Regarding the Trusts’ Liquidity Risk Management Program (Unaudited) |
This section discusses the operation and effectiveness of the Liquidity Risk Management Program (the “Program”) of GPS Funds I and GPS Funds II Trust (each, a “Trust” and collectively, the “Trusts”), including each of their respective series (each, a “Fund” and collectively, the “Funds”), established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Board of Trustees of each Trust (the “Board”), including a majority of the Trustees who are not “interested persons” as defined in the 1940 Act, approved the Program on behalf of each Fund, as required pursuant to the Liquidity Rule. The Board also approved the designation of AssetMark, Inc. (“AssetMark”), the investment adviser to each Fund, as the Program Administrator for the Program. AssetMark administers day-to-day implementation of the Program through a Liquidity Risk Management Committee (the “Committee”), as set forth in the Program.
At the meeting of the Board held on February 27, 2020, AssetMark, as Program Administrator, provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation, including, if applicable, the operation of any highly liquid investments minimum (“HLIM”) and any material changes to the Program (the “Report”).
195
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2020
The Report covered the period from December 1, 2018 through December 31, 2019 (the “Review Period”).
I. Key Conclusions of the Report
The Report concluded that (i) the Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule; (ii) each Fund’s investment strategy is appropriate for an open-end fund; (iii) each Fund was able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Fund during the Review Period; and (iv) the Program was implemented and operated effectively to assess and manage each Fund’s liquidity risk during the Review Period.
There were no material changes to the Program during the Review Period.
II. Summary of the Review
A. Liquidity Risk Assessment and Review
Throughout the Review Period, the Program Administrator, in consultation with the Funds’ sub-advisers, as applicable, and portfolio management teams, monitored the Funds’ portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in quarterly Board reporting.
The Program Administrator also conducted an annual review assessing each Fund’s liquidity risk as described in the Report, in accordance with the requirements of the Program and the Liquidity Rule, taking into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:
a. Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives (including for hedging purposes);
b. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and
c. Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.
In addition, in connection with the review of the Funds’ liquidity risks and the operation of the Program and the adequacy and effectiveness of its implementation, the Program Administrator also reviewed:
| • | Reasonably Anticipated Trade Size and Significant Value Impact metrics for each Fund |
| • | Process for identifying and monitoring illiquid investments |
| • | Responsibilities and operations of the Committee |
| • | Effectiveness of third-party liquidity classification vendor |
In light of the assessment and review as discussed above, the Program Administrator did not recommend any changes in the management of the Funds’ liquidity risk.
B. Portfolio Holdings Classifications
During the Review Period, each Fund’s portfolio holdings (including derivative investments) were classified monthly as Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments and Illiquid Investments pursuant to the Program, as required by the Liquidity Rule. Upon the Committee’s review and approval, the classifications were recorded for reporting in each Fund’s Form N-PORT filings during the Review Period.
C. HLIM
Pursuant to the review, there were no changes recommended in the Report with respect to the status of any Fund as a Primarily Highly Liquid Fund (“PHLF”) and each Fund qualified as a PHLF on an ongoing basis during the Review Period as described in the Report. Accordingly, an HLIM was not required for any Fund during the Review Period pursuant to the relevant provisions of the Program.
D. Compliance with the 15% Limitation on Illiquid Investments
Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets (the “15% Limit”). All Funds were monitored daily for compliance with the 15% Limit during the Review Period. During the Review Period, the Funds operated in accordance with the relevant provisions of the Program addressing the 15% Limit, including with respect to temporary investment illiquidity as a result of extended market closures. The Report also addressed significant liquidity matters which occurred or were reported during the Review Period applicable to the Funds, if any, and actions to address such matters as applicable.
196
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, 2020
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, 2020, 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, 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.
| (b) | Audit-Related Fees |
None.
| c) | Tax Fees |
For the fiscal year ended March 31, 2020, 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, 2019, the registrant’s principal accountant billed the registrant $30,000 for professional services rendered for tax compliance, tax advice and tax planning.
| (d) | All Other Fees |
None.
| (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, 2020 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, 2020 and March 31, 2019, were $0 and $0, respectively. |
| (h) | The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
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. | |
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 05/29/2020 |
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 05/29/2020 | ||
| By (Signature and Title) /s/ Patrick R Young | ||
| Patrick R Young, Vice President/Treasurer | ||
| Date 05/29/2020 | ||