Annual Report for the GPS Funds I

N-CSR 1 d924842dncsr.htm ANNUAL REPORT FOR THE GPS FUNDS I Annual Report for the GPS Funds I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Name and address of agent for service)

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 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.

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

International developed market equities represented by the MSCI EAFE Index

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

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^®CoreFixed 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 Fundunderperformed 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.

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.

GuideMark^® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on March 31, 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%.

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*

LOGO

* 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.

GuideMark^® Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

* 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	%

GuideMark^®Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

RUSSELL 2500^TM INDEX – The Russell 2500^TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. 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 2500^TM 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 2500^TM Index		-22.47	%		0.49	%		7.73	%		6.79	%

⁽¹⁾	Inception date is 6/29/01.

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 2500^TM 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.

•

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Extended Market ETF		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	%

GuideMark^®World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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%.

•

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares MSCI EAFE ETF		2.99	%
	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	%

GuideMark^®Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

GuideMark^®Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	New York Environmental Facilities Corp., Series B, 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	%

GuideMark^®Opportunistic Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception⁽¹⁾
GuideMark^®Opportunistic Fixed Income Fund
Service Shares⁽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).

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*

LOGO

* 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	%

GuidePath^®Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception⁽¹⁾
GuidePath^®Growth Allocation Fund
Service Shares		-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%.

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard S&P 500 ETF		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	%

GuidePath^® Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Mortgage-Backed Securities ETF		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	%

GuidePath^® Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR Bloomberg Barclays 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	%

GuidePath^® Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Mortgage-Backed Securities ETF		19.94	%
	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	%

GuidePath^® Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Years			Since Inception⁽¹⁾
GuidePath^® Multi-Asset Income Allocation Fund
Service Shares		-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.

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%.

•

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.

•

Components of Portfolio Holdings*

LOGO

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

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares 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	%

GuidePath^® Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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


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%.

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*

LOGO

* 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	%

GuidePath^® Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

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

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Since Inception⁽¹⁾
GuidePath^® Managed Futures Strategy Fund
Service Shares		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.

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*

LOGO

* 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.

GuidePath^® Conservative Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

BLOOMBERG BARCLAYS U.S. 1-3 YEAR TREASURY BOND INDEX – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the 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.

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*

LOGO

* 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	%

GuidePath^® Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO


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.

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*

LOGO

* Pie chart represents percentages of total portfolio.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares Core U.S. Aggregate Bond ETF		50.76	%
	2	Schwab Intermediate-Term U.S. Treasury ETF		46.85	%

GuidePath^® Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

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 Period²October 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.

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 Period¹October 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 Period²October 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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		COMMON STOCKS - 90.63%
		Aerospace & Defense - 1.20%
	12,372	Arconic, Inc. (d)	$	198,694
	824	Curtiss-Wright Corp.		76,146
	2,081	HEICO Corp.		155,263
	5,590	HEICO Corp. - Class A		357,201
	1,904	L3Harris Technologies, Inc.		342,948
	1,765	Lockheed Martin Corp.		598,247
	1,111	Northrop Grumman Corp.		336,133
	2,000	Raytheon Co.		262,300
	22,443	Spirit AeroSystems Holdings, Inc. - Class A		537,061
	655	Teledyne Technologies, Inc. (a)		194,712
	12,562	Textron, Inc.		335,029
	799	TransDigm Group, Inc. (b)		255,832
	2,958	United Technologies Corp.		279,028

				3,928,594

		Air Freight & Logistics - 0.14%
	5,047	C.H. Robinson Worldwide, Inc.		334,111
	2,572	XPO Logistics, Inc. (a)		125,385

				459,496

		Airlines - 0.40%
	11,642	Alaska Air Group, Inc.		331,448
	3,659	Delta Air Lines, Inc.		104,391
	34,497	JetBlue Airways Corp. (a)		308,748
	1,663	Southwest Airlines Co.		59,219
	15,623	United Airlines Holdings, Inc. (a)(b)		492,906

				1,296,712

		Auto Components - 0.13%
	4,092	Gentex Corp.		90,679
	41,625	Goodyear Tire & Rubber Co.		242,257
	711	WABCO Holdings, Inc. (a)		96,021

				428,957

		Automobiles - 0.21%
	62,037	Ford Motor Co. (b)		299,639
	736	Tesla, Inc. (a)(b)		385,664

				685,303

		Banks - 2.13%
	53,991	Bank of America Corp.		1,146,229
	17,001	CIT Group, Inc.		293,437
	19,759	Citigroup, Inc.		832,249
	9,249	Citizens Financial Group, Inc.		173,974
	2,378	Comerica, Inc.		69,771
	11,772	Fifth Third Bancorp		174,814
	35,796	JPMorgan Chase & Co.		3,222,714
	7,361	Popular, Inc.		257,635
	12,499	Regions Financial Corp. (b)		112,116
	6,775	Texas Capital Bancshares, Inc. (a)		150,202
	668	The PNC Financial Services Group, Inc.		63,941
	1,771	U.S. Bancorp		61,011
	14,082	Wells Fargo & Co.		404,153

				6,962,246

		Beverages - 1.60%
	2,857	Brown-Forman Corp. - Class A		146,793
	6,762	Brown-Forman Corp. - Class B		375,358
	9,203	Keurig Dr. Pepper, Inc. (b)		223,357
	15,904	Molson Coors Brewing Co. - Class B (b)		620,415
	5,936	Monster Beverage Corp. (a)		333,959


Number of Shares			Value
		Beverages (Continued)
	17,609	PepsiCo, Inc.	$	2,114,841
	32,303	The Coca-Cola Co.		1,429,408

				5,244,131

		Biotechnology - 1.67%
	3,926	Alexion Pharmaceuticals, Inc. (a)		352,516
	6,758	Alkermes PLC (a)		97,450
	5,505	Amgen, Inc.		1,116,029
	3,438	Biogen, Inc. (a)		1,087,714
	23,154	Exelixis, Inc. (a)		398,712
	11,201	Gilead Sciences, Inc.		837,387
	5,825	Incyte Corp. (a)		426,565
	442	Regeneron Pharmaceuticals, Inc. (a)		215,824
	2,122	Seattle Genetics, Inc. (a)		244,836
	736	United Therapeutics Corp. (a)		69,791
	2,603	Vertex Pharmaceuticals, Inc. (a)		619,384

				5,466,208

		Building Products - 0.60%
	2,381	A. O. Smith Corp.		90,026
	3,942	Allegion PLC (b)		362,743
	2,312	Armstrong World Industries, Inc.		183,619
	2,102	Fortune Brands Home & Security, Inc.		90,911
	2,985	Johnson Controls International PLC		80,476
	1,668	Lennox International, Inc. (b)		303,226
	7,582	Masco Corp.		262,110
	10,776	Owens Corning, Inc.		418,216
	2,092	Trane Technologies PLC		172,778

				1,964,105

		Capital Markets - 2.10%
	2,359	Ameriprise Financial, Inc.		241,750
	1,922	Cboe Global Markets, Inc.		171,538
	2,066	CME Group, Inc.		357,232
	6,614	Eaton Vance Corp.		213,301
	4,359	Evercore, Inc. - Class A		200,776
	2,192	FactSet Research Systems, Inc.		571,411
	3,013	Intercontinental Exchange, Inc.		243,300
	9,904	Invesco Ltd.		89,928
	11,714	Lazard, Ltd. - Class A		275,982
	3,252	Legg Mason, Inc.		158,860
	5,784	LPL Financial Holdings, Inc.		314,823
	1,373	MarketAxess Holdings, Inc.		456,619
	4,217	Moody’s Corp.		891,896
	8,753	Morgan Stanley		297,602
	1,419	Morningstar, Inc.		164,959
	1,200	MSCI, Inc.		346,752
	4,783	S&P Global, Inc.		1,172,074
	4,106	SEI Investments Co.		190,272
	2,656	T. Rowe Price Group, Inc.		259,358
	2,823	TD Ameritrade Holding Corp.		97,845
	4,367	The Charles Schwab Corp. (b)		146,819

				6,863,097

		Chemicals - 0.68%
	1,632	Air Products & Chemicals, Inc.		325,764
	2,074	Eastman Chemical Co.		96,607
	1,932	Ecolab, Inc.		301,064
	15,922	Huntsman Corp.		229,754
	3,321	Linde PLC (b)		574,533
	7,422	Olin Corp. (b)		86,615

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Chemicals (Continued)
	1,175	PPG Industries, Inc.	$	98,230
	3,409	RPM International, Inc.		202,835
	2,010	The Scotts Miracle-Gro Co. - Class A		205,824
	9,304	Valvoline, Inc.		121,789

				2,243,015

		Commercial Services & Supplies - 0.71%
	95,892	ADT, Inc. (b)		414,253
	735	Avery Dennison Corp. (b)		74,874
	2,336	Cintas Corp.		404,642
	4,760	Copart, Inc. (a)		326,155
	2,661	IAA, Inc. (a)		79,724
	4,719	KAR Auction Services, Inc.		56,628
	3,112	Republic Services, Inc.		233,587
	7,979	Rollins, Inc.		288,361
	1,567	Stericycle, Inc. (a)(b)		76,125
	4,060	Waste Management, Inc.		375,794

				2,330,143

		Communications Equipment - 1.30%
	1,159	Arista Networks, Inc. (a)(b)		234,756
	3,063	Ciena Corp. (a)		121,938
	29,904	Cisco Systems, Inc.		1,175,526
	66,493	CommScope Holding Co., Inc. (a)		605,751
	2,423	EchoStar Corp. - Class A (a)		77,463
	2,681	F5 Networks, Inc. (a)		285,875
	3,184	Juniper Networks, Inc.		60,942
	2,542	Motorola Solutions, Inc.		337,883
	944	Palo Alto Networks, Inc. (a)		154,778
	9,819	Qualcomm, Inc. (a)(b)		664,256
	3,785	Ubiquiti, Inc. (b)		535,880

				4,255,048

		Construction & Engineering - 0.38%
	30,544	AECOM (a)		911,738
	1,810	Jacobs Engineering Group, Inc.		143,479
	990	Martin Marietta Materials, Inc.		187,338

				1,242,555

		Construction Materials - 0.03%
	910	Vulcan Materials Co.		98,344

		Consumer Finance - 0.84%
	21,372	Ally Financial, Inc.		308,398
	4,986	American Express Co. (b)		426,851
	7,769	Capital One Financial Corp.		391,713
	524	Credit Acceptance Corp. (a)(b)		133,982
	2,265	Discover Financial Services		80,793
	74,259	Navient Corp.		562,883
	16,484	OneMain Holdings, Inc.		315,174
	20,067	Santander Consumer USA Holdings, Inc.		279,132
	15,575	Synchrony Financial		250,602

				2,749,528

		Containers & Packaging - 0.33%
	604	AptarGroup, Inc.		60,122
	9,264	Ardagh Group SA		109,871
	3,382	Ball Corp.		218,680
	4,339	Crown Holdings, Inc. (a)		251,835
	3,206	International Paper Co.		99,803
	12,407	WestRock Co.		350,622

				1,090,933


Number of Shares			Value
		Distributors - 0.20%
	2,757	Genuine Parts Co.	$	185,629
	23,538	LKQ Corp. (a)		482,764

				668,393

		Diversified Consumer Services - 0.23%
	2,591	Bright Horizons Family Solutions, Inc. (a)		264,282
	6,511	frontdoor, Inc. (a)		226,453
	11,030	H&R Block, Inc. (b)		155,302
	2,770	Service Corp. International		108,335

				754,372

		Diversified Financial Services - 0.14%
	20,407	Jefferies Financial Group, Inc. (b)		278,964
	4,213	Voya Financial, Inc.		170,837

				449,801

		Diversified Telecommunication Services - 1.39%
	65,655	AT&T, Inc.		1,913,843
	71,403	CenturyLink, Inc.		675,472
	36,401	Verizon Communications, Inc.		1,955,826

				4,545,141

		Electric Utilities - 1.61%
	5,116	American Electric Power Co., Inc.		409,178
	4,834	Duke Energy Corp. (b)		390,974
	2,500	Edison International		136,975
	3,225	Entergy Corp.		303,053
	4,459	Evergy, Inc.		245,468
	4,704	Eversource Energy (b)		367,900
	8,917	Exelon Corp. (b)		328,235
	8,672	FirstEnergy Corp.		347,487
	5,118	Hawaiian Electric Industries, Inc.		220,330
	4,196	NextEra Energy, Inc.		1,009,642
	3,086	OGE Energy Corp.		94,833
	25,639	PG&E Corp. (a)		230,495
	1,712	Pinnacle West Capital Corp.		129,752
	4,855	PPL Corp.		119,821
	10,936	The Southern Co. (b)		592,075
	5,908	Xcel Energy, Inc.		356,252

				5,282,470

		Electrical Equipment - 0.53%
	2,944	Acuity Brands, Inc.		252,183
	849	Agilent Technologies, Inc.		60,805
	1,760	Eaton Corp. PLC		136,734
	3,422	Emerson Electric Co.		163,058
	34,604	GrafTech International, Ltd. (b)		280,985
	9,165	nVent Electric PLC		154,614
	4,694	Regal Beloit Corp.		295,487
	2,152	Rockwell Automation, Inc. (b)		324,758
	203	Roper Industries, Inc.		63,298

				1,731,922

		Electronic Equipment, Instruments & Components - 0.79%
	14,716	Arrow Electronics, Inc. (a)		763,319
	23,941	Avnet, Inc.		600,919
	2,970	CDW Corp.		277,012
	1,271	Cognex Corp.		53,662
	2,181	Dolby Laboratories, Inc. - Class A		118,232
	2,627	Keysight Technologies, Inc. (a)		219,827
	10,520	National Instruments Corp.		348,002
	1,179	Zebra Technologies Corp. - Class A (a)		216,464

				2,597,437

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Energy Equipment & Services - 0.17%
	25,411	Apergy Corp. (a)(b)	$	146,113
	182,238	Patterson-UTI Energy, Inc.		428,260

				574,373

		Entertainment - 1.17%
	2,443	Activision Blizzard, Inc.		145,310
	1,746	Electronic Arts, Inc. (a)		174,897
	173,933	Lions Gate Entertainment Corp. - Class A (a)(b)		1,057,513
	187,887	Lions Gate Entertainment Corp. - Class B (a)		1,048,409
	2,409	Live Nation Entertainment, Inc. (a)(b)		109,513
	1,097	Netflix, Inc. (a)		411,923
	9,063	The Walt Disney Co.		875,486

				3,823,051

		Food & Staples Retailing - 2.92%
	3,519	Casey’s General Stores, Inc.		466,232
	6,136	Costco Wholesale Corp.		1,749,558
	19,918	CVS Health Corp.		1,181,735
	19,293	Kroger Co.		581,105
	36,959	Sprouts Farmers Market, Inc. (a)(b)		687,068
	11,517	SYSCO Corp.		525,521
	81,791	US Foods Holding Corp. (a)		1,448,518
	12,621	Walgreens Boots Alliance, Inc. (b)		577,411
	20,597	Walmart, Inc.		2,340,231

				9,557,379

		Food Products - 1.71%
	3,485	Campbell Soup Co.		160,868
	7,024	ConAgra Brands, Inc.		206,084
	17,075	Flowers Foods, Inc.		350,379
	9,147	General Mills, Inc.		482,687
	4,833	Ingredion, Inc.		364,891
	4,456	Lamb Weston Holdings, Inc. (b)		254,438
	1,183	McCormick & Co, Inc. - Non Voting		167,051
	10,022	Mondelez International, Inc. - Class A		501,902
	29,232	Pilgrim’s Pride Corp. (a)		529,684
	5,265	Post Holdings, Inc. (a)		436,837
	2,388	The Hain Celestial Group, Inc. (a)		62,016
	4,524	The Hershey Co.		599,430
	2,495	The J.M. Smucker Co.		276,945
	4,955	The Kraft Heinz Co. (b)		122,587
	14,388	TreeHouse Foods, Inc. (a)		635,230
	7,739	Tyson Foods, Inc. - Class A		447,856

				5,598,885

		Gas Utilities - 0.25%
	2,160	Atmos Energy Corp.		214,337
	12,769	EQT Corp.		90,277
	3,262	National Fuel Gas Co.		121,640
	14,726	UGI Corp.		392,742

				818,996

		Health Care Equipment & Supplies - 2.15%
	2,253	ABIOMED, Inc. (a)		327,045
	2,505	Align Technology, Inc. (a)		435,745
	2,719	Baxter International, Inc.		220,756
	3,401	Boston Scientific Corp. (a)		110,975
	3,603	Danaher Corp.		498,691
	2,197	DexCom, Inc. (a)		591,586
	2,475	Edwards Lifesciences Corp. (a)		466,834
	623	Hill-Rom Holdings, Inc.		62,674


Number of Shares			Value
		Health Care Equipment & Supplies (Continued)
	4,492	Hologic, Inc. (a)	$	157,669
	318	ICU Medical, Inc. (a)		64,163
	3,271	IDEXX Laboratories, Inc. (a)		792,367
	1,647	Insulet Corp. (a)		272,875
	320	Intuitive Surgical, Inc. (a)		158,467
	1,776	Masimo Corp. (a)		314,565
	8,366	Medtronic PLC		754,446
	2,016	Penumbra, Inc. (a)(b)		325,241
	2,537	ResMed, Inc.		373,675
	1,338	STERIS PLC		187,280
	3,419	Stryker Corp.		569,229
	239	Teleflex, Inc. (b)		69,994
	313	The Cooper Cos., Inc.		86,285
	1,009	Varian Medical Systems, Inc. (a)		103,584
	631	West Pharmaceutical Services, Inc.		96,070

				7,040,216

		Health Care Providers & Services - 3.21%
	1,953	AmerisourceBergen Corp.		172,841
	3,168	Anthem, Inc.		719,263
	6,915	Cardinal Health, Inc.		331,505
	4,224	Centene Corp. (a)		250,948
	7,473	Cerner Corp. (b)		470,724
	1,337	Chemed Corp.		579,188
	5,917	Cigna Corp.		1,048,374
	7,045	DaVita, Inc. (a)		535,843
	1,808	HCA Healthcare, Inc.		162,449
	3,156	Henry Schein, Inc. (a)		159,441
	2,316	Humana, Inc.		727,270
	2,052	Laboratory Corp. of America Holdings (a)		259,352
	4,568	McKesson Corp.		617,868
	102,110	MEDNAX, Inc. (a)		1,188,560
	1,670	Molina Healthcare, Inc. (a)		233,316
	11,230	UnitedHealth Group, Inc.		2,800,537
	2,633	Universal Health Services, Inc. - Class B		260,878

				10,518,357

		Health Care Technology - 0.05%
	972	Veeva Systems, Inc. - Class A (a)		151,992

		Hotels, Restaurants & Leisure - 1.73%
	11,299	Aramark		225,641
	445	Chipotle Mexican Grill, Inc. (a)		291,208
	2,240	Choice Hotels International, Inc. (b)		137,200
	2,413	Darden Restaurants, Inc.		131,412
	1,726	Domino’s Pizza, Inc.		559,345
	1,870	Dunkin’ Brands Group, Inc.		99,297
	1,031	Hilton Worldwide Holdings, Inc.		70,355
	166,619	International Game Technology Plc (b)		991,383
	5,633	McDonald’s Corp.		931,416
	41,115	MGM Resorts International		485,157
	24,660	Norwegian Cruise Line Holdings, Ltd. (a)		270,274
	2,791	Planet Fitness, Inc. - Class A (a)		135,922
	8,181	Starbucks Corp. (b)		537,819
	8,220	The Wendy’s Co.		122,314
	3,297	Wyndham Destinations, Inc.		71,545
	9,072	Yum! Brands, Inc.		621,704

				5,681,992

		Household Durables - 0.68%
	5,112	DR Horton, Inc.		173,808
	1,261	Garmin Ltd.		94,525

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	7,612	Lennar Corp. - Class A	$	290,778
	7,934	Lennar Corp. - Class B		229,451
	1,405	Mohawk Industries, Inc. (a)		107,117
	105	NVR, Inc. (a)		269,757
	14,170	PulteGroup, Inc.		316,274
	3,701	Roku, Inc. (a)(b)		323,764
	3,589	Tempur Sealy International, Inc. (a)		156,875
	13,540	Toll Brothers, Inc.		260,645

				2,222,994

		Household Products - 1.65%
	4,244	Church & Dwight, Inc. (b)		272,380
	2,363	Clorox Co.		409,390
	12,247	Colgate-Palmolive Co.		812,711
	5,589	Kimberly-Clark Corp.		714,665
	29,082	The Procter & Gamble Co.		3,199,020

				5,408,166

		Independent Power and Renewable Electricity Producers - 0.62%
	15,849	AES Corp.		215,547
	20,236	NRG Energy, Inc.		551,633
	78,296	Vistra Energy Corp.		1,249,604

				2,016,784

		Industrial Conglomerates - 0.25%
	2,787	3M Co.		380,453
	473	Carlisle Companies, Inc.		59,257
	16,589	General Electric Co.		131,717
	1,825	Honeywell International, Inc.		244,167

				815,594

		Insurance - 3.24%
	3,090	American National Insurance Co.		254,554
	5,074	Aon PLC		837,413
	8,502	Arch Capital Group, Ltd. (a)		241,967
	2,582	Arthur J. Gallagher & Co.		210,459
	2,092	Assurant, Inc.		217,756
	12,886	Athene Holding, Ltd. - Class A (a)		319,831
	20,574	Berkshire Hathaway, Inc. - Class B (a)		3,761,544
	7,024	Brown & Brown, Inc.		254,409
	2,055	Chubb, Ltd.		229,523
	2,805	Cincinnati Financial Corp.		211,637
	918	Erie Indemnity Co. - Class A		136,084
	8,557	Fidelity National Financial, Inc.		212,898
	5,187	First American Financial Corp.		219,981
	3,585	Hartford Financial Services Group, Inc.		126,335
	7,335	Lincoln National Corp.		193,057
	3,475	Marsh & McLennan Cos., Inc.		300,449
	13,584	MetLife, Inc.		415,263
	6,235	Old Republic International Corp.		95,084
	3,650	Principal Financial Group, Inc.		114,391
	5,611	Prudential Financial, Inc.		292,558
	2,267	Reinsurance Group of America, Inc.		190,745
	1,549	RenaissanceRe Holdings, Ltd.		231,297
	2,061	The Allstate Corp.		189,056
	905	The Hanover Insurance Group, Inc.		81,975
	4,986	The Progressive Corp. (b)		368,166
	18,211	Unum Group		273,347
	4,716	W.R. Berkley Corp.		246,034
	205	White Mountains Insurance Group, Ltd. - ADR		186,550


Number of Shares			Value
		Insurance (Continued)
	1,086	Willis Towers Watson PLC (d)	$	184,457

				10,596,820

		Interactive Media & Services - 4.24%
	3,359	Alphabet, Inc. - Class A (a)		3,902,990
	3,339	Alphabet, Inc. - Class C (a)		3,882,623
	30,051	Facebook, Inc. - Class A (a)		5,012,507
	2,984	IAC InterActive Corp. (a)		534,822
	5,804	Match Group, Inc. (a)(b)		383,296
	10,285	TripAdvisor, Inc.		178,856

				13,895,094

		Internet & Direct Marketing Retail - 3.76%
	4,986	Amazon.com, Inc. (a)		9,721,304
	419	Booking Holdings, Inc. (a)		563,689
	10,036	eBay, Inc. (b)		301,682
	4,795	Etsy, Inc. (a)		184,320
	2,144	Expedia Group, Inc.		120,643
	178,286	Qurate Retail, Inc. - Series A (a)		1,088,436
	6,165	Wayfair, Inc. - Class A (a)(b)		329,457

				12,309,531

		IT Services - 5.55%
	9,809	Accenture PLC - Class A		1,601,417
	2,291	Akamai Technologies, Inc. (a)		209,604
	39,007	Alliance Data Systems Corp.		1,312,586
	2,867	Amdocs Ltd.		157,599
	649	Automatic Data Processing, Inc.		88,705
	4,085	Black Knight, Inc. (a)		237,175
	4,386	Booz Allen Hamilton Holding Corp.		301,055
	1,036	Broadridge Financial Solutions, Inc.		98,244
	3,214	CACI International, Inc. - Class A (a)		678,636
	9,910	Cognizant Technology Solutions Corp. - Class A		460,518
	6,780	CoreLogic, Inc.		207,061
	110,512	DXC Technology Co.		1,442,182
	823	EPAM Systems, Inc. (a)		152,798
	1,846	Euronet Worldwide, Inc. (a)		158,239
	5,441	Fidelity National Information Services, Inc.		661,843
	6,357	Fiserv, Inc. (a)		603,851
	556	FleetCor Technologies, Inc. (a)		103,716
	1,040	Gartner, Inc. (a)		103,553
	8,668	Genpact, Ltd.		253,106
	3,708	Global Payments, Inc.		534,805
	3,004	GoDaddy, Inc. - Class A (a)		171,558
	5,916	Leidos Holdings, Inc.		542,201
	9,749	MasterCard, Inc. - Class A		2,354,968
	1,614	Okta, Inc. (a)(b)		197,328
	1,096	Paychex, Inc.		68,960
	4,870	PayPal Holdings, Inc. (a)		466,254
	94,905	Sabre Corp.		562,787
	5,041	Square, Inc. - Class A (a)(b)		264,048
	17,520	Switch, Inc. - Class A		252,814
	12,400	The Western Union Co. (b)		224,812
	4,684	T-Mobile USA, Inc. (a)		392,988
	2,160	VeriSign, Inc. (a)		388,994
	17,699	Visa, Inc. - Class A (b)		2,851,663
	644	WEX, Inc. (a)		67,330

				18,173,398

		Leisure Products - 0.27%
	2,137	Hasbro, Inc.		152,902
	12,791	Mattel, Inc. (a)(b)		112,689

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Leisure Products (Continued)
	1,279	Polaris Industries, Inc.	$	61,584
	2,900	Pool Corp.		570,633

				897,808

		Life Sciences Tools & Services - 0.77%
	355	Bio-Techne Corp.		67,315
	4,895	Bruker Corp.		175,535
	1,691	Charles River Laboratories International, Inc. (a)		213,421
	751	Illumina, Inc. (a)		205,113
	1,686	IQVIA Holdings, Inc. (a)		181,852
	528	Mettler-Toledo International, Inc. (a)		364,589
	3,500	Thermo Fisher Scientific, Inc.		992,600
	1,753	Waters Corp. (a)		319,134

				2,519,559

		Machinery - 1.10%
	9,463	AGCO Corp.		447,127
	1,112	Caterpillar, Inc.		129,036
	1,374	Cummins, Inc.		185,930
	4,671	Donaldson Co., Inc.		180,441
	837	Dover Corp.		70,258
	55,852	Gates Industrial Corp PLC (a)(b)		412,188
	6,628	Graco, Inc.		322,982
	2,347	Illinois Tool Works, Inc. (b)		333,556
	3,041	Ingersoll Rand, Inc. (a)		75,417
	2,798	Lincoln Electric Holdings, Inc.		193,062
	4,015	Oshkosh Corp.		258,285
	671	Parker-Hannifin Corp.		87,049
	920	Snap-on, Inc.		100,114
	14,690	The Timken Co.		475,074
	4,915	The Toro Co.		319,917

				3,590,436

		Media - 1.72%
	13,500	AMC Networks, Inc. - Class A (a)(b)		328,185
	232	Cable One, Inc. (b)		381,410
	1,229	Charter Communications, Inc. - Class A (a)(b)		536,225
	62,803	Cinemark Holdings, Inc.		639,963
	33,638	Comcast Corp. - Class A		1,156,474
	4,179	Discovery Communications, Inc. - Series A (a)(b)		81,240
	4,310	Discovery Communications, Inc. - Series C (a)		75,597
	3,912	GCI Liberty, Inc. - Class A (a)		222,867
	3,144	John Wiley & Sons, Inc. - Class A		117,869
	1,828	Liberty Broadband Corp. - Class A (a)		195,596
	2,554	Liberty Broadband Corp. - Class C (a)		282,779
	8,139	Liberty Media Corp.-Liberty SiriusXM - Class A (a)		257,925
	11,158	Liberty Media Corp.-Liberty SiriusXM - Class C (a)		352,816
	1,343	Nexstar Media Group, Inc. - Class A		77,531
	17,204	Sinclair Broadcast Group, Inc. - Class A (b)		276,640
	31,816	Sirius XM Holdings, Inc. (b)		157,171
	8,407	The Interpublic Group of Companies, Inc.		136,109
	9,360	The New York Times Co. - Class A		287,446
	4,057	ViacomCBS, Inc. - Class A		72,336

				5,636,179

		Metals & Mining - 0.67%
	96,480	Alcoa Corp. (a)		594,317
	7,332	Newmont Goldcorp Corp.		331,993


Number of Shares			Value
		Metals & Mining (Continued)
	3,705	Nucor Corp.	$	133,454
	5,285	Reliance Steel & Aluminum Co. (b)		462,913
	2,970	Royal Gold, Inc.		260,499
	18,217	Steel Dynamics, Inc.		410,611

				2,193,787

		Multiline Retail - 0.97%
	3,311	Burlington Stores, Inc. (a)(b)		524,661
	3,508	Dollar General Corp.		529,743
	2,542	Dollar Tree, Inc. (a)		186,761
	22,047	Kohl’s Corp. (b)		321,665
	85,135	Macy’s, Inc. (b)		418,013
	14,436	Nordstrom, Inc. (b)		221,448
	2,444	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		113,255
	9,438	Target Corp.		877,451

				3,192,997

		Multi-Utilities - 0.84%
	6,099	Alliant Energy Corp.		294,521
	3,350	Ameren Corp.		243,980
	5,853	CenterPoint Energy, Inc.		90,429
	5,052	CMS Energy Corp.		296,805
	2,724	Consolidated Edison, Inc.		212,472
	3,740	Dominion Energy, Inc. (b)		269,991
	1,880	DTE Energy Co.		178,543
	5,018	MDU Resources Group, Inc.		107,887
	3,427	NiSource, Inc.		85,572
	4,107	Public Service Enterprise Group, Inc. (b)		184,445
	3,421	Sempra Energy (b)		386,539
	4,428	WEC Energy Group, Inc. (b)		390,240

				2,741,424

		Oil, Gas & Consumable Fuels - 0.37%
	3,515	EOG Resources, Inc.		126,259
	15,341	HollyFrontier Corp.		376,008
	252,553	Kosmos Energy Ltd.		226,186
	14,777	Marathon Petroleum Corp.		349,033
	19,223	PBF Energy, Inc. - Class A		136,099

				1,213,585

		Paper & Forest Products - 0.02%
	3,497	Domtar Corp. (b)		75,675

		Personal Products - 0.51%
	79,786	Coty, Inc. - Class A		411,696
	15,613	Herbalife Nutrition, Ltd. (a)(b)		455,275
	14,992	Nu Skin Enterprises, Inc. - Class A		327,575
	2,962	The Estee Lauder Cos., Inc. - Class A		471,965

				1,666,511

		Pharmaceuticals - 5.20%
	11,275	Abbott Laboratories		889,710
	17,799	AbbVie, Inc. (b)		1,356,106
	4,931	Allergan PLC		873,280
	20,619	Bristol-Myers Squibb Co.		1,149,303
	1,582	Catalent, Inc. (a)		82,185
	9,521	Eli Lilly & Co. (b)		1,320,753
	4,319	Horizon Therapeutics Plc (a)		127,929
	2,746	Jazz Pharmaceuticals PLC (a)		273,886
	34,982	Johnson & Johnson		4,587,190
	29,231	Merck & Co., Inc.		2,249,033
	81,137	Mylan NV (a)		1,209,753
	7,220	Perrigo Co. PLC		347,210

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Pharmaceuticals (Continued)
	54,943	Pfizer, Inc.	$	1,793,339
	6,397	Zoetis, Inc.		752,863

				17,012,540

		Professional Services - 0.55%
	796	CoStar Group, Inc. (a)		467,419
	1,461	Equifax, Inc.		174,516
	4,565	IHS Markit, Ltd.		273,900
	5,604	ManpowerGroup, Inc.		296,956
	8,892	Robert Half International, Inc.		335,673
	1,894	Verisk Analytics, Inc.		263,986

				1,812,450

		Real Estate Management & Development - 0.18%
	7,391	CBRE Group, Inc. - Class A (a)		278,714
	2,955	Jones Lang LaSalle, Inc.		298,396

				577,110

		Road & Rail - 0.17%
	885	Kansas City Southern		112,554
	3,027	Landstar System, Inc.		290,168
	447	Norfolk Southern Corp.		65,262
	729	Old Dominion Freight Line, Inc. (b)		95,689

				563,673

		Semiconductors & Semiconductor Equipment - 3.91%
	28,440	Advanced Micro Devices, Inc. (a)		1,293,451
	1,150	Analog Devices, Inc.		103,098
	16,140	Applied Materials, Inc.		739,535
	3,954	Broadcom, Inc.		937,493
	4,293	Cypress Semiconductor Corp.		100,113
	2,846	Entegris, Inc.		127,415
	51,392	Intel Corp.		2,781,335
	2,862	KLA-Tencor Corp.		411,384
	3,314	Lam Research Corp.		795,360
	3,281	Maxim Integrated Products, Inc.		159,489
	2,946	Microchip Technology, Inc. (b)		199,739
	15,144	Micron Technology, Inc. (a)		636,957
	3,304	MKS Instruments, Inc.		269,111
	488	Monolithic Power Systems, Inc.		81,720
	5,878	NVIDIA Corp.		1,549,441
	28,065	ON Semiconductor Corp. (a)(b)		349,129
	2,941	Qorvo, Inc. (a)		237,133
	3,522	Skyworks Solutions, Inc. (b)		314,796
	5,964	Teradyne, Inc.		323,070
	11,352	Texas Instruments, Inc.		1,134,405
	3,362	Xilinx, Inc.		262,034

				12,806,208

		Software - 9.55%
	5,386	Adobe Systems, Inc. (a)		1,714,041
	2,056	Alteryx, Inc. - Class A (a)(b)		195,670
	1,320	ANSYS, Inc. (a)(b)		306,860
	3,032	Aspen Technology, Inc. (a)		288,252
	764	Atlassian Corp. PLC - Class A (a)		104,867
	2,893	Autodesk, Inc. (a)		451,597
	1,004	Avalara, Inc. (a)		74,898
	7,209	Cadence Design System, Inc. (a)		476,082
	2,770	CDK Global, Inc.		90,995
	37,988	Cerence, Inc. (a)(b)		585,015
	1,792	Ceridian HCM Holding, Inc. (a)		89,725


Number of Shares			Value
		Software (Continued)
	3,688	Citrix Systems, Inc.	$	522,036
	861	Coupa Software, Inc. (a)		120,308
	3,384	DocuSign, Inc. (a)		312,682
	15,701	Dropbox, Inc. - Class A (a)		284,188
	1,902	Elastic NV (a)		106,151
	2,198	Fair Isaac Corp. (a)		676,303
	3,377	Fortinet, Inc. (a)		341,651
	597	HubSpot, Inc. (a)(b)		79,514
	2,597	Intuit, Inc.		597,310
	2,523	Jack Henry & Associates, Inc.		391,671
	4,583	LogMeIn, Inc.		381,672
	9,498	Manhattan Associates, Inc. (a)(b)		473,190
	97,524	Microsoft Corp.		15,380,510
	17,155	NortonLifeLock, Inc.		320,970
	21,303	Nuance Communications, Inc. (a)		357,464
	14,379	Nutanix, Inc. - Class A (a)		227,188
	19,020	Oracle Corp.		919,237
	990	Paycom Software, Inc. (a)(b)		199,990
	1,444	Paylocity Holding Corp. (a)		127,534
	6,247	Pegasystems, Inc. (b)		444,974
	585	Proofpoint, Inc. (a)		60,015
	1,191	PTC, Inc. (a)		72,901
	5,343	RingCentral, Inc. - Class A (a)		1,132,235
	5,409	salesforce.com, Inc. (a)		778,788
	2,233	ServiceNow, Inc. (a)(b)		639,933
	970	Splunk, Inc. (a)		122,443
	8,722	SS&C Technologies Holdings, Inc.		382,198
	2,773	Synopsys, Inc. (a)		357,135
	405	The Trade Desk, Inc. - Class A (a)		78,165
	763	Tyler Technologies, Inc. (a)		226,275
	1,673	VMware, Inc. - Class A (a)(b)		202,600
	1,681	Workday, Inc. - Class A (a)		218,900
	2,586	Zendesk, Inc. (a)(b)		165,530
	3,396	Zscaler, Inc. (a)(b)		206,681

				31,286,344

		Specialty Retail - 3.11%
	1,551	Advance Auto Parts, Inc.		144,739
	18,294	AutoNation, Inc. (a)(b)		513,330
	788	AutoZone, Inc. (a)		666,648
	7,146	Best Buy Co., Inc.		407,322
	4,736	Dick’s Sporting Goods, Inc.		100,687
	3,902	Floor & Decor Holdings, Inc. - Class A (a)		125,215
	22,772	Foot Locker, Inc.		502,123
	16,432	L Brands, Inc.		189,954
	8,044	Lowe’s Cos., Inc.		692,186
	1,882	O’Reilly Automotive, Inc. (a)		566,576
	14,086	Penske Automotive Group, Inc. (b)		394,408
	8,084	Ross Stores, Inc.		703,065
	689	Sherwin-Williams Co.		316,609
	13,889	The Gap, Inc. (b)		97,779
	12,696	The Home Depot, Inc.		2,370,470
	18,428	The TJX Cos., Inc.		881,043
	2,231	Tiffany & Co.		288,915
	3,910	Tractor Supply Co.		330,591
	2,472	Ulta Beauty, Inc. (a)		434,330
	10,013	Urban Outfitters, Inc. (a)		142,585
	7,145	Williams Sonoma, Inc. (b)		303,805

				10,172,380

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Technology Hardware, Storage & Peripherals - 5.01%
	56,019	Apple, Inc. (b)	$	14,245,071
	2,185	Dell Technologies, Inc. - Class C (a)		86,417
	12,136	HP, Inc.		210,681
	7,548	International Business Machines Corp.		837,300
	14,207	NCR Corp. (a)		251,464
	6,464	NetApp, Inc.		269,484
	18,687	Pure Storage, Inc. - Class A (a)		229,850
	9,829	Teradata Corp. (a)		201,396
	3,658	Xerox Holdings Corp.		69,283

				16,400,946

		Textiles, Apparel & Luxury Goods - 1.37%
	18,116	Capri Holdings, Ltd. (a)		195,472
	3,858	Carter’s, Inc.		253,586
	4,067	Columbia Sportswear Co.		283,755
	5,967	lululemon athletica, Inc. (a)		1,131,045
	11,078	NIKE, Inc. - Class B		916,594
	8,126	PVH Corp. (b)		305,863
	3,485	Ralph Lauren Corp.		232,902
	11,450	Skechers U.S.A., Inc. - Class A (a)		271,823
	16,579	Tapestry, Inc.		214,698
	16,512	Under Armour, Inc. - Class A (a)(b)		152,075
	20,916	Under Armour, Inc. - Class C (a)		168,583
	6,607	VF Corp.		357,306

				4,483,702

		Thrifts & Mortgage Finance - 0.07%
	5,556	New York Community Bancorp, Inc.		52,171
	10,606	TFS Financial Corp. (b)		161,954

				214,125

		Tobacco - 0.31%
	13,769	Philip Morris International, Inc.		1,004,586

		Trading Companies & Distributors - 1.07%
	12,320	Fastenal Co.		385,000
	10,012	HD Supply Holdings, Inc. (a)		284,641
	5,815	MSC Industrial Direct Co., Inc. - Class A		319,651
	1,121	United Rentals, Inc. (a)(b)		115,351
	74,168	Univar, Inc. (a)(b)		795,081
	1,565	W.W. Grainger, Inc.		388,902
	1,505	Watsco, Inc. - Class A		237,835
	42,810	WESCO International, Inc. (a)		978,209

				3,504,670

		Water Utilities - 0.17%
	2,656	American Water Works Co., Inc. (b)		317,551
	5,851	Essential Utilities, Inc. (b)		238,136

				555,687

		Wireless Telecommunication Services - 0.03%
	3,028	United States Cellular Corp. (a)		88,690

		Total Common Stocks (Cost $258,243,186)		296,752,645

		INVESTMENT COMPANIES - 3.73%
		Exchange Traded Funds - 3.73%
	51,531	Vanguard S&P 500 ETF		12,203,571

		Total Investment Companies (Cost $11,370,470)		12,203,571


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 3.95%
		Real Estate Investment Trusts - 3.95%
	1,205	Alexandria Real Estate Equities, Inc. (b)	$	165,157
	3,115	American Campus Communities, Inc.		86,441
	16,885	American Homes 4 Rent - Class A		391,732
	3,441	American Tower Corp.		749,278
	9,143	Americold Realty Trust		311,228
	1,873	Apartment Investment & Management Co. - Class A		65,836
	44,567	Apple Hospitality REIT, Inc.		408,679
	1,267	AvalonBay Communities, Inc.		186,464
	11,647	Brandywine Realty Trust		122,526
	13,667	Brixmor Property Group, Inc.		129,836
	2,446	Camden Property Trust		193,821
	10,502	Chimera Investment Corp.		95,568
	111,427	Colony Capital, Inc.		194,997
	808	CoreSite Realty Corp.		93,647
	6,200	Corporate Office Properties Trust		137,206
	2,491	Crown Castle International Corp.		359,700
	3,323	CubeSmart		89,023
	1,448	Digital Realty Trust, Inc.		201,142
	3,072	Douglas Emmett, Inc.		93,727
	7,499	Duke Realty Corp.		242,818
	29,156	Empire State Realty Trust, Inc. - Class A (b)		261,238
	744	Equinix, Inc.		464,680
	3,610	Equity Commonwealth		114,473
	6,122	Equity LifeStyle Properties, Inc.		351,893
	3,296	Equity Residential		203,396
	1,176	Essex Property Trust, Inc.		259,002
	1,979	Extra Space Storage, Inc.		189,509
	7,340	Gaming and Leisure Properties, Inc.		203,391
	3,035	Healthcare Trust of America, Inc. - Class A (b)		73,690
	7,852	Healthpeak Properties, Inc.		187,270
	28,653	Host Hotels & Resorts, Inc.		316,329
	14,192	Invitation Homes, Inc.		303,283
	1,066	Kilroy Realty Corp. (b)		67,904
	852	Life Storage, Inc.		80,557
	15,016	Medical Properties Trust, Inc.		259,627
	22,438	MFA Financial, Inc.		34,779
	2,870	Mid-America Apartment Communities, Inc.		295,696
	3,483	National Retail Properties, Inc.		112,118
	9,036	Omega Healthcare Investors, Inc.		239,815
	7,288	Outfront Media, Inc.		98,242
	24,646	Paramount Group, Inc.		216,885
	6,071	Prologis, Inc.		487,926
	924	Public Storage		183,516
	5,364	Realty Income Corp.		267,449
	61,396	Retail Properties of America, Inc. - Class A		317,417
	1,247	SBA Communications Corp.		336,653
	194,689	Service Properties Trust		1,051,321
	7,021	Spirit Realty Capital, Inc.		183,599
	14,458	Starwood Property Trust, Inc.		148,195
	9,609	STORE Capital Corp.		174,115
	2,677	Sun Communities, Inc.		334,223
	2,955	UDR, Inc.		107,976
	4,658	Ventas, Inc.		124,834
	28,685	VEREIT, Inc. (b)		140,270
	4,843	Welltower, Inc.		221,713
	3,408	WP Carey, Inc.		197,937

		Total Real Estate Investment Trusts (Cost $16,262,993)		12,929,747

See notes to financial statements.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.50%
		Money Market Funds - 0.50%
	1,648,225	DWS Government Money Market Series -Institutional Shares Effective Yield, 0.41% (c)	$	1,648,225

		Total Short Term Investments (Cost $1,648,225)		1,648,225

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.74%
	44,978,979	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (c)		44,978,979

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $44,978,979)		44,978,979

		Total Investments (Cost $332,503,853) - 112.55%		368,513,167
		Liabilities in Excess of Other Assets - (12.55)%		(41,080,399	)

		TOTAL NET ASSETS - 100.00%	$	327,432,768

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of March 31, 2020.

(d)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $383,151, which represents 0.12% of total net assets.

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		COMMON STOCKS - 83.20%
		Argentina - 0.13%
	932	Globant SA (a)(b)	$	81,904

		Brazil - 4.81%
	43,485	Ambev SA		99,421
	13,415	B3 SA - Brasil Bolsa Balcao		91,987
	9,872	Banco BTG Pactual SA		63,912
	18,352	Banco do Brasil SA		98,010
	31,060	BB Seguridade Participacoes SA		150,037
	19,235	BR Malls Participacoes SA		36,574
	14,351	Centrais Eletricas Brasileiras SA		65,898
	15,268	Cia de Saneamento Basico do Estado de Sao Paulo		114,273
	5,539	Cosan SA		57,308
	7,494	Energisa SA		55,108
	19,680	Equatorial Energia SA - Ordinary Shares		66,091
	8,985	Hapvida Participacoes e Investimentos SA		73,438
	38,898	IRB Brasil Resseguros SA		72,614
	63,724	JBS SA		249,446
	11,744	Localiza Rent a Car SA		59,374
	30,084	Lojas Renner SA		194,593
	26,843	Magazine Luiza SA		203,437
	29,122	Natura & Co Holding SA		145,663
	11,648	Notre Dame Intermedica Participacoes SA		100,113
	54,732	Petroleo Brasileiro SA		149,467
	6,542	Porto Seguro SA		55,775
	10,454	Raia Drogasil SA		203,805
	20,882	Sul America SA		136,759
	20,287	Ultrapar Participacoes SA		49,233
	49,899	Vale SA		414,857
	11,896	WEG SA		76,604

				3,083,797

		Chile - 0.26%
	12,234	Cia Cervecerias Unidas SA		83,725
	484,102	Enel Americas SA		58,990
	10,237	Latam Airlines Group SA		26,118

				168,833

		China - 26.86%
	1,824	58.com, Inc. - ADR (a)(b)		88,865
	23,434	A-Living Services Co., Ltd. - Series H		112,385
	373,865	Agricultural Bank of China Ltd. - Series H		149,271
	18,159	Alibaba Group Holding, Ltd. - ADR (a)		3,531,562
	25,182	Anhui Conch Cement Co., Ltd. - Series H		172,991
	38,191	ANTA Sports Products Ltd.		277,141
	1,525	Autohome, Inc. - ADR (a)(b)		108,305
	262,339	BAIC Motor Corp., Ltd. - Series H		103,193
	2,593	Baidu, Inc. - ADR (a)		261,348
	877,670	Bank of China Ltd. - Series H		334,097
	246,960	Bank of Communications Co., Ltd. - Series H		150,414
	4,540	Baozun, Inc. - ADR (a)(b)		126,848
	101,879	China Aoyuan Group Ltd.		117,386
	569,672	China Cinda Asset Management Co., Ltd. - Series H		107,145
	268,528	China CITIC Bank Corp., Ltd. - Series H		132,052
	239,358	China Coal Energy Co., Ltd. - Series H		65,836
	16,383	China Conch Venture Holdings Ltd.		72,659
	950,534	China Construction Bank Corp. - Series H		772,639
	347,000	China Everbright Bank Co., Ltd. - Series H		131,997
	76,414	China Lesso Group Holdings Ltd.		98,925
	41,264	China Merchants Bank Co., Ltd. - Series H		184,606


Number of Shares			Value
		China (Continued)
	230,247	China Minsheng Banking Corp., Ltd. - Series H	$	170,301
	170,617	China National Building Material Co., Ltd. - Series H		183,295
	54,879	China Oilfield Services, Ltd. - Series H		41,896
	174,343	China Petroleum & Chemical Corp. - Series H		85,185
	107,055	China Resources Pharmaceutical Group, Ltd.		63,920
	346,338	China Telecom Corp., Ltd. - Series H		104,935
	182,941	CNOOC, Ltd.		190,108
	63,696	Country Garden Holdings Co., Ltd.		76,150
	28,276	Country Garden Services Holdings Co., Ltd.		113,777
	92,512	CSPC Pharmaceutical Group Ltd.		181,979
	607,819	Industrial & Commercial Bank of China Ltd. - Series H		414,641
	7,417	JD.com, Inc. - ADR (a)(b)		300,389
	100,483	Jiangxi Copper Co., Ltd. Series H		92,205
	1,555	JOYY, Inc. - ADR (a)(b)		82,819
	158,377	Lenovo Group Ltd.		83,899
	104,214	Li Ning Co., Ltd.		299,812
	37,647	Longfor Group Holdings Ltd.		181,191
	223,067	Maanshan Iron & Steel Co Ltd. - Series H		69,417
	6,544	Meituan Dianping (a)		78,013
	4,705	Momo, Inc. - ADR (b)		102,051
	918	NetEase, Inc. - ADR (b)		294,641
	2,090	New Oriental Education & Technology Group, Inc. - ADR (a)		226,222
	306,000	PetroChina Co. - Series H		110,907
	99,746	PICC Property & Casualty Co., Ltd. - Series H		95,515
	76,065	Ping An Insurance Group Co. of China, Ltd. - Series H		742,871
	157,293	Postal Savings Bank of China Co., Ltd. - Series H		95,766
	38,821	Semiconductor Manufacturing International Corp. (a)		60,974
	500,362	Shui On Land Ltd.		83,380
	24,597	Sunac China Holdings Ltd.		112,181
	2,880	TAL Education Group - ADR (a)(b)		153,389
	65,897	Tencent Holdings Ltd.		3,257,131
	136,824	Tingyi Cayman Islands Holding Corp.		222,453
	100,731	Uni-President China Holdings Ltd.		97,356
	24,103	Vipshop Holdings Ltd. - ADR (a)		375,525
	108,591	Want Want China Holdings, Ltd.		78,307
	2,046	Weibo Corp. - ADR (a)		67,743
	55,626	Weichai Power Co., Ltd. - Series H		88,606
	157,446	Xinyi Solar Holdings Ltd.		87,351
	120,761	Yanzhou Coal Mining Co Ltd. Series H		93,549
	52,168	Yihai International Holding Ltd.		392,955
	6,045	Yum China Holdings, Inc.		257,698
	1,416	Zai Lab Ltd. - ADR (a)(b)		72,896
	108,295	Zoomlion Heavy Industry Science and Technology Co., Ltd. - Series H		77,901
	20,376	Zhongsheng Group Holdings, Ltd.		70,709

				17,231,674

		Colombia - 0.07%
	7,332	Bancolombia SA		45,270

		Egypt - 0.47%
	54,211	Commercial International Bank Egypt SAE		201,047
	129,005	Eastern Co. SAE		100,766

				301,813

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Hong Kong - 2.59%
	431,103	Bosideng International Holdings Ltd.	$	100,133
	127,912	China Jinmao Holdings Group Ltd.		81,544
	49,767	China Mengniu Dairy Co., Ltd.		171,632
	51,816	China Mobile Ltd.		388,324
	25,942	China Resources Land Ltd.		105,882
	117,065	China Unicom Hong Kong Ltd.		68,278
	143,338	CITIC Ltd.		148,554
	129,910	Kunlun Energy Co., Ltd.		75,076
	121,788	Sino Biopharmaceutical Ltd.		158,943
	133,292	SSY Group, Ltd.		103,278
	100,529	Sun Art Retail Group Ltd.		147,892
	612,961	Yuexiu Property Co., Ltd.		109,523

				1,659,059

		Hungary - 0.10%
	2,138	OTP Bank Plc		61,327

		India - 8.01%
	6,122	Asian Paints Ltd.		134,853
	7,134	Avenue Supermarts Ltd. (a)		206,319
	591	Bajaj Finserv Ltd.		35,738
	12,033	Berger Paints India Ltd.		78,933
	16,708	Bharat Petroleum Corp., Ltd.		69,924
	15,777	Bharti Airtel Ltd. (a)		91,950
	2,057	Britannia Industries Ltd.		72,751
	5,602	Divi’s Laboratories Ltd.		146,153
	25,973	DLF Ltd.		47,011
	4,115	Dr. Reddy’s Laboratories Ltd.		167,532
	36,488	HCL Technologies Ltd.		210,476
	4,734	HDFC Asset Management Co., Ltd. (a)		131,755
	11,862	HDFC Life Insurance Co., Ltd.		68,788
	3,002	Hero MotoCorp Ltd.		63,303
	74,700	Hindalco Industries Ltd.		94,107
	12,801	Hindustan Unilever Ltd.		388,216
	15,350	Housing Development Finance Corp. Ltd.		331,320
	25,648	ICICI Bank Ltd.		111,607
	7,321	ICICI Lombard General Insurance Co., Ltd.		104,588
	11,703	ICICI Prudential Life Insurance Co., Ltd.		54,699
	57,688	Infosys Ltd.		477,944
	7,952	InterGlobe Aviation Ltd.		112,568
	30,369	ITC Ltd.		68,481
	960	Nestle India Ltd.		207,566
	102,927	Oil & Natural Gas Corp. Ltd.		92,155
	370	Page Industries Ltd.		82,760
	125,009	REC Ltd.		146,335
	21,930	Reliance Industries Ltd.		319,788
	8,054	SBI Life Insurance Co., Ltd.		68,257
	239	Shree Cement Ltd.		55,045
	4,649	Siemens Ltd.		68,430
	12,556	Tata Consultancy Services Ltd.		302,060
	78,067	Tata Motors Ltd. (a)		72,483
	18,498	Tata Steel Ltd.		65,551
	9,876	Tech Mahindra Ltd.		73,566
	5,844	Titan Co., Ltd.		71,979
	11,088	UPL Ltd.		47,746
	63,000	Vedanta Ltd.		53,417
	55,331	Wipro Ltd.		143,940

				5,140,094


Number of Shares			Value
		Indonesia - 1.34%
	1,331,115	Adaro Energy Tbk PT	$	79,537
	114,026	Bank Central Asia Tbk PT		192,125
	650,761	Bank Rakyat Indonesia Persero Tbk PT		119,353
	2,332,960	Barito Pacific Tbk PT (a)		102,237
	285,257	Indah Kiat Pulp & Paper Corp. Tbk PT		69,654
	1,215,482	Kalbe Farma Tbk PT		89,123
	463,270	Telekomunikasi Indonesia Persero Tbk PT		89,975
	260,065	Unilever Indonesia Tbk PT		115,003

				857,007

		Luxembourg - 0.09%
	3,610	Reinet Investments SCA		57,479

		Mexico - 1.48%
	175,537	Alfa SAB de CV - Series A		46,913
	44,536	Alsea SAB de CV (a)		28,255
	400,485	America Movil SAB de CV - Series L		238,037
	484,811	Cemex SAB de CV		101,571
	13,335	Fomento Economico Mexicano SAB de CV		81,075
	12,221	Grupo Aeroportuario del Pacifico SAB de CV - Series B		66,075
	70,159	Grupo Bimbo SAB de CV - Series A		102,891
	24,765	Grupo Financiero Banorte SAB de CV - Series O		67,857
	93,130	Wal-Mart de Mexico SAB de CV		219,413

				952,087

		Philippines - 0.42%
	5,802	Globe Telecom, Inc.		219,883
	35,686	International Container Terminal Services, Inc.		52,184

				272,067

		Poland - 0.94%
	1,206	CD Projekt SA		83,059
	5,674	Dino Polska SA (a)		220,714
	4,937	Grupa Lotos SA		61,616
	4,074	KGHM Polska Miedz SA (a)		58,228
	89	LPP SA		111,939
	5,142	Polski Koncern Naftowy ORLEN SA		68,809

				604,365

		Qatar - 1.27%
	137,960	Ooredoo QPSC		220,745
	23,122	Qatar Fuel QSC (a)		103,189
	37,061	Qatar International Islamic Bank QSC		73,723
	27,710	Qatar Islamic Bank SAQ		108,557
	50,280	Qatar National Bank QPSC		229,767
	72,650	The Commercial Bank PQSC		77,287

				813,268

		Republic of Korea - 11.57%
	925	Amorepacific Corp.		126,852
	718	BGF retail Co., Ltd.		77,772
	19,836	BNK Financial Group, Inc.		71,985
	8,743	Cheil Worldwide, Inc.		113,298
	2,258	Daelim Industrial Co Ltd.		135,392
	5,104	Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)		55,857
	2,578	DB Insurance Co., Ltd.		73,049
	5,495	Fila Korea Ltd.		129,880
	6,073	GS Engineering & Construction Corp.		100,903
	2,793	GS Holdings Corp.		84,200
	5,533	Hana Financial Group, Inc.		104,096
	4,323	Hankook Tire Co., Ltd.		68,267

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Republic of Korea (Continued)
	5,513	Hanwha Corp.	$	68,340
	2,557	Hotel Shilla Co., Ltd.		146,328
	1,825	Hyundai Department Store Co. Ltd.		87,757
	933	Hyundai Glovis Co., Ltd.		69,044
	5,096	Hyundai Marine & Fire Insurance Co., Ltd.		94,228
	720	Hyundai Mobis Co., Ltd.		99,596
	10,541	Industrial Bank of Korea		64,407
	925	Kakao Corp.		116,997
	4,354	KB Financial Group, Inc.		122,452
	5,113	Kia Motors Corp.		107,623
	5,861	KMW Co Ltd. (a)		237,614
	10,058	Korean Air Lines Co., Ltd. (a)		152,215
	1,945	Kumho Petrochemical Co., Ltd.		102,679
	2,269	LG Electronics, Inc.		89,212
	279	LG Household & Health Care Ltd.		255,561
	15,796	LG Uplus Corp.		138,773
	46,426	Meritz Securities Co., Ltd.		107,140
	611	Naver Corp.		84,950
	449	NCSoft Corp.		239,633
	681	Pearl Abyss Corp. (a)		99,344
	1,183	POSCO		155,668
	8,295	Posco International Corp.		76,816
	1,070	Samsung Electro-Mechanics Co., Ltd.		84,785
	61,339	Samsung Electronics Co., Ltd.		2,384,953
	295	Samsung SDI Co., Ltd.		57,434
	538	Samsung SDS Co., Ltd.		65,762
	7,430	Shinhan Financial Group Co., Ltd.		173,819
	430	Shinsegae, Inc.		76,250
	7,080	SK Hynix, Inc.		478,637
	3,601	Woongjin Coway Co., Ltd.		170,341
	11,904	Woori Financial Group Inc.		74,061

				7,423,970

		Russian Federation - 3.47%
	46,472	Gazprom PJSC - ADR (b)		211,912
	8,407	LUKOIL PJSC - ADR		497,358
	9,927	MMC Norilsk Nickel PJSC - ADR		240,829
	7,701	Mobile TeleSystems PJSC - ADR		58,528
	2,122	Polyus PJSC - GDR (d)		144,005
	20,711	Rosneft Oil Co PJSC - ADR (d)		83,325
	37,721	Sberbank of Russia PJSC - ADR		354,577
	9,904	Severstal PJSC - GDR (d)		108,510
	36,200	Surgutneftegas OJSC - ADR		150,592
	4,243	Tatneft PJSC - ADR (b)		160,810
	140,137	VTB Bank PJSC - GDR (d)		112,713
	3,865	X5 Retail Group NV - GDR		103,273

				2,226,432

		South Africa - 3.08%
	13,226	Absa Group Ltd.		55,024
	2,203	Anglo American Platinum, Ltd.		92,025
	7,441	AngloGold Ashanti Ltd.		126,065
	20,362	Aspen Pharmacare Holdings Ltd. (a)		106,505
	4,290	Bid Corp. Ltd.		50,566
	1,711	Capitec Bank Holdings Ltd.		84,164
	7,902	Clicks Group, Ltd.		113,896
	32,408	FirstRand Ltd.		72,728
	24,328	Gold Fields Ltd.		118,732
	19,194	Impala Platinum Holdings Ltd.		79,974
	4,843	Kumba Iron Ore, Ltd.		75,516


Number of Shares			Value
		South Africa (Continued)
	13,842	Mr. Price Group Ltd.	$	87,839
	19,305	MultiChoice Group Ltd. (a)		91,741
	2,010	Naspers Ltd. - N Shares		285,650
	7,114	Nedbank Group Ltd.		33,058
	17,408	Northam Platinum Ltd. (a)		66,418
	125,275	Old Mutual Ltd.		83,109
	36,910	Pick n Pay Stores Ltd.		125,059
	17,604	Standard Bank Group Ltd.		100,750
	9,714	The Bidvest Group Ltd.		79,195
	32,969	Woolworths Holdings Ltd.		50,815

				1,978,829

		Taiwan, Province of China - 13.08%
	29,739	Advantech Co., Ltd.		245,040
	36,138	ASE Technology Holding Co., Ltd.		70,000
	54,319	Asia Cement Corp.		70,525
	69,121	Cathay Financial Holding Co., Ltd.		80,446
	31,707	Chailease Holding Co., Ltd.		95,499
	152,062	Chang Hwa Commercial Bank Ltd.		96,000
	43,026	Chicony Electronics Co., Ltd.		107,425
	652,496	China Airlines Ltd.		142,134
	121,901	CTBC Financial Holding Co., Ltd.		71,780
	215,098	E.Sun Financial Holdings Co., Ltd.		171,703
	11,065	Eclat Textile Co., Ltd.		87,595
	323,198	Eva Airways Corp.		94,308
	39,619	Feng TAY Enterprise Co., Ltd.		169,688
	131,750	First Financial Holding Co., Ltd.		85,137
	42,739	Foxconn Technology Co., Ltd.		69,602
	103,394	Fubon Financial Holding Co., Ltd.		127,798
	96,714	Hon Hai Precision Industry Co., Ltd.		222,661
	8,851	Hotai Motor Co., Ltd.		142,922
	231,298	Hua Nan Financial Holdings Co., Ltd.		137,600
	1,054	Largan Precision Co., Ltd.		133,088
	56,679	Lite-On Technology Corp.		77,106
	12,584	MediaTek, Inc.		135,067
	155,054	Mega Financial Holding Co., Ltd.		145,596
	34,179	Micro-Star International Co., Ltd.		99,898
	28,533	Nanya Technology Corp.		50,218
	22,253	Nien Made Enterprise Co., Ltd.		132,205
	107,426	Pou Chen Corp.		90,799
	33,661	Powertech Technology, Inc.		95,328
	26,608	President Chain Store Corp.		248,752
	23,737	Realtek Semiconductor Corp.		170,405
	289,842	SinoPac Financial Holdings Co., Ltd.		105,620
	51,000	Standard Foods Corp.		102,901
	284,596	Taiwan Business Bank		90,575
	71,709	Taiwan Cement Corp.		93,129
	310,941	Taiwan Cooperative Financial Holding Co., Ltd.		187,776
	33,743	Taiwan Mobile Co., Ltd.		111,413
	309,488	Taiwan Semiconductor Manufacturing Co., Ltd.		2,786,109
	138,249	Uni-President Enterprises Corp.		299,229
	337,279	United Microelectronics Corp.		151,223
	20,967	Walsin Technology Corp.		110,772
	9,815	Win Semiconductors Corp.		84,235
	204,162	Wistron Corp.		165,051
	3,140	Wiwynn Corp.		72,199
	10,373	Yageo Corp.		93,153
	243,896	Yuanta Financial Holding Co Ltd.		124,522
	48,592	Zhen Ding Technology Holding Ltd.		148,501

				8,392,733

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Thailand - 1.89%
	20,684	Advanced Info Service PCL - NVDR	$	125,410
	77,961	B Grimm Power PCL - NVDR		93,969
	316,187	BTS Group Holdings PCL - NVDR		87,220
	61,152	CP ALL PCL - NVDR		113,045
	13,648	Electricity Generating PCL - NVDR		95,613
	35,564	Gulf Energy Development PCL - NVDR		161,979
	345,796	Home Product Center PCL - NVDR		115,768
	79,676	Muangthai Capital PCL - NVDR		84,441
	94,420	Osotspa PCL - NVDR		102,522
	25,039	PTT Exploration & Production PCL - NVDR		50,961
	73,424	PTT PCL - NVDR		67,881
	40,541	Ratch Group PCL - NVDR		70,221
	33,688	Srisawad Corp PCL - NVDR		43,341

				1,212,371

		Turkey - 1.13%
	110,695	Akbank Turk AS (a)		92,949
	26,000	Arcelik AS (a)		52,962
	25,776	BIM Birlesik Magazalar AS		195,466
	115,676	Haci Omer Sabanci Holding AS		130,417
	70,698	Turkiye Garanti Bankasi AS (a)		86,707
	235,956	Turkiye Is Bankasi AS - Series C (a)		168,374

				726,875

		United Arab Emirates - 0.14%
	34,962	First Abu Dhabi Bank PJSC		90,145

		Total Common Stocks (Cost $52,651,424)		53,381,399

		INVESTMENT COMPANIES - 9.83%
		China - 7.68%
	49,071	iShares Core MSCI Emerging Markets ETF		1,985,903
	99,660	KraneShares Bosera MSCI China ETF - Class A (b)		2,938,974

				4,924,877

		Saudi Arabia - 2.15%
	57,763	iShares MSCI Saudi Arabia ETF		1,382,268

		Total Investment Companies (Cost $6,770,681)		6,307,145

		PREFERRED STOCKS - 2.73%
		Brazil - 1.43%
	53,258	Banco Bradesco SA - Preference Shares		214,012
	12,086	Centrais Eletricas Brasileiras SA - Preference Shares		61,406
	28,567	Cia Energetica de Minas Gerais - Preference Shares		48,875
	65,761	Itau Unibanco Holding SA - Preference Shares		293,868
	38,402	Itausa - Investimentos Itau SA - Preference Shares		64,298
	66,546	Petroleo Brasileiro SA - Preference Shares		178,656
	6,046	Telefonica Brasil SA - Preference Shares		57,550

				918,665

		Colombia - 0.07%
	6,924	Bancolombia SA - Preference Shares		43,467

		Republic of Korea - 1.23%
	2,259	Amorepacific Corp. - Preference Shares		109,091
	393	LG Household & Health Care Ltd. - Preference Shares		204,887
	14,623	Samsung Electronics Co., Ltd. - Preference Shares		476,529

				790,507

		Total Preferred Stocks (Cost $1,840,106)		1,752,639


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 0.06%
		Mexico - 0.06%
	53,067	Fibra Uno Administracion SA de CV	$	41,653

		Total Real Estate Investment Trusts (Cost $79,927)		41,653

		SHORT TERM INVESTMENTS - 0.88%
		Money Market Funds - 0.88%
	563,124	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (c)		563,124

		Total Short Term Investments (Cost $563,124)		563,124

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 5.45%
	3,496,618	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (c)		3,496,618

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $3,496,618)		3,496,618

		Total Investments (Cost $65,401,880) - 102.15%		65,542,578
		Liabilities in Excess of Other Assets - (2.15)%		(1,380,630	)

		TOTAL NET ASSETS - 100.00%	$	64,161,948

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of March 31, 2020.

(d)

Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $448,553, which represents 0.70% of total net assets.

Glossary of Terms


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

See notes to financial statements.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2020


COMMON STOCKS
Air Freight & Logistics			0.11%
Airlines			0.82%
Auto Components			0.26%
Automobiles			0.54%
Banks			10.60%
Beverages			0.57%
Biotechnology			0.11%
Building Products			0.15%
Capital Markets			1.07%
Chemicals			0.73%
Commercial Services & Supplies			0.35%
Communications Equipment			0.37%
Construction & Engineering			0.37%
Construction Materials			1.05%
Consumer Finance			0.20%
Diversified Consumer Services			0.59%
Diversified Financial Services			0.69%
Diversified Telecommunication Services			0.86%
Electric Utilities			0.38%
Electrical Equipment			0.12%
Electronic Equipment, Instruments & Components			1.43%
Energy Equipment & Services			0.07%
Entertainment			0.74%
Food & Staples Retailing			3.04%
Food Products			3.11%
Health Care Providers & Services			0.27%
Hotels, Restaurants & Leisure			0.45%
Household Durables			0.87%
Household Products			1.00%
Independent Power and Renewable Electricity Producers			0.66%
Industrial Conglomerates			0.76%
Insurance			3.19%
Interactive Media & Services			1.29%
Internet & Direct Marketing Retail			6.88%
IT Services			7.20%
Life Sciences Tools & Services			0.23%
Machinery			0.46%
Media			0.77%
Metals & Mining			3.20%
Multiline Retail			0.96%
Oil, Gas & Consumable Fuels			4.64%
Paper & Forest Products			0.11%
Personal Products			0.42%
Pharmaceuticals			1.36%
Real Estate Management & Development			1.48%



Road & Rail			0.23%
Semiconductors & Semiconductor Equipment			10.22%
Software			0.50%
Specialty Retail			0.88%
Technology Hardware, Storage & Peripherals			1.33%
Textiles, Apparel & Luxury Goods			2.22%
Thrifts & Mortgage Finance			0.52%
Tobacco			0.26%
Trading Companies & Distributors			0.12%
Transportation Infrastructure			0.18%
Water Utilities			0.18%
Wireless Telecommunication Services			2.03%

TOTAL COMMON STOCKS			83.20%

INVESTMENT COMPANIES
Exchange Traded Funds			9.83%

TOTAL INVESTMENT COMPANIES			9.83%

PREFERRED STOCKS
Banks			0.96%
Diversified Telecommunication Services			0.09%
Electric Utilities			0.17%
Oil, Gas & Consumable Fuels			0.28%
Personal Products			0.49%
Semiconductors & Semiconductor Equipment			0.74%

TOTAL PREFERRED STOCKS			2.73%

REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts			0.06%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.06%

SHORT TERM INVESTMENTS
Money Market Funds			0.88%

TOTAL SHORT TERM INVESTMENTS			0.88%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Investments Purchased with Proceeds from Securities Lending Collateral			5.45%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			5.45%

TOTAL INVESTMENTS			102.15%
Liabilities in Excess of Other Assets			(2.15)%

TOTAL NET ASSETS			100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		COMMON STOCKS - 87.60%
		Aerospace & Defense - 1.04%
	1,059	AAR Corp.	$	18,808
	509	Aerojet Rocketdyne Holdings, Inc. (a)		21,291
	695	Astronics Corp. (a)		6,380
	938	Axon Enterprise, Inc. (a)(b)		66,382
	992	BWX Technologies, Inc.		48,320
	289	Cubic Corp.		11,939
	358	Curtiss-Wright Corp.		33,083
	555	Ducommun, Inc. (a)		13,792
	525	Hexcel Corp. (b)		19,525
	324	Huntington Ingalls Industries, Inc.		59,036
	1,178	Kratos Defense & Security Solutions, Inc. (a)(b)		16,304
	865	Maxar Technologies, Inc. (b)		9,238
	411	Moog, Inc. - Class A		20,768
	908	Parsons Corp. (a)		29,020
	1,072	Spirit AeroSystems Holdings, Inc. - Class A		25,653
	331	Teledyne Technologies, Inc. (a)		98,396
	1,203	Vectrus, Inc. (a)		49,816

				547,751

		Air Freight & Logistics - 0.27%
	2,482	Echo Global Logistics, Inc. (a)		42,393
	226	Forward Air Corp.		11,447
	466	Hub Group, Inc. - Class A (a)		21,189
	8,035	Radiant Logistics, Inc. (a)		31,095
	713	XPO Logistics, Inc. (a)(b)		34,759

				140,883

		Airlines - 0.24%
	1,282	Alaska Air Group, Inc.		36,499
	93	Allegiant Travel Co.		7,607
	308	Copa Holdings SA - Class A		13,949
	817	Hawaiian Holdings, Inc.		8,530
	3,415	JetBlue Airways Corp. (a)		30,564
	2,821	Mesa Air Group, Inc. (a)		9,281
	329	SkyWest, Inc. (b)		8,617
	872	Spirit Airlines, Inc. (a)(b)		11,240

				126,287

		Auto Components - 0.70%
	1,651	Adient PLC - ADR (a)		14,975
	2,352	American Axle & Manufacturing Holdings, Inc. (a)		8,491
	1,576	BorgWarner, Inc.		38,407
	494	Cooper Tire & Rubber Co.		8,052
	1,536	Dana, Inc.		11,996
	404	Dorman Products, Inc. (a)		22,329
	632	Fox Factory Holding Corp. (a)		26,544
	2,772	Gentex Corp.		61,428
	464	Gentherm, Inc. (a)		14,570
	2,143	Goodyear Tire & Rubber Co.		12,472
	258	LCI Industries		17,242
	2,834	Modine Manufacturing Co. (a)		9,210
	340	Standard Motor Products, Inc.		14,134
	1,594	Stoneridge, Inc. (a)		26,699
	216	Visteon Corp. (a)		10,364
	534	WABCO Holdings, Inc. (a)		72,117

				369,030

		Automobiles - 0.13%
	757	Harley-Davidson, Inc. (b)		14,330
	791	Thor Industries, Inc. (b)		33,364
	674	Winnebago Industries, Inc.		18,744

				66,438


Number of Shares			Value
		Banks - 4.05%
	831	1st Constitution Bancorp.	$	11,011
	920	Ameris Bancorp		21,859
	1,911	Associated Banc-Corp.		24,442
	693	Atlantic Union Bankshares Corp. (b)		15,177
	562	BancFirst Corp.		18,754
	3,049	Bancorp, Inc. (a)		18,507
	758	BancorpSouth, Inc.		14,341
	1,501	Bank of Commerce Holdings		11,813
	455	Bank of Hawaii Corp.		25,134
	426	Bank of Marin Bancorp		12,780
	1,046	Bank OZK		17,468
	1,592	BankUnited, Inc.		29,770
	1,121	BCB Bancorp, Inc.		11,939
	306	BOK Financial Corp.		13,023
	700	Business First Bancshares, Inc.		9,450
	441	C&F Financial Corp.		17,596
	1,547	Cadence BanCorp		10,133
	374	Camden National Corp.		11,762
	568	Cathay General Bancorp (b)		13,036
	889	CenterState Bank Corp.		15,318
	205	Century Bancorp, Inc. - Class A		12,759
	852	CIT Group, Inc.		14,706
	221	City Holding Co.		14,703
	344	Columbia Banking System, Inc.		9,219
	1,127	Commerce Bancshares, Inc.		56,745
	435	Community Bank Systems, Inc.		25,578
	356	Community Trust Bancorp, Inc.		11,317
	991	Cullen Frost Bankers, Inc.		55,288
	971	Customers Bancorp, Inc. (a)		10,613
	360	Eagle Bancorp, Inc.		10,876
	1,796	East West Bancorp, Inc.		46,229
	953	Enterprise Financial Services Corp.		26,598
	2,369	F.N.B. Corp.		17,460
	1,281	Farmers National Banc Corp.		14,898
	545	Financial Institutions, Inc.		9,886
	437	First Bancorp (North Carolina)		10,086
	2,432	First BanCorp (Puerto Rico)		12,938
	1,304	First Bank		9,050
	890	First Business Financial Services, Inc.		13,795
	206	First Capital, Inc.		12,339
	105	First Citizens BancShares, Inc. - Class A		34,951
	545	First Community Bancshares, Inc.		12,699
	1,398	First Financial Bancorp.		20,844
	1,556	First Financial Bankshares, Inc.		41,763
	795	First Guaranty Bancshares, Inc.		11,472
	728	First Hawaiian, Inc.		12,034
	3,054	First Horizon National Corp.		24,615
	936	First Internet Bancorp		15,369
	500	First Merchants Corp.		13,245
	970	First Midwest Bancorp, Inc.		12,838
	1,790	Fulton Financial Corp. (b)		20,567
	667	Glacier Bancorp, Inc.		22,681
	343	Great Southern Bancorp, Inc.		13,857
	814	Hancock Whitney Corp.		15,889
	200	Hawthorn Bancshares, Inc.		3,670
	402	Heartland Financial U.S.A., Inc.		12,140
	755	Hilltop Holdings, Inc.		11,416
	985	Home BancShares, Inc.		11,810
	1,405	Hope Bancorp, Inc.		11,549
	481	IBERIABANK Corp.		17,393

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	861	Independent Bank Corp.	$	11,081
	412	Independent Bank Group, Inc.		9,756
	879	International Bancshares Corp.		23,628
	1,515	Investors Bancorp, Inc.		12,105
	981	Lakeland Bancorp, Inc.		10,605
	400	Lakeland Financial Corp.		14,700
	1,339	Macatawa Bank Corp.		9,534
	573	Midland States Bancorp, Inc.		10,022
	462	National Bank Holdings Corp. - Class A		11,042
	486	NBT Bancorp, Inc.		15,742
	328	Nicolet Bankshares, Inc. (a)		17,902
	885	Northeast Bank		10,319
	937	OFG Bancorp		10,476
	1,437	Old National Bancorp		18,954
	1,571	Old Second Bancorp, Inc.		10,856
	549	Pacific Premier Bancorp, Inc.		10,343
	822	PacWest Bancorp		14,730
	183	Park National Corp.		14,208
	1,432	Parke Bancorp, Inc.		19,318
	624	Peapack Gladstone Financial Corp.		11,201
	577	Peoples Bancorp, Inc.		12,781
	503	Pinnacle Financial Partners, Inc.		18,883
	1,431	Popular, Inc.		50,085
	336	Preferred Bank		11,364
	1,066	Premier Financial Bancorp, Inc.		13,218
	700	Prosperity Bancshares, Inc. (b)		33,775
	1,040	RBB Bancorp		14,269
	578	S&T Bancorp, Inc.		15,791
	658	Sandy Spring Bancorp, Inc.		14,897
	838	ServisFirst Bancshares, Inc.		24,570
	1,465	Shore Bancshares, Inc.		15,895
	634	Signature Bank (b)		50,967
	919	Simmons First National Corp. - Class A		16,910
	266	South State Corp.		15,622
	413	Southside Bancshares, Inc.		12,551
	1,205	Sterling Bancorp		12,592
	558	Stock Yards Bancorp, Inc.		16,143
	582	Summit Financial Group, Inc.		12,344
	2,278	Synovus Financial Corp.		40,002
	840	TCF Financial Corp. (b)		19,034
	496	Texas Capital Bancshares, Inc. (a)		10,996
	1,000	The Bank of N.T. Butterfield & Son, Ltd.		17,030
	132	Tompkins Financial Corp.		9,478
	593	TowneBank		10,727
	827	TriState Capital Holdings, Inc. (a)		7,997
	493	Triumph Bancorp, Inc. (a)		12,818
	586	Trustmark Corp.		13,654
	342	UMB Financial Corp.		15,862
	1,727	Umpqua Holdings Corp.		18,824
	509	Union Bankshares, Inc.		11,453
	477	United Bankshares, Inc. (b)		11,009
	776	Unity Bancorp, Inc.		9,079
	3,562	Valley National Bancorp		26,038
	704	Veritex Holdings, Inc.		9,835
	323	Washington Trust Bancorp, Inc.		11,809
	976	Webster Financial Corp.		22,350
	799	WesBanco, Inc.		18,936
	901	West Bancorporation, Inc.		14,731
	295	WestAmerica Bancorporation		17,340


Number of Shares			Value
		Banks (Continued)
	1,599	Western Alliance Bancorp	$	48,945
	852	Wintrust Financial Corp.		27,997
	1,851	Zions Bancorporation		49,533

				2,143,854

		Beverages - 0.32%
	220	Boston Beer Co., Inc. - Class A (a)		80,863
	6,862	Celsius Holdings, Inc. (a)		28,889
	167	Coca-Cola Consolidated, Inc.		34,824
	552	National Beverage Corp. (a)(b)		23,543

				168,119

		Biotechnology - 3.84%
	613	ACADIA Pharmaceuticals, Inc. (a)		25,899
	191	Acceleron Pharma, Inc. (a)		17,165
	4,854	Achillion Pharmaceuticals, Inc. (a)(c)(d)(e)(f)		9,708
	10,880	Acorda Therapeutics, Inc. (a)		10,147
	1,316	Adverum Biotechnologies, Inc. (a)		12,857
	20,514	Affimed NV (a)		32,412
	1,817	Akebia Therapeutics, Inc. (a)		13,773
	355	Alector, Inc. (a)		8,566
	1,894	Alkermes PLC (a)		27,312
	642	Alnylam Pharmaceuticals, Inc. (a)		69,882
	3,772	AMAG Pharmaceuticals, Inc. (a)		23,311
	511	Apellis Pharmaceuticals, Inc. (a)		13,690
	1,717	Arena Pharmaceuticals, Inc. (a)(b)		72,114
	1,321	Arrowhead Pharmaceuticals, Inc. (a)		38,005
	311	Biohaven Pharmaceutical Holding Co., Ltd. (a)		10,583
	281	BioSpecifics Technologies Corp. (a)		15,896
	10,732	Catalyst Pharmaceuticals, Inc. (a)(b)		41,318
	932	CEL-SCI Corp. (a)(b)		10,755
	254	ChemoCentryx, Inc. (a)		10,206
	891	Coherus Biosciences, Inc. (a)		14,452
	874	Cytokinetics, Inc. (a)		10,304
	233	Deciphera Pharmaceuticals, Inc. (a)		9,593
	1,302	Dicerna Pharmaceuticals, Inc. (a)		23,918
	1,129	Eagle Pharmaceuticals, Inc. (a)		51,934
	410	Eidos Therapeutics, Inc. (a)		20,086
	505	Emergent BioSolutions, Inc. (a)		29,219
	397	Enanta Pharmaceuticals, Inc. (a)		20,418
	677	Epizyme, Inc. (a)		10,500
	323	Esperion Therapeutics, Inc. (a)		10,184
	1,184	Exact Sciences Corp. (a)(b)		68,672
	5,691	Exelixis, Inc. (a)		97,999
	451	Fate Therapeutics, Inc. (a)		10,017
	123	Forty Seven, Inc. (a)		11,737
	247	Global Blood Therapeutics, Inc. (a)(b)		12,619
	1,156	Halozyme Therapeutics, Inc. (a)		20,796
	4,239	ImmunoGen, Inc. (a)		14,455
	1,221	Invitae Corp. (a)		16,691
	959	Ionis Pharmaceuticals, Inc. (a)(b)		45,342
	852	Iovance Biotherapeutics, Inc. (a)		25,505
	1,017	Ironwood Pharmaceuticals, Inc. (a)		10,262
	764	Karyopharm Therapeutics, Inc. (a)		14,676
	209	Kodiak Sciences, Inc. (a)		9,969
	299	Krystal Biotech, Inc. (a)		12,929
	27,156	Lexicon Pharmaceuticals, Inc. (a)(b)		52,954
	382	Mirati Therapeutics, Inc. (a)		29,364
	707	Moderna, Inc. (a)(b)		21,175
	840	Molecular Templates, Inc. (a)		11,164
	604	Momenta Pharmaceuticals, Inc. (a)		16,429

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Biotechnology (Continued)
	4,878	Myriad Genetics, Inc. (a)	$	69,804
	1,000	Natera, Inc. (a)		29,860
	488	Neurocrine Biosciences, Inc. (a)		42,236
	113,129	Palatin Technologies, Inc. (a)		47,921
	6,347	PDL BioPharma, Inc. (a)		17,899
	1,370	Pfenex, Inc. (a)		12,083
	200	Principia Biopharma, Inc. (a)		11,876
	369	PTC Therapeutics, Inc. (a)		16,461
	8,126	Puma Biotechnology, Inc. (a)(b)		68,583
	273	Ra Pharmaceuticals, Inc. (a)		13,107
	1,619	Radius Health, Inc. (a)		21,047
	1,887	Recro Pharma, Inc. (a)(b)		15,417
	324	Repligen Corp. (a)		31,279
	278	Sage Therapeutics, Inc. (a)		7,984
	1,307	Seattle Genetics, Inc. (a)		150,802
	1,046	TG Therapeutics, Inc. (a)		10,293
	833	United Therapeutics Corp. (a)		78,989
	5,392	Vanda Pharmaceuticals, Inc. (a)		55,861
	2,390	Veracyte, Inc. (a)(b)		58,101
	3,438	Vericel Corp. (a)		31,526
	4,373	Voyager Therapeutics, Inc. (a)(b)		40,013
	1,761	XBiotech, Inc. (a)		18,702
	459	Xencor, Inc. (a)		13,715

				2,030,521

		Building Products - 1.68%
	1,860	A. O. Smith Corp.		70,327
	727	AAON, Inc.		35,129
	599	Advanced Drainage Systems, Inc.		17,635
	995	Allegion PLC (b)		91,560
	363	American Woodmark Corp. (a)		16,542
	11,879	Armstrong Flooring, Inc. (a)		16,987
	528	Armstrong World Industries, Inc.		41,934
	3,845	Builders FirstSource, Inc. (a)		47,024
	1,959	Caesarstone, Ltd.		20,707
	4,991	Cornerstone Building Brands, Inc. (a)		22,759
	450	CSW Industrials, Inc.		29,182
	1,905	Fortune Brands Home & Security, Inc.		82,391
	1,017	Griffon Corp.		12,865
	1,046	Insteel Industries, Inc.		13,859
	2,018	JELD-WEN Holding, Inc. (a)		19,635
	416	Lennox International, Inc. (b)		75,625
	353	Masonite International Corp. (a)		16,750
	1,361	Owens Corning, Inc. (b)		52,820
	485	Patrick Industries, Inc.		13,658
	952	PGT Innovations, Inc. (a)		7,987
	1,328	Quanex Building Products Corp.		13,386
	1,528	Resideo Technologies, Inc. (a)		7,396
	669	Simpson Manufacturing Co., Inc.		41,465
	1,024	Trex Co., Inc. (a)		82,063
	1,113	Universal Forest Products, Inc.		41,392

				891,078

		Capital Markets - 2.40%
	1,462	Ares Management Corp. - Class A		45,220
	3,198	Arlington Asset Investment Corp. - Class A		7,004
	1,629	Artisan Partners Asset Management, Inc. - Class A		35,007
	1,168	B. Riley Financial, Inc.		21,515
	4,399	Brightsphere Investment Group, Inc.		28,110
	733	Cohen & Steers, Inc.		33,315


Number of Shares			Value
		Capital Markets (Continued)
	1,252	Cowen Group, Inc. - Class A	$	12,094
	154	Diamond Hill Investment Group, Inc.		13,897
	2,421	Donnelley Financial Solutions, Inc. (a)		12,759
	1,675	Eaton Vance Corp.		54,019
	762	Evercore, Inc. - Class A		35,098
	539	FactSet Research Systems, Inc. (b)		140,506
	1,946	Federated Investors, Inc.		37,071
	1,237	GAMCO Investors, Inc. - Class A		13,595
	1,523	Greenhill & Co., Inc.		14,986
	733	Hamilton Lane, Inc. - Class A		40,542
	748	Houlihan Lokey, Inc.		38,986
	531	INTL. FCStone, Inc. (a)		19,254
	1,512	Janus Henderson Group Plc		23,164
	1,871	Lazard, Ltd. - Class A		44,081
	732	Legg Mason, Inc.		35,758
	1,383	LPL Financial Holdings, Inc.		75,277
	410	MarketAxess Holdings, Inc. (b)		136,354
	936	Moelis & Co. - Class A		26,302
	478	Morningstar, Inc.		55,567
	705	Oppenheimer Holdings, Inc. - Class A		13,931
	206	Piper Jaffray Cos.		10,417
	611	PJT Partners, Inc. - Class A		26,511
	3,100	Pzena Investment Management, Inc. - Class A		13,826
	3,510	Safeguard Scientifics, Inc.		19,480
	1,551	SEI Investments Co.		71,873
	2,242	Siebert Financial Corp. (a)		16,187
	1,132	Silvercrest Asset Management Group, Inc. - Class A		10,709
	1,078	Stifel Financial Corp.		44,500
	241	Virtus Investment Partners, Inc.		18,342
	1,922	Waddell & Reed Financial, Inc. - Class A (b)		21,872

				1,267,129

		Chemicals - 1.22%
	1,100	Advanced Emissions Solutions, Inc.		7,227
	149	Albemarle Corp. (b)		8,399
	358	Ashland Global Holdings, Inc.		17,925
	1,344	Axalta Coating Systems, Ltd. (a)		23,211
	138	Balchem Corp.		13,623
	362	Cabot Corp.		9,455
	1,971	CF Industries Holdings, Inc. (b)		53,611
	222	Chase Corp.		18,268
	1,435	Element Solutions, Inc. (a)		11,997
	1,455	FutureFuel Corp.		16,398
	431	H.B. Fuller Co.		12,038
	474	Hawkins, Inc.		16,874
	2,022	Huntsman Corp. (b)		29,178
	304	Ingevity Corp. (a)		10,701
	223	Innospec, Inc.		15,496
	711	Koppers Holdings, Inc. (a)		8,795
	1,489	Kraton Corp. (a)		12,061
	304	Minerals Technologies, Inc.		11,023
	81	NewMarket Corp.		31,013
	1,503	Olin Corp. (b)		17,540
	2,660	OMNOVA Solutions, Inc. (a)		26,972
	1,229	Orion Engineered Carbons SA		9,168
	799	PolyOne Corp.		15,157
	1,415	PQ Group Holdings, Inc. (a)		15,424
	1,284	RPM International, Inc.		76,398
	298	Sensient Technologies Corp.		12,966

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Chemicals (Continued)
	279	Stepan Co.	$	24,680
	328	The Scotts Miracle-Gro Co. - Class A		33,587
	3,209	Trecora Resources (a)		19,094
	752	Trinseo SA		13,619
	1,890	Tronox Holdings PLC - Class A		9,412
	2,407	Valvoline, Inc.		31,508
	285	Westlake Chemical Corp.		10,878

				643,696

		Commercial Services & Supplies - 1.80%
	595	ABM Industries, Inc. (b)		14,494
	2,731	ACCO Brands Corp.		13,792
	2,505	ADT, Inc. (b)		10,822
	732	Advanced Disposal Services, Inc. (a)		24,010
	858	Avery Dennison Corp.		87,404
	243	Barrett Business Services, Inc.		9,633
	977	BrightView Holdings, Inc. (a)		10,806
	1,008	Casella Waste Systems, Inc. - Class A (a)		39,372
	2,268	CECO Environmental Corp. (a)(b)		10,592
	1,000	Charah Solutions, Inc. (a)		1,710
	470	Cimpress Plc (a)		25,004
	319	Clean Harbors, Inc. (a)		16,377
	759	Comfort Systems USA, Inc.		27,741
	1,061	Covanta Holding Corp.		9,072
	1,262	Deluxe Corp.		32,724
	631	Ennis, Inc.		11,850
	681	Healthcare Services Group, Inc. (b)		16,283
	868	Heritage-Crystal Clean, Inc. (a)		14,096
	1,750	Herman Miller, Inc.		38,850
	1,219	HNI Corp.		30,707
	1,008	IAA, Inc. (a)		30,200
	1,162	Interface, Inc.		8,785
	1,536	KAR Auction Services, Inc.		18,432
	4,551	Kimball International, Inc. - Class B		54,202
	2,167	Knoll, Inc.		22,363
	200	McGrath RentCorp		10,476
	476	MSA Safety, Inc.		48,171
	5,960	Pitney Bowes, Inc.		12,158
	4,067	Quad/Graphics, Inc.		10,249
	2,280	Rollins, Inc.		82,399
	415	SP Plus Corp. (a)		8,611
	2,956	Steelcase, Inc. - Class A		29,176
	382	Stericycle, Inc. (a)(b)		18,558
	2,235	Sykes Enterprises, Inc. (a)		60,613
	1,445	Team, Inc. (a)		9,392
	568	Tetra Tech, Inc.		40,112
	370	The Brinks Co.		19,258
	347	US Ecology, Inc.		10,549
	499	Viad Corp.		10,594

				949,637

		Communications Equipment - 1.11%
	315	Acacia Communications, Inc. (a)		21,162
	1,732	ADTRAN, Inc.		13,302
	3,543	Calix, Inc. (a)		25,084
	4,213	Cambium Networks Corp. (a)		23,593
	4,257	Casa Systems, Inc. (a)		14,899
	1,950	Ciena Corp. (a)		77,629
	1,147	Clearfield, Inc. (a)		13,592
	2,581	CommScope Holding Co., Inc. (a)		23,513


Number of Shares			Value
		Communications Equipment (Continued)
	1,071	Comtech Telecommunications Corp.	$	14,234
	1,468	Digi International, Inc. (a)		14,005
	676	EchoStar Corp. - Class A (a)(b)		21,612
	12,420	Extreme Networks, Inc. (a)		38,378
	3,420	Harmonic, Inc. (a)(b)		19,699
	2,248	Infinera Corp. (a)		11,914
	2,709	Inseego Corp. (a)		16,877
	1,623	KVH Industries, Inc. (a)		15,305
	734	Lumentum Holdings, Inc. (a)		54,096
	1,520	NetScout Systems, Inc. (a)		35,978
	12,569	Ribbon Communications, Inc. (a)		38,084
	2,984	TESSCO Technologies, Inc.		14,592
	339	Ubiquiti, Inc. (b)		47,996
	2,605	Viavi Solutions, Inc. (a)		29,202

				584,746

		Construction & Engineering - 1.00%
	2,045	AECOM (a)		61,043
	1,248	Aegion Corp. (a)		22,377
	1,005	Ameresco, Inc. - Class A (a)		17,115
	660	Arcosa, Inc.		26,228
	629	Construction Partners, Inc. - Class A (a)		10,624
	681	EMCOR Group, Inc.		41,759
	2,947	Great Lakes Dredge & Dock Corp. (a)		24,460
	1,189	IES Holdings, Inc. (a)		20,986
	1,211	Jacobs Engineering Group, Inc.		95,996
	3,313	KBR, Inc.		68,513
	789	MasTec, Inc. (a)(b)		25,824
	500	NV5 Global, Inc. (a)(b)		20,645
	1,106	Quanta Services, Inc. (b)		35,093
	1,155	Sterling Construction Co., Inc. (a)		10,973
	5,156	Tutor Perini Corp. (a)		34,648
	1,215	WillScot Corp. (a)		12,308

				528,592

		Construction Materials - 0.13%
	211	Eagle Materials, Inc.		12,327
	2,880	Forterra, Inc. (a)		17,222
	1,257	Summit Materials, Inc. - Class A (a)		18,855
	1,128	US Concrete, Inc. (a)		20,462

				68,866

		Consumer Finance - 0.77%
	203	Credit Acceptance Corp. (a)(b)		51,905
	4,114	Curo Group Holdings Corp.		21,804
	10,448	Elevate Credit, Inc. (a)		10,866
	2,599	Enova International, Inc. (a)		37,659
	395	FirstCash, Inc.		28,337
	661	Green Dot Corp. - Class A (a)		16,783
	5,200	Navient Corp.		39,416
	510	Nelnet, Inc. - Class A		23,159
	1,783	OneMain Holdings, Inc.		34,091
	648	PRA Group, Inc. (a)		17,963
	2,519	Regional Management Corp. (a)		34,410
	3,790	Santander Consumer USA Holdings, Inc.		52,719
	5,225	SLM Corp.		37,568

				406,680

		Containers & Packaging - 0.81%
	414	AptarGroup, Inc.		41,210
	783	Ardagh Group SA		9,286
	1,225	Berry Plastics Group, Inc. (a)		41,295

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Containers & Packaging (Continued)
	1,242	Crown Holdings, Inc. (a)	$	72,086
	2,192	Graphic Packaging Holding Co.		26,742
	518	Greif, Inc. - Class A		16,105
	436	Greif, Inc. - Class B		17,466
	2,215	Myers Industries, Inc.		23,811
	949	Packaging Corp. of America		82,402
	1,158	Sealed Air Corp.		28,614
	990	Silgan Holdings, Inc.		28,730
	538	Sonoco Products Co.		24,936
	394	UFP Technologies, Inc. (a)		15,007

				427,690

		Distributors - 0.11%
	1,251	Core-Mark Holding Co., Inc.		35,741
	2,263	Funko, Inc. - Class A (a)(b)		9,029
	8,759	Greenlane Holdings, Inc. - Class A (a)		15,066

				59,836

		Diversified Consumer Services - 1.17%
	1,613	Adtalem Global Education, Inc. (a)		43,212
	1,527	American Public Education, Inc. (a)		36,541
	303	Bright Horizons Family Solutions, Inc. (a)		30,906
	1,028	Carriage Services, Inc.		16,602
	496	Chegg, Inc. (a)(b)		17,747
	1,795	Collectors Universe, Inc.		28,128
	1,195	frontdoor, Inc. (a)		41,562
	63	Graham Holdings Co. - Class B		21,494
	410	Grand Canyon Education, Inc. (a)		31,277
	4,372	H&R Block, Inc.		61,558
	1,493	Hillenbrand, Inc.		28,531
	4,953	Houghton Mifflin Harcourt Co. (a)		9,312
	2,317	K12, Inc. (a)		43,699
	1,705	Laureate Education, Inc. - Class A (a)		17,919
	486	Matthews International Corp. - Class A		11,756
	3,491	Perdoceo Education Corp. (a)		37,668
	1,182	Service Corp. International		46,228
	1,069	ServiceMaster Global Holdings, Inc. (a)		28,863
	221	Strategic Education, Inc.		30,887
	2,012	WW International, Inc. (a)		34,023

				617,913

		Diversified Financial Services - 0.43%
	684	Cannae Holdings, Inc. (a)		22,907
	898	Encore Capital Group, Inc. (a)(b)		20,995
	3,322	FGL Holdings		32,555
	1,479	GWG Holdings, Inc. (a)		15,027
	2,954	Jefferies Financial Group, Inc.		40,381
	675	Marlin Business Services Corp.		7,540
	6,979	On Deck Capital, Inc. (a)		10,748
	1,429	Voya Financial, Inc.		57,946
	361	World Acceptance Corp. (a)		19,714

				227,813

		Diversified Telecommunication Services - 0.45%
	270	Bandwidth, Inc. - Class A (a)		18,168
	474	Cogent Communications Holdings, Inc.		38,854
	3,839	Consolidated Communications Holdings, Inc.		17,468
	43,087	Frontier Communications Corp. (a)		16,373
	4,629	IDT Corp. - Class B (a)		25,089
	658	Iridium Communications, Inc. (a)		14,693


Number of Shares			Value
		Diversified Telecommunication Services (Continued)
	2,787	Ooma, Inc. (a)	$	33,249
	10,916	ORBCOMM, Inc. (a)		26,635
	6,705	Vonage Holdings Corp. (a)		48,477

				239,006

		Electric Utilities - 0.82%
	446	ALLETE, Inc.		27,063
	280	El Paso Electric Co.		19,029
	6,794	Genie Energy Ltd. - Class B (b)		48,781
	1,019	Hawaiian Electric Industries, Inc.		43,868
	497	IDACORP, Inc.		43,632
	265	MGE Energy, Inc.		17,350
	2,036	OGE Energy Corp.		62,566
	881	Pinnacle West Capital Corp.		66,771
	415	PNM Resources, Inc.		15,770
	648	Portland General Electric Co.		31,065
	7,364	Spark Energy, Inc. - Class A		46,172
	238	Unitil Corp.		12,452

				434,519

		Electrical Equipment - 1.25%
	677	Acuity Brands, Inc.		57,992
	510	Allied Motion Technologies, Inc.		12,087
	1,079	Atkore International Group, Inc. (a)		22,735
	417	AZZ, Inc.		11,726
	462	Belden, Inc.		16,669
	926	Brady Corp. - Class A		41,790
	358	Encore Wire Corp.		15,032
	327	EnerSys		16,193
	2,308	Enphase Energy, Inc. (a)(b)		74,525
	524	Franklin Electric Co., Inc.		24,696
	583	Generac Holdings, Inc. (a)		54,318
	3,356	GrafTech International, Ltd. (b)		27,251
	537	Hubbell, Inc. (b)		61,615
	1,048	nVent Electric PLC		17,680
	4,766	Plug Power, Inc. (a)		16,872
	746	Powell Industries, Inc.		19,150
	287	Preformed Line Products Co.		14,301
	526	Regal Beloit Corp.		33,112
	1,068	Sensata Technologies Holding PLC (a)		30,897
	1,342	Sunrun, Inc. (a)		13,554
	762	Thermon Group Holdings, Inc. (a)		11,483
	849	Vicor Corp. (a)		37,815
	2,321	Vivint Solar, Inc. (a)		10,143
	362	Woodward Governor Co.		21,517

				663,153

		Electronic Equipment, Instruments & Components - 2.71%
	2,033	Airgain, Inc. (a)		15,024
	842	Anixter International, Inc. (a)		73,987
	863	Arrow Electronics, Inc. (a)		44,764
	1,197	Avnet, Inc.		30,045
	1,530	Bel Fuse, Inc. - Class B		14,902
	1,066	Benchmark Electronics, Inc.		21,309
	2,498	Coda Octopus Group, Inc. (a)		14,014
	1,665	Cognex Corp.		70,296
	275	Coherent, Inc. (a)		29,263
	508	CTS Corp.		12,644
	2,371	Daktronics, Inc.		11,689
	764	Dolby Laboratories, Inc. - Class A		41,416
	650	Fabrinet (a)		35,464

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Electronic Equipment, Instruments & Components (Continued)
	394	FARO Technologies, Inc. (a)	$	17,533
	4,295	Fitbit, Inc. - Class A (a)		28,605
	1,161	FLIR Systems, Inc.		37,024
	832	Insight Enterprises, Inc. (a)		35,052
	5,229	Iteris, Inc. (a)		16,733
	503	Itron, Inc. (a)		28,082
	1,611	Jabil, Inc.		39,598
	1,312	KEMET Corp.		31,698
	1,326	Knowles Corp. (a)		17,742
	107	Littelfuse, Inc.		14,276
	329	Mercury Systems, Inc. (a)		23,471
	95	Mesa Laboratories, Inc.		21,479
	519	Methode Electronics, Inc.		13,717
	1,714	Napco Security Technologies, Inc. (a)		26,001
	1,509	National Instruments Corp.		49,918
	501	Novanta, Inc. (a)		40,020
	244	OSI Systems, Inc. (a)		16,816
	1,123	PAR Technology Corp. (a)		14,442
	926	PC Connection, Inc.		38,160
	369	Plexus Corp. (a)		20,133
	166	Rogers Corp. (a)		15,674
	1,129	Sanmina Corp. (a)		30,799
	1,282	ScanSource, Inc. (a)		27,422
	511	SYNNEX Corp.		37,354
	533	Tech Data Corp. (a)(b)		69,743
	2,532	Trimble, Inc. (a)		80,594
	1,874	TTM Technologies, Inc. (a)(b)		19,377
	227	Universal Display Corp.		29,914
	1,951	Vishay Intertechnology, Inc.		28,114
	496	Vishay Precision Group, Inc. (a)		9,960
	765	Zebra Technologies Corp. - Class A (a)		140,454

				1,434,722

		Energy Equipment & Services - 0.14%
	1,970	Era Group, Inc. (a)		10,500
	610	Helmerich & Payne, Inc.		9,546
	1,625	Matrix Service Co. (a)		15,389
	11,414	NCS Multistage Holdings, Inc. (a)		7,305
	4,342	Patterson-UTI Energy, Inc.		10,204
	2,841	ProPetro Holding Corp. (a)		7,103
	496	Seacor Holdings, Inc. (a)		13,372

				73,419

		Entertainment - 0.41%
	4,431	AMC Entertainment Holdings, Inc. - Class A (b)		14,002
	8,866	Eros International PLC (a)(b)		14,629
	5,123	Glu Mobile, Inc. (a)		32,224
	1,223	Liberty Media Corp. - Liberty Formula One - Class C (a)		33,302
	2,092	Lions Gate Entertainment Corp. - Class A (a)(b)		12,719
	2,917	Lions Gate Entertainment Corp. - Class B (a)		16,277
	2,667	Rosetta Stone, Inc. (a)		37,391
	67	The Madison Square Garden Co. - Class A (a)		14,165
	815	The Marcus Corp.		10,041
	4,747	Zynga, Inc. - Class A (a)		32,517

				217,267

		Food & Staples Retailing - 1.14%
	625	Andersons, Inc.		11,719
	1,885	BJ’s Wholesale Club Holdings, Inc. (a)		48,011


Number of Shares			Value
		Food & Staples Retailing (Continued)
	532	Casey’s General Stores, Inc.	$	70,485
	353	Grocery Outlet Holding Corp. (a)		12,122
	1,584	HF Foods Group, Inc. (a)		13,290
	1,090	Ingles Markets, Inc. - Class A		39,414
	2,198	Natural Grocers by Vitamin Cottage, Inc.		18,705
	2,866	Performance Food Group Co. (a)		70,847
	396	PriceSmart, Inc.		20,810
	2,111	Rite Aid Corp. (a)		31,665
	2,533	SpartanNash Co.		36,272
	2,203	Sprouts Farmers Market, Inc. (a)(b)		40,954
	1,314	The Chefs’ Warehouse, Inc. (a)		13,232
	3,654	United Natural Foods, Inc. (a)		33,544
	3,862	US Foods Holding Corp. (a)		68,396
	1,158	Village Super Market, Inc. - Class A		28,464
	1,093	Weis Markets, Inc.		45,534

				603,464

		Food Products - 1.46%
	799	Alico, Inc.		24,801
	128	Beyond Meat, Inc. (a)		8,525
	35	Bridgford Foods Corp. (a)		807
	724	Bunge Ltd.		29,706
	299	Calavo Growers, Inc.		17,249
	1,576	Darling International, Inc. (a)		30,212
	4,223	Farmer Brothers Co. (a)		29,392
	2,828	Flowers Foods, Inc.		58,031
	849	Fresh Del Monte Produce, Inc.		23,441
	1,758	Freshpet, Inc. (a)		112,283
	2,081	Hostess Brands, Inc. (a)		22,183
	647	Ingredion, Inc.		48,849
	160	J&J Snack Foods Corp.		19,360
	272	John B. Sanfilippo & Son, Inc.		24,317
	1,582	Lamb Weston Holdings, Inc.		90,332
	242	Lancaster Colony Corp.		35,003
	1,107	Pilgrim’s Pride Corp. (a)		20,059
	711	Post Holdings, Inc. (a)		58,992
	142	Sanderson Farms, Inc.		17,511
	912	Seneca Foods Corp. - Class A (a)		36,279
	723	Simply Good Foods Co. (a)		13,925
	545	The Hain Celestial Group, Inc. (a)		14,154
	16	Tootsie Roll Industries, Inc.		567
	781	TreeHouse Foods, Inc. (a)		34,481

				770,459

		Gas Utilities - 0.57%
	919	Atmos Energy Corp. (b)		91,192
	2,083	EQT Corp.		14,727
	365	National Fuel Gas Co.		13,611
	507	New Jersey Resources Corp.		17,223
	267	Northwest Natural Holding Co.		16,487
	340	ONE Gas, Inc.		28,431
	529	South Jersey Industries, Inc.		13,225
	295	Southwest Gas Holdings, Inc.		20,520
	289	Spire, Inc.		21,524
	2,322	UGI Corp.		61,928

				298,868

		Health Care Equipment & Supplies - 4.82%
	6,304	Accuray, Inc. (a)		11,978
	5,925	Alphatec Holdings, Inc. (a)		20,441
	3,218	AngioDynamics, Inc. (a)		33,564

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Equipment & Supplies (Continued)
	1,178	Anika Therapeutics, Inc. (a)	$	34,056
	7,943	Antares Pharma, Inc. (a)		18,745
	1,085	AtriCure, Inc. (a)		36,445
	50	Atrion Corp.		32,500
	1,754	AxoGen, Inc. (a)		18,242
	1,253	Cardiovascular Systems, Inc. (a)		44,118
	2,668	Cerus Corp. (a)		12,406
	22,436	Conformis, Inc. (a)		14,135
	304	CONMED Corp.		17,410
	636	CryoLife, Inc. (a)(b)		10,761
	1,251	CryoPort, Inc. (a)(b)		21,355
	1,762	Cutera, Inc. (a)		23,012
	4,203	CytoSorbents Corp. (a)		32,489
	1,124	DexCom, Inc. (a)(b)		302,659
	552	Envista Holdings Corp. (a)		8,247
	2,359	GenMark Diagnostics, Inc. (a)		9,719
	283	Glaukos Corp. (a)		8,733
	2,053	Globus Medical, Inc. - Class A (a)		87,314
	776	Haemonetics Corp. (a)		77,336
	974	Hill-Rom Holdings, Inc.		97,984
	177	ICU Medical, Inc. (a)		35,713
	510	Inogen, Inc. (a)		26,347
	691	Insulet Corp. (a)		114,485
	489	Integer Holdings Corp. (a)		30,739
	593	Integra LifeSciences Holdings Corp. (a)		26,489
	2,362	Invacare Corp.		17,550
	901	iRadimed Corp. (a)		19,236
	580	iRhythm Technologies, Inc. (a)		47,183
	2,708	Lantheus Holdings, Inc. (a)		34,554
	1,427	LeMaitre Vascular, Inc.		35,561
	283	LivaNova PLC (a)(b)		12,806
	631	Masimo Corp. (a)		111,763
	4,429	Meridian Bioscience, Inc. (a)		37,204
	534	Merit Medical Systems, Inc. (a)		16,687
	1,613	Natus Medical, Inc. (a)		37,309
	382	Neogen Corp. (a)(b)		25,590
	5,959	Neuronetics, Inc. (a)		11,263
	1,245	Novocure, Ltd. (a)(b)		83,838
	1,210	NuVasive, Inc. (a)		61,299
	1,275	Orthofix Medical, Inc. (a)		35,713
	630	OrthoPediatrics Corp. (a)		24,973
	474	Penumbra, Inc. (a)(b)		76,470
	564	Quidel Corp. (a)		55,165
	2,448	SeaSpine Holdings Corp. (a)		20,000
	567	Silk Road Medical, Inc. (a)		17,849
	2,315	STAAR Surgical Co. (a)		74,682
	821	STERIS PLC		114,915
	721	SurModics, Inc. (a)		24,024
	1,467	Tactile Systems Technology, Inc. (a)		58,915
	1,260	Tandem Diabetes Care, Inc. (a)(b)		81,081
	1,094	Varex Imaging Corp. (a)		24,845
	737	West Pharmaceutical Services, Inc.		112,208
	877	Wright Medical Group NV (a)		25,126
	4,160	Zynex, Inc. (a)		46,051

				2,551,282

		Health Care Providers & Services - 3.21%
	2,050	Acadia Healthcare Co., Inc. (a)(b)		37,617
	435	Addus HomeCare Corp. (a)		29,406


Number of Shares			Value
		Health Care Providers & Services (Continued)
	925	Amedisys, Inc. (a)	$	169,774
	4,095	American Renal Associates Holdings, Inc. (a)		27,068
	1,206	AMN Healthcare Services, Inc. (a)		69,719
	1,015	BioTelemetry, Inc. (a)		39,088
	5,027	Brookdale Senior Living, Inc. (a)		15,684
	2,078	Catasys, Inc. (a)(b)		31,648
	234	Chemed Corp. (b)		101,369
	359	CorVel Corp. (a)		19,569
	2,025	Covetrus, Inc. (a)		16,484
	6,262	Cross Country Healthcare, Inc. (a)		42,206
	1,150	Encompass Health Corp.		73,635
	200	Guardant Health, Inc. (a)		13,920
	699	Hanger Orthopedic Group, Inc. (a)		10,890
	534	HMS Holdings Corp. (a)		13,494
	2,113	Joint Corp/The (a)		22,926
	437	LHC Group, Inc. (a)		61,267
	854	Magellan Health Services, Inc. (a)		41,086
	3,820	MEDNAX, Inc. (a)		44,465
	1,059	Molina Healthcare, Inc. (a)		147,953
	414	National HealthCare Corp.		29,696
	1,763	National Research Corp.		80,181
	2,095	Option Care Health, Inc. (a)		19,840
	9,679	Owens & Minor, Inc.		88,563
	2,306	Patterson Cos., Inc.		35,259
	1,108	PerkinElmer, Inc. (b)		83,410
	556	PetIQ, Inc. (a)(b)		12,916
	848	Premier, Inc. - Class A (a)		27,747
	491	Providence Service Corp. (a)		26,946
	2,564	R1 RCM, Inc. (a)		23,307
	3,599	RadNet, Inc. (a)		37,825
	2,880	Select Medical Holdings Corp. (a)		43,200
	5,927	Surgery Partners, Inc. (a)		38,703
	2,482	Tenet Healthcare Corp. (a)(b)		35,741
	898	The Ensign Group, Inc.		33,774
	3,610	Tivity Health, Inc. (a)		22,707
	1,494	Triple-S Management Corp. - Class B (a)(b)		21,065
	119	US Physical Therapy, Inc.		8,211

				1,698,359

		Health Care Technology - 0.68%
	3,871	Allscripts Healthcare Solutions, Inc. (a)		27,252
	1,567	Computer Programs & Systems, Inc.		34,866
	741	HealthStream, Inc. (a)		17,747
	1,016	Inovalon Holdings, Inc. - Class A (a)		16,926
	477	Inspire Medical Systems, Inc. (a)		28,753
	6,097	NextGen Healthcare, Inc. (a)		63,653
	482	Omnicell, Inc. (a)		31,610
	1,387	Simulations Plus, Inc.		48,434
	453	Teladoc Health, Inc. (a)(b)		70,219
	958	Vocera Communications, Inc. (a)		20,348

				359,808

		Hotels, Restaurants & Leisure - 2.12%
	2,631	Aramark		52,541
	7,193	BBX Capital Corp.		16,616
	226	Biglari Holdings, Inc. - Class B (a)		11,616
	1,157	BJ’s Restaurants, Inc.		16,071
	1,404	Bloomin’ Brands, Inc.		10,025
	2,372	Bluegreen Vacations Corp.		13,710
	1,048	Boyd Gaming Corp.		15,112
	440	Brinker International, Inc.		5,284

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Hotels, Restaurants & Leisure (Continued)
	4,975	Caesars Entertainment Corp. (a)(b)	$	33,631
	3,135	Callaway Golf Co.		32,040
	504	Cheesecake Factory, Inc. (b)		8,608
	990	Choice Hotels International, Inc. (b)		60,637
	354	Churchill Downs, Inc.		36,444
	94	Cracker Barrel Old Country Store, Inc. (b)		7,823
	1,712	Dave & Buster’s Entertainment, Inc.		22,393
	5,046	Del Taco Restaurants, Inc. (a)		17,308
	1,622	Denny’s Corp. (a)		12,457
	268	Dine Brands Global, Inc.		7,686
	559	Domino’s Pizza, Inc.		181,155
	650	Dunkin’ Brands Group, Inc.		34,515
	1,638	El Pollo Loco Holdings, Inc. (a)		13,841
	1,606	Eldorado Resorts, Inc. (a)		23,126
	2,817	Everi Holdings, Inc. (a)		9,296
	2,863	Fiesta Restaurant Group, Inc. (a)		11,538
	794	Hilton Grand Vacations, Inc. (a)		12,521
	260	Hyatt Hotels Corp. - Class A		12,454
	3,100	International Game Technology Plc (b)		18,445
	3,608	J Alexander’s Holdings, Inc. (a)		13,819
	252	Jack in the Box, Inc. (b)		8,833
	413	Marriott Vacations Worldwide Corp.		22,955
	405	Monarch Casino & Resort, Inc. (a)		11,368
	274	Nathan’s Famous, Inc.		16,714
	530	Papa John’s International, Inc. (b)		28,286
	2,779	Penn National Gaming, Inc. (a)(b)		35,154
	518	Planet Fitness, Inc. - Class A (a)		25,227
	6,904	PlayAGS, Inc. (a)		18,296
	4,210	Potbelly Corp. (a)		13,009
	1,139	RCI Hospitality Holdings, Inc.		11,356
	6,720	Red Lion Hotels Corp. (a)		9,811
	854	Red Robin Gourmet Burgers, Inc. (a)		7,276
	1,273	Ruth’s Hospitality Group, Inc.		8,504
	1,433	Scientific Games Corp. - Class A (a)		13,900
	760	SeaWorld Entertainment, Inc. (a)(b)		8,375
	289	Shake Shack, Inc. - Class A (a)		10,907
	578	Texas Roadhouse, Inc.		23,871
	1,114	The Wendy’s Co.		16,576
	203	Vail Resorts, Inc. (b)		29,985
	614	Wingstop, Inc. (b)		48,936
	754	Wyndham Destinations, Inc.		16,362
	854	Wyndham Hotels & Resorts Inc.		26,910

				1,123,323

		Household Durables - 1.73%
	2,661	Bassett Furniture Industries, Inc.		14,502
	1,900	Beazer Homes USA, Inc. (a)		12,236
	114	Cavco Industries, Inc. (a)		16,523
	692	Century Communities, Inc. (a)		10,041
	1,908	Ethan Allen Interiors, Inc.		19,500
	6,318	GoPro, Inc. - Class A (a)(b)		16,553
	2,156	Green Brick Partners, Inc. (a)		17,356
	1,050	Hamilton Beach Brands Holding Co. - Class A		9,985
	322	Helen of Troy, Ltd. (a)		46,378
	549	Installed Building Products, Inc. (a)		21,889
	689	iRobot Corp. (a)(b)		28,180
	1,716	KB Home		31,060
	1,375	La-Z-Boy, Inc.		28,256
	1,092	Legacy Housing Corp. (a)		10,101


Number of Shares			Value
		Household Durables (Continued)
	716	Leggett & Platt, Inc.	$	19,103
	154	LGI Homes, Inc. (a)(b)		6,953
	2,004	Lifetime Brands, Inc.		11,323
	1,726	Lovesac Co. (a)		10,063
	402	M.D.C Holdings, Inc.		9,326
	840	M/I Homes, Inc. (a)		13,885
	563	Meritage Homes Corp. (a)		20,555
	2,946	Newell Rubbermaid, Inc.		39,123
	44	NVR, Inc. (a)(b)		113,041
	2,665	PulteGroup, Inc.		59,483
	3,334	Purple Innovation, Inc. (a)		18,937
	1,018	Roku, Inc. (a)		89,055
	1,203	Skyline Champion Corp. (a)		18,863
	2,422	Sonos, Inc. (a)		20,538
	2,083	Taylor Morrison Home Corp. - Class A (a)		22,913
	766	Tempur Sealy International, Inc. (a)(b)		33,482
	1,872	Toll Brothers, Inc. (b)		36,036
	329	TopBuild Corp. (a)		23,569
	2,270	TRI Pointe Group, Inc. (a)		19,908
	14,303	Tupperware Brands Corp. (b)		23,171
	400	Universal Electronics, Inc. (a)		15,348
	2,710	ZAGG, Inc. (a)		8,428

				915,663

		Household Products - 0.29%
	537	Central Garden & Pet Co. (a)(b)		14,768
	890	Central Garden & Pet Co. - Class A (a)		22,757
	257	Energizer Holdings, Inc. (b)		7,774
	656	Oil-Dri Corp. of America		21,937
	438	WD-40 Co.		87,972

				155,208

		Independent Power and Renewable Electricity Producers - 0.84%
	24,162	Atlantic Power Corp. (a)		51,707
	2,691	Clearway Energy, Inc. - Class A		46,204
	3,175	Clearway Energy, Inc. - Class C		59,690
	3,684	NRG Energy, Inc.		100,426
	229	Ormat Technologies, Inc.		15,494
	3,863	TerraForm Power, Inc. - Class A		60,919
	6,962	Vistra Energy Corp.		111,114

				445,554

		Industrial Conglomerates - 0.27%
	590	Carlisle Companies, Inc.		73,915
	523	Otter Tail Corp.		23,253
	467	Raven Industries, Inc.		9,914
	4	Seaboard Corp.		11,251
	231	Standex International Corp.		11,324
	976	Tredegar Corp.		15,255

				144,912

		Insurance - 3.89%
	149	Alleghany Corp.		82,300
	1,015	American Equity Investment Life Holding Co.		19,082
	1,170	American Financial Group, Inc.		81,994
	151	American National Insurance Co.		12,439
	619	AMERISAFE, Inc.		39,907
	328	Argo Group International Holdings, Ltd.		12,156
	731	Assurant, Inc.		76,090
	1,651	Assured Guaranty, Ltd.		42,579

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Insurance (Continued)
	762	Axis Capital Holdings, Ltd. (b)	$	29,451
	725	Benefytt Technologies, Inc. (a)(b)		16,233
	819	Brighthouse Financial, Inc. (a)		19,795
	3,370	Brown & Brown, Inc.		122,061
	1,532	CNO Financial Group, Inc.		18,981
	2,086	Crawford & Co. - Class A		15,019
	840	Donegal Group, Inc. - Class A		12,768
	306	eHealth, Inc. (a)		43,091
	662	Employers Holdings, Inc.		26,818
	280	Enstar Group Ltd. (a)		44,534
	419	Erie Indemnity Co. - Class A		62,113
	537	Everest Re Group, Ltd.		103,330
	270	FBL Financial Group, Inc. - Class A		12,601
	1,790	First American Financial Corp.		75,914
	6,765	Genworth Financial, Inc. - Class A (a)		22,460
	358	Global Indemnity Ltd.		9,129
	1,415	Globe Life, Inc. (b)		101,838
	211	Goosehead Insurance, Inc. - Class A (a)(b)		9,417
	3,545	Hallmark Financial Services, Inc. (a)		14,322
	279	HCI Group, Inc.		11,230
	1,279	Heritage Insurance Holdings, Inc.		13,698
	419	Horace Mann Educators Corp.		15,331
	510	Independence Holding Co.		13,036
	124	Investors Title Co.		15,872
	470	James River Group Holdings, Ltd.		17,033
	826	Kemper Corp.		61,430
	298	Kinsale Capital Group, Inc.		31,150
	560	Mercury General Corp.		22,803
	1,458	National General Holdings Corp.		24,130
	85	National Western Life Group, Inc. - Class A		14,620
	4,925	Old Republic International Corp.		75,106
	626	Primerica, Inc.		55,388
	686	Reinsurance Group of America, Inc.		57,720
	623	RenaissanceRe Holdings, Ltd.		93,026
	576	RLI Corp.		50,648
	217	Safety Insurance Group, Inc.		18,321
	612	Selective Insurance Group, Inc.		30,416
	507	Stewart Information Services Corp.		13,522
	633	The Hanover Insurance Group, Inc.		57,337
	2,138	Third Point Reinsurance, Ltd. (a)		15,843
	2,196	Tiptree, Inc. - Class A		11,463
	340	United Fire Group, Inc.		11,087
	1,750	Universal Insurance Holdings, Inc.		31,360
	2,048	Unum Group		30,740
	1,786	W.R. Berkley Corp.		93,176
	519	Watford Holdings Ltd. (a)		7,603
	42	White Mountains Insurance Group, Ltd. - ADR		38,220

				2,057,731

		Interactive Media & Services - 0.55%
	1,455	Cargurus, Inc. (a)		27,558
	2,067	Cars.com, Inc. (a)		8,888
	9,148	DHI Group, Inc. (a)		19,760
	1,970	EverQuote, Inc. - Class A (a)		51,712
	2,860	QuinStreet, Inc. (a)		23,023
	4,462	The Meet Group, Inc. (a)		26,192
	4,879	Travelzoo (a)		19,174
	1,713	TripAdvisor, Inc. - Class A		29,789
	6,999	TrueCar, Inc. (a)		16,938


Number of Shares			Value
		Interactive Media & Services (Continued)
	1,671	Yelp, Inc. (a)	$	30,128
	442	Zillow Group, Inc. - Class A (a)		15,015
	701	Zillow Group, Inc. - Class C (a)(b)		25,250

				293,427

		Internet & Direct Marketing Retail - 0.83%
	3,202	1-800-Flowers.com, Inc. - Class A (a)		42,362
	2,992	Duluth Holdings, Inc. - Class B (a)		11,998
	1,417	Etsy, Inc. (a)		54,470
	32,902	Groupon, Inc. (a)		32,251
	322	GrubHub, Inc. (a)		13,115
	1,853	Lands’ End, Inc. (a)		9,895
	10,456	Leaf Group, Ltd. (a)		14,011
	7,794	Liberty TripAdvisor Holdings, Inc. - Class A (a)		14,029
	1,348	PetMed Express, Inc.		38,795
	3,266	Qurate Retail, Inc. - Series A (a)		19,939
	740	Shutterstock, Inc.		23,798
	670	Stamps.com, Inc. (a)		87,154
	1,489	Stitch Fix, Inc. - Class A (a)(b)		18,910
	1,218	The RealReal, Inc. (a)		8,538
	40,991	Waitr Holdings, Inc. (a)(b)		50,419

				439,684

		Internet Software & Services - 0.05%
	1,843	Benefitfocus, Inc. (a)		16,421
	5,517	Marchex, Inc. - Class B (a)		8,000

				24,421

		IT Services - 3.89%
	1,391	Alliance Data Systems Corp.		46,807
	1,662	Amdocs Ltd.		91,360
	1,286	Black Knight, Inc. (a)		74,665
	2,269	Booz Allen Hamilton Holding Corp.		155,744
	3,529	Brightcove, Inc. (a)		24,597
	504	CACI International, Inc. - Class A (a)		106,420
	1,526	Cardtronics PLC - Class A (a)(b)		31,924
	340	Cass Information Systems, Inc.		11,954
	5,437	Conduent, Inc. (a)		13,321
	1,424	CoreLogic, Inc.		43,489
	1,294	CSG Systems International, Inc.		54,154
	590	EPAM Systems, Inc. (a)(b)		109,539
	657	Euronet Worldwide, Inc. (a)		56,318
	1,520	EVERTEC, Inc.		34,550
	538	ExlService Holdings, Inc. (a)		27,992
	2,351	Genpact, Ltd.		68,649
	1,607	GTT Communications, Inc. (a)(b)		12,776
	16,924	Information Services Group, Inc. (a)		43,495
	2,412	International Money Express, Inc. (a)		22,022
	1,765	Leidos Holdings, Inc.		161,762
	6,579	Limelight Networks, Inc. (a)		37,500
	770	ManTech International Corp. - Class A		55,956
	1,785	Maximus, Inc.		103,887
	315	MongoDB, Inc. (a)		43,010
	2,526	NIC, Inc.		58,098
	913	Okta, Inc. (a)(b)		111,623
	1,853	Perficient, Inc. (a)		50,198
	3,120	Perspecta, Inc.		56,909
	6,015	PRGX Global, Inc. (a)		16,842
	5,658	Sabre Corp.		33,552
	985	Science Applications International Corp.		73,510
	1,010	Switch, Inc. - Class A		14,574

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	2,629	The Hackett Group, Inc.	$	33,441
	840	TTEC HLDGS, Inc.		30,845
	4,280	Unisys Corp. (a)		52,858
	1,467	Verra Mobility Corp. (a)		10,474
	1,094	Virtusa Corp. (a)		31,070
	512	WEX, Inc. (a)		53,530

				2,059,415

		Leisure Products - 0.80%
	1,131	Acushnet Holdings Corp.		29,089
	743	Brunswick Corp.		26,280
	1,226	Clarus Corp.		12,015
	600	Escalade, Inc.		3,570
	509	Johnson Outdoors, Inc. - Class A		31,914
	970	Malibu Boats, Inc. - Class A (a)		27,926
	1,817	Marine Products Corp.		14,681
	2,894	MasterCraft Boat Holdings, Inc. (a)		21,126
	2,637	Mattel, Inc. (a)(b)		23,232
	556	Polaris Industries, Inc.		26,771
	763	Pool Corp. (b)		150,136
	504	Sturm, Ruger & Co., Inc.		25,659
	2,090	Vista Outdoor, Inc. (a)		18,392
	701	YETI Holdings, Inc. (a)(b)		13,684

				424,475

		Life Sciences Tools & Services - 1.23%
	196	Bio-Rad Laboratories, Inc. - Class A (a)		68,710
	228	Bio-Techne Corp.		43,233
	1,583	Bruker Corp.		56,766
	645	Charles River Laboratories International, Inc. (a)		81,405
	4,630	ChromaDex Corp. (a)		15,094
	1,706	Luminex Corp.		46,966
	847	Medpace holdings, Inc. (a)		62,153
	2,056	NanoString Technologies, Inc. (a)		49,447
	1,351	NeoGenomics, Inc. (a)		37,301
	654	PRA Health Sciences, Inc. (a)		54,308
	1,855	QIAGEN NV (a)		77,168
	1,444	Syneos Health, Inc. (a)		56,923

				649,474

		Machinery - 3.22%
	696	AGCO Corp.		32,886
	225	Alamo Group, Inc.		19,975
	270	Albany International Corp. - Class A		12,779
	1,410	Allison Transmission Holdings, Inc.		45,980
	1,361	Altra Industrial Motion Corp.		23,804
	506	Astec Industries, Inc.		17,695
	525	Badger Meter, Inc.		28,140
	583	Barnes Group, Inc.		24,387
	750	Blue Bird Corp. (a)		8,198
	620	Chart Industries, Inc. (a)		17,968
	957	Colfax Corp. (a)		18,949
	1,234	Columbus McKinnon Corp.		30,850
	6,893	Commercial Vehicle Group, Inc. (a)		10,408
	501	Crane Co.		24,639
	803	DMC Global, Inc. (b)		18,477
	1,525	Donaldson Co., Inc.		58,911
	312	Douglas Dynamics, Inc.		11,079
	330	EnPro Industries, Inc.		13,061
	347	ESCO Technologies, Inc.		26,341


Number of Shares			Value
		Machinery (Continued)
	705	Evoqua Water Technologies Corp. (a)	$	7,903
	753	Federal Signal Corp.		20,542
	743	Flowserve Corp.		17,750
	1,670	Gates Industrial Corp PLC (a)(b)		12,325
	1,158	Gencor Industries, Inc. (a)		12,159
	1,917	Graco, Inc. (b)		93,415
	788	IDEX Corp. (b)		108,831
	1,435	Ingersoll Rand, Inc. (a)		35,588
	740	ITT, Inc.		33,566
	581	John Bean Technologies Corp.		43,151
	241	Kadant, Inc. (b)		17,991
	667	Kennametal, Inc.		12,420
	1,181	L.B. Foster Co. - Class A (a)		14,597
	623	Lincoln Electric Holdings, Inc.		42,987
	1,450	Lydall, Inc. (a)		9,367
	1,403	Meritor, Inc. (a)		18,590
	710	Mueller Industries, Inc.		16,997
	1,123	Mueller Water Products, Inc. - Class A		8,995
	407	Navistar International Corp. (a)		6,711
	3,973	NN, Inc.		6,873
	581	Nordson Corp.		78,476
	635	Omega Flex, Inc.		53,594
	697	Oshkosh Corp.		44,838
	968	Park-Ohio Holdings Corp.		18,334
	1,549	Pentair PLC		46,098
	376	Proto Labs, Inc. (a)		28,625
	145	RBC Bearings, Inc. (a)		16,355
	1,986	REV Group, Inc.		8,282
	1,015	Rexnord Corp.		23,010
	748	Snap-on, Inc.		81,397
	931	Spartan Motors, Inc.		12,019
	902	SPX Corp. (a)		29,441
	586	SPX FLOW, Inc. (a)		16,654
	351	Tennant Co.		20,340
	689	Terex Corp. (b)		9,894
	568	The Eastern Co.		11,076
	350	The Middleby Corp. (a)		19,908
	859	The Timken Co.		27,780
	1,221	The Toro Co.		79,475
	5,684	Titan International, Inc.		8,810
	1,320	TriMas Corp. (a)		30,492
	118	Valmont Industries, Inc.		12,506
	1,564	Wabash National Corp. (b)		11,292
	361	Watts Water Technologies, Inc. - Class A		30,559

				1,704,540

		Marine - 0.09%
	2,194	Costamere, Inc.		9,917
	274	Kirby Corp. (a)		11,911
	13,501	Safe Bulkers, Inc. (a)		16,066
	4,624	Scorpio Bulkers, Inc.		11,699

				49,593

		Media - 1.15%
	438	AMC Networks, Inc. - Class A (a)(b)		10,648
	44	Cable One, Inc.		72,337
	466	Cardlytics, Inc. (a)		16,291
	4,264	Central European Media Enterprises, Ltd. - Class A (a)		13,346
	1,437	Cinemark Holdings, Inc.		14,643
	3,078	Emerald Holding, Inc.		7,972

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Media (Continued)
	4,653	Entercom Communications Corp. - Class A	$	7,957
	8,066	Fluent, Inc. (a)		9,437
	496	GCI Liberty, Inc. - Class A (a)		28,257
	1,370	Gray Television, Inc. (a)		14,714
	1,397	IMAX Corp. (a)		12,643
	651	John Wiley & Sons, Inc. - Class A		24,406
	1,108	Liberty Latin America, Ltd. - Class A (a)		11,656
	1,329	Liberty Latin America, Ltd. - Class C (a)		13,636
	19,666	Lee Enterprises, Inc. (a)		19,332
	1,208	MSG Networks, Inc. - Class A (a)(b)		12,322
	2,506	News Corp. - Class A		22,491
	933	News Corp. - Class B		8,388
	529	Nexstar Media Group, Inc. - Class A		30,539
	644	Scholastic Corp.		16,416
	893	Sinclair Broadcast Group, Inc. - Class A (b)		14,359
	2,794	TechTarget, Inc. (a)		57,584
	2,414	TEGNA, Inc.		26,216
	1,184	The E.W. Scripps Co. - Class A		8,927
	3,321	The Interpublic Group of Companies, Inc.		53,767
	2,099	The New York Times Co. - Class A (b)		64,460
	536	Value Line, Inc.		17,340

				610,084

		Metals & Mining - 0.87%
	2,495	Alcoa Corp. (a)		15,369
	1,375	Allegheny Technologies, Inc. (a)(b)		11,688
	2,576	Cleveland-Cliffs, Inc. (b)		10,175
	2,826	Coeur Mining, Inc. (a)		9,071
	1,494	Commercial Metals Co.		23,590
	213	Compass Minerals International, Inc.		8,194
	503	Gibraltar Industries, Inc. (a)		21,589
	539	Haynes International, Inc.		11,109
	5,106	Hecla Mining Co.		9,293
	133	Kaiser Aluminum Corp. (b)		9,214
	540	Materion Corp.		18,905
	2,048	Novagold Resources, Inc. (a)		15,114
	2,390	Olympic Steel, Inc.		24,737
	1,068	Reliance Steel & Aluminum Co. (b)		93,546
	306	Royal Gold, Inc.		26,839
	4,021	Ryerson Holding Corp. (a)		21,392
	1,101	Schnitzer Steel Industries, Inc. - Class A		14,357
	2,359	Steel Dynamics, Inc.		53,172
	4,614	SunCoke Energy, Inc.		17,764
	3,366	TimkenSteel Corp. (a)		10,872
	1,872	Warrior Met Coal, Inc.		19,881
	483	Worthington Industries, Inc.		12,679

				458,550

		Multiline Retail - 0.60%
	1,391	Big Lots, Inc.		19,780
	836	Burlington Stores, Inc. (a)(b)		132,473
	634	Dillard’s, Inc. - Class A (b)		23,426
	40,412	J.C. Penney Co., Inc. (a)		14,548
	2,778	Kohl’s Corp.		40,531
	6,034	Macy’s, Inc. (b)		29,627
	1,814	Nordstrom, Inc. (b)		27,827
	645	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		29,889

				318,101


Number of Shares			Value
		Multi-Utilities - 0.42%
	1,849	Alliant Energy Corp.	$	89,288
	418	Avista Corp.		17,761
	634	Black Hills Corp.		40,595
	2,100	MDU Resources Group, Inc.		45,150
	520	NorthWestern Corp.		31,112

				223,906

		Oil, Gas & Consumable Fuels - 0.56%
	7,098	Amyris, Inc. (a)(b)		18,171
	424	Arch Coal, Inc. - Class A		12,253
	211	Chesapeake Utilities Corp.		18,085
	602	CVR Energy, Inc.		9,951
	1,176	Delek US Holdings, Inc		18,534
	4,203	DHT Holdings, Inc.		32,237
	2,527	Dorian LPG, Ltd. (a)		22,010
	1,362	HollyFrontier Corp.		33,383
	620	NACCO Industries, Inc. - Class A		17,348
	6,499	Nordic American Tankers Ltd.		29,440
	1,067	Par Pacific Holdings, Inc. (a)		7,576
	844	PBF Energy, Inc. - Class A		5,975
	1,905	Teekay Tankers Ltd. - Class A (a)		42,367
	1,111	World Fuel Services Corp.		27,975

				295,305

		Paper & Forest Products - 0.20%
	1,083	Boise Cascade Co.		25,754
	749	Domtar Corp.		16,208
	978	Louisiana-Pacific Corp.		16,802
	1,385	PH Glatfelter Co.		16,925
	530	Schweitzer-Mauduit International, Inc. (b)		14,745
	1,129	Verso Corp. - Class A (a)		12,735

				103,169

		Personal Products - 0.65%
	974	BellRing Brands, Inc. - Class A (a)		16,607
	582	Edgewell Personal Care Co. (a)		14,014
	1,430	elf Beauty, Inc. (a)		14,071
	2,012	Herbalife Nutrition, Ltd. (a)(b)		58,670
	537	Inter Parfums, Inc.		24,890
	2,986	Lifevantage Corp. (a)		30,756
	585	Medifast, Inc. (b)		36,562
	3,561	Nature’s Sunshine Products, Inc. (a)		28,951
	1,975	Nu Skin Enterprises, Inc. - Class A		43,154
	1,263	Revlon, Inc. - Class A (a)(b)		13,805
	929	USANA Health Sciences, Inc. (a)		53,659
	13,755	Youngevity International, Inc. (a)(b)		9,628

				344,767

		Pharmaceuticals - 2.12%
	15,910	Akorn, Inc. (a)		8,929
	4,196	Amneal Pharmaceuticals, Inc. (a)		14,602
	1,006	ANI Pharmaceuticals, Inc. (a)		40,984
	353	Arvinas, Inc. (a)		14,226
	75,427	Assertio Therapeutics, Inc. (a)		49,027
	431	Axsome Therapeutics, Inc. (a)		25,356
	5,683	BioDelivery Sciences International, Inc. (a)		21,539
	1,268	Catalent, Inc. (a)		65,873
	5,713	Collegium Pharmaceutical, Inc. (a)(b)		93,293
	5,875	Corcept Therapeutics, Inc. (a)(b)		69,854
	12,032	Endo International PLC (a)		44,518
	3,558	Horizon Therapeutics Plc (a)		105,388

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Pharmaceuticals (Continued)
	3,571	Innoviva, Inc. (a)(b)	$	41,995
	1,645	Intersect ENT, Inc. (a)		19,493
	935	Jazz Pharmaceuticals PLC (a)		93,257
	7,438	Lannett Co., Inc. (a)(b)		51,694
	28,990	Mallinckrodt PLC (a)(b)		57,400
	287	MyoKardia, Inc. (a)		13,455
	466	Odonate Therapeutics, Inc. (a)		12,866
	530	Pacira Pharmaceuticals, Inc. (a)		17,771
	1,769	Perrigo Co. PLC		85,071
	1,033	Phibro Animal Health Corp. - Class A		24,968
	1,992	Prestige Consumer Healthcare, Inc. (a)		73,067
	99	Reata Pharmaceuticals, Inc. - Class A (a)		14,290
	663	Revance Therapeutics, Inc. (a)		9,812
	2,950	Supernus Pharmaceuticals, Inc. (a)		53,070

				1,121,798

		Professional Services - 1.20%
	965	ASGN, Inc. (a)		34,084
	3,417	BG Staffing, Inc.		25,559
	1,552	CBIZ, Inc. (a)		32,468
	422	CRA International, Inc.		14,099
	360	Exponent, Inc.		25,888
	540	Forrester Research, Inc. (a)		15,784
	1,236	Franklin Covey Co. (a)		19,207
	504	FTI Consulting, Inc. (a)		60,364
	1,340	GP Strategies Corp. (a)		8,723
	556	Heidrick & Struggles International, Inc.		12,510
	428	Huron Consulting Group, Inc. (a)		19,414
	520	ICF International, Inc.		35,724
	6,124	InnerWorkings, Inc. (a)		7,165
	705	Insperity, Inc. (b)		26,297
	1,389	Kelly Services, Inc. - Class A		17,626
	1,318	Kforce, Inc.		33,701
	507	Korn Ferry International		12,330
	903	ManpowerGroup, Inc.		47,850
	3,621	Mistras Group, Inc. (a)		15,425
	2,235	Resources Connection, Inc.		24,518
	2,013	Robert Half International, Inc.		75,991
	349	TriNet Group, Inc. (a)		13,143
	2,352	TrueBlue, Inc. (a)		30,012
	609	VSE Corp.		9,982
	837	WILLDAN GROUP, Inc. (a)		17,887

				635,751

		Real Estate Management & Development - 0.60%
	4,149	Altisource Portfolio Solutions SA (a)		31,823
	741	Cushman & Wakefield Plc (a)		8,699
	4,685	eXp World Holdings, Inc. (a)		39,635
	1,382	Forestar Group, Inc. (a)		14,304
	619	Jones Lang LaSalle, Inc. (b)		62,507
	866	Kennedy-Wilson Holdings, Inc.		11,622
	1,593	Marcus & Millichap, Inc. (a)		43,170
	6,364	Newmark Group, Inc. - Class A		27,047
	580	RE/MAX Holdings, Inc. - Class A		12,713
	9,163	Realogy Holdings Corp.		27,581
	490	Redfin Corp. (a)		7,556
	799	The RMR Group, Inc. - Class A		21,549
	585	The St. Joe Co. (a)		9,816

				318,022


Number of Shares			Value
		Road & Rail - 0.31%
	1,081	ArcBest Corp.	$	18,939
	5,512	Daseke, Inc. (a)		7,717
	449	Knight-Swift Transportation Holdings, Inc.		14,727
	643	Landstar System, Inc. (b)		61,638
	392	PAM Transportation Services, Inc. (a)		12,054
	2,432	Roadrunner Transportation Systems, Inc. (a)		6,201
	255	Saia, Inc. (a)		18,753
	948	Universal Logistics Holdings, Inc.		12,419
	296	Werner Enterprises, Inc. (b)		10,733

				163,181

		Semiconductors & Semiconductor Equipment - 2.49%
	514	Advanced Energy Industries, Inc. (a)		24,924
	346	Ambarella, Inc. (a)		16,802
	3,761	Amkor Technology, Inc. (a)		29,298
	879	Axcelis Technologies, Inc. (a)		16,094
	856	Brooks Automation, Inc.		26,108
	170	Cabot Microelectronics Corp.		19,404
	1,476	Cirrus Logic, Inc. (a)		96,870
	661	Cohu, Inc.		8,183
	432	Cree, Inc. (a)		15,319
	3,714	Cypress Semiconductor Corp.		86,610
	1,068	Diodes, Inc. (a)		43,398
	1,319	Entegris, Inc.		59,052
	409	First Solar, Inc. (a)		14,749
	1,180	FormFactor, Inc. (a)		23,706
	1,041	Ichor Holdings, Ltd. (a)		19,946
	728	Impinj, Inc. (a)		12,165
	289	Inphi Corp. (a)		22,880
	1,656	Lattice Semiconductor Corp. (a)(b)		29,510
	1,192	MaxLinear, Inc. (a)		13,911
	689	MKS Instruments, Inc.		56,119
	785	Monolithic Power Systems, Inc. (b)		131,456
	4,610	NeoPhotonics Corp. (a)		33,422
	5,271	ON Semiconductor Corp. (a)(b)		65,571
	1,115	Onto Innovation, Inc. (a)		33,082
	2,398	Photronics, Inc. (a)		24,603
	755	Power Integrations, Inc.		66,689
	2,869	Rambus, Inc. (a)		31,846
	623	Semtech Corp. (a)		23,362
	319	Silicon Laboratories, Inc. (a)		27,246
	1,665	SMART Global Holdings, Inc. (a)		40,460
	2,439	Teradyne, Inc. (b)		132,121
	2,362	Ultra Clean Holdings, Inc. (a)		32,596
	2,619	Xperi Corp.		36,430

				1,313,932

		Software - 7.96%
	1,047	2U, Inc. (a)		22,217
	2,527	8x8, Inc. (a)(b)		35,024
	4,084	A10 Networks, Inc. (a)		25,362
	1,447	ACI Worldwide, Inc. (a)		34,945
	1,402	Agilysys, Inc. (a)		23,413
	825	Alarm.com Holdings, Inc. (a)(b)		32,101
	1,157	Altair Engineering, Inc. - Class A (a)		30,660
	651	Alteryx, Inc. - Class A (a)(b)		61,956
	2,127	American Software, Inc. - Class A		30,225
	1,089	Anaplan, Inc. (a)		32,953
	985	Appfolio, Inc. - Class A (a)		109,286
	749	Appian Corp. (a)		30,132
	1,181	Aspen Technology, Inc. (a)		112,278

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Software (Continued)
	411	Avalara, Inc. (a)	$	30,661
	4,804	Avaya Holdings Corp. (a)(b)		38,864
	425	Blackbaud, Inc.		23,609
	189	Blackline, Inc. (a)		9,943
	633	Bottomline Technologies, Inc. (a)		23,199
	2,345	Box, Inc. - Class A (a)		32,924
	1,363	CDK Global, Inc.		44,774
	2,308	Cerence, Inc. (a)(b)		35,543
	455	Ceridian HCM Holding, Inc. (a)		22,782
	6,982	ChannelAdvisor Corp. (a)		50,689
	1,562	Cloudera, Inc. (a)		12,293
	1,135	CommVault Systems, Inc. (a)(b)		45,945
	945	Cornerstone OnDemand, Inc. (a)		30,004
	331	Coupa Software, Inc. (a)		46,251
	5,165	Digital Turbine, Inc. (a)		22,261
	1,721	DocuSign, Inc. (a)(b)		159,020
	1,736	Domo, Inc. - Class B (a)		17,256
	430	Dynatrace, Inc. (a)		10,251
	2,627	Ebix, Inc.		39,878
	4,503	eGain Corp. (a)		33,007
	333	Elastic NV (a)		18,585
	373	Envestnet, Inc. (a)		20,060
	325	ePlus, Inc. (a)		20,351
	326	Everbridge, Inc. (a)(b)		34,673
	381	Fair Isaac Corp. (a)(b)		117,230
	1,600	Five9, Inc. (a)(b)		122,336
	1,187	ForeScout Technologies, Inc. (a)		37,497
	406	Guidewire Software, Inc. (a)		32,200
	515	HubSpot, Inc. (a)		68,593
	664	Intelligent Systems Corp. (a)(b)		22,569
	856	j2 Global, Inc.		64,072
	922	Jack Henry & Associates, Inc.		143,131
	2,398	LivePerson, Inc. (a)(b)		54,554
	743	LogMeIn, Inc.		61,877
	2,587	Majesco, Inc. (a)		14,125
	1,209	Manhattan Associates, Inc. (a)		60,232
	318	MicroStrategy, Inc. - Class A (a)		37,556
	4,010	Mitek Systems, Inc. (a)		31,599
	8,689	MobileIron, Inc. (a)		33,018
	1,181	Model N, Inc. (a)		26,230
	672	New Relic, Inc. (a)(b)		31,073
	5,084	Nuance Communications, Inc. (a)		85,309
	1,903	Nutanix, Inc. - Class A (a)		30,067
	2,018	OneSpan, Inc. (a)		36,627
	465	Paycom Software, Inc. (a)		93,935
	229	Paylocity Holding Corp. (a)(b)		20,225
	854	Pegasystems, Inc. (b)		60,830
	2,176	Progress Software Corp. (b)		69,632
	608	Proofpoint, Inc. (a)		62,375
	984	PROS Holdings, Inc. (a)		30,533
	1,166	PTC, Inc. (a)		71,371
	430	Q2 Holdings, Inc. (a)		25,396
	927	QAD, Inc. - Class A		37,015
	441	Qualys, Inc. (a)(b)		38,363
	1,599	Rapid7, Inc. (a)		69,285
	674	RealPage, Inc. (a)(b)		35,675
	6,884	Rimini Street Inc. (a)		28,156
	1,278	RingCentral, Inc. - Class A (a)		270,821
	955	SailPoint Technologies Holding Inc. (a)		14,535


Number of Shares			Value
		Software (Continued)
	2,585	SecureWorks Corp. - Class A (a)	$	29,753
	1,229	SharpSpring, Inc. (a)		7,448
	615	ShotSpotter, Inc. (a)		16,900
	1,209	Smartsheet, Inc. - Class A (a)		50,186
	773	SolarWinds Corp. (a)(b)		12,113
	762	SPS Commerce, Inc. (a)		35,441
	809	SVMK, Inc. (a)		10,930
	11,621	Synchronoss Technologies, Inc. (a)		35,444
	3,142	Telaria, Inc. (a)		18,852
	8,846	Telenav, Inc. (a)		38,215
	2,009	The Rubicon Project, Inc. (a)		11,150
	355	The Trade Desk, Inc. - Class A (a)(b)		68,515
	6,201	TiVo Corp.		43,903
	302	Tyler Technologies, Inc. (a)		89,561
	578	Upland Software, Inc. (a)		15,502
	901	Varonis Systems, Inc. (a)(b)		57,367
	1,130	Verint Systems, Inc. (a)		48,590
	1,337	Workiva, Inc. (a)		43,225
	2,651	Yext, Inc. (a)		27,014
	722	Zcaler, Inc. (a)(b)		43,941
	1,062	Zendesk, Inc. (a)(b)		67,979

				4,213,446

		Specialty Retail - 2.73%
	1,581	Aaron’s, Inc.		36,015
	3,108	Abercrombie & Fitch Co. - Class A		28,252
	2,873	American Eagle Outfitters, Inc.		22,840
	833	America’s Car-Mart, Inc. (a)		46,940
	461	Asbury Automotive Group, Inc. (a)		25,461
	11,172	Ascena Retail Group, Inc. (a)		15,529
	981	AutoNation, Inc. (a)(b)		27,527
	6,022	Barnes & Noble Education, Inc. (a)		8,190
	4,674	Bed Bath & Beyond, Inc. (b)		19,678
	758	Boot Barn Holdings, Inc. (a)		9,801
	5,959	Caleres, Inc.		30,987
	1,566	Camping World Holdings, Inc. - Class A		8,911
	481	Carvana Co. (a)(b)		26,498
	8,672	Chico’s FAS, Inc.		11,187
	2,191	Citi Trends, Inc.		19,500
	2,272	Conn’s, Inc. (a)		9,497
	2,710	Designer Brands, Inc. - Class A		13,496
	1,401	Dick’s Sporting Goods, Inc.		29,785
	7,086	Express, Inc. (a)		10,558
	708	Five Below, Inc. (a)(b)		49,829
	916	Floor & Decor Holdings, Inc. - Class A (a)		29,394
	1,702	Foot Locker, Inc.		37,529
	3,961	GameStop Corp. - Class A (a)(b)		13,864
	1,574	Genesco, Inc. (a)		20,997
	21,082	GNC Holdings, Inc. - Class A (a)(b)		9,869
	301	Group 1 Automotive, Inc.		13,322
	1,392	Guess?, Inc.		9,424
	2,397	Haverty Furniture Cos., Inc.		28,500
	1,720	Hibbett Sports, Inc. (a)		18,808
	6,582	Hudson, Ltd. - Class A (a)		33,042
	34,481	J. JILL, Inc. (a)(b)		19,047
	2,718	L Brands, Inc.		31,420
	305	Lithia Motors, Inc. - Class A		24,946
	4,222	Lumber Liquidators Holdings, Inc. (a)		19,801
	1,541	MarineMax, Inc. (a)		16,057
	383	Monro, Inc.		16,779

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	544	Murphy USA, Inc. (a)(b)	$	45,892
	793	National Vision Holdings, Inc. (a)		15,400
	9,873	Office Depot, Inc.		16,192
	406	Penske Automotive Group, Inc. (b)		11,368
	5,703	Rent-A-Center, Inc.		80,640
	647	RH (a)(b)		65,004
	51,254	RTW RetailWinds, Inc. (a)		10,769
	3,026	Sally Beauty Holdings, Inc. (a)		24,450
	1,211	Shoe Carnival, Inc.		25,152
	1,493	Signet Jewelers, Ltd.		9,630
	1,009	Sleep Number Corp. (a)		19,332
	1,067	Sonic Automotive, Inc. - Class A		14,170
	6,041	Sportsman’s Warehouse Holdings, Inc. (a)		37,213
	9,912	Tailored Brands, Inc. (b)		17,247
	1,628	The Buckle, Inc. (b)		22,320
	1,540	The Cato Corp. - Class A		16,432
	949	The Children’s Place, Inc.		18,562
	9,664	The Container Store Group, Inc. (a)		22,807
	6,690	The Michaels Cos., Inc. (a)(b)		10,838
	5,143	Tilly’s, Inc. - Class A		21,241
	1,930	Urban Outfitters, Inc. (a)		27,483
	1,298	Williams Sonoma, Inc. (b)		55,191
	232	Winmark Corp.		29,561
	2,120	Zumiez, Inc. (a)		36,718

				1,446,892

		Technology Hardware, Storage & Peripherals - 0.62%
	2,305	3D Systems Corp. (a)		17,772
	1,183	AstroNova, Inc.		9,180
	4,908	Avid Technology, Inc. (a)		33,031
	2,670	Diebold Nixdorf, Inc. (a)(b)		9,398
	1,752	NCR Corp. (a)		31,010
	3,341	Pure Storage, Inc. - Class A (a)		41,094
	14,384	Sonim Technologies, Inc. (a)		10,069
	825	Stratasys, Ltd. (a)(b)		13,159
	1,322	Synaptics, Inc. (a)(b)		76,504
	2,047	Teradata Corp. (a)		41,943
	2,301	Xerox Holdings Corp.		43,581

				326,741

		Textiles, Apparel & Luxury Goods - 1.28%
	3,081	Capri Holdings, Ltd. (a)(b)		33,244
	633	Carter’s, Inc.		41,607
	846	Columbia Sportswear Co.		59,025
	3,157	Crocs, Inc. (a)		53,637
	613	Deckers Outdoor Corp. (a)		82,142
	6,323	Fossil Group, Inc. (a)(b)		20,803
	1,776	G-III Apparel Group, Ltd. (a)		13,675
	3,663	Hanesbrands, Inc. (b)		28,828
	453	Kontoor Brands, Inc.		8,684
	1,019	Movado Group, Inc.		12,045
	631	Oxford Industries, Inc.		22,880
	832	Ralph Lauren Corp. - Class A		55,603
	830	Rocky Brands, Inc.		16,061
	2,402	Skechers U.S.A., Inc. - Class A (a)		57,024
	2,128	Steven Madden, Ltd.		49,433
	890	Superior Uniform Group, Inc.		7,529
	687	Unifi, Inc. (a)		7,935
	213	UniFirst Corp.		32,182
	3,460	Vera Bradley, Inc. (a)		14,255


Number of Shares			Value
		Textiles, Apparel & Luxury Goods (Continued)
	3,288	Vince Holding Corp. (a)	$	12,757
	708	Weyco Group, Inc.		14,280
	2,333	Wolverine World Wide, Inc.		35,462

				679,091

		Thrifts & Mortgage Finance - 1.28%
	1,401	Axos Financial, Inc. (a)		25,400
	562	Berkshire Hills Bancorp, Inc.		8,351
	910	Brookline Bancorp, Inc.		10,265
	1,333	Capitol Federal Financial, Inc.		15,476
	932	Dime Community Bancshares		12,778
	1,421	Essent Group, Ltd.		37,429
	488	Federal Agricultural Mortgage Corp. - Class C		27,147
	606	First Defiance Financial Corp.		8,932
	843	Flagstar Bancorp, Inc.		16,717
	308	FS Bancorp, Inc.		11,088
	100	Greene County Bancorp, Inc.		2,336
	189	Hingham Institution for Savings		27,403
	953	HomeStreet, Inc.		21,185
	118	LendingTree, Inc. (a)(b)		21,640
	1,070	Merchants Bancorp		16,243
	881	Meridian Bancorp, Inc.		9,885
	648	Meta Financial Group, Inc.		14,075
	4,983	MGIC Investment Corp.		31,642
	618	MMA Capital Holdings, Inc. (a)		15,283
	1,141	Mr Cooper Group, Inc. (a)		8,364
	3,984	New York Community Bancorp, Inc. (b)		37,410
	1,752	NMI Holdings, Inc. - Class A (a)		20,341
	1,031	Northwest Bancshares, Inc.		11,929
	1,028	PennyMac Financial Services, Inc.		22,729
	3,279	People’s United Financial, Inc. (b)		36,233
	764	Provident Financial Services, Inc.		9,825
	3,570	Radian Group, Inc.		46,231
	1,975	Riverview Bancorp, Inc.		9,895
	4,210	Sterling Bancorp, Inc.		18,103
	1,059	TFS Financial Corp. (b)		16,171
	546	Timberland Bancorp, Inc.		9,986
	875	Walker & Dunlop, Inc.		35,236
	1,436	Washington Federal, Inc.		37,279
	973	Waterstone Financial, Inc.		14,147
	411	WSFS Financial Corp.		10,242

				677,396

		Tobacco - 0.08%
	634	Turning Point Brands, Inc. (b)		13,384
	389	Universal Corp.		17,198
	1,453	Vector Group, Ltd. (b)		13,687

				44,269

		Trading Companies & Distributors - 1.45%
	436	Air Lease Corp. (b)		9,653
	768	Applied Industrial Technologies, Inc.		35,113
	1,558	Beacon Roofing Supply, Inc. (a)		25,769
	2,633	BMC Stock Holdings, Inc. (a)		46,683
	1,598	DXP Enterprises, Inc. (a)		19,591
	563	EVI Industries, Inc. (a)		8,884
	2,701	Foundation Building Materials, Inc. (a)		27,793
	2,276	GMS, Inc. (a)		35,801
	1,102	H&E Equipment Services, Inc.		16,177
	2,774	HD Supply Holdings, Inc. (a)		78,865
	1,339	Lawson Products, Inc. (a)		35,778

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Trading Companies & Distributors (Continued)
	4,114	MRC Global, Inc. (a)	$	17,526
	650	MSC Industrial Direct Co., Inc. - Class A		35,731
	4,212	NOW, Inc. (a)		21,734
	672	Rush Enterprises, Inc. - Class A		21,450
	588	Rush Enterprises, Inc. - Class B		17,940
	1,051	SiteOne Landscape Supply, Inc. (a)		77,375
	1,325	Systemax, Inc.		23,492
	1,940	Titan Machinery, Inc. (a)		16,859
	650	Transcat, Inc. (a)		17,225
	954	Triton International, Ltd.		24,680
	2,437	Univar, Inc. (a)(b)		26,125
	5,015	Veritiv Corp. (a)		39,418
	364	Watsco, Inc. - Class A		57,523
	787	WESCO International, Inc. (a)		17,983
	368	Willis Lease Finance Corp. (a)		9,789

				764,957

		Transportation Infrastructure - 0.02%
	456	Macquarie Infrastructure Corp.		11,514

		Water Utilities - 0.24%
	303	American States Water Co.		24,767
	374	California Water Service Group		18,820
	1,705	Consolidated Water Co., Ltd. - Ordinary Shares		27,962
	318	Middlesex Water Co.		19,118
	1,072	Pure Cycle Corp. (a)		11,953
	290	SJW Group		16,753
	227	The York Water Co.		9,866

				129,239

		Wireless Telecommunication Services - 0.09%
	1,576	Telephone & Data Systems, Inc.		26,414
	716	United States Cellular Corp. (a)		20,971

				47,385

		Total Common Stocks (Cost $46,771,208)		46,345,801

		INVESTMENT COMPANIES - 4.03%
		Exchange Traded Funds - 4.03%
	23,536	Vanguard Extended Market ETF (b)		2,130,949

		Total Investment Companies (Cost $2,261,241)		2,130,949

		REAL ESTATE INVESTMENT TRUSTS - 6.65%
		Real Estate Investment Trusts - 6.65%
	638	Acadia Realty Trust		7,905
	2,515	AG Mortgage Investment Trust, Inc.		6,891
	5,148	AGNC Investment Corp.		54,466
	242	Agree Realty Corp.		14,980
	2,320	Alexander & Baldwin, Inc.		26,030
	446	American Assets Trust, Inc.		11,150
	702	American Campus Communities, Inc.		19,480
	1,233	American Finance Trust, Inc.		7,706
	2,911	American Homes 4 Rent - Class A		67,535
	1,052	Americold Realty Trust		35,810
	788	Apartment Investment & Management Co. - Class A		27,698
	1,662	Apollo Commercial Real Estate Finance, Inc.		12,332
	4,468	Apple Hospitality REIT, Inc.		40,972
	1,064	Ares Commercial Real Estate Corp. (b)		7,437
	1,648	Armada Hoffler Properties, Inc.		17,634
	913	ARMOUR Residential REIT, Inc.		8,044


Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	45,628	Ashford Hospitality Trust, Inc.	$	33,728
	1,124	Blackstone Mortgage Trust, Inc. - Class A (b)		20,929
	3,127	Bluerock Residential Growth REIT, Inc.		17,417
	12,862	Braemar Hotels & Resorts, Inc.		21,865
	1,670	Brandywine Realty Trust		17,568
	3,330	Brixmor Property Group, Inc.		31,635
	2,774	BRT Apartments Corp.		28,433
	814	Camden Property Trust		64,501
	849	CareTrust REIT, Inc.		12,557
	71,007	CBL & Associates Properties, Inc.		14,208
	14,231	Cedar Shopping Centers, Inc.		13,279
	2,632	Chatham Lodging Trust (b)		15,634
	4,404	Chimera Investment Corp.		40,076
	1,181	City Office REIT, Inc.		8,539
	10,324	Colony Capital, Inc.		18,067
	840	Columbia Property Trust, Inc.		10,500
	378	Community Healthcare Trust, Inc.		14,470
	879	CoreCivic, Inc.		9,818
	467	CorEnergy Infrastructure Trust, Inc.		8,583
	185	CoreSite Realty Corp.		21,441
	7,782	CorePoint Lodging, Inc.		30,505
	1,170	Corporate Office Properties Trust		25,892
	1,543	Cousins Properties, Inc. (b)		45,164
	926	CubeSmart		24,808
	569	CyrusOne, Inc. (b)		35,136
	5,358	DiamondRock Hospitality Co.		27,219
	10,800	Diversified Healthcare Trust		39,204
	1,010	Douglas Emmett, Inc. (b)		30,815
	2,282	Duke Realty Corp.		73,891
	1,084	Easterly Government Properties, Inc.		26,710
	225	EastGroup Properties, Inc.		23,508
	1,116	Ellington Financial, Inc.		6,372
	2,584	Empire State Realty Trust, Inc. - Class A (b)		23,153
	863	EPR Properties		20,902
	920	Equity Commonwealth		29,173
	976	Equity LifeStyle Properties, Inc.		56,100
	683	Essential Properties Realty Trust, Inc.		8,920
	1,534	Essential Utilities, Inc. (b)		62,434
	1,749	Exantas Capital Corp.		4,827
	660	First Industrial Realty Trust, Inc.		21,932
	633	Four Corners Property Trust, Inc. (b)		11,843
	3,899	Franklin Street Properties Corp. (b)		22,341
	1,617	Gaming and Leisure Properties, Inc.		44,807
	1,216	Gladstone Commercial Corp.		17,462
	1,296	Global Medical REIT, Inc. (b)		13,116
	1,036	Global Net Lease, Inc.		13,851
	986	Granite Point Mortgage Trust, Inc.		4,999
	1,967	Great Ajax Corp.		12,507
	744	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,185
	596	Healthcare Realty Trust, Inc.		16,646
	924	Healthcare Trust of America, Inc. - Class A (b)		22,435
	7,788	Hersha Hospitality Trust (b)		27,881
	715	Highwoods Properties, Inc.		25,325
	853	Hudson Pacific Properties, Inc.		21,632
	1,211	Independence Realty Trust, Inc.		10,826
	587	Industrial Logistics Properties Trust		10,296
	325	Innovative Industrial Properties, Inc. (b)		24,677
	3,722	Invesco Mortgage Capital, Inc.		12,692
	358	Investors Real Estate Trust		19,690

See notes to financial statements.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	1,349	Iron Mountain, Inc.	$	32,106
	1,061	iStar Financial, Inc.		11,257
	508	JBG SMITH Properties		16,170
	975	KKR Real Estate Finance Trust, Inc. (b)		14,635
	675	Kilroy Realty Corp. (b)		42,998
	2,823	Kimco Realty Corp.		27,298
	2,528	Kite Realty Group Trust		23,940
	1,490	Ladder Capital Corp.		7,063
	417	Lamar Advertising Co. - Class A		21,384
	1,555	Lexington Realty Trust		15,441
	292	Life Storage, Inc.		27,609
	700	LTC Properties, Inc.		21,630
	2,003	Mack-Cali Realty Corp.		30,506
	3,099	Medical Properties Trust, Inc.		53,582
	4,941	MFA Financial, Inc.		7,659
	864	Monmouth Real Estate Investment Corp.		10,411
	215	National Health Investors, Inc.		10,647
	874	National Retail Properties, Inc.		28,134
	1,144	National Storage Affiliates Trust		33,862
	3,864	New Residential Investment Corp.		19,359
	9,849	New Senior Investment Group, Inc.		25,213
	5,432	New York Mortgage Trust, Inc.		8,420
	399	NexPoint Residential Trust, Inc.		10,059
	1,395	Office Properties Income Trust		38,014
	2,358	Omega Healthcare Investors, Inc.		62,581
	678	One Liberty Properties, Inc.		9,445
	824	Outfront Media, Inc.		11,108
	3,424	Paramount Group, Inc.		30,131
	4,718	Park Hotels & Resorts, Inc.		37,319
	3,617	Pebblebrook Hotel Trust		39,389
	24,661	Pennsylvania Real Estate Investment Trust (b)		22,481
	1,812	PennyMac Mortgage Investment Trust		19,243
	1,062	Physicians Realty Trust		14,804
	1,695	Piedmont Office Realty Trust, Inc. - Class A		29,934
	318	PotlatchDeltic Corp. (b)		9,982
	2,057	Preferred Apartment Communities, Inc. - Class A		14,769
	125	PS Business Parks, Inc.		16,940
	576	QTS Realty Trust, Inc. - Class A		33,414
	477	Rayonier, Inc.		11,233
	1,227	Ready Capital Corp. (b)		8,859
	1,695	Redwood Trust, Inc.		8,577
	1,174	Regency Centers Corp.		45,117
	1,383	Retail Opportunity Investments Corp.		11,465
	4,388	Retail Properties of America, Inc. - Class A		22,686
	1,511	Retail Value, Inc.		18,510
	890	Rexford Industrial Realty, Inc.		36,499
	5,173	RLJ Lodging Trust		39,936
	1,712	RPT Realty		10,323
	1,117	Ryman Hospitality Properties, Inc.		40,044
	2,541	Sabra Health Care REIT, Inc.		27,748
	352	Safehold, Inc. (b)		22,257
	5,438	Service Properties Trust		29,365
	2,932	SITE Centers Corp.		15,276
	241	SL Green Realty Corp.		10,387
	872	Spirit Realty Capital, Inc.		22,803
	680	STAG Industrial, Inc.		15,314
	3,120	Starwood Property Trust, Inc.		31,980
	2,532	STORE Capital Corp.		45,880
	5,075	Summit Hotel Properties, Inc.		21,417
	656	Sun Communities, Inc.		81,902


Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	3,165	Sunstone Hotel Investors, Inc.	$	27,567
	2,759	Tanger Factory Outlet Centers, Inc. (b)		13,795
	382	Terreno Realty Corp.		19,769
	2,305	The Geo Group, Inc.		28,029
	940	TPG RE Finance Trust, Inc.		5,161
	2,899	Two Harbors Investment Corp.		11,045
	2,972	Uniti Group, Inc. (b)		17,921
	173	Universal Health Realty Income Trust		17,440
	740	Urban Edge Properties		6,519
	5,876	VEREIT, Inc. (b)		28,734
	2,648	VICI Properties, Inc.		44,063
	7,979	Washington Prime Group, Inc. (b)		6,424
	480	Washington Real Estate Investment Trust (b)		11,458
	705	Weingarten Realty Investors		10,173
	1,717	Western Asset Mortgage Capital Corp.		3,932
	2,320	Whitestone REIT		14,384
	2,883	Xenia Hotels & Resorts, Inc.		29,695

		Total Real Estate Investment Trusts (Cost $5,002,318)		3,516,818

		RIGHTS - 0%
	395	Schulman, Inc. Contingent Value Right (a)(d)(e)(f)		0

		Total Rights (Cost $0)		0

		SHORT TERM INVESTMENTS - 0.78%
		Money Market Funds - 0.78%
	415,284	DWS Government Money Market Series - Institutional Shares
		Effective Yield, 0.41% (c)		415,284

		Total Short Term Investments (Cost $415,284)		415,284

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.48%
	9,775,976	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (c)		9,775,976

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $9,775,976)		9,775,976

		Total Investments (Cost $64,226,027) - 117.54%		62,184,828
		Liabilities in Excess of Other Assets - (17.54)%		(9,280,217	)

		TOTAL NET ASSETS - 100.00%	$	52,904,611

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of March 31, 2020.

(d)

Value determined using significant unobservable inputs. Classifies as Level 3 in the fair value hierarchy.

(e)

As of March 31, 2020, the Valuation Committee has fair valued this security. The value of this security was $9,708, which represents 0.02% of total net assets.

(f)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $9,708, which represents 0.02% of total net assets.

ADR - American Depositary Receipt

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		COMMON STOCKS - 94.73%
		Australia - 4.36%
	9,672	APA Group - Stapled Security (e)	$	61,376
	2,658	ASX, Ltd.		124,769
	24,501	Aurizon Holdings Ltd.		63,496
	12,006	Australia & New Zealand Banking Group, Ltd.		125,912
	3,326	BHP Group, Ltd		60,338
	3,359	BHP Group PLC		52,130
	50,880	BlueScope Steel, Ltd.		266,384
	12,343	Brambles, Ltd.		79,782
	12,636	CIMIC Group, Ltd.		178,968
	7,100	Coca-Cola Amatil, Ltd.		38,321
	2,668	Cochlear, Ltd.		304,076
	43,862	Coles Group, Ltd.		408,489
	8,606	Commonwealth Bank of Australia		324,705
	2,107	CSL, Ltd.		381,940
	11,826	Flight Centre Travel Group, Ltd. (f)		74,662
	23,131	Fortescue Metals Group, Ltd.		141,752
	18,317	Harvey Norman Holdings, Ltd.		33,633
	477	Macquarie Group, Ltd.		25,404
	9,010	Magellan Financial Group Ltd.		238,961
	103,275	Medibank Private, Ltd.		169,837
	9,139	National Australia Bank, Ltd.		93,747
	3,980	Newcrest Mining, Ltd.		54,656
	2,828	Orica Ltd.		26,474
	10,078	QBE Insurance Group, Ltd.		52,496
	2,762	REA Group, Ltd.		129,383
	3,242	Sonic Healthcare, Ltd.		48,727
	42,422	South32, Ltd.		46,830
	12,878	Telstra Corp., Ltd.		24,174
	20,028	Transurban Group - Stapled Security (e)		149,181
	15,504	Wesfarmers, Ltd.		328,533
	10,895	Westpac Banking Corp.		111,900
	27,615	Woolworths, Ltd.		600,527

				4,821,563

		Austria - 0.32%
	3,203	ANDRITZ AG		100,349
	3,461	OMV AG		94,717
	6,286	Raiffeisen Bank International AG		90,420
	695	Verbund AG		25,066
	1,983	voestalpine AG		40,010

				350,562

		Belgium - 0.76%
	4,996	Ageas		208,193
	4,100	Anheuser-Busch InBev SA		181,097
	474	Galapagos NV (a)		93,083
	2,668	Proximus SADP		61,269
	689	Solvay SA		49,655
	2,859	UCB SA		244,623

				837,920

		Canada - 8.60%
	1,624	Agnico Eagle Mines, Ltd.		64,831
	2,266	Air Canada (a)		25,360
	8,070	Algonquin Power & Utilities Corp.		108,667
	7,200	Alimentation Couche-Tard, Inc. - Series B		169,601
	1,223	Atco Ltd. - Class I		33,867
	4,604	Bank of Montreal		232,474
	7,243	Barrick Gold Corp.		133,095
	3,947	Bausch Health Cos., Inc. (a)		61,170


Number of Shares			Value
		Canada (Continued)
	1,509	BCE, Inc.	$	61,902
	3,716	Brookfield Asset Management, Inc. - Class A		164,715
	2,285	Canadian Imperial Bank of Commerce		133,141
	442	Canadian National Railway Co.		34,558
	7,214	Canadian Natural Resources, Ltd.		98,678
	191	Canadian Pacific Railway, Ltd.		42,148
	2,838	Canadian Utilities Ltd. - Class A		67,839
	47,861	Cenovus Energy, Inc.		96,586
	2,075	CGI, Inc. (a)		112,339
	30,035	CI Financial Corp.		298,152
	704	Constellation Software, Inc.		639,828
	4,819	Dollarama, Inc.		133,684
	5,200	Emera, Inc.		205,074
	22,966	Empire Co., Ltd. - Series A		449,267
	5,810	Enbridge, Inc.		169,185
	347	Fairfax Financial Holdings, Ltd.		106,378
	5,866	Fortis, Inc.		226,212
	997	Franco-Nevada Corp.		99,615
	2,743	George Weston, Ltd.		196,140
	1,376	Great-West Lifeco, Inc.		23,769
	4,951	Hydro One Ltd.		89,148
	5,011	iA Financial Corp., Inc.		157,526
	7,896	Imperial Oil, Ltd.		89,267
	1,169	Intact Financial Corp.		101,034
	14,269	Kinross Gold Corp. (a)		57,287
	8,509	Kirkland Lake Gold Ltd.		250,620
	6,921	Loblaw Cos., Ltd.		356,796
	8,181	Magna International, Inc.		261,073
	8,060	Manulife Financial Corp.		101,201
	2,573	Metro, Inc.		104,050
	2,357	National Bank of Canada		91,094
	10,627	Onex Corp.		388,969
	26,627	Ovintiv, Inc. (b)		73,034
	3,457	Power Corp. of Canada		55,615
	10,640	Royal Bank of Canada		659,056
	1,602	Saputo, Inc.		38,522
	983	Shopify, Inc. - Class A (a)		411,850
	1,171	Stars Group, Inc. (a)		23,948
	1,709	Sun Life Financial, Inc.		54,975
	5,581	Suncor Energy, Inc.		89,071
	4,569	TC Energy Corp.		203,077
	14,465	Teck Resources, Ltd. - Class B		109,672
	2,044	TELUS Corp.		32,316
	4,974	The Bank of Nova Scotia		203,124
	10,374	The Toronto-Dominion Bank		441,041
	3,514	Thomson Reuters Corp.		239,410
	2,418	Wheaton Precious Metals Corp.		66,545
	10,248	WSP GLOBAL, Inc.		581,980

				9,519,576

		Denmark - 2.56%
	411	A.P. Moeller - Maersk AS - Class A		337,563
	395	A.P. Moeller - Maersk AS - Class B		350,114
	1,766	Carlsberg AS - Series B		198,816
	2,447	Coloplast AS - Series B		354,880
	12,145	Danske Bank AS		135,167
	296	DSV PANALPINA AS		26,915
	486	Genmab AS (a)		97,622
	14,194	Novo Nordisk AS - Series B		847,610
	2,466	Orsted AS		241,416

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Denmark (Continued)
	3,470	Pandora AS	$	111,495
	2,740	Tryg AS		66,691
	778	Vestas Wind Systems AS		63,302

				2,831,591

		Finland - 0.69%
	2,580	Elisa OYJ		159,246
	999	Kone OYJ - Series B		55,945
	2,519	Neste OYJ		83,751
	10,599	Orion OYJ - Class B		431,340
	1,089	UPM-Kymmene OYJ		29,694

				759,976

		France - 10.01%
	2,027	Air Liquide SA		258,742
	1,643	Alstom SA		67,843
	604	Amundi SA		34,947
	335	Arkema SA		22,872
	7,769	Atos SE		517,612
	3,572	AXA SA		60,481
	3,844	BioMerieux		435,173
	7,222	BNP Paribas SA		210,848
	90,143	Bollore SA		244,976
	14,006	Carrefour SA		222,055
	695	Casino Guichard Perrachon SA		26,598
	3,287	Cie de Saint-Gobain		78,873
	328	Cie Generale des Etablissements Michelin SCA		28,728
	20,289	CNP Assurances		196,450
	22,956	Credit Agricole SA		162,434
	4,836	Danone SA		309,496
	1,123	Dassault Systemes SE		163,948
	2,771	Edenred		114,995
	2,670	Eiffage SA		189,526
	5,417	Engie SA		55,473
	874	EssilorLuxottica SA		92,535
	7,871	Faurecia SA		230,476
	4,410	Getlink SE		53,337
	765	Hermes International		520,515
	2,035	Ingenico Group SA		212,717
	4,701	Ipsen SA		240,973
	708	Kering SA		369,161
	1,360	Legrand SA		86,744
	2,652	L’Oreal SA		686,367
	2,607	LVMH Moet Hennessy Louis Vuitton SE		956,122
	62,099	Natixis SA		197,738
	168	Pernod Ricard SA		23,845
	21,944	Peugeot SA		285,695
	2,759	Publicis Groupe SA		78,849
	1,406	Safran SA		124,568
	7,540	Sanofi		652,775
	2,691	Sartorius Stedim Biotech		537,001
	1,757	Schneider Electric SE		148,507
	1,270	SCOR SE		27,942
	2,949	SEB SA		365,251
	12,904	Societe Generale SA		211,395
	8,682	Suez		88,204
	185	Teleperformance		38,317
	14,585	TOTAL SA		549,546
	2,770	Ubisoft Entertainment SA (a)		202,462
	11,053	Valeo SA		179,896


Number of Shares			Value
		France (Continued)
	8,317	Veolia Environnement SA	$	175,662
	3,508	Vinci SA		286,637
	879	Worldline SA (a)		51,880

				11,077,187

		Germany - 5.71%
	2,848	adidas AG		632,334
	3,673	Allianz SE		625,503
	1,151	BASF SE		53,800
	5,181	Bayer AG		296,864
	2,288	Beiersdorf AG		230,381
	2,270	Brenntag AG		82,474
	1,040	Carl Zeiss Meditec AG		99,029
	20,252	Commerzbank AG		72,094
	1,449	Covestro AG		43,975
	751	Delivery Hero SE (a)		55,217
	2,619	Deutsche Boerse AG		359,809
	4,543	Deutsche Lufthansa AG (b)		42,491
	13,150	Deutsche Post AG		352,534
	25,493	Deutsche Telekom AG		329,253
	360	Fresenius Medical Care AG & Co. KGaA		23,499
	2,230	Fresenius SE & Co. KGaA		83,029
	1,995	Hannover Rueck SE		281,706
	3,931	HeidelbergCement AG		167,945
	1,149	HOCHTIEF AG		75,443
	1,772	KION Group AG		76,263
	2,052	Knorr-Bremse AG		180,404
	1,714	Merck KGaA		173,049
	6,968	METRO AG (b)		59,348
	500	MTU Aero Engines AG		72,298
	1,334	Muenchener Rueckversicherungs-Gesellschaft AG		268,228
	6,180	Puma SE		363,107
	8,366	RWE AG		218,784
	4,888	SAP SE		545,736
	764	Siemens AG		63,974
	731	Siemens Healthineers AG		28,258
	1,327	Vonovia SE		66,010
	7,765	Zalando SE (a)		292,664

				6,315,503

		Hong Kong - 2.38%
	80,358	AIA Group, Ltd.		719,577
	2,563	ASM Pacific Technology, Ltd.		23,765
	19,890	BOC Hong Kong Holdings, Ltd.		54,598
	40,709	CK Hutchison Holdings, Ltd.		271,332
	34,271	Dairy Farm International Holdings, Ltd.		157,628
	6,593	Hang Seng Bank, Ltd.		112,327
	23,999	HKT Trust and HKT, Ltd. - Stapled Security (e)		32,640
	13,049	Hong Kong Exchange & Clearing, Ltd.		390,939
	3,031	Jardine Strategic Holdings, Ltd.		67,739
	31,080	SJM Holdings, Ltd.		25,934
	10,156	Swire Pacific, Ltd. - Class A		64,650
	21,296	Techtronic Industries Co., Ltd.		135,228
	10,256	The Bank of East Asia, Ltd.		21,917
	120,957	Vitasoy International Holdings Ltd.		364,007
	36,498	WH Group, Ltd.		33,688
	23,296	Wheelock & Co., Ltd.		157,852

				2,633,821

		Ireland - 0.56%
	1,417	CRH PLC		38,320

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Ireland (Continued)
	704	DCC PLC	$	43,965
	9,011	Experian PLC		250,427
	5,189	James Hardie Industries PLC		60,248
	246	Kerry Group PLC - Series A		28,407
	643	Kingspan Group PLC		34,316
	5,865	Smurfit Kappa Group PLC		166,145

				621,828

		Isle Of Man - 0.03%
	4,315	GVC Holdings PLC		29,889

		Israel - 0.54%
	1,564	Azrieli Group, Ltd.		89,422
	1	International Flavors & Fragrances, Inc.		60
	14,122	Israel Discount Bank, Ltd. - Series A		41,178
	3,755	Mizrahi Tefahot Bank, Ltd.		69,113
	713	Nice, Ltd. (a)		103,097
	26,574	Teva Pharmaceutical Industries, Ltd. - ADR (a)(b)		238,635
	587	Wix.com, Ltd. (a)		59,181

				600,686

		Italy - 3.27%
	23,456	Assicurazioni Generali SpA		317,707
	2,326	Atlantia SpA		28,895
	52,665	Enel SpA		363,275
	26,279	Eni SpA		261,147
	1,663	Ferrari NV		256,160
	14,455	FinecoBank Banca Fineco SpA		130,053
	24,327	Intesa Sanpaolo SpA		39,363
	9,784	Moncler SpA		355,538
	35,543	Poste Italiane SpA		299,160
	4,911	Prysmian SpA		77,971
	5,776	Recordati SpA		243,358
	37,023	Snam SpA		169,206
	920,834	Telecom Italia SpA (a)		372,730
	950,413	Telecom Italia SpA - Savings Shares		371,328
	21,654	Terna Rete Elettrica Nazionale SpA		136,114
	25,058	UniCredit SpA		193,864

				3,615,869

		Japan - 22.02%
	2,731	ABC-Mart, Inc.		136,682
	4,585	Advantest Corp.		182,620
	4,688	Aeon Co., Ltd.		103,858
	4,091	Alps Electric Co., Ltd.		39,419
	11,332	Asahi Intecc Co., Ltd.		280,264
	26,074	Astellas Pharma, Inc.		401,731
	4,700	Bandai Namco Holdings, Inc.		227,965
	1,770	Bridgestone Corp.		54,181
	13,851	Brother Industries, Ltd.		209,794
	8,166	Calbee, Inc.		220,375
	1,130	Canon, Inc.		24,556
	2,104	Casio Computer Co., Ltd.		29,438
	166	Central Japan Railway Co.		26,605
	2,761	Chugai Pharmaceutical Co., Ltd.		319,436
	7,429	Coca-Cola Bottlers Japan, Inc.		152,469
	12,263	Credit Saison Co., Ltd.		142,272
	6,659	CyberAgent, Inc.		258,075
	1,357	Dai Nippon Printing Co., Ltd.		28,838
	11,919	Dai-ichi Life Holdings, Inc.		141,540
	3,825	Daiichi Sankyo Co., Ltd.		262,688


Number of Shares			Value
		Japan (Continued)
	505	Daikin Industries, Ltd.	$	60,961
	3,348	Eisai Co., Ltd.		244,898
	3,495	Electric Power Development Co., Ltd.		70,046
	1,273	FamilyMart UNY Holdings Co., Ltd.		22,858
	541	Fast Retailing Co., Ltd.		220,751
	2,381	FUJIFILM Holdings Corp.		117,335
	1,512	Fujitsu, Ltd.		136,184
	5,552	Fukuoka Financial Group, Inc.		73,239
	4,154	Hakuhodo DY Holdings, Inc.		41,914
	156	Hikari Tsushin, Inc.		26,104
	5,401	Hitachi Chemical Co., Ltd.		229,831
	1,834	Hitachi High-Technologies Corp.		135,481
	4,182	Hitachi Metals Ltd.		43,897
	10,543	Hitachi, Ltd.		302,863
	18,632	Honda Motor Co., Ltd.		416,918
	7,500	Hoya Corp.		637,736
	3,520	Hulic Co., Ltd.		35,623
	11,286	Idemitsu Kosan Co., Ltd.		257,588
	19,772	Inpex Corp.		110,922
	6,969	Isuzu Motors, Ltd.		46,120
	22,535	ITOCHU Corp.		466,353
	3,120	Itochu Techno-Solutions Corp.		88,859
	17,851	J Front Retailing Co., Ltd.		147,331
	29,115	Japan Post Holdings Co., Ltd.		227,755
	10,712	Japan Post Insurance Co Ltd.		132,347
	8,377	JGC Holdings Corp.		66,865
	85,023	JXTG Holdings, Inc.		289,706
	19,719	Kakaku.com, Inc.		360,650
	1,931	Kamigumi Co., Ltd.		32,594
	2,539	Kao Corp.		206,848
	20,039	KDDI Corp.		591,924
	262	Keyence Corp.		84,236
	3,892	Kikkoman Corp.		165,019
	1,328	Kobayashi Pharmaceutical Co., Ltd.		122,868
	5,238	Konica Minolta, Inc.		21,103
	2,291	Kose Corp.		283,492
	1,649	Lawson, Inc.		90,513
	1,143	LINE Corp. (a)		55,184
	7,425	Lion Corp.		158,348
	10,427	LIXIL Group Corp.		128,473
	3,128	M3, Inc.		92,267
	60,169	Marubeni Corp.		298,623
	1,874	Marui Group Co., Ltd.		31,350
	60,790	Mebuki Financial Group, Inc.		123,302
	3,017	Medipal Holdings Corp.		56,375
	2,262	MEIJI Holdings Co., Ltd.		160,299
	10,948	MISUMI Group, Inc.		236,816
	42,856	Mitsubishi Chemical Holdings Corp.		254,480
	14,823	Mitsubishi Corp.		313,540
	3,234	Mitsubishi Gas Chemical Co., Inc.		34,898
	11,571	Mitsubishi Materials Corp.		236,547
	39,085	Mitsubishi UFJ Financial Group, Inc.		146,239
	43,200	Mitsubishi UFJ Lease & Finance Co., Ltd.		211,455
	5,225	Mitsui & Co., Ltd.		72,542
	9,672	Mitsui Chemicals, Inc.		182,048
	12,148	MonotaRO Co., Ltd.		320,967
	3,269	MS & AD Insurance Group Holdings, Inc.		91,209
	700	Murata Manufacturing Co., Ltd.		34,800
	118	Nintendo Co., Ltd.		45,861
	2,244	Nippon Paint Holdings Co., Ltd.		116,805

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	32,994	Nippon Telegraph & Telephone Corp.	$	789,105
	1,636	Nitori Holdings Co., Ltd.		221,090
	9,270	Nomura Holdings, Inc.		39,120
	4,872	Nomura Real Estate Holdings, Inc.		78,833
	5,232	Nomura Research Institute, Ltd.		110,514
	3,294	NTT Data Corp.		31,532
	21,620	NTT DoCoMo, Inc.		676,125
	471	Obic Co., Ltd.		61,366
	27,364	Olympus Corp.		394,460
	3,479	OMRON Corp.		179,874
	360	Oriental Land Co., Ltd.		45,957
	16,144	ORIX Corp.		192,609
	6,590	Osaka Gas Co., Ltd.		123,745
	1,432	Park24 Co., Ltd.		21,110
	12,379	Persol Holdings Co., Ltd.		123,866
	7,979	Pigeon Corp.		305,478
	15,657	Pola Orbis Holdings, Inc.		287,845
	14,404	Rakuten, Inc.		108,592
	18,376	Recruit Holdings Co., Ltd.		474,676
	42,166	Resona Holdings, Inc.		126,427
	22,390	Ryohin Keikaku Co., Ltd.		248,990
	4,071	Seiko Epson Corp.		43,816
	18,764	Sekisui House, Ltd.		309,457
	4,018	Seven & I Holdings Co., Ltd. - Series A		132,694
	1,181	Shimadzu Corp.		30,822
	1,458	Shimamura Co., Ltd.		88,112
	681	Shin-Etsu Chemical Co., Ltd.		66,934
	13,619	Shinsei Bank, Ltd. (a)		180,381
	548	Shionogi & Co., Ltd.		26,994
	5,997	Shiseido Co., Ltd.		352,458
	4,539	Showa Denko KK		93,123
	6,013	Sony Corp.		356,171
	981	Square Enix Holdings Co Ltd.		43,827
	14,285	Sumitomo Corp.		162,910
	10,968	Sumitomo Dainippon Pharma Co., Ltd.		142,380
	10,559	Sumitomo Mitsui Financial Group, Inc.		256,514
	3,044	Sumitomo Mitsui Trust Holdings, Inc.		87,455
	18,691	Sumitomo Rubber Industries, Ltd.		175,561
	9,167	Sundrug Co., Ltd.		293,749
	2,855	Sysmex Corp.		206,630
	5,391	T&D Holdings, Inc.		43,703
	5,040	Taiheiyo Cement Corp.		85,848
	4,696	Taiyo Nippon Sanso Corp.		69,487
	1,776	Terumo Corp.		60,848
	12,798	The Yokohama Rubber Co., Ltd.		158,658
	1,557	Toho Co., Ltd.		47,608
	3,217	Tokio Marine Holdings, Inc.		147,192
	997	Tokyo Electron, Ltd.		185,814
	6,897	Tokyo Gas Co., Ltd.		162,516
	1,779	Toyoda Gosei Co., Ltd.		30,276
	9,340	Toyota Motor Corp.		562,874
	11,648	Toyota Tsusho Corp.		272,090
	2,510	Tsuruha Holdings, Inc.		330,938
	6,750	Welcia Holdings Co., Ltd.		472,913
	47,376	Yamada Denki Co., Ltd.		188,700
	680	Yamaha Corp.		26,354
	14,860	Yamazaki Baking Co., Ltd.		309,723
	19,228	ZOZO, Inc.		258,066

				24,359,876


Number of Shares			Value
		Jersey - 0.60%
	5,660	Ferguson PLC	$	349,971
	206,203	Glencore PLC		312,097

				662,068

		Macau - 0.11%
	8,793	Sands China, Ltd.		31,990
	60,551	Wynn Macau, Ltd.		90,809

				122,799

		Netherlands - 4.27%
	7,600	ABN AMRO Group NV		61,672
	79,252	Aegon NV		197,924
	785	Airbus SE		50,618
	977	Akzo Nobel NV		64,256
	15,908	Altice NV - Class A (a)		61,397
	36,672	ArcelorMittal		346,201
	2,270	ASML Holding NV		598,406
	4,256	Exor NV		219,351
	2,702	Heineken Holding NV		210,563
	582	Heineken NV		49,391
	23,240	ING Groep NV		119,084
	24,414	Koninklijke Ahold Delhaize NV		568,763
	1,334	Koninklijke DSM NV		150,060
	9,584	Koninklijke Philips NV		393,494
	8,411	NN Group NV		228,576
	2,454	NXP Semiconductors NV		203,510
	5,342	Randstad Holding NV		188,530
	7,717	STMicroelectronics NV		165,889
	9,747	Unilever NV		479,078
	5,244	Wolters Kluwer NV		371,858

				4,728,621

		New Zealand - 0.24%
	6,669	a2 Milk Co., Ltd. (a)		68,128
	2,799	Fisher & Paykel Healthcare Corp., Ltd.		50,882
	23,248	Mercury NZ Ltd.		58,208
	35,288	Meridian Energy, Ltd.		84,219

				261,437

		Norway - 0.64%
	18,834	Gjensidige Forsikring ASA		320,728
	2,495	Mowi ASA		37,723
	8,633	Orkla ASA		73,965
	8,709	Schibsted ASA - Class B		157,545
	7,760	Telenor ASA		113,418

				703,379

		Portugal - 0.41%
	57,588	EDP - Energias de Portugal SA		231,699
	12,156	Jeronimo Martins SGPS SA		219,405

				451,104

		Singapore - 1.68%
	18,480	DBS Group Holdings, Ltd.		241,130
	11,947	Jardine Cycle & Carriage, Ltd.		164,262
	28,520	Oversea-Chinese Banking Corp., Ltd.		172,801
	96,990	Singapore Exchange, Ltd.		624,659
	12,204	Singapore Technologies Engineering Ltd.		26,700
	16,222	United Overseas Bank, Ltd.		222,566
	84,970	Wilmar International, Ltd.		192,152
	379,623	Yangzijiang Shipbuilding Holdings, Ltd.		220,273

				1,864,543

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		Spain - 2.55%
	6,068	ACS, Actividades de Construccion y Servicios SA	$	120,507
	658	Aena SME SA		71,389
	4,377	Amadeus IT Holdings SA - Class A		206,021
	76,818	Banco Bilbao Vizcaya Argentaria SA		237,871
	119,925	Banco de Sabadell SA		60,648
	79,557	Banco Santander SA		189,252
	4,315	Cellnex Telecom SA		195,739
	5,088	Endesa SA		107,664
	6,565	Ferrovial SA		155,832
	49,237	Iberdrola SA		481,588
	22,650	Industria de Diseno Textil SA		586,944
	24,121	Mapfre SA		40,919
	33,142	Repsol SA		295,669
	15,966	Telefonica SA		72,663

				2,822,706

		Sweden - 2.02%
	1,290	Assa Abloy AB - Series B		24,083
	8,470	Atlas Copco AB - Class A		281,664
	4,153	Atlas Copco AB - Class B		120,808
	2,834	Epiroc AB - Class A		28,004
	4,137	Epiroc AB - Class B		40,777
	3,800	Essity AB - Class B		116,408
	28,370	Hennes & Mauritz AB - Series B		363,045
	1,010	ICA Gruppen AB		42,183
	4,173	Investor AB - B Shares		188,259
	2,149	L E Lundbergforetagen AB - Series B		87,115
	11,856	Skanska AB - Class B (a)		178,423
	4,939	SKF AB - B Shares		67,305
	8,421	Swedish Match AB		476,794
	6,963	Tele2 AB - B Shares		92,768
	16,283	Telefonaktiebolaget LM Ericsson - Series B		131,810

				2,239,446

		Switzerland - 9.24%
	5,984	Adecco Group AG		235,809
	676	Alcon, Inc. (a)		34,632
	167	Baloise Holding AG		21,772
	1	Chocoladefabriken Lindt & Spruengli AG		86,794
	412	Cie Financiere Richemont SA		22,023
	17,310	Credit Suisse Group AG		139,715
	2,727	Dufry AG		83,692
	158	Geberit AG		69,232
	62	Givaudan SA		190,773
	2,472	Kuehne & Nagel International AG		336,737
	1,323	LafargeHolcim, Ltd.		48,281
	205	Lonza Group AG		84,321
	25,449	Nestle SA		2,605,158
	18,712	Novartis AG		1,543,718
	438	Partners Group Holding AG		299,884
	7,410	Roche Holdings AG		2,384,108
	154	SGS SA		355,197
	176	Sika AG		28,902
	1,132	Sonova Holding AG		201,852
	235	Straumann Holding AG		171,810
	352	Swiss Life Holding AG		118,148
	1,426	Swiss Prime Site AG		138,793
	1,457	Swiss Re AG		112,187
	133	Swisscom AG		71,219
	814	Temenos AG		106,105


Number of Shares			Value
		Switzerland (Continued)
	559	The Swatch Group AG - Group I	$	109,787
	1,879	The Swatch Group AG - Group N		72,745
	16,125	UBS Group AG		147,804
	1,142	Zurich Insurance Group AG		401,192

				10,222,390

		United Kingdom - 11.16%
	16,865	3i Group PLC		163,415
	19,360	Admiral Group PLC		533,176
	6,944	Anglo American PLC		121,684
	1,478	Associated British Foods PLC		33,107
	9,067	AstraZeneca PLC		807,858
	88,984	Auto Trader Group PLC		480,850
	2,539	AVEVA Group PLC		109,392
	76,040	Aviva PLC		250,000
	17,212	BAE Systems PLC		110,587
	11,321	Barratt Developments PLC		61,193
	4,332	Berkeley Group Holdings PLC		193,352
	91,686	BP PLC		375,998
	14,115	British American Tobacco PLC		480,830
	3,603	Bunzl PLC		72,120
	19,557	Burberry Group PLC		317,893
	5,816	Coca-Cola European Partners PLC		218,274
	3,900	Coca-Cola HBC AG		83,640
	11,507	Compass Group PLC		179,280
	513	Croda International PLC		27,065
	11,294	Diageo PLC		358,127
	56,712	Evraz PLC		162,260
	48,224	GlaxoSmithKline PLC		904,881
	5,451	Halma PLC		128,022
	20,564	Hargreaves Lansdown PLC		349,400
	63,729	HSBC Holdings PLC		357,759
	2,773	InterContinental Hotels Group PLC		117,972
	12,307	J. Sainsbury PLC		31,843
	45,568	JD Sports Fashion PLC		255,214
	51,792	Kingfisher PLC		90,973
	124,791	Legal & General Group PLC		294,843
	62,925	Lloyds Banking Group PLC		24,601
	3,106	London Stock Exchange Group PLC		277,849
	137,941	M&G PLC (a)		191,877
	111,920	Marks & Spencer Group PLC		135,673
	1,511	Mondi PLC		25,499
	18,335	National Grid PLC		214,231
	5,022	Next PLC		251,947
	6,512	Ocado Group PLC (a)		97,682
	4,871	Prudential PLC		61,033
	749	Reckitt Benckiser Group PLC		57,055
	17,771	RELX PLC		379,276
	12,680	Rentokil Initial Plc		60,559
	540	Rio Tinto, Ltd.		27,821
	3,901	Rio Tinto PLC		178,830
	8,276	Rolls-Royce Holdings PLC		34,978
	16,958	Royal Dutch Shell PLC - Class A		294,622
	14,203	Royal Dutch Shell PLC - Class B		238,241
	884	Schroders PLC		27,026
	1,217	Severn Trent PLC		34,449
	19,048	Smith & Nephew PLC		335,559
	1,117	Spirax-Sarco Engineering PLC		112,139
	5,937	SSE Plc		95,402
	3,322	St. James’s Place PLC		31,021

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		COMMON STOCKS (Continued)
		United Kingdom (Continued)
	40,579	Standard Life Aberdeen PLC	$	111,990
	51,687	Tesco PLC		145,965
	51,636	The Sage Group PLC		375,473
	8,347	Unilever PLC		420,940
	5,883	United Utilities Group PLC		65,854
	201,080	Vodafone Group PLC		278,182
	43,691	Wm Morrison Supermarkets PLC		95,449

				12,352,231

		Total Common Stocks (Cost $109,358,012)		104,806,571

		INVESTMENT COMPANIES - 3.28%
		Canada - 0.29%
	14,562	iShares MSCI Canada ETF		318,180

		Japan - 2.99%
	61,952	iShares MSCI EAFE ETF		3,311,954

		Total Investment Companies (Cost $3,576,829)		3,630,134

		PARTICIPATORY NOTES - 0.11%
		Switzerland - 0.11%
	11	Chocoladefabriken Lindt & Spruengli AG (d)		92,328
	129	Schindler Holding AG (d)		28,223

		Total Participatory Notes (Cost $122,893)		120,551

		PREFERRED STOCKS - 0.17%
		Germany - 0.17%
	5,261	Fuchs Petrolub SE - Preference Shares (b)		187,663

		Total Preferred Stocks (Cost $242,037)		187,663

		REAL ESTATE INVESTMENT TRUSTS - 1.77%
		Australia - 0.17%
	12,951	Goodman Group		94,926
	42,484	Mirvac Group		53,976
	25,906	Stockland		39,836

				188,738

		Canada - 0.03%
	1,123	Canadian Apartment Properties		33,986

		France - 0.13%
	539	Covivio		30,271
	399	Gecina SA		52,504
	732	ICADE		57,454

				140,229

		Japan - 1.07%
	76	Daiwa House REIT Investment Corp.		186,270
	17	Japan Prime Realty Investment Corp.		51,362
	34	Japan Real Estate Investment Corp.		199,862


Number of Shares			Value
		Japan (Continued)
	28	Nippon Building Fund, Inc.	$	188,355
	76	Nippon Prologis REIT, Inc.		191,223
	123	Nomura Real Estate Master Fund, Inc.		156,446
	98	Orix JREIT, Inc.		128,896
	85	United Urban Investment Corp.		85,039

				1,187,453

		Singapore - 0.22%
	61,774	Ascendas Real Estate Investment Trust		122,313
	91,815	Mapletree Commercial Trust		117,760

				240,073

		United Kingdom - 0.15%
	18,142	Segro PLC		171,503

		Total Real Estate Investment Trusts (Cost $2,335,493)		1,961,982

		SHORT TERM INVESTMENTS - 0.41%
		Money Market Funds - 0.41%
		DWS Government Money Market Series - Institutional Shares
	450,187	Effective Yield, 0.41% (c)		450,187

		Total Short Term Investments (Cost $450,187)		450,187

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.54%
	593,326	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (c)		593,326

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $593,326)		593,326

		Total Investments (Cost $116,678,777) - 101.01%		111,750,414
		Liabilities in Excess of Other Assets - (1.01)%		(1,111,017	)

		TOTAL NET ASSETS - 100.00%	$	110,639,397

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of March 31, 2020.

(d)

Represents the value of the underlying security. See note 3u. of the Notes to Financial Statements.

(e)

A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(f)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $74,662, which represents 0.07% of total net assets.

Glossary of Terms


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

See notes to financial statements.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2020


COMMON STOCKS
Aerospace & Defense			0.38%
Air Freight & Logistics			0.54%
Airlines			0.06%
Auto Components			1.01%
Automobiles			1.42%
Banks			6.00%
Beverages			1.37%
Biotechnology			0.52%
Building Products			0.36%
Capital Markets			3.56%
Chemicals			1.78%
Commercial Services & Supplies			0.50%
Communications Equipment			0.12%
Construction & Engineering			1.66%
Construction Materials			0.36%
Consumer Finance			0.13%
Containers & Packaging			0.15%
Distributors			0.15%
Diversified Financial Services			1.44%
Diversified Telecommunication Services			2.96%
Electric Utilities			2.10%
Electrical Equipment			0.40%
Electronic Equipment, Instruments & Components			1.04%
Entertainment			0.08%
Food & Staples Retailing			4.79%
Food Products			4.59%
Gas Utilities			0.31%
Health Care Equipment & Supplies			3.61%
Health Care Providers & Services			0.19%
Health Care Technology			0.08%
Hotels, Restaurants & Leisure			0.56%
Household Durables			1.31%
Household Products			0.76%
Independent Power and Renewable Electricity Producers			0.14%
Industrial Conglomerates			0.47%
Insurance			6.55%
Interactive Media & Services			0.93%
Internet & Direct Marketing Retail			0.73%
IT Services			1.62%
Leisure Products			0.23%
Life Sciences Tools & Services			0.56%
Machinery			1.37%
Marine			0.93%
Media			0.54%
Metals & Mining			2.60%
Multiline Retail			1.19%
Multi-Utilities			0.81%
Oil, Gas & Consumable Fuels			3.47%
Paper & Forest Products			0.05%



Personal Products			2.21%
Pharmaceuticals			9.45%
Professional Services			2.18%
Real Estate Management & Development			0.57%
Road & Rail			0.18%
Semiconductors & Semiconductor Equipment			1.23%
Software			2.07%
Specialty Retail			2.04%
Technology Hardware, Storage & Peripherals			0.38%
Textiles, Apparel & Luxury Goods			3.55%
Tobacco			0.87%
Trading Companies & Distributors			2.18%
Transportation Infrastructure			0.30%
Water Utilities			0.09%
Wireless Telecommunication Services			0.95%

TOTAL COMMON STOCKS			94.73%

INVESTMENT COMPANIES
Exchange Traded Funds			3.28%

TOTAL INVESTMENT COMPANIES			3.28%

PARTICIPATORY NOTES
Food Products			0.08%
Machinery			0.03%

TOTAL PARTICIPATORY NOTES			0.11%

PREFERRED STOCKS
Chemicals			0.17%

TOTAL PREFERRED STOCKS			0.17%

REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts			1.77%

TOTAL REAL ESTATE INVESTMENT TRUSTS			1.77%

SHORT TERM INVESTMENTS
Money Market Funds			0.41%

TOTAL SHORT TERM INVESTMENTS			0.41%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Investments Purchased with Proceeds from Securities Lending Collateral			0.54%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			0.54%

TOTAL INVESTMENTS			101.01%
Liabilities in Excess of Other Assets			(1.01)%

TOTAL NET ASSETS			100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Principal Amount			Value
		ASSET BACKED SECURITIES - 5.94%
	395,000	Ally Master Owner Trust Series 2018-1, 2.700%, 01/15/2023	$	389,166
	410,000	ALM XVI, Ltd. Series 2015-16RR, 2.731% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 04/15/2027 (a)(c)		404,443
		AmeriCredit Automobile Receivables Trust
	83,206	Series 2017-3-A3, 1.900%, 03/18/2022		82,920
	150,000	Series 2019-3D, 2.580%, 09/18/2025		142,313
	400,000	Atrium XII Series 2015-12R, 2.632% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c)		388,692
	250,000	Carlyle Global Market Strategies CLO, Ltd. Series 2013-2, 2.709% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (a)(c)		240,303
	2,135	CIG AUTO RECEIVABLES TRUST Series 2017-1, 2.710%, 05/15/2023 (c)		2,129
		Domino’s Pizza Master Issuer LLC
	187,150	Series 2018-1, 4.116%, 07/25/2048 (c)(g)		179,843
	74,813	Series 2019-1, 3.668%, 10/25/2049 (c)		67,019
	135,000	Drive Auto Receivables Trust Series 2019-4, 2.700%, 02/16/2027		126,169
		Exeter Automobile Receivables Trust
	300,000	Series 2019-4A, 2.580%, 09/15/2025 (c)		272,312
	90,000	Series 2020-1, 2.730%, 12/15/2025 (c)		73,242
	77,913	Flagship Credit Auto Trust Series 2018-2, 2.970%, 10/17/2022 (c)		78,010
	100,000	GCO Education Loan Funding Trust Series 2006-1, 1.909% (3 Month LIBOR USD + 0.230%, 0.230% Floor), 05/25/2036 (a)		93,815
	188,218	GLS Auto Receivables Issuer Trust Series 2019-4, 2.470%, 11/15/2023 (c)		173,055
	300,000	GTP Acquisition Partners I LLC Series 2015-2, 3.482%, 06/15/2050 (c)		306,885
	250,000	LCM XX LP Series 2015-20R, 2.859% (3 Month LIBOR USD + 1.040%, 1.040% Floor), 10/20/2027 (a)(c)		245,534
	220,037	Marlette Funding Trust Series 2019-4, 2.390%, 12/15/2029 (c)(g)		212,628
		NRZ Excess Spread-Collateralized Notes Series
	216,243	Series 2018-PLS1, 3.193%, 01/25/2023 (c)		215,943
	81,273	Series 2018-PLS2, 3.265%, 02/25/2023 (c)		79,819
		OCP CLO, Ltd.
	152,481	Series 2015-8R, 2.686% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (a)(c)		149,638
	211,058	Series 2015-9R, 2.631% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (a)(c)		207,715
	260,000	OnDeck Asset Securitization Trust II LLC Series 2019-1A, 2.650%, 11/17/2024 (c)(g)		252,610
		OneMain Financial Issuance Trust
	331,000	Series 2018-1A, 3.300%, 03/14/2029 (c)		329,309
	73,456	Series 2017-1A, 2.370%, 09/14/2032 (c)		72,267
	250,000	OZLM VII, Ltd. Series 2014-7R, 2.846% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c)		239,303
	300,000	OZLM XII, Ltd. Series 2015-12R, 2.820% (3 Month LIBOR USD + 1.050%, 0.000% Floor), 04/30/2027 (a)(c)		292,343


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	107,673	PRPM Trust Series 2019-GS1, 3.500%, 10/25/2024 (b)(c)	$	104,562
	180,000	Regional Management Issuance Trust Series 2018-1, 3.830%, 07/15/2027 (c)(g)		175,232
	114,485	RMF Buyout Issuance Trust Series 2019-1, 2.475%, 07/25/2029 (b)(c)		112,842
	205,000	Santander Drive Auto Receivables Trust Series 2019-3, 2.680%, 10/15/2025		205,640
	39,429	SoFi Consumer Loan Program Trust Series 2016-2, 3.090%, 10/27/2025 (c)(g)		38,750
	335,000	Sound Point CLO, Ltd. Series 2016-2, 2.781% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c)		320,898
	125,000	Springleaf Funding Trust Series 2017-A, 2.680%, 07/15/2030 (c)		120,014
	395,000	TICP CLO, Ltd. Series 2018-3, 2.659% (3 Month LIBOR USD + 0.840%, 0.084% Floor), 04/20/2028 (a)(c)		384,134
		Voya CLO, Ltd.
	165,657	Series 2014-3, 2.514% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/27/2026 (a)(c)		163,476
	480,000	Series 2015-1, 2.719% (3 Month LIBOR USD + 0.900%, 0.9000% Floor), 01/18/2029 (a)(c)		466,780
	78,200	Wendy’s Funding LLC Series 2018-1, 3.884%, 03/15/2048 (c)(g)		70,890
	220,000	Westlake Automobile Receivables Trust Series 2019-3, 2.720%, 11/15/2024 (c)		178,974
	400,000	Z Capital Credit Partners CLO, Ltd. Series 2015-1, 2.793% (3 Month LIBOR USD + 0.950%, 0.095% Floor), 07/16/2027 (a)(c)		391,029

		Total Asset Backed Securities (Cost $8,327,976)		8,050,646

		COLLATERALIZED MORTGAGE OBLIGATIONS - 14.14%
	159,476	Ajax Mortgage Loan Trust Series 2017-B, 3.163%, 09/25/2056 (b)(c)		162,716
		Angel Oak Mortgage Trust I LLC
	117,259	Series 2018-3, 3.649%, 09/25/2048 (b)(c)		117,383
	132,335	Series 2019-2, 3.628%, 03/25/2049 (b)(c)		133,684
	339,868	Series 2019-4, 2.993%, 07/26/2049 (b)(c)		337,342
	240,819	Series 2019-3, 2.930%, 05/25/2059 (b)(c)		240,038
		Arroyo Mortgage Trust
	170,336	Series 2018-1, 3.763%, 04/25/2048 (b)(c)		168,032
	247,347	Series 2019-3, 2.962%, 10/25/2048 (b)(c)		229,117
	270,685	Series 2019-2, 3.347%, 04/25/2049 (b)(c)		271,439
		BANK
	2,153,545	Series 2019-BNK23, 0.701%, 12/17/2052 (b)(j)		117,359
	996,805	Series 2019-BNK18, 0.905%, 05/17/2062 (b)(j)		65,144
	1,282,346	Series 2019-BNK20, 0.841%, 09/15/2062 (b)(j)		78,781
	1,324,516	Series 2019-BNK22, 0.604%, 11/17/2062 (b)(j)		61,354
	999,131	Series 2019-BNK24, 0.768%, 11/17/2062 (b)(j)		51,309
	1,000,000	Series 2020-BNK26, 1.357%, 03/16/2063 (j)		91,365
		Bayview Koitere Fund Trust
	72,919	Series 2017-RT4, 3.500%, 07/28/2057 (b)(c)		73,090
	54,191	Series 2017-SPL3, 4.000%, 11/28/2053 (b)(c)		54,433
	204,993	Bayview Mortgage Fund IVc Trust Series 2017-RT3A, 3.500%, 01/28/2058 (b)(c)		202,841
		Bayview Opportunity Master Fund IVa Trust
	190,405	Series 2017-SPL5A, 3.500%, 07/28/2057 (b)(c)		187,876
	65,872	Series 2017-SPL1A, 4.000%, 10/28/2064 (b)(c)		66,432

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	70,789	Bayview Opportunity Master Fund IVb Trust Series 2017-RT6, 3.500%, 10/28/2057 (b)(c)	$	70,685
	132,000	BBCMS Mortgage Trust Series 2017-DELC, 1.555% (1 Month LIBOR USD + 0.850%, 0.850% Floor), 08/15/2036 (a)(c)		111,456
		Benchmark Mortgage Trust
	325,000	Series 2019-B11, 3.410%, 05/17/2052		343,146
	1,003,373	Series 2019-B12, 1.068%, 08/16/2052 (b)(j)		68,778
		BX Commercial Mortgage Trust
	183,774	Series 2018-IND, 1.455% (1 Month LIBOR USD + 0.750%, 0.075% Floor), 11/15/2035 (a)(c)		176,046
	329,613	Series 2019-XL, 1.625% (1 Month LIBOR USD + 0.920%, 0.920% Floor), 10/15/2036 (a)(c)		313,936
	100,000	CAMB Commercial Mortgage Trust Series 2019-LIFE, 2.155% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c)		93,119
	145,000	Century Plaza Towers Series 2019-CPT, 2.865%, 11/16/2039 (c)		145,714
	19,256	Chase Mortgage Finance Trust Series 2007-A1, 4.303%, 02/25/2037 (b)		18,140
	66,418	CIM Trust Series 2017-7, 3.000%, 04/25/2057 (b)(c)		66,636
		Citigroup Commercial Mortgage Trust
	296,312	Series 2016-P3, 3.329%, 04/16/2049		309,942
	505,000	Series 2016-P4, 2.902%, 07/12/2049		517,106
		Citigroup Mortgage Loan Trust, Inc.
	103,329	Series 2019-IMC1, 2.720%, 07/25/2049 (b)(c)		102,269
	246,585	Series 2018-R2, 3.500%, 02/25/2058 (b)(c)		245,046
	114,808	Series 2018-R, 3.000%, 09/25/2064 (b)(c)		114,987
	141,597	Series 2019-E, 3.228%, 11/25/2070 (c)(k)		137,968
		COLT Mortgage Loan Trust
	54,131	Series 2019-1, 3.705%, 03/25/2049 (b)(c)		53,971
	102,386	Series 2019-2, 3.337%, 05/25/2049 (b)(c)		103,515
	130,821	Series 2019-3, 2.764%, 08/25/2049 (b)(c)		130,095
	227,210	Series 2019-4 A1, 2.579%, 11/25/2049 (b)(c)		222,520
		COMM Mortgage Trust
	120,000	Series 2013-300P, 4.353%, 08/12/2030 (c)		125,732
	290,000	Series 2019-WCM, 1.605% (1 Month LIBOR USD + 0.900%, 0.900% Floor), 10/16/2034 (a)(c)		276,113
		Countrywide Home Loans, Inc.
	7,687	Series 2004-HYB6, 3.921%, 11/20/2034 (b)		6,698
	85,930	Series 2005-11, 1.547% (1 Month LIBOR USD + 0.600%, 0.300% Floor, 10.500% Cap), 03/25/2035 (a)		65,852
	375,000	CSAIL Commercial Mortgage Trust Series 2016-C6, 2.960%, 01/15/2049		387,305
	37,702	CSMC Trust Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c)		36,643
	11,962,832	DBGS Mortgage Trust Series 2018-BIOD, 0.208%, 10/17/2051 (b)(j)		177,229
	475,000	DBJPM Mortgage Trust Series 2016-C3, 2.890%, 08/12/2049		500,543
		Deephaven Residential Mortgage Trust
	106,772	Series 2019-2, 3.558%, 04/25/2059 (b)(c)		104,009
	250,741	Series 2019-3, 2.964%, 07/25/2059 (b)(c)		239,267


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	368,448	Four Times Square Trust Series 2006-4TS, 5.401%, 12/13/2028 (c)	$	366,720
		GS Mortgage Securities Trust
	145,000	Series 2012-ALOH, 3.551%, 04/12/2034 (c)		145,416
	145,000	Series 2012-BWTR, 2.954%, 11/07/2034 (c)		144,219
	35,000	Series 2015-GC34, 3.506%, 10/13/2048		37,563
	1,450,709	Series 2020-GC45, 0.675%, 02/14/2053 (b)(j)		71,856
	131,985	Homeward Opportunities Fund I Trust Series 2019-2, 2.702%, 08/25/2059 (b)(c)		127,722
		JPMBB Commercial Mortgage Securities Trust
	90,000	Series 2020-NNN, 2.812%, 01/16/2037 (c)		88,676
	399,497	Series 2013-C12, 3.157%, 07/17/2045		403,844
		Mill City Mortgage Loan Trust
	222,826	Series 2018-2, 3.500%, 05/25/2058 (b)(c)		227,478
	452,126	Series 2019-GS1, 2.750%, 07/25/2059 (b)(c)		449,002
	222,006	Series 2017-3, 2.750%, 01/25/2061 (b)(c)		223,061
	167,097	Series 2018-1, 3.250%, 05/25/2062 (b)(c)		169,011
	255,518	Series 2019-1, 3.250%, 10/25/2069 (b)(c)		259,380
		Morgan Stanley ABS Capital I, Inc. Trust
	185,000	Series 2014-MP, 3.469%, 08/11/2033 (c)		186,477
	149,965	Series 2003-NC10, 1.967% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (a)		143,855
	175,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, 3.325%, 05/17/2049		183,032
	222,000	Mortgage Insurance-Linked Notes Series 2019-1, 2.847% (1 Month LIBOR USD + 1.900%, 1.900% Floor), 11/26/2029 (a)(c)		204,460
		MTRO Commercial Mortgage Trust
	100,000	Series 2019-TECH B, 1.805% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (a)(c)		93,167
	100,000	Series 2019-TECH C, 2.005% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (a)(c)		92,228
	160,000	Natixis Commercial Mortgage Securities Trust Series 2019-1776, 2.507%, 10/17/2036 (c)		158,455
	320,000	New Residential Advance Receivables Trust Advance Receivables Backed Series 2019-T4, 2.329%, 10/15/2051 (c)		319,607
		New Residential Mortgage LLC
	190,014	Series 2018-FNT1, 3.610%, 05/25/2023 (c)		184,760
	210,737	Series 2018-FNT2, 3.790%, 07/25/2024 (c)		207,954
		New Residential Mortgage Loan Trust
	80,777	Series 2016-2, 3.750%, 11/25/2035 (b)(c)		83,739
	201,687	Series 2018-4, 1.697% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)		193,895
	65,266	Series 2016-4, 3.750%, 11/25/2056 (b)(c)		67,589
	105,123	Series 2017-1, 4.000%, 02/25/2057 (b)(c)		109,566
	96,559	Series 2017-2, 4.000%, 03/25/2057 (b)(c)		100,954
	53,607	Series 2017-3, 4.000%, 04/25/2057 (b)(c)		55,896
	57,821	Series 2017-4, 4.000%, 05/25/2057 (b)(c)		60,361
	59,513	Series 2017-5, 2.447% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c)		57,019
	77,876	Series 2017-6, 4.000%, 08/25/2057 (b)(c)		81,153
	170,649	Series 2018-1, 4.000%, 12/25/2057 (b)(c)		173,031
	169,310	Series 2018-2, 4.500%, 02/25/2058 (b)(c)		177,824
	280,793	Series 2019-3, 3.750%, 11/25/2058 (b)(c)		283,852
	223,398	Series 2019-5, 3.500%, 08/25/2059 (b)(c)		227,417

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	134,423	Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c)	$	132,930
		SBA Tower Trust
	90,000	Series 2017-1, 3.168%, 04/15/2047 (c)		89,579
	125,000	Series 2018-1, 3.448%, 03/15/2048 (c)		127,954
	155,000	Series 2019-1, 2.836%, 01/15/2050 (c)		153,238
	73,232	Seasoned Credit Risk Transfer Trust Series Series 2019-3, 3.500%, 10/25/2058		77,519
		SG Commercial Mortgage Securities Trust
	355,000	Series 2020-COVE, 2.632%, 04/17/2037 (c)		354,066
	75,000	Series 2016-C5, 3.055%, 10/13/2048		77,438
		Towd Point Mortgage Trust
	116,109	Series 2015-6, 2.750%, 04/25/2055 (b)(c)		115,966
	48,842	Series 2016-2, 2.750%, 08/25/2055 (b)(c)		48,219
	49,598	Series 2016-3, 2.250%, 08/25/2055 (b)(c)		49,386
	116,206	Series 2017-1, 2.750%, 10/25/2056 (b)(c)		116,984
	253,505	Series 2017-5, 1.547% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c)		247,576
	228,226	Series 2017-2, 2.750%, 04/25/2057 (b)(c)		223,862
	54,913	Series 2017-3, 2.750%, 06/25/2057 (b)(c)		54,307
	287,115	Series 2017-4, 2.750%, 06/25/2057 (b)(c)		281,196
	276,162	Series 2017-6, 2.750%, 10/25/2057 (b)(c)		276,584
	87,005	Series 2018-1, 3.000%, 01/28/2058 (b)(c)		86,757
	242,133	Series 2018-2, 3.250%, 03/25/2058 (b)(c)		245,202
	177,435	Series 2018-3, 3.750%, 05/25/2058 (b)(c)		180,484
		Verus Securitization Trust
	120,594	Series 2019-2, 3.211%, 05/25/2059 (b)(c)		120,751
	273,698	Series 2019-3, 2.784%, 07/25/2059 (c)(k)		268,694
	374,696	Series 2019-4, 3.142%, 10/25/2059 (b)(c)		365,593
	119,222	VOLT LXXXIII LLC Series 2019-NPL9, 3.376%, 11/25/2049 (c)(k)		116,194
	411,678	VOLT LXXXIV LLC Series 2019-NPL10, 3.426%, 12/25/2049 (c)(k)		392,482
	94,118	VOLT LXXXV LLC Series 2020-NPL1, 3.228%, 01/25/2050 (c)(k)		85,268
	289,850	VOLT LXXXVIII LLC Series 2020-NPL4, 2.981%, 03/25/2050 (c)(k)		257,159
	459,459	Wells Fargo-RBS Commercial Mortgage Trust Series 2014-C19, 3.660%, 03/15/2047		463,120

		Total Collateralized Mortgage Obligations (Cost $19,472,277)		19,142,948

		CORPORATE OBLIGATIONS - 30.99%
		Aerospace & Defense - 0.41%
	150,000	L3Harris Technologies, Inc. 3.850%, 06/15/2023 (c)		156,830
	45,000	Lockheed Martin Corp. 4.090%, 09/15/2052		54,329
	50,000	The Boeing Co. 3.250%, 02/01/2035		43,412
		United Technologies Corp.
	100,000	3.950%, 08/16/2025		109,366
	140,000	3.125%, 05/04/2027		142,822
	20,000	4.450%, 11/16/2038		22,839
	25,000	4.625%, 11/16/2048		29,668

				559,266

		Automobiles - 0.20%
	25,000	Ford Motor Co. 5.291%, 12/08/2046		15,125


Principal Amount			Value
		Automobiles (Continued)
		General Motors Co.
	5,000	6.250%, 10/02/2043	$	3,963
	55,000	5.200%, 04/01/2045		43,740
	205,000	Volkswagen Group of America Finance LLC 3.875%, 11/13/2020 (c)		204,361

				267,189

		Banks - 6.51%
		Bank of America Corp.
	35,000	2.503%, 10/21/2022		35,119
	60,000	3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (a)		61,014
	190,000	4.100%, 07/24/2023		202,801
	250,000	3.864% (3 Month LIBOR USD + 0.940%), 07/23/2024 (a)		261,977
	140,000	2.456% (3 Month LIBOR USD + 0.870%), 10/22/2025 (a)		141,550
	330,000	3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (a)		346,388
	85,000	3.559% (3 Month LIBOR USD + 1.060%), 04/23/2027 (a)		89,116
	130,000	3.419% (3 Month LIBOR USD + 1.040%), 12/20/2028 (a)		134,373
	165,000	5.000%, 01/21/2044		210,429
	490,000	4.083% (3 Month LIBOR USD + 3.150%), 03/20/2051 (a)		562,422
		Citigroup, Inc.
	125,000	3.352% (3 Month LIBOR USD + 0.897%), 04/24/2025 (a)		128,281
	280,000	3.700%, 01/12/2026		289,804
	155,000	4.300%, 11/20/2026		162,524
	35,000	3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (a)		35,083
	330,000	3.980% (3 Month LIBOR USD + 1.338%), 03/20/2030 (a)		352,345
	75,000	2.976% (SOFR + 1.422%), 11/05/2030 (a)		73,397
	155,000	4.412% (SOFR + 3.914%), 03/31/2031 (a)		170,643
	200,000	Danske Bank AS 5.375%, 01/12/2024 (c)		206,596
	95,000	Fifth Third Bancorp 2.375%, 01/28/2025		90,472
	370,000	HSBC Holdings PLC 3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (a)		370,010
		JPMorgan Chase & Co.
	150,000	3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (a)		157,223
	155,000	4.023% (3 Month LIBOR USD + 1.000%), 12/05/2024 (a)		164,487
	225,000	3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (a)		233,944
	170,000	3.300%, 04/01/2026		176,895
	90,000	2.950%, 10/01/2026		93,059
	195,000	3.960% (3 Month LIBOR USD + 1.245%), 01/29/2027 (a)		210,144
	300,000	3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a)		318,168
	80,000	3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a)		82,530
	120,000	3.702% (3 Month LIBOR USD + 1.160%), 05/06/2030 (a)		128,944

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Banks (Continued)
	105,000	KeyCorp 2.550%, 10/01/2029 (e)	$	93,966
		PNC Financial Services Group, Inc.
	55,000	2.200%, 11/01/2024		56,486
	195,000	3.450%, 04/23/2029		193,622
	240,000	2.550%, 01/22/2030 (e)		233,021
		Royal Bank of Canada
	245,000	2.800%, 04/29/2022		248,491
	185,000	2.550%, 07/16/2024		188,501
	235,000	Santander Holdings USA, Inc. 3.700%, 03/28/2022		232,861
	310,000	Toronto-Dominion Bank 2.650%, 06/12/2024		315,510
	370,000	Truist Bank 2.250%, 03/11/2030		340,608
		Wells Fargo & Co.
	150,000	2.625%, 07/22/2022		150,688
	250,000	2.600%, 01/15/2021		251,217
	265,000	3.625%, 10/22/2021		272,473
	85,000	2.406% (3 Month LIBOR USD + 0.825%), 10/30/2025 (a)		83,887
	120,000	3.000%, 04/22/2026		122,363
	135,000	3.000%, 10/23/2026		138,317
	285,000	3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (a)		290,372
	1,000	5.606%, 01/15/2044		1,201
	45,000	4.750%, 12/07/2046		49,931
	45,000	5.013% (3 Month LIBOR USD + 4.240%), 04/04/2051 (a)		57,952

				8,811,205

		Beverages - 1.12%
		Anheuser-Busch InBev Worldwide, Inc.
	175,000	4.750%, 01/23/2029		193,585
	385,000	5.450%, 01/23/2039		444,370
	5,000	3.750%, 07/15/2042		5,052
	20,000	4.900%, 02/01/2046		21,881
	145,000	4.600%, 04/15/2048		154,137
	162,000	4.750%, 04/15/2058		166,890
		Constellation Brands, Inc.
	75,000	4.400%, 11/15/2025		75,775
	40,000	3.600%, 02/15/2028		39,215
	145,000	Molson Coors Brewing Co. 3.000%, 07/15/2026		137,299
		PepsiCo, Inc.
	40,000	2.625%, 03/19/2027		42,029
	195,000	3.625%, 03/19/2050		232,176

				1,512,409

		Biotechnology - 0.88%
		AbbVie, Inc.
	205,000	2.950%, 11/21/2026 (c)		206,423
	355,000	3.200%, 11/21/2029 (c)		358,620
	205,000	4.250%, 11/21/2049 (c)(e)		220,585
		Amgen, Inc.
	45,000	2.650%, 05/11/2022		45,568
	55,000	1.900%, 02/21/2025		55,563
	95,000	2.200%, 02/21/2027		94,494
	135,000	2.450%, 02/21/2030		133,649


Principal Amount			Value
		Biotechnology (Continued)
	80,000	Gilead Sciences, Inc. 2.500%, 09/01/2023	$	80,033

				1,194,935

		Building Products - 0.16%
	220,000	Carrier Global Corp. 2.242%, 02/15/2025 (c)		214,450

		Capital Markets - 2.56%
		Morgan Stanley
	75,000	2.625%, 11/17/2021		75,340
	195,000	3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (a)		199,993
	180,000	3.700%, 10/23/2024		189,105
	65,000	3.125%, 07/27/2026		66,808
	495,000	3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a)		503,575
	55,000	4.431% (3 Month LIBOR USD + 1.628%), 01/23/2030 (a)		61,171
	210,000	2.699% (SOFR + 1.143%), 01/22/2031 (a)		206,112
	15,000	3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (a)		16,228
		State Street Corp.
	80,000	3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (a)		83,867
	90,000	2.354% (SOFR + 0.940%), 11/01/2025 (a)		88,221
	80,000	2.901% (SOFR + 2.600%), 03/30/2026 (a)(c)		81,947
	15,000	3.152% (SOFR + 2.650%), 03/30/2031 (a)(c)		15,397
		The Bank of New York Mellon Corp.
	70,000	1.950%, 08/23/2022		70,377
	290,000	2.100%, 10/24/2024		292,314
	125,000	2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (a)		125,612
		The Goldman Sachs Group, Inc.
	275,000	2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (a)		276,503
	55,000	2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (a)		54,870
	140,000	3.500%, 01/23/2025		143,398
	40,000	3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (a)		40,719
	130,000	3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (a)		133,731
	265,000	4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (a)		282,605
	85,000	2.600%, 02/07/2030		80,470
	140,000	6.750%, 10/01/2037 (e)		185,849
	20,000	6.250%, 02/01/2041		27,024
		Willis North America, Inc.
	25,000	3.600%, 05/15/2024		25,847
	145,000	2.950%, 09/15/2029		138,519

				3,465,602

		Chemicals - 0.48%
	45,000	Dow Chemical Co. 4.800%, 05/15/2049		47,008
	295,000	DuPont de Nemours, Inc. 4.205%, 11/15/2023		311,185
	15,000	Ecolab, Inc. 4.800%, 03/24/2030		16,916
	20,000	Methanex Corp. 5.650%, 12/01/2044		12,020

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Chemicals (Continued)
		The Sherwin-Williams Co.
	15,000	3.450%, 06/01/2027	$	15,406
	95,000	2.950%, 08/15/2029		93,728
	105,000	2.300%, 05/15/2030		98,447
	15,000	4.500%, 06/01/2047		16,127
	45,000	3.300%, 05/15/2050 (e)		42,724

				653,561

		Commercial Services & Supplies - 0.18%
	55,000	ERAC USA Finance LLC 7.000%, 10/15/2037 (c)		70,122
		Waste Management, Inc.
	105,000	3.200%, 06/15/2026		109,494
	35,000	3.450%, 06/15/2029		35,968
	20,000	4.150%, 07/15/2049		23,068

				238,652

		Consumer Finance - 0.39%
	155,000	American Express Co. 4.200%, 11/06/2025		169,929
		John Deere Capital Corp.
	135,000	3.200%, 01/10/2022		138,359
	25,000	1.200%, 04/06/2023		24,531
	25,000	3.450%, 06/07/2023		26,198
	145,000	2.600%, 03/07/2024		146,131
	25,000	1.750%, 03/09/2027		24,149

				529,297

		Diversified Financial Services - 0.58%
		BAT Capital Corp.
	55,000	3.222%, 08/15/2024		53,033
	275,000	2.789%, 09/06/2024		266,408
	85,000	4.906%, 04/02/2030		87,241
		GlaxoSmithKline Capital, Inc.
	160,000	3.625%, 05/15/2025		173,743
	195,000	2.875%, 06/01/2022		199,650

				780,075

		Diversified Telecommunication Services - 1.25%
		AT&T, Inc.
	60,000	2.950%, 07/15/2026		60,033
	80,000	3.800%, 02/15/2027		83,676
	175,000	4.500%, 05/15/2035		187,216
	125,000	6.350%, 03/15/2040		158,752
	110,000	4.350%, 06/15/2045		116,701
		Verizon Communications, Inc.
	160,000	4.125%, 03/16/2027		178,275
	250,000	4.016%, 12/03/2029		282,453
	105,000	3.150%, 03/22/2030		113,339
	140,000	4.500%, 08/10/2033		165,361
	60,000	5.250%, 03/16/2037		76,435
	20,000	4.812%, 03/15/2039 (e)		24,701
	155,000	4.862%, 08/21/2046		203,111
	30,000	4.000%, 03/22/2050		35,642
	3,000	4.672%, 03/15/2055		3,834

				1,689,529

		Electric Utilities - 1.82%
	65,000	Alabama Power Co. 2.450%, 03/30/2022		65,854


Principal Amount			Value
		Electric Utilities (Continued)
		Cleco Corporate Holdings LLC
	46,000	3.743%, 05/01/2026	$	45,165
	5,000	4.973%, 05/01/2046		4,835
	90,000	Commonwealth Edison Co. 3.650%, 06/15/2046		95,663
		Duke Energy Carolinas LLC
	45,000	2.500%, 03/15/2023		45,571
	118,000	5.300%, 02/15/2040		149,738
	60,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043		73,282
	100,000	Duke Energy Ohio, Inc. 3.650%, 02/01/2029		107,426
		Evergy, Inc.
	55,000	2.450%, 09/15/2024		54,056
	140,000	2.900%, 09/15/2029		133,287
		Exelon Corp.
	185,000	2.450%, 04/15/2021		183,438
	10,000	4.700%, 04/15/2050		10,342
		Georgia Power Co.
	85,000	2.400%, 04/01/2021		85,308
	130,000	2.100%, 07/30/2023		127,094
	45,000	4.750%, 09/01/2040		44,381
	210,000	Oglethorpe Power Corp. 5.050%, 10/01/2048		203,161
	20,000	Oncor Electric Delivery Co. LLC 5.750%, 03/15/2029		24,431
	135,000	Puget Energy, Inc. 3.650%, 05/15/2025		132,239
	110,000	Sierra Pacific Power Co. 2.600%, 05/01/2026		110,204
	31,000	South Carolina Electric & Gas Co. 5.100%, 06/01/2065		38,968
		Southern California Edison Co.
	90,000	2.850%, 08/01/2029 (e)		87,255
	125,000	2.250%, 06/01/2030		113,616
	19,000	4.000%, 04/01/2047 (e)		19,888
	61,000	4.125%, 03/01/2048		65,363
	80,000	3.650%, 02/01/2050		78,676
		The Southern Co.
	20,000	2.950%, 07/01/2023		20,154
	160,000	3.250%, 07/01/2026		159,656
	25,000	4.400%, 07/01/2046		26,120
		Xcel Energy, Inc.
	120,000	2.600%, 12/01/2029		113,925
	55,000	3.500%, 12/01/2049		49,038

				2,468,134

		Entertainment - 0.36%
		Viacom, Inc.
	125,000	4.250%, 09/01/2023 (e)		127,678
	340,000	4.950%, 01/15/2031		335,330
	30,000	4.375%, 03/15/2043		26,715

				489,723

		Equity Real Estate Investment Trusts (REITs) - 0.21%
	110,000	American Tower Corp. 2.400%, 03/15/2025		108,370
	90,000	Crown Castle International Corp. 3.300%, 07/01/2030		89,261
	85,000	Welltower, Inc. 2.700%, 02/15/2027		80,958

				278,589

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Financials - 0.01%
	12,000	Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070 (c)	$	11,266

		Food & Staples Retailing - 0.20%
		Alimentation Couche-Tard, Inc.
	25,000	2.950%, 01/25/2030 (c)		23,358
	55,000	3.800%, 01/25/2050 (c)		48,844
	75,000	SYSCO Corp. 5.950%, 04/01/2030		78,884
	115,000	Walmart, Inc. 3.400%, 06/26/2023 (e)		122,183

				273,269

		Food Products - 0.38%
	75,000	Archer-Daniels-Midland Co. 3.250%, 03/27/2030		79,685
	90,000	General Mills, Inc. 2.875%, 04/15/2030		89,820
	325,000	Nestle Holdings, Inc. 3.350%, 09/24/2023 (c)(e)		343,035

				512,540

		Gas Utilities - 0.01%
	10,000	Southern Co. Gas Capital Corp. 2.450%, 10/01/2023		10,135

		Health Care Equipment & Supplies - 0.33%
	40,000	Baxter International, Inc. 3.950%, 04/01/2030 (c)		42,975
	205,000	Becton Dickinson and Co. 3.125%, 11/08/2021		207,765
		Shire Acquisitions Investments Ireland Designated Activity Co.
	70,000	2.400%, 09/23/2021		69,468
	125,000	2.875%, 09/23/2023		126,146

				446,354

		Health Care Providers & Services - 1.51%
		Anthem, Inc.
	210,000	3.650%, 12/01/2027		217,159
	205,000	2.875%, 09/15/2029		200,460
	40,000	4.375%, 12/01/2047		43,211
		Cigna Corp.
	115,000	4.125%, 11/15/2025		123,223
	110,000	3.050%, 10/15/2027 (c)		109,400
	125,000	4.375%, 10/15/2028		134,477
	55,000	2.400%, 03/15/2030		52,436
	70,000	CommonSpirit Health 2.760%, 10/01/2024		70,049
		CVS Health Corp.
	160,000	4.100%, 03/25/2025		169,549
	59,000	3.875%, 07/20/2025		62,094
	165,000	2.875%, 06/01/2026		167,144
	35,000	3.000%, 08/15/2026		35,494
	50,000	4.125%, 04/01/2040		50,660
	55,000	5.125%, 07/20/2045		63,564
	125,000	5.050%, 03/25/2048		143,376
	15,000	4.250%, 04/01/2050		15,637
	60,000	Humana, Inc. 2.500%, 12/15/2020		59,760
		UnitedHealth Group, Inc.
	70,000	2.375%, 08/15/2024		71,740


Principal Amount			Value
		Health Care Providers & Services (Continued)
	90,000	2.875%, 08/15/2029	$	94,454
	10,000	3.500%, 08/15/2039		10,837
	135,000	3.950%, 10/15/2042		154,178

				2,048,902

		Hotels, Restaurants & Leisure - 0.32%
	65,000	GLP Capital LP / GLP Financing II, Inc. 5.300%, 01/15/2029		56,041
	80,000	Las Vegas Sands Corp. 3.500%, 08/18/2026		73,338
		McDonald’s Corp.
	80,000	3.350%, 04/01/2023		82,751
	20,000	4.600%, 05/26/2045		22,958
	15,000	4.875%, 12/09/2045		17,584
	90,000	3.625%, 09/01/2049		92,034
		Starbucks Corp.
	65,000	3.800%, 08/15/2025		69,060
	20,000	3.350%, 03/12/2050		19,202

				432,968

		Industrial Conglomerates - 0.20%
	30,000	Ingersoll-Rand Luxembourg Finance SA 4.500%, 03/21/2049		33,643
	220,000	NXP BV / NXP Funding LLC 4.875%, 03/01/2024 (c)		235,269

				268,912

		Insurance - 0.54%
	135,000	Berkshire Hathaway Finance Corp. 4.200%, 08/15/2048		159,206
		Marsh & McLennan Cos, Inc.
	30,000	3.500%, 12/29/2020		30,238
	70,000	4.050%, 10/15/2023		72,934
	110,000	3.875%, 03/15/2024		113,985
	65,000	4.375%, 03/15/2029		71,728
	60,000	4.750%, 03/15/2039		67,609
	40,000	New York Life Global Funding 2.000%, 04/13/2021 (c)		39,968
	105,000	Progressive Corp. 3.200%, 03/26/2030		113,765
	55,000	Trinity Acquisition PLC 4.400%, 03/15/2026		57,412

				726,845

		Interactive Media & Services - 0.33%
	400,000	Tencent Holdings Ltd. 3.975%, 04/11/2029 (c)		448,970

		Internet & Direct Marketing Retail - 0.35%
	200,000	Alibaba Group Holding, Ltd. 3.400%, 12/06/2027		210,129
		Amazon.com, Inc.
	150,000	3.875%, 08/22/2037		179,877
	60,000	4.950%, 12/05/2044		84,965

				474,971

		IT Services - 0.98%
	70,000	Fidelity National Information Services, Inc. 4.250%, 05/15/2028		77,463
	135,000	Fiserv, Inc. 3.200%, 07/01/2026		139,745
	55,000	Global Payments, Inc. 3.200%, 08/15/2029		52,802

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		IT Services (Continued)
		International Business Machines Corp.
	100,000	3.000%, 05/15/2024	$	105,557
	250,000	3.300%, 05/15/2026		267,767
	250,000	3.500%, 05/15/2029		271,852
	100,000	4.700%, 02/19/2046		114,052
	100,000	4.250%, 05/15/2049		118,085
	160,000	Visa, Inc. 3.150%, 12/14/2025		174,660

				1,321,983

		Life Sciences Tools & Services - 0.12%
	160,000	Thermo Fisher Scientific, Inc. 3.000%, 04/15/2023		164,330

		Machinery - 0.52%
	625,000	Otis Worldwide Corp. 2.565%, 02/15/2030 (c)		611,385
	90,000	Parker-Hannifin Corp. 2.700%, 06/14/2024		89,797

				701,182

		Media - 1.69%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	40,000	4.908%, 07/23/2025		42,540
	230,000	3.750%, 02/15/2028		231,593
	150,000	5.375%, 05/01/2047		162,605
	55,000	5.750%, 04/01/2048		62,637
	75,000	5.125%, 07/01/2049 (e)		78,931
	60,000	4.800%, 03/01/2050 (e)		62,734
	20,000	6.834%, 10/23/2055		23,691
		Comcast Corp.
	240,000	3.150%, 03/01/2026		252,030
	70,000	2.650%, 02/01/2030		72,167
	75,000	3.400%, 04/01/2030		81,394
	55,000	4.250%, 10/15/2030		64,150
	35,000	3.200%, 07/15/2036		36,699
	125,000	4.600%, 10/15/2038		153,495
	90,000	3.250%, 11/01/2039		93,370
	20,000	4.750%, 03/01/2044		25,517
	30,000	3.400%, 07/15/2046		32,585
	65,000	4.700%, 10/15/2048		84,569
	50,000	4.950%, 10/15/2058		67,943
	291,000	Cox Communications, Inc. 3.150%, 08/15/2024 (c)		297,609
		Discovery Communications LLC
	41,000	2.800%, 06/15/2020		40,905
	45,000	3.800%, 03/13/2024		44,804
	28,000	3.950%, 06/15/2025		27,414
	15,000	3.950%, 03/20/2028		14,740
	60,000	5.200%, 09/20/2047 (e)		60,718
	97,000	5.300%, 05/15/2049 (e)		98,500
		Time Warner Cable, Inc.
	30,000	5.500%, 09/01/2041		31,475
	50,000	4.500%, 09/15/2042		47,175

				2,291,990

		Multi-Utilities - 0.66%
		Berkshire Hathaway Energy Co.
	50,000	3.250%, 04/15/2028		51,779
	65,000	6.125%, 04/01/2036		85,890


Principal Amount			Value
		Multi-Utilities (Continued)
		Dominion Energy, Inc.
	160,000	2.579%, 07/01/2020	$	159,816
	140,000	2.500%, 11/15/2024		135,639
	240,000	2.850%, 08/15/2026		230,218
	25,000	4.250%, 06/01/2028		26,177
		Sempra Energy
	150,000	3.400%, 02/01/2028		150,653
	45,000	3.800%, 02/01/2038		42,366
	15,000	4.000%, 02/01/2048		14,430

				896,968

		Oil, Gas & Consumable Fuels - 1.11%
		Apache Corp.
	30,000	4.750%, 04/15/2043		13,324
	5,000	5.350%, 07/01/2049		2,523
	15,000	Canadian Natural Resources, Ltd. 6.500%, 02/15/2037		12,517
		Energy Transfer Operating LP
	60,000	4.200%, 09/15/2023		52,509
	85,000	4.500%, 04/15/2024		75,948
	90,000	5.250%, 04/15/2029		74,787
	55,000	3.750%, 05/15/2030		42,636
	130,000	6.125%, 12/15/2045		116,561
	45,000	6.250%, 04/15/2049		38,705
	20,000	5.000%, 05/15/2050		15,729
	215,000	Enterprise Products Operating LLC 4.800%, 02/01/2049		215,810
		Exxon Mobil Corp.
	160,000	4.227%, 03/19/2040 (e)		187,855
	125,000	4.327%, 03/19/2050		153,409
	20,000	Hess Corp. 5.800%, 04/01/2047		13,355
		MPLX LP
	65,000	4.250%, 12/01/2027 (c)		52,618
	140,000	5.200%, 03/01/2047		116,035
	7,000	4.700%, 04/15/2048		5,444
	122,000	Petroleos Mexicanos 6.750%, 09/21/2047		80,728
		Sunoco Logistics Partners Operations LP
	5,000	5.300%, 04/01/2044		3,951
	5,000	5.350%, 05/15/2045		3,938
		TransCanada PipeLines, Ltd.
	5,000	4.750%, 05/15/2038		4,981
	10,000	6.100%, 06/01/2040		10,723
	120,000	5.100%, 03/15/2049		135,129
		Western Midstream Operating LP
	45,000	4.500%, 03/01/2028		21,637
	100,000	4.750%, 08/15/2028		47,033
	10,000	5.500%, 08/15/2048		3,893

				1,501,778

		Pharmaceuticals - 1.03%
	135,000	Allergan Funding SCS 3.450%, 03/15/2022		140,285
	230,000	Bayer US Finance II LLC 4.250%, 12/15/2025 (c)		239,422
		Bristol-Myers Squibb Co.
	30,000	3.200%, 06/15/2026 (c)		31,918
	75,000	3.400%, 07/26/2029 (c)		82,971
		Johnson & Johnson
	155,000	2.625%, 01/15/2025		165,817

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Pharmaceuticals (Continued)
	75,000	3.550%, 03/01/2036	$	85,059
	55,000	3.625%, 03/03/2037		62,136
	135,000	Merck & Co, Inc. 3.400%, 03/07/2029		147,397
		Novartis Capital Corp.
	195,000	2.000%, 02/14/2027		197,298
	145,000	2.200%, 08/14/2030		149,028
	30,000	2.750%, 08/14/2050		31,417
	60,000	Pfizer, Inc. 2.625%, 04/01/2030 (e)		63,169

				1,395,917

		Road & Rail - 0.48%
		CSX Corp.
	110,000	3.250%, 06/01/2027		114,765
	140,000	2.400%, 02/15/2030		138,651
	45,000	4.500%, 03/15/2049		51,970
	30,000	Norfolk Southern Corp. 3.400%, 11/01/2049		29,517
		Union Pacific Corp.
	50,000	4.375%, 09/10/2038		55,620
	95,000	3.250%, 02/05/2050		95,803
	160,000	4.100%, 09/15/2067		162,324

				648,650

		Semiconductors & Semiconductor Equipment - 0.81%
		Broadcom Corp / Broadcom Cayman Finance, Ltd.
	205,000	3.625%, 01/15/2024		201,756
	90,000	3.125%, 01/15/2025		86,438
	200,000	3.875%, 01/15/2027		191,523
		Intel Corp.
	265,000	2.450%, 11/15/2029		272,093
	59,000	3.734%, 12/08/2047		69,116
	135,000	3.250%, 11/15/2049		145,960
	120,000	NVIDIA Corp. 2.850%, 04/01/2030		125,394

				1,092,280

		Software - 0.65%
	155,000	Microsoft Corp. 4.450%, 11/03/2045		204,663
		Oracle Corp.
	225,000	2.500%, 04/01/2025		227,390
	115,000	4.300%, 07/08/2034		133,138
	25,000	3.900%, 05/15/2035		27,118
	50,000	3.800%, 11/15/2037		51,703
	165,000	3.600%, 04/01/2050		165,752
	75,000	salesforce.com, Inc. 3.250%, 04/11/2023		78,053

				887,817

		Specialty Retail - 0.47%
		AutoZone, Inc.
	130,000	3.625%, 04/15/2025		131,929
	195,000	4.000%, 04/15/2030		199,700
		Home Depot, Inc.
	140,000	3.350%, 09/15/2025		151,200
	55,000	2.500%, 04/15/2027		55,484
	55,000	5.875%, 12/16/2036		74,835
	5,000	3.500%, 09/15/2056		5,085


Principal Amount			Value
		Specialty Retail (Continued)
	25,000	Lowe’s Cos., Inc. 3.700%, 04/15/2046	$	23,247

				641,480

		Technology Hardware, Storage & Peripherals - 0.34%
		Apple, Inc.
	20,000	3.350%, 02/09/2027		21,851
	385,000	2.200%, 09/11/2029 (e)		395,593
	40,000	3.450%, 02/09/2045		45,523

				462,967

		Tobacco - 0.38%
		Altria Group, Inc.
	75,000	4.400%, 02/14/2026		79,084
	145,000	2.625%, 09/16/2026		138,769
	80,000	4.800%, 02/14/2029		83,437
	40,000	4.250%, 08/09/2042		39,961
	45,000	5.375%, 01/31/2044		50,102
	90,000	3.875%, 09/16/2046		81,550
	40,000	5.950%, 02/14/2049		46,458

				519,361

		Water Utilities - 0.12%
		American Water Capital Corp.
	140,000	3.750%, 09/01/2028		145,882
	15,000	4.150%, 06/01/2049		16,604

				162,486

		Wireless Telecommunication Services - 0.34%
		Telefonica Emisiones SA
	150,000	5.213%, 03/08/2047		168,878
	205,000	4.895%, 03/06/2048		228,179
	60,000	Vodafone Group Plc 4.250%, 09/17/2050		62,473

				459,530

		Total Corporate Obligations (Cost $40,630,123)		41,956,467

		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.34%
	200,000	Abu Dhabi Government International Bond 3.125%, 09/30/2049 (c)		187,000
	200,000	Chile Government International Bond 2.550%, 01/27/2032		200,250
	66,000	Hungary Government International Bond 6.375%, 03/29/2021		68,558

		Total Foreign Government Debt Obligations (Cost $462,582)		455,808

		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 40.90%
		Federal Home Loan Mortgage Corp.
	15,709	Pool #D9-6291 4.500%, 09/01/2023		16,907
	40,451	Pool #G1-3624 5.000%, 08/01/2024		42,594
	82,000	Series K-068, 3.244%, 08/25/2027		92,718
	724,908	Series K-104, 1.127%, 01/25/2030 (b)(j)		65,146
	122,165	Series 2329, 6.500%, 06/15/2031		137,915
	58,252	Series 2338, 6.500%, 07/15/2031		69,082
	80,301	Pool #78-0447 4.442% (1 Year CMT Rate + 2.250%, 2.250% Floor, 9.270% Cap), 04/01/2033 (a)		81,359
	97	Pool #A4-3129 5.500%, 02/01/2036		108
	126,262	Series 4216, 1.700%, 10/15/2039		128,042

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	60,235	Series 3883, 3.000%, 05/15/2041	$	64,601
	222,471	Series 4139, 2.500%, 11/15/2041		232,186
	376,616	Pool #U9-0688 4.000%, 05/01/2042		413,844
	208,954	Series 4961, 2.500%, 12/15/2042		216,975
	596,271	Pool #Q4-9389 3.500%, 07/01/2047		633,454
	562,725	Pool #Q5-2093 3.500%, 11/01/2047		597,699
		Federal National Mortgage Association
	338,148	Pool #AJ8325 3.000%, 12/01/2026		355,057
	3,200,000	Pool #TBA 3.000%, 04/15/2027 (h)		3,348,122
	868,714	Pool #AN8322 3.190%, 02/01/2028		979,386
	1,015,769	Pool #AN8695 3.550%, 03/01/2028		1,167,468
	2,300,000	Pool #TBA 2.500%, 04/15/2028 (h)		2,385,486
	2,938	Pool #544859 2.788% (11th District Cost of Funds Index + 1.799%, 1.799% Floor, 14.713% Cap), 08/01/2029 (a)		2,934
	54,468	Pool #BC4938 2.500%, 04/01/2031		56,644
	90,665	Pool #786848 7.000%, 10/01/2031		105,969
	3,048	Pool #727181 5.000%, 08/01/2033		3,383
	1,386	Pool #730727 5.000%, 08/01/2033		1,538
	409	Pool #741862 5.500%, 09/01/2033		463
	503	Pool #766197 5.500%, 02/01/2034		569
	101	Pool #776974 5.500%, 04/01/2034		115
	65,998	Pool #888504 3.577% (1 Year CMT Rate + 2.071%, 2.071% Floor, 9.260% Cap), 04/01/2034 (a)		66,208
	235,509	Pool #MA1870 4.500%, 04/01/2034		258,996
	4,002	Pool #775776 5.500%, 05/01/2034		4,536
	1,562,522	Series 2019-M21, 1.332%, 06/25/2034 (b)(j)		208,656
	110,163	Pool #802783 3.609% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.298% Cap), 10/01/2034 (a)		112,410
	3,189	Pool #781629 5.500%, 12/01/2034		3,610
	4,832	Pool #822815 5.500%, 04/01/2035		5,473
	4,298	Pool #357850 5.500%, 07/01/2035		4,881
	2,573	Pool #820242 5.000%, 07/01/2035		2,865
	679	Pool #838452 5.500%, 09/01/2035		771
	3,700	Pool #865854 6.000%, 03/01/2036		4,267
	5,896	Pool #891474 6.000%, 04/01/2036		6,799
	3,148	Pool #906000 6.000%, 01/01/2037		3,563
	47	Pool #928062 5.500%, 02/01/2037		53
	60	Pool #899119 5.500%, 04/01/2037		65
	399,371	Pool #AS9772 3.500%, 06/01/2037		428,649
	116	Pool #970131 5.500%, 03/01/2038		132
	78	Pool #985108 5.500%, 07/01/2038		89
	51	Pool #964930 5.500%, 08/01/2038		56
	47	Pool #987032 5.500%, 08/01/2038		54
	68	Pool #968371 5.500%, 09/01/2038		75
	27	Pool #993050 5.500%, 12/01/2038		31
	15,699	Pool #993579 4.000%, 05/01/2039		16,976
	2,998	Pool #AA5840 4.000%, 06/01/2039		3,245
	44,202	Pool #AA8715 4.000%, 06/01/2039		48,668
	157,819	Pool #AD0586 4.500%, 12/01/2039		174,033
	378,592	Pool #AD4062 5.000%, 05/01/2040		420,018
	359,101	Pool #AD6929 5.000%, 06/01/2040		398,925
	9,367	Pool #AD9896 4.000%, 08/01/2040		10,136
	10,983	Pool #AB1500 4.000%, 09/01/2040		11,889
	11,141	Pool #AD9856 4.000%, 09/01/2040		12,062
	6,515	Pool #AE2559 4.000%, 09/01/2040		7,055
	2,304	Pool #AE2562 4.000%, 09/01/2040		2,493


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	3,101	Pool #AE2566 4.000%, 09/01/2040	$	3,357
	21,267	Pool #AE4124 4.000%, 10/01/2040		23,035
	11,565	Pool #AE4888 4.000%, 10/01/2040		12,520
	17,029	Pool #AE3916 4.000%, 11/01/2040		18,435
	2,564	Pool #AE5147 4.000%, 11/01/2040		2,777
	30,394	Pool #AE8715 4.000%, 11/01/2040		32,905
	3,501	Pool #AH0006 4.000%, 12/01/2040		3,792
	9,698	Pool #AH0020 4.000%, 12/01/2040		10,503
	18,394	Pool #AH0599 4.000%, 12/01/2040		19,913
	5,894	Pool #AH0601 4.000%, 12/01/2040		6,376
	11,532	Pool #AH1263 4.000%, 01/01/2041		12,477
	53,754	Pool #AL5233 4.000%, 01/01/2041		58,152
	4,219	Pool #AH4659 4.000%, 02/01/2041		4,567
	62,655	Pool #AH5653 4.000%, 02/01/2041		67,826
	78,812	Pool #AL0934 5.000%, 02/01/2041		87,549
	120,258	Pool #AD1889 4.500%, 03/01/2041		131,999
	7,788	Pool #AH6150 4.000%, 03/01/2041		8,432
	75,554	Pool #AL0215 4.500%, 04/01/2041		82,934
	3,000,000	Pool #TBA 3.500%, 04/15/2041 (h)		3,170,699
	400,000	Pool #TBA 4.000%, 04/15/2041 (h)		426,598
	58,967	Pool #AL0187 5.000%, 05/01/2041		65,501
	10,518	Pool #AL0456 5.000%, 06/01/2041		11,684
	46,456	Pool #AI8842 4.500%, 08/01/2041		50,994
	138,724	Series 2013-43, 1.500%, 08/25/2041		139,727
	28,259	Pool #AL0815 4.000%, 09/01/2041		31,131
	51,074	Series 2012-21, 2.000%, 09/25/2041		52,204
	10,373	Pool #AJ1562 4.000%, 10/01/2041		11,437
	8,304	Pool #AJ1972 4.000%, 10/01/2041		9,051
	456,673	Pool #AJ2212 4.500%, 10/01/2041		501,288
	13,909	Pool #AJ4756 4.000%, 10/01/2041		15,327
	13,051	Pool #AJ3330 4.000%, 11/01/2041		14,398
	12,148	Pool #AJ4549 4.000%, 11/01/2041		13,394
	10,493	Pool #AJ4698 4.000%, 11/01/2041		11,569
	20,963	Pool #AJ5424 4.000%, 11/01/2041		23,094
	7,678	Pool #AJ7840 4.000%, 11/01/2041		8,480
	13,211	Pool #AB3995 4.000%, 12/01/2041		14,578
	12,574	Pool #AI0848 4.000%, 12/01/2041		13,880
	11,487	Pool #AJ4187 4.000%, 12/01/2041		12,658
	12,125	Pool #AJ5736 4.000%, 12/01/2041		13,358
	7,444	Pool #AJ5968 4.000%, 12/01/2041		8,061
	15,111	Pool #AJ6061 4.000%, 12/01/2041		16,675
	10,032	Pool #AJ7868 4.000%, 12/01/2041		11,083
	20,148	Pool #AJ8104 4.000%, 12/01/2041		22,129
	14,484	Pool #AJ8109 4.000%, 12/01/2041		15,983
	7,994	Pool #AJ8171 4.000%, 12/01/2041		8,821
	15,671	Pool #AJ8341 4.000%, 12/01/2041		17,297
	26,187	Pool #AJ8436 4.000%, 12/01/2041		28,890
	9,767	Pool #AJ8912 4.000%, 12/01/2041		10,793
	11,878	Pool #AJ9248 4.000%, 12/01/2041		13,111
	101,171	Series 2012-18, 2.000%, 12/25/2041		103,472
	104,356	Series 2012-75, 2.500%, 12/25/2041		108,753
	11,588	Pool #AJ2446 4.000%, 01/01/2042		12,548
	16,569	Pool #AJ7538 4.000%, 01/01/2042		18,304
	4,542	Pool #AJ8001 4.000%, 01/01/2042		4,919
	14,182	Pool #AJ8369 4.000%, 01/01/2042		15,624
	13,119	Pool #AJ9162 4.000%, 01/01/2042		14,452
	73,645	Pool #AJ9330 4.000%, 01/01/2042		81,220
	7,631	Pool #AJ9779 4.000%, 01/01/2042		8,310
	12,087	Pool #AK0170 4.000%, 01/01/2042		13,357

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	28,039	Pool #AK0543 4.000%, 01/01/2042	$	30,967
	11,479	Pool #AK0563 4.000%, 01/01/2042		12,675
	20,669	Pool #AK1827 4.000%, 01/01/2042		22,801
	259,794	Pool #AL2752 5.000%, 03/01/2042		288,141
	59,635	Series 2012-52, 3.500%, 05/25/2042		64,419
	229,985	Series 2012-128, 1.500%, 06/25/2042		232,992
	60,653	Pool #AB5529 4.000%, 07/01/2042		66,589
	160,480	Pool #AB6228 3.500%, 09/01/2042		172,494
	168,572	Series 415, 3.000%, 11/01/2042		181,960
	322,061	Pool #AQ9316 2.500%, 01/01/2043		335,858
	139,590	Series 2015-48, 3.000%, 02/25/2043		146,193
	816,913	Pool #AT2720 3.000%, 05/01/2043		865,064
	644,519	Pool #AT5900 3.000%, 06/01/2043		682,453
	121,438	Series 2013-77, 1.700%, 06/25/2043		123,642
	357,796	Pool #AU1625 3.500%, 07/01/2043		384,576
	155,455	Series 2017-26, 3.500%, 07/25/2044		166,026
	129,933	Series 2018-38, 3.500%, 03/25/2045		134,552
	501,299	Pool #AS5469 4.000%, 07/01/2045		542,857
	572,895	Pool #AZ0832 4.000%, 07/01/2045		620,429
	117,251	Pool #AS5597 3.500%, 08/01/2045		125,104
	41,975	Series 2016-38, 3.000%, 01/25/2046		44,322
	92,529	Series 2016-11, 2.500%, 03/25/2046		96,486
	680,943	Pool #AS7170 3.500%, 05/01/2046		725,150
	641,961	Pool #AS7242 3.500%, 05/01/2046		683,118
	539,281	Pool #BC9468 3.000%, 06/01/2046		571,659
	556,613	Pool #AS7492 4.000%, 07/01/2046		600,072
	441,647	Pool #AS8947 3.500%, 03/01/2047		470,658
	80,412	Series 2017-34, 3.000%, 05/25/2047		84,842
	87,736	Pool #MA3038 4.500%, 06/01/2047		95,132
	126,933	Series 2017-72, 3.000%, 09/25/2047		135,324
	132,648	Series 2017-72, 3.000%, 09/25/2047		141,731
	158,421	Series 2018-80, 3.500%, 12/25/2047		169,324
	77,007	Series 2018-77, 3.500%, 02/25/2048		86,610
	124,802	Series 2018-23, 3.500%, 04/25/2048		134,896
	2,299,519	Pool #BN5279 4.000%, 02/01/2049		2,455,712
	138,734	Series 2019-06, 3.000%, 02/25/2049		146,835
	143,894	Series 2019-07, 3.500%, 03/25/2049		154,213
	150,762	Series 2019-14, 3.500%, 04/25/2049		164,558
	221,177	Series 2019-45, 3.000%, 08/25/2049		237,139
	2,160,000	Pool #TBA 2.500%, 09/25/2049 (h)		2,237,794
	4,400,000	Pool #TBA 2.500%, 05/15/2050 (h)		4,550,575
	170,812	Series 2019-41, 2.500%, 03/25/2053		175,268
	172,115	Series 2017-35, 3.500%, 04/25/2053		182,181
	105,481	Series 2017-84, 3.500%, 04/25/2053		111,387
	149,413	Series 2019-15, 3.500%, 05/25/2053		160,349
	137,464	Series 2017-49, 4.000%, 07/25/2053		149,455
	191,874	Series 2018-72, 3.500%, 07/25/2054		203,645
	159,687	Series 2017-96, 3.000%, 12/25/2054		167,981
	77,803	Series 2018-19, 3.500%, 05/25/2056		83,368
	148,606	Series 2018-70, 3.500%, 10/25/2056		159,797
	147,454	Series 2019-07, 3.500%, 11/25/2057		160,788
	157,652	Series 2019-12, 3.500%, 11/25/2057		174,971
	449,824	Series 2020-1, 3.500%, 08/25/2058		487,613
	142,557	Series 2019-28, 3.500%, 06/25/2059		157,476
		Government National Mortgage Association
	10,240	Pool #614436X 5.000%, 08/15/2033		11,086
	26,045	Pool #736686X 5.000%, 02/15/2039		29,063
	551,008	Pool #723248X 5.000%, 10/15/2039		625,176
	201,404	Series 2015-56, 1.500%, 04/16/2040		204,584


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	1,500,000	Pool #TBA 4.500%, 04/15/2041 (h)	$	1,592,109
	262,942	Pool #783403X 3.500%, 09/15/2041		283,934
	155,658	Series 2013-37, 2.000%, 01/20/2042		161,321
	800,000	Pool #TBA 3.000%, 04/15/2045 (h)		845,719
	1,400,000	Pool #TBA 3.500%, 04/15/2045 (h)		1,475,697
	127,138	Series 2015-151, 1.700%, 10/20/2045		128,922
	94,317	Pool #MA4587M 4.000%, 07/20/2047		102,250
	255,406	Pool #MA4652M 3.500%, 08/20/2047		271,864
	494,693	Pool #MA4778M 3.500%, 10/20/2047		526,468
	341,849	Pool #MA4779M 4.000%, 10/20/2047		365,817
	399,641	Pool #MA4780M 4.500%, 10/20/2047		429,776
	1,168,108	Pool #MA6040M 4.000%, 07/20/2049		1,241,673
	6,100,000	Pool #TBA, 2.500%, 04/15/2050 (h)		6,375,453

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $53,310,300)		55,381,037

		MUNICIPAL DEBT OBLIGATIONS - 0.69%
		California, GO,
	70,000	7.550%, 04/01/2039		113,863
	60,000	7.300%, 10/01/2039		92,399
	5,000	7.350%, 11/01/2039		7,746
	5,000	7.625%, 03/01/2040		8,085
	5,000	7.600%, 11/01/2040		8,342
	105,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, 6.899%, 12/01/2040		141,187
	60,000	New York State Thruway Authority - Class M 2.900%, 01/01/2035		59,406
	355,000	Philadelphia Authority for Industrial Development 6.550%, 10/15/2028		465,575
	25,000	University of California Medical Center, Series H Revenue Bond, 6.548%, 05/15/2048		33,524

		Total Municipal Debt Obligations (Cost $878,479)		930,127


Notional Amount
		PURCHASED OPTIONS - 0.00%
		Put Interest Rate Swaption - 0.00%
	535,000	10-Year Interest Rate Swap, Receive Floating Rate Rate Paid: 1.700% Frequency: Semi-Annual Rate Received: 3-MO-USD-LIBOR Frequency: Quarterly Counterparty: Bank of America Expiration: November, 2020 Exercise Rate: 1.700% (g)		918

		Total Purchased Options (Cost $13,402)		918


Principal Amount
		U.S. TREASURY OBLIGATIONS - 22.55%
		U.S. Treasury Bonds - 13.52%
	689,407	0.625%, 01/15/2026 (f)		712,174
	496,592	0.375%, 01/15/2027 (f)		508,241
	146,416	0.500%, 01/15/2028 (f)		152,518

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		U.S. TREASURY OBLIGATIONS (Continued)
		U.S. Treasury Bonds (Continued)
	475,072	0.875%, 01/15/2029 (f)	$	516,149
	1,690,000	3.125%, 11/15/2041		2,309,425
	1,075,000	3.125%, 02/15/2043		1,472,750
	275,000	3.625%, 08/15/2043		406,076
	1,830,000	3.750%, 11/15/2043		2,755,580
	1,050,000	3.625%, 02/15/2044		1,555,558
	735,000	3.125%, 08/15/2044		1,014,702
	240,000	3.000%, 11/15/2045		329,156
	2,365,000	2.500%, 05/15/2046		2,984,427
	255,000	3.000%, 02/15/2047		353,374
	130,766	1.000%, 02/15/2048 (f)		161,074
	500,000	3.000%, 02/15/2048		694,297
	650,000	3.125%, 05/15/2048		921,096
	965,000	3.000%, 02/15/2049		1,344,780
	92,266	1.000%, 02/15/2049 (f)		114,704
		U.S. Treasury Notes - 9.03%
	3,370,000	2.375%, 08/15/2024 (i)		3,665,138
	1,082,000	2.000%, 02/15/2025		1,166,109
	2,190,000	2.875%, 05/31/2025		2,465,974
	858,000	2.875%, 08/15/2028		1,014,786
	2,330,000	2.625%, 02/15/2029		2,723,916
	1,090,000	1.625%, 08/15/2029		1,183,289

		Total U.S. Treasury Obligations (Cost $25,607,843)		30,525,293


Number of Shares
		SHORT TERM INVESTMENTS - 5.94%
		Money Market Funds - 5.94%
	8,048,140	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (d)		8,048,140

		Total Short Term Investments (Cost $8,048,140)		8,048,140

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.54%
		Investments Purchased with Proceeds from Securities Lending Collateral - 1.54%
	2,079,473	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (d)		2,079,473

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $2,079,473)		2,079,473

		Total Investments (Cost $158,830,595) - 123.03%		166,570,857
		Liabilities in Excess of Other Assets - (23.03)%		(31,183,896	)

		TOTAL NET ASSETS - 100.00%	$	135,386,961

Percentages are stated as a percent of net assets.

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

(a)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2020.

(b)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2020.

(c)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another expemption from registration. The value of these securities total $26,182,737, which represents 19.34% of total net assets.

(d)

Seven-day yield as of March 31, 2020.

(e)

All or portion of this security is on loan.

(f)

Represents a U.S. Treasury Inflation Protected Security.

(g)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $930,871, which represents 0.69% of total net assets.

(h)

Security purchased on a when-issued basis. On March 31, 2020, the total value of investments purchased on a when-issued basis was $26,408,252 or 19.51% of total net assets.

(i)

All or a portion of this security is held as collateral for certain swap and futures contracts. The approximate value of the portion of this security held as collateral is $1,339,715.

(j)

Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2020. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $1,056,977, which represents 0.78% of total net assets.

(k)

Step-up bond; the interest rate shown is the rate in effect as of March 31, 2020.

Glossary of Terms


LIBOR	-	London Interbank Offered Rate
CMT	-	Constant Maturing Treasury Rate
SOFR	-	Secured Overnight Financing Rate

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2020


Description	Number of Contracts Purchased/(Sold)			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 Buy Protection CDX.NA.IG.33 Reference Rate Paid: 1.000% Frequency: Quarterly Reference Rate Received: CDX.NA.IG.33 Frequency: Quarterly Counterparty: Morgan Stanley Expiration: April, 2020 Exercise Price: $102.50	$	(17,926	)
	3,615,000	U.S. Dollar - Euro Buy Protection CDX.NA.IG.33 Reference Rate Paid: 1.000% Frequency: Quarterly Reference Rate Received: CDX.NA.IG.33 Frequency: Quarterly Counterparty: Morgan Stanley Expiration: April, 2020 Exercise Price: $65.00		(494	)
		Put Credit Default Swaptions
	3,615,000	U.S. Dollar - Euro Buy Protection CDX.NA.IG.33 Reference Rate Paid: 1.000% Frequency: Quarterly Reference Rate Received: CDX.NA.IG.33 Frequency: Quarterly Counterparty: Morgan Stanley Expiration: April, 2020 Exercise Price: $102.50		(28,459	)
	3,615,000	U.S. Dollar - Euro Buy Protection CDX.NA.IG.33 Reference Rate Paid: 1.000% Frequency: Quarterly Reference Rate Received: CDX.NA.IG.33 Frequency: Quarterly Counterparty: Morgan Stanley Expiration: April, 2020 Exercise Price: $65.00		(73,440	)

		Total Options Written (Premiums Received $72,752)	$	(120,319	)

See notes to financial statements.

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	)

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.

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.

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.

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.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS - 104.14%
		Alabama - 1.71%
		The Lower Alabama Gas District, Series A, Revenue Bond,
$	100,000	5.000%, 09/01/2034	$	119,025
	225,000	5.000%, 09/01/2046		264,618

				383,643

		Arizona - 4.73%
	145,000	Arizona Board of Regents, Prerefunded, Revenue Bond, 5.000%, 07/01/2028		157,245
	55,000	Arizona Board of Regents, Unrefunded, Revenue Bond, 5.000%, 07/01/2028		59,529
		Arizona Industrial Development Authority, Revenue Bond,
	150,000	5.000%, 02/01/2030		182,318
	150,000	6.000%, 07/01/2047		154,779
	100,000	Phoenix Industrial Development Authority, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2037		112,238
		Pima County Industrial Development Authority, Revenue Bond,
	35,000	5.000%, 06/15/2047		30,890
	30,000	5.000%, 06/15/2052		26,244
	100,000	Salt River Project Agricultural Improvement & Power District, Revenue Bond, 5.000%, 01/01/2039		122,814
	150,000	Salt Verde Financial Corp., Revenue Bond, 5.000%, 12/01/2037		176,898
	40,000	Tempe Industrial Development Authority, Series A, Revenue Bond, 6.125%, 10/01/2052		40,418

				1,063,373

		Arkansas - 1.17%
	250,000	University of Arkansas, Series A, Revenue Bond, 4.125%, 11/01/2030		262,058

		California - 12.51%
	200,000	California Educational Facilities Authority, Revenue Bond, 5.000%, 05/01/2049		308,714
	100,000	California Health Facilities Financing Authority, Series A, Revenue Bond, 5.000%, 11/15/2031		120,232
	100,000	California Municipal Finance Authority, Community Medical Centers, Series A, Revenue Bond, 5.000%, 02/01/2042		111,734
	190,000	California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond, 6.400%, 08/15/2045		193,692
	100,000	California Municipal Finance Authority, Revenue Bond, 5.000%, 12/31/2047		106,027
	250,000	California Pollution Control Financing Authority, Refunding, Revenue Bond, 5.000%, 07/01/2039		251,212
	200,000	California State University, Series A, Revenue Bond, 5.000%, 11/01/2031		230,110
	160,000	California Statewide Communities Development Authority, Series A, Revenue Bond, 6.125%, 11/01/2033		173,006


Principal Amount			Value
		California (Continued)
$	300,000	California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034	$	330,084
	300,000	California, GO, 5.000%, 11/01/2043		336,585
	50,000	California, Refunding, GO, 5.000%, 04/01/2032		68,464
	100,000	Golden State Tobacco Securitization Corp., Series A, Revenue Bond, 4.000%, 06/01/2031		108,865
	125,000	Golden State Tobacco Securitization Corp., Series A-1, Revenue Bond, 5.000%, 06/01/2047		120,288
	250,000	M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039		350,245

				2,809,258

		Colorado - 4.03%
	150,000	Castle Pines North Metropolitan District, Refunding, Revenue Bond, 4.000%, 12/01/2044		154,146
		Colorado Health Facilities Authority, Revenue Bond,
	250,000	5.000%, 08/01/2029		301,365
	130,000	8.000%, 08/01/2043		138,035
	220,000	Public Authority for Colorado Energy, Revenue Bond, 6.500%, 11/15/2038		312,220

				905,766

		Delaware - 1.10%
	200,000	Delaware, Series A, Refunding, GO, 5.000%, 01/01/2027		248,362

		District of Columbia - 0.73%
	125,000	District of Columbia, Revenue Bond, 5.000%, 03/01/2034		163,104

		Florida - 4.46%
	100,000	Central Florida Expressway Authority, Revenue Bond, 5.000%, 07/01/2033		126,499
	100,000	County of Broward FL Airport System, Revenue Bond, 5.000%, 10/01/2033		119,002
	100,000	Florida Development Finance Corp., Series A, Transportation District, Revenue Bond, 6.500%, 01/01/2049 (b)		88,433
	145,000	Florida, Series A, Refunding, GO, 4.000%, 07/01/2033		172,199
	225,000	Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond, 5.000%, 04/01/2040		250,405
	190,000	Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond, 5.250%, 08/01/2021		192,552
		Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,
	10,000	7.250%, 06/01/2034		10,523
	40,000	7.500%, 06/01/2049		41,991

				1,001,604

		Georgia - 1.55%
	300,000	Atlanta Water & Wastewater, Refunding, Revenue Bond, 5.000%, 11/01/2040		347,277

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Illinois - 9.99%
		Chicago Board of Education, Revenue Bond,
$	100,000	5.000%, 04/01/2042	$	100,821
	100,000	5.000%, 04/01/2046		100,195
	100,000	Chicago Board of Education, Series G, Refunding, GO, 5.000%, 12/01/2044		98,929
	100,000	Chicago Board of Education, Series H, GO, 5.000%, 12/01/2036		100,970
	100,000	Chicago Midway International Airport, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2028		109,668
	70,000	Chicago Waterworks, Revenue Bond, 5.000%, 11/01/2028		81,875
	65,000	Chicago, Series A, Refunding, GO, 5.250%, 01/01/2029		66,758
	160,000	Illinois Finance Authority, Refunding, Revenue Bond, 5.000%, 12/01/2047		167,790
	140,000	Illinois Finance Authority, Series A, Revenue Bond, 5.000%, 02/15/2047		150,342
		Illinois, GO,
	345,000	5.000%, 01/01/2029		355,550
	75,000	5.000%, 11/01/2029		77,748
	100,000	4.000%, 11/01/2034		94,431
	20,000	5.000%, 05/01/2036		20,222
	70,000	5.000%, 11/01/2036		71,118
	30,000	5.000%, 02/01/2039		30,195
	30,000	Illinois, Series A, GO, 5.000%, 04/01/2038		30,179
	100,000	O’Hare International Airport, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2032		111,531
	150,000	O’Hare International Airport, Series D, Revenue Bond, 5.250%, 01/01/2030		161,706
	150,000	Sales Tax Securitization Corp., Series A, Revenue Bond, 5.000%, 01/01/2040		168,851
	120,000	Southwestern Illinois Development Authority, Prerefunded, Revenue Bond, 7.125%, 11/01/2043		144,422

				2,243,301

		Indiana - 2.88%
	100,000	Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond, 5.000%, 11/15/2034		115,422
	250,000	Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond, 5.250%, 01/01/2032		281,805
	125,000	Shoals Exempt Facilities, Revenue Bond, 7.250%, 11/01/2043		130,366
	115,000	Valparaiso Exempt Facilities, Revenue Bond, 7.000%, 01/01/2044		119,575

				647,168

		Iowa - 0.43%
	100,000	Iowa Finance Authority, Revenue Bond, 5.125%, 08/01/2048		97,871


Principal Amount			Value
		Louisiana - 1.02%
$	200,000	Louisiana Highway Improvement, Series A, Revenue Bond, 5.000%, 06/15/2029	$	229,192

		Maryland - 0.93%
	200,000	Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond, 6.000%, 07/01/2034		208,016

		Michigan - 0.50%
	100,000	Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond, 5.000%, 09/01/2033		112,511

		Minnesota - 3.22%
	100,000	Apple Valley Senior Living, Series D, Revenue Bond, 7.250%, 01/01/2052		78,672
	160,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2030		178,026
	150,000	Rochester Health Care & Housing Facility, Series A, Revenue Bond, 6.875%, 12/01/2048		153,699
	300,000	Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond, 4.500%, 11/15/2038 (b)		312,180

				722,577

		Mississippi - 2.89%
	200,000	Mississippi Business Finance Corp., Series B, Revenue Bond, 0.650%, 12/01/2030 (b)		200,000
	100,000	Mississippi Business Finance Corp., Series C, Revenue Bond, 0.650%, 12/01/2030 (b)		100,000
	350,000	Mississippi Business Finance Corp., Series H, Revenue Bond, 0.650%, 11/01/2035 (b)		350,000

				650,000

		Missouri - 0.86%
	200,000	Conley Road Transportation Development District, Revenue Bond, 5.375%, 05/01/2047		192,946

		Montana - 0.42%
	100,000	City of Kalispell, Series A, Revenue Bond, 5.250%, 05/15/2047 (e)		94,212

		Nebraska - 1.82%
	130,000	Douglas County Hospital Authority No. 3, Refunding, Revenue Bond, 5.000%, 11/01/2024		150,069
	250,000	Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027		258,140

				408,209

		New Hampshire - 0.57%
	120,000	New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond, 5.000%, 07/01/2027		128,832

		New Jersey - 1.75%
	150,000	New Jersey Economic Development Authority, Refunding, Revenue Bond, 5.250%, 06/15/2030		160,891

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		New Jersey (Continued)
$	100,000	New Jersey Transportation Trust Fund Authority, Series A, Refunding, Revenue Bond, 5.000%, 06/15/2031	$	110,306
	25,000	South Jersey Port Corp., Series A, Revenue Bond, 5.000%, 01/01/2049		25,862
	100,000	Tobacco Settlement Financing Corp., Series B, Revenue Bond, 5.000%, 06/01/2046		96,389

				393,448

		New York - 10.18%
	300,000	City of New York, GO, 4.000%, 10/01/2041		334,026
	100,000	City of New York, Series E, GO, 5.000%, 03/01/2041		120,194
	40,000	New York City Industrial Development Agency, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2022		41,653
	100,000	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bond, 5.000%, 07/15/2028		126,836
	100,000	New York Dormitory Authority, Refunding, Revenue Bond, 5.000%, 12/01/2035		113,648
	100,000	New York Dormitory Authority, Series A, Revenue Bond, 5.000%, 02/15/2031		121,643
	250,000	New York Dormitory Authority, Series B, Revenue Bond, 5.000%, 07/01/2038		270,702
	500,000	New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, 5.500%, 10/15/2027		641,680
	175,000	New York Liberty Development Corp., Refunding, Revenue Bond, 5.250%, 10/01/2035		216,148
	70,000	New York State Dormitory Authority, Revenue Bond, 5.000%, 02/15/2032		90,980
	200,000	New York, Series E, GO, 4.000%, 12/15/2027		209,458

				2,286,968

		North Carolina - 1.55%
	320,000	North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, 5.000%, 01/01/2025		347,398

		Ohio - 2.20%
	135,000	County of Cuyahoga, Revenue Bond, 5.250%, 02/15/2047		143,302
	100,000	Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, 5.000%, 01/01/2026		106,539
	200,000	Ohio, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2031		244,826

				494,667

		Oregon - 0.57%
	100,000	Oregon, Series A, GO, 5.000%, 05/01/2028		127,762


Principal Amount			Value
		Pennsylvania - 3.36%
		Allegheny County Hospital Development Authority, Series A, Revenue Bond,
$	50,000	4.000%, 04/01/2044	$	52,265
	50,000	5.000%, 04/01/2047		59,447
		Commonwealth Financing Authority, Revenue Bond,
	100,000	5.000%, 06/01/2034		119,536
	155,000	5.000%, 06/01/2035		184,789
	150,000	Pennsylvania Economic Development Financing Authority, Revenue Bond, 6.750%, 12/01/2053		136,238
	200,000	Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond, 5.800%, 07/01/2030		202,330

				754,605

		Puerto Rico - 3.74%
	95,000	Puerto Rico Electric Power Authority, Series 2012A-RSA-1, Revenue Bond, 5.000%, 07/01/2042 (c)(e)		67,450
	55,000	Puerto Rico Electric Power Authority, Series CCC-RSA-1, Revenue Bond, 5.250%, 07/01/2027 (c)(e)		39,188
	80,000	Puerto Rico Electric Power Authority, Series WW-RSA-1, Revenue Bond, 5.000%, 07/01/2028 (c)(e)		56,800
	90,000	Puerto Rico Electric Power Authority, Series XX-RSA-1, Revenue Bond, 5.250%, 07/01/2040 (c)(e)		64,125
		Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Series A1, Revenue Bond,
	250,000	4.329%, 07/01/2040		230,272
	405,000	4.750%, 07/01/2053		382,385

				840,220

		South Carolina - 2.47%
	400,000	Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025		452,432
	100,000	South Carolina Jobs-Economic Development Authority, Revenue Bond, 5.750%, 06/15/2039		103,528

				555,960

		South Dakota - 0.49%
	100,000	South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Revenue Bond, 5.000%, 06/01/2026		109,732

		Texas - 7.52%
	200,000	Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond, 6.000%, 01/01/2041		207,192
	100,000	Central Texas Turnpike System, Series C, Refunding, Revenue Bond, 5.000%, 08/15/2029		106,251
	200,000	Dallas-Fort Worth International Airport, Series B, Revenue Bond, 5.000%, 11/01/2026		214,574
	125,000	New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond, 5.000%, 07/01/2046		120,738

See notes to financial statements.

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Texas (Continued)
$	225,000	North Texas Tollway Authority, Refunding, Revenue Bond, 4.000%, 01/01/2038	$	238,318
	100,000	North Texas Tollway Authority, Series B, Refunding, Revenue Bond, 5.000%, 01/01/2029		114,526
	100,000	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond, 6.625%, 11/15/2037		106,546
		Texas Private Activity Surface Transportation Corp., Revenue Bond,
	200,000	7.500%, 06/30/2033		201,834
	85,000	7.000%, 12/31/2038		96,040
	115,000	6.750%, 06/30/2043		128,811
	100,000	University of Texas, Revenue Bond, 5.000%, 08/15/2049		154,570

				1,689,400

		Utah - 2.84%
	100,000	Salt Lake City Corp. Airport, Series B, Revenue Bond, 5.000%, 07/01/2042		114,828
	500,000	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022		524,440

				639,268

		Virginia - 2.97%
	1,475,000	Tobacco Settlement Financing Corp., Series C, Revenue Bond, 8.553%, 06/01/2047 (c)(d)		228,168
	300,000	Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034		439,848

				668,016

		Washington - 1.55%
	325,000	Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027		347,500

		Wisconsin - 5.43%
	100,000	Wisconsin Health & Educational Facilities Authority, Revenue Bond, 5.000%, 05/01/2025		111,687


Principal Amount			Value
		Wisconsin (Continued)
$	100,000	Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond, 7.000%, 07/01/2043	$	87,422
		Wisconsin Public Finance Authority, Refunding, Revenue Bond,
	95,000	5.000%, 07/01/2022		96,500
	150,000	5.750%, 10/01/2031		152,552
	225,000	5.250%, 05/15/2047		230,760
	10,000	Wisconsin, Series 2, Prerefunded, GO, 5.000%, 05/01/2025		10,793
	490,000	Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025		529,935

				1,219,649

		Total Municipal Debt Obligations (Cost $22,546,227)		23,393,873


Number of Shares
		SHORT TERM INVESTMENTS - 0.30%
		Money Market Funds - 0.30%
	66,603	STIT – Invesco Treasury Obligations Portfolio – Institutional Effective Yield, 0.66% (a)		66,603

		Total Short Term Investments (Cost $66,603)		66,603

		Total Investments (Cost $22,612,830) - 104.44%		23,460,476
		Liabilities in Excess of Other Assets - (4.44)%		(997,871	)

		TOTAL NET ASSETS - 100.00%	$	22,462,605

Percentages are stated as a percent of net assets.

(a)

Seven-day yield as of March 31, 2020.

(b)

Adjustable rate security - the rate is determined by the Remarking Agent.

(c)

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

(d)

Zero coupon bond. Effective yield is listed.

(e)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $321,775, which represents 1.43% of total net assets.

Glossary of Terms


CMI	-	California Mortgage Insurance
GO	-	General Obligation

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Principal Amount			Value
		ASSET BACKED SECURITIES - 1.07%
	463,333	Textainer Marine Containers VII Ltd. Series 2019-1A, 3.960%, 04/20/2044 (d)	$	436,320

		Total Asset Backed Securities (Cost $463,182)		436,320

		COLLATERALIZED MORTGAGE OBLIGATIONS - 14.58%
	556,815	Alternative Loan Trust Series 2007-15CB, 6.000%, 07/25/2037		450,169
	479,595	Banc of America Funding Corp. Series 2007-3, 5.831%, 04/25/2037 (a)		438,062
	592,951	Chase Mortgage Finance Trust Series 2007-S3, 6.000%, 05/25/2037		404,841
	123,201	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, 3.520%, 02/25/2036 (a)		113,708
	282,115	Exantas Capital Corp Ltd. Series 2019-RSO7, 1.800% (1 Month LIBOR USD + 1.000%, 1.000% Floor), 04/17/2036 (c)(d)		232,796
	267,411	First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, 6.250%, 08/25/2037		178,658
		GSR Mortgage Loan Trust
	455,438	Series 2006-9F, 6.500%, 10/25/2036		328,152
	173,982	Series 2007-4F, 6.000%, 07/25/2037		141,216
	472,347	IndyMac IMJA Mortgage Loan Trust Series 2007-A3, 6.250%, 11/25/2037		306,562
	181,277	IndyMac INDX Mortgage Loan Trust Series 2005-AR1, 3.628%, 03/25/2035 (a)		160,138
	4,726,329	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C8, 1.775%, 10/17/2045 (a)(m)		168,880
	361,135	Lehman Mortgage Trust Series 2006-2, 5.750%, 04/25/2036		368,997
	154,071	MASTR Adjustable Rate Mortgages Trust Series 2006-2, 4.120%, 01/25/2036 (a)		142,653
	453,217	Morgan Stanley Mortgage Loan Trust Series 2007-12, 6.250%, 08/25/2037		297,347
		Residential Asset Securitization Trust
	587,758	Series 2007-A2, 6.000%, 04/25/2037		462,140
	432,382	Series 2007-A6, 6.000%, 06/25/2037		331,046
	776,957	Series 2007-A7, 6.000%, 07/25/2037		411,722
	737,221	TBW Mortgage-Backed Trust Series 2006-6, 5.630%, 01/25/2037 (j)		358,833
	282,354	VOLT LXXXV LLC 2020-NPL1, 3.228%, 01/25/2050 (d)(j)		255,804
	313,295	Washington Mutual Asset-Backed Certificates Trust Series 2006-HE3, 1.102% (1 Month LIBOR USD + 0.155%, 0.155% Floor), 08/25/2036 (c)		269,379
	149,862	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-5, 6.000%, 07/25/2036		131,117

		Total Collateralized Mortgage Obligations (Cost $7,668,104)		5,952,220


Number of Shares			Value
		COMMON STOCKS - 0.00%
		Metals & Mining - 0.00%
	12,305,675	K2016470219 - Class A (b)(e)(f)(g)	$	0
	1,336,186	K2016470219 - Class B (b)(e)(f)(g)		0

		Total Common Stocks (Cost $0)		0


Principal Amount
		CORPORATE OBLIGATIONS - 0.06%
		Specialty Retail - 0.06%
	284,446	K2016470260 South Africa, Ltd. 25.000% Cash or 25.000% PIK, 12/31/2022 (b)(d)		10,667
		K2016470219 South Africa, Ltd.
	989,896	3.000% Cash or 3.000% PIK, 12/31/2022 (b)(d)(n)		9,899
	195,875	8.000% Cash or 8.000% PIK, 12/31/2022 (b)(d)(n)		3,240

		Total Corporate Obligations (Cost $2,137,426)		23,806

		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 21.00%
	19,625,556	Argentina Treasury Bond BONCER 1.200%, 03/18/2022 (b)(l)(n)		159,630
		Argentine Bonos del Tesoro
	6,954,000	18.200%, 10/03/2021 (b)		52,333
	14,030,048	1.400%, 03/25/2023 (b)		103,623
	10,209,900	16.000%, 10/17/2023 (b)		62,084
	14,030,053	1.500%, 03/25/2024 (b)		95,495
	22,986,100	15.500%, 10/17/2026 (b)		121,841
	160,000,000	Colombia Government International Bond 7.750%, 04/14/2021		40,434
		Colombian TES
	583,000,000	10.000%, 07/24/2024		164,112
	296,500,000	7.500%, 08/26/2026		74,782
	342,500,000	6.000%, 04/28/2028		78,751
	1,946,000,000	7.750%, 09/18/2030		497,671
		Ghana Government Bond
	300,000	18.750%, 01/24/2022		51,042
	200,000	16.500%, 02/06/2023		31,126
	300,000	19.750%, 03/25/2024		49,422
	910,000	19.750%, 03/15/2032		141,914
		India Government Bond
	23,000,000	8.150%, 06/11/2022		322,847
	7,000,000	8.080%, 08/02/2022		98,286
	2,000,000	6.840%, 12/19/2022		27,549
	17,370,000	8.830%, 11/25/2023		253,563
		Indonesia Treasury Bond
	9,416,000,000	8.250%, 07/15/2021		595,965
	1,500,000,000	7.000%, 05/15/2022		93,688
	890,000,000	5.625%, 05/15/2023		52,961
	19,209,000,000	8.375%, 09/15/2026		1,215,804
		Korea Treasury Bond
	321,110,000	3.375%, 09/10/2023		283,042
	459,000,000	3.500%, 03/10/2024		409,061
	267,000,000	3.000%, 09/10/2024		235,444
		Mexican Bonos
	11,000	8.000%, 06/11/2020		46,500
	17,600	6.500%, 06/10/2021		74,294
	201,700	7.250%, 12/09/2021		864,660
	189,500	6.500%, 06/09/2022		801,168

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
	167,700	8.000%, 12/07/2023	$	741,980
	14,234	Mexican Udibonos 2.500%, 12/10/2020 (l)		59,178
		Republic of Ghana Government Bond
	1,810,000	16.250%, 05/17/2021		313,308
	200,000	24.500%, 06/21/2021		37,411
	390,000	24.750%, 07/19/2021		72,935
	99,000	19.500%, 10/18/2021		16,829
	150,000	16.250%, 04/07/2025		21,755
	910,000	19.000%, 11/02/2026		141,813

		Total Foreign Government Debt Obligations (Cost $12,499,781)		8,504,301

		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 23.83%
		Federal Home Loan Mortgage Corp.
	269,700	Pool #0039, 2.500%, 04/01/2033		280,909
	387,929	Series 4116, 1.350%, 08/15/2042		387,853
	354,455	Series 4446, 2.250%, 03/15/2045		368,208
	346,710	Pool #1827, 3.000%, 07/01/2047		366,272
	386,091	Series 4768, 1.005% (1 Month LIBOR USD + 0.300%, 0.300% Floor, 6.500% Cap), 03/15/2048 (c)		379,472
	322,787	Series 4800, 4.000%, 06/15/2048		361,575
	522,105	Series 4868, 4.000%, 03/15/2049		580,853
	198,060	Pool #5290, 2.500%, 12/01/2049		205,573
		Federal National Mortgage Association
	283,195	Series 9445, 3.000%, 07/01/2031		299,970
	443,105	Pool #1201, 3.500%, 10/01/2032		477,188
	188,307	Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 0.000% Floor, 6.000% Cap), 08/25/2033 (c)(i)		200,365
	385,777	Pool #CA4507, 2.500%, 11/01/2034		403,373
	311,967	Pool #2012-63, 2.000%, 08/25/2040		316,137
	745,443	Pool #2014-95, 3.000%, 04/25/2041		781,997
	344,440	Pool #2012-150, 1.750%, 01/25/2043		349,176
	397,006	Pool #2018-23, 2.750%, 12/25/2043		405,661
	228,462	Pool #2015-08, 2.000%, 03/25/2045		233,435
	148,419	Series 9003, 3.000%, 11/01/2046		156,842
	433,332	Series 0862, 3.500%, 09/01/2047		459,902
	339,208	Pool #2018-27, 3.000%, 12/25/2047		359,834
	314,231	Pool #3392, 4.000%, 01/01/2048		337,693
	407,481	Pool #2018-31, 1.247% (1 Month LIBOR USD + 0.300%, 0.300% Floor, 6.500% Cap), 05/25/2048 (c)		400,745
	339,950	Pool #2018-36, 3.000%, 06/25/2048		357,609
	323,032	Pool #2018-38, 3.000%, 06/25/2048		337,668
		Government National Mortgage Association
	449,389	Pool #2010-62, 4.977% (1 Month LIBOR USD + 5.750%, 0.000% Floor, 5.750% Cap), 05/20/2040 (c)(i)(m)		84,353
	460,825	Pool #2011-72, 4.607% (1 Month LIBOR USD + 5.380%, 0.000% Floor, 5.380% Cap), 05/20/2041 (c)(i)(m)		80,007
	589,707	Pool #2012-40, 4.000%, 01/20/2042		640,809
	839,862	Pool #2013-113, 5.477% (1 Month LIBOR USD + 6.250%, 0.000% Floor, 6.250% Cap), 03/20/2043 (c)(i)(m)		114,115

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $9,294,208)		9,727,594


Principal Amount			Value
		U.S. TREASURY OBLIGATIONS - 10.20%
		U.S. Treasury Notes
	3,316,000	1.750%, 12/31/2024	$	3,531,281
	249,000	2.625%, 12/31/2025		279,454
	130,000	1.625%, 02/15/2026		138,470
	61,000	2.125%, 05/31/2026		66,967
	140,000	1.625%, 10/31/2026		149,882

		Total U.S. Treasury Obligations (Cost $3,979,587)		4,166,054

		SHORT TERM INVESTMENTS - 21.62%
		Foreign Government Debt Obligation - 8.54%
		Brazil Letras do Tesouro Nacional
	170,000	(0.126)%, 04/01/2020 (h)		32,717
	1,505,000	(0.216)%, 07/01/2020 (h)		287,299
	2,310,000	(0.216)%, 10/01/2020 (h)		437,363
	80,000	(0.221)%, 04/01/2021 (h)		14,880
		Japan Treasury Discount Bills
	14,950,000	(0.117)%, 04/10/2020 (h)		139,047
	13,500,000	(0.217)%, 05/11/2020 (h)		125,587
	1,500,000	(0.217)%, 05/20/2020 (h)		13,955
	14,000,000	(0.216)%, 09/23/2020 (h)		130,341
	63,800,000	(0.218)%, 04/06/2020 (h)		593,362
	28,800,000	(0.219)%, 05/07/2020 (h)		267,887
	49,800,000	0.000%, 05/25/2020 (b)(h)		463,261
	18,900,000	3.359%, 07/10/2020 (h)		175,877
	71,000,000	3.234%, 08/11/2020 (h)		660,832
	15,600,000	3.357%, 09/10/2020 (h)		145,224

				3,487,632


Number of Shares
		Money Market Funds - 6.72%
	2,741,169	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (k)		2,741,169


Principal Amount
		U.S. Treasury Obligations - 6.36%
		U.S. Treasury Bills
	2,599,000	0.000%, 02/25/2021 (h)		2,596,427

		Total Short Term Investments (Cost $8,813,959)		8,825,228

		Total Investments (Cost $44,856,247) - 92.35%		37,635,523
		Other Assets in Excess of Liabilities - 7.65%		3,121,178

		TOTAL NET ASSETS - 100.00%	$	40,756,701

Percentages are stated as a percent of net assets. Principal amounts are denominated in the currency in which the security was purchased.

(a)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2020.

(b)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $1,151,062, which represents 2.82% of total net assets.

(c)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2020.

(d)

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020

exemption from registration. The value of these securities total $948,725, which represents 2.32% of total net assets.

(e)

As of March 31, 2020, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets.

(f)

Value determined using significant unobservable inputs. Classified as level 3 in the fair value hierarchy.

(g)

Non-income producing.

(h)

Zero coupon bond. The yield to maturity is listed.

(i)

Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

(j)

Step-up bond; the interest rate shown is the rate in effect as of March 31, 2020.

(k)

Seven-day yield as of March 31, 2020.

(l)

Represents an inflation protected security.

(m)

Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2020. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $447,355 which represents 1.10% of total net assets.

(n)

Represents defaulted securities.

Glossary of Terms


PIK	-	Payment-in-Kind
LIBOR	-	London Interbank Offered Rate

See notes to financial statements.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2020


Forward Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
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.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)

March 31, 2020


Forward Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
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.

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)

March 31, 2020


Forward Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
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.

GuidePath^® Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		INVESTMENT COMPANIES - 98.68%
		Exchange Traded Funds - 69.96%
	986,410	iShares Core MSCI Emerging Markets ETF (a)	$	39,920,013
	660,025	iShares Core S&P Small-Cap ETF (a)		37,034,003
	476,775	iShares MSCI Canada ETF (a)		10,417,534
	181,404	iShares MSCI Switzerland ETF (a)		6,414,445
	1,222,634	Schwab U.S. Large-Cap ETF (a)		74,886,332
	463,245	Schwab U.S. Large-Cap Growth ETF (a)		36,897,464
	373,088	SPDR S&P 600 Small Cap Growth ETF		17,229,204
	137,488	SPDR S&P China ETF (a)		12,545,780
	119,215	Vanguard FTSE All World ex-US Small-Cap ETF (a)		9,328,574
	2,501,156	Vanguard FTSE Developed Markets ETF (a)		83,388,541
	150,436	Vanguard Global ex-U.S. Real Estate ETF		6,455,209
	150,837	Vanguard Real Estate ETF (a)		10,535,964
	235,966	Vanguard Russell 1000 Growth ETF (a)		36,499,221
	83,226	Vanguard Russell 2000 Growth		9,571,822
	520,127	Vanguard S&P 500 ETF (a)		123,176,476
	72,095	Vanguard Value ETF		6,420,781

				520,721,363

		Mutual Funds - 28.72%
	1,328,063	AMCAP Fund - Class F3		36,959,987
	1,295,239	American Funds - EuroPacific Growth Fund - Class F3		55,863,662
	758,114	American Funds - Fundamental Investors - Class F3		37,018,689
	406,451	American Funds - SMALLCAP World Fund, Inc. - Class F3		18,745,504
	861,278	American Funds - The Growth Fund of America - Class F3		37,388,097
	872,971	American Funds - The Investment Company of America - Class F3		27,786,658

				213,762,597

		Total Investment Companies (Cost $731,015,266)		734,483,960


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.90%
		Money Market Funds - 0.90%
	6,730,813	DWS Government Money Market Series -Institutional Shares Effective Yield, 0.41%, (b)	$	6,730,813

		Total Short Term Investments (Cost $6,730,813)		6,730,813

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.73%
	139,438,379	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (b)		139,438,379

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $139,438,379)		139,438,379

		Total Investments (Cost $877,184,458) - 118.31%		880,653,152
		Liabilities in Excess of Other Assets - (18.31)%		(136,300,544	)

		TOTAL NET ASSETS - 100.00%	$	744,352,608

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of March 31, 2020.

See notes to financial statements.

GuidePath^® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		INVESTMENT COMPANIES - 98.78%
		Exchange Traded Funds - 70.90%
	67,231	iShares 1-3 Year Treasury Bond ETF (a)	$	5,826,911
	65,397	iShares 3-7 Year Treasury Bond ETF (a)		8,720,036
	75,290	iShares 7-10 Year Treasury Bond ETF (a)		9,146,229
	198,346	iShares Broad USD Investment Grade Corporate Bond ETF		11,111,343
	336,603	iShares Core Aggressive Allocation ETF (a)		15,975,178
	496,588	iShares Core Growth Allocation ETF		20,548,811
	49,625	iShares Core MSCI Emerging Markets ETF (a)		2,008,324
	84,365	iShares Core MSCI Europe ETF		3,128,254
	189,446	iShares Core S&P Small-Cap ETF (a)		10,629,815
	161,274	iShares Edge MSCI Min Vol USA ETF (a)		8,710,409
	18,928	iShares iBoxx High Yield Corporate Bond ETF (a)		1,458,781
	21,148	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		2,044,589
	75,759	iShares Long-Term Corporate Bond ETF (a)		4,819,788
	80,183	iShares MSCI Canada ETF (a)		1,751,998
	93,203	iShares MSCI Switzerland ETF (a)		3,295,658
	130,473	Principal Active Income ETF		4,212,973
	137,690	SPDR Bloomberg Barclays High Yield Bond ETF (a)		13,044,751
	56,324	SPDR Bloomberg Barclays International Treasury Bond ETF		1,565,807
	25,168	SPDR Gold Shares (a)		3,726,122
	99,054	SPDR Portfolio TIPS ETF (a)		2,876,528
	34,209	SPDR S&P China ETF		3,121,571
	395,034	Vanguard FTSE Developed Markets ETF (a)		13,170,434
	212,573	Vanguard High Dividend Yield ETF		15,039,540
	94,330	Vanguard Long-Term Treasury ETF		9,528,273
	443,640	Vanguard Mortgage-Backed Securities ETF		24,178,380
	31,344	Vanguard Real Estate ETF (a)		2,189,378
	72,891	Vanguard S&P 500 ETF (a)		17,262,047
	11,139	Vanguard Total Bond Market ETF		950,714
	50,116	Vanguard Value ETF (a)		4,463,331

				224,505,973

		Mutual Funds - 27.88%
	372,437	American Funds - Capital Income Builder - Class F3		19,724,248
	1,316,200	American Funds - High-Income Trust - Class F3		11,385,134
	439,971	American Funds - Mutual Fund - Class F3		15,548,586
	1,012,403	American Funds - The Income Fund of America - Class F3		19,529,250
	792,271	American Funds - U.S. Government Securities Fund -Class F3		11,733,539
	1,967,040	Vanguard High-Yield Corporate Fund		10,346,631

				88,267,388

		Total Investment Companies (Cost $318,428,710)		312,773,361


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.93%
		Money Market Funds - 0.93%
	2,958,664	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (b)	$	2,958,664

		Total Short Term Investments (Cost $2,958,664)		2,958,664

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 27.80%
	88,033,252	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (b)		88,033,252

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $88,033,252)		88,033,252

		Total Investments (Cost $409,420,626) - 127.51%		403,765,277
		Liabilities in Excess of Other Assets - (27.51)%		(87,116,244	)

		TOTAL NET ASSETS - 100.00%	$	316,649,033

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of March 31, 2020.

See notes to financial statements.

100

GuidePath^® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		COMMON STOCKS - 23.14%
		Airlines - 0.26%
	26,639	United Airlines Holdings, Inc. (a)(b)	$	840,461

		Biotechnology - 0.35%
	15,023	AbbVie, Inc. (a)		1,144,602

		Capital Markets - 2.12%
	16,078	FactSet Research Systems, Inc. (a)		4,191,213
	8,060	MarketAxess Holdings, Inc.		2,680,514

				6,871,727

		Chemicals - 0.92%
	29,070	Scotts Miracle Grow Co.		2,976,768

		Containers & Packaging - 0.26%
	29,361	Silgan Holdings, Inc.		852,056

		Diversified Consumer Services - 0.25%
	23,328	Frontdoor, Inc. (b)		811,348

		Electric Utilities - 2.82%
	19,165	Alliant Energy Corp.		925,478
	36,239	Avangrid, Inc.		1,586,543
	13,571	Duke Energy Corp. (a)		1,097,623
	16,817	Edison International		921,403
	27,576	Evergy, Inc.		1,518,059
	20,367	FirstEnergy Corp.		816,106
	20,355	Hawaiian Electric Industries, Inc.		876,283
	26,410	Southern Co. (a)		1,429,837

				9,171,332

		Food Products - 0.81%
	19,800	Hershey Co.		2,623,500

		Gas Utilities - 0.23%
	7,558	Atmos Energy Corp.		749,980

		Health Care Equipment & Supplies - 1.18%
	28,376	Boston Scientific Corp. (b)		925,909
	6,278	Insulet Corp. (b)		1,040,139
	10,184	Medtronic Plc		918,393
	9,481	Zimmer Biomet Holdings, Inc.		958,340

				3,842,781

		Health Care Providers & Services - 0.24%
	3,427	Anthem, Inc.		778,066

		Hotels, Restaurants & Leisure - 0.26%
	12,601	Hilton Worldwide Holdings, Inc. (a)		859,892

		Household Durables - 0.93%
	89,969	PulteGroup, Inc.		2,008,108
	52,404	Toll Brothers, Inc.		1,008,777

				3,016,885

		Household Products - 1.11%
	20,760	Clorox Co.		3,596,670

		Insurance - 2.17%
	67,354	Aflac, Inc.		2,306,201
	4,738	Erie Indemnity Co. - Class A		702,361
	17,223	RenaissanceRe Holdings Ltd.		2,571,738
	28,085	WR Berkley Corp.		1,465,195

				7,045,495

		IT Services - 0.28%
	9,075	Gartner, Inc. (b)		903,598


Number of Shares			Value
		Media - 0.67%
	64,538	Discovery, Inc. - Class A (a)(b)	$	1,131,996
	53,170	Discovery, Inc. - Class C (b)		1,033,625

				2,165,621

		Metals & Mining - 0.47%
	17,382	Royal Gold, Inc.		1,524,575

		Multi-Utilities - 0.56%
	12,019	Ameren Corp.		875,344
	10,035	DTE Energy Co.		953,024

				1,828,368

		Pharmaceuticals - 3.06%
	74,654	Bristol-Myers Squibb Co.		4,161,214
	48,628	Horizon Therapeutics Plc (b)		1,440,361
	10,967	Merck & Co., Inc.		843,801
	29,637	Zoetis, Inc.		3,487,979

				9,933,355

		Professional Services - 0.47%
	6,098	Equifax, Inc.		728,406
	5,644	Verisk Analytics, Inc.		786,661

				1,515,067

		Semiconductors & Semiconductor Equipment - 0.97%
	18,211	Applied Materials, Inc.		834,428
	10,227	Qorvo, Inc. (b)		824,603
	16,806	Skyworks Solutions, Inc.		1,502,120

				3,161,151

		Software - 1.18%
	34,455	Cadence Design Systems, Inc. (b)		2,275,408
	9,875	Microsoft Corp.		1,557,387

				3,832,795

		Technology Hardware, Storage & Peripherals - 1.32%
	8,955	Apple, Inc. (a)		2,277,167
	105,560	Xerox Holdings Corp.		1,999,306

				4,276,473

		Water Utilities - 0.25%
	20,404	Essential Utilities, Inc. (a)		830,443

		Total Common Stocks (Cost $89,948,369)		75,153,009

		INVESTMENT COMPANIES - 42.99%
		Exchange Traded Funds - 42.99%
	642,601	Goldman Sachs Access Treasury 0-1 Year ETF		64,754,903
	816,921	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)		74,854,471

		Total Investment Companies (Cost $139,392,666)		139,609,374

		REAL ESTATE INVESTMENT TRUSTS - 1.79%
		Real Estate Investment Trusts - 1.79%
	217,403	AGNC Investment Corp.		2,300,124
	76,494	Brookfield Property, Inc. (a)		649,434
	1,413	Equinix, Inc.		882,518
	26,561	Equity Commonwealth		842,249
	14,198	Prologis, Inc.		1,141,093

		Total Real Estate Investment Trusts (Cost $7,886,487)		5,815,418

See notes to financial statements.

101

GuidePath^® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		SHORT TERM INVESTMENTS - 31.68%
		Money Market Funds - 31.68%
	102,889,272	DWS Government Money Market Series -Institutional Shares Effective Yield, 0.41% (c)	$	102,889,272

		Total Short Term Investments (Cost $102,889,272)		102,889,272

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.47%
	72,959,037	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (c)		72,959,037

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $72,959,037)		72,959,037

		Total Investments (Cost $413,075,831) - 122.07%		396,426,110
		Liabilities in Excess of Other Assets - (22.07)%		(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


Number of Shares			Value
		INVESTMENT COMPANIES - 99.10%
		Exchange Traded Funds - 59.06%
	19,069	Invesco DB Agriculture Fund (a)	$	268,301
	3,062	Invesco DB Base Metals Fund		37,816
	27,769	Invesco DB Energy Fund (a)		225,484
	48,820	iShares 7-10 Year Treasury Bond ETF (a)		5,930,653
	7,693	iShares Core MSCI Emerging Markets ETF (a)		311,336
	230,372	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		28,453,246
	458,105	ProShares Investment Grade-Interest Rate Hedged ETF (a)(c)		29,836,379
	303,567	ProShares UltraShort 20+ Year Treasury (a)		4,881,357
	551,212	Schwab Short-Term U.S. Treasury ETF		28,514,197
	10,729	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)		983,098
	302,022	Vanguard Emerging Markets Government Bond ETF		21,262,349
	22,294	Vanguard FTSE Developed Markets ETF (a)		743,282
	236,984	Vanguard Intermediate-Term Corporate Bond ETF		20,638,936
	1,435,034	Vanguard Mortgage-Backed Securities ETF		78,209,353
	7,028	Vanguard S&P 500 ETF (a)		1,664,371
	114,421	Vanguard Total Bond Market ETF		9,765,832

				231,725,990

		Mutual Funds - 40.04%
	4,015,763	BlackRock Low Duration Bond Portfolio - Institutional Shares		37,306,434
	517,157	DoubleLine Core Fixed Income Fund - Institutional Shares		5,492,208
	2,201,467	DoubleLine Flexible Income Fund - Institutional Shares (d)		18,492,323
	3,802,306	DoubleLine Low Duration Bond Fund - Institutional Shares		36,159,934
	845,277	DoubleLine Shiller Enhanced CAPE - Institutional Shares		9,881,293
	3,781,688	DoubleLine Total Return Bond Fund - Institutional Shares		39,556,455
	1,173,793	T. Rowe Price Institutional Floating Rate Fund		10,176,782

				157,065,429

		Total Investment Companies (Cost $390,631,898)		388,791,419


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.62%
		Money Market Funds - 0.62%
	2,425,231	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (b)	$	2,425,231

		Total Short Term Investments (Cost $2,425,231)		2,425,231

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.67%
	37,929,302	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (b)		37,929,302

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $37,929,302)		37,929,302

		Total Investments (Cost $430,986,431) - 109.39%		429,145,952
		Liabilities in Excess of Other Assets - (9.39)%		(36,835,064	)

		TOTAL NET ASSETS - 100.00%	$	392,310,888

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of March 31, 2020.

(c)

Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 9 for further disclosures related to this affiliated security.

(d)

Certain GuidePath^® Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $7,489,373 or 1.91% of total net assets as of March 31, 2020.

See notes to financial statements.

103

GuidePath^® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		INVESTMENT COMPANIES - 97.65%
		Exchange Traded Funds - 81.48%
	194,350	Global X US Preferred ETF	$	4,252,378
	21,155	Goldman Sachs Access Treasury 0-1 Year ETF		2,131,789
	168,374	iShares 0-5 Year High Yield Corporate Bond ETF (a)		6,881,445
	14,825	iShares 7-10 Year Treasury Bond ETF		1,800,941
	68,270	iShares Broad USD High Yield Corporate Bond ETF (a)		2,423,585
	44,738	iShares Currency Hedged MSCI Eurozone ETF (a)		1,056,264
	233,994	iShares Emerging Markets Dividend ETF (a)		6,586,931
	21,004	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		2,594,204
	215,457	iShares International Select Dividend ETF		4,869,328
	81,874	iShares Preferred & Income Securities ETF (a)		2,606,868
	68,675	iShares Select Dividend ETF		5,050,360
	104,237	Schwab US Dividend Equity ETF		4,688,580
	94,917	SPDR Portfolio Aggregate Bond ETF		2,868,392
	91,405	SPDR Portfolio Long Term Corporate Bond ETF		2,602,300
	87,997	SPDR Portfolio S&P 500 High Dividend ETF		2,164,726
	22,653	SPDR S&P Global Dividend ETF		1,085,985
	37,185	SPDR S&P Global Infrastructure ETF		1,451,702
	210,043	SPDR S&P International Dividend ETF (a)		6,433,616
	55,910	VanEck Vectors Emerging Markets High Yield Bond ETF		1,115,964
	16,161	Vanguard Emerging Markets Government Bond ETF		1,137,734
	57,080	Vanguard Global ex-U.S. Real Estate ETF		2,449,303
	66,218	Vanguard High Dividend Yield ETF		4,684,924
	42,972	Vanguard Long-Term Treasury ETF		4,340,602
	84,877	Vanguard Mortgage-Backed Securities ETF		4,625,797
	25,927	Vanguard Real Estate ETF (a)		1,811,001
	2,847	Vanguard S&P 500 ETF (a)		674,227
	62,607	WisdomTree US LargeCap Dividend Fund (a)		5,067,411
	213,137	WisdomTree U.S. SmallCap Dividend Fund		3,840,729

				91,297,086


Number of Shares			Value
		Mutual Funds - 16.17%
	150,243	BlackRock Strategic Income Opportunities Portfolio	$	1,401,771
	261,897	Loomis Sayles Global Allocation Fund		5,539,119
	786,631	T. Rowe Price Institutional Floating Rate Fund		6,820,087
	827,646	Vanguard High-Yield Corporate Fund		4,353,416

				18,114,393

		Total Investment Companies (Cost $114,992,075)		109,411,479

		SHORT TERM INVESTMENTS - 1.04%
		Money Market Funds - 1.04%
	1,162,374	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (b)		1,162,374

		Total Short Term Investments (Cost $1,162,374)		1,162,374

		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 12.50%
	14,005,053	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (b)		14,005,053

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $14,005,053)		14,005,053

		Total Investments (Cost $130,159,502) - 111.19%		124,578,906
		Liabilities in Excess of Other Assets - (11.19)%		(12,534,153	)

		TOTAL NET ASSETS - 100.00%	$	112,044,753

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of March 31, 2020.

See notes to financial statements.

104

GuidePath^® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			Value
		INVESTMENT COMPANIES - 99.39%
		Exchange Traded Funds - 84.80%
	299,350	iShares 0-5 Year High Yield Corporate Bond ETF	$	12,234,434
	410,763	iShares Broad USD High Yield Corporate Bond ETF		14,582,087
	298,939	iShares iBoxx High Yield Corporate Bond ETF		23,039,229
	250,894	SPDR Bloomberg Barclays High Yield Bond ETF		23,769,697
	225,504	Xtrackers USD High Yield Corporate Bond ETF		9,937,961

				83,563,408

		Mutual Funds - 14.59%
	1,454,734	BlackRock High Yield Portfolio - Institutional Shares		9,644,889
	900,700	Vanguard High-Yield Corporate Fund		4,737,682

				14,382,571

		Total Investment Companies (Cost $97,727,366)		97,945,979


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.16%
		Money Market Funds - 0.16%
	160,182	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (a)	$	160,182

		Total Short Term Investments (Cost $160,182)		160,182

		Total Investments (Cost $97,887,548) - 99.55%		98,106,161
		Other Assets in Excess of Liabilities - 0.45%		444,372

		TOTAL NET ASSETS - 100.00%	$	98,550,533

Percentages are stated as a percent of net assets.

(a)

Seven-day yield as of March 31, 2020.

See notes to financial statements.

105

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020


Principal Amount			Value
		SHORT TERM INVESTMENTS - 99.01%
		Certificates of Deposit - 73.26%
$	6,500,000	Bank of Montreal 1.695% (1 Month LIBOR USD + 0.180%), 04/03/2020 (a)	$	6,500,000
	8,000,000	Bank Nova Scotia 0.730%, 09/10/2020		7,981,323
	10,000,000	CIBC 0.020%, 04/01/2020		10,000,000
	7,000,000	Credit Industriel ET Commercia 1.620%, 05/19/2020		7,000,000
		DG Bank
	5,000,000	1.000%, 06/10/2020		4,997,446
	2,000,000	1.250%, 06/25/2020		2,000,123
	7,000,000	DNB Bank ASA 1.630%, 05/12/2020		7,000,000
		Landesbank Hessen-Thuringen
	3,000,000	1.300%, 04/27/2020		3,000,000
	4,000,000	1.640%, 05/06/2020		4,000,000
	9,500,000	Landesbank Baden Wurttemberg 0.250%, 04/06/2020		9,500,000
	7,500,000	Mizuho Bank, Ltd. 0.950% (1 Month LIBOR USD + 0.200%), 04/20/2020 (a)		7,500,000
	7,000,000	MUFG Bank, Ltd. 0.980%, 08/28/2020		6,987,647
	6,500,000	National Australia Bank, Ltd. 0.923% (1 Month LIBOR USD + 0.150%), 05/20/2020 (a)		6,500,000
		National Bank of Kuwait
	6,000,000	1.400%, 04/01/2020		6,000,000
	5,000,000	2.050%, 04/06/2020		5,000,515
	6,500,000	Nordea Bank 0.828% (3 Month LIBOR USD + 0.060%), 06/11/2020 (a)		6,494,626
		Norinchukin Bank
	4,000,000	1.850%, 04/06/2020		4,000,359
	5,000,000	1.640%, 06/18/2020		5,004,934
	6,500,000	Oversea-Chinese Banking Corp., Ltd. 0.811% (3 Month LIBOR USD + 0.070%), 06/16/2020 (a)		6,494,384
		Royal Bank of Canada
	5,000,000	0.991% (1 Month LIBOR USD + 0.180%), 06/12/2020 (a)		4,998,440
	1,000,000	1.073% (1 Month LIBOR USD + 0.210%), 07/10/2020 (a)		999,262
	10,500,000	SEB 0.030%, 04/01/2020		10,500,000
	11,500,000	Sumitomo Mitsui Trust Bank, Ltd. 1.763% (3 Month LIBOR USD + 0.070%), 05/19/2020 (a)(f)		11,496,338
	8,000,000	Svenska Handelsbanken 0.802% (1 Month LIBOR USD + 0.190%), 05/18/2020 (a)		8,000,000
		Toronto-Dominion Bank
	3,500,000	1.020%, 09/11/2020		3,492,986
	8,000,000	1.083% (1 Month LIBOR USD + 0.310%), 10/20/2020 (a)		7,990,935

				163,439,318


Principal Amount			Value
		Commercial Papers - 17.02%
		Bank of America NA
$	2,000,000	1.840%, 06/15/2020 (f)	$	2,007,446
	5,000,000	1.155%, 07/08/2020		4,991,028
		COFCO Capital Corp.
	9,000,000	0.921%, 04/08/2020		8,997,534
	500,000	1.103%, 06/02/2020		498,604
	9,500,000	Credit Agricole Corp. 0.090%, 04/03/2020		9,499,953
	5,000,000	ING US FDG LLC. 1.790%, 05/06/2020		4,991,347
		Santander UK PLC
	5,000,000	1.758%, 04/16/2020		4,996,354
	2,000,000	1.722%, 04/21/2020		1,998,078

				37,980,344


Number of Shares
		Money Market Funds - 0.82%
	1,820,304	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (b)(c)		1,820,304

Principal Amount
		U.S. Treasury Bills - 7.91%
$	3,600,000	1.485%, 04/02/2020 (c)(d)(e)		3,599,850
	8,050,000	1.530%, 05/07/2020 (c)(d)(e)		8,037,684
	6,000,000	1.502%, 06/11/2020 (d)(e)		5,999,035

				17,636,569

		Total Short Term Investments (Cost $220,919,824)		220,876,535

		Total Investments (Cost $220,919,824) - 99.01%		220,876,535
		Other Assets in Excess of Liabilities - 0.99%		2,212,293

		TOTAL NET ASSETS - 100.00%	$	223,088,828

Percentages are stated as a percent of net assets.

(a)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2020.

(b)

Seven-day yield as of March 31, 2020.

(c)

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

(d)

Zero coupon bond. The effective yield is listed.

(e)

All or a portion of these securities are held as collateral for certain futures contracts. The approximate value of the portion of these securities held as collateral is $17,636,569.

(f)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $13,503,784, which represents 6.05% of total net assets.

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 Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
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


Number of Shares			Value
		INVESTMENT COMPANIES - 52.61%
		Exchange Traded Funds - 52.61%
	68,396	Schwab Short-Term U.S. Treasury ETF (a)	$	3,538,125

		Total Investment Companies (Cost $3,519,642)		3,538,125

		SHORT TERM INVESTMENTS - 45.28%
		Money Market Funds - 36.45%
	2,450,970	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (a)(b)		2,450,970


Principal Amount
		U.S. Treasury Notes - 8.83%
$	85,000	1.500%, 06/15/2020		85,247
	100,000	1.375%, 09/15/2020		100,586
	200,000	2.500%, 12/31/2020		203,672
	200,000	2.250%, 03/31/2021		204,266

				593,771

		Total Short Term Investments (Cost $3,038,652)		3,044,741

		Total Investments (Cost $6,558,294) - 97.89%		6,582,866
		Other Assets in Excess of Liabilities - 2.11%		141,952

		TOTAL NET ASSETS - 100.00%	$	6,724,818

Percentages are stated as a percent of net assets.

(a)

Fair value of these securities exceeds 25% of the Fund’s net assets. Additional information for these securities, including financial statements, is available from the SEC’s EDGAR datatbase at www.sec.gov.

(b)

Seven-day yield as of March 31, 2020.

See notes to financial statements.

109

GuidePath^® Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2020


Number of Shares			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 (Cost $30,638,071)		31,717,073

		SHORT TERM INVESTMENTS - 0.91%
		Money Market Funds - 0.91%
	296,189	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.41% (a)		296,189

		Total Short Term Investments (Cost $296,189)		296,189

		Total Investments (Cost $30,934,260) - 98.52%		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


Number of Shares			Value
		COMMON STOCKS - 32.35%
		Aerospace & Defense - 1.16%
	1,550	Boeing Co.	$	231,168
	492	Lockheed Martin Corp. (a)		166,763

				397,931

		Air Freight & Logistics - 0.54%
	1,945	United Parcel Service, Inc. - Class B		181,702

		Auto Components - 0.06%
	443	Autoliv, Inc.		20,382

		Banks - 0.69%
	2,956	Citizens Financial Group, Inc.		55,602
	2,965	East West Bancorp, Inc.		76,319
	5,305	Regions Financial Corp. (a)		47,586
	1,629	U.S. Bancorp		56,119

				235,626

		Beverages - 2.06%
	7,358	Coca-Cola Co.		325,592
	3,115	PepsiCo, Inc.		374,111

				699,703

		Biotechnology - 2.08%
	3,112	AbbVie, Inc. (a)		237,103
	1,444	Amgen, Inc.		292,742
	2,368	Gilead Sciences, Inc.		177,032

				706,877

		Capital Markets - 1.03%
	346	BlackRock, Inc.		152,229
	549	CME Group, Inc.		94,928
	741	State Street Corp.		39,473
	635	T. Rowe Price Group, Inc.		62,008

				348,638

		Chemicals - 0.36%
	204	Air Products & Chemicals, Inc.		40,720
	1,644	LyondellBasell Industries NV - Class A		81,592

				122,312

		Communications Equipment - 1.01%
	8,727	Cisco Systems, Inc.		343,058

		Consumer Finance - 0.12%
	2,601	Synchrony Financial		41,850

		Containers & Packaging - 0.16%
	1,762	International Paper Co.		54,851

		Diversified Telecommunication Services - 2.15%
	10,816	AT&T, Inc.		315,286
	7,690	Verizon Communications, Inc.		413,184

				728,470

		Electric Utilities - 2.14%
	872	American Electric Power Co., Inc.		69,743
	1,581	Duke Energy Corp. (a)		127,871
	492	Eversource Energy (a)		38,479
	1,536	NextEra Energy, Inc. (a)		369,592
	3,037	PPL Corp.		74,953
	742	Xcel Energy, Inc. (a)		44,743

				725,381

		Electrical Equipment - 0.61%
	1,386	Eaton Corp. PLC		107,678
	2,083	Emerson Electric Co.		99,255

				206,933


Number of Shares			Value
		Electronic Equipment, Instruments & Components - 0.14%
	2,274	Corning, Inc.	$	46,708

		Food & Staples Retailing - 0.45%
	1,259	Sysco Corp.		57,448
	2,107	Walgreens Boots Alliance, Inc. (a)		96,395

				153,843

		Food Products - 0.75%
	1,797	Archer-Daniels-Midland Co.		63,218
	1,502	General Mills, Inc.		79,261
	840	Hershey Co. (a)		111,300

				253,779

		Health Care Providers & Services - 0.49%
	2,804	CVS Health Corp. (a)		166,361

		Hotels, Restaurants & Leisure - 0.95%
	1,411	Carnival Corp.		18,583
	1,278	Las Vegas Sands Corp.		54,277
	1,512	McDonald’s Corp.		250,009

				322,869

		Household Products - 1.71%
	1,868	Colgate-Palmolive Co.		123,960
	610	Kimberly-Clark Corp.		78,001
	3,423	Procter & Gamble Co.		376,530

				578,491

		Industrial Conglomerates - 0.52%
	1,283	3M Co.		175,142

		Insurance - 0.35%
	2,609	Aflac, Inc.		89,333
	287	Travelers Cos., Inc.		28,513

				117,846

		IT Services - 0.74%
	1,896	International Business Machines Corp.		210,324
	647	Paychex, Inc.		40,709

				251,033

		Leisure Products - 0.19%
	901	Hasbro, Inc.		64,467

		Machinery - 0.44%
	144	Cummins, Inc.		19,486
	354	Illinois Tool Works, Inc.		50,310
	1,286	PACCAR, Inc.		78,614

				148,410

		Metals & Mining - 0.15%
	1,430	NUCOR Corp.		51,509

		Multiline Retail - 0.41%
	998	Kohl’s Corp.		14,561
	1,350	Target Corp.		125,509

				140,070

		Multi-Utilities - 0.66%
	558	Consolidated Edison, Inc.		43,524
	274	DTE Energy Co.		26,022
	1,484	Public Service Enterprise Group, Inc. (a)		66,646
	347	Sempra Energy (a)		39,208
	547	WEC Energy Group, Inc. (a)		48,207

				223,607

See notes to financial statements.

111

GuidePath^® Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020


Number of Shares			Value
		Oil, Gas & Consumable Fuels - 1.36%
	6,722	Exxon Mobil Corp.	$	255,234
	2,159	Marathon Petroleum Corp.		50,996
	1,656	Phillips 66		88,844
	1,442	Valero Energy Corp. (a)		65,409

				460,483

		Pharmaceuticals - 3.91%
	3,704	Bristol-Myers Squibb Co. (a)		206,461
	2,816	Johnson & Johnson (a)		369,262
	4,871	Merck & Co., Inc. (a)		374,776
	11,466	Pfizer, Inc.		374,250

				1,324,749

		Semiconductors & Semiconductor Equipment - 2.52%
	535	Analog Devices, Inc.		47,963
	823	Broadcom, Inc.		195,133
	7,454	Intel Corp.		403,410
	2,097	Texas Instruments, Inc.		209,553

				856,059

		Specialty Retail - 1.00%
	459	Best Buy Co., Inc.		26,163
	1,658	Home Depot Inc. (a)		309,566

				335,729

		Technology Hardware, Storage & Peripherals - 0.19%
	3,713	HP, Inc.		64,458

		Textiles, Apparel & Luxury Goods - 0.12%
	768	VF Corp.		41,533

		Tobacco - 1.13%
	4,357	Altria Group, Inc.		168,485
	2,967	Philip Morris International, Inc.		216,473

				384,958

		Total Common Stocks (Cost $12,651,834)		10,975,818

		INVESTMENT COMPANIES - 32.87%
		Exchange Traded Funds - 32.87%
	178,805	Schwab U.S. Large-Cap ETF		10,951,806
	2,156	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		197,554

		Total Investment Companies (Cost $12,004,440)		11,149,360


Number of Shares			Value
		SHORT TERM INVESTMENTS - 31.31%
		Money Market Funds - 20.16%
		DWS Government Money Market Series - Institutional Shares
	6,839,739	Effective Yield, 0.41% (b)	$	6,839,739


Principal Amount
		U.S. Treasury Notes - 11.15%
$	1,250,000	1.500%, 06/15/2020 (c)		1,253,636
	1,250,000	1.375%, 09/15/2020 (c)		1,257,324
	1,250,000	2.500%, 12/31/2020 (c)		1,272,949

				3,783,909

		Total Short Term Investments (Cost $10,594,925)		10,623,648


Number of Shares
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.47%
	2,196,737	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.91% (b)		2,196,737

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $2,196,737)		2,196,737

		Total Investments (Cost $37,447,936) - 103.00%		34,945,563
		Liabilities in Excess of Other Assets - (3.00)%		(1,017,904	)

		TOTAL NET ASSETS - 100.00%	$	33,927,659

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of March 31, 2020.

(c)

All or a portion of these securities are held as collateral for certain written options contracts. The approximate value of the portion of these securities held as collateral is $2,981,425.

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 Amount		Number of Contracts			Value
				Put Options
				Options on Equities
	488,000		2	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 24, 2020 Exercise Price: $2,440.00	$	(16,144	)
	756,000		3	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 24, 2020 Exercise Price: $2,520.00		(29,982	)
	566,000		2	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 24, 2020 Exercise Price: $2,830.00		(47,194	)
	520,000		2	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: May 01, 2020 Exercise Price: $2,600.00		(26,644	)
	726,000		3	S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 17, 2020 Exercise Price: $2,420.00		(17,166	)
	504,000		2	S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 24, 2020 Exercise Price: $2,520.00		(14,320	)
	566,000		2	S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 17, 2020 Exercise Price: $2,830.00		(49,744	)
	693,000		3	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 24, 2020 Exercise Price: $2,310.00		(16,215	)
	879,000		3	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 03, 2020 Exercise Price: $2,930.00		(107,535	)
	488,000		2	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: May 01, 2020 Exercise Price: $2,440.00		(19,170	)
	516,000		2	Cboe S&P 500 Index Counterparty: NatWest Market Securities Expiration: May 01, 2020 Exercise Price: $2,580.00		(28,380	)
	831,000		3	S&P 500 Index Counterparty: NatWest Market Securities Expiration: April 17, 2020 Exercise Price: $2,770.00		(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

¹Includes 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

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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

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	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

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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

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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

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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

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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

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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

¹Consolidated Statements of Changes in Net Assets (see note 3b).

See notes to financial statements.

132

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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

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

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.

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

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.

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.

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

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.

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

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

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.

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

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%

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

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.

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

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

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.

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

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%

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

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%

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

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.

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

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.

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

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.

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

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

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.

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

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

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

⁴

⁵

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.

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

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

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

⁴

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.

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

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

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

⁴

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.

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

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

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.

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

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

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

⁴

⁵

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%

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

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

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

⁴

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.

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

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

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.

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

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

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.

Commencement of operations.

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

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, 2016¹Through 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.

Commencement of operations.

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

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

Commencement of operations.

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

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

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

Commencement of operations.

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

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

⁷

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

Commencement of operations.

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

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

⁷

See notes to financial statements.

161

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NOTES TO FINANCIAL STATEMENTS

March 31, 2020

Organization

GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. GPS Funds I is comprised of the following 6 funds: GuideMark^® Large Cap Core Fund, GuideMark^® Emerging Markets Fund, GuideMark^® Small/Mid Cap Core Fund, GuideMark^® World ex-US Fund, GuideMark^® Core Fixed Income Fund and GuideMark^® Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 11 funds: GuideMark^® Opportunistic Fixed Income Fund, GuidePath^® Growth Allocation Fund, GuidePath^® Conservative Allocation Fund, GuidePath^® Tactical Allocation Fund, GuidePath^® Absolute Return Allocation Fund, GuidePath^®Multi-Asset Income Allocation Fund, GuidePath^® Flexible Income Allocation Fund, GuidePath^®Managed Futures Strategy Fund, GuidePath^® Conservative Income Fund, GuidePath^® Income Fund and GuidePath^® Growth and Income Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The GuideMark^® Opportunistic Fixed Income Fund, GuidePath^® Growth Allocation Fund, GuidePath^® Conservative Allocation Fund, GuidePath^® Tactical Allocation Fund and GuidePath^® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark^® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath^® Growth Allocation Fund, GuidePath^® Conservative Allocation Fund, GuidePath^® Tactical Allocation Fund and GuidePath^® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath^®Multi-Asset Income Allocation Fund and GuidePath^® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath^®Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath^® Conservative Income Fund, GuidePath^® Income Fund and GuidePath^® Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath^® Conservative Income Fund, GuidePath^® Income Fund and GuidePath^® Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

Fund of Funds

The GuidePath^® Growth Allocation Fund, GuidePath^® Conservative Allocation Fund, GuidePath^® Tactical Allocation Fund, GuidePath^® Absolute Return Allocation Fund, GuidePath^®Multi-Asset Income Allocation Fund, GuidePath^® Flexible Income Allocation Fund, GuidePath^® Conservative Income Fund, GuidePath^® Income Fund and GuidePath^® Growth and Income

Fund each operate as a “Fund of Funds,” investing primarily (or, in the case of the GuidePath^® Tactical Allocation Fund, between 10% and 100% of its assets) in registered investment companies, including mutual funds and exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a)

Investment Valuation

Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) on each business day. If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves.

162

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020

To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).

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

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

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

During the year certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal debt obligations; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain derivative instruments, including forward currency contracts, written options, and swaps.

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

Forward currency contracts, swaps and options derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.

Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

163

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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

For further information regarding security characteristics, see the Schedule of Investments.

164

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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

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

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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

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	)

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

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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

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

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

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

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

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

)

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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GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020

(b)

Consolidation of Subsidiary

The GuidePath^®Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath^® Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath^®Managed Futures Strategy Fund. The financial statements of the GuidePath^®Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePath^®Managed Futures Strategy Fund had 3.20% of its total assets invested in the Subsidiary as of March 31, 2020.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.

(c)

Subsequent Events Evaluation

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. See Note 10.

(d)

Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.

(e)

Federal Income Taxes

The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and

concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the fiscal year ended March 31, 2020, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal year ended March 31, 2020, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(f)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

(g)

Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

(h)

Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.

(i)

Organization and Offering Costs

Organization costs consist of costs incurred to establish a Fund and enable it legally to do business. The Funds expense organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 4). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.

(j)

Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on

170

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020

capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable country’s tax rules and rates. Realized gains and losses on investment transactions are determined using the high cost method. Proceeds received from litigation for securities not held are disclosed as realized gains on investments. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

(k)

Distributions to Shareholders

The Funds, with the exception of the GuideMark® Core Fixed Income Fund, GuideMark® Tax-Exempt Fixed Income Fund, GuideMark® Opportunistic Fixed Income Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and GuidePath® Income Fund will distribute any net investment income at least annually. The GuideMark® Core Fixed Income Fund, GuideMark® Tax-Exempt Fixed Income Fund, GuideMark® Opportunistic Fixed Income Fund, GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund will distribute any net investment income quarterly. The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

(l)

Derivatives

Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.

Forward Currency Contracts

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

Options

The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Futures

Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.

Futures contracts are valued at the daily quoted settlement prices.

Swaps

The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may

171

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020

enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

Derivative Instruments and Hedging Activities

Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.

GuideMark^® Core Fixed Income Fund

During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX 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.

173

GuideMark^® Funds & GuidePath^® Funds

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

GuideMark^® Funds & GuidePath^® Funds

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

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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

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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


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

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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.

(m)

Securities Purchased or Sold on a Forward-Commitment Basis

The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security. Each Fund designates and maintains cash and/or marketable securities at least equal in value to commitments for securities purchased on a forward-commitment basis.

(n)

Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.

(o)

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the

portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss in the Statement of Operations.

Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.

The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

(p)

Restricted and Illiquid Securities

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities

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March 31, 2020

may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds’ liquidity guidelines.

(q)

Auction Rate Securities

The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.

(r)

Short Sales

Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

(s)

Trustee Compensation

Effective April 1, 2020, for the services performed as Trustees of the consolidated Board of GPS Funds I, GPS Funds II, and Savos Investments Trust, which currently consists of one fund, the Independent Trustees receive a retainer fee of $87,500 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

The “interested persons” who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

(t)

Pending Litigation

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company, which included the GuideMark^® Emerging Markets Fund, who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

(u)

Participatory Notes (“participation notes”)

Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of March 31, 2020.

Investment Advisor

Each Trust has an Investment Advisory Agreement (the “Agreement”) with AssetMark, Inc. (the “Advisor” or “AssetMark”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:


Large Cap Core Fund			0.45%
Emerging Markets Fund			0.59%
Small/Mid Cap Core Fund			0.57%
World ex-US Fund			0.50%
Core Fixed Income Fund			0.40%
Tax-Exempt Fixed Income Fund			0.50%
Opportunistic Fixed Income Fund			0.70%
Growth Allocation Fund			0.25%
Conservative Allocation Fund			0.25%
Tactical Allocation Fund			0.35%
Absolute Return Allocation Fund			0.35%
Multi-Asset Income Allocation Fund			0.35%
Flexible Income Allocation Fund			0.25%
Managed Futures Strategy Fund			1.05%
Conservative Income Fund			0.35%
Income Fund			0.45%
Growth and Income Fund			0.45%

AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a fee of 0.25% of the average daily net assets of the applicable class of shares of each Fund. AssetMark also receives an advisory fee of 1.05% for the Guidemark Managed Futures Strategy Cayman Fund Ltd., all of which is being waived by the Advisor. The administrative services may include development and maintenance of a web-based software platform for both investment advisers and shareholders; creation of a customized full-color client quarterly performance review for each

180

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2020

individual client; facilitating the initiation and setup of new account and related asset transfers; reviewing and following up on custodial paperwork; attending to shareholder correspondence, requests and inquiries, and other communications with shareholders and their representatives; assisting with the processing of purchases and redemptions of shares; and monitoring and overseeing non-advisory relationships with entities providing services to the applicable class of shares of each Fund; including the transfer agent and custodian.

In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive, 0.025% of each Fund’s annual advisory fee on GPS Funds I assets in excess of $6 billion and an additional 0.025% of each Fund’s annual advisory fee on GPS Funds I assets in excess of $12 billion.

Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2021, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s net annual operating expenses (excluding taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not exceed the following rates (“Expense Limits”), based on daily net assets of each class of each Fund:


	Service Class		Institutional Class		Single Class
Large Cap Core Fund		1.24%		0.64%		—
Emerging Markets Fund		1.65%		1.05%		—
Small/Mid Cap Core Fund		1.45%		0.85%		—


	Service Class		Institutional Class		Single Class
World ex-US Fund		1.39%		0.79%		—
Core Fixed Income Fund		1.19%		0.59%		—
Tax-Exempt Fixed Income Fund		1.29%		0.69%		—
Opportunistic Fixed Income Fund		1.55%		0.95%		—
Growth Allocation Fund		1.00%		0.40%		—
Conservative Allocation Fund		0.70%		0.10%		—
Tactical Allocation Fund		1.10%		0.50%		—
Absolute Return Allocation Fund		0.80%		0.20%		—
Multi-Asset Income Allocation Fund		1.10%		0.50%		—
Flexible Income Allocation Fund		0.75%		0.15%		—
Managed Futures Strategy Fund		1.90%		1.30%		—
Conservative Income Fund		—		—		0.64%
Income Fund		—		—		0.79%
Growth and Income Fund		—		—		0.79%

Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of March 31, 2020, Large Cap Core Fund, Small/Mid Cap Core Fund, World ex-US Fund (service class shares), Growth Allocation Fund, Tactical Allocation Fund and Multi-Asset Income Allocation Fund have recouped all potential recoverable waived fees or reimbursed expenses.

The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:


	Year of Expiration 03/31/2021		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.

Distribution Plan

Each Trust, on behalf of the Service Shares class of its Funds, as applicable, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each

Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds’ Service Shares. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and

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March 31, 2020

servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark Brokerage^TM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent fiscal year ended March 31, 2020.

Service, Custody, and Line of Credit Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S.

Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.

The Funds have established a line of credit (“LoC”) with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Savos Investments Trust, which is also managed by AssetMark, is also party to the same LoC agreement. The LoC was renewed August 1, 2019 and will mature, unless renewed, on July 31, 2020. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of specific marketable securities acceptable to USB, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 3.25% at March 31, 2020. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.

During the year April 1, 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		—		—			—

Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against costs and other charges

incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. The Custodian is paid a fee for administering the securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.

During the year ended March 31, 2020, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, and Managed Futures Strategy Fund) had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.

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.

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2020 are summarized below.


	Purchases		Sales
Large Cap Core Fund	$	155,725,069	$	109,262,460
Emerging Markets Fund		33,803,903		40,390,347
Small/Mid Cap Core Fund		22,510,243		16,971,502
World ex-US Fund		44,971,175		124,102,902
Core Fixed Income Fund*		437,453,892		431,039,158
Tax-Exempt Fixed Income Fund		8,771,453		9,673,644
Opportunistic Fixed Income Fund**		26,978,303		29,080,017
Growth Allocation Fund		378,975,347		314,848,831
Conservative Allocation Fund		209,420,929		209,995,108


	Purchases		Sales
Tactical Allocation Fund	$	1,762,632,618	$	1,862,202,053
Absolute Return Allocation Fund		598,330,594		511,335,100
Multi-Asset Income Allocation Fund		112,914,675		113,854,204
Flexible Income Allocation Fund		453,553,736		412,321,255
Managed Futures Strategy Fund		—		—
Conservative Income Fund		8,043,818		4,596,240
Income Fund		79,429,657		50,234,375
Growth and Income Fund***		52,510,777		27,947,100

Included in these amounts were $398,407,609 of purchases and $383,554,107 of sales of U.S. Government Securities.

Included in these amounts were $28,015,414 of purchases and $28,664,545 of sales of U.S. Government Securities.

***

Included in these amounts were $2,158,203 of purchases and $0 of sales of U.S. Government Securities

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	$	—		—

$27 due to currency translation.

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

10.

Subsequent Events

The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

11.

New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for

public companies only, until their effective date. Management has evaluated ASU 2018-13 and has early adopted the relevant provisions of the disclosure framework.

In March 2017, FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). The amendments in the ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Effective April 1, 2019, the Funds adopted ASU 2017-08 and the adoption did not have a material impact on the financial statements.

12.

Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to 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.

186

GuideMark^® Funds & GuidePath^® Funds

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

188

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION

March 31, 2020

Additional Information

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%

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Fundsdesignated 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

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2020

Disclosure Regarding Fund Trustees and Officers (Unaudited)

Name, Address

and Year of Birth

Position(s) Held
with the Trusts

Term of Office and
Length of Time Served

Principal Occupation
During Past Five Years or Longer

# of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Director/

Trustee Positions

GPS Funds I and GPS Funds II

Independent Trustees

David M. Dunford

Year of Birth: 1949

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

Lead Independent Trustee

Indefinite Term

(since 2013 for GPS Funds I and since 2011 for GPS Funds II)

Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001).

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).

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).

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
since 2014

Renewed 1-Year Term since 2008

President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage^™, LLC (2013-present).

Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present);

190

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2020


Name, Address and Year of Birth	Position(s) Held with the Trusts	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
Officers of the Trusts**

John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Chief Compliance Officer and AML Compliance Officer	Renewed 1-Year Term since 2013	Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009).

Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Vice President and Treasurer	Renewed 1-Year Term since 2014	Vice President and Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 2014).

Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Secretary	Renewed 1-Year Term since 2014	Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009).

Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.

Each Officer of the Trusts serves at the pleasure of the Board.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

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.

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.

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,

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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

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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.

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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.

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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.

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”).

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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.

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GuideMark^® Funds

GuidePath^® Funds

GUIDEMARK^® FUNDS & GUIDEPATH^® FUNDS

GuideMark^® Large Cap Core Fund

GuideMark^® Emerging Markets Fund

GuideMark^® Small/Mid Cap Core Fund

GuideMark^® World ex-US Fund

GuideMark^® Core Fixed Income Fund

GuideMark^® Tax-Exempt Fixed Income Fund

GuideMark^® Opportunistic Fixed Income Fund

GuidePath^® Growth Allocation Fund

GuidePath^® Conservative Allocation Fund

GuidePath^® Tactical Allocation Fund

GuidePath^® Absolute Return Allocation Fund

GuidePath^® Multi-Asset Income Allocation Fund

GuidePath^® Flexible Income Allocation Fund

GuidePath^® Managed Futures Strategy Fund

GuidePath^® Conservative Income Fund

GuidePath^® Income Fund

GuidePath^® Growth and Income Fund

Investment Advisor

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

Legal Counsel

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

342 North Water St.

Suite 830

Milwaukee, WI 53202

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Distributor

AssetMark Brokerage^TM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

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.

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