GPS Funds I

N-CSR 1 d468799dncsr.htm GPS FUNDS I 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, 2023

Date of reporting period: April 1, 2022 through March 31, 2023

Item 1. Reports to Stockholders.

(a)

(b) Not applicable.

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

ANNUAL REPORT

March 31, 2023

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

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

Dear Shareholder:

Enclosed is the Annual Report for the GuideMark^® and GuidePath^®Funds covering the period from April 1, 2022 to March 31, 2023.

Market Review

For the 12-month reporting period ended March 31, 2023, U.S. equities returned (7.7)%¹. Tightening monetary policy intended to tame persistently high inflation, culminating in a banking crisis during the first quarter of 2023, plagued the markets over the 12 month period. International developed markets outperformed U.S. equities, returning (0.9)%² in U.S. dollar terms for the 12-month period ended March 31, 2023. The outperformance came as investors were surprised by better-than-expected economic growth and corporate earnings, as well as cheaper relative valuations. Emerging markets struggled for the 12-month period ending March 31, 2023, declining 10.3%³ as China’s continued restrictive, zero-tolerance COVID policy remained highly disruptive to the region’s economy and markets.

Within U.S. equities, 8 out of 11 sectors posted negative returns for the 12-month period ended March 31, 2023. Energy was the best performing sector with gains of 13.6%⁴. In addition, consumer staples, a defensive sector, also gained 1.2%⁵ as investors sought safety amid rising uncertainty. The worst performing sectors for the 12-month period were real estate and consumer discretionary. Both sectors were impacted by higher costs due to rising interest rates and fell 19.7%⁶ and 19.6%⁷ respectively as of March 31, 2023.

Within equity styles, U.S. large cap value stocks posted negative absolute returns, but outperformed U.S. large cap growth stocks for the 12-month reporting period by 15.5%⁸. This was a reversal from the last decade where value style underperformed. Rising interest rates and lofty valuations drove underperformance of the growth segments during most of the reporting period. Across the capitalization spectrum, small cap stocks slightly underperformed large-cap stocks by 1.1%⁹.

Looking at broader asset class returns for the 12-month period ending March 31, 2023, commodities fell 12.5%¹⁰ as recession concerns weighed on future demand. Gold prices were nearly flat at 0.7%¹¹ hurt by a rising U.S. dollar in the first half of the reporting period followed by strong gains in the second half as the debt ceiling uncertainty and a banking crisis in the US led to fears of a contagion and deeper recession. Real estate investment trusts (REITs) returned (19.4)%¹² over the same period and were also hurt by rising interest rates.

Within fixed income, the U.S. bond market ended 2022 with its worst performance on record since the inception of the Bloomberg US Aggregate Bond Index as interest rates rose sharply after the Federal Reserve set out on a more aggressive path of monetary tightening in an effort to tame inflation. While bonds posted stronger returns in the first quarter of 2023, it was not enough to recover from the losses sustained in 2022. U.S. core bonds returned (4.8)% for the 12-month period ended March 31, 2023¹³. Longer-term Treasuries, which have the greatest sensitivity to interest-rate changes, were the hardest hit and fell 16.0%¹⁴ for the same time period. High yield bonds (which carry less interest rate sensitivity) fell 3.3%¹⁵, surprisingly outperforming investment grade corporate bonds, despite recessionary fears hitting other risk assets. Finally, emerging market bonds struggled with weaker regional ecnomic growth, falling 4.6%¹⁶ for the 12-month period ended March 31, 2023.

Fund Review

Looking across the fund family, five of the 15 funds performed in line with or outperformed their benchmarks over the 12-month period.

Performance of the GuideMark Funds was mixed during the reporting period. The GuideMark Small/Mid Cap Fund outperformed its benchmark as all three factors (value, quality, momentum) contributed to the relative outperformance. The GuideMark Large Cap Core Fund underperformed its benchmark primarily as a result of its exposure to the value factor. Large cap growth significantly outperformed large cap value largely in the first quarter of 2023 as higher growth tech securities mounted a rally while value related financials experienced a dramatic sell off on the heels of Silicon Valley Bank falling into receivership. GuideMark World Ex-US Fund and GuideMark Emerging Markets Fund lagged its respective benchmark over the 12-month period due to its exposure to the momentum factor. The GuideMark Core Fixed Income Fund underperformed its benchmark due its

Source: Zephyr Style Advisor. US equities represented by S&P 500 Index.

Source: Zephyr Style Advisor. International developed market equities represented by MSCI EAFE Index USD.

Source: Zephyr Style Advisor. Emerging market equities represented by MSCI Emerging Markets Index.

⁴

Source: Zephyr Style Advisor. Energy represented by S&P 500 Sector Energy TR USD.

⁵

Source: Zephyr Style Advisor. Consumer Staples represented by S&P 500 Sector Consumer Staples TR USD.

⁶

Source: Zephyr Style Advisor. Real Estate represented by S&P 500 Sector Real Estate TR USD.

⁷

Source: Zephyr Style Advisor. Consumer Discretionary represented by S&P 500 Sector Consumer Discretionary TR USD.

⁸

Source: Zephyr Style Advisor. Large cap growth stocks represented by S&P 500 Growth Index and large cap value stocks represented by S&P 500 Value Index.

⁹

Source: Zephyr Style Advisor. Large cap stocks represented by S&P 500 Index and small cap stocks represented by S&P 600 Index.

¹⁰

Source: Zephyr Style Advisor. Commodities represented by Bloomberg Commodity Index.

¹¹

Source: Zephyr Style Advisor. Gold represented by Bloomberg Gold Subindex.

¹²

Source: Zephyr Style Advisor. REITs represented by FTSE NAREIT All Equity REITs TR Index.

¹³

Source Zephyr Style Advisor. US core bonds represented by Bloomberg US Aggregate Bond Index.

¹⁴

Source: Zephyr Style Advisor. Long Treasuries represented by Bloomberg US Long Treasury Index.

¹⁵

Source: Zephyr Style Advisor. High yield bonds represented by Bloomberg US Corporate High Yield Bond Index.

¹⁶

Source: Zephyr Style Advisor. Emerging market bonds represented by Bloomberg Emerging Markets Aggregate Bond Index.

allocation to the securitized credit sector including non-agency residential mortgages and commercial mortgage-backed securities. Securitized credit fell under pressure during the period due partially to growing interest rate volatility.

The GuidePath Multi-Asset Income Allocation Fund outperformed its benchmark due to exposures to convertible bonds, short-term bonds and high yield bonds during the period. The GuidePath Managed Futures Strategy Fund outperformed its benchmark for the 12-month period largely due to its strong performance in the first half of the period. In particular, short positions in fixed income and long positioning in the U.S. dollar were primary contributors. The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund and GuidePath Flexible Income Allocation Fund each underperformed their respective benchmarks, with exposure to global equities, and in particular growth-oriented equities, along with small cap equities, global REITs and long-term Treasuries within fixed income all weighing on returns for the period. The GuidePath Tactical Allocation Fund underperformed its benchmark due to its security selection in the Consumer Staples and Healthcare sectors. The Fund’s higher total equity positioning relative to its benchmark also detracted from performance during the period.

Of the three GuidePath income-focused funds, the GuidePath Conservative Income Fund outperformed its benchmark for the reporting period. The GuidePath Conservative Income Fund primarily benefited from an allocation to investment grade bonds that beat the modest returns of short-term Treasuries as the Federal Reserve raised interest rates sharply during the period. The GuidePath Growth and Income Fund slightly underperformed its benchmark for the period. The Fund’s put-write strategy modestly detracted from returns, as the collection of the option premiums was offset by increased market volatility. Exposure to master limited partnerships (MLPs) and dividend-oriented stocks lifted its returns for the period, as did the Fund’s volatility targeting component. The GuidePath Income Fund underperformed its benchmark for the period. The Fund’s allocation to preferred securities and high yield bonds were the primary detractors from returns during the period.

Looking Ahead

After several interest rate increases, the conventional wisdom holds that the economy is likely to enter a period of slowing. However, how much of that slowdown is already “priced” into current market levels? Getting that question wrong can be very costly to your investment returns. In our view, a sensible plan is to prepare for some ups and downs, and to follow a disciplined investment strategy.

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

Sincerely,

LOGO

Carrie E. Hansen

Trustee, Chairperson and President of the Funds

Important Information

Past performance is no guarantee of future results and it is not possible to invest directly in any index.

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

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 (AssetMark Brokerage), a member of the Financial Industry Regulatory Authority, Inc. AssetMark Brokerage is an affiliate of AssetMark, Inc. and shares its address. ^©2023 AssetMark, Inc. All rights reserved.

Investment Terms

Market Capitalization or Market Cap refers to the total value of an issuer’s outstanding shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares.

Small Cap stocks generally refer to shares of companies with a market cap between $300 million and $2 billion.

Mid Cap stocks generally refer to shares of companies with a market cap between $2 billion and $10 billion.

Large Cap stocks generally refer to shares of companies with a market cap of $10 billion or greater.

Investment Factors:

Value refers to how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow.

Momentum refers to whether a company’s share price is trending up or down.

Quality refers to profitability.

Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time. Low volatility means that the value of a security, market index or portfolio stays relatively stable. High volatility means that the value of a security, market index or portfolio experiences rapid increases and dramatic falls and may move erratically.

Inflation is the measure of average prices of a “basket” of consumer goods over time.

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, 2013. 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 6, 2022, the market capitalization of the companies in the Russell 1000^® Index ranged from $2.9 billion to $2.5 trillion.


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuideMark Large Cap Core Fund⁽³⁾
Service Shares		(8.81	)%		9.88	%		10.83	%		5.73	%
Institutional Shares		(8.62	)%		10.39	%		11.41	%		10.30	%
Russell 1000^® Index		(8.39	)%		10.87	%		12.01	%		7.93	%

⁽¹⁾	Inception date is June 29, 2001 for Service Shares and April 29, 2011 for Institutional Shares.

⁽²⁾	The return shown for the Russell 1000^® Index is from the inception date of the Service Shares. The Russell 1000^® Index return from the inception date of the Institutional Shares is 11.66%.

⁽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 Large Cap Core Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (8.81)%, underperforming the Russell 1000 Index at (8.39)%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was the largest detractor for the period.

•

As a result of the Fund’s factor-based investment approach, security selection within communication services detracted from Fund performance.

•

The Fund’s dedicated allocation to the quality and momentum factors benefited Fund performance for the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Apple, Inc.		5.90	%
	2	Microsoft Corp.		4.97	%
	3	Vanguard S&P 500 ETF		3.24	%
	4	Amazon.com, Inc.		1.73	%
	5	NVIDIA Corp.		1.27	%
	6	Alphabet, Inc. – Class A		1.21	%
	7	Alphabet, Inc. – Class C		1.10	%
	8	UnitedHealth Group, Inc.		0.92	%
	9	Exxon Mobil Corp.		0.92	%
	10	Meta Platforms, Inc. – Class A		0.88	%

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P, and has been licensed for use by U.S. Bancorp Fund Services, LLC.

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: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, 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⁾
GuideMarkEmerging Markets Fund⁽²⁾
Service Shares		(11.05	)%		(1.75	)%		5.56	%		3.94	%
MSCI Emerging Markets Index		(10.30	)%		(0.53	)%		2.37	%		8.18	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	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 Emerging Markets Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (11.05)%, underperforming the MSCI Emerging Markets Index at (10.30)%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was the largest detractor for the period.

•

Exposure to emerging market equities, led by security selection in India, detracted from the Fund’s returns.

•

Fund performance benefited from an overweight allocation to Turkish financials equities, driven by the value factor.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Taiwan Semiconductor Manufacturing Co., Ltd.		6.37	%
	2	Tencent Holdings, Ltd.		4.28	%
	3	iShares MSCI Saudi Arabia ETF		3.98	%
	4	Samsung Electronics Co., Ltd.		3.50	%
	5	Alibaba Group Holdings, Ltd.		2.33	%
	6	iShares Core MSCI Emerging Markets ETF		1.95	%
	7	Meituan		0.87	%
	8	Vale SA		0.85	%
	9	Infosys, Ltd.		0.83	%
	10	Reliance Industries, Ltd.		0.82	%

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 6, 2022, the market capitalization of the companies in the Russell 2500^TM Index ranged from $240 million to $16.9 billion.


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMarkSmall/Mid Cap Core Fund⁽²⁾
Service Shares		(10.34	)%		7.26	%		8.83	%		7.43	%
Russell 2500^TM Index		(10.39	)%		6.65	%		9.07	%		8.45	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	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 Small/Mid Cap Core Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (10.34) %, outperforming the Russell 2500 Index at (10.39)%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was the largest contributor to the Fund’s outperformance relative to the benchmark for the period, followed by the value and quality factors.

•

During the reporting period, the Fund’s relative performance benefited from security section in the industrials sector, driven by the value factor.

•

As a result of the Fund’s factor-based investment approach, security selection within the financials and energy sectors detracted from the Fund’s performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Extended Market ETF		3.58	%
	2	Steel Dynamics, Inc.		0.44	%
	3	Builders FirstSource, Inc.		0.42	%
	4	Reliance Steel & Aluminum Co.		0.35	%
	5	Quanta Services, Inc.		0.30	%
	6	LPL Financial Holdings, Inc.		0.29	%
	7	Fair Isaac Corp.		0.28	%
	8	Deckers Outdoor Corp.		0.28	%
	9	United Therapeutics Corp.		0.27	%
	10	Croc’s, Inc.		0.27	%

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⁾⁽²⁾
GuideMarkWorld ex-US Fund⁽³⁾
Service Shares		(2.71	)%		2.35	%		3.73	%		2.90	%
Institutional Shares⁽⁴⁾		(2.18	)%		2.89	%		4.40	%		3.21	%
MSCI World ex-USA Index		(2.19	)%		4.34	%		5.44	%		5.66	%

⁽¹⁾	Inception date is June 29, 2001 for Service Shares and April 29, 2011 for Institutional Shares.

⁽²⁾	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 4.42%.

⁽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).

⁽⁴⁾

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.

GuideMark World ex-US Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (2.71)%, underperforming the MSCI World ex-USA Index at (2.19)%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocations to the quality and momentum factors detracted from performance.

•

As a result of the Fund’s factor-based investment approach, security selection within the industrials sector detracted from Fund performance.

•

The Fund’s dedicated exposure to the value factor benefited performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares MSCI EAFE ETF		2.40	%
	2	Novo Nordisk AS – Series B		1.65	%
	3	Nestle SA		1.35	%
	4	LVMH Moet Hennessy Louis Vuitton SE		1.26	%
	5	Shell PLC		1.09	%
	6	AstraZeneca PLC		1.06	%
	7	Roche Holdings AG		1.03	%
	8	ASML Holding NV		1.03	%
	9	Novartis AG		0.94	%
	10	Total SA		0.82	%

GuideMark Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

BLOOMBERG U.S. AGGREGATE BOND INDEX – The Bloomberg 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 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⁾
GuideMarkCore Fixed Income Fund⁽²⁾
Service Shares		(6.02	)%		0.33	%		0.62	%		2.90	%
Bloomberg U.S. Aggregate Bond Index		(4.78	)%		0.91	%		1.36	%		3.66	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	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 Core Fixed Income Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (6.02)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%.

•

Exposure to the securitized credit sector, including residential mortgage-backed securities and commercial mortgage-backed securities, tempered returns for the period.

•

The Fund’s allocation to collateralized loan obligations also contributed to relative underperformance, as interest rates continued to rise over the period.

•

Security selection within investment grade corporate credit and an allocation to treasury inflation protected securities benefited performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from 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	Federal National Mortgage Association, 4.500%, 04/15/2041		6.39	%
	2	U.S. Treasury Note, 1.875%, 02/28/2029		2.81	%
	3	Federal National Mortgage Association, 5.500%, 04/15/2041		2.61	%
	4	U.S. Treasury Note, 2.00%, 11/15/2026		2.40	%
	5	Federal Home Loan Mortgage Corp., 2.000%, 01/01/2052		2.37	%
	6	Federal National Mortgage Association, 5.000%, 04/15/2041		1.93	%
	7	Federal National Mortgage Association, 1.500%, 04/15/2036		1.70	%
	8	U.S. Treasury Bond, 3.125%, 02/15/2043		1.49	%
	9	Government National Mortgage Association, 2.000%, 04/15/2051		1.35	%
	10	Government National Mortgage Association, 3.000%, 04/15/2045		1.34	%

GuidePath Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuidePathGrowth Allocation Fund⁽³⁾
Service Shares		(9.69	)%		6.25	%		6.76	%		6.04	%
Institutional Shares		(9.75	)%		6.70	%		7.31	%		7.67	%
S&P^® Target Risk Aggressive Index		(5.56	)%		6.12	%		7.76	%		7.51	%

⁽¹⁾	Inception date is April 29, 2011 for Service Shares and September 13, 2012 for Institutional Shares.

⁽²⁾	The return shown for the S&P^® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P^® Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 8.11%.

⁽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).

GuidePath Growth Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (9.69)%, underperforming the S&P Target Risk Aggressive Index at (5.56)%.

•

The Fund’s tilt towards large cap growth stocks hurt performance, as rising interest rates and lofty valuations put pressure on the growth segments during most of the period. Exposure to US equities and emerging market equites also detracted from performance.

•

Exposure to global small cap equities detracted as small cap equities slightly underperformed large cap equities for the period.

•

Exposure to large cap value and a small allocation to Swiss equity added to performance.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard S&P 500 ETF		17.87	%
	2	Vanguard FTSE Developed Markets ETF		10.31	%
	3	Schwab U.S. Large-Cap Growth ETF		6.22	%
	4	American Funds – The Growth Fund of America – Class F3		6.21	%
	5	iShares Core MSCI Emerging Markets ETF		5.82	%
	6	Vanguard Russell 1000 Growth ETF		4.97	%
	7	AMCAP Fund – Class F3		4.96	%
	8	American Funds – Fundamental Investors – Class F3		4.94	%
	9	Schwab U.S. Large-Cap ETF		4.92	%
	10	iShares Core S&P Small-Cap ETF		4.45	%

GuidePath ConservativeAllocation 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			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuidePathConservative Allocation Fund⁽³⁾
Service Shares		(5.40	)%		3.77	%		3.85	%		3.78	%
Institutional Shares		(4.97	)%		4.31	%		4.43	%		4.80	%
S&P^® Target Risk Conservative Index		(4.65	)%		3.20	%		3.84	%		4.06	%

⁽¹⁾	Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 3.93%.

⁽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).

GuidePath Conservative Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (5.40)%, underperforming the S&P Target Risk Conservative Index at (4.65)%.

•

Exposure to US equities, global real estate investment trusts (REITs), investment grade credit, and long-term Treasuries detracted from returns.

•

Exposure to high yield bonds, short-term Treasuries, and core bonds within fixed income and a small allocation to gold within commodities added to performance.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard High-Yield Corporate Fund – Admiral Shares		8.45	%
	2	WisdonTree Floating Rate Treasury Fund		8.32	%
	3	Vanguard S&P 500 ETF		5.10	%
	4	iShares Core Aggressive Allocation ETF		4.72	%
	5	American Funds – The Income Fund of America – Class F3		4.70	%
	6	American Funds – Capital Income Builder – Class F3		4.69	%
	7	Vanguard Value ETF		4.11	%
	8	iShares Core Growth Allocation ETF		4.01	%
	9	American Funds – Multi-Sector Income Fund – Class F3		3.96	%
	10	American Funds – The Bond Fund of America – Class F3		3.94	%

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			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuidePathTactical Allocation Fund⁽³⁾
Service Shares		(2.90	)%		5.12	%		4.71	%		4.33	%
Institutional Shares		(2.56	)%		5.65	%		5.28	%		5.69	%
S&P 500^® Daily Risk Control 10% Index		(1.81	)%		5.61	%		8.11	%		7.35	%

⁽¹⁾	Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 8.35%.

⁽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).

GuidePath Tactical Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (2.90)%, underperforming the S&P 500 Daily Risk Control Index at (1.81)%.

•

Overweight equity positioning relative to the benchmark during the period detracted from returns.

•

Security selection within the consumer staples, healthcare and communication services sectors detracted from returns.

•

Security selection within the financials and industrials sectors added to returns, as did an underweight allocation to the consumer discretionary sector.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Apple, Inc.		3.64	%
	2	Microsoft Corp.		3.56	%
	3	Procter & Gamble Co.		3.22	%
	4	Builders FirstSource, Inc.		3.19	%
	5	Hartford Financials Services Group, Inc.		3.08	%
	6	Expeditors International of Washington, Inc.		2.91	%
	7	Knight-Swift Transportation Holdings, Inc. – Class A		2.89	%
	8	Aflac, Inc.		2.82	%
	9	NRG Energy, Inc.		2.80	%
	10	Pfizer, Inc.		2.65	%

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			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuidePathAbsolute Return Allocation Fund⁽³⁾
Service Shares		(4.57	)%		0.42	%		1.49	%		1.56	%
Institutional Shares		(4.22	)%		0.92	%		2.06	%		2.10	%
FTSE 3-Month Treasury Bill Index		2.61	%		1.40	%		0.85	%		0.73	%

⁽¹⁾	Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 0.81%.

⁽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).

GuidePath Absolute Return Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (4.57)%, underperforming the FTSE 3-Month Treasury Bill Index at 2.61%.

•

Positioning in high yield, mortgage-backed securities, core fixed income, emerging market government bonds, long-term Treasuries, and global equities detracted from the Fund’s performance.

•

Exposure to investment grade bonds and floating rate notes added to Fund returns for the period.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Mortgage-Backed Securities ETF		12.77	%
	2	Vanguard High-Yield Corporate Fund – Admiral Shares		12.62	%
	3	DoubleLine Total Return Bond Fund – Institutional Shares		10.29	%
	4	Vanguard Emerging Markets Government Bond ETF		7.33	%
	5	BlackRock Low Duration Bond Portfolio – Insitutional Shares		7.21	%
	6	DoubleLine Low Duration Bond Fund – Institutional Shares		7.16	%
	7	Vanguard Intermediate-Term Corporate Bond ETF		5.57	%
	8	iShares 7-10 Year Treasury Bond ETF		5.10	%
	9	T. Rowe Price Institutional Floating Rate Fund – Investor Shares		4.92	%
	10	ProShares Investment Grade-Interest Rate Hedged ETF		4.90	%

GuidePath Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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			Ten Years			Since Inception⁽¹⁾
GuidePathMulti-Asset Income Allocation Fund⁽²⁾
Service Shares		(6.92	)%		2.34	%		2.98	%		3.52	%
Morningstar Multi-Asset High Income Index		(9.00	)%		(0.34	)%		1.75	%		2.10	%

⁽¹⁾	Inception date is August 31, 2012.

⁽²⁾	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).

GuidePath Multi-Asset Income Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (6.92)%, outperforming the Morningstar Multi-Asset High Income Index at (9.00)%.

•

Convertible bonds, short-term bonds and high-yield bonds contributed positively to the Fund’s relative performance during the period. The Fund’s allocation to floating rate bonds exposure also added to returns.

•

Exposure to global dividend equities, global real estate investment trusts (REITs), long-term Treasuries, and long-term corporate bonds detracted from returns for the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard High-Yield Corporate Fund – Admiral Shares		11.29	%
	2	iShares Emerging Markets Dividend ETF		6.04	%
	3	Vanguard High Dividend Yield ETF		5.57	%
	4	Schwab US Dividend Equity ETF		5.54	%
	5	iShares 0-5 Year High Yield Corporate Bond ETF		5.29	%
	6	Loomis Sayles Global Allocation Fund – Class Y		5.13	%
	7	Global X US Preferred ETF		5.13	%
	8	iShares International Select Dividend ETF		4.69	%
	9	WisdomTree U.S. Large Cap Dividend Fund		4.62	%
	10	iShares Select Dividend ETF		4.44	%

GuidePath Flexible Income Allocation 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			Five Years			Ten Years			Since Inception⁽¹⁾⁽²⁾
GuidePathFlexible Income Allocation Fund⁽³⁾
Service Shares		(7.27	)%		1.84	%		1.63	%		1.59	%
Institutional Shares		(6.93	)%		2.35	%		2.25	%		2.22	%
Bloomberg U.S. Aggregate Bond Index		(4.78	)%		0.91	%		1.36	%		1.31	%

⁽¹⁾	Inception date is August 31, 2012 for Service Shares and September 13, 2012 for Institutional Shares.

⁽²⁾	The return shown for the Bloomberg U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 1.35%.

⁽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).

GuidePath Flexible Income Allocation Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (7.27)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%.

•

Positioning in long and intermediate-term Treasuries, high yield bonds, and mortgage-backed securities drove underperformance relative to the benchmark. Global technology equities exposure also detracted from Fund performance for the period.

•

Small allocations to the US dollar and to the US home construction and semi-conductor sectors within equities contributed positively to performance. Exposure to short-term Treasuries and senior loans within fixed income also added to returns.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Long-Term Treasury ETF		16.12	%
	2	SPDR Portfolio Short Term Treasury ETF		14.52	%
	3	iShares 7-10 Year Treasury Bond ETF		7.88	%
	4	Schwab Intermediate-Term U.S. Treasury ETF		7.86	%
	5	SPDR Portfolio Intermediate Term Treasury ETF		7.86	%
	6	Vanguard Intermediate-Term Treasury ETF		5.70	%
	7	iShares iBoxx $ Investment Grade Corporate Bond ETF		5.09	%
	8	Vanguard Emerging Markets Government Bond ETF		4.85	%
	9	iShares U.S. Home Construction ETF		3.41	%
	10	iShares MSCI Kokusai ETF		3.39	%

GuidePath Managed Futures StrategyFund

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. Currently, one of the ten managers whose performance is tracked by the SG Trend Index is AlphaSimplex Group LLC, sub-advisor to the GuidePath Managed Futures Strategy Fund.


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception⁽¹⁾
GuidePathManaged Futures Strategy Fund⁽²⁾
Service Shares		5.00	%		7.51	%		3.16	%
Institutional Shares		5.81	%		8.13	%		3.76	%
FTSE 3-Month Treasury Bill Index		2.61	%		1.40	%		1.17	%
SG Trend Index		0.35	%		7.41	%		3.15	%

⁽¹⁾	Inception date is January 19, 2016 for Service Shares and Institutional Shares.

⁽²⁾	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).

GuidePath Managed Futures Strategy Fund

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

•

For the 12 months ended March 31, 2023, the Fund’s Service Shares returned 5.00%, outperforming the SG Trend Index at 0.35%.

•

Most of the Fund’s outperformance occurred during the second quarter of 2022 due to short positions to global fixed income and long positions to the US dollar. The Fund’s use of forwards and futures to implement its strategy had a positive impact on performance.

•

Long energy positions contributed positively to Fund performance, while long agriculture and metals positions detracted from returns.

•

The Fund’s equity positioning, specifically long positions to global markets, detracted from returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio.

Percentages expressed exclude derivative instruments, such as futures and forward currency 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, 2023.

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Since Inception⁽¹⁾
GuidePathConservative Income Fund⁽²⁾
Shares		0.71	%		0.51	%
Bloomberg U.S. Treasury 1-3 Year Bond Index		0.23	%		1.15	%

⁽¹⁾	Inception date for the Fund is April 30, 2018.

⁽²⁾	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).

GuidePath Conservative Income Fund

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

•

For the 12 months ended March 31, 2023, the Fund returned 0.71%, outperforming the Bloomberg US Treasury 1-3 Year Bond Index at 0.23%.

•

The Fund’s allocation to investment grade bonds benefitted returns for the period.

•

A target allocation of 50% to cash equivalents also contributed to relative Fund performance, as interest rates rose during the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR Bloomberg Investment Grade Floating Rate ETF		21.01	%
	2	iShares 0-5 Year Investment Grade Corporate Bond ETF		8.46	%
	3	iShares 0-5 Year High Yield Corporate Bond ETF		6.33	%
	4	Invesco Senior Loan ETF		6.29	%

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⁾
GuidePathIncome Fund⁽²⁾
Shares		(6.21	)%		(1.22	)%
Bloomberg U.S. Aggregate Bond Index		(4.78	)%		1.07	%

⁽¹⁾	Inception date for the Fund is April 30, 2018.

⁽²⁾	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).

GuidePath Income Fund

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

•

For the 12 months ended March 31, 2023, the Fund returned (6.21)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%.

•

Exposure to preferred securities and high yield bonds were the primary detractors from Fund returns during the period.

•

Exposure to longer dated investment grade bonds detracted from returns as the Federal Reserve continued to raise interest rates during the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Schwab Intermediate-Term U.S. Treasury ETF		36.83	%
	2	iShares Core U.S. Aggregate Bond ETF		35.98	%
	3	VanEck Vectors Emerging Markets High Yield Bond ETF		14.01	%
	4	iShares J.P. Morgan USD Emerging Markets Bond ETF		10.72	%

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⁾
GuidePathGrowth and Income Fund⁽²⁾
Shares		(3.03	)%		5.27	%
MSCI USA High Dividend Yield Index		(2.99	)%		7.92	%

⁽¹⁾	Inception date for the Fund is April 30, 2018^.

⁽²⁾	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).

GuidePath Growth and Income Fund

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

•

For the 12 months ended March 31, 2023, the Fund returned (3.03)%, slightly underperforming the MSCI USA High Dividend Yield Index at (2.99)%.

•

The Fund’s put-write strategy was a slight detractor from performance as the collection of the option premiums was offset by increased market volatility.

•

Exposure to MLPs and dividend-oriented stocks contributed positively to Fund returns as energy prices rose in the latter half of the period.

•

The Fund’s volatility targeting component benefited returns as volatility remained high throughout the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Percentages expressed exclude derivative instruments, such as futures and options written.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Schwab U.S. Large-Cap ETF		18.37	%
	2	Vanguard International High Dividend Yield ETF		8.39	%
	3	Global X MLP ETF		7.63	%
	4	AbbVie, Inc.		1.31	%
	5	Procter & Gamble, Co.		1.27	%
	6	Home Depot, Inc.		1.23	%
	7	Johnson & Johnson		1.23	%
	8	Merck & Co., Inc.		1.17	%
	9	Coca-Cola Co.		1.16	%
	10	PepsiCo, Inc.		1.15	%

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2023

As a shareholder of the GuideMark & GuidePath Funds (the “Funds”), you incur ongoing costs, including management fees, 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, 2022 to March 31, 2023, except as otherwise noted below.

Actual Expenses

The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The example includes, but is not limited to, management fees, shareholder servicing fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, 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, 2022		Ending Account Value March 31, 2023		Annualized Expense Ratio¹ based on the period October 1, 2022 – March 31, 2023		Expenses Paid During Period² October 1, 2022 – March 31, 2023
INSTITUTIONAL SHARES
GuideMark Large Cap Core Fund	Actual	$	1,000.00	$	1,148.90		0.43%	$	2.30
GuideMark Large Cap Core Fund	Hypothetical³	$	1,000.00	$	1,022.79		0.43%	$	2.17
GuideMark World ex-US Fund	Actual	$	1,000.00	$	1,263.10		0.79%	$	4.46
GuideMark World ex-US Fund	Hypothetical³	$	1,000.00	$	1,020.99		0.79%	$	3.98
GuidePath Growth Allocation Fund	Actual	$	1,000.00	$	1,160.00		0.30%	$	1.62
GuidePath Growth Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.44		0.30%	$	1.51
GuidePath Conservative Allocation Fund	Actual	$	1,000.00	$	1,104.30		0.18%	$	0.94
GuidePath Conservative Allocation Fund	Hypothetical³	$	1,000.00	$	1,024.03		0.18%	$	0.91
GuidePath Tactical Allocation Fund	Actual	$	1,000.00	$	1,066.70		0.45%	$	2.32
GuidePath Tactical Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.69		0.45%	$	2.27
GuidePath Absolute Return Allocation Fund	Actual	$	1,000.00	$	1,045.70		0.30%	$	1.53
GuidePath Absolute Return Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.44		0.30%	$	1.51
GuidePath Flexible Income Allocation Fund	Actual	$	1,000.00	$	1,033.60		0.27%	$	1.37
GuidePath Flexible Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.59		0.27%	$	1.36
GuidePath Managed Futures Strategy Fund	Actual	$	1,000.00	$	839.80		1.21%	$	5.55
GuidePath Managed Futures Strategy Fund	Hypothetical³	$	1,000.00	$	1,018.90		1.21%	$	6.09

¹	The expense ratio excludes the securities lending credit.

²	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2023


Fund		Beginning Account Value October 1, 2022		Ending Account Value March 31, 2023		Annualized Expense Ratio¹ based on the period October 1, 2022 – March 31, 2023		Expenses Paid During Period² October 1, 2022 – March 31, 2023
SINGLE CLASS SHARES
GuidePath Conservative Income Fund	Actual	$	1,000.00	$	1,018.70		0.78%	$	3.93
GuidePath Conservative Income Fund	Hypothetical³	$	1,000.00	$	1,021.04		0.78%	$	3.93
GuidePath Income Fund	Actual	$	1,000.00	$	1,034.60		0.85%	$	4.31
GuidePath Income Fund	Hypothetical³	$	1,000.00	$	1,020.69		0.85%	$	4.28
GuidePath Growth and Income Fund	Actual	$	1,000.00	$	1,097.80		1.05%	$	5.49
GuidePath Growth and Income Fund	Hypothetical³	$	1,000.00	$	1,019.70		1.05%	$	5.29

¹	The expense ratio excludes the securities lending credit.

²	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

³	5% annualized return before expenses.


Fund		Beginning Account Value October 1, 2022		Ending Account Value March 31, 2023		Annualized Expense Ratio¹ based on the period October 1, 2022 – March 31, 2023		Expenses Paid During Period² October 1, 2022 – March 31, 2023
SERVICE SHARES
GuideMark Large Cap Core Fund	Actual	$	1,000.00	$	1,146.50		0.90%	$	4.82
GuideMark Large Cap Core Fund	Hypothetical³	$	1,000.00	$	1,020.44		0.90%	$	4.53
GuideMark Emerging Markets Fund	Actual	$	1,000.00	$	1,153.50		1.42%	$	7.62
GuideMark Emerging Markets Fund	Hypothetical³	$	1,000.00	$	1,017.85		1.42%	$	7.14
GuideMark Small/Mid Cap Core Fund	Actual	$	1,000.00	$	1,118.30		1.17%	$	6.18
GuideMark Small/Mid Cap Core Fund	Hypothetical³	$	1,000.00	$	1,019.10		1.17%	$	5.89
GuideMark World ex-US Fund	Actual	$	1,000.00	$	1,264.90		1.17%	$	6.61
GuideMark World ex-US Fund	Hypothetical³	$	1,000.00	$	1,019.10		1.17%	$	5.89
GuideMark Core Fixed Income Fund	Actual	$	1,000.00	$	1,050.90		0.94%	$	4.81
GuideMark Core Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,020.24		0.94%	$	4.73
GuidePath Growth Allocation Fund	Actual	$	1,000.00	$	1,157.80		0.68%	$	3.66
GuidePath Growth Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.54		0.68%	$	3.43
GuidePath Conservative Allocation Fund	Actual	$	1,000.00	$	1,102.40		0.53%	$	2.78
GuidePath Conservative Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.29		0.53%	$	2.67
GuidePath Tactical Allocation Fund	Actual	$	1,000.00	$	1,064.90		0.80%	$	4.12
GuidePath Tactical Allocation Fund	Hypothetical³	$	1,000.00	$	1,020.94		0.80%	$	4.03
GuidePath Absolute Return Allocation Fund	Actual	$	1,000.00	$	1,043.90		0.64%	$	3.26
GuidePath Absolute Return Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.74		0.64%	$	3.23
GuidePath Multi-Asset Income Allocation Fund	Actual	$	1,000.00	$	1,101.20		0.83%	$	4.35
GuidePath Multi-Asset Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,020.79		0.83%	$	4.18
GuidePath Flexible Income Allocation Fund	Actual	$	1,000.00	$	1,031.70		0.64%	$	3.24
GuidePath Flexible Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.74		0.64%	$	3.23
GuidePath Managed Futures Strategy Fund	Actual	$	1,000.00	$	838.20		1.53%	$	7.01
GuidePath Managed Futures Strategy Fund	Hypothetical³	$	1,000.00	$	1,017.30		1.53%	$	7.70

¹	The expense ratio excludes the securities lending credit.

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 182/365 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 94.19%
		Aerospace & Defense - 1.52%
	1,733	Axon Enterprise, Inc. (a)	$	389,665
	5,826	BWX Technologies, Inc.		367,271
	2,687	Curtiss-Wright Corp.		473,611
	4,640	General Dynamics Corp.		1,058,894
	1,562	HEICO Corp. - Class A		212,276
	2,740	HEICO Corp. (b)		468,650
	7,193	Hexcel Corp. (b)		490,922
	15,130	Howmet Aerospace, Inc.		641,058
	1,434	Huntington Ingalls Industries, Inc.		296,867
	1,241	L3Harris Technologies, Inc.		243,534
	2,079	Lockheed Martin Corp.		982,806
	1,458	Northrop Grumman Corp.		673,188
	12,654	Raytheon Technologies Corp.		1,239,206
	14,058	Textron, Inc.		992,916
	1,756	The Boeing Co. (a)		373,027
	467	TransDigm Group, Inc.		344,202

				9,248,093

		Air Freight & Logistics - 0.35%
	7,207	C.H. Robinson Worldwide, Inc. (b)		716,160
	1,289	Expeditors International of Washington, Inc.		141,945
	2,843	FedEx Corp.		649,597
	2,528	United Parcel Service, Inc. - Class B (b)		490,407
	4,525	XPO Logistics, Inc. (a)		144,347

				2,142,456

		Airlines - 0.11%
	15,681	United Airlines Holdings, Inc. (a)		693,884

		Auto Components - 0.24%
	14,541	BorgWarner, Inc.		714,108
	5,363	Lear Corp.		748,085

				1,462,193

		Automobiles - 1.15%
	6,050	Harley-Davidson, Inc.		229,718
	24,996	Tesla, Inc. (a)		5,185,670
	19,943	Thor Industries, Inc. (b)		1,588,261

				7,003,649

		Banks - 1.95%
	45,952	Bank of America Corp.		1,314,227
	2,038	BOK Financial Corp.		172,028
	30,702	Citigroup, Inc.		1,439,617
	6,939	Citizens Financial Group, Inc. (b)		210,737
	5,054	Comerica, Inc. (b)		219,445
	3,353	Commerce Bancshares, Inc. (b)		195,648
	1,926	Cullen Frost Bankers, Inc. (b)		202,885
	22,529	F.N.B. Corp. (b)		261,336
	2,358	Fifth Third Bancorp (b)		62,817
	8,593	First Horizon National Corp.		152,784
	26,246	JPMorgan Chase & Co.		3,420,116
	31,947	KeyCorp (b)		399,976
	46,441	PacWest Bancorp (b)		451,871
	5,790	Popular, Inc. - ADR		332,404
	3,226	Prosperity Bancshares, Inc.		198,464
	13,484	Regions Financial Corp. (b)		250,263
	8,021	Synovus Financial Corp.		247,287
	9,804	Truist Financial Corp.		334,316
	2,578	U.S. Bancorp (b)		92,937
	28,790	Wells Fargo & Co.		1,076,170


Number of Shares			Value
		Bank (Continued)
	12,504	Western Alliance Bancorp (b)	$	444,392
	2,597	Wintrust Financial Corp.		189,451
	5,360	Zions Bancorporation (b)		160,425

				11,829,596

		Beverages - 1.41%
	1,634	Boston Beer Co., Inc. - Class A (a)(b)		537,096
	3,643	Brown-Forman Corp. - Class A		237,487
	2,684	Brown-Forman Corp. - Class B		172,501
	1,364	Constellation Brands, Inc. - Class A		308,114
	7,983	Keurig Dr. Pepper, Inc. (b)		281,640
	23,419	Molson Coors Brewing Co. - Class B (b)		1,210,294
	11,462	Monster Beverage Corp. (a)		619,063
	17,481	PepsiCo, Inc.		3,186,786
	32,099	The Coca-Cola Co.		1,991,101

				8,544,082

		Biotechnology - 2.00%
	6,735	Amgen, Inc.		1,628,186
	2,039	Biogen, Inc. (a)		566,903
	2,514	BioMarin Pharmaceutical, Inc. (a)		244,461
	37,670	Exelixis, Inc. (a)		731,175
	17,824	Gilead Sciences, Inc.		1,478,857
	10,362	Incyte Corp. (a)(b)		748,862
	3,996	Ionis Pharmaceuticals, Inc. (a)		142,817
	8,918	Moderna, Inc. (a)		1,369,627
	3,133	Neurocrine Biosciences, Inc. (a)		317,122
	1,545	Regeneron Pharmaceuticals, Inc. (a)		1,269,480
	4,783	Sarepta Therapeutics, Inc. (a)		659,241
	2,296	Seagen, Inc. (a)		464,871
	4,060	United Therapeutics Corp. (a)		909,278
	5,127	Vertex Pharmaceuticals, Inc. (a)		1,615,364

				12,146,244

		Building Products - 1.11%
	4,380	A. O. Smith Corp. (b)		302,877
	2,364	Advanced Drainage Systems, Inc. (b)		199,072
	28,867	Builders FirstSource, Inc. (a)		2,562,812
	5,412	Johnson Controls International PLC - ADR		325,911
	1,985	Lennox International, Inc. (b)		498,791
	9,739	Masco Corp. (b)		484,223
	12,963	Masterbrand, Inc. (a)		104,222
	15,547	Owens Corning, Inc.		1,489,403
	1,772	Trane Technologies PLC - ADR		326,013
	9,093	Trex Co., Inc. (a)(b)		442,556

				6,735,880

		Capital Markets - 1.93%
	2,137	Affiliated Managers Group, Inc.		304,352
	3,761	Ameriprise Financial, Inc.		1,152,746
	5,046	Ares Management Corp. - Class A (b)		421,038
	433	BlackRock, Inc. (b)		289,729
	6,362	Evercore, Inc. - Class A (b)		734,048
	1,497	FactSet Research Systems, Inc.		621,390
	22,233	Franklin Resources, Inc. (b)		598,957
	60,324	Invesco, Ltd. - ADR		989,314
	21,031	Janus Henderson Group PLC - ADR		560,266
	14,557	Lazard, Ltd. - Class A - ADR		481,982
	3,658	LPL Financial Holdings, Inc. (b)		740,379
	2,500	Moody’s Corp.		765,050
	7,354	Morgan Stanley		645,681

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Capital Markets (Continued)
	5,168	NASDAQ OMX Group, Inc.	$	282,535
	4,850	Raymond James Financial, Inc.		452,359
	2,738	SEI Investments Co.		157,572
	3,451	State Street Corp.		261,206
	9,102	Stifel Financial Corp. (b)		537,837
	2,206	The Bank of New York Mellon Corp.		100,241
	9,301	The Blackstone Group, Inc. (b)		817,000
	10,982	The Carlyle Group, Inc. (b)		341,101
	9,361	The Charles Schwab Corp.		490,329

				11,745,112

		Chemicals - 1.24%
	1,803	Air Products & Chemicals, Inc.		517,840
	1,485	Albemarle Corp. (b)		328,244
	3,330	Ashland Global Holdings, Inc.		342,024
	7,063	CF Industries Holdings, Inc.		511,997
	9,598	Corteva, Inc.		578,855
	12,363	Dow, Inc.		677,740
	24,495	Huntsman Corp.		670,183
	2,495	Linde Plc - ADR		886,823
	738	NewMarket Corp.		269,355
	10,435	Olin Corp.		579,143
	6,058	RPM International, Inc.		528,500
	4,012	The Chemours Co.		120,119
	13,635	The Mosaic Co.		625,574
	7,601	Westlake Chemical Corp.		881,564

				7,517,961

		Commercial Services & Supplies - 0.57%
	106,043	ADT, Inc.		766,691
	677	Avery Dennison Corp.		121,135
	2,738	Cintas Corp.		1,266,818
	2,893	Clean Harbors, Inc. (a)		412,426
	1,417	Republic Services, Inc.		191,607
	18,949	Rollins, Inc.		711,156

				3,469,833

		Communications Equipment - 1.39%
	5,464	Arista Networks, Inc. (a)		917,187
	41,728	Cisco Systems, Inc.		2,181,331
	2,096	F5 Networks, Inc. (a)		305,366
	6,819	Juniper Networks, Inc.		234,710
	4,743	Lumentum Holdings, Inc. (a)		256,170
	2,864	Motorola Solutions, Inc.		819,476
	4,311	Palo Alto Networks, Inc. (a)		861,079
	14,898	Qualcomm, Inc.		1,900,687
	3,562	Ubiquiti, Inc. (b)		967,760

				8,443,766

		Construction & Engineering - 0.40%
	10,326	AECOM		870,688
	2,388	KBR, Inc.		131,459
	5,246	MasTec, Inc. (a)(b)		495,432
	3,867	Quanta Services, Inc.		644,397
	6,612	WillScot Mobile Mini Holdings Corp. (a)		309,971

				2,451,947

		Consumer Finance - 1.28%
	56,139	Ally Financial, Inc. (b)		1,430,983
	6,569	American Express Co.		1,083,557
	13,562	Capital One Financial Corp.		1,304,122


Number of Shares			Value
		Consumer Finance (Continued)
	710	Credit Acceptance Corp. (a)(b)	$	309,588
	6,753	Discover Financial Services		667,467
	31,579	OneMain Holdings, Inc. (b)		1,170,949
	1,909	Shift4 Payments, Inc. - Class A (a)(b)		144,702
	33,642	SLM Corp.		416,824
	42,282	Synchrony Financial (b)		1,229,561

				7,757,753

		Containers & Packaging - 0.34%
	8,343	Ardagh Group SA - ADR (a)(c)(d)(f)		0
	4,220	Berry Global Group, Inc.		248,558
	19,574	Graphic Packaging Holding Co.		498,941
	8,850	Silgan Holdings, Inc.		474,979
	3,124	Sonoco Products Co. (b)		190,564
	21,610	WestRock Co.		658,457

				2,071,499

		Distributors - 0.31%
	5,638	Genuine Parts Co.		943,294
	16,411	LKQ Corp.		931,488

				1,874,782

		Diversified Consumer Services - 0.31%
	8,659	Grand Canyon Education, Inc. (a)		986,260
	23,006	H&R Block, Inc. (b)		810,961
	1,429	Service Corp. International (b)		98,287

				1,895,508

		Diversified Financial Services - 0.45%
	6,074	Apollo Global Management, Inc.		383,634
	23,931	Equitable Holdings, Inc.		607,608
	36,405	Jefferies Financial Group, Inc.		1,155,495
	8,526	Voya Financial, Inc. (b)		609,268

				2,756,005

		Diversified Telecommunication Services - 0.53%
	60,189	AT&T, Inc.		1,158,638
	518,918	Lumen Technologies, Inc. (b)		1,375,133
	17,961	Verizon Communications, Inc.		698,503

				3,232,274

		Electric Utilities - 0.98%
	5,290	American Electric Power Co., Inc. (b)		481,337
	5,777	Constellation Energy Corp.		453,495
	5,841	Duke Energy Corp.		563,481
	5,954	Edison International		420,293
	919	Entergy Corp.		99,013
	794	Eversource Energy		62,138
	11,163	Exelon Corp.		467,618
	7,752	FirstEnergy Corp.		310,545
	3,852	Hawaiian Electric Industries, Inc.		147,917
	13,397	NextEra Energy, Inc.		1,032,641
	9,054	OGE Energy Corp. (b)		340,974
	38,518	PG&E Corp. (a)		622,836
	9,698	PPL Corp.		269,507
	7,509	The Southern Co. (b)		522,476
	2,275	Xcel Energy, Inc.		153,426

				5,947,697

		Electrical Equipment - 0.72%
	4,333	Acuity Brands, Inc. (b)		791,769
	3,121	Agilent Technologies, Inc.		431,759
	2,141	AMETEK, Inc.		311,152

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Electrical Equipment (Continued)
	2,572	Eaton Corp. PLC - ADR	$	440,686
	1,822	Emerson Electric Co.		158,769
	2,018	Enphase Energy, Inc. (a)(b)		424,345
	2,389	Hubbell, Inc. (b)		581,268
	12,151	nVent Electric PLC - ADR		521,764
	1,387	Regal Beloit Corp. (b)		195,192
	1,227	Rockwell Automation, Inc. (b)		360,063
	3,228	Sensata Technologies Holding PLC - ADR		161,465

				4,378,232

		Electronic Equipment, Instruments & Components - 0.56%
	7,464	Amphenol Corp. - Class A		609,958
	2,930	Avnet, Inc.		132,436
	1,445	CDW Corp.		281,616
	2,128	Cognex Corp. (b)		105,443
	3,043	Dolby Laboratories, Inc. - Class A		259,933
	7,721	Jabil, Inc. (b)		680,683
	3,529	Keysight Technologies, Inc. (a)		569,863
	11,309	National Instruments Corp.		592,705
	4,542	Vontier Corp.		124,178
	229	Zebra Technologies Corp. - Class A (a)(b)		72,822

				3,429,637

		Energy Equipment & Services - 0.16%
	4,495	Halliburton Co.		142,222
	11,049	NOV, Inc.		204,517
	12,574	Schlumberger, Ltd. - ADR		617,383

				964,122

		Entertainment - 0.62%
	3,690	Electronic Arts, Inc.		444,460
	2,211	Liberty Media Corp. - Liberty Formula One - Class C (a)		165,449
	1,989	Netflix, Inc. (a)		687,160
	40,582	Playtika Holding Corp. (a)		456,953
	1,953	Spotify Technology SA - ADR (a)		260,960
	71,740	Warner Bros Discovery, Inc. (a)		1,083,274
	7,187	World Wrestling Entertainment, Inc. - Class A (b)		655,886

				3,754,142

		Food & Staples Retailing - 2.43%
	44,128	Albertsons Cos., Inc. - Class A		916,980
	6,956	BJ’s Wholesale Club Holdings, Inc. (a)		529,143
	4,345	Casey’s General Stores, Inc.		940,519
	5,759	Costco Wholesale Corp.		2,861,474
	26,487	CVS Health Corp.		1,968,249
	2,442	Grocery Outlet Holding Corp. (a)(b)		69,011
	29,574	Kroger Co.		1,460,068
	9,659	Performance Food Group Co. (a)(b)		582,824
	13,672	SYSCO Corp.		1,055,889
	22,726	US Foods Holding Corp. (a)(b)		839,499
	20,219	Walgreens Boots Alliance, Inc.		699,173
	19,254	Walmart, Inc.		2,839,002

				14,761,831

		Food Products - 1.84%
	13,453	Archer-Daniels-Midland Co.		1,071,666
	828	Bunge, Ltd. - ADR		79,091
	9,731	Campbell Soup Co. (b)		535,010
	13,114	ConAgra Brands, Inc.		492,562


Number of Shares			Value
		Food Products (Continued)
	1,855	Darling International, Inc. (a)(b)	$	108,332
	28,315	Flowers Foods, Inc. (b)		776,114
	11,926	General Mills, Inc.		1,019,196
	1,729	Hormel Foods Corp. (b)		68,953
	4,284	Ingredion, Inc. (b)		435,811
	7,893	Kellogg Co.		528,515
	6,551	Lamb Weston Holdings, Inc.		684,711
	8,527	Mondelez International, Inc. - Class A		594,502
	34,670	Pilgrim’s Pride Corp. (a)(b)		803,651
	12,414	Post Holdings, Inc. (a)(b)		1,115,646
	4,385	The Hershey Co.		1,115,588
	3,750	The J.M. Smucker Co.		590,137
	20,369	The Kraft Heinz Co. (b)		787,669
	6,565	Tyson Foods, Inc. - Class A		389,436

				11,196,590

		Gas Utilities - 0.33%
	1,150	Atmos Energy Corp.		129,214
	22,796	EQT Corp.		727,420
	6,556	National Fuel Gas Co. (b)		378,543
	21,910	UGI Corp. (b)		761,592

				1,996,769

		Health Care Equipment & Supplies - 1.15%
	1,637	Align Technology, Inc. (a)		546,987
	9,096	Boston Scientific Corp. (a)		455,073
	3,246	Danaher Corp. (b)		818,122
	4,524	Dentsply Sirona, Inc. (b)		177,703
	3,109	DexCom, Inc. (a)		361,204
	8,629	Edwards Lifesciences Corp. (a)		713,877
	5,153	Globus Medical, Inc. - Class A (a)		291,866
	1,747	Hologic, Inc. (a)		140,983
	1,836	IDEXX Laboratories, Inc. (a)		918,147
	1,333	Insulet Corp. (a)(b)		425,174
	1,142	Intuitive Surgical, Inc. (a)		291,747
	1,026	Novocure, Ltd. - ADR (a)		61,704
	753	Penumbra, Inc. (a)(b)		209,853
	1,982	ResMed, Inc.		434,038
	1,733	Stryker Corp.		494,719
	4,022	Tandem Diabetes Care, Inc. (a)(b)		163,333
	477	West Pharmaceutical Services, Inc.		165,266
	2,425	Zimmer Biomet Holdings, Inc.		313,310

				6,983,106

		Health Care Providers & Services - 3.23%
	6,809	Acadia Healthcare Co., Inc. (a)(b)		491,950
	4,223	Amedisys, Inc. (a)		310,602
	2,943	AmerisourceBergen Corp.		471,204
	3,247	Anthem, Inc.		1,493,003
	8,553	Cardinal Health, Inc.		645,752
	24,052	Centene Corp. (a)		1,520,327
	1,178	Chemed Corp. (b)		633,470
	8,592	Cigna Corp.		2,195,514
	895	DaVita, Inc. (a)		72,593
	5,009	Encompass Health Corp.		270,987
	27,567	Enhabit, Inc. (a)		383,457
	2,409	HCA Healthcare, Inc.		635,205
	7,263	Henry Schein, Inc. (a)		592,225
	2,164	Humana, Inc.		1,050,535
	2,082	Laboratory Corp. of America Holdings		477,652
	2,444	McKesson Corp.		870,186

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Providers & Services (Continued)
	856	Molina Healthcare, Inc. (a)	$	228,971
	6,032	Oak Street Health, Inc. (a)		233,318
	1,510	PerkinElmer, Inc.		201,223
	10,378	Premier, Inc. - Class A		335,936
	2,505	Quest Diagnostics, Inc.		354,407
	11,890	UnitedHealth Group, Inc.		5,619,095
	4,520	Universal Health Services, Inc. - Class B		574,492

				19,662,104

		Hotels, Restaurants & Leisure - 1.28%
	1,224	Airbnb, Inc. - Class A (a)(b)		152,266
	15,155	Aramark (b)		542,549
	5,739	Boyd Gaming Corp.		367,985
	2,383	Darden Restaurants, Inc. (b)		369,746
	2,309	Domino’s Pizza, Inc.		761,670
	2,541	Hyatt Hotels Corp. - Class A (a)(b)		284,058
	2,159	Las Vegas Sands Corp. (a)		124,034
	1,742	Marriott International, Inc. - Class A		289,242
	3,034	Marriott Vacations Worldwide Corp.		409,165
	5,144	McDonald’s Corp.		1,438,314
	11,590	MGM Resorts International		514,828
	34,218	Penn National Gaming, Inc. (a)(b)		1,014,906
	5,644	Starbucks Corp.		587,710
	6,813	Yum! Brands, Inc.		899,861

				7,756,334

		Household Durables - 0.79%
	2,785	DR Horton, Inc. (b)		272,067
	901	Garmin, Ltd. - ADR		90,929
	10,473	Lennar Corp. - Class A		1,100,817
	10,454	Lennar Corp. - Class B		933,647
	98	NVR, Inc. (a)		546,075
	2,302	PulteGroup, Inc.		134,160
	13,089	Tempur Sealy International, Inc. (b)		516,884
	19,741	Toll Brothers, Inc.		1,185,052

				4,779,631

		Household Products - 0.94%
	2,917	Clorox Co. (b)		461,586
	13,377	Colgate-Palmolive Co.		1,005,281
	2,245	Kimberly-Clark Corp.		301,324
	26,426	The Procter & Gamble Co.		3,929,282

				5,697,473

		Independent Power and Renewable Electricity Producers - 0.43%
	17,385	AES Corp. (b)		418,631
	17,587	Brookfield Renewable Corp. - Class A - ADR		614,666
	28,511	NRG Energy, Inc. (b)		977,642
	25,147	Vistra Energy Corp.		603,528

				2,614,467

		Industrial Conglomerates - 0.55%
	2,850	3M Co.		299,564
	2,727	Carlisle Companies, Inc.		616,493
	9,886	General Electric Co. (b)		945,102
	4,839	Honeywell International, Inc.		924,830
	147	Seaboard Corp. (b)		554,191

				3,340,180


Number of Shares			Value
		Insurance - 3.71%
	8,281	Aflac, Inc.	$	534,290
	2,958	American Financial Group, Inc.		359,397
	25,785	American International Group, Inc.		1,298,533
	1,788	Aon PLC - Class A - ADR		563,738
	8,628	Arch Capital Group, Ltd. - ADR (a)		585,582
	3,800	Arthur J. Gallagher & Co.		726,978
	6,608	Assured Guaranty, Ltd. - ADR		332,184
	5,972	Axis Capital Holdings, Ltd. - ADR		325,593
	14,508	Berkshire Hathaway, Inc. - Class B (a)		4,479,635
	16,369	Brighthouse Financial, Inc. (a)(b)		722,037
	2,932	Chubb, Ltd. - ADR		569,336
	1,436	Cincinnati Financial Corp.		160,947
	8,141	CNA Financial Corp.		317,743
	2,299	Erie Indemnity Co. - Class A (b)		532,586
	1,230	Everest Re Group, Ltd. - ADR		440,365
	9,656	F&G Annuities & Life, Inc.		174,967
	20,402	Fidelity National Financial, Inc.		712,642
	3,785	Globe Life, Inc. (b)		416,426
	4,677	Hartford Financial Services Group, Inc.		325,940
	5,876	Loews Corp.		340,925
	8,724	Marsh & McLennan Cos., Inc.		1,452,982
	11,741	MetLife, Inc. (b)		680,274
	25,640	Old Republic International Corp. (b)		640,231
	1,333	Primerica, Inc.		229,596
	11,154	Principal Financial Group, Inc. (b)		828,965
	3,297	Reinsurance Group of America, Inc.		437,710
	997	RenaissanceRe Holdings, Ltd. - ADR		199,739
	6,185	Ryan Specialty Holdings, Inc. (a)(b)		248,884
	3,637	The Allstate Corp.		403,016
	5,934	The Progressive Corp.		848,918
	1,983	The Travelers Cos., Inc.		339,906
	30,546	Unum Group		1,208,400
	6,600	W.R. Berkley Corp.		410,916
	328	White Mountains Insurance Group, Ltd. - ADR		451,817
	1,184	Willis Towers Watson PLC - ADR		275,138

				22,576,336

		Interactive Media & Services - 3.53%
	70,937	Alphabet, Inc. - Class A (a)		7,358,295
	64,128	Alphabet, Inc. - Class C (a)		6,669,312
	11,622	Match Group, Inc. (a)		446,169
	25,133	Meta Platforms, Inc. - Class A (a)		5,326,688
	31,325	Pinterest, Inc. - Class A (a)		854,233
	15,540	TripAdvisor, Inc. (a)		308,624
	5,597	Zillow Group, Inc. - Class A (a)		244,589
	6,011	Zillow Group, Inc. - Class C (a)		267,309

				21,475,219

		Internet & Direct Marketing Retail - 2.15%
	101,709	Amazon.com, Inc. (a)		10,505,523
	378	Booking Holdings, Inc. (a)		1,002,611
	5,477	eBay, Inc.		243,015
	5,598	Etsy, Inc. (a)(b)		623,225
	2,939	Expedia Group, Inc. (a)		285,171
	12,445	Wayfair, Inc. - Class A (a)(b)		427,361

				13,086,906

		IT Services - 3.84%
	7,973	Accenture PLC - Class A - ADR		2,278,763
	5,531	Akamai Technologies, Inc. (a)		433,077
	7,417	Amdocs, Ltd. - ADR		712,255

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	4,631	Automatic Data Processing, Inc.	$	1,031,000
	5,749	Booz Allen Hamilton Holding Corp.		532,875
	3,279	CACI International, Inc. - Class A (a)		971,502
	14,162	Cognizant Technology Solutions Corp. - Class A		862,891
	4,398	Concentrix Corp. (b)		534,577
	92,322	DXC Technology Co. (a)		2,359,750
	643	EPAM Systems, Inc. (a)(b)		192,257
	1,771	Euronet Worldwide, Inc. (a)		198,175
	3,805	Fidelity National Information Services, Inc.		206,726
	9,420	Fiserv, Inc. (a)		1,064,743
	487	FleetCor Technologies, Inc. (a)(b)		102,684
	2,617	Gartner, Inc. (a)		852,540
	5,124	Genpact, Ltd. - ADR		236,831
	2,328	GoDaddy, Inc. - Class A (a)		180,932
	3,174	Leidos Holdings, Inc.		292,198
	8,346	MasterCard, Inc. - Class A		3,033,020
	5,565	Paychex, Inc.		637,693
	6,965	Science Applications International Corp.		748,459
	36,755	The Western Union Co.		409,818
	27,025	Thoughtworks Holding, Inc. (a)		198,904
	4,817	T-Mobile USA, Inc. (a)		697,694
	4,117	VeriSign, Inc. (a)		870,046
	13,816	Visa, Inc. - Class A (b)		3,114,955
	1,777	WEX, Inc. (a)		326,773
	2,734	Wix.com, Ltd. - ADR (a)		272,853

				23,353,991

		Leisure Products - 0.28%
	17,833	Mattel, Inc. (a)(b)		328,305
	1,427	Polaris Industries, Inc. (b)		157,869
	1,472	Pool Corp. (b)		504,072
	17,720	YETI Holdings, Inc. (a)(b)		708,800

				1,699,046

		Life Sciences Tools & Services - 0.94%
	3,733	10X Genomics, Inc. - Class A (a)		208,264
	11,646	Avantor, Inc. (a)		246,196
	2,723	Bruker Corp.		214,681
	426	IQVIA Holdings, Inc. (a)		84,727
	581	Mettler-Toledo International, Inc. (a)(b)		889,052
	49,627	Syneos Health, Inc. (a)		1,767,714
	2,923	Thermo Fisher Scientific, Inc. (b)		1,684,730
	1,994	Waters Corp. (a)		617,402

				5,712,766

		Machinery - 2.39%
	1,851	AGCO Corp.		250,255
	12,055	Allison Transmission Holdings, Inc.		545,368
	2,707	Caterpillar, Inc.		619,470
	1,039	Crane Holdings Co.		117,927
	2,273	Cummins, Inc. (b)		542,974
	2,209	Deere & Co.		912,052
	9,498	Donaldson Co., Inc.		620,599
	14,290	Esab Corp. (b)		844,110
	2,729	Fortive Corp. (b)		186,036
	49,452	Gates Industrial Corp PLC - ADR (a)		686,888
	5,597	Graco, Inc. (b)		408,637
	1,468	IDEX Corp.		339,152
	3,388	Illinois Tool Works, Inc. (b)		824,809
	4,557	Ingersoll Rand, Inc. (b)		265,126


Number of Shares			Value
		Machinery (Continued)
	1,760	ITT, Inc.	$	151,888
	5,119	Lincoln Electric Holdings, Inc. (b)		865,623
	2,270	Nordson Corp. (b)		504,530
	11,912	Oshkosh Corp. (b)		990,840
	7,266	Otis Worldwide Corp. (b)		613,251
	9,302	PACCAR, Inc.		680,906
	1,926	Parker-Hannifin Corp.		647,348
	2,044	Snap-on, Inc. (b)		504,643
	2,785	The Timken Co. (b)		227,590
	5,584	The Toro Co. (a)		620,718
	1,832	Valmont Industries, Inc.		584,921
	6,174	Wabtec Corp.		623,945
	3,302	Xylem, Inc. (b)		345,719

				14,525,325

		Marine - 0.04%
	3,493	Kirby Corp. (a)		243,462

		Media - 1.37%
	37,405	Comcast Corp. - Class A		1,418,024
	27,059	Fox Corp. - Class A (b)		921,359
	28,555	Fox Corp. - Class B		894,057
	34,791	Liberty Media Corp.-Liberty SiriusXM - Class A (a)		977,279
	35,418	Liberty Media Corp.-Liberty SiriusXM - Class C (a)		991,350
	47,972	News Corp. - Class A		828,476
	46,028	News Corp. - Class B (b)		802,268
	4,542	Nexstar Media Group, Inc. (b)		784,222
	1,337	Omnicom Group, Inc.		126,133
	84,549	Sirius XM Holdings, Inc. (b)		335,659
	6,819	The New York Times Co. - Class A (b)		265,123

				8,343,950

		Metals & Mining - 1.11%
	50,438	Cleveland-Cliffs, Inc. (a)		924,529
	9,522	Nucor Corp.		1,470,863
	6,398	Reliance Steel & Aluminum Co.		1,642,622
	13,343	Steel Dynamics, Inc.		1,508,560
	46,935	United States Steel Corp. (b)		1,225,003

				6,771,577

		Multiline Retail - 1.03%
	2,423	Burlington Stores, Inc. (a)		489,688
	4,707	Dollar General Corp.		990,635
	3,988	Dollar Tree, Inc. (a)		572,477
	22,127	Kohl’s Corp. (b)		520,870
	111,914	Macy’s, Inc.		1,957,376
	42,391	Nordstrom, Inc. (b)		689,702
	6,457	Target Corp. (b)		1,069,473

				6,290,221

		Multi-Utilities - 0.49%
	2,368	Ameren Corp.		204,572
	13,353	CenterPoint Energy, Inc.		393,379
	1,600	CMS Energy Corp.		98,208
	6,339	Consolidated Edison, Inc. (b)		606,452
	3,430	Dominion Energy, Inc.		191,771
	3,096	DTE Energy Co.		339,136
	7,413	MDU Resources Group, Inc.		225,948
	9,931	NiSource, Inc.		277,671
	3,027	Sempra Energy		457,561

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Multi-Utilities (Continued)
	1,941	WEC Energy Group, Inc.	$	183,988

				2,978,686

		Oil, Gas & Consumable Fuels - 4.99%
	25,738	Antero Midstream Corp.		269,992
	27,087	Antero Resources Corp. (a)		625,439
	19,839	APA Corp. (b)		715,394
	16,111	Cabot Oil & Gas Corp.		395,364
	2,554	Cheniere Energy, Inc.		402,510
	5,765	Chesapeake Energy Corp. (b)		438,371
	20,726	Chevron Corp.		3,381,654
	15,411	ConocoPhillips		1,528,925
	14,590	Devon Energy Corp.		738,400
	3,471	Diamondback Energy, Inc.		469,175
	10,037	EOG Resources, Inc.		1,150,541
	51,037	Exxon Mobil Corp.		5,596,717
	4,967	Hess Corp.		657,333
	22,678	HF Sinclair Corp.		1,097,162
	20,499	Kinder Morgan, Inc. (b)		358,938
	45,613	Marathon Oil Corp.		1,092,888
	16,731	Marathon Petroleum Corp.		2,255,841
	13,039	New Fortress Energy, Inc. (b)		383,738
	15,029	Occidental Petroleum Corp. (b)		938,260
	6,520	ONEOK, Inc.		414,281
	16,916	OVINTIV, Inc.		610,329
	9,105	PDC Energy, Inc.		584,359
	15,129	Phillips 66		1,533,778
	3,162	Pioneer Natural Resources Co.		645,807
	11,115	Range Resources Corp.		294,214
	80,736	Southwestern Energy Co. (a)		403,680
	6,923	Targa Resources Corp.		505,033
	319	Texas Pacific Land Corp.		542,625
	2,976	The Williams Companies, Inc. (b)		88,863
	12,955	Valero Energy Corp.		1,808,518
	21,103	Vitesse Energy, Inc. (b)		401,590

				30,329,719

		Paper & Forest Products - 0.14%
	15,112	Louisiana-Pacific Corp. (b)		819,222

		Personal Care Products - 0.03%
	39,892	Olaplex Holdings, Inc. (a)		170,339

		Personal Products - 0.30%
	83,307	Coty, Inc. - Class A (a)(b)		1,004,682
	3,254	The Estee Lauder Cos., Inc. - Class A		801,981

				1,806,663

		Pharmaceuticals - 4.77%
	13,436	Abbott Laboratories		1,360,529
	26,086	AbbVie, Inc.		4,157,326
	35,762	Bristol-Myers Squibb Co.		2,478,664
	143,625	Elanco Animal Health, Inc. (a)		1,350,075
	11,642	Eli Lilly & Co.		3,998,096
	3,875	Horizon Therapeutics PLC - ADR (a)		422,918
	2,516	Jazz Pharmaceuticals PLC - ADR (a)		368,166
	34,026	Johnson & Johnson		5,274,030
	arda	Merck & Co., Inc.		3,752,269
	3,999	Perrigo Co. PLC - ADR		143,444
	73,961	Pfizer, Inc.		3,017,609
	2,426	Royalty Pharma PLC - Class A - ADR		87,409


Number of Shares			Value
		Pharmaceuticals (Continued)
	201,945	Viatris, Inc.	$	1,942,711
	3,939	Zoetis, Inc. (b)		655,607

				29,008,853

		Professional Services - 0.46%
	4,365	CoStar Group, Inc. (a)		300,530
	11,443	Dun & Bradstreet Holdings, Inc.		134,341
	2,315	FTI Consulting, Inc. (a)(b)		456,865
	13,663	ManpowerGroup, Inc.		1,127,608
	9,456	Robert Half International, Inc.		761,870

				2,781,214

		Real Estate Management & Development - 0.08%
	6,642	CBRE Group, Inc. - Class A (a)		483,604

		Road & Rail - 0.64%
	1,036	J.B. Hunt Transport Services, Inc. (b)		181,776
	22,310	Knight-Swift Transportation Holdings, Inc.		1,262,300
	5,668	Landstar System, Inc. (b)		1,016,046
	2,124	Old Dominion Freight Line, Inc.		723,944
	22,769	RXO, Inc. (a)(b)		447,183
	9,554	Schneider National, Inc. - Class B		255,570

				3,886,819

		Semiconductors & Semiconductor Equipment - 4.51%
	9,703	Advanced Micro Devices, Inc. (a)		950,991
	16,911	Allegro MicroSystems, Inc. (a)(b)		811,559
	3,197	Analog Devices, Inc.		630,512
	11,859	Applied Materials, Inc.		1,456,641
	4,503	Broadcom, Inc.		2,888,855
	9,319	Cirrus Logic, Inc. (a)		1,019,312
	3,152	First Solar, Inc. (a)		685,560
	19,238	Intel Corp.		628,505
	2,868	KLA-Tencor Corp.		1,144,820
	1,794	Lam Research Corp. (b)		951,035
	8,250	Lattice Semiconductor Corp. (a)		787,875
	2,041	Microchip Technology, Inc.		170,995
	15,876	Micron Technology, Inc. (b)		957,958
	7,699	MKS Instruments, Inc. (b)		682,285
	1,600	Monolithic Power Systems, Inc. (b)		800,864
	27,744	NVIDIA Corp.		7,706,451
	17,003	ON Semiconductor Corp. (a)		1,399,687
	7,249	Qorvo, Inc. (a)		736,281
	2,670	Skyworks Solutions, Inc.		315,007
	7,059	Teradyne, Inc. (b)		758,913
	10,294	Texas Instruments, Inc. (b)		1,914,787

				27,398,893

		Software - 8.71%
	5,494	Adobe Systems, Inc. (a)		2,117,223
	5,948	Alteryx, Inc. - Class A (a)		349,980
	85,319	AppLovin Corp. - Class A (a)(b)		1,343,774
	4,644	Atlassian Corp. - Class A (a)(b)		794,914
	3,212	Autodesk, Inc. (a)		668,610
	7,846	Cadence Design System, Inc. (a)		1,648,366
	4,629	Datadog, Inc. - Class A (a)		336,343
	11,768	DocuSign, Inc. (a)(b)		686,075
	34,397	Dropbox, Inc. - Class A (a)		743,663
	4,833	Elastic NV - ADR (a)		279,831
	1,413	Fair Isaac Corp. (a)		992,901
	18,088	Fortinet, Inc. (a)		1,202,129
	1,678	HubSpot, Inc. (a)(b)		719,443

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Software (Continued)
	15,025	Informatica, Inc. - Class A (a)	$	246,410
	2,045	Intuit, Inc.		911,722
	2,996	Jack Henry & Associates, Inc. (b)		451,557
	5,113	Manhattan Associates, Inc. (a)		791,748
	104,738	Microsoft Corp.		30,195,966
	5,866	New Relic, Inc. (a)		441,651
	20,581	Nutanix, Inc. - Class A (a)		534,900
	9,020	Oracle Corp.		838,138
	17,369	Pegasystems, Inc. (b)		842,049
	15,070	RingCentral, Inc. - Class A (a)		462,197
	4,895	salesforce.com, Inc. (a)		977,923
	2,067	ServiceNow, Inc. (a)		960,576
	11,043	Smartsheet, Inc. - Class A (a)		527,855
	4,353	Splunk, Inc. (a)		417,366
	4,607	SS&C Technologies Holdings, Inc.		260,157
	2,781	Synopsys, Inc. (a)		1,074,161
	2,806	VMware, Inc. - Class A (a)		350,329
	1,157	Workday, Inc. - Class A (a)		238,967
	7,380	Zoom Video Communications, Inc. - Class A (a)		544,939

				52,951,863

		Specialty Retail - 4.05%
	1,688	Advance Auto Parts, Inc.		205,278
	16,697	AutoNation, Inc. (a)(b)		2,243,409
	642	AutoZone, Inc. (a)		1,578,132
	16,766	Bath & Body Works, Inc. (b)		613,300
	7,733	Best Buy Co., Inc. (b)		605,262
	14,657	CarMax, Inc. (a)(b)		942,152
	7,880	Dick’s Sporting Goods, Inc. (b)		1,118,093
	2,505	Floor & Decor Holdings, Inc. - Class A (a)(b)		246,041
	7,342	GameStop Corp. - Class A (a)(b)		169,013
	30,664	Leslie’s, Inc. (a)(b)		337,611
	1,532	Lithia Motors, Inc. (b)		350,721
	9,813	Lowe’s Cos., Inc.		1,962,305
	2,117	O’Reilly Automotive, Inc. (a)		1,797,291
	15,444	Penske Automotive Group, Inc. (b)		2,190,114
	7,473	Petco Health & Wellness Co., Inc. (a)		67,257
	5,183	Ross Stores, Inc.		550,072
	2,142	Sherwin-Williams Co.		481,457
	38,075	The Gap, Inc. (b)		382,273
	12,073	The Home Depot, Inc.		3,562,984
	16,233	The TJX Cos., Inc.		1,272,018
	4,309	Tractor Supply Co. (b)		1,012,787
	2,927	Ulta Beauty, Inc. (a)		1,597,176
	14,546	Victoria’s Secret & Co. (a)(b)		496,746
	7,041	Williams Sonoma, Inc. (b)		856,608

				24,638,100

		Technology Hardware, Storage & Peripherals - 6.91%
	217,615	Apple, Inc.		35,884,714
	28,897	Hewlett Packard Enterprise Co.		460,329
	8,397	HP, Inc.		246,452
	11,395	International Business Machines Corp.		1,493,771
	68,438	NCR Corp. (a)		1,614,452
	6,077	NetApp, Inc.		388,016
	18,395	Pure Storage, Inc. - Class A (a)		469,256
	29,616	Teradata Corp. (a)		1,192,933
	6,265	Western Digital Corp. (a)		236,003

				41,985,926


Number of Shares			Value
		Textiles, Apparel & Luxury Goods - 1.64%
	10,991	Capri Holdings, Ltd. - ADR (a)	$	516,577
	7,250	Carter’s, Inc. (b)		521,420
	6,335	Columbia Sportswear Co.		571,670
	2,479	Deckers Outdoor Corp. (a)		1,114,434
	2,982	lululemon athletica, Inc. (a)		1,086,015
	12,032	NIKE, Inc. - Class B		1,475,605
	11,479	PVH Corp.		1,023,468
	5,399	Ralph Lauren Corp. (b)		629,901
	10,632	Skechers U.S.A., Inc. - Class A (a)		505,233
	19,991	Tapestry, Inc. (b)		861,812
	84,910	Under Armour, Inc. - Class A (a)		805,796
	74,351	Under Armour, Inc. - Class C (a)		634,214
	10,118	VF Corp.		231,803

				9,977,948

		Thrifts & Mortgage Finance - 0.15%
	30,767	MGIC Investment Corp.		412,893
	96,688	UWM Holdings Corp. (b)		474,738

				887,631

		Tobacco - 0.45%
	20,158	Altria Group, Inc.		899,450
	18,734	Philip Morris International, Inc.		1,821,881

				2,721,331

		Trading Companies & Distributors - 0.88%
	2,823	Air Lease Corp.		111,142
	14,970	Fastenal Co.		807,482
	7,330	MSC Industrial Direct Co., Inc. - Class A		615,720
	3,415	SiteOne Landscape Supply, Inc. (a)(b)		467,411
	760	United Rentals, Inc.		300,778
	23,778	Univar Solutions, Inc. (a)		832,943
	1,961	W.W. Grainger, Inc. (b)		1,350,756
	1,989	Watsco, Inc. (b)		632,820
	1,627	WESCO International, Inc.		251,437

				5,370,489

		Total Common Stocks (Cost $377,770,763)		572,560,931

		INVESTMENT COMPANIES - 3.24%
		Domestic Equity Funds - 3.24%
	52,364	Vanguard S&P 500 ETF		19,692,529

		Total Investment Companies (Cost $15,789,347)		19,692,529

		REAL ESTATE INVESTMENT TRUSTS - 1.44%
		Real Estate Investment Trusts - 1.44%
	13,991	Annaly Capital Management, Inc. (b)		267,368
	46,700	Douglas Emmett, Inc. (b)		575,811
	5,185	EPR Properties (b)		197,548
	11,236	Gaming and Leisure Properties, Inc.		584,946
	12,617	Highwoods Properties, Inc.		292,588
	16,370	Host Hotels & Resorts, Inc. (b)		269,941
	190,835	Hudson Pacific Properties, Inc. (b)		1,269,053
	7,387	Iron Mountain, Inc. (b)		390,846
	5,301	Kilroy Realty Corp. (b)		171,752
	9,370	National Retail Properties, Inc.		413,686
	90,729	Park Hotels & Resorts, Inc. (b)		1,121,410
	4,302	Realty Income Corp. (b)		272,403
	147,837	Rithm Capital Corp. (b)		1,182,696
	9,456	Starwood Property Trust, Inc. (b)		167,277

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	18,922	VICI Properties, Inc. (b)	$	617,236
	40,157	Vornado Realty Trust (b)		617,213
	4,269	WP Carey, Inc. (b)		330,634

		Total Real Estate Investment Trusts (Cost $10,201,894)		8,742,408

		SHORT TERM INVESTMENTS - 0.91%
		Money Market Funds - 0.91%
	5,518,049	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (e)		5,518,049

		Total Short Term Investments (Cost $5,518,049)		5,518,049


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.38%
	99,549,037	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (e)		99,549,037

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $99,549,037)		99,549,037

		Total Investments (Cost $508,829,090) - 116.16%		706,062,954
		Liabilities in Excess of Other Assets - (16.16)%		(98,219,320	)

		TOTAL NET ASSETS - 100.00%	$	607,843,634

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)

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

(d)

As of March 31, 2023, the Valuation Committee has fair valued this security. The value of this security was $0, which represents 0.00% of total assets.

(e)

Seven-day yield as of March 31, 2023.

(f)

This security has been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 93.15%
		Bermuda - 0.06%
	36,001	Alibaba Health Information Technology Ltd. (a)	$	25,965

		Brazil - 3.34%
	12,706	Ambev SA (a)		36,024
	8,712	B3 SA - Brasil Bolsa Balcao		17,756
	15,847	Banco do Brasil SA		122,375
	33,563	BB Seguridade Participacoes SA		215,213
	9,249	Cia de Saneamento Basico do Estado de Sao Paulo		92,263
	2,999	CPFL Energia SA		18,757
	5,362	Hypermarcas SA		40,095
	17,024	JBS SA		59,787
	13,627	Natura & Co., Holding SA (a)		35,489
	5,802	Petro Rio SA (a)		35,750
	42,474	Petroleo Brasileiro SA		222,407
	17,921	Raia Drogasil SA		86,238
	9,981	Sendas Distribuidora S/A		30,563
	2,452	SUZANO SA		20,159
	4,548	Telefonica Brasil SA		34,735
	24,590	Vale SA		388,612
	11,516	Vibra Energia SA		33,014
	4,552	WEG SA		36,373

				1,525,610

		Cayman Islands - 8.13%
	4,242	360 DigiTech, Inc. - ADR		82,295
	18,671	3SBio, Inc.		18,582
	10,089	Akeso, Inc. (a)		52,092
	84,250	Alibaba Group Holding, Ltd. (a)		1,067,068
	10,326	Baidu, Inc. - Class A (a)		194,555
	1,383	BeiGene Ltd. (a)		23,020
	16,912	C&D International Investment Group Ltd.		55,543
	171,507	China Evergrande Group (a)(e)(f)(g)		0
	84,652	China Feihe, Ltd.		63,443
	64,482	China Medical System Holdings, Ltd.		101,738
	5,941	China Meidong Auto Holdings, Ltd.		12,814
	8,006	China Resources Land, Ltd.		36,458
	26,053	Chinasoft International, Ltd.		16,505
	16,923	Chow Tai Fook Jewellery Group, Ltd.		33,628
	1,641	Daqo New Energy Corp. - ADR (a)		76,864
	26,212	Dongyue Group, Ltd.		27,092
	64,718	Haidilao International Holding, Ltd.		175,398
	4,278	Hygeia Healthcare Holdings Co Ltd. (a)		30,504
	5,220	Innovent Biologics, Inc. (a)		23,414
	2,985	JD Health International, Inc. (a)		22,134
	9,211	JD.com, Inc. - Class A		201,133
	35,061	Jiumaojiu International Holdings, Ltd.		83,351
	10,815	East Buy Holdings, Ltd. (a)		46,294
	6,861	Kuaishou Technology (a)		52,756
	23,733	Lufax Holding, Ltd. - ADR		48,415
	21,802	Meituan - Class B (a)		395,537
	1,034	MINISO Group Holding Ltd. - ADR		18,343
	5,922	NetEase, Inc.		104,540
	12,813	New Oriental Education & Technology Group, Inc. (a)		49,171
	507	Parade Technologies, Ltd.		17,553
	2,501	PDD Holdings, Inc. - ADR (a)		189,826
	3,236	Silergy Corp.		51,377
	11,310	Tongcheng Travel Holdings Ltd. (a)		24,619
	138,091	Topsports International Holdings, Ltd.		125,877
	1,255	Trip.com Group Ltd. - ADR (a)		47,276


Number of Shares			Value
		Cayman Islands (Continued)
	2,656	Wuxi Biologics Cayman, Inc. (a)	$	16,366
	9,436	Xiaomi Corp. - Class B (a)		14,522
	21,830	Yadea Group Holdings, Ltd.		56,232
	15,083	Zhen Ding Technology Holding, Ltd.		56,751

				3,713,086

		Chile - 0.18%
	26,564	Cencosud SA		51,331
	3,758	Cia Cervecerias Unidas SA		28,904

				80,235

		China - 23.49%
	283,724	Agricultural Bank of China, Ltd. - Series H		105,070
	5,155	Aier Eye Hospital Group Co., Ltd. - Class A		23,299
	51,421	Air China, Ltd. - Series H (a)		45,989
	11,207	ANTA Sports Products, Ltd.		162,716
	698,225	Bank of China, Ltd. - Series H		267,676
	90,100	Bank of Communications Co., Ltd. - Class A		67,023
	162,883	Bank of Communications Co., Ltd. - Series H		102,438
	85,100	BBMG Corp. - Class A		30,343
	1,711	Beijing Tongrentang Co., Ltd. - Class A		13,738
	3,200	Beijing United Information Technology Co., Ltd. - Class A		38,645
	2,755	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A		46,567
	28,900	Beijing Yanjing Brewery Co., Ltd. - Class A		58,901
	1,600	Bloomage Biotechnology Corp, Ltd. - Class A		26,422
	2,131	BYD Co., Ltd. - Series H		62,686
	12,800	By-health Co., Ltd. - Class A		39,704
	1,500	Changchun High & New Technology Industry Group, Inc. - Class A		35,673
	5,084	Chengxin Lithium Group Co., Ltd. - Class A		25,537
	569,672	China Cinda Asset Management Co., Ltd. - Series H		72,001
	268,528	China CITIC Bank Corp., Ltd. - Series H		135,086
	153,233	China Coal Energy Co., Ltd. - Series H		116,286
	222,759	China Communications Services Corp., Ltd. - Series H		109,612
	549,881	China Construction Bank Corp. - Series H		355,880
	100,600	China Everbright Bank Co., Ltd. - Class A		44,066
	347,000	China Everbright Bank Co., Ltd. - Series H		105,266
	84,801	China Hongqiao Group, Ltd.		81,492
	24,467	China Life Insurance Company Ltd. - Series H		40,152
	14,800	China Meheco Co., Ltd. - Class A		29,626
	17,280	China Merchants Bank Co., Ltd. - Series H		87,748
	39,900	China Merchants Energy Shipping Co., Ltd. - Class A		40,722
	112,125	China National Building Material Co., Ltd. - Series H		92,158
	3,100	China National Software & Service Co Ltd. - Class A		31,108
	31,622	China Oilfield Services, Ltd. - Series H		32,507
	53,500	China Petroleum & Chemical Corp. - Class A		43,727
	320,832	China Petroleum & Chemical Corp. - Series H		189,329
	194,967	China Resources Pharmaceutical Group, Ltd.		154,268
	13,865	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A		116,075
	11,100	China Shenhua Energy Co., Ltd. - Series A		45,481
	33,615	China Shenhua Energy Co., Ltd. - Series H		105,784
	615	China Tourism Group Duty Free Corp, Ltd. - Class A		16,423

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		China (Continued)
	105,400	China United Network Communications, Ltd. - Class A	$	83,157
	2,793	China Zhenhua Group Science & Technology Co., Ltd. - Class A		36,640
	3,700	Chongqing Brewery Co., Ltd. - Class A		67,365
	1,284	Chongqing Zhifei Biological Products Co., Ltd. - Class A		15,342
	31,300	COSCO SHIPPING Energy Transportation Co., Ltd. - Class A		61,672
	112,436	COSCO SHIPPING Holdings Co., Ltd. - Series H		126,758
	197,349	Country Garden Holdings Co., Ltd.		55,413
	160,393	CSPC Pharmaceutical Group, Ltd.		157,236
	20,000	Daan Gene Co., Ltd. - Class A		46,887
	11,760	DaShenLin Pharmaceutical Group Co., Ltd. - Class A		63,775
	87,253	Dongfeng Motor Group Co., Ltd. - Series H		40,988
	4,800	Ecovacs Robotics Co., Ltd. - Class A		57,595
	30,833	Focus Media Information Technology Co., Ltd. - Class A		30,799
	700	G-bits Network Technology Xiamen Co., Ltd. - Class A		48,511
	74,400	GD Power Development Co., Ltd. - Class A (a)		41,196
	18,100	Gemdale Corp. - Class A		22,052
	38,114	Guanghui Energy Co., Ltd. - Class A		51,315
	3,000	Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A		38,480
	6,379	Guangzhou Tinci Materials Technology Co., Ltd. - Class A		39,009
	42,500	Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A		56,337
	9,000	Hangzhou Robam Appliances Co., Ltd. - Class A		37,170
	17,300	Henan Shenhuo Coal & Power Co., Ltd. - Class A		44,516
	3,900	Hithink RoyalFlush Information Network Co., Ltd. - Class A		116,164
	6,869	Huadong Medicine Co., Ltd. - Class A		46,320
	63,100	Huaxia Bank Co., Ltd. - Class A		49,453
	8,100	Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A		33,631
	8,446	Hubei Xingfa Chemicals Group Co., Ltd. - Class A		37,481
	5,200	Hundsun Technologies, Inc. - Class A		40,297
	269,446	Industrial & Commercial Bank of China, Ltd. - Series H		143,194
	3,456	Inner Mongolia Yili Industrial Group Co., Ltd. - Class A		14,619
	8,800	Jafron Biomedical Co., Ltd. - Class A		38,871
	8,200	Jiangsu Hengrui Medicine Co., Ltd. - Class A		51,088
	18,000	Jiangxi Copper Co., Ltd. - Class A		51,812
	33,415	Jiangxi Copper Co., Ltd. Series H		56,572
	2,300	JiuGui Liquor Co., Ltd. - Class A		43,221
	21,371	Joincare Pharmaceutical Group Industry Co., Ltd. - Class A		40,990
	200	Kweichow Moutai Co., Ltd. - Class A		52,832
	140,696	Lenovo Group, Ltd.		152,432
	16,845	Li Ning Co., Ltd.		132,468
	9,989	Longfor Properties Co., Ltd.		28,173
	1,400	Luzhou Laojiao Co., Ltd. - Class A		51,703
	19,600	Meihua Holdings Group Co Ltd. - Class A		27,914
	136,400	Metallurgical Corp of China, Ltd. - Class A		77,403


Number of Shares			Value
		China (Continued)
	3,200	Ningbo Tuopu Group Co., Ltd. - Class A	$	29,990
	25,169	Nongfu Spring Co., Ltd. - Class H		145,120
	43,500	Offshore Oil Engineering Co Ltd. - Class A		38,803
	272,281	PetroChina Co., Ltd - Series H		160,846
	61,600	PetroChina Co., Ltd. - Class A		53,040
	137,185	PICC Property & Casualty Co., Ltd. - Series H		139,944
	29,743	Ping An Insurance Group Co. of China, Ltd. - Series H		192,414
	4,180	Proya Cosmetics Co., Ltd. - Class A		110,687
	2,600	Sangfor Technologies, Inc. - Class A		56,065
	14,800	Seazen Holdings Co., Ltd. - Class A (a)		35,096
	1,650	SG Micro Corp. - Class A		37,335
	15,400	Shaanxi Coal Industry Co., Ltd. - Class A		45,580
	18,800	Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A		37,749
	21,100	Shandong Buchang Pharmaceuticals Co., Ltd. - Class A		60,901
	5,639	Shanghai Fudan Microelectronics Group Co Ltd. - Series H		20,837
	1,498	Shanghai International Airport Co., Ltd. - Class A (a)		12,154
	6,100	Shanghai M&G Stationery, Inc. - Class A		43,589
	1,100	Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A		43,498
	5,700	Shenzhen Kstar Science And Technology Co Ltd. - Class A		38,793
	6,800	Shenzhen Salubris Pharmaceuticals Co Ltd. - Class A		35,030
	11,770	Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A		49,827
	35,432	Shimao Property Holdings, Ltd. (a)(e)(f)(g)		9,658
	6,400	Sichuan Kelun Pharmaceutical Co Ltd. - Class A		26,507
	3,200	Sichuan Swellfun Co., Ltd. - Class A		35,057
	1,000	Skshu Paint Co., Ltd. - Class A (a)		16,939
	46,301	Sunac China Holdings, Ltd. (a)(e)(f)(g)		12,975
	3,300	Canmax Technologies Co., Ltd - Class A		24,644
	8,458	TAL Education Group - ADR (a)		54,216
	40,044	Tencent Holdings, Ltd.		1,956,923
	120,428	The People’s Insurance Co. Group of China, Ltd. - Series H		40,185
	55,234	Tingyi Cayman Islands Holding Corp.		92,432
	15,417	TravelSky Technology, Ltd. - Series H		28,727
	1,837	Tsingtao Brewery Co., Ltd - Series H		20,079
	78,261	Uni-President China Holdings, Ltd.		78,932
	16,004	Vipshop Holdings, Ltd. - ADR (a)		242,941
	75,147	Want Want China Holdings, Ltd.		48,349
	75,800	Wuchan Zhongda Group Co., Ltd. - Class A		53,530
	22,900	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. - Class A		94,761
	47,200	Xiamen C & D, Inc. - Class A		82,767
	9,800	Yankuang Energy Group Co., Ltd. - Class A		50,777
	46,289	Yankuang Energy Group Co., Ltd. - Series H		165,735
	3,353	Yifeng Pharmacy Chain Co., Ltd. - Class A		28,270
	16,709	Yihai International Holding, Ltd.		49,093
	1,063	YongXing Special Materials Technology Co., Ltd. - Class A		13,035
	1,181	Youngy Co., Ltd. - Class A		13,045
	11,400	YTO Express Group Co., Ltd. - Class A		30,360
	2,665	Yum China Holdings, Inc. (b)		168,934
	1,000	Yunnan Botanee Bio-Technology Group Co., Ltd. - Class A		18,642

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		China (Continued)
	17,650	Zhaojin Mining Industry Co., Ltd. - Series H	$	26,766
	9,000	Zhejiang Supor Co., Ltd. - Class A		70,851
	13,855	Zhejiang Weixing New Building Materials Co., Ltd. - Class A		48,925
	5,112	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. - Class A		35,420

				10,732,848

		Cyprus - 0.00%
	2,617	TCS Group Holding PLC (a)(d)(e)(f)(g)		0

		Czech Republic - 0.14%
	1,021	CEZ AS		49,588
	467	Komercni Banka AS		15,495

				65,083

		Egypt - 0.38%
	83,542	Commercial International Bank Egypt SAE		138,273
	67,890	Egyptian Financial Group-Hermes Holding Co. (a)		36,964

				175,237

		Hong Kong - 1.64%
	203,098	Bosideng International Holdings, Ltd.		113,331
	6,357	BYD Electronic International Co., Ltd.		19,784
	19,398	China Mengniu Dairy Co., Ltd.		79,521
	1,938	China Resources Beer Holdings Co., Ltd.		15,569
	75,979	China Taiping Insurance Holdings Co., Ltd.		80,789
	66,261	China Traditional Chinese Medicine Holdings Co., Ltd.		34,715
	128,661	CITIC, Ltd.		150,380
	26,844	Kingboard Chemical Holdings, Ltd.		82,540
	4,079	Orient Overseas International Ltd.		78,298
	59,913	Sino Biopharmaceutical, Ltd.		33,581
	40,795	Yuexiu Property Co., Ltd.		61,683

				750,191

		Hungary - 0.33%
	18,405	MOL Hungarian Oil & Gas PLC		134,794
	495	OTP Bank PLC		14,132

				148,926

		India - 12.32%
	941	ACC, Ltd.		19,151
	3,481	Adani Enterprises, Ltd.		74,488
	25,416	Adani Power, Ltd. (a)		59,345
	1,438	Adani Total Gas, Ltd.		15,164
	6,826	Ambuja Cements, Ltd. (a)		30,477
	1,052	Asian Paints, Ltd.		35,444
	22,795	Aurobindo Pharma, Ltd.		144,056
	6,001	Axis Bank, Ltd.		62,871
	536	Bajaj Finance, Ltd.		36,777
	14,879	Bank of Baroda		30,689
	48,052	Bharat Electronics, Ltd.		57,191
	1,875	Bharat Forge Ltd.		17,626
	4,538	Bharti Airtel, Ltd.		41,384
	1,317	Britannia Industries, Ltd.		69,420
	10,927	CG Power & Industrial Solutions Ltd.		39,978
	2,073	Cholamandalam Investment and Finance Co., Ltd.		19,262
	6,423	Cipla, Ltd.		70,497
	24,459	Coal India, Ltd.		63,760
	4,611	Colgate-Palmolive India, Ltd.		84,668
	2,041	Dabur India, Ltd.		13,552


Number of Shares			Value
		India (Continued)
	488	Divi’s Laboratories, Ltd.	$	16,804
	1,820	Dr. Reddy’s Laboratories, Ltd.		102,627
	687	Eicher Motors, Ltd. (a)		24,685
	11,573	HCL Technologies, Ltd.		153,638
	37,040	Hindalco Industries, Ltd.		183,649
	2,222	Hindustan Unilever, Ltd.		69,392
	6,856	Housing Development Finance Corp., Ltd.		219,859
	25,648	ICICI Bank, Ltd.		274,086
	10,135	Indian Hotels Co., Ltd.		40,123
	14,494	Indian Oil Corp, Ltd.		13,768
	1,315	Indian Railway Catering & Tourism Corp., Ltd.		9,191
	21,825	Infosys, Ltd.		381,570
	20,548	ITC, Ltd.		96,142
	14,051	Jindal Steel & Power, Ltd.		93,765
	14,098	JSW Steel, Ltd.		118,376
	4,166	Jubilant Foodworks, Ltd.		22,376
	1,969	Larsen & Toubro Infotech, Ltd.		114,659
	5,027	Larsen & Toubro, Ltd.		132,694
	9,326	Mahindra & Mahindra, Ltd.		131,790
	10,424	Marico, Ltd.		60,961
	265	Maruti Suzuki India, Ltd.		26,799
	3,222	Mphasis, Ltd.		70,832
	35	MRF Ltd.		35,848
	3,914	Muthoot Finance, Ltd.		46,804
	446	Nestle India, Ltd.		107,088
	51,600	NTPC, Ltd.		110,163
	108,248	Oil & Natural Gas Corp., Ltd.		199,493
	203	Page Industries, Ltd.		93,773
	10,783	Petronet LNG, Ltd.		30,081
	418	Pidilite Industries, Ltd.		11,990
	26,051	Power Grid Corp of India, Ltd.		71,721
	13,124	Reliance Industries, Ltd.		373,176
	16,763	State Bank of India		107,158
	6,323	Sun Pharmaceutical Industries, Ltd.		75,764
	7,477	Tata Consultancy Services, Ltd.		293,082
	668	Tata Elxsi, Ltd.		48,640
	19,415	Tata Motors, Ltd. (a)		100,028
	156,435	Tata Steel, Ltd.		199,841
	8,295	Tech Mahindra, Ltd.		111,822
	526	Titan Co., Ltd.		16,156
	887	Tube Investments of India Ltd.		27,560
	3,804	TVS Motor Co., Ltd.		50,000
	266	UltraTech Cement, Ltd.		24,718
	4,447	Varun Beverages, Ltd.		75,243
	13,386	Vedanta, Ltd.		44,842
	7,253	Wipro, Ltd.		32,358

				5,630,935

		Indonesia - 2.13%
	1,079,491	Adaro Energy Tbk PT		209,258
	175,027	Astra International Tbk PT		70,132
	47,754	Bank Central Asia Tbk PT		27,938
	82,986	Bank Negara Indonesia Persero Tbk PT		51,928
	78,434	Bank of Mandiri Persero Tbk PT		54,013
	111,277	Bank Rakyat Indonesia Persero Tbk PT		35,258
	309,753	Indofood Sukses Makmur Tbk PT		128,240
	510,158	Kalbe Farma Tbk PT		71,499
	518,150	Sumber Alfaria Trijaya Tbk PT		99,692
	463,270	Telekomunikasi Indonesia Persero Tbk PT		125,798
	337,039	Unilever Indonesia Tbk PT		97,784

				971,540

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Mexico - 2.38%
	88,214	Alfa SAB de CV - Series A	$	56,052
	101,917	America Movil SAB de CV (a)		107,460
	4,805	Arca Continental SAB de CV		43,565
	284,957	Cemex SAB de CV (a)		156,869
	2,990	Coca-Cola Femsa SAB de CV		24,031
	1,743	Gruma SAB de CV - Series B		25,821
	1,061	Grupo Aeroportuario del Pacifico SAB de CV - Series B		20,698
	47,780	Grupo Bimbo SAB de CV - Series A		240,173
	10,427	Grupo Financiero Banorte SAB de CV - Series O		87,790
	28,782	Grupo Financiero Inbursa SAB de CV - Series O (a)		61,844
	14,349	Grupo Mexico SAB de CV - Series B		67,875
	26,029	Orbia Advance Corp SAB de CV		56,608
	34,632	Wal-Mart de Mexico SAB de CV		138,374

				1,087,160

		Netherlands - 0.08%
	3,790	Pepco Group NV (a)		36,505

		Peru - 0.19%
	291	Credicorp, Ltd. - ADR		38,525
	639	Southern Copper Corp. (b)		48,724

				87,249

		Poland - 0.93%
	1,019	CD Projekt SA		26,379
	2,267	Dino Polska SA (a)		205,912
	18	LPP SA		39,965
	67,386	PGE Polska Grupa Energetyczna SA (a)		98,135
	4,186	Polski Koncern Naftowy Orlen SA		56,503

				426,894

		Qatar - 1.09%
	17,004	Industries Qatar QSC		60,932
	68,927	Ooredoo QPSC		178,010
	10,659	Qatar Islamic Bank SAQ		52,242
	33,670	Qatar National Bank QPSC		148,759
	36,411	The Commercial Bank PQSC		58,328

				498,271

		Republic of Korea - 12.79%
	684	Amorepacific Corp.		72,193
	270	BGF retail Co., Ltd.		37,613
	7,452	Cheil Worldwide, Inc.		106,766
	1,964	CJ Corp.		157,433
	2,940	DB Insurance Co., Ltd.		169,145
	736	Ecopro BM Co., Ltd.		127,545
	872	F&F Co., Ltd.		93,825
	1,681	GS Holdings Corp.		52,144
	3,983	Hana Financial Group, Inc.		124,743
	176	Hanmi Pharm Co., Ltd.		34,693
	1,222	Hanwha Solutions (a)		50,406
	1,378	Hanwha Galleria Co. (a)		2,255
	4,582	HMM Co., Ltd.		72,050
	902	Hotel Shilla Co., Ltd.		56,686
	2,031	Hyundai Engineering & Construction Co., Ltd.		57,118
	151	Hyundai Glovis Co., Ltd.		18,441
	1,507	Hyundai Heavy Industries Holdings Co., Ltd.		67,334
	394	Hyundai Mobis Co., Ltd.		65,439
	533	Hyundai Motor Co.		75,831
	4,746	Hyundai Steel Co.		126,869


Number of Shares			Value
		Republic of Korea (Continued)
	14,389	Industrial Bank of Korea	$	111,905
	3,696	KB Financial Group, Inc.		134,986
	2,002	Kia Motors Corp.		124,941
	2,697	Korea Aerospace Industries Ltd.		98,490
	667	Korea Investment Holdings Co., Ltd.		28,312
	2,682	Korean Air Lines Co., Ltd.		47,885
	1,294	KT&G Corp.		83,163
	713	Kumho Petrochemical Co., Ltd.		78,868
	284	L&F Co., Ltd.		68,851
	107	LG Chemical, Ltd.		58,764
	805	LG Electronics, Inc.		71,841
	69	LG Energy Solution Ltd. (a)		31,088
	155	LG Household & Health Care, Ltd.		71,610
	146	LG Innotek Co., Ltd.		30,618
	15,796	LG Uplus Corp.		131,601
	4,046	Meritz Financial Group, Inc.		120,533
	19,803	Meritz Securities Co., Ltd.		92,945
	278	NCSoft Corp.		79,667
	1,994	NH Investment & Securities Co., Ltd.		13,517
	1,210	Orion Corp.		126,995
	9,050	Pan Ocean Co., Ltd.		40,569
	134	POSCO Holdings, Inc.		37,911
	492	POSCO Chemical Co., Ltd.		103,698
	277	Samsung Electro-Mechanics Co., Ltd.		32,706
	32,358	Samsung Electronics Co., Ltd.		1,600,134
	2,697	Samsung Engineering Co., Ltd. (a)		65,912
	214	Samsung Fire & Marine Insurance Co., Ltd.		33,827
	173	Samsung SDI Co., Ltd.		98,271
	2,897	Samsung Securities Co., Ltd.		70,812
	1,177	SD Biosensor, Inc.		19,153
	5,446	Shinhan Financial Group Co., Ltd.		147,942
	425	SK Biopharmaceuticals Co., Ltd. (a)		20,711
	3,100	SK Hynix, Inc.		212,148
	1,956	Woongjin Coway Co., Ltd.		78,943
	12,323	Woori Financial Group, Inc.		108,402

				5,846,248

		Russian Federation - 0.00%
	44,711	Gazprom PJSC - ADR (a)(e)(f)(g)		0
	3,704	Lukoil PJSC - ADR (a)(e)(f)(g)		0
	1,815	Magnit PJSC - ADR (a)(d)(e)(f)(g)		0
	5,783	MMC Norilsk Nickel PJSC - ADR (a)(e)(f)(g)		0
	4,954	Novolipetsk Steel PJSC - ADR (e)(f)(g)		0
	5,230	PhosAgro PJSC (a)(d)(e)(f)(g)		0
	994	Polyus PJSC - GDR - ADR (d)(e)(f)(g)		0
	13,382	Rosneft Oil Co PJSC (e)(f)(g)		0
	120,116	Sberbank Of Russia (a)(e)(f)(g)		0
	21,281	Surgutneftegas OJSC - ADR (a)(e)(f)(g)		0
	4,243	Tatneft PJSC - ADR (a)(e)(f)(g)		0
	128,418,000	VTB Bank PJSC (a)(e)(f)(g)		0
	3,865	X5 Retail Group NV - ADR (d)(e)(f)(g)		0
	2,515	Yandex NV - Class A - ADR (a)(e)(f)(g)		0

				0

		Singapore - 0.04%
	2,640	BOC Aviation, Ltd.		20,473

		South Africa - 4.25%
	13,641	Absa Group, Ltd.		139,429
	2,453	African Rainbow Minerals, Ltd.		31,903
	682	Anglo American Platinum, Ltd.		36,611

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		South Africa (Continued)
	3,686	Aspen Pharmacare Holdings, Ltd.	$	38,113
	5,009	Bid Corp., Ltd.		112,108
	222	Capitec Bank Holdings, Ltd.		21,043
	3,652	Clicks Group, Ltd.		52,535
	3,430	Exxaro Resources, Ltd.		35,850
	27,764	FirstRand, Ltd.		94,103
	3,210	Gold Fields, Ltd.		43,000
	10,423	Impala Platinum Holdings, Ltd.		95,937
	3,716	Kumba Iron Ore, Ltd.		93,956
	5,550	Mr. Price Group, Ltd.		44,949
	17,584	MTN Group, Ltd.		125,980
	12,030	MultiChoice Group, Ltd.		83,598
	670	Naspers, Ltd. - N Shares		124,147
	9,293	Nedbank Group, Ltd.		113,390
	58,167	Old Mutual, Ltd.		38,558
	27,124	OUTsurance Group Ltd.		53,212
	24,798	Pepkor Holdings, Ltd.		24,011
	2,448	Remgro, Ltd.		18,483
	5,007	Sasol, Ltd.		67,663
	4,548	Shoprite Holdings, Ltd.		56,756
	30,641	Sibanye Stillwater, Ltd.		63,268
	12,903	Standard Bank Group, Ltd.		125,105
	4,392	The Bidvest Group, Ltd.		62,512
	41,122	Woolworths Holdings, Ltd.		147,720

				1,943,940

		South Korea - 0.29%
	2,093	Lotte Shopping Co., Ltd.		132,080

		Taiwan, Province of China - 14.09%
	3,162	Accton Technology Corp.		33,233
	5,147	Advantech Co., Ltd.		62,967
	9,799	ASE Technology Holding Co., Ltd.		36,365
	13,151	Catcher Technology Co., Ltd.		82,211
	34,148	Cathay Financial Holding Co., Ltd.		47,017
	2,728	Chailease Holding Co., Ltd.		20,063
	44,823	Chang Hwa Commercial Bank, Ltd.		25,589
	135,776	China Development Financial Holding Corp.		56,181
	4,797	Chunghwa Telecom Co., Ltd.		18,857
	88,408	Compal Electronics, Inc.		73,423
	50,572	CTBC Financial Holding Co., Ltd.		36,418
	7,845	Delta Electronics, Inc.		77,835
	11,343	E Ink Holdings, Inc.		69,234
	2,098	eMemory Technology, Inc.		129,149
	38,043	Eva Airways Corp.		33,760
	30,495	Evergreen Marine Corp. Taiwan, Ltd.		159,714
	101,653	Far Eastern New Century Corp.		104,623
	12,586	Far EasTone Telecommunications Co., Ltd.		31,105
	7,996	Feng TAY Enterprise Co., Ltd.		50,898
	73,633	First Financial Holding Co., Ltd.		64,090
	32,871	Fubon Financial Holding Co., Ltd.		61,176
	44,663	Hon Hai Precision Industry Co., Ltd.		152,881
	111,471	Hua Nan Financial Holdings Co., Ltd.		82,004
	9,446	MediaTek, Inc.		244,898
	9,860	Micro-Star International Co., Ltd.		46,866
	1,837	momo.com, Inc.		54,726
	3,737	Nan Ya Printed Circuit Board Corp.		35,031
	7,162	Nien Made Enterprise Co., Ltd.		77,134
	9,424	Novatek Microelectronics Corp.		133,920
	5,259	Pegatron Corp.		12,068


Number of Shares			Value
		Taiwan, Province of China (Continued)
	3,583	PharmaEssentia Corp. (a)	$	50,422
	14,115	President Chain Store Corp.		125,094
	12,817	Realtek Semiconductor Corp.		163,601
	15,402	Ruentex Development Co., Ltd.		17,937
	140,486	Shin Kong Financial Holding Co., Ltd.		38,962
	90,191	SinoPac Financial Holdings Co., Ltd.		49,312
	136,710	Taiwan Business Bank		60,549
	82,531	Taiwan Cooperative Financial Holding Co., Ltd.		70,873
	8,931	Taiwan Mobile Co., Ltd.		29,634
	165,995	Taiwan Semiconductor Manufacturing Co., Ltd.		2,909,000
	27,459	The Shanghai Commercial & Savings Bank, Ltd.		42,381
	11,481	Unimicron Technology Corp.		55,996
	89,066	Uni-President Enterprises Corp.		210,551
	93,712	United Microelectronics Corp.		163,990
	47,164	Walsin Lihwa Corp.		75,962
	26,116	Wan Hai Lines, Ltd.		59,106
	38,824	Winbond Electronics Corp.		33,969
	53,140	Yang Ming Marine Transport Corp.		112,813
	73,960	Yuanta Financial Holding Co., Ltd.		54,389

				6,437,977

		Thailand - 1.58%
	6,760	Advanced Info Service PLC - NVDR		41,933
	31,708	Airports of Thailand PLC - NVDR (a)		65,893
	253,279	Asset World Corp PLC		43,010
	27,250	Bangkok Dusit Medical Services PLC		23,525
	163,330	Banpu Public Co., Ltd. - NVDR		51,664
	6,853	Bumrungrad Hospital PLC - NVDR		45,347
	32,430	Central Pattana PLC - NVDR		65,306
	16,704	Central Retail Corp PLC		21,925
	4,020	Delta Electronics Thailand PLC - NVDR		134,873
	6,767	Electricity Generating PLC - NVDR		30,813
	11,397	Gulf Energy Development PLC - NVDR		17,616
	45,073	Home Product Center PLC - NVDR		19,029
	115,383	Krung Thai Bank PLC		55,717
	11,163	Krungthai Card PLC		17,734
	60,632	Osotspa PLC - NVDR		54,569
	7,808	PTT Exploration & Production PLC		34,311

				723,265

		Turkey - 2.16%
	120,011	Akbank Turk AS		106,190
	15,190	BIM Birlesik Magazalar AS		117,978
	19,325	Haci Omer Sabanci Holding AS		39,968
	43,730	KOC Holding AS		174,676
	20,353	Turk Hava Yollari AO (a)		126,035
	38,327	Turkcell Iletisim Hizmetleri AS		64,137
	466,400	Turkiye Is Bankasi - Series C		315,755
	82,783	Yapi ve Kredi Bankasi AS		41,464

				986,203

		United Arab Emirates - 1.15%
	24,201	Abu Dhabi Commercial Bank PJSC		54,768
	17,866	Abu Dhabi Islamic Bank PJSC		48,593
	63,845	Abu Dhabi National Oil Co. for Distribution PJSC		72,668
	86,422	Aldar Properties PJSC		109,597
	89,456	Emaar Properties PJSC		136,689
	9,317	Emirates NBD Bank PJSC		33,341
	4,091	Emirates Telecommunications Group Co. PJSC		24,580

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		United Arab Emirates (Continued)
	12,473	First Abu Dhabi Bank PJSC	$	43,808

				524,044

		Total Common Stocks (Cost $37,528,675)		42,569,965

		INVESTMENT COMPANIES - 5.93%
		China - 1.95%
	18,271	iShares Core MSCI Emerging Markets ETF (b)		891,442

		Saudi Arabia - 3.98%
	46,998	iShares MSCI Saudi Arabia ETF (b)		1,820,233

		Total Investment Companies (Cost $2,402,084)		2,711,675

		PREFERRED STOCKS - 2.39%
		Brazil - 1.66%
	28,116	Banco Bradesco SA - Preference Shares		73,279
	4,834	Centrais Eletricas Brasileiras SA - Preference Shares		34,564
	49,016	Cia Energetica de Minas Gerais - Preference Shares		110,924
	23,814	Gerdau SA - Preference Shares		118,872
	37,716	Itau Unibanco Holding SA - Preference Shares		184,917
	51,087	Petroleo Brasileiro SA - Preference Shares		235,858

				758,414

		Chile - 0.19%
	1,083	Sociedad Quimica y Minera de Chile SA - Class B		87,022

		Republic of Korea - 0.54%
	446	Hyundai Motor Co. - 1st Preference Shares		32,424
	487	Hyundai Motor Co. - 2nd Preference Shares		35,973
	4,305	Samsung Electronics Co., Ltd. - Preference Shares		179,151

				247,548

		Total Preferred Stocks (Cost $870,403)		1,092,984

		REAL ESTATE INVESTMENT TRUSTS - 0.05%
		Mexico - 0.05%
	14,555	Fibra Uno Administracion SA de CV		20,379

		Total Real Estate Investment Trusts (Cost $19,239)		20,379


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.43%
		Money Market Funds - 0.43%
	196,628	JPMorgan US Government Money Market Fund Effective Yield, 4.73% (c)	$	196,628

		Total Short Term Investments (Cost $196,628)		196,628


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.44%
	2,941,322	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)		2,941,322

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $2,941,322)		2,941,322

		Total Investments (Cost $43,958,351) - 108.39%		49,532,953
		Liabilities in Excess of Other Assets - (8.39)%		(3,833,689	)

		TOTAL NET ASSETS - 100.00%	$	45,699,264

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, 2023.

(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 $0, which represents 0.00% of total net assets.

(e)

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

(f)

As of March 31, 2023, the Valuation Committee has fair valued these securities. The value of these securities were $22,633, which represents 0.05% of total net assets.

(g)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $22,633, which represents 0.05% 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, 2023


COMMON STOCKS
Aerospace & Defense			0.34%
Air Freight & Logistics			0.11%
Airlines			0.45%
Auto Components			0.39%
Automobiles			1.67%
Banks			11.06%
Beverages			1.74%
Biotechnology			0.66%
Broadline Retail			2.91%
Building Products			0.11%
Capital Markets			1.10%
Chemicals			0.96%
Commercial Services & Supplies			0.12%
Communications Equipment			0.20%
Construction & Engineering			0.73%
Construction Materials			1.00%
Consumer Finance			0.55%
Consumer Staples Distribution & Retail			0.32%
Department Stores			0.29%
Distributors			0.12%
Diversified Consumer Services			0.33%
Diversified Financial Services			0.60%
Diversified Telecommunication Services			1.36%
Electric Utilities			0.52%
Electrical Equipment			0.79%
Electronic Equipment, Instruments & Components			1.96%
Energy Equipment & Services			0.16%
Entertainment			0.60%
Financial Services			0.04%
Food & Staples Retailing			2.24%
Food Products			3.11%
Gas Utilities			0.03%
Health Care Equipment & Supplies			0.13%
Health Care Providers & Services			0.52%
Health Care Technology			0.06%
Hotels, Restaurants & Leisure			1.39%
Household Durables			1.08%
Household Products			0.31%
Independent Power and Renewable Electricity Producers			0.57%
Industrial Conglomerates			1.76%
Insurance			2.52%
Interactive Media & Services			0.54%
Internet & Direct Marketing Retail			1.89%
Internet Software & Services			0.00%
IT Services			6.84%
Life Sciences Tools & Services			0.07%
Machinery			0.15%
Marine			0.77%
Marine Transportation			0.65%
Media			0.76%



Metals & Mining			4.26%
Multiline Retail			0.45%
Oil, Gas & Consumable Fuels			6.01%
Paper & Forest Products			0.10%
Passenger Airlines			0.10%
Personal Products			1.05%
Pharmaceuticals			3.37%
Real Estate Management & Development			1.54%
Semiconductors & Semiconductor Equipment			12.75%
Software			0.56%
Specialty Retail			0.96%
Technology Hardware, Storage & Peripherals			0.97%
Textiles, Apparel & Luxury Goods			1.54%
Thrifts & Mortgage Finance			0.48%
Tobacco			0.39%
Trading Companies & Distributors			0.47%
Transportation Infrastructure			0.22%
Water Utilities			0.20%
Wireless Telecommunication Services			1.15%

TOTAL COMMON STOCKS			93.15%

INVESTMENT COMPANIES
International Equity Funds			5.93%

TOTAL INVESTMENT COMPANIES			5.93%

PREFERRED STOCKS
Automobiles			0.15%
Banks			0.56%
Chemicals			0.19%
Electric Utilities			0.32%
Metals & Mining			0.26%
Oil, Gas & Consumable Fuels			0.52%
Semiconductors & Semiconductor Equipment			0.39%

TOTAL PREFERRED STOCKS			2.39%

REAL ESTATE INVESTMENT TRUSTS
Equity Real Estate Investment Trusts (REITs)			0.05%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.05%

SHORT TERM INVESTMENTS
Money Market Funds			0.43%

TOTAL SHORT TERM INVESTMENTS			0.43%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Private Investment Funds			6.44%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			6.44%

TOTAL INVESTMENTS			108.39%
Liabilities in Excess of Other Assets			(8.39)%

TOTAL NET ASSETS			100.00%

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 89.75%
		Aerospace & Defense - 1.16%
	1,220	AAR Corp. (a)	$	66,551
	476	Aerojet Rocketdyne Holdings, Inc. (a)(b)		26,737
	938	Axon Enterprise, Inc. (a)		210,909
	326	BWX Technologies, Inc.		20,551
	567	Curtiss-Wright Corp. (b)		99,939
	684	Ducommun, Inc. (a)		37,422
	647	Hexcel Corp. (b)		44,158
	3,348	Howmet Aerospace, Inc.		141,855
	485	Huntington Ingalls Industries, Inc. (b)		100,405
	660	Moog, Inc. - Class A		66,495
	908	Parsons Corp. (a)		40,624
	2,897	Textron, Inc.		204,615
	1,164	V2X, Inc. (a)		46,234

				1,106,495

		Air Freight & Logistics - 0.30%
	981	Air Transport Services Group, Inc. (a)		20,434
	541	Forward Air Corp. (b)		58,298
	1,186	GXO Logistics, Inc. (a)(b)		59,846
	732	Hub Group, Inc. - Class A (a)		61,444
	8,035	Radiant Logistics, Inc. (a)		52,710
	978	XPO Logistics, Inc. (a)		31,198

				283,930

		Airlines - 0.16%
	1,405	Alaska Air Group, Inc. (a)		58,954
	2,672	American Airlines Group, Inc. (a)		39,412
	2,954	JetBlue Airways Corp. (a)		21,505
	3,835	Joby Aviation, Inc. (a)		16,644
	750	SkyWest, Inc. (a)		16,627

				153,142

		Auto Components - 0.83%
	1,357	Adient PLC - ADR (a)		55,583
	3,589	American Axle & Manufacturing Holdings, Inc. (a)(b)		28,030
	2,430	BorgWarner, Inc.		119,337
	807	Dana, Inc. (b)		12,145
	404	Dorman Products, Inc. (a)		34,849
	381	Fox Factory Holding Corp. (a)(b)		46,242
	2,920	Gentex Corp.		81,848
	464	Gentherm, Inc. (a)		28,035
	4,193	Goodyear Tire & Rubber Co. (a)(b)		46,207
	425	LCI Industries (b)		46,695
	513	Lear Corp.		71,558
	2,834	Modine Manufacturing Co. (a)		65,324
	894	Standard Motor Products, Inc.		32,998
	1,319	Stoneridge, Inc. (a)		24,665
	147	Visteon Corp. (a)		23,054
	1,020	XPEL, Inc. (a)		69,309

				785,879

		Automobiles - 0.17%
	1,852	Harley-Davidson, Inc. (b)		70,320
	722	Thor Industries, Inc. (b)		57,500
	674	Winnebago Industries, Inc. (b)		38,890

				166,710

		Banks - 5.02%
	624	Amerant Bancorp, Inc.		13,578
	1,128	Ameris Bancorp (b)		41,262


Number of Shares			Value
		Banks (Continued)
	2,420	Associated Banc-Corp.	$	43,512
	975	Atlantic Union Bankshares Corp. (b)		34,174
	195	BancFirst Corp.		16,204
	2,010	Banco Latinoamericano de Comercio Exterior SA - Class E - ADR		34,934
	3,049	Bancorp, Inc. (a)		84,915
	590	Bank of Hawaii Corp. (b)		30,727
	1,563	Bank OZK (b)		53,455
	1,297	BankUnited, Inc.		29,286
	2,411	Blue Ridge Bankshares Inc.		24,592
	429	BOK Financial Corp.		36,212
	993	Business First Bancshares, Inc.		17,010
	943	Byline Bancorp, Inc.		20,388
	2,799	Cadence Bank (b)		58,107
	261	Cambridge Bancorp		16,915
	481	Camden National Corp.		17,407
	1,993	Capital Bancorp, Inc.		33,164
	1,616	Capstar Financial Holdings, Inc.		24,482
	1,275	Cathay General Bancorp		44,013
	815	Central Pacific Financial Corp.		14,588
	340	City Holding Co.		30,899
	933	Civista Bancshares, Inc.		15,749
	1,331	CNB Financial Corp.		25,555
	1,036	Coastal Financial Corp. (a)		37,306
	2,289	Columbia Banking System, Inc.		49,030
	1,806	Columbia Financial, Inc. (a)		33,014
	2,369	Comerica, Inc. (b)		102,862
	1,459	Commerce Bancshares, Inc. (b)		85,133
	304	Community Bank Systems, Inc.		15,957
	1,094	ConnectOne Bancorp, Inc.		19,342
	500	Cullen Frost Bankers, Inc. (b)		52,670
	2,096	Customers Bancorp, Inc. (a)		38,818
	1,254	CVB Financial Corp.		20,917
	988	Dime Community Bancshares, Inc.		22,447
	579	Eagle Bancorp, Inc.		19,379
	2,323	East West Bancorp, Inc. (b)		128,927
	1,635	Eastern Bankshares, Inc.		20,634
	417	Enterprise Bancorp, Inc.		13,119
	1,168	Enterprise Financial Services Corp.		52,081
	1,035	Equity Bancshares, Inc. - Class A		25,223
	4,067	F.N.B. Corp. (b)		47,177
	528	FB Financial Corp.		16,410
	1,462	Financial Institutions, Inc.		28,187
	785	First Bancorp (North Carolina) (b)		27,883
	5,140	First BanCorp (Puerto Rico) - ADR		58,699
	854	First Bancshares, Inc.		22,059
	2,391	First Bank (b)		24,149
	1,247	First Busey Corp.		25,364
	146	First Citizens BancShares, Inc. - Class A (b)		142,073
	2,384	First Commonwealth Financial Corp.		29,633
	676	First Community Bancshares, Inc.		16,934
	1,512	First Financial Bancorp.		32,916
	1,365	First Financial Bankshares, Inc.		43,544
	792	First Financial Corp.		29,684
	1,585	First Hawaiian, Inc.		32,699
	7,822	First Horizon National Corp.		139,075
	1,030	First Internet Bancorp		17,150
	450	First Interstate BancSystem, Inc. - Class A		13,437
	3,010	Fulton Financial Corp.		41,598
	571	German American Bancorp, Inc.		19,054

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	1,277	Glacier Bancorp, Inc. (b)	$	53,647
	1,511	Hancock Whitney Corp. (b)		55,000
	2,112	Hanmi Financial Corp.		39,220
	2,308	HarborOne Bancorp, Inc.		28,158
	1,650	HBT Financial, Inc.		32,538
	682	Heartland Financial U.S.A., Inc.		26,162
	1,176	Hilltop Holdings, Inc.		34,892
	932	Home BancShares, Inc. (b)		20,234
	1,149	HomeTrust Bancshares, Inc.		28,254
	3,219	Hope Bancorp, Inc.		31,611
	383	Independent Bank Corp.		25,132
	1,337	Independent Bank Corp.		23,758
	551	Independent Bank Group, Inc.		25,539
	1,757	Kearny Financial Corp.		14,267
	1,211	Lakeland Bancorp, Inc.		18,940
	573	Lakeland Financial Corp.		35,893
	876	Live Oak Bancshares, Inc. (b)		21,348
	2,399	Luther Burbank Corp.		22,743
	1,080	Mercantile Bank Corp.		33,026
	1,438	Metrocity Bankshares, Inc.		24,575
	348	Metropolitan Bank Holding Corp. (a)		11,794
	822	Mid Penn Bancorp, Inc.		21,051
	1,269	Midland States Bancorp, Inc.		27,182
	1,015	MidWestOne Financial Group, Inc.		24,786
	971	MVB Financial Corp.		20,041
	519	National Bank Holdings Corp. - Class A		17,366
	727	NBT Bancorp, Inc.		24,507
	328	Nicolet Bankshares, Inc. (a)		20,680
	1,437	OFG Bancorp - ADR		35,839
	2,825	Old National Bancorp (b)		40,737
	1,813	Old Second Bancorp, Inc.		25,491
	716	Origin Bancorp, Inc.		23,019
	1,386	Orrstown Financial Services, Inc.		27,526
	963	Pacific Premier Bancorp, Inc.		23,131
	2,153	PacWest Bancorp (b)		20,949
	229	Park National Corp.		27,153
	671	Peapack Gladstone Financial Corp.		19,875
	874	Pinnacle Financial Partners, Inc.		48,210
	1,178	Popular, Inc. - ADR		67,629
	551	Preferred Bank (b)		30,200
	738	Premier Financial Corp.		15,299
	971	Prosperity Bancshares, Inc. (b)		59,736
	586	QCR Holdings, Inc.		25,731
	1,313	RBB Bancorp		20,352
	435	Republic Bancorp, Inc. - Class A		18,457
	1,011	S&T Bancorp, Inc.		31,796
	695	Sandy Spring Bancorp, Inc.		18,056
	985	ServisFirst Bancshares, Inc. (b)		53,811
	1,861	Simmons First National Corp. - Class A		32,549
	865	SmartFinancial, Inc.		20,016
	1,398	South Plains Financial, Inc.		29,931
	1,043	South State Corp. (b)		74,324
	424	Southern First Bancshares, Inc. (a)		13,017
	547	Southside Bancshares, Inc.		18,160
	549	Stock Yards Bancorp, Inc.		30,272
	1,277	Summit Financial Group, Inc.		26,498
	2,558	Synovus Financial Corp.		78,863
	675	Texas Capital Bancshares, Inc. (a)(b)		33,048
	1,000	The Bank of N.T. Butterfield & Son, Ltd. - ADR		27,000


Number of Shares			Value
		Banks (Continued)
	1,049	TowneBank	$	27,956
	500	Triumph Bancorp, Inc. (a)		29,030
	1,050	Trustmark Corp.		25,935
	669	UMB Financial Corp.		38,615
	1,585	United Bankshares, Inc. (b)		55,792
	2,294	United Community Banks, Inc.		64,507
	1,224	Univest Corp. of Pennsylvania		29,058
	5,260	Valley National Bancorp (b)		48,602
	909	Veritex Holdings, Inc.		16,598
	527	Washington Trust Bancorp, Inc.		18,266
	1,620	Webster Financial Corp.		63,860
	1,440	WesBanco, Inc.		44,208
	1,329	West Bancorporation, Inc.		24,281
	1,946	Western Alliance Bancorp (b)		69,161
	851	Wintrust Financial Corp. (b)		62,080
	2,824	Zions Bancorporation (b)		84,522

				4,787,202

		Beverages - 0.45%
	171	Boston Beer Co., Inc. - Class A (a)(b)		56,208
	690	Celsius Holdings, Inc. (a)		64,129
	252	Coca-Cola Consolidated, Inc.		134,840
	478	MGP Ingredients, Inc.		46,232
	1,321	National Beverage Corp. (a)		69,643
	3,800	Primo Water Corp. - ADR		58,330

				429,382

		Biotechnology - 2.43%
	3,712	ACADIA Pharmaceuticals, Inc. (a)		69,860
	4,854	Achillion Pharmaceuticals, Inc. (a)(c)(e)(f)		2,233
	1,181	Aduro Biotech, Inc. (a)(c)(e)(f)		0
	4,144	Alkermes PLC - ADR (a)		116,819
	1,560	Amicus Therapeutics, Inc. (a)		17,300
	666	Apellis Pharmaceuticals, Inc. (a)		43,929
	2,672	Arcus Biosciences, Inc. (a)		48,737
	1,051	CareDx, Inc. (a)		9,606
	10,835	Catalyst Pharmaceuticals, Inc. (a)		179,644
	4,694	Coherus Biosciences, Inc. (a)		32,107
	653	Cytokinetics, Inc. (a)(b)		22,979
	7,358	Dynavax Technologies Corp. (a)(b)		72,182
	3,593	Eagle Pharmaceuticals, Inc. (a)		101,934
	3,690	Emergent BioSolutions, Inc. (a)		38,228
	618	Exact Sciences Corp. (a)(b)		41,907
	8,793	Exelixis, Inc. (a)		170,672
	5,017	Foghorn Therapeutics, Inc. (a)		31,105
	1,156	Halozyme Therapeutics, Inc. (a)		44,148
	749	Ionis Pharmaceuticals, Inc. (a)		26,769
	6,114	Ironwood Pharmaceuticals, Inc. - Class A (a)		64,319
	4,261	iTeos Therapeutics, Inc. (a)		57,992
	179	Karuna Therapeutics, Inc. (a)(b)		32,514
	7,593	Karyopharm Therapeutics, Inc. (a)		29,537
	358	Ligand Pharmaceuticals, Inc. (a)(b)		26,335
	7,439	MannKind Corp. (a)		30,500
	12,644	MiMedx Group, Inc. (a)		43,116
	1,419	Myriad Genetics, Inc. (a)		32,963
	394	Natera, Inc. (a)		21,875
	713	Neurocrine Biosciences, Inc. (a)		72,170
	20,079	OPKO Health, Inc. (a)		29,315
	35,840	Organogenesis Holdings, Inc. (a)		76,339
	354	Prometheus Biosciences, Inc. (a)		37,991
	362	PTC Therapeutics, Inc. (a)		17,535

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Biotechnology (Continued)
	6,802	Radius Health, Inc. (a)(c)(e)(f)	$	544
	271	Repligen Corp. (a)		45,626
	508	Sarepta Therapeutics, Inc. (a)		70,018
	797	Travere Therapeutics, Inc. (a)		17,925
	1,170	United Therapeutics Corp. (a)		262,033
	9,018	Vanda Pharmaceuticals, Inc. (a)		61,232
	2,767	Vericel Corp. (a)		81,129
	5,973	Vir Biotechnology, Inc. (a)		138,992

				2,320,159

		Building Products - 2.06%
	2,043	A. O. Smith Corp. (b)		141,273
	200	AAON, Inc.		19,338
	778	Advanced Drainage Systems, Inc. (b)		65,515
	1,101	Allegion PLC - ADR		117,510
	748	American Woodmark Corp. (a)		38,948
	1,160	Apogee Enterprises, Inc.		50,170
	216	Armstrong World Industries, Inc.		15,388
	4,524	Builders FirstSource, Inc. (a)(b)		401,641
	224	CSW Industrials, Inc.		31,120
	2,034	Fortune Brands Home & Security, Inc. (b)		119,457
	1,017	Griffon Corp.		32,554
	1,371	Insteel Industries, Inc.		38,141
	1,681	JELD-WEN Holding, Inc. (a)		21,282
	473	Lennox International, Inc. (b)		118,855
	608	Masonite International Corp. - ADR (a)		55,188
	2,034	Masterbrand, Inc. (a)		16,353
	1,509	Owens Corning, Inc.		144,562
	485	Patrick Industries, Inc. (b)		33,373
	2,650	PGT Innovations, Inc. (a)		66,542
	2,745	Quanex Building Products Corp.		59,100
	2,310	Resideo Technologies, Inc. (a)		42,227
	865	Simpson Manufacturing Co., Inc.		94,839
	1,851	Trex Co., Inc. (a)(b)		90,088
	1,938	UFP Industries, Inc.		154,013

				1,967,477

		Capital Markets - 2.87%
	761	Affiliated Managers Group, Inc.		108,382
	1,629	Artisan Partners Asset Management, Inc. - Class A		52,095
	975	Avantax, Inc. (a)(b)		25,662
	1,632	Brightsphere Investment Group, Inc.		38,483
	841	Cboe Global Markets, Inc.		112,896
	1,025	Cohen & Steers, Inc.		65,559
	334	Diamond Hill Investment Group, Inc.		54,970
	1,980	Donnelley Financial Solutions, Inc. (a)		80,903
	1,019	Evercore, Inc. - Class A (b)		117,572
	521	FactSet Research Systems, Inc.		216,262
	2,306	Federated Hermes, Inc.		92,563
	859	Hamilton Lane, Inc. - Class A (b)		63,549
	1,127	Houlihan Lokey, Inc. (b)		98,601
	4,225	Invesco, Ltd. - ADR		69,290
	2,781	Janus Henderson Group PLC - ADR (b)		74,086
	2,429	Lazard, Ltd. - Class A - ADR		80,424
	1,383	LPL Financial Holdings, Inc.		279,919
	381	MarketAxess Holdings, Inc. (b)		149,082
	1,978	Moelis & Co. - Class A		76,034
	4,517	Open Lending Corp. - Class A (a)		31,800
	1,125	Oppenheimer Holdings, Inc. - Class A		44,044


Number of Shares			Value
		Capital Markets (Continued)
	574	Piper Jaffray Cos.	$	79,562
	1,011	PJT Partners, Inc. - Class A		72,984
	3,147	Robinhood Markets, Inc. - Class A (a)		30,557
	2,118	Sculptor Capital Management, Inc.		18,236
	1,754	SEI Investments Co.		100,943
	1,047	Silvercrest Asset Management Group, Inc. - Class A		19,034
	2,110	Stifel Financial Corp. (b)		124,680
	828	StoneX Group, Inc. (a)		85,723
	3,817	The Carlyle Group, Inc.		118,556
	2,062	Valhi, Inc.		35,899
	3,300	Virtu Financial, Inc. - Class A		62,370
	293	Virtus Investment Partners, Inc.		55,784

				2,736,504

		Chemicals - 1.37%
	1,698	AdvanSix, Inc. (b)		64,982
	2,040	American Vanguard Corp.		44,635
	617	Ashland Global Holdings, Inc.		63,372
	1,053	Avient Corp. (b)		43,342
	2,211	Axalta Coating Systems, Ltd. - ADR (a)		66,971
	565	Cabot Corp.		43,302
	3,196	Element Solutions, Inc.		61,715
	580	H.B. Fuller Co.		39,701
	948	Hawkins, Inc.		41,503
	3,147	Huntsman Corp. (b)		86,102
	461	Ingevity Corp. (a)		32,971
	464	Innospec, Inc.		47,639
	1,174	Intrepid Potash, Inc. (a)		32,402
	1,084	Koppers Holdings, Inc.		37,908
	2,242	Livent Corp. (a)(b)		48,696
	460	Minerals Technologies, Inc.		27,793
	81	NewMarket Corp.		29,563
	2,726	Olin Corp.		151,293
	1,698	RPM International, Inc.		148,134
	298	Sensient Technologies Corp.		22,815
	1,979	The Chemours Co.		59,251
	2,871	Tronox Holdings PLC - ADR		41,285
	2,095	Valvoline, Inc.		73,199

				1,308,574

		Commercial Services & Supplies - 1.17%
	835	ABM Industries, Inc.		37,525
	4,135	ACCO Brands Corp.		21,998
	3,855	ADT, Inc.		27,872
	1,147	Avery Dennison Corp. (b)		205,233
	2,399	BrightView Holdings, Inc. (a)		13,482
	173	Casella Waste Systems, Inc. - Class A (a)		14,300
	1,217	Cimpress PLC - ADR (a)		53,329
	670	Clean Harbors, Inc. (a)		95,515
	896	Comfort Systems USA, Inc.		130,780
	2,045	Deluxe Corp.		32,720
	1,097	Heritage-Crystal Clean, Inc. (a)		39,064
	2,274	Herman Miller, Inc.		46,503
	1,519	HNI Corp.		42,289
	3,635	Interface, Inc.		29,516
	4,551	Kimball International, Inc. - Class B		56,433
	290	McGrath RentCorp		27,060
	476	MSA Safety, Inc.		63,546
	3,990	NL Industries, Inc.		24,179
	411	Ritchie Bros Auctioneers, Inc. - ADR		23,135

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Services & Supplies (Continued)
	2,956	Steelcase, Inc. - Class A	$	24,890
	500	Stericycle, Inc. (a)(b)		21,805
	246	Tetra Tech, Inc. (b)		36,140
	720	The Brinks Co.		48,096

				1,115,410

		Communications Equipment - 1.42%
	1,242	ADTRAN Holdings, Inc.		19,698
	922	Aviat Networks, Inc. (a)		31,772
	2,439	Calix, Inc. (a)		130,706
	2,972	Cambium Networks Corp. - ADR (a)		52,664
	14,309	Casa Systems, Inc. (a)(b)		18,173
	1,529	Ciena Corp. (a)(b)		80,303
	1,147	Clearfield, Inc. (a)(b)		53,427
	1,906	Comtech Telecommunications Corp.		23,787
	1,468	Digi International, Inc. (a)		49,442
	2,317	DZS, Inc. (a)		18,281
	1,814	EchoStar Corp. - Class A (a)		33,178
	10,564	Extreme Networks, Inc. (a)		201,984
	996	F5 Networks, Inc. (a)		145,107
	3,420	Harmonic, Inc. (a)		49,898
	30,763	Inseego Corp. (a)		17,916
	367	InterDigital, Inc. (b)		26,754
	5,889	Juniper Networks, Inc.		202,699
	850	Lumentum Holdings, Inc. (a)(b)		45,909
	1,293	NETGEAR, Inc. (a)		23,934
	1,833	NetScout Systems, Inc. (a)		52,516
	14,036	Ribbon Communications, Inc. (a)(b)		48,003
	2,605	Viavi Solutions, Inc. (a)		28,212

				1,354,363

		Construction & Engineering - 1.58%
	2,048	AECOM		172,687
	2,526	API Group Corp. (a)		56,784
	862	Arcosa, Inc.		54,401
	388	Dycom Industries, Inc. (a)		36,336
	1,010	EMCOR Group, Inc.		164,216
	1,747	Fluor Corp. (a)(b)		54,000
	1,189	IES Holdings, Inc. (a)		51,234
	1,792	KBR, Inc.		98,650
	909	MasTec, Inc. (a)(b)		85,846
	559	MYR Group, Inc. (a)		70,440
	1,083	Northwest Pipe Co. (a)		33,822
	500	NV5 Global, Inc. (a)		51,985
	1,601	Primoris Services Corp.		39,481
	1,717	Quanta Services, Inc.		286,121
	2,237	Sterling Infrastructure, Inc. (a)		84,737
	6,243	Tutor Perini Corp. (a)		38,519
	2,661	WillScot Mobile Mini Holdings Corp. - Class A (a)		124,748

				1,504,007

		Construction Materials - 0.15%
	526	Eagle Materials, Inc.		77,191
	1,631	Summit Materials, Inc. - Class A (a)(b)		46,467
	135	United States Lime & Minerals, Inc.		20,613

				144,271

		Consumer Finance - 0.88%
	2,036	Atlanticus Holdings Corp. (a)		55,237


Number of Shares			Value
		Consumer Finance (Continued)
	4,512	Consumer Portfolio Services, Inc. (a)	$	48,233
	203	Credit Acceptance Corp. (a)(b)		88,516
	2,599	Enova International, Inc. (a)		115,474
	3,102	EZCORP, Inc. - Class A (a)		26,677
	395	FirstCash Holdings, Inc.		37,671
	1,903	LendingClub Corp. (a)		13,721
	6,122	Navient Corp.		97,891
	651	Nelnet, Inc. - Class A (b)		59,820
	3,056	OneMain Holdings, Inc. (b)		113,316
	648	PRA Group, Inc. (a)(b)		25,246
	1,815	PROG Holdings, Inc. (a)		43,179
	1,540	Regional Management Corp.		40,179
	5,849	SLM Corp.		72,469

				837,629

		Consumer Staples Distribution & Retail - 0.18%
	4,871	Albertsons Cos., Inc. - Class A		101,220
	131,296	Boxed, Inc. (a)(b)		24,920
	1,608	Grocery Outlet Holding Corp. (a)(b)		45,442

				171,582

		Containers & Packaging - 0.86%
	456	AptarGroup, Inc.		53,895
	1,281	Ardagh Group SA - ADR (a)(c)(e)(f)		0
	1,518	Berry Global Group, Inc.		89,410
	314	Crown Holdings, Inc.		25,971
	2,258	Graphic Packaging Holding Co.		57,556
	696	Greif, Inc. - Class A		44,106
	436	Greif, Inc. - Class B		33,363
	2,215	Myers Industries, Inc.		47,467
	3,037	O-I Glass, Inc. (a)(b)		68,970
	1,166	Packaging Corp. of America (b)		161,876
	2,098	Sealed Air Corp.		96,319
	1,249	Silgan Holdings, Inc.		67,034
	538	Sonoco Products Co. (b)		32,818
	338	UFP Technologies, Inc. (a)		43,886

				822,671

		Distributors - 0.03%
	2,813	Funko, Inc. - Class A (a)(b)		26,527

		Diversified Consumer Services - 1.31%
	1,613	Adtalem Global Education, Inc. (a)		62,294
	10,633	American Public Education, Inc. (a)		57,631
	55,503	Beachbody Co., Inc. (a)		26,764
	231	Bright Horizons Family Solutions, Inc. (a)		17,785
	1,319	Carriage Services, Inc.		40,256
	1,135	Chegg, Inc. (a)		18,500
	1,083	Franchise Group, Inc.		29,512
	2,598	frontdoor, Inc. (a)		72,432
	112	Graham Holdings Co. - Class B		66,734
	840	Grand Canyon Education, Inc. (a)		95,676
	3,807	H&R Block, Inc. (b)		134,197
	1,493	Hillenbrand, Inc.		70,962
	850	Laureate Education, Inc. (b)		9,996
	1,233	Matthews International Corp. - Class A		44,462
	15,467	Nerdy, Inc. (a)(b)		64,652
	8,341	Perdoceo Education Corp. (a)		112,020
	1,753	Service Corp. International (b)		120,571
	523	Strategic Education, Inc. (b)		46,981
	2,317	Stride, Inc. (a)(b)		90,942
	2,395	Udemy, Inc. (a)		21,148

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Diversified Consumer Services (Continued)
	9,824	WW International, Inc. (a)	$	40,475

				1,243,990

		Diversified Financial Services - 0.61%
	1,609	Alerus Financial Corp.		25,824
	2,868	A-Mark Precious Metals, Inc.		99,376
	17,205	Douglas Elliman, Inc.		53,508
	1,478	Encore Capital Group, Inc. (a)(b)		74,565
	4,221	Jefferies Financial Group, Inc. (b)		133,975
	1,560	Primis Financial Corp.		15,023
	2,295	Voya Financial, Inc. (b)		164,001
	198	World Acceptance Corp. (a)		16,491

				582,763

		Diversified Telecommunication Services - 0.34%
	558	Cogent Communications Holdings, Inc. (b)		35,556
	1,181	Frontier Communications Parent, Inc. (a)(b)		26,891
	3,834	IDT Corp. - Class B (a)		130,663
	690	Iridium Communications, Inc.		42,732
	4,385	Ooma, Inc. (a)		54,856
	2,059	Radius Global Infrastructure, Inc. - Class A (a)(b)		30,205

				320,903

		Electric Utilities - 0.40%
	347	ALLETE, Inc.		22,336
	1,641	Hawaiian Electric Industries, Inc.		63,015
	500	IDACORP, Inc.		54,165
	1,515	OGE Energy Corp. (b)		57,055
	819	Pinnacle West Capital Corp.		64,898
	635	PNM Resources, Inc.		30,912
	780	Portland General Electric Co. (b)		38,134
	485	Unitil Corp.		27,664
	994	Via Renewables, Inc.		18,266

				376,445

		Electrical Equipment - 1.78%
	738	Acuity Brands, Inc. (b)		134,855
	1,116	Allied Motion Technologies, Inc.		43,133
	1,540	Atkore International Group, Inc. (a)		216,339
	865	AZZ, Inc.		35,673
	4,498	Babcock & Wilcox Enterprises, Inc. (a)		27,258
	1,016	Belden, Inc.		88,158
	760	Bloom Energy Corp. - Class A (a)(b)		15,147
	926	Brady Corp. - Class A		49,754
	1,769	ChargePoint Holdings, Inc. (a)(b)		18,521
	1,196	Encore Wire Corp. (b)		221,655
	221	EnerSys		19,200
	799	Franklin Electric Co., Inc.		75,186
	14,577	GrafTech International, Ltd.		70,844
	582	Hubbell, Inc. (b)		141,606
	2,620	nVent Electric PLC - ADR		112,503
	910	Preformed Line Products Co.		116,516
	705	Regal Beloit Corp. (b)		99,215
	1,292	Sensata Technologies Holding PLC - ADR (b)		64,626
	872	Shoals Technologies Group, Inc. - Class A (a)		19,873
	2,001	Thermon Group Holdings, Inc. (a)		49,865
	1,362	Vertiv Holdings Co.		19,490
	849	Vicor Corp. (a)		39,852
	196	Woodward Governor Co.		19,085

				1,698,354


Number of Shares			Value
		Electronic Equipment, Instruments & Components - 2.08%
	3,654	Arlo Technologies, Inc. (a)	$	22,143
	1,052	Arrow Electronics, Inc. (a)		131,363
	1,446	Avnet, Inc.		65,359
	1,066	Benchmark Electronics, Inc.		25,254
	1,908	Cognex Corp. (b)		94,541
	1,583	Coherent Corp. (a)(b)		60,281
	1,302	CTS Corp. (b)		64,397
	1,199	Dolby Laboratories, Inc. - Class A		102,419
	549	Fabrinet - ADR (a)		65,199
	694	FARO Technologies, Inc. (a)		17,079
	2,471	Identiv, Inc. (a)		15,172
	832	Insight Enterprises, Inc. (a)(b)		118,943
	252	IPG Photonics Corp. (a)(b)		31,074
	409	Itron, Inc. (a)		22,679
	1,851	Jabil, Inc.		163,184
	2,685	Knowles Corp. (a)		45,645
	181	Littelfuse, Inc. (b)		48,524
	788	Methode Electronics, Inc.		34,577
	3,428	Napco Security Technologies, Inc. (a)		128,824
	2,266	National Instruments Corp.		118,761
	501	Novanta, Inc. - ADR (a)		79,704
	364	OSI Systems, Inc. (a)		37,259
	926	PC Connection, Inc.		41,633
	272	Plexus Corp. (a)		26,539
	1,430	Sanmina Corp. (a)(b)		87,216
	1,282	ScanSource, Inc. (a)		39,024
	726	TD SYNNEX Corp.		70,270
	3,515	TTM Technologies, Inc. (a)(b)		47,417
	227	Universal Display Corp. (b)		35,215
	2,848	Vishay Intertechnology, Inc. (b)		64,422
	2,979	Vontier Corp.		81,446

				1,985,563

		Energy Equipment & Services - 0.81%
	3,136	Archrock, Inc.		30,639
	1,624	Bristow Group, Inc. (a)		36,378
	611	Cactus, Inc. - Class A		25,191
	1,730	ChampionX Corp. (b)		46,935
	10,332	Helix Energy Solutions Group, Inc. (a)(b)		79,970
	736	Helmerich & Payne, Inc.		26,312
	346	Nabors Industries Ltd. - ADR (a)		42,181
	5,229	National Energy Services Reunited Corp. - ADR (a)		27,504
	8,901	Newpark Resources, Inc. (a)		34,269
	1,997	NexTier Oilfield Solutions, Inc. (a)(b)		15,876
	3,407	NOV, Inc.		63,064
	3,036	Oceaneering International, Inc. (a)		53,525
	4,821	Oil States International, Inc. (a)		40,159
	3,780	Patterson-UTI Energy, Inc.		44,226
	4,112	ProPetro Holding Corp. (a)(b)		29,565
	9,166	TETRA Technologies, Inc. (a)		24,290
	440	Tidewater, Inc. (a)		19,395
	5,080	US Silica Holdings, Inc. (a)		60,655
	406	Valaris Ltd. - ADR (a)		26,414
	822	Weatherford International PLC - ADR (a)		48,786

				775,334

		Entertainment - 0.40%
	1,777	Liberty Media Corp. - Liberty Formula One - Class C (a)		132,973
	9,230	Playstudios, Inc. (a)		34,059

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	3,749	Playtika Holding Corp. (a)	$	42,214
	33,406	Skillz, Inc. (a)		19,816
	96	The Madison Square Garden Co. - Class A (a)		18,705
	2,021	The Marcus Corp. (b)		32,336
	3,235	Vivid Seats, Inc. - Class A (a)(b)		24,683
	853	World Wrestling Entertainment, Inc. - Class A (b)		77,845

				382,631

		Financial Services - 0.34%
	1,805	Enact Holdings, Inc.		41,262
	2,102	International Money Express, Inc. (a)		54,189
	2,242	Jackson Financial, Inc. - Class A (b)		83,873
	447	Shift4 Payments, Inc. - Class A (a)(b)		33,883
	2,622	StoneCo, Ltd. - Class A - ADR (a)(b)		25,014
	1,080	Toast, Inc. - Class A (a)		19,170
	9,914	UWM Holdings Corp. (b)		48,678
	2,069	Velocity Financial, Inc. (a)		18,683

				324,752

		Food & Staples Retailing - 1.61%
	2,977	BJ’s Wholesale Club Holdings, Inc. (a)		226,460
	740	Casey’s General Stores, Inc.		160,180
	4,122	HF Foods Group, Inc. (a)		16,158
	1,257	Ingles Markets, Inc. - Class A		111,496
	3,381	Natural Grocers by Vitamin Cottage, Inc.		39,727
	3,255	Performance Food Group Co. (a)(b)		196,407
	396	PriceSmart, Inc.		28,306
	9,962	Rite Aid Corp. (a)		22,315
	3,427	SpartanNash Co.		84,990
	4,490	Sprouts Farmers Market, Inc. (a)(b)		157,285
	1,011	The Andersons, Inc.		41,774
	1,091	The Chefs’ Warehouse, Inc. (a)		37,149
	2,843	The Fresh Market, Inc. (a)(c)(e)(f)		0
	4,162	U.S. Foods Holding Corp. (a)		153,744
	3,654	United Natural Foods, Inc. (a)		96,283
	2,516	Village Super Market, Inc. - Class A		57,566
	1,221	Weis Markets, Inc.		103,382

				1,533,222

		Food Products - 1.00%
	421	Cal-Maine Foods, Inc. (b)		25,635
	1,901	Darling International, Inc. (a)(b)		111,019
	4,417	Flowers Foods, Inc. (b)		121,070
	1,120	Fresh Del Monte Produce, Inc. - ADR		33,723
	2,081	Hostess Brands, Inc. (a)(b)		51,775
	813	Ingredion, Inc. (b)		82,707
	160	J&J Snack Foods Corp.		23,715
	383	John B. Sanfilippo & Son, Inc.		37,121
	946	Lamb Weston Holdings, Inc.		98,876
	242	Lancaster Colony Corp. (b)		49,097
	1,107	Pilgrim’s Pride Corp. (a)(b)		25,660
	749	Post Holdings, Inc. (a)(b)		67,313
	912	Seneca Foods Corp. - Class A (a)		47,670
	929	Simply Good Foods Co. (a)		36,946
	1,004	The Hain Celestial Group, Inc. (a)		17,219
	1,238	TreeHouse Foods, Inc. (a)(b)		62,432
	3,411	Vital Farms, Inc. (a)		52,188
	3,672	Whole Earth Brands, Inc. (a)		9,400

				953,566


Number of Shares			Value
		Gas Utilities - 0.61%
	2,005	Brookfield Infrastructure Corp. - Class A - ADR (b)	$	92,350
	4,250	EQT Corp. (b)		135,617
	785	National Fuel Gas Co. (b)		45,326
	810	New Jersey Resources Corp. (b)		43,092
	946	ONE Gas, Inc. (b)		74,952
	541	Southwest Gas Holdings, Inc.		33,785
	344	Spire, Inc. (b)		24,128
	3,752	UGI Corp. (b)		130,420

				579,670

		Ground Transportation - 0.08%
	163,049	Bird Global, Inc. - Class A (a)		45,638
	1,042	Hertz Global Holdings, Inc. (a)(b)		16,974
	1,204	Lyft, Inc. - Class A (a)		11,161

				73,773

		Health Care Equipment & Supplies - 2.44%
	3,514	Alphatec Holdings, Inc. (a)		54,818
	1,314	AngioDynamics, Inc. (a)		13,587
	1,594	Anika Therapeutics, Inc. (a)		45,780
	743	AtriCure, Inc. (a)		30,797
	1,771	Avanos Medical, Inc. (a)		52,670
	216	Axonics, Inc. (a)(b)		11,785
	2,571	Cardiovascular Systems, Inc. (a)		51,060
	7,600	Cerus Corp. (a)(b)		22,572
	2,183	Dentsply Sirona, Inc. (b)		85,748
	2,595	Embecta Corp. (b)		72,971
	920	Enovis Corp. (a)		49,211
	2,291	Envista Holdings Corp. (a)		93,656
	6,758	Figs, Inc. - Class A (a)		41,832
	1,062	Globus Medical, Inc. - Class A (a)		60,152
	626	Haemonetics Corp. (a)		51,801
	989	Inari Medical, Inc. (a)		61,061
	785	Inogen, Inc. (a)		9,797
	479	Integer Holdings Corp. (a)		37,122
	804	Integra LifeSciences Holdings Corp. (a)(b)		46,158
	1,234	iRadimed Corp.		48,558
	580	iRhythm Technologies, Inc. (a)		71,937
	1,267	Lantheus Holdings, Inc. (a)(b)		104,603
	1,238	LeMaitre Vascular, Inc. (b)		63,720
	512	LivaNova PLC - ADR (a)		22,313
	591	Masimo Corp. (a)		109,063
	534	Merit Medical Systems, Inc. (a)		39,489
	587	Nevro Corp. (a)		21,220
	640	Novocure, Ltd. - ADR (a)		38,490
	556	NuVasive, Inc. (a)		22,968
	3,139	Orthofix Medical, Inc. (a)		52,578
	474	Penumbra, Inc. (a)(b)		132,099
	463	QuidelOrtho Corp. (a)		41,249
	620	Shockwave Medical, Inc. (a)		134,435
	1,859	SI-BONE, Inc. (a)		36,567
	1,248	Silk Road Medical, Inc. (a)		48,834
	1,258	STAAR Surgical Co. (a)(b)		80,449
	721	SurModics, Inc. (a)		16,424
	7,633	Tactile Systems Technology, Inc. (a)		125,334
	1,260	Tandem Diabetes Care, Inc. (a)(b)		51,169
	240	TransMedics Group, Inc. (a)		18,175
	242	Utah Medical Products, Inc.		22,934
	1,893	Varex Imaging Corp. (a)		34,434
	3,098	Zimvie, Inc. (a)		22,399

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Equipment & Supplies (Continued)
	6,439	Zynex, Inc. (a)	$	77,268

				2,329,287

		Health Care Providers & Services - 2.25%
	1,369	Acadia Healthcare Co., Inc. (a)(b)		98,910
	1,889	AdaptHealth Corp. (a)		23,480
	539	Addus HomeCare Corp. (a)		57,544
	669	Agilon Health, Inc. (a)(b)		15,889
	3,930	AirSculpt Technologies, Inc.		19,807
	846	Amedisys, Inc. (a)		62,223
	1,381	AMN Healthcare Services, Inc. (a)		114,568
	258	Chemed Corp. (b)		138,739
	356	CorVel Corp. (a)		67,740
	5,262	Cross Country Healthcare, Inc. (a)(b)		117,448
	690	DaVita, Inc. (a)		55,966
	804	Encompass Health Corp.		43,496
	1,010	Enhabit, Inc. (a)		14,049
	1,980	Fulgent Genetics, Inc. (a)		61,816
	553	HealthEquity, Inc. (a)		32,467
	2,936	Henry Schein, Inc. (a)		239,401
	7,081	Innovage Holding Corp. (a)(b)		56,506
	287	ModivCare, Inc. (a)		24,131
	707	National HealthCare Corp.		41,055
	1,573	National Research Corp.		68,441
	504	Oak Street Health, Inc. (a)		19,495
	2,400	Option Care Health, Inc. (a)		76,248
	2,590	Owens & Minor, Inc. (a)		37,684
	2,306	Patterson Cos., Inc.		61,732
	2,348	Pediatrix Medical Group, Inc. (a)(b)		35,009
	1,886	PetIQ, Inc. (a)		21,576
	1,671	Premier, Inc. - Class A		54,090
	671	Progyny, Inc. (a)(b)		21,553
	955	R1 RCM, Inc. (a)(b)		14,325
	730	Select Medical Holdings Corp. (b)		18,871
	926	Surgery Partners, Inc. (a)(b)		31,919
	1,777	Tenet Healthcare Corp. (a)(b)		105,589
	898	The Ensign Group, Inc. (b)		85,795
	3,292	The Joint Corp (a)		55,404
	245	U.S. Physical Therapy, Inc. (b)		23,988
	995	Universal Health Services, Inc. - Class B		126,465

				2,143,419

		Health Care Technology - 0.54%
	1,866	Computer Programs & Systems, Inc. (a)		56,353
	1,282	Evolent Health, Inc. - Class A (a)(b)		41,601
	1,709	HealthStream, Inc. (a)		46,314
	477	Inspire Medical Systems, Inc. (a)		111,651
	16,353	Multiplan Corp. (a)		17,334
	6,097	NextGen Healthcare, Inc. (a)		106,149
	419	Omnicell, Inc. (a)		24,583
	2,484	Teladoc Health, Inc. (a)		64,336
	3,872	Veradigm, Inc. (a)(b)		50,529

				518,850

		Hotels, Restaurants & Leisure - 1.99%
	1,758	Aramark		62,936
	327	Biglari Holdings, Inc. - Class B (a)		55,328
	731	BJ’s Restaurants, Inc. (a)(b)		21,301
	1,792	Bloomin’ Brands, Inc. (b)		45,965
	1,821	Bluegreen Vacations Holding Corp. - Class A		49,859


Number of Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	1,258	Boyd Gaming Corp.	$	80,663
	729	Brinker International, Inc. (a)		27,702
	627	Callaway Golf Co. (a)(b)		13,556
	2,494	Century Casinos, Inc. (a)		18,281
	478	Choice Hotels International, Inc. (b)		56,017
	203	Churchill Downs, Inc. (b)		52,181
	1,016	Chuy’s Holdings, Inc. (a)		36,423
	256	Cracker Barrel Old Country Store, Inc. (b)		29,081
	1,072	Dave & Buster’s Entertainment, Inc. (a)		39,439
	422	Dine Brands Global, Inc. (b)		28,544
	2,776	El Pollo Loco Holdings, Inc.		26,622
	1,453	Everi Holdings, Inc. (a)		24,919
	1,239	Hilton Grand Vacations, Inc. (a)		55,049
	464	Hyatt Hotels Corp. - Class A (a)		51,870
	3,157	Inspired Entertainment, Inc. (a)		40,378
	3,100	International Game Technology PLC		83,080
	564	Kura Sushi USA, Inc. - Class A (a)		37,134
	1,433	Light & Wonder, Inc. (a)		86,051
	597	Marriott Vacations Worldwide Corp.		80,511
	1,455	Norwegian Cruise Line Holdings, Ltd. - ADR (a)(b)		19,570
	618	Papa John’s International, Inc.		46,307
	1,832	Penn National Gaming, Inc. (a)(b)		54,337
	406	Planet Fitness, Inc. - Class A (a)(b)		31,534
	623	RCI Hospitality Holdings, Inc.		48,700
	710	Red Rock Resorts, Inc. - Class A (b)		31,645
	777	SeaWorld Entertainment, Inc. (a)		47,638
	8,027	Target Hospitality Corp. (a)(b)		105,475
	563	Texas Roadhouse, Inc. (b)		60,838
	3,028	The ONE Group Hospitality, Inc. (a)(f)		24,527
	855	The Wendy’s Co.		18,622
	790	Travel + Leisure Co. (b)		30,968
	226	Vail Resorts, Inc.		52,812
	614	Wingstop, Inc. (b)		112,718
	689	Wyndham Hotels & Resorts Inc.		46,749
	525	Wynn Resorts Ltd. (a)		58,753

				1,894,083

		Household Durables - 2.09%
	31,730	Aterian, Inc. (a)		27,291
	1,900	Beazer Homes USA, Inc. (a)		30,172
	207	Cavco Industries, Inc. (a)(b)		65,772
	692	Century Communities, Inc. (b)		44,233
	2,485	Ethan Allen Interiors, Inc. (b)		68,238
	6,318	GoPro, Inc. - Class A (a)		31,780
	2,156	Green Brick Partners, Inc. (a)		75,589
	358	Helen of Troy, Ltd. - ADR (a)(b)		34,071
	629	Hovnanian Enterprises, Inc. - Class A (a)		42,671
	549	Installed Building Products, Inc.		62,602
	932	iRobot Corp. (a)		40,672
	799	KB Home (b)		32,104
	5,380	Landsea Homes Corp. (a)		32,603
	2,098	La-Z-Boy, Inc. (b)		61,010
	716	Leggett & Platt, Inc.		22,826
	3,627	Lifetime Brands, Inc.		21,327
	1,726	Lovesac Co. (a)(b)		49,881
	840	M/I Homes, Inc. (a)		52,996
	563	Meritage Homes Corp.		65,736
	686	Mohawk Industries, Inc. (a)		68,751
	3,826	PulteGroup, Inc.		222,979

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	4,884	Purple Innovation, Inc. (a)	$	12,894
	1,396	Skyline Champion Corp. (a)		105,021
	2,136	Snap One Holdings Corp. (a)		19,972
	3,326	Sonos, Inc. (a)(b)		65,256
	2,661	Taylor Morrison Home Corp. (a)(b)		101,810
	3,862	Tempur Sealy International, Inc. (b)		152,510
	1,872	Toll Brothers, Inc.		112,376
	452	TopBuild Corp. (a)		94,079
	4,096	Traeger, Inc. (a)		16,835
	3,387	TRI Pointe Group, Inc. (a)(b)		85,759
	13,927	Tupperware Brands Corp. (a)		34,818
	2,153	Turtle Beach Corp. (a)		21,573
	1,264	Universal Electronics, Inc. (a)		12,817

				1,989,024

		Household Products - 0.14%
	537	Central Garden & Pet Co. (a)		22,049
	890	Central Garden & Pet Co. - Class A (a)		34,772
	438	WD-40 Co.		77,986

				134,807

		Independent Power and Renewable Electricity Producers - 0.51%
	956	Brookfield Renewable Corp. - Class A - ADR		33,412
	2,339	Clearway Energy, Inc. - Class A		70,240
	2,378	Clearway Energy, Inc. - Class C		74,503
	4,637	NRG Energy, Inc.		159,003
	399	Ormat Technologies, Inc. (b)		33,823
	4,913	Vistra Energy Corp.		117,912

				488,893

		Industrial Conglomerates - 0.33%
	567	Carlisle Companies, Inc.		128,181
	1,299	Otter Tail Corp.		93,879
	8	Seaboard Corp. (b)		30,160
	343	Standex International Corp.		41,997
	2,129	Tredegar Corp.		19,438

				313,655

		Insurance - 3.01%
	1,800	Ambac Financial Group, Inc. (a)		27,864
	2,669	American Equity Investment Life Holding Co. (b)		97,392
	1,435	American Financial Group, Inc.		174,353
	619	AMERISAFE, Inc.		30,300
	683	Assurant, Inc.		82,008
	1,300	Assured Guaranty, Ltd. - ADR		65,351
	1,392	Axis Capital Holdings, Ltd. - ADR		75,892
	1,726	Brighthouse Financial, Inc. (a)(b)		76,134
	3,370	Brown & Brown, Inc. (b)		193,505
	2,228	CNO Financial Group, Inc.		49,439
	2,200	Donegal Group, Inc. - Class A		33,616
	662	Employers Holdings, Inc.		27,599
	419	Erie Indemnity Co. - Class A (b)		97,066
	545	Everest Re Group, Ltd. - ADR		195,121
	1,488	First American Financial Corp. (b)		82,822
	11,950	Genworth Financial, Inc. - Class A (a)		59,989
	1,159	Globe Life, Inc.		127,513
	3,853	Greenlight Capital RE Ltd. - Class A - ADR (a)		36,180
	852	Horace Mann Educators Corp.		28,525
	249	Investors Title Co.		37,599


Number of Shares			Value
		Insurance (Continued)
	326	Kemper Corp.	$	17,819
	376	Kinsale Capital Group, Inc. (b)		112,856
	4,760	MBIA, Inc. (a)		44,078
	132	National Western Life Group, Inc. - Class A		32,026
	6,325	Old Republic International Corp. (b)		157,935
	709	Primerica, Inc.		122,118
	946	ProAssurance Corp.		17,482
	908	Reinsurance Group of America, Inc.		120,546
	354	RenaissanceRe Holdings, Ltd. - ADR		70,920
	564	RLI Corp. (b)		74,961
	1,009	Ryan Specialty Holdings, Inc. (a)		40,602
	338	Safety Insurance Group, Inc.		25,188
	885	Selective Insurance Group, Inc. (b)		84,367
	1,050	Stewart Information Services Corp.		42,368
	699	The Hanover Insurance Group, Inc. (b)		89,822
	3,491	Tiptree, Inc.		50,864
	757	United Fire Group, Inc.		20,098
	3,133	Unum Group		123,941
	15	White Mountains Insurance Group, Ltd. - ADR		20,662

				2,866,921

		Interactive Media & Services - 0.61%
	2,647	Arena Group Holdings, Inc. (a)		11,250
	3,229	Cargurus, Inc. (a)		60,318
	5,388	Cars.com, Inc. (a)(b)		103,988
	5,208	DHI Group, Inc. (a)		20,207
	4,765	EverQuote, Inc. - Class A (a)		66,234
	62,935	Leafly Holdings, Inc. (a)		25,168
	1,795	MediaAlpha, Inc. - Class A (a)		26,889
	1,981	QuinStreet, Inc. (a)		31,438
	1,765	TripAdvisor, Inc. (a)		35,053
	18,058	TrueCar, Inc. (a)		41,533
	2,787	Yelp, Inc. (a)		85,561
	1,698	Zillow Group, Inc. - Class C (a)(b)		75,510

				583,149

		Internet & Direct Marketing Retail - 0.40%
	5,674	1-800-Flowers.com, Inc. - Class A (a)		65,251
	13,799	aka Brands Holding Corp. (a)		7,516
	7,464	CarParts.com, Inc. (a)		39,858
	6,393	Duluth Holdings, Inc. - Class B (a)		40,787
	6,347	Groupon, Inc. (a)		26,721
	3,825	Lands’ End, Inc. (a)		37,179
	1,348	PetMed Express, Inc. (b)		21,891
	8,052	Quotient Technology, Inc. (a)		26,411
	931	Shutterstock, Inc.		67,591
	1,526	Wayfair, Inc. - Class A (a)(b)		52,403

				385,608

		Internet Software & Services - 0.02%
	1,558	Liquidity Services, Inc. (a)		20,519

		IT Services - 2.82%
	2,210	Amdocs, Ltd. - ADR		212,226
	899	Black Knight, Inc. (a)		51,746
	2,269	Booz Allen Hamilton Holding Corp. - Class A		210,314
	1,847	Bread Financial Holdings, Inc.		56,001
	11,543	Brightcove, Inc. (a)		51,366
	529	CACI International, Inc. - Class A (a)(b)		156,732
	1,526	Cass Information Systems, Inc.		66,091
	1,007	Concentrix Corp. (b)		122,401
	15,110	Conduent, Inc. (a)		51,827

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	1,962	CSG Systems International, Inc.	$	105,359
	409	DigitalOcean Holdings, Inc. (a)(b)		16,021
	4,207	DXC Technology Co. (a)		107,531
	639	Euronet Worldwide, Inc. (a)		71,504
	1,046	EVERTEC, Inc. - ADR		35,302
	745	ExlService Holdings, Inc. (a)(b)		120,563
	3,389	Genpact, Ltd. - ADR		156,640
	2,713	Gogo, Inc. (a)		39,339
	1,738	Grid Dynamics Holdings, Inc. (a)		19,917
	860	I3 Verticals, Inc. - Class A (a)(b)		21,096
	3,989	IBEX Holdings Ltd. - ADR (a)		97,332
	14,346	Information Services Group, Inc.		73,021
	1,308	Kyndryl Holdings, Inc. (a)		19,306
	2,572	LiveRamp Holdings, Inc. (a)		56,404
	1,068	Maximus, Inc. (b)		84,052
	2,190	MoneyGram International, Inc. (a)		22,820
	1,573	Perficient, Inc. (a)		113,555
	26,189	Rackspace Technology, Inc. (a)		49,235
	1,933	Repay Holdings Corp. (a)		12,700
	578	Science Applications International Corp. (b)		62,112
	4,815	SolarWinds Corp. (a)		41,409
	1,732	Squarespace, Inc. - Class A (a)		55,026
	4,254	The Hackett Group, Inc.		78,614
	4,937	The Western Union Co.		55,048
	422	TTEC Holdings, Inc.		15,711
	3,906	Unisys Corp. (a)		15,155
	2,139	Verra Mobility Corp. (a)(b)		36,192
	369	WEX, Inc. (a)(b)		67,855
	624	Wix.com, Ltd. - ADR (a)		62,275

				2,689,798

		Leisure Products - 1.15%
	1,131	Acushnet Holdings Corp.		57,613
	1,380	Brunswick Corp.		113,160
	1,230	Clarus Corp. (b)		11,624
	1,750	Hayward Holdings, Inc. (a)		20,510
	509	Johnson Outdoors, Inc. - Class A		32,072
	856	Malibu Boats, Inc. - Class A (a)		48,321
	2,765	Marine Products Corp.		36,470
	2,894	MasterCraft Boat Holdings, Inc. (a)		88,064
	6,336	Mattel, Inc. (a)(b)		116,646
	1,002	Polaris Industries, Inc. (b)		110,851
	611	Pool Corp. (b)		209,231
	3,842	Smith & Wesson Brands, Inc.		47,295
	3,865	Solo Brands, Inc. - Class A (a)		27,751
	817	Sturm, Ruger & Co., Inc.		46,929
	2,451	Vista Outdoor, Inc. (a)(b)		67,917
	1,459	YETI Holdings, Inc. (a)(b)		58,360

				1,092,814

		Life Sciences Tools & Services - 0.90%
	936	10X Genomics, Inc. - Class A (a)		52,219
	5,266	AbCellera Biologics, Inc. - ADR (a)		39,706
	2,048	Bio-Techne Corp.		151,941
	1,583	Bruker Corp.		124,804
	503	Charles River Laboratories International, Inc. (a)		101,515
	4,663	Codexis, Inc. (a)		19,305
	2,411	Inotiv, Inc. (a)		10,440
	2,505	Maravai LifeSciences Holdings, Inc. - Class A (a)		35,095


Number of Shares			Value
		Life Sciences Tools & Services (Continued)
	517	Medpace holdings, Inc. (a)(b)	$	97,222
	3,173	QIAGEN NV - ADR (a)		145,736
	2,165	Syneos Health, Inc. (a)		77,117

				855,100

		Machinery - 3.64%
	1,016	AGCO Corp.		137,363
	225	Alamo Group, Inc.		41,436
	409	Albany International Corp. - Class A (b)		36,548
	1,469	Allison Transmission Holdings, Inc.		66,458
	506	Astec Industries, Inc.		20,872
	525	Badger Meter, Inc. (b)		63,956
	840	Barnes Group, Inc.		33,835
	260	Chart Industries, Inc. (a)(b)		32,604
	1,868	CIRCOR International, Inc. (a)		58,132
	1,262	Columbus McKinnon Corp.		46,896
	734	Crane Holdings Co.		83,309
	1,705	Donaldson Co., Inc.		111,405
	2,190	Energy Recovery, Inc. (a)		50,480
	547	EnPro Industries, Inc.		56,828
	1,166	Esab Corp. (b)		68,876
	272	ESCO Technologies, Inc.		25,962
	1,477	Evoqua Water Technologies Corp. (a)		73,436
	753	Federal Signal Corp.		40,820
	1,122	Flowserve Corp.		38,148
	3,275	Gates Industrial Corp PLC - ADR (a)		45,490
	2,320	Graco, Inc. (b)		169,383
	417	Helios Technologies, Inc.		27,272
	640	ITT, Inc.		55,232
	449	John Bean Technologies Corp.		49,071
	293	Kadant, Inc.		61,096
	1,046	Kennametal, Inc. (b)		28,849
	866	Lincoln Electric Holdings, Inc. (b)		146,441
	154	Lindsay Corp.		23,274
	2,175	Mueller Industries, Inc. (b)		159,819
	1,838	Mueller Water Products, Inc. - Class A		25,622
	803	Nordson Corp. (b)		178,475
	577	Omega Flex, Inc.		64,301
	905	Oshkosh Corp.		75,278
	1,428	Pentair PLC - ADR		78,926
	770	Proto Labs, Inc. (a)		25,526
	143	RBC Bearings, Inc. (a)		33,280
	3,472	REV Group, Inc.		41,629
	1,026	Snap-on, Inc. (b)		253,309
	626	SPX Technologies, Inc. (a)		44,183
	591	Tennant Co.		40,501
	1,521	Terex Corp.		73,586
	3,275	The Manitowoc Co., Inc. (a)		55,970
	475	The Middleby Corp. (a)		69,640
	2,159	The Shyft Group Inc		49,117
	859	The Timken Co. (b)		70,197
	1,609	The Toro Co. (a)		178,856
	2,756	Titan International, Inc. (a)		28,883
	1,035	TriMas Corp.		28,835
	250	Valmont Industries, Inc.		79,820
	1,200	Wabash National Corp. (b)		29,508
	510	Watts Water Technologies, Inc. - Class A		85,843

				3,464,576

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Marine - 0.22%
	882	Eagle Bulk Shipping, Inc. - ADR	$	40,131
	747	Kirby Corp. (a)		52,066
	1,003	Matson, Inc. (b)		59,849
	9,051	Safe Bulkers, Inc. - ADR		33,398
	2,752	SFL Corp. Ltd. - ADR		26,144

				211,588

		Marine Transportation - 0.06%
	2,455	Genco Shipping & Trading Ltd. - ADR		38,445
	1,577	Golden Ocean Group Ltd. - ADR		15,013

				53,458

		Media - 1.04%
	5,242	Advantage Solutions, Inc. (a)		8,282
	954	AMC Networks, Inc. - Class A (a)		16,771
	7,233	Entravision Communications Corp. - Class A		43,760
	11,078	Gannett Co, Inc. (a)		20,716
	2,271	Gray Television, Inc.		19,803
	2,219	iHeartMedia, Inc. - Class A (a)		8,654
	870	John Wiley & Sons, Inc. - Class A (b)		33,730
	4,323	Liberty Latin America Ltd. - Class A - ADR (a)		35,924
	2,759	Liberty Latin America, Ltd. - Class C - ADR (a)		22,789
	393	Liberty Media Group - Class A (a)		26,528
	5,686	News Corp. - Class A		98,197
	2,667	News Corp. - Class B		46,486
	609	Nexstar Media Group, Inc. (b)		105,150
	1,467	Scholastic Corp.		50,201
	1,227	Sinclair Broadcast Group, Inc. - Class A (b)		21,055
	726	TechTarget, Inc. (a)		26,223
	3,522	TEGNA, Inc.		59,557
	2,882	The E.W. Scripps Co. - Class A (a)		27,120
	4,652	The Interpublic Group of Companies, Inc. (b)		173,241
	2,099	The New York Times Co. - Class A (b)		81,609
	2,391	Thryv Holdings, Inc. (a)(b)		55,136
	246	Value Line, Inc.		11,889

				992,821

		Metals & Mining - 2.23%
	2,188	Alcoa Corp.		93,121
	1,212	ATI, Inc. (a)		47,826
	539	Alpha Metallurgical Resources, Inc.		84,084
	7,409	Cleveland-Cliffs, Inc. (a)(b)		135,807
	2,114	Commercial Metals Co.		103,375
	1,797	Constellium SE - ADR (a)		27,458
	503	Gibraltar Industries, Inc. (a)		24,396
	693	Haynes International, Inc.		34,712
	1,691	Hecla Mining Co.		10,704
	262	Kaiser Aluminum Corp.		19,553
	305	Materion Corp.		35,380
	2,390	Olympic Steel, Inc.		124,782
	1,307	Reliance Steel & Aluminum Co. (b)		335,559
	158	Royal Gold, Inc.		20,494
	4,713	Ryerson Holding Corp.		171,459
	1,101	Schnitzer Steel Industries, Inc. - Class A		34,241
	1,870	SSR Mining, Inc. - ADR		28,274
	3,701	Steel Dynamics, Inc. (b)		418,435
	6,980	SunCoke Energy, Inc.		62,680
	4,206	TimkenSteel Corp. (a)		77,138
	4,736	United States Steel Corp. (b)		123,610
	2,494	Warrior Met Coal, Inc.		91,555


Number of Shares			Value
		Metals & Mining (Continued)
	259	Worthington Industries, Inc.	$	16,744

				2,121,387

		Multiline Retail - 0.55%
	1,756	Big Lots, Inc.		19,246
	662	Dillard’s, Inc. - Class A (b)		203,684
	3,351	Kohl’s Corp. (b)		78,883
	8,172	Macy’s, Inc. (b)		142,928
	2,677	Nordstrom, Inc. (b)		43,555
	645	Ollie’s Bargain Outlet Holdings, Inc. (a)		37,371

				525,667

		Multi-Utilities - 0.26%
	740	Avista Corp.		31,413
	625	Black Hills Corp. (b)		39,437
	2,372	MDU Resources Group, Inc.		72,299
	3,669	NiSource, Inc.		102,585

				245,734

		Oil, Gas & Consumable Fuels - 3.47%
	5,775	Alto Ingredients, Inc. (a)		8,663
	692	Kinetik Holdings, Inc. (b)		21,660
	3,973	Amplify Energy Corp. (a)		27,295
	2,675	Antero Midstream Corp.		28,061
	4,620	Antero Resources Corp. (a)(b)		106,676
	6,201	APA Corp. (b)		223,608
	377	Arch Resources, Inc. (b)		49,560
	2,807	Battalion Oil Corp. (a)		18,442
	4,684	Berry Corp.		36,769
	1,483	California Resources Corp.		57,096
	728	Callon Petroleum Co. (a)(b)		24,344
	839	Centrus Energy Corp. - Class A (a)		27,016
	1,369	Chesapeake Energy Corp. (b)		104,099
	801	Chord Energy Corp. (b)		107,815
	909	Civitas Resources, Inc. (b)		62,121
	2,890	CNX Resources Corp. (a)(b)		46,298
	3,364	Comstock Resources, Inc. (b)		36,298
	1,996	CONSOL Energy, Inc.		116,307
	1,014	CVR Energy, Inc.		33,239
	1,832	Delek US Holdings, Inc		42,044
	592	Denbury, Inc. (a)		51,877
	2,527	Dorian LPG, Ltd. - ADR		50,388
	661	DT Midstream, Inc.		32,634
	3,214	Earthstone Energy, Inc. - Class A (a)(b)		41,814
	7,781	Equitrans Midstream Corp. (b)		44,974
	1,401	Frontline PLC - ADR		23,201
	1,287	Golar LNG, Ltd. - ADR (a)		27,799
	759	Green Plains, Inc. (a)		23,521
	1,984	HF Sinclair Corp.		95,986
	535	International Seaways, Inc. - ADR		22,299
	4,521	Kosmos Energy Ltd. (a)(b)		33,636
	4,506	Magnolia Oil & Gas Corp. - Class A (b)		98,591
	2,256	Matador Resources Co. (b)		107,498
	2,607	Murphy Oil Corp.		96,407
	832	NACCO Industries, Inc. - Class A		30,010
	388	New Fortress Energy, Inc. (b)		11,419
	1,224	Northern Oil and Gas, Inc. (b)		37,148
	3,466	OVINTIV, Inc.		125,053
	2,757	PBF Energy, Inc. - Class A		119,544
	1,440	PDC Energy, Inc. (b)		92,419
	3,067	Peabody Energy Corp. (a)(b)		78,515

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Oil, Gas & Consumable Fuels (Continued)
	9,317	Permian Resources Corp.	$	97,829
	3,498	Range Resources Corp. (b)		92,592
	1,154	Ranger Oil Corp. - Class A		47,129
	11,401	Ring Energy, Inc. (a)		21,662
	746	Scorpio Tankers, Inc. - ADR		42,007
	844	SilverBow Resources, Inc. (a)(b)		19,285
	2,509	Sitio Royalties Corp. - Class A		56,703
	2,769	SM Energy Co. (b)		77,975
	21,175	Southwestern Energy Co. (a)		105,875
	3,722	Talos Energy, Inc. (a)(b)		55,235
	8,927	Teekay Corp. - ADR (a)		55,169
	56	Texas Pacific Land Corp.		95,257
	5,075	Uranium Energy Corp. (a)		14,616
	9,899	Vaalco Energy, Inc.		44,843
	584	Vital Energy, Inc. (a)(b)		26,595
	1,111	World Fuel Services Corp.		28,386

				3,303,302

		Paper & Forest Products - 0.38%
	2,267	Boise Cascade Co.		143,388
	1,153	Clearwater Paper Corp. (a)		38,533
	2,836	Louisiana-Pacific Corp.		153,740
	2,770	Resolute Forest Products (a)(c)(e)(f)		3,933
	522	Sylvamo Corp.		24,148

				363,742

		Personal Care Products - 0.05%
	6,107	The Honest Co., Inc. (a)		10,993
	7,999	Thorne HealthTech, Inc. (a)		36,955

				47,948

		Personal Products - 0.80%
	2,487	BellRing Brands, Inc. (a)		84,558
	3,902	Coty, Inc. - Class A (a)(b)		47,058
	994	Edgewell Personal Care Co.		42,166
	2,147	elf Beauty, Inc. (a)		176,805
	2,463	Herbalife Nutrition, Ltd. - ADR (a)(b)		39,654
	658	Inter Parfums, Inc.		93,594
	546	Medifast, Inc. (b)		56,604
	4,728	Nature’s Sunshine Products, Inc. (a)		48,273
	1,975	Nu Skin Enterprises, Inc. - Class A		77,637
	2,957	The Beauty Health Co. (a)		37,347
	929	USANA Health Sciences, Inc. (a)		58,434

				762,130

		Pharmaceuticals - 1.33%
	34,119	Amneal Pharmaceuticals, Inc. (a)		47,425
	3,857	Amphastar Pharmaceuticals, Inc. (a)(b)		144,637
	18,514	BARK, Inc. (a)		26,845
	4,309	Collegium Pharmaceutical, Inc. (a)(b)		103,373
	5,510	Corcept Therapeutics, Inc. (a)		119,347
	1,300	Harmony Biosciences Holdings, Inc. (a)(b)		42,445
	7,266	Innoviva, Inc. (a)		81,742
	758	Intra-Cellular Therapies, Inc. (a)		41,046
	1,089	IVERIC Bio, Inc. (a)		26,495
	1,114	Jazz Pharmaceuticals PLC - ADR (a)		163,012
	430	Organon & Co.		10,114
	852	Pacira Pharmaceuticals, Inc. (a)		34,770
	2,246	Perrigo Co. PLC - ADR		80,564
	1,570	Phibro Animal Health Corp. - Class A		24,052


Number of Shares			Value
		Pharmaceuticals (Continued)
	1,992	Prestige Consumer Healthcare, Inc. (a)	$	124,759
	15,662	SIGA Technologies, Inc.		90,057
	2,950	Supernus Pharmaceuticals, Inc. (a)(b)		106,879

				1,267,562

		Professional Services - 1.51%
	2,081	Alight, Inc. - Class A (a)(b)		19,166
	965	ASGN, Inc. (a)		79,776
	6,678	Atlas Technical Consultants, Inc. (a)		81,405
	1,010	CBIZ, Inc. (a)		49,985
	422	CRA International, Inc. (b)		45,500
	379	Exponent, Inc.		37,782
	751	Forrester Research, Inc. (a)		24,295
	1,236	Franklin Covey Co. (a)		47,549
	569	FTI Consulting, Inc. (a)(b)		112,292
	981	Heidrick & Struggles International, Inc.		29,783
	648	Huron Consulting Group, Inc. (a)		52,080
	520	ICF International, Inc.		57,044
	705	Insperity, Inc.		85,693
	1,821	Kelly Services, Inc. - Class A		30,210
	1,318	Kforce, Inc.		83,350
	850	Korn Ferry International (b)		43,979
	4,364	Legalzoom.com, Inc. (a)		40,934
	903	ManpowerGroup, Inc. (b)		74,525
	1,451	Red Violet, Inc. (a)		25,538
	3,696	Resources Connection, Inc.		63,054
	2,408	Robert Half International, Inc.		194,013
	610	TriNet Group, Inc. (a)		49,172
	3,068	TrueBlue, Inc. (a)		54,610
	2,231	Upwork, Inc. (a)		25,255
	453	VSE Corp.		20,340
	837	Willdan Group, Inc. (a)		13,074

				1,440,404

		Real Estate Management & Development - 0.42%
	4,807	Anywhere Real Estate, Inc. (a)		25,381
	8,613	Compass, Inc. - Class A (a)		27,820
	4,494	Cushman & Wakefield PLC - ADR (a)(b)		47,367
	6,875	eXp World Holdings, Inc. (b)		87,244
	2,406	Forestar Group, Inc. (a)		37,437
	523	Jones Lang LaSalle, Inc. (a)		76,091
	2,316	Marcus & Millichap, Inc.		74,367
	1,248	RE/MAX Holdings, Inc. - Class A		23,412

				399,119

		Road & Rail - 0.88%
	1,081	ArcBest Corp.		99,906
	364	Avis Budget Group, Inc. (a)(b)		70,907
	1,552	Covenant Transportation Group, Inc. - Class A		54,972
	5,512	Daseke, Inc. (a)		42,608
	2,390	Knight-Swift Transportation Holdings, Inc.		135,226
	856	Landstar System, Inc. (b)		153,447
	2,085	PAM Transportation Services, Inc. (a)		59,693
	978	RXO, Inc. (a)(b)		19,208
	1,183	Ryder System, Inc.		105,571
	255	Saia, Inc. (a)(b)		69,380
	485	Werner Enterprises, Inc. (b)		22,063

				832,981

		Semiconductors & Semiconductor Equipment - 2.37%
	514	Advanced Energy Industries, Inc. (b)		50,372
	2,084	Allegro MicroSystems, Inc. (a)(b)		100,011

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductors & Semiconductor Equipment (Continued)
	2,097	Alpha & Omega Semiconductor, Ltd. - ADR (a)	$	56,514
	481	Ambarella, Inc. - ADR (a)		37,239
	4,307	Amkor Technology, Inc. (b)		112,068
	1,199	Axcelis Technologies, Inc. (a)		159,767
	561	CEVA, Inc. (a)		17,071
	1,474	Cirrus Logic, Inc. (a)		161,226
	1,566	Cohu, Inc. (a)(b)		60,119
	957	Diodes, Inc. (a)(b)		88,771
	326	Entegris, Inc. (b)		26,735
	663	First Solar, Inc. (a)		144,202
	1,653	FormFactor, Inc. (a)		52,648
	728	Impinj, Inc. (a)		98,659
	1,897	Kulicke & Soffa Industries, Inc. (b)		99,953
	2,076	Lattice Semiconductor Corp. (a)		198,258
	612	MACOM Technology Solutions Holdings, Inc. (a)(b)		43,354
	1,894	MaxLinear, Inc. (a)		66,688
	830	MKS Instruments, Inc. (b)		73,555
	1,115	Onto Innovation, Inc. (a)		97,986
	4,972	Photronics, Inc. (a)(b)		82,436
	1,112	Power Integrations, Inc. (b)		94,120
	2,869	Rambus, Inc. (a)(b)		147,065
	1,097	Semtech Corp. (a)		26,482
	194	Silicon Laboratories, Inc. (a)(b)		33,967
	2,529	SMART Global Holdings, Inc. - ADR (a)		43,600
	1,006	Ultra Clean Holdings, Inc. (a)(b)		33,359
	1,626	Veeco Instruments, Inc. (a)(b)		34,357
	300	Wolfspeed, Inc. (a)		19,485

				2,260,067

		Software - 5.11%
	1,438	2U, Inc. (a)		9,850
	16,615	8x8, Inc. (a)(b)		69,285
	7,306	A10 Networks, Inc.		113,170
	2,670	ACI Worldwide, Inc. (a)(b)		72,037
	5,761	Adeia, Inc.		51,042
	1,402	Agilysys, Inc. (a)		115,679
	959	Alarm.com Holdings, Inc. (a)(b)		48,219
	1,157	Altair Engineering, Inc. - Class A (a)		83,431
	651	Alteryx, Inc. - Class A (a)		38,305
	2,127	American Software, Inc. - Class A		26,821
	601	Appfolio, Inc. - Class A (a)		74,812
	877	Appian Corp. - Class A (a)		38,921
	4,087	AppLovin Corp. - Class A (a)(b)		64,370
	1,874	Asana, Inc. - Class A (a)		39,598
	298	Aspen Technology, Inc. (a)		68,203
	1,022	Bentley Systems, Inc. - Class B		43,936
	420	Bill.com Holdings, Inc. (a)		34,079
	909	Blackbaud, Inc. (a)		62,994
	3,537	Box, Inc. - Class A (a)(b)		94,756
	737	Cerence, Inc. (a)		20,702
	574	Ceridian HCM Holding, Inc. (a)		42,028
	1,629	CommVault Systems, Inc. (a)		92,429
	985	Consensus Cloud Solutions, Inc. (a)		33,579
	1,477	Couchbase, Inc. (a)		20,767
	6,294	Cvent Holding Corp. (a)		52,618
	3,976	Digital Turbine, Inc. (a)(b)		49,143
	2,227	Domo, Inc. - Class B (a)		31,601
	6,270	Dropbox, Inc. - Class A (a)		135,557


Number of Shares			Value
		Software (Continued)
	1,863	Dynatrace, Inc. (a)	$	78,805
	3,491	Ebix, Inc. (b)		46,046
	5,611	eGain Corp. (a)		42,587
	890	Elastic NV - ADR (a)		51,531
	824	Envestnet, Inc. (a)(b)		48,344
	896	ePlus, Inc. (a)		43,940
	2,057	EverCommerce, Inc. (a)		21,763
	380	Fair Isaac Corp. (a)		267,022
	723	Five9, Inc. (a)		52,266
	4,079	Gen Digital, Inc. (b)		69,996
	352	Globant SA - ADR (a)		57,732
	1,787	Informatica, Inc. - Class A (a)		29,307
	1,025	Jack Henry & Associates, Inc. (b)		154,488
	3,807	LivePerson, Inc. (a)		16,789
	1,209	Manhattan Associates, Inc. (a)		187,214
	4,010	Mitek Systems, Inc. (a)		38,456
	1,181	Model N, Inc. (a)		39,528
	4,424	Momentive Global, Inc. (a)		41,232
	2,046	N-able, Inc. (a)(b)		27,007
	804	New Relic, Inc. (a)		60,533
	3,423	Nutanix, Inc. - Class A (a)		88,964
	2,018	OneSpan, Inc. (a)(b)		35,315
	223	Paylocity Holding Corp. (a)		44,328
	1,362	Pegasystems, Inc. (b)		66,030
	447	Procore Technologies, Inc. (a)		27,996
	1,970	Progress Software Corp.		113,176
	1,250	PTC, Inc. (a)		160,287
	683	Qualys, Inc. (a)(b)		88,804
	1,025	Rapid7, Inc. (a)		47,058
	18,493	Rimini Street Inc. (a)		76,191
	1,899	RingCentral, Inc. - Class A (a)		58,242
	1,100	Sapiens International Corp NV - ADR		23,892
	4,170	SecureWorks Corp. - Class A (a)		35,737
	701	SentinelOne, Inc. - Class A (a)		11,468
	881	ShotSpotter, Inc. (a)		34,641
	1,520	Smartsheet, Inc. - Class A (a)		72,656
	948	Sprout Social, Inc. - Class A (a)(b)		57,714
	762	SPS Commerce, Inc. (a)		116,053
	1,579	Tenable Holdings, Inc. (a)		75,018
	1,443	UiPath, Inc. - Class A (a)		25,339
	9,986	Upland Software, Inc. (a)		42,940
	2,078	Varonis Systems, Inc. (a)		54,049
	2,216	Verint Systems, Inc. (a)		82,524
	2,971	Veritone, Inc. (a)		17,321
	1,122	Workiva, Inc. (a)(b)		114,904
	2,304	Xperi, Inc. (a)		25,183
	8,583	Yext, Inc. (a)		82,483
	8,822	Zeta Global Holdings Corp. - Class A (a)		95,542
	743	Ziff Davis, Inc. (a)(b)		57,991
	3,228	Zuora, Inc. - Class A (a)		31,893

				4,866,257

		Specialty Retail - 4.82%
	3,108	Abercrombie & Fitch Co. - Class A (a)		86,247
	2,730	Academy Sports & Outdoors, Inc. (b)		178,132
	3,165	American Eagle Outfitters, Inc. (b)		42,538
	634	America’s Car-Mart, Inc. (a)(b)		50,219
	522	Asbury Automotive Group, Inc. (a)		109,620
	1,252	AutoNation, Inc. (a)(b)		168,219
	15,751	Bed Bath & Beyond, Inc. (a)(b)		6,732

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	3,864	Big 5 Sporting Goods Corp. (b)	$	29,714
	909	Boot Barn Holdings, Inc. (a)(b)		69,666
	2,827	Build-A-Bear Workshop, Inc.		65,699
	4,189	Caleres, Inc. (b)		90,608
	1,566	Camping World Holdings, Inc. - Class A (b)		32,682
	12,365	Chico’s FAS, Inc. (a)		68,008
	2,170	Citi Trends, Inc. (a)		41,273
	3,115	Conn’s, Inc. (a)		18,877
	4,179	Designer Brands, Inc. - Class A		36,524
	9,912	Destination XL Group, Inc. (a)		54,615
	1,401	Dick’s Sporting Goods, Inc. (b)		198,788
	3,842	EVgo, Inc. (a)(b)		29,929
	22,622	Express, Inc. (a)		17,833
	663	Five Below, Inc. (a)(b)		136,558
	1,241	Floor & Decor Holdings, Inc. - Class A (a)(b)		121,891
	1,866	Foot Locker, Inc. (b)		74,062
	4,972	GameStop Corp. - Class A (a)(b)		114,455
	1,394	Genesco, Inc. (a)		51,411
	591	Group 1 Automotive, Inc. (b)		133,814
	1,392	Guess?, Inc. (b)		27,088
	2,397	Haverty Furniture Cos., Inc.		76,488
	1,720	Hibbett Sports, Inc.		101,446
	8,664	JOANN, Inc. (b)		13,776
	3,434	Leslie’s, Inc. (a)(b)		37,808
	534	Lithia Motors, Inc. (b)		122,249
	8,137	LL Flooring Holdings, Inc. (a)		30,921
	3,945	Lulu’s Fashion Lounge Holdings, Inc. (a)		9,389
	1,827	MarineMax, Inc. (a)		52,526
	396	Monro, Inc. (b)		19,574
	585	Murphy USA, Inc.		150,959
	1,678	National Vision Holdings, Inc. (a)		31,614
	2,017	ODP Corp. (a)		90,725
	842	Penske Automotive Group, Inc. (b)		119,404
	2,191	Petco Health & Wellness Co., Inc. (a)(b)		19,719
	2,384	Rent-A-Center, Inc. (b)		58,432
	1,742	Revolve Group, Inc. (a)		45,815
	1,206	REX American Resources Corp. (a)		34,480
	315	RH (a)(b)		76,718
	5,338	Sally Beauty Holdings, Inc. (a)(b)		83,166
	2,422	Shoe Carnival, Inc.		62,124
	2,149	Signet Jewelers, Ltd. - ADR		167,149
	1,610	Sleep Number Corp. (a)		48,960
	1,367	Sonic Automotive, Inc. - Class A		74,283
	6,041	Sportsman’s Warehouse Holdings, Inc. (a)		51,228
	9,554	Stitch Fix, Inc. - Class A (a)		48,821
	3,493	The Aaron’s Co., Inc.		33,742
	1,628	The Buckle, Inc. (b)		58,103
	4,077	The Cato Corp. - Class A		36,041
	1,432	The Children’s Place, Inc. (a)		57,638
	6,889	The Container Store Group, Inc. (a)		23,629
	5,188	The Gap, Inc. (b)		52,088
	15,128	The RealReal, Inc. (a)		19,061
	5,677	Tile Shop Holdings, Inc. (a)		26,625
	4,339	Tilly’s, Inc. - Class A (a)		33,454
	6,106	Torrid Holdings, Inc. (a)(b)		26,622
	1,085	TravelCenters of America, Inc. (a)(b)		93,853
	1,714	Urban Outfitters, Inc. (a)		47,512
	1,427	Victoria’s Secret & Co. (a)(b)		48,732
	2,256	Warby Parker, Inc. - Class A (a)		23,891


Number of Shares			Value
		Specialty Retail (Continued)
	1,516	Williams Sonoma, Inc. (b)	$	184,437
	330	Winmark Corp.		105,742
	2,120	Zumiez, Inc. (a)		39,093

				4,593,239

		Technology Hardware, Storage & Peripherals - 0.87%
	4,908	Avid Technology, Inc. (a)		156,958
	1,343	Corsair Gaming, Inc. (a)(b)		24,644
	15,211	Diebold Nixdorf, Inc. (a)		18,253
	3,469	NCR Corp. (a)		81,834
	5,014	Pure Storage, Inc. - Class A (a)		127,907
	915	Super Micro Computer, Inc. (a)(b)		97,493
	1,256	Synaptics, Inc. (a)(b)		139,605
	3,443	Teradata Corp. (a)		138,684
	2,946	Xerox Holdings Corp.		45,368

				830,746

		Textiles, Apparel & Luxury Goods - 2.20%
	3,391	Capri Holdings, Ltd. - ADR (a)		159,377
	737	Carter’s, Inc.		53,005
	846	Columbia Sportswear Co.		76,343
	2,014	Crocs, Inc. (a)(b)		254,650
	585	Deckers Outdoor Corp. (a)		262,987
	8,398	Fossil Group, Inc. (a)		26,874
	2,482	G-III Apparel Group, Ltd. (a)		38,595
	5,673	Hanesbrands, Inc. (b)		29,840
	2,060	Kontoor Brands, Inc. (b)		99,684
	2,555	Movado Group, Inc.		73,507
	970	Oxford Industries, Inc. (b)		102,422
	9,540	PLBY Group, Inc. (a)		18,889
	1,173	PVH Corp.		104,585
	996	Ralph Lauren Corp. (b)		116,203
	830	Rocky Brands, Inc.		19,148
	1,994	Skechers U.S.A., Inc. - Class A (a)		94,755
	1,971	Steven Madden, Ltd.		70,956
	2,247	Superior Uniform Group, Inc.		17,684
	5,543	Tapestry, Inc. (b)		238,959
	6,655	Under Armour, Inc. - Class A (a)		63,156
	7,580	Under Armour, Inc. - Class C (a)(b)		64,657
	1,790	Unifi, Inc. (a)		14,624
	213	UniFirst Corp.		37,537
	736	Weyco Group, Inc.		18,621
	2,333	Wolverine World Wide, Inc.		39,778

				2,096,836

		Thrifts & Mortgage Finance - 1.15%
	898	Axos Financial, Inc. (a)		33,154
	1,240	Berkshire Hills Bancorp, Inc. (b)		31,074
	1,990	Bridgewater Bancshares, Inc. (a)		21,572
	2,098	Essent Group, Ltd. - ADR		84,025
	586	Federal Agricultural Mortgage Corp. - Class C		78,049
	1,873	Flushing Financial Corp.		27,889
	850	Home Bancorp, Inc.		28,076
	1,221	HomeStreet, Inc.		21,966
	2,008	Merchants Bancorp		52,288
	6,500	MGIC Investment Corp.		87,230
	2,979	Mr Cooper Group, Inc. (a)(b)		122,050
	7,900	New York Community Bancorp, Inc. (b)		71,416
	2,319	NMI Holdings, Inc. - Class A (a)		51,783
	1,957	Northfield Bancorp, Inc.		23,054
	1,703	Northwest Bancshares, Inc.		20,487

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Thrifts & Mortgage Finance (Continued)
	1,127	PennyMac Financial Services, Inc.	$	67,181
	1,422	Provident Financial Services, Inc.		27,274
	4,194	Radian Group, Inc.		92,687
	700	Southern Missouri Bancorp, Inc.		26,187
	636	Walker & Dunlop, Inc.		48,444
	1,191	Washington Federal, Inc. (b)		35,873
	1,034	Waterstone Financial, Inc.		15,644
	685	WSFS Financial Corp.		25,763

				1,093,166

		Tobacco - 0.11%
	990	Turning Point Brands, Inc.		20,790
	752	Universal Corp.		39,773
	3,407	Vector Group, Ltd.		40,918

				101,481

		Trading Companies & Distributors - 2.43%
	484	Air Lease Corp.		19,055
	2,166	Alta Equipment Group, Inc.		34,331
	996	Applied Industrial Technologies, Inc.		141,561
	1,572	Beacon Roofing Supply, Inc. (a)(b)		92,512
	1,602	BlueLinx Holdings, Inc. (a)		108,872
	845	Core & Main, Inc. - Class A (a)		19,519
	2,406	DXP Enterprises, Inc. (a)		64,770
	1,962	Global Industrial Co.		52,660
	2,276	GMS, Inc. (a)		131,758
	1,102	H&E Equipment Services, Inc.		48,741
	336	Herc Holdings, Inc. (b)		38,270
	8,134	Hudson Technologies, Inc. (a)		71,010
	611	Kaman Corp.		13,967
	2,731	Karat Packaging, Inc.		36,404
	4,114	MRC Global, Inc. (a)		39,988
	975	MSC Industrial Direct Co., Inc. - Class A		81,900
	6,286	NOW, Inc. (a)		70,089
	1,262	Rush Enterprises, Inc. - Class A (b)		68,905
	882	Rush Enterprises, Inc. - Class B		52,823
	941	SiteOne Landscape Supply, Inc. (a)(b)		128,795
	1,587	Textainer Group Holdings, Ltd. - ADR		50,959
	2,662	Titan Machinery, Inc. (a)		81,058
	650	Transcat, Inc. (a)		58,104
	954	Triton International, Ltd. - ADR (b)		60,312
	4,754	Univar Solutions, Inc. (a)		166,533
	1,796	Veritiv Corp.		242,711
	519	Watsco, Inc. (b)		165,125
	988	WESCO International, Inc.		152,686
	1,336	Xometry, Inc. - Class A (a)		20,000

				2,313,418

		Water Utilities - 0.16%
	244	American States Water Co.		21,689
	470	Artesian Resources Corp. - Class A		26,020
	531	California Water Service Group		30,904
	1,648	Essential Utilities, Inc.		71,935

				150,548

		Wireless Telecommunication Services - 0.03%
	1,576	Telephone & Data Systems, Inc.		16,564
	716	United States Cellular Corp. (a)		14,842

				31,406

		Total Common Stocks (Cost $63,602,101)		85,528,390


Number of Shares			Value
		INVESTMENT COMPANIES - 3.58%
		International Equity Funds - 3.58%
	24,363	Vanguard Extended Market ETF	$	3,415,693

		Total Investment Companies (Cost $3,052,811)		3,415,693

		REAL ESTATE INVESTMENT TRUSTS - 4.25%
		Real Estate Investment Trusts - 4.25%
	2,287	Acadia Realty Trust		31,904
	483	Agree Realty Corp.		33,139
	677	American Assets Trust, Inc.		12,585
	5,976	Necessity Retail REIT, Inc. - Class A		37,529
	1,957	American Homes 4 Rent - Class A		61,548
	1,519	Americold Realty Trust, Inc. (b)		43,216
	5,448	Annaly Capital Management, Inc. (b)		104,111
	264	Apartment Income REIT Corp.		9,454
	6,603	Apartment Investment and Management Co. - Class A		50,777
	3,391	Apollo Commercial Real Estate Finance, Inc.		31,570
	4,839	Apple Hospitality REIT, Inc.		75,101
	4,100	Arbor Realty Trust, Inc.		47,109
	2,207	Ares Commercial Real Estate Corp.		20,062
	1,690	Armada Hoffler Properties, Inc.		19,959
	1,865	Blackstone Mortgage Trust, Inc. - Class A		33,290
	11,688	Braemar Hotels & Resorts, Inc.		45,116
	3,238	Brandywine Realty Trust		15,316
	4,302	Brixmor Property Group, Inc. (b)		92,579
	1,826	Broadstone Net Lease, Inc.		31,060
	650	Camden Property Trust		68,146
	1,596	CBL & Associates Properties, Inc.		40,921
	4,458	Chatham Lodging Trust		46,764
	3,267	City Office REIT, Inc.		22,542
	4,177	CoreCivic, Inc. (a)(b)		38,428
	1,579	Corporate Office Properties Trust		37,438
	2,150	Cousins Properties, Inc. (b)		45,967
	507	CubeSmart (b)		23,434
	4,239	DiamondRock Hospitality Co. (b)		34,463
	1,770	Douglas Emmett, Inc. (b)		21,824
	3,808	Dynex Capital, Inc.		46,153
	1,084	Easterly Government Properties, Inc.		14,894
	5,645	Empire State Realty Trust, Inc. - Class A		36,636
	1,398	EPR Properties (b)		53,264
	567	Equity LifeStyle Properties, Inc.		38,063
	1,203	Essential Properties Realty Trust, Inc. (b)		29,895
	507	Federal Realty Investment Trust		50,107
	218	First Industrial Realty Trust, Inc.		11,598
	1,492	Gaming and Leisure Properties, Inc.		77,674
	1,216	Gladstone Commercial Corp.		15,358
	1,307	Global Medical REIT, Inc.		11,907
	2,975	Global Net Lease, Inc. (b)		38,258
	4,780	Hersha Hospitality Trust - Class A		32,122
	1,400	Highwoods Properties, Inc.		32,466
	7,240	Host Hotels & Resorts, Inc.		119,388
	3,005	Hudson Pacific Properties, Inc.		19,983
	1,665	Independence Realty Trust, Inc. (b)		26,690
	2,001	Iron Mountain, Inc.		105,873
	1,544	JBG SMITH Properties		23,253
	1,696	Kilroy Realty Corp. (b)		54,950
	6,694	Kimco Realty Corp.		130,734
	3,552	Kite Realty Group Trust		74,308
	1,079	KKR Real Estate Finance Trust, Inc.		12,290

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	519	Lamar Advertising Co. - Class A	$	51,843
	353	Life Storage, Inc.		46,275
	457	LTC Properties, Inc.		16,054
	1,583	LXP Industrial Trust		16,321
	5,334	Macerich Co. (b)		56,540
	5,837	Medical Properties Trust, Inc. (b)		47,980
	247	National Health Investors, Inc.		12,740
	1,218	National Retail Properties, Inc.		53,775
	415	National Storage Affiliates Trust (b)		17,339
	8,954	New Residential Investment Corp. (b)		71,632
	394	NexPoint Residential Trust, Inc.		17,206
	2,535	Office Properties Income Trust		31,180
	1,106	Omega Healthcare Investors, Inc. (b)		30,315
	3,416	Orion Office REIT, Inc.		22,887
	7,463	Paramount Group, Inc. (b)		34,031
	2,989	Park Hotels & Resorts, Inc. (b)		36,944
	2,889	Pebblebrook Hotel Trust (b)		40,562
	1,052	Phillips Edison & Co, Inc.		34,316
	1,431	Physicians Realty Trust (b)		21,365
	3,538	Piedmont Office Realty Trust, Inc. - Class A		25,827
	1,082	Plymouth Industrial REIT, Inc.		22,733
	1,113	Postal Realty Trust, Inc. - Class A		16,940
	846	PotlatchDeltic Corp. (b)		41,877
	2,811	Ready Capital Corp. (b)		28,588
	1,819	Regency Centers Corp.		111,286
	1,973	Retail Opportunity Investments Corp.		27,543
	171	Rexford Industrial Realty, Inc. (b)		10,200
	2,198	RLJ Lodging Trust (b)		23,299
	3,658	RPT Realty		34,788
	363	Ryman Hospitality Properties, Inc.		32,572
	2,930	Sabra Health Care REIT, Inc. (b)		33,695
	8,877	Service Properties Trust		88,415
	3,318	SITE Centers Corp.		40,745
	892	SL Green Realty Corp. (b)		20,980
	1,424	Spirit Realty Capital, Inc. (b)		56,732
	282	STAG Industrial, Inc. (b)		9,537
	3,266	Starwood Property Trust, Inc. (b)		57,776
	5,458	Summit Hotel Properties, Inc.		38,206
	3,469	Sunstone Hotel Investors, Inc. (b)		34,274
	3,216	Tanger Factory Outlet Centers, Inc. (b)		63,130
	10,316	The Geo Group, Inc. (a)(b)		81,393
	2,520	Two Harbors Investment Corp.		37,069
	3,497	Uniti Group, Inc. (b)		12,414
	1,406	Urban Edge Properties		21,174
	1,582	Urstadt Biddle Properties, Inc. - Class A		27,796
	2,160	Veris Residential, Inc. (a)		31,622
	2,380	Vornado Realty Trust (b)		36,581
	6,037	Whitestone		55,540
	3,015	Xenia Hotels & Resorts, Inc.		39,466

		Total Real Estate Investment Trusts (Cost $4,767,396)		4,052,719


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.95%
		Money Market Funds - 0.95%
	906,837	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (d)	$	906,837

		Total Short Term Investments (Cost $906,837)		906,837


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 29.66%
	28,266,325	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (d)		28,266,325

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $28,266,325)		28,266,325

		Total Investments (Cost $100,595,470) - 128.19%		122,169,964
		Liabilities in Excess of Other Assets - (28.19)%		(26,869,014	)

		TOTAL NET ASSETS - 100.00%	$	95,300,950

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)

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

(d)

Seven-day yield as of March 31, 2023.

(e)

As of March 31, 2023, the Valuation Committee has fair valued these securities. The value of these securites were $6,710, which represents 0.01% of total net assets.

(f)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $31,237, which represents 0.03% of the total assets.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 96.41%
		Australia - 5.97%
	1,541	Ampol, Ltd.	$	31,418
	9,368	APA Group - Stapled Security		63,639
	456	Aristocrat Leisure, Ltd.		11,401
	9,693	Aurizon Holdings Ltd.		21,832
	8,393	Australia & New Zealand Banking Group, Ltd.		129,337
	27,156	BHP Billiton, Ltd.		858,507
	30,278	BlueScope Steel, Ltd.		409,823
	7,973	Brambles, Ltd.		71,886
	1,623	Cochlear, Ltd.		258,382
	26,268	Coles Group, Ltd.		317,387
	4,886	Commonwealth Bank of Australia		322,600
	902	CSL, Ltd.		174,690
	7,418	Endeavour Group, Ltd.		33,702
	10,797	Fortescue Metals Group, Ltd.		162,296
	8,917	IDP Education Ltd.		164,327
	7,682	IGO Ltd.		65,874
	1,054	Macquarie Group, Ltd.		124,793
	17,941	Medibank Private, Ltd.		40,487
	2,036	Mineral Resources Ltd.		110,060
	13,172	National Australia Bank, Ltd.		245,438
	11,297	Northern Star Resources, Ltd.		92,637
	23,414	Origin Energy, Ltd.		130,394
	42,019	Pilbara Minerals Ltd.		111,787
	15,039	Qantas Airways, Ltd. (a)		67,126
	1,187	REA Group, Ltd.		110,680
	4,624	Rio Tinto, Ltd.		371,537
	15,953	Santos, Ltd.		73,422
	2,679	Sonic Healthcare, Ltd.		62,804
	76,385	South32, Ltd.		223,864
	4,380	Suncorp Group, Ltd.		35,588
	17,261	Telstra Corp., Ltd.		48,873
	102,440	The Lottery Corp., Ltd.		352,328
	6,295	Transurban Group - Stapled Security		60,107
	9,584	Treasury Wine Estates, Ltd.		84,136
	66,229	Vicinity, Ltd.		86,618
	6,713	Wesfarmers, Ltd.		226,889
	13,041	Westpac Banking Corp.		189,872
	1,030	WiseTech Global, Ltd.		45,375
	9,210	Woodside Energy Group, Ltd.		205,753
	13,689	Woolworths, Ltd.		348,011

				6,545,680

		Austria - 0.38%
	2,917	Erste Group Bank AG		96,639
	6,936	OMV AG		318,524

				415,163

		Belgium - 0.83%
	3,726	Ageas SA		161,181
	3,233	Anheuser-Busch InBev SA		215,512
	790	D’ieteren Group		153,721
	768	Elia Group SA		101,420
	801	Solvay SA		91,608
	1,595	UCB SA		142,556
	1,381	Umicore SA		46,845

				912,843

		Canada - 10.26%
	1,883	Agnico Eagle Mines, Ltd. (a)		95,996
	5,917	Alimentation Couche-Tard, Inc. (a)		297,492


Number of Shares			Value
		Canada (Continued)
	25,402	ARC Resources, Ltd. (a)(b)	$	288,134
	3,426	Bank of Montreal (a)		305,159
	5,058	Barrick Gold Corp. (a)		93,900
	1,961	Brookfield Asset Management Ltd. - Class A (a)		64,235
	1,596	BRP, Inc. (a)		124,893
	1,650	Cameco Corp. (a)		43,206
	1,705	Canadian Imperial Bank of Commerce (a)		72,300
	1,121	Canadian National Railway Co. (a)		132,272
	7,088	Canadian Natural Resources, Ltd. (a)		392,239
	2,680	Canadian Pacific Railway, Ltd. (a)		206,369
	2,403	Canadian Utilities, Ltd. - Class A (a)		66,960
	28,169	Cenovus Energy, Inc. (a)		491,472
	1,931	CGI, Inc. (a)		186,099
	282	Constellation Software, Inc. (a)		530,179
	5,138	Dollarama, Inc. (a)		307,063
	12,263	Element Fleet Management Corp. (a)		161,057
	16,112	Empire Co., Ltd. (a)		431,918
	6,422	Enbridge, Inc. (a)		244,858
	311	Fairfax Financial Holdings, Ltd. (a)		206,834
	5,922	First Quantum Minerals, Ltd.		136,143
	513	FirstService Corp. (a)		72,283
	258	Franco-Nevada Corp.		37,632
	2,699	George Weston, Ltd. (a)		357,670
	3,017	Great-West Lifeco, Inc.		79,962
	3,779	Hydro One, Ltd. (a)		107,596
	2,575	iA Financial Corp., Inc. (a)		163,207
	6,792	Imperial Oil, Ltd. (a)		345,405
	964	Intact Financial Corp. (a)		137,963
	5,227	Loblaw Cos., Ltd. (a)		476,367
	7,419	Lundin Mining Corp. (a)		50,393
	999	Magna International, Inc. (a)		53,509
	20,016	Manulife Financial Corp. (a)		367,293
	1,993	Metro, Inc. (a)		109,626
	517	National Bank of Canada (a)		36,980
	3,503	Nutrien, Ltd. (a)(b)		258,701
	4,540	Pembina Pipeline Corp. (a)		147,067
	5,563	Power Corp. of Canada (b)		142,172
	1,510	Restaurant Brands International, Inc. (a)		101,371
	421	Ritchie Bros Auctioneers, Inc. (a)		23,687
	7,442	Royal Bank of Canada (a)		711,712
	3,730	Saputo, Inc. (a)		96,514
	13,180	Suncor Energy, Inc. (a)		409,199
	7,502	Teck Resources, Ltd. - Class B (a)		273,935
	3,757	The Bank of Nova Scotia (a)		189,226
	7,850	The Toronto-Dominion Bank (a)		470,187
	844	Thomson Reuters Corp. (a)		109,811
	4,184	Tourmaline Oil Corp. (a)		174,357
	6,620	West Fraser Timber Co., Ltd. (a)		472,192
	3,022	WSP GLOBAL, Inc. (a)		395,845

				11,250,640

		Cayman Islands - 0.10%
	19,464	Wharf Real Estate Investment Co Ltd.		112,061

		Chile - 0.09%
	5,106	Antofagasta PLC		100,013

		Denmark - 2.98%
	151	A.P. Moeller - Maersk AS - Class A		267,881
	159	A.P. Moeller - Maersk AS - Class B		289,016
	503	Coloplast AS - Series B		66,229
	2,153	Danske Bank AS (a)		43,316

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Denmark (Continued)
	154	DSV AS	$	29,860
	322	Genmab AS (a)		121,718
	11,412	Novo Nordisk AS - Series B		1,812,469
	3,300	Pandora AS		316,761
	663	Rockwool International AS - B Shares		162,579
	2,277	Tryg AS		49,788
	905	Vestas Wind System		26,376
	2,346	William Demant Holdings AS (a)		82,360

				3,268,353

		Finland - 0.98%
	2,616	Neste OYJ		129,241
	7,849	Nokia OYJ		38,530
	17,312	Nordea Bank Abp		184,863
	8,479	Orion OYJ - Class B		378,996
	4,658	Sampo OYJ - Series A		219,789
	5,679	Stora Enso OYJ - R Shares		73,883
	1,599	UPM-Kymmene OYJ		53,708

				1,079,010

		France - 11.10%
	730	Aeroports de Paris (a)		104,217
	1,255	Air Liquide SA		210,074
	1,938	Alstom SA		52,765
	936	Arkema SA		92,418
	12,537	AXA SA		382,601
	1,596	BioMerieux		168,245
	6,047	BNP Paribas SA		361,114
	45,490	Bollore SA		281,204
	826	Bureau Veritas SA		23,733
	305	Capgemini SE		56,680
	18,033	Carrefour SA		364,585
	6,816	Cie de Saint-Gobain		387,448
	22,232	Credit Agricole SA		250,805
	562	Danone SA		34,970
	1,187	Dassault Aviation SA		234,825
	1,454	Dassault Systemes SE		59,979
	2,264	Edenred		133,995
	3,602	Eiffage SA		389,796
	12,722	Engie SA		201,323
	620	EssilorLuxottica SA		111,801
	2,705	Eurazeo SE		192,544
	4,404	Getlink SE		72,533
	291	Hermes International		589,352
	4,309	Ipsen SA		474,475
	296	Kering SA		193,120
	11,463	La Francaise des Jeux SAEM		477,753
	1,463	L’Oreal SA		653,734
	1,503	LVMH Moet Hennessy Louis Vuitton SE		1,379,622
	11,492	Orange SA		136,527
	1,978	Publicis Groupe SA		154,403
	128	Remy Cointreau SA		23,307
	6,552	Renault SA		267,035
	1,017	Safran SA		150,554
	5,846	Sanofi-Aventis SA		634,169
	130	Sartorius Stedim Biotech		39,884
	878	Schneider Electric SE		146,735
	367	SEB SA		41,759
	7,125	Societe Generale SA		160,537
	1,215	Sodexo SA		118,670


Number of Shares			Value
		France (Continued)
	1,334	Thales SA	$	197,228
	15,281	Total SA (b)		901,028
	1,316	Unibail-Rodamco-Westfield (a)		70,809
	6,343	Valeo SA		130,158
	2,687	Vinci SA		308,045
	18,336	Vivendi SA		185,406
	5,446	Wendel SA		575,860

				12,177,825

		Germany - 8.15%
	1,947	adidas AG		345,151
	953	Allianz SE		219,988
	5,098	Bayer AG		325,670
	3,239	Bayerische Motoren Werke AG		354,992
	780	Beiersdorf AG		101,469
	682	Carl Zeiss Meditec AG		94,997
	21,293	Commerzbank AG		224,179
	5,547	Daimler AG		426,582
	31,754	Deutsche Bank AG (b)		322,914
	782	Deutsche Boerse AG		152,264
	38,688	Deutsche Lufthansa AG (a)		430,309
	11,721	Deutsche Post AG		548,963
	20,409	Deutsche Telekom AG		494,559
	2,485	E.ON SE		31,000
	8,112	Fresenius Medical Care AG & Co. KGaA		344,309
	11,439	Fresenius SE & Co. KGaA		308,891
	415	Hannover Rueck SE		81,166
	2,673	HeidelbergCement AG		195,176
	11,068	HelloFresh SE (a)		263,943
	961	Infineon Technologies AG		39,464
	1,861	Knorr-Bremse AG		123,963
	985	Merck KGaA		183,639
	314	MTU Aero Engines AG		78,576
	508	Muenchener Rueckversicherungs-Gesellschaft AG		177,616
	4,753	Nemetschek SE		328,105
	3,492	Puma SE		216,479
	466	Rational AG		313,239
	1,079	Rheinmetall AG		319,655
	4,227	RWE AG		181,882
	2,196	SAP SE		277,291
	1,988	Siemens AG		322,065
	13,923	Siemens Energy AG (a)		307,024
	40,454	Telefonica Deutschland Holding AG		124,528
	7,182	United Internet AG		123,804
	1,068	Volkswagen AG		183,190
	8,891	Zalando SE (a)		372,628

				8,939,670

		Hong Kong - 2.31%
	19,351	AIA Group, Ltd.		202,941
	26,522	BOC Hong Kong Holdings, Ltd.		82,570
	25,831	Budweiser Brewing Co., APAC Ltd.		78,612
	33,470	CK Asset Holdings, Ltd.		202,918
	44,574	CK Hutchison Holdings, Ltd.		275,764
	4,485	Galaxy Entertainment Group, Ltd. (a)		30,001
	4,480	Hong Kong Exchange & Clearing, Ltd.		198,575
	6,532	Jardine Matheson Holdings, Ltd.		317,731
	72,513	New World Development Co., Ltd.		194,378
	15,765	Sino Land Co., Ltd.		21,319
	116,518	SITC International Holdings Co., Ltd.		250,416
	5,235	Sun Hung Kai Properties, Ltd.		73,340

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Hong Kong (Continued)
	19,476	Swire Pacific, Ltd. - Class A	$	149,673
	10,078	Techtronic Industries Co., Ltd.		109,196
	585,065	WH Group, Ltd.		348,785

				2,536,219

		Ireland - 0.60%
	31,211	AIB Group PLC		126,328
	15,858	Bank of Ireland Group PLC		160,457
	743	CRH PLC		37,537
	1,635	DCC PLC		95,306
	4,966	James Hardie Industries PLC		106,887
	206	Kingspan Group PLC		13,753
	432	Kingspan Group PLC		29,603
	460	Flutter Entertainment PLC (a)		83,707

				653,578

		Isle Of Man - 0.05%
	3,698	Entain PLC		57,430

		Israel - 0.50%
	2,155	Bank Leumi Le-Israel BM		16,302
	118,279	Bezeq the Israel Telecommunication Corp., Ltd.		161,030
	158	Check Point Software Technologies, Ltd. - ADR (a)		20,540
	14,932	ICL Group, Ltd.		101,173
	1,495	Mizrahi Tefahot Bank, Ltd.		46,866
	20,863	Teva Pharmaceutical Industries, Ltd. - ADR (a)		184,638
	186	Wix.com, Ltd. - ADR (a)(b)		18,563

				549,112

		Italy - 1.80%
	10,170	Assicurazioni Generali SpA		202,634
	34,721	Eni SpA		484,234
	6,120	FinecoBank Banca Fineco SpA		93,766
	8,585	Infrastrutture Wireless Italiane SpA		112,793
	16,500	Intesa Sanpaolo SpA		42,346
	5,801	Moncler SpA		400,686
	20,984	Poste Italiane SpA		213,987
	4,534	Prysmian SpA		190,387
	362	Recordati SpA		15,312
	8,441	Terna Rete Elettrica Nazionale SpA		69,279
	7,803	UniCredit SpA		147,070

				1,972,494

		Japan - 17.65%
	3,716	Advantest Corp.		344,497
	2,376	Aeon Co., Ltd.		46,096
	3,659	Ajinomoto Co., Inc.		127,289
	3,487	ANA Holdings, Inc. (a)(b)		75,790
	4,238	Asahi Group Holdings, Ltd.		157,730
	18,469	Astellas Pharma, Inc.		262,395
	5,508	Bandai Namco Holdings, Inc.		118,748
	4,728	BayCurrent Consulting, Inc.		196,298
	2,016	Bridgestone Corp.		81,895
	4,787	Brother Industries, Ltd.		72,121
	3,405	Canon, Inc.		75,829
	6,014	Capcom Co., Ltd.		215,245
	13,297	Chiba Bank Ltd.		85,822
	6,593	Chugai Pharmaceutical Co., Ltd.		162,798
	8,680	Concordia Financial Group Ltd.		31,994
	19,405	CyberAgent, Inc.		164,415


Number of Shares			Value
		Japan (Continued)
	8,997	Dai-ichi Life Holdings, Inc.	$	165,396
	8,060	Daiichi Sankyo Co., Ltd.		294,010
	270	Daikin Industries, Ltd.		48,440
	756	Dentsu, Inc.		26,648
	975	Disco Corp.		113,423
	3,306	Don Quijote Co., Ltd.		63,959
	3,987	Eisai Co., Ltd.		226,460
	654	Fast Retailing Co., Ltd.		143,169
	1,009	Fujitsu, Ltd.		136,346
	2,175	Hakuhodo DY Holdings, Inc.		24,659
	726	Hamamatsu Photonics KK		39,162
	1,164	Hankyu Hanshin Holdings, Inc.		34,515
	714	Hikari Tsushin, Inc.		100,336
	4,390	Hitachi, Ltd.		241,277
	19,279	Honda Motor Co., Ltd.		509,952
	3,432	Hoya Corp.		379,278
	35,984	Inpex Corp.		380,802
	12,729	ITOCHU Corp.		414,538
	8,006	Japan Airlines Co., Ltd.		156,102
	2,374	Japan Post Bank Co., Ltd.		19,390
	38,055	Japan Post Holdings Co., Ltd.		308,853
	17,610	Japan Post Insurance Co., Ltd.		274,467
	6,371	Japan Tobacco, Inc.		134,578
	1,400	Kao Corp.		54,495
	8,293	KDDI Corp.		255,738
	252	Keyence Corp.		123,507
	371	Kikkoman Corp.		18,941
	4,431	Kintetsu Group Holdings Co., Ltd.		142,740
	1,645	Kirin Holdings Co., Ltd.		26,025
	2,182	Koei Tecmo Holdings Co., Ltd.		39,436
	1,396	Komatsu, Ltd.		34,656
	2,794	Kose Corp.		332,090
	38,584	Marubeni Corp.		524,732
	2,712	MatsukiyoCocokara & Co.		143,659
	23,096	Mazda Motor Corp.		213,037
	7,043	MISUMI Group, Inc.		176,979
	13,599	Mitsubishi Corp.		488,700
	8,715	Mitsubishi Heavy Industries, Ltd.		321,069
	44,033	Mitsubishi UFJ Financial Group, Inc.		282,193
	37,633	Mitsubishi UFJ Lease & Finance Co., Ltd.		194,327
	15,869	Mitsui & Co., Ltd.		494,634
	12,565	Mitsui OSK Lines, Ltd. (b)		315,101
	18,464	Mizuho Financial Group, Inc.		261,590
	19,351	MonotaRO Co., Ltd.		243,738
	738	MS & AD Insurance Group Holdings, Inc. (a)		22,871
	560	NEC Corp.		21,619
	3,349	Nexon Co., Ltd.		79,970
	2,612	NGK Insulators, Ltd.		34,636
	2,382	Nintendo Co., Ltd.		92,521
	4,500	Nippon Paint Holdings Co., Ltd.		42,314
	4,469	Nippon Steel & Sumitomo Metal Corp.		105,386
	18,791	Nippon Telegraph & Telephone Corp.		561,527
	14,153	Nippon Yusen Kabushiki Kaisha (b)		330,591
	1,266	Nissan Chemical Industries, Ltd.		57,498
	17,128	Nissan Motor Co. Ltd.		64,822
	375	Nissin Foods Holdings Co., Ltd.		34,290
	803	Nitori Holdings Co., Ltd.		96,972
	10,704	Olympus Corp.		187,992
	1,743	OMRON Corp.		102,012
	3,301	Ono Pharmaceutical Co., Ltd.		68,787

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	1,906	Oracle Corp.	$	137,653
	7,117	ORIX Corp.		117,345
	729	Otsuka Holdings Co., Ltd.		23,145
	18,684	Panasonic Corp.		167,168
	14,402	Persol Holdings Co., Ltd.		289,983
	12,383	Recruit Holdings Co., Ltd.		340,644
	2,244	Renesas Electronics Corp. (a)		32,495
	29,119	Resona Holdings, Inc.		140,474
	9,748	Ricoh Co., Ltd.		73,121
	249	Secom Co., Ltd.		15,345
	3,298	Seiko Epson Corp.		47,122
	5,745	Seven & I Holdings Co., Ltd.		259,525
	7,729	Shiseido Co., Ltd.		362,361
	9,042	Shizuoka Financial Group, Inc.		64,930
	15,452	SoftBank Corp.		178,375
	5,427	SoftBank Group Corp.		213,354
	644	Sompo Holdings, Inc.		25,519
	347	Sony Corp.		31,606
	2,925	Square Enix Holdings Co., Ltd.		140,563
	15,388	Subaru Corp.		245,648
	3,276	Sumitomo Chemical Co., Ltd.		11,030
	8,381	Sumitomo Corp.		148,472
	10,196	Sumitomo Mitsui Financial Group, Inc.		408,019
	4,317	Sumitomo Mitsui Trust Holdings, Inc.		148,315
	1,266	Suntory Beverage & Food, Ltd.		47,157
	2,203	Sysmex Corp.		144,586
	1,209	Taisei Corp.		37,405
	1,551	Taiyo Nippon Sanso Corp.		28,021
	9,964	Takeda Pharmaceutical Co., Ltd.		327,253
	2,505	The Kansai Electric Power Co., Inc.		24,396
	3,496	TIS, Inc.		92,454
	1,531	Tobu Railway Co Ltd.		36,653
	8,800	Tokio Marine Holdings, Inc.		169,356
	2,793	Tokyo Electron, Ltd.		341,210
	3,311	Tokyo Gas Co., Ltd.		62,224
	1,396	Toppan Printing Co., Ltd.		28,133
	6,682	Toray Industries, Inc.		38,226
	19,866	Toyota Motor Corp.		282,801
	1,795	Trend Micro, Inc.		88,064
	3,437	USS Co., Ltd.		59,631
	14,448	Welcia Holdings Co., Ltd.		309,311
	2,310	Yakult Honsha Co., Ltd.		167,845
	1,344	Yamaha Motor Co., Ltd.		35,174
	1,935	Yokogawa Electric Corp.		31,509
	14,823	ZOZO, Inc.		339,031

				19,358,569

		Jersey - 0.40%
	76,720	Glencore PLC		441,461

		Luxembourg - 0.18%
	1,023	Eurofins Scientific SE		68,500
	8,700	Tenaris SA		123,273

				191,773

		Macau - 0.02%
	7,328	Sands China, Ltd. (a)		25,457

		Netherlands - 4.87%
	10,389	ABN AMRO Group NV		164,744
	23,758	Aegon NV		101,997


Number of Shares			Value
		Netherlands (Continued)
	3,339	AerCap Holdings NV - ADR (a)	$	187,752
	1,225	Airbus SE		163,621
	15,970	ArcelorMittal		483,834
	332	Argenx SE (a)		123,291
	1,656	ASML Holding NV		1,128,483
	14,176	CNH Industrial NV		216,910
	595	EXOR NV (a)		49,064
	518	Ferrari NV		140,370
	1,662	Heineken Holding NV		152,486
	258	Heineken NV		27,722
	11,801	ING Groep NV		140,142
	1,835	JDE Peet’s NV		53,326
	16,450	Koninklijke Ahold Delhaize NV		562,019
	4,458	Koninklijke Philips NV		81,880
	7,331	NN Group NV		266,189
	4,908	OCI NV		166,381
	294	Prosus NV		23,022
	1,049	Qiagen NV (a)		47,778
	4,762	Randstad Holding NV		282,696
	17,126	Stellantis NV		311,460
	2,100	STMicroelectronics NV		111,896
	2,164	Universal Music Group NV		54,803
	2,409	Wolters Kluwer NV		304,105

				5,345,971

		New Zealand - 0.46%
	1,088	EBOS Group Ltd.		31,704
	12,639	Fisher & Paykel Healthcare Corp., Ltd.		211,285
	51,127	Spark New Zealand, Ltd.		161,981
	1,714	Xero, Ltd. (a)		103,957

				508,927

		Norway - 0.65%
	2,658	Aker BP ASA		65,188
	10,682	Equinor ASA		303,672
	6,408	Gjensidige Forsikring ASA		104,785
	2,889	Kongsberg Gruppen ASA		116,781
	11,488	Norsk Hydro ASA		85,740
	886	Yara International ASA		38,506

				714,672

		Portugal - 0.58%
	23,362	EDP - Energias de Portugal SA		127,298
	9,897	Galp Energia SGPS SA		111,988
	17,029	Jeronimo Martins SGPS SA		399,721

				639,007

		Singapore - 1.38%
	10,113	Capitaland Investment, Ltd.		28,059
	12,175	City Developments, Ltd.		67,559
	7,071	DBS Group Holdings, Ltd.		175,797
	140,320	Genting Singapore Ltd.		118,431
	11,790	Jardine Cycle & Carriage, Ltd.		277,643
	28,973	Keppel Corp., Ltd.		122,924
	18,377	Oversea-Chinese Banking Corp., Ltd.		171,307
	552,950	Sembcorp Marine Ltd. (a)		49,628
	30,935	Singapore Airlines, Ltd.		133,437
	24,983	Singapore Exchange, Ltd.		176,917
	19,130	Singapore Telecommunications Ltd.		35,445
	7,151	United Overseas Bank, Ltd.		160,390

				1,517,537

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Spain - 2.76%
	597	Acciona SA	$	119,782
	6,379	ACS, Actividades de Construccion y Servicios SA		203,170
	470	Amadeus IT Holdings SA - Class A (a)		31,529
	43,291	Banco Bilbao Vizcaya Argentaria SA		309,504
	102,103	Banco Santander SA		380,487
	28,791	CaixaBank SA		112,342
	2,812	Corp ACCIONA Energias Renovables SA		109,055
	1,462	Ferrovial SA		43,052
	24,410	Iberdrola SA		304,096
	15,512	Industria de Diseno Textil SA		521,131
	1,755	Naturgy Energy Group SA		52,832
	2,516	Red Electrica Corp SA		44,273
	34,059	Repsol SA		523,757
	63,335	Telefonica SA		272,774

				3,027,784

		Sweden - 2.15%
	4,699	Alfa Laval AB		167,788
	1,962	Assa Abloy AB - Series B		46,995
	14,765	Atlas Copco AB - A Shares		187,048
	12,769	Atlas Copco AB - B Shares		146,878
	2,133	Boliden AB		83,793
	3,995	EPIROC AB		68,117
	4,057	EPIROC AB		80,532
	504	Evolution AB		67,525
	32,109	Hennes & Mauritz AB - Series B		459,080
	2,360	Indutrade AB		50,223
	2,940	Investor AB		58,567
	11,519	Nibe Industrier AB		131,306
	10,333	Securitas AB - Series B		91,919
	6,936	Skandinaviska Enskilda Banken AB - Class A		76,561
	12,139	Svenska Handelsbanken AB - Class A		105,134
	8,436	Swedbank AB - A Shares		138,727
	3,749	Swedish Orphan Biovitrum AB (a)		87,354
	24,900	Telefonaktiebolaget LM Ericsson - Series B (b)		145,959
	31,317	Telia Co. AB (b)		79,522
	1,140	Volvo AB - A Shares		24,521
	1,010	Volvo AB - B Shares (b)		20,813
	9,942	Volvo Car AB - Class B (a)		43,493

				2,361,855

		Switzerland - 7.06%
	1,647	ABB, Ltd.		56,659
	234	Baloise Holding AG		36,438
	1,557	Banque Cantonale Vaudoise		146,928
	618	BKW AG		97,167
	1,634	Cie Financiere Richemont SA		262,022
	1,978	Coca-Cola HBC AG		54,148
	176	EMS-Chemie Holding AG		145,487
	382	Geberit AG		213,327
	615	Julius Baer Group, Ltd.		42,010
	1,187	Kuehne & Nagel International AG		353,530
	3,774	LafargeHolcim, Ltd.		243,390
	2,971	Logitech International SA		173,407
	12,134	Nestle SA		1,479,505
	11,240	Novartis AG		1,032,040
	301	Partners Group Holding AG		283,459
	529	Roche Holding AG		158,960
	3,955	Roche Holdings AG - Non-Voting Shares		1,130,112
	124	SGS SA		273,513


Number of Shares			Value
		Switzerland (Continued)
	2,179	SIG Group AG	$	56,138
	561	Sonova Holding AG		165,489
	1,360	Straumann Holding AG		203,979
	145	Swiss Life Holding AG		89,480
	325	Swiss Re AG		33,388
	383	The Swatch Group AG - Group I		131,902
	868	The Swatch Group AG - Group N		55,037
	18,742	UBS Group AG		396,596
	487	VAT Group AG		175,945
	522	Zurich Insurance Group AG		250,142

				7,740,198

		United Kingdom - 12.15%
	13,090	3i Group PLC		272,840
	9,079	Admiral Group PLC		227,981
	4,593	Anglo American PLC		152,769
	681	Ashtead Group PLC		41,816
	1,109	Associated British Foods PLC		26,614
	8,426	AstraZeneca PLC		1,167,453
	56,515	Auto Trader Group PLC		431,077
	11,811	Aviva PLC - B Shares		58,997
	22,094	BAE Systems PLC		267,251
	117,452	Barclays PLC		211,401
	30,562	Barratt Developments PLC		175,877
	2,152	Berkeley Group Holdings PLC		111,490
	112,519	BP PLC		711,175
	11,074	British American Tobacco PLC		388,190
	3,422	Bunzl PLC		129,257
	13,702	Burberry Group PLC		438,733
	1,124	Coca-Cola European Partners PLC - ADR		66,530
	10,051	Compass Group PLC		252,596
	7,201	Diageo PLC		321,376
	24,787	GSK PLC		437,967
	28,067	Hargreaves Lansdown PLC		278,044
	4,893	Hikma Pharmaceuticals PLC		101,418
	64,306	HSBC Holdings PLC		437,054
	9,912	Imperial Brands PLC		227,932
	7,541	Informa PLC		64,637
	1,397	InterContinental Hotels Group PLC		91,455
	114,711	J. Sainsbury PLC		394,740
	185,307	JD Sports Fashion PLC		408,085
	1,938	Johnson Matthey PLC		47,512
	48,927	Kingfisher PLC		158,156
	34,855	Legal & General Group PLC		103,087
	317,039	Lloyds Banking Group PLC		186,402
	234	London Stock Exchange Group PLC		22,728
	2,028	National Grid PLC		27,433
	43,379	NatWest Group PLC		141,546
	3,997	Next PLC		324,874
	4,096	Pearson PLC		42,864
	2,781	Phoenix Group Holdings PLC		18,789
	4,147	Prudential PLC		56,779
	1,587	Reckitt Benckiser Group PLC		120,734
	10,539	RELX PLC		341,324
	7,804	Rio Tinto PLC		529,717
	41,997	Shell PLC		1,196,849
	5,520	Smith & Nephew PLC		76,731
	3,743	Smiths Group PLC		79,384
	6,156	SSE PLC		137,363
	18,333	St. James’s Place PLC		275,094

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		United Kingdom (Continued)
	21,287	Standard Chartered PLC	$	161,335
	61,830	Standard Life Aberdeen PLC		155,617
	89,024	Tesco PLC		291,858
	29,375	The Sage Group PLC		281,894
	4,662	Unilever PLC		241,579
	378,738	Vodafone Group PLC		417,783

				13,332,187

		Total Common Stocks (Cost $83,069,108)		105,775,489

		INVESTMENT COMPANIES - 2.63%
		Canada - 0.23%
	7,282	iShares MSCI Canada ETF		248,899

		Japan - 2.40%
	36,822	iShares MSCI EAFE ETF (b)		2,633,509

		Total Investment Companies (Cost $2,893,136)		2,882,408

		PREFERRED STOCKS - 0.49%
		Germany - 0.49%
	3,083	Bayerische Motoren Werke AG - Preference Shares		315,140
	1,651	Volkswagen AG - Preference Shares		225,317

		Total Preferred Stocks (Cost $486,119)		540,457

		REAL ESTATE INVESTMENT TRUSTS - 0.12%
		France - 0.06%
	2,969	Klepierre		67,314

		Japan - 0.06%
	96	Japan Retail Fund Investment Corp.		70,104

		Total Real Estate Investment Trusts (Cost $134,490)		137,418


Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.55%
		Money Market Funds - 0.55%
	601,189	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (c)	$	601,189

		Total Money Market Funds (Cost $601,189)		601,189


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.83%
	5,299,517	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)		5,299,517

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $5,299,517)		5,299,517

		Total Investments (Cost $92,483,559) - 105.03%		115,236,478
		Liabilities in Excess of Other Assets - (5.03)%		(5,521,413	)

		TOTAL NET ASSETS - 100.00%	$	109,715,065

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, 2023.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2023


COMMON STOCKS
Aerospace & Defense			1.39%
Air Freight & Logistics			0.76%
Airlines			0.51%
Auto Components			0.24%
Automobiles			2.81%
Banks			8.55%
Beverages			1.14%
Biotechnology			0.46%
Building Products			0.94%
Capital Markets			2.38%
Chemicals			1.25%
Commercial Services & Supplies			0.33%
Communications Equipment			0.17%
Construction & Engineering			1.26%
Construction Materials			0.53%
Containers & Packaging			0.05%
Distributors			0.39%
Diversified Consumer Services			0.15%
Diversified Financial Services			1.33%
Diversified Telecommunication Services			2.34%
Electric Utilities			1.40%
Electrical Equipment			0.43%
Electronic Equipment, Instruments & Components			0.49%
Energy Equipment & Services			0.11%
Entertainment			0.65%
Financial Services			0.04%
Food & Staples Retailing			4.93%
Food Products			2.40%
Gas Utilities			0.16%
Ground Transportation			0.05%
Health Care Equipment & Supplies			1.93%
Health Care Providers & Services			0.68%
Hotels, Restaurants & Leisure			1.63%
Household Durables			0.58%
Household Products			0.16%
Independent Power and Renewable Electricity Producers			0.10%
Industrial Conglomerates			1.11%
Insurance			4.93%
Interactive Media & Services			0.49%
Internet & Direct Marketing Retail			0.67%
IT Services			0.48%
Leisure Products			0.22%
Life Sciences Tools & Services			0.14%
Machinery			2.00%
Marine			1.13%
Marine Transportation			0.52%
Media			0.44%
Metals & Mining			4.63%



Multiline Retail			0.84%
Multi-Utilities			0.37%
Oil, Gas & Consumable Fuels			7.39%
Paper & Forest Products			0.55%
Passenger Airlines			0.27%
Personal Products			1.32%
Pharmaceuticals			8.71%
Professional Services			1.97%
Real Estate Management & Development			0.84%
Retail REITs			0.14%
Road & Rail			0.50%
Semiconductors & Semiconductor Equipment			1.92%
Software			1.79%
Specialty Retail			1.77%
Technology Hardware, Storage & Peripherals			0.42%
Textiles, Apparel & Luxury Goods			4.05%
Tobacco			0.68%
Trading Companies & Distributors			2.44%
Transportation Infrastructure			0.22%
Wireless Telecommunication Services			0.74%

TOTAL COMMON STOCKS			96.41%

INVESTMENT COMPANIES
International Equity Funds			2.63%

TOTAL INVESTMENT COMPANIES			2.63%

PREFERRED STOCKS
Automobiles			0.49%

TOTAL PREFERRED STOCKS			0.49%

REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts			0.12%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.12%

SHORT TERM INVESTMENTS
Money Market Funds			0.55%

TOTAL SHORT TERM INVESTMENTS			0.55%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Private Investment Funds			4.83%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			4.83%

TOTAL INVESTMENTS			105.03%
Liabilities in Excess of Other Assets			(5.03)%

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, 2023


Principal Amount			Value
		ASSET BACKED SECURITIES - 8.00%
		Affirm Asset Securitization Trust
	6,820	Series 2020-Z1A, 3.460%, 10/15/2024 (c)(g)	$	6,777
	23,708	Series 2020-Z2A, 1.900%, 01/15/2025 (c)(g)		23,341
	25,000	American Credit Acceptance Receivables Trust Series 2022-3, 4.550%, 10/13/2026 (c)		24,702
	150,000	AmeriCredit Automobile Receivables Trust Series 2019-3D, 2.580%, 09/18/2025		145,228
	105,000	Amur Equipment Finance Receivables XI LLC Series 2022-2 A-2, 5.300%, 06/21/2028 (c)		104,592
	300,000	ARI FLEET LEASE TR 2023-A Series 2023-A, 0.000%, 02/17/2032 (c)		300,037
	160,000	Avant Loans Funding Trust Series 2021-REV1 A, 1.210%, 07/15/2030 (c)(g)		155,381
	450,000	Bain Capital Credit CLO, Ltd. Series 2017-2A AR2, 5.998% (3 Month LIBOR USD + 1.180%, 1.180% Floor), 07/25/2034 (a)(c)		439,295
	47,681	BHG Securitization Trust Series 2021-B A, 0.900%, 10/17/2034 (c)(g)		45,438
	260,000	BlueMountain CLO, Ltd. Series 2019-24A AR, 5.908% (3 Month LIBOR USD + 1.100%, 1.100% Floor), 04/20/2034 (a)(c)		252,474
	380,000	Buckhorn Park CLO, Ltd. Series 2019-1R A-R, 5.915% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 07/18/2034 (a)(c)		371,753
	380,000	Carvana Auto Receivables Trust Series 2022-P2, 4.130%, 04/10/2027		371,776
	88,162	CF Hippolyta Issuer LLC Series 2020-1A2, 1.990%, 07/15/2060 (c)		74,599
	607,313	DB Master Finance LLC Series 2021-1A A23, 2.791%, 11/20/2051 (c)		491,405
	214,000	Dell Equipment Finance Trust 2023-1 Series 2023-1, 5.650%, 09/22/2028 (c)		214,942
		Domino’s Pizza Master Issuer LLC
	181,925	Series 2018-1, 4.116%, 07/25/2048 (c)(g)		174,945
	72,750	Series 2019-1, 3.668%, 10/25/2049 (c)(g)		64,833
	186,675	Series 2021-1A A2I, 2.662%, 04/25/2051 (c)(g)		160,517
	95,328	Drive Auto Receivables Trust Series 2019-4, 2.700%, 02/16/2027		94,091
	145,000	Enterprise Fleet Financing 2023-1 LLC Series 2023-1, 5.420%, 10/20/2029 (c)		145,267
		Exeter Automobile Receivables Trust
	194,903	Series 2019-4, 2.580%, 09/15/2025 (c)		191,267
	73,520	Series 2020-1, 2.730%, 12/15/2025 (c)		72,064
	155,000	Series 2022-1, 2.180%, 06/15/2026		152,163
	120,000	Series 2022-4, 4.570%, 01/15/2027		118,241
	62,000	Series 2022-6, 6.030%, 08/16/2027		62,368
		Flagship Credit Auto Trust
	53,000	Series 2023-1, 5.050%, 01/18/2028 (c)		52,470
	204,000	Series 2022-3, 4.690%, 07/17/2028 (c)		200,891
	560,386	Galaxy XXIII CLO, Ltd. Series 2017-23A AR, 5.686% (3 Month LIBOR USD + 0.870%, 0.870% Floor), 04/24/2029 (a)(c)		555,051
	40,000	GLS Auto Receivables Issuer Trust Series 2022-3, 4.920%, 01/15/2027 (c)		39,537


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	300,000	GTP Acquisition Partners I LLC Series 2015-2, 3.482%, 06/15/2050 (c)	$	287,013
	605,000	Harriman Park CLO, Ltd. Series 2020-1A A1R, 5.928% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 04/20/2034 (a)(c)		593,832
	150,000	Kubota Credit Owner Trust 2023-1 Series A-3, 5.400%, 06/15/2027 (c)		150,141
	57,797	LCM XX LP Series 2015-20R, 5.848% (3 Month LIBOR USD + 1.040%, 0.000% Floor), 10/20/2027 (a)(c)		57,739
	235,731	Madison Park Funding XLI, Ltd. Series 2015-12R, 5.645% (3 Month LIBOR USD + 0.830%, Floor 0.000%), 04/22/2027 (a)(c)		234,352
	118,080	Navient Private Education Refi Loan Trust Series 2021-E A, 0.970%, 12/16/2069 (c)		100,286
	465,000	Neuberger Berman CLO XX, Ltd. Series 2015-20RR A-RR, 5.952% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 07/17/2034 (a)(c)		453,770
	280,000	Octagon 61, Ltd. 0.000% (TSFR3M + 2.350%, 2.350% Floor), 04/20/2036 (a)(b)(c)		280,000
	155,406	OZLM VII,, Ltd. Series 2014-7R, 5.802% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c)		154,314
	420,000	Regatta VI Funding, Ltd. Series 2016-1A AR2, 5.968% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 04/20/2034 (a)(c)		409,271
		RR, Ltd.
	480,000	Series 2017-1A A1AB, 5.942% (3 Month LIBOR USD + 1.150%, 1.150% Floor), 07/16/2035 (a)(c)		470,792
	330,000	Series 2021-16A A1, 5.902% (3 Month LIBOR USD + 1.110%, 1.110% Floor), 07/15/2036 (a)(c)		322,893
	250,000	Series 2023-26A A2, 6.982% (TSFR3M + 2.250%, 2.250% Floor), 04/15/2038 (a)(c)		247,653
		Santander Drive Auto Receivables Trust
	56,817	Series 2019-3, 2.680%, 10/15/2025		56,548
	95,000	Series 2022-5, 4.430%, 03/15/2027		93,566
	65,000	Series 2022-6, 4.720%, 06/15/2027		63,950
	305,000	Series 2022-4, 4.420%, 11/15/2027		300,349
	255,000	Series 2022-7, 5.950%, 01/18/2028		259,191
	115,000	Series 2023-1, 4.980%, 02/15/2028		114,243
		Sound Point CLO, Ltd.
	216,985	Series 2018-3, 5.742% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c)		215,285
	410,000	Series 2021-1A A, 5.888% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 04/25/2034 (a)(c)		397,704
	100,000	Summit Issuer LLC Series 2020-1, 2.290%, 12/20/2050 (c)		89,302
	728,775	Taco Bell Funding LLC Series 2021-1A A2II, 2.294%, 08/25/2051 (c)		609,797
	250,000	Texas Debt Capital CLO 2023-I, Ltd. 0.000% (TSFR3M + 2.300%, 2.300% Floor), 04/20/2036 (a)(c)		247,653

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	405,000	THL Credit Wind River CLO, Ltd. Series 2020-1A, 6.238% (3 Month LIBOR USD + 1.430%, 1.430% Floor), 10/20/2033 (a)(c)	$	398,548
		Upstart Securitization Trust
	27,841	Series 2021-3, 0.830%, 07/20/2031 (c)		27,393
	78,220	Series 2021-4, 0.840%, 09/20/2031 (c)		76,361
		Venture CLO, Ltd.
	410,000	Series 2021-42A A1A, 5.922% (3 Month LIBOR USD + 1.130%, 1.130% Floor), 04/17/2034 (a)(c)		398,904
	180,000	Series 2021-43A A1, 6.032% (3 Month LIBOR USD + 1.240%, 1.240% Floor), 04/17/2034 (a)(c)		175,773
	258,797	Voya CLO, Ltd. Series 2015-1, 5.695% (3 Month LIBOR USD + 0.900%, 0.9000% Floor), 01/18/2029 (a)(c)		257,085
	370,000	Wellfleet CLO X, Ltd. Series 2019-XA A1R, 5.978% (3 Month LIBOR USD + 1.170%, 0.000% Floor), 07/20/2032 (a)(c)		360,688
	75,800	Wendy’s Funding LLC Series 2018-1, 3.884%, 03/15/2048 (c)(g)		70,168
		Westlake Automobile Receivables Trust
	77,893	Series 2019-3, 2.720%, 11/15/2024 (c)		77,556
	225,000	Series 2022-2, 4.310%, 09/15/2027 (c)		220,383
	60,000	Series 2023-1, 5.410%, 01/18/2028 (c)		59,888
	98,750	Wingstop Funding LLC Series 2020-1, 2.841%, 12/05/2050 (c)(g)		86,860
	100,000	World Omni Auto Receivables Trust Series 2023-A B, 5.030%, 05/15/2029		100,488

		Total Asset Backed Securities (Cost $13,881,294)		13,625,184

		COLLATERALIZED MORTGAGE OBLIGATIONS - 16.38%
	258,773	510 Asset Backed Trust Series 2021-NPL2 A-1, 2.116%, 06/25/2061 (c)(k)		235,800
	89,754	Ajax Mortgage Loan Trust Series 2021-C A, 2.115%, 01/25/2061 (c)(k)		84,279
	350,000	American Tower Trust #1 Series 2023-1, 5.490%, 03/15/2053 (c)		353,582
		Angel Oak Mortgage Trust
	3,917	Series 2019-4, 2.993%, 07/25/2049 (b)(c)		3,902
	83,103	Series 2020-R1, 0.990%, 04/25/2053 (b)(c)		75,477
	159,086	Series 2021-4 A1, 1.035%, 01/20/2065 (b)(c)		128,261
	29,608	Series 2020-6 TR, 1.261%, 05/25/2065 (b)(c)		26,561
	104,885	Series 2021-1, 0.909%, 01/25/2066 (b)(c)		87,801
	98,359	Series 2021-2 A1, 0.985%, 04/25/2066 (b)(c)		82,659
	196,832	Series 2021-3 A1, 1.068%, 05/25/2066 (b)(c)		162,723
	248,664	Series 2021-5 A1, 0.951%, 07/25/2066 (b)(c)		205,505
	183,495	Series 2021-8, 1.820%, 11/25/2066 (b)(c)		153,413
	442,107	Series 2022-1, 2.881%, 12/25/2066 (c)(k)		389,580
	100,000	Arbor Realty Commercial Real Estate Notes 2021-FL2, Ltd. Series 2021-FL2 A, 5.784% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 05/15/2036 (a)(c)		98,351
		Arroyo Mortgage Trust
	62,530	Series 2019-3, 2.962%, 10/25/2048 (b)(c)		57,579
	68,010	Series 2019-2, 3.347%, 04/25/2049 (b)(c)		63,901


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		BANK
	2,134,217	Series 2019-BNK23, 0.692%, 12/17/2052 (b)(j)	$	77,948
	999,507	Series 2023-BNK45, 0.994%, 02/17/2056 (b)(j)		69,551
	981,714	Series 2019-BNK18, 0.891%, 05/17/2062 (b)(j)		41,743
	1,156,878	Series 2019-BNK20, 0.813%, 09/15/2062 (b)(j)		47,385
	1,307,871	Series 2019-BNK22, 0.594%, 11/17/2062 (b)(j)		41,359
	984,754	Series 2019-BNK24, 0.639%, 11/17/2062 (b)(j)		34,151
	981,961	Series 2020-BNK26, 1.223%, 03/16/2063 (b)(j)		60,088
	1,525,411	Series 2020-BNK28, 1.763%, 03/16/2063 (b)(j)		149,993
		BBCMS Mortgage Trust
	132,000	Series 2017-DELC, 5.659% (1 Month LIBOR USD + 0.975%, 0.850% Floor), 08/15/2036 (a)(c)		130,744
	100,000	Series 2022-C16, 4.600%, 06/17/2055 (b)		96,416
	125,000	Series 2022-C18 A4, 5.439%, 12/17/2055 (b)		128,365
	40,000	Series 2022-C18 A5, 5.710%, 12/17/2055 (b)		41,895
		Benchmark Mortgage Trust
	230,565	Series 2019-B11, 3.410%, 05/17/2052		223,412
	961,923	Series 2019-B12, 1.032%, 08/16/2052 (b)(j)		38,935
	393,113	Series 2020-B18, 1.788%, 07/17/2053 (b)(j)		30,123
	750,445	Series 2020-B22, 1.515%, 01/15/2054 (b)(j)		66,395
	1,488,594	Series 2019-B10, 1.220%, 03/17/2062 (b)(j)		75,037
	250,000	Benefit Street Partners CLO XXXI, Ltd. Series B-1, 7.220% (TSFR3M + 2.350%, 2.35% Floor), 04/25/2036 (a)(c)		247,653
	121,214	BINOM Securitization Trust Series 2021-INV1, 2.034%, 06/25/2056 (b)(c)		106,970
		BRAVO Residential Funding Trust
	71,452	Series 2021-NQM1 A1, 0.941%, 02/25/2049 (b)(c)		62,959
	58,379	Series 2021-NQM2 A1, 0.970%, 03/25/2060 (b)(c)		54,679
	301,094	Series 2021-C A1, 1.620%, 03/01/2061 (c)(k)		271,478
	259,667	BX Commercial Mortgage Trust 2019-XL Series 2019-XL, 5.862% (1 Month LIBOR USD + 1.034%, 1.034% Floor), 10/15/2036 (a)(c)		256,889
		CAMB Commercial Mortgage Trust
	150,000	Series 2019-LIFE A, 5.754% (1 Month LIBOR USD + 1.070%, 1.070% Floor), 12/15/2037 (a)(c)		147,998
	100,000	Series 2019-LIFE C, 6.134% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c)		97,766
	130,000	CCG Receivables Trust 2023-1 Series 2023-1, 5.820%, 09/16/2030 (c)		131,344
	145,000	Century Plaza Towers Series 2019-CPT, 2.865%, 11/16/2039 (c)		117,971
	7,028	Chase Mortgage Finance Trust Series 2007-A1, 3.960%, 02/25/2037 (b)		6,610
		Citigroup Commercial Mortgage Trust
	376,000	Series 2014-GC19, 4.023%, 03/12/2047		369,180
	296,312	Series 2016-P3, 3.329%, 04/16/2049		278,672
	505,000	Series 2016-P4, 2.902%, 07/12/2049		466,640
		Citigroup Mortgage Loan Trust, Inc.
	95,798	Series 2018-RP2, 3.347%, 02/25/2058 (b)(c)		91,894
	38,416	Series 2018-RP1, 3.000%, 09/25/2064 (b)(c)		36,699
	100,049	Series 2019-E, 6.228%, 11/25/2070 (c)(k)		99,948

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		COLT Mortgage Loan Trust
	308,279	Series 2020-RPL1 A1, 1.390%, 01/25/2065 (b)(c)	$	266,615
	66,680	Series 2020-2R A1, 1.325%, 10/26/2065 (b)(c)		59,856
	154,583	Series 2021-1 A1, 0.910%, 06/25/2066 (b)(c)		125,111
	293,272	Series 2021-3 A1, 0.956%, 09/27/2066 (b)(c)		233,448
	370,011	Series 2021-HX1 A1, 1.110%, 10/25/2066 (b)(c)		297,316
	439,827	Series 2022-1 A1, 2.284%, 12/27/2066 (b)(c)		385,897
	91,132	Series 2022-4 A-1, 4.301%, 03/25/2067 (b)(c)		88,105
		COMM Mortgage Trust
	120,000	Series 2013-300P, 4.353%, 08/12/2030 (c)		115,620
	100,000	Series A, 2.819%, 01/10/2039 (c)		87,673
	100,000	Series C, 3.376%, 01/10/2039 (c)		85,129
	53,963	Connecticut Avenue Securities Trust Series 2022-R08 1M-1, 7.110% (SOFR30A + 2.550%, 2.550% Floor), 07/25/2042 (a)(c)		54,341
		Countrywide Home Loans, Inc.
	4,738	Series 2004-HYB6, 3.996%, 11/20/2034 (b)		4,396
	57,206	Series 2005-11, 5.445% (1 Month LIBOR USD + 0.600%, 0.600% Floor, 10.500% Cap), 03/25/2035 (a)		39,277
	217,382	CSAIL Commercial Mortgage Trust Series 2016-C6, 2.960%, 01/15/2049		209,037
		CSMC Trust
	97,732	Series 2020-NET, 2.257%, 08/17/2037 (c)		87,920
	24,164	Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c)		21,773
	204,995	Series 2020-RPL4, 2.000%, 01/25/2060 (b)(c)		179,400
	104,295	Series 2021-RPL4 A1, 1.796%, 12/27/2060 (b)(c)		96,918
	109,828	Series 2020-NQM1, 1.208%, 05/25/2065 (c)(k)		99,284
	184,448	Series 2021-NQM2, 1.179%, 02/25/2066 (b)(c)		156,188
	146,556	Series 2021-NQM5 A1, 0.938%, 05/25/2066 (b)(c)		115,934
	368,840	Series 2021-NQM6 A1, 1.174%, 07/25/2066 (b)(c)		297,652
	188,435	Series 2021-NQM8, 1.841%, 10/25/2066 (b)(c)		163,198
	473,914	Series 2022-NQM1, 2.265%, 11/25/2066 (b)(c)		409,500
		DBGS Mortgage Trust
	215,000	Series 2018-C1, 4.466%, 10/17/2051		204,934
	11,792,880	Series 2018-C1, 0.190%, 10/17/2051 (b)(j)		94,636
		DBJPM Mortgage Trust
	218,806	Series 2016-C1, 3.038%, 05/12/2049		210,002
	475,000	Series 2016-C3, 2.890%, 08/12/2049		437,020
	309,464	Series 2020-C9, 1.708%, 08/15/2053 (b)(j)		20,889
	65,102	Deephaven Residential Mortgage Trust Series 2021-2 A1, 0.899%, 04/25/2066 (b)(c)		55,931
		Ellington Financial Mortgage Trust
	67,681	Series 2021-2 A1, 0.931%, 06/25/2066 (b)(c)		54,676
	222,384	Series 2022-1, 2.206%, 01/25/2067 (b)(c)		187,448
	250,000	Elmwood CLO 23, Ltd. Series 2023-2A B, 0.000% (TSFR3M + 2.250%, 2.250% Floor), 04/16/2036 (a)(c)		250,000
		FirstKey Homes Trust
	114,353	Series 2022-SFR1, 4.145%, 05/19/2039 (c)		109,304
	482,273	Series 2022-SFR2, 4.250%, 07/19/2039 (c)		462,156
		GCAT Trust
	117,974	Series 2021-NQM1, 0.874%, 01/25/2066 (b)(c)		99,691


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	141,374	Series 2021-NQM2 A1, 1.036%, 05/25/2066 (b)(c)	$	116,293
	184,187	Series 2021-NQM3 A1, 1.091%, 05/25/2066 (b)(c)		151,097
	255,054	Series 2021-NQM4, 1.093%, 08/25/2066 (b)(c)		198,968
	140,316	Series 2021-NQM7, 1.915%, 08/25/2066 (b)(c)		124,196
		GS Mortgage Securities Trust
	145,000	Series 2012-BWTR, 2.954%, 11/07/2034 (c)		107,590
	35,000	Series 2022-SHIP, 5.558% (TSFR1M + 0.731%, 0.731% Floor), 08/15/2036 (a)(c)		34,674
	35,000	Series 2015-GC34, 3.506%, 10/13/2048		33,166
	1,440,349	Series 2020-GC45, 0.668%, 02/14/2053 (b)(j)		46,163
	220,000	Hawaii Hotel Trust 2019-MAUI Series 2019-MAUI, 5.834% (1 Month LIBOR USD + 1.150%, 1.150% Floor), 05/17/2038 (a)(c)		214,805
		Imperial Fund Mortgage Trust
	143,660	Series 2021-NQM2 A-1, 1.073%, 09/25/2056 (b)(c)		116,417
	471,769	Series 2022-NQM2, 3.638%, 03/25/2067 (c)(k)		440,012
	90,000	JPMBB Commercial Mortgage Securities Trust Series 2020-NNN, 2.812%, 01/16/2037 (c)		81,888
		Legacy Mortgage Asset Trust
	78,954	Series 2021-GS4 A1, 1.650%, 11/25/2060 (c)(k)		72,613
	137,249	Series 2021-GS3 A1, 1.750%, 07/25/2061 (c)(k)		126,873
	520,974	Life 2021-BMR Mortgage Trust Series A, 5.641% (1 Month LIBOR USD + 0.814%, 0.8140% Floor), 03/15/2038 (a)(c)		506,062
	260,000	MF1, Ltd. Series 2022-FL8, 6.310% (SOFR30A + 1.750%, 1.750% Floor), 02/20/2037 (a)(c)(g)		251,499
		MFRA Trust
	106,360	Series 2021-NQM2, 1.029%, 11/25/2064 (b)(c)		87,395
	24,543	Series 2020-NQM3 A1, 1.014%, 01/26/2065 (b)		22,630
	87,556	Series 2021-NQM1 A-1, 1.153%, 04/25/2065 (b)(c)		77,168
		Mill City Mortgage Loan Trust
	42,005	Series 2018-2, 3.500%, 05/25/2058 (b)(c)		41,022
	186,538	Series 2019-GS1, 2.750%, 07/25/2059 (b)(c)		177,211
	51,315	Series 2017-3, 2.750%, 01/25/2061 (b)(c)		49,659
	45,637	Series 2018-1, 3.250%, 05/25/2062 (b)(c)		44,044
	121,606	Series 2019-1, 3.250%, 10/25/2069 (b)(c)		116,163
	72,986	Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, 5.865% (1 Month LIBOR USD + 1.020%, 1.020% Floor), 10/25/2033 (a)		71,575
	175,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, 3.325%, 05/17/2049		164,733
		New Residential Mortgage Loan Trust
	33,645	Series 2016-2, 3.750%, 11/25/2035 (c)		31,772
	76,391	Series 2018-4, 5.595% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c)		74,027
	30,511	Series 2016-4, 3.750%, 11/25/2056 (b)(c)		28,196
	297,183	Series 2021-NQM3 A1, 1.156%, 11/25/2056 (b)(c)		244,950
	47,771	Series 2017-1, 4.000%, 02/25/2057 (b)(c)		45,332

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	43,180	Series 2017-2, 4.000%, 03/25/2057 (b)(c)	$	40,910
	24,135	Series 2017-3, 4.000%, 04/25/2057 (b)(c)		23,126
	22,811	Series 2017-4, 4.000%, 05/25/2057 (b)(c)		21,256
	21,257	Series 2017-5, 6.345% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c)		20,769
	37,403	Series 2017-6, 4.000%, 08/25/2057 (b)(c)		35,164
	82,558	Series 2018-1, 4.000%, 12/25/2057 (b)(c)		78,453
	68,516	Series 2018-2, 4.500%, 02/25/2058 (b)(c)		65,886
	174,639	Series 2018-3, 4.500%, 05/25/2058 (b)(c)		163,718
	69,596	Series 2021-NQM2R A-1, 0.941%, 10/25/2058 (b)(c)		62,701
	124,755	Series 2019-3, 3.750%, 11/25/2058 (b)(c)		116,443
	90,070	Series 2019-5, 3.500%, 08/25/2059 (b)(c)		84,426
	24,713	Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c)		22,695
	433,571	Series 2022-NQM1, 2.277%, 04/25/2061 (b)(c)		377,732
	299,849	NMLT Trust Series 2021-INV1 A1, 1.185%, 05/25/2056 (b)(c)		250,323
		OBX Trust
	180,960	Series 2021-NQM3 A1, 1.054%, 07/25/2061 (b)(c)		138,402
	385,972	Series 2022-NQM1, 2.305%, 11/25/2061 (b)(c)		331,392
	169,059	Series 2021-NQM1, 1.072%, 02/25/2066 (b)(c)		138,109
		Pretium Mortgage Credit Partners LLC
	148,720	Series 2021-NPL3 A1, 1.868%, 07/25/2051 (c)(k)		138,164
	140,625	Series 2021-RN2 A1, 1.744%, 07/25/2051 (c)(k)		131,260
	173,106	Series 2021-NPL2 A-1, 1.992%, 06/29/2060 (c)(k)		162,075
	284,457	Series 2021-RN1 A1, 1.992%, 02/25/2061 (c)(k)		267,405
		Progress Residential Trust
	373,378	Series 2021-SFR3, 1.637%, 05/17/2026 (c)		333,157
	397,838	Series 2021-SFR1, 1.052%, 04/17/2038 (c)		350,821
	328,758	Series 2021-SFR8, 1.510%, 10/19/2038 (c)		287,956
	109,719	Series 2022-SFR3, 3.200%, 04/19/2039 (c)		102,076
	99,148	Series 2022-SFR5, 4.451%, 06/17/2039 (c)		95,482
	144,772	Series 2022-SFR7, 4.750%, 10/19/2039 (c)		142,140
	299,473	Series 2022-SFR4, 4.438%, 05/17/2041 (c)		286,056
		PRPM Trust
	52,294	Series 2020-6, 2.363%, 11/25/2025 (c)(k)		50,968
	136,061	Series 2021-3 A1, 1.867%, 04/25/2026 (c)(k)		130,367
	188,093	Series 2021-4 A1, 1.867%, 04/25/2026 (c)(k)		179,711
	184,780	Series 2021-5 A1, 1.793%, 06/25/2026 (c)(k)		174,042
	167,997	Series 2021-6 A1, 1.793%, 07/25/2026 (c)(k)		155,478
	268,924	Series 2021-7 A1, 1.867%, 08/25/2026 (c)(k)		251,586
	344,224	Series 2021-9, 2.363%, 10/25/2026 (c)(k)		326,316
	155,000	SBA Tower Trust Series 2019-1, 2.836%, 01/15/2025 (c)		146,886
	64,746	Seasoned Credit Risk Transfer Trust Series Series 2019-3, 3.500%, 10/25/2058		60,257
		SG Commercial Mortgage Securities Trust
	355,000	Series 2020-COVE, 2.632%, 04/17/2037 (c)		331,016
	75,000	Series 2016-C5, 3.055%, 10/13/2048		69,707
	250,861	SG Residential Mortgage Trust Series 2021-1 A-1, 1.160%, 07/25/2061 (b)(c)		201,876
		Starwood Mortgage Residential Trust
	19,919	Series 2020-3, 1.486%, 04/25/2065 (b)(c)		18,727


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	139,251	Series 2021-1, 1.219%, 05/25/2065 (b)(c)	$	120,387
	55,033	Series 2021-2 A1, 0.943%, 05/25/2065 (b)(c)		49,320
	285,801	Series 2021-6, 1.920%, 11/25/2066 (b)(c)		236,615
	230,000	Toorak Mortgage Corp. Series 2021-1 A1, 2.240%, 06/25/2024 (c)(k)		217,617
		Towd Point Mortgage Trust
	102,724	Series 2022-EBO1, 2.161%, 01/25/2052 (b)(c)		100,789
	48,642	Series 2017-1, 2.750%, 10/25/2056 (b)(c)		47,794
	54,122	Series 2017-5, 5.445% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c)		53,909
	23,142	Series 2017-2, 2.750%, 04/25/2057 (b)(c)		22,907
	10,392	Series 2017-3, 2.750%, 06/25/2057 (b)(c)		10,111
	96,154	Series 2017-4, 2.750%, 06/25/2057 (b)(c)		91,572
	142,673	Series 2017-6, 2.750%, 10/25/2057 (b)(c)		136,352
	25,620	Series 2018-1, 3.000%, 01/28/2058 (b)(c)		24,900
	86,877	Series 2018-2, 3.250%, 03/25/2058 (b)(c)		83,434
	207,059	Series 2019-1, 3.750%, 03/25/2058 (b)(c)		197,205
	81,372	Series 2018-3, 3.750%, 05/25/2058 (b)(c)		77,947
	143,039	Series 2020-4, 1.750%, 10/25/2060 (c)		128,126
	425,362	Series 2021-R1 A1, 2.918%, 11/30/2060 (b)(c)		347,067
	87,380	Triangle Re 2021-3, Ltd. Series 2021-3, 6.460% (SOFR30A + 1.900%, 1.900% Floor), 02/25/2034 (a)(c)		86,731
	116,415	Tricolor Auto Securitization Trust 2023-1 Series 2023-1, 6.480%, 08/17/2026 (c)		116,393
	505,000	Tricon Residential Trust Series 2022-SFR1, 3.856%, 04/19/2039 (c)		482,154
		VCAT Asset Securitization LLC
	52,539	Series 2021-NPL2 A1, 2.115%, 03/27/2051 (c)(k)		49,823
	162,430	Series 2021-NPL3 A1, 1.743%, 05/25/2051 (c)(k)		151,134
	225,513	Series 2021-NPL4 A1, 1.868%, 08/25/2051 (c)(k)		209,599
	292,587	Series 2021-NPL5, 1.868%, 08/25/2051 (c)(k)		270,349
	371,978	Series 2021-NPL6, 1.917%, 09/25/2051 (c)(k)		345,626
		Vericrest Opportunity Loan Transferee
	223,810	Series 2021-R2 A1, 2.116%, 04/25/2051 (c)(k)		204,828
	89,729	Series 2021-NPL9, 1.992%, 05/25/2051 (c)(k)		82,566
	192,269	Series 2021-CF1 A1, 1.992%, 08/25/2051 (c)(k)		179,062
		Verus Securitization Trust
	36,538	Series 2019-4, 3.142%, 10/25/2059 (b)(c)		35,072
	83,753	Series 2021-R2 A-1, 0.918%, 02/25/2064 (b)(c)		71,954
	84,063	Series 2021-2, 1.031%, 02/25/2066 (b)(c)		71,627
	122,972	Series 2021-4, 0.938%, 07/25/2066 (b)(c)		98,922
	320,417	Series 2021-5 A-1, 1.013%, 09/25/2066 (b)(c)		260,378
	199,977	Series 2021-8, 1.824%, 11/25/2066 (b)(c)		170,775
	294,328	Series 2022-1 A-1, 2.724%, 01/25/2067 (c)(k)		263,054
	265,000	Wells Fargo Commercial Mortgage Trust 2015-NXS1 Series A-5, 3.148%, 05/15/2048		252,025

		Total Collateralized Mortgage Obligations (Cost $31,055,935)		27,885,890

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS - 24.02%
		Aerospace & Defense - 0.36%
		Boeing Co.
	163,000	5.040%, 05/01/2027	$	164,231
	35,000	5.150%, 05/01/2030		35,247
	120,000	Lockheed Martin Corp. 4.950%, 10/15/2025		121,868
	189,000	Northrop Grumman Corp. 5.150%, 05/01/2040		191,198
		Raytheon Technologies Corp.
	75,000	5.150%, 02/27/2033		77,974
	25,000	5.375%, 02/27/2053		26,256

				616,774

		Banks - 4.57%
		Bank of America Corp.
	820,000	1.922% (SOFR + 1.370%), 10/24/2031 (a)		654,121
	515,000	2.687% (SOFR + 1.320%), 04/22/2032 (a)		429,815
	115,000	2.299% (SOFR + 1.220%), 07/21/2032 (a)		92,728
	100,000	2.572% (SOFR + 1.210%), 10/20/2032 (a)		81,744
		BNP Paribas SA
	200,000	2.219% (SOFR + 2.074%), 06/09/2026 (a)(c)		183,723
	235,000	5.125% (1 Year CMT Rate + 1.450%), 01/16/2029 (a)(c)		235,433
	250,000	BPCE SA 2.045% (SOFR + 1.087%), 10/19/2027 (a)(c)		218,633
	280,000	Credit Agricole SA 5.301%, 07/12/2028 (c)		283,804
	200,000	Danske Bank AS 5.375%, 01/12/2024 (c)		198,213
		Deutsche Bank AG
	285,000	2.129% (SOFR + 1.870%), 11/24/2026 (a)		245,613
	150,000	6.720% (SOFR + 3.180%), 01/18/2029 (a)		148,948
		HSBC Holdings PLC
	200,000	1.589% (SOFR + 1.290%), 05/24/2027 (a)		176,333
	305,000	5.210% (SOFR + 2.610%), 08/11/2028 (a)		301,908
	400,000	4.762% (SOFR + 2.530%), 03/29/2033 (a)		361,447
	520,000	5.402% (SOFR + 2.870%), 08/11/2033 (a)		509,734
	200,000	6.254% (SOFR + 2.390%), 03/09/2034 (a)		208,959
		JPMorgan Chase & Co.
	300,000	3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a)		286,426
	425,000	4.323% (SOFR + 1.560%), 04/26/2028 (a)		414,345
	205,000	4.851% (SOFR + 1.990%), 07/25/2028 (a)		204,641
	80,000	3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a)		74,934
	105,000	2.739% (SOFR + 1.510%), 10/15/2030 (a)		91,622
	235,000	2.545% (SOFR + 1.180%), 11/08/2032 (a)		194,866
	200,000	Lloyds Banking Group PLC 5.871% (1 Year CMT Rate + 1.700%), 03/06/2029 (a)		201,625
	250,000	Manufacturers & Traders Trust Co. 4.700%, 01/27/2028		234,143
	200,000	NatWest Group PLC 5.847% (1 Year CMT Rate + 1.350%), 03/02/2027 (a)		200,551
	490,000	Societe Generale SA 6.221% (1 Year CMT Rate + 3.200%), 06/15/2033 (a)(c)		455,983


Principal Amount			Value
		Banks (Continued)
	200,000	Standard Chartered PLC 7.767% (1 Year CMT Rate + 3.450%), 11/16/2028 (a)(c)	$	214,475
	85,000	Truist Financial Corp. 1.887% (SOFR + 0.862%), 06/07/2029 (a)		70,951
		Wells Fargo & Co.
	120,000	3.000%, 04/22/2026		113,344
	135,000	3.000%, 10/23/2026		126,280
	210,000	4.808% (SOFR + 1.980%), 07/25/2028 (a)		207,372
	110,000	3.350% (SOFR + 1.500%), 03/02/2033 (a)		95,368
	190,000	4.897% (SOFR + 2.100%), 07/25/2033 (a)		185,446
	90,000	5.013% (SOFR + 4.502%), 04/04/2051 (a)		84,583

				7,788,111

		Beverages - 0.25%
		Anheuser-Busch InBev Worldwide, Inc.
	180,000	5.450%, 01/23/2039		188,938
	60,000	4.600%, 04/15/2048		56,729
	6,000	Constellation Brands, Inc. 3.150%, 08/01/2029		5,483
	200,000	Diageo Capital PLC 2.000%, 04/29/2030		170,397

				421,547

		Biotechnology - 0.57%
	175,000	AbbVie, Inc. 4.250%, 11/21/2049		154,086
		Amgen, Inc.
	115,000	5.150%, 03/02/2028		117,384
	40,000	5.250%, 03/02/2030		40,865
	170,000	5.250%, 03/02/2033 (e)		174,631
	85,000	5.750%, 03/02/2063		87,794
		CSL Finance PLC
	170,000	4.050%, 04/27/2029 (c)		164,014
	110,000	4.250%, 04/27/2032 (c)		106,598
	160,000	Gilead Sciences, Inc. 1.650%, 10/01/2030		131,745

				977,117

		Capital Markets - 2.36%
		BP Capital Markets America, Inc.
	100,000	3.633%, 04/06/2030		94,908
	115,000	2.721%, 01/12/2032		100,248
	125,000	4.812%, 02/13/2033		126,890
	125,000	2.939%, 06/04/2051		86,507
	45,000	3.379%, 02/08/2061 (e)		32,461
		Credit Suisse Group AG
	250,000	6.442% (SOFR + 3.700%), 08/11/2028 (a)(c)		248,575
	750,000	6.537% (SOFR + 3.920%), 08/12/2033 (a)(c)		772,500
		Intercontinental Exchange, Inc.
	55,000	4.350%, 06/15/2029		54,340
	30,000	4.600%, 03/15/2033		29,817
	20,000	4.950%, 06/15/2052		19,547
		Morgan Stanley
	255,000	2.475% (SOFR + 1.000%), 01/21/2028 (a)		232,655
	340,000	3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a)		320,882
	35,000	5.123% (SOFR + 1.730%), 02/01/2029 (a)		35,235
	210,000	2.699% (SOFR + 1.143%), 01/22/2031 (a)		180,905
	285,000	1.794% (SOFR + 1.034%), 02/13/2032 (a)		223,111
	145,000	1.928% (SOFR + 1.020%), 04/28/2032 (a)		114,100

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Capital Markets (Continued)
	60,000	2.511% (SOFR + 1.200%), 10/20/2032 (a)	$	49,158
	30,000	5.948% (5 Year CMT Rate + 2.430%), 01/19/2038 (a)		29,841
		The Goldman Sachs Group, Inc.
	120,000	4.482% (SOFR + 1.725%), 08/23/2028 (a)		117,366
	70,000	1.992% (SOFR + 1.090%), 01/27/2032 (a)		55,812
	560,000	2.615% (SOFR + 1.281%), 04/22/2032 (a)		467,050
	225,000	2.383% (SOFR + 1.248%), 07/21/2032 (a)(e)		182,536
	40,000	2.650% (SOFR + 1.264%), 10/21/2032 (a)		33,055
	60,000	3.102% (SOFR + 1.410%), 02/24/2033 (a)		51,397
	200,000	UBS Group AG 4.751% (1 Year CMT Rate + 1.750%), 05/12/2028 (a)(c)		191,093
	195,000	Willis North America, Inc. 2.950%, 09/15/2029		171,069

				4,021,058

		Chemicals - 0.25%
	230,000	Celanese US Holdings LLC 6.165%, 07/15/2027		232,450
	235,000	The Sherwin-Williams Co. 2.300%, 05/15/2030		199,435

				431,885

		Consumer Finance - 0.23%
		Capital One Financial Corp.
	30,000	5.468% (SOFR + 2.080%), 02/01/2029 (a)		29,240
	390,000	5.247% (SOFR + 2.600%), 07/26/2030 (a)		367,849

				397,089

		Diversified Consumer Services - 0.08%
		Howard University
	100,000	2.901%, 10/01/2031		84,704
	75,000	3.476%, 10/01/2041		57,981

				142,685

		Diversified Financial Services - 0.82%
	235,000	Athene Global Funding 2.646%, 10/04/2031 (c)		186,780
	150,000	Corebridge Financial, Inc. 3.850%, 04/05/2029 (c)		136,906
	300,000	DAE Funding LLC 1.550%, 08/01/2024 (c)		282,210
	340,000	Equitable Financial Life Global Funding 1.800%, 03/08/2028 (c)		286,464
		National Rural Utilities Cooperative Finance Corp.
	85,000	4.800%, 03/15/2028		85,781
	185,000	4.150%, 12/15/2032		176,022
	45,000	5.800%, 01/15/2033		47,928
		Shell International Finance BV
	180,000	3.250%, 04/06/2050		137,012
	80,000	3.000%, 11/26/2051		57,514

				1,396,617

		Diversified Telecommunication Services - 0.49%
		AT&T, Inc.
	175,000	4.500%, 05/15/2035		164,247
	80,000	3.650%, 06/01/2051		60,483
	148,000	3.500%, 09/15/2053		107,037
	91,000	3.550%, 09/15/2055		65,181
	53,000	3.800%, 12/01/2057		39,388


Principal Amount			Value
		Diversified Telecommunication Services (Continued)
		Verizon Communications, Inc.
	420,000	2.355%, 03/15/2032	$	344,590
	85,000	2.650%, 11/20/2040		60,724

				841,650

		Electric Utilities - 3.43%
	165,000	Alabama Power Co. 3.450%, 10/01/2049		123,678
	65,000	Cleco Corporate Holdings LLC 3.375%, 09/15/2029		56,312
	130,000	Consolidated Edison Co. of New York, Inc. 3.200%, 12/01/2051		93,388
		Duke Energy Carolinas LLC
	150,000	2.550%, 04/15/2031		128,716
	156,000	5.300%, 02/15/2040		160,552
		Duke Energy Corp.
	474,000	2.550%, 06/15/2031		396,494
	175,000	4.500%, 08/15/2032		169,289
	55,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043		53,127
	95,000	Duke Energy Ohio, Inc. 5.250%, 04/01/2033		97,748
	200,000	Enel Finance International NV 5.000%, 06/15/2032 (c)		187,984
	45,000	Evergy Metro, Inc. 2.250%, 06/01/2030		38,151
		Evergy, Inc.
	80,000	2.450%, 09/15/2024		76,650
	155,000	2.900%, 09/15/2029		138,915
	45,000	Eversource Energy 5.450%, 03/01/2028 (e)		46,625
	155,000	Exelon Corp. 5.150%, 03/15/2028 (e)		157,699
	60,000	Florida Power & Light Co. 5.100%, 04/01/2033		62,177
		Georgia Power Co.
	130,000	2.100%, 07/30/2023		128,604
	120,000	4.700%, 05/15/2032		118,873
	50,000	4.750%, 09/01/2040		46,135
	120,000	ITC Holdings Corp. 2.950%, 05/14/2030 (c)		105,712
	65,000	Kentucky Utilities Co. 5.450%, 04/15/2033		67,578
	65,000	Louisville Gas and Electric Co. 5.450%, 04/15/2033		67,560
		NextEra Energy Capital Holdings, Inc.
	30,000	6.051%, 03/01/2025		30,519
	365,000	4.625%, 07/15/2027		364,000
	325,000	2.250%, 06/01/2030		274,768
	40,000	5.050%, 02/28/2033		40,110
	145,000	Oglethorpe Power Corp. 5.050%, 10/01/2048		131,809
		Pacific Gas and Electric Co.
	490,000	5.450%, 06/15/2027		485,229
	110,000	4.550%, 07/01/2030		103,005
	470,000	2.500%, 02/01/2031		380,926
	120,000	3.250%, 06/01/2031		101,733
	30,000	6.150%, 01/15/2033		30,812
	140,000	4.950%, 07/01/2050		115,145
	35,000	6.750%, 01/15/2053		36,140

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities (Continued)
	60,000	PacifiCorp 2.700%, 09/15/2030	$	53,128
		Puget Energy, Inc.
	135,000	3.650%, 05/15/2025		130,419
	45,000	4.100%, 06/15/2030		41,591
		Southern California Edison Co.
	40,000	5.850%, 11/01/2027		42,135
	70,000	5.300%, 03/01/2028		71,750
	90,000	2.850%, 08/01/2029		80,463
	225,000	2.250%, 06/01/2030		191,484
	110,000	2.750%, 02/01/2032		94,396
	1,000	4.125%, 03/01/2048		826
	45,000	3.650%, 02/01/2050		34,610
	160,000	Southwestern Electric Power Co. 5.300%, 04/01/2033		161,222
		The Southern Co.
	100,000	3.700%, 04/30/2030		93,241
	25,000	4.400%, 07/01/2046		21,781
	145,000	Virginia Electric and Power Co. 5.000%, 04/01/2033		146,094
	55,000	Xcel Energy, Inc. 4.600%, 06/01/2032		53,420

				5,832,723

		Electrical Equipment - 0.22%
		Regal Rexnord Corp.
	250,000	6.050%, 04/15/2028 (c)		250,161
	115,000	6.300%, 02/15/2030 (c)		115,832

				365,993

		Electronic Equipment, Instruments & Components - 0.15%
		CDW LLC / CDW Finance Corp.
	60,000	2.670%, 12/01/2026		54,001
	55,000	3.569%, 12/01/2031		47,357
	150,000	Microchip Technology, Inc. 2.670%, 09/01/2023		147,921

				249,279

		Energy Equipment & Services - 0.06%
	99,000	Schlumberger Holdings Corp. 4.300%, 05/01/2029 (c)		96,846

		Equity Real Estate Investment Trusts (REITs) - 0.25%
	150,000	American Tower Corp. 3.650%, 03/15/2027		142,154
		VICI Properties LP
	125,000	4.950%, 02/15/2030		117,307
	170,000	5.125%, 05/15/2032		160,317

				419,778

		Food Products - 0.30%
		Cargill, Inc.
	165,000	2.125%, 11/10/2031 (c)		136,923
	105,000	4.000%, 06/22/2032 (c)		100,190
	230,000	Conagra Brands, Inc. 4.850%, 11/01/2028		228,925
	45,000	General Mills, Inc. 4.950%, 03/29/2033		45,652

				511,690


Principal Amount			Value
		Health Care Equipment & Supplies - 0.11%
	200,000	Alcon Finance Corp. 2.750%, 09/23/2026 (c)	$	187,409

		Health Care Providers & Services - 0.73%
	120,000	Cigna Group/The 5.400%, 03/15/2033		124,588
	70,000	CommonSpirit Health 2.760%, 10/01/2024		67,845
		CVS Health Corp.
	45,000	4.300%, 03/25/2028		44,161
	125,000	5.125%, 02/21/2030		126,700
	55,000	5.250%, 02/21/2033		55,997
	100,000	4.125%, 04/01/2040		85,836
	15,000	5.125%, 07/20/2045		14,220
		Elevance Health, Inc.
	5,000	5.350%, 10/15/2025		5,049
	155,000	2.875%, 09/15/2029		140,637
	60,000	Humana, Inc. 5.875%, 03/01/2033		64,613
	15,000	Sutter Health 3.361%, 08/15/2050		10,942
		UnitedHealth Group, Inc.
	85,000	5.300%, 02/15/2030		89,577
	100,000	4.200%, 05/15/2032		97,923
	145,000	5.350%, 02/15/2033		154,003
	10,000	3.500%, 08/15/2039		8,508
	80,000	5.875%, 02/15/2053		89,929
	30,000	4.950%, 05/15/2062		29,186
	25,000	6.050%, 02/15/2063		28,396

				1,238,110

		Healthcare Providers & Services - 0.08%
		Kaiser Foundation Hospitals
	70,000	2.810%, 06/01/2041		51,238
	115,000	3.002%, 06/01/2051		80,743

				131,981

		Hotels, Restaurants & Leisure - 0.16%
	105,000	GLP Capital LP / GLP Financing II, Inc. 5.300%, 01/15/2029		100,055
		McDonald’s Corp.
	50,000	4.600%, 05/26/2045		46,440
	15,000	4.875%, 12/09/2045		14,524
	55,000	3.625%, 09/01/2049		43,878
	75,000	4.200%, 04/01/2050		65,495

				270,392

		Industrial Conglomerates - 0.14%
		NXP BV / NXP Funding LLC / NXP USA, Inc.
	147,000	4.875%, 03/01/2024		145,950
	90,000	4.300%, 06/18/2029		86,398

				232,348

		Insurance - 0.51%
		Aon Corp / Aon Global Holdings PLC
	45,000	5.350%, 02/28/2033		46,629
	70,000	3.900%, 02/28/2052		56,405
	190,000	Brighthouse Financial Global Funding 1.750%, 01/13/2025 (c)		177,751
	90,000	Marsh & McLennan Cos, Inc. 4.750%, 03/15/2039		85,447

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Insurance (Continued)
	70,000	Marsh & McLennan Cos., Inc. 4.050%, 10/15/2023	$	69,816
	360,000	Metropolitan Life Global Funding I 2.400%, 01/11/2032 (c)		301,384
	130,000	Principal Financial Group, Inc. 5.375%, 03/15/2033		129,942

				867,374

		Internet & Direct Marketing Retail - 0.12%
		Amazon.com, Inc.
	70,000	3.875%, 08/22/2037		65,167
	150,000	4.100%, 04/13/2062		131,648

				196,815

		Machinery - 0.25%
	490,000	Otis Worldwide Corp. 2.565%, 02/15/2030		429,707

		Media - 1.56%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	210,000	2.250%, 01/15/2029		175,068
	29,000	3.500%, 03/01/2042		19,584
	150,000	5.375%, 05/01/2047		123,580
	55,000	5.750%, 04/01/2048		47,380
	75,000	5.125%, 07/01/2049		59,255
	160,000	4.800%, 03/01/2050		121,725
	45,000	3.700%, 04/01/2051		28,747
	170,000	3.900%, 06/01/2052		112,195
	70,000	4.400%, 12/01/2061		47,734
		Comcast Corp.
	35,000	3.200%, 07/15/2036		29,485
	255,000	3.750%, 04/01/2040		219,298
	75,000	2.937%, 11/01/2056		49,752
		Cox Communications, Inc.
	101,000	3.150%, 08/15/2024 (c)		98,474
	120,000	2.600%, 06/15/2031 (c)		99,137
		Discovery Communications LLC
	18,000	4.125%, 05/15/2029		16,730
	179,000	5.200%, 09/20/2047		148,014
	103,000	5.300%, 05/15/2049		85,762
	75,000	4.650%, 05/15/2050		57,274
		Paramount Global
	45,000	4.200%, 06/01/2029		41,302
	15,000	4.950%, 01/15/2031		13,827
	255,000	4.200%, 05/19/2032 (e)		219,009
	130,000	4.375%, 03/15/2043		92,353
	40,000	5.850%, 09/01/2043		34,580
		Time Warner Cable, Inc.
	30,000	5.500%, 09/01/2041		25,916
	50,000	4.500%, 09/15/2042		38,330
		Warnermedia Holdings, Inc.
	210,000	4.279%, 03/15/2032 (c)(e)		187,379
	580,000	5.141%, 03/15/2052 (c)		470,555

				2,662,445

		Metals & Mining - 0.18%
	205,000	Anglo American Capital PLC 3.875%, 03/16/2029 (c)		188,568


Principal Amount			Value
		Metals & Mining (Continued)
	120,000	BHP Billiton Finance USA, Ltd. 4.900%, 02/28/2033	$	122,422

				310,990

		Multi-Utilities - 0.68%
		Berkshire Hathaway Energy Co.
	50,000	3.250%, 04/15/2028		47,450
	65,000	6.125%, 04/01/2036		71,600
		Dominion Energy, Inc.
	34,000	3.375%, 04/01/2030		30,804
	361,000	5.375%, 11/15/2032		370,092
	10,000	6.300%, 03/15/2033		10,913
		NiSource, Inc.
	379,000	3.600%, 05/01/2030		349,806
	45,000	1.700%, 02/15/2031		35,632
		Sempra Energy
	150,000	3.400%, 02/01/2028		140,864
	35,000	3.700%, 04/01/2029		32,485
	75,000	4.000%, 02/01/2048		61,063

				1,150,709

		Oil, Gas & Consumable Fuels - 2.26%
	80,000	Amerada Hess Corp. 7.875%, 10/01/2029		89,874
	50,000	Boston Gas Co. 3.757%, 03/16/2032 (c)		45,072
	80,000	ConocoPhillips Co. 3.800%, 03/15/2052		66,136
		Diamondback Energy, Inc.
	160,000	6.250%, 03/15/2033		169,298
	20,000	6.250%, 03/15/2053		20,685
	270,000	Enbridge, Inc. 5.700%, 03/08/2033		280,729
		Energy Transfer LP
	105,000	5.550%, 02/15/2028		106,366
	115,000	6.250%, 04/15/2049		113,637
	5,000	Energy Transfer Operating LP 6.125%, 12/15/2045		4,837
		Enterprise Products Operating LLC
	50,000	2.800%, 01/31/2030		44,356
	100,000	5.350%, 01/31/2033 (e)		103,618
	30,000	4.800%, 02/01/2049		27,463
		Equinor ASA
	95,000	3.625%, 04/06/2040		81,754
	70,000	3.700%, 04/06/2050		58,813
	145,000	Exxon Mobil Corp. 4.227%, 03/19/2040		135,811
	189,970	Galaxy Pipeline Assets Bidco, Ltd. 2.940%, 09/30/2040 (c)		154,348
	200,000	Greensaif Pipelines Bidco Sarl 6.129%, 02/23/2038 (c)(e)		206,136
	70,000	Hess Corp. 7.300%, 08/15/2031		78,017
	100,000	KeySpan Gas East Corp. 5.994%, 03/06/2033 (c)		103,305
		MPLX LP
	35,000	4.250%, 12/01/2027		33,891
	55,000	4.950%, 09/01/2032		53,797
	90,000	5.200%, 03/01/2047		80,505
	10,000	4.950%, 03/14/2052		8,681

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Oil, Gas & Consumable Fuels (Continued)
		ONEOK, Inc.
	55,000	4.550%, 07/15/2028	$	53,125
	135,000	3.100%, 03/15/2030		118,013
	62,000	6.350%, 01/15/2031		64,774
	30,000	6.100%, 11/15/2032		31,067
	50,000	5.200%, 07/15/2048		43,165
	45,000	Ovintiv, Inc. 7.375%, 11/01/2031		48,566
	75,000	Phillips 66 4.950%, 12/01/2027		75,306
	60,000	Pioneer Natural Resources Co. 5.100%, 03/29/2026		60,231
		Plains All American Pipeline LP / PAA Finance Corp.
	45,000	3.550%, 12/15/2029		40,267
	80,000	3.800%, 09/15/2030		71,325
	35,000	Sabine Pass Liquefaction LLC 4.500%, 05/15/2030 (e)		33,758
	10,000	Southern Co. Gas Capital Corp. 2.450%, 10/01/2023		9,841
	5,000	Sunoco Logistics Partners Operations LP 5.300%, 04/01/2044		4,427
	95,000	Targa Resources Corp. 6.125%, 03/15/2033		98,444
	235,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.000%, 01/15/2032		205,074
	245,000	The Brooklyn Union Gas Co. 4.866%, 08/05/2032 (c)		235,508
		The Williams Companies, Inc.
	95,000	2.600%, 03/15/2031		79,729
	155,000	4.650%, 08/15/2032		149,395
	120,000	5.650%, 03/15/2033		123,913
	125,000	TransCanada PipeLines, Ltd. 2.500%, 10/12/2031		102,187
	70,000	TransCanada PipeLines, Ltd. 4.100%, 04/15/2030		65,676
	70,000	Transcontinental Gas Pipe Line Co., LLC 3.250%, 05/15/2030		63,331

				3,844,251

		Personal Products - 0.22%
	295,000	Haleon US Capital LLC 3.375%, 03/24/2029		271,747
	105,000	Kenvue, Inc. 5.100%, 03/22/2043 (c)		108,240

				379,987

		Pharmaceuticals - 0.34%
		Royalty Pharma PLC
	190,000	1.750%, 09/02/2027		164,644
	260,000	2.200%, 09/02/2030		211,676
	210,000	2.150%, 09/02/2031		166,014
	60,000	3.350%, 09/02/2051		39,455

				581,789

		Semiconductors & Semiconductor Equipment - 0.67%
		Broadcom, Inc.
	45,000	4.300%, 11/15/2032		41,354
	45,000	3.419%, 04/15/2033 (c)		37,610


Principal Amount			Value
		Semiconductors & Semiconductor Equipment (Continued)
	300,000	3.187%, 11/15/2036 (c)	$	227,710
	66,000	4.926%, 05/15/2037 (c)		60,025
		Intel Corp.
	45,000	4.875%, 02/10/2028		45,705
	50,000	5.125%, 02/10/2030		50,924
	165,000	5.200%, 02/10/2033		167,903
	80,000	3.050%, 08/12/2051		54,529
	40,000	5.700%, 02/10/2053		40,732
	160,000	5.050%, 08/05/2062		147,601
	25,000	5.900%, 02/10/2063		25,667
		Marvell Technology, Inc.
	30,000	2.450%, 04/15/2028		26,279
	95,000	2.950%, 04/15/2031		79,348
	150,000	NVIDIA Corp. 3.500%, 04/01/2040		128,724

				1,134,111

		Software - 0.51%
		Oracle Corp.
	80,000	2.300%, 03/25/2028		71,489
	160,000	6.150%, 11/09/2029		170,313
	50,000	2.950%, 04/01/2030		44,130
	185,000	4.300%, 07/08/2034		169,071
	25,000	3.900%, 05/15/2035		21,842
	50,000	3.800%, 11/15/2037		41,530
	212,000	3.600%, 04/01/2040		164,402
	187,000	3.600%, 04/01/2050		132,188
	65,000	4.100%, 03/25/2061 (e)		47,617

				862,582

		Specialty Retail - 0.25%
		Lowe’s Cos, Inc.
	30,000	3.750%, 04/01/2032		27,715
	85,000	5.625%, 04/15/2053		85,113
	175,000	O’Reilly Automotive, Inc. 4.700%, 06/15/2032 (e)		172,352
	155,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 4.400%, 07/01/2027 (c)		148,749

				433,929

		Tobacco - 0.63%
		BAT Capital Corp.
	135,000	2.259%, 03/25/2028		115,331
	100,000	3.462%, 09/06/2029		88,389
	75,000	BAT International Finance PLC 4.448%, 03/16/2028		71,293
		Philip Morris International, Inc.
	180,000	5.125%, 11/17/2027		184,173
	250,000	4.875%, 02/15/2028		252,264
	80,000	5.625%, 11/17/2029 (e)		83,470
	170,000	5.125%, 02/15/2030		171,845
	15,000	5.375%, 02/15/2033		15,328
	85,000	Reynolds American, Inc. 5.700%, 08/15/2035		80,400

				1,062,493

		Wireless Telecommunication Services - 0.23%
	50,000	Rogers Communications, Inc. 4.550%, 03/15/2052 (c)		41,134
		T-Mobile USA, Inc.
	65,000	2.050%, 02/15/2028		57,672

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Wireless Telecommunication Services (Continued)
	180,000	3.875%, 04/15/2030	$	168,940
	110,000	5.050%, 07/15/2033		110,538

				378,284

		Total Corporate Obligations (Cost $44,251,545)		40,866,548

		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.21%
		Bermuda Government International Bond
	200,000	2.375%, 08/20/2030		171,520
	200,000	5.000%, 07/15/2032 (c)		200,492
	285,000	Finance Department Government of Sharjah 3.625%, 03/10/2033		231,943
	210,000	Hungary Government International Bond 5.250%, 06/16/2029 (c)		204,950
		Mexico Government International Bond
	200,000	4.280%, 08/14/2041		163,790
	280,000	4.750%, 03/08/2044		238,343
	210,000	Panama Government International Bond 4.500%, 04/16/2050		160,489
		Romanian Government International Bond
	246,000	3.000%, 02/27/2027 (c)		224,349
	338,000	3.000%, 02/14/2031		278,839
	200,000	Saudi Government International Bond 5.000%, 01/18/2053 (c)		186,316

		Total Foreign Government Debt Obligations (Cost $2,427,749)		2,061,031

		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 37.73%
		Federal Home Loan Mortgage Corp.
	384	Pool #D9-6291 4.500%, 09/01/2023		381
	1,466	Pool #G1-3624 5.000%, 08/01/2024		1,478
	82,000	Series K-068, 3.244%, 08/25/2027		78,780
	333,576	Series K-110, 1.697%, 04/25/2030 (b)(j)		30,333
	1,320,351	Series K-111, 1.571%, 05/25/2030 (b)(j)		115,636
	930,597	Series K-114, 1.116%, 06/25/2030 (b)(j)		59,748
	298,651	Series K-122, 0.881%, 11/25/2030 (b)(j)		15,404
	53,534	Series 2329, 6.500%, 06/15/2031		54,950
	29,306	Series 2338, 6.500%, 07/15/2031		30,840
	27,641	Pool #78-0447 3.296% (1 Year CMT Rate + 2.250% 2.250% Floor, 9.350% Cap), 04/01/2033 (a)		27,847
	44	Pool #A4-3129 5.500%, 02/01/2036		45
	31,407	Series 4216, 1.700%, 10/15/2039		30,399
	29,360	Series 3883, 3.000%, 05/15/2041		27,730
	110,299	Pool #U9-0688 4.000%, 05/01/2042		107,879
	197,741	Pool #Q4-9389 3.500%, 07/01/2047		186,747
	172,483	Pool #Q5-2093 3.500%, 11/01/2047		162,785
	381,471	Series 5170, 2.000%, 07/25/2050		333,431
	1,728,138	Pool #SD-8123 3.000%, 01/01/2051		1,557,777
	1,930,078	Pool #QC-8858 2.500%, 10/01/2051		1,684,746
	4,870,362	Pool #QD-4104 2.000%, 01/01/2052		4,033,973
	147,041	Pool #QE-0827 2.000%, 04/01/2052		121,719
		Federal National Mortgage Association
	108,136	Pool #AJ8325 3.000%, 12/01/2026		105,378
	464	Pool #544859 3.964% (11th District Cost of Funds Index + 1.695%, 1.695% Floor, 13.695% Cap), 08/01/2029 (a)		457
	713,030	Series K-104, 1.125%, 01/25/2030 (b)(j)		42,637


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	18,987	Pool #BC4938 2.500%, 04/01/2031	$	17,909
	40,633	Pool #786848 7.000%, 10/01/2031		41,812
	1,325	Pool #727181 5.000%, 08/01/2033		1,354
	670	Pool #730727 5.000%, 08/01/2033		684
	208	Pool #741862 5.500%, 09/01/2033		214
	273	Pool #766197 5.500%, 02/01/2034		280
	58	Pool #776974 5.500%, 04/01/2034		60
	30,417	Pool #888504 3.006% (1 Year CMT Rate + 2.006%, 2.006% Floor, 9.222% Cap), 04/01/2034 (a)		30,375
	107,344	Pool #MA1870 4.500%, 04/01/2034		107,016
	2,376	Pool #775776 5.500%, 05/01/2034		2,437
	1,522,864	Series 2019-M21, 1.201%, 06/25/2034 (b)(j)		133,904
	77,577	Pool #802783 3.862% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.270% Cap), 10/01/2034 (a)		76,346
	1,797	Pool #781629 5.500%, 12/01/2034		1,855
	1,549	Pool #822815 5.500%, 04/01/2035		1,580
	2,372	Pool #357850 5.500%, 07/01/2035		2,448
	1,672	Pool #820242 5.000%, 07/01/2035		1,708
	320	Pool #838452 5.500%, 09/01/2035		323
	1,792	Pool #865854 6.000%, 03/01/2036		1,863
	2,406	Pool #891474 6.000%, 04/01/2036		2,506
	3,300,000	Pool #TBA 1.500%, 04/15/2036 (h)		2,898,534
	1,333	Pool #906000 6.000%, 01/01/2037		1,389
	24	Pool #928062 5.500%, 02/01/2037		25
	26	Pool #899119 5.500%, 04/01/2037		26
	146,615	Pool #AS9772 3.500%, 06/01/2037		141,231
	62	Pool #970131 5.500%, 03/01/2038		63
	40	Pool #985108 5.500%, 07/01/2038		41
	46	Pool #964930 5.500%, 08/01/2038		46
	23	Pool #987032 5.500%, 08/01/2038		24
	21	Pool #968371 5.500%, 09/01/2038		21
	15	Pool #993050 5.500%, 12/01/2038		15
	6,660	Pool #993579 4.000%, 05/01/2039		6,516
	1,170	Pool #AA5840 4.000%, 06/01/2039		1,144
	26,500	Pool #AA8715 4.000%, 06/01/2039		25,927
	70,369	Pool #AD0586 4.500%, 12/01/2039		70,763
	157,019	Pool #AD4062 5.000%, 05/01/2040		160,415
	131,826	Pool #AD6929 5.000%, 06/01/2040		134,683
	3,340	Pool #AD9896 4.000%, 08/01/2040		3,267
	4,111	Pool #AB1500 4.000%, 09/01/2040		4,022
	4,378	Pool #AD9856 4.000%, 09/01/2040		4,283
	1,901	Pool #AE2559 4.000%, 09/01/2040		1,860
	683	Pool #AE2562 4.000%, 09/01/2040		669
	478	Pool #AE2566 4.000%, 09/01/2040		468
	7,471	Pool #AE4124 4.000%, 10/01/2040		7,310
	4,403	Pool #AE4888 4.000%, 10/01/2040		4,307
	5,434	Pool #AE3916 4.000%, 11/01/2040		5,316
	832	Pool #AE5147 4.000%, 11/01/2040		814
	9,446	Pool #AE8715 4.000%, 11/01/2040		9,242
	1,399	Pool #AH0006 4.000%, 12/01/2040		1,369
	4,541	Pool #AH0020 4.000%, 12/01/2040		4,442
	5,916	Pool #AH0599 4.000%, 12/01/2040		5,788
	1,513	Pool #AH0601 4.000%, 12/01/2040		1,480
	4,479	Pool #AH1263 4.000%, 01/01/2041		4,383
	21,535	Pool #AL5233 4.000%, 01/01/2041		21,070
	1,265	Pool #AH4659 4.000%, 02/01/2041		1,237
	22,246	Pool #AH5653 4.000%, 02/01/2041		21,765

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	32,532	Pool #AL0934 5.000%, 02/01/2041	$	33,237
	52,116	Pool #AD1889 4.500%, 03/01/2041		52,408
	3,812	Pool #AH6150 4.000%, 03/01/2041		3,729
	30,196	Pool #AL0215 4.500%, 04/01/2041		30,364
	2,000,000	Pool #TBA 4.000%, 04/15/2041 (h)		1,910,469
	11,118,000	Pool #TBA 4.500%, 04/15/2041 (h)		10,882,611
	3,300,000	Pool #TBA 5.000%, 04/15/2041 (h)		3,289,430
	4,405,000	Pool #TBA 5.500%, 04/15/2041 (h)		4,446,125
	25,646	Pool #AL0187 5.000%, 05/01/2041		26,201
	4,685	Pool #AL0456 5.000%, 06/01/2041		4,787
	20,578	Pool #AI8842 4.500%, 08/01/2041		20,693
	15,811	Pool #AL0815 4.000%, 09/01/2041		15,724
	18,166	Series 2012-21, 2.000%, 09/25/2041		16,689
	7,569	Pool #AJ1562 4.000%, 10/01/2041		7,528
	3,518	Pool #AJ1972 4.000%, 10/01/2041		3,465
	211,122	Pool #AJ2212 4.500%, 10/01/2041		212,303
	8,377	Pool #AJ4756 4.000%, 10/01/2041		8,331
	6,689	Pool #AJ3330 4.000%, 11/01/2041		6,659
	6,066	Pool #AJ4549 4.000%, 11/01/2041		6,038
	6,029	Pool #AJ4698 4.000%, 11/01/2041		6,002
	11,372	Pool #AJ5424 4.000%, 11/01/2041		11,313
	3,621	Pool #AJ7840 4.000%, 11/01/2041		3,609
	7,026	Pool #AB3995 4.000%, 12/01/2041		6,992
	6,653	Pool #AI0848 4.000%, 12/01/2041		6,623
	5,377	Pool #AJ4187 4.000%, 12/01/2041		5,353
	6,537	Pool #AJ5736 4.000%, 12/01/2041		6,501
	3,552	Pool #AJ5968 4.000%, 12/01/2041		3,475
	6,595	Pool #AJ6061 4.000%, 12/01/2041		6,565
	6,419	Pool #AJ7868 4.000%, 12/01/2041		6,391
	11,379	Pool #AJ8104 4.000%, 12/01/2041		11,302
	8,963	Pool #AJ8109 4.000%, 12/01/2041		8,922
	4,426	Pool #AJ8171 4.000%, 12/01/2041		4,389
	9,879	Pool #AJ8341 4.000%, 12/01/2041		9,835
	14,757	Pool #AJ8436 4.000%, 12/01/2041		14,681
	5,407	Pool #AJ8912 4.000%, 12/01/2041		5,382
	6,030	Pool #AJ9248 4.000%, 12/01/2041		6,003
	30,642	Series 2012-18, 2.000%, 12/25/2041		27,948
	515,000	Series 2022-90, 4.500%, 12/25/2041		520,035
	4,008	Pool #AJ2446 4.000%, 01/01/2042		3,921
	10,018	Pool #AJ7538 4.000%, 01/01/2042		9,973
	2,693	Pool #AJ8001 4.000%, 01/01/2042		2,644
	7,552	Pool #AJ8369 4.000%, 01/01/2042		7,518
	8,357	Pool #AJ9162 4.000%, 01/01/2042		8,320
	43,288	Pool #AJ9330 4.000%, 01/01/2042		43,094
	2,734	Pool #AJ9779 4.000%, 01/01/2042		2,736
	6,735	Pool #AK0170 4.000%, 01/01/2042		6,705
	16,376	Pool #AK0543 4.000%, 01/01/2042		16,302
	7,545	Pool #AK0563 4.000%, 01/01/2042		7,511
	12,699	Pool #AK1827 4.000%, 01/01/2042		12,642
	99,451	Pool #AL2752 5.000%, 03/01/2042		101,604
	28,020	Series 2012-52, 3.500%, 05/25/2042		26,904
	18,338	Pool #AB5529 4.000%, 07/01/2042		17,915
	60,450	Pool #AB6228 3.500%, 09/01/2042		57,628
	57,147	Series 415, 3.000%, 11/01/2042		53,568
	359,788	Series 2012-120 ZB, 3.500%, 11/25/2042		338,817
	107,859	Series 4961, 2.500%, 12/15/2042		98,718
	163,835	Pool #AQ9316 2.500%, 01/01/2043		143,879
	39,392	Series 2015-48, 3.000%, 02/25/2043		37,626
	440,020	Pool #AT2720 3.000%, 05/01/2043		405,758


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	268,545	Pool #AT5900 3.000%, 06/01/2043	$	247,634
	32,829	Series 2013-77, 1.700%, 06/25/2043		31,413
	165,535	Pool #AU1625 3.500%, 07/01/2043		157,547
	30,312	Series 2017-26, 3.500%, 07/25/2044		29,570
	190,571	Pool #AS5469 4.000%, 07/01/2045		185,742
	263,336	Pool #AZ0832 4.000%, 07/01/2045		256,663
	33,543	Pool #AS5597 3.500%, 08/01/2045		31,645
	24,516	Series 2016-38, 3.000%, 01/25/2046		22,904
	44,299	Series 2016-11, 2.500%, 03/25/2046		40,959
	130,826	Pool #AS7170 3.500%, 05/01/2046		123,421
	125,020	Pool #AS7242 3.500%, 05/01/2046		117,943
	232,370	Pool #BC9468 3.000%, 06/01/2046		213,417
	88,414	Pool #AS7492 4.000%, 07/01/2046		86,192
	164,865	Pool #AS8947 3.500%, 03/01/2047		155,532
	217,000	Series 2017-16, 3.000%, 03/25/2047		191,373
	18,652	Series 2017-34, 3.000%, 05/25/2047		17,776
	21,056	Pool #MA3038 4.500%, 06/01/2047		20,985
	1,333,036	Pool #CA0858 3.500%, 12/01/2047		1,251,541
	62,050	Series 2018-23, 3.500%, 04/25/2048		59,319
	396,519	Pool #BN5279 4.000%, 02/01/2049		386,171
	63,943	Series 2019-07, 3.500%, 03/25/2049		61,254
	83,040	Series 2019-14, 3.500%, 04/25/2049		79,715
	70,873	Series 2019-45, 3.000%, 08/25/2049		65,318
	1,413,000	Pool #TBA 2.500%, 09/25/2049 (h)		1,217,912
	1,150,000	Pool #TBA 2.000%, 09/25/2050 (h)		949,807
	2,077,843	Pool #MA4307 3.000%, 04/01/2051		1,871,143
	1,929,399	Pool #FM7678 2.500%, 06/01/2051		1,675,275
	361,676	Pool #BT7155 2.000%, 08/01/2051		299,794
	1,944,079	Pool #FS1108 2.500%, 09/01/2051		1,685,522
	1,957,332	Pool #FM9491 2.500%, 11/01/2051		1,690,567
	430,716	Pool #FS1069 2.000%, 12/01/2051		356,869
	787,326	Pool #BV1380 2.000%, 01/01/2052		652,004
	246,022	Pool #BT2317 2.000%, 03/01/2052		203,582
	877,701	Pool #BV2993 2.000%, 04/01/2052		726,834
	145,176	Pool #FS1598 2.000%, 04/01/2052		120,150
	2,370,286	Pool #MA4577 2.000%, 04/01/2052		1,961,401
	176,823	Pool #BV9804 2.000%, 05/01/2052		146,391
	35,590	Series 2017-35, 3.500%, 04/25/2053		34,764
	37,414	Series 2017-84, 3.500%, 04/25/2053		36,390
	34,313	Series 2017-49, 4.000%, 07/25/2053		33,877
	46,793	Series 2018-70, 3.500%, 10/25/2056		45,342
	75,386	Series 2019-12, 3.500%, 11/25/2057		72,212
	198,758	Series 2020-1, 3.500%, 08/25/2058		190,742
		Government National Mortgage Association
	5,572	Pool #TBA 5.000%, 04/15/2033 (h)		5,680
	10,925	Pool #TBA 5.000%, 02/15/2039 (h)		11,232
	282,132	Pool #TBA 5.000%, 10/15/2039 (h)		290,872
	21,466	Series 2015-56, 1.500%, 04/16/2040		21,043
	106,843	Pool #TBA 3.500%, 09/15/2041 (h)		103,766
	33,815	Series 2013-37, 2.000%, 01/20/2042		31,971
	2,250,000	Pool #TBA 4.000%, 04/15/2042 (h)		2,163,516
	2,500,000	Pool #TBA 3.000%, 04/15/2045 (h)		2,274,389
	1,250,000	Pool #TBA 3.500%, 04/15/2045 (h)		1,169,824
	7,278	Series 2015-151, 1.700%, 10/20/2045		7,200
	22,966	Pool #TBA 4.000%, 07/20/2047 (h)		22,414
	65,208	Pool #TBA 4.000%, 08/20/2047 (h)		61,933
	121,732	Pool #TBA 3.500%, 10/20/2047 (h)		115,593
	85,618	Pool #TBA 4.000%, 10/20/2047 (h)		83,559
	98,903	Pool #TBA 4.500%, 10/20/2047 (h)		98,884

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	2,100,000	Pool #TBA 2.500%, 04/15/2050 (h)	$	1,848,123
	2,700,000	Pool #TBA 2.000%, 04/15/2051 (h)		2,289,887

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $65,491,303)		64,236,122

		MUNICIPAL DEBT OBLIGATIONS - 1.87%
		California, GO,
	30,000	7.550%, 04/01/2039		38,917
	60,000	7.300%, 10/01/2039		74,588
	105,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, Series B, 6.899%, 12/01/2040		121,453
	20,000	Chicago Transit Authority Sales Tax Receipts Fund 3.912%, 12/01/2040		17,535
	270,000	Commonwealth of Massachusetts 4.110%, 07/15/2031		267,359
		County of Riverside CA
	345,000	2.963%, 02/15/2027		324,042
	345,000	3.070%, 02/15/2028		320,632
	155,000	Dallas Fort Worth International Airport Series A, 4.507%, 11/01/2051		143,655
	125,000	District of Columbia 3.432%, 04/01/2042		102,416
		Metropolitan Transportation Authority
	255,000	5.175%, 11/15/2049		232,624
	100,000	5.000%, 11/15/2050		103,133
	60,000	New York State Thruway Authority - Class M 2.900%, 01/01/2035		50,918
	300,000	New York Transportation Development Corp. 4.248%, 09/01/2035		294,169
	355,000	Philadelphia Authority for Industrial Development 6.550%, 10/15/2028		379,974
	215,000	Port Authority of New York & New Jersey 1.086%, 07/01/2023		212,935
	250,000	State Board of Administration Finance Corp. 1.258%, 07/01/2025		232,554
	225,000	Texas Natural Gas Securitization Finance Corp. 5.102%, 04/01/2035		231,367
	35,000	University of California Medical Center, Series H Revenue Bond, 6.548%, 05/15/2048		41,150

		Total Municipal Debt Obligations (Cost $3,393,393)		3,189,421

		U.S. TREASURY OBLIGATIONS - 24.06%
		U.S. Treasury Bonds - 14.42%
	1,651,876	0.750%, 07/15/2028 (f)		1,620,078
	1,555,541	0.250%, 07/15/2029 (f)		1,474,289
	105,017	0.125%, 07/15/2030 (f)		97,749
	2,234,657	1.125%, 01/15/2033 (f)		2,229,646
	2,190,000	3.375%, 08/15/2042		2,054,323
	2,820,000	3.125%, 02/15/2043		2,533,043
	1,225,000	3.875%, 02/15/2043		1,234,092
	795,000	3.750%, 11/15/2043		784,255
	2,220,000	3.125%, 08/15/2044		1,977,968
	240,000	3.000%, 11/15/2045		208,444
	950,000	2.500%, 02/15/2046		753,135
	2,510,000	3.000%, 02/15/2047		2,179,190
	1,050,000	2.750%, 11/15/2047		871,213


Principal Amount			Value
		U.S. Treasury Bonds (Continued)
	500,000	3.000%, 02/15/2048	$	434,941
	940,000	3.125%, 05/15/2048		836,710
	320,007	0.250%, 02/15/2050 (f)		232,488
	2,996,000	1.250%, 05/15/2050		1,734,988
	390,000	1.375%, 08/15/2050		233,375
	1,020,000	1.625%, 11/15/2050		651,684
	300,916	0.125%, 02/15/2052 (f)		209,288
	1,660,000	3.000%, 08/15/2052		1,452,241
	710,000	4.000%, 11/15/2052		750,603

				24,553,743

		U.S. Treasury Notes - 9.64%
	4,340,000	2.000%, 11/15/2026 (i)		4,079,854
	1,605,000	1.500%, 11/30/2028		1,430,864
	5,260,000	1.875%, 02/28/2029		4,775,608
	1,445,000	3.250%, 06/30/2029		1,415,761
	708,000	1.625%, 08/15/2029		631,088
	1,030,000	1.375%, 11/15/2031		868,821
	1,075,000	2.875%, 05/15/2032		1,022,300
	2,320,000	2.750%, 08/15/2032		2,181,706

				16,406,002

		Total U.S. Treasury Obligations (Cost $46,350,405)		40,959,745


Number of Shares
		SHORT TERM INVESTMENTS - 6.28%
		Money Market Funds - 6.28%
	10,700,062	JPMorgan US Government Money Market Fund Effective Yield, 4.73% (d)		10,700,062

		Total Short Term Investments (Cost $10,700,062)		10,700,062


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.99%
	1,689,338	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (d)		1,689,338

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $1,689,338)		1,689,338

		Total Investments (Cost $219,241,024) - 120.54%		205,213,341
		Liabilities in Excess of Other Assets - (20.54)%		(34,965,713	)

		TOTAL NET ASSETS - 100.00%	$	170,247,628

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. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of March 31, 2023.

(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, 2023.

(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

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023

exemption from registration. The value of these securities total $44,348,180, which represents 26.05% of total net assets.

(d)

Seven-Day yield as of March 31, 2023.

(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 pursuant to the Fund’s liquidity guidelines. The value of these securities total $1,039,759, which represents 0.61% of total net assets.

(h)

Security purchased on a when-issued basis. On March 31, 2023, the total value of investments purchased on a when-issued basis was $36,134,560 or 21.22% of total net assets.

(i)

All or a portion of this security is held as collateral for certain swap, options written and futures contracts. The approximate value of the portion of this security held as collateral is $1,205,483.

(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, 2023. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,292,058, which represents 0.76% of total net assets.

(k)

Step-up bond; the interest rate shown is the rate in effect as of March 31, 2023.

Glossary of Terms


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

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2023


Description	Number of Contracts Purchased/(Sold)			Long/Short		Notional Value			Settlement Month		Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Bond Future		129			Long	$	26,632,453			Jun-23	$	196,794
U.S. Treasury 5 Year Bond Future		41			Long		4,489,820			Jun-23		3,791
U.S. Treasury 10 Year Note Future		(43	)		Short		(4,941,641	)		Jun-23		(86,403	)
U.S. Treasury Long Bond Future		(33	)		Short		(4,328,156	)		Jun-23		(181,204	)
U.S. Treasury Ultra Long Bond Future		(5	)		Short		(705,625	)		Jun-23		(4,291	)
U.S. Treasury Ultra 10 Year Note Future		(20	)		Short		(2,422,813	)		Jun-23		(77,735	)

											$	(149,048	)

GuideMark Core Fixed Income Fund

SCHEDULE OF OPTIONS WRITTEN

March 31, 2023


Notional Amount			Value
		Credit Default Swaptions
		Call Options
$	8,465,000	U.S. Dollar - Euro Buy Protection CDX.NA.IG.40 Reference Rate: 1.000% Frequency: Quarterly Counterparty: Goldman Sachs Expiration: April 2023 Exercise Price: $85.00	$	(5,389	)

		Put Options
	8,465,000	U.S. Dollar - Euro Buy Protection CDX.NA.IG.40 Reference Rate: 1.000% Frequency: Quarterly Counterparty: Goldman Sachs Expiration: April 2023 Exercise Price: $85.00		(38,844	)

		Total Options Written (Premiums Received $50,197)	$	(44,233	)

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

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

March 31, 2023


Reference Obligation	Implied Credit Spread at 3/31/2023⁽²⁾		Fixed Pay Rate		Maturity Date	Counterparty	Payment Frequency		Notional Amount⁽³⁾		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX-NAIGS39V1-5Y*		72.76%		1.000%	12/20/2027	Morgan Stanley		Quarterly	$	3,735,000	$	43,248	$	44,722	$	(1,474	)

											$	43,248	$	44,722	$	(1,474	)

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS (Continued)

INTEREST RATE SWAPS

March 31, 2023


Pay/Receive Floating Rate	Floating Rate Index and Rate at 03/31/2023		Floating Payment Frequency		Fixed Pay Rate	Fixed Payment Frequency	Maturity Date		Counterparty		Notional Amount		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Receive		USD-SOFR-COMPOUND** 4.87%		Annually	1.5600%	Annually		12/15/2051		Morgan Stanley	$	565,000	$	152,750		$	(3,366	)	$	156,117
Receive		USD-SOFR-COMPOUND** 4.87%		Annually	2.9700%	Annually		3/15/2053		Morgan Stanley		1,395,000		(1,778	)		4,501			(6,279	)
Receive		USD-SOFR-COMPOUND** 4.87%		Annually	2.8800%	Annually		3/15/2053		Morgan Stanley		310,000		5,034			3,623			1,410

													$	156,006		$	4,758		$	151,248

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: ICE

Centrally cleared swap, clearing agent: LCH Group

See notes to financial statements.

GuidePath Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.97%
		Domestic Equity Funds - 72.68%
	1,410,197	AMCAP Fund - Class F3	$	47,171,106
	737,949	American Funds - Fundamental Investors - Class F3		46,933,562
	488,019	American Funds - New Economy Fund - Class F3		23,478,591
	450,338	American Funds - New Perspective Fund - Class F3		23,498,650
	577,843	American Funds - SMALLCAP World Fund, Inc. - Class F3		35,271,550
	1,071,660	American Funds - The Growth Fund of America - Class F3		58,984,146
	22,197	Invesco QQQ Trust Series 1 (a)		7,123,683
	437,611	iShares Core S&P Small-Cap ETF		42,316,984
	965,768	Schwab U.S. Large-Cap ETF (a)		46,714,198
	906,958	Schwab U.S. Large-Cap Growth ETF (a)		59,106,453
	436,191	SPDR S&P 600 Small Cap Growth ETF		32,169,086
	751,036	Vanguard Russell 1000 Growth ETF (a)		47,232,654
	106,875	Vanguard Russell 2000 Growth ETF		17,639,719
	451,477	Vanguard S&P 500 ETF (a)		169,786,955
	240,601	Vanguard Value ETF		33,229,404

				690,656,741

		International Equity Funds - 23.81%
	1,133,120	iShares Core MSCI Emerging Markets ETF		55,284,925
	36,247	iShares Core MSCI Europe ETF		1,898,618
	322,097	iShares MSCI ACWI ETF (a)		29,362,363
	168,438	iShares MSCI Switzerland ETF		7,633,610
	276,196	JPMorgan Beta Builders Canada ETF (a)		16,441,948
	161,244	Vanguard FTSE All World ex-US Small-Cap ETF (a)		17,614,294
	2,169,374	Vanguard FTSE Developed Markets ETF (a)		97,990,624

				226,226,382


Number of Shares			Value
		Real Estate Funds - 2.48%
	199,974	Vanguard Global ex-U.S. Real Estate ETF	$	8,112,945
	185,767	Vanguard Real Estate ETF (a)		15,426,092

				23,539,037

		Total Investment Companies (Cost $695,329,845)		940,422,160

		SHORT TERM INVESTMENTS - 1.47%
		Money Market Funds -1.47%
	13,967,727	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (b)		13,967,727

		Total Short Term Investments (Cost $13,967,727)		13,967,727


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 15.83%
	150,405,813	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (b)		150,405,813

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $150,405,813)		150,405,813

		Total Investments (Cost $859,703,385) - 116.27%		1,104,795,700
		Liabilities in Excess of Other Assets - (16.27)%		(154,609,942	)

		TOTAL NET ASSETS - 100.00%	$	950,185,758

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, 2023.

See notes to financial statements.

GuidePath Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.90%
		Alternative Funds - 1.54%
	168,741	SPDR Gold MiniShares Trust (a)(b)	$	6,599,460

		Domestic Equity Funds - 23.21%
	218,744	American Funds - Mutual Fund - Class F3		10,615,670
	203,544	American Funds - Washington Mutual Investors Fund - Class F3		10,645,342
	149,814	iShares Core S&P Small-Cap ETF		14,487,014
	186,562	iShares Edge MSCI Min Vol USA ETF (a)		13,570,520
	100,544	Vanguard High Dividend Yield ETF		10,607,392
	58,137	Vanguard S&P 500 ETF (a)		21,863,582
	127,496	Vanguard Value ETF (a)		17,608,472

				99,397,992

		Domestic Fixed Income Funds - 45.99%
	1,152,397	American Funds - High-Income Trust - Class F3		10,579,006
	1,867,519	American Funds - Multi-Sector Income Fund - Class F3		16,975,752
	1,452,033	American Funds - The Bond Fund of America - Class F3		16,858,105
	119,621	iShares 7-10 Year Treasury Bond ETF (a)		11,856,833
	259,694	iShares Broad USD High Yield Corporate Bond ETF (a)		9,232,122
	104,685	iShares Broad USD Investment Grade Corporate Bond ETF (a)		5,303,342
	169,024	iShares Core U.S. Aggregate Bond ETF		16,841,551
	26,744	iShares iBoxx High Yield Corporate Bond ETF (a)		2,020,509
	50,789	iShares 10+ Year Investment Grade Corporate Bond ETF (a)		2,660,836
	48,029	iShares TIPS Bond ETF (a)		5,295,197
	39,844	SPDR Portfolio Short Term Treasury ETF		1,164,640
	6,909,784	Vanguard High-Yield Corporate Fund - Admiral Shares		36,207,271
	63,235	Vanguard Intermediate-Term Corporate Bond ETF (a)		5,072,712
	191,066	Vanguard Long-Term Treasury ETF		12,516,734
	125,365	Vanguard Mortgage-Backed Securities ETF		5,835,741
	22,008	Vanguard Short-Term Corporate Bond ETF (a)		1,677,670
	17,292	Vanguard Total Bond Market ETF		1,276,668
	708,550	WisdomTree Floating Rate Treasury Fund		35,618,808

				196,993,497

		Hybrid Funds - 18.12%
	315,136	American Funds - Capital Income Builder - Class F3		20,102,530
	889,756	American Funds - The Income Fund of America - Class F3		20,126,278
	317,654	iShares Core Aggressive Allocation ETF		20,199,618
	343,429	iShares Core Growth Allocation ETF		17,181,753

				77,610,179


Number of Shares			Value
		International Equity Funds - 7.80%
	121,542	iShares Core MSCI Emerging Markets ETF (a)	$	5,930,034
	57,976	iShares Core MSCI Europe ETF (a)		3,036,783
	50,113	iShares MSCI EAFE Min Vol Factor ETF		3,390,144
	92,093	iShares MSCI Switzerland ETF		4,173,655
	50,924	JPMorgan Beta Builders Canada ETF (a)		3,031,506
	307,013	Vanguard FTSE Developed Markets ETF (a)		13,867,777

				33,429,899

		International Fixed Income Funds - 1.18%
	26,566	iShares J.P. Morgan USD Emerging Markets Bond ETF		2,292,114
	47,730	SPDR Bloomberg International Treasury Bond ETF		1,103,518
	34,193	Vanguard Total International Bond ETF (a)		1,672,722

				5,068,354

		Real Estate Funds - 1.06%
	26,905	Vanguard Global ex-U.S. Real Estate ETF		1,091,536
	41,356	Vanguard Real Estate ETF (a)		3,434,202

				4,525,738

		Total Investment Companies (Cost $396,956,094)		423,625,119

		SHORT TERM INVESTMENTS - 0.00% (d)
		Money Market Funds - 0.00%
	718	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73%, (c)		718

		Total Short Term Investments (Cost $718)		718


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 14.57%
	62,421,423	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)		62,421,423

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $62,421,423)		62,421,423

		Total Investments (Cost $459,378,235) - 113.47%		486,047,260
		Liabilities in Excess of Other Assets - (13.47)%		(57,708,814	)

		TOTAL NET ASSETS - 100.00%	$	428,338,446

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, 2023.

(d)

Less than 0.01%.

See notes to financial statements.

GuidePath Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 70.21%
		Air Freight & Logistics - 2.91%
	132,381	Expeditors International of Washington, Inc. (a)	$	14,577,796

		Biotechnology - 7.21%
	15,327	Regeneron Pharmaceuticals, Inc. (b)		12,593,736
	49,164	United Therapeutics Corp. (b)		11,010,769
	39,754	Vertex Pharmaceuticals, Inc. (b)		12,525,293

				36,129,798

		Building Products - 3.19%
	180,401	Builders FirstSource, Inc. (b)		16,016,001

		Chemicals - 1.69%
	153,054	Olin Corp.		8,494,497

		Electric Utilities - 4.65%
	409,160	NRG Energy, Inc. (a)		14,030,097
	247,043	OGE Energy Corp. (a)		9,303,639

				23,333,736

		Food Products - 2.58%
	162,683	Archer-Daniels-Midland Co. (a)		12,959,328

		Health Care Equipment & Supplies - 2.43%
	48,381	Danaher Corp. (a)		12,193,947

		Health Care Providers & Services - 4.26%
	109,741	CVS Health Corp.		8,154,854
	57,544	Laboratory Corp of America Holdings		13,201,744

				21,356,598

		Household Products - 3.22%
	108,634	Procter & Gamble Co.		16,152,789

		Insurance - 8.00%
	219,423	Aflac, Inc.		14,157,172
	221,946	Hartford Financial Services Group, Inc.		15,467,416
	265,155	Unum Group		10,489,532

				40,114,120

		Interactive Media & Services - 0.97%
	46,948	Alphabet, Inc. - Class A (b)		4,869,916

		Machinery - 2.43%
	49,279	Snap-on, Inc. (a)		12,166,492

		Media - 2.88%
	53,229	Nexstar Media Group, Inc. (a)		9,190,519
	310,568	TEGNA, Inc.		5,251,705

				14,442,224

		Metals & Mining - 2.48%
	109,803	Steel Dynamics, Inc. (a)		12,414,327

		Multi-Utilities - 1.79%
	93,797	Consolidated Edison, Inc. (a)		8,973,559

		Oil, Gas & Consumable Fuels - 2.15%
	50,508	Devon Energy Corp. (a)		2,556,210
	190,094	PBF Energy, Inc.		8,242,476

				10,798,686


Number of Shares			Value
		Pharmaceuticals - 2.65%
	325,955	Pfizer, Inc.	$	13,298,964

		Professional Services - 2.02%
	125,954	Robert Half International, Inc. (a)		10,148,114

		Road & Rail - 2.90%
	256,607	Knight-Swift Transportation Holdings, Inc. - Class A (a)		14,518,824

		Semiconductors & Semiconductor Equipment - 2.59%
	157,919	ON Semiconductor Corp. (a)(b)		12,999,892

		Software - 3.56%
	61,939	Microsoft Corp.		17,857,014

		Technology Hardware, Storage & Peripherals - 3.65%
	110,855	Apple, Inc.		18,279,990

		Total Common Stocks (Cost $319,864,953)		352,096,612

		SHORT TERM INVESTMENTS - 29.31%
		Money Market Funds - 29.31%
	147,014,890	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73%, (c)(d)		147,014,890

		Total Short Term Investments (Cost $147,014,890)		147,014,890


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.84%
	104,514,306	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)		104,514,306

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $104,514,306)		104,514,306

		Total Investments (Cost $571,394,149) - 120.36%		603,625,808
		Liabilities in Excess of Other Assets - (20.36)%		(102,111,211	)

		TOTAL NET ASSETS - 100.00%	$	501,514,597

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, 2023.

(d)

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

See notes to financial statements.

GuidePath Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 99.01%
		Alternative Funds - 4.96%
	2,646	Invesco DB Agriculture Fund	$	54,058
	2,611	Invesco DB Energy Fund (a)		53,641
	466	Invesco DB Precious Metals Fund		23,784
	153,084	ProShares Investment Grade-Interest Rate Hedged ETF		10,996,024

				11,127,507

		Domestic Equity Funds - 0.27%
	1,593	Vanguard S&P 500 ETF		599,079

		Domestic Fixed Income Funds - 83.10%
	1,805,813	BlackRock Low Duration Bond Portfolio - Institutional Shares		16,162,029
	498,943	DoubleLine Core Fixed Income Fund - Institutional Shares		4,695,056
	851,019	DoubleLine Flexible Income Fund - Institutional Shares		7,165,576
	1,697,300	DoubleLine Low Duration Bond Fund - Institutional Shares		16,056,458
	477,317	DoubleLine Shiller Enhanced CAPE - Institutional Shares		6,042,838
	2,572,622	DoubleLine Total Return Bond Fund - Institutional Shares		23,076,420
	115,421	iShares 7-10 Year Treasury Bond ETF (a)		11,440,530
	45,719	Schwab Short-Term U.S. Treasury ETF (a)		2,230,630
	2,376	SPDR Bloomberg 1-3 Month T-Bill ETF		218,164
	1,190,902	T. Rowe Price Institutional Floating Rate Fund - Investor Shares		11,039,661
	5,400,521	Vanguard High-Yield Corporate Fund - Admiral Shares		28,298,731
	155,701	Vanguard Intermediate-Term Corporate Bond ETF (a)		12,490,334
	53,226	Vanguard Long-Term Treasury ETF (a)		3,486,835
	614,966	Vanguard Mortgage-Backed Securities ETF (a)		28,626,667
	109,629	Vanguard Short-Term Corporate Bond ETF (a)		8,357,019
	94,438	Vanguard Total Bond Market ETF		6,972,358

				186,359,306


Number of Shares			Value
		International Equity Funds - 0.14%
	1,820	iShares Core MSCI Emerging Markets ETF (a)	$	88,798
	5,139	Vanguard FTSE Developed Markets ETF (a)		232,128

				320,926

		International Fixed Income Funds - 7.33%
	263,754	Vanguard Emerging Markets Government Bond ETF		16,434,512

		Opportunistic Fixed Income Funds - 3.21%
	777,369	BlackRock Strategic Income Opportunities Portfolio - Institutional Shares		7,190,660

		Total Investment Companies (Cost $222,140,685)		222,031,990

		SHORT TERM INVESTMENTS - 0.96%
		Money Market Funds - 0.96%
	2,162,658	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73%, (b)		2,162,658

		Total Short Term Investments (Cost $2,162,658)		2,162,658


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.20%
	25,105,887	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (b)		25,105,887

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $25,105,887)		25,105,887

		Total Investments (Cost $249,409,230) - 111.17%		249,300,535
		Liabilities in Excess of Other Assets - (11.17)%		(25,047,024	)

		TOTAL NET ASSETS - 100.00%	$	224,253,511

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, 2023.

See notes to financial statements.

GuidePath Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.95%
		Domestic Equity Funds - 32.77%
	32,041	BlackRock High Equity Income Fund - Institutional Shares	$	868,626
	229,443	Global X US Preferred ETF (a)		4,556,738
	33,704	iShares Select Dividend ETF (a)		3,949,435
	67,282	Schwab US Dividend Equity ETF		4,922,350
	88,474	SPDR Portfolio S&P 500 High Dividend ETF (a)		3,362,012
	46,938	Vanguard High Dividend Yield ETF (a)		4,951,958
	1,436	Vanguard S&P 500 ETF		540,037
	65,325	WisdomTree U.S. SmallCap Dividend Fund (a)		1,865,682
	66,337	WisdomTree US LargeCap Dividend Fund		4,103,607

				29,120,445

		Domestic Fixed Income Funds - 39.03%
	112,764	iShares 0-5 Year High Yield Corporate Bond ETF		4,700,003
	12,391	iShares 7-10 Year Treasury Bond ETF (a)		1,228,196
	47,946	iShares Broad USD Investment Grade Corporate Bond ETF (a)		2,428,944
	40,067	iShares Convertible Bond ETF		2,909,666
	8,810	iShares iBoxx $Investment Grade Corporate Bond ETF (a)		965,664
	12,056	Schwab U.S. TIPS ETF		646,322
	14,244	SPDR Portfolio Aggregate Bond ETF (a)		367,353
	51,140	SPDR Portfolio Long Term Corporate Bond ETF		1,207,927
	35,116	SPDR Portfolio Short Term Treasury ETF		1,026,441
	254,161	T. Rowe Price Institutional Floating Rate Fund - Investor Shares		2,356,077
	1,914,317	Vanguard High-Yield Corporate Fund - Admiral Shares		10,031,022
	8,862	Vanguard Intermediate-Term Treasury ETF (a)		531,366
	34,234	Vanguard Long-Term Treasury ETF (a)		2,242,669
	12,961	Vanguard Mortgage-Backed Securities ETF		603,335
	68,528	WisdomTree Floating Rate Treasury Fund (a)		3,444,903

				34,689,888

		International Equity Funds - 16.50%
	218,789	iShares Emerging Markets Dividend ETF		5,369,082
	14,757	iShares International Dividend Growth ETF (a)		894,569
	151,656	iShares International Select Dividend ETF (a)		4,169,023
	29,511	SPDR S&P Global Dividend ETF		1,740,098
	72,684	SPDR S&P International Dividend ETF		2,491,608

				14,664,380


Number of Shares			Value
		International Fixed Income Funds - 1.96%
	27,893	Vanguard Emerging Markets Government Bond ETF	$	1,738,013

		Multi-Asset Funds - 5.13%
	213,892	Loomis Sayles Global Allocation Fund - Class Y		4,562,319

		Opportunistic Fixed Income Funds - 0.66%
	63,716	BlackRock Strategic Income Opportunities Portfolio - Institutional Shares		589,374

		Real Estate Funds - 2.90%
	31,039	Vanguard Real Estate ETF (a)		2,577,479

		Total Investment Companies (Cost $81,096,214)		87,941,898

		SHORT TERM INVESTMENTS - 1.04%
		Money Market Funds - 1.04%
	922,727	JPMorgan U.S. Government Money Market Fund Effective Yield 4.73%, (b)		922,727

		Total Money Market Funds (Cost $922,727)		922,727


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 21.25%
	18,881,022	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93%, (b)		18,881,022

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $18,881,022)		18,881,022

		Total Investments (Cost $100,899,963) - 121.24%		107,745,647
		Liabilities in Excess of Other Assets - (21.24)%		(18,873,418	)

		TOTAL NET ASSETS - 100.00%	$	88,872,229

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, 2022.

See notes to financial statements.

GuidePath Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.13%
		Alternative Funds - 3.28%
	370,869	WisdomTree Bloomberg U.S. Dollar Bullish Fund	$	9,668,555

		Domestic Equity Funds - 3.41%
	143,016	iShares U.S. Home Construction ETF (a)		10,052,595

		Domestic Fixed Income Funds - 83.20%
	234,565	iShares 7-10 Year Treasury Bond ETF		23,250,083
	89,612	iShares Agency Bond ETF (a)		9,698,707
	137,110	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		15,028,627
	460,084	Schwab Intermediate-Term U.S. Treasury ETF		23,202,036
	801,324	SPDR Portfolio Intermediate Term Treasury ETF		23,190,316
	377,514	SPDR Portfolio Aggregate Bond ETF (a)		9,736,086
	299,932	SPDR Portfolio Intermediate Term Corporate Bond ETF (a)		9,744,791
	1,466,296	SPDR Portfolio Short Term Treasury ETF		42,859,832
	121,728	Vanguard Intermediate-Term Corporate Bond ETF (a)		9,765,020
	280,524	Vanguard Intermediate-Term Treasury ETF (a)		16,820,219
	726,068	Vanguard Long-Term Treasury ETF (a)		47,564,715
	84,444	Vanguard Short-Term Treasury ETF		4,943,352
	132,028	Vanguard Total Bond Market ETF		9,747,627

				245,551,411

		Emerging Markets Fixed Income Funds - 4.85%
	229,535	Vanguard Emerging Markets Government Bond ETF		14,302,326

		International Developed Equity Funds - 3.39%
	114,135	iShares MSCI Kokusai ETF (a)(b)		10,010,370

		Total Investment Companies (Cost $287,159,665)		289,585,257


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.95%
		Money Market Funds - 1.95%
	5,769,035	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (c)	$	5,769,035

		Total Short Term Investments (Cost $5,769,035)		5,769,035


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.89%
	58,689,441	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)		58,689,441

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $58,689,441)		58,689,441

		Total Investments (Cost $351,618,141) - 119.97%		354,043,733
		Liabilities in Excess of Other Assets - (19.97)%		(58,928,441	)

		TOTAL NET ASSETS - 100.00%	$	295,115,292

Percentages

are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 8 for further disclosures related to this affiliated security.

(c)

Seven-day yield as of March 31, 2023.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2023


Principal Amount			Value
		SHORT TERM INVESTMENTS - 97.42%
		Certificate of Deposits - 52.86%
		Bank of America NA
$	8,000,000	5.050%, 04/12/2023	$	8,000,000
	10,000,000	5.200%, 10/10/2023		9,985,608
		Bank of Montreal
	7,000,000	3.600%, 06/23/2023		6,975,079
	5,000,000	5.000%, 10/06/2023		4,988,839
		Bank of Nova Scotia
	4,000,000	4.990% (SOFR + 0.680%), 08/16/2023 (a)		4,005,727
	10,000,000	5.010% (SOFR + 0.700%), 08/17/2023 (a)		10,015,106
	5,000,000	4.730% (SOFR + 0.420%), 01/26/2024 (a)		4,995,604
		CIBC
	6,000,000	3.590%, 06/26/2023		5,977,153
	5,000,000	5.200%, 09/21/2023		4,994,718
	5,000,000	5.600%, 03/06/2024		5,006,389
		Commonwealth Bank of Australia
	14,000,000	4.910% (SOFR + 0.360%), 04/20/2023 (a)		14,000,033
	6,500,000	4.490% (SOFR + 0.690%), 06/05/2023 (a)		6,506,329
		Cooperatieve Centrale Raiffe
	10,000,000	5.020% (SOFR + 0.710%), 11/24/2023 (a)		10,015,089
	10,500,000	5.300%, 12/14/2023		10,497,672
	15,000,000	DNB Bank ASA 4.750%, 04/05/2023		15,000,000
		Mitsubishi Trust & Banking Corp.
	10,000,000	4.520%, 04/21/2023		10,000,054
	7,000,000	4.520%, 04/21/2023		7,000,038
	3,000,000	5.280%, 05/17/2023		3,000,037
		Mizuho Bank, Ltd.
	10,000,000	5.000%, 04/28/2023		10,000,000
	10,000,000	5.350%, 02/07/2024		9,994,390
		Nordea Bank
	10,000,000	3.790% (SOFR + 0.770%), 10/23/2023 (a)		10,018,347
	5,000,000	4.820% (SOFR + 0.270%), 02/16/2024 (a)		4,986,862
		Royal Bank of Canada
	7,000,000	3.890%, 05/08/2023		7,000,000
	3,000,000	3.000%, 06/05/2023		2,987,655
	10,000,000	Skandinaviska Enskilda Bank 4.820%, 05/24/2023		10,000,000
	10,000,000	Sumitomo Mitsui Banking Corp. 5.090%, 08/23/2023		9,994,497
	15,000,000	Sumitomo Mitsui Trust Bank, Ltd. 4.870%, 05/17/2023		15,000,189
		Svenska Handelsbanken - A Shares
	2,000,000	3.460%, 06/13/2023		1,993,256
	8,000,000	5.100% (SOFR + 0.790%), 10/25/2023 (a)		8,013,781
		Toronto Dominion Bank
	3,000,000	4.020%, 08/22/2023		2,984,033
	15,000,000	5.320%, 09/27/2023		14,992,749
		Westpac Banking Corp.
	10,000,000	4.600%, 04/11/2023		10,000,000
	5,000,000	4.780% (SOFR + 0.230%), 02/22/2024 (a)		4,988,487

				263,917,721


Number of Shares			Value
		Money Market Funds - 3.92%
	19,553,395	JPMorgan US Government Money Market Fund Effective Yield, 4.73% (b)(c)	$	19,553,395


Principal Amount
		U.S. Treasury Bills - 40.64%
$	14,000,000	4.331%, 04/04/2023 (c)(d)		13,995,077
	27,000,000	4.596%, 04/06/2023 (d)(e)		26,981,879
	18,000,000	4.626%, 04/17/2023 (d)		17,963,680
	10,000,000	4.156%, 04/18/2023 (d)		9,980,757
	13,000,000	4.743%, 04/25/2023 (d)		12,959,852
	3,000,000	4.656%, 04/27/2023 (d)		2,990,163
	30,000,000	4.694%, 05/02/2023 (d)		29,881,425
	22,000,000	4.722%, 05/11/2023 (c)(d)(e)		21,887,460
	10,000,000	4.447%, 05/16/2023 (d)		9,945,688
	5,000,000	4.756%, 06/06/2023 (d)		4,959,698
	28,000,000	5.005%, 06/08/2023 (d)(e)		27,766,227
	12,000,000	4.669%, 06/22/2023 (d)		11,877,084
	12,000,000	4.801%, 09/21/2023 (d)		11,733,240

				202,922,230

		Total Short Term Investments (Cost $486,451,185)		486,393,346

		Total Investments (Cost $486,451,185) - 171.33%		486,393,346
		Liabilities in Excess of Other Assets - 2.58%		12,877,141

		TOTAL NET ASSETS - 100.00%	$	499,270,487

Percentages

are stated as a percent of net assets.

(a)

Variable rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of March 31, 2023.

(b)

Seven-day yield as of March 31, 2023.

(c)

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

(d)

Zero coupon bond. The effective yield is listed.

(e)

All or a portion of this security is held as collateral for certain futures contracts. The approximate value of the portion of these securities held as collateral is $66,642,688.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2023


Description	Number of Contracts Purchased/(Sold)			Long/Short		Notional Value			Settlement Month		Value/Unrealized Appreciation (Depreciation)
90-Day Bank Bill Futures		398			Long	$	263,721,310			Sep-23	$	(74,484	)
Australian 10-Year Treasury Bond Futures		501			Long		41,153,811			Jun-23		(125,605	)
Australian 3-Year Treasury Bond Futures		1,370			Long		99,650,705			Jun-23		(211,768	)
Brazilian Real Futures		144			Long		2,826,000			Apr-23		39,738
British Pound Futures		79			Long		6,100,281			Jun-23		(18,042	)
CAC40 Index Futures		203			Long		16,146,126			Apr-23		596,724
Canadian 10-Year Bond Futures		137			Long		12,788,694			Jun-23		(93,608	)
Cocoa Futures (a)		100			Long		2,894,000			Jul-23		23,223
Copper Futures (a)		37			Long		3,787,413			May-23		(11,017	)
DAX^® Index Futures		30			Long		12,848,939			Jun-23		467,094
ECX Emissions Futures (a)		33			Long		3,290,051			Dec-23		(205,002	)
E-mini NASDAQ 100 Futures		62			Long		16,494,170			Jun-23		588,474
E-mini S&P 500 Futures		2			Long		413,775			Jun-23		4,386
Euro Fx Futures		152			Long		20,716,650			Jun-23		19,709
Euro Stoxx 50^® Index Futures		497			Long		22,966,738			Jun-23		1,024,509
Euro Stoxx 600 Futures		185			Long		4,559,393			Jun-23		193,344
FTSE 100 Index Futures		125			Long		11,779,273			Jun-23		193,473
FTSE JSE Top 40 Futures		68			Long		2,720,535			Jun-23		42,598
FTSE MIB Index Futures		95			Long		13,731,563			Jun-23		413,904
FTSE Taiwan Index Futures		190			Long		10,548,800			Apr-23		39,228
Gold 100 Oz. Futures (a)		146			Long		28,998,520			Jun-23		(127,367	)
IBEX 35^® Index Futures		98			Long		9,770,666			Apr-23		280,563
Live Cattle Futures (a)		262			Long		16,990,700			Jun-23		216,971
LME Aluminium Futures (a)(b)		30			Long		1,807,875			Jun-23		(71,372	)
LME Copper Futures (a)(b)		9			Long		2,023,313			Jun-23		(42,023	)
LME Nickel Futures (a)(b)		26			Long		3,717,324			Jun-23		(789,857	)
LME Zinc Futures (a)(b)		27			Long		1,974,206			Jun-23		(336,755	)
Mexican Peso Futures		1,192			Long		32,583,320			Jun-23		307,081
MSCI EAFE Index Futures		72			Long		7,547,400			Jun-23		191,516
MSCI Singapore Index Futures		54			Long		1,242,674			Apr-23		5,432
Nikkei 225 Futures		36			Long		7,602,636			Jun-23		38,695
OMXS30 Futures		299			Long		6,386,051			Apr-23		213,941
Platinum Futures (a)		20			Long		1,003,100			Jul-23		13,741
RBOB Gasoline Futures (a)		15			Long		1,689,030			Apr-23		(36,591	)
SGX Iron Ore 62% Futures (a)		260			Long		3,258,320			May-23		(142,229	)
Silver Futures (a)		32			Long		3,864,960			May-23		11,978
Soybean Meal Futures (a)		223			Long		10,286,990			Jul-23		(114,123	)
SPI 200 Index Futures		40			Long		4,806,818			Jun-23		94,851
Sugar No. 11 Futures (a)		582			Long		14,229,667			Jun-23		717,992
Swiss Franc Futures		49			Long		6,756,181			Jun-23		19,245
Topix Index Futures		94			Long		14,184,071			Jun-23		(99,724	)
3 Month SOFR Futures		(332	)		Short		(79,177,850	)		Dec-23		50,330
Australian Dollar Futures		(631	)		Short		(42,283,310	)		Jun-23		(224,853	)
Bank Accept Futures		(90	)		Short		(15,873,196	)		Sep-23		48,618
Brent Crude Futures (a)		(198	)		Short		(15,818,220	)		Apr-23		(1,213,791	)
Canadian Dollar Futures		(610	)		Short		(45,133,900	)		Jun-23		(481,527	)
Coffee ‘C’ Futures (a)		(40	)		Short		(2,545,500	)		Jul-23		149
Corn Futures (a)		(423	)		Short		(13,451,400	)		Jul-23		(473,227	)
Cotton No. 2 Futures (a)		(112	)		Short		(4,635,680	)		May-23		45,538
DJIA E-Mini CBOT Futures		(32	)		Short		(5,353,600	)		Jun-23		(166,549	)
E-mini Russell 2000 Futures		(160	)		Short		(14,508,000	)		Jun-23		(489,132	)
E-mini S&P Mid Cap 400 Futures		(17	)		Short		(4,300,490	)		Jun-23		(238,093	)
Euribor 3 Month Futures		(801	)		Short		(209,321,276	)		Sep-23		126,365
Euro-Bobl Futures		(308	)		Short		(39,375,152	)		Jun-23		(789,954	)
Euro-BTP Futures		(8	)		Short		(1,000,781	)		Jun-23		(38,464	)
Euro-BTP Futures - Short		(189	)		Short		(21,597,833	)		Jun-23		(273,461	)
Euro-Bund Futures		(140	)		Short		(20,624,675	)		Jun-23		(642,370	)
Euro-Buxl^® 30 Year Futures		(60	)		Short		(9,165,799	)		Jun-23		(453,597	)
Euro-OAT Futures		(209	)		Short		(29,518,122	)		Jun-23		(905,261	)
Euro-Schatz Futures		(1,047	)		Short		(120,014,169)			Jun-23		(974,505	)

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)

March 31, 2023


Description	Number of Contracts Purchased/(Sold)			Long/Short		Notional Value			Settlement Month		Value/Unrealized Appreciation (Depreciation)
FTSE China A50 Index Futures		(193	)		Short	$	(2,568,058	)		Apr-23	$	(44,786	)
Hang Seng Index Futures		(6	)		Short		(782,723	)		Apr-23		(29,239	)
HSCEI Index Futures		(12	)		Short		(535,956	)		Apr-23		(23,173	)
ICE 3 Month Sonia Futures		(190	)		Short		(55,900,276	)		Dec-23		26,096
Indian Rupee Futures		(274	)		Short		(6,656,556	)		Apr-23		(43,273	)
Japanese Yen Futures		(154	)		Short		(14,673,313	)		Jun-23		(275,784	)
KC HRW Wheat Future (a)		(42	)		Short		(1,809,675	)		Jul-23		(45,760	)
Lean Hogs Futures (a)		(186	)		Short		(6,816,900	)		Jun-23		346,928
LME Aluminium Futures (a)(b)		(169	)		Short		(10,184,363	)		Jun-23		(89,843	)
LME Copper Futures (a)(b)		(5	)		Short		(1,124,063	)		Jun-23		(36,465	)
LME Nickel Futures (a)(b)		(39	)		Short		(5,575,986	)		Jun-23		235,242
LME Zinc Futures (a)(b)		(61	)		Short		(4,460,244	)		Jun-23		81,042
Long Gilt Futures		(49	)		Short		(6,247,101	)		Jun-23		(216,781	)
Low Sulphur Gas Oil Futures (a)		(84	)		Short		(6,314,700	)		May-23		(74,300	)
MSCI Emerging Markets Index Futures		(168	)		Short		(8,362,200	)		Jun-23		(284,959	)
Natural Gas Futures (a)		(469	)		Short		(10,393,040	)		Apr-23		1,202,922
New Zealand Dollar Futures		(290	)		Short		(18,127,900	)		Jun-23		(268,602	)
NY Harbor ULSD Futures (a)		(52	)		Short		(5,723,390	)		Apr-23		(43,871	)
Palladium Futures (a)		(20	)		Short		(2,936,000	)		Jun-23		(27,346	)
S&P/TSX 60 Index Futures		(18	)		Short		(3,220,955	)		Jun-23		(90,876	)
South African Rand Futures		(741	)		Short		(20,683,162	)		Jun-23		(633,201	)
Soybean Futures (a)		(40	)		Short		(2,951,000	)		Jul-23		(109,380	)
Soybean Oil Futures (a)		(308	)		Short		(10,278,576	)		Jul-23		96,841
U.S. Treasury 10-Year Note Futures		(142	)		Short		(16,318,906	)		Jun-23		(574,377	)
U.S. Treasury 2-Year Note Futures		(361	)		Short		(74,529,578	)		Jun-23		(770,723	)
U.S. Treasury 5-Year Note Futures		(275	)		Short		(30,114,649	)		Jun-23		(798,430	)
U.S. Treasury Long Bond Futures		(45	)		Short		(5,902,031	)		Jun-23		(327,184	)
U.S. Treasury Ultra Bond Futures		(33	)		Short		(4,657,125	)		Jun-23		(220,574	)
U.S. Ultra 10 Year Future		(55	)		Short		(6,662,734	)		Jun-23		(263,638	)
Wheat Futures (a)		(254	)		Short		(8,947,150	)		Jul-23		127,354
WTI Crude Futures (a)		(237	)		Short		(17,933,790	)		Apr-23		(1,345,071	)

											$	(8,356,152	)

(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, 2023


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)
6/21/2023	UBS AG	Chinese Yuan Renminbi		51,000,000	U.S. Dollar		7,483,181	$	(12,263	)
6/21/2023	UBS AG	New Turkish Lira		26,400,000	U.S. Dollar		1,322,130		(120,003	)
6/21/2023	UBS AG	Norwegian Krone		126,000,000	U.S. Dollar		11,962,788		117,214
6/21/2023	UBS AG	Polish Zloty		157,500,000	U.S. Dollar		35,873,594		427,086
6/21/2023	UBS AG	Singapore Dollar		180,625,000	U.S. Dollar		135,151,407		943,550
6/21/2023	UBS AG	Swedish Krona		94,000,000	U.S. Dollar		8,950,921		145,207
6/21/2023	UBS AG	U.S. Dollar		18,241,217	Chinese Yuan Renminbi		126,000,000		(216,346	)
6/21/2023	UBS AG	U.S. Dollar		1,154,620	New Turkish Lira		26,400,000		(47,507	)
6/21/2023	UBS AG	U.S. Dollar		39,466,422	Norwegian Krone		414,000,000		(225,010	)
6/21/2023	UBS AG	U.S. Dollar		10,960,166	Polish Zloty		48,500,000		(218,138	)
6/21/2023	UBS AG	U.S. Dollar		61,315,695	Singapore Dollar		82,500,000		(846,865	)
6/21/2023	UBS AG	U.S. Dollar		19,966,054	Swedish Krona		210,000,000		(355,085	)

								$	(408,160	)

See notes to financial statements.

GuidePath Conservative Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 42.09%
		Domestic Fixed Income Funds - 42.09%
	35,639	Invesco Senior Loan ETF (a)	$	741,291
	17,894	iShares 0-5 Year High Yield Corporate Bond ETF		745,822
	20,557	iShares 0-5 Year Investment Grade Corporate Bond ETF		996,604
	81,345	SPDR Bloomberg Investment Grade Floating Rate ETF (a)		2,475,329

		Total Investment Companies (Cost $4,950,117)		4,959,046

		SHORT TERM INVESTMENTS - 57.88%
		Money Market Funds - 39.12%
	4,608,659	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (b)(c)		4,608,659


Principal Amount
		U.S. Treasury Bills - 6.31%
	750,000	0.000%, 06/15/2023		742,964

		U.S. Treasury Notes - 12.45%
	750,000	1.375%, 09/30/2023		737,871
	750,000	0.500%, 11/30/2023		729,340

				1,467,211

		Total Short Term Investments (Cost $6,824,290)		6,818,834


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.25%
	1,325,946	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c)	$	1,325,946

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $1,325,946)		1,325,946

		Total Investments (Cost $13,100,353) - 111.23%		13,103,826
		Liabilities in Excess of Other Assets - (11.23)%		(1,322,473	)

		TOTAL NET ASSETS - 100.00%	$	11,781,353

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

(c)

Seven-day yield as of March 31, 2023.

See notes to financial statements.

GuidePath Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 97.55%
		Domestic Fixed Income Funds - 97.55%
	204,498	iShares Core U.S. Aggregate Bond ETF (a)	$	20,376,181
	70,394	iShares J.P. Morgan USD Emerging Markets Bond ETF		6,073,594
	413,658	Schwab Intermediate-Term U.S. Treasury ETF (a)		20,860,773
	430,635	VanEck Vectors Emerging Markets High Yield Bond ETF (b)		7,932,297

		Total Investment Companies (Cost $54,882,436)		55,242,845

		SHORT-TERM INVESTMENTS - 2.33%
		Money Market Funds - 2.33%
	1,321,403	JPMorgan U.S. Government Money Market Fund Effective Yield 4.73%, (c)		1,321,403

		Total Money Market Funds (Cost $1,321,403)		1,321,403


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.54%
	305,100	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield 4.93% (c)		305,100

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $305,100)		305,100

		Total Investments (Cost $56,508,939) - 100.42%		56,869,348
		Liabilities in Excess of Other Assets - (0.42)%		(235,158	)

		TOTAL NET ASSETS - 100.00%	$	56,634,190

Percentages are stated as a percent of net assets.

(a)

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

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of March 31, 2022.

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2023


Number of Shares			Value
		COMMON STOCKS - 35.03%
		Aerospace & Defense - 0.50%
	728	General Dynamics Corp.	$	166,137
	775	Lockheed Martin Corp.		366,366

				532,503

		Air Freight & Logistics - 0.52%
	2,847	United Parcel Service, Inc. - Class B (a)		552,290

		Banks - 1.20%
	5,250	Citizens Financial Group, Inc. (a)		159,443
	17,272	Huntington Bancshares, Inc. (a)		193,446
	822	M&T Bank Corp. (a)		98,287
	1,213	PNC Financial Services Group, Inc.		154,172
	10,827	Regions Financial Corp. (a)		200,949
	8,359	Truist Financial Corp.		285,042
	5,186	U.S. Bancorp (a)		186,955

				1,278,294

		Beverages - 2.32%
	20,003	Coca-Cola Co.		1,240,787
	6,743	PepsiCo, Inc.		1,229,249

				2,470,036

		Biotechnology - 2.07%
	8,803	AbbVie, Inc. (a)		1,402,934
	3,351	Amgen, Inc. (a)		810,104

				2,213,038

		Building Products - 0.27%
	4,797	Johnson Controls International PLC - ADR (a)		288,875

		Capital Markets - 1.30%
	528	BlackRock, Inc.		353,295
	3,050	Blackstone, Inc. (a)		267,912
	1,255	CME Group, Inc.		240,358
	3,977	State Street Corp.		301,019
	2,073	T. Rowe Price Group, Inc. (a)		234,042

				1,396,626

		Chemicals - 0.77%
	1,599	Air Products & Chemicals, Inc. (a)		459,249
	3,918	LyondellBasell Industries NV - Class A - ADR (a)		367,861

				827,110

		Communications Equipment - 0.87%
	17,825	Cisco Systems, Inc.		931,802

		Consumer Finance - 0.51%
	3,547	Capital One Financial Corp.		341,080
	6,868	Synchrony Financial (a)		199,721

				540,801

		Diversified Telecommunication Services - 1.11%
	21,270	AT&T, Inc.		409,448
	20,026	Verizon Communications, Inc.		778,811

				1,188,259

		Electric Utilities - 0.55%
	2,258	American Electric Power Co., Inc. (a)		205,455
	1,098	Eversource Energy		85,929
	4,412	Xcel Energy, Inc.		297,546

				588,930


Number of Shares			Value
		Electrical Equipment - 0.95%
	2,996	Eaton Corp. PLC - ADR	$	513,334
	5,705	Emerson Electric Co.		497,134

				1,010,468

		Food Products - 1.02%
	3,299	Archer-Daniels-Midland Co.		262,798
	4,767	General Mills, Inc. (a)		407,388
	6,035	Mondelez International, Inc. - Class A (a)		420,760

				1,090,946

		Health Care Equipment & Supplies - 0.41%
	5,391	Medtronic PLC - ADR		434,622

		Health Care Providers & Services - 0.47%
	6,776	CVS Health Corp.		503,525

		Hotels, Restaurants & Leisure - 1.42%
	3,713	McDonald’s Corp.		1,038,192
	4,624	Starbucks Corp.		481,497

				1,519,689

		Household Durables - 0.12%
	968	Whirlpool Corp. (a)		127,795

		Household Products - 1.93%
	6,049	Colgate-Palmolive Co.		454,582
	1,905	Kimberly-Clark Corp.		255,689
	9,123	Procter & Gamble Co.		1,356,499

				2,066,770

		Industrial Conglomerates - 1.27%
	5,615	3M Co.		590,193
	4,052	Honeywell International, Inc.		774,418

				1,364,611

		Insurance - 0.76%
	6,003	Aflac, Inc. (a)		387,314
	3,700	Hartford Financial Services Group, Inc.		257,853
	991	Travelers Cos., Inc.		169,867

				815,034

		IT Services - 1.38%
	2,356	Automatic Data Processing, Inc.		524,516
	5,814	International Business Machines Corp.		762,158
	1,655	Paychex, Inc.		189,646

				1,476,320

		Leisure Products - 0.06%
	1,162	Hasbro, Inc. (a)		62,388

		Machinery - 1.14%
	2,702	Caterpillar, Inc.		618,325
	1,378	Cummins, Inc. (a)		329,177
	1,107	Illinois Tool Works, Inc. (a)		269,499

				1,217,001

		Media - 0.98%
	23,240	Comcast Corp. - Class A (a)		881,028
	7,426	Paramount Global - Class B (a)		165,674

				1,046,702

		Multiline Retail - 0.39%
	2,512	Target Corp. (a)		416,063

		Multi-Utilities - 0.95%
	3,317	Ameren Corp.		286,556
	2,196	Consolidated Edison, Inc. (a)		210,091

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Multi-Utilities (Continued)
	1,861	DTE Energy Co.	$	203,854
	2,065	Sempra Energy		312,145

				1,012,646

		Oil, Gas & Consumable Fuels - 0.80%
	22,605	Kinder Morgan, Inc. (a)		395,814
	3,372	Marathon Petroleum Corp.		454,646

				850,460

		Pharmaceuticals - 3.37%
	8,501	Johnson & Johnson		1,317,656
	11,779	Merck & Co., Inc.		1,253,168
	25,085	Pfizer, Inc.		1,023,468

				3,594,292

		Road & Rail - 0.39%
	2,073	Union Pacific Corp.		417,212

		Semiconductors & Semiconductor Equipment - 3.09%
	902	Analog Devices, Inc.		177,892
	1,732	Broadcom, Inc.		1,111,147
	15,390	Intel Corp. (a)		502,791
	5,633	QUALCOMM, Inc.		718,658
	4,255	Texas Instruments, Inc. (a)		791,473

				3,301,961

		Specialty Retail - 1.55%
	2,118	Advance Auto Parts, Inc.		257,570
	971	Best Buy Co., Inc. (a)		76,000
	4,468	Home Depot, Inc. (a)		1,318,596

				1,652,166

		Technology Hardware, Storage & Peripherals - 0.20%
	7,231	HP, Inc.		212,230

		Tobacco - 0.39%
	4,269	Philip Morris International, Inc.		415,160

		Total Common Stocks (Cost $32,984,718)		37,416,625

		INVESTMENT COMPANIES - 35.78%
		Domestic Equity Funds - 26.71%
	195,987	Global X MLP ETF (a)		8,153,058
	405,625	Schwab U.S. Large-Cap ETF		19,620,082
	7,047	Vanguard High Dividend Yield ETF (a)		743,459

				28,516,599

		Domestic Fixed Income Funds - 0.68%
	7,941	SPDR Bloomberg 1-3 Month T-Bill ETF		729,143

		International Equity Funds - 8.39%
	144,692	Vanguard International High Dividend Yield ETF		8,963,669

		Total Investment Companies (Cost $37,069,563)		38,209,411


Number of Shares			Value
		SHORT TERM INVESTMENTS - 28.89%
		Money Market Funds - 20.62%
	22,024,000	JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (b)	$	22,024,000


Principal Amount
		U.S. Treasury Notes - 5.49%
	3,000,000	1.375%, 09/30/2023 (c)		2,951,485
	3,000,000	0.500%, 11/30/2023 (c)		2,917,360

				5,868,845

		U.S. Treasury Bills - 2.78%
	3,000,000	0.00%, 06/15/2023		2,971,855

		Total Short Term Investments (Cost $30,886,522)		30,864,700


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.78%
	12,585,208	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (b)		12,585,208

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $12,585,208)		12,585,208

		Total Investments (Cost $113,526,011) - 111.48%		119,075,944
		Liabilities in Excess of Other Assets - (11.48)%		(12,258,770	)

		TOTAL NET ASSETS - 100.00%	$	106,817,174

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, 2023.

(c)

All or portion of this security is held as collateral for certain options written contracts. The approximate value of the portion on these securities held as collateral is $5,377,195.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

100

GuidePath Growth and Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2023


Description	Number of Contracts Purchased/(Sold)		Long/Short		Notional Value		Settlement Month	Value/Unrealized Appreciation (Depreciation)
E-mini S&P 500 Futures		21		Long	$	4,344,638	Jun-23	$	145,604

								$	145,604

GuidePath Growth and Income Fund

SCHEDULE OF OPTIONS WRITTEN

March 31, 2023


Notional Amount		Number of Contracts			Value
				Options on Equities
				Put Options
$	4,010,000		10	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 06, 2023 Exercise Price: $4,010.00	$	(4,600	)
	3,890,000		10	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 14, 2023 Exercise Price: $3,890.00		(7,100	)
	5,835,000		15	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 21, 2023 Exercise Price: $3,890.00		(18,780	)
	4,000,000		10	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 28, 2023 Exercise Price: $4,000.00		(36,400	)
	4,070,000		10	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: May 5, 2023 Exercise Price: $4,070.00		(68,200	)
	3,900,000		10	S&P 500 Index Counterparty: Interactive Brokers Expiration: April 21, 2023 Exercise Price: $3,900.00		(12,900	)

				Total Written Options (Premiums Received $604,110)	$	(147,980	)

See notes to financial statements.

101

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2023


	Large Cap Core Fund			Emerging Markets Fund		Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $508,829,090, $43,958,351 and $100,595,470, respectively)¹	$	706,062,954		$	49,532,953	$	122,169,964
Foreign currencies (cost $0, $6,203, and $0, respectively)		—			6,273		—
Cash		5,045			—		790
Income receivable		551,435			181,530		107,550
Receivable for dividend reclaims		736			2,779		—
Receivable from Investment Advisor		—			2,359		—
Receivable for fund shares sold		2,037,482			124,642		1,800,239
Other assets		35,203			15,156		21,840

Total Assets		708,692,855			49,865,692		124,100,383

LIABILITIES:
Payable for collateral on securities loaned		99,549,037			2,941,322		28,266,325
Payable for investment securities purchased		—			—		340,364
Payable for fund shares redeemed		737,599			1,005,260		43,220
Payable to Investment Advisor		349,140			—		64,681
Payable to custodian		4,005			25,999		1,508
Accrued Trustee fees and expenses		2,885			495		964
Accrued shareholder servicing fees		39,724			6,760		5,871
Deferred tax		—			112,650		—
Other accrued expenses		166,831			73,942		76,500

Total Liabilities		100,849,221			4,166,428		28,799,433

NET ASSETS	$	607,843,634		$	45,699,264	$	95,300,950

NET ASSETS CONSIST OF:
Capital stock		410,071,965			40,960,922		74,542,447
Total distributable earnings		197,771,669			4,738,342		20,758,503

Total Net Assets	$	607,843,634		$	45,699,264	$	95,300,950

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		75			—		—
Net assets		1,810			—		—
Net asset value, offering and redemption price per share	$	24.237	²	$	—	$	—

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		25,518,611			4,437,167		5,685,087
Net assets		607,841,824			45,699,264		95,300,950
Net asset value, offering and redemption price per share	$	23.820		$	10.299	$	16.763

¹Includes loaned securities with a value of:	$	99,108,475		$	2,871,760	$	28,014,227

²Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

102

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2023


	World ex-US Fund			Core Fixed Income Fund			Growth Allocation Fund
ASSETS:
Investments, at value (cost $92,483,559, $219,241,024 and $859,703,385, respectively)¹	$	115,236,478		$	205,213,341		$	1,104,795,700
Foreign currencies (cost $69,286, $0, and $0, respectively)		67,948			—			—
Cash		—			4,157			—
Appreciation on swap agreements		—			157,527			—
Income receivable		632,568			1,018,006			48,722
Receivable for dividend and interest reclaims		440,672			3,119			—
Receivable for investment securities sold		—			588,288			18,190,470
Receivable for fund shares sold		125,339			1,665,776			1,420,761
Net swap premiums paid		—			49,480			—
Other assets		15,792			16,822			67,352

Total Assets		116,518,797			208,716,516			1,124,523,005

LIABILITIES:
Options written at value (Premium received $0, $50,197 and $0, respectively)		—			44,233			—
Depreciation on swap agreements		—			7,753			—
Variation margin on futures		—			38,007			—
Payable for collateral on securities loaned		5,299,517			1,689,338			150,405,813
Payable for investment securities purchased (When issued securities of $0, $34,974,462, and $0, respectively)		—			36,070,935			22,784,999
Payable for fund shares redeemed		1,273,758			189,029			458,839
Payable to Investment Advisor		79,020			91,561			389,882
Payable to custodian		7,343			5,397			9,994
Accrued Trustee fees and expenses		986			1,649			7,965
Accrued shareholder servicing fees		13,308			10,376			86,328
Due to broker for swaps for margin		—			212,690			—
Other accrued expenses		129,800			107,920			193,427

Total Liabilities		6,803,732			38,468,888			174,337,247

NET ASSETS	$	109,715,065		$	170,247,628		$	950,185,758

NET ASSETS CONSIST OF:
Capital stock		83,929,229			197,876,553			717,191,507
Total distributable earnings (loss)		25,785,836			(27,628,925	)		232,994,251

Total Net Assets	$	109,715,065		$	170,247,628		$	950,185,758

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		27			—			518
Net assets		269			—			7,255
Net asset value, offering and redemption price per share	$	10.028	²	$	—		$	14.000	²

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		11,279,642			20,595,662			68,339,523
Net assets		109,714,796			170,247,628			950,178,503
Net asset value, offering and redemption price per share	$	9.727		$	8.266		$	13.904

¹Includes loaned securities with a value of:	$	5,106,814		$	1,662,252		$	148,809,275

²Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

103

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2023


	Conservative Allocation Fund			Tactical Allocation Fund		Absolute Return Allocation Fund
ASSETS:
Investments, at value (cost $459,378,235, $571,394,149 and $249,409,230, respectively)¹	$	486,047,260		$	603,625,808	$	249,300,535
Income receivable		374,120			640,312		528,300
Receivable for investment securities sold		51,660,567			1,674,368		—
Receivable for fund shares sold		820,759			791,469		343,455
Other assets		53,280			30,762		38,497

Total Assets		538,955,986			606,762,719		250,210,787

LIABILITIES:
Payable for collateral on securities loaned		62,421,423			104,514,306		25,105,887
Payable for investment securities purchased		46,615,486			—		348,659
Loan payable		960,000			—		—
Payable for fund shares redeemed		335,686			295,089		288,653
Payable to Investment Advisor		127,835			249,481		48,283
Payable to custodian		9,371			6,408		9,001
Accrued Trustee fees and expenses		3,301			3,682		2,384
Accrued shareholder servicing fees		36,025			39,803		22,300
Other accrued expenses		108,413			139,353		132,109

Total Liabilities		110,617,540			105,248,122		25,957,276

NET ASSETS	$	428,338,446		$	501,514,597	$	224,253,511

NET ASSETS CONSIST OF:
Capital stock		415,092,414			500,782,767		251,940,413
Total distributable earnings (loss)		13,246,032			731,830		(27,686,902	)

Total Net Assets	$	428,338,446		$	501,514,597	$	224,253,511

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		1,030			50,399		2,832
Net assets		10,563			539,126		26,541
Net asset value, offering and redemption price per share	$	10.260	²	$	10.697	$	9.372

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		42,139,311			47,428,565		23,868,740
Net assets		428,327,883			500,975,471		224,226,970
Net asset value, offering and redemption price per share	$	10.165		$	10.563	$	9.394

¹Includes loaned securities with a value of:	$	61,536,495		$	103,926,502	$	24,691,536

²Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

104

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2023


	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed Futures Strategy Fund²
ASSETS:
Investments, at value (cost $100,899,963, $341,891,538 and $486,451,185, respectively)¹	$	107,745,647		$	344,033,363		$	486,393,346
Investments in affiliates, at value (cost $0, $9,726,603, and $0, respectively)		—			10,010,370			—
Cash held as collateral for forward contracts		—			—			5,320,053
Income receivable		90,025			116,404			3,108,828
Deposits with broker for futures		—			—			7,031,275
Receivable for fund shares sold		10,198			746,674			929,314
Receivable for unsettled open futures contracts		—			—			317,532
Appreciation on forward currency contracts		—			—			1,633,057
Other assets		26,241			34,238			30,563

Total Assets		107,872,111			354,941,049			504,763,968

LIABILITIES:
Depreciation on forward currency contracts		—			—			2,041,217
Variation margin on futures		—			—			799,311
Payable for collateral on securities loaned		18,881,022			58,689,441			—
Payable for investment securities purchased		—			807,315			—
Payable for fund shares redeemed		27,605			111,822			451,775
Payable for unsettled open futures contracts		—			—			1,367,563
Payable to Investment Advisor		45,015			91,614			580,861
Payable to custodian		3,808			4,597			3,992
Accrued Trustee fees and expenses		613			1,932			3,026
Accrued shareholder servicing fees		7,742			26,933			44,906
Other accrued expenses		34,077			92,103			200,830

Total Liabilities		18,999,882			59,825,757			5,493,481

NET ASSETS	$	88,872,229		$	295,115,292		$	499,270,487

NET ASSETS CONSIST OF:
Capital stock		90,688,428			343,309,057			580,560,093
Total distributable earnings (loss)		(1,816,199	)		(48,193,765	)		(81,289,606	)

Total Net Assets	$	88,872,229		$	295,115,292		$	499,270,487

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—			926			38,783
Net assets		—			8,353			331,615
Net asset value, offering and redemption price per share	$	—		$	9.021		$	8.550	³

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		8,741,423			32,883,204			60,480,801
Net assets		88,872,229			295,106,939			498,938,872
Net asset value, offering and redemption price per share	$	10.167		$	8.974		$	8.250

¹Includes loaned securities with a value of:	$	18,509,059		$	57,976,455		$	—

²Consolidated Statement of Assets & Liabilities (see Note 3b).
³Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

105

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2023


	Conservative Income Fund			Income Fund			Growth & Income Fund
ASSETS:
Investments, at value (cost $13,100,353, $56,508,939, and $113,526,011 respectively)¹	$	13,103,826		$	56,869,348		$	119,075,944
Income receivable		17,794			5,768			140,536
Receivable for dividend reclaims		—			—			1,345
Receivable for investment securities sold		—			118,251			139,831
Receivable for fund shares sold		—			404			978
Deposits with broker for futures		—			—			235,604
Variation margin on futures		—			—			84,000
Other assets		15,302			20,101			23,074

Total Assets		13,136,922			57,013,872			119,701,312

LIABILITIES:
Options written, at value (premiums received $0, $0, and $604,110)		—			—			147,980
Payable for collateral on securities loaned		1,325,946			305,100			12,585,208
Payable for investment securities purchased		—			—			162
Payable for fund shares redeemed		2,286			7,637			16,247
Payable to Investment Advisor		4,177			37,374			75,858
Payable to custodian		208			516			4,046
Payable for audit and tax fees		16,243			16,243			21,746
Payable for legal fees		546			1,257			4,745
Payable for printing and mailing fees		1,072			2,567			6,530
Payable for transfer agent fees and expenses		710			780			881
Accrued Trustee fees and expenses		82			325			595
Other accrued expenses		4,299			7,883			20,140

Total Liabilities		1,355,569			379,682			12,884,138

NET ASSETS	$	11,781,353		$	56,634,190		$	106,817,174

NET ASSETS CONSIST OF:
Capital stock		12,285,121			65,598,293			106,571,542
Total distributable earnings (loss)		(503,768	)		(8,964,103	)		245,632

Total Net Assets	$	11,781,353		$	56,634,190		$	106,817,174

Shares outstanding (unlimited shares of no par value authorized)		1,223,574			6,691,530			10,209,003
Net assets		11,781,353			56,634,190			106,817,174
Net asset value, offering and redemption price per share	$	9.629		$	8.464		$	10.463

¹Includes loaned securities with a value of:	$	1,294,782		$	299,730		$	12,472,025

See notes to financial statements.

106

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS

For the Year Ended March 31, 2023


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $2,164, $274,401, and $1,455, respectively)	$	8,965,063		$	2,175,013		$	1,516,234
Interest income		93,844			7,050			17,401

Total investment income		9,058,907			2,182,063			1,533,635

EXPENSES:
Investment advisory fees		2,414,505			303,578			553,065
Administrative service fees – Service Shares		1,329,418			126,792			241,431
Shareholder servicing fees – Service Shares		536,538			51,454			97,029
Reports to shareholders		98,142			15,375			27,819
Administration fees		95,463			30,578			38,495
Fund accounting fees		84,011			118,335			67,591
Legal fees		81,796			22,025			13,556
Trustee fees and expenses		57,640			6,123			10,711
Federal and state registration fees		41,528			36,348			37,659
Custody fees		27,044			167,553			7,515
Audit and tax fees		24,219			55,135			24,790
Transfer agent fees and expenses		14,533			5,010			5,958
Compliance fees		14,352			1,382			2,716
Insurance fees		10,616			1,277			1,640
Miscellaneous expenses		1,233			3,880			979
Interest expenses		576			4,213			—

Total expenses		4,831,614			949,058			1,130,954

Fees waived by the Advisor (See Note 4)		—			(219,516	)		—
Less securities lending credit (See Note 6)		(184,550	)		(4,973	)		(104,192	)

Net expenses		4,647,064			724,569			1,026,762

Net investment income		4,411,843			1,457,494			506,873

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments (net of foreign capital gains tax of $0, $132,550, and $0, respectively)		32,878,693			436,209			1,256,717
Foreign currencies		—			(27,581	)		—

Total		32,878,693			408,628			1,256,717

Net change in unrealized appreciation (depreciation) on:
Investments (net change in deferred foreign capital gains tax of $0, $318,693, and $0, respectively)		(99,052,414	)		(9,652,713	)		(12,936,836	)
Foreign currencies		—			12			—

Total		(99,052,414	)		(9,652,701	)		(12,936,836	)

Net realized and unrealized gain (loss)		(66,173,721	)		(9,244,073	)		(11,680,119	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,761,878	)	$	(7,786,579	)	$	(11,173,246	)

See notes to financial statements.

107

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2023


	World ex-US Fund			Core Fixed Income Fund			Growth Allocation Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $470,700, $0, and $0, respectively)	$	3,615,004		$	—		$	14,804,414
Interest income		12,331			5,928,563			252,229

Total investment income		3,627,335			5,928,563			15,056,643

EXPENSES:
Investment advisory fees		499,720			725,518			2,420,239
Administrative service fees – Service Shares		248,491			449,495			2,419,083
Shareholder servicing fees – Service Shares		99,941			181,379			968,020
Reports to shareholders		77,604			17,938			90,681
Administration fees		39,606			44,169			127,317
Fund accounting fees		112,658			203,205			112,211
Legal fees		16,302			34,165			152,096
Trustee fees and expenses		11,159			19,668			105,755
Federal and state registration fees		37,382			39,140			53,161
Custody fees		75,726			36,079			62,692
Audit and tax fees		27,082			26,330			18,220
Transfer agent fees and expenses		5,942			7,794			23,677
Compliance fees		2,686			5,073			26,992
Insurance fees		2,005			3,195			17,888
Miscellaneous expenses		914			1,028			1,264
Interest expenses		2,348			—			65,529

Total expenses		1,259,566			1,794,176			6,664,825

Fees waived by the Advisor (See Note 4)		(110,946	)		(80,939	)		—
Fees recouped by the Advisor (See Note 4)		10,557			—			—
Less securities lending credit (See Note 6)		(17,475	)		(8,271	)		(460,860	)

Net expenses		1,141,702			1,704,966			6,203,965

Net investment income		2,485,633			4,223,597			8,852,678

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		2,908,393			(14,986,790	)		(5,720,251	)
Foreign currencies		(23,973	)		—			—
Swaps		—			(383,947	)		—
Net long-term capital gain distributions received from registered investment companies		—			—			7,609,092
Futures contracts		—			2,558,042			—
Options written		—			732,170			—

Total		2,884,420			(12,080,525	)		1,888,841

Net change in unrealized depreciation on:
Investments		(9,268,827	)		(4,529,120	)		(120,272,532	)
Foreign currencies		(7,578	)		—			—
Swaps		—			(137,133	)		—
Futures contracts		—			(422,107	)		—
Options written		—			(2,867	)		—

Total		(9,276,405	)		(5,091,227	)		(120,272,532	)

Net realized and unrealized loss		(6,391,985	)		(17,171,752	)		(118,383,691	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,906,352	)	$	(12,948,155	)	$	(109,531,013	)

See notes to financial statements.

108

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2023


	Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund
INVESTMENT INCOME:
Dividend income	$	13,265,477		$	5,509,728		$	11,423,236
Interest income		111,824			5,191,121			115,010

Total investment income		13,377,301			10,700,849			11,538,246


EXPENSES:
Investment advisory fees		1,084,258			1,726,048			1,125,924
Administrative service fees – Service Shares		1,084,004			1,231,422			804,002
Shareholder servicing fees – Service Shares		433,669			492,619			321,651
Reports to shareholders		68,139			94,662			77,863
Administration fees		65,406			76,964			45,860
Fund accounting fees		55,994			61,915			44,886
Legal fees		67,390			79,376			64,598
Trustee fees and expenses		45,702			51,972			33,100
Federal and state registration fees		41,664			39,487			72,798
Custody fees		61,085			35,531			50,102
Audit and tax fees		17,422			17,438			16,401
Transfer agent fees and expenses		13,130			13,917			10,880
Compliance fees		12,026			13,734			9,922
Insurance fees		7,969			8,061			3,467
Miscellaneous expenses		1,153			1,216			1,188
Interest expenses		27,566			—			98,496

Total expenses		3,086,577			3,944,362			2,781,138

Fees waived by the Advisor (See Note 4)		(671,969	)		—			(692,243	)
Less securities lending credit (See Note 6)		(435,496	)		(64,982	)		(221,237	)

Net expenses		1,979,112			3,879,380			1,867,658

Net investment income		11,398,189			6,821,469			9,670,588

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(14,039,751	)		(33,147,870	)		(27,416,167	)
Net long-term capital gain distributions received		1,442,164			—			978,212

Total		(12,597,587	)		(33,147,870	)		(26,437,955	)

Net change in unrealized appreciation (depreciation) on:
Investments		(27,287,849	)		10,865,970			1,390,097

Total		(27,287,849	)		10,865,970			1,390,097

Net realized and unrealized gain (loss)		(39,885,436	)		(22,281,900	)		(25,047,858	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,487,247	)	$	(15,460,431	)	$	(15,377,270	)

See notes to financial statements.

109

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STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2023


	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed^{Futures Strategy Fund}¹
INVESTMENT INCOME:
Dividend income	$	3,928,801		$	8,683,146		$	—
Dividends from affiliate investments		—			356,993			—
Interest income		23,449			415,449			13,248,897

Total investment income		3,952,250			9,455,588			13,248,897

EXPENSES:
Investment advisory fees		331,962			792,628			4,574,211
Administrative service fees – Service Shares		237,116			792,609			1,088,864
Shareholder servicing fees – Service Shares		94,846			317,043			435,546
Reports to shareholders		3,330			27,919			85,143
Administration fees		14,500			41,606			62,297
Fund accounting fees		11,250			41,718			76,017
Legal fees		7,140			52,045			94,501
Trustee fees and expenses		10,178			33,486			40,458
Federal and state registration fees		35,259			43,576			78,102
Custody fees		23,686			29,361			20,420
Audit and tax fees		16,273			17,358			33,876
Transfer agent fees and expenses		4,507			10,709			12,746
Compliance fees		2,627			8,931			12,076
Insurance fees		1,858			5,292			3,801
Miscellaneous expenses		903			1,154			1,297
Interest expenses		6,960			7,121			—

Total expenses		802,395			2,222,556			6,619,355

Fees waived by the Advisor (See Note 4)		—			(308,528	)		—
Fees recouped by the Advisor (See Note 4)		—			17,224			—
Less securities lending credit (See Note 6)		(246,537	)		(338,902	)		(4,732	)

Net expenses		555,858			1,592,350			6,614,623

Net investment income		3,396,392			7,863,238			6,634,274

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(1,758,148	)		(46,890,106	)		(17,765	)
Investments in affiliates		—			(224,871	)		—
Foreign currencies		—			—			(1,096,592	)
Forward currency contracts		—			—			1,098,762
Futures contracts		—			—			12,851,862
Net long-term capital gain distributions received from registered investment companies		397,102			17,270			—
Net long-term capital gain distributions received from affiliated registered investment companies		—			362,269			—

Total		(1,361,046	)		(46,735,438	)		12,836,267

Net change in unrealized appreciation (depreciation) on:
Investments		(9,822,082	)		12,979,383			(46,891	)
Investments in affiliates		—			178,490			—
Foreign currencies		—			—			(392,787	)
Forward currency contracts		—			—			1,410,840
Futures contracts		—			—			(25,728,371	)

Total		(9,822,082	)		13,157,873			(24,757,209	)

Net realized and unrealized gain (loss)		(11,183,128	)		(33,577,565	)		(11,920,942	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,786,736	)	$	(25,714,327	)	$	(5,286,668	)

¹Consolidated Statement of Operations for the year (see Note 3b).

See notes to financial statements.

110

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STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2023


	Conservative Income Fund			Income Fund			Growth & Income Fund
INVESTMENT INCOME:
Dividend income	$	263,745		$	1,481,778		$	2,449,800
Interest income		187,573			38,359			708,474

Total investment income		451,318			1,520,137			3,158,274

EXPENSES:
Investment advisory fees		57,506			247,542			451,330
Administrative service fees		41,076			137,523			250,739
Shareholder servicing fees		116			386			901
Reports to shareholders		1,408			976			1,281
Administration fees		2,281			7,551			15,937
Fund accounting fees		2,254			6,068			14,248
Legal fees		2,550			6,998			15,302
Trustee fees and expenses		1,660			5,442			10,531
Federal and state registration fees		25,468			27,597			26,160
Custody fees		1,097			3,036			24,512
Audit and tax fees		16,256			16,257			20,787
Transfer agent fees and expenses		3,835			4,157			4,598
Compliance fees		470			1,520			2,778
Insurance fees		303			728			1,551
Miscellaneous expenses		244			305			305
Interest expenses		—			—			101,415

Total expenses		156,524			466,086			942,375

Fees waived by the Advisor (See Note 4)		(31,182	)		(18,873	)		(2,958	)
Fees recouped by the Advisor (See Note 4)		—			7,197			57,714
Less securities lending credit (See Note 6)		(20,188	)		(19,837	)		(103,380	)

Net expenses		105,154			434,573			893,751

Net investment income		346,164			1,085,564			2,264,523

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on:
Investments		(341,288	)		(6,245,008	)		(996,695	)
Options written		—			—			(1,033,354	)
Futures contracts		—			—			(1,228,020	)

Total		(341,288	)		(6,245,008	)		(3,258,069	)

Net change in unrealized appreciation (depreciation) on:
Investments		50,611			1,652,884			(1,704,056	)
Options written		—			—			(132,960	)
Futures contracts		—			—			91,575

Total		50,611			1,652,884			(1,745,441	)

Net realized and unrealized loss		(290,677	)		(4,592,124	)		(5,003,510	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	55,487		$	(3,506,560	)	$	(2,738,987	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS


	Large Cap Core Fund						Emerging Markets Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	4,411,843		$	2,272,053		$	1,457,494		$	1,217,861
Net realized gain on investment transactions		32,878,693			33,586,242			408,628			8,873,790
Net change in unrealized appreciation (depreciation) on investments		(99,052,414	)		35,262,507			(9,652,701	)		(18,511,855	)

Net increase (decrease) in net assets resulting from operations		(61,761,878	)		71,120,802			(7,786,579	)		(8,420,204	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		2,596			68,056			—			—
Shares issued to holders in reinvestment of dividends		158			11,114			—			—
Shares redeemed		(192,141	)		(532,561	)		—			—

Net decrease		(189,387	)		(453,391	)		—			—

Service Shares
Shares sold		280,903,875			184,811,275			7,279,116			12,108,881
Shares issued to holders in reinvestment of dividends		46,117,712			21,862,003			7,031,403			7,603,555
Shares redeemed		(303,253,972	)		(166,111,709	)		(25,571,030	)		(28,803,390	)

Net increase (decrease)		23,767,615			40,561,569			(11,260,511	)		(9,090,954	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		(158	)		(11,114	)		—			—
Net dividends and distributions – Service Shares		(46,117,717	)		(21,862,004	)		(7,033,679	)		(7,604,672	)

Total dividends and distributions		(46,117,875	)		(21,873,118	)		(7,033,679	)		(7,604,672	)

INCREASE (DECREASE) IN NET ASSETS		(84,301,525	)		89,355,862			(26,080,769	)		(25,115,830	)
NET ASSETS:
Beginning of year		692,145,159			602,789,297			71,780,033			96,895,863

End of year	$	607,843,634		$	692,145,159		$	45,699,264		$	71,780,033

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		95			2,293			—			—
Shares issued to holders in reinvestment of dividends		7			356			—			—
Shares redeemed		(7,078	)		(18,931	)		—			—

Net decrease		(6,976	)		(16,282	)		—			—

Service Shares
Shares sold		11,356,474			6,340,347			652,729			768,538
Shares issued to holders in reinvestment of dividends		2,051,226			710,405			702,227			522,653
Shares redeemed		(11,916,928	)		(5,674,316	)		(2,206,058	)		(1,874,588	)

Net increase (decrease)		1,490,772			1,376,436			(851,102	)		(583,397	)

See notes to financial statements.

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	Small/Mid Cap Core Fund						World ex-US Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	506,873		$	10,830		$	2,485,633		$	1,685,046
Net realized gain on investment transactions		1,256,717			7,166,955			2,884,420			6,684,551
Net change in unrealized depreciation on investments		(12,936,836	)		(6,144,525	)		(9,276,405	)		(8,039,202	)

Net increase (decrease) in net assets resulting from operations		(11,173,246	)		1,033,260			(3,906,352	)		330,395

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			151			12,233
Shares issued to holders in reinvestment of dividends		—			—			8			741
Shares redeemed		—			—			(26,154	)		(72,840	)

Net decrease		—			—			(25,995	)		(59,866	)

Service Shares
Shares sold		26,442,019			40,939,693			38,594,673			23,919,033
Shares issued to holders in reinvestment of dividends		2,058,851			12,188,589			2,939,056			1,529,269
Shares redeemed		(27,073,552	)		(27,623,574	)		(50,009,329	)		(37,238,743	)

Net increase (decrease)		1,427,318			25,504,708			(8,475,600	)		(11,790,441	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			(8	)		(741	)
Net dividends and distributions – Service Shares		(2,058,851	)		(12,188,589	)		(2,939,065	)		(1,529,272	)

Total dividends and distributions		(2,058,851	)		(12,188,589	)		(2,939,073	)		(1,530,013	)

INCREASE (DECREASE) IN NET ASSETS		(11,804,779	)		14,349,379			(15,347,020	)		(13,049,925	)
NET ASSETS:
Beginning of year		107,105,729			92,756,350			125,062,085			138,112,010

End of year	$	95,300,950		$	107,105,729		$	109,715,065		$	125,062,085

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			16			1,069
Shares issued to holders in reinvestment of dividends		—			—			1			64
Shares redeemed		—			—			(2,652	)		(6,671	)

Net decrease		—			—			(2,635	)		(5,538	)

Service Shares
Shares sold		1,544,637			1,921,507			4,197,627			2,184,015
Shares issued to holders in reinvestment of dividends		125,678			595,117			322,230			136,945
Shares redeemed		(1,586,525	)		(1,318,150	)		(5,372,342	)		(3,403,084	)

Net increase (decrease)		83,790			1,198,474			(852,485	)		(1,082,124	)

See notes to financial statements.

113

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Core Fixed Income Fund						Growth Allocation Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	4,223,597		$	2,243,841		$	8,852,678		$	8,821,839
Net realized gain (loss) on investment transactions		(12,080,525	)		(23,486	)		1,888,841			47,296,585
Net change in unrealized depreciation on investments		(5,091,227	)		(12,718,312	)		(120,272,532	)		(272,220	)

Net increase (decrease) in net assets resulting from operations		(12,948,155	)		(10,497,957	)		(109,531,013	)		55,846,204

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			25,114			366,994
Shares issued to holders in reinvestment of dividends		—			—			278			37,028
Shares redeemed		—			—			(757,103	)		(2,541,121	)

Net decrease		—			—			(731,711	)		(2,137,099	)

Service Shares
Shares sold		46,197,572			77,062,970			242,390,203			246,731,954
Shares issued to holders in reinvestment of dividends		4,263,565			4,697,207			35,500,660			32,026,349
Shares redeemed		(63,562,199	)		(54,038,488	)		(319,224,478	)		(241,243,938	)

Net increase (decrease)		(13,101,062	)		27,721,689			(41,333,615	)		37,514,365

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			(278	)		(37,028	)
Net dividends and distributions – Service Shares		(4,263,587	)		(4,697,233	)		(35,500,660	)		(32,026,349	)

Total dividends and distributions		(4,263,587	)		(4,697,233	)		(35,500,938	)		(32,063,377	)

INCREASE (DECREASE) IN NET ASSETS		(30,312,804	)		12,526,499			(187,097,277	)		59,160,093
NET ASSETS:
Beginning of year		200,560,432			188,033,933			1,137,283,035			1,078,122,942

End of year	$	170,247,628		$	200,560,432		$	950,185,758		$	1,137,283,035

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			1,652			21,781
Shares issued to holders in reinvestment of dividends		—			—			21			2,115
Shares redeemed		—			—			(50,994	)		(157,429	)

Net decrease		—			—			(49,321	)		(133,533	)

Service Shares
Shares sold		5,508,964			7,992,605			17,445,883			14,795,143
Shares issued to holders in reinvestment of dividends		519,559			488,605			2,735,028			1,846,218
Shares redeemed		(7,694,344	)		(5,603,826	)		(22,742,123	)		(14,505,542	)

Net increase (decrease)		(1,665,821	)		2,877,384			(2,561,212	)		2,135,819

See notes to financial statements.

114

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Allocation Fund						Tactical Allocation Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	11,398,189		$	9,061,342		$	6,821,469		$	1,976,066
Net realized gain (loss) on investment transactions		(12,597,587	)		9,055,589			(33,147,870	)		69,033,903
Net change in unrealized appreciation (depreciation) on investments		(27,287,849	)		(6,618,739	)		10,865,970			(22,265,126	)

Net increase (decrease) in net assets resulting from operations		(28,487,247	)		11,498,192			(15,460,431	)		48,744,843

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		6,520			142,707			42,267			128,879
Shares issued to holders in reinvestment of dividends		251			19,960			23,875			95,752
Shares redeemed		(267,848	)		(1,163,521	)		(271,333	)		(744,369	)

Net decrease		(261,077	)		(1,000,854	)		(205,191	)		(519,738	)

Service Shares
Shares sold		119,398,201			143,881,416			108,999,781			110,745,122
Shares issued to holders in reinvestment of dividends		8,621,246			17,723,039			22,530,273			49,222,037
Shares redeemed		(172,393,902	)		(106,687,033	)		(111,208,633	)		(110,078,244	)

Net increase (decrease)		(44,374,455	)		54,917,422			20,321,421			49,888,915

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		(251	)		(19,960	)		(23,875	)		(95,752	)
Net dividends and distributions – Service Shares		(8,621,246	)		(17,723,039	)		(22,530,274	)		(49,222,036	)

Total dividends and distributions		(8,621,497	)		(17,742,999	)		(22,554,149	)		(49,317,788	)

INCREASE (DECREASE) IN NET ASSETS		(81,744,276	)		47,671,761			(17,898,350	)		48,796,232
NET ASSETS:
Beginning of year		510,082,722			462,410,961			519,412,947			470,616,715

End of year	$	428,338,446		$	510,082,722		$	501,514,597		$	519,412,947

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		627			12,238			3,855			10,641
Shares issued to holders in reinvestment of dividends		25			1,726			2,263			8,163
Shares redeemed		(25,517	)		(103,371	)		(24,401	)		(63,755	)

Net decrease		(24,865	)		(89,407	)		(18,283	)		(44,951	)

Service Shares
Shares sold		11,742,067			12,598,971			10,065,407			9,337,653
Shares issued to holders in reinvestment of dividends		872,949			1,544,088			2,160,348			4,229,060
Shares redeemed		(16,915,702	)		(9,358,518	)		(10,290,244	)		(9,261,795	)

Net increase		(4,300,686	)		4,784,541			1,935,511			4,304,918

See notes to financial statements.

115

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Absolute Return Allocation Fund						Multi-Asset Income Allocation Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	9,670,588		$	4,759,974		$	3,396,392		$	3,325,148
Net realized gain (loss) on investment transactions		(26,437,955	)		1,198,754			(1,361,046	)		4,292,287
Net change in unrealized appreciation (depreciation) on investments		1,390,097			(12,428,090	)		(9,822,082	)		(3,308,389	)

Net increase (decrease) in net assets resulting from operations		(15,377,270	)		(6,469,362	)		(7,786,736	)		4,309,046

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		6,756			77,360			—			—
Shares issued to holders in reinvestment of dividends		677			7,241			—			—
Shares redeemed		(202,020	)		(316,904	)		—			—

Net decrease		(194,587	)		(232,303	)		—			—

Service Shares
Shares sold		324,648,665			91,788,044			22,572,633			19,831,921
Shares issued to holders in reinvestment of dividends		7,994,097			4,472,150			3,695,270			3,347,756
Shares redeemed		(321,055,015	)		(61,979,678	)		(37,801,710	)		(45,073,938	)

Net increase (decrease)		11,587,747			34,280,516			(11,533,807	)		(21,894,261	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		(677	)		(7,241	)		—			—
Net dividends and distributions – Service Shares		(7,994,097	)		(4,472,150	)		(3,695,270	)		(3,347,756	)

Total dividends and distributions		(7,994,774	)		(4,479,391	)		(3,695,270	)		(3,347,756	)

INCREASE (DECREASE) IN NET ASSETS		(11,978,884	)		23,099,460			(23,015,813	)		(20,932,971	)
NET ASSETS:
Beginning of year		236,232,395			213,132,935			111,888,042			132,821,013

End of year	$	224,253,511		$	236,232,395		$	88,872,229		$	111,888,042

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		709			7,268			—			—
Shares issued to holders in reinvestment of dividends		74			690			—			—
Shares redeemed		(20,721	)		(30,333	)		—			—

Net decrease		(19,938	)		(22,375	)		—			—

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		33,601,635			8,737,172			2,182,285			1,705,565
Shares issued to holders in reinvestment of dividends		870,248			424,585			369,390			285,830
Shares redeemed		(34,015,775	)		(5,853,630	)		(3,648,647	)		(3,873,950	)

Net increase (decrease)		456,108			3,308,127			(1,096,972	)		(1,882,555	)

See notes to financial statements.

116

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Flexible Income Allocation Fund						Managed Futures Strategy Fund¹
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income (loss)	$	7,863,238		$	6,467,892		$	6,634,274		$	(3,161,620	)
Net realized gain (loss) on investment transactions		(46,735,438	)		1,219,012			12,836,267			27,516,644
Net change in unrealized appreciation (depreciation) on investments		13,157,873			(17,128,034	)		(24,757,209	)		11,567,031

Net increase (decrease) in net assets resulting from operations		(25,714,327	)		(9,441,130	)		(5,286,668	)		35,922,055

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,584			1,684			366,815			86,012
Shares issued to holders in reinvestment of dividends		313			239			35,142			25,077
Shares redeemed		(1,275	)		(638	)		(203,416	)		(438,693	)

Net increase (decrease)		622			1,285			198,541			(327,604	)

Service Shares
Shares sold		122,385,834			188,621,759			498,941,528			71,484,905
Shares issued to holders in reinvestment of dividends		9,653,021			8,321,885			110,142,951			19,330,980
Shares redeemed		(149,331,897	)		(111,252,166	)		(245,996,973	)		(63,742,265	)

Net increase (decrease)		(17,293,042	)		85,691,478			363,087,506			27,073,620

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		(313	)		(239	)		(35,142	)		(25,078	)
Net dividends and distributions – Service Shares		(9,653,021	)		(8,321,884	)		(110,142,951	)		(19,330,980	)

Total dividends and distributions		(9,653,334	)		(8,322,123	)		(110,178,093	)		(19,356,058	)

INCREASE (DECREASE) IN NET ASSETS		(52,660,081	)		67,929,510			247,821,286			43,312,013
NET ASSETS:
Beginning of year		347,775,373			279,845,863			251,449,201			208,137,188

End of year	$	295,115,292		$	347,775,373		$	499,270,487		$	251,449,201

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		170			158			35,855			8,939
Shares issued to holders in reinvestment of dividends		34			22			3,755			2,894
Shares redeemed		(131	)		(59	)		(18,259	)		(45,310	)

Net increase (decrease)		73			121			21,351			(33,477	)

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		13,137,850			17,984,644			47,336,914			7,704,764
Shares issued to holders in reinvestment of dividends		1,074,891			787,857			12,187,999			2,283,366
Shares redeemed		(16,137,435	)		(10,621,780	)		(24,444,350	)		(6,994,195	)

Net increase (decrease)		(1,924,694	)		8,150,721			35,080,563			2,993,935

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

See notes to financial statements.

117

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Income Fund						Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	346,164		$	69,869		$	1,085,564		$	920,118
Net realized loss on investment transactions		(341,288	)		(92,583	)		(6,245,008	)		(2,118,319	)
Net change in unrealized appreciation (depreciation) on investments		50,611			(102,101	)		1,652,884			(1,507,377	)

Net increase (decrease) in net assets resulting from operations		55,487			(124,815	)		(3,506,560	)		(2,705,578	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		14,707,129			6,864,164			24,537,832			14,999,784
Shares issued to holders in reinvestment of dividends		333,851			76,343			1,084,689			918,443
Shares redeemed		(13,893,111	)		(11,753,692	)		(8,867,473	)		(5,855,535	)

Net increase (decrease)		1,147,869			(4,813,185	)		16,755,048			10,062,692

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(333,852	)		(76,343	)		(1,084,689	)		(918,444	)

Total dividends and distributions		(333,852	)		(76,343	)		(1,084,689	)		(918,444	)

INCREASE (DECREASE) IN NET ASSETS		869,504			(5,014,343	)		12,163,799			6,438,670
NET ASSETS:
Beginning of year		10,911,849			15,926,192			44,470,391			38,031,721

End of year	$	11,781,353		$	10,911,849		$	56,634,190		$	44,470,391

CHANGES IN SHARES OUTSTANDING
Shares sold		1,509,965			692,076			2,760,584			1,509,807
Shares issued to holders in reinvestment of dividends		34,676			7,690			127,816			92,304
Shares redeemed		(1,437,264	)		(1,186,080	)		(1,028,707	)		(592,617	)

Net increase (decrease)		107,377			(486,314	)		1,859,693			1,009,494

See notes to financial statements.

118

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Growth & Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022
OPERATIONS:
Net investment income	$	2,264,523		$	985,853
Net realized gain (loss) on investment transactions		(3,258,069	)		3,574,209
Net change in unrealized appreciation (depreciation) on investments		(1,745,441	)		2,729,306

Net increase (decrease) in net assets resulting from operations		(2,738,987	)		7,289,368

CAPITAL SHARE TRANSACTIONS:
Shares sold		27,064,823			33,406,696
Shares issued to holders in reinvestment of dividends		2,147,781			15,108,720
Shares redeemed		(34,342,235	)		(10,695,867	)

Net increase (decrease)		(5,129,631	)		37,819,549

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(2,147,781	)		(15,108,720	)

Total dividends and distributions		(2,147,781	)		(15,108,720	)

INCREASE (DECREASE) IN NET ASSETS		(10,016,399	)		30,000,197
NET ASSETS:
Beginning of year		116,833,573			86,833,376

End of year	$	106,817,174		$	116,833,573

CHANGES IN SHARES OUTSTANDING
Shares sold		2,586,598			2,763,459
Shares issued to holders in reinvestment of dividends		208,178			1,297,682
Shares redeemed		(3,184,948	)		(894,613	)

Net increase (decrease)		(390,172	)		3,166,528

See notes to financial statements.

119

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$29.278			$27.015			$16.348			$18.650			$17.755
Income from investment operations:
Net investment income¹		0.101			0.194			0.195			0.234			0.175
Net realized and unrealized gains (losses) on investments		(2.770	)		3.110			10.688			(2.234	)		1.194

Total from investment operations		(2.669	)		3.304			10.883			(2.000	)		1.369

Less distributions:
Distributions from net investment income		(0.230	)		(0.234	)		(0.216	)		(0.116	)		(0.191	)
Distributions from net realized gains		(2.142	)		(0.807	)		—			(0.186	)		(0.283	)

Total distributions		(2.372	)		(1.041	)		(0.216	)		(0.302	)		(0.474	)

Net asset value, end of year		$24.237			$29.278			$27.015			$16.348			$18.650

Total return		(8.62)%			11.99%			66.66%			(11.07)%			8.09%
Supplemental data and ratios:
Net assets, end of year		$1,810			$206,440			$630,350			$479,829			$538,016
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		0.53%			0.55%			0.56%			0.59%			0.63%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.52%			0.54%			0.51%			0.56%			0.60%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.35%			0.64%			0.80%			1.16%			0.91%
After expense reimbursement (recapture) and securities lending credit		0.36%			0.65%			0.85%			1.19%			0.94%
Portfolio turnover rate		46.39%			25.18%			34.13%			28.54%			45.31%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00% respectively.

See notes to financial statements.

120

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$28.797			$26.584			$16.106			$18.401			$17.503
Income from investment operations:
Net investment income¹		0.205			0.096			0.059			0.114			0.073
Net realized and unrealized gains (losses) on investments		(2.879	)		3.045			10.515			(2.202	)		1.184

Total from investment operations		(2.674	)		3.141			10.574			(2.088	)		1.257

Less distributions:
Distributions from net investment income		(0.161	)		(0.121	)		(0.096	)		(0.021	)		(0.076	)
Distributions from net realized gains		(2.142	)		(0.807	)		—			(0.186	)		(0.283	)

Total distributions		(2.303	)		(0.928	)		(0.096	)		(0.207	)		(0.359	)

Net asset value, end of year		$23.820			$28.797			$26.584			$16.106			$18.401

Total return		(8.81)%			11.59%			65.69%			(11.59)%			7.47%
Supplemental data and ratios:
Net assets, end of year		$607,841,824			$691,938,719			$602,158,947			$326,952,939			$332,500,169
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		0.90%			0.89%			1.15%			1.18%			1.22%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.87%			0.89%			1.10%			1.14%			1.19%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.79%			0.33%			0.21%			0.55%			0.37%
After expense reimbursement (recapture) and securities lending credit		0.82%			0.33%			0.26%			0.59%			0.40%
Portfolio turnover rate		46.39%			25.18%			34.13%			28.54%			45.31%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

121

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Emerging Markets Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$13.573			$16.502			$10.516			$13.278			$17.063
Income from investment operations:
Net investment income¹		0.324			0.214			0.049			0.175			0.109
Net realized and unrealized gains (losses) on investments		(1.870	)		(1.727	)		5.968			(2.690	)		(2.028	)

Total from investment operations		(1.546	)		(1.513	)		6.017			(2.515	)		(1.919	)

Less distributions:
Distributions from net investment income		(0.486	)		(0.258	)		(0.031	)		(0.247	)		(1.196	)
Distributions from net realized gains		(1.242	)		(1.158	)		—			—			(0.670	)

Total distributions		(1.728	)		(1.416	)		(0.031	)		(0.247	)		(1.866	)

Net asset value, end of year		$10.299			$13.573			$16.502			$10.516			$13.278

Total return		(11.02)%			(9.75)%			57.85%³			(19.40)%			(10.05)%
Supplemental data and ratios:
Net assets, end of year		$45,699,264			$71,780,033			$96,895,863			$64,153,851			$85,623,549
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.84%			1.40%			1.55%			1.79%			1.69%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.40%			1.39%			1.64%			1.65%			1.66%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		2.39%			1.32%			0.43%			1.20%			0.72%
After expense reimbursement (recapture) and securities lending credit		2.83%			1.33%			0.34%			1.34%			0.75%
Portfolio turnover rate		43.50%			47.80%			58.36%			42.60%			47.18%

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

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

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).

See notes to financial statements.

122

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Small/Mid Cap Core Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$19.122			$21.067			$10.765			$14.385			$14.908
Income from investment operations:
Net investment income (loss)¹		0.089			0.002			(0.040	)		(0.007	)		(0.022	)
Net realized and unrealized gains (losses) on investments		(2.074	)		0.447			10.720			(3.393	)		0.348

Total from investment operations		(1.985	)		0.449			10.680			(3.400	)		0.326

Less distributions:
Distributions from net investment income		(0.063	)		(0.046	)		(0.024	)		(0.016	)		—
Distributions from net realized gains		(0.311	)		(2.348	)		(0.354	)		(0.204	)		(0.849	)

Total distributions		(0.374	)		(2.394	)		(0.378	)		(0.220	)		(0.849	)

Net asset value, end of year		$16.763			$19.122			$21.067			$10.765			$14.385

Total return		(10.34)%			1.38%			99.76%			(24.10)%			2.99%
Supplemental data and ratios:
Net assets, end of year		$95,300,950			$107,105,729			$92,756,350			$52,904,611			$63,904,945
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.17%			1.17%			1.46%			1.50%			1.56%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.06%			1.14%			1.31%			1.39%			1.45%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.41%			(0.03)%			(0.40)%			(0.16)%			(0.25)%
After expense reimbursement (recapture) and securities lending credit		0.52%			0.01%			(0.25)%			(0.05)%			(0.14)%
Portfolio turnover rate		24.59%			36.38%			37.81%			26.54%			39.01%

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

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

123

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.611			$10.768			$7.537			$9.100			$9.759
Income from investment operations:
Net investment income¹		0.327			0.158			0.125			0.222			0.194
Net realized and unrealized gains (losses) on investments		(0.581	)		(0.136	)		3.386			(1.610	)		(0.680	)

Total from investment operations		(0.254	)		0.022			3.511			(1.388	)		(0.486	)

Less distributions:
Distributions from net investment income		(0.257	)		(0.179	)		(0.280	)		(0.175	)		(0.173	)
Distributions from net realized gains		(0.072	)		—			—			—			—

Total distributions		(0.329	)		(0.179	)		(0.280	)		(0.175	)		(0.173	)

Net asset value, end of year		$10.028			$10.611			$10.768			$7.537			$9.100

Total return		(2.18)%			0.08%			46.72%			(15.69)%			(4.79)%
Supplemental data and ratios:
Net assets, end of year		$269			$28,243			$88,302			$78,232			$534,233
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		0.76%			0.89%			0.79%			0.77%			0.80%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.79%			0.79%			0.79%			0.79%			0.79%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		3.23%			1.29%			1.30%			2.43%			2.04%
After expense reimbursement (recapture) and securities lending credit		3.20%			1.39%			1.30%			2.41%			2.05%
Portfolio turnover rate		54.13%			33.89%			46.15%			25.52%			59.18%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

124

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.306			$10.445			$7.303			$8.856			$9.507
Income from investment operations:
Net investment income¹		0.229			0.131			0.081			0.142			0.121
Net realized and unrealized gains (losses) on investments		(0.526	)		(0.150	)		3.263			(1.538	)		(0.643	)

Total from investment operations		(0.297	)		(0.019	)		3.344			(1.396	)		(0.522	)

Less distributions:
Distributions from net investment income		(0.210	)		(0.120	)		(0.202	)		(0.157	)		(0.129	)
Distributions from net realized gains		(0.072	)		—			—			—			—

Total distributions		(0.282	)		(0.120	)		(0.202	)		(0.157	)		(0.129	)

Net asset value, end of year		$9.727			$10.306			$10.445			$7.303			$8.856

Total return		(2.70)%			(0.27)%			45.89%			(16.16)%			(5.36)%
Supplemental data and ratios:
Net assets, end of year		$109,714,796			$125,033,842			$138,023,708			$110,561,165			$216,435,566
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.26%			1.25%			1.38%			1.36%			1.40%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.14%			1.14%			1.37%			1.35%			1.39%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		2.37%			1.08%			0.88%			1.58%			1.32%
After expense reimbursement (recapture) and securities lending credit		2.49%			1.19%			0.89%			1.59%			1.33%
Portfolio turnover rate		54.13%			33.89%			46.15%			25.52%			59.18%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

125

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Core Fixed Income Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$9.009			$9.700			$9.798			$9.270			$9.131
Income from investment operations:
Net investment income¹		0.194			0.110			0.112			0.170			0.176
Net realized and unrealized gains (losses) on investments		(0.740	)		(0.571	)		0.141³			0.490			0.144

Total from investment operations		(0.546	)		(0.461	)		0.253			0.660			0.320

Less distributions:
Distributions from net investment income		(0.197	)		(0.124	)		(0.184	)		(0.108	)		(0.181	)
Distributions from net realized gains		—			(0.106	)		(0.167	)		(0.024	)		—

Total distributions		(0.197	)		(0.230	)		(0.351	)		(0.132	)		(0.181	)

Net asset value, end of year		$8.266			$9.009			$9.700			$9.798			$9.270

Total return		(6.02)%			(4.88)%			2.47%			7.16%			3.57%
Supplemental data and ratios:
Net assets, end of year		$170,247,628			$200,560,432			$188,033,933			$135,386,961			$132,792,238
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		0.99%			0.99%			1.28%			1.29%			1.34%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.94%			0.94%			1.19%			1.19%			1.19%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		2.28%			1.09%			1.01%			1.67%			1.80%
After expense reimbursement (recapture) and securities lending credit		2.33%			1.14%			1.10%			1.77%			1.95%
Portfolio turnover rate		252.14%			263.72%			283.45%			278.67%			239.11%

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

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

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.

126

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth Allocation Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$16.192			$15.776			$10.139			$11.553			$11.534
Income from investment operations:
Net investment income¹		(0.023	)		0.168			0.140			0.199			0.227
Net realized and unrealized gains (losses) on investments		(1.597	)⁵		0.751			5.843			(1.407	)		(0.003)⁵

Total from investment operations		(1.620	)		0.919			5.983			(1.208	)		0.224

Less distributions:
Distributions from net investment income		(0.066	)		(0.173	)		(0.147	)		(0.206	)		(0.193	)
Distributions from net realized gains		(0.506	)		(0.330	)		(0.199	)		—			(0.012	)

Total distributions		(0.572	)		(0.503	)		(0.346	)		(0.206	)		(0.205	)

Net asset value, end of year		$14.000			$16.192			$15.776			$10.139			$11.553

Total return		(9.75)%			5.59%			59.19%			(10.82)%			2.22%
Supplemental data and ratios:
Net assets, end of year		$7,255			$806,977			$2,892,788			$4,402,611			$5,450,557
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.33%			0.33%			0.34%			0.38%			0.40%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.28%			0.29%			0.30%			0.33%			0.35%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		(0.20)%			0.96%			0.99%			1.60%			1.92%
After expense reimbursement (recapture) and securities lending credit		(0.15)%			1.00%			1.03%			1.65%			1.97%
Portfolio turnover rate		22.84%			17.09%			39.58%			37.80%			53.89%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

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

See notes to financial statements.

127

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$16.029			$15.636			$10.062			$11.477			$11.458
Income from investment operations:
Net investment income¹		0.127			0.126			0.064			0.128			0.160
Net realized and unrealized gains (losses) on investments		(1.718	)		0.726			5.780			(1.402	)		0.003⁵

Total from investment operations		(1.591	)		0.852			5.844			(1.274	)		0.163

Less distributions:
Distributions from net investment income		(0.028	)		(0.129	)		(0.072	)		(0.141	)		(0.132	)
Distributions from net realized gains		(0.506	)		(0.330	)		(0.198	)		—			(0.012	)

Total distributions		(0.534	)		(0.459	)		(0.270	)		(0.141	)		(0.144	)

Net asset value, end of year		$13.904			$16.029			$15.636			$10.062			$11.477

Total return		(9.69)%			5.22%			58.23%			(11.35)%			1.61%
Supplemental data and ratios:
Net assets, end of year		$950,178,503			$1,136,476,058			$1,075,230,154			$739,949,997			$788,314,442
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.69%			0.68%			0.94%			0.97%			1.00%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.64%			0.64%			0.90%			0.93%			0.95%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.87%			0.71%			0.44%			1.03%			1.35%
After expense reimbursement (recapture) and securities lending credit		0.92%			0.75%			0.48%			1.07%			1.40%
Portfolio turnover rate		22.84%			17.09%			39.58%			37.80%			53.89%

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 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

⁴

⁵

See notes to financial statements.

128

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Allocation Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$11.071			$11.164			$9.204			$9.677			$9.538
Income from investment operations:
Net investment income¹		0.272			0.247			0.262			0.288			0.255
Net realized and unrealized gains (losses) on investments		(0.829	)		0.101			1.978			(0.491	)		0.104

Total from investment operations		(0.557	)		0.348			2.240			(0.203	)		0.359

Less distributions:
Distributions from net investment income		(0.215	)		(0.246	)		(0.244	)		(0.270	)		(0.205	)
Distributions from net realized gains		(0.039	)		(0.195	)		(0.036	)		—			(0.015	)

Total distributions		(0.254	)		(0.441	)		(0.280	)		(0.270	)		(0.220	)

Net asset value, end of year		$10.260			$11.071			$11.164			$9.204			$9.677

Total return		(4.97)%			2.95%			24.42%			(2.41)%			3.97%
Supplemental data and ratios:
Net assets, end of year		$10,563			$286,674			$1,287,200			$1,713,169			$2,268,382
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.33%			0.35%			0.36%			0.40%			0.42%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.10%			0.10%			0.10%			0.10%			0.10%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		2.33%			1.89%			2.22%			2.57%			2.35%
After expense reimbursement (recapture) and securities lending credit		2.56%			2.14%			2.48%			2.87%			2.67%
Portfolio turnover rate		48.39%			28.28%			38.17%			58.96%			69.19%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

129

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.978			$11.070			$9.137			$9.617			$9.482
Income from investment operations:
Net investment income¹		0.266			0.207			0.199			0.226			0.196
Net realized and unrealized gains (losses) on investments		(0.865	)		0.098			1.959			(0.490	)		0.107

Total from investment operations		(0.599	)		0.305			2.158			(0.264	)		0.303

Less distributions:
Distributions from net investment income		(0.175	)		(0.202	)		(0.189	)		(0.216	)		(0.153	)
Distributions from net realized gains		(0.039	)		(0.195	)		(0.036	)		—			(0.015	)

Total distributions		(0.214	)		(0.397	)		(0.225	)		(0.216	)		(0.168	)

Net asset value, end of year		$10.165			$10.978			$11.070			$9.137			$9.617

Total return		(5.39)%			2.60%			23.67%			(2.99)%			3.35%
Supplemental data and ratios:
Net assets, end of year		$428,327,883			$509,796,048			$461,123,761			$314,935,864			$337,130,990
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.71%			0.70%			0.96%			0.99%			1.02%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.45%			0.45%			0.70%			0.70%			0.70%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		2.37%			1.56%			1.64%			1.98%			1.75%
After expense reimbursement (recapture) and securities lending credit		2.63%			1.81%			1.90%			2.27%			2.07%
Portfolio turnover rate		48.39%			28.28%			38.17%			58.96%			69.19%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

130

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Tactical Allocation Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$11.499			$11.487			$10.019			$10.962			$10.950
Income from investment operations:
Net investment income¹		0.183			0.088			0.073			0.129			0.138
Net realized and unrealized gains (losses) on investments		(0.485	)		1.167			1.958			(0.517	)		0.408

Total from investment operations		(0.302	)		1.255			2.031			(0.388	)		0.546

Less distributions:
Distributions from net investment income		—			(0.101	)		(0.051	)		(0.108	)		(0.128	)
Distributions from net realized gains		(0.500	)		(1.142	)		(0.512	)		(0.447	)		(0.406	)

Total distributions		(0.500	)		(1.243	)		(0.563	)		(0.555	)		(0.534	)

Net asset value, end of year		$10.697			$11.499			$11.487			$10.019			$10.962

Total return		(2.56)%			10.71%			20.69%			(4.27)%			5.59%
Supplemental data and ratios:
Net assets, end of year		$539,126			$789,761			$1,305,328			$1,553,075			$1,506,030
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.45%			0.46%			0.47%			0.50%			0.51%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.44%			0.43%			0.45%			0.46%			0.43%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.66%			0.70%			0.65%			1.10%			1.15%
After expense reimbursement (recapture) and securities lending credit		1.67%			0.73%			0.67%			1.14%			1.23%
Portfolio turnover rate		248.27%			406.19%			443.30%			500.28%			336.60%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

131

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Tactical Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$11.400			$11.394			$9.960			$10.919			$10.907
Income from investment operations:
Net investment income¹		0.149			0.047			0.010			0.061			0.074
Net realized and unrealized gains (losses) on investments		(0.486	)		1.154			1.941			(0.515	)		0.410

Total from investment operations		(0.337	)		1.201			1.951			(0.454	)		0.484

Less distributions:
Distributions from net investment income		—			(0.053	)		(0.005	)		(0.058	)		(0.066	)
Distributions from net realized gains		(0.500	)		(1.142	)		(0.512	)		(0.447	)		(0.406	)

Total distributions		(0.500	)		(1.195	)		(0.517	)		(0.505	)		(0.472	)

Net asset value, end of year		$10.563			$11.400			$11.394			$9.960			$10.919

Total return		(2.90)%			10.32%			19.96%			(4.83)%			4.96%
Supplemental data and ratios:
Net assets, end of year		$500,975,471			$518,623,186			$469,311,387			$323,199,482			$341,839,666
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.80%			0.81%			1.07%			1.10%			1.11%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.79%			0.78%			1.05%			1.06%			1.03%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.37%			0.36%			0.07%			0.50%			0.58%
After expense reimbursement (recapture) and securities lending credit		1.38%			0.39%			0.09%			0.54%			0.66%
Portfolio turnover rate		248.27%			406.19%			443.30%			500.28%			336.60%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

132

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.053			$10.554			$10.005			$10.402			$10.335
Income from investment operations:
Net investment income¹		0.346			0.267			0.256			0.329			0.346
Net realized and unrealized gains (losses) on investments		(0.775	)		(0.516	)		0.638²			(0.367	)		(0.003)²

Total from investment operations		(0.429	)		(0.249	)		0.894			(0.038	)		0.343

Less distributions:
Distributions from net investment income		(0.252	)		(0.252	)		(0.345	)		(0.359	)		(0.276	)

Total distributions		(0.252	)		(0.252	)		(0.345	)		(0.359	)		(0.276	)

Net asset value, end of year		$9.372			$10.053			$10.554			$10.005			$10.402

Total return		(4.21)%			(2.46)%			8.92%			(0.53)%			3.43%
Supplemental data and ratios:
Net assets, end of year		$26,541			$228,905			$476,449			$1,133,623			$667,898
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.50%			0.47%			0.49%			0.50%			0.51%
After expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.22%			0.20%			0.21%			0.21%			0.20%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.31%			2.26%			2.15%			2.82%			3.04%
After expense reimbursement (recapture) and securities lending credit		3.59%			2.53%			2.43%			3.11%			3.35%
Portfolio turnover rate		152.99%			27.64%			65.03%			161.00%			146.82%

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.

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.

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 5 in the Notes to the Financial Statements. Interest expense was 0.02%, 0.00%, 0.01%, 0.01% and 0.00%, respectively.

⁵

See notes to financial statements.

133

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.080			$10.578			$10.010			$10.402			$10.348
Income from investment operations:
Net investment income¹		0.286			0.227			0.195			0.266			0.283
Net realized and unrealized gains (losses) on investments		(0.750	)		(0.515	)		0.634⁵			(0.368	)		(0.001)⁵

Total from investment operations		(0.464	)		(0.288	)		0.829			(0.102	)		0.282

Less distributions:
Distributions from net investment income		(0.222	)		(0.210	)		(0.261	)		(0.290	)		(0.228	)

Total distributions		(0.222	)		(0.210	)		(0.261	)		(0.290	)		(0.228	)

Net asset value, end of year		$9.394			$10.080			$10.578			$10.010			$10.402

Total return		(4.56)%			(2.80)%			8.26%			(1.11)%			2.81%
Supplemental data and ratios:
Net assets, end of year		$224,226,970			$236,003,490			$212,656,486			$391,177,265			$312,866,645
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.86%			0.82%			1.09%			1.10%			1.11%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.58%			0.55%			0.81%			0.81%			0.80%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		2.73%			1.87%			1.57%			2.22%			2.44%
After expense reimbursement (recapture) and securities lending credit		3.01%			2.14%			1.85%			2.51%			2.75%
Portfolio turnover rate		152.99%			27.64%			65.03%			161.00%			146.82%

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.

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 5 in the Notes to the Financial Statements. Interest expense was 0.03%, 0.00%, 0.01%, 0.01% and 0.00%, respectively.

⁴

⁵

See notes to financial statements.

134

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Multi-Asset Income Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$11.373			$11.332			$9.056			$10.660			$10.603
Income from investment operations:
Net investment income¹		0.370			0.313			0.270			0.344			0.358
Net realized and unrealized gains (losses) on investments		(1.169	)		0.044			2.272			(1.632	)		0.062

Total from investment operations		(0.799	)		0.357			2.542			(1.288	)		0.420

Less distributions:
Distributions from net investment income		(0.407	)		(0.316	)		(0.266	)		(0.313	)		(0.363	)
Distributions from net realized gains		—			—			—			(0.003	)		—

Total distributions		(0.407	)		(0.316	)		(0.266	)		(0.316	)		(0.363	)

Net asset value, end of year		$10.167			$11.373			$11.332			$9.056			$10.660

Total return		(6.92)%			3.09%			28.42%			(12.53)%			4.13%
Supplemental data and ratios:
Net assets, end of year		$88,872,229			$111,888,042			$132,821,013			$112,044,753			$132,260,092
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.85%			0.84%			1.09%			1.12%			1.15%
After expense reimbursement (recapture) and securities lending creditincluding interest expense³		0.59%			0.70%			0.96%			0.92%			0.82%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		3.32%			2.55%			2.48%			2.99%			3.08%
After expense reimbursement (recapture) and securities lending credit		3.58%			2.69%			2.61%			3.19%			3.41%
Portfolio turnover rate		65.66%			24.21%			73.27%			85.15%			44.77%

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 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

135

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.080			$10.582			$9.368			$9.422			$9.577
Income from investment operations:
Net investment income¹		0.270			0.254			0.511			0.391			0.426
Net realized and unrealized gains (losses) on investments		(0.971	)		(0.453	)		0.989²			(0.076)²			(0.183	)

Total from investment operations		(0.701	)		(0.199	)		1.500			0.315			0.243

Less distributions:
Distributions from net investment income		(0.291	)		(0.236	)		(0.286	)		(0.369	)		(0.398	)
Distributions from net realized gains		(0.067	)		(0.067	)		—			—			—

Total distributions		(0.358	)		(0.303	)		(0.286	)		(0.369	)		(0.398	)

Net asset value, end of year		$9.021			$10.080			$10.582			$9.368			$9.422

Total return		(6.92)%			(2.02)%			16.10%			3.38%			2.58%
Supplemental data and ratios:
Net assets, end of year		$8,353			$8,598			$7,747			$34,154			$26,280
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.30%			0.30%			0.37%			0.45%			0.56%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.15%			0.15%			0.15%			0.15%			0.16%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		2.74%			2.24%			4.84%			3.81%			4.07%
After expense reimbursement (recapture) and securities lending credit		2.89%			2.39%			5.06%			4.11%			4.47%
Portfolio turnover rate		483.66%			195.55%			211.84%			517.05%			380.48%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

⁵

See notes to financial statements.

136

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$9.991			$10.497			$9.304			$9.366			$9.525
Income from investment operations:
Net investment income¹		0.230			0.213			0.250			0.331			0.361
Net realized and unrealized gains (losses) on investments		(0.960	)		(0.445	)		1.175²			(0.076	)²		(0.173	)

Total from investment operations		(0.730	)		(0.232	)		1.425			0.255			0.188

Less distributions:
Distributions from net investment income		(0.220	)		(0.207	)		(0.232	)		(0.317	)		(0.347	)
Distributions from net realized gains		(0.067	)		(0.067	)		—			—			—

Total distributions		(0.287	)		(0.274	)		(0.232	)		(0.317	)		(0.347	)

Net asset value, end of year		$8.974			$9.991			$10.497			$9.304			$9.366

Total return		(7.27)%			(2.33)%			15.38%			2.76%			2.00%
Supplemental data and ratios:
Net assets, end of year		$295,106,939			$347,766,775			$279,838,116			$98,516,379			$59,741,077
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.70%			0.70%			0.99%			1.05%			1.15%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.50%			0.50%			0.75%			0.75%			0.77%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		2.28%			1.83%			2.17%			3.20%			3.45%
After expense reimbursement (recapture) and securities lending credit		2.48%			2.03%			2.41%			3.50%			3.83%
Portfolio turnover rate		483.66%			195.55%			211.84%			517.05%			380.48%

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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.02%, respectively.

⁵

See notes to financial statements.

137

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Institutional
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$10.136			$9.504			$8.813			$8.067			$8.665
Income from investment operations:
Net investment income (loss)¹		0.241			(0.106	)		(0.084	)		0.063			0.081
Net realized and unrealized gains (losses) on investments		0.557	³		1.607			1.079			1.097			(0.679	)

Total from investment operations		0.798			1.501			0.995			1.160			(0.598	)

Less distributions:
Distributions from net investment income		(1.085	)		(0.262	)		—			(0.131	)		—
Distributions from net realized gains		(1.299	)		(0.607	)		(0.304	)		(0.283	)		—

Total distributions		(2.384	)		(0.869	)		(0.304	)		(0.414	)		—

Net asset value, end of year		$8.550			$10.136			$9.504			$8.813			$8.067

Total return		5.85%			17.34%			11.46%			14.70%			(6.90)%
Supplemental data and ratios:
Net assets, end of year		$331,615			$176,686			$483,785			$1,220,564			$961,919
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.21%			1.19%			1.21%			1.25%			1.27%
After expense reimbursement (recapture) and fees waived including interest expense²		1.21%			1.19%			1.29%			1.30%			1.30%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		2.52%			(1.12)%			(0.87)%			0.79%			1.03%
After expense reimbursement (recapture) and fees waived		2.52%			(1.12)%			(0.95)%			0.74%			1.00%
Portfolio turnover rate		0.00%			0.00%			0.00%			0.00%			0.00%

Portfolio Turnover is calculated for the Fund as a whole.

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

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

138

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Service
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended 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		$9.893			$9.268			$8.648			$7.914			$8.551
Income from investment operations:
Net investment income (loss)¹		0.160			(0.136	)		(0.129	)		0.011			0.035
Net realized and unrealized gains (losses) on investments		0.542	³		1.570			1.053			1.077			(0.672	)

Total from investment operations		0.702			1.434			0.924			1.088			(0.637	)

Less distributions:
Distributions from net investment income		(1.046	)		(0.202	)		—			(0.071	)		—
Distributions from net realized gains		(1.299	)		(0.607	)		(0.304	)		(0.283	)		—

Total distributions		(2.345	)		(0.809	)		(0.304	)		(0.354	)		—

Net asset value, end of year		$8.250			$9.893			$9.268			$8.648			$7.914

Total return		5.04%			16.94%			10.84%			14.03%			(7.45)%
Supplemental data and ratios:
Net assets, end of year		$498,938,872			$251,272,515			$207,653,403			$221,868,264			$156,397,141
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.52%			1.54%			1.80%			1.85%			1.87%
After expense reimbursement (recapture) and fees waived including interest expense²		1.52%			1.54%			1.81%			1.90%			1.90%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		1.52%			(1.47)%			(1.47)%			0.18%			0.47%
After expense reimbursement (recapture) and fees waived		1.52%			(1.47)%			(1.48)%			0.13%			0.44%
Portfolio turnover rate		0.00%			0.00%			0.00%			0.00%			0.00%

Portfolio Turnover is calculated for the Fund as a whole.

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

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See notes to financial statements.

139

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			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 period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.776			$9.938			$9.899			$9.987			$10.000
Income from investment operations:
Net investment income²		0.204			0.049			0.029			0.177			0.153
Net realized and unrealized gains (losses) on investments		(0.136	)		(0.159	)		0.044			(0.092	)		(0.020)⁷

Total from investment operations		0.068			(0.110	)		0.073			0.085			0.133

Less distributions:
Distributions from net investment income		(0.215	)		(0.052	)		(0.034	)		(0.173	)		(0.144	)
Distributions from net realized gains		—			—			—			—			(0.002	)

Total distributions		(0.215	)		(0.052	)		(0.034	)		(0.173	)		(0.146	)

Net asset value, end of period/year		$9.629			$9.776			$9.938			$9.899			$9.987

Total return		0.71%			(1.12)%			0.74%			0.85%			1.34%³
Supplemental data and ratios:
Net assets, end of period/year		$11,781,353			$10,911,849			$15,926,192			$6,724,818			$973,527
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.95%			1.06%			1.14%			2.23%			43.40%⁵
After expense reimbursement (recapture) and securities lending credit		0.64%			0.64%			0.64%			0.64%			0.64%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		1.81%			0.08%			(0.20)%			0.18%			(41.09)%⁵
After expense reimbursement (recapture) and fees waived		2.12%			0.50%			0.30%			1.77%			1.67%⁵
Portfolio turnover rate		398.32%			161.18%			190.65%			190.99%			388.79%³

Commencement of operations.

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

140

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			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 period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.204			$9.950			$9.857			$9.892			$10.000
Income from investment operations:
Net investment income²		0.169			0.208			0.186			0.284			0.079
Net realized and unrealized gains (losses) on investments		(0.742	)		(0.745	)		0.090⁷			(0.048)⁷			0.016⁷

Total from investment operations		(0.573	)		(0.537	)		0.276			0.236			0.095

Less distributions:
Distributions from net investment income		(0.167	)		(0.209	)		(0.183	)		(0.266	)		(0.203	)
Distributions from net realized gains		—			—			—			(0.005	)		—

Total distributions		(0.167	)		(0.209	)		(0.183	)		(0.271	)		(0.203	)

Net asset value, end of period/year		$8.464			$9.204			$9.950			$9.857			$9.892

Total return		(6.21)%			(5.53)%			2.79%			2.34%			0.99%³
Supplemental data and ratios:
Net assets, end of period/year		$56,634,190			$44,470,391			$38,031,721			$32,494,874			$3,619,628
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.85%			0.88%			0.92%			1.18%			16.23%⁵
After expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.79%			0.79%			0.80%			0.79%			0.79%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		1.91%			2.02%			1.73%			2.39%			(14.57)%⁵
After expense reimbursement (recapture) and fees waived		1.97%			2.11%			1.85%			2.79%			0.87%⁵
Portfolio turnover rate		300.76%			222.96%			194.13%			247.58%			801.50%³

Commencement of operations.

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

⁸

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.01%, 0.00% and 0.00%, respectively.

See notes to financial statements.

141

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth & Income Fund
	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			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 period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$11.023			$11.683			$8.717			$9.772			$10.000
Income from investment operations:
Net investment income²		0.236			0.110			0.134			0.189			0.331
Net realized and unrealized gains (losses) on investments		(0.575	)		0.888			2.959			(1.094	)		(0.320)⁷

Total from investment operations		(0.339	)		0.998			3.093			(0.905	)		0.011

Less distributions:
Distributions from net investment income		(0.221	)		(0.139	)		(0.127	)		(0.146	)		(0.239	)
Distributions from net realized gains		—			(1.519	)		—			(0.004	)		—

Total distributions		(0.221	)		(1.658	)		(0.127	)		(0.150	)		(0.239	)

Net asset value, end of period/year		$10.463			$11.023			$11.683			$8.717			$9.772

Total return		(3.02)%			7.90%			35.67%			(9.45)%			0.14%³
Supplemental data and ratios:
Net assets, end of period/year		$106,817,174			$116,833,573			$86,833,376			$33,927,659			$4,519,060
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.94%			0.87%			0.95%			1.34%			27.58%⁵
After expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.89%			0.81%			0.80%			0.79%			0.79%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		2.21%			0.86%			1.13%			1.34%			(23.11)%⁵
After expense reimbursement (recapture) and fees waived		2.26%			0.92%			1.28%			1.89%			3.68%⁵
Portfolio turnover rate		73.19%			174.37%			108.96%			159.34%			123.50%³

Commencement of operations.

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

⁸

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.10%, 0.02%, 0.01%, 0.00% and 0.00%, respectively.

See notes to financial statements.

142

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2023

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 5 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. GPS Funds II is comprised of the following 10 funds: GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePathMulti-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePathManaged 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. 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 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 GuidePathMulti-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePathManaged 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 year end; any share activity related to those classes is presented in the Statements 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 Absolute Return Allocation Fund, GuidePathMulti-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

The Funds value their investments at fair value. 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. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

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 in accordance

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with the requirements of Rule 2a-5. The Board designated the Advisor as Valuation Designee of the Trusts. The Valuation Designee has established a Valuation Committee to oversee the implementation of the valuation procedures on behalf of the Funds.

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 (including equity securities, open-end investment companies, and futures contracts).

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

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

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

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

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

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

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

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities for which observable inputs are not available.

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 approved by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

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

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

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The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2023:

GuideMark Large Cap Core Fund


	Level 1		Level 2		Level 3		Total
Common Stocks	$	572,560,931	$	—		0	$	572,560,931
Investment Companies		19,692,529		—		—		19,692,529
Real Estate Investment Trusts		8,742,408		—		—		8,742,408
Short Term Investments		5,518,049		—		—		5,518,049
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		99,549,037

Total Investments in Securities	$	606,513,917	$	—	$	—	$	706,062,954

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 Statements of Assets and Liabilities.

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.


Description	Common Stock
Balance as of April 1, 2022	$	140,204
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(140,204	)
Transfers into/(out of) Level 3		—

Balance as of March 31, 2023	$	0

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023.	$	(140,204	)

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

GuideMark Emerging Markets Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	142,195	$	3,705,376	$	—	$	3,847,571
Consumer Discretionary		1,046,029		5,071,271		—		6,117,300
Consumer Staples		735,906		3,357,168		0		4,093,074
Energy		319,830		2,500,147		0		2,819,977
Financials		766,952		6,792,627		0		7,559,579
Health Care		40,095		2,195,385		—		2,235,480
Industrials		175,634		2,916,112		—		3,091,746
Information Technology		76,865		8,614,253		0		8,691,118
Materials		789,252		2,100,434		0		2,889,686
Real Estate		—		597,041		22,633		619,674
Utilities		160,607		444,153		—		604,760

Total Common Stocks		4,253,365		38,293,967		22,633		42,569,965
Investment Companies		2,711,675		—		—		2,711,675
Preferred Stocks
Consumer Discretionary		—		68,397		—		68,397
Energy		235,858		—		—		235,858
Financials		258,196		—		—		258,196
Information Technology		—		179,151		—		179,151
Materials		118,871		87,023		—		205,894
Utilities		145,488		—		—		145,488

Total Preferred Stocks		758,413		334,571		—		1,092,984
Real Estate Investment Trusts		20,379		—		—		20,379
Short Term Investments		196,628		—		—		196,628
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		2,941,322

Total Investments in Securities	$	7,940,460	$	38,628,538	$	22,633	$	49,532,953

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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 Stock
Balance as of April 1, 2022	$	0
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		22,633	*

Balance as of March 31, 2023	$	22,633

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023.	$	(60,407	)

Three common stocks transferred from Level 2 to Level 3 due to a lack of observable market data.

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

GuideMark Small/Mid Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

85,521,680

—

6,710

85,528,390

Investment Companies

3,415,693

—

3,415,693

Real Estate Investment Trusts

4,052,719

—

4,052,719

Short Term Investments

906,837

—

906,837

Investments Purchased with Proceeds from Securities Lending Collateral*

—

28,266,325

Total Investments in Securities

93,896,929

—

6,710

122,169,964

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, 2022	$	23,760		$	322
Purchases		—			—
Sales proceeds and paydowns		—			—
Accreted discounts, net		—			—
Corporate Actions		6,935			—
Realized gain (loss)		544			(2,026	)
Change in unrealized appreciation (depreciation)		(24,529	)		1,704
Transfers into/(out of) Level 3		—			—

Balance as of March 31, 2023	$	6,710		$	—

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023.	$	(24,529	)	$	—

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

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GuideMark World ex-US Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	—	$	4,959,016	$	—	$	4,959,016
Consumer Discretionary		646,522		14,595,953		—		15,242,475
Consumer Staples		1,937,487		9,797,795		—		11,735,282
Energy		2,535,937		5,690,718		—		8,226,655
Financials		2,947,230		15,778,769		—		18,725,999
Health Care		184,638		12,892,441		—		13,077,079
Industrials		1,055,736		15,962,515		—		17,018,251
Information Technology		755,381		5,028,491		—		5,783,872
Materials		1,418,892		6,272,910		—		7,691,802
Real Estate		72,283		1,006,734		—		1,079,017
Utilities		174,556		2,061,485		—		2,236,041

Total Common Stocks		11,728,662		94,046,827		—		105,775,489
Investment Companies		2,882,408		—		—		2,882,408
Preferred Stocks		—		540,457		—		540,457
Real Estate Investment Trusts		—		137,418		—		137,418
Short Term Investments		601,189		—		—		601,189
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		5,299,517

Total Investments in Securities	$	15,212,259	$	94,724,702	$	—	$	115,236,478

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	$	—		$	13,625,184		$	—	$	13,625,184
Collateralized Mortgage Obligations		—			27,885,890			—		27,885,890
Corporate Obligations		—			40,866,548			—		40,866,548
Foreign Government Debt Obligations		—			2,061,031			—		2,061,031
Mortgage Backed Securities – U.S. Government Agency		—			64,236,122			—		64,236,122
Municipal Debt Obligations		—			3,189,421			—		3,189,421
U.S. Treasury Obligations		—			40,959,745			—		40,959,745

Total Fixed Income		—			192,823,941			—		192,823,941
Short Term Investments		10,700,062			—			—		10,700,062
Investments Purchased with Proceeds from Securities Lending Collateral*		—			—			—		1,689,338

Total Investments in Securities	$	10,700,062			192,823,941		$	—	$	205,213,341

Other Financial Instruments**
Futures	$	(149,048	)	$	—		$	—	$	(149,048	)
Options Written		—			(44,233	)		—		(44,233	)
Swaps		—			149,774			—		149,774

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, options written and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while options written are reflected at fair value.

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

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GuidePath Growth Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

940,422,160

—

940,422,160

Short Term Investments

13,967,727

—

13,967,727

Investments Purchased with Proceeds from Securities Lending Collateral*

—

150,405,813

Total Investments in Securities

954,389,887

—

1,104,795,700

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

GuidePath Conservative Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

423,625,119

—

423,625,119

Short Term Investments

718

—

718

Investments Purchased with Proceeds from Securities Lending Collateral*

—

62,421,423

Total Investments in Securities

423,625,837

—

486,047,260

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

GuidePath Tactical Allocation Fund

Level 1

Level 2

Level 3

Total

Common Stocks

352,096,612

—

352,096,612

Short Term Investments

147,014,890

—

147,014,890

Investments Purchased with Proceeds from Securities Lending Collateral*

—

104,514,306

Total Investments in Securities

499,111,502

—

603,625,808

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

222,031,990

—

222,031,990

Short Term Investments

2,162,658

—

2,162,658

Investments Purchased with Proceeds from Securities Lending Collateral*

—

25,105,887

Total Investments in Securities

224,194,648

—

249,300,535

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

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GuidePath Multi-Asset Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

87,941,898

—

87,941,898

Short Term Investments

922,727

—

922,727

Investments Purchased with Proceeds from Securities Lending Collateral*

—

18,881,022

Total Investments in Securities

88,864,625

—

107,745,647

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

GuidePath Flexible Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

289,585,257

—

289,585,257

Short Term Investments

5,769,035

—

5,769,035

Investments Purchased with Proceeds from Securities Lending Collateral*

—

58,689,441

Total Investments in Securities

295,354,292

—

354,043,733

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

GuidePathManaged Futures Strategy Fund

Level 1

Level 2

Level 3

Total

Short Term Investments

16,882,323

469,511,023

—

486,393,346

Total Investments in Securities

16,882,323

469,511,023

—

486,393,346

Other Financial Instruments*

Futures

(8,356,152

)

—

(8,356,152

)

Forward Currency Contracts

—

(408,160

)

—

(408,160

)

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

4,959,046

—

4,959,046

Short Term Investments

4,608,659

2,210,175

—

6,818,834

Investments Purchased with Proceeds from Securities Lending Collateral*

—

1,325,946

Total Investments in Securities

9,567,705

2,210,175

—

13,103,826

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

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GuidePath Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

55,242,845

—

55,242,845

Short Term Investments

1,321,403

—

1,321,403

Investments Purchased with Proceeds from Securities Lending Collateral*

—

305,100

Total Investments in Securities

56,564,248

—

56,869,348

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

GuidePath Growth & Income Fund

Level 1

Level 2

Level 3

Total

Common Stocks

37,416,625

—

37,416,625

Investment Companies

38,209,411

—

38,209,411

Short Term Investments

22,024,000

8,840,700

—

30,864,700

Investments Purchased with Proceeds from Securities Lending Collateral*

—

12,585,208

Total Investments in Securities

97,650,036

8,840,700

—

119,075,944

Other Financial Instruments**

Futures

145,604

—

145,604

Options Written

(147,980

)

—

(147,980

)

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 options written are reflected at fair value.

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

(b)

Consolidation of Subsidiary

The GuidePathManaged 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 GuidePathManaged Futures Strategy Fund. The financial statements of the GuidePathManaged 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 GuidePathManaged Futures Strategy Fund had 3.42% of its total assets invested in the Subsidiary as of March 31, 2023.

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

(c)

Subsequent Events Evaluation

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance

for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

(d)

Repurchase Agreements

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

(e)

Federal Income Taxes

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

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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 year ended March 31, 2023, 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, 2023, 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. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its 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. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable country’s tax rules and rates. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

(k)

Distributions to Shareholders

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

(l)

Derivatives

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

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March 31, 2023

Forward Currency Contracts

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

Options

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

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

Futures

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

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

Futures contracts are valued at the daily quoted settlement prices.

Swaps

The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

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

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.

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March 31, 2023

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, purchased and sold (wrote) options to efficiently manage investment grade credit exposure.

Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023


	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Credit Contracts – Swaps	Appreciation on swap agreements	$	—	Depreciation on swap agreements	$	1,474

Interest Rate Contracts – Swaps	Appreciation on swap agreements		157,527	Depreciation on swap agreements		6,279

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		200,585	Unrealized depreciation on futures contracts**		349,633

Credit Contracts – Options	Options written, at value		—	Options written, at value		44,233
Total		$	358,112		$	401,619

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

Included in total distributable earnings on the Statements of Assets and Liabilities.


The Effect of Derivative Instruments on the Statements of Operations for the year ended March 31, 2023

Amount of Realized Gain or (Loss) on Derivatives
	Futures Contracts		Swaps			Options		Total
Credit Contracts	$	—	$	(659,000	)	$	732,170	$	73,170
Interest Rate Contracts		2,558,042		275,053			—		2,833,095

Total	$	2,558,042	$	(383,947	)	$	732,170	$	2,906,265


Change in Unrealized Appreciation or (Depreciation) on Derivatives
	Futures Contracts			Swaps			Options			Total
Credit Contracts	$	—		$	(1,474	)	$	(2,867	)	$	(4,341	)
Interest Rate Contracts		(422,107	)		(135,659	)		—			(557,766	)

Total	$	(422,107	)	$	(137,133	)	$	(2,867	)	$	(562,107	)

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, 2023, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.

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March 31, 2023

Consolidated Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023


	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Commodity Contracts – Futures*	Unrealized appreciation on futures contracts**	$	3,119,921	Unrealized depreciation on futures contracts**	$	5,335,390

Equity Contracts – Futures*	Unrealized appreciation on futures contracts**		4,388,732	Unrealized depreciation on futures contracts**		1,466,531

Foreign Exchange Contracts – Forward Currency Contracts	Unrealized appreciation on forward currency contracts		1,633,057	Unrealized depreciation on forward currency contracts		2,041,217

Foreign Exchange Contracts – Futures*	Unrealized appreciation on futures contracts**		385,773	Unrealized depreciation on futures contracts**		1,945,282

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		251,409	Unrealized depreciation on futures contracts**		7,754,784
Total		$	9,778,892		$	18,543,204

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

Included in total distributable earnings on the Consolidated Statements of Assets and Liabilities.


The Effect of Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2023

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts			Forward Currency Contracts
Commodity Contracts	$	(10,342,180	)	$	—
Equity Contracts		(28,982,320	)		—
Foreign Exchange Contracts		17,145,207			1,098,762
Interest Rate Contracts		35,031,155			—

Total	$	12,851,862		$	1,098,762

Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts			Forward Currency Contracts
Commodity Contracts	$	(6,216,962	)	$	—
Equity Contracts		3,753,839			—
Foreign Exchange Contracts		(3,347,609	)		1,410,840
Interest Rate Contracts		(19,917,639	)		—

Total	$	(25,728,371	)	$	1,410,840

GuidePath Growth and Income Fund

During the year, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and 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 year 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.

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March 31, 2023

Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023


	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity Contracts – Futures*	Unrealized appreciation on futures contracts**	$	145,604	Unrealized depreciation on futures contracts**	$	—

Equity Contracts – Options	Options written, at value		—	Options written, at value		147,980
Total		$	145,604		$	147,980

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

Included in total distributable earnings on the Statements of Assets and Liabilities.


The Effect of Derivative Instruments on the Statements of Operations for the year ended March 31, 2023

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts			Options Written
Equity Contracts	$	(1,228,020	)	$	(1,033,354	)

Total	$	(1,228,020	)	$	(1,033,354	)

Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts			Options Written
Equity Contracts	$	91,575		$	(132,960	)

Total	$	91,575		$	(132,960	)

Volume Disclosures

The average monthly value outstanding of options written during the year ended March 31, 2023 were as follows:


	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund		GuidePath Growth and Income Fund
Options Written	$	(64,537	)	$	—	$	(596,076	)

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2023 were as follows:


Long Positions	GuideMark Core Fixed Income Fund		GuidePath Managed Futures Strategy Fund		GuidePath Growth and Income Fund
Futures	$	8,847,898	$	264,039,565	$	1,780,974
Forwards	$	—	$	105,051,097	$	—
Swaps	$	3,791,923	$	—	$	—


Short Positions	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund			GuidePath Growth and Income Fund
Futures	$	(23,125,406	)	$	(1,652,302,143	)	$	(7,396,279	)
Forwards	$	—		$	(78,371,822	)	$	—

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.

155

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

Offsetting Assets and Liabilities

GuideMark Core Fixed Income Fund

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

The table below, as of March 31, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.


Assets							Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Received		Net Amount
Description / Counterparty
Swaps
Morgan Stanley	$	157,527	$	—	$	157,527	$	(7,753)	$	—	$	149,774

	$	157,527	$	—	$	157,527	$	(7,753)	$	—	$	149,774


Liabilities							Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Description / Counterparty
Futures*
Citigroup	$	38,007	$	—	$	38,007	$	(38,007)	$	—	$	—
Options written
Goldman Sachs		44,233		—		44,233		(44,233)		—		—
Swaps
Morgan Stanley		7,753		—		7,753		(7,753)		—		—

	$	89,993	$	—	$	89,993	$	(89,993)	$	—	$	—

Cumulative appreciation/depreciation on futures contracts is reported in the Schedule of Open Futures Contracts – variation margin and receivable/payable for unsettled open futures contracts presented above is presented in the Statements of Assets and Liabilities.

GuidePath Managed Futures Strategy Fund

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

The table below, as of March 31, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated 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 Consolidated Statements of Assets and Liabilities, except in the case of futures contracts.


Assets								Gross Amounts not offset in the Consolidated Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statements of Assets and Liabilities			Net Amounts Presented in the Consolidated Statements of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount
Description / Counterparty
Forward
UBS AG	$	1,633,057	$	—		$	1,633,057	$	(1,633,057	)	$	—	$	—
Futures*
Goldman Sachs		2,863,109		(2,545,577	)		317,532		(317,532	)		—		—

	$	4,496,166	$	(2,545,577	)	$	1,950,589	$	(1,950,589	)	$	—	$	—


Liabilities								Gross Amounts not offset in the Consolidated Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statements of Assets and Liabilities			Net Amounts Presented in the Consolidated Statements of Assets and Liabilities		Financial Instruments			Collateral Pledged			Net Amount
Description / Counterparty
Forward
UBS AG	$	2,041,217	$	—		$	2,041,217	$	(1,633,057	)	$	(408,160	)	$	—
Futures*
Goldman Sachs		4,712,451		(2,545,577	)		2,166,874		(317,532	)		(1,849,342	)		—

	$	6,753,668	$	(2,545,577	)	$	4,208,091	$	(1,950,589	)	$	(2,257,502	)	$	—

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 Statements of Assets and Liabilities.

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

GuidePath Growth and Income Fund

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023


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
Morgan Stanley	$	84,000	$	—	$	84,000	$	—	$	—	$	84,000

	$	84,000	$	—	$	84,000	$	—	$	—	$	84,000


Liabilities							Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments			Collateral Pledged		Net Amount
Description / Counterparty
Options Written
Interactive Brokers	$	147,980	$	—	$	147,980	$	(147,980	)	$	—	$	—

	$	147,980	$	—	$	147,980	$	(147,980	)	$	—	$	—

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.

(m)

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

(n)

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

events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.

(o)

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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.

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GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

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 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 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, 2023, for the services performed as Trustees of the consolidated Board of GPS Funds I and GPS Funds II, the Independent Trustees receive a retainer fee of $110,000 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 $2,500 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.

During the fiscal year ended March 31, 2023, the Independent Trustees received a retainer fee of $90,000 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 $2,500 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings.

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. 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, 2023.

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. The Cayman subsidiary of the GuidePath Managed Futures Strategy Fund aslo has an Investment Advisory Agreement with AssetMark, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

Under the terms of the Agreement, the Funds compensate the Advisor monthly for its management services at the following annual 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%
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 monthly fee at an annual rate of 0.25% of the average daily net assets of the applicable class of shares of each Fund. Pursuant to an administrative services agreement, AssetMark provides services in connection with the operation and administration of the AssetMark Platform, including, among other things, back-office, administrative, custodial support and clerical services. Investors holding shares of the Funds outside of the AssetMark Platform are subject to these administrative services fees, but may not receive all of the related services.

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, 2024, 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		0.99%		0.64%		—
Emerging Markets Fund		1.40%		1.05%		—
Small/Mid Cap Core Fund		1.20%		0.85%		—
World ex-US Fund		1.14%		0.79%		—
Core Fixed Income Fund		0.94%		0.59%		—
Growth Allocation Fund		0.75%		0.40%		—
Conservative Allocation Fund		0.45%		0.10%		—
Tactical Allocation Fund		0.85%		0.50%		—
Absolute Return Allocation Fund		0.55%		0.20%		—
Multi-Asset Income Allocation Fund		0.85%		0.50%		—
Flexible Income Allocation Fund		0.50%		0.15%		—
Managed Futures Strategy Fund		1.65%		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, 2023, Large Cap Core Fund, Emerging Markets Fund Service Class Shares, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund have recouped all potential recoverable waivers or reimbursed expenses.

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


	Year of Expiration 03/31/2024		Year of Expiration 03/31/2025		Year of Expiration 03/31/2026
Emerging Markets Fund	$	—	$	—	$	219,516
World ex-US Fund		20		144,468		110,946
Core Fixed Income Fund		123,677		89,424		80,939
Conservative Allocation Fund		725,482		812,082		671,969
Absolute Return Allocation Fund		590,940		312,450		692,243
Flexible Income Allocation Fund		289,266		212,963		308,528
Conservative Income Fund		38,716		53,047		31,182
Income Fund		25,172		3,614		18,873
Growth and Income Fund		79,155		43,413		2,958

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.

160

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

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. The LoC was renewed July 26, 2022 and will mature, unless renewed, on July 25, 2023. 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 8.00% at March 31, 2023. 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, 2022 to March 31, 2023, the details of the borrowings were as follows:


Fund	Average Daily Borrowings		Weighted Average Annualized Interest Rate			Maximum Borrowings
Large Cap Core Fund	$	8,008		7.09	%	$	852,000
Emerging Markets Fund		75,652		5.49	%		3,712,000
World ex-US Fund		32,301		7.35	%		3,036,000
Growth Allocation Fund		1,142,592		5.68	%		77,574,000
Conservative Allocation Fund		544,822		5.45	%		43,493,000
Absolute Return Allocation Fund		1,479,195		6.57	%		87,465,000
Multi-Asset Income Allocation Fund		122,118		5.62	%		7,927,000
Flexible Income Allocation Fund		136,277		5.16	%		21,521,000
Growth and Income Fund		83,808		3.62	%		14,512,000

As of March 31, 2023, the GuidePath Conservative Allocation Fund had outstanding borrowings of $960,000. No other Fund had outstanding borrowings as of March 31, 2023.

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 a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.

During the year ended March 31, 2023, the Funds 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.

161

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

Secured Borrowings


Securities Lending Transactions
Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral
Large Cap Core Fund	$	99,549,037
Emerging Markets Fund		2,941,322
Small/Mid Cap Core Fund		28,266,325
World ex-US Fund		5,299,517
Core Fixed Income Fund		1,689,338
Growth Allocation Fund		150,405,813
Conservative Allocation Fund		62,421,423
Tactical Allocation Fund		104,514,306
Absolute Return Allocation Fund		25,105,887
Multi-Asset Income Allocation Fund		18,881,022
Flexible Income Allocation Fund		58,689,441
Managed Futures Strategy Fund		—
Conservative Income Fund		1,325,946
Income Fund		305,100
Growth & Income Fund		12,585,208

Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities).	$	571,979,685

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2023 are summarized below.


	Purchases		Sales
Large Cap Core Fund	$	251,234,201	$	271,717,517
Emerging Markets Fund		22,537,417		38,110,860
Small/Mid Cap Core Fund		23,788,231		24,624,987
World ex-US Fund		54,247,019		61,935,163
Core Fixed Income Fund*		533,397,557		562,514,590
Growth Allocation Fund		220,780,326		278,386,615
Conservative Allocation Fund		208,693,921		247,945,279
Tactical Allocation Fund		778,093,366		711,881,955


	Purchases		Sales
Absolute Return Allocation Fund	$	526,432,090	$	511,937,691
Multi-Asset Income Allocation Fund		61,858,757		72,975,476
Flexible Income Allocation Fund		1,432,162,254		1,432,595,576
Managed Futures Strategy Fund		—		—
Conservative Income Fund		32,221,083		30,368,087
Income Fund		175,673,672		159,680,888
Growth and Income Fund		52,736,436		57,302,603

Included in these amounts were $491,182,880 of purchases and $506,817,803 of sales of U.S. Government Securities.

Transactions with Affiliates

The GuidePath Flexible Income Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2023. As a result, this company is deemed to be an affiliated company. The below table represents fair value:


Issuer	Value as of April 1, 2022		Purchases		Sales		Realized Gain (Loss)
WisdomTree Bloomberg U.S. Dollar Bullish Fund¹	$	11,530,173	$	14,539,175	$	16,061,856	$	(233,659	)
iShares MSCI Kokasui ETF		—		11,060,244		1,342,429		8,788

	$	11,530,173	$	25,599,419	$	17,404,285	$	(224,871	)


Issuer	Change in Unrealized Appreciation (Depreciation)			Distributions Received			Fair Value as of March 31, 2023		Share Balance as of March 31, 2023
WisdomTree Bloomberg U.S. Dollar Bullish Fund¹	$	(105,277	)	$	719,262	²	$	9,668,556		370,869
iShares MSCI Kokasui ETF		283,767			—			10,010,370		114,135

	$	178,490		$	719,262		$	19,678,926		485,004

No longer an affiliate as of March 31, 2023.

Includes Dividends from affiliated investments and Net long-term capital gain distributions received from affiliated registered investment companies on the Statement of Operations.

Covid-19 Pandemic

The global outbreak of COVID-19, first detected in China in December 2019, has disrupted economic markets and the long-term economic impact is uncertain. The operational and financial

performance of the issuers of securities in which a Fund invests 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.

162

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

10.

LIBOR Discontinuation

Certain variable rate securities use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a planned phase out of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as originally intended, certain widely used US dollar (USD) LIBOR rate settings (overnight, 1-, 3- ,6-, and 12-month) will continue to be published in representative forms until June 30, 2023 in order to assist with the market transition away from LIBOR-based instruments. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The transition to alternative rates may adversely affect the value or liquidity of certain LIBOR-based investments or reduce the effectiveness of related transactions such as hedges and the ultimate impact of the transition on markets generally remains uncertain.

11.

Ukraine/Russia War

On February 24, 2022, Russia commenced a military attack on Ukraine. This has led to various countries, including the US, imposing economic sanctions on certain Russian individuals and entities. In response to these events, the Russian government has imposed capital controls to restrict movements of capital entering and exiting the country. The conflict and related events have and may continue to result in price volatility and liquidity constraints. Future market disruptions as a result of the war cannot be predicted, but could be significant and may include adverse effects on global economic growth as well as the markets for certain securities and commodities, such as oil and natural gas, among other sectors. The duration of the conflict, potential for escalation and ultimate effects on the Funds cannot currently be predicted.

12.

Financials Sector

Financial services companies are subject to risks related to changes in governmental regulation, the availability and cost of capital, changes in interest rates and/or monetary policy and competitive pressures. In addition, financial services companies are often more highly leveraged than other companies, which carries additional inherent risk, particularly during times of market volatility or monetary tightening. Deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, negatively affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the global financial markets and may cause certain financial services companies to incur substantial losses. The value of securities issued by companies in the financials sector may dramatically decline if financial services issuers experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Adverse economic or political developments could also adversely affect financial institutions engaged in mortgage related finance or other lending or investing activities directly or indirectly connected to the value of real estate.

13.

Other Tax Information

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

These differences are primarily due to CFC income reversal, distribution in excess of taxable income, non-deductable excise tax paid, partnerships and equalization. On the Statements of Assets and Liabilities, the following adjustments were made:


	Total Distributable Earnings (Loss)			Capital Stock
Large Cap Core Fund	$	(1,144,681	)	$	1,144,681
Emerging Markets Fund		499,425			(499,425	)
Small/Mid Cap Core Fund		—			—
World ex-US Fund		(1,451,625	)		1,451,625
Core Fixed Income Fund		—			—
Growth Allocation Fund		(6,212,695	)		6,212,695
Conservative Allocation Fund		14,294			(14,294	)
Tactical Allocation Fund		—			—
Absolute Return Allocation Fund		16,347			(16,347	)
Multi-Asset Income Allocation Fund		—			—
Flexible Income Allocation Fund		1,659			(1,659	)
Managed Futures Strategy Fund		10,032,796			(10,032,796	)
Conservative Income Fund		—			—
Income Fund		554			(554	)
Growth and Income Fund		—			—

163

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023

The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:


	Capital losses
	Short Term		Long Term		Utilized
Large Cap Core Fund	$	—	$	—	$	—
Emerging Markets Fund		—		—		—
Small/Mid Cap Core Fund		—		—		—
World ex-US Fund		—		—		—
Core Fixed Income Fund		7,636,772		6,023,841		—
Growth Allocation Fund		—		—		—
Conservative Allocation Fund		2,603,613		7,701,402		—
Tactical Allocation Fund		7,351,658		8,645,327		—
Absolute Return Allocation Fund		11,046,175		14,359,697		—
Multi-Asset Income Allocation Fund		565,064		4,491,439		144,419
Flexible Income Allocation Fund		38,986,676		9,472,286		—
Managed Futures Strategy Fund		—		—		—
Conservative Income Fund		462,161		50,222		—
Income Fund		5,421,355		1,104,747		—
Growth and Income Fund		1,022,669		3,079,690		—

Additionally, at March 31, 2023, the Funds deferred on a tax basis losses as follows:


	Ordinary Late Year Loss		Capital Loss
Large Cap Core Fund	$	—	$	—
Emerging Markets Fund		87,320		506,958
Small/Mid Cap Core Fund		77,932		364,519
World ex-US Fund		—		—
Core Fixed Income Fund		—		—
Growth Allocation Fund		—		—
Conservative Allocation Fund		—		—
Tactical Allocation Fund		—		—
Absolute Return Allocation Fund		—		—
Multi-Asset Income Allocation Fund		—		—
Flexible Income Allocation Fund		—		—
Managed Futures Strategy Fund		7,759,883		71,122,613
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.

The character of distributions for tax purposes paid during the fiscal years ended March 31, 2023 and March 31, 2022 are as follows:


	Year Ended March 31, 2023
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	3,230,813	$	42,887,062	$	—
Emerging Markets Fund		1,979,243		5,054,436		—
Small/Mid Cap Core Fund		415,207		1,643,644		—
World ex-US Fund		2,185,741		753,332		—
Core Fixed Income Fund		4,236,587		—		—
Growth Allocation Fund		2,497,998		33,002,940		—
Conservative Allocation Fund		7,210,860		1,410,637		—
Tactical Allocation Fund		13,932,446		8,621,703		—
Absolute Return Allocation Fund		7,994,774		—		—
Multi-Asset Income Allocation Fund		3,695,270		—		—
Flexible Income Allocation Fund		7,455,369		2,197,965		—
Managed Futures Strategy Fund		77,138,457		33,039,636		—
Conservative Income Fund		333,852		—		—
Income Fund		1,084,689		—		—
Growth and Income Fund		2,147,781		—		—

164

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2023


	Year Ended March 31, 2022
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	4,380,405	$	17,492,713	$	—
Emerging Markets Fund		2,454,324		5,150,349		—
Small/Mid Cap Core Fund		1,322,987		10,865,602		—
World ex-US Fund		1,530,013		—		—
Core Fixed Income Fund		2,772,722		1,924,511		—
Growth Allocation Fund		15,113,758		16,949,619		—
Conservative Allocation Fund		11,536,921		6,206,078		—
Tactical Allocation Fund		39,531,728		9,786,060		—
Absolute Return Allocation Fund		4,479,391		—		—
Multi-Asset Income Allocation Fund		3,347,756		—		—
Flexible Income Allocation Fund		8,322,123		—		—
Managed Futures Strategy Fund		14,193,380		5,162,678		—
Conservative Income Fund		69,357		—		6,986
Income Fund		918,444		—		—
Growth and Income Fund		6,681,000		8,349,427		78,293

At March 31, 2023, 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
Cost of Portfolio*	$	509,500,945		$	44,091,727		$	100,968,953		$	93,420,022		$	219,518,983

Gross Unrealized Appreciation	$	220,341,637		$	11,760,660		$	31,665,485		$	26,493,785		$	1,281,587
Gross Unrealized Depreciation		(23,779,628	)		(6,428,040	)		(10,464,474	)		(4,426,421	)		(15,630,736	)

Net Unrealized Appreciation/(Depreciation)		196,562,009			5,332,620			21,201,011			22,067,364			(14,349,149	)

Undistributed Ordinary Income		1,209,660			—			—			2,469,488			380,837
Undistributed Long-Term Cap Gains		—			—			—			1,248,984			—
Other Accumulated Gains/(Losses)		—			(594,278	)		(442,508	)		—			(13,660,613	)

Total Distributable Earnings/(Loss)		197,771,669			4,738,342			20,758,503			25,785,836			(27,628,925	)


	Growth Allocation Fund			Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund
Cost of Portfolio*	$	878,808,763		$	468,284,753		$	593,708,303		$	254,307,846		$	104,704,992

Gross Unrealized Appreciation	$	251,635,775		$	42,492,539		$	36,602,716		$	3,348,597		$	9,524,974
Gross Unrealized Depreciation		(25,648,838	)		(24,730,031	)		(26,685,211	)		(8,355,908	)		(6,484,319	)

Net Unrealized Appreciation/(Depreciation)		225,986,937			17,762,508			9,917,505			(5,007,311	)		3,040,655

Undistributed Ordinary Income		7,014,607			5,795,832			6,818,603			2,733,574			199,649
Undistributed Long-Term Cap Gains		—			—			—			—			—
Other Accumulated Gains/(Losses)		(7,293	)		(10,312,308	)		(16,004,278	)		(25,413,165	)		(5,056,503	)

Total Distributable Earnings/(Loss)		232,994,251			13,246,032			731,830			(27,686,902	)		(1,816,199	)


	Flexible Income Allocation Fund			Managed Futures Strategy Fund			Conservative Income Fund			Income Fund			Growth and Income Fund
Cost of Portfolio*	$	354,174,661		$	486,451,185		$	13,104,358		$	59,316,553		$	114,776,202

Gross Unrealized Appreciation	$	3,456,496		$	2,827,097		$	17,217		$	439,125		$	7,465,863
Gross Unrealized Depreciation		(3,587,424	)		(2,107,540	)		(17,749	)		(2,886,328	)		(3,166,694	)

Net Unrealized Appreciation/(Depreciation)		(130,928	)		719,557			(532	)		(2,447,203	)		4,299,169

Undistributed Ordinary Income		396,125			—			9,147			9,202			48,822
Undistributed Long-Term Cap Gains		—			—			—			—			—
Other Accumulated Gains/(Losses)		(48,458,962	)		(82,009,163	)		(512,383	)		(6,526,102	)		(4,102,359	)

Total Distributable Earnings/(Loss)		(48,193,765	)		(81,289,606	)		(503,768	)		(8,964,103	)		245,632

The differences between book-basis and tax-basis unrealized appreciation and depreciation are primarily attributable to the tax deferral of losses on wash sales and other temporary differences.

Portfolio includes investments and derivative contracts

165

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, and open swap contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, open futures contracts, and open 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, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2023, the results of their operations, the changes in 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	Statements of Changes in Net Assets	Financial Highlights
GuideMark^® Large Cap Core Fund,	For the year ended March 31, 2023	For the years ended March 31, 2023 and 2022	For the years ended March 31, 2023, 2022, 2021, 2020, and 2019
GuideMark^® Emerging Markets Fund,
GuideMark^® Small/Mid Cap Core Fund,
GuideMark^® World ex-US Fund,
GuideMark^® Core 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

GuidePath^® Managed Futures Strategy Fund	Consolidated for the year ended March 31, 2023	Consolidated for the years ended March 31, 2023 and 2022	Consolidated for the years ended March 31, 2023, 2022, 2021, 2020, and 2019

GuidePath^® Conservative Income Fund, GuidePath^® Income Fund, and GuidePath^® Growth and Income Fund	For the year ended March 31, 2023	For the years ended March 31, 2023 and 2022	For the years ended March 31, 2023, 2022, 2021, 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, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2014.

/s/ COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 30, 2023

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GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION

March 31, 2023

Additional Information

Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2023 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		0.00%		92.27%
Small/Mid Cap Core Fund		100.00%		100.00%
World ex-US Fund		0.00%		100.00%
Core Fixed Income Fund		0.00%		0.00%
Growth Allocation Fund		44.75%		93.98%
Conservative Allocation Fund		14.16%		33.85%
Tactical Allocation Fund		11.85%		12.13%
Absolute Return Allocation Fund		0.07%		0.53%
Multi-Asset Income Allocation Fund		27.67%		49.47%
Flexible Income Allocation Fund		2.13%		2.16%
Managed Futures Strategy Fund		0.00%		0.00%
Conservative Income Fund		0.00%		0.00%
Income Fund		3.15%		3.17%
Growth and Income Fund		51.63%		82.41%

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for each Fund were as follows (unaudited).


	% of dividends as short-term capital gain
Large Cap Core Fund		0.00%
Emerging Markets Fund		0.00%
Small/Mid Cap Core Fund		0.00%
World ex-US Fund		0.00%
Core Fixed Income Fund		0.00%
Growth Allocation Fund		26.52%
Conservative Allocation Fund		2.33%
Tactical Allocation Fund		100.00%
Absolute Return Allocation Fund		0.00%
Multi-Asset Income Allocation Fund		0.00%
Flexible Income Allocation Fund		0.00%
Managed Futures Strategy Fund		36.29%
Conservative Income Fund		0.00%
Income Fund		0.00%
Growth and Income Fund		0.00%

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2023. 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	$	255,855	$	0.0577		96.68	%
World ex-US Fund		357,876		0.0317		97.57	%

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.

167

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2023

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.

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 (2015-2022).

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 (2015-2022).

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 (2015-2022); Director, Blue Calypso, Inc. (2015-2019); Director, Owens Realty Mortage Inc. (2013-2019); Director, Cambria ETF Series Trust (2013-present); Director, Wells Fargo GAI Hedge Funds (2008-2019); Director, First Guarantee Mortgage Corporation (2021-present).

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 (2008-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-2022); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage^®, LLC (2014-present).

Trustee, Savos Investments Trust (2008-2022); Director and Chairperson, AssetMark Trust Co. (2008-present); Director, AssetMark, Inc. (2013-present); Treasurer, Acalanes Booster Club (2017-2019); Director, Rheumatology Research Foundation (2021-present).

168

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ADDITIONAL INFORMATION (Continued)

March 31, 2023


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 (2013-present), and Savos (2013-2022); 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 (May 2014-present), and Savos (2014-2022); Director of Mutual Fund Operations and Finance, AssetMark (2016-present); Manager of Fund Administration, AssetMark (2014-2016); Senior Fund Administration Officer, AssetMark (2008-2014).

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 2014-present), GPS Funds II (2011-2013 and 2014- present), Savos (2009-2010 and 2014-2022) 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 Fund’s 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 on Part F of Form N-PORT. Once filed, the Funds’ Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809.

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 8, 2022 (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; and (iii) 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, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated on an ongoing basis, and are subject to replacement, at all times.

169

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2023

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. In connection with their consideration of the renewal of the Advisory Agreements, the Trustees considered several factors they deemed relevant to the process, including: the nature, quality and extent of the services provided to each Fund by the Advisor; the costs of providing services to each Fund; the anticipated profitability to be realized by the Advisor; any potential “fall-out” or ancillary benefits to the Advisor or its affiliates; the potential effects of asset growth and related economies of scale on each fund’s expenses; and the fees charged by investment advisers of other comparable funds, among other considerations. 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 counsel to the Trusts and separately from independent legal counsel to the Independent Trustees (“Independent Counsel”). Prior to approving the Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel without representatives of the Advisor or its affiliates. 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 Investment Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information available to the Trustees and 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 supplied by counsel and AssetMark for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds included, among other information: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund; (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) information relating to shareholder and administrative services provided to the Funds; (10) reports relating the Funds’ distribution structure, sales and redemptions of the Funds’ shares; (11) reports relating to the monitoring of Fund service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees discussed various matters relating to the approvals with representatives of AssetMark. The Trustees also considered their discussions with and presentations from representatives of AssetMark throughout the course of the Meeting. In addition, the Trustees considered communications, discussions held and information furnished to the Board and its Committees throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Trustees received assistance and advice regarding legal and industry standards from counsel to the Trusts. The Independent Trustees also received separate assistance and advice from Independent Counsel throughout the review process, 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 also discussed the Advisory Agreements 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 AssetMark that were not delegated to or assumed by the Sub-Advisors. The Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ Chief Compliance Officer (“CCO”) at which the Trustees are provided with details regarding AssetMark’s compliance functions.

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GuideMark Funds & GuidePath Funds

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March 31, 2023

The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including the selection and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.

The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.

The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.

Investment Performance

The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.

The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party provider of investment company data. 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 AssetMark continued to be proactive in seeking to enhance the Funds’ investment strategies, with a view to improving Fund performance over the long term.

The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.

Advisory Fees and Total Expenses

The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors, as applicable.

The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.

In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling 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 fee levels 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, with respect to each Fund of Funds, 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.

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GuideMark Funds & GuidePath Funds

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March 31, 2023

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 profitability of AssetMark with respect to each Fund under this methodology.

In evaluating AssetMark’s profitability, the Trustees noted 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 as well as compensation received by AssetMark Trust Company for its service as an intermediary. 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 Board concluded that the economies of scale being realized by AssetMark, if any, do not mandate implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.

The Sub-Advisory Agreements

Materials Reviewed and the Review Process

Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel, AssetMark and each Sub-Advisor for purposes of their review. The materials provided to the Board included, among other information: (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, including information provided by each Sub-Advisor in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub- Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub- Advisors for the 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 to the Board throughout the year and specifically with respect to the renewal 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.

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GuideMark Funds & GuidePath Funds

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March 31, 2023

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) AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.

The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Sub-Advised Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, its 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 information received regarding each Sub-Advisor’s performance, as reviewed 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 the respective Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating competitive 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 and data prepared with regard to each Sub- Advised Fund, including comparative information regarding fees. The Trustees noted that each Sub- Advisor’s fees were generally similar to or less than the fees charged by each Sub-Advisor to other comparable funds and accounts.

The Trustees considered each Sub-Advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub- Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.

The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.

The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s- length basis and reports regarding any relationships between the Sub-Advisors and AssetMark.

The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, concluded to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.

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, previously 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.

173

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2023

At the meeting of the Board held on March 9, 2023, AssetMark, as Program Administrator, provided the Board with the annual 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”).

The Report included an overview of the operation of the Program from January 1, 2022 through December 31, 2022 (the “Review Period”), including liquidity events relevant to the Funds, if any, during the Review Period and conclusions with respect to the adequacy of the policies and procedures of the Program and its effectiveness of implementation.

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, including during periods of market volatility and net redemptions, as applicable.

There were no material liquidity matters impacting the Funds identified in the Report. In addition, the Report noted that there were no material changes to the Program during the Review Period and no material changes recommended for the coming period pursuant to the Review.

II.

Summary of the Review

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, including coverage and methodology

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.

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. The Report reviewed the classification methodology as provided in the Program.

HLIM

Each Fund qualified as a Primarily Highly Liquid Fund (“PHLF”) under the Program during the Review Period and accordingly, none of the Funds maintained or were required to establish an HLIM during the Review Period. There were no changes recommended in the Report with respect to the status of any Fund as a PHLF pursuant to the review.

174

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2023

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.

175

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

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, 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, 2023

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, 2023, the registrant’s principal accountant billed the registrant $96,750 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, 2022, the registrant’s principal accountant billed the registrant $93,000 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

For the fiscal year ended March 31, 2023, the registrant’s principal accountant billed the registrant $0 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.

For the fiscal year ended March 31, 2022, the registrant’s principal accountant billed the registrant $323.25 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.

c) Tax Fees

For the fiscal year ended March 31, 2023, the registrant’s principal accountant billed the registrant $26,500 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant’s tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.

For the fiscal year ended March 31, 2022, the registrant’s principal accountant billed the registrant $28,500 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant’s tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.

(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, 2023 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, 2023 and March 31, 2022, 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.

(i)	Not applicable.

(j)	Not applicable.

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.

(a)

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

(b)

Not applicable

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 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)
		Carrie E. Hansen, Principal Executive Officer/President


Date		5/30/2023

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)
		Carrie E. Hansen, Principal Executive Officer/President


Date		5/30/2023


By (Signature and)
		Patrick R Young, Vice President/Treasurer


Date		5/30/2023

* Print the name and title of each signing officer under his or her signature.