GPS Funds II

N-CSR/A 1 d807119dncsra.htm GPS FUNDS II GPS Funds II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22486

GPS Funds II

(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, 2024

Date of reporting period: April 1, 2023 through March 31, 2024

EXPLANATORY NOTE

This Form N-CSR/A (the “Amendment”) amends the Form N-CSR of the registrant for the annual reporting period ended March 31, 2024, originally filed with the Securities and Exchange Commission on June 7, 2024 (Accession No. 0001193125-24-157520) (the “Original Filing”). The purpose of the Amendment is to correct a typographical error in the financial highlights tables for the GuidePath Absolute Return Allocation Fund (Service and Institutional Class), GuidePath Flexible Income Allocation Fund (Institutional Class), and GuidePath Income Fund as well to correct a typographical error in the notes to the financial statements, each as included in Item 1 “Reports to Stockholders”. Other than the aforementioned revisions and the inclusion of new certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, this Amendment does not modify or supersede the Original Filing, and does not reflect events occurring after the submission of the Original Filing, or otherwise update the disclosures therein in any way.

Item 1. Reports to Stockholders.

(a)

(b)

Not applicable.

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

ANNUAL REPORT

March 31, 2024

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, 2023 to March 31, 2024.

Market Review

For the 12-month reporting period ended March 31, 2024, U.S. equities returned 29.9%^[1]. The monetary policy outlook became more supportive of markets during the latter part of the period and coupled with better-than-expected corporate earnings, led to a strong rally in the equity markets. International developed equity markets lagged U.S. equities, returning 15.9%^[2] for the 12-month period ended March 31, 2024. The underperformance stemmed in part from a less favorable monetary policy outlook relative to the U.S. Emerging markets equities rose a modest 8.6%^[3] for the 12-month period ending March 31, 2024, as China struggled with continued post-COVID economic malaise and a property sector crisis.

Within U.S. equities, 11 out of 11 sectors posted positive returns for the 12-month period ended March 31, 2024. Communication services was the best performing sector for the period with gains of 49.8%^[4]. In addition, information technology also gained 46.0%^[5], benefiting from the excitement around artificial intelligence. The worst performing sectors for the 12-month period were consumer staples and utilities. Both defensive sectors lagged the broad market returning 7.2%^[6] and 0.4%^[7] respectively as of March 31, 2024.

Within equity styles, U.S. large cap growth stocks outperformed U.S. large cap value stocks for the 12-month reporting period by 8.1%^[8]. A pause in rising interest rates and the possibility of lower interest rates ahead helped the outperformance of the growth segments, particularly during the last quarter of the reporting period. Across the capitalization spectrum, small cap stocks underperformed large-cap stocks by 14.0%^[9].

Looking at broader asset class returns for the 12-month period ending March 31, 2024, commodities fell 0.6%^[10]. Gold prices rose at 12.1%^[11] aided by concerns over global unrest. Real estate investment trusts (REITs) returned 8.0%^[12] over the same period tempered by higher interest rates.

Bonds posted negative returns in the first quarter of 2024; however, the gains accrued during the fourth quarter of 2023 were sufficient for a small positive return for the reporting period. U.S. core bonds returned 1.7% for the 12-month period ended March 31, 2024^[13]. Longer-term Treasuries, which have the greatest sensitivity to interest-rate changes, were the hardest hit and fell 6.1%^[14] for the same time period. High yield bonds (which have relatively less interest rate sensitivity) rose 11.2%^[15], outperforming investment grade corporate bonds. Finally, emerging market bonds benefited from advancing emerging markets economic growth, rising 8.4%^[16] for the 12-month period ended March 31, 2024.

Fund Review

Looking across the fund family, 12 of the 15 funds outperformed their benchmarks over the 12-month period.

Performance of the GuideMark Funds was favorable overall during the reporting period. The GuideMark Small/Mid Cap Core Fund, the GuideMark Large Cap Core Fund, and the GuideMark Emerging Markets Fund outperformed their respective benchmarks during the period as a result of their exposure to value and momentum factors. GuideMark World ex-US Fund underperformed its benchmark due to its exposure to quality, which led to negative security selection within technology. The GuideMark Core Fixed Income Fund outperformed its benchmark due primarily to allocation to U.S. corporate credit and security selection within credit including financials. Overall security selection was strong enough to offset the mild detraction from negative security selection within the industrials sector.

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Multi-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund each outperformed their respective benchmarks, with exposure to global equities, and in particular growth-oriented equities, along with diversified alternatives, and high yield bonds, convertible bonds, floating rate bonds and emerging markets bonds within fixed income all benefiting returns for the period. The GuidePath Tactical Allocation Fund outperformed its benchmark due to its security selection in the consumer discretionary, industrials and consumer staples sectors. The Fund’s higher total equity positioning relative to its benchmark also benefited

^[1]

Source: Morningstar Direct. US equities represented by S&P 500 Index.

^[2]

Source: Morningstar Direct. International developed market equities represented by MSCI EAFE Index USD.

^[3]

Source: Morningstar Direct. Emerging market equities represented by MSCI Emerging Markets Index.

^[4]

Source: Morningstar Direct. Communication Services represented by S&P 500 Sector Communication Services TR USD.

^[5]

Source: Morningstar Direct. Information Technology represented by S&P 500 Sector Information Technology TR USD.

^[6]

Source: Morningstar Direct. Consumer Staples represented by S&P 500 Sector Consumer Staples TR USD.

^[7]

Source: Morningstar Direct. Utilities represented by S&P 500 Sector Utilities TR USD.

^[8]

Source: Morningstar Direct. 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: Morningstar Direct. Large cap stocks represented by S&P 500 Index and small cap stocks represented by S&P 600 Index.

^[10]

Source: Morningstar Direct. Commodities represented by Bloomberg Commodity Index.

^[11]

Source: Morningstar Direct. Gold represented by Bloomberg Gold Subindex.

^[12]

Source: Morningstar Direct. REITs represented by FTSE NAREIT All Equity REITs TR Index.

^[13]

Source: Morningstar Direct. US core bonds represented by Bloomberg US Aggregate Bond Index.

^[14]

Source: Morningstar Direct. Long Treasuries represented by Bloomberg US Long Treasury Index.

^[15]

Source: Morningstar Direct. High yield bonds represented by Bloomberg US Corporate High Yield Bond Index.

^[16]

Source: Morningstar Direct. Emerging market bonds represented by Bloomberg Emerging Markets Aggregate Bond Index.

performance during the period. The GuidePath Absolute Return Allocation Fund underperformed its benchmark due to exposures to long-term Treasuries and international equities during the period. The GuidePath Managed Futures Strategy Fund underperformed its benchmark for the 12-month period largely due to its relative performance in the second quarter of 2023 and in the fourth quarter of 2023. The Fund was long energy and grain commodities in the second quarter of 2023 while it was short bonds in early 2024, detracting from returns for the period.

All three of the GuidePath income-focused funds outperformed their respective benchmarks for the reporting period. The GuidePath Conservative Income Fund benefited from an allocation to floating rate notes and senior loans as the Federal Reserve modestly raised interest rates early in the period before pausing. The Fund’s allocation to cash equivalents also helped returns. The GuidePath Income Fund’s exposure to high yield bonds, and emerging markets bonds were the main drivers of performance during the period. The GuidePath Growth and Income Fund’s exposure to U.S. large-cap equity and Master Limited Parternerships (MLPs) boosted returns on the strength of equity markets in the second half of the period. The Fund’s volatility targeting component aided returns. The Fund’s put-write strategy was a detractor from returns as the collection of the option premiums was offset by moderate market volatility.

Looking Ahead

With the market expectation for eventual, if gradual, interest rate decreases and improved corporate profit growth outlook, market sentiment has leaned positive. However, unforeseen macroeconomic or geo-political events could add unexpected volatility to markets. In our view, preparing for some ups and downs, and following a disciplined investment strategy is a sensible plan.

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,

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. ^©2024 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, 2014. 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 April 28, 2023, the market capitalization of the companies in the Russell 1000^® Index ranged from $2.4 billion to $2.7 trillion.


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark Large Cap Core Fund⁽²⁾
Service Shares		30.82	%		14.29	%		11.60	%		6.73	%
Russell 1000^® Index		29.87	%		14.76	%		12.68	%		8.81	%

⁽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 Large Cap Core Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 30.82%, outperforming the Russell 1000 Index at 29.87%.

•

As part of the Fund’s equal weighted three-factor investment approach, exposure to the value and momentum factors were the largest contributors to the Fund’s outperformance relative to the benchmark for the period.

•

Security selection within the industrials and consumer discretionary sectors contributed to Fund performance, driven by the Fund’s factor-based investment approach.

•

The Fund saw negative impacts to performance from its underweight to the largest companies in the index, security selection in the technology sector, and exposure to the quality 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	Microsoft Corp.		6.31	%
	2	Apple, Inc.		4.97	%
	3	NVIDIA Corp.		4.13	%
	4	Vanguard S&P 500 ETF		3.31	%
	5	Amazon.com, Inc.		3.01	%
	6	Meta Platforms, Inc. – Class A		2.02	%
	7	Alphabet, Inc. – Class A		1.64	%
	8	Alphabet, Inc. – Class C		1.41	%
	9	Berkshire Hathaway, Inc. – Class B		1.39	%
	10	Eli Lilly & Co.		1.25	%

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		10.02	%		2.28	%		4.17	%		4.20	%
MSCI Emerging Markets Index		8.59	%		2.61	%		3.33	%		8.19	%

⁽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).

GuideMarkEmerging Markets Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 10.02%, outperforming the MSCI Emerging Markets Index at 8.59%.

•

The Fund’s relative performance benefited from security section in China and India, as well as being overweight the energy sector, all driven by the Fund’s factor-based investment approach.

•

The Fund saw negative impacts to performance from being overweight consumer staples and exposure to the quality 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.		7.67	%
	2	Samsung Electronics Co. Ltd.		3.60	%
	3	iShares Core MSCI Emerging Markets ETF		3.37	%
	4	iShares MSCI Saudi Arabia ETF		3.32	%
	5	Tencent Holdings Ltd.		3.02	%
	6	Alibaba Group Holding Ltd.		1.57	%
	7	MediaTek, Inc.		0.89	%
	8	Reliance Industries Ltd.		0.84	%
	9	ICICI Bank Ltd.		0.70	%
	10	China Construction Bank Corp. – Series H		0.69	%

GuideMarkSmall/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 April 28, 2023, the market capitalization of the companies in the Russell 2500^TM Index ranged from $159.5 million to $15.8 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		22.44	%		11.03	%		8.74	%		8.05	%
Russell 2500^TM Index		21.43	%		9.90	%		8.84	%		8.99	%

⁽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).

GuideMarkSmall/Mid Cap Core Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 22.44%, outperforming the Russell 2500 Index at 21.43%.

•

As part of the Fund’s equal weighted three-factor investment approach, exposure to the momentum and value factors were the largest contributors to the Fund’s outperformance relative to the benchmark for the period.

•

The Fund’s relative performance benefited from security section in the industrials sector, as well as being underweight the real estate sector, all driven by the Fund’s factor-based investment approach.

•

The Fund saw negative impacts to performance from its underweight to the largest companies in the index, security selection in the technology sector, and exposure to the quality 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	Vanguard Extended Market ETF		3.20	%
	2	Super Micro Computer, Inc.		0.67	%
	3	Builders FirstSource, Inc.		0.58	%
	4	PulteGroup, Inc.		0.47	%
	5	Deckers Outdoor Corp.		0.46	%
	6	Williams Sonoma, Inc.		0.46	%
	7	AppLovin Corp.		0.35	%
	8	EMCOR Group, Inc.		0.33	%
	9	Vistra Corp.		0.33	%
	10	First Citizens BancShares, Inc. – Class A		0.31	%

GuideMarkWorld 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⁾
GuideMarkWorld ex-US Fund⁽²⁾
Service Shares		14.43	%		6.31	%		4.00	%		3.38	%
MSCI World ex-USA Index		15.92	%		8.04	%		5.34	%		6.09	%

⁽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).

GuideMarkWorld ex-US Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 14.43%, underperforming the MSCI World ex-USA Index at 15.92%.

•

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

•

As a result of the Fund’s factor-based investment approach, being overweight consumer staples and underweight technology detracted from Fund performance.

•

The Fund’s dedicated exposures to the momentum and value factors 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		2.79	%
	2	Novo Nordisk AS – Series B		2.43	%
	3	ASML Holding NV		1.52	%
	4	LVMH Moet Hennessy Louis Vuitton SE		1.16	%
	5	Nestle SA		1.11	%
	6	AstraZeneca PLC		0.97	%
	7	Novartis AG		0.91	%
	8	TotalEnergies SE		0.87	%
	9	Shell PLC		0.85	%
	10	Roche Holdings AG – Non-Voting Shares		0.79	%

GuideMarkCore 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		2.56	%		0.14	%		1.01	%		2.89	%
Bloomberg U.S. Aggregate Bond Index		1.70	%		0.36	%		1.54	%		3.58	%

⁽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).

GuideMarkCore Fixed Income Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 2.56%, outperforming the Bloomberg US Aggregate Bond Index at 1.70%.

•

Security selection within investment grade corporate credit, including financials, was a significant driver of the outperformance over the period.

•

Allocation to securitized debt including asset backed securities contributed positively to Fund performance. Within asset backed securities, the focus on shorter duration and consumer linked segments of the fixed income markets, which benefited relative performance.

•

Within the investment grade corporates, an underweight to the industrials sector was a modest detractor.

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 swap contracts.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Federal National Mortgage Association, 6.000%, 04/15/2041		5.11	%
	2	U.S. Treasury Note, 1.875%, 02/28/2029		2.27	%
	3	Federal National Mortgage Association, 6.000%, 05/15/2041		2.19	%
	4	Federal National Mortgage Association, 5.500%, 03/25/2053		2.12	%
	5	U.S. Treasury Note, 2.000%, 11/15/2026		1.97	%
	6	Federal National Mortgage Association, 4.500%, 04/15/2041		1.62	%
	7	U.S. Treasury Note, 4.250%, 03/15/2027		1.51	%
	8	Federal National Mortgage Association, 1.500%, 04/15/2036		1.38	%
	9	U.S. Treasury Bond, 3.125%, 02/15/2043		1.13	%
	10	Government National Mortgage Association, 5.000%, 04/15/2041		1.09	%

GuidePathGrowth 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⁾
GuidePathGrowth Allocation Fund⁽²⁾
Service Shares		24.46	%		10.65	%		7.69	%		7.36	%
S&P^® Target Risk Aggressive Index		18.70	%		9.25	%		7.95	%		8.34	%

⁽¹⁾	Inception date is April 29, 2011.

⁽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).

GuidePathGrowth Allocation Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 24.46%, outperforming the S&P Target Risk Aggressive Index at 18.70%.

•

The Fund’s relative outperformance was strongly driven by exposure to U.S. large cap growth stocks and technology stocks, with the markets benefitting from the Federal Reserve’s pause in raising interest rates.

•

Exposure to international equities, global small cap equities and global real estate investment trusts (REITs) detracted from returns.

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 S&P 500 ETF		17.93	%
	2	Vanguard FTSE Developed Markets ETF		9.55	%
	3	Schwab U.S. Large-Cap ETF		9.22	%
	4	iShares Core S&P Small-Cap ETF		6.64	%
	5	American Funds – The Growth Fund of America – Class F3		6.23	%
	6	Schwab U.S. Large-Cap Growth ETF		6.18	%
	7	iShares Core MSCI Emerging Markets ETF		5.95	%
	8	American Funds – Fundamental Investors – Class F3		5.00	%
	9	AMCAP Fund – Class F3		4.97	%
	10	Vanguard Russell 1000 Growth ETF		4.94	%

GuidePath Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuidePath Conservative Allocation Fund⁽²⁾
Service Shares		10.49	%		5.17	%		3.85	%		4.28	%
S&P^® Target Risk Conservative Index		8.91	%		4.14	%		4.12	%		4.43	%

⁽¹⁾	Inception date is April 29, 2011.

⁽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 Allocation Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 10.49%, outperforming the S&P Target Risk Conservative Index at 8.91%.

•

Exposure to U.S. large cap equities benefited performance. Within fixed income, exposure to high yield bonds, floating rate bonds and investment grade corporate bonds benefitted the Fund’s returns.

•

Exposure to international equities, global small cap equities and global real estate investment trusts (REITs) detracted from the Fund’s returns for the period. Positions in long-term Treasuries and Treasury Inflation Protected Securities (TIPS) also detracted from 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	WisdomTree Floating Rate Treasury Fund		8.76	%
	2	Vanguard High-Yield Corporate Fund		7.28	%
	3	Vanguard S&P 500 ETF		6.70	%
	4	American Funds – The Income Fund of America – Class F3		4.71	%
	5	American Funds – Capital Income Builder, Inc. – Class F-3		4.70	%
	6	iShares Core Aggressive Allocation ETF		4.70	%
	7	iShares Core Growth Allocation ETF		3.99	%
	8	American Funds – Multi-Sector Income Fund – Class F3		3.96	%
	9	American Funds – The Bond Fund of America – Class F3		3.95	%
	10	iShares Core U.S. Aggregate Bond ETF		3.95	%

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⁾
GuidePath Tactical Allocation Fund⁽²⁾
Service Shares		25.45	%		8.94	%		6.36	%		5.83	%
S&P 500^® Daily Risk Control 10% Index		23.29	%		9.37	%		8.84	%		8.51	%

⁽¹⁾	Inception date is April 29, 2011.

⁽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 Tactical Allocation Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 25.45%, outperforming the S&P 500 Daily Risk Control Index at 23.29%.

•

Overweight equity positioning relative to the benchmark during the period benefited returns.

•

Security selection within the consumer discretionary, industrials and consumer staples sectors also benefitted returns.

•

Security selection within the technology and healthcare sectors and an underweight allocation to the communication services sector detracted from returns relative to the benchmark.

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 Core S&P 500 ETF		14.93	%
	2	ProShares Ultra S&P500		11.95	%
	3	Microsoft Corp.		5.02	%
	4	Apple, Inc.		3.80	%
	5	Hartford Financial Services Group, Inc.		3.77	%
	6	Aflac, Inc.		3.27	%
	7	Builders FirstSource, Inc.		3.24	%
	8	Meta Platforms, Inc.		3.17	%
	9	Regeneron Pharmaceuticals, Inc.		3.16	%
	10	PulteGroup, Inc.		2.99	%

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⁾
GuidePath Absolute Return Allocation Fund⁽²⁾
Service Shares		4.72	%		0.79	%		1.92	%		1.80	%
FTSE 3-Month Treasury Bill Index		5.47	%		2.06	%		1.39	%		1.09	%

⁽¹⁾	Inception date is April 29, 2011.

⁽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 Absolute Return Allocation Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 4.72%, underperforming the FTSE 3-Month Treasury Bill Index at 5.47%.

•

Positioning in long-term Treasuries was a driver of the Fund’s relative underperformance, as the Federal Reserve increased interest rates early in the period. Exposure to international equities detracted from returns.

•

Exposure to high yield, floating rate bonds and low duration bonds benefited returns.

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		11.68	%
	2	DoubleLine Total Return Bond Fund – Institutional Shares		10.04	%
	3	Vanguard High-Yield Corporate Fund – Admiral Shares		9.03	%
	4	Vanguard Mortgage-Backed Securities ETF		8.94	%
	5	Vanguard Intermediate-Term Corporate Bond ETF		8.46	%
	6	DoubleLine Low Duration Bond Fund – Institutional Shares		7.27	%
	7	BlackRock Low Duration Bond Portfolio – Insitutional Shares		7.22	%
	8	Vanguard Emerging Markets Government Bond ETF		4.07	%
	9	T. Rowe Price Institutional Floating Rate Fund – Investor Shares		3.77	%
	10	DoubleLine Flexible Income Fund		3.66	%

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⁾
GuidePath Multi-Asset Income Allocation Fund⁽²⁾
Service Shares		10.15	%		3.49	%		3.41	%		4.08	%
Morningstar Multi-Asset High Income Index		9.85	%		0.72	%		2.47	%		2.75	%

⁽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, 2024, the Fund’s Service Shares returned 10.15%, outperforming the Morningstar Multi-Asset High Income Index at 9.85%.

•

Global dividend-oriented equities were the main driver of the Fund’s relative outperformance. High yield, convertible bonds, floating rate bonds, and emerging markets bonds benefitted Fund returns during the period.

•

Exposure to U.S. real estate investment trusts (REITs) hurt relative performance. Long- and intermediate-term Treasuries and Treasury Inflation Protected Securities (TIPS) also detracted from the Fund’s returns.

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		9.31	%
	2	Schwab US Dividend Equity ETF		6.51	%
	3	Vanguard High Dividend Yield ETF		6.33	%
	4	iShares Emerging Markets Dividend ETF		6.09	%
	5	Loomis Sayles Global Allocation Fund – Class Y		5.20	%
	6	iShares 0-5 Year High Yield Corporate Bond ETF		5.08	%
	7	WisdomTree US LargeCap Dividend Fund		4.84	%
	8	iShares International Select Dividend ETF		4.77	%
	9	iShares Select Dividend ETF		4.75	%
	10	Global X US Preferred ETF		4.70	%

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⁾
GuidePath Flexible Income Allocation Fund⁽²⁾
Service Shares		4.17	%		2.27	%		2.19	%		1.81	%
Bloomberg U.S. Aggregate Bond Index		1.70	%		0.36	%		1.54	%		1.34	%

⁽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 Flexible Income Allocation Fund

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

•

For the 12 months ended March 31, 2024, the Fund’s Service Shares returned 4.17%, outperforming the Bloomberg US Aggregate Bond Index at 1.70%.

•

Allocations to diversified alternatives and market neutral strategies benefited performance. Exposure to the US home construction sub-industry also contributed positively to returns. Fixed income positions in high yield, short-term Treasuries and emerging market government bonds also benefited Fund returns.

•

Small allocations to the US dollar detracted from returns. Positioning in long and intermediate-term Treasuries, and Treasury Inflation Protected Securities (TIPS), also detracted from the Fund’s performance relative to the benchmark.

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		13.93	%
	2	Stone Ridge Diversified Alternatives Fund		9.81	%
	3	Xtrackers USD High Yield Corporate Bond ETF		7.81	%
	4	iShares Broad USD High Yield Corporate Bond ETF		7.81	%
	5	Vanguard Short-Term Treasury ETF		7.73	%
	6	SPDR Portfolio Short Term Treasury ETF		7.73	%
	7	SPDR Bloomberg High Yield Bond ETF		6.77	%
	8	Vanguard Long-Term Treasury ETF		6.51	%
	9	JPMorgan Short Duration Core Plus Fund		5.80	%
	10	Vanguard Emerging Markets Government Bond ETF		4.92	%

GuidePath Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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

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

SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator. 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⁾
GuidePath Managed Futures Strategy Fund⁽²⁾
Service Shares		7.17	%		10.71	%		3.64	%
FTSE 3-Month Treasury Bill Index		5.47	%		2.06	%		1.69	%
SG Trend Index		16.00	%		11.00	%		4.63	%

⁽¹⁾	Inception date is January 19, 2016.

⁽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, 2024, the Fund’s Service Shares returned 7.17%, underperforming the SG Trend Index at 16.00%.

•

Most of the Fund’s underperformance occurred during the second quarter of 2023 due to long positions to energy and grain commodities, and the fourth quarter of 2023 due to short positions to global fixed income. The Fund’s use of forwards and futures to implement its strategy had a positive impact on performance.

•

Long positions to equities and cocoa contributed positively to Fund performance.

•

The Fund’s currency positioning, specifically a long position to the U.S. dollar, 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, 2024.

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			Five Years			Since Inception⁽¹⁾
GuidePath Conservative Income Fund⁽²⁾
Shares		4.82	%		1.18	%		1.23	%
Bloomberg U.S. Treasury 1-3 Year Bond Index		2.94	%		1.13	%		1.45	%

⁽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, 2024, the Fund returned 4.82% outperforming the Bloomberg US Treasury 1-3 Year Index at 2.94%.

•

Fund performance benefited from an allocation to floating rate notes and senior loans, as the Federal Reserve modestly raised interest rates early in the period before pausing. A target allocation of 50% to cash equivalents also contributed positively to the Fund’s returns.

•

A modest position in Treasury Inflation Protected Securities (TIPS) was a detractor from the Fund’s performance relative to the benchmark.

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		12.53	%
	2	iShares 0-5 Year Investment GradeCorporate Bond ETF		6.55	%
	3	iShares 0-5 Year High Yield Corporate Bond ETF		4.14	%
	4	Invesco Senior Loan ETF		4.09	%

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			Five Years			Since Inception⁽¹⁾
GuidePath Income Fund⁽²⁾
Shares		3.82	%		(0.65	)%		(0.39	)%
Bloomberg U.S. Aggregate Bond Index		1.70	%		0.36	%		1.18	%

⁽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, 2024, the Fund returned 3.82%, outperforming the Bloomberg US Aggregate Bond Index at 1.70%.

•

Exposure to high yield bonds and emerging markets bonds were the main drivers of the Fund’s relative outperformance during the period.

•

Exposure to intermediate-term U.S. Treasuries were a slight detractor as interest rates remained elevated.

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 5-10 Year Investment Grade Corporate Bond ETF		29.18	%
	2	iShares Core U.S. Aggregate Bond ETF		25.03	%
	3	SPDR Bloomberg High Yield Bond ETF		19.58	%
	4	VanEck Emerging Markets High Yield Bond ETF		15.06	%
	5	iShares J.P. Morgan USD Emerging Markets Bond ETF		8.85	%

GuidePath Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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


AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Years			Since Inception⁽¹⁾
GuidePath Growth and Income Fund⁽²⁾
Shares		19.09	%		8.89	%		7.48	%
MSCI USA High Dividend Yield Index		16.36	%		8.82	%		9.30	%

⁽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, 2024, the Fund returned 19.09%, outperforming the MSCI USA High Dividend Yield Index at 16.36%.

•

Exposure to U.S. large-cap equity and Master Limited Partnerships (MLPs) boosted returns on the strength of equity markets in the second half of the period. The Fund’s volatility targeting component aided returns.

•

The Fund’s put-write strategy detracted from returns, as the collection of the option premiums was offset by moderate market volatility.

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 U.S. Large-Cap ETF		49.60	%
	2	Broadcom, Inc.		2.03	%
	3	Eaton Corp. PLC		1.95	%
	4	Exxon Mobil Corp.		1.86	%
	5	McDonald’s Corp.		1.71	%
	6	Procter & Gamble Co.		1.63	%
	7	Home Depot, Inc.		1.61	%
	8	AbbVie, Inc.		1.55	%
	9	ConocoPhillips		1.51	%
	10	Coca-Cola Co.		1.50	%

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2024

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, 2023 to March 31, 2024, 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, 2023		Ending Account Value March 31, 2024		Annualized Expense Ratio¹ based on the period October 1, 2023 – March 31, 2024		Expenses Paid During Period² October 1, 2023 – March 31, 2024
SINGLE CLASS SHARES
GuidePath Conservative Income Fund	Actual	$	1,000.00	$	1,011.60		0.72%	$	3.62
GuidePath Conservative Income Fund	Hypothetical³	$	1,000.00	$	1,021.40		0.72%	$	3.64
GuidePath Income Fund	Actual	$	1,000.00	$	1,006.90		0.90%	$	4.52
GuidePath Income Fund	Hypothetical³	$	1,000.00	$	1,020.50		0.90%	$	4.55
GuidePath Growth and Income Fund	Actual	$	1,000.00	$	1,088.40		0.96%	$	5.01
GuidePath Growth and Income Fund	Hypothetical³	$	1,000.00	$	1,020.20		0.96%	$	4.85

¹	The expense ratio excludes securities lending expense offset credits.

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 183/366 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2024


Fund		Beginning Account Value October 1, 2023		Ending Account Value March 31, 2024		Annualized Expense Ratio¹ based on the period October 1, 2023 – March 31, 2024		Expenses Paid During Period² October 1, 2023 – March 31, 2024
SERVICE SHARES
GuideMark Large Cap Core Fund	Actual	$	1,000.00	$	1,246.00		0.86%	$	4.83
GuideMark Large Cap Core Fund	Hypothetical³	$	1,000.00	$	1,020.70		0.86%	$	4.34
GuideMark Emerging Markets Fund	Actual	$	1,000.00	$	1,104.80		1.36%	$	7.16
GuideMark Emerging Markets Fund	Hypothetical³	$	1,000.00	$	1,018.20		1.36%	$	6.86
GuideMark Small/Mid Cap Core Fund	Actual	$	1,000.00	$	1,206.60		1.12%	$	6.18
GuideMark Small/Mid Cap Core Fund	Hypothetical³	$	1,000.00	$	1,019.40		1.12%	$	5.65
GuideMark World ex-US Fund	Actual	$	1,000.00	$	1,152.60		1.11%	$	5.97
GuideMark World ex-US Fund	Hypothetical³	$	1,000.00	$	1,019.45		1.11%	$	5.60
GuideMark Core Fixed Income Fund	Actual	$	1,000.00	$	1,067.30		0.95%	$	4.91
GuideMark Core Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,020.25		0.95%	$	4.80
GuidePath Growth	Actual	$	1,000.00	$	1,210.60		0.67%	$	3.70
Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.65		0.67%	$	3.39
GuidePath Conservative	Actual	$	1,000.00	$	1,117.20		0.53%	$	2.81
Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.35		0.53%	$	2.68
GuidePath Tactical	Actual	$	1,000.00	$	1,224.00		0.78%	$	4.34
Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.10		0.78%	$	3.94
GuidePath Absolute Return	Actual	$	1,000.00	$	1,057.80		0.61%	$	3.14
Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.95		0.61%	$	3.08
GuidePath Multi-Asset Income	Actual	$	1,000.00	$	1,118.00		0.85%	$	4.50
Allocation Fund	Hypothetical³	$	1,000.00	$	1,020.75		0.85%	$	4.29
GuidePath Flexible Income	Actual	$	1,000.00	$	1,047.50		0.57%	$	2.92
Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.15		0.57%	$	2.88
GuidePath Managed Futures	Actual	$	1,000.00	$	1,013.00		1.50%	$	7.55
Strategy Fund	Hypothetical³	$	1,000.00	$	1,017.50		1.50%	$	7.57

¹	The expense ratio excludes securities lending expense offset credits.

²	Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		COMMON STOCKS - 95.2%
		Aerospace & Defense - 1.1%
	1,246	Axon Enterprise, Inc. (a)	$	389,849
	3,745	Boeing Co. (a)		722,748
	5,826	BWX Technologies, Inc. (b)		597,864
	2,687	Curtiss-Wright Corp.		687,711
	2,070	General Dynamics Corp.		584,754
	12,716	Howmet Aerospace, Inc.		870,156
	1,770	Huntington Ingalls Industries, Inc.		515,902
	914	L3Harris Technologies, Inc.		194,773
	782	Lockheed Martin Corp.		355,708
	9,798	RTX Corp. (b)		955,599
	9,618	Textron, Inc.		922,655
	679	TransDigm Group, Inc.		836,256

				7,633,975

		Air Freight & Logistics - 0.3%
	7,207	C.H. Robinson Worldwide, Inc. (b)		548,741
	1,872	Expeditors International of Washington, Inc.		227,579
	2,843	FedEx Corp.		823,731
	5,430	GXO Logistics, Inc. (a)		291,917

				1,891,968

		Automobile Components - 0.2%
	16,194	BorgWarner, Inc.		562,580
	4,440	Lear Corp.		643,267
	3,238	Phinia, Inc.		124,436

				1,330,283

		Automobiles - 0.9%
	22,031	Harley-Davidson, Inc. (b)		963,636
	19,306	Tesla, Inc. (a)		3,393,802
	17,325	Thor Industries, Inc. (b)		2,032,915

				6,390,353

		Banks - 2.2%
	45,952	Bank of America Corp.		1,742,500
	30,702	Citigroup, Inc.		1,941,595
	6,939	Citizens Financial Group, Inc.		251,816
	6,671	Comerica, Inc.		366,838
	155	First Citizens BancShares, Inc. - Class A		253,425
	17,390	First Horizon Corp.		267,806
	22,529	FNB Corp.		317,659
	29,791	JPMorgan Chase & Co.		5,967,137
	7,306	KeyCorp		115,508
	125,480	New York Community Bancorp, Inc. (b)		404,046
	27,540	NU Holdings Ltd. - Class A (a)(b)		328,552
	5,790	Popular, Inc.		510,041
	13,484	Regions Financial Corp.		283,703
	11,477	Synovus Financial Corp.		459,769
	28,790	Wells Fargo & Co.		1,668,668
	12,504	Western Alliance Bancorp		802,632
	2,597	Wintrust Financial Corp.		271,101
	5,360	Zions Bancorp NA		232,624

				16,185,420

		Beverages - 1.0%
	1,634	Boston Beer Co., Inc. - Class A (a)		497,422
	22,977	Coca-Cola Co.		1,405,733
	633	Constellation Brands, Inc. - Class A		172,024
	23,419	Molson Coors Beverage Co. - Class B (b)		1,574,928
	8,652	Monster Beverage Corp. (a)		512,890
	15,685	PepsiCo, Inc.		2,745,032

				6,908,029


Shares			Value
		Biotechnology - 2.0%
	26,086	AbbVie, Inc.	$	4,750,261
	6,473	Amgen, Inc.		1,840,403
	2,039	Biogen, Inc. (a)		439,670
	37,670	Exelixis, Inc. (a)		893,909
	16,868	Gilead Sciences, Inc.		1,235,581
	10,362	Incyte Corp. (a)		590,323
	1,545	Regeneron Pharmaceuticals, Inc. (a)		1,487,047
	11,305	Roivant Sciences Ltd. (a)		119,155
	3,702	United Therapeutics Corp. (a)		850,424
	5,127	Vertex Pharmaceuticals, Inc. (a)		2,143,137

				14,349,910

		Broadline Retail - 4.0%
	120,907	Amazon.com, Inc. (a)		21,809,205
	7,884	Coupang, Inc. (a)		140,256
	5,477	eBay, Inc.		289,076
	6,469	Etsy, Inc. (a)(b)		444,550
	59,575	Kohl’s Corp. (b)		1,736,611
	154,247	Macy’s, Inc. (b)		3,083,398
	68,162	Nordstrom, Inc. (b)		1,381,644
	1,932	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		153,729

				29,038,469

		Building Products - 1.5%
	4,380	A O Smith Corp.		391,835
	2,364	Advanced Drainage Systems, Inc.		407,175
	16,820	Builders FirstSource, Inc. (a)		3,507,811
	1,405	Carlisle Cos., Inc.		550,549
	5,251	Carrier Global Corp.		305,241
	3,927	Johnson Controls International PLC		256,511
	1,985	Lennox International, Inc. (b)		970,188
	9,739	Masco Corp.		768,212
	11,792	Owens Corning, Inc.		1,966,906
	2,209	Trane Technologies PLC		663,142
	9,093	Trex Co., Inc. (a)		907,027

				10,694,597

		Capital Markets - 1.8%
	3,324	Affiliated Managers Group, Inc.		556,670
	3,553	Ameriprise Financial, Inc.		1,557,777
	5,046	Ares Management Corp. - Class A (b)		671,017
	12,111	Bank of New York Mellon Corp.		697,836
	196	BlackRock, Inc. (b)		163,405
	2,145	Blackstone, Inc.		281,789
	1,379	Cboe Global Markets, Inc.		253,364
	4,885	Charles Schwab Corp.		353,381
	1,723	CME Group, Inc.		370,945
	893	Coinbase Global, Inc. - Class A (a)		236,752
	4,614	Evercore, Inc. - Class A		888,610
	1,273	FactSet Research Systems, Inc.		578,438
	12,432	Franklin Resources, Inc. (b)		349,463
	1,684	Intercontinental Exchange, Inc.		231,432
	10,102	Janus Henderson Group PLC		332,255
	2,793	Jefferies Financial Group, Inc.		123,171
	2,744	KKR & Co., Inc.		275,991
	3,658	LPL Financial Holdings, Inc.		966,444
	2,500	Moody’s Corp.		982,575
	7,416	Morgan Stanley		698,291
	1,741	Northern Trust Corp.		154,810
	3,530	Raymond James Financial, Inc. (b)		453,323
	571	S&P Global, Inc.		242,932
	13,185	State Street Corp.		1,019,464
	4,365	Stifel Financial Corp. (b)		341,212
	1,522	Tradeweb Markets, Inc. - Class A (b)		158,547
	5,265	XP, Inc. - Class A		135,100

				13,074,994

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Chemicals - 0.9%
	4,468	CF Industries Holdings, Inc.	$	371,782
	696	Ecolab, Inc.		160,706
	2,963	Linde PLC		1,375,780
	30,095	Mosaic Co.		976,884
	961	NewMarket Corp.		609,870
	12,679	Olin Corp.		745,525
	4,467	RPM International, Inc.		531,350
	2,391	Sherwin-Williams Co.		830,466
	3,727	Westlake Corp.		569,486

				6,171,849

		Commercial Services & Supplies - 0.7%
	2,610	Cintas Corp.		1,793,148
	3,087	Clean Harbors, Inc. (a)		621,444
	10,009	Copart, Inc. (a)		579,721
	755	MSA Safety, Inc.		146,161
	838	Republic Services, Inc.		160,427
	18,949	Rollins, Inc.		876,770
	1,670	Waste Management, Inc.		355,960

				4,533,631

		Communications Equipment - 0.8%
	4,819	Arista Networks, Inc. (a)		1,397,413
	44,251	Cisco Systems, Inc.		2,208,567
	2,096	F5, Inc. (a)		397,381
	6,819	Juniper Networks, Inc.		252,712
	2,603	Motorola Solutions, Inc.		924,013
	3,562	Ubiquiti, Inc.		412,658

				5,592,744

		Construction & Engineering - 0.5%
	5,969	AECOM		585,440
	2,140	EMCOR Group, Inc.		749,428
	9,542	MasTec, Inc. (a)		889,791
	3,080	Quanta Services, Inc.		800,184
	1,832	Valmont Industries, Inc. (b)		418,209

				3,443,052

		Construction Materials - 0.1%
	1,087	Eagle Materials, Inc. (b)		295,392
	934	Vulcan Materials Co.		254,908

				550,300

		Consumer Finance - 1.6%
	56,139	Ally Financial, Inc.		2,278,682
	6,569	American Express Co.		1,495,696
	15,363	Capital One Financial Corp. (b)		2,287,397
	430	Credit Acceptance Corp. (a)(b)		237,166
	7,853	Discover Financial Services		1,029,450
	31,579	OneMain Holdings, Inc.		1,613,371
	29,662	SLM Corp.		646,335
	47,912	Synchrony Financial		2,065,965

				11,654,062

		Consumer Staples Distribution & Retail - 2.5%
	40,250	Albertsons Cos., Inc. - Class A		862,960
	6,956	BJ’s Wholesale Club Holdings, Inc. (a)(b)		526,221
	4,345	Casey’s General Stores, Inc.		1,383,665
	5,759	Costco Wholesale Corp.		4,219,216
	2,507	Dollar General Corp.		391,243
	2,880	Dollar Tree, Inc. (a)		383,472
	6,003	Grocery Outlet Holding Corp. (a)		172,766


Shares			Value
		Consumer Staples Distribution & Retail (Continued)
	29,574	Kroger Co.	$	1,689,563
	10,815	Performance Food Group Co. (a)		807,232
	12,659	SYSCO Corp.		1,027,658
	6,457	Target Corp.		1,144,245
	32,902	US Foods Holding Corp. (a)		1,775,721
	64,473	Walmart, Inc.		3,879,340

				18,263,302

		Containers & Packaging - 0.2%
	8,343	Ardagh Group SA (a)(c)		0
	13,981	Berry Global Group, Inc.		845,571
	18,273	WestRock Co.		903,600

				1,749,171

		Distributors - 0.3%
	4,146	Genuine Parts Co.		642,340
	16,411	LKQ Corp.		876,511
	1,252	Pool Corp. (b)		505,182

				2,024,033

		Diversfied Financial Services - 0.0%^(d)
	3,912	GCI Liberty Inc SR Escrow (a)(c)		3,538

		Diversified Consumer Services - 0.5%
	193,197	ADT, Inc.		1,298,284
	7,025	Grand Canyon Education, Inc. (a)		956,875
	21,259	H&R Block, Inc. (b)		1,044,030

				3,299,189

		Diversified Telecommunication Services - 0.3%
	95,328	AT&T, Inc.		1,677,773
	17,961	Verizon Communications, Inc.		753,643

				2,431,416

		Electric Utilities - 0.2%
	5,020	Constellation Energy Corp.		927,947
	33,339	Hawaiian Electric Industries, Inc.		375,731
	2,779	NRG Energy, Inc. (b)		188,110

				1,491,788

		Electrical Equipment - 0.7%
	4,333	Acuity Brands, Inc.		1,164,407
	659	AMETEK, Inc.		120,531
	3,372	Eaton Corp. PLC		1,054,357
	1,864	Hubbell, Inc.		773,653
	10,055	nVent Electric PLC		758,147
	1,387	Regal Rexnord Corp. (b)		249,799
	6,231	Sensata Technologies Holding PLC		228,927
	7,007	Vertiv Holdings Co. - Class A		572,262

				4,922,083

		Electronic Equipment, Instruments & Components - 0.9%
	6,366	Amphenol Corp. - Class A		734,318
	10,834	Arrow Electronics, Inc. (a)		1,402,570
	1,894	CDW Corp.		484,447
	4,045	Coherent Corp. (a)		245,208
	5,215	Crane NXT Co. (b)		322,808
	7,721	Jabil, Inc.		1,034,228
	2,376	Keysight Technologies, Inc. (a)		371,559
	15,037	TD SYNNEX Corp.		1,700,685
	9,272	Vontier Corp.		420,578

				6,716,401

		Energy Equipment & Services - 0.1%
	5,248	Baker Hughes Co.		175,808
	1,729	Schlumberger NV		94,767
	17,540	TechnipFMC PLC		440,429

				711,004

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Entertainment - 0.7%
	3,690	Electronic Arts, Inc.	$	489,552
	2,530	Netflix, Inc. (a)		1,536,545
	40,582	Playtika Holding Corp.		286,103
	2,454	Spotify Technology SA (a)		647,611
	864	Take-Two Interactive Software, Inc. (a)(b)		128,295
	5,061	TKO Group Holdings, Inc. (b)		437,321
	2,803	Walt Disney Co.		342,975
	167,880	Warner Bros Discovery, Inc. (a)(b)		1,465,593

				5,333,995

		Financial Services - 3.7%
	6,074	Apollo Global Management, Inc.		683,021
	23,993	Berkshire Hathaway, Inc. - Class B (a)		10,089,537
	76,251	Corebridge Financial, Inc. (b)		2,190,691
	487	Corpay, Inc. (a)		150,259
	23,931	Equitable Holdings, Inc.		909,617
	1,132	Euronet Worldwide, Inc. (a)		124,441
	4,564	Fiserv, Inc. (a)		729,419
	1,673	Jack Henry & Associates, Inc.		290,650
	8,972	Mastercard, Inc. - Class A		4,320,646
	35,667	MGIC Investment Corp. (b)		797,514
	85,193	UWM Holdings Corp. (b)		618,501
	16,217	Visa, Inc. - Class A (b)		4,525,840
	8,526	Voya Financial, Inc.		630,242
	36,755	Western Union Co.		513,835

				26,574,213

		Food Products - 1.2%
	17,676	Archer-Daniels-Midland Co.		1,110,230
	13,137	Bunge Global SA		1,346,805
	1,855	Darling International, Inc. (a)		86,276
	31,288	Flowers Foods, Inc.		743,090
	1,780	Freshpet, Inc. (a)(b)		206,231
	2,719	Hershey Co.		528,846
	4,284	Ingredion, Inc.		500,585
	2,414	Lamb Weston Holdings, Inc.		257,163
	8,527	Mondelez International, Inc. - Class A		596,890
	12,414	Post Holdings, Inc. (a)		1,319,360
	391	Seaboard Corp.		1,260,553

				7,956,029

		Gas Utilities - 0.1%
	38,373	UGI Corp.		941,673

		GICS Airlines - 0.0% (d)
	6,231	Delta Air Lines, Inc.		298,278

		Ground Transportation - 0.5%
	5,668	Landstar System, Inc.		1,092,564
	3,184	Old Dominion Freight Line, Inc. (b)		698,283
	675	Saia, Inc. (a)(b)		394,875
	12,196	Uber Technologies, Inc. (a)		938,970
	848	Union Pacific Corp.		208,549
	5,196	XPO, Inc. (a)		634,068

				3,967,309

		Health Care Equipment & Supplies - 1.0%
	12,384	Abbott Laboratories		1,407,565
	1,319	Align Technology, Inc. (a)		432,527
	11,650	Boston Scientific Corp. (a)		797,909
	604	DexCom, Inc. (a)		83,775
	7,825	Edwards Lifesciences Corp. (a)		747,757
	23,412	Envista Holdings Corp. (a)		500,549
	1,751	IDEXX Laboratories, Inc. (a)		945,417


Shares			Value
		Health Care Equipment & Supplies (Continued)
	1,123	Inspire Medical Systems, Inc. (a)(b)	$	241,209
	1,333	Insulet Corp. (a)		228,476
	1,769	Intuitive Surgical, Inc. (a)		705,990
	1,138	Penumbra, Inc. (a)(b)		253,979
	969	Shockwave Medical, Inc. (a)		315,535
	1,946	Stryker Corp.		696,415
	4,022	Tandem Diabetes Care, Inc. (a)(b)		142,419

				7,499,522

		Health Care Providers & Services - 3.2%
	4,223	Amedisys, Inc. (a)		389,192
	8,553	Cardinal Health, Inc.		957,081
	2,943	Cencora, Inc.		715,120
	27,801	Centene Corp. (a)		2,181,822
	1,069	Chemed Corp. (b)		686,223
	7,761	Cigna Group		2,818,718
	30,171	CVS Health Corp.		2,406,439
	1,742	DaVita, Inc. (a)		240,483
	3,110	Elevance Health, Inc.		1,612,659
	3,715	Encompass Health Corp.		306,785
	923	HCA Healthcare, Inc.		307,848
	7,263	Henry Schein, Inc. (a)		548,502
	2,317	Humana, Inc.		803,350
	1,762	Laboratory Corp. of America Holdings		384,927
	2,444	McKesson Corp.		1,312,061
	856	Molina Healthcare, Inc. (a)		351,670
	9,573	Premier, Inc. - Class A		211,563
	5,343	Tenet Healthcare Corp. (a)		561,603
	11,890	UnitedHealth Group, Inc.		5,881,983
	2,191	Universal Health Services, Inc. - Class B		399,770

				23,077,799

		Health Care Technology - 0.2%
	82,395	Teladoc Health, Inc. (a)		1,244,164

		Hotels, Restaurants & Leisure - 1.5%
	1,194	Airbnb, Inc. - Class A (a)		196,962
	512	Booking Holdings, Inc.		1,857,475
	4,598	Boyd Gaming Corp.		309,537
	11,701	Caesars Entertainment, Inc. (a)		511,802
	202	Chipotle Mexican Grill, Inc. (a)		587,168
	1,420	Domino’s Pizza, Inc.		705,570
	1,334	DoorDash, Inc. - Class A (a)		183,718
	7,378	DraftKings, Inc. - Class A (a)		335,035
	2,939	Expedia Group, Inc. (a)		404,847
	768	Hilton Worldwide Holdings, Inc.		163,822
	2,257	Marriott International, Inc. - Class A		569,464
	5,144	McDonald’s Corp.		1,450,351
	13,342	MGM Resorts International (a)(b)		629,876
	48,173	Penn Entertainment, Inc. (a)(b)		877,230
	2,114	Royal Caribbean Cruises Ltd. (a)		293,867
	3,168	Starbucks Corp.		289,524
	1,768	Texas Roadhouse, Inc.		273,103
	2,291	Wingstop, Inc.		839,422
	5,948	Yum! Brands, Inc. (b)		824,690

				11,303,463

		Household Durables - 1.4%
	4,191	DR Horton, Inc.		689,629
	901	Garmin Ltd.		134,132
	11,135	Lennar Corp. - Class A		1,914,997
	7,367	Lennar Corp. - Class B		1,135,844
	7,056	Mohawk Industries, Inc. (a)		923,560
	78,129	Newell Rubbermaid, Inc.		627,376
	98	NVR, Inc. (a)		793,796

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	9,389	PulteGroup, Inc.	$	1,132,501
	14,750	Tempur Sealy International, Inc.		838,095
	12,608	Toll Brothers, Inc.		1,631,097
	734	TopBuild Corp. (a)(b)		323,496

				10,144,523

		Household Products - 0.9%
	1,474	Church & Dwight Co., Inc. (b)		153,753
	2,917	Clorox Co.		446,622
	13,377	Colgate-Palmolive Co.		1,204,599
	2,245	Kimberly-Clark Corp.		290,391
	26,426	Procter & Gamble Co.		4,287,618

				6,382,983

		Independent Power and Renewable Electricity Producers - 0.3%
	19,943	Brookfield Renewable Corp. - Class A		490,000
	16,037	Vistra Corp.		1,116,977

				1,606,977

		Industrial Conglomerates - 0.3%
	2,850	3M Co.		302,299
	10,441	General Electric Co.		1,832,709

				2,135,008

		Insurance - 2.2%
	7,361	Aflac, Inc.		632,015
	915	Allstate Corp.		158,304
	1,129	American Financial Group, Inc.		154,086
	15,281	American International Group, Inc. (b)		1,194,516
	1,193	Aon PLC - Class A		398,128
	8,628	Arch Capital Group, Ltd. (a)		797,572
	3,483	Arthur J. Gallagher & Co.		870,889
	2,459	Assured Guaranty, Ltd. (b)		214,548
	6,629	Axis Capital Holdings Ltd.		431,018
	1,929	Brown & Brown, Inc.		168,865
	2,064	Chubb, Ltd.		534,844
	8,141	CNA Financial Corp.		369,764
	1,455	Everest Group Ltd.		578,362
	2,007	Globe Life, Inc.		233,555
	1,053	Hartford Financial Services Group, Inc.		108,512
	5,876	Loews Corp.		460,032
	168	Markel Group, Inc. (a)		255,609
	8,724	Marsh & McLennan Cos., Inc.		1,796,969
	25,640	Old Republic International Corp.		787,661
	1,676	Primerica, Inc.		423,961
	15,200	Principal Financial Group, Inc.		1,311,912
	5,150	Progressive Corp.		1,065,123
	3,297	Reinsurance Group of America, Inc.		635,925
	1,504	RenaissanceRe Holdings Ltd.		353,485
	30,546	Unum Group		1,639,098
	186	White Mountains Insurance Group Ltd.		333,740

				15,908,493

		Interactive Media & Services - 5.3%
	78,835	Alphabet, Inc. - Class A (a)		11,898,566
	67,055	Alphabet, Inc. - Class C (a)		10,209,794
	11,622	Match Group, Inc. (a)		421,646
	30,091	Meta Platforms, Inc. - Class A		14,611,588
	31,325	Pinterest, Inc. - Class A (a)		1,086,038
	15,540	TripAdvisor, Inc. (a)		431,857

				38,659,489

		IT Services - 1.8%
	7,973	Accenture PLC - Class A		2,763,522
	5,531	Akamai Technologies, Inc. (a)		601,552
	7,417	Amdocs Ltd.		670,274
	14,162	Cognizant Technology Solutions Corp. - Class A		1,037,933
	126,715	DXC Technology Co. (a)		2,687,625


Shares			Value
		IT Services (Continued)
	1,505	EPAM Systems, Inc. (a)	$	415,621
	2,648	Gartner, Inc. (a)		1,262,222
	3,806	GoDaddy, Inc. - Class A (a)		451,696
	11,395	International Business Machines Corp.		2,175,989
	332	MongoDB, Inc. (a)(b)		119,069
	3,385	VeriSign, Inc. (a)		641,491

				12,826,994

		Leisure Products - 0.2%
	13,597	Mattel, Inc. (a)		269,357
	1,427	Polaris, Inc.		142,871
	17,721	YETI Holdings, Inc. (a)(b)		683,144

				1,095,372

		Life Sciences Tools & Services - 0.6%
	3,733	10X Genomics, Inc. - Class A (a)		140,099
	2,607	Agilent Technologies, Inc.		379,345
	11,646	Avantor, Inc. (a)		297,788
	1,412	Bruker Corp.		132,643
	3,246	Danaher Corp.		810,591
	985	IQVIA Holdings, Inc. (a)		249,097
	581	Mettler-Toledo International, Inc. (a)		773,479
	2,038	Thermo Fisher Scientific, Inc.		1,184,506
	957	Waters Corp. (a)		329,428
	698	West Pharmaceutical Services, Inc.		276,206

				4,573,182

		Machinery - 2.2%
	1,851	AGCO Corp.		227,710
	12,055	Allison Transmission Holdings, Inc.		978,384
	2,937	Caterpillar, Inc.		1,076,205
	1,664	Cummins, Inc.		490,298
	1,294	Deere & Co.		531,497
	8,226	Donaldson Co., Inc.		614,318
	12,874	Esab Corp. (b)		1,423,478
	1,778	Fortive Corp.		152,944
	131,680	Gates Industrial Corp. PLC (a)		2,332,053
	3,219	Illinois Tool Works, Inc.		863,754
	5,222	Ingersoll Rand, Inc.		495,829
	2,228	ITT, Inc.		303,075
	3,229	Lincoln Electric Holdings, Inc. (b)		824,816
	424	Nordson Corp.		116,405
	5,276	Oshkosh Corp.		657,970
	4,777	Otis Worldwide Corp. (b)		474,213
	9,302	PACCAR, Inc.		1,152,425
	1,926	Parker-Hannifin Corp.		1,070,451
	2,484	Pentair PLC		212,233
	2,044	Snap-on, Inc.		605,474
	3,656	Timken Co.		319,644
	3,534	Toro Co. (b)		323,820
	6,174	Westinghouse Air Brake Technologies Corp.		899,428

				16,146,424

		Marine Transportation - 0.0% (d)
	3,493	Kirby Corp. (a)		332,953

		Media - 1.5%
	1,554	Cable One, Inc. (b)		657,544
	37,405	Comcast Corp. - Class A		1,621,507
	29,269	Fox Corp. - Class A (b)		915,241
	31,121	Fox Corp. - Class B		890,683
	57,491	Liberty Media Corp.-Liberty SiriusXM - Class A (a)		1,707,483
	58,655	Liberty Media Corp.-Liberty SiriusXM (a)		1,742,640
	8,350	New York Times Co. - Class A		360,887
	30,133	News Corp. - Class A		788,882
	27,721	News Corp. - Class B (b)		750,130
	7,065	Nexstar Media Group, Inc. - Class A (b)		1,217,229
	880	Omnicom Group, Inc.		85,149
	69,109	Sirius XM Holdings, Inc. (b)		268,143

				11,005,518

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Metals & Mining - 0.8%
	73,643	Cleveland-Cliffs, Inc. (a)	$	1,674,642
	6,033	Nucor Corp.		1,193,931
	1,551	Reliance, Inc.		518,313
	330,001	SSR Mining, Inc. (b)		1,471,804
	7,580	Steel Dynamics, Inc.		1,123,583

				5,982,273

		Oil, Gas & Consumable Fuels - 3.4%
	18,767	Antero Midstream Corp.		263,864
	17,646	APA Corp. (b)		606,669
	2,554	Cheniere Energy, Inc.		411,909
	11,142	Chevron Corp.		1,757,539
	10,035	ConocoPhillips		1,277,255
	6,574	Devon Energy Corp.		329,883
	3,471	Diamondback Energy, Inc.		687,848
	8,464	EOG Resources, Inc.		1,082,038
	14,315	EQT Corp. (b)		530,657
	41,532	Exxon Mobil Corp.		4,827,680
	744	Hess Corp.		113,564
	22,678	HF Sinclair Corp.		1,369,071
	20,137	Marathon Oil Corp.		570,683
	14,879	Marathon Petroleum Corp.		2,998,119
	2,404	Occidental Petroleum Corp.		156,236
	6,520	ONEOK, Inc.		522,708
	7,187	Ovintiv, Inc.		373,005
	11,853	Phillips 66		1,936,069
	2,199	Pioneer Natural Resources Co.		577,238
	11,115	Range Resources Corp.		382,689
	162,415	Southwestern Energy Co. (a)		1,231,106
	4,989	Targa Resources Corp.		558,718
	12,955	Valero Energy Corp.		2,211,289

				24,775,837

		Passenger Airlines - 0.0% (d)
	16,256	American Airlines Group, Inc. (a)		249,530

		Personal Care Products - 0.2%
	26,238	Coty, Inc. - Class A (a)		313,807
	3,254	Estee Lauder Cos., Inc. - Class A		501,604
	278,387	Olaplex Holdings, Inc. (a)(b)		534,503

				1,349,914

		Pharmaceuticals - 3.5%
	34,417	Bristol-Myers Squibb Co.		1,866,434
	12,937	Elanco Animal Health, Inc. (a)		210,614
	11,642	Eli Lilly & Co.		9,057,010
	7,167	Jazz Pharmaceuticals PLC (a)		863,050
	29,095	Johnson & Johnson		4,602,538
	35,269	Merck & Co., Inc.		4,653,745
	15,864	Perrigo Co. PLC		510,662
	19,633	Pfizer, Inc.		544,816
	201,945	Viatris, Inc. (b)		2,411,223
	4,299	Zoetis, Inc.		727,434

				25,447,526

		Professional Services - 1.0%
	5,749	Booz Allen Hamilton Holding Corp.		853,382
	696	Broadridge Financial Solutions, Inc.		142,582
	1,072	CACI International, Inc. - Class A (a)		406,106
	92,336	Clarivate PLC (a)(b)		686,056
	21,575	Concentrix Corp. (b)		1,428,696
	35,152	Dun & Bradstreet Holdings, Inc.		352,926
	1,500	FTI Consulting, Inc. (a)		315,435
	2,615	Leidos Holdings, Inc.		342,800
	12,521	ManpowerGroup, Inc.		972,130
	1,298	Paychex, Inc.		159,394
	10,463	Robert Half, Inc.		829,507
	3,843	Science Applications International Corp.		501,089


Shares			Value
		Professional Services (Continued)
	4,607	SS&C Technologies Holdings, Inc.	$	296,553
	857	Verisk Analytics, Inc.		202,021

				7,488,677

		Real Estate Management & Development - 0.0% (d)
	1,335	Jones Lang LaSalle, Inc. (a)		260,445

		Semiconductors & Semiconductor Equipment - 8.4%
	11,623	Advanced Micro Devices, Inc. (a)		2,097,835
	13,452	Allegro MicroSystems, Inc. (a)		362,666
	3,209	Analog Devices, Inc.		634,708
	13,516	Applied Materials, Inc.		2,787,405
	5,348	Broadcom, Inc.		7,088,293
	11,566	Cirrus Logic, Inc. (a)		1,070,549
	2,018	Enphase Energy, Inc. (a)		244,138
	21,080	Intel Corp.		931,104
	3,068	KLA Corp.		2,143,213
	2,202	Lam Research Corp.		2,139,397
	9,114	Lattice Semiconductor Corp. (a)(b)		712,988
	7,401	Microchip Technology, Inc.		663,944
	10,898	Micron Technology, Inc.		1,284,765
	5,884	MKS Instruments, Inc. (b)		782,572
	1,282	Monolithic Power Systems, Inc.		868,452
	33,041	NVIDIA Corp.		29,854,526
	10,615	ON Semiconductor Corp. (a)		780,733
	7,249	Qorvo, Inc. (a)		832,403
	14,898	QUALCOMM, Inc.		2,522,231
	7,732	Skyworks Solutions, Inc.		837,530
	6,382	Teradyne, Inc. (b)		720,081
	9,419	Texas Instruments, Inc.		1,640,884

				61,000,417

		Software - 11.5%
	6,001	Adobe, Inc. (a)		3,028,105
	37,098	AppLovin Corp. - Class A (a)		2,567,924
	4,644	Atlassian Corp. - Class A (a)		906,091
	2,848	Autodesk, Inc. (a)		741,676
	6,817	Cadence Design System, Inc. (a)		2,121,996
	1,078	Crowdstrike Holdings, Inc. - Class A (a)		345,596
	4,629	Datadog, Inc. - Class A (a)		572,144
	11,768	DocuSign, Inc. (a)		700,784
	3,043	Dolby Laboratories, Inc. - Class A (b)		254,912
	34,397	Dropbox, Inc. - Class A (a)		835,847
	4,833	Elastic NV (a)		484,460
	1,229	Fair Isaac Corp. (a)		1,535,771
	18,088	Fortinet, Inc. (a)		1,235,591
	11,021	Gen Digital, Inc.		246,870
	1,324	Guidewire Software, Inc. (a)		154,524
	1,678	HubSpot, Inc. (a)		1,051,368
	15,025	Informatica, Inc. - Class A (a)(b)		525,875
	2,156	Intuit, Inc.		1,401,400
	5,113	Manhattan Associates, Inc. (a)		1,279,426
	108,511	Microsoft Corp.		45,652,748
	178,763	NCR Voyix Corp. (a)		2,257,777
	20,581	Nutanix, Inc. - Class A (a)		1,270,259
	10,139	Oracle Corp.		1,273,560
	11,225	Palantir Technologies, Inc. - Class A (a)		258,287
	4,311	Palo Alto Networks, Inc. (a)		1,224,884
	17,369	Pegasystems, Inc.		1,122,732
	21,692	RingCentral, Inc. - Class A (a)(b)		753,580
	683	Roper Industries, Inc.		383,054
	9,914	Salesforce, Inc.		2,985,899
	2,164	ServiceNow, Inc. (a)		1,649,834
	11,043	Smartsheet, Inc. - Class A (a)		425,155
	2,941	Synopsys, Inc. (a)		1,680,781
	29,616	Teradata Corp. (a)		1,145,251
	1,466	Workday, Inc. - Class A (a)		399,851
	7,380	Zoom Video Communications, Inc. - Class A (a)		482,431

				82,956,443

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail - 4.2%
	2,873	Advance Auto Parts, Inc.	$	244,464
	8,859	AutoNation, Inc. (a)(b)		1,466,873
	526	AutoZone, Inc. (a)		1,657,768
	16,766	Bath & Body Works, Inc.		838,635
	7,733	Best Buy Co., Inc. (b)		634,338
	2,830	Burlington Stores, Inc. (a)(b)		657,098
	7,053	Dick’s Sporting Goods, Inc. (b)		1,585,938
	2,505	Floor & Decor Holdings, Inc. - Class A (a)(b)		324,698
	7,342	GameStop Corp. - Class A (a)(b)		91,922
	131,449	Gap, Inc.		3,621,420
	12,073	Home Depot, Inc.		4,631,203
	8,055	Lowe’s Cos., Inc.		2,051,850
	1,871	O’Reilly Automotive, Inc. (a)		2,112,134
	8,343	Penske Automotive Group, Inc. (b)		1,351,482
	401,642	Petco Health & Wellness Co., Inc. (a)(b)		915,744
	4,664	Ross Stores, Inc.		684,489
	17,885	TJX Cos., Inc.		1,813,897
	2,884	Tractor Supply Co. (b)		754,800
	2,280	Ulta Beauty, Inc. (a)		1,192,166
	27,593	Victoria’s Secret & Co. (a)(b)		534,752
	12,445	Wayfair, Inc. - Class A (a)(b)		844,767
	7,041	Williams Sonoma, Inc. (b)		2,235,729

				30,246,167

		Technology Hardware, Storage & Peripherals - 5.4%
	209,496	Apple, Inc.		35,924,374
	76,846	Hewlett Packard Enterprise Co.		1,362,480
	8,397	HP, Inc.		253,757
	6,077	NetApp, Inc.		637,903
	18,395	Pure Storage, Inc. - Class A (a)		956,356

				39,134,870

		Textiles, Apparel & Luxury Goods - 1.5%
	8,542	Capri Holdings Ltd.(a)		386,953
	7,250	Carter’s, Inc. (b)		613,930
	4,901	Columbia Sportswear Co. (b)		397,863
	1,814	Crocs, Inc. (a)		260,853
	2,222	Deckers Outdoor Corp. (a)		2,091,480
	3,166	lululemon athletica, Inc. (a)		1,236,798
	12,032	NIKE, Inc. - Class B		1,130,767
	9,796	PVH Corp. (b)		1,377,415
	5,968	Ralph Lauren Corp. (b)		1,120,552
	12,142	Skechers USA, Inc. - Class A (a)		743,819
	13,725	Tapestry, Inc.		651,663
	74,915	Under Armour, Inc. - Class A (a)		552,873
	65,171	Under Armour, Inc. - Class C (a)(b)		465,321
	10,118	VF Corp. (b)		155,210

				11,185,497

		Tobacco - 0.1%
	9,140	Philip Morris International, Inc.		837,407

		Trading Companies & Distributors - 1.1%
	9,682	Core & Main, Inc. - Class A (a)		554,295
	14,970	Fastenal Co.		1,154,786
	2,943	Ferguson PLC		642,839
	8,002	MSC Industrial Direct Co., Inc. - Class A (b)		776,514
	3,415	SiteOne Landscape Supply, Inc. (a)(b)		596,088
	621	United Rentals, Inc.		447,809
	1,852	W.W. Grainger, Inc.		1,884,040
	1,770	Watsco, Inc. (b)		764,587
	6,296	WESCO International, Inc.		1,078,379

				7,899,337

		Wireless Telecommunication Services - 0.0%^(d)
	1,842	T-Mobile USA, Inc.		300,651

		Total Common Stocks (Cost $340,515,177)		689,184,913


Shares			Value
		INVESTMENT COMPANIES - 3.3%
		Domestic Equity Funds - 3.3%
	49,737	Vanguard S&P 500 ETF	$	23,908,576

		Total Investment Companies (Cost $17,247,752)		23,908,576

		REAL ESTATE INVESTMENT TRUSTS - 0.9%
	10,280	Annaly Capital Management, Inc. (b)		202,413
	3,358	Boston Properties, Inc. (b)		219,311
	5,185	EPR Properties		220,103
	15,408	Highwoods Properties, Inc. (b)		403,381
	16,370	Host Hotels & Resorts, Inc. (b)		338,532
	4,205	Iron Mountain, Inc.		337,283
	14,018	Kilroy Realty Corp. (b)		510,676
	140,437	Park Hotels & Resorts, Inc.		2,456,243
	105,140	Rithm Capital Corp. (b)		1,173,362
	24,584	Vornado Realty Trust (b)		707,282
	2,529	Welltower, Inc. (b)		236,310

		Total Real Estate Investment Trusts (Cost $5,432,377)		6,804,896


Units
		SHORT-TERM INVESTMENTS - 9.7%
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.2%
	66,692,592	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (e)		66,692,592


Shares
		Money Market Funds - 0.5%
	3,485,485	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (e)		3,485,485

		Total Short-term Investments (Cost $70,178,077)		70,178,077

		Total Investments - 109.1% (Cost $433,373,383)		790,076,462
		Liabilities in Excess of Other Assets - (9.1)%		(66,186,349	)

		TOTAL NET ASSETS - 100.0%	$	723,890,113

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $65,478,045 which represented 9.0% of net assets.

(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,538 or 0.0% of net assets as of March 31, 2024.

(d)

Represents less than 0.05% of net assets.

(e)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		COMMON STOCKS - 90.7%
		Bermuda - 0.2%
	66,077	Kunlun Energy Co. Ltd.	$	55,200
	2,989	Orient Overseas International Ltd.		35,779

				90,979

		Brazil - 3.7%
	18,564	Ambev SA		46,342
	8,712	B3 SA - Brasil Bolsa Balcao		20,845
	14,260	Banco Bradesco SA		36,280
	4,682	Banco BTG Pactual SA		34,102
	15,847	Banco do Brasil SA		179,090
	3,586	Banco Santander Brasil SA		20,385
	21,909	BB Seguridade Participacoes SA		142,364
	11,863	Caixa Seguridade Participacoes SA		37,183
	2,685	Centrais Eletricas Brasileiras SA		22,308
	3,711	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		62,797
	2,999	CPFL Energia SA		20,845
	3,257	Equatorial Energia SA		21,235
	138,454	Magazine Luiza SA (a)		49,690
	16,747	Natura & Co. Holding SA		59,403
	34,877	Petroleo Brasileiro SA		266,546
	5,802	PRIO SA		56,199
	28,705	Raia Drogasil SA		157,278
	4,548	Telefonica Brasil SA		45,803
	9,792	TIM SA		34,733
	9,953	Ultrapar Participacoes SA		56,657
	19,780	Vale SA		240,733
	9,134	Vibra Energia SA		45,530
	7,399	WEG SA		56,517

				1,712,865

		Cayman Islands - 5.2%
	15,610	AAC Technologies Holdings, Inc.		52,424
	9,743	ANTA Sports Products Ltd.		103,888
	148,467	Bosideng International Holdings Ltd.		74,258
	17,164	China Mengniu Dairy Co. Ltd.		36,943
	8,443	China Resources Land, Ltd.		26,785
	910,684	Country Garden Holdings Co. Ltd. (a)		56,618
	62,615	Country Garden Services Holdings Co. Ltd.		40,186
	42,298	Geely Automobile Holdings Ltd.		50,059
	34,697	Kingboard Holdings Ltd.		70,840
	12,460	Li Ning Co. Ltd.		33,240
	21,802	Meituan - Class B (a)(b)		269,126
	37,393	Tencent Holdings Ltd.		1,456,455
	55,234	Tingyi Cayman Islands Holding Corp.		60,614
	31,308	Xiaomi Corp. - Class B (a)(b)		61,466
	15,083	Zhen Ding Technology Holding Ltd.		58,908

				2,451,810

		Chile - 0.6%
	1,236	Banco de Credito e Inversiones SA		35,335
	48,550	Cencosud SA		84,239
	1,069,263	Enel Chile SA		64,280
	41,259	Falabella SA (a)		108,296

				292,150

		China - 17.6%
	22,900	37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A		55,940
	1,000	Advanced Micro-Fabrication Equipment, Inc. China - Class A (a)		20,674
	97,900	Agricultural Bank of China Ltd. - Class A		56,512
	260,606	Agricultural Bank of China Ltd. - Class H		110,004
	11,327	Akeso, Inc. (a)(b)		67,612
	83,336	Alibaba Group Holding Ltd.		753,594
	35,800	Aluminum Corp. of China Ltd. - Class A		35,257
	72,294	Aluminum Corp. of China Ltd. - Class H		46,034
	2,799	Anhui Yingjia Distillery Co. Ltd. - Class A (a)		25,281


Shares			Value
		China (Continued)
	119,483	AviChina Industry & Technology Co. Ltd. - Class H	$	47,041
	8,038	Baidu, Inc. - Class A (a)		105,817
	28,900	Bank of Beijing Co. Ltd.		22,597
	18,100	Bank of Changsha Co. Ltd. - Class A		19,324
	58,600	Bank of China Ltd. - Class A		35,529
	510,446	Bank of China Ltd. - Class H		209,288
	90,100	Bank of Communications Co. Ltd. - Class A		77,950
	134,298	Bank of Communications Co. Ltd. - Class H		88,316
	21,200	Bank of Shanghai Co. Ltd. - Class A		19,686
	2,905	BeiGene Ltd. (a)		34,949
	280	Beijing Kingsoft Office Software, Inc. - Class A		11,592
	800	Beijing Roborock Technology Co. Ltd. - Class A		37,863
	3,857	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. - Class A		37,053
	2,700	Bloomage Biotechnology Corp. Ltd. - Class A		20,984
	12,800	By-health Co. Ltd. - Class A		29,536
	36,000	CGN Power Co. Ltd. - Class A		19,830
	1,500	Changchun High & New Technology Industry Group, Inc. - Class A		25,206
	782,685	China Cinda Asset Management Co. Ltd. - Class H		65,052
	231,368	China CITIC Bank Corp. Ltd. - Class H		123,412
	109,983	China Coal Energy Co. Ltd. - Class H		107,130
	222,759	China Communications Services Corp. Ltd. - Class H		103,952
	549,881	China Construction Bank Corp. - Class H		331,839
	100,600	China Everbright Bank Co. Ltd. - Class A		43,441
	301,145	China Everbright Bank Co. Ltd. - Class H		86,650
	84,652	China Feihe Ltd. (b)		39,836
	10,938	China Merchants Bank Co. Ltd. - Class H		43,353
	14,900	China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A		19,924
	11,100	China Merchants Shekou Industrial Zone Holdings Co. Ltd. - Class A		14,843
	56,872	China Minsheng Banking Corp., Ltd. - Class H		19,710
	4,800	China National Medicines Corp. Ltd. - Class A		21,105
	22,700	China National Nuclear Power Co. Ltd. - Class A		28,119
	6,000	China Pacific Insurance Group Co. Ltd. - Class A		18,806
	18,086	China Pacific Insurance Group Co. Ltd. - Class H		31,729
	72,469	China Petroleum & Chemical Corp. - Class A		62,429
	108,230	China Petroleum & Chemical Corp. - Class H		61,553
	3,289	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - Class A		24,000
	6,500	China Shenhua Energy Co Ltd. - Class A		34,772
	12,708	China Shenhua Energy Co. Ltd. - Class H		49,989
	165,563	China Tower Corp. Ltd. - Class H (b)		19,054
	105,400	China United Network Communications Ltd. - Class A		67,295
	3,700	Chongqing Brewery Co. Ltd. - Class A		33,105
	65,300	Chongqing Rural Commercial Bank Co. Ltd. - Class A		42,025
	112,436	COSCO SHIPPING Holdings Co. Ltd. - Class H		118,382
	8,400	CSPC Innovation Pharmaceutical Co. Ltd. - Class A		43,354
	24,100	Daqin Railway Co. Ltd. - Class A		24,409
	11,160	DaShenLin Pharmaceutical Group Co. Ltd. - Class A		32,634
	1,836	Dong-E-E-Jiao Co. Ltd. - Class A		15,452
	205,267	Dongfeng Motor Group Co. Ltd. - Class H		85,833
	11,614	East Buy Holding Ltd. (a)(b)		30,905
	4,800	Ecovacs Robotics Co. Ltd. - Class A		23,649
	5,600	Eoptolink Technology, Inc. Ltd.		52,703
	20,500	Foxconn Industrial Internet Co. Ltd. - Class A		66,605
	5,786	Giant Biogene Holding Co. Ltd. (b)		31,497
	6,600	Gree Electric Appliances, Inc. of Zhuhai - Class A		35,811
	46,955	Haidilao International Holding Ltd. (b)		106,252

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		China (Continued)
	47,558	Hangzhou Binjiang Real Estate Group Co. Ltd. - Class A	$	44,179
	13,181	Henan Shenhuo Coal & Power Co. Ltd. - Class A		35,358
	14,400	Hisense Visual Technology Co. Ltd. – Class A		47,146
	2,946	Hithink RoyalFlush Information Network Co. Ltd. - Class A		55,012
	39,100	HLA Group Corp. Ltd. - Class A		47,474
	4,212	Huadong Medicine Co. Ltd. - Class A		17,913
	7,059	Huagong Tech Co. Ltd. - Class A		30,923
	17,700	Huaibei Mining Holdings Co. Ltd. - Class A		40,138
	63,100	Huaxia Bank Co. Ltd. - Class A		56,511
	8,100	Hubei Jumpcan Pharmaceutical Co. Ltd. - Class A		41,149
	5,200	Hundsun Technologies, Inc. - Class A		16,384
	251,099	Industrial & Commercial Bank of China Ltd. - Class H		126,211
	6,600	JCET Group Co. Ltd. - Class A		26,520
	22,012	JD Logistics, Inc. (a)(b)		22,485
	9,211	JD.com, Inc. - Class A		126,346
	8,200	Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A		52,484
	9,200	Jiangsu Nhwa Pharmaceutical Co. Ltd.		27,530
	6,100	Jiangsu Pacific Quartz Co. Ltd. - Class A (a)		76,638
	9,903	Jiangxi Copper Co. Ltd. - Class A		30,870
	18,925	Jiangxi Copper Co. Ltd. - Class H		32,323
	24,954	Joincare Pharmaceutical Group Industry Co. Ltd. - Class A		37,421
	27,535	Jointown Pharmaceutical Group Co. Ltd. - Class A		30,365
	8,698	Kuaishou Technology (a)(b)		54,751
	6,100	Kunlun Tech Co. Ltd. - Class A (a)		34,305
	200	Kweichow Moutai Co. Ltd. - Class A		47,144
	2,374	Li Auto, Inc. - Class A (a)		36,048
	44,552	Longfor Properties Co., Ltd. (b)		63,193
	6,400	LONGi Green Energy Technology Co Ltd. - Class A		17,379
	1,019	Luzhou Laojiao Co. Ltd. - Class A		26,123
	9,634	NetEase, Inc.		199,632
	18,737	New Oriental Education & Technology Group, Inc. (a)		163,759
	19,382	Nongfu Spring Co. Ltd. - Class H (b)		104,757
	36,504	Offshore Oil Engineering Co. Ltd. - Class A		32,235
	24,001	OFILM Group Co. Ltd. - Class A (a)		33,407
	10,000	People.cn Co. Ltd. - Class A		36,940
	43,100	People’s Insurance Co. Group of China Ltd. - Class A		30,571
	120,428	People’s Insurance Co. Group of China Ltd. - Class H		38,500
	61,600	PetroChina Co. Ltd. - Class A		78,973
	272,281	PetroChina Co. Ltd. - Class H		233,514
	80,990	PICC Property & Casualty Co. Ltd. - Class H		106,886
	27,447	Ping An Insurance Group Co. of China Ltd. - Class H		116,531
	16,700	Poly Developments and Holdings Group Co. Ltd. - Class A		21,624
	4,242	Qifu Technology, Inc. - ADR		78,180
	1,184	Sangfor Technologies, Inc. - Class A (a)		10,336
	6,922	Shaanxi Coal Industry Co. Ltd. - Class A		23,946
	44,000	Shandong Nanshan Aluminum Co. Ltd. - Class A		20,528
	250,200	Shanghai Construction Group Co. Ltd. - Class A		80,712
	1,378	Shanghai Moons’ Electric Co. Ltd. - Class A		11,221
	9,700	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. - Class A		26,874
	9,200	Shanxi Coal International Energy Group Co. Ltd. - Class A		21,358
	9,700	Shanxi Lu’an Environmental Energy Development Co. Ltd.		26,923


Shares			Value
		China (Continued)
	1,100	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A	$	37,367
	7,900	Shenzhen SC New Energy Technology Corp. - Class A		65,268
	8,190	Shijiazhuang Yiling Pharmaceutical Co. Ltd. - Class A		22,887
	54,500	Sichuan Changhong Electric Co. Ltd. - Class A		41,367
	13,600	Sichuan Chuantou Energy Co. Ltd. - Class A		31,236
	6,551	Sichuan Kelun Pharmaceutical Co. Ltd. - Class A		27,424
	3,200	Sichuan Swellfun Co. Ltd. - Class A		21,143
	17,239	Sinopharm Group Co. Ltd. - Class H		44,206
	3,600	Suzhou TFC Optical Communication Co. Ltd.		75,668
	2,280	TAL Education Group - ADR (a)		25,878
	3,900	Tianqi Lithium Corp. - Class A		25,737
	13,874	Tongwei Co. Ltd. - Class A		47,449
	113,292	Topsports International Holdings Ltd. (b)		75,984
	8,169	Vipshop Holdings Ltd. - ADR		135,197
	57,190	Want Want China Holdings, Ltd.		33,758
	159,200	Wintime Energy Group Co. Ltd. - Class A (a)		29,322
	5,900	WUS Printed Circuit Kunshan Co. Ltd. - Class A		24,868
	58,700	Xiamen C & D, Inc. - Class A		82,510
	18,875	Yankuang Energy Group Co. Ltd. - Class H		39,691
	4,694	Yifeng Pharmacy Chain Co. Ltd. - Class A		25,547
	2,665	Yum China Holdings, Inc.		106,041
	2,400	Yunnan Botanee Bio-Technology Group Co. Ltd. - Class A		19,758
	10,900	Yunnan Tin Co. Ltd. - Class A		21,780
	8,000	Yunnan Yuntianhua Co. Ltd. - Class A		20,521
	37,700	Yutong Bus Co. Ltd. - Class A		97,961
	11,867	Zhejiang China Commodities City Group Co. Ltd. - Class A		14,406
	8,000	Zhejiang Dahua Technology Co. Ltd. - Class A		20,618
	26,442	Zhejiang Expressway Co. Ltd. - Class H		16,968
	6,812	Zhejiang Supor Co. Ltd. - Class A		53,914
	8,261	Zhejiang Weixing New Building Materials Co. Ltd. - Class A		17,846
	3,300	Zhongji Innolight Co. Ltd. - Class A		70,695
	248	Zhongji Innolight Co. Ltd. - Class A		5,313
	23,000	Zhongjin Gold Corp. Ltd. - Class A		39,384
	12,293	Zhongsheng Group Holdings, Ltd.		21,352
	4,502	ZTE Corp. - Class A		17,113
	6,301	ZTE Corp. - Class H		12,578

				8,440,563

		Colombia - 0.1%
	7,734	Bancolombia SA		68,643

		Czech Republic - 0.3%
	1,044	CEZ AS		37,257
	874	Komercni Banka AS		31,303
	12,696	Moneta Money Bank AS (b)		55,180

				123,740

		Egypt - 0.5%
	83,542	Commercial International Bank - Egypt (CIB)		140,964
	81,747	Eastern Co. SAE		46,539
	122,811	EFG Holding S.A.E. (a)		45,738

				233,241

		Hong Kong - 1.4%
	43,694	China Medical System Holdings Ltd.		45,908
	192,424	China Resources Pharmaceutical Group Ltd. (b)		123,034
	95,404	China Taiping Insurance Holdings Co. Ltd.		83,637
	19,997	CITIC Ltd.		19,247
	39,155	COSCO Pacific Ltd.		21,499
	109,684	CSPC Pharmaceutical Group Ltd. (a)		86,332
	62,841	Far East Horizon Ltd.		46,567
	110,677	Lenovo Group Ltd.		128,231
	59,913	Sino Biopharmaceutical Ltd.		23,167
	24,692	Sinotruk Hong Kong Ltd.		60,666
	107,530	Yuexiu Property Co. Ltd.		59,333

				697,621

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Hungary - 0.4%
	14,598	MOL Hungarian Oil & Gas PLC	$	118,378
	1,819	OTP Bank Nyrt		83,720

				202,098

		India - 16.4%
	10,253	Adani Power Ltd. (a)		65,873
	1,730	Ambuja Cements Ltd.		12,734
	1,052	Asian Paints Ltd.		35,902
	7,328	Aurobindo Pharma Ltd.		96,022
	6,751	Axis Bank Ltd.		85,086
	387	Bajaj Auto Ltd.		42,577
	536	Bajaj Finance Ltd.		46,803
	9,611	Bandhan Bank Ltd. (b)		20,827
	40,011	Bank of Baroda		127,109
	28,001	Bharat Electronics Ltd.		67,818
	1,875	Bharat Forge Ltd.		25,454
	19,955	Bharat Petroleum Corp. Ltd.		144,560
	6,905	Bharti Airtel Ltd.		101,882
	1,108	Britannia Industries Ltd.		65,255
	13,667	CG Power & Industrial Solutions Ltd.		88,798
	2,741	Cholamandalam Investment and Finance Co. Ltd.		38,169
	4,501	Cipla Ltd.		80,913
	17,473	Coal India Ltd.		91,364
	4,611	Colgate-Palmolive India Ltd.		150,236
	1,380	Cummins India Ltd.		49,819
	2,711	Dr Reddy’s Laboratories Ltd.		200,354
	1,012	Godrej Consumer Products Ltd. (a)		15,237
	11,573	HCL Technologies Ltd.		215,171
	9,133	HDFC Bank Ltd.		159,258
	19,633	Hindalco Industries Ltd.		132,554
	2,418	Hindustan Aeronautics Ltd.		96,760
	29,042	Hindustan Petroleum Corp. Ltd.		165,797
	1,646	Hindustan Unilever Ltd.		44,785
	25,648	ICICI Bank Ltd.		338,135
	28,379	IDFC First Bank Ltd. (a)		25,746
	7,027	Indian Hotels Co. Ltd.		49,878
	87,258	Indian Oil Corp. Ltd.		176,078
	16,596	Infosys Ltd.		298,863
	548	InterGlobe Aviation Ltd. (a)(b)		23,352
	22,942	ITC Ltd.		118,141
	5,813	Jindal Steel & Power Ltd.		59,535
	9,767	Jio Financial Services Ltd. (a)		41,523
	4,166	Jubilant Foodworks Ltd.		22,477
	5,027	Larsen & Toubro Ltd.		227,368
	1,341	LTIMindtree Ltd. (b)		79,690
	2,114	Lupin Ltd.		41,036
	2,917	Mahindra & Mahindra Ltd.		67,387
	9,039	Marico Ltd.		53,995
	265	Maruti Suzuki India Ltd.		40,116
	2,743	Max Healthcare Institute Ltd.		27,052
	2,739	Mphasis Ltd.		78,779
	17	MRF Ltd.		27,209
	3,914	Muthoot Finance Ltd.		69,736
	5,564	Nestle India Ltd.		175,145
	7,637	NMDC Ltd.		18,536
	33,542	NTPC Ltd.		135,553
	102,564	Oil & Natural Gas Corp. Ltd.		331,080
	185	Page Industries Ltd.		76,529
	1,332	Persistent Systems Ltd.		63,896
	17,251	Petronet LNG Ltd.		54,623
	418	Pidilite Industries Ltd.		15,120
	662	Polycab India Ltd.		40,314
	52,052	Power Finance Corp. Ltd.		244,220
	34,734	Power Grid Corp. of India Ltd.		115,297
	29,194	REC Ltd.		158,463
	11,361	Reliance Industries Ltd.		406,249


Shares			Value
		India (Continued)
	40,174	Samvardhana Motherson International Ltd.	$	56,658
	1,481	Shriram Finance Ltd.		42,014
	462	Siemens Ltd.		29,847
	16,763	State Bank of India		151,815
	3,008	Sun Pharmaceutical Industries Ltd.		58,559
	848	Supreme Industries Ltd.		43,115
	87,090	Suzlon Energy Ltd. (a)		42,368
	5,564	Tata Consultancy Services Ltd.		259,683
	668	Tata Elxsi Ltd.		62,500
	19,415	Tata Motors Ltd.		231,784
	10,849	Tata Motors Ltd. - Class A		85,821
	30,391	Tata Steel Ltd.		56,988
	6,385	Tech Mahindra Ltd.		95,824
	526	Titan Co. Ltd.		24,045
	979	Torrent Pharmaceuticals Ltd.		30,556
	538	Trent, Ltd.		25,537
	3,551	TVS Motor Co. Ltd.		91,908
	514	UltraTech Cement Ltd.		60,191
	9,752	Varun Beverages Ltd.		163,897
	5,613	Vedanta Ltd.		18,374
	7,253	Wipro Ltd.		42,038

				7,841,760

		Indonesia - 1.6%
	484,805	Adaro Energy Indonesia Tbk PT		82,603
	123,856	Bank Central Asia Tbk PT		78,765
	188,894	Bank Mandiri Persero Tbk PT		85,945
	287,716	Bank Rakyat Indonesia Persero Tbk PT		110,015
	78,871	Indah Kiat Pulp & Paper Tbk PT		47,626
	213,509	Indofood Sukses Makmur Tbk PT		85,848
	510,158	Kalbe Farma Tbk PT		47,460
	436,922	Sumber Alfaria Trijaya Tbk PT		80,224
	255,515	Telkom Indonesia Persero Tbk PT		56,199
	337,039	Unilever Indonesia Tbk PT		57,403

				732,088

		Ireland - 0.6%
	2,721	PDD Holdings, Inc. - ADR (a)(c)		316,316

		Luxembourg - 0.1%
	1,203	Reinet Investments SCA		29,105

		Mexico - 2.5%
	88,214	Alfa SAB de CV - Class A		65,664
	5,466	Arca Continental SAB de CV		59,712
	284,957	Cemex SAB de CV (a)		256,847
	6,128	Coca-Cola Femsa SAB de CV		59,490
	8,812	Fomento Economico Mexicano SAB de CV		115,174
	2,407	Gruma SAB de CV - Class B		45,011
	966	Grupo Aeroportuario del Sureste SAB de CV - Class B		30,561
	22,325	Grupo Bimbo SAB de CV - Class A		105,776
	6,053	Grupo Carso SAB de CV - Class A1		54,144
	10,427	Grupo Financiero Banorte SAB de CV - Series O		110,749
	16,028	Grupo Financiero Inbursa SAB de CV - Series O (a)		49,524
	10,922	Grupo Mexico SAB de CV - Class B		65,032
	10,386	Kimberly-Clark de Mexico SAB de CV - Class A		24,177
	26,029	Orbia Advance Corp. SAB de CV		54,467
	34,632	Wal-Mart de Mexico SAB de CV		139,425

				1,235,753

		Netherlands - 0.1%
	8,965	Pepco Group NV (a)		40,403

		Peru - 0.4%
	1,648	Cia de Minas Buenaventura SAA - ADR		26,171
	222	Credicorp Ltd.		37,614
	639	Southern Copper Corp. (c)		68,066

				131,851

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Philippines - 0.1%
	11,081	BDO Unibank, Inc.	$	30,455

		Poland - 1.1%
	981	Bank Polska Kasa Opieki SA		44,580
	270	Budimex SA		47,308
	1,486	CD Projekt SA		43,479
	1,076	Dino Polska SA (a)(b)		104,385
	21	LPP SA		80,377
	4,186	ORLEN SA		68,181
	35,844	PGE Polska Grupa Energetyczna SA (a)		64,580
	4,433	Powszechna Kasa Oszczednosci Bank Polski SA		65,776
	1,928	Powszechny Zaklad Ubezpieczen SA		23,548
	351	Santander Bank Polska SA		49,980

				592,194

		Qatar - 0.6%
	24,264	Commercial Bank PSQC		32,887
	51,676	Ooredoo QPSC		150,444
	3,203	Qatar Islamic Bank SAQ		16,721
	30,367	Qatar National Bank QPSC		118,432

				318,484

		Republic of Korea - 13.3%
	1,056	Amorepacific Corp.		95,080
	516	CJ CheilJedang Corp.		111,938
	518	CosmoAM&T Co. Ltd. (a)		62,468
	2,559	Coway Co. Ltd.		106,964
	2,290	DB Insurance Co. Ltd.		163,806
	2,170	Doosan Bobcat, Inc.		87,065
	1,588	Doosan Enerbility Co Ltd. (a)		20,649
	222	Ecopro BM Co. Ltd. (a)		45,823
	132	Ecopro Co. Ltd. (a)		64,493
	3,022	GS Holdings Corp.		108,753
	3,289	Hana Financial Group, Inc.		143,985
	1,820	Hankook Tire & Technology Co. Ltd.		73,130
	325	Hanmi Pharm Co. Ltd.		82,585
	1,102	Hanmi Semiconductor Co. Ltd.		109,659
	944	Hanwha Aerospace Co. Ltd.		145,611
	1,891	HD Hyundai Co. Ltd.		96,771
	882	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)		78,806
	2,409	HMM Co. Ltd.		28,178
	561	Hyundai Glovis Co. Ltd.		75,294
	558	Hyundai Mobis Co. Ltd.		108,329
	80	Hyundai Motor Co.		14,078
	2,767	Hyundai Steel Co.		65,405
	14,389	Industrial Bank of Korea		149,246
	3,072	KB Financial Group, Inc.		160,535
	2,153	Kia Corp.		178,934
	1,886	Korea Investment Holdings Co. Ltd.		93,375
	5,388	Korean Air Lines Co. Ltd.		86,750
	2,919	KT Corp.		82,331
	660	KT&G Corp.		45,937
	552	Kum Yang Co. Ltd. (a)		46,313
	33	LG Chem Ltd.		10,801
	1,630	LG Electronics, Inc.		117,173
	496	LG H&H Co. Ltd.		142,487
	85	LG Innotek Co. Ltd.		12,480
	17,913	LG Uplus Corp.		133,692
	3,475	Meritz Financial Group, Inc.		211,298
	457	NCSoft Corp.		69,911
	771	Netmarble Corp. (a)(b)		36,127
	4,085	NH Investment & Securities Co. Ltd.		35,803
	1,112	Orion Corp.		75,879
	1,393	Posco DX Co. Ltd.		50,283
	76	POSCO Future M Co. Ltd.		17,090
	274	POSCO Holdings, Inc.		85,824
	1,185	Posco International Corp.		46,843


Shares			Value
		Republic of Korea (Continued)
	394	Samsung C&T Corp.	$	46,854
	277	Samsung Electro-Mechanics Co. Ltd.		30,864
	28,853	Samsung Electronics Co. Ltd.		1,733,994
	1,870	Samsung Engineering Co. Ltd. (a)		35,027
	214	Samsung Fire & Marine Insurance Co. Ltd.		49,145
	433	Samsung Life Insurance Co. Ltd.		30,717
	56	Samsung SDI Co. Ltd.		19,861
	1,950	Samsung Securities Co. Ltd.		58,966
	3,603	Shinhan Financial Group Co. Ltd.		127,096
	797	SK Biopharmaceuticals Co. Ltd. (a)		54,766
	2,110	SK Hynix, Inc.		279,523
	2,581	SK Telecom Co. Ltd.		102,196
	10,501	Woori Financial Group, Inc.		113,906

				6,460,897

		Russian Federation - 0.0% (d)
	1,813	Magnit PJSC (a)(e)		0
	5,197	PhosAgro PJSC - GDR (a)(e)		0
	33	PhosAgro PJSC - GDR (a)(e)		0
	994	Polyus PJSC - GDR (a)(e)		0
	13,382	Rosneft Oil Co. PJSC (a)(e)		0
	120,116	Sberbank of Russia PJSC (a)(e)		0
	128,418,000	VTB Bank PJSC (a)(e)		0

				0

		South Africa - 3.1%
	9,574	Absa Group Ltd.		74,747
	5,009	Bid Corp. Ltd.		122,133
	4,392	Bidvest Group Ltd.		56,291
	222	Capitec Bank Holdings Ltd.		24,553
	3,652	Clicks Group Ltd.		57,096
	6,101	Exxaro Resources Ltd.		54,502
	27,764	FirstRand Ltd.		90,463
	1,806	Gold Fields Ltd.		28,973
	14,949	Impala Platinum Holdings Ltd.		61,758
	2,710	Kumba Iron Ore Ltd.		66,128
	17,514	MTN Group Ltd.		86,655
	466	Naspers Ltd. - N Shares		82,606
	7,077	Nedbank Group Ltd.		85,381
	137,505	Old Mutual Ltd.		85,259
	34,684	OUTsurance Group Ltd.		76,913
	38,473	Pepkor Holdings Ltd. (b)		38,331
	3,493	Remgro Ltd.		22,520
	7,066	Sanlam Ltd.		25,889
	4,548	Shoprite Holdings Ltd.		59,432
	12,983	Sibanye Stillwater Ltd.		14,859
	9,042	Standard Bank Group Ltd.		88,462
	41,122	Woolworths Holdings Ltd.		128,555

				1,431,506

		Taiwan, Province of China - 16.9%
	3,861	Accton Technology Corp.		55,330
	54,366	Acer, Inc.		79,246
	5,661	Advantech Co. Ltd.		72,021
	496	Alchip Technologies Ltd.		49,082
	54,736	ASE Technology Holding Co. Ltd.		265,694
	4,604	Asustek Computer, Inc.		60,950
	5,147	Catcher Technology Co. Ltd.		34,975
	5,032	Chailease Holding Co. Ltd.		26,964
	11,766	Cheng Shin Rubber Industry Co. Ltd.		18,265
	38,050	China Airlines Ltd.		23,170
	135,776	China Development Financial Holding Corp. (a)		58,732
	4,797	Chunghwa Telecom Co. Ltd.		18,843
	108,209	Compal Electronics, Inc.		129,600
	69,590	CTBC Financial Holding Co. Ltd.		70,436
	7,377	Delta Electronics, Inc.		78,955
	2,098	eMemory Technology, Inc.		157,524
	50,844	Eva Airways Corp.		50,216
	77,139	Far Eastern New Century Corp.		79,632
	12,949	Feng TAY Enterprise Co. Ltd.		63,895

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Taiwan, Province of China (Continued)
	27,769	Fubon Financial Holding Co. Ltd.	$	60,110
	7,156	Gigabyte Technology Co. Ltd.		70,022
	1,873	Global Unichip Corp.		71,378
	51,229	Hon Hai Precision Industry Co. Ltd.		248,822
	61,878	Inventec Corp.		113,244
	16,369	Lite-On Technology Corp.		54,262
	11,768	MediaTek, Inc.		426,405
	35,612	Mega Financial Holding Co. Ltd.		44,780
	8,509	Micro-Star International Co. Ltd.		44,403
	7,162	Nien Made Enterprise Co. Ltd.		79,382
	12,797	Novatek Microelectronics Corp.		235,590
	31,716	Pegatron Corp.		98,740
	101,977	Pou Chen Corp.		115,438
	11,257	President Chain Store Corp.		93,346
	24,379	Quanta Computer, Inc.		213,486
	9,145	Realtek Semiconductor Corp.		159,253
	47,820	SinoPac Financial Holdings Co., Ltd.		32,114
	26,112	Synnex Technology International Corp.		63,927
	39,933	Taishin Financial Holding Co. Ltd.		22,394
	65,469	Taiwan Business Bank		32,526
	154,240	Taiwan Semiconductor Manufacturing Co. Ltd.		3,695,007
	87,582	Uni-President Enterprises Corp.		209,000
	37,520	United Microelectronics Corp.		60,934
	1,096	Voltronic Power Technology Corp.		56,529
	45,477	Wistron Corp.		171,316
	836	Wiwynn Corp.		57,246
	40,004	WPG Holdings Ltd.		120,026
	85,668	Yuanta Financial Holding Co. Ltd.		80,605

				8,123,815

		Thailand - 1.0%
	6,760	Advanced Info Service PCL - NVDR		37,814
	6,853	Bumrungrad Hospital PCL - NVDR		41,935
	40,200	Delta Electronics Thailand PCL - NVDR		79,795
	45,073	Home Product Center PCL - NVDR		13,241
	115,383	Krung Thai Bank PCL - NVDR		53,191
	7,808	PTT Exploration & Production PCL - NVDR		32,018
	40,225	PTT Global Chemical PCL - NVDR		41,984
	42,418	PTT Oil & Retail Business PCL - NVDR		20,498
	78,733	PTT PCL - NVDR		72,439
	648,867	TMBThanachart Bank PCL - NVDR		32,380

				425,295

		Turkey - 2.1%
	63,174	Akbank TAS		91,408
	10,664	BIM Birlesik Magazalar AS		115,857
	29,640	Haci Omer Sabanci Holding AS		76,059
	28,282	KOC Holding AS		177,930
	16,181	Turk Hava Yollari AO (a)		149,020
	21,177	Turkcell Iletisim Hizmetleri AS		44,803
	659,418	Turkiye Is Bankasi - Class C		228,793
	135,465	Yapi ve Kredi Bankasi AS		115,158

				999,028

		United Arab Emirates - 0.8%
	14,982	Abu Dhabi Commercial Bank PJSC		34,257
	17,866	Abu Dhabi Islamic Bank PJSC		53,127
	12,390	Abu Dhabi National Oil Co. for Distribution PJSC		12,287
	11,515	Aldar Properties PJSC		17,309
	59,257	Americana Restaurants International PLC		53,089
	83,571	Emaar Properties PJSC		185,473
	8,454	Emirates NBD Bank PJSC		39,827
	2,632	First Abu Dhabi Bank PJSC		9,606

				404,975


Shares			Value
		Total Common Stocks (Cost $33,483,359)	$	43,427,635

		INVESTMENT COMPANIES - 6.7%
		China - 3.4%
	31,411	iShares Core MSCI Emerging Markets ETF		1,620,808

		United States - 3.3%
	36,170	iShares MSCI Saudi Arabia ETF (c)		1,597,267

		Total Investment Companies (Cost $2,744,145)		3,218,075

		PREFERRED STOCKS - 2.5%
		Brazil - 1.8%
	28,116	Banco Bradesco SA - Preference Shares		80,165
	4,834	Centrais Eletricas Brasileiras SA - Preference Shares		45,040
	31,709	Cia Energetica de Minas Gerais - Preference Shares		79,535
	16,988	Gerdau SA - Preference Shares		75,195
	37,716	Itau Unibanco Holding SA - Preference Shares		261,321
	43,220	Petroleo Brasileiro SA - Preference Shares		323,154

				864,410

		Chile - 0.1%
	1,083	Sociedad Quimica y Minera de Chile SA		52,840

		Colombia - 0.2%
	9,484	Bancolombia SA		80,633

		Republic of Korea - 0.4%
		Hyundai Motor Co.
	302	1st Preference Shares		35,483
	202	2nd Preference Shares		23,542
	3,089	Samsung Electronics Co. Ltd. - Preference Shares		154,179

				213,204

		Total Preferred Stocks (Cost $806,970)		1,211,087

		REAL ESTATE INVESTMENT TRUSTS - 0.0% (d)
		Mexico - 0.0% (d)
	11,468	Fibra Uno Administracion SA de CV		19,075

		Total Real Estate Investment Trusts (Cost $15,158)		19,075


Contracts
		RIGHTS - 0.0%(d)
		China - 0.0%(d)
	83	Yifeng Pharmacy Chain Co. Ltd., Expires 04/04/2024, Exercise Price $100.00 (a)(e)		0

		Total Rights (Cost $0)		0


Units
		SHORT-TERM INVESTMENTS - 4.5%
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.9%
	1,884,429	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (f)		1,884,429


Shares
		Money Market Funds - 0.6%
	274,903	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (f)		274,903

		Total Short-Term Investments (Cost $2,159,332)		2,159,332

		Total Investments - 104.4% (Cost $39,208,964)		50,035,204
		Liabilities in Excess of Other Assets - (4.4)%		(2,105,603	)

		TOTAL NET ASSETS - 100.0%	$	47,929,601

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NV - Naamloze Vennootschap

NVDR - Non-Voting Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SA - Sociedad Anónima

SAA - Sociedad Anomina Abierta

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

(a)

Non-income producing security.

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $1,427,844 or 3.0% of the Fund’s net assets.

(c)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $1,840,884 which represented 3.8% of net assets.

(d)

Represents less than 0.05% of net assets.

(e)

(f)

The rate shown represents the 7-day effective yield as of March 31, 2024.

Sector Classification as of March 31, 2024

(% of Net Assets)


Information Technology	$	11,691,588		24.4	%
Financials		9,044,612		18.9
Consumer Discretionary		5,259,697		10.8
Consumer Staples		3,821,250		7.9
Energy		3,348,354		7.1
Industrials		3,235,538		6.7
Communication Services		3,075,101		6.5
Materials		2,057,161		4.3
Health Care		1,630,773		3.4
Utilities		898,307		2.0
Real Estate		595,416		1.2
Investment Companies		3,218,075		6.7
Investments Purchased with Proceeds from Securities Lending		1,884,429		3.9
Money Market Funds		274,903		0.6
Liabilities in Excess of Other Assets		(2,105,603	)	(4.4	)

		47,929,601		100.0	%

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		COMMON STOCKS - 92.9%
		Aerospace & Defense - 1.2%
	963	AAR Corp. (a)	$	57,655
	173	AeroVironment, Inc. (a)		26,517
	858	Axon Enterprise, Inc. (a)		268,451
	453	BWX Technologies, Inc. (b)		46,487
	526	Curtiss-Wright Corp.		134,624
	684	Ducommun, Inc. (a)		35,089
	647	Hexcel Corp.		47,134
	485	Huntington Ingalls Industries, Inc.		141,363
	611	Kaman Corp.		28,027
	1,025	Kratos Defense & Security Solutions, Inc. (a)		18,839
	426	Moog, Inc. - Class A		68,011
	2,677	Textron, Inc.		256,805
	1,164	V2X, Inc. (a)		54,370
	271	Woodward Governor Co.		41,767

				1,225,139

		Air Freight & Logistics - 0.2%
	636	Forward Air Corp.		19,786
	1,186	GXO Logistics, Inc. (a)		63,759
	1,700	Hub Group, Inc. - Class A		73,474
	8,035	Radiant Logistics, Inc. (a)		43,550

				200,569

		Automobile Components - 0.9%
	1,357	Adient PLC (a)		44,672
	3,589	American Axle & Manufacturing Holdings, Inc. (a)		26,415
	2,580	BorgWarner, Inc.		89,629
	282	Dorman Products, Inc. (a)		27,182
	381	Fox Factory Holding Corp. (a)(b)		19,839
	2,920	Gentex Corp.		105,470
	3,473	Goodyear Tire & Rubber Co. (a)		47,684
	424	LCI Industries (b)		52,177
	513	Lear Corp.		74,323
	1,513	Modine Manufacturing Co. (a)(b)		144,023
	614	Patrick Industries, Inc.		73,355
	571	Phinia, Inc.		21,944
	894	Standard Motor Products, Inc.		29,994
	147	Visteon Corp. (a)		17,289
	1,020	XPEL, Inc. (a)		55,100

				829,096

		Automobiles - 0.2%
	1,411	Harley-Davidson, Inc. (b)		61,717
	722	Thor Industries, Inc. (b)		84,720
	674	Winnebago Industries, Inc. (b)		49,876

				196,313

		Banks - 4.5%
	624	Amerant Bancorp, Inc.		14,533
	936	Ameris Bancorp		45,284
	1,965	Associated Banc-Corp.		42,267
	478	Atlantic Union Bankshares Corp.		16,878
	898	Axos Financial, Inc. (a)(b)		48,528
	195	BancFirst Corp.		17,166
	1,688	Bancorp, Inc. (a)		56,480
	590	Bank of Hawaii Corp.		36,810
	1,000	Bank of NT Butterfield & Son Ltd.		31,990
	1,563	Bank OZK (b)		71,054
	832	Bank7 Corp.		23,462
	986	BankUnited, Inc.		27,608


Shares			Value
		Banks (Continued)
	840	Berkshire Hills Bancorp, Inc.	$	19,253
	201	BOK Financial Corp.		18,492
	1,227	Bridgewater Bancshares, Inc. (a)		14,282
	2,040	Cadence Bank		59,160
	481	Camden National Corp.		16,123
	1,195	Capital Bancorp, Inc.		24,892
	1,052	Cathay General Bancorp		39,797
	815	Central Pacific Financial Corp.		16,096
	340	City Holding Co. (b)		35,435
	933	Civista Bancshares, Inc.		14,350
	890	CNB Financial Corp.		18,147
	274	Coastal Financial Corp. (a)		10,650
	2,289	Columbia Banking System, Inc.		44,292
	2,369	Comerica, Inc.		130,271
	1,161	Commerce Bancshares, Inc.		61,765
	304	Community Bank Systems, Inc.		14,601
	1,094	ConnectOne Bancorp, Inc.		21,333
	229	Cullen Frost Bankers, Inc.		25,779
	1,909	Customers Bancorp, Inc. (a)		101,292
	752	CVB Financial Corp.		13,416
	988	Dime Community Bancshares, Inc.		19,029
	579	Eagle Bancorp, Inc.		13,601
	2,505	East West Bancorp, Inc. (b)		198,171
	417	Enterprise Bancorp, Inc.		10,829
	690	Enterprise Financial Services Corp.		27,986
	421	Esquire Financial Holdings, Inc.		19,985
	926	Financial Institutions, Inc.		17,427
	5,140	First BanCorp		90,156
	2,391	First Bank		32,852
	195	First Citizens BancShares, Inc. - Class A		318,825
	1,630	First Commonwealth Financial Corp.		22,690
	676	First Community Bankshares, Inc.		23,410
	1,047	First Financial Bancorp		23,474
	1,365	First Financial Bankshares, Inc. (b)		44,786
	560	First Financial Corp.		21,465
	706	First Hawaiian, Inc.		15,504
	7,152	First Horizon Corp.		110,141
	1,039	Flushing Financial Corp.		13,102
	3,359	FNB Corp.		47,362
	1,737	Fulton Financial Corp. (b)		27,601
	571	German American Bancorp, Inc.		19,779
	262	Glacier Bancorp, Inc. (b)		10,553
	1,303	Hancock Whitney Corp.		59,990
	1,598	Hanmi Financial Corp. (b)		25,440
	523	HBT Financial, Inc.		9,958
	682	Heartland Financial U.S.A., Inc.		23,972
	330	Hilltop Holdings, Inc.		10,336
	615	Home Bancorp, Inc.		23,561
	932	Home BancShares, Inc.		22,899
	397	HomeTrust Bancshares, Inc.		10,854
	2,152	Hope Bancorp, Inc.		24,769
	1,337	Independent Bank Corp.		33,893
	231	Independent Bank Corp.		12,017
	668	International Bancshares Corp.		37,501
	416	Lakeland Financial Corp.		27,589
	876	Live Oak Bancshares, Inc.		36,363
	1,080	Mercantile Bank Corp.		41,569
	1,438	Metrocity Bankshares, Inc.		35,892
	348	Metropolitan Bank Holding Corp. (a)		13,398
	822	Mid Penn Bancorp, Inc.		16,448
	913	Midland States Bancorp, Inc.		22,944
	488	MidWestOne Financial Group, Inc.		11,439

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	9,716	New York Community Bancorp, Inc.	$	31,285
	1,158	Oak Valley Bancorp		28,695
	1,437	OFG Bancorp		52,896
	2,825	Old National Bancorp (b)		49,183
	1,813	Old Second Bancorp, Inc.		25,092
	432	Origin Bancorp, Inc.		13,496
	709	Orrstown Financial Services, Inc.		18,980
	614	Pacific Premier Bancorp, Inc.		14,736
	154	Park National Corp.		20,921
	648	Pathward Financial, Inc.		32,711
	671	Peapack-Gladstone Financial Corp.		16,325
	874	Pinnacle Financial Partners, Inc. (b)		75,059
	546	Plumas Bancorp		20,087
	1,178	Popular, Inc.		103,770
	551	Preferred Bank (b)		42,300
	738	Premier Financial Corp.		14,981
	437	Prosperity Bancshares, Inc.		28,746
	1,422	Provident Financial Services, Inc.		20,719
	586	QCR Holdings, Inc.		35,594
	1,313	RBB Bancorp		23,647
	435	Republic Bancorp, Inc. - Class A		22,185
	548	S&T Bancorp, Inc.		17,580
	695	Sandy Spring Bancorp, Inc.		16,110
	985	ServisFirst Bancshares, Inc. (b)		65,365
	1,182	Simmons First National Corp. - Class A		23,002
	1,398	South Plains Financial, Inc.		37,410
	411	Southern Missouri Bancorp, Inc.		17,965
	547	Southside Bancshares, Inc.		15,989
	926	SouthState Corp. (b)		78,738
	322	Stock Yards Bancorp, Inc.		15,749
	941	Summit Financial Group, Inc.		25,558
	2,558	Synovus Financial Corp.		102,473
	338	Texas Capital Bancshares, Inc. (a)		20,804
	340	Triumph Financial, Inc. (a)(b)		26,969
	507	Trustmark Corp.		14,252
	669	UMB Financial Corp.		58,196
	605	United Bankshares, Inc.		21,653
	643	Univest Financial Corp.		13,387
	3,943	Valley National Bancorp		31,386
	909	Veritex Holdings, Inc.		18,625
	595	WaFd, Inc.		17,273
	527	Washington Trust Bancorp, Inc.		14,166
	1,620	Webster Financial Corp.		82,247
	600	WesBanco, Inc.		17,886
	679	Westamerica BanCorp		33,190
	1,946	Western Alliance Bancorp		124,914
	851	Wintrust Financial Corp.		88,836
	448	WSFS Financial Corp.		20,223
	2,824	Zions Bancorp NA		122,562

				4,594,962

		Beverages - 0.6%
	171	Boston Beer Co., Inc. - Class A (a)		52,056
	2,070	Celsius Holdings, Inc. (a)		171,644
	252	Coca-Cola Consolidated, Inc.		213,295
	1,321	National Beverage Corp. (a)		62,695
	3,800	Primo Water Corp. (b)		69,198

				568,888

		Biotechnology - 2.7%
	1,008	89bio, Inc. (a)		11,733
	3,712	ACADIA Pharmaceuticals, Inc. (a)		68,635


Shares			Value
		Biotechnology (Continued)
	1,181	ADURO BIOTECH INC (a)(c)	$	0
	893	Akero Therapeutics, Inc. (a)		22,557
	4,144	Alkermes PLC (a)(b)		112,178
	1,560	Amicus Therapeutics, Inc. (a)		18,377
	1,594	Anika Therapeutics, Inc. (a)		40,488
	334	Apellis Pharmaceuticals, Inc. (a)(b)		19,632
	2,385	Arcturus Therapeutics Holdings, Inc. (a)		80,541
	1,680	Avita Medical, Inc. (a)		26,930
	532	Biohaven Ltd. (a)		29,095
	237	Blueprint Medicines Corp. (a)		22,482
	541	Bridgebio Pharma, Inc. (a)		16,728
	4,991	CareDx, Inc. (a)		52,855
	10,217	Catalyst Pharmaceuticals, Inc. (a)		162,859
	4,854	CONTRA ACHILLION PHARM (a)(c)		2,233
	7,626	Dynavax Technologies Corp. (a)		94,639
	8,896	Eagle Pharmaceuticals, Inc. (a)		46,615
	8,131	Emergent BioSolutions, Inc. (a)		20,571
	4,304	Entrada Therapeutics, Inc. (a)		60,988
	1,576	Exact Sciences Corp. (a)(b)		108,839
	8,793	Exelixis, Inc. (a)		208,658
	3,124	Fennec Pharmaceuticals, Inc. (a)		34,739
	756	Halozyme Therapeutics, Inc. (a)		30,754
	1,006	Immunovant, Inc. (a)		32,504
	724	Insmed, Inc. (a)		19,642
	484	Ionis Pharmaceuticals, Inc. (a)		20,981
	8,366	Ironwood Pharmaceuticals, Inc. (a)		72,868
	29,892	Karyopharm Therapeutics, Inc. (a)		45,137
	1,118	Kiniksa Pharmaceuticals Ltd. - Class A (a)		22,058
	167	Krystal Biotech, Inc. (a)(b)		29,714
	2,936	MacroGenics, Inc. (a)		43,218
	12,644	MiMedx Group, Inc. (a)		97,359
	1,419	Myriad Genetics, Inc. (a)		30,253
	588	Natera, Inc. (a)		53,778
	713	Neurocrine Biosciences, Inc. (a)		98,337
	35,513	Organogenesis Holdings, Inc. (a)		100,857
	674	Protagonist Therapeutics, Inc. (a)		19,499
	16,809	Protalix BioTherapeutics, Inc. (a)		21,179
	1,676	PTC Therapeutics, Inc. (a)		48,755
	6,802	RADIUS HEALTH INC CVR (a)(c)		544
	2,110	Roivant Sciences Ltd. (a)		22,240
	508	Sarepta Therapeutics, Inc. (a)		65,766
	1,271	TG Therapeutics, Inc. (a)(b)		19,332
	891	United Therapeutics Corp. (a)		204,680
	1,931	UroGen Pharma Ltd. (a)		28,965
	18,379	Vanda Pharmaceuticals, Inc. (a)		75,538
	588	Vaxcyte, Inc. (a)(b)		40,166
	2,457	Vericel Corp. (a)(b)		127,813
	1,068	Viking Therapeutics, Inc. (a)(b)		87,576
	8,965	Voyager Therapeutics, Inc. (a)		83,464
	4,799	Y-mAbs Therapeutics, Inc. (a)		78,032

				2,883,381

		Broadline Retail - 0.6%
	4,467	Big Lots, Inc.		19,342
	412	Dillard’s, Inc. - Class A (b)		194,316
	3,351	Kohl’s Corp. (b)		97,682
	8,172	Macy’s, Inc. (b)		163,358
	3,259	Nordstrom, Inc.		66,060
	645	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		51,323
	1,251	Savers Value Village, Inc. (a)		24,119

				616,200

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Building Products - 3.6%
	2,043	A O Smith Corp.	$	182,767
	907	AAON, Inc. (b)		79,907
	1,137	Advanced Drainage Systems, Inc.		195,837
	1,101	Allegion PLC		148,316
	936	American Woodmark Corp. (a)		95,154
	1,381	Apogee Enterprises, Inc.		81,755
	216	Armstrong World Industries, Inc.		26,831
	686	AZEK Co., Inc. (a)		34,451
	873	AZZ, Inc. (b)		67,492
	2,836	Builders FirstSource, Inc. (a)		591,448
	715	Carlisle Cos., Inc.		280,173
	224	CSW Industrials, Inc.		52,550
	2,177	Fortune Brands Innovations, Inc.		184,327
	867	Gibraltar Industries, Inc. (a)		69,819
	1,583	Griffon Corp.		116,097
	1,750	Hayward Holdings, Inc. (a)		26,792
	1,371	Insteel Industries, Inc.		52,400
	2,042	Janus International Group, Inc. (a)		30,895
	2,275	JELD-WEN Holding, Inc. (a)		48,298
	473	Lennox International, Inc. (b)		231,183
	716	Masonite International Corp. (a)		94,118
	2,034	Masterbrand, Inc. (a)		38,117
	1,547	Owens Corning, Inc.		258,040
	2,745	Quanex Building Products Corp.		105,490
	2,869	Resideo Technologies, Inc. (a)		64,323
	865	Simpson Manufacturing Co., Inc.		177,481
	1,851	Trex Co., Inc. (a)		184,637
	2,059	UFP Industries, Inc.		253,278
	689	Zurn Elkay Water Solutions Corp. (b)		23,061

				3,795,037

		Capital Markets - 2.9%
	895	Affiliated Managers Group, Inc.		149,886
	1,629	Artisan Partners Asset Management, Inc. - Class A (b)		74,559
	2,111	Brightsphere Investment Group, Inc.		48,215
	2,029	Carlyle Group, Inc. (b)		95,180
	1,219	Cboe Global Markets, Inc.		223,967
	1,025	Cohen & Steers, Inc.		78,812
	334	Diamond Hill Investment Group, Inc.		51,493
	1,821	Donnelley Financial Solutions, Inc. (a)		112,920
	914	Evercore, Inc. - Class A		176,027
	521	FactSet Research Systems, Inc.		236,737
	859	Hamilton Lane, Inc. - Class A		96,861
	1,127	Houlihan Lokey, Inc. (b)		144,470
	3,468	Invesco Ltd.		57,534
	2,781	Janus Henderson Group PLC		91,467
	3,578	Jefferies Financial Group, Inc.		157,790
	474	MarketAxess Holdings, Inc.		103,925
	1,066	Moelis & Co. - Class A		60,517
	113	Morningstar, Inc.		34,846
	4,517	Open Lending Corp. (a)		28,276
	280	Piper Sandler Cos.		55,577
	1,011	PJT Partners, Inc. - Class A (b)		95,297
	5,159	Robinhood Markets, Inc. - Class A (a)		103,851
	1,754	SEI Investments Co.		126,113
	1,047	Silvercrest Asset Management Group, Inc. - Class A		16,553
	2,110	Stifel Financial Corp. (b)		164,939
	1,242	StoneX Group, Inc. (a)		87,263


Shares			Value
		Capital Markets (Continued)
	926	TPG, Inc.	$	41,392
	3,300	Virtu Financial, Inc. - Class A		67,716
	293	Virtus Investment Partners, Inc.		72,658
	5,681	WisdomTree, Inc. (b)		52,208
	2,169	XP, Inc. - Class A		55,657

				2,962,706

		Chemicals - 0.9%
	1,231	AdvanSix, Inc.		35,207
	389	Avient Corp.		16,883
	2,211	Axalta Coating Systems, Ltd. (a)		76,036
	565	Cabot Corp.		52,093
	3,196	Element Solutions, Inc.		79,836
	580	H.B. Fuller Co.		46,249
	948	Hawkins, Inc.		72,806
	751	Huntsman Corp.		19,549
	461	Ingevity Corp. (a)		21,990
	464	Innospec, Inc.		59,828
	1,084	Koppers Holdings, Inc.		59,804
	460	Minerals Technologies, Inc.		34,629
	81	NewMarket Corp.		51,404
	1,904	Olin Corp.		111,955
	746	Orion SA		17,546
	1,698	RPM International, Inc. (b)		201,977

				957,792

		Commercial Services & Supplies - 1.1%
	835	ABM Industries, Inc.		37,258
	4,135	ACCO Brands Corp.		23,197
	1,161	ACV Auctions, Inc. - Class A (a)		21,792
	2,399	BrightView Holdings, Inc. (a)		28,548
	720	Brink’s Co.		66,514
	280	Casella Waste Systems, Inc. - Class A (a)		27,684
	1,217	Cimpress PLC (a)		107,717
	670	Clean Harbors, Inc. (a)		134,878
	2,045	Deluxe Corp.		42,106
	2,111	HNI Corp. (b)		95,269
	3,635	Interface, Inc.		61,141
	1,558	Liquidity Services, Inc. (a)		28,979
	1,233	Matthews International Corp. - Class A		38,322
	2,274	MillerKnoll, Inc.		56,304
	476	MSA Safety, Inc.		92,149
	3,927	NL Industries, Inc.		28,785
	2,956	Steelcase, Inc. - Class A		38,664
	718	Stericycle, Inc. (a)		37,874
	246	Tetra Tech, Inc.		45,439
	213	UniFirst Corp.		36,940
	1,133	Vestis Corp.		21,833
	453	VSE Corp.		36,240

				1,107,633

		Communications Equipment - 0.9%
	922	Aviat Networks, Inc. (a)		35,349
	1,989	Calix, Inc. (a)		65,955
	2,972	Cambium Networks Corp. (a)		12,809
	1,529	Ciena Corp. (a)		75,609
	648	Clearfield, Inc. (a)(b)		19,984
	1,468	Digi International, Inc. (a)		46,873
	11,787	DZS, Inc. (a)(b)		15,559
	8,801	Extreme Networks, Inc. (a)		101,564
	996	F5, Inc. (a)		188,832
	3,420	Harmonic, Inc. (a)(b)		45,965

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Communications Equipment (Continued)
	4,509	Infinera Corp. (a)(b)	$	27,189
	5,564	Juniper Networks, Inc.		206,202
	1,293	NETGEAR, Inc. (a)		20,391
	1,833	NetScout Systems, Inc. (a)		40,033
	14,036	Ribbon Communications, Inc. (a)		44,915
	2,605	Viavi Solutions, Inc. (a)		23,679

				970,908

		Construction & Engineering - 1.9%
	1,506	AECOM		147,709
	3,348	API Group Corp. (a)(b)		131,476
	862	Arcosa, Inc.		74,011
	1,209	Bowman Consulting Group Ltd. (a)		42,061
	624	Comfort Systems USA, Inc.		198,251
	2,539	Concrete Pumping Holdings, Inc. (a)		20,058
	210	Dycom Industries, Inc. (a)		30,141
	980	EMCOR Group, Inc.		343,196
	1,310	Fluor Corp. (a)		55,387
	475	Granite Construction, Inc. (b)		27,137
	1,419	IES Holdings, Inc. (a)		172,607
	722	MasTec, Inc. (a)		67,327
	387	MYR Group, Inc. (a)		68,402
	1,083	Northwest Pipe Co. (a)		37,558
	1,601	Primoris Services Corp.		68,155
	1,158	Sterling Infrastructure, Inc. (a)		127,739
	7,872	Tutor Perini Corp. (a)		113,829
	379	Valmont Industries, Inc. (b)		86,518
	2,661	WillScot Mobile Mini Holdings Corp. (a)(b)		123,737

				1,935,299

		Construction Materials - 0.3%
	526	Eagle Materials, Inc. (b)		142,940
	461	Knife River Corp. (a)(b)		37,378
	1,631	Summit Materials, Inc. - Class A (a)		72,694
	135	United States Lime & Minerals, Inc.		40,249

				293,261

		Consumer Finance - 1.2%
	2,778	Ally Financial, Inc. (b)		112,759
	2,036	Atlanticus Holdings Corp. (a)		60,245
	1,847	Bread Financial Holdings, Inc. (b)		68,782
	3,704	Consumer Portfolio Services, Inc. (a)(b)		28,002
	185	Credit Acceptance Corp. (a)(b)		102,037
	2,599	Enova International, Inc. (a)		163,295
	501	FirstCash Holdings, Inc.		63,898
	3,767	LendingClub Corp. (a)		33,112
	5,319	Navient Corp.		92,551
	475	Nelnet, Inc. - Class A		44,959
	3,056	OneMain Holdings, Inc.		156,131
	12,418	OppFi, Inc. (a)		31,045
	2,126	PROG Holdings, Inc.		73,219
	1,540	Regional Management Corp.		37,283
	6,455	SLM Corp. (b)		140,655
	5,782	SoFi Technologies, Inc. (a)(b)		42,209
	454	Upstart Holdings, Inc. (a)		12,208

				1,262,390

		Consumer Staples Distribution & Retail - 1.9%
	5,285	Albertsons Cos., Inc. - Class A		113,310
	1,011	Andersons, Inc.		58,001
	2,977	BJ’s Wholesale Club Holdings, Inc. (a)(b)		225,210
	826	Casey’s General Stores, Inc.		263,040
	1,091	Chefs’ Warehouse, Inc. (a)		41,087


Shares			Value
		Consumer Staples Distribution & Retail (Continued)
	1,608	Grocery Outlet Holding Corp. (a)	$	46,278
	4,122	HF Foods Group, Inc. (a)		14,427
	1,257	Ingles Markets, Inc. - Class A		96,387
	828	Maplebear, Inc. (a)		30,876
	3,381	Natural Grocers by Vitamin Cottage, Inc.		61,027
	3,422	Performance Food Group Co. (a)		255,418
	396	PriceSmart, Inc. (b)		33,264
	3,427	SpartanNash Co.		69,260
	3,923	Sprouts Farmers Market, Inc. (a)(b)		252,955
	3,654	United Natural Foods, Inc. (a)		41,985
	4,393	US Foods Holding Corp. (a)		237,090
	2,516	Village Super Market, Inc. - Class A		71,983
	1,221	Weis Markets, Inc. (b)		78,632

				1,990,230

		Containers & Packaging - 1.1%
	456	AptarGroup, Inc.		65,614
	1,281	Ardagh Group SA (a)(c)		0
	1,147	Avery Dennison Corp.		256,068
	1,679	Berry Global Group, Inc.		101,546
	428	Crown Holdings, Inc.		33,923
	3,392	Graphic Packaging Holding Co. (b)		98,979
	696	Greif, Inc. - Class A		48,059
	436	Greif, Inc. - Class B		30,311
	2,215	Myers Industries, Inc.		51,321
	3,037	O-I Glass, Inc. (a)		50,384
	1,112	Packaging Corp. of America (b)		211,035
	706	Sonoco Products Co.		40,835
	489	TriMas Corp. (b)		13,071
	2,132	WestRock Co.		105,427

				1,106,573

		Distributors - 0.3%
	611	Pool Corp. (b)		246,538
	1,087	Weyco Group, Inc.		34,654

				281,192

		Diversfied Financial Services - 0.0% (d)
	593	GCI Liberty Inc SR Escrow (a)(c)		536

		Diversified Consumer Services - 1.2%
	6,829	ADT, Inc.		45,891
	1,613	Adtalem Global Education, Inc. (a)(b)		82,908
	231	Bright Horizons Family Solutions, Inc. (a)		26,186
	1,036	Coursera, Inc. (a)		14,525
	207	Duolingo, Inc. (a)		45,660
	2,598	Frontdoor, Inc. (a)		84,643
	112	Graham Holdings Co. - Class B (b)		85,980
	840	Grand Canyon Education, Inc. (a)		114,416
	3,807	H&R Block, Inc. (b)		186,962
	850	Laureate Education, Inc.		12,384
	6,026	Lincoln Educational Services Corp. (a)		62,249
	15,467	Nerdy, Inc. (a)		45,009
	8,341	Perdoceo Education Corp.		146,468
	425	Strategic Education, Inc. (b)		44,251
	2,317	Stride, Inc. (a)		146,087
	3,358	Udemy, Inc. (a)		36,871
	12,746	WW International, Inc. (a)		23,580

				1,204,070

		Diversified Telecommunication Services - 0.3%
	558	Cogent Communications Holdings, Inc.		36,454
	3,283	IDT Corp. - Class B		124,130
	4,323	Liberty Latin America Ltd. - Class A (a)		30,131
	2,759	Liberty Latin America Ltd. - Class C (a)		19,286
	4,385	Ooma, Inc. (a)		37,404

				247,405

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities - 0.2%
	583	ALLETE, Inc.	$	34,770
	2,991	Genie Energy Ltd. - Class B		45,104
	2,705	Hawaiian Electric Industries, Inc.		30,485
	1,295	NRG Energy, Inc. (b)		87,659
	685	Otter Tail Corp. (b)		59,184

				257,202

		Electrical Equipment - 2.1%
	856	Acuity Brands, Inc.		230,033
	1,116	Allient, Inc.		39,819
	1,857	Array Technologies, Inc. (a)		27,688
	1,142	Atkore, Inc. (b)		217,391
	794	Encore Wire Corp. (b)		208,647
	734	EnerSys		69,334
	1,477	Enovix Corp. (a)(b)		11,831
	228	Generac Holdings, Inc. (a)(b)		28,760
	14,577	GrafTech International Ltd.		20,116
	685	Hubbell, Inc.		284,309
	4,811	LSI Industries, Inc.		72,742
	487	NEXTracker, Inc. - Class A (a)		27,403
	2,018	nVent Electric PLC		152,157
	637	Powell Industries, Inc.		90,645
	910	Preformed Line Products Co.		117,090
	849	Regal Rexnord Corp. (b)		152,905
	1,492	Sensata Technologies Holding PLC		54,816
	2,001	Thermon Group Holdings, Inc. (a)(b)		65,473
	2,879	Vertiv Holdings Co. - Class A		235,128
	849	Vicor Corp. (a)		32,466

				2,138,753

		Electronic Equipment, Instruments & Components - 2.1%
	314	Advanced Energy Industries, Inc.		32,022
	3,654	Arlo Technologies, Inc. (a)		46,223
	844	Arrow Electronics, Inc. (a)		109,264
	1,446	Avnet, Inc.		71,693
	525	Badger Meter, Inc.		84,950
	1,016	Belden, Inc.		94,092
	1,066	Benchmark Electronics, Inc.		31,991
	1,395	Cognex Corp. (b)		59,176
	1,583	Coherent Corp. (a)		95,961
	734	Crane NXT Co. (b)		45,435
	654	CTS Corp.		30,601
	896	ePlus, Inc. (a)		70,372
	284	Fabrinet (a)		53,681
	694	FARO Technologies, Inc. (a)		14,928
	832	Insight Enterprises, Inc. (a)		154,353
	4,528	Iteris, Inc. (a)		22,368
	409	Itron, Inc. (a)		37,841
	1,851	Jabil, Inc. (b)		247,941
	2,685	Knowles Corp. (a)		43,229
	216	Littelfuse, Inc.		52,348
	3,287	Luna Innovations, Inc. (a)		10,535
	3,428	Napco Security Technologies, Inc.		137,668
	501	Novanta, Inc. (a)		87,560
	364	OSI Systems, Inc. (a)		51,986
	1,217	PC Connection, Inc.		80,237
	272	Plexus Corp. (a)		25,791
	883	Sanmina Corp. (a)		54,905
	1,282	ScanSource, Inc. (a)		56,459
	726	TD SYNNEX Corp.		82,111


Shares			Value
		Electronic Equipment, Instruments & Components (Continued)
	2,736	TTM Technologies, Inc. (a)	$	42,818
	1,521	Vishay Intertechnology, Inc. (b)		34,496
	2,979	Vontier Corp.		135,127

				2,198,162

		Energy Equipment & Services - 0.9%
	2,606	Archrock, Inc.		51,260
	410	Bristow Group, Inc. (a)		11,152
	2,060	ChampionX Corp. (b)		73,933
	6,932	Helix Energy Solutions Group, Inc. (a)		75,143
	736	Helmerich & Payne, Inc. (b)		30,956
	2,133	Liberty Energy, Inc. (b)		44,196
	346	Nabors Industries Ltd. (a)(b)		29,801
	7,381	Newpark Resources, Inc. (a)		53,291
	990	Noble Corp. PLC (b)		48,005
	2,449	Oceaneering International, Inc. (a)		57,307
	4,821	Oil States International, Inc. (a)		29,697
	3,092	Patterson-UTI Energy, Inc.		36,918
	4,112	ProPetro Holding Corp. (a)		33,225
	3,744	RPC, Inc.		28,979
	4,094	TechnipFMC PLC		102,801
	9,166	TETRA Technologies, Inc. (a)		40,605
	440	Tidewater, Inc. (a)		40,480
	3,546	US Silica Holdings, Inc. (a)		44,006
	597	Valaris Ltd. (a)		44,930
	822	Weatherford International PLC (a)		94,875

				971,560

		Entertainment - 0.2%
	496	Atlanta Braves Holdings, Inc. - Class C (a)		19,374
	24,668	Loop Media, Inc. (a)(b)		9,038
	2,021	Marcus Corp. (b)		28,820
	13,137	Playstudios, Inc. (a)		36,521
	3,749	Playtika Holding Corp.		26,430
	531	Roku, Inc. (a)		34,605
	663	TKO Group Holdings, Inc. (b)		57,290
	3,235	Vivid Seats, Inc. - Class A (a)(b)		19,378

				231,456

		Financial Services - 2.9%
	1,067	Affirm Holdings, Inc. (a)		39,756
	1,609	Alerus Financial Corp.		35,124
	2,868	A-Mark Precious Metals, Inc.		88,019
	2,010	Banco Latinoamericano de Comercio Exterior SA		59,536
	1,089	Cass Information Systems, Inc. (b)		52,457
	3,251	Corebridge Financial, Inc. (b)		93,401
	1,805	Enact Holdings, Inc.		56,280
	6,371	Equitable Holdings, Inc.		242,162
	2,098	Essent Group Ltd.		124,852
	639	Euronet Worldwide, Inc. (a)		70,245
	1,334	EVERTEC, Inc.		53,227
	586	Federal Agricultural Mortgage Corp. - Class C		115,372
	2,102	International Money Express, Inc. (a)		47,989
	1,025	Jack Henry & Associates, Inc.		178,073
	2,576	Jackson Financial, Inc. - Class A (b)		170,377
	2,008	Merchants Bancorp		86,705
	7,781	MGIC Investment Corp. (b)		173,983
	2,350	Mr Cooper Group, Inc. (a)		183,183
	1,734	NCR Atleos Corp. (a)		34,246
	2,749	NMI Holdings, Inc. - Class A (a)		88,903

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	1,010	PennyMac Financial Services, Inc. (b)	$	92,001
	4,194	Radian Group, Inc.		140,373
	746	Remitly Global, Inc. (a)		15,472
	2,429	Security National Financial Corp. - Class A (a)		19,213
	608	Shift4 Payments, Inc. - Class A (a)(b)		40,171
	2,622	StoneCo Ltd. - Class A (a)		43,551
	3,053	Toast, Inc. - Class A (a)		76,081
	8,003	UWM Holdings Corp. (b)		58,102
	2,069	Velocity Financial, Inc. (a)		37,242
	2,295	Voya Financial, Inc.		169,646
	458	Walker & Dunlop, Inc.		46,285
	1,034	Waterstone Financial, Inc.		12,584
	6,648	Western Union Co.		92,939
	369	WEX, Inc. (a)		87,649

				2,925,199

		Food Products - 0.7%
	1,132	Cal-Maine Foods, Inc. (b)		66,618
	1,901	Darling International, Inc. (a)		88,415
	3,981	Flowers Foods, Inc.		94,549
	1,120	Fresh Del Monte Produce, Inc.		29,019
	267	Freshpet, Inc. (a)(b)		30,935
	813	Ingredion, Inc.		94,999
	160	J&J Snack Foods Corp.		23,130
	383	John B. Sanfilippo & Son, Inc.		40,567
	231	Lancaster Colony Corp.		47,962
	467	Pilgrim’s Pride Corp. (a)		16,027
	749	Post Holdings, Inc. (a)		79,604
	8	Seaboard Corp.		25,791
	929	Simply Good Foods Co. (a)(b)		31,614
	488	TreeHouse Foods, Inc. (a)(b)		19,008
	3,411	Vital Farms, Inc. (a)		79,306

				767,544

		Gas Utilities - 0.1%
	822	Brookfield Infrastructure Corp. - Class A		29,625
	998	ONE Gas, Inc. (b)		64,401
	1,686	UGI Corp. (b)		41,374

				135,400

		Ground Transportation - 0.9%
	799	ArcBest Corp.		113,857
	815	Covenant Logistics Group, Inc.		37,783
	5,512	Daseke, Inc. (a)		45,750
	1,335	Knight-Swift Transportation Holdings, Inc.		73,452
	856	Landstar System, Inc.		165,003
	1,868	Lyft, Inc. - Class A (a)(b)		36,146
	2,085	PAM Transportation Services, Inc. (a)		33,798
	1,484	RXO, Inc. (a)		32,455
	592	Ryder System, Inc.		71,152
	238	Saia, Inc. (a)(b)		139,230
	363	U-Haul Holding Co.		24,205
	967	XPO, Inc. (a)		118,003

				890,834

		Health Care Equipment & Supplies - 2.3%
	3,514	Alphatec Holdings, Inc. (a)		48,458
	2,672	AngioDynamics, Inc. (a)		15,685
	942	AtriCure, Inc. (a)(b)		28,656
	1,771	Avanos Medical, Inc. (a)		35,261
	216	Axonics, Inc. (a)		14,898


Shares			Value
		Health Care Equipment & Supplies (Continued)
	16,980	Cerus Corp. (a)	$	32,092
	147	CONMED Corp. (b)		11,772
	2,155	Dentsply Sirona, Inc.		71,524
	3,004	Embecta Corp.		39,863
	2,291	Envista Holdings Corp. (a)		48,982
	263	Glaukos Corp. (a)		24,798
	626	Haemonetics Corp. (a)		53,429
	989	Inari Medical, Inc. (a)(b)		47,452
	1,633	Inmode Ltd. (a)(b)		35,289
	3,347	Inogen, Inc. (a)		27,010
	477	Inspire Medical Systems, Inc. (a)(b)		102,455
	479	Integer Holdings Corp. (a)(b)		55,890
	1,044	Integra LifeSciences Holdings Corp. (a)		37,010
	1,234	iRadimed Corp.		54,284
	580	iRhythm Technologies, Inc. (a)		67,280
	7,288	KORU Medical Systems, Inc. (a)		17,200
	1,267	Lantheus Holdings, Inc. (a)		78,858
	1,238	LeMaitre Vascular, Inc.		82,154
	512	LivaNova PLC (a)		28,641
	591	Masimo Corp. (a)(b)		86,788
	534	Merit Medical Systems, Inc. (a)		40,450
	952	Neogen Corp. (a)(b)		15,023
	1,236	Nevro Corp. (a)		17,848
	1,415	Novocure Ltd. (a)		22,117
	419	Omnicell, Inc. (a)		12,247
	9,244	OraSure Technologies, Inc. (a)		56,851
	3,139	Orthofix Medical, Inc. (a)		45,578
	474	Penumbra, Inc. (a)(b)		105,787
	1,223	Sanara Medtech, Inc. (a)		45,251
	2,225	Semler Scientific, Inc. (a)		64,992
	620	Shockwave Medical, Inc. (a)		201,891
	1,859	SI-BONE, Inc. (a)(b)		30,432
	1,248	Silk Road Medical, Inc. (a)		22,863
	1,258	STAAR Surgical Co. (a)		48,156
	1,118	SurModics, Inc. (a)		32,802
	6,214	Tactile Systems Technology, Inc. (a)(b)		100,977
	1,260	Tandem Diabetes Care, Inc. (a)(b)		44,617
	3,049	Tela Bio, Inc. (a)		17,288
	338	UFP Technologies, Inc. (a)		85,244
	1,893	Varex Imaging Corp. (a)		34,263
	5,233	Zimvie, Inc. (a)		86,292
	6,439	Zynex, Inc. (a)(b)		79,650

				2,356,348

		Health Care Providers & Services - 2.5%
	160	Acadia Healthcare Co., Inc. (a)		12,675
	1,889	AdaptHealth Corp. (a)		21,742
	539	Addus HomeCare Corp. (a)		55,700
	5,884	AirSculpt Technologies, Inc. (a)(b)		36,128
	846	Amedisys, Inc. (a)		77,967
	1,381	AMN Healthcare Services, Inc. (a)		86,326
	656	Astrana Health, Inc. (a)(b)		27,545
	258	Chemed Corp. (b)		165,618
	356	CorVel Corp. (a)		93,614
	5,262	Cross Country Healthcare, Inc. (a)(b)		98,505
	1,089	DaVita, Inc. (a)		150,336
	804	Encompass Health Corp.		66,394
	2,696	Enhabit, Inc. (a)		31,408
	1,263	Fulgent Genetics, Inc. (a)		27,407
	553	HealthEquity, Inc. (a)		45,141
	2,936	Henry Schein, Inc. (a)		221,727

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Health Care Providers & Services (Continued)
	4,078	InfuSystem Holdings, Inc. (a)	$	34,948
	5,224	Innovage Holding Corp. (a)		23,195
	4,771	Joint Corp. (a)		62,309
	707	National HealthCare Corp. (b)		66,819
	1,573	National Research Corp.		62,307
	13,314	OPKO Health, Inc. (a)(b)		15,977
	2,704	Option Care Health, Inc. (a)		90,692
	4,143	Owens & Minor, Inc. (a)		114,803
	2,306	Patterson Cos., Inc.		63,761
	3,785	Pediatrix Medical Group, Inc. (a)		37,964
	1,565	Pennant Group, Inc. (a)		30,721
	3,193	PetIQ, Inc. (a)		58,368
	1,671	Premier, Inc. - Class A		36,929
	671	Progyny, Inc. (a)(b)		25,599
	958	R1 RCM, Inc. (a)		12,339
	591	RadNet, Inc. (a)		28,758
	858	Select Medical Holdings Corp.		25,869
	926	Surgery Partners, Inc. (a)		27,623
	1,777	Tenet Healthcare Corp. (a)		186,780
	810	The Ensign Group, Inc. (b)		100,780
	908	Universal Health Services, Inc. - Class B		165,674
	245	US Physical Therapy, Inc. (b)		27,653
	5,109	Viemed Healthcare, Inc. (a)		48,178

				2,566,279

		Health Care Technology - 0.2%
	1,338	HealthStream, Inc.		35,671
	34,068	Multiplan Corp. (a)		27,636
	1,738	Phreesia, Inc. (a)		41,590
	3,703	Teladoc Health, Inc. (a)		55,915
	1,866	TruBridge, Inc. (a)		17,205

				178,017

		Hotels, Restaurants & Leisure - 2.0%
	1,771	Aramark (b)		57,593
	327	Biglari Holdings, Inc. - Class B (a)		62,025
	731	BJ’s Restaurants, Inc. (a)		26,448
	2,168	Bloomin’ Brands, Inc.		62,178
	1,258	Boyd Gaming Corp.		84,689
	1,010	Brinker International, Inc. (a)(b)		50,177
	8,377	Carrols Restaurant Group, Inc.		79,665
	401	Choice Hotels International, Inc. (b)		50,666
	1,016	Chuy’s Holdings, Inc. (a)		34,270
	803	Dave & Buster’s Entertainment, Inc. (a)		50,268
	2,832	Everi Holdings, Inc. (a)		28,462
	429	Golden Entertainment, Inc.		15,800
	1,145	Hilton Grand Vacations, Inc. (a)(b)		54,055
	579	Hyatt Hotels Corp. - Class A		92,420
	3,157	Inspired Entertainment, Inc. (a)		31,128
	3,100	International Game Technology PLC		70,029
	316	Kura Sushi USA, Inc. - Class A (a)		36,391
	1,433	Light & Wonder, Inc. - Class A (a)		146,295
	455	Marriott Vacations Worldwide Corp.		49,017
	498	Nathan’s Famous, Inc.		35,258
	1,978	Norwegian Cruise Line Holdings, Ltd. (a)(b)		41,399
	3,028	ONE Group Hospitality, Inc. (a)		16,866
	618	Papa John’s International, Inc.		41,159
	2,241	Penn Entertainment, Inc. (a)(b)		40,809
	272	Planet Fitness, Inc. - Class A (a)		17,035
	3,399	PlayAGS, Inc. (a)		30,523


Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	466	RCI Hospitality Holdings, Inc.	$	27,028
	710	Red Rock Resorts, Inc. - Class A (b)		42,472
	265	Shake Shack, Inc. - Class A (a)		27,568
	8,027	Target Hospitality Corp. (a)		87,254
	563	Texas Roadhouse, Inc.		86,967
	790	Travel + Leisure Co. (b)		38,678
	777	United Parks & Resorts, Inc. (a)		43,675
	168	Vail Resorts, Inc. (b)		37,435
	614	Wingstop, Inc.		224,970
	689	Wyndham Hotels & Resorts, Inc.		52,881
	558	Wynn Resorts Ltd.		57,044

				2,030,597

		Household Durables - 3.0%
	1,900	Beazer Homes USA, Inc. (a)		62,320
	285	Cavco Industries, Inc. (a)		113,732
	692	Century Communities, Inc.		66,778
	2,995	Cricut, Inc. - Class A		14,256
	2,485	Ethan Allen Interiors, Inc. (b)		85,906
	6,318	GoPro, Inc. - Class A (a)		14,089
	2,156	Green Brick Partners, Inc. (a)		129,856
	358	Helen of Troy, Ltd. (a)(b)		41,256
	629	Hovnanian Enterprises, Inc. - Class A (a)		98,715
	635	Installed Building Products, Inc.		164,294
	1,178	KB Home (b)		83,497
	5,380	Landsea Homes Corp. (a)		78,171
	2,098	La-Z-Boy, Inc.		78,927
	716	Leggett & Platt, Inc.		13,711
	151	LGI Homes, Inc. (a)		17,572
	1,726	Lovesac Co. (a)(b)		39,008
	878	M.D.C Holdings, Inc.		55,235
	840	M/I Homes, Inc. (a)		114,484
	643	Meritage Homes Corp.		112,821
	686	Mohawk Industries, Inc. (a)		89,791
	3,985	PulteGroup, Inc.		480,671
	12,799	Purple Innovation, Inc.		22,270
	1,396	Skyline Champion Corp. (a)		118,674
	2,136	Snap One Holdings Corp. (a)		18,412
	3,326	Sonos, Inc. (a)		63,394
	2,661	Taylor Morrison Home Corp. (a)		165,434
	3,662	Tempur Sealy International, Inc.		208,075
	1,789	Toll Brothers, Inc.		231,443
	528	TopBuild Corp. (a)(b)		232,705
	3,387	Tri Pointe Homes, Inc. (a)		130,941
	570	Worthington Enterprises, Inc.		35,471

				3,181,909

		Household Products - 0.2%
	537	Central Garden & Pet Co. (a)		23,000
	1,246	Central Garden & Pet Co. - Class A (a)		46,002
	597	Energizer Holdings, Inc. (b)		17,576
	245	Spectrum Brands Holdings, Inc.		21,807
	438	WD-40 Co. (b)		110,950

				219,335

		Independent Power and Renewable Electricity Producers - 0.4%
	956	Brookfield Renewable Corp. - Class A (b)		23,489
	832	Clearway Energy, Inc. - Class A		17,896
	1,580	Clearway Energy, Inc. - Class C		36,419
	4,913	Vistra Corp.		342,191

				419,995

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Insurance - 3.2%
	889	Ambac Financial Group, Inc. (a)	$	13,895
	2,286	American Equity Investment Life Holding Co. (a)		128,519
	1,221	American Financial Group, Inc.		166,642
	619	AMERISAFE, Inc.		31,055
	603	Assurant, Inc.		113,509
	1,300	Assured Guaranty, Ltd. (b)		113,425
	1,392	Axis Capital Holdings Ltd.		90,508
	733	Brighthouse Financial, Inc. (a)		37,779
	2,661	CNO Financial Group, Inc.		73,124
	2,200	Donegal Group, Inc. - Class A		31,108
	662	Employers Holdings, Inc.		30,048
	141	Enstar Group Ltd. (a)		43,817
	545	Everest Group Ltd.		216,638
	1,488	First American Financial Corp.		90,842
	11,950	Genworth Financial, Inc. - Class A (a)		76,838
	1,336	Globe Life, Inc.		155,470
	269	Goosehead Insurance, Inc. - Class A (a)		17,921
	3,853	Greenlight Capital Re Ltd. - Class A (a)		48,047
	402	Horace Mann Educators Corp.		14,870
	249	Investors Title Co.		40,634
	4,569	Kingsway Financial Services, Inc. (a)		38,105
	376	Kinsale Capital Group, Inc. (b)		197,302
	2,940	Lincoln National Corp.		93,874
	4,760	MBIA, Inc.		32,178
	132	National Western Life Group, Inc. - Class A		64,939
	5,023	Old Republic International Corp.		154,307
	709	Primerica, Inc.		179,349
	946	ProAssurance Corp.		12,166
	908	Reinsurance Group of America, Inc.		175,135
	774	RenaissanceRe Holdings Ltd.		181,913
	780	RLI Corp.		115,807
	1,009	Ryan Specialty Holdings, Inc.		56,000
	338	Safety Insurance Group, Inc.		27,780
	885	Selective Insurance Group, Inc. (b)		96,615
	1,050	Stewart Information Services Corp.		68,313
	2,443	Tiptree, Inc.		42,215
	757	United Fire Group, Inc.		16,480
	3,551	Unum Group		190,547
	15	White Mountains Insurance Group Ltd.		26,914

				3,304,628

		Interactive Media & Services - 0.7%
	3,229	Cargurus, Inc. (a)		74,525
	5,388	Cars.com, Inc. (a)		92,566
	10,815	DHI Group, Inc. (a)		27,578
	6,256	EverQuote, Inc. - Class A (a)		116,111
	405	IAC, Inc. (a)(b)		21,603
	1,795	MediaAlpha, Inc. - Class A (a)		36,564
	931	Shutterstock, Inc. (b)		42,649
	2,363	TripAdvisor, Inc. (a)		65,668
	18,058	TrueCar, Inc. (a)		61,216
	2,787	Yelp, Inc. (a)		109,808
	743	Ziff Davis, Inc. (a)		46,839
	791	ZoomInfo Technologies, Inc. (a)(b)		12,680

				707,807

		IT Services - 1.1%
	2,210	Amdocs Ltd.		199,717
	2,246	BigCommerce Holdings, Inc. (a)		15,475


Shares			Value
		IT Services (Continued)
	13,671	Brightcove, Inc. (a)	$	26,522
	2,156	Couchbase, Inc. (a)(b)		56,724
	409	DigitalOcean Holdings, Inc. (a)(b)		15,616
	4,873	DXC Technology Co. (a)		103,356
	352	Globant SA (a)		71,069
	4,974	Grid Dynamics Holdings, Inc. (a)		61,131
	14,346	Information Services Group, Inc.		57,958
	3,571	Kyndryl Holdings, Inc. (a)		77,705
	1,413	Perficient, Inc. (a)		79,538
	42,452	Rackspace Technology, Inc. (a)		67,074
	1,732	Squarespace, Inc. - Class A (a)		63,114
	4,254	The Hackett Group, Inc.		103,372
	14,591	Thoughtworks Holding, Inc. (a)		36,915
	19,576	Unisys Corp. (a)		96,118

				1,131,404

		Leisure Products - 0.9%
	1,131	Acushnet Holdings Corp. (b)		74,589
	1,380	Brunswick Corp. (b)		133,198
	2,541	Clarus Corp.		17,152
	2,813	Funko, Inc. - Class A (a)		17,553
	477	Hasbro, Inc.		26,960
	1,932	JAKKS Pacific, Inc. (a)		47,720
	509	Johnson Outdoors, Inc. - Class A		23,470
	485	Malibu Boats, Inc. - Class A (a)		20,991
	3,358	Marine Products Corp.		39,456
	2,894	MasterCraft Boat Holdings, Inc. (a)		68,646
	6,336	Mattel, Inc. (a)		125,516
	3,458	Peloton Interactive, Inc. - Class A (a)		14,818
	784	Polaris, Inc. (b)		78,494
	3,842	Smith & Wesson Brands, Inc.		66,697
	817	Sturm Ruger & Co., Inc.		37,705
	2,451	Vista Outdoor, Inc. (a)		80,344
	1,459	YETI Holdings, Inc. (a)		56,244

				929,553

		Life Sciences Tools & Services - 0.9%
	1,289	10X Genomics, Inc. - Class A (a)		48,376
	1,638	Bio-Techne Corp. (b)		115,299
	1,583	Bruker Corp.		148,707
	503	Charles River Laboratories International, Inc. (a)		136,288
	13,400	Codexis, Inc. (a)		46,766
	14,450	Harvard Bioscience, Inc. (a)(b)		61,268
	517	Medpace Holdings, Inc. (a)		208,946
	384	Mesa Laboratories, Inc.		42,136
	1,715	QIAGEN NV		73,728
	186	Repligen Corp. (a)(b)		34,209

				915,723

		Machinery - 3.8%
	1,016	AGCO Corp.		124,988
	225	Alamo Group, Inc.		51,374
	1,469	Allison Transmission Holdings, Inc.		119,224
	506	Astec Industries, Inc.		22,117
	840	Barnes Group, Inc.		31,206
	260	Chart Industries, Inc. (a)(b)		42,827
	1,262	Columbus McKinnon Corp.		56,323
	4,221	Commercial Vehicle Group, Inc. (a)		27,141
	734	Crane Co.		99,185
	1,863	Donaldson Co., Inc.		139,129
	2,190	Energy Recovery, Inc. (a)		34,580
	455	Enpro, Inc.		76,790

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	1,166	Esab Corp. (b)	$	128,925
	272	ESCO Technologies, Inc.		29,118
	753	Federal Signal Corp.		63,907
	1,122	Flowserve Corp.		51,253
	799	Franklin Electric Co., Inc.		85,341
	3,275	Gates Industrial Corp. PLC (a)		58,000
	1,747	Graco, Inc.		163,275
	264	Helios Technologies, Inc.		11,798
	640	ITT, Inc.		87,059
	293	Kadant, Inc. (b)		96,133
	1,046	Kennametal, Inc. (b)		26,087
	734	Lincoln Electric Holdings, Inc. (b)		187,493
	154	Lindsay Corp.		18,120
	3,912	Manitowoc Co., Inc. (a)		55,316
	514	Middleby Corp. (a)		82,646
	4,161	Mueller Industries, Inc.		224,403
	1,838	Mueller Water Products, Inc. - Class A		29,573
	803	Nordson Corp.		220,456
	577	Omega Flex, Inc.		40,927
	905	Oshkosh Corp.		112,863
	1,428	Pentair PLC		122,008
	1,071	Proto Labs, Inc. (a)		38,288
	143	RBC Bearings, Inc. (a)(b)		38,660
	4,293	REV Group, Inc.		94,832
	2,159	Shyft Group, Inc.		26,815
	991	Snap-on, Inc.		293,554
	526	SPX Technologies, Inc. (a)(b)		64,766
	343	Standex International Corp. (b)		62,502
	591	Tennant Co.		71,872
	1,738	Terex Corp.		111,927
	970	Timken Co.		84,807
	4,666	Titan International, Inc. (a)(b)		58,138
	1,184	Toro Co. (b)		108,490
	1,575	Wabash National Corp. (b)		47,156
	510	Watts Water Technologies, Inc. - Class A		108,401

				3,929,793

		Marine Transportation - 0.3%
	501	Eagle Bulk Shipping, Inc. (b)		31,298
	1,810	Genco Shipping & Trading Ltd.		36,797
	1,577	Golden Ocean Group Ltd.		20,438
	747	Kirby Corp. (a)		71,204
	1,003	Matson, Inc.		112,737
	9,051	Safe Bulkers, Inc. (b)		44,893

				317,367

		Media - 0.9%
	5,242	Advantage Solutions, Inc. (a)		22,698
	954	AMC Networks, Inc. - Class A (a)		11,572
	1,814	EchoStar Corp. - Class A (a)		25,850
	7,233	Entravision Communications Corp. - Class A		11,862
	2,882	EW Scripps Co. - Class A (a)		11,326
	2,882	Gambling.com Group Ltd. (a)		26,313
	11,078	Gannett Co., Inc. (a)		27,030
	2,271	Gray Television, Inc.		14,353
	4,925	iHeartMedia, Inc. - Class A (a)		10,293
	3,434	Interpublic Group of Cos., Inc. (b)		112,051
	870	John Wiley & Sons, Inc. - Class A		33,173
	1,079	Liberty Media Corp.-Liberty SiriusXM (a)		32,057
	2,353	New York Times Co. - Class A		101,697


Shares			Value
		Media (Continued)
	5,686	News Corp. - Class A	$	148,859
	2,667	News Corp. - Class B (b)		72,169
	543	Nexstar Media Group, Inc. - Class A (b)		93,553
	1,467	Scholastic Corp.		55,321
	1,227	Sinclair, Inc.		16,528
	3,522	TEGNA, Inc.		52,619
	2,391	Thryv Holdings, Inc. (a)		53,152

				932,476

		Metals & Mining - 1.8%
	452	Alcoa Corp.		15,273
	598	Alpha Metallurgical Resources, Inc.		198,040
	377	Arch Resources, Inc.		60,618
	1,212	ATI, Inc. (a)(b)		62,018
	447	Carpenter Technology Corp.		31,925
	7,409	Cleveland-Cliffs, Inc. (a)		168,481
	2,304	Commercial Metals Co. (b)		135,406
	1,797	Constellium SE (a)		39,732
	305	Materion Corp.		40,184
	3,561	Metallus, Inc. (a)		79,232
	2,390	Olympic Steel, Inc.		169,403
	1,101	Radius Recycling, Inc. - Class A		23,264
	860	Reliance, Inc.		287,395
	149	Royal Gold, Inc.		18,150
	4,122	Ryerson Holding Corp.		138,087
	6,980	SunCoke Energy, Inc.		78,664
	3,667	United States Steel Corp.		149,540
	2,494	Warrior Met Coal, Inc.		151,386
	570	Worthington Steel, Inc.		20,434

				1,867,232

		Multi-Utilities - 0.1%
	625	Black Hills Corp.		34,125
	1,998	NiSource, Inc.		55,265

				89,390

		Oil, Gas & Consumable Fuels - 3.0%
	3,973	Amplify Energy Corp. (a)		26,262
	2,675	Antero Midstream Corp.		37,610
	1,267	Antero Resources Corp. (a)		36,743
	4,787	APA Corp. (b)		164,577
	3,275	Berry Corp.		26,364
	1,483	California Resources Corp.		81,713
	839	Centrus Energy Corp. - Class A (a)		34,844
	1,490	Chesapeake Energy Corp. (b)		132,357
	741	Chord Energy Corp. (b)		132,076
	872	Civitas Resources, Inc.		66,194
	2,890	CNX Resources Corp. (a)(b)		68,551
	1,624	CONSOL Energy, Inc.		136,026
	1,014	CVR Energy, Inc.		36,159
	1,258	Delek US Holdings, Inc.		38,671
	1,922	DHT Holdings, Inc.		22,103
	1,355	Dorian LPG, Ltd.		52,113
	205	DT Midstream, Inc. (b)		12,525
	4,963	EQT Corp. (b)		183,978
	3,362	Equitrans Midstream Corp. (b)		41,991
	3,711	Evolution Petroleum Corp.		22,786
	337	Gulfport Energy Corp. (a)		53,960
	1,984	HF Sinclair Corp.		119,774
	803	International Seaways, Inc. (b)		42,720
	2,659	Magnolia Oil & Gas Corp. - Class A (b)		69,001
	1,389	Matador Resources Co. (b)		92,744

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Oil, Gas & Consumable Fuels (Continued)
	2,140	Murphy Oil Corp.	$	97,798
	832	NACCO Industries, Inc. - Class A		25,126
	1,224	Northern Oil & Gas, Inc. (b)		48,568
	2,354	Ovintiv, Inc.		122,173
	1,042	Par Pacific Holdings, Inc. (a)		38,617
	2,526	PBF Energy, Inc. - Class A		145,422
	1,963	Peabody Energy Corp. (b)		47,622
	5,097	Permian Resources Corp. (b)		90,013
	4,183	Range Resources Corp.		144,021
	697	REX American Resources Corp. (a)		40,921
	11,401	Ring Energy, Inc. (a)		22,346
	746	Scorpio Tankers, Inc.		53,376
	844	SilverBow Resources, Inc. (a)		28,814
	575	Sitio Royalties Corp. - Class A		14,214
	2,178	SM Energy Co. (b)		108,573
	19,761	Southwestern Energy Co. (a)		149,788
	8,927	Teekay Corp. (a)		64,989
	105	Texas Pacific Land Corp. (b)		60,744
	3,217	Uranium Energy Corp. (a)		21,715
	6,919	VAALCO Energy, Inc.		48,225
	1,111	World Kinect Corp.		29,386

				3,134,293

		Paper & Forest Products - 0.2%
	1,153	Clearwater Paper Corp. (a)		50,421
	955	Louisiana-Pacific Corp.		80,134
	2,770	Resolute Forest Products (a)(c)		3,933
	522	Sylvamo Corp.		32,228

				166,716

		Passenger Airlines - 0.2%
	570	Alaska Air Group, Inc. (a)		24,504
	4,413	American Airlines Group, Inc. (a)		67,739
	3,835	Joby Aviation, Inc. (a)(b)		20,556
	750	SkyWest, Inc. (a)		51,810

				164,609

		Personal Care Products - 0.9%
	7,847	Beauty Health Co. (a)		34,841
	2,756	BellRing Brands, Inc. (a)		162,687
	3,902	Coty, Inc. - Class A (a)		46,668
	994	Edgewell Personal Care Co. (b)		38,408
	1,219	elf Beauty, Inc. (a)(b)		238,961
	3,785	Herbalife Ltd. (a)		38,039
	658	Inter Parfums, Inc.		92,456
	546	Medifast, Inc. (b)		20,923
	4,728	Nature’s Sunshine Products, Inc. (a)		98,200
	1,975	Nu Skin Enterprises, Inc. - Class A		27,314
	929	USANA Health Sciences, Inc. (a)		45,056
	2,211	Waldencast PLC (a)		14,372

				857,925

		Pharmaceuticals - 1.8%
	26,392	Amneal Pharmaceuticals, Inc. (a)		159,936
	1,529	Amphastar Pharmaceuticals, Inc. (a)		67,138
	13,684	Amylyx Pharmaceuticals, Inc. (a)		38,863
	760	ANI Pharmaceuticals, Inc. (a)		52,539
	68,858	Assertio Holdings, Inc. (a)		66,055
	659	Catalent, Inc. (a)		37,201
	4,309	Collegium Pharmaceutical, Inc. (a)(b)		167,275
	5,510	Corcept Therapeutics, Inc. (a)(b)		138,797


Shares			Value
		Pharmaceuticals (Continued)
	8,582	Elanco Animal Health, Inc. (a)	$	139,715
	4,666	Evolus, Inc. (a)		65,324
	2,539	Harmony Biosciences Holdings, Inc. (a)		85,260
	6,648	Innoviva, Inc. (a)		101,316
	938	Intra-Cellular Therapies, Inc. (a)		64,910
	1,114	Jazz Pharmaceuticals PLC (a)		134,148
	557	Ligand Pharmaceuticals, Inc. (a)		40,717
	10,374	Omeros Corp. (a)(b)		35,790
	25,268	Optinose, Inc. (a)		36,891
	1,911	Pacira BioSciences, Inc. (a)		55,839
	2,601	Perrigo Co. PLC		83,726
	1,570	Phibro Animal Health Corp. - Class A		20,300
	1,754	Prestige Consumer Healthcare, Inc. (a)		127,270
	2,950	Supernus Pharmaceuticals, Inc. (a)(b)		100,624
	1,497	Taro Pharmaceutical Industries Ltd. (a)		63,383

				1,883,017

		Professional Services - 2.7%
	4,212	Alight, Inc. - Class A (a)		41,488
	965	ASGN, Inc. (a)(b)		101,093
	2,036	Booz Allen Hamilton Holding Corp.		302,224
	439	CACI International, Inc. - Class A (a)		166,306
	1,010	CBIZ, Inc. (a)		79,285
	1,007	Concentrix Corp. (b)		66,684
	7,299	Conduent, Inc. (a)		24,671
	352	CRA International, Inc.		52,652
	1,962	CSG Systems International, Inc.		101,121
	709	Dayforce, Inc. (a)(b)		46,943
	751	Forrester Research, Inc. (a)		16,192
	1,236	Franklin Covey Co. (a)		48,525
	569	FTI Consulting, Inc. (a)		119,655
	3,389	Genpact, Ltd.		111,668
	648	Huron Consulting Group, Inc. (a)		62,610
	3,989	IBEX Holdings Ltd. (a)		61,550
	520	ICF International, Inc.		78,328
	3,798	Innodata, Inc. (a)		25,067
	705	Insperity, Inc. (b)		77,275
	1,627	KBR, Inc.		103,575
	1,821	Kelly Services, Inc. - Class A		45,598
	1,318	Kforce, Inc. (b)		92,945
	850	Korn Ferry		55,896
	5,393	Legalzoom.com, Inc. (a)		71,943
	903	ManpowerGroup, Inc.		70,109
	1,068	Maximus, Inc.		89,605
	500	NV5 Global, Inc. (a)(b)		49,005
	1,112	Parsons Corp. (a)		92,240
	3,696	Resources Connection, Inc.		48,639
	2,408	Robert Half, Inc.		190,906
	578	Science Applications International Corp.		75,365
	610	TriNet Group, Inc.		80,819
	3,068	TrueBlue, Inc. (a)		38,411
	3,333	Upwork, Inc. (a)		40,863
	2,139	Verra Mobility Corp. (a)(b)		53,411
	837	Willdan Group, Inc. (a)		24,265

				2,806,932

		Real Estate Management & Development - 0.6%
	4,807	Anywhere Real Estate, Inc. (a)		29,707
	8,613	Compass, Inc. - Class A (a)		31,007
	4,494	Cushman & Wakefield PLC (a)		47,007
	1,245	DigitalBridge Group, Inc. (b)		23,991

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Real Estate Management & Development (Continued)
	18,065	Douglas Elliman, Inc.	$	28,543
	6,875	eXp World Holdings, Inc. (b)		71,019
	2,406	Forestar Group, Inc. (a)		96,697
	523	Jones Lang LaSalle, Inc. (a)		102,032
	776	Marcus & Millichap, Inc.		26,516
	1,309	Zillow Group, Inc. - Class C (a)		63,853

				520,372

		Semiconductors & Semiconductor Equipment - 2.1%
	2,084	Allegro MicroSystems, Inc. (a)		56,185
	3,891	Amkor Technology, Inc.		125,446
	1,014	Axcelis Technologies, Inc. (a)(b)		113,081
	561	CEVA, Inc. (a)		12,740
	1,474	Cirrus Logic, Inc. (a)		136,433
	1,270	Cohu, Inc. (a)		42,329
	1,130	Credo Technology Group Holding Ltd. (a)		23,945
	1,179	Diodes, Inc. (a)(b)		83,120
	823	Entegris, Inc.		115,664
	1,162	FormFactor, Inc. (a)(b)		53,022
	728	Impinj, Inc. (a)		93,482
	2,430	inTEST Corp. (a)		32,198
	2,076	Lattice Semiconductor Corp. (a)(b)		162,405
	501	MACOM Technology Solutions Holdings, Inc. (a)(b)		47,916
	2,638	MaxLinear, Inc. (a)		49,251
	578	MKS Instruments, Inc. (b)		76,874
	310	NVE Corp.		27,956
	498	Onto Innovation, Inc. (a)(b)		90,178
	904	PDF Solutions, Inc. (a)		30,438
	4,297	Photronics, Inc. (a)		121,691
	858	Power Integrations, Inc. (b)		61,390
	726	Qorvo, Inc. (a)		83,367
	2,256	Rambus, Inc. (a)		139,443
	276	Silicon Laboratories, Inc. (a)		39,667
	2,529	SMART Global Holdings, Inc. (a)		66,563
	689	Synaptics, Inc. (a)		67,219
	1,006	Ultra Clean Holdings, Inc. (a)		46,216
	437	Universal Display Corp.		73,613
	1,332	Veeco Instruments, Inc. (a)		46,846

				2,118,678

		Software - 6.3%
	39,284	8x8, Inc. (a)		106,067
	7,306	A10 Networks, Inc.		100,019
	2,080	ACI Worldwide, Inc. (a)		69,077
	6,699	Adeia, Inc.		73,153
	961	Agilysys, Inc. (a)		80,974
	959	Alarm.com Holdings, Inc. (a)		69,499
	1,157	Altair Engineering, Inc. - Class A (a)		99,676
	2,127	American Software, Inc. - Class A		24,354
	601	Appfolio, Inc. - Class A (a)		148,291
	877	Appian Corp. - Class A (a)		35,036
	5,272	AppLovin Corp. - Class A (a)		364,928
	1,874	Asana, Inc. - Class A (a)(b)		29,028
	298	Aspen Technology, Inc. (a)(b)		63,557
	1,396	Bentley Systems, Inc. - Class B (b)		72,899
	420	BILL Holdings, Inc. (a)		28,862
	909	Blackbaud, Inc. (a)		67,393
	3,874	Box, Inc. - Class A (a)(b)		109,712
	587	Braze, Inc. - Class A (a)		26,004


Shares			Value
		Software (Continued)
	1,019	C3.ai, Inc. - Class A (a)(b)	$	27,584
	737	Cerence, Inc. (a)		11,608
	1,629	CommVault Systems, Inc. (a)		165,229
	1,776	Confluent, Inc. - Class A (a)		54,204
	2,983	Consensus Cloud Solutions, Inc. (a)		47,310
	4,807	CoreCard Corp. (a)		53,117
	2,920	CS Disco, Inc. (a)		23,740
	33,283	CXApp, Inc. (a)(b)		81,543
	15,247	Digital Turbine, Inc. (a)		39,947
	1,199	Dolby Laboratories, Inc. - Class A (b)		100,440
	3,875	Domo, Inc. - Class B (a)		34,565
	1,295	DoubleVerify Holdings, Inc. (a)		45,532
	6,270	Dropbox, Inc. - Class A (a)		152,361
	2,825	Dynatrace, Inc. (a)		131,193
	11,137	eGain Corp. (a)		71,834
	890	Elastic NV (a)		89,214
	610	Envestnet, Inc. (a)		35,325
	1,234	Everbridge, Inc. (a)		42,980
	3,066	EverCommerce, Inc. (a)		28,882
	723	Five9, Inc. (a)		44,906
	975	Freshworks, Inc. - Class A (a)		17,755
	4,079	Gen Digital, Inc. (b)		91,370
	605	Gitlab, Inc. - Class A (a)(b)		35,284
	483	Guidewire Software, Inc. (a)		56,371
	1,092	Informatica, Inc. - Class A (a)(b)		38,220
	613	InterDigital, Inc. (b)		65,260
	2,572	LiveRamp Holdings, Inc. (a)		88,734
	1,209	Manhattan Associates, Inc. (a)		302,528
	1,045	Marathon Digital Holdings, Inc. (a)(b)		23,596
	63	MicroStrategy, Inc. - Class A (a)(b)		107,387
	4,010	Mitek Systems, Inc. (a)		56,541
	2,046	N-able, Inc. (a)		26,741
	5,448	NCR Voyix Corp. (a)		68,808
	3,423	Nutanix, Inc. - Class A (a)		211,268
	2,018	OneSpan, Inc. (a)		23,469
	1,038	PagerDuty, Inc. (a)		23,542
	1,362	Pegasystems, Inc.		88,040
	1,065	Procore Technologies, Inc. (a)		87,511
	1,970	Progress Software Corp.		105,021
	695	PROS Holdings, Inc. (a)		25,249
	1,397	PTC, Inc. (a)(b)		263,949
	485	Q2 Holdings, Inc. (a)(b)		25,492
	683	Qualys, Inc. (a)(b)		113,972
	1,025	Rapid7, Inc. (a)(b)		50,266
	1,974	Red Violet, Inc. (a)		38,592
	18,493	Rimini Street, Inc. (a)		60,287
	3,447	RingCentral, Inc. - Class A (a)(b)		119,749
	1,799	Riot Platforms, Inc. (a)		22,020
	1,100	Sapiens International Corp. NV		35,376
	4,580	SEMrush Holdings, Inc. - Class A (a)		60,731
	2,064	SentinelOne, Inc. - Class A (a)		48,112
	2,281	Smartsheet, Inc. - Class A (a)		87,819
	5,812	SolarWinds Corp. (a)		73,347
	1,361	SoundThinking, Inc. (a)		21,613
	2,145	Sprinklr, Inc. - Class A (a)		26,319
	1,168	Sprout Social, Inc. - Class A (a)(b)		69,741
	762	SPS Commerce, Inc. (a)		140,894
	1,579	Tenable Holdings, Inc. (a)(b)		78,050
	3,443	Teradata Corp. (a)		133,141
	3,373	UiPath, Inc. - Class A (a)		76,466

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Software (Continued)
	2,078	Varonis Systems, Inc. (a)	$	98,019
	2,616	Verint Systems, Inc. (a)		86,720
	1,004	Workiva, Inc. (a)(b)		85,139
	3,228	Xperi, Inc. (a)		38,930
	15,627	Yext, Inc. (a)		94,231
	8,822	Zeta Global Holdings Corp. - Class A (a)		96,424
	3,228	Zuora, Inc. - Class A (a)		29,439

				6,467,576

		Specialty Retail - 5.8%
	5,674	1-800-Flowers.com, Inc. - Class A (a)		61,449
	4,468	Aaron’s Co., Inc.		33,510
	2,185	Abercrombie & Fitch Co. - Class A (a)		273,846
	2,579	Academy Sports & Outdoors, Inc. (b)		174,186
	576	Advance Auto Parts, Inc.		49,012
	3,995	American Eagle Outfitters, Inc.		103,031
	475	Asbury Automotive Group, Inc. (a)(b)		111,996
	1,252	AutoNation, Inc. (a)(b)		207,306
	48,197	BARK, Inc. (a)		59,764
	3,700	Bath & Body Works, Inc.		185,074
	3,864	Big 5 Sporting Goods Corp.		13,601
	909	Boot Barn Holdings, Inc. (a)(b)		86,491
	2,827	Build-A-Bear Workshop, Inc. (b)		84,443
	4,189	Caleres, Inc. (b)		171,875
	1,919	Camping World Holdings, Inc. - Class A		53,444
	9,844	CarParts.com, Inc. (a)		15,947
	560	Carvana Co. (a)(b)		49,230
	4,077	Cato Corp. - Class A		23,524
	1,432	Children’s Place, Inc. (a)		16,525
	4,179	Designer Brands, Inc. - Class A		45,676
	9,912	Destination XL Group, Inc. (a)		35,683
	1,401	Dick’s Sporting Goods, Inc. (b)		315,029
	6,393	Duluth Holdings, Inc. - Class B (a)		31,326
	6,121	Envela Corp. (a)		28,279
	6,307	EVgo, Inc. (a)(b)		15,831
	515	Five Below, Inc. (a)(b)		93,411
	1,440	Floor & Decor Holdings, Inc. - Class A (a)(b)		186,653
	1,866	Foot Locker, Inc. (b)		53,181
	4,972	GameStop Corp. - Class A (a)		62,249
	5,188	Gap, Inc.		142,929
	1,394	Genesco, Inc. (a)		39,227
	591	Group 1 Automotive, Inc. (b)		172,708
	1,392	Guess?, Inc. (b)		43,806
	2,397	Haverty Furniture Cos., Inc.		81,786
	1,338	Hibbett, Inc. (b)		102,772
	1,492	J Jill, Inc. (a)(b)		47,699
	3,825	Lands’ End, Inc. (a)		41,654
	6,209	Leslie’s, Inc. (a)(b)		40,359
	467	Lithia Motors, Inc. (b)		140,502
	1,827	MarineMax, Inc. (a)(b)		60,766
	396	Monro, Inc.		12,490
	585	Murphy USA, Inc. (b)		245,232
	2,083	National Vision Holdings, Inc. (a)(b)		46,159
	2,017	ODP Corp. (a)		107,002
	842	Penske Automotive Group, Inc. (b)		136,396
	2,777	PetMed Express, Inc.		13,302
	3,524	Revolve Group, Inc. (a)(b)		74,603
	241	RH (a)		83,931
	5,338	Sally Beauty Holdings, Inc. (a)		66,298
	2,422	Shoe Carnival, Inc. (b)		88,742


Shares			Value
		Specialty Retail (Continued)
	2,051	Signet Jewelers Ltd.	$	205,244
	2,639	Sleep Number Corp. (a)		42,303
	1,367	Sonic Automotive, Inc. - Class A (b)		77,837
	6,041	Sportsman’s Warehouse Holdings, Inc. (a)		18,788
	12,732	Stitch Fix, Inc. - Class A (a)		33,612
	1,628	The Buckle, Inc. (b)		65,560
	5,677	Tile Shop Holdings, Inc. (a)		39,909
	4,339	Tilly’s, Inc. - Class A (a)		29,505
	13,505	Torrid Holdings, Inc. (a)(b)		65,904
	2,702	Upbound Group, Inc. (b)		95,137
	2,024	Urban Outfitters, Inc. (a)		87,882
	1,992	Victoria’s Secret & Co. (a)(b)		38,605
	2,256	Warby Parker, Inc. - Class A (a)		30,704
	1,526	Wayfair, Inc. - Class A (a)(b)		103,585
	1,481	Williams Sonoma, Inc. (b)		470,262
	330	Winmark Corp. (b)		119,361
	2,120	Zumiez, Inc. (a)		32,203

				5,986,336

		Technology Hardware, Storage & Peripherals - 1.1%
	1,343	Corsair Gaming, Inc. (a)		16,573
	1,798	CPI Card Group, Inc. (a)		32,112
	1,200	IonQ, Inc. (a)(b)		11,988
	5,014	Pure Storage, Inc. - Class A (a)		260,678
	686	Super Micro Computer, Inc. (a)		692,880
	2,153	Turtle Beach Corp. (a)		37,118
	2,946	Xerox Holdings Corp.		52,733

				1,104,082

		Textiles, Apparel & Luxury Goods - 2.4%
	2,615	Capri Holdings Ltd. (a)		118,459
	737	Carter’s, Inc. (b)		62,409
	588	Columbia Sportswear Co. (b)		47,734
	1,522	Crocs, Inc. (a)		218,864
	500	Deckers Outdoor Corp. (a)		470,630
	6,758	Figs, Inc. - Class A (a)		33,655
	22,655	Fossil Group, Inc. (a)		23,108
	2,482	G-III Apparel Group, Ltd. (a)		72,003
	5,673	Hanesbrands, Inc. (a)(b)		32,903
	2,060	Kontoor Brands, Inc.		124,115
	1,895	Movado Group, Inc.		52,927
	970	Oxford Industries, Inc. (b)		109,028
	1,411	PVH Corp. (b)		198,401
	996	Ralph Lauren Corp. (b)		187,009
	830	Rocky Brands, Inc.		22,518
	2,379	Skechers USA, Inc. - Class A (a)		145,737
	1,971	Steven Madden, Ltd.		83,334
	4,763	Tapestry, Inc.		226,147
	6,655	Under Armour, Inc. - Class A (a)		49,114
	7,580	Under Armour, Inc. - Class C (a)(b)		54,121
	6,063	Vera Bradley, Inc. (a)		41,228
	3,152	VF Corp. (b)		48,352
	2,333	Wolverine World Wide, Inc.		26,153

				2,447,949

		Tobacco - 0.1%
	990	Turning Point Brands, Inc.		29,007
	415	Universal Corp.		21,464
	3,407	Vector Group, Ltd.		37,341

				87,812

		Trading Companies & Distributors - 2.8%
	2,166	Alta Equipment Group, Inc.		28,050
	878	Applied Industrial Technologies, Inc.		173,449

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Trading Companies & Distributors (Continued)
	1,572	Beacon Roofing Supply, Inc. (a)	$	154,087
	1,513	BlueLinx Holdings, Inc. (a)		197,053
	1,662	Boise Cascade Co.		254,901
	2,258	Core & Main, Inc. - Class A (a)		129,271
	6,286	DNOW, Inc. (a)		95,547
	2,406	DXP Enterprises, Inc. (a)		129,274
	551	FTAI Aviation Ltd. (b)		37,082
	236	GATX Corp. (b)		31,631
	2,319	Global Industrial Co.		103,845
	2,224	GMS, Inc. (a)		216,484
	773	H&E Equipment Services, Inc.		49,611
	70	Herc Holdings, Inc.		11,781
	9,305	Hudson Technologies, Inc. (a)		102,448
	3,893	Karat Packaging, Inc.		111,379
	290	McGrath RentCorp		35,777
	4,114	MRC Global, Inc. (a)		51,713
	1,485	MSC Industrial Direct Co., Inc. - Class A		144,104
	2,159	Rush Enterprises, Inc. - Class A (b)		115,550
	1,561	Rush Enterprises, Inc. - Class B		83,186
	1,014	SiteOne Landscape Supply, Inc. (a)(b)		176,994
	883	Titan Machinery, Inc. (a)		21,907
	650	Transcat, Inc. (a)(b)		72,429
	519	Watsco, Inc. (b)		224,192
	988	WESCO International, Inc.		169,225
	1,003	Xometry, Inc. - Class A (a)		16,941

				2,937,911

		Wireless Telecommunication Services - 0.0% (d)
	2,713	Gogo, Inc. (a)		23,820
	1,576	Telephone and Data Systems, Inc.		25,248

				49,068

		Total Common Stocks (Cost $58,540,303)		95,556,819

		REAL ESTATE INVESTMENT TRUSTS - 3.4%
		Real Estate Investment Trusts - 3.4%
	2,287	Acadia Realty Trust (b)		38,902
	295	Agree Realty Corp. (b)		16,850
	677	American Assets Trust, Inc.		14,833
	1,957	American Homes 4 Rent - Class A		71,979
	1,519	Americold Realty Trust, Inc.		37,854
	5,448	Annaly Capital Management, Inc. (b)		107,271
	3,391	Apollo Commercial Real Estate Finance, Inc.		37,776
	4,839	Apple Hospitality REIT, Inc. (b)		79,263
	4,100	Arbor Realty Trust, Inc. (b)		54,325
	1,865	Blackstone Mortgage Trust, Inc. - Class A (b)		37,132
	930	Boston Properties, Inc. (b)		60,738
	11,688	Braemar Hotels & Resorts, Inc.		23,376
	3,238	Brandywine Realty Trust		15,542
	3,226	Brixmor Property Group, Inc. (b)		75,650
	1,826	Broadstone Net Lease, Inc.		28,613
	650	Camden Property Trust (b)		63,960
	1,596	CBL & Associates Properties, Inc.		36,564
	4,458	Chatham Lodging Trust		45,070
	4,190	Chimera Investment Corp.		19,316
	5,052	City Office REIT, Inc.		26,321
	1,579	COPT Defense Properties		38,164
	4,177	CoreCivic, Inc. (a)		65,203
	2,150	Cousins Properties, Inc.		51,686


Shares			Value
		Real Estate Investment Trusts (Continued)
	4,239	DiamondRock Hospitality Co. (b)	$	40,737
	1,770	Douglas Emmett, Inc.		24,550
	226	EastGroup Properties, Inc.		40,628
	5,645	Empire State Realty Trust, Inc. - Class A (b)		57,184
	1,398	EPR Properties		59,345
	559	Equity LifeStyle Properties, Inc.		36,000
	260	Federal Realty Investment Trust		26,551
	226	First Industrial Realty Trust, Inc.		11,874
	8,431	GEO Group, Inc. (a)(b)		119,046
	1,216	Gladstone Commercial Corp.		16,829
	1,307	Global Medical REIT, Inc.		11,436
	1,400	Highwoods Properties, Inc. (b)		36,652
	8,419	Host Hotels & Resorts, Inc. (b)		174,105
	4,215	Hudson Pacific Properties, Inc.		27,187
	1,665	Independence Realty Trust, Inc. (b)		26,857
	1,544	JBG SMITH Properties		24,781
	1,696	Kilroy Realty Corp. (b)		61,785
	6,871	Kimco Realty Corp.		134,740
	3,552	Kite Realty Group Trust		77,007
	313	Lamar Advertising Co. - Class A		37,375
	5,334	Macerich Co. (b)		91,905
	5,837	Medical Properties Trust, Inc. (b)		27,434
	415	National Storage Affiliates Trust (b)		16,251
	394	NexPoint Residential Trust, Inc.		12,683
	650	NNN REIT, Inc. (b)		27,781
	1,106	Omega Healthcare Investors, Inc. (b)		35,027
	5,220	Orion Office REIT, Inc.		18,322
	7,463	Paramount Group, Inc.		35,002
	2,989	Park Hotels & Resorts, Inc.		52,278
	2,889	Pebblebrook Hotel Trust		44,520
	1,052	Phillips Edison & Co., Inc.		37,735
	4,997	Piedmont Office Realty Trust, Inc. - Class A		35,129
	462	Plymouth Industrial REIT, Inc.		10,395
	1,113	Postal Realty Trust, Inc. - Class A		15,938
	2,811	Ready Capital Corp. (b)		25,664
	1,479	Regency Centers Corp.		89,568
	1,973	Retail Opportunity Investments Corp.		25,294
	361	Rexford Industrial Realty, Inc. (b)		18,158
	8,954	Rithm Capital Corp. (b)		99,927
	3,098	RLJ Lodging Trust		36,618
	471	Ryman Hospitality Properties, Inc.		54,452
	2,930	Sabra Health Care REIT, Inc.		43,276
	8,877	Service Properties Trust		60,186
	3,318	SITE Centers Corp.		48,609
	439	SL Green Realty Corp. (b)		24,202
	836	STAG Industrial, Inc. (b)		32,136
	3,266	Starwood Property Trust, Inc. (b)		66,398
	5,458	Summit Hotel Properties, Inc.		35,532
	3,469	Sunstone Hotel Investors, Inc. (b)		38,645
	2,074	Tanger, Inc. (b)		61,245
	3,497	Uniti Group, Inc. (b)		20,632
	1,406	Urban Edge Properties (b)		24,282
	1,260	Veris Residential, Inc.		19,165
	2,380	Vornado Realty Trust (b)		68,473
	3,895	Whitestone REIT		48,882
	3,015	Xenia Hotels & Resorts, Inc. (b)		45,255

				3,538,056

		Total Real Estate Investment Trusts (Cost $3,766,128)		3,538,056

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 3.2%
		International Equity Funds - 3.2%
	18,763	Vanguard Extended Market ETF (b)	$	3,288,591

		Total Investment Companies (Cost $2,280,742)		3,288,591


Units
		SHORT-TERM INVESTMENTS - 24.3%
		Investments Purchased with Proceeds from Securities Lending - 23.9%
	24,606,320	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (e)		24,606,320


Shares
		Money Market Funds - 0.4%
	441,513	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (e)		441,513

		Total Short-Term Investments (Cost $25,047,833)		25,047,833

		Total Investments - 123.8% (Cost $89,635,006)		127,431,299
		Liabilities in Excess of Other Assets - (23.8)%		(24,464,839	)

		TOTAL NET ASSETS - 100.0%	$	102,966,460

Percentages are stated as a percent of net assets.

AMBAC American Municipal Bond Assurance Corporation


NV	-	Naamloze Vennootschap
PLC	-	Public Limited Company
SA	-	Sociedad Anónima

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $24,108,893 which represented 23.4% of net assets.

(c)

(d)

Represents less than 0.05% of net assets.

(e)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		COMMON STOCKS - 95.2%
		Australia - 5.0%
	1,541	Ampol Ltd.	$	39,974
	9,006	ANZ Group Holdings Ltd.		172,610
	1,362	Aristocrat Leisure, Ltd.		38,137
	11,750	Aurizon Holdings Ltd.		30,638
	19,601	BHP Billiton, Ltd.		566,741
	30,278	BlueScope Steel, Ltd.		470,916
	10,465	Brambles Ltd.		110,135
	5,973	CAR Group Ltd.		140,400
	1,711	Cochlear, Ltd.		376,301
	27,425	Coles Group, Ltd.		302,750
	4,886	Commonwealth Bank of Australia		383,254
	153	CSL, Ltd.		28,707
	7,418	Endeavour Group, Ltd.		26,634
	9,558	Fortescue Ltd.		159,953
	19,721	IDP Education Ltd.		230,205
	17,009	Insurance Australia Group, Ltd.		70,950
	102,440	Lottery Corp. Ltd.		343,542
	513	Macquarie Group, Ltd.		66,730
	35,223	Medibank Private, Ltd.		86,301
	11,104	National Australia Bank, Ltd.		251,417
	7,107	Northern Star Resources Ltd.		67,058
	68,891	Pilbara Minerals Ltd.		171,914
	4,790	QBE Insurance Group, Ltd.		56,621
	1,279	REA Group, Ltd.		154,539
	5,085	Reece Ltd.		93,105
	1,513	Rio Tinto, Ltd.		120,079
	11,833	Santos, Ltd.		59,909
	5,358	Seven Group Holdings Ltd.		142,381
	4,939	Suncorp Group, Ltd.		52,718
	4,575	Telstra Group Ltd.		11,508
	3,984	Washington H Soul Pattinson & Co. Ltd.		87,220
	7,597	Wesfarmers, Ltd.		338,634
	10,231	Westpac Banking Corp.		174,010
	2,028	WiseTech Global Ltd.		124,038
	13,689	Woolworths, Ltd.		295,901

				5,845,930

		Austria - 0.4%
	3,307	Erste Group Bank AG		147,386
	11,627	voestalpine AG		326,174

				473,560

		Belgium - 0.7%
	4,191	Ageas SA		194,151
	3,040	Anheuser-Busch InBev SA		185,058
	1,165	Groupe Bruxelles Lambert NV		88,072
	875	KBC Group NV		65,601
	9	Lotus Bakeries NV		86,902
	801	Syensqo SA (a)		75,899
	873	UCB SA		107,769

				803,452

		Canada - 9.5%
	323	Agnico Eagle Mines Ltd.		19,260
	5,917	Alimentation Couche-Tard, Inc.		337,709
	1,496	AltaGas, Ltd.		33,044
	19,543	ARC Resources Ltd.		348,428
	1,729	Bank of Montreal		168,809
	1,961	Brookfield Asset Management Ltd. - Class A		82,375
	611	Brookfield Corp.		25,567
	1,596	BRP, Inc.		107,162


Shares			Value
		Canada (Continued)
	3,835	Cameco Corp.	$	166,022
	1,250	Canadian Imperial Bank of Commerce		63,370
	231	Canadian National Railway Co.		30,418
	5,991	Canadian Natural Resources, Ltd.		457,015
	240	Canadian Pacific Kansas City Ltd.		21,161
	616	Canadian Tire Corp. Ltd. - Class A		61,439
	28,169	Cenovus Energy, Inc.		563,151
	2,862	CGI, Inc. (a)		315,749
	289	Constellation Software, Inc.		789,413
	719	Descartes Systems Group, Inc. (a)		65,767
	5,138	Dollarama, Inc.		391,414
	16,209	Empire Co. Ltd.		395,846
	2,452	Enbridge, Inc.		88,609
	374	Fairfax Financial Holdings Ltd.		403,143
	625	FirstService Corp.		103,471
	2,699	George Weston, Ltd.		364,655
	5,299	Great-West Lifeco, Inc.		169,468
	774	Hydro One, Ltd. (b)		22,571
	2,033	iA Financial Corp., Inc.		126,298
	4,275	Imperial Oil, Ltd.		294,868
	5,664	Kinross Gold Corp.		34,748
	5,094	Loblaw Cos. Ltd.		564,475
	3,814	Lundin Mining Corp.		39,026
	12,076	Manulife Financial Corp.		301,599
	1,301	MEG Energy Corp. (a)		29,871
	1,993	Metro, Inc.		106,996
	517	National Bank of Canada		43,534
	3,503	Nutrien Ltd.		190,311
	758	Onex Corp.		56,782
	696	Open Text Corp.		27,007
	6,225	Parkland Corp. (a)		198,255
	4,813	Power Corp. of Canada		134,951
	1,037	Quebecor, Inc. - Class B		22,730
	1,391	Restaurant Brands International, Inc.		110,465
	6,014	Royal Bank of Canada		606,572
	5,107	Saputo, Inc.		100,477
	2,602	Shopify, Inc. - Class A (a)		200,737
	2,009	Stantec, Inc.		166,795
	1,085	Sun Life Financial, Inc.		59,202
	13,180	Suncor Energy, Inc.		486,411
	759	TFI International, Inc.		121,032
	3,384	The Bank of Nova Scotia		175,052
	7,554	The Toronto-Dominion Bank		455,900
	1,098	Thomson Reuters Corp.		170,875
	3,461	TMX Group, Ltd.		91,293
	1,299	Tourmaline Oil Corp.		60,733
	531	West Fraser Timber Co. Ltd.		45,850
	3,022	WSP Global, Inc.		503,670

				11,121,551

		Denmark - 3.3%
	32	AP Moller - Maersk AS - Class A		41,002
	31	AP Moller - Maersk AS - Class B		40,419
	2,847	Danske Bank AS		85,457
	1,447	Demant AS (a)		71,921
	154	DSV AS		25,034
	273	Genmab AS (a)		81,853
	22,041	Novo Nordisk AS		2,827,274
	3,007	Pandora AS		485,348
	591	ROCKWOOL AS - Class B		194,454

				3,852,762

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Finland - 0.3%
	24,319	Nokia OYJ	$	86,286
	7,038	Orion OYJ - Class B		262,356

				348,642

		France - 10.4%
	1,553	Accor SA		72,504
	1,255	Air Liquide SA		261,102
	1,225	Airbus SE		225,681
	886	Arkema SA		93,278
	12,537	AXA SA		470,838
	1,596	BioMerieux		176,029
	4,901	BNP Paribas SA		348,927
	15,278	Bollore SE		102,075
	1,814	Bouygues SA		74,057
	826	Bureau Veritas SA		25,221
	718	Capgemini SE		165,220
	18,033	Carrefour SA		309,345
	6,196	Cie de Saint-Gobain SA		480,896
	22,232	Credit Agricole SA		331,656
	2,291	Danone SA		148,102
	809	Dassault Aviation SA		178,118
	1,454	Dassault Systemes SE		64,365
	397	Edenred SE		21,198
	3,602	Eiffage SA		408,800
	9,820	Engie SA		164,558
	620	EssilorLuxottica SA		140,252
	4,440	Eurazeo SE		389,055
	274	Hermes International SCA		700,286
	4,309	Ipsen SA		512,757
	296	Kering SA		117,241
	11,463	La Francaise des Jeux SAEM (b)		467,207
	1,643	L’Oreal SA		778,081
	1,503	LVMH Moet Hennessy Louis Vuitton SE		1,352,399
	12,084	Orange SA		142,108
	1,978	Publicis Groupe SA		215,643
	5,909	Rexel SA		159,619
	1,214	Safran SA		274,938
	5,846	Sanofi SA		568,727
	878	Schneider Electric SE		198,496
	2,694	SEB SA		344,679
	5,276	Societe Generale SA		141,360
	251	Sodexo SA		21,517
	483	Thales SA		82,342
	14,775	TotalEnergies SE		1,016,367
	2,687	Vinci SA		344,820
	14,589	Worldline SA (a)(b)		180,489

				12,270,353

		Germany - 8.1%
	1,947	adidas AG		435,017
	1,278	Allianz SE		383,040
	2,284	BASF SE		130,517
	4,590	Bayer AG		140,567
	3,353	Bayerische Motoren Werke AG		386,867
	2,689	Bechtle AG		142,126
	897	Beiersdorf AG		130,601
	682	Carl Zeiss Meditec AG		85,131
	11,805	Commerzbank AG		162,251
	31,754	Deutsche Bank AG		500,135
	782	Deutsche Boerse AG		160,146


Shares			Value
		Germany (Continued)
	38,688	Deutsche Lufthansa AG (a)	$	304,062
	11,721	Deutsche Post AG		505,146
	20,409	Deutsche Telekom AG		495,420
	12,479	E.ON SE		173,732
	7,795	Fresenius Medical Care AG		299,521
	5,245	Fresenius SE & Co. KGaA		141,441
	773	Hannover Rueck SE		211,669
	2,972	Heidelberg Materials AG		327,163
	2,061	Infineon Technologies AG		70,086
	1,861	Knorr-Bremse AG		140,757
	5,744	Mercedes-Benz Group AG		457,436
	716	Merck KGaA		126,257
	555	Muenchener Rueckversicherungs-Gesellschaft AG		270,919
	4,753	Nemetschek SE		470,468
	4,013	Puma SE		181,614
	466	Rational AG		401,505
	584	Rheinmetall AG		328,455
	4,441	SAP SE		864,750
	449	Scout24 SE (b)		33,827
	2,063	Siemens AG		393,908
	9,810	Siemens Energy AG (a)		180,051
	2,766	Talanx AG		219,115
	8,891	Zalando SE (a)(b)		254,241

				9,507,941

		Hong Kong - 1.3%
	2,053	AIA Group, Ltd.		13,810
	41,610	BOC Hong Kong Holdings, Ltd.		111,568
	47,360	CK Hutchison Holdings, Ltd.		227,927
	4,480	Hong Kong Exchange & Clearing, Ltd.		130,539
	6,802	Jardine Matheson Holdings, Ltd.		253,725
	112,689	SITC International Holdings Co. Ltd.		206,025
	3,025	Swire Pacific, Ltd. - Class A		24,903
	10,078	Techtronic Industries Co. Ltd.		136,939
	585,065	WH Group, Ltd. (b)		386,190

				1,491,626

		Ireland - 0.6%
	15,929	AIB Group PLC		80,863
	3,608	Bank of Ireland Group PLC		36,820
	2,237	CRH Plc		193,075
	1,985	DCC PLC		144,421
	248	Flutter Entertainment PLC (a)		49,435
	5,438	James Hardie Industries PLC (a)		218,571
	213	Kingspan Group PLC		19,399
	206	Kingspan Group PLC		18,737

				761,321

		Israel - 1.1%
	324	Azrieli Group, Ltd.		23,379
	2,155	Bank Leumi Le-Israel BM		17,914
	842	Check Point Software Technologies, Ltd. (a)		138,096
	320	CyberArk Software, Ltd. (a)(c)		85,002
	335	Elbit Systems Ltd.		69,965
	1,722	Global-e Online Ltd. (a)		62,595
	8,906	ICL Group Ltd.		47,200
	1,044	Mizrahi Tefahot Bank, Ltd.		39,139
	432	Monday.com Ltd. (a)(c)		97,576
	30,496	Teva Pharmaceutical Industries Ltd. - ADR (a)		430,298
	1,469	Wix.com, Ltd. (a)		201,958

				1,213,122

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Italy - 2.5%
	12,098	Assicurazioni Generali SpA	$	306,243
	9,057	Banco BPM SpA		60,259
	21,901	Enel SpA		144,580
	24,355	Eni SpA		385,639
	6,120	FinecoBank Banca Fineco SpA		91,658
	52,897	Intesa Sanpaolo SpA		192,045
	15,763	Leonardo SpA		396,025
	7,991	Mediobanca Banca di Credito Finanziario SpA		119,078
	5,603	Moncler SpA		418,102
	19,325	Poste Italiane SpA (b)		242,031
	4,534	Prysmian SpA		236,467
	9,915	UniCredit SpA		376,566

				2,968,693

		Japan - 21.8%
	11,498	Advantest Corp.		510,774
	2,376	Aeon Co. Ltd.		56,363
	5,873	Aisin Corp.		239,987
	4,923	Ajinomoto Co., Inc.		183,843
	3,487	ANA Holdings, Inc.		72,876
	4,238	Asahi Group Holdings, Ltd.		155,619
	2,934	Asahi Intecc Co., Ltd.		51,403
	12,398	Astellas Pharma, Inc.		133,189
	1,880	AZBIL Corp.		52,012
	4,568	Bandai Namco Holdings, Inc.		84,760
	2,016	Bridgestone Corp.		89,349
	8,558	Brother Industries, Ltd.		158,719
	4,684	Canon, Inc.		139,560
	14,884	Capcom Co. Ltd.		278,838
	3,733	Chubu Electric Power Co., Inc.		48,813
	5,031	Chugai Pharmaceutical Co. Ltd.		192,262
	8,680	Concordia Financial Group Ltd.		43,627
	5,669	Dai-ichi Life Holdings, Inc.		144,585
	6,946	Daiichi Sankyo Co. Ltd.		221,014
	347	Daikin Industries, Ltd.		47,380
	707	Daito Trust Construction Co. Ltd.		80,656
	2,333	Daiwa House Industry Co. Ltd.		69,443
	11,172	Daiwa Securities Group, Inc.		85,000
	3,664	Denso Corp.		70,172
	756	Dentsu Group, Inc.		20,992
	975	Disco Corp.		356,395
	4,433	Don Quijote Co., Ltd.		117,482
	5,456	Eisai Co. Ltd.		224,726
	53,865	ENEOS Holdings, Inc.		259,514
	905	Fast Retailing Co. Ltd.		280,393
	3,069	FUJIFILM Holdings Corp.		68,913
	10,090	Fujitsu, Ltd.		161,480
	556	Hamamatsu Photonics KK		19,603
	193	Hikari Tsushin, Inc.		36,298
	4,390	Hitachi, Ltd.		401,160
	28,848	Honda Motor Co. Ltd.		356,956
	402	Hoshizaki Corp.		14,668
	3,432	Hoya Corp.		429,243
	5,458	Hulic Co., Ltd.		56,056
	33,965	Idemitsu Kosan Co. Ltd.		232,869
	25,028	Inpex Corp.		380,455
	4,320	Isuzu Motors Ltd.		58,395
	9,080	ITOCHU Corp.		390,073
	11,063	Japan Airlines Co. Ltd.		210,061
	3,569	Japan Exchange Group, Inc.		96,668


Shares			Value
		Japan (Continued)
	8,875	Japan Post Bank Co. Ltd.	$	95,365
	27,921	Japan Post Holdings Co. Ltd.		281,308
	17,610	Japan Post Insurance Co. Ltd.		336,618
	9,060	Japan Tobacco, Inc.		241,557
	14,429	JFE Holdings, Inc.		239,141
	5,814	Kajima Corp.		119,330
	18,892	Kansai Electric Power Co., Inc.		269,566
	1,400	Kao Corp.		52,316
	16,944	Kawasaki Kisen Kaisha Ltd.		227,848
	3,371	KDDI Corp.		99,669
	2,301	Keisei Electric Railway Co. Ltd.		93,570
	278	Keyence Corp.		129,065
	2,890	Kikkoman Corp.		37,092
	4,431	Kintetsu Group Holdings Co. Ltd.		129,061
	3,453	Kirin Holdings Co. Ltd.		48,019
	5,943	Koito Manufacturing Co., Ltd.		80,110
	1,988	Komatsu, Ltd.		58,827
	266	Lasertec Corp.		75,818
	18,684	Marubeni Corp.		323,600
	11,386	MatsukiyoCocokara & Co.		182,824
	25,078	Mazda Motor Corp.		290,644
	1,805	McDonald’s Holdings Co. Japan Ltd.		81,166
	11,446	MISUMI Group, Inc.		159,454
	26,015	Mitsubishi Chemical Group Corp.		158,543
	26,279	Mitsubishi Corp.		607,340
	6,630	Mitsubishi Electric Corp.		110,979
	34,742	Mitsubishi HC Capital, Inc.		242,313
	10,160	Mitsubishi Heavy Industries, Ltd.		92,084
	44,033	Mitsubishi UFJ Financial Group, Inc.		447,996
	10,980	Mitsui & Co. Ltd.		513,332
	950	Mitsui Chemicals, Inc.		27,869
	2,739	Mitsui Fudosan Co., Ltd.		29,531
	4,940	Mitsui OSK Lines Ltd.		150,703
	18,464	Mizuho Financial Group, Inc.		365,131
	30,251	MonotaRO Co. Ltd.		364,130
	4,725	MS & AD Insurance Group Holdings, Inc.		83,432
	1,282	NEC Corp.		93,593
	3,613	Nintendo Co. Ltd.		197,142
	4,436	NIPPON EXPRESS HOLDINGS INC		226,436
	2,109	Nippon Sanso Holdings Corp.		66,171
	10,586	Nippon Steel Corp.		254,747
	321,026	Nippon Telegraph & Telephone Corp.		382,375
	14,153	Nippon Yusen KK		388,558
	976	Nissan Chemical Industries, Ltd.		36,967
	3,612	Nissin Foods Holdings Co. Ltd.		99,576
	803	Nitori Holdings Co. Ltd.		121,696
	246	Nitto Denko Corp.		22,495
	1,127	Nomura Real Estate Holdings, Inc.		31,839
	17,022	Obayashi Corp.		202,399
	2,214	Odakyu Electric Railway Co., Ltd.		30,520
	14,813	Olympus Corp.		213,282
	1,468	OMRON Corp.		52,565
	6,737	Ono Pharmaceutical Co. Ltd.		110,385
	1,607	Oracle Corp.		120,848
	2,982	Oriental Land Co., Ltd.		95,531
	7,117	ORIX Corp.		155,661
	3,618	Osaka Gas Co. Ltd.		81,391
	1,750	Otsuka Corp.		37,132
	3,154	Otsuka Holdings Co. Ltd.		131,012
	20,055	Panasonic Holdings Corp.		191,400

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	13,538	Recruit Holdings Co. Ltd.	$	594,410
	4,716	Renesas Electronics Corp.		84,042
	14,631	Resona Holdings, Inc.		90,192
	26,010	Ricoh Co. Ltd.		231,096
	561	SCREEN Holdings Co Ltd.		72,736
	2,384	SCSK Corp.		44,313
	436	Secom Co. Ltd.		31,633
	3,298	Seiko Epson Corp.		57,690
	3,875	Sekisui House Ltd.		88,263
	17,235	Seven & i Holdings Co. Ltd.		251,215
	12,330	Shimizu Corp.		79,624
	4,061	Shin-Etsu Chemical Co. Ltd.		178,123
	11,393	Shiseido Co. Ltd.		312,629
	6,316	Shizuoka Financial Group, Inc.		60,100
	9,561	SoftBank Corp.		123,097
	4,404	Sompo Holdings, Inc.		92,308
	1,109	Sony Group Corp.		95,098
	2,410	Square Enix Holdings Co. Ltd.		92,944
	15,388	Subaru Corp.		348,505
	9,738	Sumitomo Corp.		234,568
	13,443	Sumitomo Electric Industries Ltd.		208,304
	7,969	Sumitomo Mitsui Financial Group, Inc.		465,969
	4,119	Sumitomo Mitsui Trust Holdings, Inc.		88,750
	1,015	Sumitomo Realty & Development Co., Ltd.		37,818
	611	Suntory Beverage & Food Ltd.		20,667
	3,488	Suzuki Motor Corp.		39,823
	9,828	Sysmex Corp.		175,380
	2,732	T&D Holdings, Inc.		47,494
	1,209	Taisei Corp.		44,067
	4,011	Takeda Pharmaceutical Co. Ltd.		111,562
	1,382	TDK Corp.		67,867
	2,406	TIS, Inc.		51,623
	8,800	Tokio Marine Holdings, Inc.		275,847
	5,440	Tokyo Electric Power Co. Holdings, Inc. (a)		33,065
	2,516	Tokyo Electron, Ltd.		655,290
	11,827	Tokyo Gas Co. Ltd.		268,861
	3,172	TOPPAN Holdings, Inc.		79,513
	6,682	Toray Industries, Inc.		32,086
	746	Toyota Industries Corp.		78,055
	21,920	Toyota Motor Corp.		554,027
	3,681	Toyota Tsusho Corp.		252,777
	2,874	Trend Micro, Inc.		145,961
	842	Unicharm Corp.		26,806
	5,026	Yakult Honsha Co. Ltd.		102,724
	5,606	Yamaha Motor Co. Ltd.		51,640
	844	Yaskawa Electric Corp.		35,933
	2,135	Yokogawa Electric Corp.		49,168
	8,961	Zensho Holdings Co. Ltd.		372,643
	17,463	ZOZO, Inc.		433,429

				25,541,451

		Jersey - 0.1%
	31,786	Glencore PLC		174,427

		Jordan - 0.1%
	4,111	Hikma Pharmaceuticals PLC		99,449

		Luxembourg - 0.1%
	425	Eurofins Scientific SE (a)		27,073
	5,727	Tenaris SA		113,230

				140,303


Shares			Value
		Netherlands - 4.7%
	10,389	ABN AMRO Bank NV (b)	$	177,780
	16	Adyen NV (a)(b)		27,026
	5,133	Aegon Ltd.		31,316
	15,970	ArcelorMittal SA		438,971
	189	ASM International NV		115,744
	1,826	ASML Holding NV		1,770,243
	1,020	BE Semiconductor Industries NV		156,243
	3,302	EXOR NV		367,469
	518	Ferrari NV		225,867
	668	Heineken Holding NV		53,910
	11,801	ING Groep NV		194,284
	1,215	JDE Peet’s NV		25,521
	16,450	Koninklijke Ahold Delhaize NV		492,215
	2,637	Koninklijke Philips NV (a)		52,777
	4,762	Randstad Holding NV		251,461
	18,849	Stellantis NV		535,484
	3,906	STMicroelectronics NV		168,108
	2,780	Universal Music Group NV		83,540
	2,409	Wolters Kluwer NV		377,226

				5,545,185

		New Zealand - 0.3%
	12,639	Fisher & Paykel Healthcare Corp. Ltd.		193,638
	7,645	Spark New Zealand, Ltd.		21,764
	1,856	Xero Ltd. (a)		161,155

				376,557

		Norway - 0.7%
	1,872	Aker BP ASA		46,953
	3,775	DNB Bank ASA		75,038
	10,682	Equinor ASA		286,431
	4,653	Gjensidige Forsikring ASA		67,536
	2,608	Kongsberg Gruppen ASA		180,077
	12,641	Orkla ASA		89,280
	1,656	Salmar ASA		109,293
	2,447	Telenor ASA		27,216

				881,824

		Portugal - 0.3%
	7,146	Galp Energia SGPS SA		118,141
	13,504	Jeronimo Martins SGPS SA		267,924

				386,065

		Singapore - 1.5%
	7,071	DBS Group Holdings, Ltd.		188,710
	11,790	Jardine Cycle & Carriage, Ltd.		211,095
	32,790	Keppel Corp. Ltd.		178,182
	19,839	Oversea-Chinese Banking Corp. Ltd.		198,229
	552,950	Seatrium Ltd. (a)		32,317
	30,965	Sembcorp Industries Ltd.		123,787
	33,509	Singapore Airlines Ltd.		158,816
	26,601	Singapore Exchange, Ltd.		181,534
	5,346	United Overseas Bank, Ltd.		116,222
	126,928	Wilmar International Ltd.		322,413

				1,711,305

		Spain - 2.5%
	8,391	ACS, Actividades de Construccion y Servicios SA		351,403
	133	Aena SME SA (b)		26,195
	758	Amadeus IT Holdings SA		48,661
	45,232	Banco Bilbao Vizcaya Argentaria SA		538,647
	108,430	Banco Santander SA		529,621

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Spain (Continued)
	2,519	Iberdrola SA	$	31,287
	15,566	Industria de Diseno Textil SA		783,848
	18,774	Repsol SA		313,362
	67,751	Telefonica SA		299,206

				2,922,230

		Sweden - 2.0%
	1,962	Assa Abloy AB - Class B		56,306
	14,765	Atlas Copco AB - Class A		249,360
	11,710	Atlas Copco AB - Class B		172,956
	2,120	EPIROC AB (a)		39,798
	2,900	EPIROC AB - Class B (a)		49,111
	2,194	Essity AB - Class B		52,117
	767	Evolution AB (b)		95,264
	30,060	H & M Hennes & Mauritz AB - Class B		490,161
	599	Indutrade AB		16,315
	4,636	Investor AB (a)		116,337
	155	Saab AB - Class B		13,788
	5,280	Skandinaviska Enskilda Banken AB - Class A		71,531
	3,049	Svenska Handelsbanken AB - Class A		30,825
	4,188	Swedbank AB - Class A		83,122
	3,749	Swedish Orphan Biovitrum AB (a)		93,575
	34,143	Telefonaktiebolaget LM Ericsson - Class B		183,627
	3,991	Volvo AB - Class A		109,899
	6,262	Volvo AB - Class B (c)		169,709
	73,789	Volvo Car AB - Class B (a)		279,364

				2,373,165

		Switzerland - 6.7%
	4,065	ABB, Ltd.		188,577
	142	Baloise Holding AG		22,266
	1,104	Banque Cantonale Vaudoise (a)		128,435
	712	BKW AG		109,410
	1,043	Cie Financiere Richemont SA		158,787
	2,925	Coca-Cola HBC AG		92,431
	153	EMS-Chemie Holding AG		117,262
	382	Geberit AG		225,756
	19	Givaudan SA		84,583
	310	Helvetia Holding AG		42,740
	3,161	Holcim AG		286,376
	1,088	Kuehne & Nagel International AG		302,702
	2,971	Logitech International SA		266,229
	12,134	Nestle SA		1,289,237
	10,890	Novartis AG		1,054,788
	260	Partners Group Holding AG		371,406
	437	Roche Holding AG		117,843
	3,616	Roche Holding AG - Non-Voting Shares		923,234
	3,911	Sandoz Group AG (a)		118,057
	2,900	SGS SA (c)		281,539
	356	Sonova Holding AG		103,095
	991	Straumann Holding AG		158,122
	145	Swiss Life Holding AG		101,702
	1,183	Swiss Re AG		152,175
	188	The Swatch Group AG - Group I		43,857
	366	The Swatch Group AG - Group N		16,596
	20,087	UBS Group AG		618,498
	487	VAT Group AG (b)		251,581
	407	Zurich Insurance Group AG		219,867

				7,847,151


Shares			Value
		United Kingdom - 11.2%
	13,793	3i Group PLC	$	489,063
	9,072	Admiral Group PLC		325,119
	2,905	Associated British Foods PLC		91,655
	8,426	AstraZeneca PLC		1,131,979
	54,377	Auto Trader Group PLC (b)		480,198
	22,094	BAE Systems PLC		376,601
	106,472	Barclays PLC		246,764
	8,638	Barratt Developments PLC		51,846
	1,860	Berkeley Group Holdings PLC		111,749
	108,546	BP PLC		680,955
	10,175	British American Tobacco PLC		308,822
	3,422	Bunzl PLC		131,670
	16,292	Burberry Group PLC		249,208
	156,099	Centrica PLC		251,641
	1,761	Coca-Cola Europacific Partners PLC (c)		123,182
	6,855	Compass Group PLC		201,075
	3,890	Diageo PLC		143,938
	1,543	Entain PLC		15,484
	21,282	GSK PLC		456,932
	8,476	Haleon PLC		35,521
	31,796	Hargreaves Lansdown PLC		295,100
	85,531	HSBC Holdings PLC		668,580
	8,302	Imperial Brands PLC		185,588
	6,323	Informa PLC		66,341
	1,440	InterContinental Hotels Group PLC		149,633
	66,348	J Sainsbury PLC		226,541
	185,307	JD Sports Fashion PLC		314,809
	55,117	Kingfisher PLC		173,468
	74,146	Legal & General Group PLC		238,207
	189,068	Lloyds Banking Group PLC		123,650
	1,156	London Stock Exchange Group PLC		138,320
	16,299	Melrose Industries PLC		138,393
	43,379	NatWest Group PLC		145,291
	4,029	Next PLC		469,638
	1,587	Reckitt Benckiser Group PLC		90,467
	11,435	RELX PLC		493,139
	1,256	Rio Tinto PLC		79,410
	52,481	Rolls-Royce Holdings PLC (a)		282,367
	29,709	Shell PLC		985,728
	6,681	Smith & Nephew PLC		83,639
	26,238	St James’s Place PLC		153,930
	21,287	Standard Chartered PLC		180,465
	89,024	Tesco PLC		333,437
	29,375	The Sage Group PLC		469,472
	2,719	Unilever PLC		136,499
	421,939	Vodafone Group PLC		374,228
	1,883	Whitbread PLC		78,724
	12,282	Wise PLC - Class A (a)		143,569

				13,122,035

		United States - 0.0% (d)
	477	RB Global, Inc.		36,331

		Total Common Stocks (Cost $76,953,604)		111,816,431

		INVESTMENT COMPANIES - 3.0%
		Canada - 0.3%
	8,013	iShares MSCI Canada ETF		306,738

		Japan - 2.7%
	40,730	iShares MSCI EAFE ETF (c)		3,252,698

		Total Investment Companies (Cost $3,329,674)		3,559,436

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		PREFERRED STOCKS - 0.3%
		Germany - 0.3%
	3,083	Bayerische Motoren Werke AG, 0.00%,	$	330,815
	523	Henkel AG & Co. KGaA, 0.00%,		42,037

				372,852

		Total Preferred Stocks (Cost $262,380)		372,852


Contracts
		WARRANTS - 0.0% (d)
		Canada - 0.0% (d)
	282	Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 (a)(e)		0

		Total Warrants (Cost $0)		0


Units
		SHORT-TERM INVESTMENTS - 4.0%
		Investments Purchased with Proceeds from Securities Lending - 3.4%
	3,939,591	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (f)		3,939,591


Shares
		Money Market Funds - 0.6%
	736,612	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (f)		736,612

		Total Short-Term Investments (Cost $4,676,203)		4,676,203

		Total Investments - 102.5% (Cost $85,221,861)		120,424,922
		Liabilities in Excess of Other Assets - (2.5)%		(2,976,843	)

		TOTAL NET ASSETS - 100.0%	$	117,448,079

Percentages are stated as a percent of net assets.

Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.


ADR	-	American Depositary Receipt
AG	-	Aktiengesellschaft
ASA	-	Advanced Subscription Agreement
NV	-	Naamloze Vennootschap
PLC	-	Public Limited Company
SA	-	Sociedad Anónima

(a)

Non-income producing security.

(b)

(c)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $3,823,670 which represented 3.3% of net assets.

(d)

Represents less than 0.05% of net assets.

(e)

(f)

The rate shown represents the 7-day effective yield as of March 31, 2024.

Sector Classification as of March 31, 2024

(% of Net Assets)


Financials	$	21,854,482		18.7	%
Industrials		19,861,558		16.4
Consumer Discretionary		16,601,597		14.3
Health Care		12,984,820		11.2
Consumer Staples		10,803,000		9.4
Information Technology		10,635,728		9.1
Energy		7,612,890		6.5
Materials		5,756,006		5.0
Communication Services		3,865,800		3.2
Utilities		1,756,306		1.3
Real Estate		457,096		0.4
Investment Companies		3,559,436		3.0
Investments Purchased with Proceeds from Securities Lending		3,939,591		3.4
Money Market Funds		736,612		0.6
Liabilities in Excess of Other Assets		(2,976,843	)	(2.5	)

		117,448,079		100.0	%

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Par			Value
		MORTGAGE-BACKED SECURITIES - 39.2%
		Federal Home Loan Mortgage Corp.
	17,765	Pool 780447, 5.16% (1 yr. CMT Rate + 2.25%), 04/01/2033	$	18,091
	42	Pool A43129, 5.50%, 02/01/2036		43
	133	Pool G13624, 5.00%, 08/01/2024		133
	176,629	Pool Q49389, 3.50%, 07/01/2047		161,496
	156,301	Pool Q52093, 3.50%, 11/01/2047		142,910
	1,756,171	Pool QC8858, 2.50%, 10/01/2051		1,475,388
	2,419,963	Pool QD4104, 2.00%, 01/01/2052		1,924,963
	143,864	Pool QE0827, 2.00%, 04/01/2052		114,205
	1,602,854	Pool SD8123, 3.00%, 01/01/2051		1,387,463
	1,037,899	Pool SD8246, 5.00%, 09/01/2052		1,014,721
	101,959	Pool U90688, 4.00%, 05/01/2042		97,108
	38,770	Series 2329, Class ZA, 6.50%, 06/15/2031		39,008
	21,790	Series 2338, Class ZC, 6.50%, 07/15/2031		22,380
	24,971	Series 3883, Class PB, 3.00%, 05/15/2041		23,435
	10,939	Series 4216, Class KQ, 1.70%, 10/15/2039		10,774
	96,462	Series 4961, Class JB, 2.50%, 12/15/2042		87,061
	338,769	Series 5170, Class DP, 2.00%, 07/25/2050		286,054
	82,000	Series K068, Class A2, 3.24%, 08/25/2027 (Callable 10/25/2027)		78,455
	708,690	Series K104, Class X1, 1.12%, 01/25/2030 (Callable 04/25/2030) (a)(b)		36,303
	332,398	Series K110, Class X1, 1.70%, 04/25/2030 (Callable 04/25/2030) (a)(b)		25,944
	1,316,251	Series K111, Class X1, 1.57%, 05/25/2030 (Callable 05/25/2030) (a)(b)		99,803
	928,462	Series K114, Class X1, 1.12%, 06/25/2030 (Callable 03/25/2030) (a)(b)		51,642
	297,048	Series K122, Class X1, 0.88%, 11/25/2030 (Callable 08/25/2030) (a)(b)		13,453
		Federal National Mortgage Association
	3,300,000	1.50%, 04/15/2036		2,860,637
	10,500,000	6.00%, 04/15/2041		10,603,020
	4,500,000	6.00%, 05/15/2041		4,542,921
	50,000	2.50%, 09/25/2049		41,389
	1,150,000	2.00%, 09/25/2050		911,284
	363,668	Pool 310229, 3.50%, 08/01/2043		337,152
	2,097	Pool 357850, 5.50%, 07/01/2035		2,143
	327	Pool 544859, 4.82% (Enterprise 11th District COFI Replacement Index + 1.70%), 08/01/2029		323
	1,114	Pool 727181, 5.00%, 08/01/2033		1,121
	549	Pool 730727, 5.00%, 08/01/2033		553
	174	Pool 741862, 5.50%, 09/01/2033		177
	204	Pool 766197, 5.50%, 02/01/2034		208
	2,208	Pool 775776, 5.50%, 05/01/2034		2,256
	48	Pool 776974, 5.50%, 04/01/2034		49
	1,508	Pool 781629, 5.50%, 12/01/2034		1,541
	28,287	Pool 786848, 7.00%, 10/01/2031		29,182
	71,721	Pool 802783, 5.86% (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.61%), 10/01/2034		71,549
	1,402	Pool 820242, 5.00%, 07/01/2035		1,411
	1,427	Pool 822815, 5.50%, 04/01/2035		1,454
	215	Pool 838452, 5.50%, 09/01/2035		216
	1,552	Pool 865854, 6.00%, 03/01/2036		1,609
	28,265	Pool 888504, 5.01% (1 yr. CMT Rate + 2.01%), 04/01/2034		28,588
	2,225	Pool 891474, 6.00%, 04/01/2036		2,295
	25	Pool 899119, 5.50%, 04/01/2037		25


Par			Value
		MORTGAGE-BACKED SECURITIES (Continued)
	946	Pool 906000, 6.00%, 01/01/2037	$	980
	23	Pool 928062, 5.50%, 02/01/2037		23
	44	Pool 964930, 5.50%, 08/01/2038		45
	19	Pool 968371, 5.50%, 09/01/2038		20
	59	Pool 970131, 5.50%, 03/01/2038		60
	36	Pool 985108, 5.50%, 07/01/2038		36
	22	Pool 987032, 5.50%, 08/01/2038		23
	14	Pool 993050, 5.50%, 12/01/2038		14
	6,072	Pool 993579, 4.00%, 05/01/2039		5,737
	1,022	Pool AA5840, 4.00%, 06/01/2039		973
	22,719	Pool AA8715, 4.00%, 06/01/2039		21,646
	3,686	Pool AB1500, 4.00%, 09/01/2040		3,498
	6,139	Pool AB3995, 4.00%, 12/01/2041		5,885
	15,793	Pool AB5529, 4.00%, 07/01/2042		15,221
	52,991	Pool AB6228, 3.50%, 09/01/2042		48,831
	61,434	Pool AD0586, 4.50%, 12/01/2039		60,327
	50,009	Pool AD1889, 4.50%, 03/01/2041		49,109
	136,573	Pool AD4062, 5.00%, 05/01/2040		136,416
	120,879	Pool AD6929, 5.00%, 06/01/2040		120,766
	3,196	Pool AD9856, 4.00%, 09/01/2040		3,033
	3,015	Pool AD9896, 4.00%, 08/01/2040		2,841
	1,692	Pool AE2559, 4.00%, 09/01/2040		1,606
	592	Pool AE2562, 4.00%, 09/01/2040		562
	408	Pool AE2566, 4.00%, 09/01/2040		387
	5,130	Pool AE3916, 4.00%, 11/01/2040		4,870
	6,577	Pool AE4124, 4.00%, 10/01/2040		6,241
	3,839	Pool AE4888, 4.00%, 10/01/2040		3,644
	724	Pool AE5147, 4.00%, 11/01/2040		687
	8,599	Pool AE8715, 4.00%, 11/01/2040		8,160
	1,275	Pool AH0006, 4.00%, 12/01/2040		1,210
	4,320	Pool AH0020, 4.00%, 12/01/2040		4,099
	5,349	Pool AH0599, 4.00%, 12/01/2040		5,075
	1,110	Pool AH0601, 4.00%, 12/01/2040		1,053
	4,283	Pool AH1263, 4.00%, 01/01/2041		4,064
	1,054	Pool AH4659, 4.00%, 02/01/2041		1,001
	20,223	Pool AH5653, 4.00%, 02/01/2041		19,189
	3,463	Pool AH6150, 4.00%, 03/01/2041		3,286
	6,082	Pool AI0848, 4.00%, 12/01/2041		5,830
	18,570	Pool AI8842, 4.50%, 08/01/2041		18,236
	6,860	Pool AJ1562, 4.00%, 10/01/2041		6,573
	3,212	Pool AJ1972, 4.00%, 10/01/2041		3,060
	186,229	Pool AJ2212, 4.50%, 10/01/2041		182,874
	3,791	Pool AJ2446, 4.00%, 01/01/2042		3,597
	5,944	Pool AJ3330, 4.00%, 11/01/2041		5,698
	4,695	Pool AJ4187, 4.00%, 12/01/2041		4,501
	5,507	Pool AJ4549, 4.00%, 11/01/2041		5,280
	5,327	Pool AJ4698, 4.00%, 11/01/2041		5,107
	7,399	Pool AJ4756, 4.00%, 10/01/2041		7,093
	10,247	Pool AJ5424, 4.00%, 11/01/2041		9,818
	5,710	Pool AJ5736, 4.00%, 12/01/2041		5,466
	3,254	Pool AJ5968, 4.00%, 12/01/2041		3,088
	5,871	Pool AJ6061, 4.00%, 12/01/2041		5,628
	8,411	Pool AJ7538, 4.00%, 01/01/2042		8,063
	3,275	Pool AJ7840, 4.00%, 11/01/2041		3,129
	5,003	Pool AJ7868, 4.00%, 12/01/2041		4,796
	2,590	Pool AJ8001, 4.00%, 01/01/2042		2,457
	10,072	Pool AJ8104, 4.00%, 12/01/2041		9,605
	8,045	Pool AJ8109, 4.00%, 12/01/2041		7,712
	3,646	Pool AJ8171, 4.00%, 12/01/2041		3,484
	60,586	Pool AJ8325, 3.00%, 12/01/2026		59,022
	8,592	Pool AJ8341, 4.00%, 12/01/2041		8,237

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		MORTGAGE-BACKED SECURITIES (Continued)
	6,596	Pool AJ8369, 4.00%, 01/01/2042	$	6,323
	11,435	Pool AJ8436, 4.00%, 12/01/2041		10,934
	4,898	Pool AJ8912, 4.00%, 12/01/2041		4,695
	7,503	Pool AJ9162, 4.00%, 01/01/2042		7,193
	5,089	Pool AJ9248, 4.00%, 12/01/2041		4,873
	37,799	Pool AJ9330, 4.00%, 01/01/2042		36,237
	2,084	Pool AJ9779, 4.00%, 01/01/2042		1,997
	6,294	Pool AK0170, 4.00%, 01/01/2042		6,033
	14,376	Pool AK0543, 4.00%, 01/01/2042		13,781
	6,361	Pool AK0563, 4.00%, 01/01/2042		6,098
	10,876	Pool AK1827, 4.00%, 01/01/2042		10,426
	22,925	Pool AL0187, 5.00%, 05/01/2041		22,903
	27,622	Pool AL0215, 4.50%, 04/01/2041		27,124
	4,192	Pool AL0456, 5.00%, 06/01/2041		4,188
	14,748	Pool AL0815, 4.00%, 09/01/2041		14,109
	28,997	Pool AL0934, 5.00%, 02/01/2041		28,969
	90,619	Pool AL2752, 5.00%, 03/01/2042		90,450
	18,966	Pool AL5233, 4.00%, 01/01/2041		18,030
	150,242	Pool AQ9316, 2.50%, 01/01/2043		128,945
	169,469	Pool AS5469, 4.00%, 07/01/2045		160,741
	29,164	Pool AS5597, 3.50%, 08/01/2045		26,634
	119,112	Pool AS7170, 3.50%, 05/01/2046		108,777
	110,413	Pool AS7242, 3.50%, 05/01/2046		100,833
	85,707	Pool AS7492, 4.00%, 07/01/2046		81,301
	151,792	Pool AS8947, 3.50%, 03/01/2047		138,621
	126,875	Pool AS9772, 3.50%, 06/01/2037		119,643
	392,263	Pool AT2720, 3.00%, 05/01/2043		350,797
	242,762	Pool AT5900, 3.00%, 06/01/2043		217,102
	149,194	Pool AU1625, 3.50%, 07/01/2043		137,080
	235,892	Pool AZ0832, 4.00%, 07/01/2045		223,787
	15,168	Pool BC4938, 2.50%, 04/01/2031		14,247
	214,244	Pool BC9468, 3.00%, 06/01/2046		189,577
	356,693	Pool BN5279, 4.00%, 02/01/2049		335,618
	239,022	Pool BT2317, 2.00%, 03/01/2052		189,977
	334,071	Pool BT7155, 2.00%, 08/01/2051		265,011
	768,968	Pool BV1380, 2.00%, 01/01/2052		610,000
	839,112	Pool BV2993, 2.00%, 04/01/2052		667,103
	172,843	Pool BV9804, 2.00%, 05/01/2052		137,286
	1,203,016	Pool CA0858, 3.50%, 12/01/2047		1,098,617
	1,644,668	Pool CB6431, 5.50%, 06/01/2053		1,639,294
	1,642,400	Pool CB6870, 5.50%, 08/01/2053		1,637,985
	1,766,495	Pool FM7678, 2.50%, 06/01/2051		1,478,429
	1,817,011	Pool FM9491, 2.50%, 11/01/2051		1,514,906
	415,709	Pool FS1069, 2.00%, 12/01/2051		329,770
	1,774,374	Pool FS1108, 2.50%, 09/01/2051		1,479,210
	138,278	Pool FS1598, 2.00%, 04/01/2052		109,850
	92,326	Pool MA1870, 4.50%, 04/01/2034		91,038
	19,439	Pool MA3038, 4.50%, 06/01/2047		18,926
	1,900,181	Pool MA4307, 3.00%, 04/01/2051		1,648,304
	2,261,961	Pool MA4577, 2.00%, 04/01/2052		1,794,325
	1,027,322	Pool MA4761, 5.00%, 09/01/2052		1,004,380
	3,518,000	Pool TBA, 4.50%, 04/15/2041		3,353,641
	2,000,000	Pool TBA, 4.00%, 04/15/2041		1,854,241
	26,027	Series 2012-18, Class GA, 2.00%, 12/25/2041		23,636
	14,858	Series 2012-21, Class PQ, 2.00%, 09/25/2041		13,607
	23,936	Series 2012-52, Class PA, 3.50%, 05/25/2042		22,601
	18,188	Series 2013-77, Class BP, 1.70%, 06/25/2043		17,610
	28,473	Series 2015-48, Class QB, 3.00%, 02/25/2043		27,302
	38,597	Series 2016-11, Class GA, 2.50%, 03/25/2046		34,862
	21,115	Series 2016-38, Class NA, 3.00%, 01/25/2046		19,234
	217,000	Series 2017-16, Class PB, 3.00%, 03/25/2047		181,414


Par			Value
		MORTGAGE-BACKED SECURITIES (Continued)
	21,135	Series 2017-26, Class CG, 3.50%, 07/25/2044	$	20,521
	14,747	Series 2017-34, Class JK, 3.00%, 05/25/2047		14,121
	25,791	Series 2017-35, Class AH, 3.50%, 04/25/2053		25,161
	27,386	Series 2017-49, Class JA, 4.00%, 07/25/2053		26,774
	31,373	Series 2017-84, Class KA, 3.50%, 04/25/2053		30,302
	54,870	Series 2018-23, Class LA, 3.50%, 04/25/2048		51,009
	39,050	Series 2018-70, Class HA, 3.50%, 10/25/2056		37,482
	67,267	Series 2019-12, Class HA, 3.50%, 11/25/2057		63,203
	70,179	Series 2019-14, Class CA, 3.50%, 04/25/2049		66,181
	61,903	Series 2019-45, Class PT, 3.00%, 08/25/2049		55,127
	1,364,295	Series 2019-M21, Class X3, 1.16%, 06/25/2034 (a)(b)		86,450
	175,087	Series 2020-1, Class AC, 3.50%, 08/25/2058		161,810
	515,000	Series 2022-90, Class AY, 4.50%, 12/25/2041		487,572
	50,823	Series 415, Class A3, 3.00%, 11/25/2042		46,218
	4,405,000	Series Pool #TBA, Pool TBA, 5.50%, 03/25/2053		4,386,890
	2,300,000	Government National Mortgage Association 5.00%, 04/15/2041		2,262,431
	4,982	Pool 614436, 5.00%, 08/15/2033		5,015
	257,793	Pool 723248, 5.00%, 10/15/2039		260,565
	10,298	Pool 736686, 5.00%, 02/15/2039		10,400
	94,154	Pool 783403, 3.50%, 09/15/2041		87,923
	20,279	Pool MA4587, 4.00%, 07/20/2047		19,283
	58,741	Pool MA4652, 3.50%, 08/20/2047		54,245
	109,477	Pool MA4778, 3.50%, 10/20/2047		100,965
	76,924	Pool MA4779, 4.00%, 10/20/2047		72,883
	89,276	Pool MA4780, 4.50%, 10/20/2047		87,184
	1,269,910	Pool MA7051, 2.00%, 12/20/2050		1,043,531
	2,326,622	Pool MA7650, 3.00%, 10/20/2051		2,054,962
	1,179,007	Pool MA8199, 3.50%, 08/20/2052		1,074,209
	1,497,168	Pool MA9362, 5.50%, 12/20/2053		1,497,491
	2,250,000	Pool TBA, 4.00%, 04/15/2042		2,107,818

		Total Mortgage-backed Securities (Cost $70,196,994)		67,679,259

		CORPORATE OBLIGATIONS - 25.9%
		Aerospace & Defense - 0.6%
	200,000	BAE Systems PLC, 5.13%, 03/26/2029 (Callable 02/26/2029) (c)		200,823
		Boeing Co.
	86,000	5.04%, 05/01/2027 (Callable 03/01/2027)		84,430
	35,000	5.15%, 05/01/2030 (Callable 02/01/2030)		33,922
	75,000	5.81%, 05/01/2050 (Callable 11/01/2049)		71,296
	70,000	5.93%, 05/01/2060 (Callable 11/01/2059)		65,755
		L3Harris Technologies, Inc.
	120,000	5.05%, 06/01/2029 (Callable 05/01/2029)		119,644
	140,000	5.35%, 06/01/2034 (Callable 03/01/2034)		140,009
	169,000	Northrop Grumman Corp., 5.15%, 05/01/2040 (Callable 11/01/2039)		166,057
	170,000	RTX Corp., 5.75%, 11/08/2026 (Callable 10/08/2026)		172,720

				1,054,656

		Banks - 5.5%
	200,000	Banco Santander SA, 5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029)		199,987
		Bank of America Corp.
	150,000	5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 (Callable 09/15/2026)		152,110
	45,000	5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029 (Callable 04/25/2028)		45,055
	245,000	2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030)		211,455

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Bank (Continued)
	85,000	1.90% to 07/23/2030 then SOFR + 1.53%, 07/23/2031 (Callable 07/23/2030)	$	69,841
	850,000	1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030)		693,244
	550,000	2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 (Callable 04/22/2031)		466,692
	115,000	2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 (Callable 07/21/2031)		94,246
	100,000	2.57% to 10/20/2031 then SOFR + 1.21%, 10/20/2032 (Callable 10/20/2031)		83,089
	75,000	5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034)		75,623
	235,000	Barclays PLC, 5.69% to 03/12/2029 then SOFR + 1.74%, 03/12/2030 (Callable 03/12/2029)		236,404
	200,000	BNP Paribas SA, 5.89% to 12/05/2033 then SOFR + 1.87%, 12/05/2034 (Callable 12/05/2033) (c)		209,590
		BPCE SA
	250,000	2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026) (c)		228,225
	250,000	6.71% to 10/19/2028 then SOFR + 2.27%, 10/19/2029 (Callable 10/19/2028) (c)		261,804
	270,000	7.00% to 10/19/2033 then SOFR + 2.59%, 10/19/2034 (Callable 10/19/2033) (c)		294,393
	280,000	Citigroup, Inc., 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030 (Callable 02/13/2029)		278,940
	75,000	Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 (Callable 01/23/2029)		74,893
	150,000	Deutsche Bank AG/New York NY, 6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028)		157,003
	25,000	Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 (Callable 01/29/2031)		25,063
		HSBC Holdings PLC
	200,000	1.59% to 05/24/2026 then SOFR + 1.29%, 05/24/2027 (Callable 05/24/2026)		184,130
	200,000	5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 (Callable 08/14/2026)		201,898
	215,000	5.40% to 08/11/2032 then SOFR + 2.87%, 08/11/2033 (Callable 08/11/2032)		214,559
	35,000	Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 (Callable 08/21/2028)		35,833
	200,000	Intesa Sanpaolo SpA, 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054 (Callable 06/20/2053) (c)		213,645
		JPMorgan Chase & Co.
	155,000	6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 (Callable 10/22/2026)		158,228
	105,000	3.78% to 02/01/2027 then 3 mo. Term SOFR + 1.60%, 02/01/2028 (Callable 02/01/2027)		101,204
	115,000	4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 (Callable 04/26/2027)		112,444
	80,000	3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028)		75,707
	175,000	5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028)		176,425
	60,000	6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028)		62,437


Par			Value
		Bank (Continued)
	55,000	2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030 (Callable 10/15/2029)	$	48,749
	55,000	2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031)		46,484
	200,000	2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032 (Callable 11/08/2031)		166,472
	290,000	5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 (Callable 01/23/2034)		291,445
		M&T Bank Corp.
	70,000	7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029 (Callable 10/30/2028)		73,865
	180,000	5.05% to 01/27/2033 then SOFR + 1.85%, 01/27/2034 (Callable 01/27/2033)		167,472
	500,000	Manufacturers & Traders Trust Co., 4.70%, 01/27/2028 (Callable 12/27/2027)		482,272
	490,000	Societe Generale SA, 6.22% to 06/15/2032 then 1 yr. CMT Rate + 3.20%, 06/15/2033 (Callable 06/15/2032) (c)(d)		492,551
	200,000	Standard Chartered PLC, 7.77% to 11/16/2027 then 1 yr. CMT Rate + 3.45%, 11/16/2028 (Callable 11/16/2027) (c)		214,203
		The Bank of New York Mellon Corp.
	245,000	6.32% to 10/25/2028 then SOFR + 1.60%, 10/25/2029 (Callable 10/25/2028)		258,781
	70,000	4.98% to 03/14/2029 then SOFR + 1.09%, 03/14/2030 (Callable 03/14/2029)		70,092
	95,000	5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035 (Callable 03/14/2034)		94,615
	250,000	The Huntington National Bank, 5.65%, 01/10/2030 (Callable 11/10/2029)		251,449
		The PNC Financial Services Group, Inc.
	100,000	5.30% to 01/21/2027 then SOFR + 1.34%, 01/21/2028 (Callable 01/21/2027)		100,158
	25,000	6.04% to 10/28/2032 then SOFR + 2.14%, 10/28/2033 (Callable 10/28/2032)		25,878
	75,000	5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 (Callable 01/22/2034)		75,765
		Wells Fargo & Co.
	75,000	3.00%, 04/22/2026		71,771
	90,000	3.00%, 10/23/2026		85,246
	175,000	4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027)		172,604
	185,000	5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028)		187,302
	65,000	6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028)		67,730
	195,000	2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 (Callable 10/30/2029)		172,482
	105,000	2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031 (Callable 02/11/2030)		90,485
	175,000	3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032)		151,736
	180,000	4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 (Callable 07/25/2032)		173,595
	15,000	5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 (Callable 04/24/2033)		14,907
	40,000	6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033)		42,947
	90,000	5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) (d)		90,361
	90,000	5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050)		84,721

				9,660,305

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Beverages - 0.1%
	105,000	Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033) (c)	$	104,272

		Biotechnology - 0.6%
		AbbVie, Inc.
	65,000	4.95%, 03/15/2031 (Callable 01/15/2031)		65,493
	30,000	5.40%, 03/15/2054 (Callable 09/15/2053)		30,899
		Amgen, Inc.
	40,000	5.25%, 03/02/2030 (Callable 01/02/2030)		40,639
	170,000	5.25%, 03/02/2033 (Callable 12/02/2032)		171,874
	70,000	5.75%, 03/02/2063 (Callable 09/02/2062)		71,477
		CSL Finance PLC
	85,000	4.05%, 04/27/2029 (Callable 02/27/2029) (c)		81,566
	55,000	4.25%, 04/27/2032 (Callable 01/27/2032) (c)		52,386
		Gilead Sciences, Inc.
	160,000	1.65%, 10/01/2030 (Callable 07/01/2030)		131,867
	150,000	5.25%, 10/15/2033 (Callable 07/15/2033)		153,366
	135,000	McKesson Corp., 5.10%, 07/15/2033 (Callable 04/15/2033) (d)		136,175

				935,742

		Capital Markets - 2.1%
		BP Capital Markets America, Inc.
	115,000	2.72%, 01/12/2032 (Callable 10/12/2031)		99,036
	125,000	4.81%, 02/13/2033 (Callable 11/13/2032)		123,497
	100,000	4.89%, 09/11/2033 (Callable 06/11/2033)		99,326
	20,000	2.94%, 06/04/2051 (Callable 12/04/2050)		13,356
	45,000	3.38%, 02/08/2061 (Callable 08/08/2060)		31,229
		Goldman Sachs Group, Inc.
	65,000	4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 (Callable 08/23/2027)		63,595
	70,000	1.99% to 01/27/2031 then SOFR + 1.09%, 01/27/2032 (Callable 01/27/2031)		56,660
	385,000	2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031)		323,153
	210,000	2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031)		172,368
		Morgan Stanley
	160,000	5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029 (Callable 04/20/2028)		159,971
	55,000	5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029 (Callable 07/20/2028)		55,497
	475,000	6.41% to 11/01/2028 then SOFR + 1.83%, 11/01/2029 (Callable 11/01/2028)		498,527
	210,000	2.70% to 01/22/2030 then SOFR + 1.14%, 01/22/2031 (Callable 01/22/2030)		183,652
	180,000	1.79% to 02/13/2031 then SOFR + 1.03%, 02/13/2032 (Callable 02/13/2031)		143,969
	145,000	1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032 (Callable 04/28/2031)		116,466
	60,000	2.51% to 10/20/2031 then SOFR + 1.20%, 10/20/2032 (Callable 10/20/2031)		49,597
		UBS Group AG
	250,000	6.44% to 08/11/2027 then SOFR + 3.70%, 08/11/2028 (Callable 08/11/2027) (c)		257,561
	250,000	5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030 (Callable 02/08/2029) (c)		250,573
	750,000	6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033 (Callable 08/12/2032) (c)		791,256
	195,000	Willis North America, Inc., 2.95%, 09/15/2029 (Callable 06/15/2029)		174,957

				3,664,246


Par			Value
		Chemicals - 0.3%
		Celanese US Holdings LLC
	230,000	6.17%, 07/15/2027 (Callable 06/15/2027) (d)	$	234,421
	115,000	6.55%, 11/15/2030 (Callable 09/15/2030)		121,078
	195,000	The Sherwin-Williams Co., 2.30%, 05/15/2030 (Callable 02/15/2030)		167,965

				523,464

		Consumer Finance - 0.6%
	85,000	American Express Co., 6.34% to 10/30/2025 then SOFR + 1.33%, 10/30/2026 (Callable 10/30/2025)		86,161
		American Tower Corp.
	150,000	3.65%, 03/15/2027 (Callable 02/15/2027)		143,919
	55,000	3.80%, 08/15/2029 (Callable 05/15/2029)		51,368
		Capital One Financial Corp.
	30,000	5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 (Callable 02/01/2028)		29,906
	115,000	6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028)		118,365
	120,000	3.27% to 03/01/2029 then SOFR + 1.79%, 03/01/2030 (Callable 03/01/2029)		108,116
	95,000	5.25% to 07/26/2029 then SOFR + 2.60%, 07/26/2030 (Callable 07/26/2029)		93,588
	215,000	7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030)		237,718
	40,000	Discover Financial Services, 7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033)		45,376
	30,000	Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029 (Callable 03/01/2029) (c)		29,937
	135,000	Realty Income Corp., 4.90%, 07/15/2033 (Callable 04/15/2033)		130,526

				1,074,980

		Diversified Consumer Services - 0.1%
		Howard University
	100,000	2.90%, 10/01/2031		86,387
	75,000	3.48%, 10/01/2041		54,513

				140,900

		Diversified Financial Services - 0.9%
	290,000	Athene Global Funding, 2.65%, 10/04/2031 (c)		237,447
	110,000	Athene Holding Ltd., 5.88%, 01/15/2034 (Callable 10/15/2033)		110,377
	300,000	DAE Funding LLC, 1.55%, 08/01/2024 (Callable 07/01/2024) (c)		295,123
	340,000	Equitable Financial Life Global Funding, 1.80%, 03/08/2028 (c)		299,828
	25,000	Equitable Holdings, Inc., 4.35%, 04/20/2028 (Callable 01/20/2028)		24,253
		National Rural Utilities Cooperative Finance Corp.
	115,000	5.00%, 02/07/2031 (Callable 12/07/2030)		114,385
	150,000	4.15%, 12/15/2032 (Callable 09/15/2032)		139,422
	45,000	5.80%, 01/15/2033 (Callable 07/15/2032)		46,807
		Shell International Finance BV
	180,000	3.25%, 04/06/2050 (Callable 10/06/2049)		130,911
	50,000	3.00%, 11/26/2051 (Callable 05/26/2051)		34,219

				1,432,772

		Diversified Telecommunication Services - 0.2%
		AT&T, Inc.
	160,000	4.50%, 05/15/2035 (Callable 11/15/2034)		149,716
	148,000	3.50%, 09/15/2053 (Callable 03/15/2053)		104,664
	53,000	3.80%, 12/01/2057 (Callable 06/01/2057) (d)		38,463

				292,843

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities - 4.3%
	165,000	Alabama Power Co., 3.45%, 10/01/2049 (Callable 04/01/2049)	$	122,577
	65,000	Cleco Corporate Holdings LLC, 3.38%, 09/15/2029 (Callable 06/15/2029)		56,838
		Consolidated Edison Co. of New York, Inc.
	50,000	5.50%, 03/15/2034 (Callable 12/15/2033)		51,688
	130,000	3.20%, 12/01/2051 (Callable 06/01/2051)		89,230
		Duke Energy Carolinas LLC
	150,000	2.55%, 04/15/2031 (Callable 01/15/2031)		129,754
	86,000	5.30%, 02/15/2040		85,176
		Duke Energy Corp.
	200,000	4.85%, 01/05/2029 (Callable 12/05/2028)		198,335
	50,000	2.45%, 06/01/2030 (Callable 03/01/2030)		43,061
	474,000	2.55%, 06/15/2031 (Callable 03/15/2031) (d)		399,675
	175,000	4.50%, 08/15/2032 (Callable 05/15/2032)		166,161
	45,000	5.00%, 08/15/2052 (Callable 02/15/2052)		40,840
	100,000	Duke Energy Florida LLC, 5.88%, 11/15/2033 (Callable 08/15/2033)		105,738
	55,000	Duke Energy Indiana, Inc., 4.90%, 07/15/2043 (Callable 01/15/2043)		51,681
		Duke Energy Ohio, Inc.
	20,000	5.25%, 04/01/2033 (Callable 01/01/2033)		20,244
	60,000	5.55%, 03/15/2054 (Callable 09/15/2053)		59,944
	40,000	Edison International, 5.25%, 11/15/2028 (Callable 10/15/2028)		39,875
	45,000	Evergy Metro, Inc., 2.25%, 06/01/2030 (Callable 03/01/2030)		38,458
		Evergy, Inc.
	80,000	2.45%, 09/15/2024 (Callable 08/15/2024)		78,765
	155,000	2.90%, 09/15/2029 (Callable 06/15/2029)		138,491
		Eversource Energy
	50,000	5.95%, 02/01/2029 (Callable 01/01/2029)		51,642
	285,000	5.13%, 05/15/2033 (Callable 02/15/2033)		279,029
	80,000	5.50%, 01/01/2034 (Callable 10/01/2033) (d)		80,133
		Georgia Power Co.
	50,000	4.70%, 05/15/2032 (Callable 02/15/2032)		48,859
	110,000	4.95%, 05/17/2033 (Callable 11/17/2032)		108,630
	75,000	5.25%, 03/15/2034 (Callable 09/15/2033)		75,793
	50,000	4.75%, 09/01/2040		46,126
	120,000	ITC Holdings Corp., 2.95%, 05/14/2030 (Callable 02/14/2030) (c)		105,899
	75,000	Monongahela Power Co., 5.85%, 02/15/2034 (Callable 11/15/2033) (c)		77,136
	35,000	National Grid PLC, 5.60%, 06/12/2028 (Callable 05/12/2028)		35,664
		NextEra Energy Capital Holdings, Inc.
	95,000	4.63%, 07/15/2027 (Callable 06/15/2027)		93,757
	445,000	2.25%, 06/01/2030 (Callable 03/01/2030)		379,038
	125,000	Oglethorpe Power Corp., 5.05%, 10/01/2048 (Callable 04/01/2048)		112,759
	60,000	Ohio Edison Co., 5.50%, 01/15/2033 (Callable 10/15/2032) (c)		59,931
	160,000	Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) (d)		157,209
	115,000	Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033 (Callable 08/15/2033)		119,754
		Pacific Gas and Electric Co.
	490,000	5.45%, 06/15/2027 (Callable 05/15/2027)		491,893
	80,000	6.10%, 01/15/2029 (Callable 12/15/2028)		82,450
	470,000	2.50%, 02/01/2031 (Callable 11/01/2030)		391,654
	120,000	3.25%, 06/01/2031 (Callable 03/01/2031)		104,324
	120,000	6.15%, 01/15/2033 (Callable 10/15/2032)		123,911
	295,000	6.40%, 06/15/2033 (Callable 03/15/2033)		311,289


Par			Value
		Electric Utilities (Continued)
	45,000	PPL Capital Funding, Inc., 4.13%, 04/15/2030 (Callable 01/15/2030)	$	42,586
	80,000	Public Service Electric and Gas Co., 5.45%, 03/01/2054 (Callable 09/01/2053)		82,744
		Public Service Enterprise Group, Inc.
	50,000	5.20%, 04/01/2029 (Callable 03/01/2029)		50,043
	85,000	6.13%, 10/15/2033 (Callable 07/15/2033)		89,427
	30,000	5.45%, 04/01/2034 (Callable 01/01/2034)		30,108
		Puget Energy, Inc.
	135,000	3.65%, 05/15/2025 (Callable 02/15/2025)		131,900
	45,000	4.10%, 06/15/2030 (Callable 03/15/2030)		41,197
		Southern California Edison Co.
	45,000	4.90%, 06/01/2026 (Callable 05/01/2026)		44,822
	120,000	5.15%, 06/01/2029 (Callable 05/01/2029)		120,598
	225,000	2.25%, 06/01/2030 (Callable 03/01/2030)		191,510
	110,000	2.75%, 02/01/2032 (Callable 11/01/2031)		93,274
	65,000	5.95%, 11/01/2032 (Callable 08/01/2032)		68,271
	220,000	5.20%, 06/01/2034 (Callable 03/01/2034)		217,981
	1,000	4.13%, 03/01/2048 (Callable 09/01/2047)		810
	45,000	3.65%, 02/01/2050 (Callable 08/01/2049) (d)		33,371
	35,000	5.75%, 04/15/2054 (Callable 10/15/2053)		35,579
	135,000	Southwestern Electric Power Co., 5.30%, 04/01/2033 (Callable 01/01/2033)		133,574
		The Southern Co.
	110,000	4.85%, 06/15/2028 (Callable 04/15/2028)		109,520
	35,000	5.20%, 06/15/2033 (Callable 12/15/2032)		35,014
	225,000	5.70%, 03/15/2034 (Callable 09/15/2033)		232,348
		Virginia Electric and Power Co.
	210,000	5.00%, 04/01/2033 (Callable 01/01/2033)		207,312
	160,000	5.00%, 01/15/2034 (Callable 10/15/2033)		157,288
	30,000	5.35%, 01/15/2054 (Callable 07/15/2053) (d)		29,480
	100,000	Wisconsin Power and Light Co., 5.38%, 03/30/2034 (Callable 12/30/2033)		100,777
	55,000	Xcel Energy, Inc., 4.60%, 06/01/2032 (Callable 12/01/2031) (d)		51,822

				7,584,767

		Electrical Equipment - 0.2%
		Regal Rexnord Corp.
	271,000	6.05%, 04/15/2028 (Callable 03/15/2028) (c)		275,196
	30,000	6.30%, 02/15/2030 (Callable 12/15/2029) (c)		30,749

				305,945

		Electronic Equipment, Instruments & Components - 0.1%
		CDW LLC / CDW Finance Corp.
	60,000	2.67%, 12/01/2026 (Callable 11/01/2026)		55,787
	55,000	3.57%, 12/01/2031 (Callable 09/01/2031)		48,449

				104,236

		Equity Real Estate Investment Trusts (REITs) - 0.3%
		Crown Castle, Inc.
	128,000	3.80%, 02/15/2028 (Callable 11/15/2027)		121,310
	185,000	4.80%, 09/01/2028 (Callable 08/01/2028)		181,565
	155,000	5.60%, 06/01/2029 (Callable 05/01/2029) (d)		157,242
	72,000	3.10%, 11/15/2029 (Callable 08/15/2029)		64,367
	75,000	VICI Properties LP, 4.95%, 02/15/2030 (Callable 12/15/2029)		72,471

				596,955

		Food Products - 0.6%
		Archer-Daniels-Midland Co.
	55,000	2.90%, 03/01/2032 (Callable 12/01/2031)		47,443
	50,000	4.50%, 08/15/2033 (Callable 05/15/2033)		48,448
		Cargill, Inc.
	165,000	2.13%, 11/10/2031 (Callable 08/10/2031) (c)		135,338
	70,000	4.00%, 06/22/2032 (Callable 03/22/2032) (c)		65,134
	90,000	4.75%, 04/24/2033 (Callable 01/24/2033) (c)		88,092

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Food Products (Continued)
		Conagra Brands, Inc.
	175,000	5.30%, 10/01/2026	$	175,500
	230,000	4.85%, 11/01/2028 (Callable 08/01/2028)		227,305
	145,000	Hormel Foods Corp., 4.80%, 03/30/2027 (Callable 02/28/2027)		144,986
	80,000	Sysco Corp., 5.75%, 01/17/2029 (Callable 12/17/2028)		82,404
		Tyson Foods, Inc.
	20,000	5.40%, 03/15/2029 (Callable 02/15/2029)		20,184
	70,000	5.70%, 03/15/2034 (Callable 12/15/2033)		70,911

				1,105,745

		Gas Utilities - 0.1%
	126,000	Southwest Gas Corp., 2.20%, 06/15/2030 (Callable 03/15/2030)		106,532

		Health Care Equipment & Supplies - 0.2%
	200,000	Alcon Finance Corp., 2.75%, 09/23/2026 (Callable 07/23/2026) (c)		188,894
	55,000	Smith & Nephew PLC, 5.40%, 03/20/2034 (Callable 12/20/2033)		54,824
	155,000	Solventum Corp., 5.40%, 03/01/2029 (Callable 02/01/2029) (c)		155,363

				399,081

		Health Care Providers & Services - 0.8%
		CommonSpirit Health
	70,000	2.76%, 10/01/2024 (Callable 07/01/2024)		68,930
	110,000	5.21%, 12/01/2031 (Callable 06/01/2031)		110,032
		CVS Health Corp.
	100,000	4.13%, 04/01/2040 (Callable 10/01/2039)		84,409
	80,000	2.70%, 08/21/2040 (Callable 02/21/2040)		55,703
		HCA, Inc.
	20,000	5.45%, 04/01/2031 (Callable 02/01/2031) (d)		20,129
	140,000	5.60%, 04/01/2034 (Callable 01/01/2034)		141,163
		Humana, Inc.
	30,000	5.75%, 12/01/2028 (Callable 11/01/2028)		30,776
	65,000	5.38%, 04/15/2031 (Callable 02/15/2031)		65,080
	60,000	5.88%, 03/01/2033 (Callable 12/01/2032)		61,938
		Kaiser Foundation Hospitals
	70,000	2.81%, 06/01/2041 (Callable 12/01/2040)		51,794
	70,000	3.00%, 06/01/2051 (Callable 12/01/2050)		48,660
	235,000	The Cigna Group, 5.00%, 05/15/2029 (Callable 04/15/2029)		235,333
		UnitedHealth Group, Inc.
	100,000	4.20%, 05/15/2032 (Callable 02/15/2032)		95,147
	65,000	5.35%, 02/15/2033 (Callable 11/15/2032)		66,932
	10,000	3.50%, 08/15/2039 (Callable 02/15/2039)		8,258
	45,000	5.88%, 02/15/2053 (Callable 08/15/2052)		48,813
	160,000	5.38%, 04/15/2054 (Callable 10/15/2053)		163,021
	30,000	4.95%, 05/15/2062 (Callable 11/15/2061)		28,090
	25,000	6.05%, 02/15/2063 (Callable 08/15/2062)		27,570

				1,411,778

		Hotels, Restaurants & Leisure - 0.1%
	105,000	GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029 (Callable 10/15/2028)		103,354

		Insurance - 0.8%
	70,000	Aon Corp., 2.80%, 05/15/2030 (Callable 02/15/2030)		61,742
	45,000	Aon Corp. / Aon Global Holdings PLC, 5.35%, 02/28/2033 (Callable 11/28/2032)		45,260
	185,000	Aon North America, Inc., 5.45%, 03/01/2034 (Callable 12/01/2033)		187,195
	190,000	Brighthouse Financial Global Funding, 1.75%, 01/13/2025 (c)		183,695


Par			Value
		Insurance (Continued)
		Corebridge Financial, Inc.
	105,000	3.85%, 04/05/2029 (Callable 02/05/2029)	$	98,254
	35,000	6.05%, 09/15/2033 (Callable 06/15/2033) (c)		36,134
	135,000	5.75%, 01/15/2034 (Callable 10/15/2033)		138,114
	65,000	Marsh & McLennan Cos., Inc., 4.75%, 03/15/2039 (Callable 09/15/2038)		61,826
	130,000	MetLife, Inc., 5.38%, 07/15/2033 (Callable 04/15/2033)		132,819
	210,000	Metropolitan Life Global Funding I, 2.40%, 01/11/2032 (c)		173,305
	110,000	Principal Financial Group, Inc., 5.38%, 03/15/2033 (Callable 12/15/2032)		111,192
	110,000	Principal Life Global Funding II, 5.10%, 01/25/2029 (c)		109,906

				1,339,442

		Machinery - 0.2%
		AGCO Corp.
	30,000	5.45%, 03/21/2027 (Callable 02/21/2027)		30,168
	20,000	5.80%, 03/21/2034 (Callable 12/21/2033)		20,259
	40,000	Ingersoll Rand, Inc., 5.70%, 08/14/2033 (Callable 05/14/2033)		41,079
	245,000	Otis Worldwide Corp., 2.57%, 02/15/2030 (Callable 11/15/2029)		215,336
	25,000	Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 (Callable 12/11/2033)		25,336

				332,178

		Media - 1.2%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	210,000	2.25%, 01/15/2029 (Callable 11/15/2028)		178,863
	29,000	3.50%, 03/01/2042 (Callable 09/01/2041)		19,408
	150,000	5.38%, 05/01/2047 (Callable 11/01/2046)		121,101
	15,000	5.75%, 04/01/2048 (Callable 10/01/2047)		12,674
	50,000	5.13%, 07/01/2049 (Callable 01/01/2049)		38,750
	255,000	4.80%, 03/01/2050 (Callable 09/01/2049)		188,747
	100,000	3.70%, 04/01/2051 (Callable 10/01/2050)		61,969
	210,000	3.90%, 06/01/2052 (Callable 12/01/2051)		133,893
	55,000	3.85%, 04/01/2061 (Callable 10/01/2060)		32,680
	70,000	4.40%, 12/01/2061 (Callable 06/01/2061)		45,798
		Comcast Corp.
	95,000	4.80%, 05/15/2033 (Callable 02/15/2033) (d)		93,764
	35,000	3.20%, 07/15/2036 (Callable 01/15/2036)		28,796
	200,000	3.75%, 04/01/2040 (Callable 10/01/2039)		166,471
	125,000	2.89%, 11/01/2051 (Callable 05/01/2051)		81,432
	75,000	2.94%, 11/01/2056 (Callable 05/01/2056)		47,440
		Cox Communications, Inc.
	101,000	3.15%, 08/15/2024 (Callable 06/15/2024) (c)		99,975
	120,000	2.60%, 06/15/2031 (Callable 03/15/2031) (c)		99,690
		Discovery Communications LLC
	18,000	4.13%, 05/15/2029 (Callable 02/15/2029)		16,892
	70,000	3.63%, 05/15/2030 (Callable 02/15/2030)		62,667
	179,000	5.20%, 09/20/2047 (Callable 03/20/2047)		150,230
	78,000	5.30%, 05/15/2049 (Callable 11/15/2048)		65,652
	40,000	4.65%, 05/15/2050 (Callable 11/15/2049)		31,323
		Paramount Global
	130,000	4.38%, 03/15/2043		88,357
	25,000	5.85%, 09/01/2043 (Callable 03/01/2043)		20,302
		Time Warner Cable, Inc.
	30,000	5.50%, 09/01/2041 (Callable 03/01/2041)		25,043
	50,000	4.50%, 09/15/2042 (Callable 03/15/2042)		36,975
	55,000	Warnermedia Holdings, Inc., 5.14%, 03/15/2052 (Callable 09/15/2051)		45,711

				1,994,603

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Metals & Mining - 0.5%
		BHP Billiton Finance USA Ltd.
	120,000	4.90%, 02/28/2033 (Callable 11/28/2032)	$	119,163
	100,000	5.25%, 09/08/2033 (Callable 06/08/2033)		101,341
		Glencore Funding LLC
	125,000	5.37%, 04/04/2029 (Callable 03/04/2029) (c)		125,358
	70,000	6.38%, 10/06/2030 (Callable 08/06/2030) (c)		73,895
	45,000	2.85%, 04/27/2031 (Callable 01/27/2031) (c)		38,503
	185,000	5.63%, 04/04/2034 (Callable 01/04/2034) (c)		185,795
	130,000	Rio Tinto Alcan, Inc., 6.13%, 12/15/2033		139,735

				783,790

		Multi Utilities - 0.7%
		Arizona Public Service Co.
	110,000	6.35%, 12/15/2032 (Callable 09/15/2032)		117,645
	55,000	5.55%, 08/01/2033 (Callable 05/01/2033)		55,699
	65,000	Berkshire Hathaway Energy Co., 6.13%, 04/01/2036		69,258
		Dominion Energy, Inc.
	129,000	3.38%, 04/01/2030 (Callable 01/01/2030)		117,354
	471,000	5.38%, 11/15/2032 (Callable 08/15/2032)		474,421
	10,000	6.30%, 03/15/2033		10,556
		NiSource, Inc.
	324,000	3.60%, 05/01/2030 (Callable 02/01/2030)		298,818
	25,000	5.40%, 06/30/2033 (Callable 03/30/2033)		25,245
	120,000	5.35%, 04/01/2034 (Callable 01/01/2034)		119,377

				1,288,373

		Oil, Gas & Consumable Fuels - 2.6%
	50,000	Boston Gas Co., 3.76%, 03/16/2032 (Callable 12/16/2031) (c)		43,973
	245,000	Brooklyn Union Gas Co., 4.87%, 08/05/2032 (Callable 05/05/2032) (c)		227,216
	45,000	Canadian Natural Resources Ltd., 2.95%, 07/15/2030 (Callable 04/15/2030)		39,789
	20,000	Cenovus Energy, Inc., 2.65%, 01/15/2032 (Callable 10/15/2031)		16,616
	75,000	Cheniere Energy Partners LP, 4.50%, 10/01/2029 (Callable 10/01/2024)		71,469
	100,000	Cheniere Energy, Inc., 5.65%, 04/15/2034 (Callable 10/15/2033) (c)		100,757
		Columbia Pipelines Holding Co. LLC
	65,000	6.04%, 08/15/2028 (Callable 07/15/2028) (c)		66,488
	85,000	5.68%, 01/15/2034 (Callable 10/15/2033) (c)		84,542
		Columbia Pipelines Operating Co. LLC
	170,000	5.93%, 08/15/2030 (Callable 06/15/2030) (c)		174,639
	105,000	6.04%, 11/15/2033 (Callable 08/15/2033) (c)		108,922
	55,000	6.54%, 11/15/2053 (Callable 05/15/2053) (c)		59,754
		ConocoPhillips Co.
	120,000	5.05%, 09/15/2033 (Callable 06/15/2033)		121,244
	112,000	3.80%, 03/15/2052 (Callable 09/15/2051)		87,637
	20,000	5.55%, 03/15/2054 (Callable 09/15/2053)		20,675
	60,000	4.03%, 03/15/2062 (Callable 09/15/2061)		47,684
	60,000	5.70%, 09/15/2063 (Callable 03/15/2063)		63,043
	95,000	Diamondback Energy, Inc., 6.25%, 03/15/2033 (Callable 12/15/2032)		101,405
		Enbridge, Inc.
	270,000	5.70%, 03/08/2033 (Callable 12/08/2032)		276,532
	60,000	2.50%, 08/01/2033 (Callable 05/01/2033)		48,454
		Energy Transfer LP
	335,000	6.40%, 12/01/2030 (Callable 10/01/2030)		353,635
	25,000	5.55%, 05/15/2034 (Callable 02/15/2034)		25,092


Par			Value
		Oil, Gas & Consumable Fuels (Continued)
		Equinor ASA
	95,000	3.63%, 04/06/2040 (Callable 10/06/2039)	$	79,361
	30,000	3.70%, 04/06/2050 (Callable 10/06/2049)		23,782
	183,156	Galaxy Pipeline Assets Bidco Ltd., 2.94%, 09/30/2040 (c)		147,385
	200,000	Greensaif Pipelines Bidco Sarl, 6.13%, 02/23/2038 (c)		203,610
		Hess Corp.
	80,000	7.88%, 10/01/2029		90,533
	70,000	7.30%, 08/15/2031		79,304
	53,000	7.13%, 03/15/2033		60,086
	100,000	KeySpan Gas East Corp., 5.99%, 03/06/2033 (Callable 12/06/2032) (c)		101,686
	180,000	MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030)		154,752
		ONEOK, Inc.
	175,000	3.10%, 03/15/2030 (Callable 12/15/2029)		156,543
	30,000	6.10%, 11/15/2032 (Callable 08/15/2032)		31,474
	45,000	Ovintiv, Inc., 7.38%, 11/01/2031		49,389
	185,000	Phillips 66 Co., 5.30%, 06/30/2033 (Callable 03/30/2033)		186,262
		Southern California Gas Co.
	280,000	5.20%, 06/01/2033 (Callable 03/01/2033)		280,764
	50,000	5.75%, 06/01/2053 (Callable 12/01/2052)		50,892
	60,000	5.60%, 04/01/2054 (Callable 10/01/2053)		60,035
	35,000	Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 (Callable 03/15/2033)		36,283
	50,000	Targa Resources Corp., 6.15%, 03/01/2029 (Callable 02/01/2029)		52,046
	250,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 (Callable 07/15/2026) (d)		225,150
	25,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 (Callable 02/15/2030)		22,630
		Williams Cos., Inc.
	70,000	2.60%, 03/15/2031 (Callable 12/15/2030)		59,683
	40,000	5.65%, 03/15/2033 (Callable 12/15/2032)		41,090

				4,332,306

		Personal Products - 0.2%
	275,000	Haleon US Capital LLC, 3.38%, 03/24/2027 (Callable 02/24/2027)		263,299

		Pharmaceuticals - 0.2%
		Bristol-Myers Squibb Co.
	90,000	5.20%, 02/22/2034 (Callable 11/22/2033)		91,503
	75,000	5.55%, 02/22/2054 (Callable 08/22/2053)		77,545
		Royalty Pharma PLC
	240,000	2.20%, 09/02/2030 (Callable 06/02/2030)		199,668
	15,000	2.15%, 09/02/2031 (Callable 06/02/2031)		12,104
	60,000	3.35%, 09/02/2051 (Callable 03/02/2051)		39,586

				420,406

		Semiconductors & Semiconductor Equipment - 0.2%
		Intel Corp.
	90,000	5.15%, 02/21/2034 (Callable 11/21/2033)		90,257
	45,000	4.75%, 03/25/2050 (Callable 09/25/2049)		40,839
	15,000	5.60%, 02/21/2054 (Callable 08/21/2053)		15,326
	95,000	5.05%, 08/05/2062 (Callable 02/05/2062)		89,567
	30,000	Marvell Technology, Inc., 2.45%, 04/15/2028 (Callable 02/15/2028)		27,071
	125,000	NVIDIA Corp., 3.50%, 04/01/2040 (Callable 10/01/2039)		106,051

				369,111

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		CORPORATE OBLIGATIONS (Continued)
		Software - 0.4%
		Constellation Software, Inc./Canada
	10,000	5.16%, 02/16/2029 (Callable 01/16/2029) (c)	$	10,002
	70,000	5.46%, 02/16/2034 (Callable 11/16/2033) (c)		70,560
		Oracle Corp.
	55,000	2.30%, 03/25/2028 (Callable 01/25/2028)		49,690
	20,000	6.15%, 11/09/2029 (Callable 09/09/2029)		21,095
	50,000	2.95%, 04/01/2030 (Callable 01/01/2030)		44,547
	185,000	4.30%, 07/08/2034 (Callable 01/08/2034)		170,834
	25,000	3.90%, 05/15/2035 (Callable 11/15/2034)		21,975
	50,000	3.80%, 11/15/2037 (Callable 05/15/2037)		42,011
	107,000	3.60%, 04/01/2040 (Callable 10/01/2039)		84,476
	187,000	3.60%, 04/01/2050 (Callable 10/01/2049) (d)		135,197
	65,000	4.10%, 03/25/2061 (Callable 09/25/2060)		48,952

				699,339

		Specialty Retail - 0.3%
	145,000	AutoZone, Inc., 6.55%, 11/01/2033 (Callable 08/01/2033)		158,947
	150,000	O’Reilly Automotive, Inc., 4.70%, 06/15/2032 (Callable 03/15/2032)		146,731
		Penske Truck Leasing Co. Lp / PTL Finance Corp.
	110,000	5.75%, 05/24/2026 (Callable 04/24/2026) (c)		110,854
	50,000	4.40%, 07/01/2027 (Callable 06/01/2027) (c)		48,720
	50,000	6.05%, 08/01/2028 (Callable 07/01/2028) (c)		51,495
	35,000	5.35%, 03/30/2029 (Callable 02/28/2029) (c)		35,058

				551,805

		Textiles, Apparel & Luxury Goods - 0.0% (e)
		Tapestry, Inc.
	40,000	7.05%, 11/27/2025		40,854
	28,000	7.70%, 11/27/2030 (Callable 09/27/2030)		29,859

				70,713

		Tobacco - 0.6%
		BAT Capital Corp.
	120,000	5.83%, 02/20/2031 (Callable 12/20/2030)		121,613
	70,000	6.00%, 02/20/2034 (Callable 11/20/2033)		70,943
		Philip Morris International, Inc.
	136,000	4.88%, 02/15/2028 (Callable 01/15/2028)		135,796
	220,000	5.13%, 02/15/2030 (Callable 12/15/2029)		220,368
	80,000	5.13%, 02/13/2031 (Callable 12/13/2030)		79,632
	190,000	5.38%, 02/15/2033 (Callable 11/15/2032)		191,677
	130,000	5.63%, 09/07/2033 (Callable 06/07/2033)		133,185

				953,214

		Wireless Telecommunication Services - 0.3%
		Cisco Systems, Inc.
	100,000	4.95%, 02/26/2031 (Callable 12/26/2030) (d)		100,946
	65,000	5.35%, 02/26/2064 (Callable 08/26/2063)		66,736
	45,000	Rogers Communications, Inc., 5.00%, 02/15/2029 (Callable 01/15/2029)		44,740
		T-Mobile USA, Inc.
	65,000	2.05%, 02/15/2028 (Callable 12/15/2027)		58,244
	135,000	3.88%, 04/15/2030 (Callable 01/15/2030)		126,481
	60,000	5.05%, 07/15/2033 (Callable 04/15/2033)		59,380
	100,000	5.75%, 01/15/2034 (Callable 10/15/2033)		104,287

				560,814

		Total Corporate Obligations (Cost $46,089,323)		44,561,966


Par			Value
		U.S. TREASURY OBLIGATIONS - 24.3%
		U.S. Treasury Bonds
	2,190,000	3.38%, 08/15/2042	$	1,895,205
	2,820,000	3.13%, 02/15/2043		2,340,820
	590,000	3.63%, 08/15/2043		525,803
	795,000	3.75%, 11/15/2043		720,500
	2,220,000	3.13%, 08/15/2044		1,821,788
	810,000	2.50%, 02/15/2045		593,562
	240,000	3.00%, 11/15/2045		191,011
	950,000	2.50%, 02/15/2046		688,527
	1,610,000	2.25%, 08/15/2046		1,104,391
	2,510,000	3.00%, 02/15/2047		1,978,733
	1,050,000	2.75%, 11/15/2047		786,290
	500,000	3.00%, 02/15/2048		391,934
	2,220,000	3.13%, 05/15/2048		1,779,339
	1,475,533	0.25%, 02/15/2050		936,240
	2,996,000	1.25%, 05/15/2050		1,536,854
	390,000	1.38%, 08/15/2050		206,540
	1,020,000	1.63%, 11/15/2050		577,734
	1,660,000	3.00%, 08/15/2052		1,292,368
	695,000	4.13%, 08/15/2053		669,372
	470,000	4.75%, 11/15/2053		502,753
		U.S. Treasury Notes
	4,340,000	2.00%, 11/15/2026 (h)		4,076,379
	3,140,000	4.25%, 03/15/2027		3,126,876
	5,260,000	1.88%, 02/28/2029 (d)		4,716,228
	775,000	3.25%, 06/30/2029 (d)		739,701
	1,603,621	0.25%, 07/15/2029		1,480,742
	1,410,000	0.63%, 05/15/2030		1,139,924
	108,263	0.13%, 07/15/2030		97,694
	1,030,000	1.38%, 11/15/2031 (d)		842,246
	1,075,000	2.88%, 05/15/2032		977,095
	2,320,000	2.75%, 08/15/2032 (d)		2,083,061
	187,868	1.38%, 07/15/2033		180,679
	1,245,000	3.88%, 08/15/2033		1,213,389
	590,000	4.50%, 11/15/2033 (d)		603,782

		Total U.S. Treasury Obligations (Cost $48,902,948)		41,817,560

		COLLATERALIZED MORTGAGE OBLIGATIONS - 14.5%
	71,604	AJAX Mortgage Loan Trust, Series 2021-C, Class A, 2.12%, 01/25/2061 (Callable 04/25/2024) (c)(f)		69,660
		Angel Oak Mortgage Trust LLC
	25,194	Series 2020-6, Class A1, 1.26%, 05/25/2065 (Callable 04/25/2024) (b)(c)		22,529
	54,449	Series 2020-R1, Class A1, 0.99%, 04/25/2053 (Callable 04/25/2024) (b)(c)		50,089
	86,291	Series 2021-1, Class A1, 0.91%, 01/25/2066 (Callable 04/25/2024) (b)(c)		73,167
	89,015	Series 2021-2, Class A1, 0.99%, 04/25/2066 (Callable 04/25/2024) (b)(c)		74,003
	163,554	Series 2021-3, Class A1, 1.07%, 05/25/2066 (Callable 04/25/2024) (b)(c)		138,282
	141,749	Series 2021-4, Class A1, 1.04%, 01/20/2065 (Callable 04/25/2024) (b)(c)		115,752
	212,872	Series 2021-5, Class A1, 0.95%, 07/25/2066 (Callable 04/25/2024) (b)(c)		179,702
	160,078	Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 04/25/2024) (b)(c)		138,473
	410,549	Series 2022-1, Class A1, 2.88%, 12/25/2066 (Callable 01/25/2025) (c)(f)		369,439

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Arroyo Mortgage Trust
	55,399	Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 04/25/2024) (b)(c)	$	52,140
	52,702	Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 04/25/2024) (b)(c)		49,107
	173,459	Asset Backed Trust, Series 2021-NPL2, Class A1, 2.12%, 06/25/2061 (Callable 07/25/2024) (c)(f)		168,890
		BANK
	975,403	Series 2019-BN18, Class XA, 0.88%, 05/15/2062 (Callable 02/15/2029) (a)(b)		35,362
	1,145,506	Series 2019-BN20, Class XA, 0.81%, 09/15/2062 (Callable 07/15/2029) (a)(b)		40,699
	1,301,653	Series 2019-BN22, Class XA, 0.59%, 11/15/2062 (Callable 08/15/2029) (a)(b)		35,865
	2,121,644	Series 2019-BN23, Class XA, 0.69%, 12/15/2052 (Callable 09/15/2029) (a)(b)		67,539
	980,111	Series 2019-BN24, Class XA, 0.63%, 11/15/2062 (Callable 09/15/2029) (a)(b)		30,447
	968,162	Series 2020-BN26, Class XA, 1.21%, 03/15/2063 (Callable 12/15/2029) (a)(b)		51,048
	1,515,770	Series 2020-BN28, Class XA, 1.76%, 03/15/2063 (Callable 07/15/2030) (a)(b)		132,752
	995,538	Series 2023-BNK45, Class XA, 0.99%, 02/15/2056 (Callable 10/15/2032) (a)(b)		62,504
		BBCMS Mortgage Trust
	90,000	Series 2022-C15, Class A5, 3.66%, 04/15/2055 (Callable 04/15/2032) (b)		81,400
	100,000	Series 2022-C16, Class A5, 4.60%, 06/15/2055 (Callable 06/15/2032) (b)		97,250
	125,000	Series 2022-C18, Class A4, 5.44%, 12/15/2055 (Callable 12/15/2032) (b)		128,860
	40,000	Series 2022-C18, Class A5, 5.71%, 12/15/2055 (Callable 12/15/2032) (b)		41,936
	999,690	Series 2024-C24, Class XA, 1.63%, 02/15/2057 (Callable 11/15/2033) (a)(b)		109,705
	145,000	Series 2024-C24, Class A5, 5.42%, 02/15/2057 (Callable 02/15/2034)		149,529
		Benchmark Mortgage Trust
	1,251,528	Series 2019-B10, Class XA, 1.19%, 03/15/2062 (Callable 01/15/2029) (a)(b)		62,478
	216,196	Series 2019-B11, Class A2, 3.41%, 05/15/2052 (Callable 06/15/2029)		215,064
	957,589	Series 2019-B12, Class XA, 1.02%, 08/15/2052 (Callable 05/15/2029) (a)(b)		31,821
	382,521	Series 2020-B18, Class XA, 1.78%, 07/15/2053 (Callable 05/15/2030) (a)(b)		23,899
	748,454	Series 2020-B22, Class XA, 1.51%, 01/15/2054 (Callable 11/15/2030) (a)(b)		57,764
	1,834,986	Series 2023-B39, Class XA, 0.57%, 07/15/2056 (Callable 03/15/2033) (a)(b)		75,226
	999,491	Series 2023-B40, Class XA, 1.15%, 12/15/2056 (Callable 10/15/2033) (a)(b)		66,637
	250,000	Benefit Street Partners CLO XXXI, Ltd., Series 2023-31A, Class B1, 7.67% (3 mo. Term SOFR + 2.35%), 04/25/2036 (Callable 04/25/2025) (c)		251,324
	104,241	BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056 (Callable 12/25/2024) (b)(c)		90,398


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		BRAVO Residential Funding Trust
	268,073	Series 2021-C, Class A1, 1.62%, 03/01/2061 (Callable 04/25/2024) (c)(f)	$	254,758
	58,078	Series 2021-NQM1, Class A1, 0.94%, 02/25/2049 (Callable 02/25/2026) (b)(c)		51,606
	44,342	Series 2021-NQM2, Class A1, 0.97%, 03/25/2060 (Callable 07/25/2024) (b)(c)		41,444
	85,000	BX Trust, Series 2024-PAT, Class A, 7.34% (1 mo. Term SOFR + 2.09%), 03/15/2026 (c)		85,068
	100,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class C, 7.07% (1 mo. Term SOFR + 1.75%), 12/15/2037 (c)		100,009
	3,852	Chase Mortgage Finance Trust, Series 2007-A1, Class 4A1, 5.70%, 02/25/2037 (Callable 10/25/2028) (b)		3,732
		Citigroup Commercial Mortgage Trust
	296,312	Series 2016-P3, Class A4, 3.33%, 04/15/2049 (Callable 04/15/2026)		282,598
	505,000	Series 2016-P4, Class A4, 2.90%, 07/10/2049 (Callable 07/10/2026)		474,575
	29,056	Citigroup Financial Products, Inc., Series 2018-RP1, Class A1, 3.00%, 09/25/2064 (Callable 01/25/2052) (b)(c)		28,084
		COLT Mortgage Loan Trust
	59,356	Series 2020-2R, Class A1, 1.33%, 10/26/2065 (Callable 04/25/2024) (b)(c)		53,259
	280,082	Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 04/25/2024) (b)(c)		233,781
	141,366	Series 2021-1, Class A1, 0.91%, 06/25/2066 (Callable 04/25/2024) (b)(c)		116,044
	262,841	Series 2021-3, Class A1, 0.96%, 09/27/2066 (Callable 04/25/2024) (b)(c)		212,249
	335,447	Series 2021-HX1, Class A1, 1.11%, 10/25/2066 (Callable 04/25/2024) (b)(c)		279,182
	399,390	Series 2022-1, Class A1, 2.28%, 12/27/2066 (Callable 04/25/2024) (b)(c)		349,079
	83,679	Series 2022-4, Class A1, 4.30%, 03/25/2067 (Callable 04/25/2025) (b)(c)		81,806
		COMM Mortgage Trust
	120,000	Series 2013-300P, Class A1, 4.35%, 08/10/2030 (Callable 08/10/2024) (c)		112,988
	100,000	Series 2022-HC, Class C, 3.38%, 01/10/2039 (Callable 01/10/2027) (c)		87,593
	100,000	Series 2022-HC, Class A, 2.82%, 01/10/2039 (Callable 01/10/2027) (c)		90,450
		Connecticut Avenue Securities Trust
	45,988	Series 2022-R08, Class 1M1, 7.87% (30 day avg SOFR US + 2.55%), 07/25/2042 (Callable 07/25/2027) (c)		47,231
	88,259	Series 2023-R03, Class 2M1, 7.82% (30 day avg SOFR US + 2.50%), 04/25/2043 (Callable 04/25/2028) (c)		90,032
	64,842	Series 2023-R04, Class 1M1, 7.62% (30 day avg SOFR US + 2.30%), 05/25/2043 (Callable 05/25/2028) (c)		66,216
	181,349	Series 2023-R05, Class 1M1, 7.22% (30 day avg SOFR US + 1.90%), 06/25/2043 (Callable 06/25/2028) (c)		183,572
	70,000	Series 2024-R02, Class 1M2, 7.12% (30 day avg SOFR US + 1.80%), 02/25/2044 (Callable 02/25/2029) (c)		70,395

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Countrywide Home Loans, Inc.
	4,259	Series 2004-HYB6, Class A2, 5.28%, 11/20/2034 (Callable 04/20/2024) (b)	$	3,998
	57,206	Series 2005-11, Class 6A1, 6.04% (1 mo. Term SOFR + 0.71%), 03/25/2035 (Callable 04/25/2024)		36,614
	133,828	CSAIL Commercial Mortgage Trust, Series 2016-C6, Class ASB, 2.96%, 01/15/2049 (Callable 05/15/2026)		130,812
		CSMC Trust
	21,793	Series 2017-FHA1, Class A1, 3.25%, 04/25/2047 (Callable 09/25/2042) (b)(c)		19,747
	94,474	Series 2020-NET, Class A, 2.26%, 08/15/2037 (c)		87,882
	87,705	Series 2020-NQM1, Class A1, 1.21%, 05/25/2065 (Callable 04/25/2024) (c)(f)		79,919
	183,362	Series 2020-RPL4, Class A1, 2.00%, 01/25/2060 (Callable 08/25/2046) (b)(c)		160,579
	164,181	Series 2021-NQM2, Class A1, 1.18%, 02/25/2066 (Callable 04/25/2024) (b)(c)		142,788
	127,088	Series 2021-NQM5, Class A1, 0.94%, 05/25/2066 (Callable 07/25/2024) (b)(c)		102,629
	321,495	Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (Callable 09/25/2024) (b)(c)		263,332
	170,351	Series 2021-NQM8, Class A1, 1.84%, 10/25/2066 (Callable 11/25/2024) (b)(c)		148,588
	94,317	Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (Callable 04/25/2024) (b)(c)		91,755
	441,184	Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (Callable 01/25/2025) (b)(c)		387,093
		DBGS Mortgage Trust
	11,076,483	Series 2018-C1, Class XA, 0.20%, 10/15/2051 (Callable 07/15/2028) (a)(b)		79,715
	215,000	Series 2018-C1, Class A4, 4.47%, 10/15/2051 (Callable 10/15/2028)		201,569
		DBJPM Mortgage Trust
	143,984	Series 2016-C1, Class ASB, 3.04%, 05/10/2049 (Callable 04/10/2026)		140,492
	475,000	Series 2016-C3, Class A5, 2.89%, 08/10/2049 (Callable 08/10/2026)		446,522
	307,125	Series 2020-C9, Class XA, 1.70%, 09/15/2053 (Callable 06/15/2030) (a)(b)		16,615
	90,000	DC Commercial Mortgage Trust, Series 2024-HLTN, Class A, 5.73%, 04/13/2028 (b)(c)		90,292
	55,445	Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066 (Callable 04/25/2024) (b)(c)		47,963
		Ellington Financial Mortgage Trust
	62,280	Series 2021-2, Class A1, 0.93%, 06/25/2066 (Callable 06/25/2024) (b)(c)		50,338
	200,796	Series 2022-1, Class A1, 2.21%, 01/25/2067 (Callable 02/25/2025) (b)(c)		171,354
		FirstKey Homes Trust
	114,167	Series 2022-SFR1, Class A, 4.15%, 05/19/2039 (c)		111,180
	482,043	Series 2022-SFR2, Class A, 4.25%, 07/17/2039 (c)		466,797
		GCAT Trust
	96,885	Series 2021-NQM1, Class A1, 0.87%, 01/25/2066 (Callable 04/25/2024) (b)(c)		81,681


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	121,880	Series 2021-NQM2, Class A1, 1.04%, 05/25/2066 (Callable 04/25/2024) (b)(c)	$	100,746
	159,922	Series 2021-NQM3, Class A1, 1.09%, 05/25/2066 (Callable 06/25/2024) (b)(c)		133,405
	225,299	Series 2021-NQM4, Class A1, 1.09%, 08/25/2066 (Callable 09/25/2024) (b)(c)		182,966
	117,523	Series 2021-NQM7, Class A1, 1.92%, 08/25/2066 (Callable 07/25/2035) (b)(c)		102,764
		GS Mortgage Securities Trust
	145,000	Series 2012-BWTR, Class A, 2.95%, 11/05/2034 (Callable 11/05/2024) (c)		109,043
	35,000	Series 2015-GC34, Class A4, 3.51%, 10/10/2048 (Callable 10/10/2025)		33,422
	1,427,582	Series 2020-GC45, Class XA, 0.66%, 02/13/2053 (Callable 10/13/2029) (a)(b)		39,762
	425,000	Series 2024-70P, Class A, 5.13%, 03/10/2041 (b)(c)		422,082
	220,000	Hawaii Hotel Trust, Series 2019-MAUI, Class A, 6.52% (1 mo. Term SOFR + 1.20%), 05/15/2038 (c)		219,350
	465,000	Highbridge Loan Management Ltd., Series 2024-19A, Class A1, 0.00% (3 mo. Term SOFR + 1.57%), 04/15/2037 (c)		465,000
	25,081	HUD Office of the Secretary, Series 2013-37, Class LG, 2.00%, 01/20/2042		23,741
		Imperial Fund Mortgage Trust
	127,819	Series 2021-NQM2, Class A1, 1.07%, 09/25/2056 (Callable 08/25/2024) (b)(c)		104,684
	434,503	Series 2022-NQM2, Class A1, 3.64%, 03/25/2067 (Callable 03/25/2025) (c)(f)		405,900
	90,000	JPMBB Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, 01/16/2037 (Callable 01/16/2025) (c)		77,254
		Legacy Mortgage Asset Trust
	121,953	Series 2021-GS3, Class A1, 1.75%, 07/25/2061 (Callable 04/25/2024) (c)(f)		118,340
	70,191	Series 2021-GS4, Class A1, 1.65%, 11/25/2060 (Callable 04/25/2024) (c)(f)		68,126
	407,933	Life Mortgage Trust US, Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038 (c)		403,646
	260,000	MF1, Ltd., Series 2022-FL8, Class AS, 7.08% (1 mo. Term SOFR + 1.75%), 02/19/2037 (Callable 04/17/2024) (c)		256,088
		MFRA Trust
	19,424	Series 2020-NQM3, Class A1, 1.01%, 01/26/2065 (Callable 04/25/2024) (b)(c)		17,835
	64,454	Series 2021-NQM1, Class A1, 1.15%, 04/25/2065 (Callable 04/25/2024) (b)(c)		58,881
	90,444	Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (Callable 07/25/2024) (b)(c)		78,195
		Mill City Mortgage Loan Trust
	25,782	Series 2017-3, Class A1, 2.75%, 01/25/2061 (Callable 06/25/2036) (b)(c)		25,344
	29,854	Series 2018-1, Class A1, 3.25%, 05/25/2062 (Callable 06/25/2036) (b)(c)		29,145
	22,563	Series 2018-2, Class A1, 3.50%, 05/25/2058 (Callable 01/25/2041) (b)(c)		22,235
	149,620	Series 2019-GS1, Class A1, 2.75%, 07/25/2059 (Callable 09/25/2050) (b)(c)		143,009

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	50,794	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1, 6.46% (1 mo. Term SOFR + 1.13%), 10/25/2033 (Callable 04/25/2024)	$	50,280
	175,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 (Callable 05/15/2026)		167,000
	235,762	MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 0.91%, 12/15/2056 (Callable 09/15/2033) (a)(b)		15,640
	250,000	New Economy Assets LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (Callable 10/20/2024) (c)		219,374
		New Residential Mortgage Loan Trust
	28,428	Series 2016-2A, Class A1, 3.75%, 11/26/2035 (Callable 05/25/2031) (b)(c)		26,714
	25,861	Series 2016-4A, Class A1, 3.75%, 11/25/2056 (Callable 03/25/2035) (b)(c)		24,122
	19,234	Series 2017-4A, Class A1, 4.00%, 05/25/2057 (Callable 12/25/2030) (b)(c)		18,239
	17,115	Series 2017-5A, Class A1, 6.94% (1 mo. Term SOFR + 1.61%), 06/25/2057 (Callable 07/25/2030) (c)		17,138
	70,003	Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 06/25/2034) (b)(c)		66,569
	147,897	Series 2018-3A, Class A1, 4.50%, 05/25/2058 (Callable 10/25/2035) (b)(c)		142,574
	58,246	Series 2018-4A, Class A1S, 6.19% (1 mo. Term SOFR + 0.86%), 01/25/2048 (Callable 02/25/2029) (c)		56,620
	105,774	Series 2019-3A, Class A1A, 3.75%, 11/25/2058 (Callable 07/25/2034) (b)(c)		99,486
	74,150	Series 2019-5A, Class A1B, 3.50%, 08/25/2059 (Callable 02/25/2036) (b)(c)		69,018
	20,614	Series 2019-NQM4, Class A1, 2.49%, 09/25/2059 (Callable 04/25/2024) (b)(c)		19,077
	51,742	Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (Callable 05/25/2024) (b)(c)		47,201
	257,519	Series 2021-NQM3, Class A1, 1.16%, 11/27/2056 (Callable 04/25/2024) (b)(c)		217,360
	398,979	Series 2022-NQM1, Class A1, 2.28%, 04/25/2061 (Callable 04/25/2024) (b)(c)		345,563
	175,000	NJ Trust 2023-GSP, Series 2023-GSP, Class A, 6.48%, 01/06/2029 (b)(c)		183,206
	262,257	NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056 (Callable 05/25/2024) (b)(c)		217,974
		OBX Trust
	150,663	Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 (Callable 04/25/2024) (b)(c)		128,653
	162,477	Series 2021-NQM3, Class A1, 1.05%, 07/25/2061 (Callable 08/25/2024) (b)(c)		126,925
	356,318	Series 2022-NQM1, Class A1, 2.31%, 11/25/2061 (Callable 01/25/2025) (b)(c)		307,406
		Pretium Mortgage Credit Partners LLC
	145,981	Series 2021-NPL2, Class A1, 1.99%, 06/27/2060 (Callable 04/27/2024) (c)(f)		141,958
	123,951	Series 2021-NPL3, Class A1, 1.87%, 07/25/2051 (Callable 04/25/2024) (c)(f)		120,047
	225,239	Series 2021-RN1, Class A1, 1.99%, 02/25/2061 (Callable 06/25/2024) (c)(f)		220,268
	112,601	Series 2021-RN2, Class A1, 1.74%, 07/25/2051 (Callable 04/25/2024) (c)(f)		109,199


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Progress Residential Trust
	397,382	Series 2021-SFR1, Class A, 1.05%, 04/17/2038 (c)	$	365,126
	370,307	Series 2021-SFR3, Class A, 1.64%, 05/17/2026 (c)		342,625
	327,529	Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (c)		297,977
	108,243	Series 2022-SFR3, Class A, 3.20%, 04/17/2039 (Callable 04/17/2025) (c)		101,924
	298,791	Series 2022-SFR4, Class A, 4.44%, 05/17/2041 (c)		290,707
	98,544	Series 2022-SFR5, Class A, 4.45%, 06/17/2039 (c)		96,160
	143,987	Series 2022-SFR7, Class A, 4.75%, 10/27/2039 (c)		141,702
		PRPM Trust
	43,610	Series 2020-6, Class A1, 5.36%, 11/25/2025 (Callable 04/25/2024) (c)(f)		43,694
	94,590	Series 2021-3, Class A1, 1.87%, 04/25/2026 (Callable 04/25/2024) (c)(f)		93,130
	165,307	Series 2021-4, Class A1, 1.87%, 04/25/2026 (Callable 04/25/2024) (c)(f)		161,666
	158,796	Series 2021-5, Class A1, 1.79%, 06/25/2026 (Callable 04/25/2024) (c)(f)		155,671
	132,806	Series 2021-6, Class A1, 1.79%, 07/25/2026 (Callable 04/25/2024) (c)(f)		129,326
	222,406	Series 2021-7, Class A1, 1.87%, 08/25/2026 (Callable 04/25/2024) (c)(f)		215,856
	286,626	Series 2021-9, Class A1, 2.36%, 10/25/2026 (Callable 04/25/2024) (c)(f)		280,101
	61,714	Seasoned Credit Risk Transfer Trust Series, Series 2019-3, Class MV, 3.50%, 10/25/2058 (Callable 07/25/2045)		55,640
		SG Commercial Mortgage Securities Trust
	75,000	Series 2016-C5, Class A4, 3.06%, 10/10/2048 (Callable 07/10/2026)		70,377
	355,000	Series 2020-COVE, Class A, 2.63%, 03/15/2037 (c)		324,930
	226,867	SGR Residential Mortgage Trust, Series 2021-1, Class A1, 1.16%, 07/25/2061 (Callable 04/25/2024) (b)(c)		183,166
		Starwood Mortgage Residential Trust
	16,026	Series 2020-3, Class A1, 1.49%, 04/25/2065 (Callable 04/25/2024) (b)(c)		15,056
	112,118	Series 2021-1, Class A1, 1.22%, 05/25/2065 (Callable 04/25/2024) (b)(c)		98,335
	44,031	Series 2021-2, Class A1, 0.94%, 05/25/2065 (Callable 04/25/2024) (b)(c)		39,978
	258,463	Series 2021-6, Class A1, 1.92%, 11/25/2066 (Callable 11/25/2024) (b)(c)		217,209
	104,459	Toorak Mortgage Corp., Series 2021-1, Class A1, 3.24%, 06/25/2024 (Callable 04/25/2024) (c)(f)		103,464
		Towd Point Mortgage Trust
	17,532	Series 2018-1, Class A1, 3.00%, 01/25/2058 (Callable 10/25/2029) (b)(c)		17,083
	62,952	Series 2018-2, Class A1, 3.25%, 03/25/2058 (Callable 03/25/2031) (b)(c)		61,054
	65,556	Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 01/25/2031) (b)(c)		63,178

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	178,664	Series 2019-1, Class A1, 3.75%, 03/25/2058 (Callable 12/25/2027) (b)(c)	$	170,411
	123,151	Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 01/25/2031) (c)		108,760
	406,262	Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b)(c)		338,198
	3,283	Triangle Re Ltd., Series 2021-3, Class M1A, 7.22% (30 day avg SOFR US + 1.90%), 02/25/2034 (Callable 08/25/2026) (c)		3,284
	504,638	Tricon Residential Trust, Series 2022-SFR1, Class A, 3.86%, 04/17/2039 (c)		484,410
	325,000	TYSN 2023-CRNR Mortgage Trust, Series 2023-CRNR, Class A, 6.58%, 12/10/2033 (b)(c)		340,286
		VCAT Asset Securitization LLC
	37,013	Series 2021-NPL2, Class A1, 5.12%, 03/27/2051 (Callable 04/25/2024) (c)(f)		36,675
	124,185	Series 2021-NPL3, Class A1, 1.74%, 05/25/2051 (Callable 04/25/2024) (c)(f)		120,691
	160,019	Series 2021-NPL4, Class A1, 1.87%, 08/25/2051 (Callable 04/25/2024) (c)(f)		155,338
	231,847	Series 2021-NPL5, Class A1, 1.87%, 08/25/2051 (Callable 04/25/2024) (c)(f)		226,646
	309,532	Series 2021-NPL6, Class A1, 1.92%, 09/25/2051 (Callable 04/25/2024) (c)(f)		301,018
		Vericrest Opportunity Loan Transferee
	156,906	Series 2021-CF1, Class A1, 1.99%, 08/25/2051 (Callable 04/25/2024) (c)(f)		151,728
	145,029	Series 2021-NPL8, Class A1, 5.12%, 04/25/2051 (Callable 04/25/2024) (c)(f)		141,495
	66,574	Series 2021-NPL9, Class A1, 1.99%, 05/25/2051 (Callable 04/25/2024) (c)(f)		64,375
		Verus Securitization Trust
	27,593	Series 2019-4, Class A1B, 4.14%, 11/25/2059 (Callable 04/25/2024) (b)(c)		26,921
	67,883	Series 2021-2, Class A1, 1.03%, 02/25/2066 (Callable 04/25/2024) (b)(c)		58,874
	111,824	Series 2021-4, Class A1, 0.94%, 07/25/2066 (Callable 07/25/2024) (b)(c)		88,908
	281,007	Series 2021-5, Class A1, 1.01%, 09/25/2066 (Callable 09/25/2024) (b)(c)		234,732
	179,767	Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 12/25/2025) (b)(c)		154,728
	69,639	Series 2021-R2, Class A1, 0.92%, 02/25/2064 (Callable 04/25/2024) (b)(c)		61,930
	271,232	Series 2022-1, Class A1, 2.72%, 01/25/2067 (Callable 01/25/2025) (c)(f)		245,485
	265,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A5, 3.15%, 05/15/2048 (Callable 04/15/2025)		257,477

		Total Collateralized Mortgage Obligations (Cost $27,406,259)		24,932,824

		ASSET-BACKED SECURITIES - 8.1%
		Affirm Asset Securitization Trust
	145,000	Series 2023-A, Class 1A, 6.61%, 01/18/2028 (Callable 01/15/2025) (c)		145,919
	125,000	Series 2024-A, Class A, 5.61%, 02/15/2029 (Callable 02/15/2026) (c)		124,826
	210,000	Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.00%, 08/17/2048 (Callable 08/15/2026) (c)		210,028


Par			Value
		ASSET-BACKED SECURITIES (Continued)
	125,000	American Credit Acceptance Receivables Trust, Series 2023-3, Class B, 6.09%, 11/12/2027 (Callable 03/12/2026) (c)	$	125,373
	122,010	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class D, 2.58%, 09/18/2025 (Callable 04/18/2024)		121,815
	100,000	Amur Equipment Finance Receivables XIII LLC, Series 2024-1A B, Class B, 5.37%, 01/21/2031 (Callable 04/20/2028) (c)		99,808
	236,911	ARI Fleet Lease Trust, Series 2023-A, Class A2, 5.41%, 02/17/2032 (Callable 08/15/2026) (c)		236,410
	4,877	Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 07/15/2030 (Callable 04/15/2024) (c)		4,871
		Avis Budget Car Rental LLC
	140,000	Series 2023-7A, Class A, 5.90%, 08/21/2028 (c)		141,999
	110,000	Series 2024-1A, Class A, 5.36%, 06/20/2030 (Callable 06/20/2029) (c)		110,886
	165,000	Series 2024-3A, Class A, 5.23%, 12/20/2030 (c)		165,421
	450,000	Bain Capital Credit CLO, Series 2017-2A, Class AR2, 6.77% (3 mo. Term SOFR + 1.44%), 07/25/2034 (Callable 04/25/2024) (c)		450,430
	315,000	Battalion CLO XXV Ltd., Series 2024-25, Class B, 7.47% (3 mo. Term SOFR + 2.20%), 03/13/2037 (Callable 04/20/2026) (c)		314,733
	21,098	BHG Securitization Trust, Series 2021-B, Class A, 0.90%, 10/17/2034 (Callable 11/17/2027) (c)		20,603
	260,000	BlueMountain CLO Ltd., Series 2019-24A, Class AR, 6.68% (3 mo. Term SOFR + 1.36%), 04/20/2034 (Callable 04/20/2024) (c)		260,087
	318,146	Carvana Auto Receivables Trust, Series 2022-P2, Class A3, 4.13%, 04/12/2027 (Callable 12/10/2027)		314,590
		CF Hippolyta Issuer LLC
	89,945	Series 2020-1, Class A1, 1.69%, 07/15/2060 (Callable 04/15/2024) (c)		84,151
	87,425	Series 2020-1, Class A2, 1.99%, 07/15/2060 (Callable 07/15/2024) (c)		75,321
	94,245	Series 2021-1A, Class A1, 1.53%, 03/15/2061 (Callable 04/15/2024) (c)		85,329
	107,484	Series 2022-1A, Class A1, 5.97%, 08/15/2062 (c)		104,990
	200,997	Chesapeake Funding II LLC, Series 2023-1A, Class A1, 5.65%, 05/15/2035 (Callable 03/15/2026) (c)		201,297
	65,000	CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 05/15/2027)		64,512
	216,558	CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91%, 08/16/2027 (Callable 11/15/2026) (c)		216,713
	140,000	Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A, 5.68%, 03/15/2034 (c)		140,675
	601,163	DB Master Finance Parent LLC, Series 2021-1A, Class A23, 2.79%, 11/20/2051 (Callable 11/20/2027) (c)		505,054
	110,000	DLLAA LLC, Series 2023-1A, Class A3, 5.64%, 02/22/2028 (Callable 10/20/2027) (c)		111,136

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		ASSET-BACKED SECURITIES (Continued)
		Domino’s SPV Guarantor LLC
	180,025	Series 2018-1A, Class A2I, 4.12%, 07/25/2048 (Callable 04/25/2024) (c)	$	175,292
	72,000	Series 2019-1A, Class A2, 3.67%, 10/25/2049 (Callable 10/25/2026) (c)		66,445
	481,388	Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (Callable 10/25/2025) (c)		429,406
	110,000	DT Auto Owner Trust, Series 2023-2A, Class B, 5.41%, 02/15/2029 (Callable 03/15/2027) (c)		109,450
	285,000	Elmwood CLO 19, Ltd., Series 2022-6A, Class BR, 7.72% (3 mo. Term SOFR + 2.40%), 10/17/2036 (Callable 10/17/2025) (c)		286,916
	250,000	Elmwood CLO 23, Ltd., Series 2023-2A, Class B, 7.56% (3 mo. Term SOFR + 2.25%), 04/16/2036 (Callable 04/16/2025) (c)		251,435
		Enterprise Fleet Financing
	145,000	Series 2023-1, Class A3, 5.42%, 10/22/2029 (Callable 10/20/2026) (c)		145,669
	60,000	Series 2024-1, Class A3, 5.16%, 09/20/2030 (Callable 09/20/2027) (c)		59,942
		Exeter Automobile Receivables Trust
	49,884	Series 2019-4A, Class D, 2.58%, 09/15/2025 (Callable 06/15/2024) (c)		49,609
	24,618	Series 2020-1A, Class D, 2.73%, 12/15/2025 (Callable 09/15/2024) (c)		24,389
	89,484	Series 2022-4A, Class B, 4.57%, 01/15/2027 (Callable 10/15/2026)		89,214
	62,000	Series 2022-6A, Class B, 6.03%, 08/16/2027 (Callable 01/15/2027)		62,050
	60,000	Series 2023-3A, Class B, 6.11%, 09/15/2027 (Callable 01/15/2028)		60,180
		Flagship Credit Auto Trust
	204,000	Series 2022-3, Class B, 4.69%, 07/17/2028 (Callable 01/15/2027) (c)		200,925
	53,000	Series 2023-1, Class B, 5.05%, 01/18/2028 (Callable 07/15/2027) (c)		52,494
	136,000	Series 2023-2, Class B, 5.21%, 05/15/2028 (Callable 02/15/2028) (c)		134,450
	40,000	GLS Auto Receivables Issuer Trust, Series 2022-3A, Class B, 4.92%, 01/15/2027 (Callable 01/15/2027) (c)		39,732
	55,000	GreatAmerica Leasing Receivables, Series 2024-1, Class B, 5.18%, 12/16/2030 (Callable 02/15/2028) (c)		54,960
	300,000	GTP Acquisition Partners I LLC, Series 2015-1-2, 3.48%, 06/16/2025 (Callable 05/02/2024) (c)		292,600
	370,000	Hertz Vehicle Financing LLC, Series 2023-3A, Class A, 5.94%, 02/25/2028 (c)		376,178
	420,000	Madison Park Funding Ltd., Series 2024-67A, Class A1, 0.00% (3 mo. Term SOFR + 1.51%), 04/25/2037 (c)		420,000
		Navient Private Education Refi Loan Trust
	99,910	Series 2021-EA, Class A, 0.97%, 12/16/2069 (Callable 12/15/2029) (c)		86,499
	166,173	Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 05/15/2030) (c)		142,131
	209,437	Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032) (c)		210,602
	280,000	Octagon Investment Partners Ltd., Series 2023-2A, Class B, 7.67% (3 mo. Term SOFR + 2.35%), 04/20/2036 (Callable 04/20/2025) (c)		281,469


Par			Value
		ASSET-BACKED SECURITIES (Continued)
	315,000	Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, 09/15/2048 (Callable 09/15/2028) (c)	$	305,243
		RR, Ltd.
	420,000	Series 2022-23A, Class A2R, 7.96% (3 mo. Term SOFR + 2.65%), 10/15/2035 (Callable 07/15/2025) (c)		423,668
	250,000	Series 2023-26A, Class A2, 7.56% (3 mo. Term SOFR + 2.25%), 04/15/2038 (Callable 04/15/2025) (c)		250,869
		Santander Drive Auto Receivables Trust
	115,000	Series 2023-1, Class B, 4.98%, 02/15/2028 (Callable 05/15/2026)		114,252
	190,000	Series 2023-3, Class B, 5.61%, 07/17/2028 (Callable 12/15/2026)		190,586
	195,000	Series 2023-4, Class B, 5.77%, 12/15/2028 (Callable 02/15/2027)		196,572
	155,000	SBA Tower Trust, Series 2019-1, 2.84%, 01/15/2025 (Callable 05/02/2024) (c)		151,310
	70,000	SBNA Auto Lease Trust, Series 2024-A, Class A4, 5.24%, 01/22/2029 (Callable 11/20/2026) (c)		69,908
	155,000	SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A4, 5.47%, 12/20/2029 (Callable 06/20/2027) (c)		156,734
		Sound Point CLO Ltd.
	27,125	Series 2013-2RA, Class A1, 6.53% (3 mo. Term SOFR + 1.21%), 04/15/2029 (Callable 04/15/2024) (c)		27,125
	410,000	Series 2021-1A, Class A, 6.66% (3 mo. Term SOFR + 1.33%), 04/25/2034 (Callable 04/25/2024) (c)		407,271
		Stack Infrastructure Issuer LLC
	180,000	Series 2023-2A, Class A2, 5.90%, 07/25/2048 (Callable 06/25/2026) (c)		177,963
	100,000	Series 2024-1A, Class A2, 5.90%, 03/25/2049 (Callable 03/25/2027) (c)		100,485
	100,000	Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/2050 (Callable 12/20/2024) (c)		93,328
	725,085	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, 08/25/2051 (Callable 02/25/2026) (c)		631,688
	250,000	Texas Debt Capital CLO Ltd., Series 2023-1A, Class B, 7.62% (3 mo. Term SOFR + 2.30%), 04/20/2036 (Callable 04/20/2025) (c)		251,056
	405,000	THL Credit Wind River CLO Ltd., Series 2020-1A, Class A, 7.01% (3 mo. Term SOFR + 1.69%), 10/20/2033 (Callable 04/20/2024) (c)		405,013
	37,492	Tricolor Auto Securitization Trust, Series 2023-1A, Class A, 6.48%, 08/17/2026 (Callable 01/15/2026) (c)		37,503
	410,000	Venture CDO Ltd., Series 2021-42A, Class A1A, 6.71% (3 mo. Term SOFR + 1.39%), 04/15/2034 (Callable 04/15/2024) (c)		410,193
	369,442	Wellfleet CLO Ltd., Series 2019-XA, Class A1R, 6.75% (3 mo. Term SOFR + 1.43%), 07/20/2032 (Callable 04/20/2024) (c)		369,258
	74,995	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048 (Callable 06/15/2024) (c)		70,946
		Westlake Automobile Receivables Trust
	225,000	Series 2022-2A, Class B, 4.31%, 09/15/2027 (Callable 04/15/2026) (c)		223,071

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Par			Value
		ASSET-BACKED SECURITIES (Continued)
	60,000	Series 2023-1A, Class B, 5.41%, 01/18/2028 (Callable 08/15/2026) (c)	$	59,865
	197,000	Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 06/05/2024) (c)		179,223
	100,000	World Omni Auto Receivables Trust, Series 2023-A, Class B, 5.03%, 05/15/2029 (Callable 09/15/2026)		99,509

		Total Asset-Backed Securities (Cost $13,926,592)		13,941,653


Par
		MUNICIPAL BONDS - 1.6%
	101,882	Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/01/2040		115,254
	20,000	Chicago Transit Authority Sales Tax Receipts Fund, 3.91%, 12/01/2040		17,303
	178,045	Commonwealth of Massachusetts, 4.11%, 07/15/2031		175,949
		County of Riverside CA
	345,000	2.96%, 02/15/2027		329,105
	345,000	3.07%, 02/15/2028		326,795
	110,000	Dallas Fort Worth International Airport, Series A, 4.51%, 11/01/2051 (Callable 11/01/2032)		101,372
	125,000	District of Columbia, 3.43%, 04/01/2042 (Obligor: National Public Radio Inc)		100,413
		Metropolitan Transportation Authority
	255,000	5.18%, 11/15/2049		237,394
	100,000	5.00%, 11/15/2050 (Callable 05/15/2030)		104,022
	265,000	New York Transportation Development Corp., 4.25%, 09/01/2035 (Obligor: Research Fndtn Of St Univ)		257,169
	355,000	Philadelphia Authority for Industrial Development, 6.55%, 10/15/2028		381,472
	35,000	Regents of the University of California Medical Center Pooled Revenue, 6.55%, 05/15/2048		39,792
	250,000	State Board of Administration Finance Corp., 1.26%, 07/01/2025		238,400
	60,000	State of California, 7.30%, 10/01/2039		70,697
	225,000	Texas Natural Gas Securitization Finance Corp., 5.10%, 04/01/2035		227,164

		Total Municipal Bonds (Cost $2,891,887)		2,722,301

		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.5%
		Bermuda Government International Bond
	200,000	2.38%, 08/20/2030 (Callable 05/20/2030)		167,860
	200,000	5.00%, 07/15/2032 (Callable 04/15/2032) (c)		192,900
	200,000	Chile Government International Bond, 4.95%, 01/05/2036 (Callable 10/05/2035)		193,955
		Hungary Government International Bond
	200,000	6.13%, 05/22/2028 (c)		205,099
	200,000	5.50%, 03/26/2036 (c)		194,538
		Mexico Government International Bond
	200,000	3.50%, 02/12/2034 (Callable 11/12/2033)		166,943
	640,000	6.00%, 05/07/2036 (Callable 02/07/2036)		641,974


Par			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
		Romanian Government International Bond
	302,000	5.88%, 01/30/2029 (c)	$	302,602
	338,000	3.00%, 02/14/2031		284,234
	108,000	6.38%, 01/30/2034 (c)		109,723
	200,000	Saudi Government International Bond, 5.75%, 01/16/2054 (c)		198,540

		Total Foreign Government Debt Obligations (Cost $2,748,474)		2,658,368


Units
		SHORT-TERM INVESTMENTS - 12.0%
		Investments Purchased with Proceeds from Securities Lending - 6.7%
	11,531,788	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (g)		11,531,788


Shares
		Money Market Funds - 5.3%
	9,067,969	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (g)		9,067,969

		Total Short-Term Investments (Cost $20,599,757)		20,599,757

		Total Investments - 127.1% (Cost $232,762,234)		218,913,688
		Liabilities in Excess of Other Assets - (27.1)%		(46,650,241	)

		TOTAL NET ASSETS - 100.0%	$	172,263,447

Percentages are stated as a percent of net assets.


AG	-	Aktiengesellschaft
ASA	-	Advanced Subscription Agreement
CMT	-	Constant Maturity Treasury Rate
PLC	-	Public Limited Company
SA	-	Sociedad Anónima
SOFR	-	Secured Overnight Financing Rate

(a)

Interest only security.

(b)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2024.

(c)

(d)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $11,283,546 which represented 6.6% of net assets.

(e)

Represents less than 0.05% of net assets.

(f)

Step coupon bond. The rate disclosed is as of March 31, 2024.

(g)

The rate shown represents the 7-day effective yield as of March 31, 2024.

(h)

All or a portion of this security is held as collateral for certain swap and futures contracts. The approximate value of the portion of this security held as collateral is $958,042.

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2024


Description	Contracts Purchased			Expiration Date		Notional			Value / Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Note Future		15			06/28/2024		$3,067,266		$	(2,816	)

Description	Contracts Sold			Expiration Date		Notional			Value / Unrealized Appreciation (Depreciation)
U.S. Treasury 10 Year Note Future		(6	)		06/18/2024	$	(664,781	)	$	(2,132	)
U.S. Treasury Long Bond Future		(11	)		06/18/2024		(1,324,813	)		(14,970	)
U.S. Treasury Ultra 10 Year Note Future		(30	)		06/18/2024		(3,438,281	)		(18,261	)
U.S. Treasury Ultra Bond Future		(24	)		06/18/2024		(3,096,000	)		(30,264	)

									$	(65,627	)

Total Unrealized Appreciation (Depreciation)									$	(68,443	)

GuideMark Core Fixed Income Fund

SCHEDULE OF INTEREST RATE SWAP CONTRACTS

March 31, 2024


Fixed Annual Rate	Floating Rate Index	Floating Rate Paid or Received		Payment Frequency	Counterparty	Maturity Date		Notional		Upfront payments (receipts)			Unrealized Appreciation (Depreciation)		Value
2.97%	USD-SOFR-COMPOUND 5.34%		Receive	Annually	Morgan Stanley		03/15/2053	$	990,000	$	3,089		$	112,810	$	115,899
1.56%	USD-SOFR-COMPOUND 5.34%		Receive	Annually	Morgan Stanley		12/15/2051		565,000		(3,248	)		206,485		203,237
2.88%	USD-SOFR-COMPOUND 5.34%		Receive	Annually	Morgan Stanley		03/15/2053		310,000		3,502			37,697		41,199
3.59%	USD-SOFR-COMPOUND 5.34%		Receive	Annually	Morgan Stanley		09/20/2053		680,000		2,870			1,573		4,443

Total Interest Rate Swaps										$	6,213		$	358,565	$	364,778

GuidePath Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 99.0%
		Domestic Equity Funds - 74.4%
	1,492,800	AMCAP Fund - Class F-3	$	63,518,638
	526,937	American Funds - New Economy Fund - Class F-3		31,732,134
	520,904	American Funds - New Perspective Fund - Class F-3		31,587,629
	673,176	American Funds - Smallcap World Fund, Inc. - Class F-3		47,169,465
	1,119,428	American Funds - The Growth Fund of America - Class F-3		79,624,901
	805,090	American Funds Fundamental Investors - Class F-3		63,980,477
	21,212	Invesco QQQ Trust Series 1 (a)		9,418,340
	768,945	iShares Core S&P Small-Cap ETF (a)		84,983,801
	1,900,170	Schwab U.S. Large-Cap ETF (a)		117,924,550
	852,513	Schwab U.S. Large-Cap Growth ETF (a)		79,045,005
	190,658	SPDR S&P 600 Small Cap Growth ETF (a)		16,631,097
	729,185	Vanguard Russell 1000 Growth ETF (a)		63,198,464
	119,538	Vanguard Russell 2000 Growth (a)		23,560,940
	477,118	Vanguard S&P 500 ETF		229,350,623
	63,557	Vanguard Value ETF (a)		10,350,893

				952,076,957

		Emerging Market Equity Funds - 6.0%
	1,475,074	iShares Core MSCI Emerging Markets ETF		76,113,819

		International Equity Funds - 16.3%
	44,265	iShares Core MSCI Europe ETF (a)		2,560,730
	360,398	iShares MSCI ACWI ETF		39,690,632
	314,181	JPMorgan BetaBuilders Canada ETF (a)		20,990,433
	201,793	Vanguard FTSE All World ex-US Small-Cap ETF (a)		23,577,494
	2,435,390	Vanguard FTSE Developed Markets ETF (a)		122,183,516

				209,002,805

		Real Estate Funds - 2.3%
	255,985	Vanguard Global ex-U.S. Real Estate ETF		10,787,208
	215,686	Vanguard Real Estate ETF (a)		18,652,525

				29,439,733

		Total Investment Companies (Cost $827,922,510)		1,266,633,314


Units			Value
		SHORT-TERM INVESTMENTS - 12.6%
		Investments Purchased with Proceeds from Securities Lending - 11.6%
	148,573,145	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (b)	$	148,573,145

Shares
		Money Market Funds - 1.0%
	12,311,097	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (b)		12,311,097

		Total Short-Term Investments (Cost $160,884,242)		160,884,242

		Total Investments - 111.6% (Cost $988,806,752)		1,427,517,556
		Liabilities in Excess of Other Assets - (11.6)%		(147,905,727	)

		TOTAL NET ASSETS - 100.0%	$	1,279,611,829

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $145,216,596 which represented 11.3% of net assets.

(b)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 98.8%
		Alternative Funds - 1.7%
	202,236	SPDR Gold MiniShares Trust (a)(b)	$	8,908,496

		Domestic Equity Funds - 23.3%
	241,919	American Funds - Mutual Fund - Class F-3		13,148,272
	211,494	American Funds - Washington Mutual Investors Fund - Class F-3		13,146,468
	158,804	iShares Core S&P Small-Cap ETF (b)		17,551,018
	154,449	iShares MSCI USA Min Vol Factor ETF (b)		12,908,848
	108,787	Vanguard High Dividend Yield ETF (b)		13,162,139
	73,856	Vanguard S&P 500 ETF		35,502,579
	114,563	Vanguard Value ETF (b)		18,657,730

				124,077,054

		Domestic Fixed Income Funds - 46.3%
	1,371,999	American Funds - High-Income Trust - Class F-3 - Class F-3		13,130,033
	1,858,858	American Funds - The Bond Fund of America - Class F-3		20,967,922
	2,249,331	American Funds Multi-Sector Income Fund - Class F-3		20,986,254
	37,017	iShares 10+ Year Investment Grade Corporate Bond ETF (b)		1,906,746
	206,110	iShares 7-10 Year Treasury Bond ETF (b)		19,510,373
	310,081	iShares Broad USD High Yield Corporate Bond ETF (b)		11,345,864
	96,479	iShares Broad USD Investment Grade Corporate Bond ETF		4,898,239
	214,014	iShares Core U.S. Aggregate Bond ETF (b)		20,960,531
	31,975	iShares iBoxx High Yield Corporate Bond ETF (b)		2,485,417
	66,880	iShares TIPS Bond ETF		7,183,581
	89,699	SPDR Portfolio Short Term Treasury ETF		2,594,095
	7,171,166	Vanguard High-Yield Corporate Fund - Class Admiral		38,580,874
	78,283	Vanguard Intermediate-Term Corporate Bond ETF (b)		6,302,564
	220,927	Vanguard Long-Term Treasury ETF		13,087,715
	255,422	Vanguard Mortgage-Backed Securities ETF		11,649,797
	27,039	Vanguard Short-Term Corporate Bond ETF (b)		2,090,385
	21,863	Vanguard Total Bond Market ETF		1,587,910
	923,313	WisdomTree Floating Rate Treasury Fund (b)		46,433,411

				245,701,711

		Emerging Market Equity Funds - 1.5%
	159,296	iShares Core MSCI Emerging Markets ETF		8,219,673

		Emerging Markets Fixed Income Funds - 0.8%
	58,842	iShares MSCI EAFE Min Vol Factor ETF (b)		4,170,721

		Hybrid Funds - 18.1%
	365,704	American Funds - Capital Income Builder, Inc. - Class F-3 - Class F-3		24,941,047
	1,029,280	American Funds - The Income Fund of America - Class F-3		24,970,340
	339,244	iShares Core Aggressive Allocation ETF		24,920,864
	380,240	iShares Core Growth Allocation ETF (b)		21,167,961

				96,000,212


Shares			Value
		International Equity Funds - 5.0%
	64,406	iShares Core MSCI Europe ETF (b)	$	3,725,887
	51,456	JPMorgan BetaBuilders Canada ETF (b)		3,437,775
	383,209	Vanguard FTSE Developed Markets ETF (b)		19,225,596

				26,389,258

		International Fixed Income Funds - 1.1%
	30,886	iShares J.P. Morgan USD Emerging Markets Bond ETF (b)		2,769,548
	59,439	SPDR Bloomberg International Treasury Bond ETF (b)		1,321,923
	42,513	Vanguard Total International Bond ETF		2,091,214

				6,182,685

		Real Estate Funds - 1.0%
	32,760	Vanguard Global ex-U.S. Real Estate ETF		1,380,506
	45,978	Vanguard Real Estate ETF (b)		3,976,178

				5,356,684

		Total Investment Companies (Cost $467,171,273)		525,006,494

Units
		SHORT-TERM INVESTMENTS - 21.3%
		Investments Purchased with Proceeds from Securities Lending - 20.3%
	107,830,811	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (c)		107,830,811

Shares
		Money Market Funds - 1.0%
	5,209,798	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (c)		5,209,798

		Total Short-Term Investments (Cost $113,040,609)		113,040,609

		Total Investments - 120.1% (Cost $580,211,882)		638,047,103
		Liabilities in Excess of Other Assets - (20.1)%		(106,967,681	)

		TOTAL NET ASSETS - 100.0%	$	531,079,422

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $105,517,241 which represented 19.9% of net assets.

(c)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		COMMON STOCKS - 71.0%
		Air Freight & Logistics - 2.7%
	130,629	Expeditors International of Washington, Inc.	$	15,880,568

		Biotechnology - 8.5%
	63,233	Gilead Sciences, Inc.		4,631,817
	19,537	Regeneron Pharmaceuticals, Inc. (a)		18,804,167
	49,850	United Therapeutics Corp. (a)		11,451,542
	37,983	Vertex Pharmaceuticals, Inc. (a)		15,877,274

				50,764,800

		Building Products - 3.2%
	92,431	Builders FirstSource, Inc. (a)		19,276,485

		Electric Utilities - 3.2%
	62,446	OGE Energy Corp.		2,141,898
	238,475	Vistra Corp.		16,609,784

				18,751,682

		Financial Services - 0.7%
	185,552	MGIC Investment Corp.		4,148,943

		Food & Staples Retailing - 2.3%
	212,871	Sprouts Farmers Market, Inc. (a)(b)		13,725,922

		Household Durables - 7.8%
	107,648	DR Horton, Inc.		17,713,478
	147,489	PulteGroup, Inc.		17,790,123
	174,727	Taylor Morrison Home Corp. (a)		10,862,778

				46,366,379

		Household Products - 3.0%
	109,193	Procter & Gamble Co.		17,716,564

		Insurance - 14.6%
	226,504	Aflac, Inc.		19,447,634
	154,774	Arch Capital Group Ltd. (a)		14,307,309
	43,635	Everest Group Ltd.		17,344,912
	217,481	Hartford Financial Services Group, Inc.		22,411,417
	249,246	Unum Group		13,374,540

				86,885,812

		Interactive Media & Services - 5.7%
	100,316	Alphabet, Inc. - Class A (a)		15,140,694
	38,850	Meta Platforms, Inc. - Class A		18,864,783

				34,005,477

		Machinery - 1.7%
	33,275	Snap-on, Inc.		9,856,721

		Metals & Mining - 2.3%
	94,001	Steel Dynamics, Inc. (b)		13,933,768

		Oil, Gas & Consumable Fuels - 2.5%
	213,970	CNX Resources Corp. (a)(b)		5,075,368
	172,777	PBF Energy, Inc. - Class A		9,946,772

				15,022,140

		Professional Services - 2.9%
	119,811	Robert Half, Inc.		9,498,616
	58,939	Science Applications International Corp.		7,685,056

				17,183,672


Shares			Value
		Semiconductors & Semiconductor Equipment - 1.1%
	7,214	NVIDIA Corp.	$	6,518,282

		Software - 5.0%
	70,963	Microsoft Corp.		29,855,553

		Technology Hardware, Storage & Peripherals - 3.8%
	131,851	Apple, Inc.		22,609,809

		Total Common Stocks (Cost $315,032,188)		422,502,577

		INVESTMENT COMPANIES - 26.8%
		Alternative Funds - 11.9%
	916,538	ProShares Ultra S&P500 (b)		71,050,026

		Domestic Equity Funds - 14.9%
	168,865	iShares Core S&P 500 ETF		88,777,396

		TOTAL INVESTMENT COMPANIES (Cost $148,241,693)		159,827,422

Units
		SHORT-TERM INVESTMENTS - 16.9%
		Investments Purchased with Proceeds from Securities Lending - 14.9%
	88,614,980	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (c)		88,614,980

Shares
		Money Market Funds - 2.0%
	12,193,987	JPMorgan US Government Money Market Fund - Class IM, 5.25% (c)		12,193,987

		Total Short-Term Investments (Cost $100,808,967)		100,808,967

		Total Investments - 114.7% (Cost $564,082,848)		683,138,966
		Liabilities in Excess of Other Assets - (14.7)%		(87,778,425	)

		TOTAL NET ASSETS - 100.0%	$	595,360,541

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $86,793,755 which represented 14.6% of net assets.

(c)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 99.0%
		Alternative Funds - 1.0%
	26,315	ProShares Investment Grade-Interest Rate Hedged ETF	$	2,013,453

		Domestic Equity - 2.7%
	362,012	DoubleLine Shiller Enhanced CAPE - Class I		5,379,504

		Domestic Fixed Income Funds - 87.6%
	58,005	Blackrock Flexible Income ETF (a)		3,042,942
	1,635,403	BlackRock Low Duration Bond Portfolio - Class Institutional		14,685,917
	497,064	DoubleLine Core Fixed Income Fund - Class I		4,572,990
	866,513	DoubleLine Flexible Income Fund - Class I		7,452,014
	1,542,501	DoubleLine Low Duration Bond Fund - Class I		14,777,163
	2,341,783	DoubleLine Total Return Bond Fund - Class I		20,420,345
	69,169	iShares 7-10 Year Treasury Bond ETF (a)		6,547,538
	109,039	iShares High Yield Systematic Bond ETF		5,094,302
	41,624	Schwab Short-Term U.S. Treasury ETF		2,006,693
	770,548	SPDR Bloomberg Investment Grade Floating Rate ETF		23,755,995
	138,788	SPDR Portfolio Short Term Treasury ETF		4,013,749
	810,522	T Rowe Price Institutional Floating Rate Fund - Class I		7,667,542
	3,412,864	Vanguard High-Yield Corporate Fund - Class Admiral		18,361,207
	213,732	Vanguard Intermediate-Term Corporate Bond ETF (a)		17,207,563
	398,833	Vanguard Mortgage-Backed Securities ETF (a)		18,190,773
	52,190	Vanguard Short-Term Corporate Bond ETF (a)		4,034,809
	90,378	Vanguard Total Bond Market ETF		6,564,154

				178,395,696

		Emerging Markets Fixed Income Funds - 4.1%
	129,675	Vanguard Emerging Markets Government Bond ETF		8,279,749

		Opportunistic Fixed Income Funds - 3.6%
	788,064	BlackRock Strategic Income Opportunities Portfolio - Class Institutional		7,415,682

		Total Investment Companies (Cost $199,731,859)		201,484,084


Units			Value
		SHORT-TERM INVESTMENTS - 24.0%
		Investments Purchased with Proceeds from Securities Lending - 23.1%
	47,162,806	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (b)	$	47,162,806

Shares
		Money Market Funds - 0.9%
	1,901,479	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (b)		1,901,479

		Total Short-Term Investments (Cost $49,064,285)		49,064,285

		Total Investments - 123.0% (Cost $248,796,144)		250,548,369
		Liabilities in Excess of Other Assets - (23.0)%		(46,790,208	)

		TOTAL NET ASSETS - 100.0%	$	203,758,161

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $45,963,579 which represented 22.6% of net assets.

(b)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 98.9%
		Domestic Equity Funds - 34.7%
	48,847	BlackRock High Equity Income Fund - Class Institutional	$	1,421,937
	242,868	Global X U.S. Preferred ETF		4,896,219
	40,109	iShares Select Dividend ETF		4,940,627
	84,017	Schwab U.S. Dividend Equity ETF (a)		6,774,291
	86,285	SPDR Portfolio S&P 500 High Dividend ETF		3,512,662
	54,471	Vanguard High Dividend Yield ETF (a)		6,590,446
	1,335	Vanguard S&P 500 ETF		641,735
	69,758	WisdomTree U.S. LargeCap Dividend Fund		5,035,830
	74,930	WisdomTree U.S. SmallCap Dividend Fund		2,448,712

				36,262,459

		Domestic Fixed Income Funds - 35.0%
	31,937	Blackrock Flexible Income ETF (a)		1,675,415
	124,361	iShares 0-5 Year High Yield Corporate Bond ETF (a)		5,291,561
	45,945	iShares Broad USD Investment Grade Corporate Bond ETF		2,332,628
	42,937	iShares Convertible Bond ETF (a)		3,427,661
	9,582	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		1,043,671
	13,650	Schwab U.S. TIPS ETF		711,984
	15,860	SPDR Portfolio Aggregate Bond ETF (a)		400,941
	55,760	SPDR Portfolio Long Term Corporate Bond ETF		1,295,862
	39,301	SPDR Portfolio Short Term Treasury ETF		1,136,585
	107,110	T Rowe Price Institutional Floating Rate Fund - Class I		1,013,263
	1,800,729	Vanguard High-Yield Corporate Fund - Class Admiral		9,687,922
	9,837	Vanguard Intermediate-Term Treasury ETF (a)		575,956
	40,509	Vanguard Long-Term Treasury ETF		2,399,753
	36,337	Vanguard Mortgage-Backed Securities ETF (a)		1,657,331
	77,732	WisdomTree Floating Rate Treasury Fund (a)		3,909,142

				36,559,675

		Emerging Market Equity Funds - 6.1%
	242,371	iShares Emerging Markets Dividend ETF (a)		6,340,425

		Emerging Markets Fixed Income Funds - 1.9%
	30,697	Vanguard Emerging Markets Government Bond ETF		1,960,003

		International Equity Funds - 11.3%
	15,650	iShares International Dividend Growth ETF (a)		1,054,184
	176,904	iShares International Select Dividend ETF		4,960,388
	50,549	SPDR S&P Global Dividend ETF		3,031,929
	78,807	SPDR S&P International Dividend ETF		2,770,066

				11,816,567


Shares			Value
		International Fixed Income Funds - 0.6%
	13,204	Janus Henderson AAA CLO ETF (a)	$	669,971

		Multi-Asset Funds - 5.2%
	215,723	Loomis Sayles Global Allocation Fund - Class Y		5,408,181

		Opportunistic Fixed Income Funds - 1.9%
	71,711	BlackRock Strategic Income Opportunities Portfolio - Class Institutional		674,802
	50,161	iShares Fallen Angels USD Bond ETF (a)		1,347,324

				2,022,126

		Real Estate Funds - 2.2%
	26,799	Vanguard Real Estate ETF (a)		2,317,578

		Total Investment Companies (Cost $90,092,619)		103,356,985

Units
		SHORT-TERM INVESTMENTS - 29.6%
		Investments Purchased with Proceeds from Securities Lending - 28.9%
	30,226,310	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (b)		30,226,310

Shares
		Money Market Funds - 0.7%
	736,410	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (b)		736,410

		Total Short-Term Investments (Cost $30,962,720)		30,962,720

		Total Investments - 128.5% (Cost $121,055,339)		134,319,705
		Liabilities in Excess of Other Assets - (28.5)%		(29,803,115	)

		TOTAL NET ASSETS - 100.0%	$	104,516,590

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $29,623,438 which represented 28.3% of net assets.

(b)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 96.7%
		Alternative Funds - 14.0%
	224,976	JPMorgan Research Market Neutral Fund - Class I (c)	$	3,352,142
	2,426,136	Stone Ridge Diversified Alternatives Fund - Class I		25,959,650
	560,290	Vanguard Market Neutral Fund - Class Institutional (c)		7,788,031

				37,099,823

		Domestic Equity Funds - 1.5%
	128,886	Goldman Sachs US Equity Dividend and Premium Fund - Class Institutional		2,054,436
	35,157	JPMorgan Equity Premium Income ETF (a)		2,034,184

				4,088,620

		Domestic Fixed Income Funds - 66.3%
	564,832	iShares Broad USD High Yield Corporate Bond ETF (a)		20,667,203
	1,681,840	JPMorgan Short Duration Core Plus Fund - Class I		15,355,200
	26,516	Schwab Short-Term U.S. Treasury ETF		1,278,336
	188,240	SPDR Bloomberg High Yield Bond ETF (a)		17,920,448
	210,495	SPDR Bloomberg Short Term High Yield Bond ETF (a)		5,308,684
	707,457	SPDR Portfolio Short Term Treasury ETF		20,459,656
	6,847,793	Vanguard High-Yield Corporate Fund - Class Admiral		36,841,124
	290,803	Vanguard Long-Term Treasury ETF (a)		17,227,170
	352,508	Vanguard Short-Term Treasury ETF (a)		20,470,140
	579,065	Xtrackers USD High Yield Corporate Bond ETF		20,678,411

				176,206,372

		Emerging Markets Fixed Income Funds - 4.9%
	203,846	Vanguard Emerging Markets Government Bond ETF		13,015,567

		Opportunistic Fixed Income Funds - 10.0%
	816,016	Eaton Vance Strategic Income Fund - Class I		5,369,387
	1,320,880	JPMorgan Income Fund - Class I		11,068,978
	1,038,198	JPMorgan Unconstrained Debt Fund - Class I		10,039,371

				26,477,736

		Total Investment Companies (Cost $250,528,565)		256,888,118


Units			Value
		SHORT-TERM INVESTMENTS - 29.2%
		Investments Purchased with Proceeds from Securities Lending - 26.2%
	69,623,360	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (b)	$	69,623,360

Shares
		Money Market Funds - 3.0%
	7,854,726	JPMorgan US Government Money Market Fund - Class IM, 5.25% (b)		7,854,726

		Total Short-Term Investments (Cost $77,478,086)		77,478,086

		Total Investments - 125.9% (Cost $328,006,651)		334,366,204
		Liabilities in Excess of Other Assets - (25.9)%		(68,694,747	)

		TOTAL NET ASSETS - 100.0%	$	265,671,457

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $67,919,036 which represented 25.6% of net assets.

(b)

The rate shown represents the 7-day effective yield as of March 31, 2024.

(c)

Certain GuidePath Funds invest in securities of underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the oustanding shares of each underlying fund, and therefore are potentially illiquid, amount to $3,581,417 or 1.35% of total net assets as of March 31, 2024.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2024


Par			Value
		SHORT-TERM INVESTMENTS - 107.7%
		Certificates of Deposits - 50.1%
	10,000,000	Bank of America NA, 5.80%, 04/10/2024	$	10,000,000
	8,000,000	Bank of Montreal, 5.98%, 06/14/2024		8,008,668
	10,000,000	Bank of Nova Scotia, 5.90%, 08/21/2024		10,015,337
	8,000,000	BNP Paribas, 5.20%, 12/19/2024		7,987,602
	10,000,000	BNP Paribas, 5.27%, 10/04/2024		9,988,970
	5,000,000	Canadian Imperial Bank of Commerce, 5.84%, 05/13/2024		5,000,000
	7,000,000	Canadian Imperial Bank of Commerce, 5.63%, 03/06/2025		7,001,189
	3,000,000	Cooperatieve Rabobank UA, 5.62%, 02/04/2025		3,000,786
	6,000,000	DG Bank, 5.30%, 06/03/2024		5,997,872
	10,000,000	DNB Bank ASA, 5.27%, 04/02/2024		10,000,000
	5,000,000	Mitsubishi UFJ Trust & Banking Corp., 5.50%, 08/19/2024		5,000,311
	5,000,000	Oversea Chinese Banking Corp., Ltd., 5.48%, 09/11/2024		4,998,885
	10,000,000	Royal Bank of Canada, 5.96%, 09/20/2024		10,019,003
	10,000,000	Skandinaviska Enskilda Banken, 5.25%, 10/08/2024		9,987,696
	10,000,000	Sumitomo Mitsui Banking Corp., 5.50%, 08/07/2024		10,000,744
	10,000,000	Svenska Handelsbanken, 5.86%, 10/04/2024		10,017,248
	11,000,000	Toronto Dominion Bank, 5.97%, 10/07/2024		11,022,645
	2,000,000	Toronto Dominion Bank, 5.95%, 07/02/2024		2,002,947
	5,000,000	Westpac Banking Corp, 5.84%, 08/15/2024		5,005,696

				145,055,599


Units
		Investments Purchased with Proceeds from Securities Lending - 19.8%
	57,291,250	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (a)		57,291,250


Shares
		Money Market Funds - 8.5%
	24,740,943	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (a)		24,740,943


Par			Value
		U.S. Treasury Bills - 29.3%
	10,000,000	5.30%, 04/16/2024 (b)(d)	$	9,978,292
	3,000,000	5.33%, 04/23/2024 (b)		2,990,315
	5,000,000	5.27%, 04/25/2024 (b)		4,982,500
	14,000,000	5.27%, 04/30/2024 (b)(d)		13,941,581
	5,500,000	5.26%, 05/02/2024 (b)(d)		5,475,431
	5,000,000	5.29%, 05/09/2024 (b)		4,972,265
	3,000,000	5.31%, 05/21/2024 (b)		2,978,063
	16,000,000	5.30%, 05/23/2024 (b)(d)		15,879,129
	10,000,000	5.25%, 05/28/2024 (b)(d)		9,916,967
	3,000,000	5.31%, 06/13/2024 (b)		2,968,303
	5,000,000	5.22%, 06/20/2024 (b)(d)		4,942,094
	4,000,000	0.00%, 06/27/2024 (c)		3,949,612
	2,000,000	5.11%, 07/11/2024 (b)		1,971,159

				84,945,711

		Total Short-Term Investments (Cost $311,983,692)		312,033,503

		Total Investments - 107.7% (Cost $311,983,692)		312,033,503
		Liabilities in Excess of Other Assets - (7.7)%		(22,223,611	)

		TOTAL NET ASSETS - 100.0%	$	289,809,892

Percentages are stated as a percent of net assets.



ASA	-	Advanced Subscription Agreement
SOFR	-	Secured Overnight Financing Rate

(a)

The rate shown represents the 7-day effective yield as of March 31, 2024.

(b)

The rate shown is the effective yield as of March 31, 2024.

(c)

Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.

(d)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $56,161,605 which represented 19.4% of net assets.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2024


Description	Contracts Purchased		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
Arabica Coffee (a)		35		05/20/2024	$	2,478,656	$	60,387
ASX SPI 200 Index		124		06/20/2024		16,061,894		477,652
Brazilian Real/US Dollar Cross Currency Rate		103		04/30/2024		2,050,215		(9,122	)
Brent Crude Oil (a)		138		04/30/2024		12,006,000		529,165
British Pound/US Dollar Cross Currency Rate		237		06/17/2024		18,703,744		(243,573	)
CAC40 10 Euro Index		146		04/19/2024		12,953,048		239,279
Copper (a)		117		05/29/2024		11,720,475		(281,100	)
Cotton No.2 (a)		61		05/08/2024		2,787,090		(56,981	)
Crude Oil (a)		101		04/22/2024		8,400,170		371,371
Dow Jones Industrial Average Index		112		06/21/2024		22,498,560		550,083
Euro STOXX 50 Quanto Index		409		06/21/2024		22,261,115		668,069
Euro-BTP Italian Government Bonds		134		06/06/2024		17,204,842		209,253
French Government Bonds		53		06/06/2024		7,328,662		(3,059	)
FTSE 100 Index		63		06/21/2024		6,351,685		129,711
FTSE/MIB Index		63		06/21/2024		11,626,226		440,447
German Stock Index		30		06/21/2024		15,192,414		546,917
Gold (a)		137		06/26/2024		30,666,080		715,836
IBEX 35 Index		57		04/19/2024		6,805,674		389,377
Indian Rupee/US Dollar Cross Currency Rate		161		04/26/2024		3,859,170		(22,814	)
Lean Hogs (a)		24		06/14/2024		973,920		(12,329	)
Live Cattle (a)		96		06/28/2024		6,921,600		(161,029	)
London Metals - Aluminum (a)(b)		124		06/17/2024		7,237,384		280,374
London Metals - Copper (a)(b)		15		06/17/2024		3,322,241		37,148
London Metals - Nickel (a)(b)		42		06/17/2024		4,218,561		(106,575	)
London Metals - Zinc (a)(b)		44		06/17/2024		2,678,687		(15,638	)
Long Gilt		15		06/26/2024		1,892,086		7,431
Low Sulphur Gas Oil (a)		108		05/10/2024		8,726,400		(23,685	)
Mexican Peso/US Dollar Cross Currency Rate		757		06/17/2024		22,501,825		333,389
MSCI EAFE Index		151		06/21/2024		17,796,105		(27,119	)
MSCI Emerging Markets Index		89		06/21/2024		4,668,050		1,743
MSCI Singapore Index		32		04/29/2024		689,295		210
Nasdaq 100 Index		49		06/21/2024		18,105,500		181,190
Nifty 50 Index		171		04/25/2024		7,688,673		68,585
Nikkei 225 Index		38		06/13/2024		10,098,692		109,847
NY Harbor ULSD (a)		40		04/30/2024		4,406,136		50,497
OMXS30 Index		348		04/19/2024		8,207,455		170,354
Reformulated Gasoline Blendstock (a)		70		04/30/2024		7,998,564		309,440
Russell 2000 Index		83		06/21/2024		8,905,485		154,147
S&P 500 Index		105		06/21/2024		27,869,625		616,523
S&P Mid Cap 400 Index		42		06/21/2024		12,925,080		371,510
S&P/Toronto Stock Exchange 60 Index		103		06/20/2024		20,400,015		347,346
SGX FTSE Taiwan Index		112		04/29/2024		7,728,000		81,832
SGX TSI Iron Ore (a)		54		05/31/2024		545,616		(23,120	)
Silver (a)		3		05/29/2024		373,740		(3,056	)
STOXX Europe 600 Index		234		06/21/2024		6,447,616		129,641
TOPIX Index		64		06/13/2024		11,624,257		297,636
US Cocoa (a)		44		05/15/2024		4,297,040		2,231,284

							$	10,118,474


Description	Contracts Sold			Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes		(136	)		06/18/2024	$	15,586,875	$	(130,784	)
3 Month Euribor		(1,543	)		06/17/2024		400,998,385		345,144
3M CORRA Futures Sep24		(63	)		12/17/2024		11,102,497		4,740
3-Month Secured Overnight Financing Rate		(1,011	)		12/17/2024		240,453,713		(48,945	)
Aluminum Futures Jun24 (a)		(1	)		06/26/2024		57,956		(1,610	)
AUD/USD Cross Currency Rate		(305	)		06/17/2024		19,925,650		221,796

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)

March 31, 2024


Description	Contracts Sold			Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
Austrailian Government 10 Year Bonds		(10	)		06/17/2024	$	759,664	$	103
Austrailian Government 3 Year Bonds		(105	)		06/17/2024		7,315,397		(4,742	)
Australian 90 Day Bank Bills		(66	)		06/13/2024		42,560,746		(319	)
Canadian 10 Year Government Bonds		(88	)		06/19/2024		7,818,036		(43,066	)
Canadian Dollar/US Dollar Cross Currency Rate		(339	)		06/18/2024		25,065,660		(3,484	)
Corn No. 2 Yellow (a)		(554	)		07/12/2024		12,589,650		85,487
Crude Soybean Oil (a)		(108	)		07/12/2024		3,141,504		(177,484	)
Euro BUXL 30 Year Bonds		(7	)		06/06/2024		1,025,558		(30,016	)
Euro/US Dollar Cross Currency Rate		(196	)		06/17/2024		26,512,675		220,208
Euro-BOBL		(271	)		06/06/2024		34,572,666		(152,487	)
Euro-Bund		(50	)		06/06/2024		7,194,873		(80,345	)
Euro-Schatz		(1,676	)		06/06/2024		191,122,331		(137,417	)
FTSE/JSE Top 40 Index		(10	)		06/20/2024		363,923		(9,990	)
Hang Seng China Enterprises Index		(25	)		04/29/2024		928,529		503
Hang Seng Index		(17	)		04/29/2024		1,799,499		6,820
Hard Red Winter Wheat (a)		(27	)		07/12/2024		782,663		40,286
ICE 3 Month SONIA Rate		(507	)		09/17/2024		152,042,408		(51,678	)
ICE European Climate Exchange Emissions (a)		(80	)		12/16/2024		5,333,851		(349,528	)
Japanese Yen/US Dollar Cross Currency Rate		(522	)		06/17/2024		43,622,888		1,241,012
Korean Won/US Dollar Cross Currency Rate		(32	)		04/15/2024		592,640		2,106
London Metals - Aluminum (a)(b)		(154	)		06/17/2024		8,988,364		(480,792	)
London Metals - Copper (a)(b)		(8	)		06/17/2024		1,771,862		(115,597	)
London Metals - Nickel (a)(b)		(52	)		06/17/2024		5,222,890		(153,811	)
London Metals - Zinc (a)(b)		(51	)		06/17/2024		3,104,842		(65,895	)
Natural Gas (a)		(303	)		04/26/2024		5,341,890		271,381
New Zealand Dollar/US Dollar Cross Currency Rate		(194	)		06/17/2024		11,591,500		50,375
Palladium (a)		(8	)		06/26/2024		817,200		(56,332	)
Platinum (a)		(26	)		07/29/2024		1,197,430		(18,969	)
Short-term Euro-BTP		(53	)		06/06/2024		6,054,137		(1,742	)
South African Rand/US Dollar Cross Currency Rate		(83	)		06/17/2024		2,178,750		20,661
Soybean Meal (a)		(162	)		07/12/2024		5,524,200		(12,271	)
Soybeans (a)		(189	)		07/12/2024		11,389,613		24,349
Sugar #11 (a)		(60	)		06/28/2024		1,488,480		(16,447	)
Swiss Franc/US Dollar Cross Currency Rate		(176	)		06/17/2024		24,600,400		243,465
U.S. Treasury 10 Year Notes		(202	)		06/18/2024		22,380,969		(127,813	)
U.S. Treasury 2 Year Notes		(648	)		06/28/2024		132,505,876		88,321
U.S. Treasury 5 Year Note		(370	)		06/28/2024		39,595,781		(93,221	)
U.S. Treasury Long Bonds		(57	)		06/18/2024		6,864,938		(117,697	)
U.S. Treasury Ultra Bonds		(47	)		06/18/2024		6,063,000		(147,492	)
Wheat (a)		(114	)		07/12/2024		3,281,775		69,892

								$	306,675

Total Unrealized Appreciation (Depreciation)								$	10,425,149

(a)

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

(b)

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS

March 31, 2024


Settlement Date	Currency to be Purchased		Currency to be Sold			Counterparty	Value / Unrealized Appreciation (Depreciation)
06/20/2024	CNH	5,000,000		USD	699,950	UBS AG		$(8,716)
06/20/2024	CNH	4,000,000		USD	560,765	UBS AG		(7,778)
06/20/2024	PLN	77,000,000		USD	19,589,809	UBS AG		(332,862)
06/20/2024	SEK	6,000,000		USD	588,515	UBS AG		(25,999)
06/20/2024	SEK	38,000,000		USD	3,741,853	UBS AG		(179,254)
06/20/2024	SGD	2,750,000		USD	2,075,260	UBS AG		(30,735)
06/20/2024	SGD	2,125,000		USD	1,604,169	UBS AG		(24,309)
06/20/2024	TRY	2,700,000		USD	76,290	UBS AG		(656)
06/20/2024	USD	17,766,323		CNH	127,000,000	UBS AG		208,981
06/20/2024	USD	562,744		NOK	6,000,000	UBS AG		8,966
06/20/2024	USD	3,346,712		NOK	36,000,000	UBS AG		24,043
06/20/2024	USD	751,754		NOK	8,000,000	UBS AG		13,383
06/20/2024	USD	746,970		NOK	8,000,000	UBS AG		8,599
06/20/2024	USD	2,084,129		NOK	22,000,000	UBS AG		53,609
06/20/2024	USD	2,077,360		SEK	22,000,000	UBS AG		14,802
06/20/2024	USD	1,520,475		SEK	16,000,000	UBS AG		20,433
06/20/2024	USD	1,145,364		SEK	12,000,000	UBS AG		20,332
06/20/2024	USD	1,518,049		SEK	16,000,000	UBS AG		18,007
06/20/2024	USD	9,120,199		SGD	12,250,000	UBS AG		12,771
06/20/2024	USD	2,694,330		SGD	3,625,000	UBS AG		(726)
06/20/2024	USD	2,235,891		SGD	3,000,000	UBS AG		5,500
06/20/2024	USD	14,791,233		SGD	19,625,000	UBS AG		200,760
06/20/2024	USD	626,660		TRY	22,800,000	UBS AG		(12,028)

								$(12,877)

CNH - Chinese Offshore Renminbi

NOK - Norwegian Krone

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

TRY - Turkish Lira

USD - United States Dollar

See notes to financial statements.

GuidePath Conservative Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 26.3%
		Domestic Fixed Income Funds - 26.3%
	26,225	Invesco Senior Loan ETF (a)	$	554,659
	13,166	iShares 0-5 Year High Yield Corporate Bond ETF		560,213
	18,032	iShares 0-5 Year Investment Grade Corporate Bond ETF		887,535
	55,055	SPDR Bloomberg Investment Grade Floating Rate ETF		1,697,346

				3,699,753

		Total Investment Companies (Cost $3,640,107)		3,699,753


Par
		U.S. TREASURY OBLIGATIONS - 15.8%
		United States Treasury Notes
	750,000	0.25%, 06/15/2024		742,141
	750,000	1.50%, 09/30/2024		736,204
	750,000	4.50%, 11/30/2024		746,421

		Total U.S. Treasury Obligations (Cost $2,225,623)		2,224,766



Units
		SHORT-TERM INVESTMENTS - 56.0%
		Investments Purchased with Proceeds from Securities Lending - 1.9%
	274,050	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (b)		274,050


Shares			Value
		Money Market Funds - 54.1%
	7,621,703	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (b)	$	7,621,703

		Total Short-Term Investments (Cost $7,895,753)		7,895,753

		Total Investments - 98.1% (Cost $13,761,483)		13,820,272
		Other Assets in Excess of Liabilities - 1.9%		269,727

		TOTAL NET ASSETS - 100.0%	$	14,089,999

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $266,490 which represented 1.9% of net assets.

(b)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 97.6%
		Domestic Fixed Income Funds - 88.8%
	449,853	iShares 5-10 Year Investment Grade Corporate Bond ETF (a)(b)	$	23,212,415
	203,262	iShares Core U.S. Aggregate Bond ETF (a)		19,907,480
	163,603	SPDR Bloomberg High Yield Bond ETF (a)		15,575,006
	628,063	VanEck Emerging Markets High Yield Bond ETF (a)		11,983,442

				70,678,343

		International Fixed Income Funds - 8.8%
	78,475	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		7,036,853

		Total Investment Companies (Cost $75,178,850)		77,715,196

Units
		SHORT-TERM INVESTMENTS - 35.2%
		Investments Purchased with Proceeds from Securities Lending - 32.9%
	26,210,374	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (c)		26,210,374


Shares			Value
		Money Market Funds - 2.3%
	1,833,561	JPMorgan US Government Money Market Fund - Class IM, 5.25% (c)	$	1,833,561

		Total Short-Term Investments (Cost $28,043,935)		28,043,935

		Total Investments - 132.8% (Cost $103,222,785)		105,759,131
		Liabilities in Excess of Other Assets - (32.8)%		(26,133,907	)

		TOTAL NET ASSETS - 100.0%	$	79,625,224

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $25,590,090 which represented 32.1% of net assets.

(b)

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

(c)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2024


Shares			Value
		INVESTMENT COMPANIES - 49.6%
		Domestic Equity Funds - 49.5%
	874,564	Schwab U.S. Large-Cap ETF (a)(b)	$	54,275,441

		Domestic Fixed Income Funds - 0.1%
	702	SPDR Bloomberg 1-3 Month T-Bill ETF		64,444

		Total Investment Companies (Cost $45,908,081)		54,339,885


		COMMON STOCKS - 49.3%
		Aerospace & Defense - 0.6%
	789	General Dynamics Corp.		222,885
	946	Lockheed Martin Corp.		430,307

				653,192

		Air Freight & Logistics - 0.6%
	4,125	United Parcel Service, Inc. - Class B		613,099

		Banks - 1.7%
	7,197	Citizens Financial Group, Inc.		261,179
	24,384	Huntington Bancshares, Inc.		340,157
	1,068	M&T Bank Corp.		155,330
	17,746	Regions Financial Corp.		373,376
	11,390	Truist Financial Corp.		443,981
	6,808	US Bancorp		304,318

				1,878,341

		Beverages - 3.0%
	26,865	Coca-Cola Co.		1,643,600
	9,279	PepsiCo, Inc.		1,623,918

				3,267,518

		Biotechnology - 1.8%
	9,286	AbbVie, Inc.		1,690,980
	1,083	Amgen, Inc.		307,919

				1,998,899

		Building Products - 0.4%
	7,321	Johnson Controls International PLC		478,208

		Capital Markets - 1.2%
	672	BlackRock, Inc. (a)		560,246
	1,319	CME Group, Inc.		283,968
	5,670	State Street Corp.		438,404

				1,282,618

		Chemicals - 1.0%
	2,038	Air Products and Chemicals, Inc.		493,747
	1,254	CF Industries Holdings, Inc.		104,345
	4,917	LyondellBasell Industries NV - Class A		502,911

				1,101,003

		Communications Equipment - 1.0%
	20,864	Cisco Systems, Inc.		1,041,322

		Consumer Finance - 0.9%
	3,506	Capital One Financial Corp. (a)		522,009
	9,804	Synchrony Financial		422,748

				944,757

		Consumer Staples Distribution & Retail - 1.0%
	3,474	Target Corp.		615,627
	23,110	Walgreens Boots Alliance, Inc. (a)		501,256

				1,116,883

		Diversified Telecommunication Services - 0.4%
	9,582	Verizon Communications, Inc.		402,061


Shares			Value
		Electric Utilities - 0.5%
	3,197	American Electric Power Co., Inc.	$	275,262
	5,969	Xcel Energy, Inc.		320,833

				596,095

		Electrical Equipment - 2.6%
	6,819	Eaton Corp. PLC		2,132,164
	6,625	Emerson Electric Co.		751,408

				2,883,572

		Food Products - 0.7%
	3,426	Archer-Daniels-Midland Co.		215,187
	7,631	General Mills, Inc.		533,941

				749,128

		Ground Transportation - 0.6%
	2,501	Union Pacific Corp.		615,071

		Health Care Equipment & Supplies - 1.3%
	6,706	Abbott Laboratories		762,204
	7,498	Medtronic PLC		653,451

				1,415,655

		Health Care Providers & Services - 0.6%
	8,059	CVS Health Corp.		642,786

		Hotels, Restaurants & Leisure - 3.0%
	6,619	McDonald’s Corp.		1,866,227
	10,994	Starbucks Corp.		1,004,742
	3,252	Yum! Brands, Inc. (a)		450,890

				3,321,859

		Household Products - 2.1%
	1,717	Colgate-Palmolive Co.		154,616
	2,621	Kimberly-Clark Corp.		339,026
	11,004	Procter & Gamble Co.		1,785,399

				2,279,041

		Industrial Conglomerates - 0.9%
	4,707	Honeywell International, Inc.		966,112

		Insurance - 1.2%
	6,430	Aflac, Inc. (a)		552,080
	4,564	Hartford Financial Services Group, Inc.		470,320
	1,233	Travelers Cos., Inc.		283,763

				1,306,163

		IT Services - 1.1%
	6,028	International Business Machines Corp.		1,151,107

		Leisure Products - 0.2%
	3,404	Hasbro, Inc.		192,394

		Machinery - 1.4%
	1,766	Cummins, Inc.		520,352
	3,729	Illinois Tool Works, Inc.		1,000,602

				1,520,954

		Media - 1.1%
	23,608	Comcast Corp. - Class A		1,023,407
	58,634	Sirius XM Holdings, Inc. (a)		227,500

				1,250,907

		Multi-Utilities - 1.2%
	4,563	Ameren Corp. (a)		337,479
	2,820	Consolidated Edison, Inc.		256,084
	2,841	DTE Energy Co.		318,590
	5,419	Sempra		389,247

				1,301,400

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2024


Shares			Value
		COMMON STOCKS (Continued)
		Oil, Gas & Consumable Fuels - 6.0%
	8,046	Chevron Corp.	$	1,269,176
	12,943	ConocoPhillips		1,647,385
	6,862	Coterra Energy, Inc.		191,313
	17,492	Exxon Mobil Corp.		2,033,270
	27,758	Kinder Morgan, Inc.		509,082
	3,223	Marathon Petroleum Corp.		649,435
	2,088	Phillips 66		341,054

				6,640,715

		Personal Care Products - 0.3%
	13,984	Kenvue, Inc.		300,097

		Pharmaceuticals - 2.4%
	10,374	Johnson & Johnson		1,641,063
	36,580	Pfizer, Inc.		1,015,095

				2,656,158

		Professional Services - 0.8%
	2,505	Automatic Data Processing, Inc.		625,598
	2,022	Paychex, Inc.		248,302

				873,900

		Semiconductors & Semiconductor Equipment - 4.8%
	1,259	Analog Devices, Inc.		249,018
	1,673	Broadcom, Inc.		2,217,410
	8,195	QUALCOMM, Inc.		1,387,414
	8,530	Texas Instruments, Inc.		1,486,011

				5,339,853

		Specialty Retail - 1.6%
	4,594	Home Depot, Inc.		1,762,258

		Technology Hardware, Storage & Peripherals - 0.7%
	3,428	Dell Technologies, Inc. - Class C		391,169
	10,753	HP, Inc.		324,956

				716,125

		Tobacco - 0.4%
	5,118	Philip Morris International, Inc.		468,911

		Trading Companies & Distributors - 0.2%
	588	Watsco, Inc. (a)		253,998

		Total Common Stocks (Cost $44,801,258)		53,982,160


Units			Value
		SHORT-TERM INVESTMENTS - 14.3%
		Investments Purchased with Proceeds from Securities Lending - 13.3%
	14,524,828	Mount Vernon Liquid Assets Portfolio, LLC, 5.44% (c)	$	14,524,828

Shares
		Money Market Funds - 1.0%
	1,094,359	JPMorgan U.S. Government Money Market Fund - Class IM, 5.25% (c)		1,094,359

		Total Short-Term Investments (Cost $15,619,187)		15,619,187

		Total Investments - 113.2% (Cost $106,328,526)		123,941,232
		Liabilities in Excess of Other Assets - (13.2)%		(14,484,759	)

		TOTAL NET ASSETS - 100.0%	$	109,456,473

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)

All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $14,221,597 which represented 13.0% of net assets.

(b)

(c)

The rate shown represents the 7-day effective yield as of March 31, 2024.

See notes to financial statements.

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2024


	Large Cap Core Fund		Emerging Markets Fund		Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $433,373,383, $39,208,964 and $89,635,006, respectively)¹	$	790,076,462	$	50,035,204	$	127,431,299
Foreign currencies (cost $0, $17,961, and $0, respectively)		—		17,964		—
Cash		104,344		6,746		133,613
Income receivable		454,853		161,938		74,623
Receivable for dividend reclaims		363		1,105		—
Receivable for fund shares sold		964,717		111,376		156,791
Other assets		31,918		15,074		20,832

Total Assets		791,632,657		50,349,407		127,817,158

LIABILITIES:
Payable for collateral on securities loaned		66,692,592		1,884,429		24,606,320
Payable for fund shares redeemed		435,337		13,556		107,525
Payable to Investment Advisor		409,619		18,085		67,896
Payable to custodian		4,782		22,004		1,454
Accrued shareholder servicing fees		50,630		6,862		6,589
Deferred foreign capital gains tax		—		393,369		—
Other accrued expenses		149,584		81,501		60,914

Total Liabilities		67,742,544		2,419,806		24,850,698

NET ASSETS	$	723,890,113	$	47,929,601	$	102,966,460

NET ASSETS CONSIST OF:
Capital stock		353,045,854		40,421,916		63,037,894
Total distributable earnings		370,844,259		7,507,685		39,928,566

Total Net Assets	$	723,890,113	$	47,929,601	$	102,966,460

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		23,405,042		4,376,179		5,050,009
Net assets		723,890,113		47,929,601		102,966,460
Net asset value, offering and redemption price per share	$	30.929	$	10.952	$	20.389

¹Includes loaned securities with a value of:	$	65,478,045	$	1,840,884	$	24,108,893

See notes to financial statements.

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2024


	World ex-US Fund		Core Fixed Income Fund			Growth Allocation Fund
ASSETS:
Investments, at value (cost $85,221,861, $232,762,234 and $988,806,752, respectively)¹	$	120,424,922	$	218,913,688		$	1,427,517,556
Foreign currencies (cost $125,203, $0, and $0, respectively)		123,935		—			—
Cash		2,387		—			158,096
Income receivable		485,602		1,239,047			72,990
Receivable for dividend and interest reclaims		376,337		1,984			—
Receivable for investment securities sold		—		5,872,478			483,803
Receivable for fund shares sold		234,209		436,824			1,221,934
Other assets		14,654		16,342			65,471

Total Assets		121,662,046		226,480,363			1,429,519,850

LIABILITIES:
Variation margin on futures		—		17,047			—
Variation margin on centrally cleared swap contracts		—		253			—
Payable for collateral on securities loaned		3,939,591		11,531,788			148,573,145
Payable for investment securities purchased (When issued securities of $0, $37,625,529, and $0, respectively)		—		42,419,248			—
Payable for fund shares redeemed		36,244		42,544			493,556
Payable to Investment Advisor		85,284		94,588			534,947
Payable to custodian		17,131		9,825			10,601
Accrued shareholder servicing fees		14,066		10,216			112,800
Other accrued expenses		121,651		91,407			182,972

Total Liabilities		4,213,967		54,216,916			149,908,021

NET ASSETS	$	117,448,079	$	172,263,447		$	1,279,611,829

NET ASSETS CONSIST OF:
Capital stock		80,574,460		201,425,467			836,221,059
Total distributable earnings (loss)		36,873,619		(29,162,020	)		443,390,770

Total Net Assets	$	117,448,079	$	172,263,447		$	1,279,611,829

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		10,915,004		21,000,847			75,416,805
Net assets		117,448,079		172,263,447			1,279,611,829
Net asset value, offering and redemption price per share	$	10.760	$	8.203		$	16.967

¹Includes loaned securities with a value of:	$	3,823,670	$	11,283,546		$	145,216,596

See notes to financial statements.

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2024


	Conservative Allocation Fund		Tactical Allocation Fund		Absolute Return Allocation Fund
ASSETS:
Investments, at value (cost $580,211,882, $564,082,848 and $248,796,144, respectively)¹	$	638,047,103	$	683,138,966	$	250,548,369
Cash		89,117		—		—
Income receivable		483,930		215,139		242,911
Receivable for investment securities sold		2,844,720		165,589		99,067
Receivable for fund shares sold		792,401		1,163,148		326,111
Other assets		59,201		37,555		30,472

Total Assets		642,316,472		684,720,397		251,246,930

LIABILITIES:
Payable for collateral on securities loaned		107,830,811		88,614,980		47,162,806
Payable for investment securities purchased		2,799,754		—		—
Payable for fund shares redeemed		258,645		262,034		140,575
Payable to Investment Advisor		167,720		296,326		71,392
Payable to custodian		8,626		6,530		6,031
Accrued shareholder servicing fees		43,246		46,799		19,654
Other accrued expenses		128,248		133,187		88,311

Total Liabilities		111,237,050		89,359,856		47,488,769

NET ASSETS	$	531,079,422	$	595,360,541	$	203,758,161

NET ASSETS CONSIST OF:
Capital stock		485,964,147		478,010,456		231,477,028
Total distributable earnings (loss)		45,115,275		117,350,085		(27,718,867	)

Total Net Assets	$	531,079,422	$	595,360,541	$	203,758,161

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—		—		9
Net assets		—		—		89
Net asset value, offering and redemption price per share	$	—	$	—	$	9.337	²

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		48,799,585		45,484,352		21,707,639
Net assets		531,079,422		595,360,541		203,758,072
Net asset value, offering and redemption price per share	$	10.883	$	13.089	$	9.386

¹Includes loaned securities with a value of:	$	105,517,241	$	86,793,755	$	45,963,579

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

See notes to financial statements.

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2024


	Multi-Asset Income Allocation Fund		Flexible Income Allocation Fund			Managed² Futures Strategy Fund
ASSETS:
Investments, at value (cost $121,055,339, $328,006,651 and $311,983,692, respectively)¹	$	134,319,705	$	334,366,204		$	312,033,503
Cash		24,503		—			660,839
Cash held as collateral for forwards		—		—			2,780,054
Income receivable		72,701		271,603			2,018,269
Deposits with broker for futures		—		—			38,314,426
Receivable for investment securities sold		310,994		174,566			—
Receivable for fund shares sold		173,736		1,231,313			305,283
Receivable for unsettled open futures contracts		—		—			319,104
Appreciation on forward currency contracts		—		—			606,634
Variation margin on futures		—		—			208,622
Other assets		22,196		55,117			28,158

Total Assets		134,923,835		336,098,803			357,274,892

LIABILITIES:
Depreciation on forward currency contracts		—		—			619,511
Payable for collateral on securities loaned		30,226,310		69,623,360			57,291,250
Payable for investment securities purchased		—		—			7,919,540
Payable for fund shares redeemed		78,957		600,576			176,541
Payable for unsettled open futures contracts		—		—			939,890
Payable to Investment Advisor		53,106		71,433			315,567
Payable to custodian		3,492		5,474			2,642
Accrued shareholder servicing fees		8,706		24,447			25,803
Other accrued expenses		36,674		102,056			174,256

Total Liabilities		30,407,245		70,427,346			67,465,000

NET ASSETS	$	104,516,590	$	265,671,457		$	289,809,892

NET ASSETS CONSIST OF:
Capital stock		101,050,958		316,704,940			328,144,535
Total distributable earnings (loss)		3,465,632		(51,033,483	)		(38,334,643	)

Total Net Assets	$	104,516,590	$	265,671,457		$	289,809,892

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—		5			153
Net assets		—		44			1,406
Net asset value, offering and redemption price per share	$	—	$	8.800		$	9.186	³

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		9,709,252		29,881,182			32,798,019
Net assets		104,516,590		265,671,413			289,808,486
Net asset value, offering and redemption price per share	$	10.765	$	8.891		$	8.836

¹Includes loaned securities with a value of:	$	29,623,438	$	67,919,036		$	56,161,605

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.

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2024


	Conservative Income Fund			Income Fund			Growth & Income Fund
ASSETS:
Investments, at value (cost $13,761,483, $103,222,785, and $106,328,526 respectively)¹	$	13,820,272		$	105,759,131		$	123,941,232
Cash		—			—			26,527
Income receivable		57,903			9,672			87,925
Receivable for dividend reclaims		—			—			1,951
Receivable for investment securities sold		500,000			232,505			171,259
Receivable for fund shares sold		17,349			51,189			87,572
Other assets		10,565			16,154			22,680

Total Assets		14,406,089			106,068,651			124,339,146

LIABILITIES:
Payable for collateral on securities loaned		274,050			26,210,374			14,524,828
Payable for investment securities purchased		—			70,512			135,554
Payable for fund shares redeemed		14,834			86,627			111,153
Payable to Investment Advisor		3,513			46,665			71,364
Payable to custodian		226			745			3,799
Payable for audit and tax fees		16,249			16,251			21,742
Payable for legal fees		1,205			2,463			2,192
Payable for printing and mailing fees		1,354			2,749			1,195
Payable for transfer agent fees and expenses		687			773			792
Other accrued expenses		3,972			6,268			10,054

Total Liabilities		316,090			26,443,427			14,882,673

NET ASSETS	$	14,089,999		$	79,625,224		$	109,456,473

NET ASSETS CONSIST OF:
Capital stock		14,562,681			88,405,529			94,417,910
Total distributable earnings (loss)		(472,682	)		(8,780,305	)		15,038,563

Total Net Assets	$	14,089,999		$	79,625,224		$	109,456,473

Shares outstanding (unlimited shares of no par value authorized)		1,458,071			9,400,833			9,002,525
Net assets		14,089,999			79,625,224			109,456,473
Net asset value, offering and redemption price per share	$	9.663		$	8.470		$	12.158

¹Includes loaned securities with a value of:	$	266,490		$	25,590,090		$	14,221,597

See notes to financial statements.

100

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS

March 31, 2024


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $5,747, $230,861, and $13,256, respectively)	$	9,371,547		$	1,533,614		$	1,349,563
Interest income		206,836			12,761			34,071

Total investment income		9,578,383			1,546,375			1,383,634

EXPENSES:
Investment advisory fees		2,940,930			265,707			557,738
Administrative service fees – Service Shares		1,622,316			111,172			243,875
Shareholder servicing fees – Service Shares		653,540			45,035			97,849
Administration fees		115,666			30,490			35,888
Fund accounting fees		93,435			117,666			63,146
Reports to shareholders		88,906			9,717			21,797
Legal fees		85,669			20,130			20,065
Trustee fees and expenses		61,584			4,577			10,290
Federal and state registration fees		42,606			37,117			37,053
Custody fees		28,237			144,591			7,783
Audit and tax fees		22,792			54,073			23,760
Compliance fees		17,710			1,194			2,641
Transfer agent fees and expenses		14,911			4,446			5,459
Insurance fees		9,700			824			1,556
Interest expenses		4,680			3,178			4,741
Miscellaneous expenses		1,954			1,908			1,802

Total expenses		5,804,636			851,825			1,135,443

Fees waived by the Advisor pursuant to contractual fee waiver agreement (See Note 4)		—			(213,513	)		—
Fees waived by the Advisor pursuant to voluntary agreement (See Note 4)		(130,708	)		(27,021	)		(34,247	)
Less securities lending credit (See Note 6)		(289,582	)		(4,644	)		(81,725	)

Net expenses		5,384,346			606,647			1,019,471

Net investment income		4,194,037			939,728			364,163

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments (net of foreign capital gains tax of $0, $78,788, and $0, respectively)		15,497,911			(1,615,819	)		3,503,778
Foreign currencies		—			(6,275	)		—
Forward currency contracts		—			(614	)		—

Total		15,497,911			(1,622,708	)		3,503,778

Net change in unrealized appreciation (depreciation) on:
Investments (net change in deferred foreign capital gains tax of $0, $281,009, and $0, respectively)		159,469,215			4,970,629			16,221,799
Foreign currencies		—			(463	)		—

Total		159,469,215			4,970,166			16,221,799

Net realized and unrealized gain (loss)		174,967,126			3,347,458			19,725,577

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	179,161,163		$	4,287,186		$	20,089,740

See notes to financial statements.

101

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

March 31, 2024


	World ex-US Fund			Core Fixed Income Fund			Growth Allocation Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $312,453, $0, and $0, respectively)	$	3,276,278		$	—		$	17,718,492
Interest income		31,868			6,990,627			566,193

Total investment income		3,308,146			6,990,627			18,284,685

EXPENSES:
Investment advisory fees		548,605			661,766			2,593,425
Administrative service fees – Service Shares		273,373			410,154			2,579,347
Shareholder servicing fees – Service Shares		109,741			165,441			1,037,368
Administration fees		44,570			42,845			143,442
Fund accounting fees		123,438			194,276			111,130
Reports to shareholders		64,129			18,273			83,577
Legal fees		21,919			25,606			123,616
Trustee fees and expenses		10,272			16,844			95,890
Federal and state registration fees		35,561			37,941			40,557
Custody fees		86,592			32,943			64,738
Audit and tax fees		29,919			26,241			17,044
Compliance fees		2,953			4,403			27,309
Transfer agent fees and expenses		5,406			7,169			23,515
Insurance fees		1,800			2,685			15,281
Interest expenses		1,405			—			4,831
Miscellaneous expenses		1,741			1,874			2,936

Total expenses		1,361,424			1,648,461			6,964,006

Fees waived by the Advisor pursuant to contractual fee waiver agreement (See Note 4)		(114,158	)		(83,252	)		—
Fees waived by the Advisor pursuant to voluntary agreement (See Note 4)		(44,994	)		—			—
Fees recouped by the Advisor (See Note 4)		15,852			—			—
Less securities lending credit (See Note 6)		(10,767	)		(10,059	)		(532,237	)

Net expenses		1,207,357			1,555,150			6,431,769

Net investment income		2,100,789			5,435,477			11,852,916

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		378,646			(3,058,312	)		18,300,758
Foreign currencies		4,715			—			—
Swaps		—			38,694			—
Net long-term capital gain distributions received from registered investment companies		—			—			10,239,687
Futures contracts		—			970,989			—
Options written		—			50,198			—

Total		383,361			(1,998,431	)		28,540,445

Net change in unrealized appreciation (depreciation) on:
Investments		12,450,142			179,137			193,618,489
Foreign currencies		(6,791	)		—			—
Swaps		—			208,791			—
Futures contracts		—			80,605			—
Options written		—			(5,964	)		—

Total		12,443,351			462,569			193,618,489

Net realized and unrealized gain (loss)		12,826,712			(1,535,862	)		222,158,934

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,927,501		$	3,899,615		$	234,011,850

See notes to financial statements.

102

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

March 31, 2024


	Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund
INVESTMENT INCOME:
Dividend income	$	16,102,394		$	6,975,201		$	9,815,511
Interest income		242,779			1,325,084			101,715

Total investment income		16,345,173			8,300,285			9,917,226

EXPENSES:
Investment advisory fees		1,100,845			1,860,837			730,608
Administrative service fees – Service Shares		1,100,397			1,328,357			521,585
Shareholder servicing fees – Service Shares		440,335			531,539			208,738
Administration fees		65,221			84,140			27,844
Fund accounting fees		63,783			61,379			28,620
Reports to shareholders		50,951			70,552			38,194
Legal fees		63,417			70,834			52,182
Trustee fees and expenses		40,887			49,669			22,528
Federal and state registration fees		39,180			39,063			41,681
Custody fees		49,326			37,867			35,816
Audit and tax fees		16,339			16,339			16,257
Compliance fees		11,637			14,190			5,951
Transfer agent fees and expenses		10,853			12,617			7,742
Insurance fees		7,295			7,838			3,599
Interest expenses		9,257			2,044			8,609
Miscellaneous expenses		2,316			1,924			2,341

Total expenses		3,072,039			4,189,189			1,752,295

Fees waived by the Advisor (See Note 4)		(789,830	)		—			(476,285	)
Less securities lending credit (See Note 6)		(291,441	)		(109,084	)		(119,329	)

Net expenses		1,990,768			4,080,105			1,156,681

Net investment income		14,354,405			4,220,180			8,760,545

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(561,442	)		32,563,155			(1,310,533	)
Net long-term capital gain distributions received from registered investment companies		701,177			—			—

Total		139,735			32,563,155			(1,310,533	)

Net change in unrealized appreciation on:
Investments		31,166,338			86,824,459			1,860,920

Total		31,166,338			86,824,459			1,860,920

Net realized and unrealized gain		31,306,073			119,387,614			550,387

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,660,478		$	123,607,794		$	9,310,932

See notes to financial statements.

103

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

March 31, 2024


	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed¹ Futures Strategy Fund
INVESTMENT INCOME:
Dividend income	$	4,142,506		$	15,232,095		$	—
Interest income		47,819			596,271			24,636,388

Total investment income		4,190,325			15,828,366			24,636,388

EXPENSES:
Investment advisory fees		309,286			686,879			5,010,889
Administrative service fees – Service Shares		220,897			686,873			1,192,996
Shareholder servicing fees – Service Shares		88,367			274,749			477,222
Administration fees		13,972			38,146			71,724
Fund accounting fees		10,414			37,459			79,961
Reports to shareholders		6,060			21,207			62,777
Legal fees		14,322			55,372			90,335
Trustee fees and expenses		9,176			29,350			49,763
Federal and state registration fees		34,493			40,070			51,788
Custody fees		21,009			42,178			20,187
Audit and tax fees		16,257			16,352			31,986
Compliance fees		2,327			7,690			13,633
Transfer agent fees and expenses		5,052			9,286			12,211
Insurance fees		1,463			4,849			7,106
Interest expenses		47			19,011			—
Miscellaneous expenses		1,820			3,333			1,850

Total expenses		754,962			1,972,804			7,174,428

Fees waived by the Advisor (See Note 4)		—			(374,055	)		—
Less securities lending credit (See Note 6)		(124,246	)		(205,990	)		(16,419	)

Net expenses		630,716			1,392,759			7,158,009

Net investment income		3,559,609			14,435,607			17,478,379

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(1,354,177	)		(7,950,316	)		50,491
Investments in affiliates		—			341,750			—
Foreign currencies		—			—			(422,853	)
Forward currency contracts		—			—			(5,249,222	)
Futures contracts		—			—			(6,554,408	)
Net long-term capital gain distributions received from registered investment companies		154,396			75,983			—

Total		(1,199,781	)		(7,532,583	)		(12,175,992	)

Net change in unrealized appreciation on:
Investments		6,418,682			4,217,728			107,651
Investments in affiliates		—			(283,767	)		—
Foreign currencies		—			—			62,484
Forward currency contracts		—			—			393,741
Futures contracts		—			—			18,781,301

Total		6,418,682			3,933,961			19,345,177

Net realized and unrealized gain (loss)		5,218,901			(3,598,622	)		7,169,185

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,778,510		$	10,836,985		$	24,647,564

¹Consolidated Statement of Operations for the year (see Note 3b).

See notes to financial statements.

104

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

March 31, 2024


	Conservative Income Fund			Income Fund			Growth & Income Fund
INVESTMENT INCOME:
Dividend income	$	400,917		$	3,155,274		$	1,941,008
Interest income		532,111			125,804			1,095,322

Total investment income		933,028			3,281,078			3,036,330

EXPENSES:
Investment advisory fees		63,783			325,744			416,130
Administrative service fees		45,559			180,969			231,184
Shareholder servicing fees		96			410			623
Administration fees		2,811			9,933			16,822
Fund accounting fees		2,472			7,926			12,750
Reports to shareholders		1,616			3,134			793
Legal fees		2,775			9,222			16,041
Trustee fees and expenses		1,950			7,342			9,742
Federal and state registration fees		23,071			26,408			24,532
Custody fees		1,354			4,594			28,793
Audit and tax fees		16,256			16,258			21,746
Compliance fees		486			1,938			2,450
Transfer agent fees and expenses		4,472			4,948			5,100
Insurance fees		214			884			1,677
Interest expenses		—			—			80,135
Miscellaneous expenses		915			984			1,013

Total expenses		167,830			600,694			869,531

Fees waived by the Advisor (See Note 4)		(24,854	)		(2,578	)		(4,874	)
Fees recouped by the Advisor (See Note 4)		2,710			46,908			77,394
Less securities lending credit (See Note 6)		(29,054	)		(88,360	)		(131,376	)

Net expenses		116,632			556,664			810,675

Net investment income		816,396			2,724,414			2,225,655

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(39,268	)		(2,022,742	)		995,568
Options written		—			—			1,036,191
Futures contracts		—			—			1,300,374

Total		(39,268	)		(2,022,742	)		3,332,133

Net change in unrealized appreciation (depreciation) on:
Investments		55,316			2,175,939			12,062,773
Options written		—			—			(456,130	)
Futures contracts		—			—			(145,604	)

Total		55,316			2,175,939			11,461,039

Net realized and unrealized gain		16,048			153,197			14,793,172

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	832,444		$	2,877,611		$	17,018,827

See notes to financial statements.

105

GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS


	Large Cap Core Fund						Emerging Markets Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	4,194,037		$	4,411,843		$	939,728		$	1,457,494
Net realized gain (loss) on investment transactions		15,497,911			32,878,693			(1,622,708	)		408,628
Net change in unrealized appreciation (depreciation) on investments		159,469,215			(99,052,414	)		4,970,166			(9,652,701	)

Net increase (decrease) in net assets resulting from operations		179,161,163			(61,761,878	)		4,287,186			(7,786,579	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		33			2,596			—			—
Shares issued to holders in reinvestment of dividends		—			158			—			—
Shares redeemed		(1,956	)		(192,141	)		—			—

Net decrease		(1,923	)		(189,387	)		—			—

Service Shares
Shares sold		112,156,107			280,903,875			8,390,143			7,279,116
Shares issued to holders in reinvestment of dividends		5,134,311			46,117,712			1,515,908			7,031,403
Shares redeemed		(175,268,868	)		(303,253,972	)		(10,445,056	)		(25,571,030	)

Net increase (decrease)		(57,978,450	)		23,767,615			(539,005	)		(11,260,511	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(158	)		—			—
Net dividends and distributions – Service Shares		(5,134,311	)		(46,117,717	)		(1,517,844	)		(7,033,679	)

Total dividends and distributions		(5,134,311	)		(46,117,875	)		(1,517,844	)		(7,033,679	)

INCREASE (DECREASE) IN NET ASSETS		116,046,479			(84,301,525	)		2,230,337			(26,080,769	)
NET ASSETS:
Beginning of year		607,843,634			692,145,159			45,699,264			71,780,033

End of year	$	723,890,113		$	607,843,634		$	47,929,601		$	45,699,264

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		1			95			—			—
Shares issued to holders in reinvestment of dividends		—			7			—			—
Shares redeemed		(76	)		(7,078	)		—			—

Net decrease		(75	)		(6,976	)		—			—

Service Shares
Shares sold		4,271,724			11,356,474			795,346			652,729
Shares issued to holders in reinvestment of dividends		183,290			2,051,226			142,808			702,227
Shares redeemed		(6,568,583	)		(11,916,928	)		(999,142	)		(2,206,058	)

Net increase (decrease)		(2,113,569	)		1,490,772			(60,988	)		(851,102	)

See notes to financial statements.

106

GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Small/Mid Cap Core Fund						World ex-US Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	364,163		$	506,873		$	2,100,789		$	2,485,633
Net realized gain on investment transactions		3,503,778			1,256,717			383,361			2,884,420
Net change in unrealized appreciation (depreciation) on investments		16,221,799			(12,936,836	)		12,443,351			(9,276,405	)

Net increase (decrease) in net assets resulting from operations		20,089,740			(11,173,246	)		14,927,501			(3,906,352	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			7			151
Shares issued to holders in reinvestment of dividends		—			—			—			8
Shares redeemed		—			—			(281	)		(26,154	)

Net decrease		—			—			(274	)		(25,995	)

Service Shares
Shares sold		17,507,890			26,442,019			17,765,194			38,594,673
Shares issued to holders in reinvestment of dividends		708,792			2,058,851			3,718,538			2,939,056
Shares redeemed		(29,932,120	)		(27,073,552	)		(24,959,397	)		(50,009,329	)

Net increase (decrease)		(11,715,438	)		1,427,318			(3,475,665	)		(8,475,600	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			—			(8	)
Net dividends and distributions – Service Shares		(708,792	)		(2,058,851	)		(3,718,548	)		(2,939,065	)

Total dividends and distributions		(708,792	)		(2,058,851	)		(3,718,548	)		(2,939,073	)

INCREASE (DECREASE) IN NET ASSETS		7,665,510			(11,804,779	)		7,733,014			(15,347,020	)
NET ASSETS:
Beginning of year		95,300,950			107,105,729			109,715,065			125,062,085

End of year	$	102,966,460		$	95,300,950		$	117,448,079		$	109,715,065

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			1			16
Shares issued to holders in reinvestment of dividends		—			—			—			1
Shares redeemed		—			—			(28	)		(2,652	)

Net decrease		—			—			(27	)		(2,635	)

Service Shares
Shares sold		992,893			1,544,637			1,765,612			4,197,627
Shares issued to holders in reinvestment of dividends		36,681			125,678			366,647			322,230
Shares redeemed		(1,664,652	)		(1,586,525	)		(2,496,897	)		(5,372,342	)

Net increase (decrease)		(635,078	)		83,790			(364,638	)		(852,485	)

See notes to financial statements.

107

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Core Fixed Income Fund						Growth Allocation Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	5,435,477		$	4,223,597		$	11,852,916		$	8,852,678
Net realized gain (loss) on investment transactions		(1,998,431	)		(12,080,525	)		28,540,445			1,888,841
Net change in unrealized appreciation (depreciation) on investments		462,569			(5,091,227	)		193,618,489			(120,272,532	)

Net increase (decrease) in net assets resulting from operations		3,899,615			(12,948,155	)		234,011,850			(109,531,013	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			128			25,114
Shares issued to holders in reinvestment of dividends		—			—			—			278
Shares redeemed		—			—			(7,792	)		(757,103	)

Net decrease		—			—			(7,664	)		(731,711	)

Service Shares
Shares sold		44,283,404			46,197,572			315,911,137			242,390,203
Shares issued to holders in reinvestment of dividends		5,432,683			4,263,565			21,249,174			35,500,660
Shares redeemed		(46,167,169	)		(63,562,199	)		(220,489,252	)		(319,224,478	)

Net increase (decrease)		3,548,918			(13,101,062	)		116,671,059			(41,333,615	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			—			(278	)
Net dividends and distributions – Service Shares		(5,432,714	)		(4,263,587	)		(21,249,174	)		(35,500,660	)

Total dividends and distributions		(5,432,714	)		(4,263,587	)		(21,249,174	)		(35,500,938	)

INCREASE (DECREASE) IN NET ASSETS		2,015,819			(30,312,804	)		329,426,071			(187,097,277	)
NET ASSETS:
Beginning of year		170,247,628			200,560,432			950,185,758			1,137,283,035

End of year	$	172,263,447		$	170,247,628		$	1,279,611,829		$	950,185,758

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			9			1,652
Shares issued to holders in reinvestment of dividends		—			—			—			21
Shares redeemed		—			—			(527	)		(50,994	)

Net decrease		—			—			(518	)		(49,321	)

Service Shares
Shares sold		5,452,394			5,508,964			20,377,298			17,445,883
Shares issued to holders in reinvestment of dividends		670,737			519,559			1,345,907			2,735,028
Shares redeemed		(5,717,946	)		(7,694,344	)		(14,645,923	)		(22,742,123	)

Net increase (decrease)		405,185			(1,665,821	)		7,077,282			(2,561,212	)

See notes to financial statements.

108

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Allocation Fund						Tactical Allocation Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	14,354,405		$	11,398,189		$	4,220,180		$	6,821,469
Net realized gain (loss) on investment transactions		139,735			(12,597,587	)		32,563,155			(33,147,870	)
Net change in unrealized appreciation (depreciation) on investments		31,166,338			(27,287,849	)		86,824,459			10,865,970

Net increase (decrease) in net assets resulting from operations		45,660,478			(28,487,247	)		123,607,794			(15,460,431	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		359			6,520			4,879			42,267
Shares issued to holders in reinvestment of dividends		—			251			—			23,875
Shares redeemed		(11,052	)		(267,848	)		(568,668	)		(271,333	)

Net decrease		(10,693	)		(261,077	)		(563,789	)		(205,191	)

Service Shares
Shares sold		173,957,157			119,398,201			105,068,956			108,999,781
Shares issued to holders in reinvestment of dividends		13,791,295			8,621,246			6,818,603			22,530,273
Shares redeemed		(116,865,966	)		(172,393,902	)		(134,267,017	)		(111,208,633	)

Net increase (decrease)		70,882,486			(44,374,455	)		(22,379,458	)		20,321,421

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(251	)		—			(23,875	)
Net dividends and distributions – Service Shares		(13,791,295	)		(8,621,246	)		(6,818,603	)		(22,530,274	)

Total dividends and distributions		(13,791,295	)		(8,621,497	)		(6,818,603	)		(22,554,149	)

INCREASE (DECREASE) IN NET ASSETS		102,740,976			(81,744,276	)		93,845,944			(17,898,350	)
NET ASSETS:
Beginning of year		428,338,446			510,082,722			501,514,597			519,412,947

End of year	$	531,079,422		$	428,338,446		$	595,360,541		$	501,514,597

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		35			627			451			3,855
Shares issued to holders in reinvestment of dividends		—			25			—			2,263
Shares redeemed		(1,065	)		(25,517	)		(50,850	)		(24,401	)

Net decrease		(1,030	)		(24,865	)		(50,399	)		(18,283	)

Service Shares
Shares sold		16,627,116			11,742,067			9,204,370			10,065,407
Shares issued to holders in reinvestment of dividends		1,304,882			872,949			575,507			2,160,348
Shares redeemed		(11,271,724	)		(16,915,702	)		(11,724,090	)		(10,290,244	)

Net increase (decrease)		6,660,274			(4,300,686	)		(1,944,213	)		1,935,511

See notes to financial statements.

109

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Absolute Return Allocation Fund						Multi-Asset Income Allocation Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	8,760,545		$	9,670,588		$	3,559,609		$	3,396,392
Net realized loss on investment transactions		(1,310,533	)		(26,437,955	)		(1,199,781	)		(1,361,046	)
Net change in unrealized appreciation (depreciation) on investments		1,860,920			1,390,097			6,418,682			(9,822,082	)

Net increase (decrease) in net assets resulting from operations		9,310,932			(15,377,270	)		8,778,510			(7,786,736	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		449			6,756			—			—
Shares issued to holders in reinvestment of dividends		4			677			—			—
Shares redeemed		(27,023	)		(202,020	)		—			—

Net decrease		(26,570	)		(194,587	)		—			—

Service Shares
Shares sold		53,907,835			324,648,665			31,289,817			22,572,633
Shares issued to holders in reinvestment of dividends		9,346,194			7,994,097			3,496,696			3,695,270
Shares redeemed		(83,687,543	)		(321,055,015	)		(24,423,966	)		(37,801,710	)

Net increase (decrease)		(20,433,514	)		11,587,747			10,362,547			(11,533,807	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(677	)		—			—
Net dividends and distributions – Service Shares		(9,346,198	)		(7,994,097	)		(3,496,696	)		(3,695,270	)

Total dividends and distributions		(9,346,198	)		(7,994,774	)		(3,496,696	)		(3,695,270	)

INCREASE (DECREASE) IN NET ASSETS		(20,495,350	)		(11,978,884	)		15,644,361			(23,015,813	)
NET ASSETS:
Beginning of year		224,253,511			236,232,395			88,872,229			111,888,042

End of year	$	203,758,161		$	224,253,511		$	104,516,590		$	88,872,229

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		48			709			—			—
Shares issued to holders in reinvestment of dividends		—			74			—			—
Shares redeemed		(2,871	)		(20,721	)		—			—

Net decrease		(2,823	)		(19,938	)		—			—

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		5,760,602			33,601,635			3,017,387			2,182,285
Shares issued to holders in reinvestment of dividends		1,000,556			870,248			340,115			369,390
Shares redeemed		(8,922,259	)		(34,015,775	)		(2,389,673	)		(3,648,647	)

Net increase (decrease)		(2,161,101	)		456,108			967,829			(1,096,972	)

See notes to financial statements.

110

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Flexible Income Allocation Fund						Managed Futures Strategy Fund¹
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	14,435,607		$	7,863,238		$	17,478,379		$	6,634,274
Net realized gain (loss) on investment transactions		(7,532,583	)		(46,735,438	)		(12,175,992	)		12,836,267
Net change in unrealized appreciation (depreciation) on investments		3,933,961			13,157,873			19,345,177			(24,757,209	)

Net increase (decrease) in net assets resulting from operations		10,836,985			(25,714,327	)		24,647,564			(5,286,668	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		75			1,584			185			366,815
Shares issued to holders in reinvestment of dividends		95			313			5			35,142
Shares redeemed		(8,409	)		(1,275	)		(327,642	)		(203,416	)

Net increase (decrease)		(8,239	)		622			(327,452	)		198,541

Service Shares
Shares sold		81,844,986			122,385,834			127,378,020			498,941,528
Shares issued to holders in reinvestment of dividends		13,686,267			9,653,021			554,410			110,142,951
Shares redeemed		(122,117,472	)		(149,331,897	)		(361,158,721	)		(245,996,973	)

Net increase (decrease)		(26,586,219	)		(17,293,042	)		(233,226,291	)		363,087,506

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(313	)		(5	)		(35,142	)
Net dividends and distributions – Service Shares		(13,686,362	)		(9,653,021	)		(554,411	)		(110,142,951	)

Total dividends and distributions		(13,686,362	)		(9,653,334	)		(554,416	)		(110,178,093	)

INCREASE (DECREASE) IN NET ASSETS		(29,443,835	)		(52,660,081	)		(209,460,595	)		247,821,286
NET ASSETS:
Beginning of year		295,115,292			347,775,373			499,270,487			251,449,201

End of year	$	265,671,457		$	295,115,292		$	289,809,892		$	499,270,487

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		8			170			21			35,855
Shares issued to holders in reinvestment of dividends		11			34			1			3,755
Shares redeemed		(940	)		(131	)		(38,652	)		(18,259	)

Net increase (decrease)		(921	)		73			(38,630	)		21,351

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		9,183,963			13,137,850			15,242,820			47,336,914
Shares issued to holders in reinvestment of dividends		1,539,999			1,074,891			67,718			12,187,999
Shares redeemed		(13,725,984	)		(16,137,435	)		(42,993,320	)		(24,444,350	)

Net increase (decrease)		(3,002,022	)		(1,924,694	)		(27,682,782	)		35,080,563

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

See notes to financial statements.

111

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Income Fund						Income Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	816,396		$	346,164		$	2,724,414		$	1,085,564
Net realized loss on investment transactions		(39,268	)		(341,288	)		(2,022,742	)		(6,245,008	)
Net change in unrealized appreciation on investments		55,316			50,611			2,175,939			1,652,884

Net increase (decrease) in net assets resulting from operations		832,444			55,487			2,877,611			(3,506,560	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		16,356,425			14,707,129			31,939,962			24,537,832
Shares issued to holders in reinvestment of dividends		801,360			333,851			2,693,828			1,084,689
Shares redeemed		(14,880,223	)		(13,893,111	)		(11,826,539	)		(8,867,473	)

Net increase		2,277,562			1,147,869			22,807,251			16,755,048

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(801,360	)		(333,852	)		(2,693,828	)		(1,084,689	)

Total dividends and distributions		(801,360	)		(333,852	)		(2,693,828	)		(1,084,689	)

INCREASE (DECREASE) IN NET ASSETS		2,308,646			869,504			22,991,034			12,163,799
NET ASSETS:
Beginning of year		11,781,353			10,911,849			56,634,190			44,470,391

End of year	$	14,089,999		$	11,781,353		$	79,625,224		$	56,634,190

CHANGES IN SHARES OUTSTANDING
Shares sold		1,694,609			1,509,965			3,803,073			2,760,584
Shares issued to holders in reinvestment of dividends		83,292			34,676			324,779			127,816
Shares redeemed		(1,543,404	)		(1,437,264	)		(1,418,549	)		(1,028,707	)

Net increase		234,497			107,377			2,709,303			1,859,693

See notes to financial statements.

112

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Growth & Income Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023
OPERATIONS:
Net investment income	$	2,225,655		$	2,264,523
Net realized gain (loss) on investment transactions		3,332,133			(3,258,069	)
Net change in unrealized appreciation (depreciation) on investments		11,461,039			(1,745,441	)

Net increase (decrease) in net assets resulting from operations		17,018,827			(2,738,987	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		22,127,596			27,064,823
Shares issued to holders in reinvestment of dividends		2,225,905			2,147,781
Shares redeemed		(36,507,124	)		(34,342,235	)

Net decrease		(12,153,623	)		(5,129,631	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(2,225,905	)		(2,147,781	)

Total dividends and distributions		(2,225,905	)		(2,147,781	)

INCREASE (DECREASE) IN NET ASSETS		2,639,299			(10,016,399	)
NET ASSETS:
Beginning of year		106,817,174			116,833,573

End of year	$	109,456,473		$	106,817,174

CHANGES IN SHARES OUTSTANDING
Shares sold		1,996,722			2,586,598
Shares issued to holders in reinvestment of dividends		203,673			208,178
Shares redeemed		(3,406,873	)		(3,184,948	)

Net decrease		(1,206,478	)		(390,172	)

See notes to financial statements.

113

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FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$23.820			$28.797			$26.584			$16.106			$18.401
Income from investment operations:
Net investment income¹		0.168			0.205			0.096			0.059			0.114
Net realized and unrealized gains (losses) on investments		7.150			(2.879	)		3.045			10.515			(2.202	)

Total from investment operations		7.318			(2.674	)		3.141			10.574			(2.088	)

Less distributions:
Distributions from net investment income		(0.198	)		(0.161	)		(0.121	)		(0.096	)		(0.021	)
Distributions from net realized gains		(0.011	)		(2.142	)		(0.807	)		—			(0.186	)

Total distributions		(0.209	)		(2.303	)		(0.928	)		(0.096	)		(0.207	)

Net asset value, end of year		$30.929			$23.820			$28.797			$26.584			$16.106

Total return		30.82%			(8.81)%			11.59%			65.69%			(11.59)%
Supplemental data and ratios:
Net assets, end of year		$723,890,113			$607,841,824			$691,938,719			$602,158,947			$326,952,939
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²³		0.89%			0.90%			0.89%			1.15%			1.18%
After expense reimbursement (recapture) and securities lending credit including interest expense^2 3		0.82%			0.87%			0.89%			1.10%			1.14%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.58%			0.79%			0.33%			0.21%			0.55%
After expense reimbursement (recapture) and securities lending credit		0.65%			0.82%			0.33%			0.26%			0.59%
Portfolio turnover rate		19.47%			46.39%			25.18%			34.13%			28.54%

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.

The effect of the voluntary expense reimbursement on the Service Class shares as of March 31, 2024 was 0.02%.

See notes to financial statements.

114

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FINANCIAL HIGHLIGHTS


	Emerging Markets Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$10.299			$13.573			$16.502			$10.516			$13.278
Income from investment operations:
Net investment income¹		0.218			0.324			0.214			0.049			0.175
Net realized and unrealized gains (losses) on investments		0.803			(1.870	)		(1.727	)		5.968			(2.690	)

Total from investment operations		1.021			(1.546	)		(1.513	)		6.017			(2.515	)

Less distributions:
Distributions from net investment income		(0.368	)		(0.486	)		(0.258	)		(0.031	)		(0.247	)
Distributions from net realized gains		—			(1.242	)		(1.158	)		—			—

Total distributions		(0.368	)		(1.728	)		(1.416	)		(0.031	)		(0.247	)

Net asset value, end of year		$10.952			$10.299			$13.573			$16.502			$10.516

Total return		10.03%			(11.02)%			(9.75)%			57.85%³			(19.40)%
Supplemental data and ratios:
Net assets, end of year		$47,929,601			$45,699,264			$71,780,033			$96,895,863			$64,153,851
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense² ⁴		1.88%			1.84%			1.40%			1.55%			1.79%
After expense reimbursement (recapture) and securities lending credit including interest expense^2 4		1.34%			1.40%			1.39%			1.64%			1.65%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.55%			2.39%			1.32%			0.43%			1.20%
After expense reimbursement (recapture) and securities lending credit		2.09%			2.83%			1.33%			0.34%			1.34%
Portfolio turnover rate		43.80%			43.50%			47.80%			58.36%			42.60%

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%, 0.01%, 0.00%, 0.00% and 0.00%, 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).

⁴

The effect of the voluntary expense reimbursement on the Service Class shares as of March 31, 2024 was 0.06%.

See notes to financial statements.

115

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Small Mid Cap Core Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$16.763			$19.122			$21.067			$10.765			$14.385
Income from investment operations:
Net investment income (loss)¹		0.066			0.089			0.002			(0.040	)		(0.007	)
Net realized and unrealized gains (losses) on investments		3.689			(2.074	)		0.447			10.720			(3.393	)

Total from investment operations		3.755			(1.985	)		0.449			10.680			(3.400	)

Less distributions:
Distributions from net investment income		(0.067	)		(0.063	)		(0.046	)		(0.024	)		(0.016	)
Distributions from net realized gains		(0.062	)		(0.311	)		(2.348	)		(0.354	)		(0.204	)

Total distributions		(0.129	)		(0.374	)		(2.394	)		(0.378	)		(0.220	)

Net asset value, end of year		$20.389			$16.763			$19.122			$21.067			$10.765

Total return		22.44%			(10.34)%			1.38%			99.76%			(24.10)%
Supplemental data and ratios:
Net assets, end of year		$102,966,460			$95,300,950			$107,105,729			$92,756,350			$52,904,611
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense² ³		1.16%			1.17%			1.17%			1.46%			1.50%
After expense reimbursement (recapture) and securities lending credit including interest expense^2 3		1.04%			1.06%			1.14%			1.31%			1.39%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.25%			0.41%			(0.03)%			(0.40)%			(0.16)%
After expense reimbursement (recapture) and securities lending credit		0.37%			0.52%			0.01%			(0.25)%			(0.05)%
Portfolio turnover rate		16.37%			24.59%			36.38%			37.81%			26.54%

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 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

The effect of the voluntary expense reimbursement on the Service Class shares as of March 31, 2024 was 0.035%.

See notes to financial statements.

116

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$9.727			$10.306			$10.445			$7.303			$8.856
Income from investment operations:
Net investment income¹		0.191			0.229			0.131			0.081			0.142
Net realized and unrealized gains (losses) on investments		1.190			(0.526	)		(0.150	)		3.263			(1.538	)

Total from investment operations		1.381			(0.297	)		(0.019	)		3.344			(1.396	)

Less distributions:
Distributions from net investment income		(0.231	)		(0.210	)		(0.120	)		(0.202	)		(0.157	)
Distributions from net realized gains		(0.117	)		(0.072	)		—			—			—

Total distributions		(0.348	)		(0.282	)		(0.120	)		(0.202	)		(0.157	)

Net asset value, end of year		$10.760			$9.727			$10.306			$10.445			$7.303

Total return		14.42%			(2.70)%			(0.27)%			45.89%			(16.16)%
Supplemental data and ratios:
Net assets, end of year		$117,448,079			$109,714,796			$125,033,842			$138,023,708			$110,561,165
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense² ³		1.24%			1.26%			1.25%			1.38%			1.36%
After expense reimbursement (recapture) and securities lending credit including interest expense^2 3		1.10%			1.14%			1.14%			1.37%			1.35%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.80%			2.37%			1.08%			0.88%			1.58%
After expense reimbursement (recapture) and securities lending credit		1.91%			2.49%			1.19%			0.89%			1.59%
Portfolio turnover rate		30.33%			54.13%			33.89%			46.15%			25.52%

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.

The effect of the voluntary expense reimbursement on the Service Class shares as of March 31, 2024 was 0.041%.

See notes to financial statements.

117

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Core Fixed Income Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:
Net asset value, beginning of year		$8.266			$9.009			$9.700			$9.798			$9.270
Income from investment operations:
Net investment income¹		0.266			0.194			0.110			0.112			0.170
Net realized and unrealized gains (losses) on investments		(0.061	)		(0.740	)		(0.571	)		0.141	³		0.490

Total from investment operations		0.205			(0.546	)		(0.461	)		0.253			0.660

Less distributions:
Distributions from net investment income		(0.268	)		(0.197	)		(0.124	)		(0.184	)		(0.108	)
Distributions from net realized gains		—			—			(0.106	)		(0.167	)		(0.024	)

Total distributions		(0.268	)		(0.197	)		(0.230	)		(0.351	)		(0.132	)

Net asset value, end of year		$8.203			$8.266			$9.009			$9.700			$9.798

Total return		2.56%			(6.02)%			(4.88)%			2.47%			7.16%
Supplemental data and ratios:
Net assets, end of year		$172,263,447			$170,247,628			$200,560,432			$188,033,933			$135,386,961
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.00%			0.99%			0.99%			1.28%			1.29%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.94%			0.94%			0.94%			1.19%			1.19%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		3.23%			2.28%			1.09%			1.01%			1.67%
After expense reimbursement (recapture) and securities lending credit		3.29%			2.33%			1.14%			1.10%			1.77%
Portfolio turnover rate		267.22%			252.14%			263.72%			283.45%			278.67%

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.

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 shares transactions for the year.

See notes to financial statements.

118

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$13.904			$16.029			$15.636			$10.062			$11.477
Income from investment operations:
Net investment income¹		0.172			0.127			0.126			0.064			0.128
Net realized and unrealized gains (losses) on investments		3.206			(1.718	)		0.726			5.780			(1.402	)

Total from investment operations		3.378			(1.591	)		0.852			5.844			(1.274	)

Less distributions:
Distributions from net investment income		(0.262	)		(0.028	)		(0.129	)		(0.072	)		(0.141	)
Distributions from net realized gains		(0.053	)		(0.506	)		(0.330	)		(0.198	)		—

Total distributions		(0.315	)		(0.534	)		(0.459	)		(0.270	)		(0.141	)

Net asset value, end of year		$16.967			$13.904			$16.029			$15.636			$10.062

Total return		24.46%			(9.69)%			5.22%			58.23%			(11.35)%
Supplemental data and ratios:
Net assets, end of year		$1,279,611,829			$950,178,503			$1,136,476,058			$1,075,230,154			$739,949,997
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.67%			0.69%			0.68%			0.94%			0.97%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.62%			0.64%			0.64%			0.90%			0.93%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		1.09%			0.87%			0.71%			0.44%			1.03%
After expense reimbursement (recapture) and securities lending credit		1.14%			0.92%			0.75%			0.48%			1.07%
Portfolio turnover rate		18.58%			22.84%			17.09%			39.58%			37.80%

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%, 0.01%, 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.

See notes to financial statements.

119

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$10.165			$10.978			$11.070			$9.137			$9.617
Income from investment operations:
Net investment income¹		0.338			0.266			0.207			0.199			0.226
Net realized and unrealized gains (losses) on investments		0.718			(0.865	)		0.098			1.959			(0.490	)

Total from investment operations		1.056			(0.599	)		0.305			2.158			(0.264	)

Less distributions:
Distributions from net investment income		(0.338	)		(0.175	)		(0.202	)		(0.189	)		(0.216	)
Distributions from net realized gains		—			(0.039	)		(0.195	)		(0.036	)		—

Total distributions		(0.338	)		(0.214	)		(0.397	)		(0.225	)		(0.216	)

Net asset value, end of year		$10.883			$10.165			$10.978			$11.070			$9.137

Total return		10.48%			(5.39)%			2.60%			23.67%			(2.99)%
Supplemental data and ratios:
Net assets, end of year		$531,079,422			$428,327,883			$509,796,048			$461,123,761			$314,935,864
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.70%			0.71%			0.70%			0.96%			0.99%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.45%			0.45%			0.45%			0.70%			0.70%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		3.01%			2.37%			1.56%			1.64%			1.98%
After expense reimbursement (recapture) and securities lending credit		3.26%			2.63%			1.81%			1.90%			2.27%
Portfolio turnover rate		19.92%			48.39%			28.28%			38.17%			58.96%

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.

120

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Tactical Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$10.563			$11.400			$11.394			$9.960			$10.919
Income from investment operations:
Net investment income¹		0.090			0.149			0.047			0.010			0.061
Net realized and unrealized gains (losses) on investments		2.582			(0.486	)		1.154			1.941			(0.515	)

Total from investment operations		2.672			(0.337	)		1.201			1.951			(0.454	)

Less distributions:
Distributions from net investment income		(0.146	)		—			(0.053	)		(0.005	)		(0.058	)
Distributions from net realized gains		—			(0.500	)		(1.142	)		(0.512	)		(0.447	)

Total distributions		(0.146	)		(0.500	)		(1.195	)		(0.517	)		(0.505	)

Net asset value, end of year		$13.089			$10.563			$11.400			$11.394			$9.960

Total return		25.45%			(2.90)%			10.32%			19.96%			(4.83)%
Supplemental data and ratios:
Net assets, end of year		595,360,541			$500,975,471			$518,623,186			$469,311,387			$323,199,482
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.79%			0.80%			0.81%			1.07%			1.10%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.77%			0.79%			0.78%			1.05%			1.06%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.77%			1.37%			0.36%			0.07%			0.50%
After expense reimbursement (recapture) and securities lending credit		0.79%			1.38%			0.39%			0.09%			0.54%
Portfolio turnover rate		333.31%			248.27%			406.19%			443.30%			500.28%

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.

121

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Institutional
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$9.372			$10.053			$10.554			$10.005			$10.402
Income from investment operations:
Net investment income¹		0.378			0.346			0.267			0.256			0.329
Net realized and unrealized gains (losses) on investments		0.075			(0.775	)		(0.516	)		0.638	²		(0.367	)

Total from investment operations		0.453			(0.429	)		(0.249	)		0.894			(0.038	)

Less distributions:
Distributions from net investment income		(0.488	)		(0.252	)		(0.252	)		(0.345	)		(0.359	)

Total distributions		(0.488	)		(0.252	)		(0.252	)		(0.345	)		(0.359	)

Net asset value, end of year		$9.337			$9.372			$10.053			$10.554			$10.005

Total return		4.86%			(4.21)%			(2.46)%			8.92%			(0.53)%
Supplemental data and ratios:
Net assets, end of year		$89			$26,541			$228,905			$476,449			$1,133,623
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.50%			0.50%			0.47%			0.49%			0.50%
After expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.20%			0.22%			0.20%			0.21%			0.21%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.72%			3.31%			2.26%			2.15%			2.82%
After expense reimbursement (recapture) and securities lending credit		4.02%			3.59%			2.53%			2.43%			3.11%
Portfolio turnover rate		53.14%			152.99%			27.64%			65.03%			161.00%

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 0.00%, 0.02%, 0.00%, 0.01% and 0.01%, respectively.

⁵

See notes to financial statements.

122

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$9.394			$10.080			$10.578			$10.010			$10.402
Income from investment operations:
Net investment income¹		0.394			0.286			0.227			0.195			0.266
Net realized and unrealized gains (losses) on investments		0.047			(0.750	)		(0.515	)		0.634	⁵		(0.368	)

Total from investment operations		0.441			(0.464	)		(0.288	)		0.829			(0.102	)

Less distributions:
Distributions from net investment income		(0.449	)		(0.222	)		(0.210	)		(0.261	)		(0.290	)

Total distributions		(0.449	)		(0.222	)		(0.210	)		(0.261	)		(0.290	)

Net asset value, end of year		$9.386			$9.394			$10.080			$10.578			$10.010

Total return		4.72%			(4.56)%			(2.80)%			8.26%			(1.11)%
Supplemental data and ratios:
Net assets, end of year		$203,758,072			$224,226,970			$236,003,490			$212,656,486			$391,177,265
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.84%			0.86%			0.82%			1.09%			1.10%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.55%			0.58%			0.55%			0.81%			0.81%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		3.91%			2.73%			1.87%			1.57%			2.22%
After expense reimbursement (recapture) and securities lending credit		4.20%			3.01%			2.14%			1.85%			2.51%
Portfolio turnover rate		53.14%			152.99%			27.64%			65.03%			161.00%

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%, 0.03%, 0.00%, 0.01% and 0.01%, respectively.

⁴

⁵

See notes to financial statements.

123

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Multi-Asset Income Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$10.167			$11.373			$11.332			$9.056			$10.660
Income from investment operations:
Net investment income¹		0.412			0.370			0.313			0.270			0.344
Net realized and unrealized gains (losses) on investments		0.595			(1.169	)		0.044			2.272			(1.632	)

Total from investment operations		1.007			(0.799	)		0.357			2.542			(1.288	)

Less distributions:
Distributions from net investment income		(0.409	)		(0.407	)		(0.316	)		(0.266	)		(0.313	)
Distributions from net realized gains		—			—			—			—			(0.003	)

Total distributions		(0.409	)		(0.407	)		(0.316	)		(0.266	)		(0.316	)

Net asset value, end of year		$10.765			$10.167			$11.373			$11.332			$9.056

Total return		10.15%			(6.92)%			3.09%			28.42%			(12.53)%
Supplemental data and ratios:
Net assets, end of year		$104,516,590			$88,872,229			$111,888,042			$132,821,013			$112,044,753
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.85%			0.85%			0.84%			1.09%			1.12%
After expense reimbursement (recapture) and securities lending creditincluding interest expense³		0.71%			0.59%			0.70%			0.96%			0.92%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		3.89%			3.32%			2.55%			2.48%			2.99%
After expense reimbursement (recapture) and securities lending credit		4.03%			3.58%			2.69%			2.61%			3.19%
Portfolio turnover rate		27.54%			65.66%			24.21%			73.27%			85.15%

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%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

⁴

See notes to financial statements.

124

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FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Institutional
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$9.021			$10.080			$10.582			$9.368			$9.422
Income from investment operations:
Net investment income¹		0.371			0.270			0.254			0.511			0.391
Net realized and unrealized gains (losses) on investments		(0.111	)		(0.971	)		(0.453	)		0.989	²		(0.076	)²

Total from investment operations		0.260			(0.701	)		(0.199	)		1.500			0.315

Less distributions:
Distributions from net investment income		(0.481	)		(0.291	)		(0.236	)		(0.286	)		(0.369	)
Distributions from net realized gains		—			(0.067	)		(0.067	)		—			—

Total distributions		(0.481	)		(0.358	)		(0.303	)		(0.286	)		(0.369	)

Net asset value, end of year		$8.800			$9.021			$10.080			$10.582			$9.368

Total return		2.93%			(6.92)%			(2.02)%			16.10%			3.38%
Supplemental data and ratios:
Net assets, end of year		$44			$8,353			$8,598			$7,747			$34,154
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.28%			0.30%			0.30%			0.37%			0.45%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.15%			0.15%			0.15%			0.15%			0.15%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.98%			2.74%			2.24%			4.84%			3.81%
After expense reimbursement (recapture) and securities lending credit		4.11%			2.89%			2.39%			5.06%			4.11%
Portfolio turnover rate		247.29%			483.66%			195.55%			211.84%			517.05%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

⁴

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.02%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

⁵

See notes to financial statements.

125

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:
Net asset value, beginning of year		$8.974			$9.991			$10.497			$9.304			$9.366
Income from investment operations:
Net investment income¹		0.468			0.230			0.213			0.250			0.331
Net realized and unrealized gains (losses) on investments		(0.101	)		(0.960	)		(0.445	)		1.175	²		(0.076	)²

Total from investment operations		0.367			(0.730	)		(0.232	)		1.425			0.255

Less distributions:
Distributions from net investment income		(0.450	)		(0.220	)		(0.207	)		(0.232	)		(0.317	)
Distributions from net realized gains		—			(0.067	)		(0.067	)		—			—

Total distributions		(0.450	)		(0.287	)		(0.274	)		(0.232	)		(0.317	)

Net asset value, end of year		$8.891			$8.974			$9.991			$10.497			$9.304

Total return		4.19%			(7.27)%			(2.33)%			15.38%			2.76%
Supplemental data and ratios:
Net assets, end of year		$265,671,413			$295,106,939			$347,766,775			$279,838,116			$98,516,379
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.71%			0.70%			0.70%			0.99%			1.05%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.50%			0.50%			0.50%			0.75%			0.75%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		5.04%			2.28%			1.83%			2.17%			3.20%
After expense reimbursement (recapture) and securities lending credit		5.25%			2.48%			2.03%			2.41%			3.50%
Portfolio turnover rate		247.29%			483.66%			195.55%			211.84%			517.05%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

⁴

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.

⁵

See notes to financial statements.

126

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Institutional
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:
Net asset value, beginning of year		$8.550			$10.136			$9.504			$8.813			$8.067
Income from investment operations:
Net investment income (loss)¹		0.258			0.241			(0.106	)		(0.084	)		0.063
Net realized and unrealized gains on investments		0.411			0.557	³		1.607			1.079			1.097

Total from investment operations		0.669			0.798			1.501			0.995			1.160

Less distributions:
Distributions from net investment income		(0.033	)		(1.085	)		(0.262	)		—			(0.131	)
Distributions from net realized gains		—			(1.299	)		(0.607	)		(0.304	)		(0.283	)

Total distributions		(0.033	)		(2.384	)		(0.869	)		(0.304	)		(0.414	)

Net asset value, end of year		$9.186			$8.550			$10.136			$9.504			$8.813

Total return		7.86%			5.85%			17.34%			11.46%			14.70%
Supplemental data and ratios:
Net assets, end of year		$1,406			$331,615			$176,686			$483,785			$1,220,564
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.12%			1.21%			1.19%			1.21%			1.25%
After expense reimbursement (recapture) and fees waived including interest expense²		1.12%			1.21%			1.19%			1.29%			1.30%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		2.99%			2.52%			(1.12)%			(0.87)%			0.79%
After expense reimbursement (recapture) and fees waived		2.99%			2.52%			(1.12)%			(0.95)%			0.74%
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.

127

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Service
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:
Net asset value, beginning of year		$8.250			$9.893			$9.268			$8.648			$7.914
Income from investment operations:
Net investment income (loss)¹		0.309			0.160			(0.136	)		(0.129	)		0.011
Net realized and unrealized gains on investments		0.287			0.542	³		1.570			1.053			1.077

Total from investment operations		0.596			0.702			1.434			0.924			1.088

Less distributions:
Distributions from net investment income		(0.010	)		(1.046	)		(0.202	)		—			(0.071	)
Distributions from net realized gains		—			(1.299	)		(0.607	)		(0.304	)		(0.283	)

Total distributions		(0.010	)		(2.345	)		(0.809	)		(0.304	)		(0.354	)

Net asset value, end of year		$8.836			$8.250			$9.893			$9.268			$8.648

Total return		7.23%			5.04%			16.94%			10.84%			14.03%
Supplemental data and ratios:
Net assets, end of year		$289,808,486			$498,938,872			$251,272,515			$207,653,403			$221,868,264
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.50%			1.52%			1.54%			1.80%			1.85%
After expense reimbursement (recapture) and fees waived including interest expense²		1.50%			1.52%			1.54%			1.81%			1.90%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		3.66%			1.52%			(1.47)%			(1.47)%			0.18%
After expense reimbursement (recapture) and fees waived		3.66%			1.52%			(1.47)%			(1.48)%			0.13%
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.

128

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Income Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$9.629			$9.776			$9.938			$9.899			$9.987
Income from investment operations:
Net investment income¹		0.432			0.204			0.049			0.029			0.177
Net realized and unrealized gains (losses) on investments		0.022			(0.136	)		(0.159	)		0.044			(0.092	)

Total from investment operations		0.454			0.068			(0.110	)		0.073			0.085

Less distributions:
Distributions from net investment income		(0.420	)		(0.215	)		(0.052	)		(0.034	)		(0.173	)
Distributions from net realized gains		—			—			—			—			—

Total distributions		(0.420	)		(0.215	)		(0.052	)		(0.034	)		(0.173	)

Net asset value, end of year		$9.663			$9.629			$9.776			$9.938			$9.899

Total return		4.82%			0.71%			(1.12)%			0.74%			0.85%
Supplemental data and ratios:
Net assets, end of year		$14,089,999			$11,781,353			$10,911,849			$15,926,192			$6,724,818
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.92%			0.95%			1.06%			1.14%			2.23%
After expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.64%			0.64%			0.64%			0.64%			0.64%
Ratio of net investment income to average net assets³
Before expense reimbursement (recapture) and fees waived		4.20%			1.81%			0.08%			(0.20)%			0.18%
After expense reimbursement (recapture) and fees waived		4.48%			2.12%			0.50%			0.30%			1.77%
Portfolio turnover rate		258.88%			398.32%			161.18%			190.65%			190.99%

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 0.00%, respectively.

See notes to financial statements.

129

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Income Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:
Net asset value, beginning of year		$8.464			$9.204			$9.950			$9.857			$9.892
Income from investment operations:
Net investment income¹		0.313			0.169			0.208			0.186			0.284
Net realized and unrealized gains (losses) on investments		(0.001	)⁴		(0.742	)		(0.745	)		0.090	⁴		(0.048	)⁴

Total from investment operations		0.312			(0.573	)		(0.537	)		0.276			0.236

Less distributions:
Distributions from net investment income		(0.306	)		(0.167	)		(0.209	)		(0.183	)		(0.266	)
Distributions from net realized gains		—			—			—			—			(0.005	)

Total distributions		(0.306	)		(0.167	)		(0.209	)		(0.183	)		(0.271	)

Net asset value, end of year		$8.470			$8.464			$9.204			$9.950			$9.857

Total return		3.82%			(6.21)%			(5.53)%			2.79%			2.34%
Supplemental data and ratios:
Net assets, end of year		$79,625,224			$56,634,190			$44,470,391			$38,031,721			$32,494,874
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense⁵		0.84%			0.85%			0.88%			0.92%			1.18%
After expense reimbursement (recapture) and securities lending credit including interest expense⁵		0.79%			0.79%			0.79%			0.80%			0.79%
Ratio of net investment income to average net assets³
Before expense reimbursement (recapture) and fees waived		3.70%			1.91%			2.02%			1.73%			2.39%
After expense reimbursement (recapture) and fees waived		3.75%			1.97%			2.11%			1.85%			2.79%
Portfolio turnover rate		288.92%			300.76%			222.96%			194.13%			247.58%

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

⁵

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.01% and 0.00%, respectively.

See notes to financial statements.

130

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth & Income Fund
	Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
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		$10.463			$11.023			$11.683			$8.717			$9.772
Income from investment operations:
Net investment income¹		0.264			0.236			0.110			0.134			0.189
Net realized and unrealized gains (losses) on investments		1.698			(0.575	)		0.888			2.959			(1.094	)

Total from investment operations		1.962			(0.339	)		0.998			3.093			(0.905	)

Less distributions:
Distributions from net investment income		(0.267	)		(0.221	)		(0.139	)		(0.127	)		(0.146	)
Distributions from net realized gains (losses)		—			—			(1.519	)		—			(0.004	)

Total distributions		(0.267	)		(0.221	)		(1.658	)		(0.127	)		(0.150	)

Net asset value, end of year		$12.158			$10.463			$11.023			$11.683			$8.717

Total return		19.08%			(3.02)%			7.90%			35.67%			(9.45)%
Supplemental data and ratios:
Net assets, end of year		$109,456,473			$106,817,174			$116,833,573			$86,833,376			$33,927,659
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.94%			0.94%			0.87%			0.95%			1.34%
After expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.88%			0.89%			0.81%			0.80%			0.79%
Ratio of net investment income to average net assets³
Before expense reimbursement (recapture) and fees waived		2.35%			2.21%			0.86%			1.13%			1.34%
After expense reimbursement (recapture) and fees waived		2.41%			2.26%			0.92%			1.28%			1.89%
Portfolio turnover rate		122.79%			73.19%			174.37%			108.96%			159.34%

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 0.09%, 0.10%, 0.02%, 0.01% and 0.00%, respectively.

See notes to financial statements.

131

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2024

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, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Managed Futures Strategy Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. 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 GuidePath Multi-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the 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, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund each operate as a “Fund of Funds,” investing primarily or, in the case of the GuidePath Tactical Allocation Fund, between 10% and 100% of its assets, in registered investment companies, including mutual funds and exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein

as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

Significant Accounting Policies

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

(a)

Investment Valuation

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.

132

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March 31, 2024

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 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.

133

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March 31, 2024

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2024:

GuideMark Large Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

689,181,375

—

3,538

689,184,913

Investment Companies

23,908,576

—

23,908,576

Real Estate Investment Trusts

6,804,896

—

6,804,896

Investments Purchased with Proceeds from Securities Lending Collateral*

—

66,692,592

Money Market Funds

3,485,485

—

3,485,485

Total Investments in Securities

723,380,332

—

3,538

790,076,462

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, 2023	$	0
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		3,538
Transfers into/(out of) Level 3		—

Balance as of March 31, 2024	$	3,538

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2024.	$	3,538

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. Level 3 holdings as of March 31, 2024, are immaterial and other than the reconciliation of investments above no further quantitative information about Level 3 Fair Value Measurements has been included.

GuideMark Emerging Markets Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Bermuda	$	—	$	90,979	$	—	$	90,979
Brazil		1,712,865		—		—		1,712,865
Cayman Island		—		2,451,810		—		2,451,810
Chile		183,854		108,296				292,150
China		566,063		7,874,500		—		8,440,563
Colombia		—		68,643		—		68,643
Czech Republic		37,257		86,483		—		123,740
Egypt		—		233,241		—		233,241
Hong Kong		46,568		651,053		—		697,621
Hungary		202,098		—		—		202,098
India		—		7,841,760		—		7,841,760
Indonesia		133,308		598,780		—		732,088
Ireland		316,316		—		—		316,316
Luxembourg		29,105		—		—		29,105
Mexico		—		1,235,753		—		1,235,753
Netherlands		—		40,403		—		40,403
Peru		131,851		—		—		131,851
Philippines		30,455		—		—		30,455
Poland		—		592,194		—		592,194
Qatar		301,763		16,721		—		318,484
Republic of Korea				6,460,897				6,460,897
Russian Federation		—		—		0		0
South Africa		445,548		985,958		—		1,431,506
Tawain		—		8,123,815		—		8,123,815
Thailand		—		425,295		—		425,295
Turkey		463,162		535,866				999,028

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March 31, 2024


	Level 1		Level 2		Level 3		Total
United Arab Emirates	$	348,825	$	56,150	$	—	$	404,975

Total Common Stocks		4,949,038		38,478,597		0		43,427,635

Investment Companies
China		1,620,808		—		—		1,620,808
United States		1,597,267		—		—		1,597,267

Total Investment Companies		3,218,075		—		—		3,218,075

Preferred Stocks
Brazil		864,410		—		—		864,410
Chile		—		52,840		—		52,840
Colombia		—		80,633		—		80,633
Republic of Korea		—		213,204		—		213,204

Total Preferred Stocks		864,410		346,677		—		1,211,087

Real Estate Investment Trusts
Mexico		—		19,075		—		19,075

Total Real Estate Investment Trusts		—		19,075		—		19,075

Rights
China		—		—		0		—

Total Rights		—		—		0		—

Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		1,884,429
Money Market Funds		274,903		—		—		274,903

Total Investments in Securities	$	9,306,426	$	38,844,349	$	0	$	50,035,204

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, 2023	$	22,633		$	—
Purchases		—			—
Sales proceeds and paydowns		(204,168	)		(74	)
Accreted discounts, net		—			—
Corporate Actions		—			2,296
Realized gain (loss)		(1,479,476	)		(2,222	)
Change in unrealized appreciation (depreciation)		1,661,011			—
Transfers into/(out of) Level 3		—			—

Balance as of March 31, 2024	$	0		$	—

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2024.	$	—		$	—

GuideMark Small/Mid Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

95,549,573

—

7,246

95,556,819

Real Estate Investment Trusts

3,538,056

—

3,538,056

Investment Companies

3,288,591

—

3,288,591

Investments Purchased with Proceeds from Securities Lending Collateral*

—

24,606,320

Money Market Funds

441,513

—

441,513

Total Investments in Securities

102,817,732

—

7,246

127,431,299

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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
Balance as of April 1, 2023	$	6,710
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		536
Transfers into/(out of) Level 3		—

Balance as of March 31, 2024	$	7,246

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2024.	$	536

GuideMark World ex-US Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	5,845,930	$	—	$	5,845,930
Austria		—		473,560		—		473,560
Belgium		86,902		716,550		—		803,452
Canada		11,121,551		—		—		11,121,551
Denmark		—		3,852,762		—		3,852,762
Finland		—		348,642		—		348,642
France		—		12,270,353		—		12,270,353
Germany		—		9,507,941		—		9,507,941
Hong Kong		—		1,491,626		—		1,491,626
Ireland		—		761,321		—		761,321
Israel		1,015,525		197,597		—		1,213,122
Italy		—		2,968,693		—		2,968,693
Japan		—		25,541,451		—		25,541,451
Jersey		—		174,427		—		174,427
Jordan		—		99,449		—		99,449
Luxembourg		—		140,303		—		140,303
Netherlands		—		5,545,185		—		5,545,185
New Zealand		21,764		354,793		—		376,557
Norway		27,216		854,608		—		881,824
Portugal		—		386,065		—		386,065
Singapore		—		1,711,305		—		1,711,305
Spain		—		2,922,230		—		2,922,230
Sweden		—		2,373,165		—		2,373,165
Switzerland		—		7,847,151		—		7,847,151
United Kingdom		123,182		12,998,853		—		13,122,035
United States		36,331		—		—		36,331

Total Common Stocks		12,432,471		99,383,960		—		111,816,431
Investment Companies
Canada		306,738		—		—		306,738
Japan		3,252,698		—		—		3,252,698

Total Investment Companies		3,559,436		—		—		3,559,436
Preferred Stocks
Germany		—		372,852		—		372,852

Total Preferred Stocks		—		372,852		—		372,852
Warrants		—		—		0		0
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		3,939,591
Money Market Funds		736,612		—		—		736,612

Total Investments in Securities	$	16,728,519	$	99,756,812	$	0	$	120,424,922

136

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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	Warrants
Balance as of April 1, 2023	$	—
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		—

Balance as of March 31, 2024	$	0

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2024.	$	—

GuideMark Core Fixed Income Fund


	Level 1			Level 2		Level 3		Total
Fixed Income
Mortgage-Backed Securities	$	—		$	67,679,259	$	—	$	67,679,259
Corporate Obligations		—			44,561,966		—		44,561,966
U.S. Treasury Obligations		—			41,817,560		—		41,817,560
Collateralized Mortgage Obligations		—			24,932,824		—		24,932,824
Asset Backed Securities		—			13,941,653		—		13,941,653
Municipal Debt Obligations		—			2,722,301		—		2,722,301
Foreign Government Debt Obligations		—			2,658,368		—		2,658,368

Total Fixed Income		—			198,313,931		—		198,313,931
Investments Purchased with Proceeds from Securities Lending Collateral*		—			—		—		11,531,788
Money Market Funds		9,067,969			—		—		9,067,969

Total Investments in Securities	$	9,067,969		$	198,313,931	$	—	$	218,913,688

Other Financial Instruments**
Futures	$	(68,443	)	$	—	$	—	$	(68,443	)
Swaps		—			358,565		—		358,565

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

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

GuidePath Growth Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

1,266,633,314

—

1,266,633,314

Investments Purchased with Proceeds from Securities Lending Collateral*

—

148,573,145

Money Market Funds

12,311,097

—

12,311,097

Total Investments in Securities

1,278,944,411

—

1,427,517,556

137

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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

GuidePath Conservative Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

525,006,494

—

525,006,494

Investments Purchased with Proceeds from Securities Lending Collateral*

—

107,830,811

Money Market Funds

5,209,798

—

5,209,798

Total Investments in Securities

530,216,292

—

638,047,103

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

GuidePath Tactical Allocation Fund

Level 1

Level 2

Level 3

Total

Common Stocks

422,502,577

—

422,502,577

Investment Companies

159,827,422

—

159,827,422

Investments Purchased with Proceeds from Securities Lending Collateral*

—

88,614,980

Money Market Funds

12,193,987

—

12,193,987

Total Investments in Securities

594,523,986

—

683,138,966

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

201,484,084

—

201,484,084

Investments Purchased with Proceeds from Securities Lending Collateral*

—

47,162,806

Money Market Funds

1,901,479

—

1,901,479

Total Investments in Securities

203,385,563

—

250,548,369

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

GuidePath Multi-Asset Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

103,356,985

—

103,356,985

Investments Purchased with Proceeds from Securities Lending Collateral*

—

30,226,310

Money Market Funds

736,410

—

736,410

Total Investments in Securities

104,093,395

—

134,319,705

138

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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

256,888,118

—

256,888,118

Investments Purchased with Proceeds from Securities Lending Collateral*

—

69,623,360

Money Market Funds

7,854,726

—

7,854,726

Total Investments in Securities

264,742,844

—

334,366,204

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

GuidePath Managed Futures Strategy Fund

Level 1

Level 2

Level 3

Total

Certificates of Deposit

—

145,055,599

—

145,055,599

Investments Purchased with Proceeds from Securities Lending Collateral*

—

57,291,250

Money Market Funds

24,740,943

—

24,740,943

U.S. Treasury Bills

—

84,945,711

—

84,945,711

Total Investments in Securities

24,740,943

230,001,310

—

312,033,503

Other Financial Instruments*

Futures

10,425,149

—

10,425,149

Forward Currency Contracts

—

(12,877

)

—

(12,877

)

Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures and forward currency contracts. Futures and forward currency contracts are reflected as the unrealized appreciation (depreciation) on the instrument.

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

GuidePath Conservative Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

3,699,753

—

3,699,753

U.S. Treasury Obligations

—

2,224,766

—

2,224,766

Investments Purchased with Proceeds from Securities Lending Collateral*

—

274,050

Money Market Funds

7,621,703

—

7,621,703

Total Investments in Securities

11,321,456

2,224,766

—

13,820,272

139

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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

GuidePath Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

77,715,196

—

77,715,196

Investments Purchased with Proceeds from Securities Lending Collateral*

—

26,210,374

Money Market Funds

1,833,561

—

1,833,561

Total Investments in Securities

79,548,757

—

105,759,131

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

GuidePath Growth & Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

54,339,885

—

54,339,885

Common Stocks

53,982,160

—

53,982,160

Investments Purchased with Proceeds from Securities Lending Collateral*

—

14,524,828

Money Market Funds

1,094,359

—

1,094,359

Total Investments in Securities

109,416,404

—

123,941,232

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 4.44% of its total assets invested in the Subsidiary as of March 31, 2024.

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. As a result of this evaluation, it should be noted that, per

the Board’s approval effective May 6, 2024, all Institutional Class of the Funds have been liquidated.

Additionally, on April 25, 2024, AssetMark Financial Holdings, Inc. (“AssetMark Financial”), the parent company of the Advisor, announced that it signed a definitive agreement pursuant to which Chicago-based private equity firm GTCR LLC will acquire a 100% interest in AssetMark Financial and its subsidiaries, including the Advisor (the “Transaction”). The Transaction is expected to close in the fourth quarter of 2024, subject to certain conditions and requisite regulatory approvals. Except as otherwise noted herein, there are no other subsequent events requiring disclosure.

(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

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the year ended March 31, 2024, 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, 2024, 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)

Foreign Taxes

Tax reclaims receivable, if any, are recorded based upon the Funds’ interpretation of country-specific taxation of accrued dividend and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds’ interpretation of country-specific taxation of dividend income and related amounts reclaimable.

(l)

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.

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March 31, 2024

(m)

Derivatives

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

Forward Currency Contracts

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

Options

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

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

from the holder of the put option at the exercise price during the exercise period.

Futures

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

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

Futures contracts are valued at the daily quoted settlement prices.

Swaps

The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

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

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.

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GuideMark Core Fixed Income Fund

During the year, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX 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 year included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, purchased/written options and sold (wrote) options to efficiently manage investment grade credit exposure.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2024


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Credit Contracts – Swaps	Appreciation on swap agreements	$	—	Depreciation on swap agreements	$	—

Interest Rate Contracts – Swaps	Variation margin receviable on swap contracts		—	Variation margin payable on swap contracts		253

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		—	Unrealized depreciation on futures contracts**		68,443
Total		$	—		$	68,696

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

Included in total distributable earnings on the Statement of Assets and Liabilities.


The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2024

Amount of Realized Gain or (Loss) on Derivatives
	Futures Contracts		Swaps		Options		Total
Credit Contracts	$	—	$	8,864	$	50,198	$	59,062
Interest Rate Contracts		970,989		29,830		—		1,000,819

Total	$	970,989	$	38,694	$	50,198	$	1,059,881


Change in Unrealized Appreciation or (Depreciation) on Derivatives
	Futures Contracts		Swaps		Options			Total
Credit Contracts	$	—	$	1,474	$	(5,964	)	$	(4,490	)
Interest Rate Contracts		80,605		207,317		—			287,922

Total	$	80,605	$	208,791	$	(5,964	)	$	283,432

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, 2024, 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, 2024

Consolidated Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2024


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Commodity Contracts – Futures*	Unrealized appreciation on futures contracts**	$	5,076,897	Unrealized depreciation on futures contracts**	$	1,782,721

Equity Contracts – Futures*	Unrealized appreciation on futures contracts**		5,979,422	Unrealized depreciation on futures contracts**		37,109

Foreign Exchange Contracts – Forward Currency Contracts	Unrealized appreciation on forward currency contracts		610,186	Unrealized depreciation on forward currency contracts		623,063

Foreign Exchange Contracts – Futures*	Unrealized appreciation on futures contracts**		2,333,012	Unrealized depreciation on futures contracts**		278,993

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		654,992	Unrealized depreciation on futures contracts**		1,520,351
Total		$	14,654,509		$	4,242,237

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

Included in total distributable earnings on the Consolidated Statement of Assets and Liabilities.


The Effect of Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2024

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts			Forward Currency Contracts
Commodity Contracts	$	(14,872,724	)	$	—
Equity Contracts		34,749,963			—
Foreign Exchange Contracts		(13,406,239	)		(5,249,222	)
Interest Rate Contracts		(13,025,408	)		—

Total	$	(6,554,408	)	$	(5,249,222	)


Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts		Forward Currency Contracts
Commodity Contracts	$	5,509,645	$	—
Equity Contracts		3,020,112		—
Foreign Exchange Contracts		3,613,528		393,741
Interest Rate Contracts		6,638,016		—

Total	$	18,781,301	$	393,741

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.


The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2024

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts		Options Written
Equity Contracts	$	1,300,374	$	1,036,191

Total	$	1,300,374	$	1,036,191

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March 31, 2024


Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts			Options Written
Equity Contracts	$	(145,604	)	$	(456,130	)

Total	$	(145,604	)	$	(456,130	)

Volume Disclosures

The average monthly value outstanding of options written during the year ended March 31, 2024 were as follows:


	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund		GuidePath Growth and Income Fund
Options Written	$	(3,403	)	$	—	$	(79,538	)

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2024 were as follows:



Long Positions	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund			GuidePath Growth and Income Fund
Futures	$	16,588,046		$	580,672,032		$	7,550,012
Forwards	$	—		$	142,487,711		$	—
Swaps	$	4,092,000		$	—		$	—

Short Positions	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund			GuidePath Growth and Income Fund
Futures	$	(16,331,784	)	$	(1,377,776,783	)	$	—
Forwards	$	—		$	(134,125,933	)	$	—

Derivative Risks

The risks of using the various types of derivatives in which the Funds may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Funds in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Funds; the risk that there may not be a liquid secondary market for the derivative at a time when the Funds would look to disengage the position; the risk that additional capital from the Funds may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Funds may induce leverage in the Funds, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds.

Offsetting Assets and Liabilities

GuideMark Core Fixed Income Fund

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

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March 31, 2024

The table below, as of March 31, 2024, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.


Liabilities							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged		Net Amount
Description / Counterparty
Futures*
Citigroup	$	17,047	$	—	$	17,047	$	(17,047	)	$	—	$	—
Swaps
Morgan Stanley		253		—		253		(253	)		—		—

	$	17,300	$	—	$	17,300	$	(17,300	)	$	—	$	—

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

The table below, as of March 31, 2024, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.


Assets							Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount
Description / Counterparty
Forward
UBS AG	$	606,634	$	—	$	606,634	$	(606,634	)	$	—	$	—
Futures*
Goldman Sachs		527,726		—		527,726		(527,726	)		—		—

	$	1,134,360	$	—	$	1,134,360	$	(1,134,360	)	$	—	$	—

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March 31, 2024


Liabilities							Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged			Net Amount
Description / Counterparty
Forward
UBS AG	$	619,511	$	—	$	619,511	$	(606,634	)	$	(12,877	)		—
Futures*
Goldman Sachs		939,890		—		939,890		(527,726	)		(412,164	)		—

	$	1,559,401	$	—	$	1,559,401	$	(1,134,360	)	$	(425,041	)	$	—

Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts—variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities.

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

(n)

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.

(o)

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 in accordance with Rule 2a-5 pursuant to procedures approved by the Board.

(p)

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.

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.

(q)

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

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March 31, 2024

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.

(r)

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.

(s)

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.

(t)

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.

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.

(u)

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.

(v)

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, 2024.

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 also 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. 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%

Effective April 1, 2023, AssetMark implemented a voluntary fee waiver with respect to the Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund and World ex-US Fund. The voluntary fee waiver may be discontinued by the Advisor at any time. Pursuant to the voluntary waiver, AssetMark is waiving a portion of its advisory fees as a percentage of the average daily net assets of the Fund at the rate specified below. AssetMark will not have any right to seek reimbursement or recoupment from the Funds of any fees waived pursuant to the voluntary waiver.

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March 31, 2024


Large Cap Core Fund			0.020%
Emerging Markets Fund			0.060%
Small/Mid Cap Core Fund			0.035%
World ex-US Fund			0.041%

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%		—


	Service Class		Institutional Class		Single Class
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, 2024, 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, Managed Futures Strategy Fund and Income 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 03/31/2025		Year of Expiration 03/31/2026		Year of Expiration 03/31/2027
Emerging Markets Fund	$	—	$	219,516	$	213,513
World ex-US Fund		128,616		110,947		114,158
Core Fixed Income Fund		89,424		80,939		83,252
Conservative Allocation Fund		812,082		671,969		789,830
Absolute Return Allocation Fund		312,450		692,243		476,285
Flexible Income Allocation Fund		212,963		308,528		374,055
Conservative Income Fund		53,047		31,182		24,854
Growth and Income Fund		35,661		2,958		4,874

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.

149

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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 unencumbered securities in the Funds’ portfolios as collateral. The LoC was renewed July 25, 2023 and will mature, unless renewed, on July 23, 2024. Borrowing under the LoC is limited to the lesser of 30% of the gross market value of a Fund, 30% 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 8.50% at March 31, 2024. 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 ended April 1, 2023 to March 31, 2024, the details of the borrowings were as follows:


Fund	Average Daily Borrowings		Weighted Average Annualized Interest Rate			Maximum Borrowings
Large Cap Core Fund	$	54,150		8.50	%	$	15,642,000
Emerging Markets Fund		37,134		8.42	%		1,226,000
Small/Mid Cap Core Fund		6,063		8.50	%		2,219,000
World ex-US Fund		16,325		8.46	%		1,382,000
Growth Allocation Fund		55,899		8.50	%		4,894,000
Conservative Allocation Fund		112,369		8.48	%		8,745,000
Absolute Return Allocation Fund		99,623		8.50	%		7,418,000
Tactical Allocation Fund		23,656		8.50	%		4,445,000
Multi-Asset Income Allocation Fund		2,612		8.30	%		252,000
Flexible Income Allocation Fund		328,964		8.14	%		58,763,000
Growth and Income Fund		227,869		8.00	%		13,900,000

As of March 31, 2024, no Funds had outstanding borrowings.

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, 2024, 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.

Secured Borrowings


Securities Lending Transactions
Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral
Large Cap Core Fund	$	66,692,592
Emerging Markets Fund		1,884,429
Small/Mid Cap Core Fund		24,606,320
World ex-US Fund		3,939,591
Core Fixed Income Fund		11,531,788
Growth Allocation Fund		148,573,145
Conservative Allocation Fund		107,830,811
Tactical Allocation Fund		88,614,980

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024


Securities Lending Transactions
Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral
Absolute Return Allocation Fund	$	47,162,806
Multi-Asset Income Allocation Fund		30,226,310
Flexible Income Allocation Fund		69,623,360
Managed Futures Strategy Fund		57,291,250
Conservative Income Fund		274,050
Income Fund		26,210,374
Growth & Income Fund		14,524,828

Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities).	$	698,986,634

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2024 are summarized below.


	Purchases		Sales
Large Cap Core Fund	$	126,455,046	$	181,889,221
Emerging Markets Fund		19,712,852		21,928,422
Small/Mid Cap Core Fund		15,955,633		26,078,905
World ex-US Fund		32,985,046		39,343,816
Core Fixed Income Fund*		514,859,245		506,966,423
Growth Allocation Fund		306,457,730		191,997,317
Conservative Allocation Fund		158,350,122		87,424,663


	Purchases		Sales
Tactical Allocation Fund	$	1,797,746,507	$	1,686,900,734
Absolute Return Allocation Fund		115,061,608		136,121,792
Multi-Asset Income Allocation Fund		34,656,115		24,282,281
Flexible Income Allocation Fund		652,206,553		681,161,678
Managed Futures Strategy Fund		—		—
Conservative Income Fund		18,492,625		19,763,366
Income Fund		224,221,746		201,902,590
Growth and Income Fund		107,770,349		88,115,091

Included in these amounts were $468,766,643 of purchases and $460,724,169 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, 2024. As a result, this company is deemed to be an affiliated company. The below table represents fair value:


Issuer	Value as of April 1, 2023			Purchases		Sales		Realized Gain (Loss)
iShares MSCI Kokasui ETF¹	$	10,010,370		$	102,406	$	10,170,771	$	341,750

	$	10,010,370		$	102,406	$	10,170,771	$	341,750


Issuer	Change in Unrealized Appreciation (Depreciation)			Dividend Income		Fair Value as of March 31, 2024		Share Balance as of March 31, 2024
iShares MSCI Kokasui ETF¹	$	(283,767	)	$	—	$	—		—

	$	(283,767	)	$	—	$	—		—

No longer an affiliate as of March 31, 2024.

Macroeconomic Risks

Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, and economic sanctions may disrupt economic markets and the prolonged economic impacts of these types of developments are uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration, spread, and conclusion of global events, and such uncertainty may in turn impact the value of the Funds’ investments.

10.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

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.

11.

Tailored Shareholder Reporting

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds

tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment. Accordingly, amendments will not impact the Funds until the 2024 semi-annual shareholder report and will have no effect on the Funds’ accounting policies or financial statements.

12.

Other Tax Information

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

These differences are primarily due to CFC income reversal, 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	$	(954,262	)	$	954,262
Emerging Markets Fund		1			(1	)
Small/Mid Cap Core Fund		(210,885	)		210,885
World ex-US Fund		(121,170	)		121,170
Core Fixed Income Fund		4			(4	)
Growth Allocation Fund		(2,366,157	)		2,366,157
Conservative Allocation Fund		60			(60	)
Tactical Allocation Fund		(170,936	)		170,936
Absolute Return Allocation Fund		3,301			(3,301	)
Multi-Asset Income Allocation Fund		17			(17	)
Flexible Income Allocation Fund		9,659			(9,659	)
Managed Futures Strategy Fund		18,861,815			(18,861,815	)
Conservative Income Fund		2			(2	)
Income Fund		15			(15	)
Growth and Income Fund		9			(9	)

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		1,011,469		1,211,931		—
Small/Mid Cap Core Fund		—		—		—
World ex-US Fund		—		—		—
Core Fixed Income Fund		7,469,566		8,175,892		—
Growth Allocation Fund		—		—		—
Conservative Allocation Fund		2,134,629		3,957,169		—
Tactical Allocation Fund		—		—		—
Absolute Return Allocation Fund		11,941,506		15,401,987		—
Multi-Asset Income Allocation Fund		592,569		5,032,413		—
Flexible Income Allocation Fund		45,897,200		12,004,242		—
Managed Futures Strategy Fund		19,719,404		17,522,991		—
Conservative Income Fund		500,902		49,288		—
Income Fund		6,729,296		3,079,135		—
Growth and Income Fund		—		1,449,251		—

152

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

Additionally, at March 31, 2024, the Funds deferred on a tax basis losses as follows:


	Ordinary Late Year Loss		Capital Loss
Large Cap Core Fund	$	—	$	—
Emerging Markets Fund		—		—
Small/Mid Cap Core Fund		—		—
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		10,383,189		—
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, 2024 and March 31, 2023 are as follows:


	Year Ended March 31, 2024
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	4,859,950	$	274,361	$	—
Emerging Markets Fund		1,517,844		—		—
Small/Mid Cap Core Fund		307,484		401,308		—
World ex-US Fund		2,469,488		1,249,060		—
Core Fixed Income Fund		5,432,714		—		—
Growth Allocation Fund		17,741,325		3,507,849		—
Conservative Allocation Fund		13,791,295		—		—
Tactical Allocation Fund		6,818,603		—		—
Absolute Return Allocation Fund		9,346,198		—		—
Multi-Asset Income Allocation Fund		3,496,696		—		—
Flexible Income Allocation Fund		13,686,362		—		—
Managed Futures Strategy Fund		554,416		—		—
Conservative Income Fund		801,360		—		—
Income Fund		2,693,828		—		—
Growth and Income Fund		2,225,905		—		—


	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		—		—

153

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2024

At March 31, 2024, 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^*	$	433,846,252		$	39,943,945		$	89,939,167		$	86,846,317		$	233,404,412

Gross Unrealized Appreciation	$	369,409,019		$	14,948,197		$	45,936,984		$	38,301,059		$	1,085,053
Gross Unrealized Depreciation		(13,178,809	)		(5,235,258	)		(8,444,852	)		(4,606,122	)		(15,285,655	)

Net Unrealized Appreciation/(Depreciation)		356,230,210			9,712,939			37,492,132			33,694,937			(14,200,602	)

Undistributed Ordinary Income		566,036			18,146			—			3,178,682			684,040
Undistributed Long-Term Cap Gains		14,048,013			—			2,436,434			—			—
Other Accumulated Gains/(Losses)		—			(2,223,400	)		—			—			(15,645,458	)

Total Distributable Earnings/(Loss)		370,844,259			7,507,685			39,928,566			36,873,619			(29,162,020	)


	Growth Allocation Fund			Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund
Cost of Portfolio^*	$	1,009,972,089		$	593,153,719		$	577,475,579		$	253,072,085		$	125,685,306

Gross Unrealized Appreciation	$	440,288,846		$	69,518,164		$	119,397,737		$	4,263,842		$	14,600,792
Gross Unrealized Depreciation		(22,743,379	)		(24,624,780	)		(13,734,350	)		(6,787,558	)		(5,772,740	)

Net Unrealized Appreciation/(Depreciation)		417,545,467			44,893,384			105,663,387			(2,523,716	)		8,828,052

Undistributed Ordinary Income		6,007,880			6,318,616			4,217,814			2,153,269			262,562
Undistributed Long-Term Cap Gains		19,842,350			—			7,473,811			—			—
Other Accumulated Gains/(Losses)		(4,927	)		(6,096,725	)		(4,927	)		(27,348,420	)		(5,624,982	)

Total Distributable Earnings/(Loss)		443,390,770			45,115,275			117,350,085			(27,718,867	)		3,465,632


	Flexible Income Allocation Fund			Managed Futures Strategy Fund			Conservative Income Fund			Income Fund			Growth and Income Fund
Cost of Portfolio^*	$	321,500,131		$	311,983,692		$	13,766,947		$	104,770,796		$	107,501,417

Gross Unrealized Appreciation	$	6,359,553		$	2,975,310		$	59,888		$	2,537,088		$	18,183,999
Gross Unrealized Depreciation		(646,554	)		(474,887	)		(6,563	)		(1,548,750	)		(1,744,757	)

Net Unrealized Appreciation/(Depreciation)		5,712,999			2,500,423			53,325			988,338			16,439,242

Undistributed Ordinary Income		1,154,960			—			24,183			39,788			48,572
Undistributed Long-Term Cap Gains		—			—			—			—			—
Other Accumulated Gains/(Losses)		(57,901,442	)		(40,835,066	)		(550,190	)		(9,808,431	)		(1,449,251	)

Total Distributable Earnings/(Loss)		(51,033,483	)		(38,334,643	)		(472,682	)		(8,780,305	)		15,038,563

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.

Portfolio includes investments and derivative contracts

154

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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, and interest rate swap contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, open futures contracts, and forward currency contracts of GuidePath^® Managed Futures Strategy Fund), of GPS Funds I and GPS Funds II comprising the funds listed below (the “Funds”) as of March 31, 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for the 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, 2024	For the years ended March 31, 2024 and 2023	For the years ended March 31, 2024, 2023, 2022, 2021, and 2020
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^® Conservative Income Fund,
GuidePath^® Income Fund, and
GuidePath^® Growth and Income Fund

GuidePath^® Managed Futures Strategy Fund	Consolidated for the year ended March 31, 2024	Consolidated for the years ended March 31, 2024 and 2023	Consolidated for the years ended March 31, 2024, 2023, 2022, 2021, and 2020

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, 2024, 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, 2024

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ADDITIONAL INFORMATION

March 31, 2024

Additional Information

Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2024 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%		56.72%
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		83.55%		36.37%
Conservative Allocation Fund		31.56%		12.86%
Tactical Allocation Fund		75.94%		72.71%
Absolute Return Allocation Fund		0.29%		0.04%
Multi-Asset Income Allocation Fund		47.31%		24.37%
Flexible Income Allocation Fund		1.27%		0.72%
Managed Futures Strategy Fund		0.00%		0.00%
Conservative Income Fund		0.00%		0.00%
Income Fund		0.00%		0.00%
Growth and Income Fund		1.78%		1.12%

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		0.33%
Conservative Allocation Fund		0.00%
Tactical Allocation Fund		0.00%
Absolute Return Allocation Fund		0.00%
Multi-Asset Income Allocation Fund		0.00%
Flexible Income Allocation Fund		0.00%
Managed Futures Strategy Fund		0.00%
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, 2024. 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	$	296,366	$	0.0272		97.42	%
World ex-US Fund		209,681		0.0479		95.78	%

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.

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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 (“Savos”) (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 (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 (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 (2021-2022).

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 (2008-2022); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage^®, LLC (2014-present).

Trustee, Savos (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).

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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 (2012-2013); 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 (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).

Jennifer Diedenhofen Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Secretary	1-Year Term since May 2024	Secretary, GPS Funds I and GPS Funds II (2024-present), Director of Derivatives Compliance and Fund Administration, AssetMark (2022-present), Manager, Compliance and Fund Administration, AssetMark (2018-2022), Senior Compliance Officer, AssetMark (2018)

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 15, 2023 (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.”

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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.

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 renewal 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 renewal of 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 (12) 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.

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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.

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 and capabilities 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, as applicable, 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 efforts 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, specialized performance reporting and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that comparisons between a Fund and its peer group may be imprecise given the Funds’ special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund’s fees and expenses.

After comparing each Fund’s 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

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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.

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, concluded to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.

The Sub-Advisory Agreements

Materials Reviewed and the Review Process

Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials 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 renewal 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

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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.

Nature, Quality and Extent of Services

The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience and capabilities of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and implementation 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 favorable 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 noted the reduction in sub-advisory fees charged to the Funds sub-advised by GSAM and AssetMark’s determination to implement an additional waiver to pass the benefit of the negotiated reduction to the applicable Sub-Advised 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 reasonably similar to 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.

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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.

At the meeting of the Board held on March 8, 2024, 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, 2023 through December 31, 2023 (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

163

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2024

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.

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.

164

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, 2024

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, 2024, the registrant’s principal accountant billed the registrant $145,500 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, 2023, the registrant’s principal accountant billed the registrant $145,500 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, 2024, 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, 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.

c) Tax Fees

For the fiscal year ended March 31, 2024, the registrant’s principal accountant billed the registrant $39,000 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, 2023, the registrant’s principal accountant billed the registrant $39,000 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, 2024 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 year ended March 31, 2024 and March 31, 2023 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 II

By (Signature and Title)* /s/ Carrie E. Hansen

Carrie E. Hansen, President/Principal Executive Officer

Date 08/05/2024

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

By (Signature and Title)* /s/ Carrie E. Hansen

Carrie E. Hansen, President/Principal Executive Officer

Date 08/05/2024

By (Signature and Title)* /s/ Patrick R. Young

Patrick R. Young, Vice President/Treasurer

Date 08/05/2024

*	Print the name and title of each signing officer under his or her signature.