GPS FUNDS II

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

(collectively, the “GuidePath^® Allocation Funds”)

GuidePath^® Conservative Income Fund

GuidePath^® Income Fund

GuidePath^® Growth and Income Fund

(collectively, the “GuidePath^® Income Funds”)

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Supplement dated September 27, 2021

to the Prospectuses and Statement of Additional Information (“SAI”) for the GuidePath^®

Allocation Funds and GuidePath^® Income Funds (together, the “Funds”) dated July 31, 2021

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This supplement serves as notification of, and provides information regarding, certain changes to the Funds.

1.	Change in Portfolio Managers for the Funds

Jason Thomas no longer serves as a portfolio manager for the Funds. Accordingly, all references to Mr. Thomas in the Prospectus and SAI are hereby deleted. David McNatt, Matthew Goff, and Selwyn Crews are responsible for the day-to-day management of the GuidePath^® Allocation Funds, and Mr. McNatt, Mr. Goff, Davin Gibbins, and Mike Cheng are responsible for the day-to-day management of the GuidePath^® Income Funds.

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Please retain this supplement for your reference.